Document:

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                     SECURITY AND COLLATERAL AGENT AGREEMENT

                                      AMONG

                           CREDIT SUISSE FIRST BOSTON,
                                NEW YORK BRANCH,
                                    AS AGENT,

                             BANKERS TRUST COMPANY,
                           AS LENDER COLLATERAL AGENT

                      AMERICREDIT FINANCIAL SERVICES, INC.,

                                       AND

                                AFS FUNDING CORP.,

                                   AS BORROWER

                      -------------------------------------

                          Dated as of October 14, 1999

                      -------------------------------------

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                                TABLE OF CONTENTS

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SECTION 1  DEFINITIONS............................................................................................1

SECTION 2  APPOINTMENT OF LENDER COLLATERAL AGENT.................................................................7

SECTION 3  BORROWER'S GRANT OF SECURITY INTEREST..................................................................8

SECTION 4  BORROWER REMAINS LIABLE................................................................................9

SECTION 5  COVENANTS OF ACFS REGARDING THE COLLATERAL.............................................................9

SECTION 6  DISTRIBUTIONS.........................................................................................12

SECTION 7  THE COLLATERAL ACCOUNT; INVESTMENTS...................................................................17

SECTION 8  FEES AND EXPENSES.....................................................................................19

SECTION 9  REPRESENTATIONS AND WARRANTIES OF THE LENDER COLLATERAL AGENT.........................................20

SECTION 10  RESIGNATION BY AND REMOVAL OF THE LENDER COLLATERAL AGENT; SUCCESSOR LENDER COLLATERAL AGENT.........20

SECTION 11  INDEMNITY............................................................................................21

SECTION 12  LIMITATIONS OF LIABILITY.............................................................................21

SECTION 13  TERM OF AGREEMENT....................................................................................23

SECTION 14  NOTICES..............................................................................................23

SECTION 15  GOVERNING LAW; VENUE; CONSENT TO JURISDICTION........................................................24

SECTION 16  ASSIGNMENT...........................................................................................24

SECTION 17  COUNTERPARTS.........................................................................................24

SECTION 18  HEADINGS.............................................................................................24

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                                TABLE OF CONTENTS
                                   (continued)

SECTION 19  THIRD PARTY BENEFICIARIES............................................................................24

SECTION 20  CERTAIN REMEDIES.....................................................................................24

SECTION 21  LIMITED LIABILITY OF LENDER COLLATERAL AGENT.........................................................26

SECTION 22  SUBORDINATION........................................................................................26

SECTION 23  AMENDMENTS...........................................................................................27
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                     SECURITY AND COLLATERAL AGENT AGREEMENT

         SECURITY AND COLLATERAL AGENT AGREEMENT dated as of October 14, 1999
among CREDIT SUISSE FIRST BOSTON, NEW YORK BRANCH, as administrative agent for
the Lenders (in such capacity, the "AGENT"), BANKERS TRUST COMPANY, a New York
banking corporation (including any successor thereto, the "LENDER COLLATERAL
AGENT"), AFS FUNDING CORP., a Nevada corporation (the "BORROWER"), and
AMERICREDIT FINANCIAL SERVICES, INC., a Delaware corporation ("ACFS").

                              W I T N E S S E T H :

         WHEREAS, the Borrower has sold and contemplates selling, from time to
time, pools of receivables to various trusts which have issued or may issue
various series of notes or certificates (each a "SERIES") which will be repaid
from the proceeds of, or represent an interest in, such pools of receivables;

         WHEREAS, a spread account has been, and it is contemplated that in
accordance with the terms of each future Series, shall be, established into
which the Borrower and/or AFS Funding Trust, a Delaware business trust which is
owned by the Borrower (the "SPREAD ACCOUNT DEPOSITOR") has deposited, or shall
be obligated to deposit, certain moneys on or about the closing date for each
Series (each an "INITIAL SPREAD ACCOUNT DEPOSIT", and collectively, the "INITIAL
SPREAD ACCOUNT DEPOSITS");

         WHEREAS, in order to reduce the amount which the Spread Account
Depositor is obligated to advance as an Initial Spread Account Deposit with
respect to certain future Series, the Borrower intends to deposit certain moneys
on or about the closing date for each such Series (each a "RCCA DEPOSIT", and
collectively, the "RCCA DEPOSITS") in a replacement cash collateral account
(each, an "RCCA", and collectively, the "RCCAS") to provide credit support to
FSA (as defined herein) in connection with the insurance policies it has issued
and will issue with respect to the Series;

         WHEREAS, in order to fund the RCCAs, the Borrower has requested that
the Lenders establish a revolving line of credit to the Borrower providing for
Borrowings of up to $225,000,000 in the aggregate at any time outstanding;

         WHEREAS, upon the terms and conditions contained in the Credit
Agreement (as hereinafter defined) and the other Transaction Agreements, the
Lenders are willing to provide such a line of credit to the Borrower; and

         WHEREAS, ACFS will service each Series.

         NOW, THEREFORE, ACFS, the Borrower, the Lender Collateral Agent and the
Agent, intending to be legally bound, hereby agree as follows:

                  Section 1  DEFINITIONS. For all purposes of this Agreement,
the following terms shall have the meanings set forth below and the following
terms which are defined in the

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Uniform Commercial Code in effect in the State of New York from time to time
are used herein as so defined: Accounts, Chattel Paper, Documents, Equipment,
Farm Products, General Intangibles, Instruments, Inventory and Proceeds.
Capitalized terms used herein but not otherwise defined shall have the
meanings set forth in the Credit Agreement.

                  "ACCRUAL PERIOD" shall mean, with respect to any
Distribution Date, the period from and including the previous Distribution
Date (or, in the case of the first Distribution Date, from and including the
Closing Date) through and including the day preceding such Distribution Date.

                  "ACFS" has the meaning specified in the PREAMBLE.

                  "ADVERSE CLAIM" has the meaning set forth in Section
8-102(a)(1) of Revised Article 8.

                  "AGENT" has the meaning specified in the PREAMBLE.

                  "AGREEMENT" means this Security and Collateral Agent
Agreement, as it may be amended, supplemented or otherwise modified from time
to time.

                  "AVERAGE DAILY FUNDED PERCENTAGE" means, with respect to
any Distribution Date, the average of the Funded Percentages with respect to
each day in the Accrual Period ending on such Distribution Date.

                  "BORROWER" has the meaning specified in the PREAMBLE.

                  "BORROWER ACCOUNT COLLATERAL" has the meaning set forth in
Section 3.

                  "BORROWER AGREEMENTS" has the meaning set forth in Section 4.

                  "BORROWER COLLATERAL" has the meaning set forth in Section 3.

                  "CAPPED EXPENSES" means, at any time, costs and expenses
due at such time (if any) to the Lender Collateral Agent under the
Transaction Documents not in excess of $20,000 with respect to any
Distribution Date.

                  "CERTIFICATED SECURITY" has the meaning set forth in
Section 8-102(a)(4) of Revised Article 8.

                  "CLEARING CORPORATION" has the meaning set forth in Section
8-102(a)(5) of Revised Article 8.

                                       -2-

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                  "CLEARING CORPORATION SECURITY" means a "Security" (as
defined in Section 8-102(a)(15) of Revised Article 8) that is in the physical
possession of, or registered in the name of, a Clearing Corporation or its
nominee.

                  "COLLATERAL ACCOUNT" has the meaning set forth in Section 7.

                  "CONTROL": with respect to any Federal Book Entry Security,
the LENDER COLLATERAL AGENT shall have obtained control if:

                  (i) the Lender Collateral Agent is a participant in the book
         entry system maintained by the Federal Reserve Bank that is acting as
         fiscal agent for the issuer of such Federal Book Entry Security, and
         such Federal Reserve Bank has indicated by book entry that such Federal
         Book Entry Security has been credited to the Lender Collateral Agent's
         securities account in such book entry system; or

                  (ii) the Lender Collateral Agent is registered solely in its
         name on the records of a Securities Intermediary as the person having a
         Security Entitlement in respect of such Federal Book Entry Security
         against such Securities Intermediary; and (b) the Securities
         Intermediary is a participant in the book entry system maintained by
         the Federal Reserve Bank that is acting as fiscal agent for the issuer
         of such Federal Book Entry Security; and (c) such Federal Reserve Bank
         has indicated by book entry that such Federal Book Entry Security has
         been credited to the Securities Intermediary's securities account in
         such book entry system.

                  "CREDIT AGREEMENT" means the Credit Agreement, dated as of
October 14, 1999, among the Borrower, the Contingent Obligors, each
Noncommitted Lender and Committed Lender party thereto, the Lender Collateral
Agent and the Agent, as amended, extended or otherwise modified from time to
time.

                  "DELIVERY": when used with respect to Borrower Account
Collateral, "Delivery" means:

                  (i) with respect to Physical Property, transfer thereof to the
         Lender Collateral Agent or its nominee or custodian by physical
         delivery to the Lender Collateral Agent or its nominee or custodian
         endorsed to, or registered in the name of, the Lender Collateral Agent
         or its nominee or custodian or endorsed in blank;

                  (ii) with respect to a Certificated Security that will, upon
         compliance with the following procedures, be held by a person located
         in a Revised Article 8 Jurisdiction, transfer of such Certificated
         Security to the Lender Collateral Agent or its nominee or custodian by
         physical delivery to the Lender Collateral Agent or its nominee or
         custodian, endorsed to, or registered in the name of, the Lender
         Collateral Agent or its nominee or custodian or endorsed in blank; and

                                       -3-

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                  (iii) with respect to any such Borrower Account Collateral
         that constitutes an Uncertificated Security (including any investments
         in money market mutual funds, but excluding any Federal Book Entry
         Security) and where the issuer thereof is organized in a Revised
         Article 8 Jurisdiction, (A) registration of the Lender Collateral Agent
         as the registered owner by the issuer, or (B) satisfaction of the
         requirements for obtaining "control" pursuant to Section 8-106(c)(2) of
         Revised Article 8.

                  "DESIGNATED SERIES AMOUNT AVAILABLE" means, with respect to
any Distribution Date and any Designated Series, the sum of (a) the
Designated Series Investment Earnings for such Designated Series for such
Distribution Date, (b) the Designated Series Spread Account Principal Release
for such Designated Series for such Distribution Date and (c) the Designated
Series Premium Disbursement.

                  "DESIGNATED SERIES INVESTMENT EARNINGS" means, with respect
to any Distribution Date and any Designated Series, any investment income
earned on amounts on deposit in the related Designated Series RCCA since the
prior Distribution Date (or the Closing Date in the case of the first
Distribution Date).

                  "DESIGNATED SERIES PREMIUM DISBURSEMENT" means, with
respect to any Distribution Date and any Designated Series, any amount
distributed pursuant to the related Designated Series Transaction Documents
in respect of Facility Fees relating to the Borrowings used to fund the RCCA
for such Series.

                  "DESIGNATED SERIES SPREAD ACCOUNT PRINCIPAL RELEASE" means,
with respect to any Distribution Date and any Designated Series, any amounts
other than Designated Series Investment Earnings paid or payable to the
Borrower from amounts on deposit in the related Designated Series Spread
Account or RCCA since the prior Distribution Date (or the Closing Date in the
case of the first Distribution Date).

                  "ELIGIBLE ACCOUNT" means (i) a segregated trust account
maintained with the Lender Collateral Agent or (ii) a segregated direct
deposit account maintained with a depository institution or trust company
organized under the laws of the United States of America, or any of the
States thereof, or the District of Columbia, having a certificate of deposit,
short term deposit or commercial paper rating of at least A-1 by Standard &
Poor's and P-1 by Moody's. In either case, such depository institution or
trust company shall have been approved by the Agent, acting in its
discretion, by written notice to ACFS.

                  "ENTITLEMENT ORDER" has the meaning set forth in Section
8-102(a)(8) of Revised Article 8.

                  "FEDERAL BOOK ENTRY SECURITY" means an obligation (i)
issued by the U.S. Treasury, the Federal Home Loan Mortgage Corporation or
the Federal National Mortgage Association, or any other direct obligation of,
or obligation fully guaranteed as to timely payment

                                       -4-

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or principal and interest by, the United States of America, that is a
book-entry security held through the Federal Reserve System pursuant to
Federal book entry regulations, and (ii) the perfection of a security
interest in which is governed pursuant to federal regulations by Revised
Article 8.

                  "FINANCIAL ASSET" has the meaning set forth in Section
8-102(a)(9) of Revised Article 8.

                  "FUNDED PERCENTAGE" means, with respect to any day, the
percentage equivalent of a fraction, the numerator of which is the aggregate
outstanding principal amount on deposit in all RCCAs and the denominator of
which is the aggregate outstanding principal amount of all Advances on such
day.

                  "INCREASED COSTS" means collectively, any increased cost,
loss or liability owing to the Agent and/or any other Affected Party under
Sections 2.11, 2.12 and 2.14 of the Credit Agreement.

                  "INDEMNITY AMOUNTS" means, collectively, all indemnity
obligations and other amounts owing to the Agent, any Lender and/or any other
Indemnified Party under Section 8.04 of the Credit Agreement (to the extent
not paid by the Borrower).

                  "INITIAL SPREAD ACCOUNT DEPOSIT" has the meaning set forth
in the recitals.

                  "INSTRUMENTS" has the meaning set forth in Section
9-105(l)(i) of Revised Article 8.

                  "INVESTMENT PROPERTY" has the meaning set forth in Section
9-115(1)(f) of Revised Article 8.

                  "LENDER COLLATERAL AGENT" has the meaning specified in the
PREAMBLE.

                  "NEGATIVE CARRY" means, with respect to any Distribution
Date, the excess if any, of (i) the product of (A) the cost of funds with
respect to all Advances accrued during the Accrual Period ending on such
Distribution Date, i.e., (x) with respect to Base Rate Advances, the Federal
Funds Rate, (y) with respect to Eurodollar Advances, LIBOR and (z) with
respect to Commercial Paper Rate Advances, the cost of obtaining funds in the
commercial paper market to fund such advances, and (B) the Average Daily
Funded Percentage with respect to such Distribution Date over (ii) all
Designated Series Investment Earnings with respect to such Distribution Date
and with respect to all Designated Series.

                  "NONALLOCATED SERIES DISTRIBUTIONS" means, with respect to
any Distribution Date, (i) all amounts paid or payable to the Borrower since
the prior Distribution Date (or the Closing Date in the case of the first
Distribution Date) with respect to all Series other than Designated

                                       -5-

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Series as to which any Designated Series Borrowing is outstanding, including,
without limitation, any investment income earned on amounts on deposit in the
related Spread Accounts and RCCAs during such period, amounts released from
such Spread Accounts and RCCAs during such period, fees or other remuneration
payable to the Borrower pursuant to the Borrower Agreements relating to such
Series, and all property and monies deliverable to the Borrower upon
termination of any such Series and (ii) all amounts (other than Designated
Series Amounts Available) paid or payable to the Borrower since the prior
Distribution Date (or the Closing Date in the case of the first Distribution
Date) with respect to Designated Series as to which any Designated Series
Borrowing is outstanding, including, without limitation, fees or other
remuneration payable to the Borrower pursuant to the Borrower Agreements
relating to such Series, and all property and monies deliverable to the
Borrower upon termination of any such Series.

                  "NONALLOCATED AMOUNT AVAILABLE" means, with respect to any
Distribution Date, the sum of (a) Nonallocated Series Distributions and (b) all
Designated Series Amounts Available to be treated as a part of Nonallocated
Amount Available pursuant to Section 6(a).

                  "OBLIGATIONS" means all obligations (monetary or otherwise)
of the Borrower to the Lenders, the Lender Collateral Agent, the Agent or any
other Affected Party arising under or in connection with this Agreement, the
Credit Agreement and each other Transaction Document.

                  "PHYSICAL PROPERTY" means personal property constituting
Instruments, including bankers' acceptances, commercial paper, negotiable
certificates of deposit and other obligations that are susceptible of
physical delivery.

                  "RCCA" has the meaning set forth in the recitals.

                  "RCCA ACCOUNT COLLATERAL" means all of the following:

                                    (1) Each RCCA established pursuant to the
                           RCCA Agreement and all funds held in such RCCA and
                           all certificates and instruments, if any, from time
                           to time representing or evidencing such RCCA or such
                           funds,

                                    (2) all investments from time to time of
                           amounts in each RCCA established pursuant to the RCCA
                           Agreement, and all certificates and instruments, if
                           any, from time to time representing or evidencing
                           such investments,

                                    (3) all notes, certificates of deposit and
                           other instruments from time to time delivered to or
                           otherwise possessed by the RCCA Agent or any Secured
                           Party or any assignee or agent on behalf of the RCCA
                           Agent or any Secured Party in substitution for or in
                           addition to any of the then

                                       -6-

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                           existing RCCA Account Collateral, and

                                    (4) all interest, dividends, cash,
                           instruments and other property from time to time
                           received, receivable or otherwise distributed in
                           respect of or in exchange for any and all of the then
                           existing RCCA Account Collateral.

                  "RCCA DEPOSIT" has the meaning set forth in the recitals.

                  "REVISED ARTICLE 8" means UCC, Revised Article 8,
Investment Securities (with conforming and miscellaneous amendments to
Articles 1, 3, 4, 5, 9 and 10), 1994 Official Text, as adopted by the
American Law Institute and the National Conference of Commissioners on
Uniform State Laws. Unless the context requires otherwise, "Revised Article
8" means such version in the form in which it is adopted in the applicable
jurisdiction.

                  "REVISED ARTICLE 8 JURISDICTION" means a jurisdiction which
has adopted Revised Article 8.

                  "SECURED PARTIES" means, collectively, the Agent, each
Lender, the LENDER COLLATERAL AGENT, each other Affected Party and their
respective successors and assigns.

                  "SECURITIES ACCOUNT" has the meaning set forth in Section
8-501(a) of Revised Article 8.

                  "SECURITY ENTITLEMENT" has the meaning set forth in Section
8-102(a)(17) of Revised Article 8.

                  "SECURITIES INTERMEDIARY" has the meaning set forth in
Section 8-102(a)(14) of Revised Article 8.

                  "SERIES" has the meaning set forth in the recitals.

                  "UCC" means the Uniform Commercial Code as in effect in
each relevant jurisdiction.

                  "UNCERTIFICATED SECURITY" has the meaning set forth in
Section 8-102(a)(18) of Revised Article 8.

                  Section 2  APPOINTMENT OF LENDER COLLATERAL AGENT. Subject
to the terms and conditions hereof, the Agent, on behalf of the Lenders and
other Secured Parties, hereby appoints Bankers Trust Company, as Lender
Collateral Agent hereunder, and Bankers Trust Company hereby accepts such
appointment.

                                       -7-

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                  Section 3  BORROWER'S GRANT OF SECURITY INTEREST. Subject
only to the security interest of the collateral agent specified in the Spread
Account Agreement for the benefit of the Designated Series Insurers and the
related security holders, as more specifically set forth in the Subordination
Agreement, as security for the prompt payment or performance in full when
due, whether at stated maturity, by acceleration or otherwise, of all
Obligations (including, without limitation, Advances, interest and other
amounts at any time owing under the Credit Agreement), the Borrower hereby
assigns and pledges to the Lender Collateral Agent, for the benefit of the
Secured Parties, and grants to the Lender Collateral Agent, for the benefit
of the Secured Parties, a perfected security interest in and lien upon, all
of the Borrower's right, title and interest in and to the following, in each
case whether now or hereafter existing or in which Borrower now has or
hereafter acquires an interest and wherever the same may be located
(collectively, the "BORROWER COLLATERAL"):

                  (a)      the beneficial interest in the Spread Account
                           Depositor represented by the Class A Certificate
                           issued pursuant to the Trust Agreement;

                  (b)      all rights of the Borrower to profits, distributions
                           and proceeds from the beneficial interest described
                           in (a);

                  (c)      all of the following (the "BORROWER ACCOUNT
                           COLLATERAL"):

                                    (1) the Collateral Account and all funds
                           held in the Collateral Account and all certificates
                           and instruments, if any, from time to time
                           representing or evidencing the Collateral Account or
                           such funds,

                                    (2) all investments from time to time of
                           amounts in the Collateral Account, and all
                           certificates and instruments, if any, from time to
                           time representing or evidencing such investments,

                                    (3) all Clearing Corporation Securities,
                           Certificated Securities, Uncertificated Securities,
                           Federal Book-Entry Securities, Security Entitlements,
                           Investment Property, notes, certificates of deposit
                           and other instruments from time to time delivered to
                           or otherwise possessed by the Lender Collateral
                           Agent or any Secured Party or any assignee, agent or
                           Securities Intermediary on behalf of the Lender
                           Collateral Agent or any Secured Party in substitution
                           for or in addition to any of the then existing
                           Borrower Account Collateral, and

                                    (4) all interest, dividends, cash,
                           instruments and other property from time to time
                           received, receivable or otherwise distributed in
                           respect of or in exchange for any and all of the then
                           existing Borrower Account Collateral;

                                       -8-

<PAGE>

                  (d)      all additional property that may from time to time
                           hereafter be granted and pledged by the Borrower or
                           by anyone on its behalf under this Agreement,
                           including the deposit with the Lender Collateral
                           Agent of additional moneys by the Borrower;

                  (e)      all Security Accounts, Accounts, all Chattel Paper,
                           all Documents, all Equipment, all General
                           Intangibles, all Instruments and all Inventory of the
                           Borrower;

                  (f)      the RCCA Account Collateral;

                  (g)      all Proceeds, accessions, substitutions, rents and
                           profits of any and all of the foregoing Borrower
                           Collateral (including proceeds that constitute
                           property of the types described in PARAGRAPHS (a)
                           through (f) above) and, to the extent not otherwise
                           included, all payments under insurance (whether or
                           not the Lender Collateral Agent or a Secured Party or
                           any assignee or agent on behalf of the Lender
                           Collateral Agent or a Secured Party is the loss payee
                           thereof) or any indemnity, warranty or guaranty
                           payable by reason of loss or damage to or otherwise
                           with respect to any of the foregoing Borrower
                           Collateral.

                  Section 4  BORROWER REMAINS LIABLE. Notwithstanding anything
in this Agreement, (a) except to the extent of ACFS's duties under the Credit
Agreement and this Agreement, the Borrower shall remain liable under the RCCA
Agreement and the Series Transaction Documents (the "BORROWER AGREEMENTS") to
perform all of its duties and obligations thereunder to the same extent as if
this Agreement had not been executed, (b) the exercise by a Secured Party or
the Lender Collateral Agent of any of its rights under this Agreement or the
Credit Agreement shall not release the Borrower or ACFS from any of their
respective duties or obligations under the Borrower Agreements or other
agreements included in the Borrower Collateral, (c) the Agent, the Secured
Parties and the Lender Collateral Agent shall not have any obligation or
liability under the Borrower Agreements or other agreements included in the
Borrower Collateral by reason of this Agreement or the Credit Agreement, and
(d) neither the Agent, the Lender Collateral Agent nor any of the Secured
Parties shall be obligated to perform any of the obligations or duties of the
Borrower or ACFS under the Borrower Agreements or other agreements included
in the Borrower Collateral or to take any action to collect or enforce any
claim for payment assigned under this Agreement.

                  Section 5  COVENANTS OF ACFS REGARDING THE COLLATERAL.

         (a) OFFICES AND RECORDS. ACFS shall cause the Borrower to keep its
chief place of business and chief executive offices and the office where it
keeps its records at the location specified in SECTION 4.01 of the Credit
Agreement or, upon 30 days prior written notice to the Agent and the Lender
Collateral Agent, at such other location in a jurisdiction where all action

                                       -9-

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required by SECTION 5(d) shall have been taken with respect to the Borrower
Collateral. ACFS will permit, and will cause the Borrower to permit,
representatives of the Agent and the Lender Collateral Agent at any time and
from time to time during normal business hours (i) to inspect and make copies
of and abstracts from such records, and (ii) to visit the properties of the
Borrower or ACFS utilized in connection with the servicing of the Series for
the purpose of examining such records, and to discuss matters relating to the
Series or the Borrower's or ACFS' performance under this Agreement and the
other Transaction Documents with any officer or employee of the Borrower or
ACFS having knowledge of such matters, PROVIDED that the Person seeking such
information has given the Borrower or ACFS prior written notice of its intent
to inspect or visit and PROVIDED, FURTHER that no such Person shall so
inspect or visit the Borrower or ACFS more frequently than once per quarter
unless a Facility Maturity Event has occurred and is continuing. ACFS agrees
to render, and to cause the Borrower to render, to the Agent and the Lender
Collateral Agent such clerical and other assistance as may be reasonably
requested with regard to the foregoing. ACFS shall cause the Borrower not to
change its name, identity or corporate structure to such an extent that any
financing statement filed by the Lender Collateral Agent in connection with
this Agreement would become seriously misleading, unless it shall have given
the Lender Collateral Agent and the Agent at least 30 days' prior written
notice of such change.

         (b) PERFORMANCE OF BORROWER AGREEMENTS. ACFS shall cause the
Borrower to (i) perform and observe all the terms and provisions of the
Borrower Agreements to be performed or observed by it, maintain the Borrower
Agreements in full force and effect, enforce the Borrower Agreements in
accordance with their terms and take all such action to such end as may be
from time to time requested by the Agent and (ii) upon request of the Agent,
make to any other party to the BORROWER AGREEMENTS such demands and requests
for information and reports or for action as the Borrower is entitled to make
under the Borrower Agreements.

         (c) NOTICE OF MATERIAL ADVERSE CLAIM. ACFS shall advise, and shall
cause the Borrower to advise, the Agent and the Lender Collateral Agent
promptly, in writing and in reasonable detail, (i) of any material Lien,
other than a Permitted Lien, known to it made or asserted against any of the
Borrower Collateral, and (ii) of the occurrence of any event which would have
a material adverse effect on the aggregate value of the Borrower Collateral
or on the assignments and security interests granted by the Borrower in this
Agreement.

         (d) Further Assurances; Financing Statements.

                                    (1) ACFS agrees that at any time and from
                           time to time, at its expense, it shall promptly
                           execute and deliver, or cause the Borrower to execute
                           and deliver, all further instruments and documents,
                           and take all reasonable further action, that may be
                           necessary or desirable or required by applicable law
                           or that the Lender Collateral Agent or the Agent may
                           request to perfect and protect the assignments and
                           security interests granted or purported to be granted
                           by this Agreement or to enable the

                                       -10-

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                           Lender Collateral Agent or any of the Secured Parties
                           to exercise and enforce its rights and remedies under
                           this Agreement with respect to any Borrower
                           Collateral. Without limiting the generality of the
                           foregoing, ACFS shall cause the Borrower to execute
                           and file such financing or continuation statements,
                           or amendments thereto, and such other instruments or
                           notices as may be necessary or desirable or required
                           by applicable law or that the Lender Collateral Agent
                           or the Agent may reasonably request to protect and
                           preserve the assignments and security interests
                           granted by this Agreement. On the Closing Date, ACFS
                           will cause the Borrower to deliver to Bank One, N.A.
                           all certificates representing a beneficial interest
                           in the Spread Account Depositor together with stock
                           powers executed in blank.

                                    (2) The Borrower and each Secured Party
                           hereby severally authorize the Lender Collateral
                           Agent, upon receipt of written direction from the
                           Agent, to execute for filing by the Agent one or more
                           financing or continuation statements, and amendments
                           thereto, relating to all or any part of the Borrower
                           Collateral without the signature of the Borrower or
                           the Secured Parties where permitted by law. A carbon,
                           photographic or other reproduction of this Agreement
                           or any financing statement covering the Borrower
                           Collateral or any part thereof shall be sufficient as
                           a financing statement where permitted by law. The
                           Agent will promptly send to the Borrower any
                           financing or continuation statements thereto which it
                           files without the signature of the Borrower and will
                           promptly send to each Secured Party and the Borrower,
                           as the case may be, any financing or continuation
                           statements thereto which it files without the
                           signature of the Secured Parties except, in the case
                           of filings of copies of this Agreement as financing
                           statements, the Agent will promptly send the Borrower
                           and each Secured Party, as the case may be, the
                           filing or recordation information with respect
                           thereto.

                                    (3) ACFS shall furnish, and shall cause the
                           Borrower to furnish, to the Lender Collateral Agent
                           and the Agent from time to time such statements and
                           schedules further identifying and describing the
                           Borrower Collateral and such other reports in
                           connection with the Borrower Collateral as the Agent
                           may reasonably request, all in reasonable detail.

         (e) OPINIONS AS TO COLLATERAL. Not more than 90 days nor less than
30 days prior to (i) each May 1, commencing May 1, 2000, during the term of
this Agreement and (ii) each date on which the Borrower proposes to take any
action contemplated by Section 6.05 of the RCCA Agreement the Borrower shall,
at its own cost and expense, furnish to the Agent and the Lender Collateral
Agent an opinion of counsel either (a) stating that, in the opinion of such
counsel, such

                                       -11-

<PAGE>

action has been taken with respect to the execution and filing of any
financing statements and continuation statements and other actions as are
necessary to perfect, maintain and protect the lien and security interest of
the Lender Collateral Agent (and the priority thereof), with respect to the
Borrower Collateral against all creditors of and purchasers from the Borrower
and reciting the details of such action, or (b) stating that, in the opinion
of such counsel, no such action is necessary to maintain such perfected lien
and security interest. Such opinion of counsel shall further describe each
execution and filing of any financing statements and continuation statements
and such other actions as will, in the opinion of such counsel, be required
to perfect, maintain and protect the lien and security interest of the Lender
Collateral Agent with respect to the Borrower Collateral against all
creditors of and purchasers from the Borrower for a period, specified in such
opinion, continuing until a date not earlier than eighteen months from the
date of such opinion.

         (f) NON-INTERFERENCE. The Borrower shall not (i) waive or alter any
of its rights under the Borrower Collateral (or any agreement or instrument
relating thereto) without the prior written consent of the Agent; or (ii)
fail to pay any tax, assessment, charge or fee levied or assessed against the
Borrower Collateral, or to defend any action, if such failure to pay or
defend may adversely affect the priority or enforceability of the Borrower's
right, title or interest in and to the Borrower Collateral or the Lender
Collateral Agent's lien on, and security interest in, the Borrower
Collateral; or (iii) take any action, or fail to take any action, if such
action or failure to take action, will interfere with the enforcement of any
rights hereunder.

                  Section 6  DISTRIBUTIONS.

         (a) On each Distribution Date, the Lender Collateral Agent shall
distribute, in accordance with written instructions from ACFS delivered to
the Lender Collateral Agent at least one (1) Business Day prior to such
Distribution Date:

                  (i) from the Designated Series Premium Disbursement, if any,
         for such Distribution Date for each Designated Series as to which any
         Designated Series Borrowing remains outstanding, (A) FIRST, to the
         Agent, on behalf of itself and the Liquidity Lenders and the Conduit
         Lenders, the Liquidity/Conduit Lenders Facility Fees accrued with
         respect to the related Designated Series Borrowing during the Accrual
         Period with respect to such Distribution Date (and any
         Liquidity/Conduit Lenders Facility Fees accrued with respect to the
         related Designated Series Borrowing with respect to any prior Accrual
         Period to the extent not paid pursuant to this Section 6(a)(i)(A) on a
         prior Distribution Date), (B) SECOND, to the Agent, on behalf of itself
         and the Lenders, the Credit Support Providers Facility Fees and the
         Non-Contingent Lenders Facility Fees accrued with respect to the
         related Designated Series Borrowing during the Accrual Period with
         respect to such Distribution Date (and any Credit Support Providers
         Facility Fees and Non-Contingent Lenders Facility Fees accrued with
         respect to the related Designated Series Borrowing with respect to any
         prior Accrual Period to the extent not paid pursuant to this Section
         6(a)(i)(B) on a prior Distribution Date) and

                                       -12-

<PAGE>

         (C) THIRD, to the extent of any remaining Designated Series Premium
         Disbursement, to be treated as part of the Nonallocated Amount
         Available and applied pursuant to Section 6(b) or (c);

                  (ii) from the Designated Series Investment Earnings, if any,
         for such Distribution Date for each Designated Series as to which any
         Designated Series Borrowing remains outstanding, (A) FIRST, to the
         Agent, on behalf of itself and the Lenders, the interest accrued with
         respect to the related Designated Series Borrowing during the Accrual
         Period with respect to such Distribution Date (and any interest accrued
         with respect to the related Designated Series Borrowing with respect to
         any prior Accrual Period to the extent not paid pursuant to this
         Section 6(a)(ii) on a prior Distribution Date) and (B) SECOND, to the
         extent of any remaining Designated Series Investment Earnings, to be
         treated as part of the Nonallocated Amount Available and applied
         pursuant to Section 6(b) or (c); and

                  (iii) from the Designated Series Spread Account Principal
         Release, if any, for such Distribution Date for each Designated Series
         as to which any Designated Series Borrowing remains outstanding, (A)
         FIRST, to the Agent, on behalf of itself and the Lenders, to reduce
         such Designated Series Borrowing by the amount of such Designated
         Series Spread Account Principal Release with respect to such Designated
         Series with respect to such Distribution Date and (B) SECOND, to the
         extent of any remaining Designated Series Spread Account Principal
         Release, to be treated as part of the Nonallocated Amount Available and
         applied pursuant to Section 6(b) or (c).

         (b) On each Distribution Date prior to the Facility Maturity Date or
an Event of Early Amortization, the Lender Collateral Agent shall distribute,
from the amounts available in the Collateral Account, in accordance with
written instructions from ACFS delivered to the Lender Collateral Agent at
least one (1) Business Day prior to such Distribution Date, the Nonallocated
Amount Available, if any, for such Distribution Date in the following order
of priority:

                  (i) FIRST, to the extent not previously paid by ACFS or
         otherwise by or on behalf of the Borrower to the Lender Collateral
         Agent, the Capped Expenses;

                  (ii) SECOND, to the extent not paid on such Distribution Date
         pursuant to Section 6(a)(i)(A), to the Agent, on behalf of itself and
         the Liquidity Lender and the Conduit Lenders, the Liquidity/Conduit
         Lenders Facility Fees (as defined in the Fee Letter) accrued with
         respect to all Designated Series Borrowings during the Accrual Period
         with respect to such Distribution Date (and any Liquidity/Conduit
         Lenders Facility Fees accrued with respect to all Designated Series
         Borrowings with respect to any prior Accrual Period to the extent not
         paid pursuant to Section 6(a)(i)(A) or this Section 6(b)(ii) on a prior
         Distribution Date);

                                       -13-

<PAGE>

                  (iii) THIRD, to the extent not paid on such Distribution Date
         pursuant to Section 6(a)(ii), to the Agent, on behalf of itself and the
         Liquidity Lenders and Conduit Lenders, the interest (other than
         Negative Carry) accrued with respect to all Designated Series
         Borrowings held by such Lenders during the Accrual Period with respect
         to such Distribution Date (and any interest (other than Negative Carry)
         accrued with respect to all Designated Series Borrowings held by such
         Lenders with respect to any prior Accrual Period to the extent not paid
         pursuant to Section 6(a)(ii) or this Section 6(b)(iii) on a prior
         Distribution Date) , PROVIDED that for purposes of determining the
         interest payable pursuant to this clause THIRD only, interest accrued
         on Base Rate Advances shall be deemed to have accrued at the Federal
         Funds Rate rather than the Alternate Base Rate and interest accrued on
         Advances at the Default Rate shall be deemed to have accrued at (x)
         with respect to Base Rate Advances, the Federal Funds Rate, (y) with
         respect to Eurodollar Rate Advances, LIBOR, and (z) with respect to
         Commercial Paper Rate Advances, the cost of obtaining funds in the
         commercial paper market to fund such Advances;

                  (iv) FOURTH, to the extent not paid on such Distribution Date
         pursuant to Section 6(a)(i)(B), to the Agent, on behalf of itself and
         the Lenders, the Credit Support Provider Facility Fees and
         Non-Contingent Lenders Facility Fees (each as defined in the Fee
         Letter) accrued with respect to all Designated Series Borrowings during
         the Accrual Period with respect to such Distribution Date (and any
         Credit Support Provider Facility Fees and Non-Contingent Lenders
         Facility Fees accrued with respect to all Designated Series Borrowings
         with respect to any prior Accrual Period to the extent not paid
         pursuant to Section 6(a)(i)(B) or this Section 6(b)(iv) on a prior
         Distribution Date);

                  (v) FIFTH, to the extent not paid on such Distribution Date
         pursuant to Section 6(a)(ii) or 6(b)(iii), to the Agent, on behalf of
         itself and the Lenders, the interest (other than Negative Carry)
         accrued with respect to all Designated Series Borrowings during the
         Accrual Period with respect to such Distribution Date (and any interest
         (other than Negative Carry) accrued with respect to all Designated
         Series Borrowings with respect to any prior Accrual Period to the
         extent not paid pursuant to Section 6(a)(ii), Section 6(b)(iii) or this
         Section 6(b)(v) on a prior Distribution Date);

                  (vi) SIXTH, to the Agent, on behalf of itself and the Lenders,
         the Commitment Fees accrued during the Accrual Period with respect to
         such Distribution Date (and any Commitment Fees accrued with respect to
         any prior Accrual Period to the extent not paid pursuant to Section
         6(b)(vi) on a prior Distribution Date);

                  (vii) SEVENTH, to the Agent, on behalf of the Lenders, with
         respect to each Designated Series as to which the aggregate amount of
         funds in the RCCA Account with respect to such Series is less than the
         outstanding principal amount of the Designated Series Borrowing to fund
         such RCCA Account, to reduce the principal amount of such Designated
         Series by the amount of such deficiency;

                                       -14-

<PAGE>

                  (viii) EIGHTH, to the Agent, on behalf of the Lenders, with
         respect to each Designated Series as to which the entire outstanding
         principal amount of any Designated Series Borrowing has not been repaid
         in full on the related Designated Series Amortization Date, the amount
         due with respect thereto pursuant to Section 2.05(d) of the Credit
         Agreement;

                  (ix) NINTH, to the Agent, on behalf of itself and the Lenders,
         any Negative Carry accrued with respect to all Designated Series
         Borrowings during the Accrual Period with respect to such Distribution
         Date (and any Negative Carry accrued with respect to all Designated
         Series Borrowings with respect to any prior Accrual Period to the
         extent not paid pursuant to Section 6(b)(x) on a prior Distribution
         Date);

                  (x) TENTH, to the Agent, for the benefit of the Affected
         Parties, any Increased Costs then due and owing, and, to the extent not
         previously paid by or on behalf of the Borrower, to each Indemnified
         Party, any Indemnity Amounts then due and owing to each such
         Indemnified Party;

                  (xi) ELEVENTH, to the extent not previously paid pursuant to
         clause FIRST above, to the Lender Collateral Agent, any costs and
         expenses due to the Lender Collateral Agent under the Transaction
         Documents; and

                  (xii) TWELFTH, to the Borrower, the remaining portion of the
         Nonallocated Amount Available.

         (c) On each Distribution Date on or after the Facility Maturity Date
or an Event of Early Amortization, the Lender Collateral Agent shall
distribute, from the amounts available in the Collateral Account, in
accordance with written instructions from ACFS (or if ACFS is no longer the
Servicer with respect to any Series, the Administrative Agent) delivered to
the Lender Collateral Agent at least one (1) Business Day prior to such
Distribution Date, or, if not delivered, upon the Agent's written direction,
the Nonallocated Amount Available, if any, for such Distribution Date in the
following order of priority:

                  (i) FIRST, to the extent not previously paid by ACFS or
         otherwise by or on behalf of the Borrower to the Lender Collateral
         Agent, the Capped Expenses and, to the extent not previously paid by
         ACFS or otherwise by or on behalf of the Borrower to the Lender
         Collateral Agent, any costs and expenses incurred by the Lender
         Collateral Agent in foreclosing on the Borrower Collateral at the
         direction of the Agent;

                  (ii) SECOND, to the extent not paid on such Distribution Date
         pursuant to Section 6(a)(i)(A), to the Agent, on behalf of itself and
         the Liquidity Lender and the Conduit Lenders, the Liquidity/Conduit
         Lenders Facility Fees (as defined in the Fee Letter) accrued with
         respect to all Designated Series Borrowings during the Accrual Period
         with respect to such Distribution Date (and any Liquidity/Conduit
         Lenders

                                       -15-

<PAGE>

         Facility Fees accrued with respect to all Designated Series Borrowings
         with respect to any prior Accrual Period to the extent not paid
         pursuant to Section 6(a)(i)(A), Section 6(b)(ii) or this Section
         6(c)(ii) on a prior Distribution Date);

                  (iii) THIRD, to the extent not paid on such Distribution Date
         pursuant to Section 6(a)(ii), to the Agent, on behalf of itself and the
         Liquidity Lenders and Conduit Lenders, the interest (other than
         Negative Carry) accrued with respect to all Designated Series
         Borrowings held by such Lenders during the Accrual Period with respect
         to such Distribution Date (and any interest (other than Negative Carry)
         accrued with respect to all Designated Series Borrowings held by such
         Lenders with respect to any prior Accrual Period to the extent not paid
         pursuant to Section 6(a)(ii), Section 6(b)(iii) or this Section
         6(c)(iii) on a prior Distribution Date) , PROVIDED that for purposes of
         determining the interest payable pursuant to this clause THIRD only,
         interest accrued on Base Rate Advances shall be deemed to have accrued
         at the Federal Funds Rate rather than the Alternate Base Rate and
         interest accrued on Advances at the Default Rate shall be deemed to
         have accrued at(x) with respect to Base Rate Advances, the Federal
         Funds Rate, (y) with respect to Eurodollar Rate Advances, LIBOR, and
         (z) with respect to Commercial Paper Rate Advances, the cost of
         obtaining funds in the commercial paper market to fund such Advances;

                  (iv) FOURTH, to the extent not paid on such Distribution Date
         pursuant to Section 6(a)(i)(B), to the Agent, on behalf of itself and
         the Lenders, the Credit Support Provider Facility Fees and
         Non-Contingent Lenders Facility Fees (each as defined in the Fee
         Letter) accrued with respect to all Designated Series Borrowings during
         the Accrual Period with respect to such Distribution Date (and any
         Credit Support Provider Facility Fees and Non-Contingent Lenders
         Facility Fees accrued with respect to all Designated Series Borrowings
         with respect to any prior Accrual Period to the extent not paid
         pursuant to Section 6(a)(i)(B), Section 6(b)(iv) or this Section
         6(b)(iv) on a prior Distribution Date);

                  (v) FIFTH, to the extent not paid on such Distribution Date
         pursuant to Section 6(a)(ii) or 6(b)(iii), to the Agent, on behalf of
         itself and the Lenders, the interest (other than Negative Carry)
         accrued with respect to all Designated Series Borrowings during the
         Accrual Period with respect to such Distribution Date (and any interest
         (other than Negative Carry) accrued with respect to all Designated
         Series Borrowings with respect to any prior Accrual Period to the
         extent not paid pursuant to Section 6(a)(ii), Section 6(b)(v), Section
         6(c)(iii) or this Section 6(c)(v) on a prior Distribution Date);

                  (vi) SIXTH, to the Agent, on behalf of itself and the Lenders,
         the Commitment Fees accrued during the Accrual Period with respect to
         such Distribution Date (and any Commitment Fees accrued with respect to
         any prior Accrual Period to the extent not paid pursuant to Section
         6(b)(vi) or this Section 6(c)(vi) on a prior Distribution Date);

                                       -16-

<PAGE>

                  (vii) SEVENTH, to the Agent, on behalf of the Lenders, the
         principal amount of all outstanding Borrowings;

                  (viii) EIGHTH, to the Agent, on behalf of itself and the
         Lenders, any Negative CarrY accrued with respect to all Designated
         Series Borrowings during the Accrual Period with respect to such
         Distribution Date (and any Negative Carry) accrued with respect to all
         Designated Series Borrowings with respect to any prior Accrual Period
         to the extent not paid pursuant to Section 6(b)(ix) or this Section
         6(c)(ix) on a prior Distribution Date);

                  (ix) NINTH, to the Agent, for the benefit of the Affected
         Parties, any Increased Costs then due and owing, and, to the extent not
         previously paid by or on behalf of the Borrower, to each Indemnified
         Party, any Indemnity Amounts then due and owing to each such
         Indemnified Party;

                  (x) TENTH, to the extent not previously paid pursuant to
         clause FIRST above, to the Lender Collateral Agent, any costs and
         expenses due to the Lender Collateral Agent under the Transaction
         Documents; and

                  (xi) ELEVENTH, to the Borrower, the remaining portion of the
         Nonallocated Amount Available.

                  Section 7  THE COLLATERAL ACCOUNT; INVESTMENTS.

         (a) On or prior to the Closing Date, the Borrower shall establish an
account (the "COLLATERAL ACCOUNT") in the name of the Lender Collateral Agent
for the benefit of the Secured Parties. The Collateral Account shall be an
Eligible Account which is a segregated non-interest bearing trust account
initially established with the Lender Collateral Agent. If at any time the
Collateral Account ceases to be an Eligible Account, the Agent may direct the
Lender Collateral Agent in writing to transfer such account to another
institution such that such account shall meet the requirements of an Eligible
Account. ACFS shall cause amounts to be deposited into the Collateral Account
as set forth in Section 5.01(y) of the Credit Agreement.

         (b) All amounts held in the Collateral Account shall, to the extent
permitted by applicable laws, rules and regulations, be invested by the
Lender Collateral Agent, as directed by ACFS in writing (or, if ACFS fails to
provide such direction, amounts in the Collateral Account shall be invested
in investments described in CLAUSE (d) of the definition of Cash
Equivalents), in Cash Equivalents that mature not later than one Business Day
prior to the next succeeding Distribution Date. The amounts held in the
Collateral Account on the Business Day prior to each Distribution Date shall
be invested by the Lender Collateral Agent in overnight or next-day funds in
such Cash Equivalents reasonably available to the Lender Collateral Agent as
may be acceptable to ACFS (which shall initially be the Lender Collateral
Agent's Institutional Treasury Money Market Fund and, from time to time,
shall include such other proprietary Cash

                                       -17-

<PAGE>

Equivalents of the Lender Collateral Agent) for the period of time from the
Business Day prior to the Distribution Date until such Distribution Date. All
income or other gains from investment of moneys on deposit in any such
account shall be deposited by the Lender Collateral Agent in the applicable
account immediately upon receipt. The taxpayer identification number
associated with the Collateral Account shall be that of the Borrower and the
Borrower shall report for Federal, state and local income tax purposes, the
income, if any, represented by the Collateral Account. If any amounts are
needed for disbursement from the Collateral Account and sufficient uninvested
funds are not available therein to make such disbursement, the Lender
Collateral Agent shall cause to be sold or otherwise converted to cash a
sufficient amount of the investments in such account to make such
disbursement upon the written direction of ACFS or, if ACFS shall fail to
give such direction, upon the written direction of the Agent. Any such
written direction shall certify that any such investment is authorized by
this SECTION 7. Investments in Cash Equivalents shall be made in the name of
the Lender Collateral Agent on behalf of the Secured Parties, and, except as
specifically required above, such investments shall not be sold or disposed
of prior to their maturity. Each and every investment of funds in any of the
Collateral Account shall be made in Cash Equivalents held by a financial
institution that is a Securities Intermediary in an account pursuant to an
agreement with such financial institution, governed by the law of any
jurisdiction which has adopted Revised Article 8, that requires such
financial institution to (A) credit such Cash Equivalents to a Securities
Account exclusively in the name of the Lender Collateral Agent, (B) comply
with Entitlement Orders pertaining to such account originated by the Lender
Collateral Agent without further consent of the Borrower, (C) not enter into
any agreement which grants "control" (as defined in Section 8-106 of Revised
Article 8) of such account (or any interest or property therein) to any
Person other than the Lender Collateral Agent, (D) subordinate any security
interest, banker's lien, right of setoff or other similar right which such
financial institution may have in such account to the interest of the Lender
Collateral Agent and (E) expressly treat each item of property as a Financial
Asset and such account as a Securities Account.

         Subject to the other provisions hereof, the Lender Collateral Agent
shall have sole control over each such investment and the income thereon, and
any certificate or other instrument evidencing any such investment, if any,
shall be delivered directly to the Lender Collateral Agent or its agent,
together with each document of transfer, if any, necessary to transfer title
and a Security Entitlement free from any Adverse Claim to such investment to
the Lender Collateral Agent in a manner that complies with this SECTION 7.
All interest, dividends, gains upon sale and other income from, or earnings
on, investments of funds in the Collateral Account shall be deposited in the
Collateral Account and distributed pursuant to SECTION 6 hereof. If the
Lender Collateral Agent is given written instructions to invest funds in the
Collateral Account in investments other than investments of the type
described in CLAUSE (d) of the definition of "Cash Equivalents", the Person
giving such instructions agrees to assist the Lender Collateral Agent in
complying with the requirements herein with respect to such investments.

         (c) With respect to the Borrower Account Collateral:

                                       -18-

<PAGE>

                  (i) any Borrower Account Collateral that is held in deposit
         accounts shall be held solely in the name of the Lender Collateral
         Agent in accounts which satisfy clause (ii) of the definition of
         Eligible Account; each such deposit account shall be subject to the
         exclusive custody, dominion and control of the Lender Collateral Agent,
         and the Lender Collateral Agent shall have sole signature authority
         with respect thereto;

                  (ii) any Borrower Account Collateral that constitutes Physical
         Property shall be delivered to the Lender Collateral Agent in
         accordance with paragraph (i) of the definition of "Delivery" and shall
         be held, pending maturity or disposition, solely by the Lender
         Collateral Agent;

                  (iii) any Borrower Account Collateral that constitutes a
         Certificated Security that will, upon compliance with the procedures
         set forth in paragraph (ii) of the definition of "Delivery," be held by
         a Person located in a Revised Article 8 Jurisdiction shall be delivered
         to the Lender Collateral Agent in accordance with paragraph (ii) of the
         definition of "Delivery" and shall be held, pending maturity or
         disposition, solely by the Lender Collateral Agent;

                  (iv) any such Borrower Account Collateral that constitutes an
         Uncertificated Security (including any investments in money market
         mutual funds, but excluding any Federal Book Entry Security) and where
         the issuer thereof is organized in a Revised Article 8 Jurisdiction,
         shall be delivered to the Lender Collateral Agent in accordance with
         paragraph (iii) of the definition of "Delivery" and shall be
         maintained, pending maturity or disposition, through continued
         registration of the Lender Collateral Agent's (or its nominee's)
         ownership of such security; and

                  (v) with respect to any Borrower Account Collateral that
         constitutes a Federal Book Entry Security, the Lender Collateral Agent
         shall maintain and obtain Control over such property.

Effective upon Delivery of any Borrower Account Collateral in the form of
Physical Property, book-entry securities or uncertificated securities, the
Lender Collateral Agent shall be deemed to have represented that it has
purchased such Borrower Account Collateral for value, in good faith and
without actual notice of any adverse claim thereto.

         (d) The Borrower will cause all proceeds of Borrower Collateral to be
deposited in the Collateral Account and will promptly deposit any amounts it
receives in respect thereof in the Collateral Account.

                  Section 8  FEES AND EXPENSES. ACFS covenants and agrees to
pay to the Lender Collateral Agent from time to time, and the Lender
Collateral Agent shall be entitled to, the fees and expenses agreed in
writing between ACFS and the Lender Collateral Agent, and will further pay or
reimburse the Lender Collateral Agent upon its request for all reasonable

                                       -19-

<PAGE>

expenses, disbursements and advances incurred or made by the Lender
Collateral Agent in accordance with any of the provisions hereof or any other
documents executed in connection herewith (including the reasonable
compensation and the reasonable expenses and disbursements of its counsel and
of all persons not regularly in its employ). The obligations of ACFS under
this Section 8 to compensate the Lender Collateral Agent and to pay or
reimburse the Lender Collateral Agent for reasonable expenses, disbursements
and advances shall survive the satisfaction and discharge of this Agreement
or the earlier resignation or removal of the Lender Collateral Agent. When
the Lender Collateral Agent incurs expenses or renders services in connection
with proceedings under the Bankruptcy Code or any other applicable federal or
state bankruptcy, insolvency or other similar law, or in case of any other
comparable judicial proceedings relative to the Borrower, such expenses
(including the fees and expenses of its counsel and agents) and the
compensation for such services are intended to constitute expenses of
administration under any bankruptcy law or law relating to creditors rights
generally.

                  Section 9     REPRESENTATIONS AND WARRANTIES OF THE LENDER
COLLATERAL AGENT. The Lender Collateral Agent Lender Collateral Agent
represents and warrants as of the date hereof that:

         (a) It is a banking corporation, validly existing and in good
standing under the laws of the State of New York;

         (b) It has full power, authority and legal right to execute, deliver
and perform this Agreement and the Credit Agreement and has taken all
necessary action to authorize the execution, delivery and performance by it
of this Agreement and the Credit Agreement;

         (c) The execution, delivery and performance by it of this Agreement
and the Credit Agreement do not violate any provision of its corporate
charter or by-laws;

         (d) This Agreement and the Credit Agreement have been duly
authorized, executed and delivered by it and each constitutes its legal,
valid and binding agreement, enforceable in accordance with its terms, except
as enforceability may be limited by bankruptcy, insolvency reorganization or
other similar laws affecting the enforcement of creditors' rights generally
and by general principles of equity.

                  Section 10    RESIGNATION BY AND REMOVAL OF THE LENDER
COLLATERAL AGENT; SUCCESSOR LENDER COLLATERAL AGENT.

         (a) The Lender Collateral Agent may at any time resign and terminate
its obligations under this Agreement upon at least 60 days prior written
notice to the Agent and the Borrower. No resignation shall be effective until
a successor Lender Collateral Agent shall have been appointed and accepted
its appointment. Promptly after receipt of notice of the Lender Collateral
Agent's proposed resignation, the Agent shall appoint, by written instrument,
a successor collateral agent and notify the Borrower thereof. If a successor
collateral agent is not appointed in accordance with the foregoing
procedures, the Lender Collateral Agent may petition a court of

                                       -20-

<PAGE>

competent jurisdiction to appoint a successor collateral agent. One (1)
original counterpart of such instrument of appointment shall be delivered to
each of the Agent, the Lender Collateral Agent, the Borrower and the
successor collateral agent.

         (b) The Agent, upon at least 60 days written notice to the Lender
Collateral Agent (or, if such removal is for cause, such 60 day period may be
decreased to no less than three Business Days by the Agent in its sole
discretion), may remove and discharge the Lender Collateral Agent (or any
successor collateral agent thereafter appointed) from the performance of its
obligations under this Agreement. A copy of such notice shall be delivered to
each other party hereto. Promptly after the giving of notice of removal of
the Lender Collateral Agent, the Agent shall appoint, by written instrument,
a successor collateral agent and notify the Borrower thereof. One (1)
original counterpart of such instrument of appointment shall be delivered to
each of the Agent, the Lender Collateral Agent, the Borrower and the
successor collateral agent. No such removal shall become effective until all
outstanding amounts due and owing to the Lender Collateral Agent are paid in
full.

         (c) In the event of any such resignation or removal, the Lender
Collateral Agent shall promptly transfer to the successor collateral agent,
as directed in writing by the Agent, all accounts, funds and investments
being administered under this Agreement and shall cooperate with the Agent,
the Borrower and the successor collateral agent to facilitate the continued
perfection and priority of the Lien granted for the benefit of the Secured
Parties in the Borrower Collateral.

                  Section 11    INDEMNITY. ACFS agrees to indemnify and hold
harmless the Lender Collateral Agent and its directors, officers, agents and
employees against any and all claims, damages, losses, liabilities or
expenses (including, but not limited to, reasonable attorneys' fees, court
costs and costs of investigation) of any kind or nature whatsoever arising
out of or in connection with this Agreement and the Transaction Documents
that may be imposed upon, incurred by or asserted against the Lender
Collateral Agent; PROVIDED, however, that this SECTION 11 shall not relieve
the Lender Collateral Agent from liability for its willful misconduct or
gross negligence, as conclusively determined by a court of competent
jurisdiction beyond all applicable appeals. The provisions of this SECTION 11
shall survive the resignation or removal of the Lender Collateral Agent or
any successor Lender Collateral Agent and the termination of this Agreement.

                  Section 12    LIMITATIONS OF LIABILITY.

         (a) The Lender Collateral Agent shall not be liable to the Borrower,
ACFS, the Agent, any Lender, any other Secured Party or any other Person with
respect to any action taken or not taken by it in good faith in the
performance of its obligations under this Agreement. The obligations of the
Lender Collateral Agent shall be determined solely by the express provisions
of this Agreement. No representation, warranty, covenant, agreement,
obligation or duty of the

                                       -21-

<PAGE>

Lender Collateral Agent shall be implied with respect to this Agreement or
the Lender Collateral Agent's services hereunder.

         (b) The Lender Collateral Agent may conclusively rely, and shall be
fully protected in acting or refraining from acting, upon and need not verify
the accuracy of (i) any oral instructions from any persons the Lender
Collateral Agent believes to be authorized to give such instructions, who
shall only be, with respect to ACFS, the Borrower and the Agent, persons the
Lender Collateral Agent believes in good faith to be duly authorized officers
thereof, and (ii) any written instruction, notice, order, request, direction,
certificate, opinion or other instrument or document believed by the Lender
Collateral Agent to be genuine and to have been signed and presented by the
proper party or parties.

         (c) The Lender Collateral Agent may consult with counsel nationally
recognized in the area of commercial transactions with regard to legal
questions arising out of or in connection with this Agreement, and the advice
or opinion of such counsel shall be full and complete authorization and
protection in respect of any action taken, omitted or suffered by the Lender
Collateral Agent in reasonable reliance, in good faith, and in accordance
therewith; PROVIDED, HOWEVER, that if the Agent gives instructions to the
Lender Collateral Agent or provides an opinion of counsel selected by them,
which in either case conflicts with any such advice or opinion of counsel,
then the Lender Collateral Agent shall follow such instructions of the Agent
(unless such instructions violate the express terms of this Agreement or
violate applicable law) or such opinion of counsel selected by the Agent, and
shall be fully protected in acting or refraining to act thereon.

         (d) No provision of this Agreement shall require the Lender
Collateral Agent to expend or risk its own funds or otherwise incur financial
liability in the performance of its duties under this Agreement if it shall
have reasonable grounds for believing that repayment of such funds or
adequate indemnity satisfactory to it is not assured to it.

         (e) The Lender Collateral Agent may execute any of the trusts or
powers hereunder or perform any duties hereunder either directly or by or
through agents, attorneys, custodians or nominees appointed with due care,
and shall not be responsible for any willful misconduct or negligence on the
part of any agent, attorney, custodian or nominee so appointed.

         (f) Whenever in the administration of the provisions of this
Agreement the Lender Collateral Agent shall deem it necessary or desirable
that a matter be proved or established prior to taking or suffering any
action to be taken hereunder, such matter (unless other evidence in respect
thereof be herein specifically prescribed) may, in the absence of gross
negligence or bad faith on the part of the Lender Collateral Agent, be deemed
to be conclusively proved and established by a certificate signed by an
officer of any of ACFS, the Borrower and the Agent, as the case may be, and
delivered to the Lender Collateral Agent and such certificate, in the absence
of gross negligence or bad faith on the part of the Lender Collateral Agent,
shall be full warrant

                                       -22-

<PAGE>

to the Lender Collateral Agent for any action taken, suffered or omitted by
it under the provisions of this Agreement upon the faith thereof.

         (g) The Lender Collateral Agent shall have no obligation to invest
and reinvest any cash held in the Collateral Account in the absence of timely
and specific written investment direction from ACFS or the Agent. In no event
shall the Lender Collateral Agent be liable for the selection of investments
or for investment losses incurred thereon. The Lender Collateral Agent shall
have no liability in respect of losses incurred as a result of the
liquidation of any investment prior to its stated maturity or the failure of
ACFS or the Agent to provide timely written investment direction.

         (h) Any corporation into which the Lender Collateral Agent may be
merged or converted or with which it may be consolidated, or any corporation
resulting from any merger, conversion or consolidation to which the Lender
Collateral Agent shall be a party, or any corporation succeeding to the
business of the Lender Collateral Agent shall be the successor of the Lender
Collateral Agent hereunder without the execution or filing of any paper with
any party hereto or any further act on the part of any of the parties hereto
except where an instrument of transfer or assignment is required by law to
effect such succession, anything herein to the contrary notwithstanding.

         (i) Notwithstanding anything herein or in the Transaction Documents
to the contrary, in no event shall the Lender Collateral Agent have any
obligation or liability in respect of the monitoring or maintenance of the
perfection of any security interest evidenced hereby or for the filing or
refiling or recording or rerecording of any financing or continuation
statements in respect of any such security interest.

         (j) The Lender Collateral Agent shall not be deemed to have notice
of any Event of Early Amortization, Event of Early Termination or Event of
Default unless an Authorized Officer of the Lender Collateral Agent is
specifically notified in writing of such event by the Agent.

                  Section 13    TERM OF AGREEMENT. This Agreement shall be
terminated upon the final payment of all Obligations of the Borrower under
the Transaction Documents and the termination of any commitment of the
Lenders under the Transaction Documents.

                  Section 14    NOTICES. All demands, notices and
communications relating to this Agreement shall be in writing and shall be
deemed to have been duly given when received by the other party or parties at
the address shown in the Credit Agreement, whether by personal delivery,
express delivery or facsimile, or such other address as may hereafter be
furnished to the other party or parties by like notice. Any such demand,
notice or communication hereunder shall be deemed to have been received on
the date delivered to or received at the premises of the addressee.

                                       -23-

<PAGE>

                  Section 15    GOVERNING LAW; VENUE; CONSENT TO JURISDICTION.
(A) THIS AGREEMENT SHALL BE A CONTRACT MADE UNDER AND GOVERNED BY THE
INTERNAL LAW OF THE STATE OF NEW YORK, WITHOUT REGARD TO ANY OTHERWISE
APPLICABLE CONFLICT OF LAW PRINCIPLES THEREOF (OTHER THAN SECTION 5-1401 OF
THE NEW YORK GENERAL OBLIGATIONS LAW).

                           (B) VENUE FOR ANY ACTION BROUGHT UNDER THIS
AGREEMENT MAY BE IN ANY NEW YORK STATE COURT OR FEDERAL DISTRICT COURT
SITTING IN NEW YORK, NEW YORK. EACH PARTY TO THIS AGREEMENT HEREBY CONSENTS
TO THE JURISDICTION OF SUCH COURT.

                  Section 16    ASSIGNMENT. Except as expressly permitted
herein, no party to this Agreement may assign its rights or delegate its
obligations under this Agreement without the express written consent of the
other parties.

                  Section 17    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 shall be
deemed to be an original, and together shall constitute and be one and the
same instrument.

                  Section 18    HEADINGS. The section headings are not part of
this Agreement and shall not be used in its interpretation.

                  Section 19    THIRD PARTY BENEFICIARIES. It is hereby agreed
by the parties hereto that, the Lenders and the other Secured Parties are,
and are intended to be, third party beneficiaries under this Agreement.

                  Section 20    CERTAIN REMEDIES.

         (a) The Lender Collateral Agent shall, at the written direction of
the Agent, proceed to protect and enforce its rights and the rights of the
Secured Parties by such appropriate proceedings as the Agent shall deem most
effective to protect and enforce any such rights, whether for the specific
enforcement of any covenant or agreement in any Transaction Document or in
and of the exercise of any power granted herein, or to enforce any other
proper remedy or legal or equitable right vested in the Lender Collateral
Agent by any Transaction Document or by law.

         (b) In case there shall be pending, relative to the Borrower or any
other obligor upon the Advances or any Person having or claiming an ownership
interest in the Borrower Collateral, proceedings under the Bankruptcy Code or
any other applicable federal or state bankruptcy, insolvency or other similar
law, or in case a receiver, assignee or trustee in bankruptcy or
reorganization, liquidator, sequestrator or similar official shall have been
appointed for or taken possession of the Borrower or its property or such
other obligor or Person, or in case of any

                                       -24-

<PAGE>

other comparable judicial proceedings relative to the Borrower or other
obligor upon the Advances, or to the creditors of property of the Borrower or
such other obligor, the Lender Collateral Agent, irrespective of whether the
principal of any Advances shall then be due and payable as therein expressed
or by declaration or otherwise and irrespective of whether the Lender
Collateral Agent shall have made any demand pursuant to the provisions of
this Section, shall be entitled and empowered, by intervention in such
proceedings or otherwise:

                  (1) to file and prove a claim or claims for the whole amount
         of principal and interest owing and unpaid in respect of the Advances
         and to file such other papers or documents as may be necessary or
         advisable in order to have the claims of the Lender Collateral Agent
         (including any claim for reimbursement of all expenses and liabilities
         incurred, and all advances, if any, made, by the Lender Collateral
         Agent and each predecessor Lender Collateral Agent, except as a result
         of gross negligence, bad faith or willful misconduct) and of each of
         the other Secured Parties allowed in such proceedings;

                  (2) unless prohibited by applicable law and regulations, to
         vote (with the consent of the Agent) on behalf of the holders of the
         Advances in any election of a trustee, a standby trustee or person
         performing similar functions in any such proceedings;

                  (3) to collect and receive any moneys or other property
         payable or deliverable on any such claims and to distribute all amounts
         received with respect to the claims of the Secured Parties on their
         behalf; and

                  (4) to file such proofs of claim and other papers or documents
         as may be necessary or advisable in order to have the claims of the
         Lender Collateral Agent or the Secured Parties allowed in any judicial
         proceedings relative to the Borrower, its creditors and its property;

and any trustee, receiver, liquidator, custodian or other similar official in
any such proceeding is hereby authorized by each of such Secured Parties to
make payments to the Lender Collateral Agent, and, in the event that the
Lender Collateral Agent and the Agent shall consent, to the making of
payments directly to such Secured Parties, to pay to the Lender Collateral
Agent such amounts as shall be sufficient to cover all reasonable expenses
and liabilities incurred, and all advances made, by the Lender Collateral
Agent and each predecessor Lender Collateral Agent except as a result of
gross negligence, bad faith or willful misconduct.

         (c) Nothing herein contained shall be deemed to authorize the Lender
Collateral Agent to authorize or consent to or vote for or accept or adopt on
behalf of any Lender or other Secured Party any plan of reorganization,
arrangement, adjustment or composition affecting the Advances or the rights
of any holder thereof or to authorize the Lender Collateral Agent to vote in
respect of the claim of any Secured Party in any such proceeding except, as
aforesaid, to vote for the election of a trustee in bankruptcy or similar
person.

                                       -25-

<PAGE>

         (d) In any proceedings brought by the Lender Collateral Agent to
enforce the Liens under the Transaction Documents (and also any proceedings
involving the interpretation of any provision of any Transaction Document),
the Lender Collateral Agent shall be held to represent all the Secured
Parties, and it shall not be necessary to make any Secured Party a party to
any such proceedings.

         (e) The Lender Collateral Agent shall, at the written direction of
the Agent, also do one or more of the following (subject to SECTION 12
HEREOF):

                  (i) institute proceedings in its own name and on behalf of the
         Secured Parties as Lender Collateral Agent for the collection of all
         amounts then payable on the Advances or under the Credit Agreement and
         Fee Letter with respect thereto, whether by declaration or otherwise,
         enforce any judgment obtained, and collect from the Borrower and any
         other obligor upon such Advances moneys adjudged due;

                  (ii) institute proceedings from time to time for the complete
         or partial foreclosure upon the Borrower Collateral;

                  (iii) exercise any remedies of a secured party under the UCC
         and take any other appropriate action to protect and enforce the right
         and remedies of the Lender Collateral Agent and the Secured Parties;
         and

                  (iv) sell the Borrower Collateral or any portion thereof or
         rights or interest therein, at one or more public or private sales
         called and conducted in any manner permitted by law.

                  Section 21    LIMITED LIABILITY OF LENDER COLLATERAL AGENT.

         It is expressly understood and agreed by the parties hereto that (a)
this Agreement is executed and delivered by Bankers Trust Company, not
individually or personally but solely as Lender Collateral Agent, in the
exercise of the powers and authority conferred and vested in it, (b) the
representations, undertakings and agreements herein made on the part of the
Lender Collateral Agent are made and intended not as personal
representations, undertakings and agreements by Bankers Trust Company, but
are made and intended for the purpose of binding only the Lender Collateral
Agent, and (c) under no circumstances shall Bankers Trust Company be
personally liable for the payment of any indebtedness or expenses of the
Lender Collateral Agent or be liable for the breach or failure of any
obligation, representation, warranty or covenant made or undertaken by the
Lender Collateral Agent under this Agreement.

                  Section 22    SUBORDINATION.

                  (a)      Notwithstanding anything in this Agreement or in any
                           other Transaction Document to the contrary, all
                           rights and remedies of the Lenders, the

                                       -26-

<PAGE>

                           Lender Collateral Agent, the Agent, the Secured
                           Parties, the Affected Parties or any of them, with
                           respect to the Borrower and its property, whether
                           hereunder, under any Transaction Document or
                           otherwise at law or in equity, are limited by and
                           subject to the terms of the Subordination Agreement.

                  (b)      Notwithstanding anything in this Agreement or in any
                           other Transaction Document to the contrary, neither
                           Borrower nor the Spread Account Depositor shall have
                           any obligation or liability to the Agent, any Secured
                           Party, any Lender, or any Affected Party or any of
                           them, whether hereunder, under any Transaction
                           Document or otherwise at law or in equity, until the
                           Final Insurance Termination Date if the effect of
                           such obligation or liability would be to cause
                           Borrower or Spread Account Depositor to not be
                           Solvent and no Obligation shall be or become due or
                           payable until the later of (i) the Final Insurance
                           Termination Date or (ii) the date as such obligation
                           or liability would not cause the Borrower or the
                           Spread Account Depositor to not be Solvent.

                  (c)      Notwithstanding any other provision of this Agreement
                           or any other Transaction Document, in the event of
                           any contradiction or ambiguity between the
                           Subordination Agreement and any other Transaction
                           Document, the terms of the Subordination Agreement
                           shall govern. All disputes with respect to matters
                           addressed in the Subordination Agreement shall be
                           determined by reference to the Subordination
                           Agreement exclusively and no provision of this
                           Agreement or any other Transaction Document should be
                           interpreted as altering, amending, explaining or
                           clarifying any provision of the Subordination
                           Agreement.

                  (d)      The provisions of this Section 22 are for the benefit
                           of FSA and other parties to the Subordination
                           Agreement and, accordingly, shall survive the
                           termination of this Agreement. This Section 22 shall
                           not be amended without the written consent of FSA.

                  Section 23    AMENDMENTS. This Agreement may be amended in
accordance with the provisions of the Credit Agreement.

                            [Signature Page Follows]

                                       -27-

<PAGE>

                  IN WITNESS WHEREOF, the parties hereto have caused their
duly authorized representatives to hereunto set their hand as of the day and
year first above written.

                     CREDIT SUISSE FIRST BOSTON,
                     NEW YORK BRANCH, as Agent

                     By:
                        --------------------------------------------
                          Name:
                          Title:

                     AFS FUNDING CORP.

                     By:
                        --------------------------------------------
                          Name:
                          Title:

                     AMERICREDIT FINANCIAL SERVICES, INC.

                     By:
                        --------------------------------------------
                          Name:
                          Title:

                     BANKERS TRUST COMPANY, not in its
                     individual capacity but solely as Lender Collateral
                     Agent

                     By:
                        --------------------------------------------
                          Name:
                          Title:

                      Signature Page to Security Agreement]<PAGE>

-------------------------------------------------------------------------------

                  REPLACEMENT CASH COLLATERAL ACCOUNT AGREEMENT,

                           dated as of October 14, 1999

                                       among

                                 AFS FUNDING CORP.,

                        FINANCIAL SECURITY ASSURANCE INC.,

       CREDIT SUISSE FIRST BOSTON, NEW YORK BRANCH, as Administrative Agent,

                                       and

                      BANK ONE, N.A., as Collateral Agent

-------------------------------------------------------------------------------

<PAGE>

<TABLE>
<CAPTION>
                                TABLE OF CONTENTS

                                                                                                               PAGE
<S>                                                                                                            <C>

RECITALS              1

AGREEMENTS            1

ARTICLE I             DEFINITIONS................................................................................2

         Section 1.01.     Definitions...........................................................................2

ARTICLE II            REIMBURSEMENT AGREEMENT; DRAW LIMIT.......................................................10

         Section 2.01.     Agreement to Reimburse...............................................................10

         Section 2.02.     Priority of Other Loss Protection....................................................11

         Section 2.03.     RCCA Draw Limit......................................................................12

         Section 2.04.     Term of Reimbursement Obligation.....................................................12

         Section 2.05.     Recoveries...........................................................................13

ARTICLE III           SECURITY INTERESTS; THE COLLATERAL........................................................14

         Section 3.01.     Grant of Security Interest by the Seller.............................................14

         Section 3.02.     Perfection...........................................................................14

         Section 3.03.     The Seller Remains Liable............................................................15

         Section 3.04.     Security Intermediary................................................................15

         Section 3.05.     Maintenance of Collateral............................................................16

         Section 3.06.     Termination and Release of Rights....................................................16

ARTICLE IV            REPLACEMENT CASH COLLATERAL ACCOUNTS......................................................17

         Section 4.01.     Establishment of RCCAs, Initial Deposits into RCCAs..................................17

         Section 4.02.     Investments..........................................................................18

         Section 4.03.     Distributions; Priority of Payments..................................................19

         Section 4.04.     General Provisions Regarding RCCAs...................................................19

         Section 4.05.     Reports by the Collateral Agent......................................................20

         Section 4.06.     RCCA Supplements.....................................................................20

ARTICLE V             THE COLLATERAL AGENT......................................................................20

         Section 5.01.     Appointment and Powers...............................................................21

         Section 5.02.     Performance of Duties................................................................21

         Section 5.03.     Limitation on Liability..............................................................21

         Section 5.04.     Reliance upon Documents..............................................................22

         Section 5.05.     Successor Collateral Agent...........................................................22

                                                        i

<PAGE>

                                              TABLE OF CONTENTS
                                                 (CONTINUED)

                                                                                                               PAGE

         Section 5.06.     Indemnification......................................................................23

         Section 5.07.     Compensation and Reimbursement.......................................................24

         Section 5.08.     Representations and Warranties of Bank One...........................................24

         Section 5.09.     Waiver of Setoffs....................................................................24

         Section 5.10.     Control by Financial Security........................................................25

ARTICLE VI            COVENANTS OF THE SELLER...................................................................25

         Section 6.01.     Preservation of Collateral...........................................................25

         Section 6.02.     Opinions as to Collateral............................................................25

         Section 6.03.     Waiver of Stay or Extension Laws; Marshaling of Assets...............................26

         Section 6.04.     Noninterference, etc.................................................................26

         Section 6.05.     Seller Changes.......................................................................26

ARTICLE VII           REMEDIES UPON DEFAULT.....................................................................27

         Section 7.01.     Remedies upon a Foreclosure Event of Default.........................................27

         Section 7.02.     Waiver of Default....................................................................27

         Section 7.03.     Restoration of Rights and Remedies...................................................27

         Section 7.04.     No Remedy Exclusive..................................................................27

ARTICLE VIII          MISCELLANEOUS.............................................................................28

         Section 8.01.     Further Assurances...................................................................28

         Section 8.02.     Waiver...............................................................................28

         Section 8.03.     Amendments, Waivers..................................................................28

         Section 8.04.     Severability.........................................................................28

         Section 8.05.     Notices..............................................................................28

         Section 8.06.     Term of this Agreement...............................................................30

         Section 8.07.     Assignments: Third-Party Rights; Reinsurance.........................................30

         Section 8.08.     Consent of Financial Security........................................................31

         Section 8.09.     Trial by Jury Waived.................................................................31

         Section 8.10.     Governing Law........................................................................31

         Section 8.11.     Consents to Jurisdiction.............................................................31

         Section 8.12.     Counterparts.........................................................................32

         Section 8.13.     Headings.............................................................................32

                                                        ii

<PAGE>

                                              TABLE OF CONTENTS
                                                 (CONTINUED)

                                                                                                               PAGE

         Section 8.14.     Notices to Administrative Agent......................................................32

         Section 8.15.     Disclaimer of Fiduciary Duty.........................................................32

</TABLE>

                                                        iii

<PAGE>

         REPLACEMENT CASH COLLATERAL ACCOUNT AGREEMENT, dated as of October 14,
1999 (the "AGREEMENT"), by and among FINANCIAL SECURITY ASSURANCE INC., a New
York stock insurance company ("FINANCIAL SECURITY"), AFS FUNDING CORP., a
Nevada corporation (the "SELLER"), CREDIT SUISSE FIRST BOSTON, NEW YORK
BRANCH, as agent for the Lenders party to the Credit Agreement referred to
below (in such capacity, the "ADMINISTRATIVE AGENT"), and BANK ONE, N.A., a
national banking association ("BANK ONE"), as Collateral Agent (together with
its successors in such capacity, the "COLLATERAL AGENT").

                                    RECITALS
                                    --------

         1. The Seller has requested that Financial Security issue the Series
1999-D Policy to the related Trustee to guarantee payment of the Scheduled
Payments (as defined in such Policy) in respect of the Series 1999-D Notes.

         2. It is contemplated that the Seller may sell additional pools of
receivables to issuers other than the Series 1999-D Issuer, and that any such
issuer may issue additional series of notes or certificates and that
Financial Security in its discretion may issue additional Policies with
respect to certain guaranteed distributions on the corresponding additional
Series of notes or certificates.

         3. As a condition to issuing the Series 1999-D Policy, Financial
Security has required, and as a condition to issuing future Policies,
Financial Security may require, that the Seller deposit cash (each an
"INITIAL SPREAD ACCOUNT DEPOSIT", and collectively, the "INITIAL SPREAD
ACCOUNT DEPOSITS") in a spread account (each a "SPREAD ACCOUNT", and
collectively, the "SPREAD ACCOUNTS") maintained with the related Trustee.

         4. In order to reduce the amount which the Seller is obligated to
advance as an Initial Spread Account Deposit with respect to the Series
1999-D Notes and certain future series of notes or certificates with respect
to which RCCAs (as hereinafter defined) are established, the Seller intends
to deposit certain moneys on or about the closing date for each such Series
(each a "RCCA DEPOSIT", and collectively, the "RCCA DEPOSITS") in a cash
collateral account (each, an "RCCA", and collectively, the "RCCAS")
established hereunder to provide credit support to Financial Security.

         5. Pursuant to the Credit Agreement, dated as of the date hereof (as
amended, supplemented or otherwise modified from time to time, the "CREDIT
AGREEMENT"), among the Seller, AmeriCredit Financial Services Inc., a
Delaware corporation, AmeriCredit Corp., a Texas corporation, AmeriCredit
Management Company, a Delaware corporation, Bankers Trust Company, as lender
collateral agent, the Lenders parties thereto, and the Administrative Agent,
the Lenders shall finance the Series 1999-D RCCA Deposit, and from time to
time hereafter shall finance future RCCA Deposits, by making advances to the
Seller.

                                   AGREEMENTS
                                   ----------

         In consideration of the premises, and for other good and valuable
consideration, the adequacy, receipt and sufficiency of which are hereby
acknowledged, the parties hereto agree as follows:

<PAGE>

                                    ARTICLE I

                                   DEFINITIONS

         Section 1.01.    DEFINITIONS. (a) The term "RELATED" is used herein to
mean entities, documents, obligations, assets and other matters pertaining to
the same Series (as defined below) of AmeriCredit Notes (as defined below).
Any capitalized term used herein but not defined herein shall have the
meaning given to such term in the Subordination Agreement (as defined below)
or, if not defined therein shall have the meaning with respect to any
AmeriCredit Notes issued under an Indenture, a Pooling and Servicing
Agreement or other agreement, given to such term in such Indenture (and the
related Sale and Servicing Agreement), such Pooling and Servicing Agreement
or such other agreement, as applicable, or, if not defined in such issuing
agreement, shall have the meaning given to such term in the Spread Account
Agreement (as defined below) or the Series Supplement (as defined below). The
terms "HEREOF," "HEREIN" or "HEREUNDER," unless otherwise modified by more
specific reference, shall refer to this Agreement in its entirety. Unless
otherwise indicated in context, the terms "ARTICLE," "SECTION," "APPENDIX,"
"EXHIBIT" or "ANNEX" shall refer to an Article or Section of, or Appendix,
Exhibit or Annex to, this Agreement. The definition of a term shall include
the singular, the plural, the past, the present, the future, the active and
the passive forms of such term; PROVIDED that each term that is defined
differently with respect to one or more specific Series of AmeriCredit Notes,
shall have the separate meanings applicable with respect to each Series of
AmeriCredit Notes.

         (b) The following terms shall have the following respective meanings:

         "ADMINISTRATIVE AGENT" has the meaning specified in the preamble.

         "AMERICREDIT NOTES" means the Notes and the Other AmeriCredit Notes,
collectively.

         "AMERICREDIT POLICIES" means the Policies and the Other AmeriCredit
Policies, collectively.

         "AMERICREDIT POLICY" means any of the Policies and the Other
AmeriCredit Policies.

         "AUTHORIZED OFFICER" means, (i) with respect to Financial Security,
the Chairman of the Board, the President, the Executive Vice President, the
Chief Operating Officer, the Chief Executive Officer or any Managing Director
of Financial Security, (ii) with respect to the Collateral Agent and the
Administrative Agent, any Vice President, Authorized Signer or Trust Officer
thereof, and (iii) with respect to the Seller, the President, CFO, Treasurer
or any Vice President thereof.

         "BANK ONE" means Bank One, NA, a national banking association and
its successors.

         "CLAIM" means any amount payable by Financial Security under any of
the AmeriCredit Policies. "CLAIM" shall not include any amount expressly
excluded from the definition of "LOSS EXPENSES."

         "COLLATERAL" means collectively all collateral pledged under Section
3.01 of this Agreement.

                                       2

<PAGE>

         "COLLATERAL AGENT" means Bank One (and any other Person designated
as "COLLATERAL AGENT" with respect to a Series pursuant to an RCCA
Supplement) in its capacity as collateral agent on behalf of Financial
Security and as agent for the Lender Collateral Agent pursuant to Section
8.15 until a successor Person shall have become a Collateral Agent pursuant
to Section 5.05(d) hereof, and thereafter "COLLATERAL AGENT" shall also mean
such successor Person.

         "DISTRIBUTION DATE" means the fifth day of each calendar month, or,
if such day is not a Business Day, the immediately following Business Day;
PROVIDED, that such day shall in no event be earlier than the third Business
Day of such calendar month.

         "DRAW LIMIT" has the meaning set forth in Section 2.03.

         "EFFECTIVE DATE" means, with respect to any RCCA or any reinsurance,
the earliest date upon which such RCCA or such reinsurance could be drawn in
accordance with its terms, which shall be the earliest date upon which the
related Policy could be drawn in accordance with its terms, unless expressly
provided otherwise.

         "ELIGIBLE ACCOUNT" means a segregated trust account that (i) is
either (x) maintained with a depository institution or trust company the
long-term unsecured debt obligations of which are rated "AA" or higher by
Standard & Poor's and "Aa2" or higher by Moody's, or (y) maintained with a
depository institution or trust company the commercial paper or other
short-term unsecured debt obligations of which are rated "A-1+" by Standard &
Poor's and "P-1" by Moody's and (ii) in either case, such depository
institution or trust company shall have been specifically approved by
Financial Security, acting in its discretion, by written notice to the
Collateral Agent.

         "ELIGIBLE INVESTMENTS" means book-entry securities, negotiable
instruments or securities represented by instruments in bearer or registered
from which evidence:

                  (a) direct obligations of, and obligations fully guaranteed
         as to timely payment by, the United States of America;

                  (b) demand deposits that are fully insured by the Federal
         Deposit Insurance Corporation, time deposits (whether or not insured
         by the Federal Deposit Insurance Corporation) or certificates of
         deposit that are fully insured by the Federal Deposit Insurance
         Corporation of any depository institution or trust company
         incorporated under the laws of the United States of America or any
         state thereof or the District of Columbia (or any domestic branch of
         a foreign bank) and subject to supervision and examination by
         federal or state banking or depository institution authorities
         (including depository receipts issued by any such institution or
         trust company as custodian with respect to any obligations referred
         to in clause (a) above or portion of such obligations for the
         benefit of the holders of such depository receipts); PROVIDED,
         however, that at the time of the investment or contractual commitment
         to invest therein (which shall be deemed to be made again each time
         funds are reinvested following each Distribution Date), the commercial
         paper or other short-term senior unsecured debt obligations (other
         than such obligations the rating of which is based on the credit of
         a Person other than such

                                       3

<PAGE>

         depository institution or trust company) of such depository
         institution or trust company shall have a credit rating from
         Standard & Poor's of A-1 and from Moody's of P-1;

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

                  (d) investments in money market funds having a rating from
         Standard & Poor's of AAA-m or AAAm-G and from Moody's of Aaa;

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

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

                  (g) any other investment which has been approved by the
         Administrative Agent (to the extent Borrowings are outstanding under
         the Credit Agreement) and Financial Security.

         "EXCESS" means, with respect to any Loss Protection and any other
Loss Protection, that such Loss Protection shall not be drawn upon, paid,
deducted from or otherwise applied to obligations, losses or potential
losses, until such other Loss Protection has been fully drawn, fully paid,
deducted in full or otherwise fully applied to obligations, losses or
potential losses and, with respect to any specified source of
Indemnification, that such Loss Protection shall be fully indemnified or
otherwise made whole under the terms of such Loss Protection from such source
of Indemnification before any reimbursement, indemnification, repayment or
recovery from such source of Indemnification is paid or applied to such other
Loss Protection.

         "FINAL TERMINATION DATE" means, with respect to any Series, the date
that is the later of (i) the Insurer Termination Date with respect to such
Series and (ii) the Lender Termination Date with respect to such Series.

         "FINANCIAL SECURITY" means Financial Security Assurance Inc., a New
York stock insurance company.

         "FINANCIAL SECURITY DEFAULT" means, with respect to any Series, any
one of the following events shall have occurred and be continuing:

                  (a) Financial Security shall have failed to make a payment
         required under a related Policy in accordance with its terms;

                  (b) Financial Security shall have (i) filed a petition or
         commenced any case or proceeding under any provision or chapter of the
         United States Bankruptcy Code, the New York State Insurance Law or any
         other similar federal or state law relating to

                                       4

<PAGE>

         insolvency, bankruptcy, rehabilitation, liquidation or reorganization,
         (ii) made a general assignment for the benefit of its creditors, or
         (iii) had an order for relief entered against it under the United
         States Bankruptcy Code, the New York State Insurance Law, or any
         other similar federal or state law relating to insolvency, bankruptcy,
         rehabilitation, liquidation or reorganization which is final and
         nonappealable; or

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

         "FORECLOSURE EVENT OF DEFAULT" means, at any time, any default in
the satisfaction of Insurer Secured Obligations.

         "INDEMNIFICATION" means, with respect to any Loss Protection,
indemnification, reimbursement, repayment, recovery or any other right of the
provider of such Loss Protection to be made whole and held harmless in
respect of its obligations under such Loss Protection.

         "INDENTURE" means, with respect to Series 1999-D, the Series 1999-D
Indenture, and for each other Series, the Indenture related to such Series.

         "INSURANCE AGREEMENT" means, with respect to any Series, the
Insurance and Indemnity Agreement among Financial Security, AFS, the Seller
and the related Issuer, if any, for such Series, pursuant to which Financial
Security issued a Policy.

         "INSURANCE AGREEMENT EVENT OF DEFAULT" in respect of any AmeriCredit
Notes has the meaning provided in the Underlying Transaction Documents for
such AmeriCredit Notes.

         "INSURER SECURED OBLIGATION" means the right of Financial Security
to withdraw funds from the RCCAs pursuant to Section 2.01.

         "INSURER TERMINATION DATE" means, with respect to any Series, the
date, determined pursuant to Section 2.04, on which the related RCCA may no
longer be drawn on pursuant to Section 2.01.

         "LENDER SECURED OBLIGATIONS" means all amounts and obligations which
the Seller may at any time owe to or on behalf of the Lenders or the
Administrative Agent under the Credit Agreement.

         "LENDER SECURITY AGREEMENT" means the Security and Collateral Agent
Agreement, dated as of the date hereof, among the Seller, the Servicer, the
Administrative Agent, and the Lender Collateral Agent, as the same may from
time to time be amended, supplemented or otherwise modified.

         "LENDER TERMINATION DATE" means, with respect to any Series, the
date on which the Lenders and the Administrative Agent shall have received
payment and performance in full

                                       5

<PAGE>

(excluding any payment from Credit Support Providers (as defined in the
Credit Agreement)) of all Lender Secured Obligations with respect to monies
used to fund the RCCA with respect to such Series.

         "LIEN" means, as applied to the property or assets (or the income,
proceeds, products, rents or profits therefrom) of any Person, in each case
whether the same is consensual or nonconsensual or arises by contract,
operation of law, legal process or otherwise: (a) any mortgage, lien, pledge,
attachment, charge, lease, conditional sale or other title retention
agreement, or other security interest or encumbrance of any kind; or (b) any
arrangement, express or implied, under which such property or assets (and/or
such income, proceeds, products, rents or profits) are transferred,
sequestered or otherwise identified for the purpose of subjecting or making
available the same for payment of debt or performance of any other obligation
in priority to the payment of the general, unsecured creditors of such Person.

         "LOSS EXPENSES" means court costs, interest upon judgments, and
allocated investigation, adjustment and legal expenses, including expenses
related to the workout of a potential loss or the protection and perfection
of any subrogation or salvage rights or security interest under an
AmeriCredit Policy. "LOSS EXPENSES" shall not include (a) salaries paid to
employees of Financial Security, (b) awards or judgments against Financial
Security occasioned by failure of Financial Security to settle a claim or
make payment under an AmeriCredit Policy, when such failure arises from bad
faith, negligence or misconduct on the part of Financial Security or any
agent or employee of Financial Security or (c) liability of Financial
Security, arising by contract, operation of law or otherwise, from its
participation or membership, whether voluntary or involuntary, in any
insolvency fund, including any guaranty fund, association, pool, plan or
other facility that provides for the assessment of, payment by or assumption
by Financial Security of a part or the whole of any claim, debt, charge, fee
or other obligation of any insurer, or its successor or assigns, that has
been declared insolvent by any authority having jurisdiction, or which is
otherwise unable to meet any claim, debt, charge, fee or other obligation in
whole or in part. "LOSS EXPENSES" shall include reasonably incurred expenses
paid by Financial Security to Transaction Services Corporation, an affiliate
of Financial Security; PROVIDED that such expenses are allocated to the
related AmeriCredit Policy on a cost basis.

         "LOSS PROTECTION" means any reinsurance, any source of reimbursement
or indemnity, any guaranty, surety bond, letter of credit, cash collateral
account, spread account or other pledged account, any subordinate security or
other subordinate interest, any other credit enhancement and any other
agreement or accommodation that has the effect, directly or indirectly, of
protecting Financial Security from incurring a loss with respect to Financial
Security's obligations under any Policy.

         "NOTES" means the asset-backed notes and asset-backed certificates,
issued by AmeriCredit Automobile Receivables Trust 1999-D and any
asset-backed notes or certificates issued by any "AMERICREDIT AUTOMOBILE
RECEIVABLES TRUST" with a Series designation indicating issuance after Series
1999-D that are:

                           (i)      insured by Financial Security;

                                       6
<PAGE>

                           (ii) have Loss Protection in the form of an RCCA
                  established under this Agreement; and

                           (iii) have Loss Protection in the form of a Spread
                  Account that is subject to the cross-collateralization
                  provisions of the Spread Account Agreement.

         "OC AMOUNT" means, with respect to any RCCA, the OC Level, if any, for
the related Notes times the sum of the Aggregate Principal Balance and the
Pre-Funded Amount, if any, for the related Notes.

         "OTHER AMERICREDIT NOTES" means asset-backed notes and asset-backed
certificates whether issued before or after any Notes, issued by an
AmeriCredit Automobile Receivables Trust listed on Schedule I hereto or by
any other owner trust, business trust, grantor trust or any other
special-purpose entity formed by the Seller as the issuer in a securitization
sponsored by the Seller that are:

                           (i)   insured by Financial Security;

                           (ii)  do not have Loss Protection in the form of an
                  RCCA established under this Agreement; and

                           (iii) have Loss Protection in the form of a Spread
                  Account that is subject to the cross-collateralization
                  provisions of the Spread Account Agreement.

         "OTHER AMERICREDIT POLICIES" means Financial Guaranty Insurance
Policies issued by Financial Security with respect to a Series of Other
AmeriCredit Notes for which no RCCA has been established.

         "OPINION OF COUNSEL" means a written opinion of counsel, acceptable
as to form and substance, and reasonably acceptable as to issuing counsel, to
Financial Security.

         "POLICY" means any Financial Guaranty Insurance Policy issued by
Financial Security with respect to a Series of Notes for which the Seller has
established an RCCA hereunder.

         "POLICY PAYMENTS" shall mean Claims and Loss Expenses payments,
collectively.

         "POOLING AND SERVICING AGREEMENT" means, for each Series created
pursuant to a Pooling and Servicing Agreement, the Pooling and Servicing
Agreement related to such Series.

         "QUALIFIED SUBSEQUENT REINSURANCE" means (i) any Spread Account
Replacement Reinsurance, as defined in clause (i) of the definition thereof,
having a limit of liability, scope of coverage and other terms substantially
the same in all material respects as the corresponding terms of the RCCAs
under Article II of this Agreement and (ii) any Spread Account Replacement
Reinsurance, as defined in clause (ii) of the definition thereof, which
amortizes and terminates on the same basis as cash would have been released
from the related Spread Account had the cash not been replaced in such Spread
Account.

         "RCCA" has the meaning set forth in the recitals.

                                       7

<PAGE>

         "RCCA AGENT" means Bank One, N.A.

         "RCCA ACCOUNT COLLATERAL" means all of the following:

                           (i) Each RCCA established pursuant to the RCCA
                  Agreement and all funds held in such RCCA and all certificates
                  and instruments, if any, from time to time representing or
                  evidencing such RCCA or such funds;

                           (ii) all investments from time to time of amounts in
                  each RCCA established pursuant to the RCCA Agreement, and all
                  certificates and instruments, if any, from time to time
                  representing or evidencing such investments;

                           (iii) all notes, certificates of deposit and other
                  instruments from time to time delivered to or otherwise
                  possessed by the RCCA Agent or any Secured Party or any
                  assignee or agent on behalf of the RCCA Agent or any Secured
                  Party in substitution for or in addition to any of the then
                  existing RCCA Account Collateral, and

                           (iv) all interest, dividends, cash, instruments and
                  other property from time to time received, receivable or
                  otherwise distributed in respect of or in exchange for any and
                  all of the then existing RCCA Account Collateral.

         "RCCA DEPOSIT" has the meaning set forth in the recitals.

         "RCCA ELIGIBLE INVESTMENTS" means Eligible Investments held by the
Collateral Agent in an RCCA and with respect to which the Collateral Agent
has taken Delivery. Any such RCCA Eligible Investment may be purchased by or
through the Collateral Agent or any of its affiliates.

         "RCCA SUPPLEMENT" has the meaning set forth in Section 4.06.

         "REQUISITE AMOUNT" shall mean, with respect to any Series, (i) on
the Closing Date, the amount of the Spread Account Initial Deposit, and with
respect to any Determination Date occurring during the Funding Period, the
sum of the amount of the Spread Account Initial Deposit and the amount of the
Subsequent Spread Account Deposits, if any, on such Determination Date
(taking into account any Subsequent Spread Account Deposit transferred to the
such Spread Account on or prior to the related Distribution Date); PROVIDED,
HOWEVER, that the Requisite Amount shall mean (A) if a Trigger Event shall
exist as of such Determination Date and no Insurance Agreement Event of
Default shall have occurred as of such Determination Date, 15% (or such lower
percentage as may be provided for in the related Series Supplement) of the
sum of the Aggregate Principal Balance and the Pre-Funded Amount, if any,
with respect to such Determination Date; or (B) if an Insurance Agreement
Event of Default shall have occurred as of such Determination Date, an
unlimited amount, and (ii) with respect to any Distribution Date thereafter,
the greater of (1) the Floor Amount; and (2)(A) if no Trigger Event shall
exist as of the related Determination Date, and no Insurance Agreement Event
of Default shall have occurred as of such Determination Date, (I) if the OC
Level is less than 10% (or such lower percentage as may be provided for in
the related Series Supplement), the Spread Account Initial Deposit with
respect to such Determination Date, and (II) if the OC Level is equal to or

                                       8

<PAGE>

greater than 10% (or such lower percentage as may be provided for in the
related Series Supplement), the percentage equal to the excess of 13% (or
such lower percentage as may be provided for in the related Series
Supplement) over the OC Level for such Determination Date of the Aggregate
Principal Balance with respect to such Determination Date (B) if a Trigger
Event shall exist as of such Determination Date and no Insurance Agreement
Event of Default shall have occurred as of such Determination Date, 15% (or
such lower percentage as may be provided for in the related Series
Supplement) of the sum of the Aggregate Principal Balance and the Pre-Funded
Amount, if any, with respect to such Determination Date; or (C) if an
Insurance Agreement Event of Default shall have occurred as of such
Determination Date, an unlimited amount.

         "SALE AND SERVICING AGREEMENT" means, with respect to Series 1999-D,
the Series 1999-D Sale and Servicing Agreement and, for each other Series
issued pursuant to an Indenture, the Sale and Servicing Agreement related to
such Series.

         "SECURED OBLIGATIONS" means, with respect to each Series, the
Insurer Secured Obligations with respect to such Series.

         "SECURITY ACCOUNT" has the meaning set forth in Section 8-501(a) of
Revised Article 8.

         "SECURITY INTERESTS" means the security interests and Liens in the
Collateral granted pursuant to Section 3.01 hereof.

         "SERIES" means any AmeriCredit Notes issued by the same issuer on
the same Closing Date and having the same series designation.

          "SERIES 1999-D INDENTURE" means the Indenture dated as of October
25, 1999, between AmeriCredit Automobile Receivables Trust 1999-D and Bank
One, as Trustee and Trust Collateral Agent.

         "SERIES 1999-D ISSUER" means AmeriCredit Automobile Receivable Trust
1999-D.

         "SERIES 1999-D NOTES" means the Notes issued pursuant to the Series
1999-D Indenture.

         "SERIES 1999-D POLICY" means the Policy issued by Financial Security
with respect to the Series 1999-D Notes.

         "SERIES 1999-D RCCA" means the account established at the office of
Bank One, Columbus, Ohio, designated "AFS FUNDING SERIES 1999-D REPLACEMENT
CASH COLLATERAL ACCOUNT, ACCOUNT NUMBER 6800047200" or such other substitute
account as Financial Security may designate from time to time pursuant to
Article 4.

         "SERIES SUPPLEMENT" means the supplement to the Spread Account
Agreement entered into with respect to a Series of AmeriCredit Notes.

         "SPREAD ACCOUNT" means with respect to a Series, the account
established with respect to such Series in accordance with Section 3.01(a) of
the Spread Account Agreement.

                                       9

<PAGE>

          "SPREAD ACCOUNT AGREEMENT" means the Spread Account Agreement,
dated as of December 1, 1994, as amended and restated as of May 11, 1998, as
amended as of October 25, 1999, by and among Financial Security, the Seller,
La Salle National Bank, in its capacities as Trustee and Collateral Agent
with respect to certain Series of AmeriCredit Notes as specified therein,
Harris Trust and Savings Bank, in its capacities as Trustee and Collateral
Agent with respect to certain Series of AmeriCredit Notes as specified
therein, and Bank One, N.A. ("BANK ONE"), in its capacities as Trustee and
Collateral Agent with respect to certain Series of AmeriCredit Notes as
specified therein.

         "SPREAD ACCOUNT CAP" shall mean, with respect to any RCCA, the
lesser of (a) the sum of the Requisite Amount and the OC Amount, if any, with
respect to the related Notes, or (b) 13% (25%, if a Trigger Event shall have
occurred and be continuing) of the sum of the Aggregate Principal Balance and
the Pre-Funded Amount, if any, with respect to the related Notes.

         "SPREAD ACCOUNT REPLACEMENT REINSURANCE" means any policy of
reinsurance issued by a third party insurance company for the benefit of
Financial Security (i) which permits the amount of the initial deposit to a
Spread Account to be less than that which would have otherwise been required
by Financial Security in connection with the issuance of the related Series
in the absence of such policy (for example, in connection with AmeriCredit
Automobile Receivables Trust 1999-C in which Financial Security's requirement
for initial first loss protection was 8% of the sum of the Aggregate
Principal Balance and the Pre-Funded Amount, reinsurance obtained in the
amount of 5% of such sum reduced the initial deposit to the Spread Account
from 8% of such sum to 3% of such sum) or (ii) which is in the form of
recourse reduction reinsurance (I.E., substitution of reinsurance for cash
currently on deposit in one or more spread accounts for any Series of
AmeriCredit Notes) that has terms (other than pricing terms) substantially
the same as the recourse reduction reinsurance in force on the date of this
Agreement.

         "STANDARD TERMINATION DATE" has the meaning specified in Section 2.04.

         "SUBSEQUENT REINSURANCE" means with respect to any RCCA, any Spread
Account Replacement Reinsurance and any other RCCA for the AmeriCredit
Policies if such Spread Account Replacement Reinsurance or such other RCCA
has an Effective Date after the Effective Date of such RCCA without giving
effect to any termination, cancellation or reduction (except pursuant to the
last sentence of Section 2.04) by Financial Security of such Spread Account
Replacement Reinsurance or other RCCA or to any default by any insurer in
respect of its obligations with respect to any such Spread Account
Replacement Reinsurance.

         "SUBORDINATION AGREEMENT" means the Subordination and Intercreditor
Agreement, dated as of October 19, 1999 among the Seller, AFS Funding Trust,
the AmeriCredit 1996-C Trust, the AmeriCredit 1996-D Trust, the AmeriCredit
1997-A Trust, the AmeriCredit 1997-B Trust, the AmeriCredit 1997-C Trust, the
AmeriCredit 1997-D Trust, the AmeriCredit 1998-A Trust, the AmeriCredit
1998-B Trust, the AmeriCredit 1998-C Trust, the AmeriCredit 1998-D Trust, the
AmeriCredit 1999-A Trust, the AmeriCredit 1999-B Trust, the AmeriCredit
1999-C Trust, AmeriCredit Financial Services, Inc., AmeriCredit Management
Company, AmeriCredit Corp., Bankers Trust Company, not in its individual
capacity, but solely in its capacity as Lender Collateral Agent, Bankers
Trust Company, not in its individual capacity, but solely in its capacity as
Owner Trustee, Credit Suisse First Boston, acting through its New York
branch, in its

                                       10

<PAGE>

capacity as Administrative Agent, those Lenders from time to time party the
Credit Agreement, Financial Security, Harris Trust and Savings Bank, La Salle
National Bank, and Bank One N.A. (in their capacity as "COLLATERAL AGENT"
under that certain Spread Account Agreement dated as of December 1, 1994, as
amended and restated May 11, 1998, and such other entities as may be
designated as "COLLATERAL AGENTS" under the Underlying Transaction Documents
or the Spread Account Agreement, together with their respective successors or
assigns, if any.)

         "TRUSTEE" means (A) with respect to any Series created pursuant to a
Pooling and Servicing Agreement, the Trustee named in such Pooling and
Servicing Agreement, or (B) with respect to any Series issued pursuant to an
Indenture, the Trust Collateral Agent named in such Indenture.

         "UNDERLYING TRANSACTIONS" when used in the singular, any of, and
when used in the plural, all of, the transactions contemplated by each of the
1996-C Insurance and Indemnity Agreement, the 1996-D Insurance and Indemnity
Agreement, the 1997-A Insurance and Indemnity Agreement, the 1997-B Insurance
and Indemnity Agreement, the 1997-C Insurance and Indemnity Agreement, the
1997-D Insurance and Indemnity Agreement, the 1998-A Insurance and Indemnity
Agreement, the 1998-B Insurance and Indemnity Agreement, the 1998-C Insurance
and Indemnity Agreement, 1998-D Insurance and Indemnity Agreement, the 1999-A
Insurance and Indemnity Agreement, the 1999-B Insurance and Indemnity
Agreement, the 1999-C Insurance and Indemnity Agreement, the 1999-D Insurance
and Indemnity Agreement, the 1996-C Sale and Servicing Agreement, the 1996-D
Sale and Servicing Agreement, the 1997-A Sale and Servicing Agreement, the
1997-B Sale and Servicing Agreement, the 1997-C Sale and Servicing Agreement,
the 1997-D Sale and Servicing Agreement, 1998-A Sale and Servicing Agreement,
the 1998-B Sale and Servicing Agreement, the 1998-C Sale and Servicing
Agreement, 1998-D Sale and Servicing Agreement, the 1999-A Sale and Servicing
Agreement, the 1999-B Sale and Servicing Agreement, the 1999-C Sale and
Servicing Agreement, the 1999-D Sale and Servicing Agreement, each insurance
and indemnity agreement and each sale and servicing agreement entered into in
connection with a spread account which is subject to the Spread Account
Agreement and all other transactions anticipated by the documents executed in
connection with any of the foregoing.

         "UNDERLYING TRANSACTION DOCUMENTS" the agreement, contracts,
documents, amendments, consents, instruments, certificates and other papers
executed in connection with each Underlying Transaction.

         "UNIFORM COMMERCIAL CODE" or "UCC" means the Uniform Commercial Code
in effect in the relevant jurisdiction, as the same may be amended from time
to time.

                                   ARTICLE II

                       REIMBURSEMENT AGREEMENT; DRAW LIMIT

         Section 2.01.  AGREEMENT TO REIMBURSE. (a) The Seller hereby agrees
with respect to each RCCA that if Financial Security will make a Policy
Payment under the related Policy on any Insured Distribution Date then, at
any time on or after the Business Day prior to the Distribution Date
preceding such Insured Distribution Date, Financial Security shall have the

                                       11

<PAGE>

right to withdraw monies from such RCCA in an amount not exceeding the lesser
of the amount of such Policy Payment and the amount on deposit in such RCCA,
either for the purpose of making such Policy Payment or as reimbursement for
making such Policy Payment. Financial Security agrees that it shall first
apply amounts available (including, with respect to Subsequent Reinsurance,
amounts deemed available in accordance with the definition thereof), if any,
from the following sources to make such Policy Payment:

                           (i) to the extent available pursuant to the Spread
                  Account Agreement, the Spread Accounts for the related Notes
                  and the AmeriCredit Notes other than the related Notes; or

                           (ii) Subsequent Reinsurance.

                  (b) The Seller hereby further agrees with respect to each RCCA
         that if Financial Security will make a Policy Payment under any
         AmeriCredit Policy other than the related Policy on any Insured
         Distribution Date then, at any time on or after the Business Day prior
         to the Distribution Date preceding such Insured Distribution Date,
         Financial Security shall have the right to withdraw monies from such
         RCCA in an amount not exceeding the lesser of the amount of such Policy
         Payment and the amount on deposit in such RCCA, either for the purpose
         of making such Policy Payment or reimbursement for making such Policy
         Payment. Financial Security agrees that it shall first apply amounts
         available (including, with respect to Subsequent Reinsurance, amounts
         deemed available in accordance with the definition thereof), if any,
         from the following sources to make such Policy Payment:

                           (i) to the extent available pursuant to the Spread
                  Account Agreement, the Spread Accounts for the related Notes
                  and the AmeriCredit Notes other than the related Notes; or

                           (ii) Subsequent Reinsurance.

                  (c) Financial Security shall redeposit into an RCCA any amount
         withdrawn therefrom pursuant to this Section 2.01 if such amount is not
         applied to make the Policy Payment with respect to which it was drawn
         or to reimburse Financial Security with respect thereto within five
         Business Days after the date such Policy Payment was due together with
         the investment earnings on such amount, if any.

         Section 2.02.  PRIORITY OF OTHER LOSS PROTECTION. With respect to any
RCCA, all reinsurance of the AmeriCredit Policies shall be Excess of
Financial Security's Loss Protection provided by such RCCA and shall be for
the benefit solely of Financial Security, except that the Loss Protection
provided by such RCCA shall be Excess of any reinsurance that constitutes
Subsequent Reinsurance (including, with respect to Subsequent Reinsurance,
amounts deemed available in accordance with the definition thereof). With
respect to any RCCA, all other RCCAs previously established shall be Excess
of Financial Security's Loss Protection provided by such RCCA and shall be
solely for the benefit of Financial Security and the Loss Protection provided
by such RCCA shall be Excess of any other RCCA that constitutes Subsequent
Reinsurance. Except as provided in the two preceding sentences or as
expressly otherwise

                                       12

<PAGE>

provided with respect to any Series of Notes (with the written agreement of
the parties to the Transaction Documents), any RCCA shall be Excess of all
other Loss Protection for any Series of Notes, including subordinate tranches
of securities not insured by Financial Security. Financial Security covenants
and agrees that, before entering into any agreement for Spread Account
Replacement Reinsurance with respect to any AmeriCredit Policy, Financial
Security will provide written notice to the Administrative Agent as to
whether such Spread Account Replacement Reinsurance is or is not Qualified
Subsequent Reinsurance.

         Section 2.03.  RCCA DRAW LIMIT. (a) On the Effective Date of each
RCCA, the aggregate amount that may be withdrawn from such RCCA pursuant to
Section 2.01 (the "DRAW LIMIT") shall equal the amount on deposit in such
RCCA (or such lesser amount designated by Financial Security in its sole and
absolute discretion).

                  (b) The Draw Limit with respect to each RCCA shall, after the
         Effective Date, be reduced dollar-for-dollar:

                           (i) on each Distribution Date with respect to the
                  related Notes (after the Funding Period, if any), so long as
                  no Insurance Agreement Event of Default exists with respect to
                  any of the AmeriCredit Notes, to the extent, if any, that (A)
                  the sum of (1) the amount in the Spread Account for such
                  related Notes, (2) the OC Amount, if any, and (3) the Draw
                  Limit for such RCCA on the preceding Distribution Date exceeds
                  (B) the Spread Account Cap, after giving effect to all
                  deposits to and withdrawals from the Spread Account for such
                  related Notes and payments of principal of such related Notes
                  in respect of such Distribution Date; PROVIDED that reduction
                  of the Draw Limit shall resume if and when no Insurance
                  Agreement Event of Default shall be continuing (due to waiver
                  or otherwise); and

                           (ii) for withdrawals under Section 2.01 hereof.

                  (c) The Draw Limit for any RCCA shall be reinstated
         dollar-for-dollar to the extent of reimbursement of withdrawals from
         such RCCA, but not in excess of the Draw Limit as reduced pursuant to
         clause (i) of the preceding paragraph (b). Any reduction in a Draw
         Limit shall be final and shall not be subject to reinstatement except
         as provided in the preceding sentence, and the amount of reinstatement
         shall be the amount of such reimbursement, net of any interest. For
         purposes of such reinstatement, reimbursement of withdrawals from any
         RCCA shall include only recoveries in respect of the Policy Payments
         for which the withdrawals were made and the amount of interest deducted
         shall include only interest actually paid to Financial Security as
         provided in the related Insurance and Indemnity Agreement in respect of
         such Policy Payments.

         Section 2.04.  TERM OF REIMBURSEMENT OBLIGATION. The amounts on
deposit in each RCCA shall be available to be drawn by Financial Security
pursuant to Section 2.01 until:

                           (i) if no Insurance Agreement Event of Default or
                  Trigger Event exists with respect to any of the AmeriCredit
                  Notes, the date (the "STANDARD TERMINATION DATE") of the
                  earliest to occur of (A) the expiration of Financial

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<PAGE>

                  Security's liability under the related Policy and (B) the Draw
                  Limit with respect to such RCCA is equal to zero;

                           (ii) if an Insurance Agreement Event of Default or
                  Trigger Event exists with respect to any of the AmeriCredit
                  Notes and the Standard Termination Date has not yet occurred,
                  the later of (A) the Standard Termination Date and (B) the
                  earlier of (1) the date on which no Insurance Agreement Event
                  of Default or Trigger Event shall be continuing (due to
                  waiver, cure or otherwise) with respect to any of the
                  AmeriCredit Notes or (2) the expiration of all of the
                  AmeriCredit Policies outstanding at the date of the first to
                  occur of such Insurance Agreement Event of Default or Trigger
                  Event; PROVIDED that (a) the aggregate Draw Limit for all
                  RCCAs under this Agreement thereafter shall not exceed such
                  aggregate Draw Limit at the date of such Insurance Agreement
                  Event of Default or Trigger Event (except for increases
                  thereafter due to reimbursements of the RCCAs) and (b) at each
                  subsequent Standard Termination Date with respect to any RCCA,
                  the Draw Limit for each RCCA shall be reduced in order,
                  starting with the RCCA having the earliest Effective Date and
                  reducing the Draw Limit for such RCCA to zero before reducing
                  the Draw Limit of the RCCA having the next earliest Effective
                  Date, until the aggregate Draw Limit for all RCCAs under this
                  Agreement is equal to the sum of (I) the aggregate par amount
                  insured of Notes outstanding at such date and (II) the
                  aggregate of the Spread Account Shortfalls and warehousing
                  shortfalls (if any) with respect to the Other AmeriCredit
                  Notes that were outstanding at the date of such Insurance
                  Agreement Event of Default or Trigger Event, if such sum is
                  less than such aggregate Draw Limit at such date. In addition,
                  if an Insurance Agreement Event of Default or Trigger Event
                  shall have occurred and be continuing, Financial Security may
                  direct the Collateral Agent to release all or a portion of the
                  amounts on deposit in outstanding RCCAs (the proceeds of which
                  shall be distributed to the Lender Collateral Agent) and
                  cancel any outstanding Spread Account Replacement Reinsurance
                  (but only on a pro rata basis as between all outstanding RCCAs
                  and all outstanding Spread Account Replacement Reinsurance) to
                  the extent Financial Security determines in good faith that
                  Financial Security's remaining exposure under the AmeriCredit
                  Policies is investment grade based upon rating agency levels
                  of coverage for expected losses without the benefit of such
                  terminated RCCAs and Spread Account Replacement Reinsurance.

         Section 2.05.  RECOVERIES. Financial Security in respect of its
Policy Payments, all of Financial Security's quota share reinsurers of the
AmeriCredit Policies, all of Financial Security's reinsurers participating in
any loss layer with respect to the AmeriCredit Policies and all of Financial
Security's reinsurers providing Spread Account Replacement Reinsurance that
is not Subsequent Reinsurance shall first be reimbursed in full from
recoveries for all Policy Payments, in the case of Financial Security, and
all reinsurance policy payments, in the case of such reinsurers, before any
reimbursement of withdrawals from any RCCA to the extent that such Policy
Payments or reinsurance policy payments relate to coverage that is Excess of
the Loss Protection provided by such RCCA. Thereafter, Financial Security
shall deposit in such RCCA all recoveries received by Financial Security for
Policy Payments for which withdrawals were made from an RCCA. If any such
RCCA has been terminated, any such recoveries shall be

                                       14

<PAGE>

distributed by the Collateral Agent to the Lender Collateral Agent. For
purposes of the foregoing, reimbursement of withdrawals from any RCCA shall
include interest only to the extent provided in the related Insurance and
Indemnity Agreement in respect of such Policy Payments for which the
withdrawals were made and only to the extent recoveries are sufficient
therefor. Financial Security shall retain full discretion in exercising
remedies in respect of the AmeriCredit Policies, including the right to
terminate the Servicer and to designate a replacement Servicer and the right
to amend or waive any provision of any Underlying Transaction Document, to
the extent Financial Security has such rights under the Underlying
Transaction Documents; provided that Financial Security shall act in good
faith in doing so.

                                   ARTICLE III
                       SECURITY INTERESTS; THE COLLATERAL

         Section 3.01. GRANT OF SECURITY INTEREST BY THE SELLER.

                  (a) The Seller hereby pledges, assigns, grants, transfers
and conveys to the Collateral Agent, on behalf of and for the benefit of
Financial Security to secure its rights with respect to each Series for which
such Person acting as Collateral Agent is designated as "COLLATERAL AGENT"
herein or pursuant to an RCCA Supplement, a Lien on and security interest in,
all of its right, title and interest in and to the following (all
constituting Collateral hereunder):

                           (i) the RCCA Account Collateral;

                           (ii) all Security Accounts, accounts, all collateral
         paper, all documents, all general intangibles, all investments, and all
         inventory of the Seller; and

                           (iii) all distributions, revenues, products,
         substitutions, benefits, profits and proceeds, in whatever form of any
         of the foregoing.

                  (b) In order to effectuate the provisions and purposes of
this Agreement, including for the purpose of perfecting the security
interests granted hereunder, the Seller represents and warrants that it has,
prior to the execution of this Agreement, executed and filed an appropriate
Uniform Commercial Code financing statement sufficient to assure that the
Collateral Agent, as agent for Financial Security, has a first priority
perfected security interest in all Collateral with respect to the Series for
which it is acting as Collateral Agent which can be perfected by the filing
of a financing statement or has delivered to Financial Security a legal
opinion acceptable to Financial Security to the effect that no filings are
required to perfect the security interests granted hereunder.

         Section 3.02. PERFECTION. The Seller intends the security interests
in favor of Financial Security to be prior to all other Liens in respect of
the Collateral, and the Seller shall take all actions necessary to obtain and
maintain, in favor of the Collateral Agent, for the benefit of Financial
Security, a first lien on and a first priority, perfected security interest
in the Collateral granted to the Collateral Agent. Subject to the provisions
hereof specifying the rights and powers of Financial Security from time to
time to control certain specified matters relating to the Collateral,
Financial Security shall have all of the rights, remedies and recourse with
respect to the Collateral afforded a secured party under the Uniform
Commercial Code and all other applicable law in addition to, and not in
limitation of, the other rights, remedies and recourse

                                       15

<PAGE>

granted to Financial Security by this Agreement or any other law relating to
the creation and perfection of liens on, and security interests in, the
Collateral.

         Section 3.03.  THE SELLER REMAINS LIABLE. The Security Interests are
granted as security only and shall not (i) transfer or in any way affect or
modify, or relieve the Seller from, any obligation to perform or satisfy, any
term, covenant, condition or agreement to be performed or satisfied by the
Seller under or in connection with this Agreement, the Insurance Agreement or
any other Transaction Document to which it is a party or (ii) impose any
obligation on any of Financial Security or a Collateral Agent to perform or
observe any such term, covenant, condition or agreement or impose any
liability on any of the Secured Parties or any Collateral Agent for any act
or omission on its part relative thereto or for any breach of any
representation or warranty on its part contained therein or made in
connection therewith, except, in each case, to the extent provided herein and
in the other Transaction Documents.

         Section 3.04.     SECURITY INTERMEDIARY.

         The Collateral Agent hereby undertakes and agrees to act as
"SECURITY INTERMEDIARY" (as such term is defined in Section 8-501 of the
Uniform Commercial Code as in effect in the State of New York (the "NEW YORK
UCC")). In such capacity (the Collateral Agent in such capacity being herein
sometimes referred to as the "SECURITIES INTERMEDIARY") and in accordance
with Section 4.01(a) of this Agreement, the Securities Intermediary has
established account number 6800047200 in the name of Bank One, N.A., as
Trustee and Collateral Agent which account is the account referred to herein
as the "SERIES [ ] RCCA." The Security Intermediary represents, warrants,
acknowledges and agrees that:

                  (a) It shall not change the name or account number of the RCCA
         without the prior written consent of the Collateral Agent;

                  (b) All securities or other property underlying any financial
         assets deposited in or credited to the RCCA shall be registered in the
         name of the Securities Intermediary or the Collateral Agent or in blank
         or credited to another securities account or accounts maintained in the
         name of the Securities Intermediary, and in no case shall any financial
         asset deposited in or credited to the RCCA be registered in the name of
         the Seller except to the extent the foregoing have been specially
         indorsed to the Securities Intermediary in blank;

                  (c) All property delivered to the Securities Intermediary
         pursuant to this Agreement for deposit in or credit to the RCCA shall
         be promptly credited to the RCCA;

                  (d) The RCCA is a "SECURITIES ACCOUNT" as such term is defined
         in Section 8-501(a) of the New York UCC, and the Securities
         Intermediary agrees that each item of property (whether investment
         property, financial asset, security, instrument or cash) deposited in
         or credited to the RCCA shall be treated as a "FINANCIAL ASSET" within
         the meaning of Section 8-102(a)(9) of the New York UCC and that,
         subject to the terms of this Agreement, the Securities Intermediary
         will treat the Collateral Agent as entitled to exercise the rights that
         comprise any financial asset deposited in or credited to such RCCA; and

                                       16

<PAGE>

                  (e) If at any time the Securities Intermediary shall receive
         any order from the Collateral Agent directing transfer or redemption
         of any financial asset relating to the RCCA, the Securities
         Intermediary shall comply with such entitlement order without further
         consent by the Seller or any other person.

         Without limiting the generality Section 8.10 of this Agreement, the
parties agree that the RCCA shall be governed by the laws of the State of New
York. Regardless of any provision in any other agreement, for purposes of the
New York UCC, New York shall be deemed to be the Securities Intermediary's
jurisdiction, and the RCCA (as well as all of the securities entitlements
related thereto) shall be governed by the laws of the State of New York.

         Section 3.05.     MAINTENANCE OF COLLATERAL.

                  (a) SAFEKEEPING. The Collateral Agent agrees to maintain the
         Collateral received by it (or evidence thereof, in the case of
         book-entry securities in the name of the Collateral Agent) and all
         records and documents relating thereto at the office of the Collateral
         Agent specified in Section 8.05 hereof or such other address (unless
         all filings have been made to continue the perfection of the security
         interest in the Collateral to the extent such security interest can be
         perfected by filing a financing statement, as evidenced by an Opinion
         of Counsel delivered to Financial Security and the Administrative
         Agent), as may be approved by Financial Security. The Collateral Agent
         shall keep all Collateral and related documentation in its possession
         separate and apart from all other property that it is holding in its
         possession and from its own general assets and shall maintain accurate
         records pertaining to the RCCA Eligible Investments and each RCCA
         included in the Collateral in such a manner as shall enable the
         Collateral Agent and the Secured Parties to verify the accuracy of
         such record-keeping. The Collateral Agent's books and records shall at
         all times show that the Collateral is held by the Collateral Agent as
         agent of the Secured Parties and is not the property of the Collateral
         Agent. The Collateral Agent shall promptly report to Financial
         Security, the Administrative Agent and the Seller any failure on its
         part to hold the Collateral as provided in this Section 3.05(a) and
         shall promptly take appropriate action to remedy any such failure.

                  (b) ACCESS. The Collateral Agent shall permit each of
         Financial Security and the Administrative Agent, or their respective
         duly authorized representatives, attorneys, auditors or designees, to
         inspect the Collateral or the records relating to the Collateral in
         the possession of or otherwise under the control of the Collateral
         Agent pursuant hereto at such reasonable times during normal business
         hours as Financial Security or the Administrative Agent may reasonably
         request upon not less than one Business Day's prior written notice.
         The costs and expenses associated with any such inspection will be
         paid by the party making such inspection.

         Section 3.06.     TERMINATION AND RELEASE OF RIGHTS.

                  (a) On the date determined in accordance with Section 2.04 on
         which the amounts on deposit in a RCCA relating to a Series are no
         longer available to be drawn by Financial Security, the rights,
         remedies, powers, duties, authority and obligations

                                       17

<PAGE>

         conferred upon Financial Security pursuant to this Agreement in
         respect of the Collateral related to such Series shall terminate and
         be of no further force and effect and all rights, remedies, powers,
         duties, authority and obligations of Financial Security to the
         extent granted by this Agreement with respect to such Collateral
         shall be automatically released; PROVIDED that Section 5.06, Section
         5.07 and any other provisions of this Agreement which by their terms
         survive the termination of this Agreement and any indemnity provided
         to Financial Security herein shall survive such Insurer Termination
         Date.

                  (b) On the Final Termination Date with respect to a Series,
         the rights, remedies, powers, duties, authority and obligations
         conferred upon the Collateral Agent and Financial Security pursuant to
         this Agreement with respect to such Series shall terminate and be of
         no further force and effect and all rights, remedies, powers, duties,
         authority and obligations of the Collateral Agent and Financial
         Security with respect to the Collateral related to such Series shall
         be released in accordance with the provisions of this Section 3.06(b).
         On the Final Termination Date with respect to a Series, the Collateral
         Agent agrees, and Financial Security agrees, at the expense of the
         Seller or upon the arrangement of other means for payment of such
         expense acceptable to Financial Security, to execute such instruments
         of release, in recordable form if necessary, in favor of the Seller as
         the Seller may reasonably request, to deliver the related Collateral,
         if any, in its possession to the Seller, and to otherwise release the
         lien of this Agreement.

                                   ARTICLE IV

                      REPLACEMENT CASH COLLATERAL ACCOUNTS

         Section 4.01.     ESTABLISHMENT OF RCCAS, INITIAL DEPOSITS INTO RCCAS.

                  (a) If requested by the Seller in writing on or prior to the
         second Business Day prior to the Closing Date relating to a Series,
         the Collateral Agent shall establish on or prior to such Closing Date
         with respect to such Series, at its office or at another depository
         institution or trust company an Eligible Account, designated, "AFS
         FUNDING CORP. REPLACEMENT CASH COLLATERAL ACCOUNT - [INSERT SERIES
         DESIGNATION] - [INSERT BANK], AS COLLATERAL AGENT UNDER THE RCCA
         AGREEMENT." If any RCCA ceases to be an Eligible Account, the
         Collateral Agent shall, within five Business Days, establish a new
         Eligible Account for such Series.

                  (b) No withdrawals may be made of funds in any RCCA except as
         provided in Section 2.01, 4.01(c) and 4.03 of this Agreement. Except
         as specifically provided in this Agreement, funds in an RCCA shall not
         be commingled with funds in any other RCCA or with any other moneys.
         All moneys deposited from time to time in an RCCA and all investments
         made with such moneys shall be held by the Collateral Agent as part of
         the Collateral.

                  (c) On the Closing Date with respect to a Series, the
         Collateral Agent shall deposit the RCCA Deposit received from the
         Administrative Agent with respect to such Series, if any, into the
         related RCCA as directed in writing by the Seller. The Collateral

                                       18

<PAGE>

         Agent shall deposit all cash distributions with respect to the
         Collateral into the related RCCA. On each Distribution Date, the
         Collateral Agent shall pay all income (net of any investment losses)
         on investments of funds in the RCCAs to, or at the direction of, the
         Administrative Agent for application pursuant to the Lender Security
         Agreement; PROVIDED, HOWEVER, that to the extent on any such
         Distribution Date losses for the related period exceed gains for
         such period, such net loss shall be carried forward and applied to
         any future gains prior to the payment of any such proceeds to the
         Administrative Agent hereunder.

                  (d) Except as specifically provided herein, each RCCA shall
         be maintained by the Collateral Agent at all times separate and
         apart from any other account of the Seller, the Servicer or the
         Issuer. All income or loss on investments of funds in the RCCAs
         shall be reported by the Seller as taxable income or loss of the
         Seller.

         Section 4.02.     INVESTMENTS.

                  (a) Funds which may at any time be held in an RCCA shall be
         invested and reinvested by the Collateral Agent for such Series, at
         the written direction (which may include, subject to the provisions
         hereof, general standing instructions) of the Administrative Agent
         received by the Collateral Agent by 1:00 P.M., New York City time,
         on the Business Day prior to the date on which such investment shall
         be made, in one or more RCCA Eligible Investments in the manner
         specified in Section 4.02(c), PROVIDED that following the Lender
         Termination Date with respect to any Series, the Seller shall have
         the right to direct the investment of funds in the RCCA relating to
         such Series. If no written direction with respect to any portion of
         such RCCA is received by the Collateral Agent, the Collateral Agent
         shall invest such funds overnight in investments described in
         paragraph (d) of Eligible Investments, provided that the Collateral
         Agent shall not be liable for any loss or absence of income
         resulting from such investments.

                  (b) Each investment made pursuant to this Section 4.02 on any
         date shall mature not later than the Business Day immediately
         preceding the Distribution Date next succeeding the day such
         investment is made, except that (i) if Financial Security has given
         notice of a draw from the related RCCA or the Servicer's certificate
         provides notice thereof, then a portion of the amounts invested in
         such RCCA shall be invested on an overnight basis until the date of
         such draw and (ii) if the Draw Limit with respect to any RCCA is to
         be reduced on such Distribution Date, then a portion of investments
         in such RCCA equal to the amount of such reduction shall be invested
         on an overnight basis until the amount to be released from such RCCA
         in connection with such reduction is released.

                  (c) Subject to the other provisions hereof, the Collateral
         Agent shall have sole control over each such investment and the
         income thereon, and any certificate or other instrument evidencing
         any such investment, if any, shall be delivered directly to the
         Collateral Agent or its agent, together with each document of
         transfer, if any, necessary to transfer title to such investment to
         the Collateral Agent in a manner which complies

                                       19

<PAGE>

         with Section 3.04 and the requirements of the definition of "RCCA
         ELIGIBLE INVESTMENTS."

                  (d) If amounts on deposit in any RCCA are at any time
         invested in an RCCA Eligible Investment payable on demand, the
         Collateral Agent shall (i) consistent with any notice required to be
         given thereunder, demand that payment thereon be made on the last
         day such RCCA Eligible Investment is permitted to mature under the
         provisions hereof and (ii) demand payment of all amounts due
         thereunder promptly upon receipt of written notice from Financial
         Security to the effect that such investment does not constitute an
         RCCA Eligible Investment.

                  (e) All moneys on deposit in an RCCA, together with any
         deposits or securities in which such moneys may be invested or
         reinvested shall constitute Collateral hereunder subject to the
         Security Interest of Financial Security.

                  (f) Subject to Section 5.03 hereof, the Collateral Agent
         shall not be liable by reason of any insufficiency in any RCCA
         resulting from any loss on any Eligible Investment included therein.

         Section 4.03.     DISTRIBUTIONS; PRIORITY OF PAYMENTS.

                  (a) Prior to each Distribution Date, Financial Security will
         direct the Collateral Agent if there are any amounts to be distributed
         pursuant to Section 4.03(b) on such Distribution Date and the
         Collateral Agent shall notify the Seller and the Administrative Agent
         of such determination.

                  (b) On each Distribution Date, Financial Security shall be
         entitled to withdraw amounts from the RCCAs pursuant to Article 2.

                  (c) On each Distribution Date, if the amount on deposit in
         any RCCA exceeds the Draw Limit with respect thereto after giving
         effect to all distributions on such Distribution Date, then the
         Collateral Agent shall withdraw from such RCCA the amount of such
         excess and pay such amount to, or at the direction of, the
         Administrative Agent for application pursuant to the Lender Security
         Agreement.

                  (d) On the Insurer Termination Date for any Series, the
         Collateral Agent shall withdraw from the RCCA with respect to such
         Series an amount up to the outstanding Lender Insured Obligations with
         respect to such Series and pay it to, or at the direction of, the
         Administrative Agent for application pursuant to the Lender Security
         Agreement.

         Section 4.04.     GENERAL PROVISIONS REGARDING RCCAS.

                  (a) Promptly upon the establishment (initially or upon any
         relocation) of an RCCA hereunder, the Collateral Agent shall advise
         the Seller, the Administrative Agent and Financial Security in
         writing of the name and address of the depository institution or
         trust company where the RCCA has been established (if not Bank One
         or any successor Collateral Agent in its commercial banking
         capacity), the name of the officer of the depository institution who
         is responsible for overseeing such RCCA, the account number

                                       20

<PAGE>

         and the individuals whose names appear on the signature cards for
         such RCCA. The Seller shall cause each such depository institution
         or trust company to execute a written agreement, in form and
         substance satisfactory to Financial Security, waiving, and the
         Collateral Agent by its execution of this Agreement hereby waives
         (except to the extent expressly provided herein), in each case to
         the extent permitted under applicable law, (i) any banker's or other
         statutory or similar Lien, and (ii) any right of set-off or other
         similar right under applicable law with respect to such RCCA and any
         other RCCA and agreeing, and the Collateral Agent by its execution
         of this Agreement hereby agrees, to notify the Seller, Financial
         Security and the Administrative Agent of any charge or claim against
         or with respect to such RCCA. The Collateral Agent shall give the
         Seller, the Administrative Agent and Financial Security at least ten
         Business Days' prior written notice of any change in the location of
         such RCCA or in any related account information. If the Collateral
         Agent changes the location of any RCCA held by it, it shall change
         the location of the other RCCAs, so that all RCCAs held by it shall
         at all times be located at the same depository institution. Anything
         herein to the contrary notwithstanding, unless otherwise consented
         to by Financial Security in writing, none of the Seller, the
         Administrative Agent or the Collateral Agent shall have any right to
         change the location of any RCCA.

                  (b) Upon the written request of Financial Security, the
         Seller or Administrative Agent, the Collateral Agent shall cause, at
         the expense of the Seller, the depository institution at which any
         related RCCA is located to forward to the requesting party copies of
         all monthly account statements for such RCCA.

                  (c) If at any time any RCCA ceases to be an Eligible Account,
         the Collateral Agent with respect to such Series shall notify the
         Seller, Financial Security and the Administrative Agent of such fact
         and shall establish within 5 Business Days of such determination, in
         accordance with paragraph (a) of this Section, a successor RCCA
         thereto, which shall be an Eligible Account, at another depository
         institution acceptable to Financial Security and shall establish
         successor RCCAs with respect to all other RCCAs held by the Collateral
         Agent, each of which shall be an Eligible Account at the same
         depository institution.

                  (d) No passbook, certificate of deposit or other similar
         instrument evidencing a RCCA shall be issued, and all contracts,
         receipts and other papers, if any, governing or evidencing a RCCA
         shall be held by the Collateral Agent.

                  (e) Upon execution of this Agreement, each depository
         institution or trust company where the RCCA has been established and
         the Collateral Agent hereby waives (except to the extent expressly
         provided herein), in each case to the extent permitted under
         applicable law, (i) any banker's or other statutory or similar Lien,
         and (ii) any right of set-off or other similar right under applicable
         law with respect to such RCCA and any other RCCA.

         Section 4.05. REPORTS BY THE COLLATERAL AGENT. The Collateral Agent
shall report to the Administrative Agent, Financial Security and the Seller
on a monthly basis no later than each Determination Date with respect to the
amount on deposit in each RCCA, the earnings on such

                                       21

<PAGE>

amount for the period and the identity of the investments included therein as
of the last day of the related Monthly Period.

         Section 4.06. RCCA SUPPLEMENTS. The parties hereto intend to enter
into a Supplement substantially in the form of Exhibit A hereto (each, an
"RCCA SUPPLEMENT") with respect to each Series, the Secured Obligations with
respect to which are to be secured by Collateral held pursuant to the terms
of this Agreement. Such RCCA Supplement shall appoint a Collateral Agent for
the RCCA of such Series. Upon execution of an RCCA Supplement, each such RCCA
Supplement shall form a part of this Agreement for all purposes hereof with
respect to the related RCCA, all references to this Agreement shall mean this
Agreement as supplemented by each RCCA Supplement, and the Collateral Agent
designated in each RCCA Supplement shall be and become a party to this
Agreement for all purposes hereof with respect to the related RCCA..

                                    ARTICLE V

                              THE COLLATERAL AGENT

         Section 5.01. APPOINTMENT AND POWERS. Subject to the terms and
conditions hereof, Financial Security hereby appoints Bank One as Collateral
Agent, and Bank One hereby accepts such appointment and agrees to act as
Collateral Agent with respect to the Collateral for Financial Security, to
maintain custody and possession of such Collateral (except as otherwise
provided hereunder) and to perform the other duties of the Collateral Agent
in accordance with the provisions of this Agreement. Financial Security
hereby authorizes the Collateral Agent to take such action on its behalf, and
to exercise such rights, remedies, powers and privileges hereunder, as
Financial Security may direct and as are specifically authorized to be
exercised by the Collateral Agent by the terms hereof, together with such
actions, rights, remedies, powers and privileges as are reasonably incidental
thereto. The Collateral Agent shall act upon and in compliance with the
written instructions of Financial Security delivered pursuant to this
Agreement promptly following receipt of such written instructions; provided
that the Collateral Agent shall not act in accordance with any instructions
(i) which are in violation of the provisions of this Agreement or (ii) for
which the Collateral Agent has not received reasonable indemnity. Receipt of
such instructions shall not be a condition to the exercise by the Collateral
Agent of its express duties hereunder, except where this Agreement provides
that the Collateral Agent is permitted to act only following and in
accordance with such instructions.

         Section 5.02. PERFORMANCE OF DUTIES. The Collateral Agent shall not
have any duties or responsibilities except those expressly set forth in this
Agreement or as directed by Financial Security in accordance with this
Agreement.

         Section 5.03. LIMITATION ON LIABILITY. Neither the Collateral Agent
nor its directors, officers agents or employees, shall be liable for any
action taken or omitted to be taken by it or them hereunder, or in connection
herewith, except that the Collateral Agent shall be liable for its gross
negligence, bad faith or willful misconduct; nor shall the Collateral Agent
be responsible for the validity, effectiveness, value, sufficiency or
enforceability against the Seller of this Agreement or any of the Collateral
(or any part thereof) or perfection thereof. Notwithstanding any term or
provision of this Agreement, the Collateral Agent shall not incur any
liability to the Seller or Financial Security for any action taken or omitted
by the Collateral Agent in connection

                                       22

<PAGE>

with the Collateral, except for gross negligence or willful misconduct on the
part of the Collateral Agent, and, further, the Collateral Agent shall not
incur any liability to Financial Security except for gross negligence or
willful misconduct in carrying out its duties to Financial Security. Subject
to Section 5.04, the Collateral Agent shall be protected and shall incur no
liability to any such party in relying upon the accuracy, acting in reliance
upon the contents, and assuming the genuineness of any notice, demand,
certificate, signature, instrument or other document reasonably believed by
the Collateral Agent to be genuine and to have been duly executed by the
appropriate signatory, and (absent actual knowledge to the contrary by a
Responsible Officer of the Collateral Agent) the Collateral Agent shall not
be required to make any independent investigation with respect thereto. The
Collateral Agent shall at all times be free independently to establish to its
reasonable satisfaction, but shall have no duty to independently verify, the
existence or nonexistence of facts that are a condition to the exercise or
enforcement of any right or remedy hereunder. The Collateral Agent may
consult with counsel, and shall not be liable for any action taken or omitted
to be taken by it hereunder in good faith and in accordance with the written
advice of such counsel. The Collateral Agent shall not be under any
obligation to expend or risk its own funds or otherwise incur financial
liability in the performance of any of its duties hereunder, or to exercise
any of the remedial rights or powers vested in it by this Agreement or to
follow any direction from Financial Security unless it shall have received
reasonable security or indemnity satisfactory to the Collateral Agent against
the costs, expenses and liabilities which might be incurred by it in
connection therewith.

         Section 5.04. RELIANCE UPON DOCUMENTS. In the absence of bad faith
or gross negligence on its part, the Collateral Agent shall be entitled to
rely on any communication, instrument, paper or other document reasonably
believed by it to be genuine and correct and to have been signed or sent by
the proper Person or Persons and shall have no liability in acting, or
omitting to act, where such action or omission to act is in reasonable
reliance upon any statement or opinion contained in any such document or
instrument.

         Section 5.05.     SUCCESSOR COLLATERAL AGENT.

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

                  (b) RESIGNATION. The Collateral Agent and any successor
         Collateral Agent may resign only (i) upon a determination that by
         reason of a change in legal requirements the performance of its
         duties under this Agreement would cause it to be in violation of
         such legal requirements in a manner which would result in a material
         adverse effect on the

                                       23

<PAGE>

         Collateral Agent, and Financial Security does not elect to waive the
         Collateral Agent's obligation to perform those duties which render
         it legally unable to act or elect to delegate those duties to
         another Person, or (ii) with the prior written consent of Financial
         Security, such consent not to be unreasonably withheld. The
         Collateral Agent shall give not less than 60 days' prior written
         notice of any such permitted resignation by registered or certified
         mail to Financial Security and the Seller; PROVIDED, that such
         resignation shall take effect only upon the date which is the latest
         of (i) the effective date of the appointment of a successor
         Collateral Agent and the acceptance in writing by such successor
         Collateral Agent of such appointment and of its obligation to
         perform its duties hereunder in accordance with the provisions
         hereof, (ii) delivery of the related Collateral to such successor to
         be held in accordance with the procedures specified in Article III
         hereof, and (iii) receipt by Financial Security of an Opinion of
         Counsel to the effect described in Section 6.02. Notwithstanding the
         preceding sentence, if by the contemplated date of resignation
         specified in the written notice of resignation delivered as
         described above no successor Collateral Agent or temporary successor
         Collateral Agent has been appointed Collateral Agent or becomes the
         Collateral Agent pursuant to subsection (d) hereof, the resigning
         Collateral Agent may petition a court of competent jurisdiction in
         New York, New York for the appointment of a successor.

                  (c) REMOVAL. The Collateral Agent may be removed by Financial
         Security at any time, with or without cause, by an instrument or
         concurrent instruments in writing delivered to the Collateral Agent
         and the Issuer. A temporary successor may be removed at any time to
         allow a successor Collateral Agent to be appointed pursuant to
         subsection (d) below. Any removal pursuant to the provisions of this
         subsection (c) shall take effect only upon the date which is the
         latest of (i) the effective date of the appointment of a successor
         Collateral Agent and the acceptance in writing by such successor
         Collateral Agent of such appointment and of its obligation to
         perform its duties hereunder in accordance with the provisions
         hereof, (ii) delivery of the Collateral to such successor to be held
         in accordance with the procedures specified in Article III and
         Section 8.15 hereof and (iii) receipt by Financial Security and the
         Administrative Agent of an Opinion of Counsel to the effect
         described in Section 6.02.

                  (d) ACCEPTANCE BY SUCCESSOR. Financial Security shall have
         the sole right to appoint each successor Collateral Agent. Every
         temporary or permanent successor Collateral Agent appointed
         hereunder shall execute, acknowledge and deliver to its predecessor
         and to the Seller an instrument in writing accepting such
         appointment hereunder and the relevant predecessor shall execute,
         acknowledge and deliver such other documents and instruments as will
         effectuate the delivery of all related Collateral to the successor
         Collateral Agent to be held in accordance with the procedures
         specified in Article III and Section 8.15 hereof, whereupon such
         successor, without any further act, deed or conveyance, shall become
         fully vested with all the estates, properties, rights, powers,
         duties and obligations of its predecessor. Such predecessor shall,
         nevertheless, on the written request of either Financial Security or
         the Seller, execute and deliver an instrument transferring to such
         successor all the estates, properties, rights and powers of such
         predecessor hereunder. In the event that any instrument in writing
         from the Seller or Financial Security is reasonably required by a
         successor Collateral Agent to more fully and certainly vest in such
         successor the estates, properties, rights, powers, duties and

                                       24

<PAGE>

         obligations vested or intended to be vested hereunder in the
         Collateral Agent, any and all such written instruments shall, at the
         request of the temporary or permanent successor Collateral Agent, be
         forthwith executed, acknowledged and delivered by the Issuer. The
         designation of any successor Collateral Agent and the instrument or
         instruments removing the Collateral Agent and appointing a successor
         hereunder, together with all other instruments provided for herein,
         shall be maintained with the records relating to the related
         Collateral and, to the extent required by applicable law, filed or
         recorded by the successor Collateral Agent in each place where such
         filing or recording is necessary to effect the transfer of the
         related Collateral to the successor Collateral Agent or to protect
         or continue the perfection of the security interests granted
         hereunder.

         Section 5.06. INDEMNIFICATION. The Seller shall indemnify the
Collateral Agent, its directors, officers, employees and agents for, and hold
the Collateral Agent, its directors, officers, employees and agents harmless
against, any loss, liability or expense (including the costs and expenses of
defending against any claim of liability) arising out of or in connection
with the Collateral Agent's acting as Collateral Agent hereunder, except such
loss, liability or expense as shall result from the gross negligence, bad
faith or willful misconduct of the Collateral Agent or its officers,
employees, directors or agents. The obligation of the Seller under this
Section shall survive the termination of this Agreement and the resignation
or removal of the Collateral Agent.

         Section 5.07. COMPENSATION AND REIMBURSEMENT. The Seller agrees for
the benefit of Financial Security and as part of the Secured Obligations (a)
to pay to the Collateral Agent, from time to time, reasonable compensation
for all services rendered by it hereunder (which compensation shall not be
limited by any provision of law in regard to the compensation of a collateral
trustee); and (b) to reimburse the Collateral Agent upon its request for all
reasonable expenses, disbursements and advances incurred or made by the
Collateral Agent in accordance with any provision of, or carrying out its
duties and obligations under, this Agreement (including the reasonable
compensation and fees and the expenses and disbursements of its agents, any
independent certified public accountants and independent counsel), except any
expense, disbursement or advances as may be attributable to gross negligence,
bad faith or willful misconduct on the part of the Collateral Agent.

         Section 5.08. REPRESENTATIONS AND WARRANTIES OF BANK ONE. Bank One
represents and warrants to the Seller and to Financial Security as follows:

                  (a) DUE ORGANIZATION. Bank One is a national banking
         association, duly organized, validly existing and in good standing
         under the laws of the United States and is duly authorized and
         licensed under applicable law to conduct its business as presently
         conducted.

                  (b) CORPORATE POWER. Bank One has all requisite right, power
         and authority to execute and deliver this Agreement and to perform all
         of its duties as Collateral Agent hereunder.

                  (c) DUE AUTHORIZATION. The execution and delivery by Bank One
         of this Agreement, and the performance by Bank One of its duties
         hereunder, have been duly

                                       25

<PAGE>

         authorized by all necessary corporate proceedings and no further
         approvals or filings, including any governmental approvals, are
         required for the valid execution and delivery by Bank One, or the
         performance by Bank One, of this Agreement.

                  (d) VALID AND BINDING AGREEMENT. Bank One has duly executed
         and delivered this Agreement and each other Transaction Document to
         which it is a party, and each of this Agreement and each such other
         Transaction Document constitutes the legal, valid and binding
         obligation of Bank One, enforceable against Bank One, in accordance
         with its terms, except as (i) such enforceability may be limited by
         bankruptcy, insolvency, reorganization and similar laws relating to or
         affecting the enforcement of creditors' rights generally and (ii) the
         availability of equitable remedies may be limited by equitable
         principles of general applicability.

         Section 5.09. WAIVER OF SETOFFS. The Collateral Agent hereby
expressly waives any and all rights of setoff that the Collateral Agent may
otherwise at any time have under applicable law with respect to any RCCA and
agrees that amounts in the RCCAs shall at all times be held and applied
without deduction for any counterclaims, defenses, recoupments or set-offs in
accordance with the provisions hereof.

         Section 5.10. CONTROL BY FINANCIAL SECURITY. The Collateral Agent
shall comply with notices and instructions given by the Seller only if
accompanied by the written consent of Financial Security, except that if any
default under this Agreement shall have occurred and be continuing, the
Collateral Agent shall act upon and comply with notices and instructions
given by Financial Security alone in the place and stead of the Seller. After
the lien in favor of the Collateral Agent for the benefit of Financial
Security is terminated, the Collateral Agent shall act upon and comply with
the written instructions given by the Lender Collateral Agent.

                                       26

<PAGE>

                                   ARTICLE VI

                             COVENANTS OF THE SELLER

         Section 6.01.  PRESERVATION OF COLLATERAL. Subject to the rights,
powers and authorities granted to the Collateral Agent and Financial Security
in this Agreement, the Seller shall take such action as is necessary and
proper with respect to the Collateral in order to preserve and maintain such
Collateral and to cause (subject to the rights of Financial Security) the
Collateral Agent to perform its obligations with respect to such Collateral
as provided herein. The Seller will do, execute, acknowledge and deliver, or
cause to be done, executed, acknowledged and delivered, such instruments of
transfer or take such other steps or actions as may be necessary, or required
by Financial Security, to perfect the Security Interests granted hereunder in
the Collateral, to ensure that such Security Interests rank prior to all
other Liens and to preserve the priority of such Security Interests and the
validity and enforceability thereof. Upon any delivery or substitution of
Collateral, the Seller shall be obligated to execute such documents and
perform such actions as are necessary to create in the Collateral Agent for
the benefit of Financial Security a valid first Lien on, and valid and
perfected, first priority security interest in, the Collateral so delivered
and to deliver such Collateral to the Collateral Agent, free and clear of any
other Lien together with satisfactory assurances thereof, and to pay any
reasonable costs incurred by either Financial Security or the Collateral
Agent (including its agents) or otherwise in connection with such delivery.

         Section 6.02.  OPINIONS AS TO COLLATERAL. Not more than 90 days nor
less than 30 days prior to (i) each May 1, commencing May 1, 2000, during the
term of this Agreement and (ii) each date on which the Seller proposes to
take any action contemplated by Section 6.05, the Seller shall, at its own
cost and expense, furnish to Financial Security, the Administrative Agent and
the Collateral Agent an Opinion of Counsel either (a) stating that, in the
opinion of such counsel, such action has been taken with respect to the
execution and filing of any financing statements and continuation statements
and other actions as are necessary to perfect, maintain and protect the lien
and security interest of the Collateral Agent (and the priority thereof) on
behalf of Financial Security, with respect to such Collateral against all
creditors of and purchasers from the Seller and reciting the details of such
action, or (b) stating that, in the opinion of such counsel, no such action
is necessary to maintain such perfected lien and security interest. Such
Opinion of Counsel shall further describe each execution and filing of any
financing statements and continuation statements and such other actions as
will, in the opinion of such counsel, be required to perfect, maintain and
protect the lien and security interest of the Collateral Agent, on behalf of
Financial Security, with respect to such Collateral against all creditors of
and purchasers from the Seller for a period, specified in such Opinion,
continuing until a date not earlier than eighteen months from the date of
such Opinion.

         Section 6.03.  WAIVER OF STAY OR EXTENSION LAWS; MARSHALING OF ASSETS.
The Seller covenants, to the fullest extent permitted by applicable law, that it
will not at any time insist upon, plead, or in any manner whatsoever claim or
take the benefit or advantage of, any appraisement, valuation, stay, extension
or redemption law wherever enacted, now or at any time hereafter in force, in
order to prevent or hinder the enforcement of this Agreement or any absolute
sale of the Collateral or any part thereof, or the possession thereof by any
purchaser at any sale under Article VI of this Agreement; and the Seller, to the
fullest extent permitted by

                                      27
<PAGE>

applicable law, for itself and all who may claim under it, hereby waives the
benefit of all such laws, and covenants that it will not hinder, delay or
impede the execution of any power herein granted to the Collateral Agent, but
will suffer and permit the execution of every such power as though no such
law had been enacted. The Seller, for itself and all who may claim under it,
waives, to the fullest extent permitted by applicable law, all right to have
the Collateral marshaled upon any foreclosure or other disposition thereof.

         Section 6.04.  NONINTERFERENCE, ETC. The Seller shall not (i) waive or
alter any of its rights under the Collateral (or any agreement or instrument
relating thereto) without the prior written consent of Financial Security; or
(ii) fail to pay any tax, assessment, charge or fee levied or assessed against
the Collateral, or to defend any action, if such failure to pay or defend may
adversely affect the priority or enforceability of the Seller's right, title or
interest in and to the Collateral or the Collateral Agent's lien on, and
security interest in, the Collateral for the benefit of Financial Security; or
(iii) take any action, or fail to take any action, if such action or failure to
take action, will interfere with the enforcement of any rights hereunder.

         Section 6.05.  SELLER CHANGES.

                  (a) CHANGE IN NAME, STRUCTURE, ETC. The Seller shall not
         change its name, identity or structure unless it shall have given each
         Financial Security, the Collateral Agent and the Administrative Agent
         at least 30 days' prior written notice thereof, shall have effected any
         necessary or appropriate assignments or amendments thereto and filings
         of financing statements or amendments thereto, and shall have delivered
         to the Collateral Agent and Financial Security an Opinion of Counsel of
         the type described in Section 6.02.

                  (b) RELOCATION OF THE SELLER. The Seller shall not change its
         principal executive office unless it gives Financial Security and the
         Collateral Agent at least 30 days' prior written notice of any
         relocation of its principal office. If the Seller relocates its
         principal office or principal place of business from Nevada, the Seller
         shall give prior notice thereof to Financial Security and the
         Collateral Agent and shall effect whatever appropriate recordations and
         filings are necessary and shall provide to Financial Security and the
         Collateral Agent an Opinion of Counsel, to the effect that, upon the
         recording of any necessary assignments or amendments to
         previously-recorded assignments and filing of any necessary amendments
         to the previously filed financing or continuation statements or upon
         the filing of one or more specified new financing statements, and the
         taking of such other actions as may be specified in such opinion, the
         security interests in the Collateral shall remain, after such
         relocation, valid and perfected.

                                   ARTICLE VII

                              REMEDIES UPON DEFAULT

         Section 7.01.  REMEDIES UPON A FORECLOSURE EVENT OF DEFAULT OR OTHER
DEFAULT. If a Foreclosure Event of Default with respect to this Agreement has
occurred and is continuing, the Collateral Agent shall, at the direction of
Financial Security, take whatever action at law or in equity as may appear
necessary or desirable in the judgment of Financial Security to collect and
satisfy all Insurer Secured Obligations (including, but not limited to,
foreclosure upon the related

                                      28
<PAGE>

Collateral and all other rights available to secured parties under applicable
law) or to enforce performance and observance of any obligation, agreement or
covenant under this Agreement. If any default other than a Foreclosure Event
of Default has occurred and is continuing, then Financial Security shall have
all rights and remedies, other than set-off or foreclosure without judicial
action provided to secured creditors at law or in equity and may take or
instruct the Collateral Agent to take any legal action, other than set-off or
foreclosure without judicial action, as may be available to secured
creditors. Any default, breach of representation or breach of warranty under
the Subordination Agreement and the Underlying Transaction Documents shall
constitute a default hereunder. Upon a Foreclosure Event of Default, any
Eligible Investment disposed of prior to maturity shall be sold in a
recognized market for such Eligible Investment and for the best obtainable
price on such market; and cash may be applied to satisfy the Insurer Secured
Obligations.

         Section 7.02.  WAIVER OF DEFAULT. Financial Security shall have the
sole right, to be exercised in its complete discretion, to waive any default
hereunder (except a default under Section 8.15) until the lien in favor of
the Collateral Agent for the benefit of Financial Security is terminated by a
writing setting forth the terms, conditions and extent of such waiver signed
by Financial Security and delivered to the Collateral Agent, the
Administrative Agent and AFS. Any such waiver shall be binding upon the
Collateral Agent. Unless such writing expressly provides to the contrary, any
waiver so granted shall extend only to the specific event or occurrence which
gave rise to the default so waived and not to any other similar event or
occurrence which occurs subsequent to the date of such waiver.

         Section 7.03.  RESTORATION OF RIGHTS AND REMEDIES. If the Collateral
Agent has instituted any proceeding to enforce any right or remedy under this
Agreement, and such proceeding has been discontinued or abandoned for any
reason, or has been determined adversely to the Collateral Agent, then and in
every such case the Seller, the Collateral Agent and Financial Security shall,
subject to any determination in such proceeding, be restored severally and
respectively to their former positions hereunder, and thereafter all rights and
remedies of Financial Security shall continue as though no such proceeding had
been instituted.

         Section 7.04.  NO REMEDY EXCLUSIVE. No right or remedy herein conferred
upon or reserved to the Collateral Agent or Financial Security is intended to be
exclusive of any other right or remedy, and every right or remedy shall, to the
extent permitted by law, be cumulative and in addition to every other right and
remedy given hereunder or now or hereafter existing at law, in equity or
otherwise (but, in each case, shall be subject to the provisions of this
Agreement limiting such remedies), and each and every right, power and remedy
whether specifically herein given or otherwise existing may be exercised from
time to time and as often and in such order as may be deemed expedient by
Financial Security, and the exercise of or the beginning of the exercise of any
right or power or remedy shall not be construed to be a waiver of the right to
exercise at the same time or thereafter any other right, power or remedy.

                                  ARTICLE VIII

                                  MISCELLANEOUS

                                      29
<PAGE>

         Section 8.01.  FURTHER ASSURANCES. Each party hereto shall take such
action and deliver such instruments to any other party hereto, in addition to
the actions and instruments specifically provided for herein, as may be
reasonably requested or required to effectuate the purpose or provisions of this
Agreement or to confirm or perfect any transaction described or contemplated
herein.

         Section 8.02.  WAIVER. Any waiver by any party of any provision of this
Agreement or any right, remedy or option hereunder shall only prevent and estop
such party from thereafter enforcing such provision, right, remedy or option if
such waiver is given in writing and only as to the specific instance and for the
specific purpose for which such waiver was given. The failure or refusal of any
party hereto to insist in any one or more instances, or in a course of dealing,
upon the strict performance of any of the terms or provisions of this Agreement
by any party hereto or the partial exercise of any right, remedy or option
hereunder shall not be construed as a waiver or relinquishment of any such term
or provision, but the same shall continue in full force and effect.

         Section 8.03.  AMENDMENTS, WAIVERS. No amendment, modification, waiver
or supplement to this Agreement or any provision of this Agreement shall in any
event be effective unless the same shall have been made or consented to in
writing by each of the parties hereto.

         Section 8.04.  SEVERABILITY. In the event that any provision of this
Agreement or the application thereof to any party hereto or to any circumstance
or in any jurisdiction governing this Agreement shall, to any extent, be invalid
or unenforceable under any applicable statute, regulation or rule of law, then
such provision shall be deemed inoperative to the extent that it is invalid or
unenforceable and the remainder of this Agreement, and the application of any
such invalid or unenforceable provision to the parties, jurisdictions or
circumstances other than to whom or to which it is held invalid or
unenforceable, shall not be affected thereby nor shall the same affect the
validity or enforceability of any other provision of this Agreement. The parties
hereto further agree that the holding by any court of competent jurisdiction
that any remedy pursued by the Collateral Agent, or Financial Security,
hereunder is unavailable or unenforceable shall not affect in any way the
ability of the Collateral Agent or any of Financial Security to pursue any other
remedy available to it or them (subject, however, to the provisions of this
Agreement limiting such remedies).

         Section 8.05.  NOTICES. All notices, demands, certificates, requests
and communications hereunder ("NOTICES") shall be in writing and shall be
effective (a) upon receipt when sent through the U.S. mails, registered or
certified mail, return receipt requested, postage prepaid, with such receipt
to be effective the date of delivery indicated on the return receipt, or (b)
one Business Day after delivery to an overnight courier, or (c) on the date
personally delivered to an Authorized Officer of the party to which sent, or
(d) on the date transmitted by legible telecopier transmission with a
confirmation of receipt, in all cases addressed to the recipient as follows:

                   (i)     If to the Seller:

                           AFS Funding Corp.
                           639 Isbell Road, Suite 390
                           Reno, Nevada 89509

                                      30
<PAGE>

                           Attention: Chief Financial Officer

                           Telecopier No.: (702) 322-8808

                           with a copy to

                           AmeriCredit Corp.
                           801 Cherry Street, Suite 3900
                           Fort Worth, Texas  76102
                           Attention: Treasurer
                           Telecopier No.: (817) 302-7492

                   (ii)    If to Financial Security:

                           Financial Security Assurance Inc.
                           350 Park Avenue - 13th Floor
                           New York, New York 10022
                           Attention:       Transaction Oversight Department
                           Telecopier No.:     (212) 339-3518
                                               (212) 339-3529

                   (in each case in which notice or other communication to
                   Financial Security refers to a Foreclosure Event of Default,
                   a claim on the Policy or in which failure on the part of
                   Financial Security to respond shall be deemed to constitute
                   consent or acceptance, then a copy of such notice or other
                   communication should also be sent to the attention of each of
                   the General Counsel and the Head-Financial Guaranty Group and
                   shall be marked to indicate "URGENT MATERIAL ENCLOSED.")

                                      31
<PAGE>

                   (iii)   If to Bank One as Collateral Agent:

                           Bank One Trust Company
                           100 Broad Street, 8th Floor
                           Columbus, OH 43215
                           Attention: Corporate Trust Office

                           Telecopier No.: (614) 248-5195

                   (iv)    If to Administrative Agent:

                           Credit Suisse First Boston, New York Branch
                           11 Madison Avenue
                           New York, New York 10010
                           Attention: Asset Finance

                           Telecopier No.: (212) 325-6677

A copy of each notice given hereunder to any party hereto shall also be given to
(without duplication) Financial Security, the Administrative Agent, the Seller
and the Collateral Agent. Each party hereto may, by notice given in accordance
herewith to each of the other parties hereto, designate any further or different
address to which subsequent notices shall be sent.

         Section 8.06.  TERM OF THIS AGREEMENT. This Agreement shall take effect
on the Closing Date of the Series 1999-D Notes and shall continue in effect
until all amounts on deposit in the RCCAs have been distributed pursuant to the
terms hereof. On such final distribution date, this Agreement shall terminate,
all obligations of the parties hereunder shall cease and terminate, PROVIDED
that the provisions of Sections 5.06 and 5.07 shall survive any termination of
this Agreement.

         Section 8.07.  ASSIGNMENTS: THIRD-PARTY RIGHTS; REINSURANCE.

                  (a) This Agreement shall be a continuing obligation of the
         parties hereto and shall (i) be binding upon the parties and their
         respective successors and assigns, and (ii) inure to the benefit of and
         be enforceable by Financial Security and the Collateral Agent, and by
         their respective successors, transferees and assigns. The Seller may
         not assign this Agreement, or delegate any of its duties hereunder,
         without the prior written consent of Financial Security.

                  (b) Financial Security shall have the right (unless a
         Financial Security Default shall have occurred and be continuing) to
         give participations in its rights under this Agreement and to enter
         into contracts of reinsurance with respect to any Policy issued in
         connection with a Series and each such participant or reinsurer shall
         be entitled to the benefit of any representation, warranty, covenant
         and obligation of each party (other than Financial Security) hereunder
         as if such participant or reinsurer was a party hereto and,

                                      32
<PAGE>

         subject only to such agreement regarding such reinsurance or
         participation, shall have the right to enforce the obligations of
         each such other party directly hereunder; PROVIDED, HOWEVER, that no
         such reinsurance or participation agreement or arrangement shall
         relieve Financial Security of its obligations hereunder or under any
         such Policy. In addition, nothing contained herein shall restrict
         Financial Security from assigning to any Person pursuant to any
         liquidity facility or credit facility any rights of Financial
         Security under this Agreement or with respect to any real or
         personal property or other interests pledged to Financial Security,
         or in which Financial Security has a security interest, in
         connection with the transactions contemplated hereby. The terms of
         any such assignment or participation shall contain an express
         acknowledgment by such Person of the condition of this Section and
         the limitations of the rights of Financial Security hereunder.

                  (c) The Lender Collateral Agent shall be a third party
         beneficiary of the agreements set forth in Section 8.15.

                  (d) The Administrative Agent shall be a third party
beneficiary of this Agreement.

         Section 8.08. CONSENT OF FINANCIAL SECURITY. In the event that
Financial Security's consent is required under the terms hereof or under the
terms of any Transaction Document, it is understood and agreed that, except as
otherwise provided expressly herein, the determination whether to grant or
withhold such consent shall be made solely by Financial Security in its sole
discretion.

         Section 8.09.  TRIAL BY JURY WAIVED. Each of the parties hereto waives,
to the fullest extent permitted by law, any right it may have to a trial by jury
in respect of any litigation arising directly or indirectly out of, under or in
connection with this Agreement or any of the transactions contemplated
hereunder. Each of the parties hereto (a) certifies that no representative,
agent or attorney of any other party has represented, expressly or otherwise,
that such other party would not, in the event of litigation, seek to enforce the
foregoing waiver and (b) acknowledges that it has been induced to enter into
this Agreement by among other things, this waiver.

         Section 8.10.  GOVERNING LAW. This Agreement shall be governed by and
construed, and the obligations, rights and remedies of the parties hereunder
shall be determined, in accordance with the law of the State of New York.

         Section 8.11.  CONSENTS TO JURISDICTION. Each of the parties hereto
irrevocably submits to the jurisdiction of the United States District Court for
the Southern District of New York, any court in the state of New York located in
the city and county of New York, and any appellate court from any thereof, in
any action, suit or proceeding brought against it and related to or in
connection with this Agreement or the transactions contemplated hereunder or for
recognition or enforcement of any judgment and each of the parties hereto
irrevocably and unconditionally agrees that all claims in respect of any such
suit or action or proceeding may be heard or determined in such New York State
court or, to the extent permitted by law, in such federal court. Each of the
parties hereto agrees that a final judgment in any such action, suit or
proceeding shall be conclusive and may be enforced in other jurisdictions by
suit on the judgment or in any other manner provided by law. To the extent
permitted by applicable law,

                                      33
<PAGE>

each of the parties hereby waives and agrees not to assert by way of motion,
as a defense or otherwise in any such suit, action or proceeding, any claim
that it is not personally subject to the jurisdiction of such courts, that
the suit, action or proceeding is brought in an inconvenient forum, that the
venue of the suit, action or proceeding is improper or that this Agreement or
the subject matter hereof may not be litigated in or by such courts. The
Seller hereby irrevocably appoints and designates The Prentice-Hall
Corporation System, Inc., as its true and lawful attorney and duly authorized
agent for acceptance of service of legal process. The Seller agrees that
service of such process upon such Person shall constitute personal service of
such process upon it.

         Section 8.12.  COUNTERPARTS. This Agreement may be executed in two or
more counterparts by the parties hereto, and each such counterpart shall be
considered an original and all such counterparts shall constitute one and the
same instrument.

         Section 8.13.  HEADINGS. The headings of sections and paragraphs and
the Table of Contents contained in this Agreement are provided for
convenience only. They form no part of this Agreement and shall not affect
its construction or interpretation.

         Section 8.14.  NOTICES TO ADMINISTRATIVE AGENT. Prior to the issuance
of any Series, Financial Security agrees to deliver to the Administrative
Agent, if the rating on Financial Security's credit risk with respect thereto
on a stand-alone basis is not rated at least Baa 3/BBB-, written notice of
the actual rating.

         Section 8.15.  DISCLAIMER OF FIDUCIARY DUTY. The Collateral Agent
agrees to act as agent for the Lender Collateral Agent to hold the Collateral
in order to perfect by possession the security interest granted by the Seller
to the Lender Collateral Agent in the Collateral pursuant to the Lender
Security Agreement. The Collateral Agent expressly disclaims any fiduciary
duty to the Lender Collateral Agent and any of the Lenders with respect to
the Collateral Agent's duties as the Collateral Agent for the Collateral.
Neither the Lender Collateral Agent nor any Lender shall have any ability or
power to direct the Collateral Agent in any manner whatsoever other than
pursuant to this Section 8.15, PROVIDED, that upon the termination of the
lien of the Collateral Agent for the benefit of Financial Security, the
Collateral Agent shall act upon the instruction of the Lender Collateral
Agent and shall deliver the Collateral in accordance with the written
instruction of the Lender Collateral Agent. Subject to the terms of this
Agreement and upon the instruction of Financial Security, the Collateral
Agent may foreclose on the Collateral. Following the completion of the
foreclosure, the Collateral Agent shall be released of all obligations in
favor of the Lender Collateral Agent and the Lenders, other than the
obligations to turn over possession of the remaining Collateral, if any, to
the Lender Collateral Agent. In the event that the Collateral Agent has not
foreclosed upon the Collateral, then upon the Final Insurance Termination
Date, the Collateral Agent's sole obligation shall be to turn over possession
of the remaining Collateral, if any, in accordance with the written
instruction of the Lender Collateral Agent.

                                      34
<PAGE>

         IN WITNESS WHEREOF, the parties hereto have executed this Agreement, as
amended and restated, as of the date set forth on the first page hereof.

                                   AFS FUNDING CORP.

                                   By:
                                       -------------------------------------
                                       Name:
                                       Title:

                                   FINANCIAL SECURITY ASSURANCE INC.

                                   By:
                                       -------------------------------------
                                       Name: Authorized Officer
                                       Title:

                                   CREDIT SUISSE FIRST BOSTON,
                                     NEW YORK BRANCH, as Administrative Agent

                                   By:
                                       -------------------------------------
                                       Name:
                                       Title:

                                   By:
                                       -------------------------------------
                                       Name:
                                       Title:

                                   BANK ONE, N.A., as Collateral Agent

                                   By:
                                       -------------------------------------
                                       Name:
                                       Title:

                                      35
<PAGE>

                                   BANK ONE, N.A., as Securities Intermediary

                                   By:
                                       -------------------------------------
                                       Name:
                                       Title:

                                      36
<PAGE>

                                   SCHEDULE I

                 AmeriCredit Automobile Receivables Trust 1996-C

                 AmeriCredit Automobile Receivables Trust 1996-D

                 AmeriCredit Automobile Receivables Trust 1997-A

                 AmeriCredit Automobile Receivables Trust 1997-B

                 AmeriCredit Automobile Receivables Trust 1997-C

                 AmeriCredit Automobile Receivables Trust 1997-D

                 AmeriCredit Automobile Receivables Trust 1998-A

                 AmeriCredit Automobile Receivables Trust 1998-B

                 AmeriCredit Automobile Receivables Trust 1998-C

                 AmeriCredit Automobile Receivables Trust 1998-D

                 AmeriCredit Automobile Receivables Trust 1999-A

                 AmeriCredit Automobile Receivables Trust 1999-B

                 AmeriCredit Automobile Receivables Trust 1999-C

                 AmeriCredit Automobile Receivables Trust 1999-D

<PAGE>

                                                                      Exhibit A

                            SERIES [    ] SUPPLEMENT

                                 dated as of [       ]

                                      among

                                AFS FUNDING CORP.

                        FINANCIAL SECURITY ASSURANCE INC.

      CREDIT SUISSE FIRST BOSTON, NEW YORK BRANCH, as Administrative Agent

                                       and

                      [           ], as Collateral Agent

                                       to

                  Replacement Cash Collateral Account Agreement

                          dated as of October 14, 1999

                                      among

                                AFS Funding Corp.

                        Financial Security Assurance Inc.

      Credit Suisse First Boston, New York Branch, as Administrative Agent

                                       and

                       Bank One, N.A., as Collateral Agent

<PAGE>

     SERIES [    ] SUPPLEMENT TO REPLACEMENT CASH COLLATERAL ACCOUNT AGREEMENT

         This Series [  ] Supplement (this "Supplement"), dated as of [      ],
is by and among AFS FUNDING CORP., (the "Seller"), FINANCIAL SECURITY ASSURANCE
INC., ("Financial Security"), CREDIT SUISSE FIRST BOSTON, NEW YORK BRANCH (the
"Administrative Agent") and [         ], (the "Collateral Agent"), under the
Replacement Cash Collateral Account Agreement, dated as October 14, 1999,
among the parties thereto (the "RCCA Agreement"), as the same may be further
amended, amended and restated, supplemented or otherwise modified from time
to time in accordance with the terms thereof. Capitalized terms used in this
Supplement and not otherwise specifically defined have the meanings given
such terms in the RCCA Agreement.

                                    RECITALS

         WHEREAS, the parties hereto have executed the RCCA Agreement, which
contemplates and provides for the execution and delivery of individual Series
Supplements with respect to each Series (each, a "RCCA SUPPLEMENT"), for the
purpose of identifying, describing and pledging Collateral related to a
particular Series of notes or certificates, naming the Collateral Agent and
stating the location of the RCCA;

         WHEREAS, AmeriCredit Automobile Receivables Trust [     ] (the "Series
[      ] Trust") is being formed contemporaneously herewith pursuant to a Trust
Agreement dated as of [        ], as amended and restated as of [      ] between
AFS Funding Corp and Bankers Trust (Delaware), as Owner Trustee (the "Series
[    ] Trust Agreement") and the parties hereto have executed the Underlying
Transaction Documents relating to such Series;

         WHEREAS, [    ] has been appointed Collateral Agent for the Series [ ]
RCCA;

         WHEREAS, upon execution of this Supplement, such Supplement shall form
a part of the RCCA Agreement for all purposes thereof, all references to the
RCCA Agreement shall include this Supplement thereto, and the Collateral Agent
shall become a party to the RCCA Agreement for all purposes thereof with respect
to this RCCA.

         NOW, THEREFORE, it is hereby agreed by and among the parties hereto as
follows:

                                    ARTICLE I

                                   AGREEMENTS

         SECTION 1.1. DEFINITIONS. Each term used but not defined herein shall
have the meaning assigned to such term in the RCCA Agreement.

         "COLLATERAL AGENT" means [     ], in its capacity as collateral agent
on behalf of Financial Security until a successor Person shall have become a
Collateral Agent pursuant to Section 5.05(d) of the RCCA Agreement.

                                       2
<PAGE>

         "UNDERLYING TRANSACTIONS" when used in the singular, any of, and when
used in the plural, all of, the transactions contemplated by each of the 1996-A
Insurance and Indemnity Agreement, 1996-B Insurance and Indemnity Agreement, the
1996-C Insurance and Indemnity Agreement, the 1996-D Insurance and Indemnity
Agreement, the 1997-A Insurance and Indemnity Agreement, the 1997-B Insurance
and Indemnity Agreement, the 1997-C Insurance and Indemnity Agreement, the
1997-D Insurance and Indemnity Agreement, the 1998-A Insurance and Indemnity
Agreement, the 1998-B Insurance and Indemnity Agreement, the 1998-C Insurance
and Indemnity Agreement, 1998-D Insurance and Indemnity Agreement, the 1999-A
Insurance and Indemnity Agreement, the 1999-B Insurance and Indemnity Agreement,
the 1999-C Insurance and Indemnity Agreement, the 1999-D Insurance and Indemnity
Agreement, the [   ] Insurance and Indemnity Agreement, the 1996-A Sale and
Servicing Agreement, the 1996-B Sale and Servicing Agreement, the 1996-C Sale
and Servicing Agreement, the 1996-D Sale and Servicing Agreement, the 1997-A
Sale and Servicing Agreement, the 1997-B Sale and Servicing Agreement, the
1997-C Sale and Servicing Agreement, the 1997-D Sale and Servicing Agreement,
1998-A Sale and Servicing Agreement, the 1998-B Sale and Servicing Agreement,
the 1998-C Sale and Servicing Agreement, 1998-D Sale and Servicing Agreement,
the 1999-A Sale and Servicing Agreement, the 1999-B Sale and Servicing
Agreement, the 1999-C Sale and Servicing Agreement, the 1999-D Sale and
Servicing Agreement, the [    ] Sale and Servicing Agreement, each insurance
and indemnity agreement and each sale and servicing agreement entered into in
connection with a spread account which is subject to the Spread Account
Agreement and all other transactions anticipated by the documents executed in
connection with any of the foregoing.

                                   ARTICLE II

                                  MISCELLANEOUS

         SECTION 2.1. EXECUTION OF SUPPLEMENT. This Supplement may be executed
in multiple counterparts, each of which shall constitute an original and all of
which when taken together shall constitute one instrument.

         SECTION 2.2. INCORPORATION BY REFERENCE. In accordance with Section
4.06 of the RCCA Agreement, the covenants, representations and agreements
provided for in the RCCA Agreement as set forth in their entirety are
incorporated herein and are hereby in all respects ratified, confirmed and
approved by the parties hereto and made applicable to this Supplement. The
Collateral Agent appointed herein hereby agrees to be bound by the RCCA
Agreement, as if it were a party thereto solely with respect to the Series
[   ] RCCA.

         SECTION 2.3. FURTHER ASSURANCES. Each party hereto shall take such
action and deliver such instruments to any party hereto, in addition to the
actions and instruments specifically provided herein, as may be reasonably
requested or required to effectuate the purpose or provisions of this Supplement
or to conform or perfect any transaction described or contemplated herein.

         SECTION 2.4. GOVERNING LAW. THIS SUPPLEMENT SHALL BE CONSTRUED IN
ACCORDANCE WITH THE LAW (INCLUDING, WITHOUT

                                       3
<PAGE>

LIMITATION, THE UCC) OF THE STATE OF NEW YORK (WITHOUT GIVING EFFECT TO THE
PROVISIONS THEREOF REGARDING CONFLICTS OF LAWS), AND THE OBLIGATIONS, RIGHTS
AND REMEDIES OF THE PARTIES HERETO SHALL BE DETERMINED IN ACCORDANCE WITH
SUCH LAW.

                  [Remainder of Page Intentionally Left Blank]

                                       4
<PAGE>

         IN WITNESS WHEREOF, each of the parties hereto has executed this
Supplement by their respective duly authorized officers as of the day and year
first above written.

                                       AFS FUNDING CORP., as Seller

                                       By:
                                          ----------------------------------
                                       Name:
                                       Title:

                                       FINANCIAL SECURITY ASSURANCE INC.

                                       By:
                                          ----------------------------------
                                       Name:
                                       Title:

                                       CREDIT SUISSE FIRST BOSTON, NEW YORK
                                       BRANCH, as Administrative Agent

                                       By:
                                          ----------------------------------
                                       Name:
                                       Title:

                                       [           ], as Collateral Agent

                                       By:
                                          ----------------------------------
                                       Name:
                                       Title:

                                       5

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