Document:

Prepared and filed by St Ives Burrups

Exhibit 4.4

EXECUTION COPY

 

AMBAC  ASSURANCE CORPORATION

 

NOTE  GUARANTY INSURANCE POLICY

 

Policy No. AB0790BE

 

	
  Insured Party:

  	
  The Indenture Trustee (as defined herein) for the    benefit of the Holders (as defined herein) of the AmeriCredit Automobile    Receivables Trust 2004-C-A Notes, issued pursuant to the Indenture.

  
	
   

  	
   

  
	
  Insured Obligations:

  	
  To the extent set forth herein, the aggregate    interest on and the aggregate outstanding principal balance of all Notes    owned by Holders, such principal amount not to exceed in the aggregate    $800,000,000.

  
	
   

  	
   

  
	
  Insured Amounts:

  	
  (i)  With respect to each Distribution    Date, the excess, if any, without duplication, of (a) the Scheduled Payment    minus (b) the sum of, without duplication:     (w) all amounts of Available Funds for the related Collection Period,    (x) Additional Funds Available, if any, for such Distribution Date,    (y) all other funds on deposit in the Collection Account, the Lockbox    Account, the Spread Account and any other Trust Accounts available for    payment of Scheduled Payments on the Notes on such Distribution Date and    (z) any other amounts available pursuant to the Basic Documents to pay    the Scheduled Payments on such Distribution Date, in each case to the extent    available to pay such Scheduled Payments in accordance with the priorities    set forth in the Indenture and the Sale and Servicing Agreement, and    (ii) with respect to any Preference Payment Date, Preference Amounts; provided,
however, that the aggregate amount of all such Preference Amounts    shall be subject to the limitations in such definition; provided, further,    that in no event shall the aggregate amount payable by the Insurer under this    Policy exceed the Maximum Insured Amount.

  

 

For consideration received, AMBAC ASSURANCE  CORPORATION, a Wisconsin domiciled stock insurance corporation (“Ambac”  or the “Insurer”), in consideration of the payment of the insurance  premium payable with respect hereto, hereby unconditionally and irrevocably  guarantees, subject only to (i) proper presentation of a Notice in accordance  with the terms of this Note Guaranty Insurance Policy (together with each and  every endorsement, if any, hereto, the “Policy”) and (ii) the terms of  the Policy, the payment to, or at the direction of, the Indenture Trustee, for  the benefit of the Holders of the Insured Obligations, that portion of the  Insured Amounts which are Due for Payment but are unpaid by reason of  Nonpayment.

 

1.     Definitions.

 

Capitalized terms used herein and not otherwise  defined shall have the meaning assigned to them in the Insurance Agreement or,  if not defined therein, in the Sale and Servicing Agreement, or, if not defined  therein, in the Indenture, without giving effect to any subsequent amendment or  modification

 

 

thereto unless such amendment or modification has been approved in  writing by Ambac.  For purposes of the  Policy, the following terms shall have the following meanings:

 

“Affiliate” shall mean, with respect to any  specified Person, any other Person controlling or controlled by or under common  control with such specified Person.  For  the purposes of this definition, “control” when used with respect to any Person  means the power to direct the management and policies of such Person, directly  or indirectly, whether through the ownership of voting securities, by contract  or otherwise; and the terms “controlling” and “controlled” have meanings  correlative to the foregoing.  

 

 “AmeriCredit” shall mean AmeriCredit Financial Services,  Inc., a Delaware corporation, as Servicer and as seller under the Purchase  Agreement, and its successors and assigns.

 

“AmeriCredit Party” shall  mean any of the Issuer, the Seller, AmeriCredit and any of their respective  Affiliates.

 

“Bankruptcy Code” shall mean Title 11 of the  United States Code.

 

“Basic Documents” shall mean the Sale and Servicing  Agreement, the Certificate of Trust, the Trust Agreement, as amended, the  Custodian Agreement, the Insurance Agreement, the Indenture, the Spread Account  Agreement, the Purchase Agreement and all other documents and certificates  delivered in connection therewith.  

 

“Business Day” shall mean 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 New York City, Fort Worth,  Texas, Wilmington, Delaware or Minneapolis, Minnesota or in the city in which  the corporate trust office of the Indenture Trustee under the Indenture or the  Owner Trustee under the Trust Agreement is located, are authorized or obligated  by law or executive order to be closed.

 

“Certificate of Trust” shall mean the  certificate of trust of the Issuer substantially in the form attached as an  Exhibit to the Trust Agreement.

 

“Class A-1 Notes” shall mean the  Class A-1 1.765% Asset Backed Notes, issued pursuant to the Indenture and  substantially in the form attached as an Exhibit to the Indenture.

 

 “Class A-2  Notes” shall mean the Class A-2 2.39% Asset Backed Notes, issued  pursuant to the Indenture and substantially in the form attached as an Exhibit  to the Indenture.

 

“Class A-3 Notes” shall mean the  Class A-3 3.00% Asset Backed Notes, issued pursuant to the Indenture and  substantially in the form attached as an Exhibit to the Indenture.

 

“Class A-4 Notes” shall mean the  Class A-4 3.61% Asset Backed Notes, issued pursuant to the Indenture and  substantially in the form attached as an Exhibit to the Indenture.

 

“Collection Account” shall mean the account  designated as such, established and maintained pursuant to Section 5.1 of  the Sale and Servicing Agreement.

 

“Collection Period” shall mean, (i) with  respect to the First Distribution Date, the period beginning on the close of  business on August 23, 2004 and ending on the close of business on  September 30, 2004, and (ii) with respect to each subsequent Distribution  Date, the period beginning on the close of business on the last day of the  second preceding calendar month and ending on the close of business on the last  day of the immediately preceding calendar month.  Any amount stated “as of the

 

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close of business on the last day of a Collection Period” shall give  effect to the following calculations as determined as of the end of the day on  such last day:  (i) all  applications of collections and (ii) all distributions.

 

“Distribution Date” shall mean, with respect to  each Collection Period, the sixth (or if AmeriCredit is no longer acting as  Servicer, the tenth) day of the following calendar month, or, if such day is  not a Business Day, the immediately following Business Day, commencing October  6, 2004.

 

“Due for Payment” shall mean, with respect to  any Insured Amounts, such amount as is due and payable pursuant to the terms of  the Indenture.

 

“Final Scheduled Distribution Date” means with  respect to (i) the Class A-1 Notes, the September 6, 2005 Distribution Date,  (ii) the Class A-2 Notes, the November 6, 2007 Distribution Date, (iii) the  Class A-3 Notes, the March 6, 2009 Distribution Date and (iv) the Class A-4  Notes, the May 6, 2011 Distribution Date.

 

 “Financed  Vehicle” shall mean an automobile or light-duty truck, van or mini-van  together with all accessions thereto, securing an Obligor’s indebtedness under  the respective Receivable.

 

“First Distribution Date” shall mean October 6,  2004.

 

“Holder” shall mean any registered owner of a  Note.

 

“Indenture” shall mean that certain Indenture,  dated as of August 23, 2004, by and between the Issuer, the Trust Collateral  Agent and the Indenture Trustee.

 

“Indenture Trustee” shall mean Wells Fargo  Bank, National Association, not in its individual capacity but as trustee under  the Indenture, and its successors and assigns in such capacity. 

 

“Insurance Agreement” shall mean that certain  Insurance and Indemnity Agreement, dated as of August 31, 2004, among the  Insurer, the Issuer, AmeriCredit, as seller under the Purchase Agreement and  Servicer, the Seller, the Trust Collateral Agent and the Indenture Trustee, in  regard to the Notes, as such agreement may be amended, modified or supplemented  from time to time.

 

“Insured Payments” shall mean, (i) with respect  to any Distribution Date, the aggregate amount actually paid by the Insurer to,  or at the direction of, the Indenture Trustee in respect of Insured Amounts for  such Distribution Date (other than Preference Amounts) and (ii) the aggregate  amount of any Preference Amounts paid by the Insurer on any given Business Day.

 

“Insurer” shall mean Ambac, or any successor  thereto, as issuer of this Policy.

 

“Interest Period” means, with respect to any  Distribution Date, the period from and including the most recent Distribution  Date on which interest has been paid (or in the case of the First Distribution  Date, from and including the Closing Date) to, but excluding, the following  Distribution Date.  In the case of the  First Distribution Date, the Interest Period shall be 36 days for the Class A-1  Notes and 35 days for the Class A-2 Notes, Class A-3 Notes and Class A-4 Notes.

 

 “Interest  Rate” shall mean, with respect to (i) the Class A-1 Notes, 1.765%  per annum (computed on the basis of a 360-day year and the actual number of  days elapsed in the applicable Interest Period), (ii) the Class A-2  Notes, 2.39% per annum (computed on the basis of a 360-day year consisting of  twelve 30-day months), (iii) the Class A-3 Notes, 3.00% per annum  (computed on the basis of a 360-day year

 

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consisting of twelve 30-day months) and (iv) the Class A-4 Notes,  3.61% per annum (computed on the basis of a 360-day year consisting of twelve  30-day months).

 

“Issuer” shall mean AmeriCredit Automobile  Receivables Trust 2004-C-A, a Delaware statutory trust.

 

“Late Payment Rate” shall mean the lesser of  (a) the greater of (i) the per annum rate of interest publicly  announced from time to time by Citibank, N.A. as its prime or base lending rate  (any change in such rate of interest to be effective on the date such change is  announced by Citibank, N.A.), plus 2% per annum and (ii) the then  applicable highest rate of interest on the Notes and (b) the maximum rate  permissible under applicable usury or similar laws limiting interest  rates.  The Late Payment Rate shall be  computed on the basis of the actual number of days elapsed over a year of 360  days.

 

“Lockbox Account” shall mean an account  maintained by the Lockbox Bank pursuant to Section 4.2(d) of the Sale and  Servicing Agreement.

 

“Lockbox Bank” shall mean a depositary  institution named by the Servicer and acceptable to the Controlling Party.

 

“Maximum Insured Amount” shall mean  $800,000,000 in respect of principal, plus interest thereon calculated at the  applicable Interest Rate for the Notes.

 

“Nonpayment” shall mean, with respect to any  Distribution Date, Insured Amounts which are Due for Payment but have not been  paid pursuant to the Indenture or the Sale and Servicing Agreement, as  applicable.

 

“Notes” shall mean, collectively, the  Class A-1 Notes, the Class A-2 Notes, the Class A-3 Notes and  the Class A-4 Notes.

 

“Notice” shall mean the telephonic or  telegraphic notice, promptly confirmed in writing by telecopy substantially in  the form of Exhibit A or Exhibit B, as applicable, to this  Policy, the original of which is subsequently delivered by registered or  certified mail, from the Indenture Trustee specifying the amount of any Insured  Payment which shall be due and owing.

 

“Obligor” shall mean, on a Receivable, the  purchaser or co-purchasers of the Financed Vehicle and any other Person who  owes payments under the Receivable.

 

“Order” shall have the meaning given such term  in Section 8 hereto.

 

“Person” shall mean any individual,  corporation, estate, partnership, joint venture, association, joint stock  company, trust (including any beneficiary thereof), unincorporated  organization, limited liability company or government or any agency or  political subdivision thereof.

 

“Preference Amount” shall mean any interest on  or principal of the Notes which has become Due for Payment, the Nonpayment of  which would have been covered by the Policy, and which was made to a Holder by  or on behalf of the Issuer which has been deemed a preferential transfer and  recoverable, or theretofore recovered, from its Holder pursuant to the  Bankruptcy Code in accordance with a final, nonappealable order of a court of  competent jurisdiction; provided that any Preference Amount that  constitutes interest shall be limited to the amount of interest on the  outstanding principal amount of the Notes (calculated at the Interest Rate for  the relevant class of Notes) accrued as of the last day of the applicable  interest accrual period with respect to the Notes and shall not, in any event,  include any interest

 

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on the Notes accrued after such date or any interest on such interest  amount; provided, further, that in no event shall Ambac be  obligated to make any payment in respect to any Preference Amount to the extent  that such payment, when added to all prior payments of Insured Amounts, would  exceed the Maximum Insured Amount.

 

“Preference Payment Date” shall have the  meaning given such term in Section 8 hereto.

 

“Purchase Agreement” shall mean the Purchase  Agreement between AFS SenSub Corp. and AmeriCredit Financial Services, Inc.  dated as of August 23, 2004, as such Purchase Agreement may be amended  from time to time.

 

“Receivables” shall mean any of the motor  vehicle retail installment sale contracts or promissory notes listed in  Schedule A to the Sale and Servicing Agreement.

 

“Receivable Files” shall mean the documents  relating to the Receivables specified in Section 3.3 of the Sale and  Servicing Agreement.

 

“Reimbursement Amount” shall mean, as of any  Distribution Date, the sum of (x)(i) all Insured Payments paid by Ambac, but  for which Ambac has not been reimbursed prior to such Distribution Date  pursuant to Section 3.3 of the Insurance Agreement, Section 5.6 of the  Indenture and Section 5.7 of the Sale and Servicing Agreement, plus (ii)  interest accrued on such Insured Payments not previously repaid calculated at  the Late Payment Rate from the date the Indenture Trustee, or any other Person  at its direction, received the related Insured Payments or the date such  Insured Payments were made, and (y) without duplication (i) any amounts  then due and owing to Ambac under the Insurance Agreement, Section 5.6 of the  Indenture and Sections 5.7(a)(iv) and (vi) of the Sale and Servicing Agreement,  as certified to the Indenture Trustee by Ambac plus (ii) interest on  such amounts at the Late Payment
Rate.

 

“Sale and Servicing Agreement” shall mean that  certain Sale and Servicing Agreement, dated as of August 23, 2004, by and among  the Issuer, the Seller, AmeriCredit, and Wells Fargo Bank, National  Association, as Trust Collateral Agent and Backup Servicer, as the same may be  amended or supplemented from time to time.

 

“Scheduled Payments” shall mean, with respect to any Distribution Date, an  amount equal to the sum of (a) the Noteholders’ Interest Distributable Amount and the Noteholders’ Parity Deficit  Amount for the related Distribution Date and, without duplication, (b) if the  related Distribution Date is the Final Scheduled Distribution Date for any  class of Notes, the outstanding principal amount of such Class on such date  after application of all funds available to pay principal amounts on such Class  of Notes from all sources other than the Policy; provided that Scheduled  Payments shall not include (x) any portion of a Noteholders’ Interest  Distributable Amount or of a Noteholders’ Interest Carryover Amount due to  Holders because the Notice in proper form was not timely received by Ambac, or  (y) any portion of a Noteholders’ Interest Distributable Amount due to Holders  representing
interest on any Noteholders’ Interest Carryover Amount.

 

“Seller” shall mean AFS SenSub Corp., a Nevada corporation, and  its successors and assigns.

 

“Service Contract” shall mean, with respect to a Financed Vehicle,  the agreement, if any, financed under the related Receivable that provides for  the repair of the Financed Vehicle.

 

“Servicer” shall mean  AmeriCredit Financial Services, Inc., a Delaware corporation, and its  successors and assigns.

 

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“Spread Account” shall mean the account designated as such,  established and maintained pursuant to the Spread Account Agreement.

 

“Spread Account Agreement” shall mean the Spread Account Agreement dated as of August 23,  2004 among the Insurer, the Issuer, and Wells Fargo Bank, National Association,  as Indenture Trustee, Trust Collateral Agent and Collateral Agent, as the same  may be amended or supplemented from time to time.

 

“Trust Accounts” shall have the meaning assigned thereto in  Section 5.1 of the Sale and Servicing Agreement.

 

“Trust Agreement” shall  mean the Trust Agreement dated as of August 4, 2004 between the Seller and  Wilmington Trust Company, not in its individual capacity but solely as Owner Trustee, as amended and restated as of August 23,  2004, as the same may be amended or  supplemented from time to time.

 

“Trust Collateral Agent” shall mean Wells Fargo Bank, National Association, not in its  individual capacity but as Trust Collateral Agent under the Indenture, and its  successors and assigns in such capacity.

 

2.     Payments under the  Policy.

 

	
   

  	
  (a)

  	
  Upon the presentation by the Indenture Trustee to    Ambac at Ambac’s principal office in respect of the applicable Distribution    Date of a duly executed Notice, Ambac will make or cause to be made to the    Indenture Trustee, on the guarantee set forth in the first paragraph of this    Policy, payment in an amount equal to the applicable Insured Amount.

  
	
   

  	
   

  	
   

  
	
   

  	
  (b)

  	
  Amounts payable in respect of any Insured Amounts    due hereunder, unless otherwise stated herein, will be distributed by Ambac    to, or at the direction of, the Indenture Trustee, by wire transfer of    immediately available funds.  Solely    the Indenture Trustee on behalf of the Holders shall have the right to make a    claim for an Insured Payment under this Policy.

  
	
   

  	
   

  	
   

  
	
   

  	
  (c)

  	
  Ambac’s payment obligations hereunder with respect    to particular Insured Amounts shall be discharged to the extent funds equal    to the applicable Insured Amounts are paid by Ambac to, or at the direction    of, the Indenture Trustee in accordance with the Indenture Trustee’s    requests, whether or not such funds are properly applied by the Indenture    Trustee.  Payments of Insured Amounts    shall be made only at the time set forth in this Policy, and no accelerated    Insured Payments shall be made except to the extent that Ambac has specified    an earlier date for payment at its sole option.  This Policy does not insure against loss of any prepayment or    other acceleration payment which at any time may become due in respect of any    Insured Obligations, other than at the sole option of the Insurer, nor    against any risk other than Nonpayment, including failure of the Indenture    Trustee to pay any Insured Amounts or
Scheduled Payments due to Holders.

  
	
   

  	
   

  	
   

  
	
   

  	
  (d)

  	
  Notwithstanding anything to the contrary set forth    herein, in no event shall the aggregate amount paid by Ambac hereunder exceed    the Maximum Insured Amount hereunder.

  

 

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3.     Presentation of  Notice of Non-Payment and Demand.

 

	
   

  	
  (a)

  	
  Notwithstanding any other provision of this Policy    but subject to Section 8 hereof with respect to Preference Amounts, the    Insurer will pay any Insured Amounts payable hereunder other than with    respect to Preference Amounts to, or at the direction of, the Indenture    Trustee no later than 12:00 noon, New York City time, on the later of    (i) the Distribution Date on which the related Insured Amount is due for    payment under the Indenture or the Sale and Servicing Agreement, as    applicable, or (ii) the second Business Day following actual receipt in    New York, New York on a Business Day by the Insurer of a Notice in the form    attached as Exhibit A, appropriately completed and executed by the    Indenture Trustee; 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 before 12:00 noon on the following Business Day.

  
	
   

  	
   

  	
   

  
	
   

  	
  (b)

  	
  If any such Notice is not in proper form or is    otherwise insufficient for the purpose of making a claim under this Policy,    it shall be deemed not to have been received by the Insurer for purposes of    this Policy, and the Insurer shall promptly so advise the Indenture Trustee    in writing and the Indenture Trustee may submit an amended or corrected    Notice.  If such an amended or    corrected Notice is in proper form and is otherwise sufficient for the    purpose of making a claim under this Policy, it shall be deemed to have been    timely received on the Business Day of such resubmission subject to the    proviso in (a) above.

  

 

4.     Waiver.  Ambac hereby waives and agrees not to assert  any and all rights to require the Indenture Trustee to make demand on or to  proceed against any Person, party or security prior to demanding payment under  this Policy.  For the avoidance of  doubt, Ambac does not waive its right to seek payment of all Reimbursement  Amounts to which it is entitled.

 

5.     Subrogation.  Upon any payment hereunder, in furtherance  and not in limitation of Ambac’s equitable right of subrogation and Ambac’s  rights under the Insurance Agreement, Ambac will, to the extent of such payment  by Ambac hereunder, be subrogated to the rights of any Holder to receive any  and all amounts due in respect of the Insured Obligations as to which such  Insured Payment was made, to the extent of any payment by Ambac under this  Policy and Ambac will be a co-beneficiary of the Indenture Trustee’s lien under  the Indenture.

 

6.     Communications.  All notices, presentations, transmissions,  deliveries and communications made by the Indenture Trustee to Ambac with  respect to this Policy shall specifically refer to the number of this Policy  and shall be made to Ambac at:

 

	
   

  	
  Ambac Assurance Corporation

  
	
   

  	
  One State Street Plaza

  
	
   

  	
  New York, New York     10004

  
	
   

  	
  Attention:

  	
  Asset-Backed Securities Department Head

  
	
   

  	
   

  	
  General Counsel – URGENT

  
	
   

  	
  Phone:

  	
  (212) 208-3283

  
	
   

  	
  Fax:

  	
  (212) 556-3556

  

 

or to such other address, officer, telephone number or facsimile number  as Ambac may designate to the Indenture Trustee from time to time.

 

7.     Nature of the  Obligations.  Except as expressly  provided herein, the obligations of Ambac under this Policy are irrevocable,  absolute and unconditional.

 

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8.     Termination.  This Policy and the obligations of Ambac  hereunder shall terminate upon the earlier of:

 

	
   

  	
  (a)

  	
  the date on which all of the Insured Amounts have    been paid in full by Ambac to, or at the direction of, the Indenture Trustee;    or

  
	
   

  	
   

  	
   

  
	
   

  	
  (b)

  	
  the close of business on the third (3rd) Business    Day after the earlier of (a) the Final Scheduled Distribution Date that occurs    last for a Class of Notes and (b) the date on which all principal and    interest on the Notes has been paid in full;

  

 

provided, however, that  notwithstanding the occurrence of any of the foregoing events, the Insurer  shall pay any Preference Amount when due to be paid pursuant to an Order  referred to below, but in any event no earlier than the fifth Business Day  following actual receipt by the Insurer of (i) a certified copy of the final,  nonappealable order of a court or other body exercising jurisdiction to the  effect that a Holder is required to return such Preference Amount paid during  the term of this Policy because the payments of such amounts were avoided as a  preferential transfer or otherwise rescinded or required to be restored by the  Indenture Trustee or such Holder (the “Order”), (ii) an opinion of  counsel satisfactory to the Insurer stating that the Order has been entered and  is final and not subject to any stay, (iii) an assignment, in form and  substance satisfactory to the Insurer, duly executed and delivered by such
Holder and the Indenture Trustee, irrevocably assigning to the Insurer all  rights and claims of the Indenture Trustee and such Holder relating to or  arising under the Indenture or otherwise with respect to such Preference Amount,  (iv) appropriate instruments in form satisfactory to the Insurer to effect the  appointment of the Insurer as agent for the Indenture Trustee and such Holder  in any legal proceeding related to such Preference Amount, and (v) a Notice (in  the form attached as Exhibit B) appropriately completed and executed by  the Indenture Trustee (the “Preference Payment Date”); provided, further,  that (I) if such documents are received by the Insurer after 12:00 noon, New  York City time, on such Business Day, they will be deemed to be received on the  following Business Day, (II) the Insurer shall not be obligated to pay any  Preference Amount in respect of principal (other than the Noteholders’ Parity  Deficit Amount) prior to the
Final Scheduled Distribution Date for the relevant  class of Notes and (III) any Preference Amount that constitutes interest shall  be limited to the amount of interest on the Outstanding Amount of the Notes  (calculated at the Interest Rate for the relevant class of Notes) accrued as of  the last day of the applicable interest accrual period with respect to the  Notes and shall not, in any event, include any interest on the Notes accrued  after such date or any interest on such interest amount.  Such payment shall be disbursed to the  receiver, conservator, debtor-in-possession or trustee in bankruptcy named in  the Order, and not to the Indenture Trustee or the Holder directly, unless the  Indenture Trustee or the relevant Holder has made a payment of the Preference  Amount to the court or such receiver, conservator, debtor-in-possession or  trustee in bankruptcy named in the Order, in which case the Insurer will pay  the Indenture Trustee, or as directed by the Indenture Trustee, to the extent
 of the payment of the Preference Amount, subject to the delivery of (a) the  items referred to in clauses (i), (ii), (iii), (iv) and (v) above to the  Insurer and (b) evidence satisfactory to the Insurer that payment has been made  to such court or receiver, conservator, debtor-in-possession or trustee in  bankruptcy named in the Order.

 

Notwithstanding the foregoing, in no event shall Ambac  be obligated to make any payment in respect of any Preference Amount (i) to the  extent that such payment, when added to all prior payments of Insured Amounts,  would exceed the Maximum Insured Amount or (ii) prior to the time Ambac would  have been required to make an Insured Payment pursuant to Section 3 of this  Policy.

 

9.     There shall be no  acceleration payment due under this Policy unless such acceleration is at the  sole option of the Insurer.  This Policy  does not cover (i) premiums, if any, payable in respect of the Notes, (ii)  shortfalls, if any, attributable to any payment of withholding taxes (including  penalties and interest in respect of any such liability) or (iii) any risk  other than Nonpayment, including the failure of

 

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the Indenture Trustee to apply, disburse, transfer or direct Policy  payments or Available Funds or other amounts in accordance with the Indenture  to Holders or to any other party.

 

10.     Miscellaneous.

 

	
   

  	
  (a)

  	
  This Policy sets forth the full understanding of    Ambac and, except as expressly provided herein, or as otherwise agreed in    writing hereafter by Ambac and Indenture Trustee, may not be canceled or    revoked.

  
	
   

  	
   

  	
   

  
	
   

  	
  (b)

  	
  This Policy is issued pursuant to, and shall be    construed under, the laws of the State of New York, without giving effect to    the conflicts of laws rules thereof, as contemplated in Section 5-1401 of the    New York General Obligations Law.

  
	
   

  	
   

  	
   

  
	
   

  	
  (c)

  	
  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.

  
	
   

  	
   

  	
   

  
	
   

  	
  (d)

  	
  Any notice hereunder or service of process on Ambac    may be made at the address listed above for Ambac or such other address as    Ambac shall specify in writing to the Indenture Trustee.

  
	
   

  	
   

  	
   

  
	
   

  	
  (e)

  	
  The premium of this Policy is not refundable for any    reason.  The premium will be payable    on this Policy on each Distribution Date as provided in the Insurance    Agreement, beginning with the First Distribution Date.

  

 

A PERSON WHO FILES A CLAIM WITH INTENT TO  DEFRAUD OR HELPS COMMIT A FRAUD AGAINST AN INSURER IS GUILTY OF A CRIME.

 

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IN WITNESS WHEREOF, Ambac has caused this Note  Guaranty Insurance Policy to be executed and attested this 31st day  of August, 2004.

 

	
   

  	
  AMBAC ASSURANCE    CORPORATION

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ MICHAEL BABICK

  
	
   

  	
   

  	
  Name:     Michael Babick

  
	
   

  	
   

  	
  Title:  First    Vice President

  

 

	
  Attest:

  
	
   

  
	
  /s/ KATHLEEN DRENNEN

  
	
  Name: Kathleen Drennen

  
	
  Title:     Assistant Secretary

  

 

 

EXHIBIT  A

 

TO THE  NOTE GUARANTY INSURANCE POLICY

 

Policy No. AB0790BE

 

NOTICE  OF NONPAYMENT AND DEMAND

FOR  PAYMENT OF INSURED AMOUNTS

(OTHER  THAN PREFERENCE AMOUNT)

 

Date:  _________

 

 

Ambac Assurance Corporation
  One State Street Plaza
  New York, New York  10004
  Attention:     Asset-Backed Securities Department Head
                       General  Counsel – URGENT

 

Reference is made to Note Guaranty Insurance Policy  No. AB0790BE (the “Policy”) issued by Ambac Assurance Corporation (“Ambac”).  Terms capitalized herein and not otherwise  defined shall have the meanings specified in the Policy, unless the context  otherwise requires.

 

The undersigned hereby certifies as follows:

 

	
   

  	
  1.

  	
  It is the Indenture Trustee under the Indenture, and    is acting for the Holders.

  
	
   

  	
   

  	
   

  
	
   

  	
  2.

  	
  The relevant Distribution Date is [date].

  
	
   

  	
   

  	
   

  
	
   

  	
  3.

  	
  There is an amount of $_____________ with respect to    such Distribution Date, which amount is a Insured Amount which is Due for Payment.

  
	
   

  	
   

  	
   

  
	
   

  	
  4.

  	
  The Indenture Trustee has not heretofore made a    demand for the Insured Amount in respect of such Distribution Date.

  
	
   

  	
   

  	
   

  
	
   

  	
  5.

  	
  The Indenture Trustee hereby requests the payment of    the Insured Amount that is Due for Payment be made by Ambac under the Policy    and directs that payment under the Policy be made to the Indenture Trustee to    the following account by bank wire transfer of federal or other immediately    available funds in accordance with the terms of the Policy to:_____________.1

  
	
   

  	
   

  	
   

  
	
   

  	
  6.

  	
  The Indenture Trustee hereby agrees that, following    receipt by the Indenture Trustee of the Insured Payment from Ambac, it shall    (a) hold such amounts in trust and apply the same directly to the    distribution of payments in respect of the Notes when due, (b) not apply such    funds for any other purpose, and (c) maintain an accurate record of such 

  

 

	
  1

  	
  The account number of the Indenture Trustee.

  

 

A-1

 

	
   

  	
   

  	
  payments with respect to the Notes and the    corresponding claim on the Policy and proceeds thereof.

  
	
   

  	
   

  	
   

  
	
   

  	
  7.

  	
  The Indenture Trustee hereby assigns to Ambac all    rights, and confirms that the Holders have assigned all rights, under the    Insured Obligations in respect of which payment is being requested to Ambac.

  

 

A PERSON WHO FILES A CLAIM WITH INTENT TO  DEFRAUD OR HELPS COMMIT A FRAUD AGAINST AN INSURER IS GUILTY OF A CRIME.

 

	
   

  	
  By: ______________________________________

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Title:______________________________________

  
	
   

  	
  (Officer)

  

 

A-2

 

EXHIBIT  B

 

TO THE  NOTE GUARANTY INSURANCE POLICY

 

Policy No. AB0790BE

 

NOTICE  OF NONPAYMENT AND DEMAND

FOR  PAYMENT OF PREFERENCE AMOUNT

 

Date:  _________

 

 

Ambac Assurance Corporation
  One State Street Plaza
  New York, New York  10004
  Attention:    Asset-Backed Securities Department Head
                      General  Counsel – URGENT

 

Reference is made to Note Guaranty Insurance Policy  No. AB0790BE (the “Policy”) issued by Ambac Assurance Corporation (“Ambac”).  Terms capitalized herein and not otherwise  defined shall have the meanings specified in the Policy, unless the context otherwise  requires.

 

The undersigned hereby certifies as follows:

 

	
   

  	
  1.

  	
  It is the Indenture Trustee under the Indenture, and    is acting for the Holders.

  
	
   

  	
   

  	
   

  
	
   

  	
  2.

  	
  [A payment previously made in respect of the Notes    pursuant to the Indenture has become a Preference Amount, as indicated by the    attached Order.]

  
	
   

  	
   

  	
   

  
	
   

  	
  3.

  	
  The Holder of the applicable Notes has certified    that the Order has been entered and is not subject to stay.

  
	
   

  	
   

  	
   

  
	
   

  	
  4.

  	
  The amount of the Preference Amount is $___________,    and consists of interest in the amount of $___________ paid on ___________,    _______, [and principal in the amount of $___________ paid on ___________,    _______.]

  
	
   

  	
   

  	
   

  
	
   

  	
  5.

  	
  Neither the Indenture Trustee nor the Holder has    heretofore made a demand for such Preference Amount.

  
	
   

  	
   

  	
   

  
	
   

  	
  6.

  	
  The Indenture Trustee hereby requests the payment of    the Insured Payment be made by Ambac under the Policy and directs that    payment under the Policy be made to the Indenture Trustee to the following    account by bank wire transfer of federal or other immediately available funds    in accordance with the terms of the Policy to:_______.2

  

 

	
  2

  	
  The account of the relevant receiver, conservator,    debtor-in-possession or trustee in bankruptcy named in the Order, unless the    Holder or Indenture Trustee has already paid such Preference Amount to such    party, in which case, the account of the payor.

  

 

B-1

 

	
   

  	
  7.

  	
  The Indenture Trustee hereby agrees that if such    Insured Payment is made to the Indenture Trustee, following receipt of such    Insured Payment from Ambac, it shall (a) hold such amounts in trust and    apply the same directly to the Holder for payment of the Preference Amount,    (b) not apply such funds for any other purpose, and (c) maintain an    accurate record of such payments with respect to the Notes and the corresponding    claim on the Policy and proceeds thereof.

  
	
   

  	
   

  	
   

  
	
   

  	
  8.

  	
  The Indenture Trustee hereby assigns to Ambac all    rights, and confirms that the Holders have assigned all rights, under the    Insured Obligations in respect of which payment is being requested to Ambac.

  

 

A PERSON WHO FILES A CLAIM  WITH INTENT TO DEFRAUD OR HELPS COMMIT A FRAUD AGAINST AN INSURER IS GUILTY OF  A CRIME.

 

	
   

  	
  By: ______________________________________

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Title:______________________________________

  
	
   

  	
  (Officer)

  

 

B-2Prepared and filed by St Ives Burrups

Exhibit 10.1

EXECUTION COPY

PURCHASE AGREEMENT

between

AFS SENSUB CORP.

Purchaser

and

AMERICREDIT FINANCIAL SERVICES, INC.

Seller

Dated as of August 23, 2004

 

	 	 	 	 	Page
	 	 	 
	ARTICLE I. DEFINITIONS
    

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

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

    	 	 4
	 	 	 	 	 
	SECTION 3.1
	 	Representations and Warranties of Seller	 	4
	SECTION 3.2
	 	Representations and Warranties of Purchaser	 	5
	 	 	 	 	 
	ARTICLE IV. COVENANTS OF SELLER
      	 	 7
	 	 	 	 	 
	SECTION 4.1
	 	Protection of Title of Purchaser.	 	7
	SECTION 4.2
	 	Other Liens or Interests	 	9
	SECTION 4.3
	 	Costs and Expenses	 	9
	SECTION 4.4
	 	Indemnification.	 	9
	 	 	 	 	 
	ARTICLE V. REPURCHASES
	 	 11
	 	 	 	 	 
	SECTION 5.1
	 	Repurchase of Receivables Upon Breach of Warranty	 	11
	SECTION 5.2
	 	Reassignment of Purchased Receivables	 	12
	SECTION 5.3
	 	Waivers	 	12
	 	 	 	 	 
	ARTICLE VI. MISCELLANEOUS
	 	 12
	 	 	 	 	 
	SECTION 6.1
	 	Liability of Seller	 	12
	SECTION 6.2
	 	Merger or Consolidation of Seller or Purchaser	 	12
	SECTION 6.3
	 	Limitation on Liability of Seller and Others	 	13
	SECTION 6.4
	 	Seller May Own Notes or the Certificate	 	13
	SECTION 6.5
	 	Amendment.	 	13
	SECTION 6.6
	 	Notices	 	13
	SECTION 6.7
	 	Merger and Integration	 	14
	SECTION 6.8
	 	Severability of Provisions	 	15
	SECTION 6.9
	 	Intention of the Parties.	 	15
	SECTION 6.10
	 	Governing Law	 	16
	SECTION 6.11
	 	Counterparts	 	16
	SECTION 6.12
	 	Conveyance of the Receivables and the Other Conveyed Property to the Issuer	 	16
	SECTION 6.13
	 	Nonpetition Covenant	 	16

i

 

	SECTION 6.14
	 	Benefits of Purchase Agreement	 	16

SCHEDULES

Schedule A — Schedule
      of Receivables

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

ii

PURCHASE AGREEMENT

THIS PURCHASE AGREEMENT, dated as of August 23, 2004, executed among AFS SenSub Corp., a Nevada corporation, as purchaser (“Purchaser”) and AmeriCredit Financial Services, Inc., a Delaware corporation, as Seller (“Seller”).

W I T N E S S E T H :

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

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

ARTICLE I.

DEFINITIONS

      SECTION 1.1 General.     The specific terms defined in this Article include the plural as well as the singular. The words “herein,” “hereof” and “hereunder” and other words of similar import refer to this Agreement as a whole and not to any particular Article, Section or other
 subdivision, and Article, Section, Schedule and Exhibit references, unless otherwise specified, refer to Articles and Sections of and Schedules and Exhibits to this Agreement. Capitalized terms used herein without definition shall have the respective meanings assigned to such terms in the
 Sale and Servicing Agreement dated as of August 23, 2004, by and among AFS SenSub Corp. (as Seller), AmeriCredit Financial Services, Inc. (in its individual capacity and as Servicer), AmeriCredit Automobile Receivables Trust 2004-C-A (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 August 31, 2004.

      “Issuer” means AmeriCredit Automobile Receivables Trust 2004-C-A.

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

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

 

      “Receivables” means the Receivables listed on the Schedules of Receivables attached hereto.

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

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

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

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

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

      “Trust Collateral Agent” means 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

2

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

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

ARTICLE II.

CONVEYANCE OF THE RECEIVABLES

AND THE OTHER CONVEYED PROPERTY

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

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

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

      SECTION 2.2 [Reserved]

3

ARTICLE III.

REPRESENTATIONS AND WARRANTIES

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

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

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

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

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

(e) Valid Sale; Binding Obligations.     This Agreement and Seller’s Related Documents have been duly executed and delivered, shall effect a valid sale, transfer and assignment of the Receivables and the Other Conveyed Property to the Purchaser, enforceable against Seller and
 creditors of and purchasers from Seller; and this Agreement and Seller’s Related Documents constitute legal, valid and binding obligations of Seller enforceable in accordance with their respective terms, except as enforceability

4

may be limited by bankruptcy, insolvency, reorganization or other similar laws affecting the enforcement of creditors’ rights generally and by equitable limitations on the availability of specific remedies, regardless of whether such enforceability is considered in a proceeding in equity or
 at law.

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

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

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

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

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

5

(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 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

6

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 Receivables and the Other Conveyed Property being sold by it to
 Purchaser as collateral, with the office of the Secretary of State of the State of Delaware and in such other locations as Purchaser shall have required. From time to time thereafter, Seller shall execute and file such financing statements and cause to be executed and filed such continuation
 statements, all in such manner and in such places as may be required by law fully to preserve, maintain and protect the interest of Purchaser under this Agreement, of the Issuer under the Sale and Servicing Agreement and of the Trust Collateral Agent under the Indenture in the
 Receivables and the Other Conveyed Property and in the proceeds thereof. Seller shall deliver (or cause to be delivered) to Purchaser, the Trust Collateral Agent and the Insurer file-stamped copies of, or filing receipts for, any document filed as provided above, as

7

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

8

(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, 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,

9

including, without limitation, any sales, gross receipts, general corporation, tangible or intangible personal property, privilege, or license taxes (but not including any taxes asserted with respect to, and as of the date of, the sale, transfer and assignment of the Receivables and the Other
 Conveyed Property to Purchaser and by Purchaser to the Issuer or the issuance and original sale of the Notes or issuance of the Certificate, or asserted with respect to ownership of the Receivables and Other Conveyed Property which shall be indemnified by Seller pursuant to clause (e)
 below, or federal, state or other income taxes, arising out of distributions on the Notes or the Certificate or transfer taxes arising in connection with the transfer of the Notes or the Certificate) and costs and expenses in defending against the same, arising by reason of the acts to be
 performed by Seller under this Agreement or imposed against such Persons.

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

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

(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

10

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 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.

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      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
 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

12

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.

      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

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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, 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

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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 Seller hereby grants to Purchaser a security interest in all of Seller’s right, title and interest in and to (collectively, the “Collateral”):

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

(2) the Other Conveyed Property conveyed to Purchaser by Seller pursuant to this Agreement including (a) an assignment of the security interests in the Financed Vehicles granted by Obligors pursuant to the Receivables and any other interest of the Seller in such Financed
 Vehicles, (b) any proceeds and the right to receive any proceeds with respect to the Receivables from claims on any physical damage, credit life or disability insurance policies covering Financed Vehicles or Obligors and any proceeds from the liquidation of the Receivables, net of those
 reimbursable liquidation expenses set forth in Article IV of the Sale and Servicing Agreement, (c) any proceeds from any Receivable repurchased by a Dealer, pursuant to a Dealer Agreement, as a result of a breach of representation or warranty in the related Dealer Agreement, (d) any
 proceeds from any Receivable repurchased by a Third-Party Lender, pursuant to an Auto Loan Purchase and Sale Agreement, as a result of a breach of representation or warranty in the related Auto Loan Purchase and Sale Agreement, (e) all rights under any Service Contracts on the
 related Financed Vehicles and (f) the related Receivables Files,

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

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(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 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).

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

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

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

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

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      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 RECEIVABLES

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

 

SCHEDULE B

REPRESENTATIONS AND WARRANTIES OF

AMERICREDIT FINANCIAL SERVICES, INC. (“AMERICREDIT”)

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

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

      3.   Compliance with Law.     All requirements of applicable federal, state and local laws, and regulations thereunder (including, without limitation, usury laws, the Federal Truth-in-Lending Act, the Equal Credit Opportunity Act, the Fair Credit Billing Act, the Fair Credit
 Reporting Act, the Fair Debt Collection Practices Act, the Federal Trade Commission Act, the Moss-Magnuson Warranty Act, the Federal Reserve Board’s Regulations “B” and “Z” (including amendments to the Federal Reserve’s Official Staff Commentary to Regulation Z, effective
 October 1, 1998, concerning negative equity loans), the 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 Vehicle evidenced by each Receivable complied at the time it was originated or
 made and now complies in all material respects with all applicable legal requirements.

 

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

      5.   Binding Obligation.     Each Receivable represents the genuine, legal, valid and binding payment obligation of the Obligor thereon, enforceable by the holder thereof in accordance with its terms, except (A) as enforceability may be limited by bankruptcy, insolvency,
 reorganization or similar laws affecting the enforcement of creditors’ rights generally and by equitable limitations on the availability of specific remedies, regardless of whether such enforceability is considered in a proceeding in equity or at law and (B) as such Receivable may be
 modified by the application after the Cutoff Date of the 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 Cutoff Date no Obligor had been identified on the records of AmeriCredit as being the subject of a current bankruptcy proceeding.

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

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

      10. Computer Tape.     The Computer Tape made available by AmeriCredit to AFS SenSub Corp. and to the Trust on the Closing Date was complete and accurate as of the Cutoff Date and includes a description of the same Receivables that are described in the Schedule 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 chattel paper within the meaning of the UCC as in effect in the States of Texas, New York, Nevada and Delaware.

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

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

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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.

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

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

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

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

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

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

      24. Insurance.     At the time of 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 Cutoff Date.

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

      26. Remaining Principal Balance.     At the Cutoff Date the Principal Balance of each Receivable set forth in the Schedules of Receivables is true and accurate in all material 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 Cutoff Date, of not more than 72 months.

(C) Not more than 40% of the Receivables (calculated by Aggregate Principal Balance) has an original term to maturity of 72 months.

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

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

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

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

(H) Not more than 35% of the Obligors reside in Texas and California (based on the Obligor’s mailing address).

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

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

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

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

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

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

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

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

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

      32. 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.

      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.

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