Document:

Amd. No. 7 among AmeriCredit MTN Receivables Trust III

 Exhibit 10.27.8 
  
 AMENDMENT NO. 7 
  
 dated as of August 1, 2003 
  
 among 
  
 AMERICREDIT MTN RECEIVABLES TRUST III, 
 as Debtor, 
  
 AMERICREDIT FINANCIAL SERVICES, INC., 
 Individually and as Servicer, 
  
 MBIA INSURANCE CORPORATION, 
 as Note Insurer,

  
 JPMORGAN CHASE BANK, 
 as Collateral Agent 
  
 and 
  
 MERIDIAN FUNDING COMPANY, LLC, 
 as Purchaser 
  
 to SECURITY AGREEMENT 
  
 dated as of February 25, 2002 

 THIS AMENDMENT NO. 7 TO THE SECURITY AGREEMENT, dated as of August 1, 2003 (this “Amendment”)
is among AMERICREDIT MTN RECEIVABLES TRUST III (the “Debtor”), AMERICREDIT FINANCIAL SERVICES, INC., individually and in its capacity as Servicer (“AFS”), MBIA INSURANCE CORPORATION, as Note Insurer (the “Note
Insurer”), JPMORGAN CHASE BANK, as Collateral Agent (the “Collateral Agent”), and MERIDIAN FUNDING COMPANY, LLC, as Purchaser (“Meridian”), to the Security Agreement dated as of February 25, 2002 (the “Security
Agreement”). 
  
 WHEREAS, the Debtor, AFS, AmeriCredit MTN
Corp. III and the Collateral Agent entered into a Security Agreement dated as of February 25, 2002 relating to the $500,000,000 AmeriCredit MTN Receivables Trust III Note; 
  
 WHEREAS, Section 9.2(b) of the Security Agreement permits amendment of the Security Agreement by the Debtor, AFS, the Note
Insurer, the Collateral Agent 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, Amendment No. 5, dated as of June 20, 2003 and Amendment No. 6, dated as of August 18, 2003, among the Parties; 
  
 WHEREAS, the Note Insurer is the Controlling Party under the Transaction
Documents; 
  
 WHEREAS, the Parties wish to amend the Security
Agreement as provided herein. 
  
 NOW, THEREFORE, for good and
valuable consideration, the receipt and adequacy of which are hereby acknowledged, 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 1.1 (Certain Defined Terms) 
  
 (a) The definition of “Reimbursement Amount” contained in Section 1.1 is amended by replacing the clause “Section 2.3(a)(ix) hereof”
with the clause “Section 2.3(a)(viii)”. 
  
 (b) The
definition of “Servicing Fee” contained in Section 1.1 is amended and restated, in its entirety, as follows: 
  
 “Servicing Fee” means, for any Settlement Period, the fee payable to the Servicer from Collections pursuant to Section 2.3(a)
hereof on the related Remittance Date, in an amount equal to 2.25% per annum on the average daily Aggregate Outstanding Balance of the Receivables (excluding Purchased Receivables and Liquidated Receivables) during such Settlement Period.

  

 (c) Section 1.1 is amended by inserting the following new definition of “Standby Servicer”:

  
 “Standby Servicer” means Systems
& Services Technologies, Inc., and its successors and assigns, and any successor standby servicer appointed by the Note Insurer. 
  
 Section 3. Amendment to Section 2.3 (Monthly Flow of Funds) 
  
 Subdivisions (vii), (viii) and (ix) of Section 2.3(a) are amended and restated, in their entirety, as follows: 

 
 (vii) seventh, from the Total Available Funds, (A)
to the Standby Servicer, any accrued and unpaid fees and expenses payable to the Standby Servicer (to the extent such fees and expenses have not been previously paid by the Servicer); provided, however, the fees and expenses payable to the Standby
Servicer pursuant to this clause (vii)(A) shall not exceed $200,000 in aggregate in any calendar year and (B) to the successor Servicer, if any, (1) transition fees and expenses (including boarding fees) not to exceed $300,000 in aggregate and (2)
any fees and expenses owed to the successor Servicer not paid in (ii) above, which expenses shall not exceed $100,000 in aggregate in any calendar year, in either case, to the extent such fees and expenses have not been previously paid by the
Servicer; 
  
 (viii) eighth, from Total
Available Funds, to the Note Insurer, the Premium Amount then due, any accrued and unpaid Premium Amount with interest at the Late Payment Rate and the Reimbursement Amount, if any, then due it; 
  
 (ix) ninth, from Total Available Funds, to the
Standby Servicer, any accrued and unpaid fees and expenses payable to the Standby Servicer (to the extent such fees and expenses have not been previously paid by the Servicer or pursuant to clause (ii) or (vii) above) and to the successor Servicer,
if any, expenses incurred in connection with the transition of servicing and any fees and expenses owed to the successor Servicer not paid in clause (ii) or (vii) above; 
  
 Section 4. Separate Counterpart. This Amendment may be executed by the parties hereto in separate
counterparts, each of which when so executed and delivered shall be an original, but all such counterparts shall together constitute but one and the same instrument. 
  
 Section 5. Governing Law. THIS AMENDMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS
OF THE STATE OF NEW YORK, WITHOUT REGARD TO ITS CONFLICTS OF LAW PROVISIONS. 
  
 Section 6. Binding Effect; Ratification. 
  
 (a) This Amendment shall become effective as of the date first set forth above, when counterparts hereof shall have been executed and
delivered by the parties 

  

 
hereto, and thereafter shall be binding on the parties hereto and their respective successors and assigns. 
  
 (b) On and after the execution and delivery hereof, (i) this
Amendment shall be a part of the Security Agreement, and (ii) each reference in any Transaction Document (as defined in the Insurance Agreement) to the Security Agreement shall mean and be a reference to the Security Agreement as amended hereby.

  
 (c) Except as expressly amended hereby, all
provisions of the Security Agreement shall remain in full force and effect and are hereby ratified and confirmed by the parties hereto. 
  
 [Signature Pages Follow] 
  

 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 Note Insurer

		
	By	 	 
	 	 	 Name:

	 	 	 Title:

	
	 JPMORGAN CHASE BANK, as Collateral Agent

		
	By	 	 
	 	 	 Name:

	 	 	 Title:

	
	 MERIDIAN FUNDING COMPANY, LLC, as Purchaser

		
	By	 	 
	 	 	 Name:

	 	 	 Title:

  
 Signature Page for Amendment No.
7 
 to the Security Agreement (MTN III)Amd. No. 10 among AmeriCredit MTN Receivables Trust III

 Exhibit 10.27.11 
  
 AMENDMENT NO. 10 
  
 dated as of May 1, 2004 
  
 among 
  
 AMERICREDIT MTN RECEIVABLES TRUST III, 
 as Debtor, 
  
 AMERICREDIT FINANCIAL SERVICES, INC., 
 Individually and as Servicer, 
  
 MBIA INSURANCE CORPORATION, 
 as Note Insurer

  
 and 
  
 MERIDIAN FUNDING COMPANY, LLC, 
 as Purchaser 
  
 to 
  
 SECURITY AGREEMENT 
  
 dated as of February 25, 2002

 AMENDMENT NO. 10, dated as of May 1, 2004 (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 Note 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 JPMorgan Chase Bank, as
Collateral Agent and as 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; Amendment No. 5, dated as of June 20, 2003; Amendment No. 6, dated as of
August 18, 2003; Amendment No. 7, dated as of August 1, 2003; Amendment No. 8, dated as of November 1, 2003; and Amendment No. 9, dated as of December 1, 2003; 
  

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 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 (x) of Section 6.1 is deleted in its entirety and is replaced with the following: 
  
 (x) (i) the Tangible Net Worth of AmeriCredit Corp. shall be less than the sum of (a) $1,700,000,000 and (b) 75% of the
cumulative positive net income (without deduction for negative net income) of AmeriCredit Corp. for each fiscal quarter having been completed since June 30, 2003, as reported in each annual report on Form 10-K and periodic report on Form 10-Q filed
by AmeriCredit Corp. with the Commission less (c) the amount of any stock repurchase, (ii) the Tangible Net Worth of AmeriCredit Corp. shall be less than the sum of (a) $1,600,000,000 and (b) 75% of the cumulative positive net income (without
deduction for negative net income) of AmeriCredit Corp. for each fiscal quarter having been completed since June 30, 2003, as reported in each annual report on Form 10-K and periodic report on Form 10-Q filed by AmeriCredit Corp. with the
Commission, or (iii) immediately following the completion of any stock repurchase for cash, AmeriCredit Corp. shall have less than $200,000,000 in unrestricted cash; or 
  

 1 

 Section 3. Separate Counterparts. This Amendment may be executed by the Parties in separate
counterparts, each of which when so executed and delivered shall be an original, but all such counterparts shall together constitute but one and the same instrument. 
  
 Section 4. Governing Law. THIS AMENDMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE
OF NEW YORK, WITHOUT REGARD TO ITS CONFLICTS OF LAW PROVISIONS. 
  
 Section 5. Binding Effect; Ratification of Security Agreement. 
  
 (a) This Amendment shall become effective as of the date first set forth above, when counterparts hereof shall have been executed and delivered by the parties hereto, and thereafter shall be binding on the parties
hereto and their respective successors and assigns. 
  
 (b) On and
after the execution and delivery hereof, (i) this Amendment shall be a part of the Security Agreement and (ii) each reference in any Transaction Document (as defined in the Insurance Agreement) to the Security Agreement shall mean and be a reference
to the Security Agreement as amended hereby. 
  
 (c) Except as
expressly amended hereby, all provisions of the Security Agreement shall remain in full force and effect and are hereby ratified and confirmed by the parties hereto. 
  

 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 Note Insurer,

		
	 By
	 	  

	 Name:
	 	 
	 Title:
	 	 
	
	 MERIDIAN FUNDING COMPANY, LLC,
     as Purchaser

		
	 By
	 	  

	 Name:
	 	 
	 Title:

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