Document:

exv4w4

 

Exhibit 4.4

NOTE GUARANTY INSURANCE POLICY

POLICY NUMBER: 46361(1)

	 	 	 
	OBLIGATIONS:

	 	AmeriCredit Automobile Receivables Trust 2005-B-M
	

	 	Automobile Receivables Backed Notes
	

	 	$239,000,000 Class A-1 Notes
	

	 	$375,000,000 Class A-2 Notes
	

	 	$430,000,000 Class A-3 Notes
	

	 	$306,000,000 Class A-4 Notes

     MBIA Insurance Corporation (the “Insurer”), in consideration of the payment of the premium and
subject to the terms of this Note Guaranty Insurance Policy (this “Policy”), hereby unconditionally
and irrevocably guarantees to any Owner that an amount equal to each full and complete Insured
Payment will be received from the Insurer by Wells Fargo Bank, National Association, or its
successors, as Trustee for the Owners (the “Trustee”), on behalf of the Owners, for distribution by
the Trustee to each Owner of each Owner’s proportionate share of the Insured Payment. The
Insurer’s obligations hereunder with respect to a particular Insured Payment shall be discharged to
the extent funds equal to the applicable Insured Payment are received by the Trustee, whether or
not such funds are properly applied by the Trustee. Insured Payments shall be made only at the
time set forth in this Policy, and no accelerated Insured Payments shall be made regardless of any
acceleration of the Obligations, unless such acceleration is at the sole option of the Insurer.

     Notwithstanding the foregoing paragraph, this Policy does not cover any shortfalls, if any,
attributable to the liability of the Issuer or the Trustee for withholding taxes, if any (including
interest and penalties in respect of any such liability).

     The Insurer will pay any Insured Payment that is a Preference Amount on the Business Day
following receipt on a Business Day by the Fiscal Agent (as described below) of (a) a certified
copy of the order requiring the return of a preference payment, (b) an opinion of counsel
satisfactory to the Insurer that such order is final and not subject to appeal, (c) an assignment
in such form as is reasonably required by the Insurer, irrevocably assigning to the Insurer all
rights and claims of the Owner relating to or arising under the Obligations against the debtor
which made such preference payment or otherwise with respect to such preference payment and (d)
appropriate instruments to effect the appointment of the Insurer as agent for such Owner in any
legal proceeding related to such preference payment, such instruments being in a form satisfactory
to the Insurer, provided that if such documents are received after 12:00 noon, New York City time,
on such Business Day, they will be deemed to be received on the following Business Day. Such
payments shall be disbursed to the receiver or trustee in bankruptcy named in the final order of
the court exercising jurisdiction on behalf of the Owner and not to any Owner directly unless such
Owner has returned principal or interest paid on the Obligations to such receiver or trustee in
bankruptcy, in which case such payment shall be disbursed to such Owner.

     The Insurer will pay any other amount payable hereunder no later than 12:00 noon, New York
City time, on the later of the Distribution Date on which the related Deficiency Amount is

 

 

due or the second Business Day following receipt in New York, New York on a Business Day by
U.S. Bank Trust National Association, as Fiscal Agent for the Insurer, or any successor fiscal
agent appointed by the Insurer (the “Fiscal Agent”), of a Notice (as described below), provided
that if such Notice is received after 12:00 noon, New York City time, on such Business Day, it will
be deemed to be received on the following Business Day. If any such Notice received by the Fiscal
Agent is not in proper form or is otherwise insufficient for the purpose of making claim hereunder,
it shall be deemed not to have been received by the Fiscal Agent for purposes of this paragraph,
and the Insurer or the Fiscal Agent, as the case may be, shall promptly so advise the Trustee and
the Trustee may submit an amended Notice.

     Insured Payments due hereunder, unless otherwise stated herein, will be disbursed by the
Fiscal Agent to the Trustee on behalf of the Owners by wire transfer of immediately available funds
in the amount of the Insured Payment less, in respect of Insured Payments related to Preference
Amounts, any amount held by the Trustee for the payment of such Insured Payment and legally
available therefor.

     The Fiscal Agent is the agent of the Insurer only, and the Fiscal Agent shall in no event be
liable to Owners for any acts of the Fiscal Agent or any failure of the Insurer to deposit, or
cause to be deposited, sufficient funds to make payments due under this Policy.

     Subject to the terms of the Agreement, the Insurer shall be subrogated to the rights of each
Owner to receive payments under the Obligations to the extent of any payment by the Insurer
hereunder.

     As used herein, the following terms shall have the following meanings:

     “Agreement” means the Indenture dated as of May 25, 2005 among AmeriCredit Automobile
Receivables Trust 2005-B-M, as Issuer and Wells Fargo Bank, National Association, as Trustee and
Trust Collateral Agent, and the Sale and Servicing Agreement dated as of May 25, 2005 among
AmeriCredit Automobile Receivables Trust 2005-B-M, as Issuer, AFS Sensub Corp., as Seller,
AmeriCredit Financial Services, Inc., as Servicer, Wells Fargo Bank, National Association, as Trust
Collateral Agent and as Back-up Servicer, without regard to any amendment or supplement thereto,
unless such amendment or supplement has been approved in writing by the Insurer.

     “Business Day” means any day other than (a) a Saturday or a Sunday, (b) a day on which the
Insurer is closed or (c) a day on which banking institutions in the states of Texas, Delaware,
Minnesota or New York are authorized or obligated by law or executive order to be closed.

     “Deficiency Amount” means, for any Distribution Date, an amount equal to the excess, if any,
of (a) the sum, without duplication, of (i) the Noteholders’ Interest Distributable Amount (net of
any interest shortfall resulting from the application of the Servicemembers Civil Relief Act, as
amended, or any similar state legislation or regulations), (ii) the Noteholders’ Parity Deficit
Amount for the related Distribution Date and (iii) if the related Distribution Date is the Final
Scheduled Distribution Date for any Class, the unpaid principal amount of the Class over (b) the
sum, without duplication, of (i) the amount actually deposited into the Note Distribution Account
on the related Distribution Date (excluding amounts to be drawn under the Insurance Policy) and
(ii) Additional Funds Available, if any, for the Distribution Date.

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     “Insured Payment” means (a) as of any Distribution Date, any Deficiency Amount and (b) any
Preference Amount.

     “Notice” means the telephonic or telegraphic notice, promptly confirmed in writing by
facsimile substantially in the form of Exhibit A attached hereto, the original of which is
subsequently delivered by registered or certified mail, from the Trustee specifying the Insured
Payment which shall be due and owing on the applicable Distribution Date.

     “Owner” means each Note Owner (as defined in the Agreement) who, on the applicable Payment
Date, is entitled under the terms of the applicable Obligations to payment thereunder.

     “Preference Amount” means any amount previously distributed to an Owner on the Obligations
that is recoverable and sought to be recovered as a voidable preference by a trustee in bankruptcy
pursuant to the United States Bankruptcy Code (11 U.S.C.), as amended from time to time in
accordance with a final nonappealable order of a court having competent jurisdiction.

     Capitalized terms used herein and not otherwise defined herein shall have the respective
meanings set forth in the Agreement as of the date of execution of this Policy, without giving
effect to any subsequent amendment to or modification of the Agreement unless such amendment or
modification has been approved in writing by the Insurer.

     Any notice hereunder or service of process on the Fiscal Agent may be made at the address
listed below for the Fiscal Agent or such other address as the Insurer shall specify in writing to
the Trustee.

     The notice address of the Fiscal Agent is 15th Floor, 61 Broadway, New York, New
York 10006, Attention: Municipal Registrar and Paying Agency, or such other address as the Fiscal
Agent shall specify to the Trustee in writing.

     THIS POLICY IS BEING ISSUED UNDER AND PURSUANT TO, AND SHALL BE CONSTRUED UNDER, THE LAWS OF
THE STATE OF NEW YORK, WITHOUT GIVING EFFECT TO THE CONFLICT OF LAWS PRINCIPLES THEREOF.

     The insurance provided by this Policy is not covered by the Property/Casualty Insurance
Security Fund specified in Article 76 of the New York Insurance Law.

     This Policy is not cancelable for any reason. The premium on this Policy is not refundable
for any reason, including payment, or provision being made for payment, prior to maturity of the
Obligations.

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     IN WITNESS WHEREOF, the Insurer has caused this Policy to be executed and attested this
2nd day of June, 2005.

	 	 	 	 	 
	 	 	MBIA INSURANCE CORPORATION
	 
	 	 	 	 
	

	 	By
	 	/s/ Neil G. Budnick
	

	 	 	 	 
	

	 	 	 	President
	 
	 	 	 	 
	 	 	Attest:
	 
	 	 	 	 
	

	 	By
	 	/s/ Stephanie Taylor Ciavarello
	

	 	 	 	 
	

	 	 	 	Assistant Secretary

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EXHIBIT A

TO NOTE GUARANTY INSURANCE

POLICY NUMBER: 46361(1)

NOTICE UNDER NOTE GUARANTY

INSURANCE POLICY NUMBER: 46361(1)

U.S. Bank Trust National Association, as Fiscal Agent

     for MBIA Insurance Corporation

15th Floor

61 Broadway

New York, NY 10006

Attention: Municipal Registrar and

     Paying Agency

MBIA Insurance Corporation

113 King Street

Armonk, NY 10504

The undersigned, a duly authorized officer of [NAME OF TRUSTEE] as Trustee (the “Trustee”), hereby
certifies to U.S. Bank Trust, National Association, (the “Fiscal Agent”) and MBIA Insurance
Corporation (the “Insurer”), with reference to Note Guaranty Insurance Policy Number: 46361(1)
(the “Policy”) issued by the Insurer in respect of the AmeriCredit Automobile Receivables Trust
2005-B-M Automobile Receivables Backed Notes $239,000,000 Class A-1 Notes, $375,000,000 Class A-2
Notes, $430,000,000 Class A-3 Notes, $306,000,000 Class A-4 Notes (the “Obligations”), that:

     (a) the Trustee is the Trustee under the Indenture dated as of May 25, 2005 among
AmeriCredit Automobile Receivables Trust 2005-B-M, as Issuer and Wells Fargo Bank, N.A. as
Trustee and as Trust Collateral Agent;

     (b) the amount under clause (a)(i) of the definition of Deficiency Amount for the
Distribution Date occurring on [                                        ] (the “Applicable Distribution
Date”) is $[                                        ];

     (c) the amount under clause (a)(ii) of the definition of Deficiency Amount for the
Applicable Distribution Date is $[                                        ];

     (d) the amount under clause (a)(iii) of the definition of Deficiency Amount for the
Applicable Distribution Date is $[                                        ];

     (e) the amount under clause (b)(i) of the definition of Deficiency Amount for the
Applicable Distribution Date is $[                                        ];

     (f) the amount under clause (b)(ii) of the definition of Deficiency Amount for the
Applicable Distribution Date is $[                                        ];

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     (g) the excess of (1) the sum of the amounts listed in paragraphs (b), (c) and (d)
above over (2) the sum of the amounts listed in paragraphs (e) and (f) above, as of the date
of this Notice, is $[                                        ] (the “Deficiency Amount”);

     (h) the amount of previously distributed payments on the Obligations that is
recoverable and sought to be recovered as a voidable preference by a trustee in bankruptcy
pursuant to the Bankruptcy Code in accordance with a final nonappealable order of a court
having competent jurisdiction is $[                                        ] (the “Preference Amount”);

     (i) the total Insured Payment due is $[                    ], which amount equals the sum of
the Deficiency Amount and the Preference Amount;

     (j) the Trustee is making a claim under and pursuant to the terms of the Policy for the
dollar amount of the Insured Payment set forth in (e) above to be applied to the payment of
the Deficiency Amount for the Applicable Distribution Date in accordance with the Agreement
and for the dollar amount of the Insured Payment set forth in (f) above to be applied to the
payment of any Preference Amount; and

     (k) the Trustee directs that payment of the Insured Payment be made to the following
account by bank wire transfer of federal or other immediately available funds in accordance
with the terms of the Policy: [TRUSTEE’S ACCOUNT NUMBER].

     Any capitalized term used in this Notice and not otherwise defined herein shall have the
meaning assigned thereto in the Policy.

     Any Person Who Knowingly And With Intent To Defraud Any Insurance Company Or Other Person
Files An Application For Insurance Or Statement Of Claim Containing Any Materially False
Information, Or Conceals For The Purpose Of Misleading, Information Concerning Any Fact Material
Thereto, Commits A Fraudulent Insurance Act, Which Is A Crime, And Shall Also Be Subject To A Civil
Penalty Not To Exceed Five Thousand Dollars And The Stated Value Of The Claim For Each Such
Violation.

     IN WITNESS WHEREOF, the Trustee has executed and delivered this Notice under the Policy as of
the [                    ] day of [                                        ], [                    ].

	 	 	 	 	 
	 	 	[NAME OF TRUSTEE], as Trustee
	 
	 	 	 	 
	

	 	By	 	 
	

	 	 	 	 
	

	 	Title	 	 
	

	 	 	 	 

6exv10w1

 

Exhibit 10.1

EXECUTION COPY

PURCHASE AGREEMENT

between

AFS SENSUB CORP.

Purchaser

and

AMERICREDIT FINANCIAL SERVICES, INC.

Seller

Dated as of May 25, 2005

 

 

TABLE OF CONTENTS

	 	 	 	 	 
	 	 	 	 	Page
	ARTICLE I. DEFINITIONS	 	1
	 
	 	 	 	 
	SECTION 1.1
	 	General	 	1
	SECTION 1.2
	 	Specific Terms	 	1
	SECTION 1.3
	 	Usage of Terms	 	3
	SECTION 1.4
	 	[Reserved]	 	3
	SECTION 1.5
	 	No Recourse	 	3
	SECTION 1.6
	 	Action by or Consent of Noteholders and Certificateholder	 	3
	SECTION 1.7
	 	Material Adverse Effect	 	3
	 
	 	 	 	 
	ARTICLE II. CONVEYANCE OF THE RECEIVABLES AND THE OTHER CONVEYED PROPERTY	 	4
	 
	 	 	 	 
	SECTION 2.1
	 	Conveyance of the Receivables and the Other Conveyed Property	 	4
	SECTION 2.2
	 	Conveyance of the Subsequent
Receivables and the Subsequent Other Conveyed Property	 	4
	 
	 	 	 	 
	ARTICLE III. REPRESENTATIONS AND WARRANTIES	 	5
	 
	 	 	 	 
	SECTION 3.1
	 	Representations and Warranties of Seller	 	5
	SECTION 3.2
	 	Representations and Warranties of Purchaser	 	6
	 
	 	 	 	 
	ARTICLE IV. COVENANTS OF SELLER	 	8
	 
	 	 	 	 
	SECTION 4.1
	 	Protection of Title of Purchaser	 	8
	SECTION 4.2
	 	Other Liens or Interests	 	10
	SECTION 4.3
	 	Costs and Expenses	 	10
	SECTION 4.4
	 	Indemnification	 	10
	 
	 	 	 	 
	ARTICLE V. REPURCHASES	 	12
	 
	 	 	 	 
	SECTION 5.1
	 	Repurchase of Receivables Upon Breach of Warranty	 	12
	SECTION 5.2
	 	Reassignment of Purchased Receivables	 	13
	SECTION 5.3
	 	Waivers	 	13
	 
	 	 	 	 
	ARTICLE VI. MISCELLANEOUS	 	13
	 
	 	 	 	 
	SECTION 6.1
	 	Liability of Seller	 	13
	SECTION 6.2
	 	Merger or Consolidation of Seller or Purchaser	 	13
	SECTION 6.3
	 	Limitation on Liability of Seller and Others	 	14
	SECTION 6.4
	 	Seller May Own Notes or the Certificate	 	14
	SECTION 6.5
	 	Amendment	 	15
	SECTION 6.6
	 	Notices	 	15
	SECTION 6.7
	 	Merger and Integration	 	16
	SECTION 6.8
	 	Severability of Provisions	 	16
	SECTION 6.9
	 	Intention of the Parties	 	16
	SECTION 6.10
	 	Governing Law	 	17
	SECTION 6.11
	 	Counterparts	 	17
	SECTION 6.12
	 	Conveyance of the Receivables and the Other Conveyed Property to the Issuer	 	17

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	 	 	 	 	Page
	SECTION 6.13
	 	Nonpetition Covenant	 	18
	SECTION 6.14
	 	Benefits of Purchase Agreement	 	18

SCHEDULES

Schedule A — Schedule of Initial Receivables

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

EXHIBITS

Exhibit A — Form of Subsequent Purchase Agreement

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PURCHASE AGREEMENT

          THIS PURCHASE AGREEMENT, dated as of May 25, 2005, executed among AFS SenSub Corp., a Nevada
corporation, as purchaser (“Purchaser”) and AmeriCredit Financial Services, Inc., a
Delaware corporation, as Seller (“Seller”).

W I T N E S S E T H :

          WHEREAS, Purchaser has agreed to purchase from the Seller, and the Seller, pursuant to this
Agreement, is transferring to Purchaser the Initial Receivables and Initial Other Conveyed Property
and with respect to the Subsequent Receivables will transfer on the related Subsequent Transfer
Date the Subsequent Receivables and Subsequent Other Conveyed Property.

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

ARTICLE I.

DEFINITIONS

          SECTION 1.1 General. The specific terms defined in this Article include the plural as well
as the singular. The words “herein,” “hereof” and “hereunder” and other words of similar import
refer to this Agreement as a whole and not to any particular Article, Section or other subdivision,
and Article, Section, Schedule and Exhibit references, unless otherwise specified, refer to
Articles and Sections of and Schedules and Exhibits to this Agreement. Capitalized terms used
herein without definition shall have the respective meanings assigned to such terms in the Sale and
Servicing Agreement dated as of May 25, 2005, by and among AFS SenSub Corp. (as Seller),
AmeriCredit Financial Services, Inc. (in its individual capacity and as Servicer), AmeriCredit
Automobile Receivables Trust 2005-B-M (as Issuer), Wells Fargo Bank, National Association, as
Backup Servicer and Trust Collateral Agent.

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

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

          “Closing Date” means June 2, 2005.

          “Initial Other Conveyed Property” means all property conveyed by the Seller to the
Purchaser pursuant to this Agreement other than the Initial Receivables.

          “Initial Receivables” means the Receivables listed on the Schedule of Initial
Receivables attached hereto.

 

 

          “Issuer” means AmeriCredit Automobile Receivables Trust 2005-B-M.

          “Owner Trustee” means Wilmington Trust Company, as Owner Trustee appointed and acting
pursuant to the Trust Agreement.

          “Receivables” means the Initial Receivables and the Subsequent Receivables.

          “Related Documents” means the Notes, the Certificate, the Custodian Agreement, the
Sale and Servicing Agreement, the Indenture, the Trust Agreement, the Note Policy, the Spread
Account Agreement, the Insurance Agreement, the Lockbox Agreement, the Swap Agreement, the
Underwriting Agreement and, with respect to the Subsequent Receivables, each Subsequent Purchase
Agreement and each Subsequent Transfer Agreement. The Related Documents to be executed by any
party are referred to herein as “such party’s Related Documents,” “its Related
Documents” or by a similar expression.

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

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

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

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

          “Subsequent Cutoff Date” means the date specified in the related Subsequent Transfer
Agreement, provided, however that such date shall be on or before the Subsequent Transfer Date.

          “Subsequent Other Conveyed Property” means all property conveyed by the Seller to the
Purchaser pursuant to the related Subsequent Purchase Agreement other than the Subsequent
Receivables.

          “Subsequent Purchase Agreement” means an agreement by and between the Seller and the
Purchaser pursuant to which the Purchaser will acquire Subsequent Receivables.

          “Subsequent Receivables” means Receivables transferred to the Purchaser pursuant to
Section 2.2, which shall be listed on Schedule A to the related Subsequent Purchase Agreement.

          “Subsequent Transfer Agreement” means an agreement among the Issuer, the Seller and
the Servicer, substantially in the form of Exhibit A to the Sale and Servicing Agreement.

          “Subsequent Transfer Date” means, with respect to Subsequent Receivables, any

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date, occurring not more frequently than once a month, during the Funding Period on which Subsequent
Receivables are to be transferred to the Purchaser pursuant to this Agreement, and a Subsequent
Purchase Agreement is executed and delivered.

          “Trust Collateral Agent” means Wells Fargo Bank, National Association, as trust
collateral agent and any successor trust collateral agent appointed and acting pursuant to the Sale
and Servicing Agreement.

          “Trustee” means Wells Fargo Bank, National Association, as trustee and any successor
Trustee appointed and acting pursuant to the Indenture.

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

          SECTION 1.4 [Reserved].

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

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

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

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ARTICLE II.

CONVEYANCE OF THE RECEIVABLES

AND THE OTHER CONVEYED PROPERTY

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

     (a) Subject to the terms and conditions of this Agreement, Seller hereby sells,
transfers, assigns, and otherwise conveys to Purchaser without recourse (but without
limitation of its obligations in this Agreement), and Purchaser hereby purchases, all right,
title and interest of Seller in and to the Initial Receivables and the Initial Other
Conveyed Property. It is the intention of Seller and Purchaser that the transfer and
assignment contemplated by this Agreement shall constitute a sale of the Initial Receivables
and the Initial Other Conveyed Property from Seller to Purchaser, conveying good title
thereto free and clear of any liens, and the beneficial interest in and title to the Initial
Receivables and the Initial Other Conveyed Property shall not be part of Seller’s estate in
the event of the filing of a bankruptcy petition by or against Seller under any bankruptcy
or similar law.

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

          SECTION 2.2 Conveyance of the Subsequent Receivables and the Subsequent Other Conveyed
Property.

     (a) On each Subsequent Transfer Date and simultaneously with the execution and delivery
of the related Subsequent Purchase Agreement, the Seller shall sell, transfer, assign, and
otherwise convey to Purchaser without recourse (but without limitation of its obligations in
this Agreement), and Purchaser shall purchase, all right, title and interest of Seller in
and to the Subsequent Receivables and the Subsequent Other Conveyed Property. It is the
intention of Seller and Purchaser that the transfer and assignment contemplated by such
Subsequent Purchase Agreement shall constitute a sale of the
Subsequent Receivables and the Subsequent Other Conveyed Property from Seller to
Purchaser, conveying good title thereto free and clear of any liens, and the beneficial
interest in and title to the Subsequent Receivables and the Subsequent Other Conveyed
Property shall not be part of Seller’s estate in the event of the filing of a bankruptcy
petition by or against Seller under any bankruptcy or similar law.

     (b) Simultaneously with the conveyance of the Subsequent Receivables and the Subsequent
Other Conveyed Property to Purchaser, Purchaser shall pay or cause to be paid to or upon the
order of Seller the amount set forth in the related Subsequent Purchase Agreement.

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ARTICLE III.

REPRESENTATIONS AND WARRANTIES

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

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

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

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

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

     (e) Valid Sale; Binding Obligations. This Agreement and Seller’s Related
Documents have been duly executed and delivered, shall effect a valid sale, transfer and
assignment of the Receivables and the Other Conveyed Property to the Purchaser,

5

 

enforceable against Seller and creditors of and purchasers from Seller; and this Agreement and Seller’s
Related Documents constitute legal, valid and binding obligations of Seller enforceable in
accordance with their respective terms, except as enforceability may be limited by
bankruptcy, insolvency, reorganization or other similar laws affecting the enforcement of
creditors’ rights generally and by equitable limitations on the availability of specific
remedies, regardless of whether such enforceability is considered in a proceeding in equity
or at law.

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

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

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

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

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

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sale, transfer and assignment of the Receivables and the Other Conveyed Property hereunder and the
sale, transfer and assignment thereof by Purchaser to the Issuer under the Sale and Servicing
Agreement.

     (a) Organization and Good Standing. Purchaser has been duly organized and is
validly existing and in good standing as a corporation under the laws of the State of
Nevada, with the power and authority to own its properties and to conduct its business as
such properties are currently owned and such business is currently conducted, and had at all
relevant times, and has, full power, authority and legal right to acquire and own the
Receivables and the Other Conveyed Property, and to transfer the Receivables and the Other
Conveyed Property to the Issuer pursuant to the Sale and Servicing Agreement.

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

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

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

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

     (f) No Violation. The execution, delivery and performance by Purchaser of this
Agreement, the consummation of the transactions contemplated by this Agreement and the
Related Documents and the fulfillment of the terms of this Agreement and the Related
Documents do not and will not conflict with, result in any breach of any of the terms and
provisions of, or constitute (with or without notice or lapse of time) a default under, the
certificate of incorporation or by-laws of Purchaser, or conflict with or breach any of the
terms or provisions of, or constitute (with or without notice or lapse of time) a default
under, any indenture, agreement, mortgage, deed of trust or other instrument to which

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Purchaser is a party or by which Purchaser is bound or to which any of its properties are
subject, or result in the creation or imposition of any Lien upon any of its properties
pursuant to the terms of any such indenture, agreement, mortgage, deed of trust or other
instrument (other than the Sale and Servicing Agreement and the Spread Account Agreement),
or violate any law, order, rule or regulation, applicable to Purchaser or its properties, of
any federal or state regulatory body, any court, administrative agency, or other
governmental instrumentality having jurisdiction over Purchaser or any of its properties.

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

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

ARTICLE IV.

COVENANTS OF SELLER

          SECTION 4.1 Protection of Title of Purchaser.

     (a) At or prior to the Closing Date, Seller shall have filed or caused to be filed a
UCC-1 financing statement, naming Seller as seller or debtor, naming Purchaser as purchaser
or secured party and describing the Initial Receivables and the Initial Other Conveyed
Property being sold by it to Purchaser as collateral, with the office of the Secretary of
State of the State of Delaware and in such other locations as Purchaser shall have required.
At or prior to any Subsequent Transfer Date, Seller shall file or cause to be filed a UCC-1
financing statement naming Seller as seller or debtor, naming the Purchaser as purchaser or
secured party and describing the Subsequent Receivables and the Subsequent Other Conveyed
Property being sold by it to the Purchaser as collateral,

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

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

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

     (d) Prior to the Closing Date and with respect to Subsequent Receivables, the
Subsequent Transfer Date, Seller has maintained accounts and records as to each Receivable
accurately and in sufficient detail to permit (i) the reader thereof to know at any time as
of or prior to the Closing Date and with respect to Subsequent Receivables, the Subsequent
Transfer Date, the status of such Receivable, including payments and recoveries made and
payments owing (and the nature of each) and (ii) reconciliation between payments or
recoveries on (or with respect to) each Receivable and the Principal

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Balance as of the Closing Date and with respect to Subsequent Receivables, the Subsequent Transfer Date.
Seller shall maintain its computer systems so that, from and after the time of sale under
this Agreement of the Receivables to Purchaser, and the conveyance of the Receivables by
Purchaser to the Issuer, Seller’s master computer records (including archives) that shall
refer to a Receivable indicate clearly that such Receivable has been sold to Purchaser and
has been conveyed by Purchaser to the Issuer. Indication of the Issuer’s ownership of a
Receivable shall be deleted from or modified on Seller’s computer systems when, and only
when, the Receivable shall become a Purchased Receivable or a Sold Receivable or shall have
been paid in full or pursuant to the terms of the Sale and Servicing Agreement.

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

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

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

          SECTION 4.4 Indemnification.

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

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

     (c) Seller shall defend, indemnify and hold harmless Purchaser, the Issuer, the Trust
Collateral Agent, the Trustee, the Backup Servicer, the Owner Trustee, the Insurer,

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the Noteholders and the Certificateholder from and against any and all costs, expenses, losses,
damages, claims and liabilities arising out of or resulting from any action taken, or failed
to be taken, by it in respect of any portion of the Receivables other than in accordance
with this Agreement or the Sale and Servicing Agreement.

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

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

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

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

     (h) Seller shall indemnify, defend and hold harmless Purchaser, the Issuer, the Trust
Collateral Agent, the Trustee, the Backup Servicer, the Owner Trustee, the Insurer, the
Noteholders and the Certificateholder from and against any loss, liability or expense
imposed upon, or incurred by, Purchaser, the Issuer, the Trust Collateral Agent, the
Trustee, the Backup Servicer, the Owner Trustee, the Noteholders or the Certificateholder as
result of the failure of any Receivable, or the sale of the related Financed Vehicle, to
comply with all requirements of applicable law.

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

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

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

ARTICLE V.

REPURCHASES

          SECTION 5.1 Repurchase of Receivables Upon Breach of Warranty. Upon the occurrence of a
Repurchase Event, Seller shall, unless the breach which is the subject of such Repurchase Event
shall have been cured in all material respects, repurchase the Receivable relating thereto from the
Issuer and, simultaneously with the repurchase of the Receivable, Seller shall deposit the Purchase
Amount in full, without deduction or offset, to the Collection Account, pursuant to Section 3.2 of
the Sale and Servicing Agreement. It is understood and agreed that, except as set forth in Section
6.1 hereof, the obligation of Seller to repurchase any Receivable, as to which a breach occurred
and is continuing, shall, if such obligation is fulfilled, constitute the sole remedy against
Seller for such breach available to Purchaser, the Issuer, the Insurer, the Backup Servicer, the
Noteholders, the Certificateholder, the Trust Collateral Agent on behalf of the Noteholders or the
Owner Trustee on behalf of the Certificateholder. The provisions of this Section 5.1 are intended
to grant the Issuer, the Insurer and the Trust Collateral Agent a direct right against Seller to
demand performance hereunder, and in connection therewith, Seller

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waives any requirement of prior demand against Purchaser with respect to such repurchase obligation. Any such repurchase shall
take place in the manner specified in Section 3.2 of the Sale and Servicing Agreement.
Notwithstanding any other provision of this Agreement or the Sale and Servicing Agreement to the
contrary, the obligation of Seller under this Section shall not terminate upon a termination of
Seller as Servicer under the Sale and Servicing Agreement and shall be performed in accordance with
the terms hereof notwithstanding the failure of the Servicer or Purchaser to perform any of their
respective obligations with respect to such Receivable under the Sale and Servicing Agreement.

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

          SECTION 5.2 Reassignment of Purchased Receivables. Upon deposit in the Collection Account
of the Purchase Amount of any Receivable repurchased by Seller under Section 5.1 hereof, Purchaser
and the Issuer shall take such steps as may be reasonably requested by Seller in order to assign to
Seller all of Purchaser’s and the Issuer’s right, title and interest in and to such Receivable and
all security and documents and all Other Conveyed Property conveyed to Purchaser and the Issuer
directly relating thereto, without recourse, representation or warranty, except as to the absence
of Liens created by or arising as a result of actions of Purchaser or the Issuer. Such assignment
shall be a sale and assignment outright, and not for security. If, following the reassignment of a
Purchased Receivable, in any enforcement suit or legal proceeding, it is held that Seller may not
enforce any such Receivable on the ground that it shall not be a real party in interest or a holder
entitled to enforce the Receivable, Purchaser and the Issuer shall, at the expense of Seller, take such steps as Seller
deems reasonably necessary to enforce the Receivable, including bringing suit in Purchaser’s or in
the Issuer’s name.

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

ARTICLE VI.

MISCELLANEOUS

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

          SECTION 6.2 Merger or Consolidation of Seller or Purchaser. Any corporation or other
entity (i) into which Seller or Purchaser may be merged or consolidated, (ii) resulting from any
merger or consolidation to which Seller or Purchaser is a party or (iii) succeeding to the

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

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

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

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          SECTION 6.5 Amendment.

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

     (b) This Agreement may also be amended from time to time by Seller and Purchaser, with
the prior written consent of the Insurer (so long as an Insurer Default shall not have
occurred and be continuing) and with the consent of the Trust Collateral Agent and, if
required, the Certificateholder and the Noteholders, in accordance with the Sale and
Servicing Agreement, for the purpose of adding any provisions to or changing in any manner
or eliminating any of the provisions of this Agreement, or of modifying in any manner the
rights of the Certificateholder or Noteholders; provided, however, the
Seller provides the Trust Collateral Agent with an Opinion of Counsel, (which may be
provided by the Seller’s internal counsel) that no such amendment shall increase or
reduce in any manner the amount of, or accelerate or delay the timing of, collections of
payments on Receivables or distributions that shall be required to be made on any Note or
Certificate; provided further that if an Insurer Default has occurred and is continuing,
such amendment shall not materially adversely affect the interests of the Insurer.

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

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

          SECTION 6.6 Notices. All demands, notices and communications to Seller or Purchaser
hereunder shall be in writing, personally delivered, or sent by telecopier (subsequently confirmed
in writing), reputable overnight courier or mailed by certified mail, return receipt requested, and
shall be deemed to have been given upon receipt (a) in the case of Seller, to AmeriCredit Financial
Services, Inc., 801 Cherry Street, Suite 3900, Fort Worth, Texas 76102,

15

 

Attention: Chief Financial Officer, or (b) in the case of Purchaser, to AFS SenSub Corp., 2265 B Renaissance Drive, Suite 17,
Las Vegas, Nevada 89119, Attention: Chief Financial Officer, or such other address as shall be
designated by a party in a written notice delivered to the other party or to the Issuer, Owner
Trustee, the Insurer or the Trust Collateral Agent, as applicable.

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

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

          SECTION 6.9 Intention of the Parties.

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

          (1) the Initial Receivables and the Subsequent Receivables and all moneys received
thereon after the Initial Cutoff Date or the related Subsequent Cutoff Date, as applicable,

          (2) the Initial Other Conveyed Property and the Subsequent Other Conveyed Property
conveyed to Purchaser by Seller pursuant to this Agreement including (a) an assignment of
the security interests in the Financed Vehicles granted by Obligors pursuant to the Initial
Receivables and the Subsequent Receivables and any other interest of the Seller in such
Financed Vehicles, (b) any proceeds and the right to receive any proceeds with respect to
the Initial Receivables and the Subsequent Receivables from claims on any physical damage,
credit life or disability insurance policies covering Financed Vehicles or Obligors and any
proceeds from the liquidation of the Initial Receivables and the Subsequent Receivables, (c)
any proceeds from any Receivable repurchased by a Dealer, pursuant to a Dealer Agreement, as
a result of a

16

 

breach of representation or warranty in the related Dealer Agreement, (d) any
proceeds from any Receivable repurchased by a Third-Party Lender, pursuant to an Auto Loan
Purchase and Sale Agreement, as a result of a breach of representation or warranty in the
related Auto Loan Purchase and Sale Agreement, (e) all rights under any Service Contracts on
the related Financed Vehicles, (f) the related Receivables Files and (g) the proceeds of any
and all of the foregoing,

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

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

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

          SECTION 6.10 Governing Law. This Agreement shall be construed in accordance with, and this Agreement and all matters
arising out of or relating in any way to this Agreement shall be governed by, the law of the State
of New York, without giving effect to its conflict of law provisions (other than Sections 5-1401
and 5-1402 of the New York General Obligations Law).

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

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

17

 

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

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

[Remainder of page intentionally left blank]

18

 

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

	 	 	 	 	 
	 	 	AFS SENSUB CORP., as Purchaser
	 
	 	 	 	 
	

	 	By
	 	/s/ Sheli Fitzgerald
	

	 	 	 	 
	

	 	 	 	Name: Sheli Fitzgerald

Title: Assistant Vice President, Structured Finance
	 
	 	 	 	 
	 	 	AMERICREDIT FINANCIAL
SERVICES, INC., as Seller

	 
	 	 	 	 
	

	 	By
	 	/s/ Susan B. Sheffield
	

	 	 	 	 
	

	 	 	 	Name: Susan B. Sheffield

Title: Senior Vice President, Structured Finance

	 	 	 	 
	Accepted:
	 
	 	 
	WELLS FARGO BANK, NATIONAL ASSOCIATION,

as Trustee and Trust Collateral Agent
	 
	 	 
	By

	 	/s/ Marianna C. Stershic
	

	 	 
	

	 	Name: Marianna C. Stershic

Title: Vice President

[Purchase Agreement]

 

 

SCHEDULE A

SCHEDULE OF INITIAL RECEIVABLES

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

 

 

SCHEDULE B

REPRESENTATIONS AND WARRANTIES OF

AMERICREDIT FINANCIAL SERVICES, INC. (“AMERICREDIT”)

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

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

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

B-1

 

Vehicle evidenced by each Receivable complied at the time it was originated or made and now
complies in all material respects with all applicable legal requirements.

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

          5. Binding Obligation. Each Receivable represents the genuine, legal, valid and
binding payment obligation of the Obligor thereon, enforceable by the holder thereof in accordance
with its terms, except (A) as enforceability may be limited by bankruptcy, insolvency,
reorganization or similar laws affecting the enforcement of creditors’ rights generally and by
equitable limitations on the availability of specific remedies, regardless of whether such
enforceability is considered in a proceeding in equity or at law and (B) as such Receivable may be
modified by the application after the Initial Cutoff Date or the Subsequent Cutoff Date, as
applicable, of the Servicemembers Civil Relief Act, as amended; and all parties to each Receivable
had full legal capacity to execute and deliver such Receivable and all other documents related
thereto and to grant the security interest purported to be granted thereby.

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

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

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

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

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

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

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

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

B-2

 

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

          15. Receivables in Force. No Receivable has been satisfied, subordinated or
rescinded, and the Financed Vehicle securing each such Receivable has not been released from the
lien of the related Receivable in whole or in part. No terms of any Receivable have been waived,
altered or modified in any respect since its origination, except by instruments or documents
identified in the Receivable File or the Servicer’s electronic records.

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

          17. Good Title. Immediately prior to the conveyance of the Receivables to AFS SenSub
Corp. pursuant to this Agreement or Subsequent Transfer Agreement, as applicable, AmeriCredit was
the sole owner thereof and had good and indefeasible title thereto, free of any Lien and, upon
execution and delivery of this Agreement by AmeriCredit, AFS SenSub Corp. shall have good and
indefeasible title to and will be the sole owner of such Receivables, free of any Lien. No Dealer
or Third-Party Lender has a participation in, or other right to receive, proceeds of any
Receivable. AmeriCredit has not taken any action to convey any right to any Person that would
result in such Person having a right to payments received under the related Insurance Policies or
the related Dealer Agreements, Auto Loan Purchase and Sale Agreements, Dealer Assignments or
Third-Party Lender Assignments or to payments due under such Receivables.

          18. Security Interest in Financed Vehicle. Each Receivable created or shall create a
valid, binding and enforceable first priority security interest in favor of AmeriCredit (or a
Titled Third-Party Lender which first priority security interest has been assigned to AmeriCredit)
in the Financed Vehicle. The Lien Certificate for each Financed Vehicle shows, or if a new or
replacement Lien Certificate is being applied for with respect to such Financed Vehicle the Lien
Certificate will be received within 180 days of the Closing Date or Subsequent Transfer Date, as
applicable, and will show, AmeriCredit (or a Titled Third-Party Lender) named as the original
secured party under each Receivable as the holder of a first priority security interest in such
Financed Vehicle. With respect to each Receivable for which the Lien Certificate has not yet been
returned from the Registrar of Titles, AmeriCredit has applied for or received written evidence
from the related Dealer or Third-Party Lender that such Lien Certificate showing AmeriCredit, the
Issuer or a Titled Third-Party Lender, as applicable, as first lienholder has been applied for and
any Titled Third-Party Lender’s security interest has been validly assigned by the Titled
Third-Party Lender to AmeriCredit and AmeriCredit’s security interest has been validly assigned by
AmeriCredit to AFS SenSub Corp. pursuant to this Agreement. This Agreement creates a valid and
continuing security interest (as defined in the UCC) in the Receivables in favor of the Purchaser,
which security interest is prior to all other Liens, and is enforceable as such as against
creditors of and purchasers from the Seller. Immediately after the sale, transfer and assignment
thereof by

B-3

 

AmeriCredit to AFS SenSub Corp, each Receivable will be secured by an enforceable and
perfected first priority security interest in the Financed Vehicle in favor of AFS SenSub Corp. as
secured party, which security interest is prior to all other Liens upon and security interests in
such Financed Vehicle which now exist or may hereafter arise or be created (except, as to priority,
for any lien for taxes, labor or materials affecting a Financed Vehicle). As of the Initial Cutoff
Date or the Subsequent Cutoff Date, as applicable, there were no Liens or claims for taxes, work,
labor or materials affecting a Financed Vehicle which are or may be Liens prior or equal to the
Liens of the related Receivable.

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

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

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

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

          23. No Default. There has been no default, breach, violation or event permitting
acceleration under the terms of any Receivable (other than payment delinquencies of not more than
30 days), and no condition exists or event has occurred and is continuing that with notice, the
lapse of time or both would constitute a default, breach, violation or event permitting
acceleration under the terms of any Receivable, and there has been no waiver of any of the
foregoing. As of the Initial Cutoff Date or the Subsequent Cutoff Date, as applicable, no Financed
Vehicle had been repossessed.

B-4

 

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

          25. Past Due. At the Initial Cutoff Date or the Subsequent Cutoff Date, as
applicable, no Receivable was more than 30 days past due.

          26. Remaining Principal Balance. At the Initial Cutoff Date or the Subsequent Cutoff
Date, as applicable, the Principal Balance of each Receivable set forth in the Schedules of
Receivables is true and accurate in all material respects.

          27. Certain Characteristics of Receivables. 

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

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

     (C) Not more than 40% of the Initial Receivables (calculated by Aggregate Principal
Balance) has an original term to maturity of 72 months. The original term to maturity of 72
month Receivables in the Trust is 35.73% as of the Initial Cutoff Date.

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

     (E) Each Initial Receivable has an Annual Percentage Rate of at least 1% and not more
than 33%.

     (F) The Initial Receivables’ weighted average Annual Percentage Rate is not less than
16.65%. The weighted average Annual Percentage Rate of the Initial Receivables in the Trust
is 16.73% as of the Initial Cutoff Date.

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

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

B-5

 

     (I) Not more than 35% of the Obligors reside in Texas and California (based on the
Obligor’s mailing address). As of the Initial Cutoff Date, 22.37% of the Obligors (based in
the Obligor’s mailing address) reside in Texas and California.

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

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

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

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

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

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

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

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

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

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

B-6

 

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

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

          35. Perfection. The Seller has taken all steps necessary to perfect its security
interest against the related Obligors in the property securing the Receivables and will take all
necessary steps on behalf of the Trust to maintain the Trust’s perfection of the security interest
created by each Receivable in the related Financed Vehicle.

B-7

 

EXHIBIT A

SUBSEQUENT PURCHASE AGREEMENT

          Transfer
No. ___of Subsequent Receivables, dated as of
______, 200___, pursuant
to a Purchase Agreement (the “Purchase Agreement”) dated as of May 25, 2005, between
AMERICREDIT FINANCIAL SERVICES, INC. a Delaware corporation (the “Seller”) and AFS SENSUB
CORP., a Nevada corporation (the “Purchaser”).

W I T N E S S E T H:

          WHEREAS pursuant to the Purchase Agreement, the Seller wishes to convey the Subsequent
Receivables to the Purchaser; and

          WHEREAS, the Purchaser is willing to accept such conveyance subject to the terms and
conditions hereof.

          NOW, THEREFORE, the Seller and the Purchaser hereby agree as follows:

          1. Defined Terms. Capitalized terms used herein shall have the meanings ascribed to
them in the Purchase Agreement unless otherwise defined herein.

          “Subsequent Cutoff Date” shall mean, with respect to the Subsequent Receivables
conveyed hereby, ______, 200___.

          “Subsequent Transfer Date” shall mean, with respect to the Subsequent Receivables
conveyed hereby, ______, 200___.

          2. Schedule of Receivables. Attached hereto as Schedule A is a supplement to Schedule
A to the Purchase Agreement listing the Receivables that constitute the Subsequent Receivables to
be conveyed pursuant to this Agreement on the Subsequent Transfer Date.

          3. Conveyance of Subsequent Receivables. In consideration of the Purchaser’s delivery
to, or upon the order of, the Seller of $______, the Seller does hereby sell,
transfer, assign, set over and otherwise convey to the Purchaser, without recourse (except as
expressly provided in the Purchase Agreement), all right, title and interest of the Seller in and
to:

     (a) the Subsequent Receivables and all moneys received thereon, after the Subsequent
Cutoff Date;

     (b) the security interests in the Financed Vehicles granted by Obligors pursuant to the
respective Subsequent Receivables and any other interest of the Seller in such Financed
Vehicles;

     (c) any proceeds and the right to receive proceeds with respect to the respective
Subsequent Receivables from claims and on any physical damage, credit life or disability
insurance policies covering the related Financed Vehicles or Obligors and any proceed from
the liquidation of such Subsequent Receivables;

Ex-A-1

 

     (d) any proceeds from any Subsequent Receivable repurchased by a Dealer pursuant to a
Dealer Agreement or a Third-Party Lender pursuant to an Auto Loan Purchase and Sale
Agreement as a result of a breach of representation or warranty in the related Dealer
Agreement or Auto Loan Purchase and Sale Agreement;

     (e) all rights under any Service Contracts on the related Financed Vehicles;

     (f) the related Receivables Files;

     (g) all of the Seller’s right, title and interest in its rights and benefits, but none
of its obligations or burdens, under the Subsequent Purchase Agreement, including the
Seller’s rights under the Subsequent Purchase Agreement and the delivery requirements,
representations and warranties and the cure and repurchase obligations of the Seller under
the Subsequent Purchase Agreement, on or after the Subsequent Cutoff Date;

     (h) all of the Seller’s (i) Accounts, (ii) Chattel Paper, (iii) Documents, (iv)
Instruments and (v) General Intangibles (as such terms are defined in the UCC) relating to
the property described in (a) through (g); and

     (i) all proceed and investments with respect to items (a) through (h).

          The execution and delivery of this Agreement shall constitute an acknowledgment by the Seller
and the Purchaser that they intend that the assignment and transfer herein contemplated constitute
a sale and assignment outright, and not for security, of the Subsequent Receivables and the
Subsequent Other Conveyed Property, conveying good title thereto free and clear of any Liens, from
the Seller to the Purchaser, and that the Subsequent Receivables and the Subsequent Other Conveyed
Property shall not be a part of the Seller’s estate in the event of the bankruptcy, reorganization,
arrangement, insolvency or liquidation proceeding, or other proceeding under any federal or state
bankruptcy or similar law, or the occurrence of another similar event, of, or with respect to the
Seller. In the event that such conveyance is determined to be made as security for a loan made by
the Purchaser, the Issuer, the Noteholders or the Certificateholder to the Seller, the parties
hereto intend that the Seller shall have granted to the Purchaser a security interest in all of the
Seller’s right, title and interest in and to the Subsequent Receivables and the Subsequent Other
Conveyed Property conveyed pursuant to this Section 3, and that this Agreement shall constitute a
security agreement under applicable law.

          4. Representations and Warranties of the Seller. The Seller hereby represents and
warrants to the Purchaser as of the date of this Agreement and as of the Subsequent Transfer Date
that:

     (a) Schedule of Representations. The representations and warranties relating
to the Subsequent Receivables set forth on the Schedule of Representations attached as
Schedule B to the Purchase Agreement are true and correct.

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

Ex-A-2

 

times, and now has, the power, authority and legal right to acquire, own and sell the
Subsequent Receivables and the Subsequent Other Conveyed Property transferred to the
Purchaser.

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

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

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

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

Ex-A-3

 

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

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

     (i) Principal Balance. The aggregate Principal Balance of the Subsequent
Receivables transferred by the Seller listed on Schedule A attached hereto and conveyed to
the Purchaser pursuant to this Agreement as of the Subsequent Cutoff Date is
$______.

     (j) Seller’s Intention. The Subsequent Receivables are being transferred with
the intention of removing them from the Seller’s estate pursuant to Section 541 of the
United States Bankruptcy Code, as the same may be amended from time to time.

          5. Representations and Warranties of the Purchaser. The Purchaser hereby represents
and warrants to the Seller as of the date of this Agreement and as of the Subsequent Transfer Date
that:

     (a) Organization and Good Standing. Purchaser has been duly organized and is
validly existing and in good standing as a corporation under the laws of the State of
Nevada, with the power and authority to own its properties and to conduct its business as
such properties are currently owned and such business is currently conducted, and had at all
relevant times, and has, full power, authority and legal right to acquire and own the
Subsequent Receivables and the Subsequent Other Conveyed Property, and to transfer the
Subsequent Receivables and the Subsequent Other Conveyed Property to the Issuer pursuant to
the Sale and Servicing Agreement.

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

Ex-A-4

 

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

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

     (e) Binding Obligation. This Agreement constitutes a legal, valid and binding
obligation of Purchaser, enforceable against Purchaser in accordance with its terms,

subject, as to enforceability, to applicable bankruptcy, insolvency, reorganization,
conservatorship, receivership, liquidation and other similar laws and to general equitable
principles.

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

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

Ex-A-5

 

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

          6. Conditions Precedent. The obligation of the Purchaser to acquire the Subsequent
Receivables hereunder is subject to the satisfaction, on or prior to the Subsequent Transfer Date,
of the following conditions precedent:

     (a) Representations and Warranties. Each of the representations and warranties
made by the Seller in Sections 4 and 5 of this Agreement and in Sections 3.1 and 3.2 of the
Purchase Agreement shall be true and correct as of the date of this Agreement and as of the
Subsequent Transfer Date.

     (b) Additional Information. The Seller shall have delivered to the Purchaser
such information as was reasonably requested by the Purchaser to satisfy itself as to (i)
the accuracy of the representations and warranties set forth in Section 4 of this Agreement
and in Sections 3.1 and 3.2 of the Purchase Agreement and (ii) the satisfaction of the
conditions set forth in this Section.

          7. Ratification of Agreement. As supplemented by this Agreement, the Purchase
Agreement is in all respects ratified and confirmed and the Purchase Agreement as so supplemented
by this Agreement shall be read, taken and construed as one and the same instrument.

          8. Counterparts. This Agreement may be executed in two or more counterparts (and by
different parties in separate counterparts), each of which shall be an original but all of which
together shall constitute one and the same instrument.

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

Ex-A-6

 

Purchaser to perform its duties and obligations hereunder or under Related Documents) and that
the Trust Collateral Agent may enforce the duties and obligations of the Seller under this
Agreement against the Seller for the benefit of the Insurer, the Owner Trustee, the Trust
Collateral Agent, the Noteholders and the Certificateholder.

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

Ex-A-7

 

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

	 	 	 	 	 
	 	 	AMERICREDIT FINANCIAL SERVICES, INC.
	 
	 	 	 	 
	

	 	By:	 	 
	

	 	 	 	 
	

	 	 	 	Name:
	

	 	 	 	Title:
	 
	 	 	 	 
	 	 	AFS SENSUB CORP.
	 
	 	 	 	 
	

	 	By:	 	 
	

	 	 	 	 
	

	 	 	 	Name:
	

	 	 	 	Title:

Acknowledged and Accepted:

WELLS FARGO BANK, NATIONAL ASSOCIATION,

not in its individual capacity but solely as Trust Collateral Agent

	 	 	 	 
	By:
	 	 
	

	 	 
	

	 	Name:
	

	 	Title:

Ex-A-8

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