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Exhibit 4.3
  Execution Copy    
    

        SALE AND SERVICING

AGREEMENT 

among 

AMERICREDIT
AUTOMOBILE RECEIVABLES TRUST 2003-B-X, 

Issuer,

AFS
SENSUB CORP., 

Seller,

AMERICREDIT
FINANCIAL SERVICES, INC., 

Servicer, 

JPMORGAN
CHASE BANK, 

Trust
Collateral Agent 

and 

SYSTEMS &
SERVICES TECHNOLOGIES, INC. 

Backup
Servicer 

Dated
as of May 14, 2003 

 
 
 

TABLE OF CONTENTS    
    

	 
	 	 
	 	Page

	ARTICLE I Definitions	 	 	 	1
	 	SECTION 1.1.	 	Definitions	 	1
	 	SECTION 1.2.	 	Other Definitional Provisions	 	17
	

ARTICLE II Conveyance of Receivables	
 	

18
	 	SECTION 2.1.	 	Conveyance of Receivables	 	18
	 	SECTION 2.2.	 	[Reserved]	 	18
	 	SECTION 2.3.	 	Further Encumbrance of Trust Property	 	18
	

ARTICLE III The Receivables	
 	

19
	 	SECTION 3.1.	 	Representations and Warranties of Seller	 	19
	 	SECTION 3.2.	 	Repurchase upon Breach	 	19
	 	SECTION 3.3.	 	Custody of Receivables Files	 	20
	

ARTICLE IV Administration and Servicing of Receivables	
 	

21
	 	SECTION 4.1.	 	Duties of the Servicer and the Backup Servicer	 	21
	 	SECTION 4.2.	 	Collection of Receivable Payments; Modifications of Receivables; Lockbox Agreements	 	22
	 	SECTION 4.3.	 	Realization upon Receivables	 	25
	 	SECTION 4.4.	 	Insurance	 	26
	 	SECTION 4.5.	 	Maintenance of Security Interests in Vehicles	 	27
	 	SECTION 4.6.	 	Covenants, Representations, and Warranties of Servicer	 	28
	 	SECTION 4.7.	 	Purchase of Receivables Upon Breach of Covenant	 	29
	 	SECTION 4.8.	 	Total Servicing Fee; Payment of Certain Expenses by Servicer	 	29
	 	SECTION 4.9.	 	Preliminary Servicer's Certificate and Servicer's Certificate	 	30
	 	SECTION 4.10.	 	Annual Statement as to Compliance, Notice of Servicer Termination Event	 	30
	 	SECTION 4.11.	 	Annual Independent Accountants' Report	 	31
	 	SECTION 4.12.	 	Access to Certain Documentation and Information Regarding Receivables	 	31
	 	SECTION 4.13.	 	Monthly Tape	 	31
	 	SECTION 4.14.	 	[Reserved]	 	32
	 	SECTION 4.15.	 	Fidelity Bond and Errors and Omissions Policy	 	32
	

ARTICLE V Trust Accounts; Distributions; Statements to Noteholders	
 	

32
	 	SECTION 5.1.	 	Establishment of Trust Accounts	 	32
	 	SECTION 5.2.	 	[Reserved]	 	34
	 	SECTION 5.3.	 	Certain Reimbursements to the Servicer	 	34
	 	SECTION 5.4.	 	Application of Collections	 	35
	 	SECTION 5.5.	 	Withdrawals from Spread Account	 	35
	 	SECTION 5.6.	 	Additional Deposits	 	36
	 	SECTION 5.7.	 	Distributions	 	36
	 	SECTION 5.8.	 	Note Distribution Account	 	37
	 	SECTION 5.9.	 	[Reserved]	 	39
	 	SECTION 5.10.	 	Statements to Noteholders	 	39
	 	SECTION 5.11.	 	Optional Deposits by the Insurer	 	39
	 	SECTION 5.12	 	Determination of LIBOR	 	40
	

ARTICLE VI The Note Policy	
 	

40
	 	SECTION 6.1.	 	Claims Under Note Policy	 	40
	 	SECTION 6.2.	 	Avoided Payments Under Note Policy	 	41
	 	 	 	 	 

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	 	SECTION 6.3.	 	Surrender of Note Policy	 	42
	

ARTICLE VII The Seller	
 	

42
	 	SECTION 7.1.	 	Representations of Seller	 	42
	 	SECTION 7.2.	 	Corporate Existence	 	43
	 	SECTION 7.3.	 	Liability of Seller; Indemnities	 	44
	 	SECTION 7.4.	 	Merger or Consolidation of, or Assumption of the Obligations of, Seller	 	45
	 	SECTION 7.5.	 	Limitation on Liability of Seller and Others	 	45
	 	SECTION 7.6.	 	Ownership of the Certificates or Notes	 	45
	

ARTICLE VIII The Servicer and the Backup Servicer	
 	

46
	 	SECTION 8.1.	 	Representations of Servicer	 	46
	 	SECTION 8.2.	 	Representations of Backup Servicer	 	47
	 	SECTION 8.3.	 	Liability of Servicer and Backup Servicer; Indemnities	 	48
	 	SECTION 8.4.	 	Merger or Consolidation of, or Assumption of the Obligations of the Servicer or Backup Servicer	 	50
	 	SECTION 8.5.	 	Limitation on Liability of Servicer, Backup Servicer and Others	 	50
	 	SECTION 8.6.	 	Delegation of Duties	 	51
	 	SECTION 8.7.	 	Servicer and Backup Servicer Not to Resign	 	52
	

ARTICLE IX Default	
 	

52
	 	SECTION 9.1.	 	Servicer Termination Event	 	52
	 	SECTION 9.2.	 	Consequences of a Servicer Termination Event	 	53
	 	SECTION 9.3.	 	Appointment of Successor	 	54
	 	SECTION 9.4.	 	Notification to Noteholders	 	55
	 	SECTION 9.5.	 	Waiver of Past Defaults	 	55
	

ARTICLE X Termination	
 	

56
	 	SECTION 10.1.	 	Optional Purchase of All Receivables	 	56
	

ARTICLE XI Administrative Duties of the Servicer	
 	

56
	 	SECTION 11.1.	 	Administrative Duties	 	56
	 	SECTION 11.2.	 	Records	 	58
	 	SECTION 11.3.	 	Additional Information to be Furnished to the Issuer	 	58
	

ARTICLE XII Miscellaneous Provisions	
 	

58
	 	SECTION 12.1.	 	Amendment	 	58
	 	SECTION 12.2.	 	Protection of Title to Trust	 	59
	 	SECTION 12.3.	 	Notices	 	61
	 	SECTION 12.4.	 	Assignment	 	61
	 	SECTION 12.5.	 	Limitations on Rights of Others	 	61
	 	SECTION 12.6.	 	Severability	 	62
	 	SECTION 12.7.	 	Separate Counterparts	 	62
	 	SECTION 12.8.	 	Headings	 	62
	 	SECTION 12.9.	 	Governing Law	 	62
	 	SECTION 12.10.	 	Assignment to Trustee	 	62
	 	SECTION 12.11.	 	Nonpetition Covenants	 	62
	 	SECTION 12.12.	 	Limitation of Liability of Owner Trustee and Trustee	 	62
	 	SECTION 12.13.	 	Independence of the Servicer	 	63
	 	SECTION 12.14.	 	No Joint Venture	 	63
	 	SECTION 12.15.	 	Replacement Swap Agreement; Replacement Cap Agreement	 	63
	 	SECTION 12.16.	 	Benefits of Sale and Servicing Agreement	 	63
	 	 	 	 	 

ii

 

	

SCHEDULES	
 	

 
	Schedule A	 	Schedule of Receivables	 	 
	Schedule B	 	Representations and Warranties of the Seller and the Servicer	 	 
	Schedule C	 	Servicing Policies and Procedures	 	 
	

EXHIBITS	
 	

 
	Exhibit A	 	Form of Servicer's Certificate	 	 
	Exhibit B	 	Form of Preliminary Servicer's Certificate	 	 
	

ANNEXES	
 	

 
	Annex A	 	Modified Backup Servicer Provisions	 	 
	Annex B	 	Backup Servicer Performance Standards	 	 

iii

   
        SALE AND SERVICING AGREEMENT dated as of May 14, 2003, among AMERICREDIT AUTOMOBILE RECEIVABLES TRUST 2003-B-X, a Delaware statutory trust (the
"Issuer"), AFS SENSUB CORP., a Nevada corporation (the "Seller"), AMERICREDIT FINANCIAL
SERVICES, INC., a Delaware corporation (the "Servicer"), JPMORGAN CHASE BANK, a New York banking corporation, in its capacity as Trust Collateral
Agent, and SYSTEMS & SERVICES TECHNOLOGIES, INC., a Delaware corporation, in its capacity as Backup Servicer. 

        WHEREAS
the Issuer desires to purchase a portfolio of receivables arising in connection with motor vehicle retail installment sale contracts made by AmeriCredit Financial
Services, Inc. or acquired by AmeriCredit Financial Services, Inc. through motor vehicle dealers and third party lenders; 

        WHEREAS
the Seller has purchased such receivables from AmeriCredit Financial Services, Inc. and is willing to sell such receivables to the Issuer; 

        WHEREAS
the Servicer is willing to service all such receivables; 

        WHEREAS
the Backup Servicer is willing to provide backup servicing for all such receivables; 

        NOW,
THEREFORE, in consideration of the premises and the mutual covenants herein contained, the parties hereto agree as follows: 

ARTICLE I 

Definitions  

        SECTION
1.1.    Definitions.    Whenever used in this Agreement, the following words and phrases shall have the
following meanings: 

        "Accelerated Payment Amount Shortfall" means, with respect to any Distribution Date, the excess, if any, of (i) the excess, if any,
on such Distribution Date of the Pro Forma Note Balance for such Distribution Date over the Required Pro Forma Note Balance for such Distribution Date over (ii) the excess of amount of
Available Funds on such Distribution Date over the amounts payable on such Distribution Date pursuant to Section 5.7(a)(i) through (viii). 

        "Accelerated Payment Shortfall Notice" means, with respect to any Distribution Date, a written notice specifying the Accelerated Payment
Amount Shortfall for such Distribution Date. 

        "Accelerated Principal Amount" for a Distribution Date will equal the lesser of 

        (x)   the
sum of (i) excess, if any, of the amount of the total Available Funds on such Distribution Date over the amounts payable on such Distribution Date pursuant to
clauses (i) through (vii) of Section 5.7(a) hereof plus (ii) amounts, if any, available in accordance with the terms of the Spread Account Agreement; and 

        (y)   the
excess, if any, on such Distribution Date of (i) the Pro Forma Note Balance for such Distribution Date over (ii) the Required Pro Forma Note Balance
for such Distribution Date. 

        "Accountants' Report" means the report of a firm of nationally recognized independent accountants described in Section 4.11. 

        "Accounting Date" means, with respect to any Collection Period the last day of such Collection Period. 

        "Additional Funds Available" means, with respect to any Distribution Date, the sum of (i) the Spread Account Claim Amount, if any,
received by the Trust Collateral Agent with respect to such Distribution Date plus (ii) the Insurer Optional Deposit, if any, received by the Trust Collateral Agent with respect to such
Distribution Date. 

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        "Affiliate" means, 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. 

        "Aggregate Principal Balance" means, with respect to any date of determination, the sum of the Principal Balances for all Receivables
(other than (i) any Receivable that became a Liquidated Receivable prior to the end of the related Collection Period and (ii) any Receivable that became a Purchased Receivable prior to
the end of the related Collection Period) as of the date of determination. 

        "Agreement" means this Sale and Servicing Agreement, as the same may be amended and supplemented from time to time. 

        "AmeriCredit" means AmeriCredit Financial Services, Inc. 

        "Amount Financed" means, with respect to a Receivable, the aggregate amount advanced under such Receivable toward the purchase price of
the Financed Vehicle and any related costs, including amounts advanced in respect of accessories, insurance premiums, service and warranty contracts, other items customarily financed as part of retail
automobile installment sale contracts or promissory notes, and related costs. 

        "Annual Percentage Rate" or "APR" of a Receivable means the annual percentage rate of
finance charges or service charges, as stated in the related Contract. 

        "Auto Loan Purchase and Sale Agreement" means any agreement between a Third-Party Lender and AmeriCredit relating to the acquisition of
Receivables from a Third Party Lender by AmeriCredit. 

        "Available Funds" means, with respect to any Distribution Date, the sum of (i) the Collected Funds for the related Collection
Period, (ii) all Purchase Amounts deposited in the Collection Account during the related Collection Period, plus Investment Earnings with respect to the Trust Accounts for the related
Collection Period, (iii) following the acceleration of the Notes pursuant to Section 5.2 of the Indenture, the amount of money or property collected pursuant to Section 5.3 of the
Indenture since the preceding Distribution Date by the Trust Collateral Agent or Controlling Party for distribution pursuant to Section 5.6 and Section 5.8 of the Indenture,
(iv) the proceeds of any purchase or sale of the assets of the Trust described in Section 10.1 hereof, (v) any amounts received by the Trust Collateral Agent pursuant to the Swap
Agreement with respect to Class A-4-B Notes, and (vi) any
amounts received by the Trust Collateral Agent pursuant to the Cap Agreement with respect to the Class A-2-B Notes. 

        "Backup Servicer" means Systems & Services Technologies, Inc. and any successors or assigns. 

        "Base Servicing Fee" means, with respect to any Collection Period, the fee payable to the Servicer for services rendered during such
Collection Period, which shall be equal to: (a) with respect to the Initial Servicer, one-twelfth of the Servicing Fee Rate multiplied by the Pool Balance as of the opening of
business on the first day of such Collection Period, (b) with respect to the Backup Servicer as replacement Servicer, the amounts set forth in Schedule 1 to Annex A hereto or such other
amount agreed to in writing by the Insurer and the Backup Servicer; and (c) with respect to any other replacement Servicer, the amount agreed to by the Insurer in writing. 

        "Basic Documents" means this Agreement, the Certificate of Trust, the Trust Agreement, the Indenture, the Spread Account Agreement, the
Insurance Agreement, the Swap Agreement, the 

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Custodian
Agreement, the Cap Agreement and other documents and certificates delivered in connection therewith. 

        "Business Day" means any day other than (a) a Saturday or a Sunday, (b) a day on which the Insurer is closed or (c) a
day on which banking institutions in New York City, Fort Worth, Texas or in the city in which the corporate trust office of the 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. 

        "Cap Agreement" means the ISDA Master Interest Rate Agreement dated May 22, 2003 between the Trust Collateral Agent and the Cap
Provider, including the related Schedule One and Confirmation, and together with any replacement Cap Provider thereafter approved by the Insurer. 

        "Cap Payment" means any payment received by the Trust Collateral Agent under the Cap Agreement. 

        "Cap Payment Date" means the sixth day of each month (or, if such sixth day is not a Business Day, on the next following Business Day). 

        "Cap Provider" means Credit Suisse First Boston International, together with any replacement Cap Provider thereafter approved by the
Insurer. 

        "Certificate" means the trust certificate evidencing the beneficial interest of the Certificateholder in the Trust. 

        "Certificateholder" means the Person in whose name the Certificate is registered. 

        "Class" means the Class A-1 Notes, the Class A-2-A Notes, the
Class A-2-B Notes, the Class A-3 Notes, the Class A-4-A Notes or the Class A-4-B Notes,
as the context requires. 

        "Class A-1 Notes" has the meaning assigned to such term in the Indenture. 

        "Class A-2-A Notes" has the meaning assigned to such term in the Indenture. 

        "Class A-2-B Notes" has the meaning assigned to such term in the Indenture. 

        "Class A-3 Notes" has the meaning assigned to such term in the Indenture. 

        "Class A-4-A Notes" has the meaning assigned to such term in the Indenture. 

        "Class A-4-B Notes" has the meaning assigned to such term in the Indenture. 

        "Closing Date" means May 22, 2003. 

        "Collateral Agent" means JPMorgan Chase Bank, in its capacity as Collateral Agent under the Spread Account Agreement. 

        "Collateral Insurance" shall have the meaning set forth in Section 4.4(a). 

        "Collected Funds" means, with respect to any Collection Period, the amount of funds in the Collection Account representing collections on
the Receivables during such Collection Period, including all Net Liquidation Proceeds collected during such Collection Period (but excluding any Purchase Amounts). 

        "Collection Account" means the account designated as such, established and maintained pursuant to Section 5.1. 

        "Collection Period" means, with respect to the first Distribution Date, the period beginning on the close of business on May 14,
2003 and ending on the close of business on May 31, 2003. With respect to each subsequent Distribution Date, "Collection Period" means the period beginning on the close of business on the last
day of the immediately preceding Collection Period and ending on 

3

 

the
close of business on the last day of the immediately preceding calendar month. Any amount stated "as of the close of business of 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. 

        "Collection Records" means all manually prepared or computer generated records relating to collection efforts or payment histories with
respect to the Receivables. 

        "Computer Tape" means the computer tapes or other electronic media furnished by the Servicer to the Issuer and the Insurer and its assigns
describing certain characteristics of the Receivables as of the Cutoff Date. 

        "Contract" means a motor vehicle retail installment sale contract or promissory note. 

        "Controlling Party" means the Insurer, so long as no Insurer Default shall have occurred and be continuing and the Trust Collateral Agent
for the benefit of the Noteholders, in the event the Insurer Default shall have occurred and be continuing. 

        "Corporate Trust Office" means (i) with respect to the Owner Trustee, the principal corporate trust office of the Owner Trustee,
which at the time of execution of this agreement is E.A. Delle Donne Corporate Center, Montgomery Building, 1011 Centre Road, Suite 200, Wilmington, Delaware 19801, Attention: Corp. Trust Dept.,
(ii) with respect to the Trustee, the Trust Collateral Agent and the Collateral Agent, the principal office thereof at which at any particular time its corporate trust business shall be
administered, which at the time of execution of this agreement is 4 New York Plaza, 6th Floor, New York, New York 10004, Attention: Institutional Trust Services, AmeriCredit
2003-B-X. 

        "Cram Down Loss" means, with respect to a Receivable that has not become a Liquidated Receivable, if a court of appropriate jurisdiction
in a proceeding related to an Insolvency Event shall have issued an order reducing the amount owed on a Receivable or otherwise modifying or restructuring the Scheduled Receivables Payments to be made
on a Receivable, an amount equal to (i) the excess of the principal balance of such Receivable immediately prior to such order over the principal balance of such Receivable as so reduced and/or
(ii) if such court shall have issued an order reducing the effective rate of interest on such Receivable, the excess of the principal balance of such Receivable immediately prior to such order
over the net present value (using as the discount rate the higher of the APR on such Receivable or the rate of interest, if any, specified by the court in such order) of the Scheduled Receivables
Payments as so modified or restructured. A "Cram Down Loss" shall be deemed to have occurred on the date of issuance of such order. 

        "Custodian" means AmeriCredit and any other Person named from time to time as custodian in any Custodian Agreement acting as agent for the
Trust Collateral Agent, which Person must be acceptable to the Controlling Party (the Custodian as of the Closing Date is acceptable to the Insurer as of the Closing Date). 

        "Custodian Agreement" means any Custodian Agreement from time to time in effect between the Custodian named therein and the Trust
Collateral Agent, as the same may be amended, supplemented or otherwise modified from time to time in accordance with the terms thereof, which Custodian Agreement and any amendments, supplements or
modifications thereto shall be acceptable to the Controlling Party (the Custodian Agreement which is effective on the Closing Date is acceptable to the Controlling Party). 

        "Cutoff Date" means May 14, 2003. 

        "Dealer" means a dealer who sold a Financed Vehicle and who originated and assigned the respective Receivable to AmeriCredit under a
Dealer Agreement or pursuant to a Dealer Assignment. 

4

 

        "Dealer Agreement" means any agreement between a Dealer and AmeriCredit relating to the acquisition of Receivables from a Dealer by
AmeriCredit. 

        "Dealer Assignment" means, with respect to a Receivable, the executed assignment executed by a Dealer conveying such Receivable to
AmeriCredit. 

        "Dealer Underwriting Guide" means the underwriting manual used by AmeriCredit in the purchase of Receivables as amended from time to time. 

        "Deficiency Amount" means, for any Distribution Date, an amount equal to the excess, if any of (a) the sum, without duplication, of
(i) the Noteholders' Interest Distributable Amount, (ii) the Noteholders' Parity Deficit Amount for the related Distribution Date and (iii), if such Distribution Date was the Final
Scheduled Distribution Date for any Class, the unpaid principal amount of such Class over (b) the amount actually deposited into the Note Distribution Account on such related Distribution Date. 

        "Deficiency Notice" shall have the meaning set forth in Section 5.5. 

        "Delivery" when used with respect to Trust Account Property means: 

        (a)   with
respect to bankers' acceptances, commercial paper, negotiable certificates of deposit and other obligations that constitute "instruments" within the meaning of
Section 9-102(a)(47) of the UCC and are susceptible of physical delivery, transfer thereof to the Trust Collateral Agent or its nominee or custodian by physical delivery to the
Trust Collateral Agent or its nominee or custodian endorsed to, or registered in the name of, the Trust Collateral Agent or its nominee or custodian or endorsed in blank, and, with respect to a
certificated security (as defined in Section 8-102 of the UCC), transfer thereof (i) by delivery of such certificated security endorsed to, or registered in the name of, the
Trust Collateral Agent or its nominee or custodian or endorsed in blank to a financial intermediary (as defined in Section 8-313 of the UCC) and the making by such financial
intermediary of entries on its books and records identifying such certificated securities as belonging to the Trust Collateral Agent or its nominee or custodian and the sending by such financial
intermediary of a confirmation of the purchase of such certificated security by the Trust Collateral Agent or its nominee or custodian, or (ii) by delivery thereof to a "clearing corporation"
(as defined in Section 8-102(3) of the UCC) and the making by such clearing corporation of appropriate entries on its books reducing the appropriate securities account of the
transferor and increasing the appropriate securities account of a financial intermediary by the amount of such certificated security, the identification by the clearing corporation of the certificated
securities for the sole and exclusive account of the financial intermediary, the maintenance of such certificated securities by such clearing corporation or a "custodian bank" (as defined in
Section 8-102(4) of the UCC) or the nominee of either subject to the clearing corporation's exclusive control, the sending of a confirmation by the financial intermediary of the
purchase by the Trust Collateral Agent or its nominee or custodian of such securities and the making by such financial intermediary of entries on its books and records identifying such certificated
securities as belonging to the Trust Collateral Agent or its nominee or custodian (all of the foregoing, "Physical Property"), and, in any event, any such Physical Property in registered form shall be
in the name of the Trust Collateral Agent or its nominee or custodian; and such additional or alternative procedures as may hereafter become appropriate to effect the complete transfer of ownership of
any such Trust Account Property to the Trust Collateral Agent or its nominee or custodian, consistent with changes in applicable law or regulations or the interpretation thereof; 

5

  

        (b)   with
respect to any security issued by the U.S. Treasury, the Federal Home Loan Mortgage Corporation or by the Federal National Mortgage Association that is a
book-entry security held through the Federal Reserve System pursuant to federal book-entry regulations, the following procedures, all in accordance with applicable law,
including applicable Federal regulations and Articles 8 and 9 of the UCC: book-entry registration of such Trust Account Property to an appropriate book-entry account maintained
with a Federal Reserve Bank by a financial intermediary which is also a "depository" pursuant to applicable Federal regulations and issuance by such financial intermediary of a deposit advice or other
written confirmation of such book-entry registration to the Trust Collateral Agent or its nominee or custodian of the purchase by the Trust Collateral Agent or its nominee or custodian of
such book-entry securities; the making by such financial intermediary of entries in its books and records identifying such book-entry security held through the Federal Reserve
System pursuant to Federal book-entry regulations as belonging to the Trust Collateral Agent or its nominee or custodian and indicating that such custodian holds such Trust Account
Property solely as agent for the Trust Collateral Agent or its nominee or custodian; and such additional or alternative procedures as may hereafter become appropriate to effect complete transfer of
ownership of any such Trust Account Property to the Trust Collateral Agent or its nominee or custodian, consistent with changes in applicable law or regulations or the interpretation thereof; and 

        (c)   with
respect to any item of Trust Account Property that is an uncertificated security under Article 8 of the UCC and that is not governed by clause (b)
above, registration on the books and records of the issuer thereof in the name of the financial intermediary, the sending of a confirmation by the financial intermediary of the purchase by the Trust
Collateral Agent or its nominee or custodian of such uncertificated security, the making by such financial intermediary of entries on its books and records identifying such uncertificated certificates
as belonging to the Trust Collateral Agent or its nominee or custodian. 

        "Depositor" shall mean the Seller in its capacity as Depositor under the Trust Agreement. 

        "Determination Date" means, with respect to any Collection Period the second Business Day preceding the Distribution Date in the next
calendar month and with respect to the first Distribution Date, June 4, 2003. 

        "Distribution Date" means, with respect to each Collection Period, the sixth day of the following calendar month, or, if such day is not a
Business Day, the immediately following Business Day, commencing June 6, 2003. 

        "Draw Date" means, with respect to any Distribution Date, the second Business Day immediately preceding such Distribution Date. 

        "Electronic Ledger" means the electronic master record of the retail installment sales contracts or installment loans of the Servicer. 

        "Eligible Deposit Account" means a segregated trust account with the corporate trust department of a depository institution acceptable to
the Insurer organized under the laws of the United States of America or any one of the states thereof or the District of Columbia (or any domestic branch of a foreign bank), having corporate trust
powers and acting as trustee for funds deposited in such account, so long as any of the securities of such depository institution have a credit rating from each Rating Agency in one of its generic
rating categories which signifies investment grade. 

6

 

        "Eligible Investments" mean book-entry securities, negotiable instruments or securities represented by instruments in bearer
or registered form which evidence: 

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

        (b)   demand
deposits, time deposits or certificates of deposit of any depository institution or trust company incorporated under the laws of the United States of America or
any state thereof or the District of Columbia (or any domestic branch of a foreign bank) and subject to supervision and examination by federal or state banking or depository institution authorities
(including depository receipts issued by any such institution or trust company as custodian with respect to any obligation referred to in clause (a) above or portion of such obligation for the
benefit of the holders of such depository receipts); provided, however, that at the time of the investment or contractual commitment to invest therein (which shall be deemed to be made again each time
funds are reinvested following each Distribution Date), the commercial paper or other short-term senior unsecured debt obligations (other than such obligations the rating of which is based
on the credit of a Person other than such depository institution or trust company) of such depository institution or trust company shall have a credit rating from Standard & Poor's of
A-1+ and from Moody's of Prime-1; 

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

        (d)   investments
in money market funds (including funds for which the Trust Collateral Agent or the Owner Trustee in each of their individual capacities or any of their
respective Affiliates is investment manager, controlling party or advisor) having a rating from Standard & Poor's of AAA-m or AAAm-G and from Moody's of Aaa and having
been approved by the Insurer; 

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

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

        (g)   any
other investment which would satisfy the Rating Agency Condition and is consistent with the ratings of the Securities and which, so long as no Insurer Default shall
have occurred and be continuing, has been approved by the Insurer, or any other investment that by its terms converts to cash within a finite period, if the Rating Agency Condition is satisfied with
respect thereto; and 

        (h)   cash
denominated in United States dollars. 

        Any
of the foregoing Eligible Investments may be purchased by or through the Owner Trustee or the Trust Collateral Agent or any of their respective Affiliates. 

        "FDIC" means the Federal Deposit Insurance Corporation. 

        "Final Scheduled Distribution Date" means with respect to (i) the Class A-1 Notes, the June 7, 2004
Distribution Date, (ii) the Class A-2-A Notes, the November 6, 2006 Distribution Date, (iii) the Class A-2-B Notes,
the November 6, 2006 Distribution Date, (iv) the Class A-3 Notes, the 

7

 

August 6,
2007 Distribution Date, (v) the Class A-4-A Notes, the January 6, 2010 Distribution Date and (vi) the
Class A-4-B Notes, the January 6, 2010 Distribution Date. 

        "Financed Vehicle" means an automobile or light-duty truck, van or minivan, together with all accessions thereto, securing an
Obligor's indebtedness under the respective Receivable. 

        "Fitch" means Fitch Ratings, or its successor. 

        "Force-Placed Insurance" has the meaning ascribed thereto in Section 4.4 hereof. 

        "Indenture" means the Indenture dated as of May 14, 2003, between the Issuer and JPMorgan Chase Bank, as Trust Collateral Agent and
Trustee, as the same may be amended and supplemented from time to time. 

        "Initial Servicer" means AmeriCredit Financial Services, Inc. 

        "Insolvency Event" means, with respect to a specified Person, (a) the filing of a petition against such Person or the entry of a
decree or order for relief by a court having jurisdiction in the premises in respect of such Person or any substantial part of its property in an involuntary case under any applicable federal or state
bankruptcy, insolvency or other similar law now or hereafter in effect, or appointing a receiver, liquidator, assignee, custodian, trustee, sequestrator, or similar official for such Person or for any
substantial part of its property, or ordering the winding-up or liquidation or such Person's affairs, and such petition, decree or order shall remain unstayed and in effect for a period of
60 consecutive days; or (b) the commencement by such Person of a voluntary case under any applicable federal or state bankruptcy, insolvency or other similar law now or hereafter in effect, or
the consent by such Person to the entry of an order for relief in an involuntary case under any such law, or the consent by such Person to the appointment of or taking possession by, a receiver,
liquidator, assignee, custodian, trustee, sequestrator, or similar official for such Person or for any substantial part of its property, or the making by such Person of any general assignment for the
benefit of creditors, or the failure by such Person generally to pay its debts as such debts become due, or the taking of action by such Person in furtherance of any of the foregoing. 

        "Insurance Add-On Amount" means the premium charged to the Obligor in the event that the Servicer obtains Force-Placed
Insurance pursuant to Section 4.4. 

        "Insurance Agreement" means the Insurance Agreement, dated as of May 14, 2003, among the Insurer, the Trustee, the Trust Collateral
Agent, the Collateral Agent, the Trust, the Seller, the Servicer, the Custodian, the Backup Servicer and AmeriCredit, as the same may be amended or supplemented from time to time. 

        "Insurance Agreement Event of Default" means an "Insurance Agreement Event of Default" as defined in the Insurance Agreement. 

        "Insurance Policy" means, with respect to a Receivable, any insurance policy (including the insurance policies described in
Section 4.4 hereof) benefiting the holder of the Receivable providing loss or physical damage, credit life, credit disability, theft, mechanical breakdown or similar coverage with respect to
the Financed Vehicle or the Obligor. 

        "Insurer" means XL Capital Assurance Inc., a New York stock insurance company, or any successor thereto, as issuer of the Note
Policy and the Swap Provider Policy. 

        "Insurer Default" means the occurrence and continuance of any of the following events: 

        (a)   the
Insurer shall have failed to make a payment required under the Note Policy in accordance with its terms; 

8

 

        (b)   the
Insurer shall have (i) filed a petition or commenced any case or proceeding under any provision or chapter of the United States Bankruptcy Code or any other
similar federal or state law relating to insolvency, bankruptcy, rehabilitation, liquidation or reorganization, (ii) made a general assignment for the benefit of its creditors, or
(iii) had an order for relief entered against it under the United States Bankruptcy Code or any other similar federal or state law relating to insolvency, bankruptcy, rehabilitation,
liquidation or reorganization which is final and nonappealable; or 

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

        "Insurer Optional Deposit" means, with respect to any Distribution Date, an amount delivered by the Insurer pursuant to
Section 5.11, at its sole option, other than amounts in respect of an Insured Payment (as defined in the Note Policy), to the Trust Collateral Agent for deposit into the Collection Account for
any of the following purposes: (i) to provide funds in respect of the payment of fees or expenses of any provider of services to the Trust with respect to such Distribution Date; or
(ii) to
include such amount as part of the Additional Funds Available for such Distribution Date to the extent that without such amount a draw would be required to be made on the Note 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 15 days for the Class A-1 Notes, Class A-2-B Notes and Class A-4-B Notes and
14 days for the Class A-2-A Notes, Class A-3 Notes and Class A-4-A Notes. 

        "Interest Rate" means, with respect to (i) the Class A-1 Notes, 1.29% 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-A Notes, 1.55% per annum (computed on the
basis of a 360-day year consisting of twelve 30-day months), (iii) the Class A-2-B Notes, LIBOR plus 0.19% per annum (computed on the
basis of a 360-day year and the actual number of days elapsed in the applicable Interest Period), (iv) the Class A-3 Notes, 2.11% per annum (computed on the basis
of a 360-day year consisting of twelve 30-day months), (v) the Class A-4-A Notes, 2.72% per annum (computed on the basis of a
360-day year consisting of twelve 30-day months) and (vi) the Class A-4-B Notes, LIBOR plus 0.38% per annum (computed on the basis of a
360-day year and the actual number of days elapsed in the applicable Interest Period). 

        "Investment Earnings" means, with respect to any date of determination and Trust Account, the investment earnings on amounts on deposit in
such Trust Account on such date. 

        "Issuer" means AmeriCredit Automobile Receivables Trust 2003-B-X. 

        "LIBOR" has the meaning set forth in Section 5.12 hereof. 

        "Lien" means a security interest, lien, charge, pledge, equity, or encumbrance of any kind, other than tax liens, mechanics' liens and any
liens that attach to the respective Receivable by operation of law as a result of any act or omission by the related Obligor. 

        "Lien Certificate" means, with respect to a Financed Vehicle, an original certificate of title, certificate of lien or other notification
issued by the Registrar of Titles of the applicable state to a 

9

 

secured
party which indicates that the lien of the secured party on the Financed Vehicle is recorded on the original certificate of title. In any jurisdiction in which the original certificate of
title is required to be given to the Obligor, the term "Lien Certificate" shall mean only a certificate or notification issued to a secured party. 

        "Liquidation Proceeds" means, with respect to a Liquidated Receivable, all amounts realized with respect to such Receivable (other than
amounts withdrawn from the Spread Account and drawings under the Note Policy or the Swap Provider Policy), and, with respect to a Sold Receivable, the related Sale Amount. 

        "Liquidated Receivable" means, with respect to any Collection Period, a Receivable (i) as to which 90 days have elapsed
since the Servicer repossessed the Financed Vehicle provided, however, that in no case shall $30 or more of a Scheduled Receivable Payment have become 210 or more days delinquent in the case of a
repossessed Financed Vehicle and which is not a Sold Receivable, (ii) as to which the Servicer has determined in good faith that all amounts it expects to recover have been received and which
is not a Sold Receivable, (iii) as to which $30 or more of a Scheduled Receivables Payment shall have become 120 or more days delinquent, except in the case of a repossessed Financed Vehicle,
and which is not a Sold Receivable or (iv) that is a Sold Receivable. 

        "Lockbox Account" means an account maintained on behalf of the Trust Collateral Agent by the Lockbox Bank pursuant to
Section 4.2(d). 

        "Lockbox Agreement" means the Tri-Party Remittance Processing Agreement, dated as of May 14, 2003, by and among
AmeriCredit, Bank One, NA and the Trust Collateral Agent, as such agreement may be amended or supplemented from time to time, unless the Trust Collateral Agent shall cease to be a party thereunder, or
such agreement shall be terminated in accordance with its terms, in which event "Lockbox Agreement" shall mean such other agreement, in form and substance acceptable to the Controlling Party, among
the Servicer, the Trust Collateral Agent and the Lockbox Bank. 

        "Lockbox Bank" means a depository institution named by the Servicer and acceptable to the Controlling Party. 

        "Minimum Sale Price" means (i) with respect to a Receivable (x) that has become 60 to 210 days delinquent or
(y) that has become greater than 210 days delinquent and with respect to which the related Financed Vehicle has been repossessed by the Servicer and has not yet been sold at auction, the
greater of (A) 55% multiplied by the Principal Balance of such Receivable and (B) the product of the three month rolling average recovery rate (expressed as a percentage) for the
Servicer in its liquidation of all receivables for which it acts as servicer, either pursuant to this Agreement or otherwise, multiplied by the Principal Balance of such Receivable or (ii) with
respect to a Receivable (x) with respect to which the related Financed Vehicle has been repossessed by the Servicer and has been sold at auction or (y) that has become greater than
210 days delinquent and with respect to which the related Financed Vehicle has not been repossessed by the Servicer, $1. 

        "Monthly Extension Rate" means, with respect to any Accounting Date, the fraction, expressed as a percentage, the numerator of which is
the aggregate Principal Balance of Receivables whose payments are extended during the related Collection Period and the denominator of which is the aggregate Principal Balance of Receivables as of the
immediately preceding Accounting Date. 

        "Monthly Records" means all records and data maintained by the Servicer with respect to the Receivables, including the following with
respect to each Receivable: the account number; the originating Dealer; Obligor name; Obligor address; Obligor home phone number; Obligor business phone number; original Principal Balance; original
term; Annual Percentage Rate; current Principal Balance; current remaining term; origination date; first payment date; final scheduled 

10

 

payment
date; next payment due date; date of most recent payment; new/used classification; collateral description; days currently delinquent; number of contract extensions (months) to date; amount of
Scheduled Receivables Payment; current Insurance Policy expiration date; and past due late charges. 

        "Moody's" means Moody's Investors Service, or its successor. 

        "Net Liquidation Proceeds" means, with respect to a Liquidated Receivable Liquidation Proceeds net of (i) reasonable expenses
incurred by the Servicer in connection with the collection of such Receivable and the repossession and disposition of the Financed Vehicle and (ii) amounts that are required to be refunded to
the Obligor on such Receivable; provided, however, that the Net Liquidation Proceeds with respect to any Receivable shall in no event be less than zero. 

        "Note Distribution Account" means the account designated as such, established and maintained pursuant to Section 5.1. 

        "Note Majority" means a majority by principal amount of the Noteholders. 

        "Note Policy" means the financial guaranty insurance policy issued by the Insurer to the Trustee, for the benefit of the Noteholders. 

        "Note Pool Factor" for each Class of Notes as of the close of business on any date of determination means a seven-digit decimal figure
equal to the outstanding principal amount of such Class of Notes divided by the original outstanding principal amount of such Class of Notes. 

        "Noteholders' Accelerated Principal Amount" means, with respect to any Distribution Date, the Noteholders' Percentage of the Accelerated
Principal Amount on such Distribution Date, if any. 

        "Noteholders' Distributable Amount" means, with respect to any Distribution Date, the sum of the Noteholders' Principal Distributable
Amount and the Noteholders' Interest Distributable Amount. 

        "Noteholders' Interest Carryover Amount" means, with respect to any Class of Notes and any date of determination, all or any portion of
the Noteholders' Monthly Interest Distributable Amount for the immediately preceding Distribution Date and any outstanding Noteholders' Interest Carryover Amount on such immediately preceding
Distribution Date, which remains unpaid as of such date of determination, plus interest on such unpaid amount, to the extent permitted by law, at the respective Interest Rate borne by each Class of
Notes from such immediately preceding Distribution Date to but excluding such date of determination. 

        "Noteholders' Interest Distributable Amount" means, with respect to any Distribution Date and Class of Notes, the sum of the Noteholders'
Monthly Interest Distributable Amount for such Distribution Date and Class of Notes and the Noteholders' Interest Carryover Amount, if any for such Distribution Date and such Class. Interest on the
Class A-1 Notes, Class A-2-B Notes and Class A-4-B Notes shall be computed on the basis of a 360-day year
and the actual number of days elapsed in the applicable Interest Period. Interest on the Class A-2-A Notes, Class A-3 Notes and
Class A-4-A Notes shall be computed on the basis of a 360-day year consisting of twelve 30-day months. 

        "Noteholders' Monthly Interest Distributable Amount" means, with respect to any Distribution Date and any Class of Notes, interest accrued
at the respective Interest Rate during the applicable Interest Period on the principal amount of the Notes of such Class outstanding as of the end of the prior Distribution Date (or, in the case of
the first Distribution Date, as of the Closing Date), calculated (x) for the Class A-1, Class A-2-B Notes and
Class A-4-B Notes on the basis of a 360-day year and the actual number of days elapsed in the applicable Interest Period and (y) for 

11

 

the
Class A-2-A, Class A-3 and Class A-4-A Notes on the basis of a 360-day year consisting of twelve
30-day months. 

        "Noteholders' Monthly Principal Distributable Amount" means, with respect to any Distribution Date, the Noteholders' Percentage of the
Principal Distributable Amount. 

        "Noteholders' Parity Deficit Amount" means, with respect to any Distribution Date, the excess, if any, of (x) the aggregate
remaining principal balance of the Notes outstanding on such Distribution Date, after giving effect to all reductions in such aggregate principal balance from sources other than (i) the Spread
Account and (ii) the Note Policy over (y) the Pool Balance at the end of the prior calendar month. 

        "Noteholders' Percentage" means with respect to any Determination Date (i) relating to a Distribution Date prior to the
Distribution Date on which the principal amount of the Notes is reduced to zero, 100%; (ii) relating to the Distribution Date on which the principal amount of the Notes is reduced to zero, the
percentage equivalent of a fraction, the numerator of which is the outstanding principal balance of the Notes that remain unpaid immediately prior to such Distribution Date, and the denominator of
which is the Principal Distributable Amount; and (iii) relating to any other Distribution Date, 0%. 

        "Noteholders' Principal Carryover Amount" means, as of any date of determination, all or any portion of the Noteholders' Monthly Principal
Distributable Amount and any outstanding Noteholders' Principal Carryover Amount from the preceding Distribution Date which remains unpaid as of such date of determination. 

        "Noteholders' Principal Distributable Amount" means, with respect to any Distribution Date, (other than the Final Scheduled Distribution
Date for any Class of Notes), the sum of the Noteholders' Monthly Principal Distributable Amount for such Distribution Date and the Noteholders' Principal Carryover Amount, if any, as of the close of
the preceding Distribution Date. The Noteholders' Principal Distributable Amount on the Final Scheduled Distribution Date for any Class of Notes will equal the sum of (i) the Noteholders'
Monthly Principal Distributable Amount for such Distribution Date, (ii) the Noteholders' Principal Carryover Amount as of the such Distribution Date, and (iii) the excess of the
outstanding principal amount of such Class of Notes, if any, over the amounts described in clauses (i) and (ii). 

        "Obligor" on a Receivable means the purchaser or co-purchasers of the Financed Vehicle and any other Person who owes payments
under the Receivable. 

        "Officers' Certificate" means a certificate signed by the chairman of the board, the president, any executive vice president or any vice
president, any treasurer, assistant treasurer, secretary or assistant secretary of the Seller or the Servicer, as appropriate. 

        "Opinion of Counsel" means a written opinion of counsel reasonably acceptable to the Insurer, which opinion is satisfactory in form and
substance to the Trust Collateral Agent and, if such opinion or a copy thereof is required by the provisions of this Agreement to be delivered to the Insurer, to the Insurer. 

        "Other Conveyed Property" means all property conveyed by AmeriCredit to the Seller pursuant to the Purchase Agreement and by the Seller to
the Trust pursuant to Section 2.1(b) through (j) of this Agreement. 

        "Owner Trust Estate" has the meaning assigned to such term in the Trust Agreement. 

        "Owner Trustee" means Deutsche Bank Trust Company Delaware, not in its individual capacity but solely as Owner Trustee under the Trust
Agreement, its successors in interest or any successor Owner Trustee under the Trust Agreement. 

12

  

        "Person" means any individual, corporation, estate, partnership, joint venture, association, joint stock company, trust (including any
beneficiary thereof), unincorporated organization or government or any agency or political subdivision thereof. 

        "Physical Property" has the meaning assigned to such term in the definition of "Delivery" above. 

        "Pool Balance" means, as of any date of determination, the aggregate Principal Balance of the Receivables (excluding Purchased Receivables
and Liquidated Receivables). 

        "Preliminary Determination Date" means, with respect to any Collection Period, the second Business Day preceding the Distribution Date in
the next calendar month. 

        "Preliminary Servicer's Certificate" means an Officers' Certificate of the Servicer delivered pursuant to Section 4.9(a),
substantially in the form of Exhibit C. 

        "Principal Balance" means, with respect to any Receivable, as of any date, the sum of (x) the Amount Financed minus (i) that
portion of all amounts received on or prior to such date and allocable to principal in accordance with the terms of the Receivable and (ii) any Cram Down Loss in respect of such Receivable plus
(y) the accrued and unpaid interest on such Receivable. 

        "Principal Distributable Amount" means, with respect to any Distribution Date, the amount equal to the excess, if any, of (x) the
sum of (i) the principal portion of all Collected Funds received during the immediately preceding Collection Period (other than Liquidated Receivables and Purchased Receivables),
(ii) the Principal Balance of all Receivables that became Liquidated Receivables during the related Collection Period (other than Purchased Receivables), (iii) the principal portion of
the Purchase Amounts received with respect to all Receivables that became Purchased Receivables during the related Collection Period, (iv) in the sole discretion of the Insurer, the Principal
Balance of all the Receivables that were required to be purchased pursuant to Sections 3.2 and 4.7, during such Collection Period but were not purchased, (v) the aggregate amount of Cram Down
Losses that shall have occurred during the related Collection Period; and (vi) following the acceleration of the Notes pursuant to Section 5.2 of the Indenture, the amount of money or
property collected pursuant to Section 5.4 of the Indenture since the preceding Determination Date by the Trust Collateral Agent or
Controlling Party for distribution pursuant to Section 5.7 hereof over (y) the Step-Down Amount, if any, for such Distribution Date. 

        "Pro Forma Note Balance" means, with respect to any Distribution Date, the aggregate remaining principal balance of the Notes outstanding
on such Distribution Date, after giving effect to distributions pursuant to clauses (i) through (vi) of Section 5.7(a) hereof. 

        "Purchase Agreement" means the Purchase Agreement between the Seller and AmeriCredit, dated as of May 14, 2003, pursuant to which
the Seller acquired the Receivables, as such Agreement may be amended from time to time. 

        "Purchase Amount" means, with respect to a Purchased Receivable, the Principal Balance and all accrued and unpaid interest on the
Receivable, after giving effect to the receipt of any moneys collected (from whatever source) on such Receivable, if any. 

        "Purchased Receivable" means a Receivable purchased as of the close of business on the last day of a Collection Period by the Servicer
pursuant to Sections 4.2, 4.4, or 4.7 or repurchased by the Seller or the Servicer pursuant to Section 3.2 or Section 10.1(a). 

        "Rating Agency" means Moody's, Standard & Poor's and Fitch. If no such organization or successor maintains a rating on the
Securities, "Rating Agency" shall be a nationally recognized statistical rating organization or other comparable Person designated by the Seller and
acceptable 

13

 

to
the Insurer (so long as an Insurer Default shall not have occurred and be continuing), notice of which designation shall be given to the Trust Collateral Agent, the Owner Trustee and the Servicer. 

        "Rating Agency Condition" means, with respect to any action, that each of Moody's and Standard and Poor's shall have been given
10 days' (or such shorter period as shall be acceptable to each of Moody's and Standard and Poor's) prior notice thereof and that each of Moody's and Standard and Poor's shall have notified the
Seller, the Servicer, the Insurer, the Owner Trustee and the Trust Collateral Agent in writing that such action will not result in a reduction or withdrawal of the then current rating of any Class of
Notes, without taking into account the presence of the Note Policy. 

        "Realized Losses" means, with respect to any Receivable that becomes a Liquidated Receivable, the excess of the Principal Balance of such
Liquidated Receivable over Net Liquidation Proceeds to the extent allocable to principal. 

        "Receivable" means any Contract listed on Schedule A attached hereto (which Schedule may be in the form of microfiche or a disk). 

        "Receivables" means any Receivable conveyed to the Trust on the Closing Date. 

        "Receivable Files" means the documents specified in Section 3.3. 

        "Record Date" means, with respect to each Distribution Date, the Business Day immediately preceding such Distribution Date, unless
otherwise specified in the Agreement. 

        "Registrar of Titles" means, with respect to any state, the governmental agency or body responsible for the registration of, and the
issuance of certificates of title relating to, motor vehicles and liens thereon. 

        "Required Pro Forma Note Balance" means, with respect to any Distribution Date, a dollar amount equal to the product of (x) the
difference between (i) 100% and (ii) the "Overcollateralization Amount" (as defined in the Spread Account Agreement), as the same may step down over time in accordance with the terms of
the Spread Account Agreement (which difference will initially equal 85%) and (y) the Pool Balance as of the end of the prior calendar month. 

        "Requisite Amount" has the meaning specified in the Spread Account Agreement. 

        "Sale Amount" means, with respect to any Sold Receivable, the amount received from the related third-party purchaser as payment for such
Sold Receivable. 

        "Schedule of Receivables" means the schedule of all motor vehicle retail installment sales contracts and promissory notes originally held
as part of the Trust which is attached as Schedule A. 

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

        "Scheduled Receivables Payment" means, with respect to any Collection Period for any Receivable, the amount set forth in such Receivable
as required to be paid by the Obligor in such Collection Period. If after the Closing Date, the Obligor's obligation under a Receivable with respect to a Collection Period has been modified so as to
differ from the amount specified in such Receivable as a result of (i) the order of a court in an insolvency proceeding involving the Obligor, (ii) pursuant to the Soldiers' and Sailors'
Civil Relief Act of 1940 or (iii) modifications or extensions of the Receivable permitted by Section 4.2(b), the Scheduled Receivables Payment with respect to such Collection Period
shall refer to the Obligor's payment obligation with respect to such Collection Period as so modified. 

14

 

        "Seller" means AFS SenSub Corp., a Nevada corporation, and its successors in interest to the extent permitted hereunder. 

        "Service Contract" means, with respect to a Financed Vehicle, the agreement, if any, financed under the related Receivable that provides
for the repair of such Financed Vehicle. 

        "Servicer" means AmeriCredit Financial Services, Inc., as the servicer of the Receivables, and each replacement Servicer pursuant
to Section 9.3. 

        "Servicer Termination Event" means an event specified in Section 9.1. 

        "Servicer's Certificate" means an Officers' Certificate of the Servicer delivered pursuant to Section 4.9(b), substantially in the
form of Exhibit B. 

        "Servicing Fee" has the meaning specified in Section 4.8. 

        "Servicing Fee Rate" means 2.25% per annum. 

        "Simple Interest Method" means the method of allocating a fixed level payment on an obligation between principal and interest, pursuant to
which the portion of such payment that is allocated to interest is equal to the product of the fixed rate of interest on such obligation multiplied by the period of time (expressed as a fraction of a
year, based on the actual number of days in the calendar month and 365 days in the calendar year) elapsed since the preceding payment under the obligation was made. 

        "Sold Receivable" means a Receivable that was more than 60 days delinquent and was sold to an unaffiliated third party by the
Issuer, at the Servicer's direction, as of the close of business on the last day of a collection period and in accordance with the provisions of Section 4.3(c) hereof. 

        "Spread Account" means the account designated as such, established and maintained pursuant to the Spread Account Agreement. 

        "Spread Account Agreement" means the Spread Account Agreement dated as of May 14, 2003, among the Insurer, the Issuer, the Trustee,
the Trust Collateral Agent and the Collateral Agent, as the same may be modified, supplemented or otherwise amended in accordance with the terms thereof. 

        "Spread Account Claim Amount" means for any distribution date, the positive excess, if any, of (i) the amounts described in clauses
(i) through (vii) of Section 5.7(a) hereof (excluding the Noteholders' Principal Distributable Amount on each class on each distribution date other than the final scheduled
distribution date for that class), minus (ii) Available Funds for such distribution date, to the extent that such amounts are available on the related distribution date according to the
provisions governing the Spread Account. 

        "Spread Account Claim Date" means, with respect to any Distribution Date, the second Business Day immediately preceding such Distribution
Date. 

        "Spread Account Initial Deposit" means an amount equal to 3.0% of the aggregate principal balance of the Receivables on the Closing Date
(which is equal to $25,997,961.82). 

        "Standard & Poor's" means Standard & Poor's, a Division of The McGraw-Hill Companies, Inc., or its
successor. 

        "Step-Down Amount" means, with respect to any Distribution Date, the excess, if any, of (x) the Required Pro Forma Note
Balance over (y) the Pro Forma Note Balance on such Distribution Date, calculated for this purpose only without deduction for any Step-Down Amount (i.e., assuming that the entire
amount described in clause (x) of the definition of "Principal Distributable Amount" is distributed as principal on the Notes). 

15

 

        "Supplemental Servicing Fee" means, with respect to any Collection Period, all administrative fees, expenses and charges paid by or on
behalf of Obligors, including late fees, prepayment fees and liquidation fees collected on the Receivables during such Collection Period but excluding any fees or expenses related to extensions. 

        "Swap Agreement" means the ISDA Master Agreement dated May 22, 2003 between the Issuer and the applicable Swap Provider, including
the Schedule thereto, the Credit Support Annex thereto, the Confirmation relating to the Class A-4-B Notes and together with any replacement swap agreement thereafter
approved by the Insurer; provided, that no additional swap agreement shall be a "Swap Agreement" under the Basic Documents for so long as the Swap
Agreement is outstanding without the prior, written consent of the Swap Provider, unless the Swap Agreement has terminated as a result of an Event of Default or Termination Event relating to the Swap
Provider. 

        "Swap Provider" means, Deutsche Bank, AG, New York branch, with respect to the Class A-4-B Notes, together
with any replacement Swap Provider thereafter approved by the Insurer. 

        "Swap Provider Policy" means the financial guaranty insurance policy issued by the Insurer to Deutsche Bank, AG, New York branch, in its
capacity as Swap Provider with respect to Class A-4-B Notes. 

        "Swap Termination Payment" means payments due to the applicable Swap Provider by the Issuer, including interest that may accrue thereon,
under the applicable Swap Agreement due to a termination of the applicable Swap Agreement due to the occurrence of an "event of default" or a "termination event" under the applicable Swap Agreement. 

        "Third-Party Lender" means an entity that originated a loan to a consumer for the purchase of a motor vehicle and sold the loan to
AmeriCredit pursuant to an Auto Loan Purchase and Sale Agreement. 

        "Third-Party Lender Assignment" means, with respect to a Receivable, the executed assignment executed by a Third-Party Lender conveying
such Receivable to AmeriCredit. 

        "Trigger Event" has the meaning assigned thereto in the Spread Account Agreement. 

        "Trust" means the Issuer. 

        "Trust Account Property" means the Trust Accounts, all amounts and investments held from time to time in any Trust Account (whether in the
form of deposit accounts, Physical Property, book-entry securities, uncertificated securities or otherwise), and all proceeds of the foregoing. 

        "Trust Accounts" has the meaning assigned thereto in Section 5.1. 

        "Trust Agreement" means the Trust Agreement dated as of May 2, 2003, between the Seller and the Owner Trustee, as amended and
restated as of May 14, 2003, as the same may be amended and supplemented from time to time. 

        "Trust Collateral Agent" means the Person acting as Trust Collateral Agent hereunder, its successors in interest and any successor Trust
Collateral Agent hereunder. 

        "Trust Officer" means, (i) in the case of the Trust Collateral Agent, the chairman or vice-chairman of the board of
directors, any managing director, the chairman or vice-chairman of the executive committee of the board of directors, the president, any vice president, assistant vice president, the
secretary, any assistant secretary, the treasurer, any assistant treasurer, the cashier, any assistant cashier, any trust officer or assistant trust officer, the controller and any assistant
controller or any other officer of the Trust Collateral Agent customarily performing functions 

16

 

similar
to those performed by any of the above designated officers and also means, with respect to a particular corporate trust matter, any other officer to whom such matter is referred because of
such officer's knowledge of and familiarity with the particular subject, and (ii) in the case of the Owner Trustee, any officer in the corporate trust office of the Owner Trustee or any agent
of the Owner Trustee under a power of attorney with direct responsibility for the administration of this Agreement or any of the Basic Documents on behalf of the Owner Trustee. 

        "Trust Property" means the property and proceeds conveyed pursuant to Section 2.1, together with certain monies paid on or after
the Cutoff Date, the Note Policy, the Collection Account (including all Eligible Investments therein and all proceeds therefrom), the Lockbox Account, the Note Distribution Account, the Spread Account
and certain other rights under this Agreement. 

        "Trustee" means the Person acting as Trustee under the Indenture, its successors in interest and any successor trustee under the
Indenture. 

        "UCC" means the Uniform Commercial Code as in effect in the relevant jurisdiction on the date of the Agreement. 

        SECTION
1.2.    Other Definitional Provisions.    

        (a)   Capitalized
terms used herein and not otherwise defined herein have meanings assigned to them in the Indenture, or, if not defined therein, in the Trust Agreement. 

        (b)   All
terms defined in this Agreement shall have the defined meanings when used in any instrument governed hereby and in any certificate or other document made or
delivered pursuant hereto unless otherwise defined therein. 

        (c)   As
used in this Agreement, in any instrument governed hereby and in any certificate or other document made or delivered pursuant hereto or thereto, accounting terms not
defined in this Agreement or in any such instrument, certificate or other document, and accounting terms partly defined in this Agreement or in any such instrument, certificate or other document to
the extent not defined, shall have the respective meanings given to them under generally accepted accounting principles as in effect on the date of this Agreement or any such instrument, certificate
or other document, as applicable. To the extent that the definitions of accounting terms in this Agreement or in any such instrument, certificate or other document are inconsistent with the meanings
of such terms under generally accepted accounting principles, the definitions contained in this Agreement or in any such instrument, certificate or other document shall control. 

        (d)   The
words "hereof," "herein,"
"hereunder" and words of similar import when used in this Agreement shall refer to this Agreement as a whole and not to any particular provision of this
Agreement; Section, Schedule and Exhibit references contained in this Agreement are references to Sections, Schedules and Exhibits in or to this Agreement unless otherwise specified; and the term
"including" shall mean "including without limitation." 

        (e)   The
definitions contained in this Agreement are applicable to the singular as well as the plural forms of such terms and to the masculine as well as to the feminine and
neuter genders of such terms. 

        (f)    Any
agreement, instrument or statute defined or referred to herein or in any instrument or certificate delivered in connection herewith means such agreement, instrument
or statute as from time to time amended, modified or supplemented and includes (in the case of agreements or instruments) references to all attachments thereto and instruments incorporated therein;
references to a Person are also to its permitted successors and assigns. 

17

   ARTICLE II 

Conveyance of Receivables  

        SECTION
2.1.    Conveyance of Receivables.    In consideration of the Issuer's delivery to or upon the order of the
Seller on the Closing Date of the net proceeds from the sale of the Notes and the other amounts to be distributed from time to time to the Seller in accordance with the terms of this Agreement, the
Seller does hereby sell, transfer, assign, set over and otherwise convey to the Issuer, without recourse (subject to the obligations set forth herein), all right, title and interest of the Seller in
and to: 

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

        (b)   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; 

        (c)   any
proceeds and the right to receive 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; 

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

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

        (f)    the
related Receivable Files; 

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

        (h)   the
proceeds of any and all of the foregoing; 

        (i)    all
of the Seller's (a) Accounts, (b) Chattel Paper, (c) Documents, (d) Instruments and (e) General Intangibles (as such terms are
defined in the UCC) relating to the property described in (a) through (h); and 

        (j)    all
proceeds and investments with respect to items (a) through (i). 

        It
is the intention of the Seller that the transfer and assignment contemplated by this Agreement shall constitute a sale of the Receivables and Other Conveyed Property from the Seller
to the Issuer and the beneficial interest in and title to the Receivables and the Other Conveyed Property shall not be part of the Seller's estate in the event of the filing of a bankruptcy petition
by or against the Seller under any bankruptcy law. In the event that, notwithstanding the intent of the Seller, the transfer and assignment contemplated hereby is held by a court of competent
jurisdiction not to be a sale, this Agreement shall constitute a grant of a security interest in the property referred to in this Section for the benefit of the Noteholders and the Insurer. 

        SECTION
2.2.    [Reserved].    

        SECTION
2.3.    Further Encumbrance of Trust Property.    

        (a)   Immediately
upon the conveyance to the Trust by the Seller of any item of the Trust Property pursuant to Section 2.1, all right, title and interest of the Seller
in and to such item of Trust Property shall terminate, and all such right, title and interest shall vest in the Trust, in accordance with the Trust 

18

 

Agreement
and Sections 3802 and 3805 of the Statutory Trust Statute (as defined in the Trust Agreement). 

        (b)   Immediately
upon the vesting of the Trust Property in the Trust, the Trust shall have the sole right to pledge or otherwise encumber, such Trust Property. Pursuant to
the Indenture, the Trust shall grant a security interest in the Trust Property to the Trust Collateral Agent securing the repayment of the Notes. The Certificates shall represent the beneficial
ownership interest in the Trust Property, and the Certificateholders shall be entitled to receive distributions with respect thereto as set forth herein. 

        (c)   Following
the payment in full of the Notes and the release and discharge of the Indenture, all covenants of the Issuer under Article III of the Indenture shall,
until payment in full of the Certificates, remain as covenants of the Issuer for the benefit of the Certificateholders, enforceable by the Certificateholders to the same extent as such covenants were
enforceable by the Noteholders prior to the discharge of the Indenture. Any rights of the Trustee under Article III of the Indenture, following the discharge of the Indenture, shall vest in
Certificateholders. 

        (d)   The
Trust Collateral Agent shall, at such time as there are no Notes or Certificates outstanding and all sums due to (i) the Trustee pursuant to the Indenture,
(ii) the Insurer pursuant to the Insurance Agreement and (iii) the Trust Collateral Agent pursuant to this Agreement, have been paid, release any remaining portion of the Trust Property
to the Seller. 

ARTICLE III 

The Receivables  

        SECTION
3.1.    Representations and Warranties of Seller.    The Seller hereby represents and warrants that each of
the representations and warranties set forth on the Schedule of Representations attached hereto as Schedule B is true and correct on which the Issuer is deemed to have relied in acquiring the
Receivables and upon which the Insurer shall be deemed to rely in issuing the Note Policy. Such
representations and warranties speak as of the execution and delivery of this Agreement and as of the Closing Date, but shall survive the sale, transfer and assignment of the Receivables to the Issuer
and the pledge thereof to the Trust Collateral Agent pursuant to the Indenture and shall not be waived. 

        SECTION
3.2.    Repurchase upon Breach.    (a) The Seller, the Servicer, the Backup Servicer, the Insurer, the
Trust Collateral Agent or the Owner Trustee, as the case may be, shall inform the other parties to this Agreement promptly, by notice in writing, upon the discovery of any breach of the Seller's
representations and warranties made pursuant to Section 3.1. As of the last day of the second (or, if the Seller so elects, the first) month following the discovery by the Seller or receipt by
the Seller of notice of such breach, unless such breach is cured by such date, the Seller shall have an obligation to repurchase any Receivable in which the interests of the Noteholders or the Insurer
are materially and adversely affected by any such breach as of such date. The "second month" shall mean the month following the month in which discovery occurs or notice is given, and the "first
month" shall mean the month in which discovery occurs or notice is given. In consideration of and simultaneously with the repurchase of the Receivable, the Seller shall remit, or cause AmeriCredit to
remit, to the Collection Account the Purchase Amount in the manner specified in Section 5.6 and the Issuer shall execute such assignments and other documents reasonably requested by such person
in order to effect such repurchase. The sole remedy of the Issuer, the Owner Trustee, the Trust Collateral Agent, the Trustee, the Backup Servicer or the Noteholders with respect to a breach of
representations and warranties pursuant to Section 3.1 and the agreement contained in this Section shall be the repurchase of Receivables pursuant to this Section, subject to the conditions
contained herein or to enforce the obligation of AmeriCredit to the Seller to repurchase such Receivables pursuant to the Purchase Agreement. Neither the Owner Trustee, the Trust Collateral Agent nor
the Trustee shall have a duty to 

19

 

conduct
any affirmative investigation as to the occurrence of any conditions requiring the repurchase of any Receivable pursuant to this Section. 

        In
addition to the foregoing and notwithstanding whether the related Receivable shall have been purchased by the Seller, the Seller shall indemnify the Trust, the Trustee, the Backup
Servicer, the Trust Collateral Agent, Collateral Agent and the officers, directors, agents and employees thereof, the Insurer, and the Noteholders 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 breach. 

        (b)   Pursuant
to Section 2.1 of this Agreement, the Seller conveyed to the Trust all of the Seller's right, title and interest in its rights and benefits, but none of
its obligations or burdens, under the Purchase Agreement including the Seller's rights under the Purchase Agreement and the delivery requirements, representations and warranties and the cure or
repurchase obligations of AmeriCredit thereunder. The Seller hereby represents and warrants to the Trust that such assignment is valid, enforceable and effective to permit the Trust to enforce such
obligations of AmeriCredit under the Purchase Agreement. Any purchase by AmeriCredit pursuant to the Purchase Agreement shall be deemed a purchase by the Seller pursuant to this Section 3.2 and
the definition of Purchased Receivable. 

        SECTION
3.3.    Custody of Receivables Files.    

        (a)   In
connection with the sale, transfer and assignment of the Receivables and the Other Conveyed Property to the Trust pursuant to this Agreement and simultaneously with
the execution and delivery of this Agreement, the Trust Collateral Agent shall enter into the Custodian Agreement with the Custodian, dated as of May 14, 2003, pursuant to which the Trust
Collateral Agent shall revocably appoint the Custodian, and the Custodian shall accept such appointment, to act as the agent of the Trust Collateral Agent as custodian of the following documents or
instruments in its possession which shall be delivered to the Custodian as agent of the Trust Collateral Agent on or before the Closing Date (with respect to each Receivable): 

          (i)  The
fully executed original of the Receivable (together with any agreements modifying the Receivable); 

         (ii)  The
original credit application, or a copy thereof, of each Obligor, fully executed by each such Obligor on AmeriCredit's customary form, or on a form approved by
AmeriCredit, for such application; and 

        (iii)  The
original Lien Certificate (when received) and otherwise such documents, if any, that AmeriCredit keeps on file in accordance with its customary procedures
indicating that the Financed Vehicle is owned by the Obligor and subject to the interest of AmeriCredit as first lienholder or secured party (including any Lien Certificate received by AmeriCredit),
or, if such Lien Certificate has not yet been received, a copy of the application therefor, showing AmeriCredit as secured party. 

        (b)   The
Trust Collateral Agent may act as the Custodian, in which case the Trust Collateral Agent shall be deemed to have assumed the obligations of the Custodian specified
in the Custodian Agreement. Upon payment in full of any Receivable, the Servicer will notify the Custodian pursuant to a certificate of an officer of the Servicer (which certificate shall include a
statement to the effect that all amounts received in connection with such payments which are required to be deposited in the Collection Account pursuant to Section 4.1 have been so deposited)
and shall request delivery of the Receivable and Receivable File to the Servicer. Upon the sale of any Receivable pursuant to Section 4.3(c) hereof, the Servicer will notify the Custodian
pursuant to a certificate of an officer of the Servicer (which certificate shall include a statement to the effect that all amounts received in connection with such sale which are required to be
deposited in the Collection Account pursuant to 

20

 

Section 4.1
have been so deposited) and shall request delivery of the Receivable and Receivable File to the purchaser of such Receivable. From time to time as appropriate for servicing and
enforcing any Receivable, the Custodian shall, upon written request of an officer of the Servicer and delivery to the Custodian of a receipt signed by such officer, cause the original Receivable and
the related Receivable File to be released to the Servicer. The Servicer's receipt of a Receivable and/or Receivable File shall obligate the Servicer to return the original Receivable and the related
Receivable File to the Custodian when its need by the Servicer has ceased unless the Receivable is repurchased as described in Section 3.2, 4.2 or 4.7. 

ARTICLE IV 

Administration and Servicing of Receivables  

        SECTION
4.1.    Duties of the Servicer and the Backup Servicer.    

        (a)   The
Servicer is hereby authorized to act as agent for the Trust and in such capacity shall manage, service, administer and make collections on the Receivables, and
perform the other actions required by the Servicer under this Agreement. The Servicer agrees that its servicing of the Receivables shall be carried out in accordance with customary and usual
procedures of institutions which service motor vehicle retail installment sales contracts and, to the extent more exacting, the degree of skill and attention that the Servicer exercises from time to
time with respect to all comparable motor vehicle receivables that it services for itself or others. In performing such duties, so long as AmeriCredit is the Servicer, it shall substantially comply
with the policies and procedures described on Schedule C, as such policies and procedures may be updated from time to time. The Servicer's duties shall include, without limitation, collection
and posting of all payments, responding to inquiries of Obligors on the Receivables, investigating delinquencies, sending payment coupons to Obligors, reporting any required tax information to
Obligors, monitoring the collateral, complying with the terms of the Lockbox Agreement, accounting for collections and furnishing monthly and annual statements to the Trust Collateral Agent, the
Trustee and the Insurer with respect to distributions, monitoring the status of Insurance Policies with respect to the Financed Vehicles and performing the other duties specified herein. 

        The
Servicer shall also administer and enforce all rights and responsibilities of the holder of the Receivables provided for in the Dealer Agreements and Auto Loan Purchase and Sale
Agreements (and shall maintain possession of the Dealer Agreements and Auto Loan Purchase and Sale Agreements, to the extent it is necessary to do so), the Dealer Assignments, the Third-Party Lender
Assignments and the Insurance Policies, to the extent that such Dealer Agreements, Auto Loan Purchase and Sale Agreements, Dealer Assignments, Third-Party Lender Assignments and Insurance Policies
relate to the Receivables, the Financed Vehicles or the Obligors. To the extent consistent with the standards, policies and procedures otherwise required hereby, the Servicer shall follow its
customary standards, policies, and procedures and shall have full power and authority, acting alone, to do any and all things in connection with such managing, servicing, administration and collection
that it may deem necessary or desirable. Without limiting the generality of the foregoing, the Servicer is hereby authorized and empowered by the Trust to execute and deliver, on behalf of the Trust,
any and all instruments of satisfaction or cancellation, or of partial or full release or discharge, and all other comparable instruments, with respect to the Receivables and with respect to the
Financed Vehicles; provided, however, that notwithstanding the foregoing, the Servicer shall not, except pursuant to an order from a court of competent
jurisdiction, release an Obligor from payment of any unpaid amount under any Receivable or waive the right to collect the unpaid balance of any Receivable from the Obligor except in accordance with
the Servicer's customary practices. 

        The
Servicer is hereby authorized to commence, in its own name or in the name of the Trust, a legal proceeding to enforce a Receivable pursuant to Section 4.3 or to commence or
participate in any 

21

 

other
legal proceeding (including, without limitation, a bankruptcy proceeding) relating to or involving a Receivable, an Obligor or a Financed Vehicle. If the Servicer commences or participates in
such a legal proceeding in its own name, the Trust shall thereupon be deemed to have automatically assigned such Receivable to the Servicer solely for purposes of commencing or participating in any
such proceeding as a party or claimant, and the Servicer is authorized and empowered by the Trust to execute and deliver in the Servicer's name any notices, demands, claims, complaints, responses,
affidavits or other documents or instruments in connection with any such proceeding. The Trust Collateral Agent and the Owner Trustee shall furnish the Servicer with any limited powers of attorney and
other documents which the Servicer may reasonably request and which the Servicer deems necessary or appropriate and take any other steps which the Servicer may deem necessary or appropriate to enable
the Servicer to carry out its servicing and administrative duties under this Agreement. 

        As
set forth in Section 9.3, in the event the Servicer fails to perform its obligations hereunder, the Backup Servicer shall be responsible for the Servicer's duties in this
Agreement as if it were the Servicer, except as expressly set forth in Annex A hereto, provided that the Backup Servicer shall not be liable for the Servicer's breach of its obligations. 

        (b)   The
Backup Servicer shall have the following duties: (i) within 45 days of the Closing Date, the Backup Servicer shall have conducted an
on-site inspection of the Servicer's operations in connection with this Agreement, and shall conduct additional on-site inspections not less frequently than every
12 months thereafter. Each on-site inspection shall be at the cost of AmeriCredit. Within 10 days of each such inspection, the Backup Servicer shall deliver a certificate (in
a form to be agreed on in good faith between the Backup Servicer and the Controlling Party and with a copy to the Servicer) (the "Backup Servicer's
Certificate") certifying that the Backup Servicer has conducted an inspection consistent with this Section 4.1(b). During each such inspection, the Backup Servicer shall
perform certain review procedures as agreed to between the Controlling Party and the Backup Servicer including, without limitation, such review procedures as the Backup Servicer may require in order
to be put in a position to assume the servicing responsibilities of the Servicer if and to the extent required hereunder; and (ii) within 45 days of the Closing Date, the Backup Servicer
shall complete all data mapping, and, upon receipt of Monthly Tapes pursuant to Section 4.13: (A) electronically compile the Monthly Tape data in the Backup Servicer's
"off-line" computer, and (B) update or amend the data-mapping pursuant to any updated or amended fields in the Monthly Tapes. 

        SECTION
4.2.    Collection of Receivable Payments; Modifications of Receivables; Lockbox Agreements.    

        (a)   Consistent
with the standards, policies and procedures required by this Agreement, the Servicer shall make reasonable efforts to collect all payments called for under
the terms and provisions of the Receivables as and when the same shall become due, and shall follow such collection procedures as it follows with respect to all comparable automobile receivables that
it services for itself or others and otherwise act with respect to the Receivables, the Dealer Agreements, the Dealer Assignments, the Auto Loan Purchase and Sale Agreements, the Third-Party Lender
Assignments, the Insurance Policies and the Other Conveyed Property in such manner as will, in the reasonable judgment of the Servicer, maximize the amount to be received by the Trust with respect
thereto, including directing the Issuer to sell the Receivables pursuant to Section 4.3(c) hereof. The Servicer is authorized in its discretion to waive any prepayment charge, late payment
charge or any other similar fees that may be collected in the ordinary course of servicing any Receivable. 

        (b)   The
Servicer may (A) at any time agree to a modification or amendment of a Receivable in order to (i) change the Obligor's regular due date, such due date
changes not to exceed 15 days over the life of the contract or (ii) re-amortize the Scheduled Receivables Payments on the Receivable following a partial prepayment of
principal, in accordance with its customary procedures or (B) may 

22

 

direct
the Issuer to sell the Receivables pursuant to Section 4.3 hereof if the Servicer believes in good faith that such extension, modification, amendment or sale is necessary to avoid a
default on such Receivable, will maximize the amount to be received by the Trust with respect to such Receivable, and is otherwise in the best interests of the Trust. 

        (c)   The
Servicer may grant payment extensions on, or other modifications or amendments to, a receivable (in addition to those modifications permitted by
Section 4.2(b)) hereof, in accordance with its customary procedures if the Servicer believes in good faith that such extension, modification, amendment or sale is necessary to avoid a default
on such Receivable, will maximize the amount to be received by the Trust with respect to such Receivable, and is otherwise in the best interests of the Trust; provided,
however, that: 

          (i)  The
aggregate period of all extensions on a Receivable shall not exceed eight months; 

         (ii)  In
no event may a Receivable be extended beyond the Collection Period immediately preceding the latest Final Scheduled Distribution Date; 

        (iii)  The
average Monthly Extension Rate for any three consecutive calendar months shall not exceed 4%; and 

        (iv)  So
long as an Insurer Default shall not have occurred and be continuing, the Servicer shall not amend or modify a Receivable (except as provided in
Section 4.2(b) and this Section 4.2(c)) without the consent of the Insurer or a Note Majority (if an Insurer Default shall have occurred and be continuing). 

        With
respect to clause (iii) of this Section 4.2(c), in the event the average of the Monthly Extension Rates calculated with respect to three consecutive calendar months
exceeds 4% (which information shall be set forth in the related Servicer's Certificate), the Servicer shall, on the third such Accounting Date, purchase from the Trust the Receivables with respect to
which payment had been extended (starting with the Receivables most recently so extended) in an aggregate Principal Balance equal to the product of (i) the difference between such average of
Monthly Extension Rates and 4% and (ii) the Aggregate Principal Balance, and pay the related Purchase Amount on the related Preliminary Determination Date;  provided, however, that in the event the Backup Servicer shall be acting as Servicer hereunder, the
foregoing sentence shall apply only in respect of Receivables as to which payments had been extended by such Backup Servicer. 

        (d)   The
Servicer shall use its best efforts to notify or direct Obligors to make all payments on the Receivables, whether by check or by direct debit of the Obligor's bank
account, to be made directly to one or more Lockbox Banks, acting as agent for the Trust pursuant to a Lockbox Agreement. The Servicer shall use its best efforts to notify or direct any Lockbox Bank
to deposit all payments on the Receivables in the Lockbox Account no later than the Business Day after receipt, and to cause all amounts credited to the Lockbox Account on account of such payments to
be transferred to the Collection Account no later than the second Business Day after receipt of such payments. The Lockbox Account shall be a demand deposit account held by the Lockbox Bank, or at the
request of the Controlling Party, an Eligible Deposit Account. 

23

   
        Prior to the Closing Date, the Servicer shall have notified each Obligor that makes its payments on the Receivables by check to make such payments thereafter directly to the Lockbox Bank
(except in the case of Obligors that have already been making such payments to the Lockbox Bank), and shall have provided each such Obligor with remittance invoices in order to enable such Obligors to
make such payments directly to the Lockbox Bank for deposit into the Lockbox Account, and the Servicer will continue, not less often than every three months, to so notify those Obligors who have
failed to make payments to the Lockbox Bank. If and to the extent requested by the Controlling Party, the Servicer shall request each Obligor that makes payment on the Receivables by direct debit of
such Obligor's bank account, to execute a new authorization for automatic payment which in the judgment of the Controlling Party is sufficient to authorize direct debit by the Lockbox Bank on behalf
of the Trust. If at any time, the Lockbox Bank is unable to directly debit an Obligor's bank account that makes payment on the Receivables by direct debit and if such inability is not cured within
15 days or cannot be cured by execution by the Obligor of a new authorization for automatic payment, the Servicer shall notify such Obligor that it cannot make payment by direct debit and must
thereafter make payment by check. 

        Notwithstanding
any Lockbox Agreement, or any of the provisions of this Agreement relating to the Lockbox Agreement, the Servicer shall remain obligated and liable to the Trust, the
Trust Collateral Agent and Noteholders for servicing and administering the Receivables and the Other Conveyed Property in accordance with the provisions of this Agreement without diminution of such
obligation or liability by virtue thereof; provided, however, that the foregoing shall not apply to any Backup Servicer for so long as a Lockbox Bank is
performing its obligations pursuant to the terms of a Lockbox Agreement. 

        In
the event of a termination of the Servicer, the replacement Servicer shall assume all of the rights and obligations of the outgoing Servicer under the Lockbox Agreement subject to the
terms hereof. In such event, the replacement Servicer shall be deemed to have assumed all of the outgoing Servicer's interest therein and to have replaced the outgoing Servicer as a party to each such
Lockbox Agreement to the same extent as if such Lockbox Agreement had been assigned to the replacement Servicer, except that the outgoing Servicer shall not thereby be relieved of any liability or
obligations on the part of the outgoing Servicer to the Lockbox Bank under such Lockbox Agreement. The outgoing Servicer shall, upon request of the Trust Collateral Agent, but at the expense of the
outgoing Servicer, deliver to the replacement Servicer all documents and records relating to each such Lockbox Agreement and an accounting of amounts collected and held by the Lockbox Bank and
otherwise use its best efforts to effect the orderly and efficient transfer of any Lockbox Agreement to the replacement Servicer. In the event that the Insurer (so long as an Insurer Default shall not
have occurred and be continuing) or a Note Majority (if an Insurer Default shall have occurred and be continuing) elects to change the identity of the Lockbox Bank, the outgoing Servicer, at its
expense, shall cause the Lockbox Bank to deliver, at the direction of the Insurer (so long as an Insurer Default shall not have occurred and be continuing) or a Note Majority (if an Insurer Default
shall have occurred and be continuing) to the Trust Collateral Agent or a successor Lockbox Bank, all documents and records relating to the
Receivables and all amounts held (or thereafter received) by the Lockbox Bank (together with an accounting of such amounts) and shall otherwise use its best efforts to effect the orderly and efficient
transfer of the lockbox arrangements and the Servicer shall notify the Obligors to make payments to the Lockbox established by the successor. 

        (e)   The
Servicer shall remit all payments by or on behalf of the Obligors received directly by the Servicer to the Lockbox Bank for deposit into the Collection Account no
later than the Business Day after the receipt thereof. 

24

 

        SECTION
4.3.    Realization upon Receivables.    

        (a)   In
addition to the Servicer's ability to direct the Issuer to sell Receivables pursuant to Section 4.3(c) hereof, and consistent with the standards, policies and
procedures required by this Agreement, the Servicer shall use its best efforts to repossess (or otherwise comparably convert the ownership of) and liquidate any Financed Vehicle securing a Receivable
with respect to which the Servicer has determined that payments thereunder are not likely to be resumed, as soon as is practicable after default on such Receivable but in no event later than the date
on which all or any portion of a Scheduled Receivables Payment has become 91 days delinquent; provided,  however, that the Servicer may elect not to
repossess a Financed Vehicle within such time period if in its good faith judgment it determines that the
proceeds ultimately recoverable with respect to such Receivable would be increased by forbearance or if it instead elects to direct the Issuer to sell the Receivables pursuant to
Section 4.3(c). The Servicer is authorized to follow such customary practices and procedures as it shall deem necessary or advisable, consistent with the standard of care required by
Section 4.1, which practices and procedures may include reasonable efforts to realize upon any recourse to Dealers and Third-Party Lenders, the sale of the related Financed Vehicle at public or
private sale, the submission of claims under an Insurance Policy and other actions by the Servicer in order to realize upon such a Receivable. The foregoing is subject to the provision that, in any
case in which the Financed Vehicle shall have suffered damage, the Servicer shall not expend funds in connection with any repair or towards the repossession of such Financed Vehicle unless it shall
determine in its discretion that such repair and/or repossession shall increase the proceeds of liquidation of the related Receivable by an amount greater than the amount of such expenses. All amounts
received upon liquidation of a Financed Vehicle shall be remitted directly by the Servicer to the Collection Account without deposit into any intervening account as soon as practicable, but in no
event later than the Business Day after receipt thereof. The Servicer shall be entitled to recover all reasonable expenses incurred by it in the course of repossessing and liquidating a Financed
Vehicle into cash proceeds, but only out of the cash proceeds of such Financed Vehicle, any deficiency obtained from the Obligor or any amounts received from the related Dealer or Third-Party Lender,
which amounts in reimbursement may be retained by the Servicer (and shall not be required to be deposited as provided in Section 4.2(e)) to the extent of such expenses. The Servicer shall pay
on behalf of the Trust any personal property taxes assessed on repossessed Financed Vehicles. The Servicer shall be entitled to reimbursement of any such tax from Net Liquidation Proceeds with respect
to such Receivable. 

        (b)   If
the Servicer elects to commence a legal proceeding to enforce a Dealer Agreement, Auto Loan Purchase and Sale Agreement, Dealer Assignment or Third-Party Lender
Assignment, the act of commencement shall be deemed to be an automatic assignment from the Trust to the Servicer of the rights under such Dealer Agreement, Auto Loan Purchase and Sale Agreement,
Dealer Assignment or Third-Party Lender Assignment for purposes of collection only. If, however, in any enforcement suit or legal proceeding it is held that the Servicer may not enforce a Dealer
Agreement, Auto Loan Purchase and Sale Agreement, Dealer Assignment or Third-Party Lender Assignment on the grounds that it is not a real party in interest or a Person entitled to enforce the Dealer
Agreement, Auto Loan Purchase and Sale Agreement, Dealer Assignment or Third-Party Lender Assignment, the Owner Trustee and/or the Trust Collateral Agent, at the Servicer's expense, or the Seller, at
the Seller's expense, shall take such steps as the Servicer deems reasonably necessary to enforce the Dealer Agreement, Auto Loan Purchase and Sale Agreement, Dealer Assignment or Third-Party Lender
Assignment, including bringing suit in its name or the name of the Seller or of the Trust and the Owner Trustee and/or the Trust Collateral Agent for the benefit of the Noteholders. All amounts
recovered shall be remitted directly by the Servicer as provided in Section 4.2(e). 

        (c)   Consistent
with the standards, policies and procedures required by this Agreement, the Servicer may use its best efforts to locate a third party purchaser that is not
affiliated with the Servicer, the Seller or the Issuer to purchase from the Issuer any Receivable that has become more than 60 days 

25

 

delinquent,
and shall have the right to direct the Issuer to sell any such Receivable to the third-party purchaser; provided, that no more than 20% of
the initial number of Receivables in the pool may be sold by the Issuer pursuant to this Section 4.3(c) in the aggregate; provided further, that
the Servicer may elect to not direct the Issuer to sell a Receivable that has become more than 60 days delinquent if in its good faith judgment the Servicer determines that the proceeds
ultimately recoverable with respect to such Receivable would be increased by forbearance. In selecting Receivables to be sold to a third party purchaser pursuant to this Section 4.3(c), the
Servicer shall use commercially reasonable efforts to locate purchasers for the most delinquent Receivables first. In any event, the Servicer shall not use any procedure in selecting Receivables to be
sold to third party purchasers which is materially adverse to the interest of the Noteholders or the Insurer. The Issuer shall sell each Sold Receivable for the greatest market price possible;  provided,
however, that aggregate Sale Amounts received by the Issuer for all Receivables sold to a
single third-party purchaser on a single date must be at least equal to the sum of the Minimum Sale Prices for all such Receivables. The Servicer shall remit or cause the third-party purchaser to
remit all sale proceeds from the sale of Receivables directly to the Collection Account without deposit into any intervening account as soon as practicable, but in no event later than the Business Day
after receipt thereof. 

        SECTION
4.4.    Insurance.    

        (a)   The
Servicer shall require, in accordance with its customary servicing policies and procedures, that each Financed Vehicle be insured by the related Obligor under the
Insurance Policies referred to in Paragraph 24 of the Schedule of Representations and Warranties and shall monitor the status of such physical loss and damage insurance coverage thereafter, in
accordance with its customary servicing procedures. Each Receivable requires the Obligor to maintain such physical loss and damage insurance, naming AmeriCredit and its successors and assigns as
additional insureds, and permits the holder of such Receivable to obtain physical loss and damage insurance at the expense of the Obligor if the Obligor fails to maintain such insurance. If the
Servicer shall determine that an Obligor has failed to obtain or maintain a physical loss and damage Insurance Policy covering the related Financed Vehicle which satisfies the conditions set forth in
clause (i)(a) of such Paragraph 24 (including, without limitation, during the repossession of such Financed Vehicle) the Servicer may enforce the rights of the holder of the Receivable
under the Receivable to require the Obligor to obtain such physical loss and damage insurance in accordance with its customary servicing policies and procedures. The Servicer may maintain a vendor's
single interest or other collateral protection insurance policy with respect to all Financed Vehicles ("Collateral Insurance") which policy shall by its
terms insure against physical loss and damage in the event any Obligor fails to maintain physical loss and damage insurance with respect to the related Financed Vehicle. All policies of Collateral
Insurance shall be endorsed with clauses providing for loss payable to the Servicer. Costs incurred by the Servicer in maintaining such Collateral Insurance shall be paid by the Servicer. 

        (b)   The
Servicer may, if an Obligor fails to obtain or maintain a physical loss and damage Insurance Policy, obtain insurance with respect to the related Financed Vehicle
and advance on behalf of such Obligor, as required under the terms of the insurance policy, the premiums for such insurance (such insurance being referred to herein as
"Force-Placed Insurance"). All policies of Force-Placed Insurance shall be endorsed with clauses providing for loss payable to the Servicer. Any cost
incurred by the Servicer in maintaining such Force-Placed Insurance shall only be recoverable out of premiums paid by the Obligors or Net Liquidation Proceeds with respect to the Receivable, as
provided in Section 4.4(c). 

        (c)   In
connection with any Force-Placed Insurance obtained hereunder, the Servicer may, in the manner and to the extent permitted by applicable law, require the Obligors to
repay the entire premium to the Servicer. In no event shall the Servicer include the amount of the premium in the Amount Financed under the Receivable. For all purposes of this Agreement, the
Insurance Add-On Amount with respect to any Receivable having Force-Placed Insurance will be treated as a separate 

26

 

obligation
of the Obligor and will not be added to the Principal Balance of such Receivable, and amounts allocable thereto will not be available for distribution on the Notes and the Certificates. The
Servicer shall retain and separately administer the right to receive payments from Obligors with respect to Insurance Add-On Amounts or rebates of Forced-Placed Insurance premiums. If an
Obligor makes a payment with respect to a Receivable having Force-Placed Insurance, but the Servicer is unable to determine whether the payment is allocable to the Receivable or to the Insurance
Add-On Amount, the payment shall be applied first to any unpaid Scheduled Receivables Payments and then to the Insurance Add-On Amount. Net Liquidation Proceeds on any
Receivable will be used first to pay the Principal Balance and accrued interest on such Receivable and then to pay the related Insurance Add-On Amount. If an Obligor under a Receivable
with respect to which the Servicer has placed Force-Placed Insurance fails to make scheduled payments of such Insurance Add-On Amount as due, and the Servicer has determined that eventual
payment of the Insurance Add-On Amount is unlikely, the Servicer may, but shall not be required to, purchase such Receivable from the Trust for the Purchase Amount on any subsequent
Determination Date. Any such Receivable, and any Receivable with respect to which the Servicer has placed Force-Placed Insurance which has been paid in full (excluding any Insurance Add-On
Amounts) will be assigned to the Servicer. 

        (d)   The
Servicer may sue to enforce or collect upon the Insurance Policies, in its own name, if possible, or as agent of the Trust. If the Servicer elects to commence a
legal proceeding to enforce an Insurance Policy, the act of commencement shall be deemed to be an automatic assignment of the rights of the Trust under such Insurance Policy to the Servicer for
purposes of collection only. If, however, in any enforcement suit or legal proceeding it is held that the Servicer may not enforce an Insurance Policy on the grounds that it is not a real party in
interest or a holder entitled to enforce the Insurance Policy, the Owner Trustee and/or the Trust Collateral Agent, at the Servicer's expense, or the Seller, at the Seller's expense, shall take such
steps as the Servicer deems necessary to enforce such Insurance Policy, including bringing suit in its name or the name of the Trust and the Owner Trustee and/or the Trust Collateral Agent for the
benefit of the Noteholders. 

        (e)   The
Servicer will cause itself and may cause the Trust Collateral Agent to be named as named insured under all policies of Collateral Insurance. 

        SECTION
4.5.    Maintenance of Security Interests in Vehicles.    

        (a)   Consistent
with the policies and procedures required by this Agreement, the Servicer shall take such steps on behalf of the Trust as are necessary to maintain perfection
of the security interest created by each Receivable in the related Financed Vehicle, including, but not limited to, obtaining the execution by the Obligors and the recording, registering, filing,
re-recording, re-filing, and re-registering of all security agreements, financing statements and continuation statements as are necessary to maintain the security
interest granted by the Obligors under the respective Receivables. The Trust Collateral Agent hereby authorizes the Servicer, and the Servicer agrees, to take any and all steps necessary to
re-perfect such security interest on behalf of the Trust as necessary because of the relocation of a Financed Vehicle or for any other reason. In the event that the assignment of a
Receivable to the Trust is insufficient, without a notation on the related Financed Vehicle's certificate of title, or without fulfilling any additional administrative requirements under the laws of
the state in which the Financed Vehicle is located, to perfect a security interest in the related Financed Vehicle in favor of the Trust, the Servicer hereby agrees that AmeriCredit's designation as
the secured party on the Lien Certificate is in its capacity as Servicer as agent of the Trust. 

        (b)   Upon
the occurrence of an Insurance Agreement Event of Default, the Insurer may (so long as an Insurer Default shall not have occurred and be continuing) instruct the
Trust Collateral Agent and the Servicer to take or cause to be taken, or, if an Insurer Default shall have occurred, upon the occurrence of a Servicer Termination Event, the Trust Collateral Agent and
the Servicer shall take or cause to be taken such action as may, in the opinion of counsel to the Controlling Party, be necessary 

27

 

to
perfect or re-perfect the security interests in the Financed Vehicles securing the Receivables in the name of the Trust by amending the title documents of such Financed Vehicles or by
such other reasonable means as may, in the opinion of counsel to the Controlling Party, be necessary or prudent. 

        AmeriCredit
hereby agrees to pay all expenses related to such perfection or reperfection and to take all action necessary therefor. In addition, prior to the occurrence of an Insurance
Agreement Event of Default, the Controlling Party may instruct the Trust Collateral Agent and the Servicer to take or cause to be taken such action as may, in the opinion of counsel to the Controlling
Party, be necessary to perfect or re-perfect the security interest in the Financed Vehicles underlying the Receivables in the name of the Trust, including by amending the title documents
of such Financed Vehicles or by such other reasonable means as may, in the opinion of counsel to the Controlling Party, be necessary or prudent;  provided, however, that if the Controlling Party requests that the title documents be amended prior to
the occurrence of an Insurance Agreement Event of Default, the out-of-pocket expenses of the Servicer or the Trust Collateral Agent in connection with such action shall be
reimbursed to the Servicer or the Trust Collateral Agent, as applicable, by the Controlling Party. AmeriCredit hereby appoints the Trust Collateral Agent as its
attorney-in-fact to take any and all steps required to be performed by AmeriCredit pursuant to this Section 4.5(b) (it being understood that and agreed that the Trust
Collateral Agent shall have no obligation to take such steps with respect to all perfection or reperfection, except as pursuant to the Basic Documents to which it is a party and to which AmeriCredit
has paid all expenses), including execution of certificates of title or any other documents
in the name and stead of AmeriCredit and the Trust Collateral Agent hereby accepts such appointment. 

        SECTION
4.6.    Covenants, Representations, and Warranties of Servicer.    By its execution and delivery of this
Agreement, the Servicer makes the following representations, warranties and covenants on which the Trust Collateral Agent relies in accepting the Receivables, on which the Trustee relies in
authenticating the Notes and on which the Insurer relies in issuing the Note Policy. 

        (a)   The
Servicer covenants as follows: 

        (i)    Liens in Force.    The Financed Vehicle securing each Receivable shall not be released in whole or in part from
the security interest granted by the Receivable, except upon payment in full of the Receivable or as otherwise contemplated herein; 

        (ii)    No Impairment.    The Servicer shall do nothing to impair the rights of the Trust or the Noteholders in the
Receivables, the Dealer Agreements, the Auto Loan Purchase and Sale Agreements, the Dealer Assignments, the Third-Party Lender Assignments, the Insurance Policies or the Other Conveyed Property except
as otherwise expressly provided herein; 

        (iii)    No Amendments.    The Servicer shall not extend or otherwise amend the terms of any Receivable, except in
accordance with Section 4.2; and 

        (iv)    Restrictions on Liens.    The Servicer shall not (i) create, incur or suffer to exist, or agree to
create, incur or suffer to exist, or consent to cause or permit in the future (upon the happening of a contingency or otherwise) the creation, incurrence or existence of any Lien or restriction on
transferability of the Receivables except for the Lien in favor of the Trust Collateral Agent for the benefit of the Noteholders and Insurer, the Lien imposed by the Spread Account Agreement in favor
of the Collateral Agent for the benefit of the Trust Collateral Agent and Insurer, and the restrictions on transferability imposed by this Agreement or (ii) sign or file under the Uniform
Commercial Code of any jurisdiction any financing statement which names AmeriCredit or the Servicer as a debtor, or sign any security agreement authorizing any secured party thereunder to file such
financing statement, with respect to the Receivables, except in each case any such instrument solely securing the rights and preserving the Lien of the Trust Collateral Agent, for the benefit of the
Noteholders and the Insurer. 

28

   
        (b)   The Servicer represents, warrants and covenants as of the Closing Date as to itself that the representations and warranties set forth on the Schedule of Representations
attached hereto as Schedule B are true and correct, provided that such representations and warranties contained therein and herein shall not apply to any entity other than AmeriCredit. 

        SECTION
4.7.    Purchase of Receivables Upon Breach of Covenant.    Upon discovery by any of the Servicer, the
Insurer, a Responsible Officer of the Trust Collateral Agent, the Owner Trustee, a Responsible Officer of the Backup Servicer or a Responsible Officer of the Trustee of a breach of any of the
covenants set forth in Sections 1, 2 or 3 of the Custodian Agreement or in Sections 4.5(a) or 4.6(a) hereof, the party discovering such breach shall give prompt written notice to the others;  provided, however, that the failure to give any such notice shall not affect any obligation of AmeriCredit as Servicer under this Section. As of the
second Accounting Date following its discovery or receipt of notice of any breach of any covenant set forth in Sections 4.5(a) or 4.6(a) which materially and adversely affects the interests of the
Noteholders or the Insurer in any Receivable (including any Liquidated Receivable) (or, at AmeriCredit's election, the first Accounting Date so following) or the related Financed Vehicle, AmeriCredit
shall, unless such breach shall have been cured in all material respects, purchase from the Trust the Receivable affected by such breach and, on the related Determination Date, AmeriCredit shall pay
the related Purchase Amount. It is understood and agreed that the obligation of AmeriCredit to purchase any Receivable (including any Liquidated Receivable) with respect to which such a breach has
occurred and is continuing shall, if such obligation is fulfilled, constitute the sole remedy against AmeriCredit for such breach available to the Insurer, the Noteholders, the Owner Trustee, the
Backup Servicer or the Trust Collateral Agent; provided, however, that AmeriCredit shall indemnify the
Trust, the Backup Servicer, the Collateral Agent, the Insurer, the Owner Trustee, the Trust Collateral Agent, the Trustee and the Noteholders 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 breach. Notwithstanding anything to the contrary contained herein, AmeriCredit will not be required to repurchase Receivables due solely to the Servicer's not having received Lien
Certificates that have been properly applied for from the Registrar of Titles in the applicable states for such Receivables unless (i) such Lien Certificates shall not have been received with
respect to Receivables with Principal Balances which total more than 0.5% of the Aggregate Principal Balance as of the 180th day after the Closing Date, in which case AmeriCredit shall
be required to repurchase a sufficient number of such Receivables to cause the aggregate Principal Balances of the remaining Receivables for which no such Lien Certificate shall have been received to
be no greater than 0.5% of the Aggregate Principal Balance as of such date or (ii) such Lien Certificates shall not have been received as of the 240th day after the Closing Date.
This section shall survive the termination of this Agreement and the earlier removal or resignation of the Trustee and/or the Trust Collateral Agent and/or the Backup Servicer. 

        SECTION
4.8.    Total Servicing Fee; Payment of Certain Expenses by Servicer.    On each Distribution Date, the
Servicer shall be entitled to receive out of the Collection Account the Base Servicing Fee and any Supplemental Servicing Fee for the related Collection Period (together, the
"Servicing Fee") pursuant to Section 5.7. The Servicer shall be required to pay all expenses incurred by it in connection with its activities
under this Agreement (including taxes imposed on the Servicer, expenses incurred in connection with distributions and reports made by the Servicer to Noteholders or the Insurer and all other fees and
expenses of the Owner Trustee, the Collateral Agent, the Backup Servicer, the Trust Collateral Agent or the Trustee, except taxes levied or assessed against the Trust, and claims against the Trust in
respect of indemnification, which taxes and claims in respect of indemnification against the Trust are expressly stated to be for the account of AmeriCredit). The Servicer shall be liable for the fees
and expenses of the Owner Trustee, the Backup Servicer, the Trust Collateral Agent, the Trustee, the Custodian, the Collateral Agent, the Lockbox Bank (and any fees under the Lockbox Agreement) and
the Independent Accountants. Notwithstanding the foregoing, if the Servicer shall not be 

29

 

AmeriCredit,
a successor to AmeriCredit as Servicer including the Backup Servicer permitted by Section 9.3 shall not be liable for taxes levied or assessed against the Trust or claims against
the Trust in respect of indemnification, or the fees and expenses referred to above. 

        SECTION
4.9.    Preliminary Servicer's Certificate and Servicer's Certificate.    

        (a)   No
later than 10:00 a.m. Eastern time on each Preliminary Determination Date, the Servicer shall deliver (facsimile delivery being acceptable) to the Trustee, the
Owner Trustee, the Trust Collateral Agent, the Collateral Agent, the Backup Servicer, the Insurer, the Swap Provider and each Rating Agency a Preliminary Servicer's Certificate executed by a
Responsible Officer of the Servicer containing among other things, all information necessary to enable the Trust Collateral Agent to give any notice required by Section 5.5(b) and to make the
distributions required by Section 5.7(a). 

        (b)   No
later than 10:00 a.m. Eastern time on each Determination Date, the Servicer shall deliver (facsimile delivery being acceptable) to the Trustee, the Owner
Trustee, the Trust Collateral Agent, the Collateral Agent, the Backup Servicer, the Insurer and each Rating Agency a Servicer's Certificate executed by a Responsible Officer of the Servicer containing
among other things, (i) all information necessary to enable the Trust Collateral Agent to make any withdrawal and deposit required by Section 5.5 and to make the distributions required
by Section 5.7(a), (ii) a listing of all Purchased Receivables and Sold Receivables purchased by the Servicer or sold by the Issuer as of the related Accounting Date, identifying the
Receivables so purchased by the Servicer or sold by the Issuer, (iii) all information necessary to enable the Backup Servicer to reconcile and recalculate the following sections of the
Preliminary Servicer's Certificate or the Servicer's Certificate, as applicable: the Monthly Period Receivables Principal Balance Calculation Section, the Statistical Data (Current and Historical)
Section, the Delinquency Section and Performance Test Section and to perform its duties as set forth in Section 4.13, (iv) all information necessary to enable the Trust Collateral Agent
to send the statements to Noteholders and the Insurer required by Section 5.10, and (v) all information necessary to enable the Trust Collateral Agent to reconcile the aggregate cash
flows, the Collection Account for the related Collection Period and Distribution Date, including the accounting required by Section 5.10. In addition to the information set forth in the
preceding sentence, the Servicer's Certificate shall also contain the following information: (a) the Delinquency Ratio, for the related Collection Period and the two (2) preceding
Collection Periods and the Gross Default Ratio and Cumulative Net Loss Ratio (as such terms are defined in the Spread Account Agreement) for the related Collection Period; (b) whether any
Trigger Event has occurred as of such Determination Date; (c) whether any Trigger Event that may have occurred as of a prior Determination Date is deemed cured as of such Determination Date;
and (d) whether to the knowledge of the Servicer an Insurance Agreement Event of Default has occurred. 

        SECTION
4.10.    Annual Statement as to Compliance, Notice of Servicer Termination Event.    

        (a)   The
Servicer shall deliver to the Trustee, the Owner Trustee, the Trust Collateral Agent, the Backup Servicer, the Insurer and each Rating Agency, on or before
October 31 (or 120 days after the end of the Servicer's fiscal year, if other than June 30) of each year, beginning on October 31, 2003, an officer's certificate signed by
any Responsible Officer of the Servicer, dated as of June 30 (or other applicable date) of such year, stating that (i) a review of the activities of the Servicer during the preceding
12-month period (or such other period as shall have elapsed from the Closing Date to the date of the first such certificate (which period shall not be less than six months)) and of its
performance under this Agreement has been made under such officer's supervision, and (ii) to such officer's knowledge, based on such review, the Servicer has fulfilled all its obligations under
this Agreement throughout such period, or, if there has been a default in the fulfillment of any such obligation, specifying each such default known to such officer and the nature and status thereof. 

        (b)   The
Servicer shall deliver to the Trustee, the Owner Trustee, the Trust Collateral Agent, the Backup Servicer, the Insurer, the Collateral Agent and each Rating Agency,
promptly after having obtained knowledge thereof, but in no event later than two (2) Business Days thereafter, written notice 

30

 

in
an officer's certificate of any event which with the giving of notice or lapse of time, or both, would become a Servicer Termination Event under Section 9.1(a). The Seller or the Servicer
shall deliver to the Trustee, the Owner Trustee, the Trust Collateral Agent, the Backup Servicer, the Insurer, the Collateral Agent, the Servicer or the Seller (as applicable) and each Rating Agency
promptly after having obtained knowledge thereof, but in no event later than two (2) Business Days thereafter, written notice in an officer's certificate of any event which with the giving of
notice or lapse of time, or both, would become a Servicer Termination Event under any other clause of Section 9.1. 

        SECTION
4.11.    Annual Independent Accountants' Report.    The Servicer shall cause a firm of nationally recognized
independent certified public accountants (the "Independent Accountants"), who may also render other services to the Servicer or to the Seller, to
deliver to the Trustee, the Owner Trustee, the Trust Collateral Agent, the Backup Servicer, the Insurer and each Rating Agency, on or before October 31 (or 120 days after the end of the
Servicer's fiscal year, if other than June 30) of each year, beginning on October 31, 2003, with respect to the twelve months ended the immediately preceding June 30 (or other
applicable date) (or such other period as shall have elapsed from the Closing Date to the date of such certificate (which period shall not be less than six months)), a statement (the
"Accountants' Report") addressed to the Board of Directors of the Servicer, to the Trustee, the Owner Trustee, the Trust Collateral Agent, the Backup
Servicer and to the Insurer, to the effect that such firm has audited the books and records of AmeriCredit Corp., in which the Servicer is included as a consolidated subsidiary, and issued its report
thereon in connection with the audit report on the consolidated financial statements of AmeriCredit Corp. and that (1) such audit was made in accordance with generally accepted auditing
standards, and accordingly included such tests of the accounting records and such other auditing procedures as such firm considered necessary in the circumstances; (2) the firm is independent
of the Seller and the Servicer within the meaning of the Code of Professional Ethics of the American Institute of Certified Public Accountants, and (3) includes a report on the application of
agreed upon procedures to three randomly selected Servicer's Certificates including the delinquency, default and loss statistics required to be specified therein noting whether any exceptions or
errors in the Servicer's Certificates were found. 

        SECTION
4.12.    Access to Certain Documentation and Information Regarding Receivables.    The Servicer shall provide
to representatives of the Trustee, the Owner Trustee, the Trust Collateral Agent, the Backup Servicer and the Insurer reasonable access to the documentation regarding the Receivables. In each case,
such access shall be afforded without charge but only upon reasonable request and during normal business hours. Nothing in this Section shall affect the obligation of the Servicer to observe any
applicable law prohibiting disclosure of information regarding the Obligors, and the failure of the Servicer to provide access as provided in this Section as a result of such obligation shall not
constitute a breach of this Section. 

        SECTION
4.13.    Monthly Tape.    On or before the Distribution Date, but in no event later than the seventh calendar
day, of each month, the Servicer will deliver to the Trust Collateral Agent, the Insurer and the Backup Servicer a computer tape and a diskette (or any other electronic transmission acceptable to the
Trust Collateral Agent, the Insurer and the Backup Servicer) in a format acceptable to the Trust Collateral Agent, the Insurer and the Backup Servicer containing the information with respect to the
Receivables as of the preceding Accounting Date necessary for preparation of the Servicer's Certificate relating to the immediately preceding Determination Date and necessary to review the application
of collections as provided in Section 5.4 (the "Monthly Tape"). The Backup Servicer shall use such tape or diskette (or other electronic
transmission acceptable to the Trust Collateral Agent and the Backup Servicer) to (i) confirm that the Servicer's Certificate is complete on its face, (ii) confirm that such tape,
diskette or other electronic transmission is in readable form, (iii) verify the mathematical accuracy of all calculations contained within the Servicer's Certificate with respect to the
information set forth in 4.9(b)(iii) and (iv) calculate and confirm (A) the aggregate amount distributable as principal on the related Distribution Date to each Class of Notes,
(B) the aggregate 

31

 

amount
distributable as interest on the related Distribution Date to each Class of Notes, (C) any amounts distributable on the related Distribution Date which are to be paid with funds
(y) withdrawn from the Spread Account, or (z) drawn under the Note Policy, (D) the outstanding principal amount of each Class of Notes after giving effect to all distributions
made pursuant to clause (A), above, (E) the Note Pool Factor for each Class of Notes after giving effect to all distributions made pursuant to clause (A), above, and
(F) the aggregate Noteholders' Principal Carryover Amount and the aggregate Noteholders' Interest Carryover Amount on such Distribution Date after giving effect to all distributions made
pursuant to clauses (A) and (B), above, respectively. The Backup Servicer shall certify to the Controlling Party and to the Trustee that it has verified the Servicer's Certificate in accordance
with this Section and shall notify the Servicer and the Controlling Party of any discrepancies, in each case, on or before the fifth Business Day following the Distribution Date. In the event that the
Backup Servicer reports any discrepancies, the Servicer and the Backup Servicer shall attempt to reconcile such discrepancies prior to the next succeeding Distribution Date, but in the absence of a
reconciliation, the Servicer's Certificate shall control for the purpose of calculations and distributions with respect to the next succeeding Distribution Date. In the event that the Backup Servicer
and the Servicer are unable to reconcile discrepancies with respect to a Servicer's Certificate by the next succeeding Distribution Date, the Servicer shall cause the Independent Accountants, at the
Servicer's expense, to audit the Servicer's Certificate and, prior to the last day of the month after the month in which such Servicer's Certificate was delivered, reconcile the discrepancies. The
effect, if any, of such reconciliation shall be reflected in the Preliminary Servicer's Certificate for the next succeeding Distribution Date, and/or the Servicer's Certificate for such next
succeeding Determination Date. In addition, upon the occurrence of a Servicer Termination Event the Servicer shall, if so requested by the Controlling Party, deliver to the Backup Servicer or any
replacement Servicer its Collection Records and its Monthly Records within 15 days after demand therefor and a computer tape containing as of the close of business on the date of demand all of
the data maintained by the Servicer in computer format in connection with servicing the Receivables. Other than the duties specifically set forth in this Agreement, the Backup Servicer shall have no
obligations hereunder, including, without limitation, to supervise, verify, monitor or administer the performance of the Servicer. The Backup Servicer shall have no liability for any actions taken or
omitted by the Servicer. 

        SECTION
4.14.    [Reserved]    

        SECTION
4.15.    Fidelity Bond and Errors and Omissions Policy.    The Servicer has obtained, and shall continue to
maintain in full force and effect, a Fidelity Bond and Errors and Omissions Policy of a type and in such amount as is customary for servicers engaged in the business of servicing automobile
receivables. 

ARTICLE V 

Trust Accounts; Distributions; Statements to Noteholders  

        SECTION
5.1.    Establishment of Trust Accounts.    

        (a)   (i) The
Trust Collateral Agent, on behalf of the Noteholders and the Insurer, shall establish and maintain in its own name an Eligible Deposit Account (the
"Collection Account"), bearing a designation clearly indicating that the funds deposited therein are held for the benefit of the Trust Collateral Agent
on behalf of the Noteholders and the Insurer. The Collection Account shall initially be established with the Trust Collateral Agent. 

         (ii)  The
Trust Collateral Agent, on behalf of the Noteholders, shall establish and maintain in its own name an Eligible Deposit Account (the "Note
Distribution Account"), bearing a designation clearly indicating that the funds deposited therein are held for the benefit of the Trust Collateral 

32

 

Agent
on behalf of the Noteholders and the Insurer. The Note Distribution Account shall initially be established with the Trust Collateral Agent. 

        (b)   Funds
on deposit in the Collection Account and the Note Distribution Account (collectively, the "Trust Accounts") and the
Lockbox Accounts shall be invested by the Trust Collateral Agent (or any custodian with respect to funds on deposit in any such account) in Eligible Investments selected in writing by the Servicer
(pursuant to standing instructions or otherwise). All such Eligible Investments shall be held by or on behalf of the Trust Collateral Agent for the benefit of the Noteholders and the Insurer, as
applicable. Other than as permitted by the Rating Agencies and the Insurer, funds on deposit in any Account shall be invested in Eligible Investments that will mature so that such funds will be
available at the close of business on the Business Day immediately preceding the following Distribution Date. Funds deposited in a Trust Account on the day immediately preceding a Distribution Date
upon the maturity of any Eligible Investments are required to be invested overnight. All Eligible Investments will be held to maturity. 

        (c)   All
investment earnings of moneys deposited in the Trust Accounts shall be deposited (or caused to be deposited)on each Distribution Date by the Trust Collateral Agent
in the Collection Account, and any loss resulting from such investments shall be charged to such account. The Servicer will not direct the Trust Collateral Agent to make any investment of any funds
held in any of the Trust Accounts unless the security interest granted and perfected in such account will continue to be perfected in such investment, in either case without any further action by any
Person, and, in connection with any direction to the Trust Collateral Agent to make any such investment, if requested by the Trust Collateral Agent, the Servicer shall deliver to the Trust Collateral
Agent an Opinion of Counsel, acceptable to the Trust Collateral Agent, to such effect. 

        (d)   The
Trust Collateral Agent shall not in any way be held liable by reason of any insufficiency in any of the Trust Accounts resulting from any loss on any Eligible
Investment included therein except for losses attributable to the Trust Collateral Agent's negligence or bad faith or its failure to make payments on such Eligible Investments issued by the Trust
Collateral Agent, in its commercial capacity as principal obligor and not as trustee, in accordance with their terms. 

        (e)   If
(i) the Servicer shall have failed to give investment directions in writing for any funds on deposit in the Trust Accounts to the Trust Collateral Agent by
1:00 p.m. Eastern Time (or such other time as may be agreed by the Issuer and Trust Collateral Agent) on any Business Day; or (ii) a Default or Event of Default shall have occurred and
be continuing with respect to the Notes but the Notes shall not have been declared due and payable, or, if such Notes shall have been declared due and payable following an Event of Default, amounts
collected or receivable from the Trust Property are being applied as if there had not been such a declaration; then the Trust Collateral Agent shall, to the fullest extent practicable, invest and
reinvest funds in the Trust Accounts in the investment described in clause (d) of the definition of Eligible Investments. 

        (f)    (i) The
Trust Collateral Agent shall possess all right, title and interest in all funds on deposit from time to time in the Trust Accounts and in all proceeds
thereof and all such funds, investments, proceeds and income shall be part of the Owner Trust Estate. Except as otherwise provided herein, the Trust Accounts shall be under the sole dominion and
control of the Trust Collateral Agent for the benefit of the Noteholders, as the case may be, and the Insurer. If, at any time, any of the Trust Accounts ceases to be an Eligible Deposit Account, the
Trust Collateral Agent (or the Servicer on its behalf) shall within five Business Days (or such longer period as to which each Rating Agency and the Insurer may consent) establish a new Trust Account
as an Eligible Deposit Account and shall transfer any cash and/or any investments to such new Trust Account. In connection with the foregoing, the Servicer agrees that, in the event that any of the
Trust Accounts are not accounts with the Trust Collateral Agent, the Servicer shall notify the Trust Collateral Agent in writing promptly upon any of such Trust Accounts ceasing to be an Eligible
Deposit Account. 

33

 

         (ii)  With
respect to the Trust Account Property, the Trust Collateral Agent agrees that: 

        (A)  any
Trust Account Property that is held in deposit accounts shall be held solely in the Eligible Deposit Accounts; and, except as otherwise provided herein, each such
Eligible Deposit Account shall be subject to the exclusive custody and control of the Trust Collateral Agent, and the Trust Collateral Agent shall have sole signature authority with respect thereto; 

        (B)  any
Trust Account Property that constitutes Physical Property shall be delivered to the Trust Collateral Agent in accordance with paragraph (a) of the definition
of "Delivery" and shall be held, pending maturity or disposition, solely by the Trust Collateral Agent or a financial intermediary (as such term is
defined in Section 8-313(4) of the UCC) acting solely for the Trust Collateral Agent; 

        (C)  any
Trust Account Property that is a book-entry security held through the Federal Reserve System pursuant to Federal book-entry regulations shall
be delivered in accordance with paragraph (b) of the definition of "Delivery" and shall be maintained by the Trust Collateral Agent, pending maturity or disposition, through continued
book-entry registration of such Trust Account Property as described in such paragraph; and 

        (D)  any
Trust Account Property that is an "uncertificated security" under Article 8 of the UCC and that is not
governed by clause (C) above shall be delivered to the Trust Collateral Agent in accordance with paragraph (c) of the definition of
"Delivery" and shall be maintained by the Trust Collateral Agent, pending maturity or disposition, through continued registration of the Trust
Collateral Agent's (or its nominee's) ownership of such security. 

        (g)   The
Servicer shall have the power, revocable by the Insurer or, with the consent of the Insurer by the Trustee or by the Owner Trustee with the consent of the Trustee,
to instruct the Trust Collateral Agent to make withdrawals and payments from the Trust Accounts for the purpose of permitting the Servicer and the Trust Collateral Agent to carry out its respective
duties hereunder. 

        (h)   The
Trust Collateral Agent acknowledges that, pursuant to the provisions of the Swap Agreement, the Swap Provider may be required to post collateral with the Trust
Collateral Agent to secure the Swap Provider's obligations under the Swap Agreement. The Trust Collateral Agent agrees to establish and maintain an Eligible Deposit Account (the "Swap Account") to
hold such collateral, if requested to do so by the Servicer or the Controlling Party. The Trust Collateral Agent further agrees to follow such written instructions relating to the administration of,
and transfers from such account, as may be delivered by (i) the Servicer (with the consent of the Controlling Party) or (ii) the Controlling Party. 

        SECTION
5.2.    [Reserved]    

        SECTION
5.3.    Certain Reimbursements to the Servicer.    The Servicer will be entitled to be reimbursed from amounts
on deposit in the Collection Account with respect to a Collection Period for amounts previously deposited in the Collection Account but later determined by the Servicer to have resulted from mistaken
deposits or postings or checks returned for insufficient funds. The amount to be reimbursed hereunder shall be paid to the Servicer on the related Distribution Date pursuant to
Section 5.7(a)(ii) upon certification by the Servicer of such amounts and the provision of such information to the Trust Collateral Agent and the Insurer as may be necessary in the
opinion of the Insurer to verify the accuracy of such certification; provided, however, that the Servicer must provide such clarification within
12 months of such mistaken deposit, posting, or returned check. In the event that the Insurer has not received evidence satisfactory to it of the Servicer's entitlement to reimbursement
pursuant to this Section, the Insurer shall (unless an Insurer Default shall have occurred and be continuing) give the Trust Collateral Agent notice in writing to such effect, following receipt of
which the Trust Collateral Agent shall not make a distribution to the Servicer in respect of such amount pursuant to Section 5.7, or if the Servicer prior thereto has been reimbursed pursuant
to 

34

 

Section 5.7,
the Trust Collateral Agent shall withhold such amounts from amounts otherwise distributable to the Servicer on the next succeeding Distribution Date. The Servicer will additionally
be entitled to receive from amounts on deposit in the Collection Account with respect to a Collection Period any amounts paid by Obligors that were collected in the Lockbox Account but that do not
relate to (i) principal and interest payments due on the Receivables and (ii) any fees or expenses related to extensions due on the Receivables. 

        SECTION
5.4.    Application of Collections.    All collections for the Collection Period shall be applied by the
Servicer as follows: 

        With
respect to each Receivable (other than a Purchased Receivable or a Sold Receivable), payments by or on behalf of the Obligor, (other than Supplemental Servicing Fees with respect to
such Receivable, to the extent collected) shall be applied to interest and principal in accordance with the Simple Interest Method. 

        All
amounts collected that are payable to the Servicer as Supplemental Servicing Fees hereunder shall be deposited in the Collection Account and paid to the Servicer in accordance with
Section 5.7(a). 

        SECTION
5.5.    Withdrawals from Spread Account.    

        (a)   In
the event that the Servicer's Certificate with respect to any Determination Date shall state that there is a Spread Account Claim Amount then on the Spread Account
Claim Date immediately preceding the related Distribution Date, the Trust Collateral Agent shall deliver to the Collateral Agent, the Owner Trustee, the Trustee, the Insurer and the Servicer, by hand
delivery or facsimile transmission, a written notice (a "Deficiency Notice") specifying the Spread Account Claim Amount for such Distribution Date and
the Deficiency Amount, if any. Such Deficiency Notice shall direct the Collateral Agent to remit such Spread Account Claim Amount (to the extent of the funds available to be distributed pursuant to
the Spread Account Agreement) to the Trust Collateral Agent for deposit in the Collection Account on the related Distribution Date. 

        Any
Deficiency Notice shall be delivered by 12:00 noon, Eastern time, on the second Business Day preceding such Distribution Date. 

        (b)   In
the event that the Preliminary Servicer's Certificate with respect to any Preliminary Determination Date shall state that there shall be an Accelerated Payment Amount
Shortfall with respect to the related Distribution Date, then on the Business Day preceding such Distribution Date, the Trust Collateral Agent shall deliver to the Collateral Agent, the Insurer and
the Servicer, by hand delivery or facsimile transmission, an Accelerated Payment Shortfall Notice. Such Accelerated Payment Shortfall Notice shall direct the Collateral Agent to remit such Accelerated
Payment Amount Shortfall to the Trust Collateral Agent (to the extent of funds available to be distributed in the Spread Account) for deposit in the Collection Account on the related Distribution
Date. Any Accelerated Payment Shortfall Notice shall be delivered by 2:00 p.m. Eastern time, on the Business Day preceding such Distribution Date. 

        (c)   The
amounts distributed by the Collateral Agent to the Trust Collateral Agent pursuant to a Deficiency Notice or Accelerated Payment Shortfall Notice shall be deposited
by the Trust Collateral Agent into the Collection Account pursuant to Section 5.6. 

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        SECTION 5.6.    Additional Deposits.    

        (a)   The
Servicer and the Seller, as applicable, shall deposit or cause to be deposited in the Collection Account on the Preliminary Determination Date on which such
obligations are due the aggregate Purchase Amount with respect to Purchased Receivables and the aggregate Sale Amounts with respect to Sold Receivables. On or before each Distribution Date, the Trust
Collateral Agent shall remit to the Collection Account any amounts delivered to the Trust Collateral Agent by the Collateral Agent. 

        (b)   The
proceeds of any purchase or sale of the assets of the Trust described in Section 10.1 hereof shall be deposited in the Collection Account. 

        SECTION
5.7.    Distributions    

        (a)   On
each Distribution Date, the Trust Collateral Agent shall (based solely on the information contained in the Preliminary Servicer's Certificate delivered with respect
to the related Preliminary Determination Date) distribute the following amounts from the Collection Account unless otherwise specified, to the extent of the sources of funds stated to be available
therefor, and in the following order of priority: 

          (i)  from
the Available Funds, to the Swap Provider, net payments (excluding Swap Termination Payments) due to it under the Swap Agreement; provided, that any payments made
to a Swap Provider under the Swap Provider Policy on a Distribution Date shall be deemed to be payments made to that Swap Provider pursuant to this clause (i) on such Distribution Date; 

         (ii)  (a)
from the Available Funds, to the Servicer, the Base Servicing Fee for the related Collection Period, any Supplemental Servicing Fees for the related Collection
Period, any amounts specified in Section 5.3, to the extent the Servicer has not reimbursed itself in respect of such amounts pursuant to Section 5.3 and to the extent not retained by
the Servicer and to pay to AmeriCredit any amounts paid by Obligors during the preceding calendar month that did not relate to (i) principal and interest payments due on the Receivables and
(ii) any fees or expenses related to extensions due on the Receivables and (b) to any replacement servicer, (i) any Servicing Fee for the related calendar month subject to the
limitations set forth in Schedule 1 to Annex A and (ii) any transition fees not to exceed $300,000 (including boarding fees) in the aggregate; 

        (iii)  from
the Available Funds, to each of the Lockbox Banks, the Trustee, the Backup Servicer and the Owner Trustee, their respective accrued and unpaid fees and expenses
and any accrued and unpaid fees and expenses of the Trust Collateral Agent (in each case, to the extent such fees or expenses have not been previously paid by the Servicer and provided that such fees
and expenses shall not exceed (w) $100,000 in the aggregate in any calendar year to the Owner Trustee, (x) $200,000 in the aggregate in any calendar year to the Lockbox Banks, the Trust
Collateral Agent, the Backup Servicer and the Trustee; 

        (iv)  from
the Available Funds to the Note Distribution Account, the Noteholders' Interest Distributable Amount; 

         (v)  from
the Available Funds, to the Insurer, the Premium (as defined in the Insurance Agreement); 

        (vi)  from
the Available Funds to the Note Distribution Account, the Noteholders' Principal Distributable Amount and the Noteholders' Parity Deficit Amount; 

       (vii)  from
the Available Funds, to the Insurer (so long as no Insurer Default shall have occurred and be continuing) any unpaid amounts owed to the Insurer under the
Insurance Agreement; 

36

 

      (viii)  from
the Available Funds to the Spread Account, an amount, if necessary, required to increase the amount therein to its then required level; 

        (ix)  from
the Available Funds and other amounts, if any, received by the Trust Collateral Agent in respect of the Accelerated Payment Amount Shortfall, to the Note
Distribution Account, the Noteholders' Accelerated Principal Amount; 

         (x)  from
Available Funds, to any replacement servicer, any accrued and unpaid servicing fee and transition fees, in each case to the extent not already paid pursuant to
clause (ii) above; 

        (xi)  from
Available Funds, to the Swap Provider, any accrued and unpaid Swap Termination Payments to the extent not already paid pursuant to clause (i) above; 

       (xii)  from
Available Funds, to the Insurer, so long as an Insurer Default has occurred and is continuing, any accrued and unpaid amounts described in clause (vii)
above, excluding the Premium, as defined in the Insurance Agreement; and 

      (xiii)  from
Available Funds, any remaining Available Funds to the Collateral Agent for deposit in the Spread Account. 

provided, however, that, (A) following an acceleration of the Notes or, (B) if an Insurer Default shall have occurred and be continuing
and an Event of Default pursuant to Section 5.1(i), 5.1(ii), 5.1(iv), 5.1(v) or 5.1(vi) of the Indenture shall have occurred and be continuing, or (C) the receipt of
Insolvency Proceeds pursuant to Section 10.1(b), amounts deposited in the Note Distribution Account (including any such Insolvency Proceeds) shall be paid to the Noteholders, pursuant to
Section 5.6 of the Indenture. 

        (b)   On
each Distribution Date, the Trust Collateral Agent shall (based solely on the information contained in the Servicer's Certificate delivered with respect to the
related Determination Date, unless the Insurer shall have notified the Trust Collateral Agent in writing of any errors or deficiencies with respect thereto) distribute from the Collection Account the
Additional Funds Available in accordance with the priorities set forth in Section 5.7(a) and the Trustee shall deposit in the Note Distribution Account any Insured Payments (as defined in the
Note Policy) due on such Distribution Date, which amount shall be applied solely to the payment of amounts then due and unpaid on the Notes in accordance with the priorities set forth in
Section 5.8(a) hereof or Section 5.6 of the Indenture, as applicable. 

        (c)   In
the event that the Collection Account is maintained with an institution other than the Trust Collateral Agent, the Servicer shall instruct and cause such institution
to make all deposits and distributions pursuant to Sections 5.7(a) and 5.7(b) on the related Distribution Date. 

        SECTION
5.8.    Note Distribution Account.    

        (a)   On
each Distribution Date (based solely on the information contained in the Preliminary Servicer's Certificate) the Trust Collateral Agent shall distribute all amounts
on deposit in the Note Distribution Account to Noteholders in respect of the Notes to the extent of amounts due and unpaid on the Notes for principal and interest in the following amounts and in the
following order of priority: 

          (i)  accrued
and unpaid interest on the Notes; provided that if there are not sufficient funds in the Note Distribution
Account to pay the entire amount of accrued and unpaid interest then due on each Class of Notes, the amount in the Note Distribution Account shall be applied to the payment of such interest on each
Class of Notes pro rata on the basis of the amount of accrued and unpaid interest due on each Class of Notes; 

37

 

         (ii)  The
Principal Distributable Amount shall be distributed as follows: 

        (1)   to
the Holders of the Class A-1 Notes with the total amount paid out on each Distribution Date until the outstanding principal balance of the
Class A-1 Notes has been reduced to zero; 

        (2)   to
the Holders of the Class A-2-A Notes and the Class A-2-B Notes, pro
rata, with the total amount paid out on each Distribution Date until the outstanding principal balance of the Class A-2-A Notes and the
Class A-2-B Notes has been reduced to zero; 

        (3)   to
the Holders of the Class A-3 Notes with the total amount paid out on each Distribution Date until the outstanding principal balance of the
Class A-3 Notes has been reduced to zero; and 

        (4)   to
the Holders of the Class A-4-A Notes and the Class A-4-B Notes, pro
rata, until the outstanding principal balance of the Class A-4-A Notes and the Class A-4-B Notes is reduced to
zero. 

        (b)   On
each Distribution Date, the Trust Collateral Agent shall send to each Noteholder the statement provided to the Trust Collateral Agent by the Servicer pursuant to
Section 5.10 hereof on such Distribution Date. 

        (c)   In
the event that any withholding tax is imposed on the Trust's payment (or allocations of income) to a Noteholder, such tax shall reduce the amount otherwise
distributable to the Noteholder in accordance with this Section. The Trust Collateral Agent is hereby authorized and directed to retain from amounts otherwise distributable to the Noteholders
sufficient funds for the payment of any tax attributable to the Trust (but such authorization shall not prevent the Trust Collateral Agent from contesting any such tax in appropriate proceedings, and
withholding payment of such tax, if permitted by law, pending the outcome of such proceedings). The amount of any withholding tax imposed with respect to a Noteholder shall be treated as cash
distributed to such Noteholder at the time it is withheld by the Trust and remitted to the appropriate taxing authority. If there is a possibility that withholding tax is payable with respect to a
distribution (such as a distribution to a non-US Noteholder), the Trust Collateral Agent may in its sole discretion withhold such amounts in accordance with this clause (c). In the
event that a Noteholder wishes to apply for a refund of any such withholding tax, the Trust Collateral Agent shall reasonably cooperate with such Noteholder in making such claim so long as such
Noteholder agrees to reimburse the Trust Collateral Agent for any out-of-pocket expenses (including legal fees and expenses) incurred. 

        (d)   Distributions
required to be made to Noteholders on any Distribution Date shall be made to each Noteholder of record on the preceding Record Date either by
(i) wire transfer, in immediately available funds, to the account of such Holder at a bank or other entity having appropriate facilities therefore, if such Noteholder shall have provided to the
Note Registrar appropriate written instructions at least five Business Days prior to such Distribution Date and such Holder's Notes in the aggregate evidence a denomination of not less than $1,000,000
or (ii) by check mailed to such Noteholder at the address of such holder appearing in the Note Register. Notwithstanding the foregoing, the final distribution in respect of any Note (whether on
the Final Scheduled Distribution Date or otherwise) will be payable only upon presentation and surrender of such Note at the office or agency maintained for that purpose by the Note Registrar pursuant
to Section 2.4 of the Indenture. 

        (e)   Subject
to Section 5.1 and this section, monies received by the Trust Collateral Agent hereunder need not be segregated in any manner except to the extent
required by law and may be deposited under such general conditions as may be prescribed by law, and the Trust Collateral Agent shall not be liable for any interest thereon. 

38

 

        SECTION
5.9.    [Reserved].    

        SECTION
5.10.    Statements to Noteholders.    

        (a)   On
or prior to each Distribution Date, the Trust Collateral Agent shall provide each Noteholder of record (with a copy to the Insurer and the Rating Agencies) a
statement setting forth at least the following information as to the Notes to the extent applicable: 

          (i)  the
amount of such distribution allocable to principal of each Class of Notes; 

         (ii)  the
amount of such distribution allocable to interest on or with respect to each Class of Notes; 

        (iii)  the
amount of such distribution payable out of amounts withdrawn from the Spread Account or pursuant to a claim on the Note Policy; 

        (iv)  the
Pool Balance as of the close of business on the last day of the preceding Collection Period; 

         (v)  the
aggregate outstanding principal amount of each Class of the Notes and the Note Pool Factor for each such Class after giving effect to payments allocated to principal
reported under (i) above; 

        (vi)  the
amount of the Servicing Fee paid to the Servicer with respect to the related Collection Period and/or due but unpaid with respect to such Collection Period or prior
Collection Periods, as the case may be; 

       (vii)  the
Noteholders' Interest Carryover Amount and the Noteholders' Principal Carryover Amount; 

      (viii)  the
amount of the aggregate Realized Losses, if any, for the second preceding Collection Period; 

        (ix)  the
aggregate Purchase Amounts for Receivables, if any, that were repurchased by the Servicer in such period; and 

         (x)  the
aggregate Sale Amounts for Sold Receivables, if any, that were sold by the Issuer in such period. 

Each
amount set forth pursuant to paragraph (i), (ii), (iii), (vi) and (vii) above shall be expressed as a dollar amount per $1,000 of the initial principal balance of the Notes
(or Class thereof). 

        (b)   The
Trust Collateral Agent will make the statements referred to in Section 5.10(a) above (and, at its option, any additional files containing the same information
in an alternative format) available each month via the Trust Collateral Agent's internet website, which is presently located at www.jpmorgan.com/absmbs. Persons that are entitled to receive such
statements but are unable to use the above website are entitled to have a paper copy mailed to them via first class mail by calling the Trust Collateral Agent at (212) 623-5600. The
Trust Collateral Agent shall have the right to change the way the statements referred to in Section 5.10(a) above are distributed in order to make such distribution more convenient and/or more
accessible to the parties entitled to receive such statements. The Trust Collateral Agent shall provide notification of any such change to all parties entitled to receive such statements in the manner
described in Section 12.3 hereof, Section 11.4 of the Indenture or Section 11.5 of the Indenture, as appropriate. 

        SECTION
5.11.    Optional Deposits by the Insurer.    The Insurer shall at any time, and from time to time, with
respect to a Distribution Date, have the option (but shall not be required, except in accordance with the terms of the Note Policy) to deliver amounts to the Trust Collateral Agent for deposit into
the Collection Account for any of the following purposes: (i) to provide funds in respect of 

39

 

the
payment of fees or expenses of any provider of services to the Trust with respect to such Distribution Date, or (ii) to include such amount to the extent that without such amount a draw
would be required to be made on the Note Policy. 

        SECTION 5.12    Determination of LIBOR    

        The
Trust Collateral Agent will determine LIBOR for purposes of calculating the Interest Rate for the Class A-2-B Notes and the
Class A-4-B Notes on May 20, 2003 for the period from the Closing Date to the first Distribution Date, and for each given Interest Period thereafter, on the
second London Business Day prior to the prior Distribution Date (each, a "LIBOR Determination Date"). For purposes of calculating LIBOR, a
"London Business Day" means a business day and a day on which banking institutions in the City of London, England are not required or authorized by law
to be closed. 

        "LIBOR" means, with respect to any Interest Period, the London interbank offered rate for deposits in U.S. dollars having a maturity of
one month commencing on the related LIBOR Determination Date (the "Index Maturity") which appears on Telerate Page 3750 as of 11:00 a.m., London
time, on such LIBOR Determination Date. If the rates used to determine LIBOR do not appear on the Telerate page 3750, the rates for that day will be determined on the basis of the rates at which
deposits in U.S. dollars, having the Index Maturity and in a principal amount of not less than U.S. $1,000,000 are offered at approximately 11:00 a.m., London Time, on such LIBOR Determination
Date to prime banks in the London interbank market by the Reference Banks. The Trust Collateral Agent will request the principal London office of each of such Reference Banks to provide a quotation of
its rate. If at least two such quotations are provided, the rate for that day will be the arithmetic mean, rounded upward, if
necessary, to the nearest 1/100,000 of 1% (0.0000001), with five-one millionths of a percentage point rounded upward, of all such quotations. If fewer than two such quotations are
provided, the rate for that day will be the arithmetic mean, rounded upward of necessary to the nearest 1/100,000 of 1% (0.0000001), with five-one millionths of a percentage point rounded
upward, of the offered per annum rates that one or more leading banks in New York City, selected by the Trust Collateral Agent, are quoting as of approximately 11:00 a.m., Eastern time, on such
LIBOR Determination Date to leading European banks for United States dollar deposits for that Maturity; provided that if the banks selected as aforesaid
are not quoting as mentioned in this sentence, LIBOR in effect for the applicable Interest Period will be LIBOR in effect for the previous Interest Period. 

        "Telerate Page 3750" is the display page named on the Dow Jones Telerate Services (or any other page that replaces that page on that
service for the purpose of displaying comparable name or rates). 

        "Reference Banks" means the four major banks in the London interbank market selected by the Trust Collateral Agent. 

ARTICLE VI 

The Note Policy  

        SECTION 6.1.    Claims Under Note Policy.    

        (a)   In
the event that the Trust Collateral Agent has delivered a Deficiency Notice with respect to any Determination Date pursuant to Section 5.5 hereof, the Trust
Collateral Agent shall on the related Draw Date determine the Deficiency Amount for the related Distribution Date. If the Deficiency Amount for such Distribution Date is greater than zero, the Trustee
shall furnish to the Insurer no later than 10:00 a.m., New York time, on the related Draw Date a completed Notice of Claim (as defined in (b) below) in the amount of the Deficiency
Amount. Amounts paid by the Insurer pursuant to a claim submitted under this Section shall be deposited by the Trustee into the Note Distribution Account for payment to Noteholders on the related
Distribution Date. 

40

 

        (b)   Any
notice delivered by the Trustee to the Insurer in the form attached as Exhibit A to the Note Policy pursuant to subsection 6.1(a) shall specify the Deficiency
Amount claimed under the Note Policy and shall constitute a "Notice of Claim" under the Note Policy. In accordance with the provisions of the Note
Policy, the Insurer is required to pay to the Trustee the Deficiency Amount properly claimed thereunder by 2:00 p.m., New York time, on the later of (i) the Business Day following
receipt in New York, New York by XLCA of the Notice of Claim, and (ii) the applicable Distribution Date. Any payment made by the Insurer under the Note Policy shall be applied solely to the
payment of the Notes, and for no other purpose. 

        (c)   The
Trustee shall (i) receive as attorney-in-fact of each Noteholder any Deficiency Amount from the Insurer and (ii) deposit the
same in the Note Distribution Account for distribution to Noteholders. Any and all Deficiency Amounts disbursed by the Trustee or the Trust Collateral Agent from claims made under the Note Policy
shall not be considered payment by the Trust or from the Spread Account with respect to such Notes, and shall not discharge the obligations of the Trust with respect thereto. The Insurer shall, to the
extent it makes any payment with respect to the Notes, become subrogated to the rights of the recipients of such payments to the extent of such payments. Subject to and conditioned upon any payment
with respect to the Notes by or on behalf of the Insurer, the Trustee shall assign to the Insurer all rights to the payment of interest or principal with respect to the Notes which are then due for
payment to the extent of all payments made by the Insurer, and the Insurer may exercise any option, vote, right, power or the like with respect to the Notes to the extent that it has made payment
pursuant to the Note Policy. To evidence such subrogation, the Note Registrar shall note the Insurer's rights as subrogee upon the register of Noteholders upon receipt from the Insurer of proof of
payment by the Insurer of any Deficiency Amount. The foregoing subrogation shall in all cases be subject to the rights of the Noteholders to receive all Insured Payments (as defined in the Note
Policy) in respect of the Notes. 

        (d)   The
Trustee and the Trust Collateral Agent shall keep a complete and accurate record of all funds deposited by the Insurer into the Note Distribution Account with
respect to the Note Policy and the allocation of such funds to payment of interest on and principal paid in respect of any Note. The Insurer shall have the right to inspect such records at reasonable
times upon one Business Day's prior notice to the Trust Collateral Agent or the Trustee. 

        (e)   The
Trustee shall be entitled to enforce on behalf of the Noteholders the obligations of the Insurer under the Note Policy. Notwithstanding any other provision of this
Agreement or any Basic Document, the Noteholders are not entitled to institute proceedings directly against the Insurer. 

        SECTION
6.2.    Avoided Payments Under Note Policy.    

        (a)   In
the event that the Trustee has received a certified copy of an order of the appropriate court that any payment paid on a Note has been avoided in whole or in part
under applicable bankruptcy law pursuant to a final nonappealable order of a court having competent jurisdiction, the Trustee shall so notify the Insurer, shall comply with the provisions of the Note
Policy to obtain payment by the Insurer of such avoided payment, and shall, at the time it provides notice to the Insurer, notify Holders of the Notes by mail that, in the event that any Noteholder's
payment is so recoverable, such Noteholder will be entitled to payment pursuant to the terms of the Note Policy. The Trust Collateral Agent and the Trustee shall furnish to the Insurer its records
evidencing the payments of principal of and interest on Notes, if any, which have been made by the Trust Collateral Agent or the Trustee and subsequently recovered from Noteholders, and the dates on
which such payments were made. Pursuant to the terms of the Note Policy, the Insurer will make such payment on behalf of the Noteholder to the receiver, conservator,
debtor-in-possession or trustee in bankruptcy named in the order and not to the Trust Collateral Agent, the Trustee or any Noteholder directly (unless a Noteholder has
previously paid such payment to the receiver, conservator, debtor-in-possession or trustee in bankruptcy, in which case the 

41

 

Insurer
will make such payment to the Trustee for distribution to such Noteholder upon proof of such payment reasonably satisfactory to the Insurer). 

        (b)   The
Trust Collateral Agent or the Trustee shall promptly notify the Insurer of any proceeding or the institution of any action (of which a Responsible Officer of the
Trust Collateral Agent has actual knowledge) seeking the avoidance under applicable bankruptcy, insolvency, receivership, rehabilitation or similar law (a "Note Avoidance
Claim") of any distribution made with respect to the Notes. Each Noteholder, by its purchase of Notes, the Trustee and the Trust Collateral Agent hereby agree that so long as
an Insurer Default shall not have occurred and be continuing, the Insurer may at any time during the continuation of any proceeding relating to a Note Avoidance Claim direct all matters relating to
such Note Avoidance Claim, including, without limitation, (i) the direction of any appeal of any order relating to any Note Avoidance Claim and (ii) the posting of any surety,
supersedeas or performance bond pending any such appeal at the expense of the Insurer, but subject to reimbursement as provided in the Insurance Agreement. In addition, and without limitation of the
foregoing, as set forth in Section 6.1(c), the Insurer shall be subrogated to, and each Noteholder, the Trustee and the Trust Collateral Agent hereby delegate and assign, to the fullest extent
permitted by law, the rights of the Trustee and each Noteholder in the conduct of any proceeding with respect to a Note Avoidance Claim, including, without limitation, all rights of any party to an
adversary proceeding action with respect to any court order issued in connection with any such Note Avoidance Claim. 

        SECTION
6.3.    Surrender of Note Policy.    The Trustee shall surrender the Note Policy to the Insurer for
cancellation upon payment in full of the Notes. 

ARTICLE VII 

The Seller  

        SECTION
7.1.    Representations of Seller.    The Seller makes the following representations on which the Insurer
shall be deemed to have relied in executing and delivering the Note Policy and on which the Issuer is deemed to have relied in acquiring the Receivables and on which the Trustee, Collateral Agent,
Trust Collateral Agent and Backup Servicer may rely. The representations speak as of the execution and delivery of this Agreement and as of the Closing Date, and shall survive the sale of the
Receivables to the Issuer and the pledge thereof to the Trust Collateral Agent pursuant to the Indenture. 

        (a)    Schedule of Representations.    The representations and warranties set forth on the Schedule of Representations
attached hereto as Schedule B are true and correct. 

        (b)    Organization and Good Standing.    The Seller has been duly organized and is validly existing as a corporation
in good standing under the laws of the State of Nevada, 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 transferred to the Trust. 

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

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        (d)    Power and Authority.    The Seller has the power and authority to execute and deliver this Agreement and its
Basic Documents and to carry out its terms and their terms, respectively; the 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 the Trust by it and has duly authorized such sale and assignment to the Trust by all necessary corporate action; and the execution, delivery and performance of this
Agreement and the Seller's Basic Documents have been duly authorized by the Seller by all necessary corporate action. 

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

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

        (g)    No Proceedings.    There are no proceedings or investigations pending or, to the Seller's knowledge, threatened
against the Seller, before any court, regulatory body, administrative agency or other tribunal or governmental instrumentality having jurisdiction over the Seller or its properties
(A) asserting the invalidity of this Agreement or any of the Basic Documents, (B) seeking to prevent the issuance of the Notes or the consummation of any of the transactions contemplated
by this Agreement or any of the Basic Documents, (C) seeking any determination or ruling that might materially and adversely affect the performance by the Seller of its obligations under, or
the validity or enforceability of, this Agreement or any of the Basic Documents, or (D) seeking to adversely affect the federal income tax or other federal, state or local tax attributes of the
Notes. 

        (h)    True Sale.    The Receivables are being transferred with the intention of removing them from the 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 the Seller is at 639 Isbell Rd., Suite 390 Reno,
Nevada 89509. 

        SECTION
7.2.    Corporate Existence    

        (a)   During
the term of this Agreement, the Seller will keep in full force and effect its existence, rights and franchises as a corporation under the laws of the jurisdiction
of its incorporation and will obtain and preserve its qualification to do business in each jurisdiction in which such qualification is or shall be necessary to protect the validity and enforceability
of this Agreement, the Basic Documents and each other instrument or agreement necessary or appropriate to the proper administration of this Agreement and the transactions contemplated hereby. 

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        (b)   During
the term of this Agreement, the Seller shall observe the applicable legal requirements for the recognition of the Seller as a legal entity separate and apart from
its Affiliates, including as follows: 

          (i)  the
Seller shall maintain corporate records and books of account separate from those of its Affiliates; 

         (ii)  except
as otherwise provided in this Agreement, the Seller shall not commingle its assets and funds with those of its Affiliates; 

        (iii)  the
Seller shall hold such appropriate meetings of its Board of Directors, or adopt resolutions pursuant to a unanimous written consent of the Board of Directors, as
are necessary to authorize all the Seller's corporate actions required by law to be authorized by the Board of Directors, shall keep minutes of such meetings and of meetings of its stockholder(s) and
observe all other customary corporate formalities (and any successor Seller not a corporation shall observe similar procedures in accordance with its governing documents and applicable law); 

        (iv)  the
Seller shall at all times hold itself out to the public under the Seller's own name as a legal entity separate and distinct from its Affiliates; and 

         (v)  all
transactions and dealings between the Seller and its Affiliates will be conducted on an arm's length basis. 

        SECTION
7.3.    Liability of Seller; Indemnities.    The Seller shall be liable in accordance herewith only to the
extent of the obligations specifically undertaken by the Seller under this Agreement. 

        (a)   The
Seller shall indemnify, defend and hold harmless the Issuer, the Owner Trustee, the Trust, the Insurer, the Trustee, Backup Servicer, the Collateral Agent and the
Trust Collateral Agent and its officers, directors, employees and agents from and against any taxes that may at any time be asserted against any such Person with respect to the transactions
contemplated in this Agreement and any of the Basic Documents (except any income taxes arising out of fees paid to the Owner Trustee, the Trust Collateral Agent, the Trustee and the Insurer and except
any taxes to which the Owner Trustee, the Trust Collateral Agent or the Trustee may otherwise be subject to, without regard to the transactions contemplated hereby), including any sales, gross
receipts, general corporation, tangible personal property, privilege or license taxes (but, in the case of the Issuer, not including any taxes asserted with respect to, federal or other income taxes
arising out of distributions on the Notes) and costs and expenses in defending against the same. 

        (b)   The
Seller shall indemnify, defend and hold harmless the Issuer, the Owner Trustee, the Trustee, Backup Servicer, the Collateral Agent and the Trust Collateral Agent and
the officers, directors, employees and agents thereof, the Insurer and the Noteholders from and against any loss, liability or expense incurred by reason of (i) the Seller's willful
misfeasance, bad faith or negligence in the performance of its duties under this Agreement, or by reason of reckless disregard of its obligations and duties under this Agreement and (ii) the
Seller's or the Issuer's violation of federal or state securities laws in connection with the offering and sale of the Notes. 

        (c)   The
Seller shall indemnify, defend and hold harmless the Owner Trustee, Trustee, Trust Collateral Agent, Collateral Agent and Backup Servicer and the officers,
directors, employees and agents thereof from and against any and all costs, expenses, losses, claims, damages and liabilities arising out of, or incurred in connection with the acceptance or
performance of the trusts and duties set forth herein and in the Basic Documents 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 the Owner Trustee, Trustee, Trust Collateral Agent, Collateral Agent and Backup Servicer respectively. 

44

 

        Indemnification
under this Section shall survive the resignation or removal of the Owner Trustee, the Trustee, the Backup Servicer, the Collateral Agent or the Trust Collateral Agent and
the termination of this Agreement or the Indenture or the Trust Agreement, as applicable, and shall include reasonable
fees and expenses of counsel and other expenses of litigation. If the Seller shall have made any indemnity payments pursuant to this Section and the Person to or on behalf of whom such payments are
made thereafter shall collect any of such amounts from others, such Person shall promptly repay such amounts to the Seller, without interest. 

        SECTION
7.4.    Merger or Consolidation of, or Assumption of the Obligations of, Seller.    Any Person (a) into
which the Seller may be merged or consolidated, (b) which may result from any merger or consolidation to which the Seller shall be a party or (c) which may succeed to the properties and
assets of the Seller substantially as a whole, which Person in any of the foregoing cases executes an agreement of assumption to perform every obligation of the Seller under this Agreement, shall be
the successor to the Seller hereunder without the execution or filing of any document or any further act by any of the parties to this Agreement; provided,
however, that (i) the Seller shall have received the written consent of the Insurer prior to entering into any such transaction, (ii) immediately after giving
effect to such transaction, no representation or warranty made pursuant to Section 3.1 shall have been breached and no Servicer Termination Event, and no event which, after notice or lapse of
time, or both, would become a Servicer Termination Event shall have happened and be continuing, (iii) the Seller shall have delivered to the Owner Trustee, the Trust Collateral Agent, the
Collateral Agent, the Backup Servicer, the Trustee and the Insurer an Officer's Certificate and an Opinion of Counsel each stating that such consolidation, merger or succession and such agreement of
assumption comply with this Section and that all conditions precedent, if any, provided for in this Agreement relating to such transaction have been complied with, (iv) the Rating Agency
Condition shall have been satisfied with respect to such transaction and (v) the Seller shall have delivered to the Owner Trustee, the Trust Collateral Agent, the Backup Servicer, the
Collateral Agent, the Trustee and the Insurer an Opinion of Counsel stating that, 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 fully to preserve and protect the interest of the Trust Collateral Agent, the Owner Trustee and the Trustee, respectively, in the Receivables
and reciting the details of such filings or (B) no such action shall be necessary to preserve and protect such interest. Notwithstanding anything herein to the contrary, the execution of the
foregoing agreement of assumption and compliance with clauses (i), (ii), (iii), (iv) and (v) above shall be conditions to the consummation of the transactions referred to in clauses (a),
(b) or (c) above. 

        SECTION
7.5.    Limitation on Liability of Seller and Others.    The Seller and any director, officer or employee or
agent of the Seller 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 any
Basic Document. The Seller shall not be under any obligation to appear in, prosecute or defend any legal action that shall not be incidental to its obligations under this Agreement, and that in its
opinion may involve it in any expense or liability. 

        SECTION
7.6.    Ownership of the Certificates or Notes.    The Seller and any Affiliate thereof may in its individual
or any other capacity become the owner or pledgee of Certificates or Notes with the same rights as it would have if it were not the Seller or an Affiliate thereof, except as expressly provided herein
or in any Basic Document. Notes or Certificates so owned by the Seller or such Affiliate shall have an equal and proportionate benefit under the provisions of the Basic Documents, without preference,
priority, or distinction as among all of the Notes or Certificates; provided, however, that any Notes or Certificates owned by the Seller or any
Affiliate thereof, during the time such Notes or Certificates are owned by them, shall be without voting rights for any purpose set forth in the Basic Documents and will not be entitled to the
benefits of the Note Policy. The Seller shall notify the Owner Trustee, the Trustee, the Trust Collateral Agent and the Insurer with respect to any other transfer of any Certificate. 

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ARTICLE VIII 

The Servicer and the Backup Servicer  

        SECTION
8.1.    Representations of Servicer.    The Servicer makes the following representations on which the Insurer
shall be deemed to have relied in executing and delivering the Note Policy and on which the Issuer is deemed to have relied in acquiring the Receivables. The representations speak as of the execution
and delivery of this Agreement and as of the Closing Date, and shall survive the sale of the Receivables to the Issuer and the pledge thereof to the Trust Collateral Agent pursuant to the Indenture. 

        (a)    Representations and Warranties.    The representations and warranties set forth on the Schedule of
Representations attached hereto as Schedule B are true and correct, provided that such representations and warranties contained therein and herein shall not apply to any entity other than
AmeriCredit; 

        (b)    Organization and Good Standing.    The Servicer has been duly organized and is validly existing and in good
standing under the laws of its jurisdiction of organization, with power, authority and legal right 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 enter into and perform its obligations under this Agreement; 

        (c)    Due Qualification.    The Servicer 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 property or the conduct of its business (including the servicing of the Receivables as
required by this Agreement) requires or shall require such qualification; 

        (d)    Power and Authority.    The Servicer has the power and authority to execute and deliver this Agreement and its
Basic Documents and to carry out its terms and their terms, respectively, and the execution, delivery and performance of this Agreement and the Servicer's Basic Documents have been duly authorized by
the Servicer by all necessary corporate action; 

        (e)    Binding Obligation.    This Agreement and the Servicer's Basic Documents shall constitute legal, valid and
binding obligations of the Servicer enforceable in accordance with their respective terms, except as enforceability may be limited by bankruptcy, insolvency, reorganization, or other similar laws
affecting the enforcement of creditors' rights generally and by equitable limitations on the availability of specific remedies, regardless of whether such enforceability is considered in a proceeding
in equity or at law; 

        (f)    No Violation.    The consummation of the transactions contemplated by this Agreement and the Servicer's Basic
Documents, and the fulfillment of the terms of this Agreement and the Servicer's Basic Documents, shall 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 articles of incorporation or bylaws of the Servicer, or any indenture, agreement, mortgage, deed of trust or other instrument to which
the Servicer is a party or by which it is bound, or result in the creation or imposition of any Lien upon any of its properties pursuant to the terms of any such indenture, agreement, mortgage, deed
of trust or other instrument, other than this Agreement, or violate any law, order, rule or regulation applicable to the Servicer of any court or of any federal or state regulatory body,
administrative agency or other governmental instrumentality having jurisdiction over the Servicer or any of its properties; 

        (g)    No Proceedings.    There are no proceedings or investigations pending or, to the Servicer's knowledge,
threatened against the Servicer, before any court, regulatory body, administrative agency or other tribunal or governmental instrumentality having jurisdiction over the Servicer or its properties
(A) asserting the invalidity of this Agreement or any of the Basic Documents, (B) seeking to prevent the issuance of the Notes or the consummation of any of the transactions contemplated
by this 

46

 

Agreement
or any of the Basic Documents, or (C) seeking any determination or ruling that might materially and adversely affect the performance by the Servicer of its obligations under, or the
validity or enforceability of, this Agreement or any of the Basic Documents or (D) seeking to adversely affect the federal income tax or other federal, state or local tax attributes of the
Notes; 

        (h)    No Consents.    The Servicer is not required to obtain the consent of any other party or any consent, license,
approval or authorization, or registration or declaration with, any governmental authority,
bureau or agency in connection with the execution, delivery, performance, validity or enforceability of this Agreement which has not already been obtained. 

        SECTION
8.2.    Representations of Backup Servicer.    The Backup Servicer makes the following representations on
which the Insurer shall be deemed to have relied in executing and delivering the Note Policy and on which the Issuer is deemed to have relied in acquiring the Receivables. The representations speak as
of the execution and delivery of this Agreement and as of the Closing Date, and shall survive the sale of the Receivables to the Issuer and the pledge thereof to the Trust Collateral Agent pursuant to
the Indenture. 

        (a)    Organization and Good Standing.    The Backup Servicer has been duly organized and is validly existing and in
good standing under the laws of its jurisdiction of organization, with power, authority and legal right 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 enter into and perform its obligations under this Agreement; 

        (b)    Due Qualification.    The Backup Servicer 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 property or the conduct of its business (including the servicing of the
Receivables as required by this Agreement) requires or shall require such qualification; 

        (c)    Power and Authority.    The Backup Servicer has the power and authority to execute and deliver this Agreement
and its Basic Documents and to carry out its terms and their terms, respectively, and the execution, delivery and performance of this Agreement and the Backup Servicer's Basic Documents have been duly
authorized by the Backup Servicer by all necessary corporate action; 

        (d)    Binding Obligation.    This Agreement and the Backup Servicer's Basic Documents shall constitute legal, valid
and binding obligations of the Backup Servicer enforceable in accordance with their respective terms, except as enforceability may be limited by bankruptcy, insolvency, reorganization, or other
similar laws affecting the enforcement of creditors' rights generally and by equitable limitations on the availability of specific remedies, regardless of whether such enforceability is considered in
a proceeding in equity or at law; 

        (e)    No Violation.    The consummation of the transactions contemplated by this Agreement and the Backup Servicer's
Basic Documents, and the fulfillment of the terms of this Agreement and the Backup Servicer's Basic Documents, shall 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 articles of incorporation or bylaws of the Backup Servicer, or any indenture, agreement, mortgage, deed of trust or other
instrument to which the Backup Servicer is a party or by which it is bound, or result in the creation or imposition of any Lien upon any of its properties pursuant to the terms of any such indenture,
agreement, mortgage, deed of trust or other instrument, other than this Agreement, or violate any law, order, rule or regulation applicable to the Backup Servicer of any court or of any federal or
state regulatory body, administrative agency or other governmental instrumentality having jurisdiction over the Backup Servicer or any of its properties; 

47

   
        (f)    No Proceedings.    There are no proceedings or investigations pending or, to the Backup Servicer's knowledge,

threatened against the Backup Servicer, before any court, regulatory body, administrative agency or other tribunal or governmental instrumentality having jurisdiction over the Backup Servicer or its
properties (A) asserting the invalidity of this Agreement or any of the Basic Documents, (B) seeking to prevent the issuance of the Notes or the consummation of any of the transactions
contemplated by this Agreement or any of the Basic Documents, or (C) seeking any determination or ruling that might materially and adversely affect the performance by the Backup Servicer of its
obligations under, or the validity or enforceability of, this Agreement or any of the Basic Documents or (D) seeking to adversely affect the federal income tax or other federal, state or local
tax attributes of the Notes; 

        (g)    No Consents.    The Backup Servicer is not required to obtain the consent of any other party or any consent,
license, approval or authorization, or registration or declaration with, any governmental authority, bureau or agency in connection with the execution, delivery, performance, validity or
enforceability of this Agreement which has not already been obtained. 

        SECTION
8.3.    Liability of Servicer and Backup Servicer; Indemnities.    

        (a)   The
Servicer (in its capacity as such) and the Backup Servicer shall be liable hereunder only to the extent of the obligations in this Agreement specifically undertaken
by the Servicer or the Backup Servicer, as applicable, and the representations made by the Servicer or the Backup Servicer, as applicable. 

        (b)   The
Servicer shall defend, indemnify and hold harmless the Trust, the Trustee, the Trust Collateral Agent, the Owner Trustee, the Backup Servicer, the Collateral Agent,
the Insurer, their respective officers, directors, agents and employees, and the Noteholders from and against any and all costs, expenses, losses, damages, claims and liabilities, including reasonable
fees and expenses of counsel and expenses of litigation arising out of or resulting from the use, ownership or operation by the Servicer or any Affiliate thereof of any Financed Vehicle; 

        (c)   The
Servicer (when the Servicer is AmeriCredit) shall indemnify, defend and hold harmless the Trust, the Trustee, the Trust Collateral Agent, the Owner Trustee, the
Backup Servicer, the Collateral Agent, the Insurer, their respective officers, directors, agents and employees and the Noteholders from and against any taxes that may at any time be asserted against
any of such parties with respect to the transactions contemplated in this Agreement, including, without limitation, any sales, gross receipts, tangible or intangible personal property, privilege or
license taxes (but not including any federal or other income taxes, including franchise taxes asserted with respect to, and as of the date of, the sale of the Receivables and the Other Conveyed
Property to the Trust or the issuance and original sale of the Notes) and costs and expenses in defending against the same; 

        The
Servicer (when the Servicer is not AmeriCredit) shall indemnify, defend and hold harmless the Trust, the Trustee, the Trust Collateral Agent, the Owner Trustee, the Backup Servicer,
the Collateral Agent, the Insurer, their respective officers, directors, agents and employees and the Noteholders from and against any taxes with respect to the sale of Receivables in connection with
servicing hereunder that may at any time be asserted against any of such parties with respect to the transactions contemplated in this Agreement, including, without limitation, any sales, gross
receipts, tangible or intangible personal property, privilege or license taxes (but not including any federal or other income taxes, including franchise taxes asserted with respect to, and as of the
date of, the sale of the Receivables and the Other Conveyed Property to the Trust or the issuance and original sale of the Notes) and costs and expenses in defending against the same; and 

        (d)   The
Servicer shall indemnify, defend and hold harmless the Trust, the Trustee, the Trust Collateral Agent, the Owner Trustee, the Backup Servicer, the Collateral Agent,
the Insurer, their respective officers, directors, agents and employees and the Noteholders from and against any and all 

48

 

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 the Trust, the Trustee, the Owner
Trustee, the Trust Collateral Agent, the Backup Servicer, the Collateral Agent, the Insurer or the Noteholders by reason of the breach of this Agreement by the Servicer, the negligence, misfeasance,
or bad faith of the Servicer in the performance of its duties under this Agreement or by reason of reckless disregard of its obligations and duties under this Agreement. 

        (e)   AmeriCredit
shall indemnify, defend and hold harmless the Trust, the Trustee, the Trust Collateral Agent, the Owner Trustee, the Backup Servicer, the Collateral Agent,
the Insurer, their respective officers, directors, agents and employees and the Noteholders from and against any loss, liability or expense incurred by reason of the violation by Servicer or Seller of
federal or state securities laws in connection with the registration or the sale of the Notes. This section shall survive the termination of this Agreement, or the earlier removal or resignation of
the Trustee, Trust Collateral Agent, Backup Servicer or the Collateral Agent. 

        (f)    AmeriCredit
shall indemnify the Trustee, the Owner Trustee, the Trust Collateral Agent, the Backup Servicer and the Collateral Agent, and the respective officers,
directors, agents and employees thereof against any and all loss, liability or expense, (other than overhead and expenses incurred in the normal course of business) incurred by each of them in
connection with the acceptance or administration of the Trust and the performance of their duties under the Basic Documents other than if such loss, liability or expense was incurred by the Trustee,
the Owner Trustee or the Trust Collateral Agent or the Collateral Agent as a result of any such entity's willful misconduct, bad faith or negligence. 

        (g)   The
Backup Servicer shall defend, indemnify and hold harmless the Trust, the Trustee, the Trust Collateral Agent, the Collateral Agent, the Owner Trustee, the Servicer,
the Insurer, their respective officers, directors, agents and employees and the Noteholders from and against: (i) all costs, expenses, losses, damages, claims and liabilities, including
reasonable fees and expenses of counsel and expenses of litigation arising out of or resulting from the use, ownership or operation by the Backup Servicer or any Affiliate thereof of any Financed
Vehicle; and (ii) 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 the Trust, the Owner Trustee, the Trustee, the Insurer, the Servicer or the Noteholders by reason of, the breach of this Agreement by the Backup Servicer, the violation of federal or state
securities laws by the Backup Servicer, the negligence, misfeasance, or bad faith of the Backup Servicer in the performance of its duties under this Agreement or by reason of reckless disregard of its
obligations and duties under this Agreement. 

        (h)   Indemnification
under this Article shall include, without limitation, reasonable fees and expenses of counsel and expenses of litigation. If the Servicer has made any
indemnity payments pursuant to this Article and the recipient thereafter collects any of such amounts from others, the recipient shall promptly repay such amounts collected to the Servicer, without
interest. Notwithstanding anything contained herein to the contrary, any indemnification payable by the Servicer to the Backup Servicer, to the extent not paid by the Servicer, shall be paid solely
from the Spread Account in accordance with the terms of the Spread Account Agreement. 

        (i)    When
the Trustee, the Trust Collateral Agent, the Collateral Agent or the Backup Servicer incurs expenses after the occurrence of a Default specified in
Section 9.1(d) or (e) with respect to the Servicer, the expenses are intended to constitute expenses of administration under Title 11 of the United States Code or any other applicable
federal or state bankruptcy, insolvency or similar law. 

49

 

        SECTION
8.4.    Merger or Consolidation of, or Assumption of the Obligations of the Servicer or Backup Servicer.    

        (a)   AmeriCredit
shall not merge or consolidate with any other person, convey, transfer or lease substantially all its assets as an entirety to another Person, or permit any
other Person to become the successor to AmeriCredit's business unless, after the merger, consolidation, conveyance, transfer, lease or succession, the successor or surviving entity shall be capable of
fulfilling the duties of AmeriCredit contained in this Agreement and shall be acceptable to the Controlling Party, and, if an Insurer Default shall have occurred and be continuing, shall be an
Eligible Servicer. Any corporation (i) into which AmeriCredit may be merged or consolidated, (ii) resulting from any merger or consolidation to which AmeriCredit shall be a party,
(iii) which acquires by conveyance, transfer, or lease substantially all of the assets of AmeriCredit, or (iv) succeeding to the business of AmeriCredit, in any of the foregoing cases
shall execute an agreement of assumption to perform every obligation of AmeriCredit under this Agreement and, whether or not such assumption agreement is executed, shall be the successor to
AmeriCredit under this Agreement without the execution or filing of any paper or any further act on the part of any of the parties to this Agreement, anything in this Agreement to the contrary
notwithstanding; provided, however, that nothing contained herein shall be deemed to release AmeriCredit from any obligation. AmeriCredit shall provide
notice of any merger, consolidation or succession pursuant to this Section to the Owner Trustee, the Trust Collateral Agent, the Noteholders, the Insurer and each Rating Agency. Notwithstanding the
foregoing, AmeriCredit shall not merge or consolidate with any other Person or permit any other Person to become a successor to AmeriCredit's business, unless (x) immediately after giving
effect to such transaction, no representation or warranty made pursuant to Section 4.6 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 Insurance Agreement Event of Default shall have occurred and be continuing,
(y) AmeriCredit shall have delivered to the Owner Trustee, the Trust Collateral Agent, Trustee, Backup Servicer and Collateral Agent, the Rating Agencies and the Insurer an Officer's
Certificate and an Opinion of Counsel each stating that such consolidation, merger or succession and such agreement of assumption comply with this Section and that all conditions precedent, if any,
provided for in this Agreement relating to such transaction have been complied with, and (z) AmeriCredit shall have delivered to the Owner Trustee, the Trust Collateral Agent, the Trustee, the
Backup Servicer, the Collateral Agent, the Rating Agencies and the Insurer 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 Trust in the Receivables and the Other Conveyed Property and reciting the
details of the filings or (B) no such action shall be necessary to preserve and protect such interest. 

        (b)   Any
corporation (i) into which the Backup Servicer may be merged or consolidated, (ii) resulting from any merger or consolidation to which the Backup
Servicer shall be a party, (iii) which acquires by conveyance, transfer or lease substantially all of the assets of the Backup Servicer, or (iv) succeeding to the business of the Backup
Servicer, in any of the foregoing cases shall execute an agreement of assumption to perform every obligation of the Backup Servicer under this Agreement and, whether or not such assumption agreement
is executed, shall be the successor to the Backup Servicer under this Agreement without the execution or filing of any paper or any further act on the part of any of the parties to this Agreement,
anything in this Agreement to the contrary notwithstanding; provided, however, that nothing contained herein shall be deemed to release the Backup Servicer from any obligation. 

        SECTION
8.5.    Limitation on Liability of Servicer, Backup Servicer and Others.    

        (a)   Neither
AmeriCredit, the Backup Servicer nor any of the directors or officers or employees or agents of AmeriCredit or Backup Servicer shall be under any liability to
the Trust or the Noteholders, except as provided in this Agreement, for any action taken or for refraining from the taking of any 

50

 

action
pursuant to this Agreement; provided, however, that this provision shall not protect AmeriCredit, the Backup Servicer or any such person against
any liability that would otherwise be imposed by reason of a breach of this Agreement or willful misfeasance, bad faith or negligence (excluding errors in judgment) in the performance of duties;
provided further that this provision shall not affect any liability to indemnify the Trust Collateral Agent and the Owner Trustee for costs, taxes, expenses, claims, liabilities, losses or damages
paid by the Trust Collateral Agent and the Owner Trustee, in their individual capacities. AmeriCredit, the Backup Servicer and any director, officer, employee or agent of AmeriCredit or Backup
Servicer may rely in good faith on the written 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. 

        (b)   The
Backup Servicer may reasonably rely on any records and documentation provided, produced or supplied by the Servicer or its agents. The Backup Servicer shall have no
liability in connection with the malfeasance or nonfeasance of the Servicer or its agents or the inaccuracy of any data provided, produced or supplied by the Servicer or its agents. 

        (c)   If
any error, inaccuracy or omission (collectively "error") exists in any information provided by the Servicer or its
agents to the Backup Servicer and such error causes or materially contributes to the Backup Servicer making or continuing any error (a "continuing
error"), the Backup Servicer shall have no liability for such continuing error; provided, however, that this provision shall not protect the Backup Servicer against any
liability arising from its willful misconduct, bad faith or negligence in discovering or correcting or failing to discover or correct any error or in the performance of its duties contemplated herein
and; provided further, the Backup Servicer agrees to use its best efforts to prevent continuing errors. If the Backup Servicer becomes aware of any error or continuing error the Backup Servicer shall,
with the prior written consent of the Insurer undertake such data or records reconstruction as is commercially reasonable to correct any such error or continuing error and to prevent future continuing
error. The Backup Servicer shall be entitled to recover its costs incurred in correcting any such error or continuing error from the Servicer, and to the extent not paid by the Servicer, pursuant to
Section 3.03 of the Spread Account Agreement. The Backup Servicer, Trust Collateral Agent, the Collateral Agent, the Trustee, the Owner Trustee and the Custodian shall have no responsibility
and shall not be in default hereunder or incur any liability for any failure, error, malfunction or any delay in carrying out any of their respective duties under this Agreement if such failure or
delay results from the Backup Servicer acting in accordance with information prepared or supplied by a Person other than the Backup Servicer (or contractual agents) or the failure of any such other
Person to prepare or provide such information. The Backup Servicer shall have no responsibility, shall not be in default and shall incur no liability for (i) any act or failure to act of any
third party (other than its contractual agents), including the Servicer or the Controlling Party, (ii) any inaccuracy or omission in a notice or communication received by the Backup Servicer
from any third party (other than its contractual agents), (iii) the invalidity or unenforceability of any Receivable under applicable law, (iv) the breach or inaccuracy of any
representation or warranty made with respect to any Receivable, or (v) the acts or omissions of any successor Backup Servicer. 

        SECTION
8.6.    Delegation of Duties.    The Servicer may delegate duties under this Agreement to an Affiliate of
AmeriCredit with the prior written consent of the Insurer (unless an Insurer Default shall have occurred and be continuing), the Trust Collateral Agent, the Owner Trustee and the Backup Servicer. The
Servicer also may at any time perform through sub-contractors the specific duties of (i) repossession of Financed Vehicles, (ii) tracking Financed Vehicles' insurance and
(iii) pursuing the collection of deficiency balances on certain Liquidated Receivables, in each case, without the consent of the Insurer and may perform other specific duties through such
sub-contractors in accordance with Servicer's customary servicing policies and procedures, with the prior consent of the Insurer; provided,
however, that no such delegation or sub-contracting duties by the Servicer shall relieve the Servicer of its responsibility with respect to such duties. So long as
no Insurer Default shall have occurred and be 

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continuing
neither AmeriCredit or any party acting as Servicer hereunder shall appoint any subservicer hereunder without the prior written consent of the Insurer, the Trustee and the Backup Servicer. 

        SECTION
8.7.    Servicer and Backup Servicer Not to Resign.    Subject to the provisions of Section 8.4,
neither the Servicer nor the Backup Servicer shall resign from the obligations and duties imposed on it by this Agreement as Servicer or Backup Servicer except upon a determination that by reason of a
change in legal requirements the performance of its duties under this Agreement would cause it to be in violation of such legal requirements in a manner which would have a material adverse effect on
the Servicer or the Backup Servicer, as the case may be, and the Insurer (so long as an Insurer Default shall not have occurred and be continuing) or a Note Majority (if an Insurer Default shall have
occurred and be continuing) does not elect to waive the obligations of the Servicer or the Backup Servicer, as the case may be, to perform the duties which render it legally unable to act or to
delegate those duties to another Person. Any such determination permitting the resignation of the Servicer or Backup Servicer shall be evidenced by an Opinion of Counsel to such effect delivered and
acceptable to the Trust Collateral Agent, the Owner Trustee and the Insurer (unless an Insurer Default shall have occurred and be continuing). No resignation of the Servicer shall become effective
until, so long as no Insurer Default shall have occurred and be continuing the Backup Servicer or an entity acceptable to the Insurer shall have assumed the responsibilities and obligations of the
Servicer or, if an Insurer Default shall have occurred and be continuing, the Backup Servicer or a replacement Servicer that is an Eligible Servicer shall have assumed the responsibilities and
obligations of the Servicer. No resignation of the Backup Servicer shall become effective until, so long as no Insurer Default shall have occurred and be continuing, an entity acceptable to the
Insurer shall have assumed the responsibilities and obligations of the Backup Servicer or, if an Insurer Default shall have occurred and be continuing a Person that is an Eligible Servicer shall have
assumed the responsibilities and obligations of the Backup Servicer; provided, however, that (i) in the event a successor Backup Servicer is not
appointed within 60 days after the Backup Servicer has given notice of its resignation and has provided the Opinion of Counsel required by this Section, the Backup Servicer may petition a court
for its removal and (ii) the Backup Servicer may resign with the written consent of the Insurer. 

ARTICLE IX 

Default

        SECTION
9.1.    Servicer Termination Event.    For purposes of this Agreement, each of the following shall constitute
a "Servicer Termination Event": 

        (a)   Any
failure by the Servicer to deliver to the Trust Collateral Agent for distribution to Noteholders any proceeds or payment required to be so delivered under the terms
of this Agreement that continues unremedied for a period of two Business Days (one Business Day with respect to payment of Purchase Amounts) after written notice is received by the Servicer from the
Trust Collateral Agent or (unless an Insurer Default shall have occurred and be continuing) the Insurer or after discovery of such failure by a Responsible Officer of the Servicer; 

        (b)   Failure
by the Servicer to deliver to the Trust Collateral Agent and (so long as an Insurer Default shall not have occurred and be continuing) the Insurer the Servicer's
Certificate by the first Business Day prior to the Distribution Date, or failure on the part of the Servicer to observe its covenants and agreements set forth in Section 8.4(a); 

        (c)   Failure
on the part of the Servicer duly to observe or perform any other covenants or agreements of the Servicer set forth in this Agreement, which failure
(i) materially and adversely affects the rights of Noteholders (determined without regard to the availability of funds under the Note Policy), or of the Insurer (unless an Insurer Default shall
have occurred and be continuing), and (ii) continues unremedied for a period of 30 days after knowledge thereof by the Servicer or 

52

 

after
the date on which written notice of such failure, requiring the same to be remedied, shall have been given to the Servicer by the Trust Collateral Agent or the Insurer (or, if an Insurer Default
shall have occurred and be continuing by any Noteholder); 

        (d)   The
entry of a decree or order for relief by a court or regulatory authority having jurisdiction in respect of the Servicer or so long as AmeriCredit is the Servicer and
of its Affiliates, in an involuntary case under the federal bankruptcy laws, as now or hereafter in effect, or another present or future, federal bankruptcy, insolvency or similar law, or appointing a
receiver, liquidator, assignee, trustee, custodian, sequestrator or other similar official of the Servicer or so long as AmeriCredit is the Servicer and of its Affiliates, or of any substantial part
of its property or ordering the winding up or liquidation
of the affairs of the Servicer and the continuance of any such decree or order unstayed and in effect for a period of 60 consecutive days or the commencement of an involuntary case under the federal
bankruptcy laws, as now or hereinafter in effect, or another present or future federal or state bankruptcy, insolvency or similar law and such case is not dismissed within 60 days; or 

        (e)   The
commencement by the Servicer or so long as AmeriCredit is the Servicer and of its Affiliates, of a voluntary case under the federal bankruptcy laws, as now or
hereafter in effect, or any other present or future, federal or state, bankruptcy, insolvency or similar law, or the consent by the Servicer to the appointment of or taking possession by a receiver,
liquidator, assignee, trustee, custodian, sequestrator or other similar official of the Servicer or so long as AmeriCredit is the Servicer and of its Affiliates, or of any substantial part of its
property or the making by the Servicer or so long as AmeriCredit is the Servicer and of its Affiliates, of an assignment for the benefit of creditors or the failure by the Servicer or so long as
AmeriCredit is the Servicer and of its Affiliates, generally to pay its debts as such debts become due or the taking of corporate action by the Servicer in furtherance of any of the foregoing; or 

        (f)    Any
representation, warranty or statement of the Servicer made in this Agreement or any certificate, report or other writing delivered pursuant hereto shall prove to be
incorrect in any material respect as of the time when the same shall have been made, and the incorrectness of such representation, warranty or statement has a material adverse effect on the Trust or
the Noteholders and, within 30 days after knowledge thereof by the Servicer or after written notice thereof shall have been given to the Servicer by the Trust Collateral Agent or the Insurer
(or, if an Insurer Default shall have occurred and be continuing, a Noteholder), the circumstances or condition in respect of which such representation, warranty or statement was incorrect shall not
have been eliminated or otherwise cured; or 

        (g)   So
long as an Insurer Default shall not have occurred and be continuing, an Insurance Agreement Event of Default occurs; or 

        (h)   A
claim is made under the Note Policy or the Swap Provider Policy 

        SECTION
9.2.    Consequences of a Servicer Termination Event.    If a Servicer Termination Event shall occur and be
continuing, the Insurer (or, if an Insurer Default shall have occurred and be continuing either the Trust Collateral Agent, (to the extent it has knowledge thereof) or a Note Majority), by notice
given in writing to the Servicer (and to the Trust Collateral Agent if given by the Insurer or the Noteholders) may terminate all of the rights and obligations of the Servicer under this Agreement. On
or after the receipt by the Servicer of such written notice or upon termination of the term of the Servicer, all authority, power, obligations and responsibilities of the Servicer under this
Agreement, whether with respect to the Notes, the Certificates or the Other Conveyed Property or otherwise, automatically shall pass to, be vested in and become obligations and responsibilities of the
Backup Servicer (or such other replacement Servicer appointed by the Controlling Party); provided, however, that the replacement Servicer shall have no
liability with respect to any obligation which was required to be performed by the terminated Servicer prior to the date that the replacement Servicer 

53

 

becomes
the Servicer or any claim of a third party based on any alleged action or inaction of the terminated Servicer. The replacement Servicer is authorized and empowered by this Agreement to execute
and deliver, on behalf of the terminated Servicer, as attorney-in-fact or otherwise, any and all documents and other instruments and to do or accomplish all other acts or
things necessary or appropriate to effect the purposes of such notice of termination, whether to complete the transfer and endorsement of the Receivables and the Other Conveyed Property and related
documents to show the Trust as lienholder or secured party on the related Lien Certificates, or otherwise. The terminated Servicer agrees to cooperate with the replacement Servicer in effecting the
termination of the responsibilities and rights of the terminated Servicer under this Agreement, including, without limitation, the transfer to the replacement Servicer for administration by it of all
cash amounts that shall at the time be held by the terminated Servicer for deposit, or have been deposited by the terminated Servicer, in the Collection Account or thereafter received with respect to
the Receivables and the delivery to the replacement Servicer of all Receivable Files, Monthly Records and Collection Records and a computer tape in readable form as of the most recent Business Day
containing all information necessary to enable the replacement Servicer or a replacement Servicer to service the Receivables and the Other Conveyed Property. If requested by the Controlling Party, the
replacement Servicer shall terminate the Lockbox Agreement and direct the Obligors to make all payments under the Receivables directly to the replacement Servicer (in which event the replacement
Servicer shall process such payments in accordance with Section 4.2(e)), or to a lockbox established by the replacement Servicer at the direction of the Controlling Party, at the replacement
Servicer's expense. The terminated Servicer shall grant the Trust Collateral Agent, the replacement Servicer and the Controlling Party reasonable access to the terminated Servicer's premises at the
terminated Servicer's expense. 

        SECTION
9.3.    Appointment of Successor.    

        (a)   On
and after the time the Servicer receives a notice of termination pursuant to Section 9.2 or upon the resignation of the Servicer pursuant to
Section 8.7; (i) the Backup Servicer (unless the Controlling Party shall have exercised its option pursuant to Section 9.3(b) to appoint an alternate replacement Servicer) shall
be the successor in all respects, except as expressly set forth in Annex A hereto, to the Servicer, in its capacity as servicer under this Agreement and the Insurance Agreement and the transactions
set forth or provided for in this Agreement, and shall be subject to all the rights, responsibilities, restrictions, duties, liabilities and termination provisions relating thereto placed on the
Servicer by the terms and provisions of this Agreement or the Insurance Agreement except as otherwise stated herein. The Trust Collateral Agent and such successor shall take such action, consistent
with this Agreement, as shall be necessary to effectuate any such succession. If a replacement Servicer is acting as Servicer hereunder, it shall be subject to termination under Section 9.2
upon the occurrence of any Servicer Termination Event applicable to it as Servicer. 

        (b)   The
Controlling Party may exercise at any time its right to appoint as Backup Servicer or as successor to the Servicer a Person other than the Person serving as Backup
Servicer at the time, and (without limiting its obligations under the Note Policy) shall have no liability to the Trust Collateral Agent, AmeriCredit, the Seller, the Person then serving as Backup
Servicer, any Noteholders or any other Person if it does so. Notwithstanding the above, if the Backup Servicer shall be legally unable or unwilling to act as Servicer, and an Insurer Default shall
have occurred and be continuing, the Backup Servicer, the Trust Collateral Agent or a Note Majority may petition a court of competent jurisdiction to appoint any Eligible Servicer as the successor to
the Servicer. Pending appointment pursuant to the preceding sentence, the Backup Servicer shall act as replacement Servicer unless it is legally unable to do so, in which event the outgoing Servicer
shall continue to act as Servicer until a successor has been appointed and accepted such appointment. Subject to Section 8.6, no provision of this Agreement shall be construed as relieving the
Backup Servicer of its obligation to succeed as replacement Servicer upon the termination of the Servicer pursuant to Section 9.2 or the resignation of the Servicer pursuant to 

54

 

Section 8.6.
If upon the termination of the Servicer pursuant to Section 9.2 or the resignation of the Servicer pursuant to Section 8.6, the Controlling Party appoints a
replacement Servicer other than the Backup Servicer, the Backup Servicer shall not be relieved of its duties as Backup Servicer hereunder. 

        (c)   Any
replacement Servicer shall be entitled to such compensation (whether payable out of the Collection Account or otherwise) as the Servicer would have been entitled to
under this Agreement if the Servicer had not resigned or been terminated hereunder or such other compensation as agreed to by the Insurer in writing. If any replacement Servicer is appointed as a
result of the Backup Servicer's refusal (in breach of the terms of this Agreement) to act as Servicer although it is legally able to do so, the Insurer and such replacement Servicer may agree on
reasonable additional compensation to be paid to such replacement Servicer; provided, however, it being understood and agreed that the Insurer shall
give prior notice to the Backup Servicer with respect to the appointment of such successor and the payment of additional compensation, if any. If, any replacement Servicer is appointed for any reason
other than the Backup Servicer's refusal to act as Servicer although legally able to do so, the Backup Servicer shall not be liable for any Servicing Fee, additional compensation or other amounts to
be paid to such replacement Servicer in connection with its assumption and performance of the servicing duties described herein. 

        SECTION
9.4.    Notification to Noteholders.    Upon any termination of, or appointment of a successor to, the
Servicer or the Backup Servicer, the Trust Collateral Agent shall give prompt written notice thereof to each Noteholder and to the Rating Agencies. 

        SECTION
9.5.    Waiver of Past Defaults.    So long as no Insurer Default shall have occurred and be continuing, the
Insurer (or, if an Insurer Default shall have occurred and be continuing, the Note Majority) may, on behalf of all Noteholders, waive any default by the Servicer or the Backup Servicer in the
performance of its obligations hereunder and its consequences. Upon any such waiver of a past default, such default shall cease to exist, and any Servicer Termination Event arising therefrom shall be
deemed to have been remedied for every purpose of this Agreement and the Basic Documents. No such waiver shall extend to any subsequent or other default or impair any right consequent thereto. 

        SECTION
9.6    Backup Servicer Termination    Prior to an appointment as successor Servicer, the Controlling Party may
(a) terminate all of the rights and obligations of the Backup Servicer under this Agreement in the event of a breach of any of the representations or warranties, covenants or obligations of the
Backup Servicer contained in this Agreement or (b) in its sole discretion, without cause upon not less than 30 days' notice, terminate the rights and obligations of the Backup Servicer.
The terminated Backup Servicer agrees to cooperate with any successor Backup Servicer appointed by the Controlling Party in effecting the termination of the responsibilities and rights of the
terminated Backup Servicer under this Agreement, including, without limitation, the delivery to the successor Backup Servicer of all documents, records and electronic information related to the
Receivables in the possession of the Backup Servicer. Expenses incurred by the Backup Servicer in respect of the foregoing sentence shall be reimbursed in accordance with Section 5.7(a). 

55

   ARTICLE X 

Termination  

        SECTION
10.1.    Optional Purchase of All Receivables.    

        (a)   On
the last day of any Collection Period as of which the Pool Balance shall be less than or equal to 10% of the Original Pool Balance, the Servicer and the Seller each
shall have the option to purchase the Owner Trust Estate, other than the Trust Accounts (with the consent of the Insurer if such purchase would result in a claim on the Note Policy or would result in
any amount owing to the Insurer under the Insurance Agreement remaining unpaid); provided, however, that the amount to be paid for such purchase (as set
forth in the following sentence) shall be sufficient to pay the full amount of principal and interest then due and payable on the Notes, amounts due and unpaid under the Swap Agreement and amounts due
and unpaid to the Insurer under the Insurance Agreement. To exercise such option, the Servicer or the Seller, as the case may be, shall deposit pursuant to Section 5.6 in the Collection Account
an amount equal to the aggregate Purchase Amount for the Receivables (including Liquidated Receivables), plus the appraised value of any other property held by the Trust, such value to be determined
by an appraiser mutually agreed upon by the Servicer, the Insurer and the Trust Collateral Agent, and shall succeed to all interests in and to the Trust. 

        (b)   Upon
any sale of the assets of the Trust pursuant to Section 8.1 of the Trust Agreement, the Servicer shall instruct the Trust Collateral Agent to deposit the
proceeds from such sale after all payments and reserves therefrom (including the expenses of such sale) have been made (the "Insolvency Proceeds") in
the Collection Account. 

        (c)   Notice
of any termination of the Trust shall be given by the Servicer to the Owner Trustee, the Trustee, the Backup Servicer, the Trust Collateral Agent, the Collateral
Agent, the Insurer and the Rating Agencies as soon as practicable after the Servicer has received notice thereof. 

        (d)   Following
the satisfaction and discharge of the Indenture and the payment in full of the principal of and interest on the Notes, the Certificateholders will succeed to
the rights of the Noteholders hereunder and the Owner Trustee will succeed to the rights of, and assume the obligations of, the Trust Collateral Agent pursuant to this Agreement. 

ARTICLE XI 

Administrative Duties of the Servicer  

        SECTION
11.1.    Administrative Duties.    

        (a)    Duties with Respect to the Indenture.    The Servicer shall perform all its duties and the duties of the Issuer
under the Indenture. In addition, the Servicer shall consult with the Owner Trustee as the Servicer deems appropriate regarding the duties of the Issuer under the Indenture. The Servicer shall monitor
the performance of the Issuer and shall advise the Owner Trustee when action is necessary to comply with the Issuer's duties under the Indenture. The Servicer shall prepare for execution by the Issuer
or shall cause the preparation by other appropriate Persons of all such documents, reports, filings, instruments, certificates and opinions as it shall be the duty of the Issuer to prepare, file or
deliver pursuant to the Indenture. In furtherance of the foregoing, the Servicer shall take all necessary action that is the duty of the Issuer to take pursuant to the Indenture, including, without
limitation, pursuant to Sections 2.7, 3.5, 3.6, 3.7, 3.9, 3.10, 3.17, 5.1, 5.4, 7.3, 8.3, 9.2, 9.3, 11.1 and 11.15 of the Indenture. 

        (b)    Duties with Respect to the Issuer.    

          (i)  In
addition to the duties of the Servicer set forth in this Agreement or any of the Basic Documents, the Servicer shall perform such calculations and shall prepare for
execution by the Issuer or the Owner Trustee or shall cause the preparation by other appropriate Persons of all such documents, reports, filings, instruments, certificates and opinions as it shall be
the duty of the 

56

 

Issuer
or the Owner Trustee to prepare, file or deliver pursuant to this Agreement or any of the Basic Documents or under state and federal tax and securities laws (including any filings required
pursuant to the Sarbanes-Oxley Act of 2002 or any rule or regulation promulgated thereunder), and at the request of the Owner Trustee shall take all appropriate action that it is the duty of the
Issuer to take pursuant to this Agreement or any of the Basic Documents, including, without limitation, pursuant to Sections 2.6 and 2.11 of the Trust Agreement. In accordance with the directions of
the Issuer or the Owner Trustee, the Servicer shall administer, perform or supervise the performance of such other activities in connection with the Collateral (including the Basic Documents) as are
not covered by any of the foregoing provisions and as are expressly requested by the Issuer or the Owner Trustee and are reasonably within the capability of the Servicer. 

         (ii)  Notwithstanding
anything in this Agreement or any of the Basic Documents to the contrary, the Servicer shall be responsible for promptly notifying the Owner Trustee and
the Trust Collateral Agent in the event that any withholding tax is imposed on the Issuer's payments (or allocations of income) to an Owner (as defined in the Trust Agreement) as contemplated by this
Agreement. Any such notice shall be in writing and specify the amount of any withholding tax required to be withheld by the Owner Trustee or the Trust Collateral Agent pursuant to such provision. 

        (iii)  Notwithstanding
anything in this Agreement or the Basic Documents to the contrary, the Servicer shall be responsible for performance of the duties of the Issuer set
forth in Section 5.1(a) and (b) of the Trust Agreement with respect to, among other things, accounting and reports to Owners (as defined in the Trust Agreement);  provided, however, that once
prepared by the Servicer the Owner Trustee shall retain responsibility for the distribution of the
Schedule K-1s necessary to enable the Certificateholder to prepare its federal and state income tax returns. 

        (iv)  The
Servicer shall perform the duties of the Servicer specified in Section 9.2 of the Trust Agreement required to be performed in connection with the resignation
or removal of the Owner Trustee, and any other duties expressly required to be performed by the Servicer under this Agreement or any of the Basic Documents. 

         (v)  In
carrying out the foregoing duties or any of its other obligations under this Agreement, the Servicer may enter into transactions with or otherwise deal with any of
its Affiliates; provided, however, that the terms of any such transactions or dealings shall be in accordance with any directions received from the
Issuer and shall be, in the Servicer's opinion, no less favorable to the Issuer in any material respect. 

        (c)    Tax Matters.    The Servicer shall prepare and file, on behalf of the Seller, all tax returns, tax elections,
financial statements and such annual or other reports attributable to the activities engaged in by the Issuer as are necessary for preparation of tax reports, including without limitation forms 1099.
All tax returns will be signed by the Seller. 

        (d)    Non-Ministerial Matters.    With respect to matters that in the reasonable judgment of the Servicer
are non-ministerial, the Servicer shall not take any action pursuant to this Article unless within a reasonable time before the taking of such action, the Servicer shall have notified the
Owner Trustee and the Trustee of the proposed action and the Owner Trustee and, with respect to items (A), (B), (C) and (D) below, the Trustee shall not have withheld consent or provided
an alternative direction. For the purpose of the preceding sentence, "non-ministerial matters" shall include: 

        (A)  the
amendment of or any supplement to the Indenture; 

        (B)  the
initiation of any claim or lawsuit by the Issuer and the compromise of any action, claim or lawsuit brought by or against the Issuer (other than in connection with
the collection of the Receivables); 

57

 

        (C)  the
amendment, change or modification of this Agreement or any of the Basic Documents; 

        (D)  the
appointment of successor Note Registrars, successor Paying Agents and successor Trustees pursuant to the Indenture or the appointment of replacement Servicers or the
consent to the assignment by the Note Registrar, Paying Agent or Trustee of its obligations under the Indenture; and 

        (E)  the
removal of the Trustee or the Trust Collateral Agent. 

        (e)    Exceptions.    Notwithstanding anything to the contrary in this Agreement, except as expressly provided herein
or in the other Basic Documents, the Servicer, in its capacity hereunder, shall not be obligated to, and shall not, (1) make any payments to the Noteholders or Certificateholders under the
Basic Documents, (2) sell the Trust Estate pursuant to Section 5.5 of the Indenture, (3) take any other action that the Issuer directs the Servicer not to take on its behalf or
(4) in connection with its duties hereunder assume any indemnification obligation of any other Person. 

        (f)    The
Backup Servicer or any replacement Servicer shall not be responsible for any obligations or duties of the servicer under this Section 11.1. 

        SECTION
11.2.    Records.    The Servicer shall maintain appropriate books of account and records relating to services
performed under this Agreement, which books of account and records shall be accessible for inspection by the Issuer and the Insurer at any time during normal business hours. 

        SECTION
11.3.    Additional Information to be Furnished to the Issuer.    The Servicer shall furnish to the Issuer and
the Insurer from time to time such additional information regarding the Collateral as the Issuer and the Insurer shall reasonably request. 

ARTICLE XII 

Miscellaneous Provisions  

        SECTION
12.1.    Amendment.    

        (a)   This
Agreement may be amended from time to time by the parties hereto, with the consent of the Trustee (which consent may not be unreasonably withheld), with the prior
written consent of the Insurer (so long as no Insurer Default has occurred and is continuing) but without the consent of any of the Noteholders, to cure any ambiguity, to correct or supplement any
provisions in this Agreement, to comply with any changes in the Code, or to make any other provisions with respect to matters or questions arising under this Agreement which shall not be inconsistent
with the provisions of this Agreement or the Insurance Agreement; provided, however, that such action shall not, as evidenced by an Opinion of Counsel
delivered to Owner Trustee, the Insurer and the Trustee, adversely affect in any material respect the interests of any Noteholder; provided further that if an Insurer Default has occurred and is
continuing, such action shall not materially adversely affect the interests of the Insurer. 

        This
Agreement may also be amended from time to time by the parties hereto, with the consent of the Insurer, the consent of the Trustee, and with the consent of the Holders of Notes
evidencing not less than a majority of the outstanding principal amount of the Notes 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 Noteholders; provided, however, that no such amendment shall (a) 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 for the benefit of the Noteholders or
(b) reduce the aforesaid percentage of the outstanding principal amount of the Notes, the Holders of which are required to consent to any such amendment, without the consent of the Holders of
all the outstanding Notes of each class affected thereby; provided, further, that (i) if an Insurer Default has not occurred and is continuing,
such action shall not materially 

58

 

adversely
affect the interest of the Insurer and (ii) that the consent of the Swap Provider shall also be required if such action will adversely affect in any material respect the interests of
the Swap Provider. 

        Promptly
after the execution of any such amendment or consent, the Trust Collateral Agent shall furnish written notification of the substance of such amendment or consent to each
Noteholder and the Rating Agencies. 

        It
shall not be necessary for the consent of 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 any other consents of Noteholders provided for in this Agreement) and of evidencing the authorization of any
action by Noteholders shall be subject to such reasonable requirements as the Trustee or the Owner Trustee, as applicable, may prescribe. 

        Prior
to the execution of any amendment to this Agreement, the Owner Trustee and the Trustee, Trust Collateral Agent, Collateral Agent and Backup Servicer shall be entitled to receive
and conclusively rely upon an Opinion of Counsel stating that the execution of such amendment is authorized or permitted by this Agreement and the Opinion of Counsel referred to in
Section 12.2(h)(1) has been delivered. The Owner Trustee, the Trust Collateral Agent, the Backup Servicer and the Trustee may, but shall not be obligated to, enter into any such amendment which
affects the Issuer's, the Owner Trustee's, the Trust Collateral Agent's, the Backup Servicer's or the Trustee's, as applicable, own rights, duties or immunities under this Agreement or otherwise. 

        (b)   Notwithstanding
anything to the contrary contained in Section 12.1(a) above, the provisions of the Agreement relating to (i) the Spread Account Agreement,
the Spread Account, the Specified Spread Account Requirement, a Trigger Event or any component definition of a Trigger Event and (ii) any additional sources of funds which may be added to the
Spread Account or uses of funds on deposit in the Spread Account may be amended in any respect by the Seller, the Servicer, the Insurer and the Collateral Agent (the consent of which shall not be
withheld or delayed with respect to any amendment that does not adversely affect the Collateral Agent) without the consent of, or notice to, the Noteholders. 

        SECTION
12.2.    Protection of Title to Trust.    

        (a)   The
Seller shall authorize and file such financing statements and cause to be authorized 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 the Issuer and the interests of the Trust Collateral Agent in the Receivables and in the proceeds thereof. The Seller
shall deliver (or cause to be delivered) to the Insurer, the Owner Trustee and the Trust Collateral Agent file-stamped copies of, or filing receipts for, any document filed as provided
above, as soon as available following such filing. 

        (b)   Neither
the Seller nor the Servicer shall change its name, identity or corporate structure in any manner that would, could or might make any financing statement or
continuation statement filed in accordance with paragraph (a) above seriously misleading within the meaning of 9-506 of the UCC, unless it shall have given the Insurer, the Owner
Trustee, the Trust Collateral Agent, the Backup Servicer and the Trustee at least five days' prior written notice thereof and shall have promptly filed appropriate amendments to all previously filed
financing statements or continuation statements. Promptly upon such filing, the Seller or the Servicer, as the case may be, shall deliver an Opinion of Counsel in form and substance reasonably
satisfactory to the Insurer, stating either (A) all financing statements and continuation statements have been executed and filed that are necessary fully to preserve and protect the interest
of the Trust and the Trust Collateral Agent in the Receivables, and reciting the details of such filings or referring to prior Opinions of Counsel in which such details are given, or (B) no
such action shall be necessary to preserve and protect such interest. 

59

 

        (c)   Each
of the Seller and the Servicer shall have an obligation to give the Insurer, the Owner Trustee, the Trust Collateral Agent, the Backup Servicer and the Trustee at
least 60 days' prior written notice of any relocation of its principal executive office or jurisdiction of organization if, as a result of such relocation, the applicable provisions of the UCC
would require the filing of any amendment of any previously filed financing or continuation statement or of any new financing statement and shall promptly file any such amendment or new financing
statement. The Servicer shall at all times maintain each office from which it shall service Receivables, and its principal executive office, within the United States of America. 

        (d)   The
Servicer shall maintain accounts and records as to each Receivable accurately and in sufficient detail to permit (i) the reader thereof to know at any time
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 amounts from time to time deposited in the Collection Account in respect of such Receivable. 

        (e)   The
Servicer shall maintain its computer systems so that, from and after the time of sale under this Agreement of the Receivables to the Issuer, the Servicer's master
computer records (including any backup archives) that refer to a Receivable shall indicate clearly the interest of the Trust in such Receivable and that such Receivable is owned by the Trust.
Indication of the Trust's interest in a Receivable shall be deleted from or modified on the Servicer's computer systems when, and only when, the related Receivable shall have been paid in full or
repurchased. 

        (f)    If
at any time the Seller or the Servicer shall propose to sell, grant a security interest in or otherwise transfer any interest in automotive receivables to any
prospective purchaser, lender or other transferee, the Servicer shall give to such prospective purchaser, lender or other transferee computer tapes, records or printouts (including any restored from
backup archives) that, if they shall refer in any manner whatsoever to any Receivable, shall indicate clearly that such Receivable has been sold and is owned by the Trust. 

        (g)   Upon
request, the Servicer shall furnish to the Insurer, the Owner Trustee, the Backup Servicer or to the Trustee, within five Business Days, a list of all Receivables
(by contract number and name of Obligor) then held as part of the Trust, together with a reconciliation of such list to the Schedule of Receivables and to each of the Servicer's Certificates furnished
before such request indicating removal of Receivables from the Trust. 

        (h)   The
Servicer shall deliver to the Insurer, the Backup Servicer, the Owner Trustee and the Trustee: 

        (1)   promptly
after the execution and delivery of the Agreement and, if required pursuant to Section 12.1, of each amendment, an Opinion of Counsel stating that, in
the opinion of such Counsel, in form and substance reasonably satisfactory to the Insurer, either (A) all financing statements and continuation statements have been authorized and filed that
are necessary fully to preserve and protect the interest of the Trust and the Trustee in the Receivables, and reciting the details of such filings or referring to prior Opinions of Counsel in which
such details are given, or (B) no such action shall be necessary to preserve and protect such interest; and 

        (2)   within
90 days after the beginning of each calendar year beginning with the first calendar year beginning more than three months after the Cutoff Date, an Opinion
of Counsel, dated as of a date during such 90-day period, stating that, in the opinion of such counsel, either (A) all financing statements and continuation statements have been
authorized and filed that are necessary fully to preserve and protect the interest of the Trust and the Trustee in the Receivables, and reciting the details of such filings or referring to prior
Opinions of Counsel in which such details are given, or (B) no such action shall be necessary to preserve and protect such interest. 

60

 

        Each
Opinion of Counsel referred to in clause (1) or (2) above shall specify any action necessary (as of the date of such opinion) to be taken in the following year to
preserve and protect such interest. 

        SECTION
12.3.    Notices.    All demands, notices and communications upon or to the Seller, the Servicer, the Owner
Trustee, the Trustee or the Rating Agencies under this Agreement shall be in writing, personally delivered, or mailed by certified mail, return receipt requested, federal express or similar overnight
courier service, and shall be deemed to have been duly given upon receipt (a) in the case of the Seller to AFS SenSub Corp., 639 Isbell Road, Suite 390 Reno, Nevada 89509, Attention: Chief
Financial Officer (b) in the case of the Servicer to AmeriCredit Financial Services, Inc., 801 Cherry Street, Suite 3900, Fort Worth, Texas 76102, Attention: Chief Financial Officer,
(c) in the case of the Issuer or the Owner Trustee, at the Corporate Trust Office of the Owner Trustee, AmeriCredit Automobile Receivables Trust 2003-B-X, c/o Deutsche
Bank Trust Company Americas, 280 Park Avenue, MS: NY307-0918, New York, New York 10017, Attention: Louis Bodi, Vice President, with a copy to Deutsche Bank Trust Company Delaware, E.A.
Delle Donne Corporate Center, Montgomery Building, 1011 Centre Road, Suite 200, Wilmington Delaware, 19805-1266, Attention: Corporate Trust (d) in the case of the Trustee, the
Collateral Agent or the Trust Collateral Agent, at the Corporate Trust Office, (e) in the case of the Insurer, to XL Capital Assurance Inc., 1221 Avenue of the Americas, New York, New
York 10020; Attention: Surveillance (in each case in which notice or other communication to the Insurer refers to a claim on the Note Policy, a claim on the Swap Provider Policy, a Deficiency Notice
pursuant to Section 5.5 of this Agreement or with respect to which failure on the part of the Insurer to respond shall be deemed to constitute consent or acceptance, then a copy of such notice
or other communication should also be sent to the attention of each of the General Counsel and shall be marked to indicate "URGENT MATERIAL ENCLOSED"); (f) in the case of the Backup Servicer,
to Systems & Services Technologies, Inc., 4315 Pickett Road, St. Joseph, Missouri 64503, Attention: David Chappell and Joseph Booz; (g) in the case of Moody's, to Moody's
Investors Service, Inc., ABS Monitoring Department, 99 Church Street, New York, New York 10007; (h) in the case of Standard & Poor's, to Standard & Poor's Ratings Group, 55
Water Street, New York, New York 10041, Attention: Asset Backed Surveillance Department and (i) in the case of Fitch, to One State Street Plaza, New York, New York 10004. Any notice required or
permitted to be mailed to a Noteholder shall be given by first class mail, postage prepaid, at the address of such Holder as shown in the Note Register. Any notice so mailed within the time prescribed
in the Agreement shall be conclusively presumed to have been duly given, whether or not the Noteholder shall receive such notice. 

        SECTION
12.4.    Assignment.    This Agreement shall inure to the benefit of and be binding upon the parties hereto
and their respective successors and permitted assigns. Notwithstanding anything to the contrary contained herein, except as provided in Sections 7.4 and 8.4 and as provided in the provisions of this
Agreement concerning the resignation of the Servicer, this Agreement may not be assigned by the Seller or the Servicer without the prior written consent of the Owner Trustee, the Trust Collateral
Agent, the Backup Servicer, the Trustee and the Insurer (or if an Insurer Default shall have occurred and be continuing the Holders of Notes evidencing not less than 662/3% of the
principal amount of the outstanding Notes). 

        SECTION
12.5.    Limitations on Rights of Others.    The provisions of this Agreement are solely for the benefit of
the parties hereto, the Trustee, the Insurer, the Swap Provider and the Noteholders, as third-party beneficiaries. The Insurer and its successors and assigns shall be a third-party beneficiary to the
provisions of this Agreement, and shall be entitled to rely upon and directly enforce such provisions of this Agreement so long as no Insurer Default shall have occurred and be continuing. The Swap
Provider shall be third-party beneficiaries to the provisions of this Agreement. Except as expressly stated otherwise herein, any right of the Insurer to direct, appoint, consent to, approve of, or
take any action under this Agreement, shall be a right exercised by the Insurer in its sole and absolute discretion. The Insurer may disclaim any of its rights and powers under this Agreement (but not
its 

61

 

duties
and obligations under the Note Policy or the Swap Provider Policy) upon delivery of a written notice to the Owner Trustee. Nothing in this Agreement, whether express or implied, shall be
construed to give to any other Person any legal or equitable right, remedy or claim in the Owner Trust Estate or under or in respect of this Agreement or any covenants, conditions or provisions
contained herein. 

        SECTION
12.6.    Severability.    Any provision of this Agreement that is prohibited or unenforceable in any
jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or
unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. 

        SECTION
12.7.    Separate Counterparts.    This Agreement may be executed by the parties hereto in separate
counterparts, each of which when so executed and delivered shall be an original, but all such counterparts shall together constitute but one and the same instrument. 

        SECTION
12.8.    Headings.    The headings of the various Articles and Sections herein are for convenience of
reference only and shall not define or limit any of the terms or provisions hereof. 

        SECTION
12.9.    Governing Law.    THIS AGREEMENT SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAW OF THE
STATE OF NEW YORK, WITHOUT GIVING EFFECT TO ITS CONFLICT OF LAW PROVISIONS (OTHER THAN SECTIONS
5-1401 AND 5-1402 OF THE NEW YORK GENERAL OBLIGATIONS LAW). 

        SECTION
12.10.    Assignment to Trustee.    The Seller hereby acknowledges and consents to any mortgage, pledge,
assignment and grant of a security interest by the Issuer to the Trust Collateral Agent pursuant to the Indenture for the benefit of the Noteholders of all right, title and interest of the Issuer in,
to and under the Receivables and/or the assignment of any or all of the Issuer's rights and obligations hereunder to the Trust Collateral Agent. 

        SECTION
12.11.    Nonpetition Covenants.    (a) Notwithstanding any prior termination of this Agreement, the
Servicer and the Seller shall not, prior to the date which is one year and one day after the termination of this Agreement with respect to the Issuer, acquiesce, petition or otherwise invoke or cause
the Issuer to invoke the process of any court or government authority for the purpose of commencing or sustaining a case against 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 Issuer or any substantial part of its property, or ordering the winding up or
liquidation of the affairs of the Issuer. 

        (b)   Notwithstanding
any prior termination of this Agreement, the Servicer shall not, prior to the date that is one year and one day after the termination of this Agreement
with respect to the Seller, acquiesce to, petition or otherwise invoke or cause the Seller to invoke the process of any court or government authority for the purpose of commencing or sustaining a case
against the Seller under any federal or state bankruptcy, insolvency or similar law, appointing a receiver, liquidator, assignee, trustee, custodian, sequestrator, or other similar official of the
Seller or any substantial part of its property, or ordering the winding up or liquidation of the affairs of the Seller. 

        SECTION
12.12.    Limitation of Liability of Owner Trustee and Trustee.    

        (a)   Notwithstanding
anything contained herein to the contrary, this Agreement has been countersigned by Deutsche Bank Trust Company Delaware not in its individual capacity
but solely in its capacity as Owner Trustee of the Issuer and in no event shall Deutsche Bank Trust Company Delaware in its individual capacity or, except as expressly provided in the Trust Agreement,
as Owner Trustee have any liability for the representations, warranties, covenants, agreements or other obligations of the Issuer hereunder or in any of the certificates, notices or agreements
delivered pursuant hereto, as to all of which recourse shall be had solely to the assets of the Issuer. For all purposes of this Agreement, in the performance of its duties or obligations hereunder or
in the performance of any duties or 

62

 

obligations
of the Issuer hereunder, the Owner Trustee shall be subject to, and entitled to the benefits of, the terms and provisions of Articles V, VI and VII of the Trust Agreement. 

        (b)   Notwithstanding
anything contained herein to the contrary, this Agreement has been executed and delivered by JPMorgan Chase Bank, not in its individual capacity but
solely as Trust Collateral Agent and in no event shall JPMorgan Chase Bank, have any liability for the representations, warranties, covenants, agreements or other obligations of the Issuer hereunder
or in any of the certificates, notices or agreements delivered pursuant hereto, as to all of which recourse shall be had solely to the assets of the Issuer. 

        (c)   In
no event shall JPMorgan Chase Bank, in any of its capacities hereunder, be deemed to have assumed any duties of the Owner Trustee under the Delaware Statutory Trust
Statute, common law, or the Trust Agreement. 

        SECTION
12.13.    Independence of the Servicer.    For all purposes of this Agreement, the Servicer shall be an
independent contractor and shall not be subject to the supervision of the Issuer, the Trust Collateral Agent and Backup Servicer or the Owner Trustee with respect to the manner in which it
accomplishes the performance of its obligations hereunder. Unless expressly authorized by this Agreement, the Servicer shall have no authority to act for or represent the Issuer or the Owner Trustee
in any way and shall not otherwise be deemed an agent of the Issuer or the Owner Trustee. 

        SECTION
12.14.    No Joint Venture.    Nothing contained in this Agreement (i) shall constitute the Servicer
and either of the Issuer or the Owner Trustee as members of any partnership, joint venture, association, syndicate, unincorporated business or other separate entity, (ii) shall be construed to
impose any liability as such on any of them or (iii) shall be deemed to confer on any of them any express, implied or apparent authority to incur any obligation or liability on behalf of the
others. 

        SECTION
12.15.    Replacement Swap Agreement; Replacement Cap Agreement.    Upon a request by the Insurer pursuant to
Section 4.08 of the Insurance Agreement, the Issuer shall enter into a Replacement Swap Agreement (as such term is defined in Section 4.08 of the Insurance Agreement) with a replacement
Swap Provider or replacement Swap Provider in form and substance satisfactory to the Insurer. Upon a request by the Insurer pursuant to Section 4.08 of the Insurance Agreement, the Trust
Collateral Agent shall enter into a Replacement Cap Agreement (as such term is defined in Section 4.08 of the Insurance Agreement) with a replacement Cap Provider or providers in form and
substance satisfactory to the Insurer. 

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

[Remainder
of page intentionally left blank.] 

63

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

	 	 	AMERICREDIT AUTOMOBILE RECEIVABLES TRUST 2003-B-X
	

 	
 	

By:	

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

 	
 	

By:	

/s/  LOUIS BODI      
 Name: Louis Bodi—Attoney-in-Fact

Title: Vice President
	

 	
 	

AFS SENSUB CORP., Seller,
	

 	
 	

By:	

/s/  SUSAN B. SHEFFIELD      
 Name: Susan B. Sheffield

Title: Vice President, Structured Finance
	

 	
 	

AMERICREDIT FINANCIAL SERVICES, INC., Servicer,
	

 	
 	

By:	

/s/  BETH SORENSEN      
 Name: Beth Sorensen

Title: Senior Vice President, Finance
	

 	
 	

SYSTEMS & SERVICES TECHNOLOGIES, INC., not in its individual capacity but solely as Backup Servicer
	

 	
 	

By:	

/s/  JOSEPH D. BOOZ      
 Name: Joseph D. Booz

Title: EVP/Secretary

	

Acknowledged and accepted by	
 	

 
	

JPMORGAN CHASE BANK, not in its individual capacity but solely as Trust Collateral Agent and as Trustee	
 	

 
	

By:	

/s/  JENNIFER H. MCCOURT      
 Name: Jennifer H. McCourt

Title: Vice President	
 	

 

   

[Sale and Servicing Agreement] 

 
 

SCHEDULE A    
    

 
 

SCHEDULE OF RECEIVABLES    
    

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

  

 
 

SCHEDULE B    
    

 
 

REPRESENTATIONS AND WARRANTIES OF THE SELLER AND THE SERVICER    
    

        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.    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 the Seller without any fraud or
misrepresentation on the part of such Dealer or Third-Party Lender or AmeriCredit 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 Soldiers' and Sailors' Civil Relief Act of 1940, 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 Soldiers' and Sailors' Civil Relief Act of 1940, as amended; and all parties to
each Receivable had full 

Sch-B-1

 

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 related Cutoff Date no Obligor had been identified on the records of AmeriCredit
as being the subject of a current bankruptcy proceeding. 

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

        9.    Marking Records.    By the Closing Date, the Seller 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 the Seller by the Servicer and resold by the Seller to the Trust in accordance with
the terms of the Sale and Servicing Agreement. 

        10.    Computer Tape.    The Computer Tape made available by the Seller 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 the Seller 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, Delaware and Nevada. 

        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 therefor. Each of such documents which is required to be signed by the Obligor has been signed by the Obligor in the appropriate spaces. All blanks on any form have been
properly filled in and each form has otherwise been correctly prepared. The complete Receivable File for each Receivable currently is in the possession of the Custodian. 

        15.    Receivables in Force.    No Receivable has been satisfied, subordinated or rescinded, and the Financed Vehicle
securing each such Receivable has not been released from the lien of the related Receivable in whole or in part. No terms of any Receivable have been waived, altered or modified in any respect since
its origination, except by instruments or documents identified in the Receivable File. No Receivable has been modified as a result of application of the Soldiers' and Sailors' Civil Relief Act of
1940, as amended. 

        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 Securities. 

        17.    Good Title.    Immediately prior to the conveyance of the Receivables to the Trust pursuant to this Agreement,
the Seller 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 the Seller, the Trust 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.
The Seller 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 

Sch-B-2

 

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 240 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 (assigned by AmeriCredit to the Seller pursuant to the Purchase Agreement) has been validly assigned by the Seller to the Trust 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 Trust, 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 by the Seller to the Trust, each Receivable will be secured by an
enforceable and perfected first priority security interest in the Financed Vehicle in favor of the Trust Collateral Agent 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. 

        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 Nevada under applicable law in order to perfect the security interest in the Receivables
granted to the Trust 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.    The Seller 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 Trust 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 Trust
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 

Sch-B-3

 

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 the related Cutoff Date. 

        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
Schedule ofReceivables is true and accurate in all material respects. 

        27.    Certain Characteristics of Receivables.    

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

        (B)  Each
Receivable had an original maturity, as of the 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 61 to 72 months. The original term to
maturity of 61 to 72 month Receivables in the Trust is 38% as of the Cutoff Date. 

        (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 3% and not more than 33%. 

        (F)  The
Receivables' weighted average Annual Percentage Rate is not less than 16.25%. The weighted average Annual Percentage Rate of the Receivables in the Trust is 16.30%
as of the Cutoff Date. 

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

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

        (I)   Not
more than 35% of the Obligors reside in Texas and California (based on the Obligor's mailing address). As of the Cutoff Date, 27% of the Obligors (based in the
Obligor's mailing address) reside in Texas and California. 

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

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

Sch-B-4

 

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

        (M) 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, withiout limitation, its right to review the Contract. 

        (N)  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 securiing 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.    Other Automobile Loans.    Neither the Obligor on any Receivable nor any of its Affiliates is the obligor on
any automobile loan with an aggregate principal amount greater than $80,000 as of the Cutoff Date. 

        33.    Risk of Loss.    Each Contract contains provisions requiring the Obligor to assume all risk of loss or
malfuncition on the related Financed Vehicle, requiring the Obligor to pay all sales, use, property, excise and other similar taxes imposed on or with repsect 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. 

        34.    Vehicle Exchange.    No Contract provides for the substitution, exchange or addition of any Financed Vehicle
subject to such Recievable. 

        35.    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. 

        36.    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. 

        37.   The
Servicer 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. 

        38.   The
Servicer has in its possession all original copies of the contracts that constitute or evidence the Receivables. 

Sch-B-5

  

 
 

SCHEDULE C    
    

SERVICING POLICIES AND PROCEDURES

Note: Applicable Time Periods Will Vary by State  

        Compliance with state collection laws is required of all AmeriCredit Collection Personnel. Additionally, AmeriCredit has chosen to follow
the guidelines of the Federal Fair Debt Collection Practices Act (FDCPA).

The Collection Process  

        AmeriCredit mails each customer a monthly billing statement 16 to 20 days before payment is due. 

	A.
	All
accounts are issued to the Computer Assisted Collection System (CACS) at 5 days delinquent or at such other dates of delinquency as determined by historical payment patterns
of the account.

	B.
	The
CACS segregates accounts into two groups: loans less than 30 days delinquent and those over 30 days delinquent.

	C.
	Loans
delinquent for less than 30 days are then further segregated into two groups: accounts that have good phone numbers and those that do not.

	D.
	Loans
with good phone numbers are transferred to the Davox system (AmeriCredit's predictive dialing system). The system automatically dials the phone number related to a delinquent
account. When a connection is made, the account is then routed to the next available account representative.

	E.
	Loans
without good phone numbers are assigned to front-end collectors.

	F.
	All
reasonable collection efforts are made in an attempt to prevent these accounts from becoming 30+ days delinquent—this includes the use of collection letters. Collection
letters may be utilized between 15th and 25th days of delinquency.

	G.
	When
an account reaches 31 days delinquent, a collector determines if any default notification is required in the state where the debtor lives.

	H.
	When
an account exceeds 61 days delinquent, the loan is assigned to a hard-core collector who will continue the collection effort. If the account cannot be resolved
through normal collection efforts (i.e., satisfactory payment arrangements) then the account may be submitted for repossession approval. An officer must approve all repossession requests.

	I.
	CACS
allows each collector to accurately document and update each customer file when contact (verbal or written) is made. 

Repossessions  

        If repossession of the collateral occurs, the following steps are taken: 

	A.
	Proper
authorities are notified (if applicable).

	B.
	An
inventory of all personal property is taken and a condition report is prepared on the vehicle.

	C.
	Written
notification, as required by state law, is sent to the customer(s) stating their rights of redemption or reinstatement along with information on how to obtain any personal
property that was in the vehicle at the time of repossession.

	D.
	Written
request to the originating dealer for all refunds due for dealer adds is made. 

Sch-C-1

 
	E.
	Collateral
disposition through public or private sale, (dictated by state law), in a commercially reasonable manner, through a third-party auto auction.

	F.
	After
the collateral is liquidated, the debtor(s) is notified in writing of the deficiency balance owed, if any. 

Use of Due Date Changes  

        Due dates may be changed subject to the following conditions: 

	A.
	The
account is contractually current or will be brought current with the due date change.

	B.
	Due
date changes cannot exceed the total of 15 days over the life of the contract.

	C.
	The
first installment payment has been paid in full.

	D.
	Only
one due date change in a twelve month period. 

        An
Officer must approve any exceptions to the above stated policy. 

Use of Payment Deferments  

        A payment deferral is offered to customers who have the desire and capacity to make future payments but who have encountered temporary financial difficulties,
with management approval. 

	A.
	Without
prior approval, minimum of six payments have been made on the account and a minimum of six payments have been made since the most recent deferment (if any).

	B.
	The
account will be brought current with the deferment, but not paid ahead, without management approval.

	C.
	A
deferment fee is collected on all transactions.

	D.
	No
more than eight total payments may be deferred over the life of the loan, without management approval. 

        An
Officer must approve any exceptions to the above stated policy. 

Charge-Offs  

        It is AmeriCredit's policy that any account that is not successfully recovered by 120 days delinquent is submitted to an Officer for approval and
charge-off. 

        It
is AmeriCredit's policy to carry all Chapter 13 bankruptcy accounts until 120 days delinquent. A partial charge-off is taken for the unsecured portion of the
account. On fully reaffirmed Chapter 7 bankruptcy accounts, the accounts can be deferred current at the time of discharge. 

Deficiency Collections  

        Accounts are assigned to third party collection agencies for deficiency collections. 

Sch-C-2

 
 

EXHIBIT A    
    

 
 

SERVICER'S CERTIFICATE    
    
    [On File with AmeriCredit and Dewey Ballatine LLP]

 
 

EXHIBIT B    
    

 
 

PRELIMINARY SERVICER'S CERTIFICATE    
    
    [On File with AmeriCredit and Dewey Ballatine LLP]    

  

 
 

ANNEX A    
    

        If, pursuant to the terms and conditions of the Sale and Servicing Agreement, the Backup Servicer shall become the Servicer, the following Sections shall be
amended as follows unless otherwise agreed to in writing by the Backup Servicer and the Insurer: 

        Section 1.1:    The definition of "Net Liquidation Proceeds" is replaced with the following definition: 

        "Net
Liquidation Proceeds: means, with respect to all Receivables, the excess, if any, of (a) Liquidation Proceeds for all such Receivables over (b) the sum of
(i) reasonable out-of-pocket expenses reimbursable to the Servicer pursuant to Section 4.3 or 4.4 and (ii) amounts that are required to be refunded to
Obligors on such Receivables." 

        Section 4.2.    The last paragraph of subsection (c) is deleted. 

        Section 4.3(a).    The following provision shall follow the third sentence of Section 4.3(a): 

        "Notwithstanding
anything to the contrary contained herein, following the repossession and sale of the related Financed Vehicle by the Servicer, the Servicer shall not be obligated to
pursue any deficiency collections against the related Obligor except pursuant to a separate agreement between the Issuer and the Servicer with the consent of the Controlling Party." 

        Section 4.3(a).    The last four sentences of Section 4.3(a) shall be replaced in their entirety by the following
sentences: 

        "All
amounts received upon liquidation of a Financed Vehicle shall be remitted directly by the Servicer to the Lockbox Account no later than the Business Day after receipt thereof. The
Servicer shall be entitled to recover all reasonable expenses incurred by it in the course of repossessing and liquidating a
Financed Vehicle into cash proceeds from the Liquidation Proceeds of such liquidation, and any remaining expenses shall be payable from Liquidation Proceeds received with respect to any Receivable in
the related, or any future, Collection Period or as otherwise agreed to in writing by the Insurer and the Servicer. The Servicer shall pay on behalf of the Issuer any personal property taxes assessed
on repossessed Financed Vehicles. The Servicer shall be entitled to reimbursement of any such tax from the Liquidation Proceeds received with respect to any Receivable in the related, or any future,
Collection Period or as otherwise agreed to in writing by the Insurer and the Servicer, and any reimbursable amounts still owing shall be payable from Available Funds in accordance with
Section 5.7(a)." 

        Section 4.3(b).    Section 4.3(b) shall be replaced in its entirety by the following provision: 

        "The
Servicer shall use all reasonable efforts to enforce or collect upon a Dealer Agreement, Auto Loan Purchase and Sale Agreement, Dealer Assignment or Third-Party Lender Assignment.
If the Servicer is unable to enforce or collect upon any such agreement without commencing a legal proceeding, the Servicer shall advise the Controlling Party whether, in its reasonable judgment,
commencing a legal proceeding to enforce or collect upon such agreements is advisable, and shall only commence a legal proceeding to enforce such agreements or commence or participate in any other
legal proceeding relating to or involving such agreements if directed to do so by the Controlling Party. If the Servicer is directed to commence a legal proceeding to enforce a Dealer Agreement, Auto
Loan Purchase and Sale Agreement, Dealer Assignment or Third-Party Lender Assignment, the act of commencement shall be deemed to be an automatic assignment from the Issuer to the Servicer of the
rights under such Dealer Agreement, Auto Loan Purchase and Sale Agreement, Dealer Assignment or Third-Party Lender Assignment for purposes of collection only. If, however, in any enforcement suit or
legal proceeding it is held that the Servicer may not enforce a Dealer Agreement, Auto Loan Purchase and Sale Agreement, Dealer Assignment or Third-Party Lender Assignment on the grounds that it is 

Annex A-1

 

not
a real party in interest or a Person entitled to enforce the Dealer Agreement, Auto Loan Purchase and Sale Agreement, Dealer Assignment or Third-Party Lender Assignment, the Owner Trustee and/or
the Indenture Trustee, at the Servicer's expense, or the Seller, at the Seller's expense, shall take such steps as the Servicer deems reasonably necessary to enforce the Dealer Agreement, Auto Loan
Purchase and Sale Agreement, Dealer Assignment or Third-Party Lender Assignment, including bringing suit in its name or the name of the Seller or of the Issuer and the Owner Trustee and/or the Trust
Collateral Agent for the benefit of the Noteholders. The Servicer shall be reimbursed from Liquidation Proceeds or as otherwise agreed to in writing by the Insurer and the Servicer, for all reasonable
expenses incurred pursuant to any legal action undertaken pursuant to this Section at the direction of the Controlling Party." 

        Section 4.4(a).    The first sentence of Section 4.4(a) shall be replaced in its entirety by the following
sentence: 

        "The
Servicer shall require, in accordance with its customary servicing procedures, that each Financed Vehicle be insured by the related Obligor under the Insurance Policies referred to
in Paragraph 24 of the Schedule of Representations and Warranties and shall monitor the status of such physical loss and damage insurance coverage thereafter to the extent that it receives
notice of determination or non-renewal thereof; provided, however, that in no event will the Servicer be required to retain a third-party
service to monitor such physical loss and damage insurance coverage." 

        Section 4.4(d).    Section 4.4(d) shall be replaced in its entirety by the following provision: 

        "The
Servicer shall use all reasonable efforts to enforce or collect upon the Insurance Policies. If the Servicer is unable to enforce or collect upon the Insurance Policies without
commencing a legal proceeding, the Servicer shall advise the Controlling Party whether, in its reasonable judgment, commencing a legal proceeding to enforce or collect upon the Insurance Policies is
advisable, and shall only commence a legal proceeding in its own name (or, if possible, as an agent of the Issuer) to enforce the Insurance Policies or commence or participate in any other legal
proceeding relating to or involving the Insurance Policies if directed to do so by the Controlling Party. If the Servicer is directed to commence a legal proceeding to enforce an Insurance Policy, the
act of commencement shall be deemed to be an automatic assignment of the rights of the Issuer under such Insurance Policy to the Servicer for purposes of collection only. If, however, in any
enforcement suit or legal proceeding it is held that the Servicer may not enforce an Insurance Policy on the grounds that it is not a real party in interest or a holder entitled to enforce the
Insurance Policy, the Owner Trustee and/or the Indenture Trustee, at the Servicer's expense, or the Seller, at the Seller's expense, shall take such steps as the Servicer deems necessary to enforce
such Insurance Policy, including bringing suit in its name or the name of the Issuer and the Owner Trustee and/or the Trust Collateral Agent for the benefit of the Noteholders. The Servicer shall be
reimbursed from Liquidation Proceeds or as otherwise agreed to in writing by the Insurer and the Servicer, for all reasonable expenses incurred pursuant to any legal action undertaken at the direction
of the Controlling Party." 

        Section 4.5(a).    The following sentence shall be added to the end of Section 4.5(a): 

        "The
Servicer shall be entitled to recover all reasonable expenses incurred pursuant to this Section 4.5(a) from Available Funds in accordance with Section 5.7(a) and
Section II.B. of Schedule 1 to this Annex A or as otherwise agreed to in writing by the Insurer and the Servicer." 

        Section 4.5(b).    The following sentence shall be added to the end of Section 4.5(b): 

        "The
Servicer shall be entitled to recover all reasonable expenses incurred pursuant to this Section 4.5(b) from Available Funds in accordance with Section 5.7(a) and
Section II.B. of Schedule 1 to this Annex A or as otherwise agreed to in writing by the Insurer and the Servicer." 

Annex A-2

 

        Section 4.11.    Section 4.11 shall be replaced in its entirety by the following sentence: 

 "Annual Report of Accountants.  

        The Servicer shall cause a firm of independent certified public accountants, which may also render other services to the Servicer or its affiliates, to deliver to
the Insurer, the Trustee, the Owner Trustee and the Trust Collateral Agent, within 120 days after the end of each fiscal year, commencing with the fiscal year ending December 31, 2003,
(i) an opinion by a firm of nationally recognized independent certified public accountants (the "Independent Accountants") on the financial
position of the Servicer at the end of the relevant fiscal year and the results of operations and changes in financial position of the Servicer for such year then ended on the basis of an examination
conducted in accordance with generally accepted auditing standards, and (ii) a report from such independent certified public accountants to the effect that based on an examination of certain
specified documents and records relating to the servicing of the Servicer's loan portfolio conducted substantially in compliance with SAS 70 (the "Applicable Accounting Standards"), such firm is of
the opinion that such servicing has been conducted in compliance with the Applicable Accounting Standards except for (a) such exceptions as such firm shall believe to be immaterial and
(b) such other exceptions as shall be set forth in such statement." 

        Section 4.15.    Section 4.15 shall be replaced in its entirety by the following provision: 

        "Fidelity
Bond and Errors and Omissions Policy. The Servicer has obtained, and shall continue to maintain in full force and effect, a Fidelity Bond and Errors and Omissions Policy of a
type and in such amount as is customary for servicers engaged in the business of servicing automobile receivables; provided, however, that, with the consent of the Controlling Party (not to be
unreasonably withheld), the Servicer shall be deemed to have fulfilled its obligation pursuant to this Section 4.15 if it has obtained and continues to maintain in full force and effect, a
self-insured Fidelity Bond and Errors and Omissions Policy through JP Morgan Chase Bank or any of its affiliates." 

        Section 5.13.    Excess Servicing Fee Account.    In the event
the Backup Servicer becomes the Servicer, the Trust Collateral Agent shall establish and maintain in its own name an Eligible Deposit Account (the "Excess Servicing Fee
Account"), which account shall be initially established with the Trust Collateral
Agent for the benefit of the Noteholders and the Insurer, shall be a "Trust Account" for all purposes of this Agreement and shall be invested as other Trust Accounts in accordance with
Section 5.1; provided, however, all investment earnings of moneys deposited in the Excess Servicing Fee Account shall be retained until amounts are distributed from such account in accordance
with this Section. 

        (b)   If
the monthly fee payable to the Servicer pursuant to Section I.B.2.b. of Schedule 1 of Annex A on any Distribution Date (the
"Monthly Fee") is less than the product of 2.25% per annum and the Principal Balance of the Active Contracts (as defined in Schedule 1 of Annex
A) with remaining terms of less than 36 months as of the date of transfer of servicing from the Servicer to the Backup Servicer (such product, the "Target
Servicing Fee"), the excess, if any, of the Target Servicing Fee over the Monthly Fee shall be deposited into the Excess Servicing Fee Account on such Distribution Date and the
Monthly Fee shall be paid to the Servicer pursuant to Section 5.7(a)(ii). In the event the Monthly Fee on any Distribution Date exceeds the Target Servicing Fee for such Distribution Date,
(i) the Trust Collateral Agent shall withdraw the amount of such excess from the Excess Servicing Fee Account to the extent of amounts on deposit therein and distribute such amount to the
Servicer and (ii) the amount of the Monthly Fee for such Distribution Date less the amount distributed to the Servicer pursuant to subdivision (i) shall be paid to the Servicer pursuant
to Section 5.7(a)(ii). Any amounts remaining in the Excess Servicing Fee Account upon the final Distribution Date shall be deposited in the Spread Account. 

Annex A-3

 

        Section 9.1.    Section 9.1 shall be replaced in its entirety with the following provision: 

        "Servicer
Termination Event. For purposes of this Agreement, each of the following shall constitute a "Servicer Termination Event": 

        (a)   Any
failure by the Servicer to deliver to the Trust Collateral Agent for distribution to Noteholders any proceeds or payment required to be so delivered under the terms
of this Agreement that continues unremedied for a period of two Business Days (one Business Day with respect to payment of Purchase Amounts) after written notice is received by the Servicer from the
Trust Collateral Agent or (unless an Insurer Default shall have occurred and be continuing) the Insurer or after discovery of such failure by a Responsible Officer of the Servicer; or 

        (b)   Failure
by the Servicer to deliver to the Trust Collateral Agent and (so long as an Insurer Default shall not have occurred and be continuing) the Insurer the Servicer's
Certificate by the first Business Day prior to the Distribution Date, or failure on the part of the Servicer to observe its covenants and agreements set forth in Section 8.4(a); or 

        (c)   Failure
on the part of the Servicer duly to observe or perform any other covenants or agreements of the Servicer set forth in this Agreement, which failure
(i) materially and adversely affects the rights of Noteholders (determined without regard to the availability of funds under the Note Policy), or of the Insurer (unless an Insurer Default shall
have occurred and be continuing), and (ii) continues unremedied for a period of 30 days after knowledge thereof by the Servicer or after the date on which written notice of such failure,
requiring the same to be remedied, shall have been given to the Servicer by the Trust Collateral Agent or the Insurer (or, if an Insurer Default shall have occurred and be continuing by any
Noteholder); or 

        (d)   The
entry of a decree or order for relief by a court or regulatory authority having jurisdiction in respect of the Servicer in an involuntary case under the federal
bankruptcy laws, as now or hereafter in effect, or another present or future, federal bankruptcy, insolvency or similar law, or appointing a receiver, liquidator, assignee, trustee, custodian,
sequestrator or other similar official of the Servicer or of any substantial part of its property or ordering the winding up or liquidation of the affairs of the Servicer and the continuance of any
such decree or order unstayed and in effect for a period of 60 consecutive days or the commencement of an involuntary case under the federal bankruptcy laws, as now or hereinafter in effect, or
another present or future federal or state bankruptcy, insolvency or similar law and such case is not dismissed within 60 days; or 

        (e)   The
commencement by the Servicer of a voluntary case under the federal bankruptcy laws, as now or hereafter in effect, or any other present or future, federal or state,
bankruptcy, insolvency or similar law, or the consent by the Servicer to the appointment of or taking possession by a receiver, liquidator, assignee, trustee, custodian, sequestrator or other similar
official of the Servicer or of any substantial part of its property or the making by the Servicer of an assignment for the benefit of creditors or the failure by the Servicer generally to pay its
debts as such debts become due or the taking of corporate action by the Servicer in furtherance of any of the foregoing; or 

        (f)    Any
representation, warranty or statement of the Servicer made in this Agreement (including in its prior capacity as Backup Servicer) or any certificate, report or other
writing delivered pursuant hereto shall prove to be incorrect in any material respect as of the time when the same shall have been made, and the incorrectness of such representation, warranty or
statement has a material adverse effect on the Trust or the Noteholders and, within 30 days after knowledge thereof by the Servicer or after written notice thereof shall have been given to the
Servicer by the Trust Collateral Agent or the Insurer (or, if an Insurer Default shall have occurred and be continuing, a Noteholder), the circumstances or condition in respect of which such
representation, warranty or statement was incorrect shall not have been eliminated or otherwise cured; or 

Annex A-4

 

        (g)   The
Servicer shall enter into any merger, conversion or consolidation unless the Insurer has provided its prior written consent; or 

        (h)   JPMorgan
Chase Bank shall cease to own (directly or indirectly) 100% of the Servicer unless the Insurer has provided its written consent (which consent shall not be
unreasonably withheld); 

        (i)    The
average of the Monthly Extension Rates calculated with respect to three consecutive calendar months exceeds 4%; or 

        (j)    The
Servicer shall fail to maintain and service any Receivable in accordance with the performance standards set forth in Annex B; or 

        Section 12.2(h).    The following sentence shall be added to the end of Section 12.2(h): 

        "The
Servicer shall be reimbursed for all reasonable expenses incurred pursuant to this Section 12.2(h) from Available Funds in accordance with Section 5.7(a) and
Section II.B. of Schedule 1 to this Annex A or as otherwise agreed to in writing by the Insurer and the Servicer." 

        Schedule C
to the Sale and Servicing Agreement shall be replaced in its entirety by the Servicer with a schedule of servicing policies and procedures that is acceptable to the
Controlling Party. 

        Attached
hereto as Schedule 1 is the Backup Servicer Fee Schedule. 

        Except
as expressly set forth in this Annex A, all other terms, provisions and conditions of the Sale and Servicing Agreement shall remain in full force and effect. 

Annex A-5

 
 
 

Schedule 1 to Annex A    
    

 
 

SYSTEMS & SERVICES TECHNOLOGIES, INC.
  A SUBSIDIARY OF JPMORGAN CHASE    

SERVICING FEE SCHEDULE:

AMERICREDIT 2003-B-X SECURITIZATION

MAY 22, 2003 

	I.	 	FEES	 	 
	

A.	
 	

Backup Servicing	
 	

 
	

 	
 	

1.	
 	

One-Time Setup Fee payable by AmeriCredit on the Closing Date	
 	

$7,500
	

 	
 	

2.	
 	

Monthly Fee(1)	
 	

the greater of 2lsp or $7,500 per month
	

B.	
 	

Successor Servicing(2)	
 	

 
	

 	
 	

1.	
 	

One Time Boarding Fee	
 	

$5.00 per loan
	

 	
 	

2.	
 	

Monthly Fee(1)(3)	
 	

 
	

 	
 	

 	
 	

a.	
 	

Remaining term of 36 months or more at the date of transfer of servicing to SST:	
 	

the greater of 225 bsp or $13.00 per loan per month
	

 	
 	

 	
 	

b.	
 	

Remaining term of less than 36 months at the date of transfer of servicing to SST:	
 	

$18.00 per loan per month(4)
	

 	
 	

 	
 	

Notwithstanding the above calculations, on any date that the first loss reinsurance policy with respect to the Note Policy and the Swap Provider Policy is still outstanding, the Base Servicing Fee due to the successor Servicer pursuant to
Section 5.7(a)(ii) of the Sale and Servicing Agreement shall not exceed an amount equal to one-twelfth of the Servicing Fee Rate multiplied by the Pool Balance as of the opening of business on the first day of such Collection Period and any
unpaid amounts owing to the successor Servicer as a result of this provision shall accrue on an ongoing basis and be payable pursuant to Section 5.7(a)(x); provided, however, that on any date that
the first loss reinsurance policy is not outstanding, any accrued and unpaid amounts owing to the successor Servicer shall be payable pursuant to Section 5.7(a)(ii).
	

 	
 	

3.	
 	

Minimum Monthly Fee	
 	

$3,000
	

II.	
 	

EXPENSES(2)	
 	

 
	

A.	
 	

Transition Expenses	
 	

 
	

SST shall be reimbursed for all costs and expenses incurred in connection with the transfer of contracts to SST for successor servicing. Such costs and expenses include, but are not limited to, those related to travel, obligor mailings, freight and
file shipping. All transition expenses plus the aggregate boarding fees shall not exceed $300,000.

Annex A-6

 

	B.	 	Successor Servicing Expenses	 	 
	In accordance with Section 4.3 of the Sale and Servicing Agreement, SST shall be reimbursed for all reasonable out-of-pocket expenses relating to liquidation or enforcement of the Receivables including,
but not limited to, those associated with asset recovery, liquidation, sales, travel, lodging, insurance tracking, field calls, statement and mailing costs and legal proceedings related to replevin actions or obligor bankruptcies solely from
Liquidation Proceeds. In addition, SST shall be reimbursed to the extent not paid by AmeriCredit for title processing and bank charges pursuant to Section 5.7(a). Additionally, SST shall receive pursuant to Section 5.7(a) an administrative
fee amounting to 3% of the funds advanced by SST to cover any such expenses during any monthly collection period. In order to avoid this administrative fee, AmeriCredit (or another party, as appropriate) may at any time during the term establish and
fund an advance account to be utilized by SST to cover all such expenses and costs provided in this section for any monthly collection period. Any such advance account must be fully funded on a monthly basis in an amount sufficient to cover the
out-of-pocket expenses projected by SST for each subsequent monthly collection period. All expenses and administrative fees payable to SST as replacement or successor servicer pursuant to Section 5.7(a) shall not exceed $100,000 in aggregate in
any calendar year (the "Capped Servicer Expenses"). The Monthly Servicer Fees described in Section I.B.2. of this Schedule 1 and the Capped Servicer Expenses constitute the Base Servicing
Fee.
	III.	 	MISCELLANEOUS(2)	 	 
	A.	 	Claim Filing Costs	 	 
	In the event SST files insurance claims in connection with any contract serviced by SST, SST shall receive $25.00 per filing.
	B.	 	Administrative Fees/Servicing Charges	 	 
	SST shall receive the Supplemental Servicing Fee.
	C.	 	Deficiency Collections	 	 
	Under separate agreement, SST may provide deficiency collections services on a contingency fee basis.

	(1)
	Basis
points are annualized (i.e., applicable basis points/12) and shall be based on beginning of month outstanding Principal Balance for the immediately proceeding Collection Period
of each individual Active Contract, as defined below.

	(2)
	These
items shall only apply to SST's performance of successor servicing duties.

	(3)
	SST
shall receive this fee for all "Active Contracts" for any full or partial month where it functions as the Servicer. Active Contract is defined as any contract other than:
(i) prepaid, fully satisfied contracts; (ii) contracts in which the asset has been liquidated and SST has posted the liquidation proceeds or any other anticipated proceeds (e.g., credit
enhancement insurance); or (iii) contracts in which SST has completed all work in connection with processing and receiving insurance payoffs. Active Contracts shall not include any Purchased
Receivable or Liquidated Receivable.

	(4)
	To
the extent that the successor servicing fee payable to SST pursuant to Section I.B.2.b of this Schedule 1 is less than 2.25% per annum times the principal balance of
Active Contracts with remaining terms less than 36 months as of the date of transfer of servicing to SST, certain amounts shall be deposited into the Excess Servicing Fee Account pursuant to
Section 5.13. 

Annex A-7

  

 
 

ANNEX B    
    
    Performance Standards    

        1.     SST
will provide the Insurer with its internal standards (the "Internal Standards") for the processes listed below as they
exist as of the date SST assumes the duties of the Servicer under the Sale and Servicing Agreement. 

        2.     SST
will promptly provide the Insurer with updates as the Performance Standards are revised; provided, however, that the
Performance Standards may not be altered without the mutual agreement of the Insurer and SST. 

        3.     The
Insurer, or a designee, will audit the processes listed below on an annual basis and will provide SST thirty days advance notice of such audit. 

        4.     All
processes will be considered to be in compliance if loan sampling reveals 90% or greater adherence based upon loan sampling described in criteria to be agreed to by
SST and the Insurer at the time that the Backup Servicer shall become the Servicer under the Sale and Servicing Agreement. The same loan may be used for the purposes of reviewing multiple processes. 

        5.     If
any of the below standards are found to be below 90% adherence to the standard, the Insurer will allow SST thirty days to respond in writing as to what actions will be
taken to correct these findings or why the findings may not be reflective of SST's true practices. 

        6.     At
the time of any response referenced above, the Insurer may, in its sole discretion, forgive this lack of adherence or may decide to conduct a follow-up
review as early as 60 days from the response to ensure adherence to the standard exists. Any follow-up review will focus on loans processed since the Insurer received a response to
findings. 

        7.     If
upon the follow-up review, the standard(s) are deemed to have been in adherence, the Insurer will consider SST to be in compliance and will return on or
about a year after the initial review for the next annual audit. 

        8.     If
upon the follow-up review, the standard(s) are deemed to not be in adherence, the Insurer will reserve the right to require and cause a transfer of
servicing. 

        9.     SST
will service the Receivables in accordance with the servicing standard set forth in Article IV of the Sale and Servicing Agreement. 

Annex B-1

QuickLinks

Exhibit 4.3 Execution Copy

TABLE OF CONTENTS

SCHEDULE A

SCHEDULE OF RECEIVABLES

SCHEDULE B

REPRESENTATIONS AND WARRANTIES OF THE SELLER AND THE SERVICER

SCHEDULE C

EXHIBIT A

SERVICER'S CERTIFICATE [On File with AmeriCredit and Dewey Ballatine LLP]

EXHIBIT B

PRELIMINARY SERVICER'S CERTIFICATE [On File with AmeriCredit and Dewey Ballatine LLP]

ANNEX A

Schedule 1 to Annex A

SYSTEMS & SERVICES TECHNOLOGIES, INC. A SUBSIDIARY OF JPMORGAN CHASE

ANNEX B Performance StandardsQuickLinks
 -- Click here to rapidly navigate through this document

  
 

    Exhibit 4.4    
    

[Logo]  

	 	 	1221 Avenue of the Americas

New York, New York 10020

Telephone: (212) 478-3400

 FINANCIAL GUARANTY

INSURANCE POLICY  

	Obligor: Americredit Automobile Receivables Trust 2003-B-X	 	Policy No: CA00550A
	 	 	 
	Insured Obligation: The $825,000,000 AmeriCredit Automobile	 	Effective Date: May 22, 2003
	Receivables Trust 2003- B-X Automobile Receivables Backed Notes, $147,000,000 Class A-1 Notes, $201,000,000 Class A-2-A Notes, $115,000,000 Class A-2-B Notes, $119,000,000 Class A-3 Notes, $143,000,000 Class
A-4-A Notes and $100,000,000 Class A-4-B Notes, issued by Americredit Automobile Receivables Trust 2003-B-X pursuant to the Indenture.	 	 

        XL Capital Assurance Inc. ("XLCA"), a New York stock insurance company, in consideration of
the payment of the premium, hereby unconditionally and irrevocably guarantees to the Trustee for the benefit of the Owners of the Insured Obligations, full and complete payment by the Obligor of
Scheduled Payments in respect of the Insured Obligation, subject only to the terms of this Policy (which includes the Endorsement(s) attached hereto). 

        XLCA
will pay the Insured Amount to the Trustee upon the presentation of a Payment Notice to XLCA on the later of (a) one (1) Business Day following receipt by XLCA of a
Payment Notice or (b) the Business Day on which Scheduled Payments are due for payment. XLCA shall be subrogated to the Owners' rights to payment on the Insured Obligations to the extent of any
payment by XLCA hereunder. The obligations of XLCA with respect to a Scheduled Payment will be discharged to the extent funds to pay such Scheduled Payment are deposited in the account specified in
the Payment Notice, whether such funds are properly applied by the Trustee or claimed by an Owner. 

        In
addition, in the event that any Scheduled Payment which has become due for payment and which is made to an Owner by or on behalf of the Trustee is recovered or is recoverable from the
Owner pursuant to a final order of a court of competent jurisdiction in an Insolvency Proceeding that such payment constitutes an avoidable preference to such Owner within the meaning of any
applicable bankruptcy law, XLCA unconditionally and irrevocably guarantee payment of the amount of such recovery (in accordance with Endorsement No. 1 hereto). 

        This
Policy sets forth in full the undertaking of XLCA and shall not be cancelled or revoked by XLCA for any reason, including failure to receive payment of any premium due hereunder or
under the Insurance Agreement, and may not be further endorsed or modified without the written consent of XLCA. The premium on this Policy is not refundable for any reason. 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 Obligation, other than at the sole option of XLCA, nor against any risk other
than Nonpayment and Avoided Payment, including any shortfalls, if any, attributable to the liability of the Obligor for taxes or withholding taxes if any, including interest and penalties in respect
of such liability. 

        THIS
POLICY IS NOT COVERED BY THE PROPERTY/CASUALTY INSURANCE SECURITY FUND SPECIFIED IN ARTICLE 76 OF THE NEW YORK INSURANCE LAW. 

        Any
capitalized terms not defined herein shall have the meaning given such terms in the Endorsement attached hereto and forming a part hereof, or in the Insurance Agreement referenced
therein. In witness whereof, XLCA has caused this Policy to be executed as of the Effective Date. 

	XL CAPITAL ASSURANCE INC.	 	 
	/s/ Peggy Wallace	 	/s/ Susan Comparato
	
	 	

	Name: Peggy Wallace	 	Name: Susan Comparato
	Title: Managing Director	 	Title: Associate General Counsel

  

 
 

Financial Guaranty Insurance Policy Endorsement No. 1 Effective
  Date May 22, 2003, Attached to and forming
  part of Financial Guaranty Insurance
  Policy No. CA00550A    
    

	

Obligor:	
 	

Americredit Automobile Receivables Trust 2003-B-X
	

Insured Obligation:	
 	

The $825,000,000 AmeriCredit Automobile Receivables Trust 2003-B-X Automobile Receivables Backed Notes, $147,000,000 Class A-1 Notes, $201,000,000 Class A-2-A Notes, $115,000,000 Class A-2-B Notes, $119,000,000 Class A-3 Notes,
$143,000,000 Class A-4-A Notes and $100,000,000 Class A-4-B Notes, issued by Americredit Automobile Receivables Trust 2003-B-X pursuant to the Indenture.
	

Beneficiary:	
 	

JPMorgan Chase Bank, as trustee (the "Trustee") under the Indenture dated as of May 14, 2003 (the "Indenture") between the Obligor and the
Trustee.

        Capitalized
terms used herein and not otherwise defined herein or in the Policy shall have the meanings assigned to them in the Insurance Agreement and the Sale and Servicing Agreement
or the Indenture, as applicable. 

        As
used herein the term "Business Day" means any day other than Saturday or Sunday on which commercial banking institutions in New York, New York and the State in which the executive
offices of the Servicer are located are generally open for banking business. 

        As
used herein the term "Insolvency Proceeding" means the commencement, after the date hereof, of any bankruptcy, insolvency, readjustment
of debt, reorganization, marshalling of assets and liabilities or similar proceedings by or against any Person, the commencement, after the date hereof, of any proceedings by or against any Person for
the winding up or liquidation of its affairs, or the consent, after the date hereof, to the appointment of a trustee, conservator, receiver or liquidator in any bankruptcy, insolvency, readjustment of
debt, reorganization, marshalling of assets and liabilities or similar proceedings of or relating to any Person. 

        As
used herein the term "Insurance Agreement" means the Insurance Agreement, dated as of May 14, 2003, by and among XLCA, the
Obligor, AmeriCredit, the Servicer, the Custodian, the Seller, the Backup Servicer, the Trustee, the Trust Collateral Agent and the Collateral Agent. 

        As
used herein the term "Insured Amount" means, that portion of the Scheduled Payments that shall become due for payment but shall be
unpaid by reason of Nonpayment. 

        As
used herein the term "Nonpayment" means, with respect to any Distribution Date, the failure of the Trustee to receive, in full, in
accordance with the terms of the Indenture that Scheduled Payment that is due for payment with respect to such date. 

        As
used herein the term "Owner" means the registered owner of any Insured Obligation as indicated in the registration books maintained by
or on behalf of the Obligor for such purpose or, if the Insured Obligation is in bearer form, the holder of the Insured Obligation. 

1

 

        As
used herein, the term "Person" means an individual, a partnership, a limited liability company, a joint venture, a corporation, a
trust, an unincorporated organization, and a government or any department or agency thereof. 

        As
used herein the term "Scheduled Payment" means for any Distribution Date, the excess, if any (without duplication) of (i) the
Noteholders' Interest Distributable Amount plus the Noteholders' Parity Deficit Amount plus, if such Distribution Date is the Final Scheduled Distribution Date for any Class of Notes, the Note Balance
of such Class of Notes over (ii) the amount actually deposited into the Note Distribution Account on or with respect to such Distribution Date for application to the amounts described in the
foregoing clause (i), in accordance with the original terms of the Insured Obligations and the Indenture when issued and without regard to any subsequent amendment or modification of the
Insured Obligations or the Indenture that has not been consented to in writing by XLCA.
Notwithstanding the foregoing, "Scheduled Payments" shall in no event include payments which become due on an accelerated basis as a result of (a) any default by the Obligor, (b) the
occurrence of an Event of Default under the Indenture, (c) mandatory or optional redemption, in whole or in part, or (d) any other cause, unless XLCA elects, in its sole discretion, to
pay such amounts in whole or in part (in which event Scheduled Payments shall include such accelerated payments as, when, and to the extent so elected by XLCA). In the event that it does not make such
election, Scheduled Payments shall include payments due in accordance with the original scheduled terms without regard to any acceleration. In addition, "Scheduled Payment" shall not include, nor
shall coverage be provided under the Policy in respect of, (i) any make whole, redemption or call premium payable in respect of the Insured Obligations, (ii) any amounts due in respect
of the Insured Obligations attributable to any increase in interest rate, penalty or other sum payable by the Obligor by reason of any default or event of default in respect of the Insured
Obligations, or by reason of any deterioration of the creditworthiness of the Obligor or (iii) any taxes, withholding or other charge imposed by any governmental authority due in connection
with the payment of any Scheduled Payment to any holder of an Insured Obligation. 

        As
used herein the term "Term of this Policy" means the period from and including the Effective Date to and including the first date on
which (i) all Scheduled Payments have been paid that are required to be paid by the Obligor under the Indenture; and (ii) any period during which any Scheduled Payment could have been
avoided in whole or in part as a preference payment under applicable bankruptcy, insolvency, receivership or similar law has expired; provided, however, that if any proceedings requisite to avoidance
as a preference payment have been commenced prior to the occurrence of (i) and (ii) above, and the Owners are ultimately required to return any Avoided Payment (as defined below) as a
result of such proceeding pursuant to a final and nonappealable order in resolution of any such proceeding (whether or not such order is entered before or after the occurrence of (i) and
(ii) above), then the Term of the Policy shall terminate on the date on which XLCA has made all payments required to be made under the terms of this Policy in respect of all such Avoided
Payments. 

        To
make a claim under the Policy, the Trustee shall deliver to XLCA a Payment Notice in the form of Exhibit A hereto (a "Payment
Notice"), appropriately completed and executed by the Trustee. A Payment Notice under this Policy may be presented to XLCA by (i) delivery of the original Payment Notice
to XLCA at its address set forth below, or (ii) facsimile transmission of the original Payment Notice to XLCA at its facsimile number set forth below. If presentation is made by facsimile
transmission, the Trustee shall (x) simultaneously confirm transmission by telephone to XLCA at its telephone number set forth below, and (y) as soon as reasonably practicable, deliver
the original Payment Notice to XLCA at its address set forth below. Any Payment Notice received by XLCA after 10:00 a.m., New York City time, on a Business Day, or on any day that is not a
Business Day, will be deemed to be received by XLCA at 9:00 a.m., New York City time, on the next succeeding Business Day. XLCA shall make payments due in respect of Insured Amounts no later
than 2:00 p.m. New York 

2

 

City
time to the Trustee upon the presentation of a Payment Notice to XLCA on the later of (a) one (1) Business Day following receipt by XLCA of a Payment Notice or (b) the
Business Day on which Scheduled Payments are due for payment. 

        Subject
to the foregoing, if the payment of any amount with respect to the Scheduled Payment is voided (a "Preference Event") as a result
of an Insolvency Proceeding and as a result of such Preference Event, the Owner is required to return such voided payment, or any portion of such voided payment, made in respect of the Insured
Obligation (an "Avoided Payment"), XLCA will pay an amount equal to such Avoided Payment, as and when such payment would otherwise be due pursuant to
the Indenture without regard to acceleration or prepayment, and upon payment of such Avoided Payment and receipt by XLCA from the Trustee on behalf of such Owner of (x) a certified copy of a
final order of a court exercising jurisdiction in such Insolvency Proceeding to the effect that the Owner or the Trustee on behalf of the Owner is required to return any such payment or portion
thereof because such payment was voided under applicable law, with respect to which order the appeal period has expired without an appeal having been filed (the "Final
Order"), (y) an assignment, substantially in the form attached hereto as Exhibit B, properly completed and executed by such Owner irrevocably assigning to XLCA
all rights and claims of such Owner relating to or arising under such Avoided Payment, and (z) a Payment Notice in the form of Exhibit A hereto appropriately completed and executed by
the Trustee. 

        XLCA
shall make payments due in respect of Avoided Payments no later than 2:00 p.m. New York City time on the Business Day following XLCA's receipt of the documents required under
clauses (x) through (z) of the preceding paragraph. Any such documents received by XLCA after 10:00 a.m. New York City time on any Business Day or on any day that is not a
Business Day shall be deemed to have been received by XLCA at 9:00 a.m., New York City time, on the next succeeding Business Day. All payments made by XLCA hereunder on account of any Avoided
Payment shall be disbursed to the receiver, conservator, debtor-in-possession or trustee in bankruptcy named in the Final Order and not to any Holder directly (unless a Holder
previously paid such amount to the receiver, conservator, debtor-in-possession or trustee in bankruptcy named in the Final Order, in which case such payment shall be disbursed
to the Trustee for distribution to such Holder upon proof of such payment reasonably satisfactory to XLCA). 

        XLCA
hereby waives and agrees not to assert any and all rights to require the Trustee to make demand on or to proceed against any person, party or security prior to the Trustee demanding
payment under this Policy. 

        No
defenses, set-offs and counterclaims of any kind available to XLCA so as to deny payment of any amount due in respect of this Policy will be valid and XLCA hereby waives
and agrees not to assert any and all such defenses (including without limitation, defense of fraud in the inducement or fact or any other circumstances which would have the effect of discharging a
surety in law or in equity), set-offs and counterclaims, including, without limitation, any such rights acquired by subrogation, assignment or otherwise. Upon any payment hereunder, in
furtherance and not in limitation of XLCA's equitable right of subrogation and XLCA's rights under the Insurance Agreement, XLCA will be subrogated to the rights of the Owner in respect of which such
payment was made to receive any and all amounts due in respect of the obligations in respect of which XLCA has made a payment hereunder. Any rights of subrogation acquired by XLCA as a result of any
payment made under this Policy shall, in all respects, be subordinate and junior in right of payment to the prior indefeasible payment in full of any amounts due the Owner on account of payments due
under the Insured Obligation. 

        This
Policy is neither transferable nor assignable, in whole or in part, except to a successor trustee duly appointed and qualified under the Indenture. All Payment Notices and other
notices, 

3

 

presentations,
transmissions, deliveries and communications made by the Trustee to XLCA with respect to this Policy shall specifically refer to the number of this Policy and shall be made to XLCA at: 

XL
Capital Assurance Inc.

1221 Avenue of the Americas

New York, New York 10020

Attention: Surveillance

Telephone: (212) 478-3400

Facsimile: (212) 478-3597 

or
such other address, telephone number or facsimile number as XLCA may designate to the Trustee in writing from time to time. Each such Payment Notice and other notice, presentation, transmission,
delivery and communication shall be effective only upon actual receipt by XLCA. 

        The
obligations of XLCA under this Policy are irrevocable, primary, absolute and unconditional, subject to satisfaction of the conditions for making a claim under the Policy, and neither
the failure of any Person to perform any covenant or obligation in favor of XLCA (or otherwise), nor the failure or omission to make a demand permitted hereunder, nor the failure of any assignment or
grant of any security interest, nor the commencement of any Insolvency Proceeding by or against the Obligor, the Seller, the Servicer, the Trustee or any other person shall in any way affect or limit
XLCA's obligations under this Policy. If a successful action or proceeding to enforce this Policy is brought by the Trustee, the Trustee shall be entitled to recover from XLCA costs and expenses
reasonably incurred, including, without limitation, reasonable fees and expenses of counsel. 

        This
Policy and the obligations of XLCA hereunder shall terminate on the expiration of the Term of this Policy. This Policy shall be returned to XLCA by the Trustee upon the expiration
of the Term of this Policy. 

        The
foregoing notwithstanding, if an Insolvency Proceeding is existing by or against the Obligor, the Seller or the Servicer during the one year and one day period set forth in clauses
(ii) or (iii) of the definition of "Term of this Policy" above, then this Policy and XLCA's obligations hereunder shall terminate on (and the "Termination Date" shall be) the later of
(i) the date of the conclusion or dismissal of such Insolvency Proceeding without continuing jurisdiction by the court in such Insolvency Proceeding, and (ii) the date on which XLCA has
made all payments required to be made under the terms of this Policy in respect of Avoided Payments. 

        The
Property/Casualty Insurance Security Fund specified in Article 76 of the New York Insurance Law does not cover this Policy. The Florida Insurance Guaranty Association created
under Part II of Chapter 631 of the Florida Insurance Code does not cover this Policy. In the event that XLCA were to become insolvent, the California Insurance Guaranty Association,
established pursuant to Article 14.2 of Chapter 1 of Part 2 of Division 1 of the California Insurance Code excludes from coverage any claims arising under this Policy. 

        THIS POLICY SHALL BE CONSTRUED, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED, IN ACCORDANCE WITH THE LAWS OF THE STATE OF
NEW YORK, WITHOUT REGARD TO CONFLICT OF LAWS PRINCIPLES THAT WOULD REQUIRE THE APPLICATION OF THE LAWS OF ANY OTHER JURISDICTION.

        In
the event any term or provision of the form of this Policy is inconsistent with the provision of this Endorsement, the provision of this Endorsement shall take precedence and be
binding. 

        [Remainder
of Page Intentionally Left Blank] 

4

 

        IN WITNESS WHEREOF, XL Capital Assurance Inc. has caused this Endorsement to the Policy to be executed on the Effective Date. 

	/s/ Peggy Wallace	 	/s/ Susan Comparato
	
	 	

	Name: Peggy Wallace	 	Name: Susan Comparato
	Title: Managing Director	 	Title: Associate General Counsel

 

Policy
No. CA00550A 

5

  

 
 

Exhibit A to Financial Guaranty Policy No. CA00550A    
    

XL
Capital Assurance Inc.

1221 Avenue of the Americas

New York, New York 10020

Attention: Surveillance 

 
 

PAYMENT NOTICE
  UNDER FINANCIAL GUARANTY POLICY NO. CA00550A    
    

        [Identify Trustee] as Trustee (the "Trustee"), hereby certifies to XL Capital
Assurance Inc. ("XLCA") with reference to that certain Financial Guaranty Policy, No. CA00550A, dated May 22, 2003 (the
"Policy"), issued by XLCA in favor of the Trustee on behalf of the Owner under the Indenture, as follows: 

        1.     The
Trustee is the trustee under the Indenture and the beneficiary on behalf of each Owner of the Policy. 

        2.     Trustee
is entitled to make a demand under the Policy pursuant to the Sale and Servicing Agreement. 

        3.     This
notice relates to the [insert date] [Distribution Date]. The amount demanded is to be paid in immediately available
funds to the [Specify Account] at [Identify Financial Institution Holding Account] account number [            ] which is the
"Note Distribution Account." 

        [For
a Payment Notice in respect of Insured Amounts other than Avoided Payment, use paragraph 4.] 

        4.     The
Trustee demands payment of $            which is an amount equal to [Describe calculation of the Insured Amount under Policy]. 

        [For
a Payment Notice in respect of an Avoided Payment use the following paragraphs [4] or [5].] 

        [4.]
or [5.]    The Trustee hereby represents and warrants, based upon information available to it, that (i) the amount
entitled to be drawn under the Policy on the date hereof in respect of Avoided Payments is the amount paid or to be paid simultaneously with such draw on the Policy, by the Owner on account of a
Preference Event [$            ] (the "Avoided Payment Amount"), (ii) the Owner with respect to which the drawing is
being made under the Policy has paid or simultaneously with such draw on the Policy will pay such Avoided Payment Amount, and (iii) the documents required by the Policy to be delivered in
connection with such Avoided Payment and Avoided Payment Amount have previously been presented to XLCA or are attached hereto. 

        [6]   The
Trustee agrees that, following payment of funds by XLCA, it shall use reasonable efforts to procure (a) that such amounts are applied
directly to the payment of any Insured Amount which is due for payment; (b) that such funds are not applied for any other purpose; and (c) the maintenance of accurate record of such
payments in respect of the Insured Obligation and the corresponding claim on the Policy and the proceeds thereof. 

        [7]   The
Trustee, on behalf of itself and the Owners, hereby assigns to XLCA all rights and claims (including rights of actions and claims in respect
of securities laws violations or otherwise) of the Trustee and the Owners with respect to the Insured Obligation to the extent of any payments under the Policy. The foregoing assignment is in addition
to, and not in limitation of, rights of subrogation otherwise available to XLCA in respect of such payments. The Trustee shall take such action and deliver such instruments as may be reasonably
required by XLCA to effectuate the purposes of the provisions of this Clause 7. 

A-1

 

        [8]   The
Trustee, on behalf of itself and the Owners, hereby appoints XLCA as agent and attorney-in-fact for the Trustee and
the Owners in any legal proceeding in respect of the Insured Obligation. The Trustee, on behalf of itself and the Owners, thereby (and without limiting the generality of the preceding sentence) agrees
that XLCA may at any time during the continuation of any proceeding by or against any debtor with respect to which a Preference Claim (as defined below) or other claim with respect to the Insured
Obligation is asserted under any Insolvency Proceeding, direct all matters relating to such Insolvency Proceeding, including, without limitation, (a) all matters relating to any claim in
connection with a Insolvency Proceeding seeking the avoidance as a preferential transfer of any payment made with respect to the obligations (a "Preference Claim"), (b) the direction of any
appeal of any order relating to any Preference Claim and (c) the posting of any surety, supersedes or performance bond pending any such appeal. In addition, the Trustee, on behalf of itself and
the Owners, hereby agrees that XLCA shall be subrogated to, and the Trustee, on behalf of itself and the Owners, hereby delegates and assigns, to the fullest extent permitted by law, the rights of the
Trustee and the Owners in the conduct of any Insolvency Proceeding, including, without limitation, all rights of any party to an adversary proceeding or action with respect to any court order issued
in connection with any such Insolvency Proceeding. 

        Capitalized
terms used herein and not otherwise defined herein shall have the meanings assigned to them in the Policy or the Indenture. 

        IN
WITNESS WHEREOF, this notice has been executed this    day of                    ,
        . 

        _______________________________,
as Trustee 

	

 	
 	

By:	

 
	 	 	 	
 Authorized Officer

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

A-2

  

 
 

Exhibit B to Financial Guaranty Insurance Policy, No. CA00550A    
    

 Form of Assignment  

        Reference is made to the Financial Guaranty Insurance Policy No. CA00550A, dated May 22, 2003 (together with the Endorsement attached thereto, the
"Policy") issued by XL Capital Assurance Inc. ("XLCA") relating to the Class
[[]] Notes issued by Americredit Automobile Receivables Trust 2003-B-X pursuant to that certain Indenture dated May 22,
2003. Unless otherwise defined herein, capitalized terms used in this Assignment shall have the meanings assigned thereto in the Policy as incorporated by reference therein. In connection with the
Avoided Payment of [$            ] paid by the undersigned (the "Owner") on
[            ] and
the payment by XLCA in respect of such Avoided Payment pursuant to the Policy, the Owner hereby irrevocably and unconditionally, without recourse, representation or warranty (except as provided
below), sells, assigns, transfers, conveys and delivers all of such Owner's rights, title and interest in and to any rights or claims, whether accrued, contingent or otherwise, which the Owner now has
or may hereafter acquire, against any person relating to, arising out of or in connection with such Avoided Payment. The Owner represents and warrants that such claims and rights are free and clear of
any lien or encumbrance created or incurred by such Owner.1 

	

 	
 	

 	

 
	 	 	 	
 Owner

        1 In
the event that the terms of this form of assignment are reasonably determined to be insufficient solely as a result of a change of law or applicable rules
after the date of the Policy to fully vest all of the Owner's right, title and interest in such rights and claims, the Owner and XLCA shall agree on such other form as is reasonably necessary to
effect such assignment, which assignment shall be without recourse, representation or warranty except as provided above. 

B-1

QuickLinks

Exhibit 4.4

Financial Guaranty Insurance Policy Endorsement No. 1 Effective Date May 22, 2003, Attached to and forming part of Financial Guaranty Insurance Policy No. CA00550A

Exhibit A to Financial Guaranty Policy No. CA00550A

PAYMENT NOTICE UNDER FINANCIAL GUARANTY POLICY NO. CA00550A

Exhibit B to Financial Guaranty Insurance Policy, No. CA00550A

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