Document:

AMENDMENT NO. 2 TO CREDIT AGREEMENT

 Exhibit 10.1 
  
 EXECUTION COPY 
  
 AMENDMENT NO. 2 TO CREDIT AGREEMENT 
  
 This AMENDMENT NO. 2 TO CREDIT AGREEMENT, dated as of August 13, 2003 (this “Amendment”), is entered into among AFS FUNDING CORP.
(“AFS Funding”), AFS SENSUB CORP. (“SenSub”; together with AFS Funding, each a “Borrower” and collectively, the “Borrowers”), AMERICREDIT CORP. (“ACC”), AMERICREDIT
FINANCIAL SERVICES, INC. (“ACFS”; together with ACC, each a “Contingent Obligor” and collectively, the “Contingent Obligors”), the LENDERS from time to time parties to the Credit Agreement referred
to below, DEUTSCHE BANK AG, a German banking corporation acting through its New York Branch (“DBNY”), as an agent, and the other AGENTS for the Lender Groups from time to time parties to the Credit Agreement, and DEUTSCHE BANK TRUST
COMPANY AMERICAS, as Lender Collateral Agent and as Administrative Agent. 
  
 RECITALS 
  
 1. The
Borrowers, the Contingent Obligors, the Lenders, the Agents, the Lender Collateral Agent and the Administrative Agent are parties to that certain Credit Agreement, dated as of August 15, 2002 (as previously amended and as amended, supplemented or
otherwise modified from time to time, the “Credit Agreement”). 
  
 2. The parties hereto desire to amend the Credit Agreement as hereinafter set forth. 
  
 NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties agree as follows:

  
 1. Certain Defined Terms. Capitalized terms that are
used herein without definition and that are defined in the Credit Agreement shall have the same meanings herein as therein. 
  
 2. Amendments. The Credit Agreement is hereby amended by: 
  

(a) deleting paragraph (p) of Section 6.01 in its entirety: 
  
 (b) deleting paragraphs (r), (s) and (t) of Section 6.01 and substituting, in lieu thereof, the following, respectively: 
  
 (r) The Tangible Net Worth of ACC shall be less than the sum
of (a) $1,700,000,000 minus the lesser of (i) the amount of common stock repurchased by ACC after August 14, 2003 and (ii) $100,000,000; (b) 75% of the cumulative positive net income (without deduction for negative net income) of ACC for each fiscal
quarter since March 31, 2003, as reported in each annual report on Form 10-K and periodic report on Form 10-Q filed by ACC with the Securities and Exchange Commission; and (c) 75% of the net proceeds of any equity issued by ACC since March 31, 2003;
or 
  
 (s) any insurance agreement event of
default or other similar event with respect to any Receivables Pool with a pool factor greater than 25%, in each case, relating to the cumulative net loss ratio with respect to such Receivables Pool shall have occurred and be continuing and shall
not have been waived or cured; or 

 (t) on the last day of any fiscal quarter, the ratio of the Adjusted Equity of ACC to the
outstanding principal amount of all receivables (whether or not thereafter sold or disposed of) which are serviced by ACFS or any of its Affiliates at such time is less than 8.0%; or 
  
 (c) deleting paragraph (b) of Section 6A.01 and substituting, in lieu thereof, the following, respectively: 
  
 (b) either: 
  
 (i) the aggregate principal amount of all Receivables
supporting outstanding Designated Series with respect to which an event of default, servicer default, amortization event, early termination event or insurance agreement event of default or other similar event or a Required Spread Account Increase
has occurred and is continuing exceeds the product of (A) 5% and (B) the aggregate principal amount of all Receivables supporting outstanding Designated Series; or 
  
 (ii) Any repurchase of common stock by ACC results in Liquidity of less than $200,000,000 on the date of
repurchase. 
  
 (d) deleting the definition of “Commitment
Expiration Date” from Appendix A and substituting, in lieu thereof, the following: 
  
 “Commitment Expiration Date”: With respect to a Committed Lender, November 12, 2003, as such date may be extended by such
Committed Lender from time to time pursuant to Section 2.09. 
  
 (e) adding the following definitions of “Eligible Receivable” and “Liquidity” to Appendix A, in the proper alphabetical order: 
  
 “Eligible Receivable”: As defined in the Amended and Restated Sale and Servicing Agreement, dated as of February 22,
2002, among AmeriCredit Master Trust, AmeriCredit Funding Corp. VII, AmeriCredit Financial Services, Inc., and Bank One, NA, as the same may from time to time be amended, supplemented or otherwise modified. 
  
 “Liquidity”: The sum of (a) unrestricted
cash of ACC and its subsidiaries, determined on a consolidated basis in accordance with GAAP, and (b) 85% of the unencumbered Eligible Receivables owned by ACC and its subsidiaries, determined on a consolidated basis in accordance with GAAP.

  
 (f) deleting the definitions of “Cumulative Net Loss
Ratio” and “Securitization Assets” from Appendix A; 
  
 (g) deleting Schedule II to the Credit Agreement; and 
  

 2 

 (h) pursuant to Section 2.03 of the Credit Agreement, reducing the Commitment Amount of each Committed
Lenders to the amount set forth opposite the name of such Committed Lender on Schedule I hereto. 
  
 3. Waivers. The Lenders and the Agents hereby waive (a) with respect to the August, 2003 Ratings Reaffirmation Date only, the obligation of the
Borrowers pursuant to Section 5.01(v) of the Credit Agreement to obtain from S&P, and distribute to the Administrative Agent and the Agents, a written reaffirmation that the Notes have at least the Requisite Rating, (b) until such time after the
date hereof as the Borrowers request an Advance, the obligations of ACFS pursuant to Section 5.01(a)(vii) of the Credit Agreement and Section 5(g) of the Master Collateral and Intercreditor Agreement to deliver Senior Borrowing Base Certificates and
Revolver Borrowing Base Certificates (whether as part of Revolver Servicer’s Certificates or otherwise). 
  
 4. Effect of Amendment. Except as expressly amended, waived and modified by this Amendment, all provisions of the Credit Agreement shall remain in
full force and effect. After this Amendment becomes effective, all references in the Credit Agreement to “this Agreement”, “hereof”, “herein” or words of similar effect referring to the Credit Agreement shall be deemed
to be references to the Credit Agreement as amended and waived by this Amendment. This Amendment shall not be deemed to expressly or impliedly waive, amend or supplement any provision of the Credit Agreement other than as expressly set forth herein.

  
 5. Effectiveness. This Amendment shall become effective
as of the date hereof upon receipt by the Administrative Agent of counterparts of this Amendment (whether by facsimile or otherwise) executed by each of the other parties hereto and by Lenders representing the Required Lenders. 
  
 6. Counterparts. This Amendment may be executed in any number of
counterparts and by different parties on separate counterparts, and each counterpart shall be deemed to be an original, and all such counterparts shall together constitute but one and the same instrument. 
  
 7. Governing Law. THIS AMENDMENT SHALL BE CONSTRUED IN ACCORDANCE
WITH AND GOVERNED BY THE LAW OF THE STATE OF NEW YORK, WITHOUT GIVING EFFECT TO ITS CONFLICT OF LAW PROVISIONS (OTHER THAN SECTIONS 5-1401 AND 5-1402 OF THE NEW YORK GENERAL OBLIGATIONS LAW). 
  
 8. Section Headings. The various headings of this Amendment are
inserted for convenience only and shall not affect the meaning or interpretation of this Amendment, the Credit Agreement or any provision hereof or thereof. 
  
 9. Representations and Warranties. Each of the Borrowers and the Contingent Obligors, as applicable, represents and warrants that (i) all of its
representations and warranties set forth in the Credit Agreement are true and accurate in all material respects as though made on and as of the date hereof (except representations and warranties which relate to a specific date, which were true and
correct as of such date) and (ii) no Event of Early Termination or Event of Default has occurred and is continuing. 
  

 3 

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 4 

 IN WITNESS WHEREOF, the parties have executed this Amendment as of the date first written above.

  

	 AFS FUNDING CORP.

		
	 By:
	 	  

	 	 	 Name:

	 	 	 Title:

	
	 AFS SENSUB CORP.

		
	 By:
	 	  

	 	 	 Name:

	 	 	 Title:

	
	 AMERICREDIT CORP.

		
	 By:
	 	  

	 	 	 Name:

	 	 	 Title:

	
	 AMERICREDIT FINANCIAL SERVICES, INC.

		
	 By:
	 	  

	 	 	 Name:

	 	 	 Title:

	
	 DEUTSCHE BANK TRUST COMPANY

	 AMERICAS, not in its individual capacity but

	 solely as Administrative Agent

		
	 By:
	 	  

	 	 	 Name:

	 	 	 Title:

  

	 DEUTSCHE BANK TRUST COMPANY
AMERICAS, not in its individual capacity but
solely as Lender Collateral
Agent

		
	 By:
	 	  

	 	 	 Name:

	 	 	 Title:

		
	 By:
	 	  

	 	 	 Name:

	 	 	 Title:

  
  

	 TAHOE LENDER GROUP

	 DEUTSCHE BANK AG, NEW YORK BRANCH,
as Agent

		
	 By:
	 	  

	 	 	 Name:

	 	 	 Title:

		
	 By:
	 	  

	 	 	 Name:

	 	 	 Title:

	
	 TAHOE FUNDING CORP.

		
	 By:
	 	  

	 	 	 Name:

	 	 	 Title:

	
	 DEUTSCHE BANK AG, NEW YORK BRANCH,

		
	 By:
	 	  

	 	 	 Name:

	 	 	 Title:

		
	 By:
	 	  

	 	 	 Name:

	 	 	 Title:

	 WACHOVIA BANK, NATIONAL ASSOCIATION

		
	 By:
	 	  

	 	 	 Name:

	 	 	 Title:

	 JPMORGAN CHASE BANK

		
	 By:
	 	  

	 	 	 Name:

	 	 	 Title:

	 BARCLAYS BANK PLC

		
	 By:
	 	  

	 	 	 Name:

	 	 	 Title:

	CREDIT SUISSE FIRST BOSTON, CAYMAN ISLANDS BRANCH
		
	 By:
	 	  

	 	 	 Name:

	 	 	 Title:

		
	 By:
	 	  

	 	 	 Name:

	 	 	 Title:

 SCHEDULE I 
  
 Commitment Amounts 
  

	 Committed Lender

	  	Commitment Amount

	 Barclays Bank PLC
	  	$	1,000,000
		
	 Deutsche Bank AG, New York Branch
	  	$	1,000,000
		
	 Wachovia Bank, National Association
	  	$	1,000,000
		
	 JPMorgan Chase Bank
	  	$	1,000,000
		
	 Credit Suisse First Boston, Cayman Islands Branch
	  	$	1,000,000AMENDED SECURITY AGREEMENT 1

 Exhibit 10.2 
  
 Execution Copy 
  
  
  
 AMENDMENT NO. 6 
  
 dated as of August 18, 2003

  
  
  
 among 
  
  
  
 AMERICREDIT MTN RECEIVABLES TRUST III,

  
 as Debtor, 
  
  
  
 AMERICREDIT FINANCIAL SERVICES, INC., 
  
 Individually and as Servicer, 
  
  
  
 MBIA INSURANCE CORPORATION, 
  
 as Insurer 
  
  
  
 and 
  
  
  
 MERIDIAN FUNDING COMPANY, LLC, 
  
 as Purchaser 
  
  
  
 to SECURITY AGREEMENT 
  
 dated as
of February 25, 2002 

 AMENDMENT NO. 6, dated as of August 18, 2003 (the “Amendment”), among AMERICREDIT MTN
RECEIVABLES TRUST III (the “Debtor”), AMERICREDIT FINANCIAL SERVICES, INC., individually and in its capacity as Servicer (“AFS”), MBIA INSURANCE CORPORATION, as Insurer (“MBIA”), and MERIDIAN
FUNDING COMPANY, LLC, as Purchaser (“Meridian”), to the Security Agreement dated as of February 25, 2002 (the “Security Agreement”), among the Debtor, AFS, AmeriCredit MTN Corp. III and The Chase Manhattan Bank
(predecessor to JPMorgan Chase Bank), as Collateral Agent and Securities Intermediary. 
  
 WHEREAS, Section 9.2(b) of the Security Agreement permits amendment of the Security Agreement by the Debtor, AFS, MBIA and Meridian (the “Parties”) upon the terms and conditions specified therein;

  
 WHEREAS, the Security Agreement has previously been amended by
Amendment No. 1, dated as of December 1, 2002, Amendment No. 2, dated as of February 1, 2003, Amendment No. 3, dated as of February 28, 2003, Amendment No. 4, dated as of April 1, 2003, and Amendment No. 5, dated as of June 20, 2003, among the
Parties; 
  
 WHEREAS, the Parties wish to amend the Security
Agreement. 
  
 NOW, THEREFORE, the Parties agree that the Security
Agreement is hereby amended effective as of the date hereof as follows: 
  
 Section 1. Definitions. Each term used herein but not defined herein shall have the meaning assigned to such term in the Security Agreement. 
  
 Section 2. Amendment to Section 6.1 (Termination and Amortization Events). 
  
 Clause (z) of Section 6.1 is deleted in its entirety and replaced with the
following: 
  
 (z) the ratio of AmeriCredit
Corp.’s EBITDA (plus any loss provision minus net charge-offs and excluding in the calculation a one-time, non-cash impairment charge to the credit enhancement assets related to the present value effect of the expected delay in receiving cash
distributions from FSA insured securitization trusts) for the financial quarter ended December 31, 2002 to its Interest Expense for the financial quarter ended December 31, 2002 shall be less than 1.1x. The ratio of AmeriCredit Corp.’s EBITDA
(plus any loss provision minus net charge-offs) for the financial quarter ended March 31, 2003 to its Interest Expense for the financial quarter ended March 31, 2003 shall be less than 1.8x. The average of the ratios of AmeriCredit Corp.’s
EBITDA to Interest Expense for the two most recent financial quarters ended June 30, 2003 shall be less than 1.0x. The average of the ratios of AmeriCredit Corp.’s EBITDA to Interest Expense for the two most recent financial quarters ended
September 30, 2003 or December 31, 2003 shall be less than 1.1x. The average of the ratios of AmeriCredit Corp.’s EBITDA to Interest Expense for the two most recent financial quarters ended March 31, 2004 and any two consecutive financial
quarters thereafter shall be less than 1.2x; or 
  

 2 

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

	 AMERICREDIT MTN RECEIVABLES TRUST III

		
	By:	 	DEUTSCHE BANK TRUST COMPANY DELAWARE, not in its individual capacity but solely as Owner Trustee on behalf of the Issuer
		
	 By:
	 	  

	 	 	 Name:

	 	 	 Title:

	
	 AMERICREDIT FINANCIAL SERVICES, INC.,
Individually and as Servicer,

		
	 By:
	 	  

	 	 	 Name:

	 	 	 Title:

	
	 MBIA INSURANCE CORPORATION,
 as Insurer,

		
	 By
	 	  

	 	 	 Name:

	 	 	 Title:

	
	 MERIDIAN FUNDING COMPANY, LLC,
 as Purchaser

		
	 By
	 	  

	 	 	 Name:

	 	 	 Title:

  
 Signature Page for Amendment No. 6 
 to the Security Agreement, dated as of February 25, 2002

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