Document:

Spread Account Agreement, dated August 2, 2010

 Exhibit 10.5 

SPREAD ACCOUNT AGREEMENT, dated as of August 2, 2010 (the “Agreement”), by and among ASSURED GUARANTY CORP., a
Maryland-domiciled insurance company (“Assured Guaranty”), AMERICREDIT AUTOMOBILE RECEIVABLES TRUST 2010-B (the “Trust”) and WELLS FARGO BANK, NATIONAL ASSOCIATION (“Wells Fargo”), in its capacity as Trustee with
respect to the Notes (in such capacity, the “Trustee”) and as Collateral Agent (as defined below). 
 RECITALS 

 1. The Trust has requested that Assured Guaranty issue the Notes Policy (as defined herein) with respect to the Notes (as
defined herein) to the Trustee to guarantee payment of the Scheduled Payments (as defined in the Notes Policy) with respect to the Notes. 

2. In order to secure the performance of the Secured Obligations (as defined herein), the Trust has agreed to pledge the Collateral to
Wells Fargo, acting as the Collateral Agent for the benefit of Assured Guaranty and for the benefit of the Trustee with respect to the Notes. 

A G R E E M E N T S 

In consideration of the premises, and for other good and valuable consideration, the adequacy, receipt and sufficiency of which are
hereby acknowledged, the parties hereto agree as follows: 
 ARTICLE I 

DEFINITIONS 

Section 1.01 Definitions. All terms defined in the Sale and Servicing Agreement or the Indenture shall have the same meanings
provided in the Sale and Servicing Agreement or the Indenture, respectively, unless otherwise specified. The following terms shall have the following respective meanings: 

“Accelerated Payment Termination Date” means the earlier of the Distribution Date on which (A) the principal
balance of the Class A-1 Notes is reduced to zero or (B) the Accelerated Payment Amount Shortfall equals zero. 

“Additional Securitizations” means any securitization of automobile loans or installment sale contracts sponsored by
AmeriCredit or any affiliate thereof that is insured by AGM or Assured Guaranty and (i) is issued in 2010 as part of AmeriCredit’s “AmeriCredit Automobile Receivables Trust” program (also known as AmeriCredit’s
“AMCAR” program) or any successor to such program, including, without limitation, any securitization insured by Assured Guaranty that is issued under the registration 

 
statement bearing file number 333-146701 or under any successor to such registration statement or (ii) is identified as an “Additional Securitization” in the spread account
agreement for such securitization. For the avoidance of doubt, the AmeriCredit Automobile Receivables Trust 2010- B is considered an Additional Securitization. 

“AGM” means Assured Guaranty Municipal Corp. (f/k/a Financial Security Assurance Inc.), a New York stock insurance
company. 
 “Agreement” means this Spread Account Agreement, as the same may be amended, supplemented or
otherwise modified from time to time in accordance with the terms hereof. 
 “AmeriCredit” means AmeriCredit
Financial Services, Inc. and its successors. 
 “AmeriCredit Securitizations” means the Additional
Securitizations and the Existing AmeriCredit Securitizations. 
 “Assured Guaranty Default” means any one of
the following events shall have occurred and be continuing: 
  

	 	(a)	Assured Guaranty shall have failed to make a payment required under the Notes Policy in accordance with its terms; 

 

	 	(b)	Assured Guaranty 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 based on actual or threatened insolvency, 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 based on actual or threatened insolvency, liquidation or reorganization which is
final and nonappealable; or 

  

	 	(c)	a court of competent jurisdiction, the Maryland Insurance Administration 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 Assured Guaranty or for all or any material portion of its property; or (ii) authorizing a custodian, trustee, agent or receiver to take possession of Assured
Guaranty or to take possession of all or any material portion of the property of Assured Guaranty. 

“Authorized Officer” means, (i) with respect to Assured Guaranty, the Chairman of the Board, the President, the
Executive Vice President, the Chief Operating Officer, the Chief Executive Officer or any Managing Director of Assured Guaranty, (ii) with respect to each Trustee or each Collateral Agent, any Vice President, Authorized Signer or Trust Officer
thereof, and (iii) with respect to the Trust, any Responsible Officer of the Owner Trustee. 
  

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 “Collateral” means collectively all collateral pledged hereunder.

 “Collateral Agent” means Wells Fargo, in its capacity as collateral agent on behalf of the Secured Parties,
including its successors in interest, until a successor Person shall have become a Collateral Agent pursuant to Section 4.05 hereof, and thereafter “Collateral Agent” shall also mean such successor Person. 

“Controlling Party” means, at any time, the Person designated as the Controlling Party at such time pursuant to
Section 6.01 hereof. 
 “Cumulative Default Rate” shall mean, with respect to any Determination Date, the
fraction, expressed as a percentage, the numerator of which is equal to the Principal Balance of all Receivables which became Defaulted Receivables since the Initial Cutoff Date as of the related Accounting Date and the denominator of which is equal
to the Original Pool Balance. 
 “Cumulative Default Test Failure” shall mean, the Cumulative Default Rate
shall be equal to or greater than: (A) 3.31%, with respect to any Determination Date occurring prior to or during the 3rd calendar month succeeding the Closing Date, (B) 5.45%, with respect to any Determination Date occurring after the
3rd, and prior to or during the 6th, calendar month succeeding the Closing Date, (C) 7.72%, with respect to any Determination Date occurring after the 6th, and prior to or during the 9th, calendar month succeeding the Closing Date,
(D) 9.37%, with respect to any Determination Date occurring after the 9th, and prior to or during the 12th, calendar month succeeding the Closing Date, (E) 11.24%, with respect to any Determination Date occurring after the 12th, and prior
to or during the 15th, calendar month succeeding the Closing Date, (F) 13.59%, with respect to any Determination Date occurring after the 15th, and prior to or during the 18th, calendar month succeeding the Closing Date, (G) 15.93%, with
respect to any Determination Date occurring after the 18th, and prior to or during the 21st, calendar month succeeding the Closing Date, (H) 17.33%, with respect to any Determination Date occurring after the 21st, and prior to or during the
24th, calendar month succeeding the Closing Date, (I) 19.21%, with respect to any Determination Date occurring after the 24th, and prior to or during the 27th, calendar month succeeding the Closing Date, (J) 20.61%, with respect to any
Determination Date occurring after the 27th, and prior to or during the 30th, calendar month succeeding the Closing Date, (K) 22.25%, with respect to any Determination Date occurring after the 30th, and prior to or during the 33rd, calendar
month succeeding the Closing Date, (L) 23.42%, with respect to any Determination Date occurring after the 33rd, and prior to or during the 36th, calendar month succeeding the Closing Date, (M) 24.59%, with respect to any Determination Date
occurring after the 36th, and prior to or during the 39th, calendar month succeeding the Closing Date, (N) 25.30%, with respect to any Determination Date occurring after the 39th, and prior to or during the 42nd, calendar month succeeding the
Closing Date and (O) 26.00%, with respect to any Determination Date occurring after the 42nd calendar month succeeding the Closing Date. 
  

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 “Cumulative Net Loss Rate” shall mean, with respect to any Determination
Date, the fraction, expressed as a percentage, the numerator of which is equal to the sum of (a) Net Losses for such Determination Date plus (b) 50% of the Principal Balance of all Receivables with respect to which 10% or more of a
Scheduled Payment has become 91 or more days delinquent (not including Receivables included under the definition of Net Losses in clause (a) above) as of the related Accounting Date and the denominator of which is equal to the Original Pool
Balance. 
 “Cumulative Net Loss Test Failure” shall mean, the Cumulative Net Loss Rate shall be equal to or
greater than: (A) 1.99%, with respect to any Determination Date occurring prior to or during the 3rd calendar month succeeding the Closing Date, (B) 3.22%, with respect to any Determination Date occurring after the 3rd, and prior to or
during the 6th, calendar month succeeding the Closing Date, (C) 4.50%, with respect to any Determination Date occurring after the 6th, and prior to or during the 9th, calendar month succeeding the Closing Date, (D) 5.78%, with respect to
any Determination Date occurring after the 9th, and prior to or during the 12th, calendar month succeeding the Closing Date, (E) 7.49%, with respect to any Determination Date occurring after the 12th, and prior to or during the 15th, calendar
month succeeding the Closing Date, (F) 8.66%, with respect to any Determination Date occurring after the 15th, and prior to or during the 18th, calendar month succeeding the Closing Date, (G) 10.30%, with respect to any Determination Date
occurring after the 18th, and prior to or during the 21st, calendar month succeeding the Closing Date, (H) 11.24%, with respect to any Determination Date occurring after the 21st, and prior to or during the 24th, calendar month succeeding the
Closing Date, (I) 11.94%, with respect to any Determination Date occurring after the 24th, and prior to or during the 27th, calendar month succeeding the Closing Date, (J) 12.88%, with respect to any Determination Date occurring after the
27th, and prior to or during the 30th, calendar month succeeding the Closing Date, (K) 13.81%, with respect to any Determination Date occurring after the 30th, and prior to or during the 33rd, calendar month succeeding the Closing Date,
(L) 14.28%, with respect to any Determination Date occurring after the 33rd, and prior to or during the 36th, calendar month succeeding the Closing Date and (M) 14.75%, with respect to any Determination Date occurring after the 36th
calendar month succeeding the Closing Date. 
 “Deemed Cured” means, as of a Determination Date, (a) with
respect to a Trigger Event that has occurred pursuant to clause (ii) of the definition thereof, that no such clause (ii) Trigger Event shall have occurred as of such Determination Date or as of either of the two consecutively preceding
Determination Dates, and (b) with respect to a Trigger Event that has occurred pursuant to clause (i) or clause (iii) of the definition thereof, as of a Determination Date which occurs in a calendar month which is a multiple of three
months succeeding the Closing Date, that no such clause (i) or clause (iii) Trigger Event shall have occurred as of such Determination Date, it being understood that a Trigger Event that has occurred pursuant to clause (i) or clause
(iii) of the definition thereof, may not be cured on a Determination Date which occurs in a calendar month which is not a multiple of three months succeeding the Closing Date. 

 

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 “Default” means, at any time, (i) if Assured Guaranty is then the
Controlling Party, any Insurance Agreement Event of Default or any default in the satisfaction of Insurer Secured Obligations, and (ii) if the Trustee is then the Controlling Party, any Event of Default under the Indenture. 

“Defaulted Receivable” means any Receivable with respect to which (i) 10% or more of a Scheduled Payment has become
more than 90 days delinquent, (ii) the Servicer has repossessed the Financed Vehicle (and any applicable redemption period has expired), (iii) the Servicer has determined in good faith that payments under the Receivable are not likely to
be resumed, or (iv) without duplication, such Receivable is a Sold Receivable. 
 “Delinquency Ratio”
means, with respect to any Determination Date, the fraction, expressed as a percentage, the numerator of which is equal to the sum of the Principal Balances (as of the related Accounting Date) of all Receivables that were delinquent with respect to
10% or more of a Scheduled Payment more than 60 days (excluding those Receivables for which the Financed Vehicle has been repossessed and is in inventory) as of the related Accounting Date or that became a Purchased Receivable as of the related
Accounting Date and that were delinquent with respect to 10% or more of a Scheduled Payment more than 60 days (excluding those Receivables for which the Financed Vehicle has been repossessed and is in inventory) as of such Accounting Date and the
denominator of which is equal to the Aggregate Principal Balance as of the second preceding Accounting Date. 

“Delinquency Test Failure” shall mean, (A) with respect to any May-October Determination Date, the arithmetic
average of the Delinquency Ratio for such Determination Date and the two immediately preceding Determination Dates is equal to or greater than 4.00%; provided, however, in the event that the OC Percentage is equal to or greater than
the Target OC Percentage on any Determination Date occurring subsequent to the twelfth Determination Date after the Closing Date, the percentage referred to in the previous clause for such May-October Determination Date and each Determination Date
thereafter shall be deemed to be 5.00%; provided, further, in the event that the OC Percentage is equal to or greater than the Target OC Percentage on any Determination Date occurring subsequent to the twenty-fourth Determination Date
after the Closing Date, the percentage referred to in the previous clause for such May-October Determination Date and each Determination Date thereafter shall be deemed to be 5.50%; provided, further, in the event that the OC
Percentage is equal to or greater than the Target OC Percentage on any Determination Date occurring subsequent to the thirtieth Determination Date after the Closing Date, the percentage referred to in the previous clause for such May-October
Determination Date and each Determination Date thereafter shall be deemed to be 6.00%; and provided, further, in the event that the OC Percentage is equal to or greater than the Target OC Percentage on any Determination Date occurring
subsequent to the thirty-sixth Determination Date after the Closing Date, the percentage 
  

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referred to in the previous clause for such May-October Determination Date and each Determination Date thereafter shall be deemed to be 6.75%; or (B) with respect to any November-April
Determination Date, the arithmetic average of the Delinquency Ratio for such Determination Date and the two immediately preceding Determination Dates is equal to or greater than 4.25%; provided, however, in the event that the OC
Percentage is equal to or greater than the Target OC Percentage on any Determination Date occurring subsequent to the twelfth Determination Date after the Closing Date, the percentage referred to in the previous clause for such November-April
Determination Date and each Determination Date thereafter shall be deemed to be 5.25%; provided, further, in the event that the OC Percentage is equal to or greater than the Target OC Percentage on any Determination Date occurring
subsequent to the twenty-fourth Determination Date after the Closing Date, the percentage referred to in the previous clause for such November-April Determination Date and each Determination Date thereafter shall be deemed to be 5.75%;
provided, further, in the event that the OC Percentage is equal to or greater than the Target OC Percentage on any Determination Date occurring subsequent to the thirtieth Determination Date after the Closing Date, the percentage
referred to in the previous clause for such November-April Determination Date and each Determination Date thereafter shall be deemed to be 6.25%; and provided, further, in the event that the OC Percentage is equal to or greater than
the Target OC Percentage on any Determination Date occurring subsequent to the thirty-sixth Determination Date after the Closing Date, the percentage referred to in the previous clause for such November-April Determination Date and each
Determination Date thereafter shall be deemed to be 7.00%. 
 “Delivery”: means with respect to the Collateral:

  

	 	(1)	the perfection and priority of a security interest in which is governed by the law of a jurisdiction which has adopted the 1978 Revision to Article 8 of the UCC:

  

	(a)	with respect to bankers’ acceptances, commercial paper, negotiable certificates of deposit and other obligations that constitute “instruments” within the
meaning of Section 9-105(l)(i) of the UCC (other than certificated securities) and are susceptible of physical delivery, transfer thereof to the Collateral Agent by physical delivery to the Collateral Agent, indorsed to, or registered in the
name of, the Collateral Agent or its nominee or indorsed in blank and such additional or alternative procedures as may hereafter become appropriate to effect the complete transfer of ownership of any such Collateral to the Collateral Agent free and
clear of any adverse claims, consistent with changes in applicable law or regulations or the interpretation thereof; 

  

	(b)	with respect to a “certificated security” (as defined in Section 8-102(1)(a) of the UCC), transfer thereof: 

(i) by physical delivery of such certificated security to the Collateral Agent, provided that if the certificated security
is in registered form, it shall be indorsed to, or registered in the name of, the Collateral Agent or indorsed in blank; 
  

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 (ii) by physical delivery of such certificated security to a “financial
intermediary” (as defined in Section 8-313(4) of the UCC) of the Collateral Agent specially indorsed to or issued in the name of the Collateral Agent; 

(iii) by the sending by a financial intermediary, not a “clearing corporation” (as defined in
Section 8-102(3) of the UCC), of a confirmation of the purchase and the making by such financial intermediary of entries on its books and records identifying as belonging to the Collateral Agent of (A) a specific certificated security in
the financial intermediary’s possession, (B) a quantity of securities that constitute or are part of a fungible bulk of certificated securities in the financial intermediary’s possession, or (C) a quantity of securities that
constitute or are part of a fungible bulk of securities shown on the account of the financial intermediary on the books of another financial intermediary; or 

(iv) by the making by a clearing corporation of appropriate entries on its books reducing the appropriate securities
account of the transferor and increasing the appropriate securities account of the Collateral Agent or a Person designated by the Collateral Agent by the amount of such certificated security, provided that in each case: (A) the clearing
corporation identifies such certificated security for the sole and exclusive account of the Collateral Agent or the Person designated by the Collateral Agent, (B) such certificated security shall be subject to the clearing corporation’s
exclusive control, (C) such certificated security is in bearer form or indorsed in blank or registered in the name of the clearing corporation or custodian bank or a nominee or either of them, (D) custody of such certificated security
shall be maintained 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 control of the clearing corporation and (E) such certificated security is
shown on the account of the transferor thereof on the books of the clearing corporation prior to the making of such entries; and such additional or alternative procedures as may hereafter become appropriate to effect the complete transfer of
ownership of any such Collateral to the Collateral Agent free and clear of any adverse claims, consistent with changes in applicable law or regulations or the interpretation thereof; 

 

	(c)	 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 

 

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applicable law, including applicable Federal regulations and Articles 8 and 9 of the UCC: book-entry registration of such property to an appropriate book-entry account maintained with a
Federal Reserve Bank by a financial intermediary which is also a “depositary” 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 Collateral Agent of the purchase by the financial intermediary on behalf of the Collateral Agent of such book-entry security; 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 Collateral Agent and indicating that such financial intermediary holds such book-entry security solely as agent for the
Collateral Agent; and such additional or alternative procedures as may hereafter become appropriate to effect complete transfer of ownership of any such Collateral to the Collateral Agent free and clear of any adverse claims, consistent with changes
in applicable law or regulations or the interpretation thereof; 

  

	(d)	with respect to any item of Collateral that is an “uncertificated security” (as defined in Section 8-102(1)(b) of the UCC) and that is not governed by
clause (c) above, transfer thereof: 

 (i) by registration of the transfer thereof to the
Collateral Agent, on the books and records of the issuer thereof; 
 (ii) by the sending of a confirmation by a
financial intermediary of the purchase, and the making by such financial intermediary of entries on its books and records identifying as belonging to the Collateral Agent (A) a quantity of securities which constitute or are part of a fungible
bulk of uncertificated securities registered in the name of the financial intermediary or (B) a quantity of securities which constitute or are part of a fungible bulk of securities shown on the account of the financial intermediary on the books
of another financial intermediary; or 
 (iii) by the making by a clearing corporation of appropriate entries on
its books reducing the appropriate account of the transferor and increasing the account of the Collateral Agent or a Person designated by the Collateral Agent by the amount of such uncertificated security, provided that in each case: (A) the
clearing corporation identifies such uncertificated security for the sole and exclusive use of the Collateral Agent or the Person designated by the Collateral Agent, (B) such uncertificated security is registered in the name of the clearing
corporation or a custodian bank or a nominee of either, and (C) such uncertificated security is shown on the account of the transferor on the books of the clearing corporation prior to the making of such entries; and 

 

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 (iv) in each case of delivery contemplated herein, the Collateral Agent
shall make appropriate notations on its records, and shall cause same to be made on the records of its nominees, indicating that such securities are held in trust pursuant to and as provided in this Agreement. 

(2) the perfection and priority of a security interest in which is governed by the law of a jurisdiction which has adopted the 1994
Revision to Article 8 of the UCC: 
 (i) with respect to bankers’ acceptances, commercial paper, negotiable
certificates of deposit and other obligations that constitute “instruments” within the meaning of Section 9-105(1)(i) of the UCC (other than certificated securities) and are susceptible of physical delivery, transfer thereof to the
Collateral Agent by physical delivery to the Collateral Agent, indorsed to, or registered in the name of, the Collateral Agent or its nominee or indorsed in blank and such additional or alternative procedures as may hereafter become appropriate to
effect the complete transfer of ownership of any such Collateral to the Collateral Agent free and clear of any adverse claims, consistent with changes in applicable law or regulations or the interpretation thereof; 

 

	(e)	with respect to a “certificated security” (as defined in Section 8-102(a)(4) of the UCC), transfer thereof: 

(i) by physical delivery of such certificated security to the Collateral Agent, provided that if the certificated security
is in registered form, it shall be indorsed to, or registered in the name of, the Collateral Agent or indorsed in blank; 

(ii) by physical delivery of such certificated security in registered form to a “securities intermediary” (as
defined in Section 8-102(a)(14) of the UCC) acting on behalf of the Collateral Agent if the certificated security has been specially endorsed to the Collateral Agent by an effective endorsement. 

 

	(f)	 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 property to an appropriate book-entry account maintained with a Federal Reserve Bank by a securities intermediary which is also a “depositary” pursuant to applicable federal regulations and issuance by
such securities intermediary of a deposit advice or other written confirmation of such book-entry registration to the Collateral Agent of the purchase by the securities intermediary on behalf of the Collateral Agent of such

  

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book-entry security; the making by such securities 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 Collateral Agent and indicating that such securities intermediary holds such book-entry security solely as agent for the Collateral Agent; and such additional or alternative procedures as may
hereafter become appropriate to effect complete transfer of ownership of any such Collateral to the Collateral Agent free of any adverse claims, consistent with changes in applicable law or regulations or the interpretation thereof;

  

	(g)	with respect to any item of Collateral that is an “uncertificated security” (as defined in Section 8-102(a)(18) of the UCC) and that is not governed by
clause (c) above, transfer thereof: 

 (i) (A) by registration to the Collateral Agent as the
registered owner thereof, on the books and records of the issuer thereof. 
 (B) by another Person (not a
securities intermediary) who either becomes the registered owner of the uncertificated security on behalf of the Collateral Agent, or having become the registered owner acknowledges that it holds for the Collateral Agent. 

(ii) the issuer thereof has agreed that it will comply with instructions originated by the Collateral Agent without
further consent of the registered owner thereof. 
  

	(h)	in each case of delivery contemplated herein, the Collateral Agent shall make appropriate notations on its records, and shall cause same to be made of the records of
its nominees, indicating that securities are held in trust pursuant to and as provided in this Agreement. 

  

	(i)	with respect to a “security entitlement” (as defined in Section 8-102(a)(17) of the UCC) 

(i) if a securities intermediary (A) indicates by book entry that a “financial asset” (as defined in
Section 8-102(a)(9) of the UCC) has been credited to be the Collateral Agent’s “securities account” (as defined in Section 8-501(a) of the UCC), (B) receives a financial asset (as so defined) from the Collateral Agent
or acquires a financial asset for the Collateral Agent, and in either case, accepts it for credit to the Collateral Agent’s securities account (as so defined), (C) becomes obligated under other law, regulation or rule to credit a financial
asset to the Collateral Agent’s securities account, or (D) has agreed that it will comply with “entitlement orders” (as defined in Section 8-102(a)(8) of the UCC) originated by the Collateral Agent without further consent by
the “entitlement holder” (as defined in Section 8-102(a)(7) of the UCC), of a 
  

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confirmation of the purchase and the making by such securities intermediary of entries on its books and records identifying as belonging to the Collateral Agent of (I) a specific
certificated security in the securities intermediary’s possession, (II) a quantity of securities that constitute or are part of a fungible bulk of certificated securities in the securities intermediary’s possession, or (III) a
quantity of securities that constitute or are part of a fungible bulk of securities shown on the account of the securities intermediary on the books of another securities intermediary. 

“Eligible Account” means a segregated trust account that (i) is either (x) maintained with a depository
institution or trust company the long-term unsecured debt obligations of which are rated “AA” or higher by Standard & Poor’s and “Aa2” or higher by Moody’s, or (y) maintained with a depository institution
or trust company the commercial paper or other short-term unsecured debt obligations of which are rated “A-1+” by Standard & Poor’s and “P-1” by Moody’s and (ii) in either case, such depository institution
or trust company shall have been specifically approved by the Controlling Party, acting in its discretion, by written notice to the Collateral Agent. 

“Existing AmeriCredit Securitization” means any of AmeriCredit Automobile Receivables Trust 2005-C-F, AmeriCredit
Automobile Receivables Trust 2006-A-F, AmeriCredit Automobile Receivables Trust 2007-B-F, AmeriCredit Automobile Receivables Trust 2007-D-F, AmeriCredit Automobile Receivables Trust 2008-A-F and AmeriCredit Automobile Receivables Trust 2010-A, each
of which has the benefit of a financial guarantee insurance policy issued by AGM or Assured Guaranty. 
 “Final
Termination Date” means the date that is the later of (i) the Insurer Termination Date and (ii) the Trustee Termination Date. 

“Floor Amount” shall mean, with respect to any Determination Date, the greater of (A) $100,000 and (B) the
lesser of (i) the Note Balance and (ii) 2.00% of the Original Pool Balance. 
 “Indenture” means the
Indenture, dated as of August 2, 2010, between the Trust and Wells Fargo, as amended from time to time with the consent of the Controlling Party. 

“Insurance Agreement” means the Insurance and Indemnity Agreement, dated as of August 2, 2010, by and among Assured
Guaranty, AmeriCredit Corp., AmeriCredit Financial Services, Inc., AFS SenSub Corp. and the Trust, pursuant to which Assured Guaranty issued the Notes Policy to the Trustee. 

“Insurer Secured Obligations” means all amounts and obligations which may at any time be owed to or on behalf of Assured
Guaranty (or any agents, accountants or attorneys for Assured Guaranty) under the Insurance Agreement or under any Transaction Document, regardless of whether such amounts are owed in the future, whether liquidated or unliquidated, contingent or
non-contingent. 
  

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 “Insurer Termination Date” means the date which is the latest of
(i) the date of the expiration of the Notes Policy, as specified in a written notice delivered by the Seller to the Collateral Agent and the Trustee, (ii) the date on which Assured Guaranty shall have received payment and performance in
full of all Insurer Secured Obligations and (iii) the latest date on which any payment referred to above could be avoided as a preference or otherwise under the United States Bankruptcy Code or any other similar federal or state law relating to
insolvency, bankruptcy, rehabilitation, liquidation or reorganization, as specified in an Opinion of Counsel delivered to the Collateral Agent and the Trustee. 

“LBAC Securitization” means any of Long Beach Acceptance Auto Receivables Trust 2004-C, Long Beach Acceptance Auto
Receivables Trust 2005-A, Long Beach Acceptance Auto Receivables Trust 2005-B, Long Beach Acceptance Auto Receivables Trust 2006-A, Long Beach Acceptance Auto Receivables Trust 2006-B and Long Beach Acceptance Auto Receivables Trust 2007-A, each of
which has the benefit of a financial guarantee insurance policy issued by AGM. 
 “Lien” means, as applied to
the property or assets (or the income, proceeds, products, rents or profits therefrom) of any Person, in each case whether the same is consensual or nonconsensual or arises by contract, operation of law, legal process or otherwise: (a) any
mortgage, lien, pledge, attachment, charge, lease, conditional sale or other title retention agreement, or other security interest or encumbrance of any kind; or (b) any arrangement, express or implied, under which such property or assets
(and/or such income, proceeds, products, rents or profits) are transferred, sequestered or otherwise identified for the purpose of subjecting or making available the same for payment of debt or performance of any other obligation in priority to the
payment of the general, unsecured creditors of such Person. 
 “May–October Determination Date” shall mean
a Determination Date occurring during the months of May, June, July, August, September or October. 
 “Net
Losses” means, with respect to any Determination Date, the positive difference of (A) the sum of (i) the aggregate of the Principal Balances as of the related Accounting Date of all Receivables that became Liquidated Receivables
since the Initial Cutoff Date, plus (ii) the Principal Balance of all Receivables that became Purchased Receivables since the Initial Cutoff Date as of the related Accounting Date and that were delinquent with respect to 10% or more of a
Scheduled Payment more than 30 days as of such Accounting Date, plus (iii) the aggregate of all Cram Down Losses as of the related Accounting Date that occurred since the Initial Cutoff Date, over (B) the Liquidation Proceeds received by
the Trust as of the related Accounting Date since the Initial Cutoff Date 
 “Non-Controlling Party” means, at
any time, the Secured Party that is not the Controlling Party at such time. 
  

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 “Note Balance” shall mean, with respect to any Determination Date, the sum
of the aggregate principal balance of the Notes with respect to such Determination Date after giving effect to all distributions on the Notes on the related Distribution Date. 

“Notes Policy” means the financial guaranty insurance policy, including any endorsements thereto, issued by Assured
Guaranty with respect to the Securities, substantially in the form attached as Annex I to the Insurance Agreement. 

“November–April Determination Date” shall mean a Determination Date occurring during the months of November,
December, January, February, March or April. 
 “Obligor” means, with respect to any Receivable, the purchaser
or the co-purchasers of the Financed Vehicle and any other Person or Persons who are primarily or secondarily obligated to make payments under a Receivable. 

“OC Level” shall mean 22.00%; provided, however, if each of the Step-Down Conditions are satisfied on a
Determination Date preceding the Distribution Date set forth in the following table, the OC Level shall be reduced to the amount set forth with respect to such Distribution Date in the following table; provided, further,
however, that if any of such Step Down Conditions are not satisfied with respect to any Distribution Date in the following table, the OC Level shall not be reduced on such Distribution Date and will not be subject to reduction or further
reduction, as applicable, until the next Distribution Date set forth in the following table (if any): 
  

				
	Distribution Date occurring in:	  	OC Level	 
		
	 18th calendar month
	  	21.50	% 
		
	 24th calendar month
	  	20.50	% 
		
	 30th calendar month
	  	19.50	% 

 “OC
Percentage” shall mean, with respect to any Determination Date, the sum of (i) the percentage equivalent of a fraction the numerator of which is equal to the excess, if any, of (A) the Aggregate Principal Balance as of such
Determination Date over (B) the Note Balance as of such Determination Date and the denominator of which is equal to the Aggregate Principal Balance as of such Determination Date, and (ii) the percentage equivalent of a fraction the
numerator of which is equal to the amount on deposit in the Spread Account as of such Determination Date (after giving effect to any withdrawals from the Spread Account to be made on the related Distribution Date) and the denominator of which is
equal to the Aggregate Principal Balance as of such Determination Date. 
 “Opinion of Counsel” means a written
opinion of counsel, acceptable as to form and substance, and reasonably acceptable as to issuing counsel, to the Controlling Party. 
  

 13 

 “Release Instruction Letter” means a letter of instruction from the
Servicer addressed to and acknowledged by the Collateral Agent and Assured Guaranty, substantially in the form of Exhibit A hereto. 

“Requisite Amount” shall mean, as of any Determination Date, (A) if no Trigger Event and no Insurance Agreement
Event of Default shall exist as of such Determination Date, the Floor Amount with respect to such Determination Date; (B) if a Trigger Event shall exist as of such Determination Date and no Insurance Agreement Event of Default shall have
occurred as of such Determination Date, the sum of (x) 2.00% of the Original Pool Balance and (y) 6.00% of the Aggregate Principal Balance with respect to such Determination Date; or (C) if an Insurance Agreement Event of Default
shall have occurred as of such Determination Date, the Pool Balance. 
 “Sale and Servicing Agreement” means
the Sale and Servicing Agreement dated as of August 2, 2010, by and among the Trust, AmeriCredit Financial Services, Inc., as Servicer, the Seller and Wells Fargo Bank, National Association, as Backup Servicer and Trust Collateral Agent.

 “Secured Obligations” means the Insurer Secured Obligations and the Trustee Secured Obligations. 

“Secured Parties” means each of the Trustee, in respect of the Trustee Secured Obligations, and Assured Guaranty, in
respect of the Insurer Secured Obligations. 
 “Securitizations” means the AmeriCredit Securitizations and the
LBAC Securitizations. 
 “Security Interests” means the security interests and Liens in the Collateral granted
pursuant to Section 2.01 hereof. 
 “Sharing-Eligible AmeriCredit Securitization” means any AmeriCredit
Securitization (a) from and after the first time at which both (i) the amount on deposit in the related spread account has equaled or exceeded the “Requisite Amount” (as defined in the related spread account agreement) and
(ii) the “Pro Forma Note Balance” (as defined in the related spread account agreement) has equaled or been less than the “Required Pro Forma Note Balance” (as defined in the related spread account agreement), (b) from
and after the Sharing-Eligible Distribution Date specified for such AmeriCredit Securitization in the related spread account agreement or (c) with respect to which an “Insurance Agreement Event of Default” (as defined in the related
spread account agreement) has occurred. 
 “Sharing-Eligible Distribution Date” means, with respect to the
AmeriCredit Automobile Receivable Trust 2010-B, the 9th Distribution Date. 
 “Sharing-Eligible LBAC
Securitization” means (a) each of Long Beach Acceptance Auto Receivables Trust 2006-A, Long Beach Acceptance Auto Receivables 

 

 14 

 
Trust 2006-B and Long Beach Acceptance Auto Receivables Trust 2007-A transactions and (b) any other LBAC Securitization (x) from and after the first time at which the “Total
Enhancement Amount” (as defined in the related spread account agreement) has equaled or exceeded the “Required Total Enhancement Amount” (as defined in the related spread account agreement) or (y) with respect to which an
“Insurance Agreement Event of Default” (as defined in the related spread account agreement), other than an “Excluded Insurance Agreement Event of Default” (as defined in the related spread account agreement), has occurred.

 “Sharing-Eligible Securitization” means any Sharing-Eligible LBAC Securitization and Sharing-Eligible
AmeriCredit Securitization. 
 “Spread Account” means the account established in accordance with
Section 3.01(a) hereof. 
 “Spread Account Eligible Investments” means Eligible Investments held by the
Collateral Agent in the Spread Account and with respect to which the Collateral Agent has taken Delivery. Any such Spread Account Eligible Investment may be purchased by or through the Collateral Agent or any of its affiliates. 

“Spread Account Initial Deposit” shall have the meaning assigned in Section 3.01(c) hereof. 

“Step-Down Conditions” shall be satisfied as of each Distribution Date in the following table if each of the following
conditions are met on such Distribution Date: (a) no Insurance Agreement Event of Default shall have occurred; (b) all amounts owed to the Insurer under the Basic Documents have been paid in full; (c) immediately before and after
giving effect to any reduction in the OC Level, (i) the Spread Account is at the Requisite Amount and (ii) the Pro Forma Note Balance is less than or equal to the Required Pro Forma Note Balance; (d) the arithmetic average of the
monthly Delinquency Ratios for the three immediately preceding Collection Periods is less than the percentage set forth opposite such Distribution Date, (e) the Cumulative Net Loss Rate for the related Collection Period is less than the
percentage set forth opposite such Distribution Date, (f) the Cumulative Default Rate for the related Collection Period is less than the percentage set forth opposite such Distribution Date and (g) the arithmetic average of the Monthly
Extension Rates for the three immediately preceding consecutive calendar months is less than 3.00%: 
  

										
	 Distribution

Date occurring
 in:

	  	Delinquency
Ratio	 	 	Cumulative
Net Loss Rate	 	 	Cumulative
Default
Rate	 
	 February 2012
	  	4.00	% 	 	5.70	% 	 	9.70	% 
				
	 August 2012
	  	4.00	% 	 	7.50	% 	 	12.75	% 
				
	 February 2013
	  	4.75	% 	 	9.00	% 	 	15.00	% 

  

 15 

 “Target OC Percentage” shall mean, with respect to any Determination Date,
the sum of (i) the percentage equivalent of a fraction the numerator of which is equal to the Floor Amount as of such Determination Date and the denominator of which is equal to the Aggregate Principal Balance as of such Determination Date, and
(ii) the percentage equivalent of a fraction the numerator of which is equal to the excess, if any, of (A) the Aggregate Principal Balance as of such Determination Date over (B) the Required Pro Forma Note Balance as of such
Determination Date and the denominator of which is equal to the Aggregate Principal Balance as of such Determination Date. 

“Total Enhancement Shortfall” means (a) with respect to a Sharing-Eligible LBAC Securitization (other than Long
Beach Acceptance Auto Receivables Trust 2005-A and Long Beach Acceptance Auto Receivables Trust 2006-B) on any date of determination, (i) prior to the occurrence of an “Insurance Agreement Event of Default” (as defined in the related
spread account agreement), other than an “Excluded Insurance Agreement Event of Default” (as defined in the related spread account agreement), the amount by which the “Required Total Enhancement Amount” (as defined in the related
spread account agreement but calculated without regard to whether a “Trigger Event” (as defined in the related spread account agreement) has occurred) for such Sharing-Eligible LBAC Securitization exceeds the “Total Enhancement
Amount” (as defined in the related spread account agreement) for such Sharing-Eligible LBAC Securitization or (ii) after the occurrence of an “Insurance Agreement Event of Default” (as defined in the related spread account
agreement), other than an “Excluded Insurance Agreement Event of Default” (as defined in the related spread account agreement), the amount by which the amount on deposit in the spread account for such Sharing-Eligible LBAC Securitization
is less than the “Requisite Amount” (as defined in the related spread account agreement) for such Sharing-Eligible LBAC Securitization, (b) with respect to a Sharing-Eligible LBAC Securitization that is either of Long Beach Acceptance
Auto Receivables Trust 2005-A and Long Beach Acceptance Auto Receivables Trust 2006-B, the excess of the related “Requisite Amount” (as defined in the related spread account agreement but calculated without regard to whether a
“Trigger Event” (as defined in the related spread account agreement) has occurred) over the amount on deposit in the related spread account and (c) with respect to a Sharing-Eligible AmeriCredit Securitization on any date of
determination, (i) prior to the occurrence of an “Insurance Agreement Event of Default” (as defined in the related spread account agreement), the sum of (x) the amount by which the “Requisite Amount” (as defined in the
related spread account agreement but calculated without regard to whether a “Trigger Event” (as defined in the related spread 

 

 16 

 
account agreement) has occurred) for such Sharing-Eligible AmeriCredit Securitization exceeds the amount on deposit in the spread account for such Sharing-Eligible AmeriCredit Securitization
plus (y) the amount of any “Accelerated Payment Amount Shortfall” (as defined in the related spread account agreement) remaining after application of funds available in the related spread account for such Sharing-Eligible
AmeriCredit Securitization or (ii) after the occurrence of an “Insurance Agreement Event of Default” (as defined in the related spread account agreement), the amount by which the amount on deposit in the spread account for such
Sharing-Eligible AmeriCredit Securitization is less than the “Requisite Amount” (as defined in the related spread account agreement) for such Sharing-Eligible AmeriCredit Securitization. 

“Transaction Documents” has the meaning provided in the Insurance Agreement. 

“Trigger Date” means a Determination Date which occurs (i) on or after the date of occurrence of a Trigger Event
and prior to the date, if any, on which such Trigger Event is Deemed Cured or (ii) on or after the date of occurrence of an Insurance Agreement Event of Default. 

“Trigger Event” shall mean, as of a Determination Date, the occurrence of any of the following: 

 

	 	(i)	the occurrence of a Cumulative Net Loss Test Failure; 

  

	 	(ii)	the occurrence of a Delinquency Test Failure; or 

(iii) the occurrence of a Cumulative Default Test Failure. 

“Trustee” means the Trust Collateral Agent named in the Indenture. 

“Trustee Secured Obligations” means all amounts and obligations which the Trust may at any time owe to or on behalf of
the Trustee, Collateral Agent, Trust Collateral Agent (without regard to any limitations on the amounts payable to the Trustee, the Collateral Agent or the Trust Collateral Agent specified in such Transaction Documents), or the Noteholders under the
Indenture or other Transaction Documents. 
 “Trustee Termination Date” means the date on which the Trustee
shall have received, as Trustee on behalf of (and as agent for) the Noteholders, payment and performance in full of all Trustee Secured Obligations. 

“Underwriting Agreement” means the underwriting agreement dated as of August 12, 2010 among AmeriCredit Financial
Services, Inc., AFS SenSub Corp. and RBS Securities Inc., as representative of the Underwriters. 
 “Uniform Commercial
Code” or “UCC” means the Uniform Commercial Code in effect in the relevant jurisdiction, as the same may be amended from time to time. 
  

 17 

 “Wells Fargo” means Wells Fargo Bank, National Association, a national
banking association and its successors. 
 Section 1.02 Rules of Interpretation. The terms “hereof,”
“herein,” “hereby” or “hereunder,” unless otherwise modified by more specific reference, shall refer to this Agreement in its entirety. Unless otherwise indicated in context, the terms “Article,”
“Section,” “Appendix,” “Exhibit” or “Annex” shall refer to an Article or Section of, or Appendix, Exhibit or Annex to, this Agreement. The definition of a term shall include the singular, the plural, the past,
the present, the future, the active and the passive forms of such term. 
 ARTICLE II 

SECURITY INTERESTS; THE COLLATERAL 

Section 2.01 Grant of Security Interest by the Trust. 

(a) In order to secure the performance of the Secured Obligations, the Trust hereby pledges, assigns, grants, transfers and conveys to
Wells Fargo, as Collateral Agent, on behalf of and for the benefit of the Secured Parties to secure such Secured Obligations, a Lien on and security interest in (which Lien and security interest is intended to be prior to all other Liens), all of
its right, title and interest in and to the following (all constituting Collateral hereunder): 
 (i) the Spread
Account as established pursuant to Section 3.01 of this Agreement (including, without limitation, the Spread Account Initial Deposit and all additional monies, checks, securities, investments and other items or documents at any time held in or
evidencing any such accounts); 
 (ii) all of the Trust’s right, title and interest in and to investments
made with proceeds of the property described in clause (i) above, including all investments made with amounts on deposit in the Spread Account; and 

(iii) all distributions, revenues, products, substitutions, benefits, profits and proceeds, in whatever form, of any of
the foregoing. 
 (b) In order to effectuate the provisions and purposes of this Agreement, including for the purpose of
perfecting the security interests granted hereunder, the Trust represents and warrants that it has, prior to the execution of this Agreement, executed and filed an appropriate Uniform Commercial Code financing statement in Delaware sufficient to
assure that the Collateral Agent, as agent for the Secured Parties, has a first priority perfected security interest in all Collateral which can be perfected by the filing of a financing statement or has delivered to Assured Guaranty a legal opinion
acceptable to Assured Guaranty to the effect that no filings are required to perfect the security interests granted hereunder. 
  

 18 

 Section 2.02 Perfection and Profit. The Trust intends the security interests in
favor of the Secured Parties to be prior to all other Liens in respect of the Collateral, and the Trust shall take all actions necessary to obtain and maintain, in favor of the Collateral Agent, for the benefit of the Secured Parties, a first lien
on and a first priority, perfected security interest in the Collateral granted to the Collateral Agent. Subject to the provisions hereof specifying the rights and powers of the Controlling Party from time to time to control certain specified matters
relating to the Collateral, each Secured Party shall have all of the rights, remedies and recourse with respect to the Collateral afforded a secured party under the Uniform Commercial Code and all other applicable law in addition to, and not in
limitation of, the other rights, remedies and recourse granted to such Secured Parties by this Agreement or any other law relating to the creation and perfection of liens on, and security interests in, the Collateral. 

Section 2.03 Reserved. 

Section 2.04 The Trust Remains Liable. The Security Interests are granted as security only and shall not (i) transfer or
in any way affect or modify, or relieve the Trust from, any obligation to perform or satisfy, any term, covenant, condition or agreement to be performed or satisfied by the Trust under or in connection with this Agreement, the Insurance Agreement or
any other Transaction Document to which it is a party or (ii) impose any obligation on any of the Secured Parties or the Collateral Agent to perform or observe any such term, covenant, condition or agreement or impose any liability on any of
the Secured Parties or the Collateral Agent for any act or omission on its part relative thereto or for any breach of any representation or warranty on its part contained therein or made in connection therewith, except, in each case, to the extent
provided herein and in the other Transaction Documents. 
 Section 2.05 Maintenance of Collateral. 

(a) Safekeeping. The Collateral Agent agrees to maintain the Collateral received by it and all records and documents relating
thereto at the office of the Collateral Agent specified in Section 8.06 hereof or such other address (unless all filings have been made to continue the perfection of the security interest in the Collateral to the extent such security interest
can be perfected by filing a financing statement, as evidenced by an Opinion of Counsel delivered to the Controlling Party), as may be approved by the Controlling Party. The Collateral Agent shall keep all Collateral and related documentation in its
possession separate and apart from all other property that it is holding in its possession and from its own general assets and shall maintain accurate records pertaining to the Spread Account Eligible Investments and Spread Account included in the
Collateral in such a manner as shall enable the Collateral Agent and the Secured Parties to verify the accuracy of such record-keeping. The Collateral Agent’s books and records shall at all times show that the Collateral is held by the
Collateral Agent as agent of the Secured Parties and is not the property of the Collateral Agent. The Collateral Agent will promptly report to each Secured Party and the Trust any failure on its part to hold the Collateral as provided in this
Section 2.05(a) and will promptly take appropriate action to remedy any such failure. 
  

 19 

 (b) Access. The Collateral Agent shall permit each of the Secured Parties, or their
respective duly authorized representatives, attorneys, auditors or designees, to inspect the Collateral or the records relating to the Collateral in the possession of or otherwise under the control of the Collateral Agent pursuant hereto at such
reasonable times during normal business hours as any such Secured Party may reasonably request upon not less than one Business Day’s prior written notice. The costs and expenses associated with any such inspection will be paid by the party
making such inspection. 
 Section 2.06 Termination and Release of Rights. 

(a) On the Insurer Termination Date, the rights, remedies, powers, duties, authority and obligations conferred upon Assured Guaranty
pursuant to this Agreement in respect of the Collateral shall terminate and be of no further force and effect and all rights, remedies, powers, duties, authority and obligations of Assured Guaranty with respect to the Collateral shall be
automatically released; provided that any indemnity provided to or by Assured Guaranty herein shall survive such Insurer Termination Date. If Assured Guaranty is acting as Controlling Party on the Insurer Termination Date, Assured Guaranty
agrees, at the expense of the Trust, to execute and deliver such instruments as the successor Controlling Party may reasonably request to effectuate such release, and any such instruments so executed and delivered shall be fully binding on Assured
Guaranty and any Person claiming by, through or under Assured Guaranty. 
 (b) On the Trustee Termination Date, the rights,
remedies, powers, duties, authority and obligations, if any, conferred upon the Trustee pursuant to this Agreement in respect of the Collateral shall terminate and be of no further force and effect and all such rights, remedies, powers, duties,
authority and obligations of the Trustee with respect to the Collateral shall be automatically released; provided that any indemnity provided to the Trustee herein shall survive such Trustee Termination Date. If the Trustee is acting as
Controlling Party on the Trustee Termination Date, the Trustee agrees, at the expense of the Trust, to execute and deliver such instruments as the Trust may reasonably request to effectuate such release, and any such instruments so executed and
delivered shall be fully binding on the Trustee. 
 (c) On the Final Termination Date, the rights, remedies, powers, duties,
authority and obligations conferred upon the Collateral Agent and each Secured Party pursuant to this Agreement shall terminate and be of no further force and effect and all rights, remedies, powers, duties, authority and obligations of the
Collateral Agent and each Secured Party with respect to the Collateral shall be released in accordance with the provisions of Section 3.03(b). On the Final Termination Date, the Collateral Agent agrees, and each Secured Party agrees, at the
expense of the Trust, to execute such instruments of release, in recordable form if necessary, in favor of the Trust as the Trust may reasonably request, to deliver the Collateral, if any, in its possession to the Trust, and to otherwise release the
lien of this Agreement and release and deliver to the Trust the Collateral. 
  

 20 

 Section 2.07 Non-Recourse Obligations of Trust. Notwithstanding anything herein
or in the other Transaction Documents to the contrary, the parties hereto agree that the obligations of the Trust hereunder (without limiting the obligation to make distributions in accordance with Section 3.03(b)) shall be recourse only to the
extent of amounts released to the Trust pursuant to priority SECOND, fifth of Section 3.03(b). 
 Section 2.08
Securities Intermediary. Wells Fargo, hereby undertakes and agrees to act as “securities intermediary” (as such term is defined in Section 8-102 (a)(14) of the Uniform Commercial Code as in effect in the State of New York (the
“New York UCC”)). In such capacity (Wells Fargo, in such capacity being herein sometimes referred to as the “Securities Intermediary”) and in accordance with Section 3.01 of this Agreement, the Securities Intermediary has
established the Spread Account. The Securities Intermediary represents, warrants, acknowledges and agrees that: 
 (1) It shall
not change the name or account number of the Spread Account without the prior written consent of the Collateral Agent; 
 (2)
All securities or other property underlying any financial assets deposited in or credited to the Spread Account shall be registered in the name of the Securities Intermediary or the Collateral Agent or in blank or credited to another securities
account or accounts maintained in the name of the Securities Intermediary, and in no case shall any financial asset deposited in or credited to the Spread Account be registered in the name of Seller except to the extent the foregoing have been
specially indorsed to the Securities Intermediary in blank; 
 (3) All property delivered to the Securities Intermediary
pursuant to this Agreement for deposit in or credit to the Spread Account shall be promptly credited to the Spread Account; 

(4) The Spread Account is a “securities account” as such term is defined in Section 8-501(a) of the New York UCC, and the
Securities Intermediary agrees that each item of property (whether investment property, financial asset, security, instrument or cash) deposited in or credited to the Spread Account shall be treated as a “financial asset” within the
meaning of Section 8-102(a)(9) of the New York UCC and that, subject to the terms of this Agreement, the Securities Intermediary will treat the Collateral Agent as entitled to exercise the rights that comprise any financial asset deposited in
or credited to such Account; and 
 (5) If at any time the Securities Intermediary shall receive any order from the Collateral
Agent directing transfer or redemption of any financial asset relating to the Spread Account, the Securities Intermediary shall comply with such entitlement order without further consent by Seller or any other person. 

Without limiting the generality of Section 8.11 of this Agreement, the parties agree that both this Agreement and the Spread Account
shall be governed by the laws of the State of New York. Regardless of any provision in any other agreement, for 
  

 21 

 
purposes of the New York UCC, New York shall be deemed to be the Securities Intermediary’s jurisdiction and the Spread Account (as well as all of the securities entitlements related thereto)
shall be governed by the laws of the State of New York. 
 ARTICLE III 

SPREAD ACCOUNT 

Section 3.01 Establishment of Spread Account, Initial Deposits into Spread Account. 

(a) On or prior to the Closing Date, the Collateral Agent shall establish at its office or at another depository institution or trust
company an Eligible Account, designated, “Spread Account – Series 2010-B – Wells Fargo, as Collateral Agent for Assured Guaranty and Well Fargo, as Trustee” (the “Spread Account”). 

(b) No withdrawals may be made of funds in the Spread Account except as provided in Section 3.03 of this Agreement. Except as
specifically provided in this Agreement, funds in the Spread Account shall not be commingled with any other monies. All monies deposited from time to time in the Spread Account and all investments made with such monies shall be held by the
Collateral Agent as part of the Collateral. 
 (c) The parties hereto acknowledge and agree that the initial amount deposited
into the Spread Account comprising part of the Collateral shall be in the amount of $4,705,979.84 (the “Spread Account Initial Deposit”). The Trust and the Collateral Agent confirm that concurrently with the execution and delivery of this
Agreement such amount has been deposited by the Trust with the Collateral Agent for deposit into the Spread Account. The Collateral Agent shall deposit all cash distributions with respect to the Collateral into the Spread Account. 

(d) Except as specifically provided herein, the Spread Account shall be maintained by the Collateral Agent at all times separate and
apart from any other account of the Trust or the Servicer. All income or loss on investments of funds in the Spread Account shall be reported by AmeriCredit as taxable income or loss of AmeriCredit. 

Section 3.02 Investments. 

(a) Funds which may at any time be held in the Spread Account shall be invested and reinvested by the Collateral Agent, at the written
direction (which may include, subject to the provisions hereof, general standing instructions) of the Servicer (unless a Servicer Termination Event shall have occurred and be continuing, in which case at the written direction of the Controlling
Party) or its designee received by the Collateral Agent by 1:00 P.M., New York City time, on the Business Day prior to the date on which such investment shall be made, in one or more Spread Account Eligible Investments in the manner specified in
Section 3.02(c). If no written direction with respect to any portion of the Spread Account is received by the Collateral Agent, the 

 

 22 

 
Collateral Agent shall invest such funds overnight in investments described in paragraph (g) of Eligible Investments, provided that the Collateral Agent shall not be liable for any loss or
absence of income resulting from such investments. 
 (b) Each investment made pursuant to this Section 3.02 on any date
shall mature not later than the Business Day immediately preceding the Distribution Date next succeeding the day such investment is made. 

(c) Subject to the other provisions hereof, the Collateral Agent shall have sole control over each such investment and the income
thereon, and any certificate or other instrument evidencing any such investment, if any, shall be delivered directly to the Collateral Agent or its agent, together with each document of transfer, if any, necessary to transfer title to such
investment to the Collateral Agent in a manner which complies with Section 2.04 and the requirements of the definition of “Spread Account Eligible Investments.” 

(d) If amounts on deposit in the Spread Account are at any time invested in a Spread Account Eligible Investment payable on demand, the
Collateral Agent shall (i) consistent with any notice required to be given thereunder, demand that payment thereon be made on the last day such Spread Account Eligible Investment is permitted to mature under the provisions hereof and
(ii) demand payment of all amounts due thereunder promptly upon receipt of written notice from the Controlling Party to the effect that such investment does not constitute a Spread Account Eligible Investment. 

(e) All monies on deposit in the Spread Account, together with any deposits or securities in which such monies may be invested or
reinvested, and any gains from such investments, shall constitute Collateral hereunder subject to the Security Interest of the Secured Parties. 

(f) Subject to Section 4.03 hereof, the Collateral Agent shall not be liable by reason of any insufficiency in the Spread Account
resulting from any loss on any Spread Account Eligible Investment included therein. 
 (g) For avoidance of doubt, any amounts
that are invested by the Collateral Agent in Spread Account Eligible Investments shall constitute “funds” or “amounts” “in the Spread Account,” “held in the Spread Account,” or “on deposit in the Spread
Account” and any such investments shall be considered to “mature” on or by a given day to the extent that such invested amounts will be available either by payment at maturity on such day or pursuant to a right to payment or
withdrawal on such day after applicable prior demand or notice is made. 
 Section 3.03 Distributions: Priority of
Payments. 
 (a) Prior to each Distribution Date, the Controlling Party will direct the Collateral Agent with respect to the
amounts to be distributed pursuant to Section 3.03(b) on such Distribution Date and the Collateral Agent shall notify the Trustee of such 

 

 23 

 
determination. Additionally, on each Determination Date on which the amount in the Spread Account is less than the Requisite Amount with respect to such Determination Date, the Collateral Agent
shall notify the Trust Collateral Agent of the amount of such shortfall, and on the next succeeding Distribution Date, the Trust Collateral Agent shall be required pursuant to Section 5.7(a) of the Sale and Servicing Agreement to deliver such
amount, to the extent available in accordance with the Sale and Servicing Agreement, to the Collateral Agent for deposit into the Spread Account subject to Section 3.03(b) hereof. 

(b) On each Distribution Date, following delivery by the Trustee to the Collateral Agent of the amounts required under the Sale and
Servicing Agreement to be delivered to the Collateral Agent for deposit in the Spread Account, and upon receipt of a Deficiency Notice, or notice with respect to an Accelerated Payment Amount Shortfall or notice with respect to other amounts
referred to in priority SECOND being due and owing, the Collateral Agent shall make the following distributions from the Spread Account in the following order of priority and, in each case, to the extent of the amount specified: 

FIRST, if there exists a Deficiency Claim Amount, to the Trust Collateral Agent for deposit in the Collection
Account the amount of such Deficiency Claim Amount; and 
 SECOND, to the extent that the funds in the
Spread Account are in excess of the Requisite Amount or, following the Final Termination Date, to the extent of any funds remaining in the Spread Account: 

first, if the Trust Collateral Agent has delivered an Accelerated Payment Shortfall Notice and if there exists an Accelerated Payment
Amount Shortfall, to the Trust Collateral Agent for deposit in the Collection Account the amount of such Accelerated Payment Amount Shortfall; 

second, amounts in respect of indemnity payments to the Trustee, Lockbox Bank, Lockbox Processor, Owner Trustee, Custodian, Backup
Servicer, Collateral Agent, Trust Collateral Agent, or other service provider that have not been reimbursed by the Servicer, to such Persons pro rata in accordance with amounts due to such Persons; 

third, to the payment of any expenses payable pursuant to Section 4.5 of the Sale and Servicing Agreement to the extent not paid by
the Servicer; 
 fourth, pari passu and pro rata (on the basis of the Total Enhancement Shortfall) to the spread account for each
Sharing-Eligible Securitization with respect to which there exists on such day a Total Enhancement Shortfall (based on the amount then on deposit in the spread account for each such Sharing-Eligible Securitization and the most recently available
Servicer Report for each such Sharing-Eligible Securitization), an amount 
  

 24 

 
up to the amount of such Total Enhancement Shortfall in accordance with a Release Instruction Letter, free and clear of the Lien established hereunder; and 

fifth, to the Certificateholder, free and clear of the Lien established hereunder. 

(c) On any date on which the Notes have been redeemed in full pursuant to Section 10.1 of the Indenture and all amounts due and
payable to Assured Guaranty under the Insurance Agreement have been paid in full, the Collateral Agent shall release all amounts remaining on deposit in the Spread Account (following any distributions required to have been made on such date pursuant
to Section 3.03(b)) to the Certificateholder free and clear of the Lien established hereunder. 
 Section 3.04
General Provisions Regarding Spread Account. 
 (a) Promptly upon the establishment (initially or upon any relocation) of
the Spread Account hereunder, the Collateral Agent shall advise the Trust and each Secured Party in writing of the name and address of the depository institution or trust company where the Spread Account has been established (if not Wells Fargo or
any successor Collateral Agent in its commercial banking capacity), the name of the officer of the depository institution who is responsible for overseeing the Spread Account, the account number and the individuals whose names appear on the
signature cards for the Spread Account. The Trust shall cause each such depository institution or trust company to execute a written agreement, in form and substance satisfactory to the Controlling Party, waiving, and the Collateral Agent by its
execution of this Agreement hereby waives (except to the extent expressly provided herein), in each case to the extent permitted under applicable law, (i) any banker’s or other statutory or similar Lien, and (ii) any right of set-off
or other similar right under applicable law with respect to the Spread Account and agreeing, and the Collateral Agent by its execution of this Agreement hereby agrees, to notify the Trust, the Collateral Agent, and each Secured Party of any charge
or claim against or with respect to the Spread Account. The Collateral Agent shall give the Trust and each Secured Party at least ten Business Days’ prior written notice of any change in the location of the Spread Account or in any related
account information. Anything herein to the contrary notwithstanding, unless otherwise consented to by the Controlling Party in writing, the Collateral Agent shall have no right to change the location of the Spread Account. 

(b) Upon the written request of the Controlling Party or the Trust, the Collateral Agent shall cause, at the expense of the Trust, the
depository institution at which the Spread Account is located to forward to the requesting party copies of all monthly account statements for the Spread Account. 

(c) If at any time the Spread Account ceases to be an Eligible Account, the Collateral Agent shall notify the Controlling Party of such
fact and shall establish within 5 Business Days of such determination, in accordance with paragraph (a) of this Section, a successor Spread Account thereto, which shall be an Eligible Account, at another depository institution acceptable to the
Controlling Party. 
  

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 (d) No passbook, certificate of deposit or other similar instrument evidencing the Spread
Account shall be issued, and all contracts, receipts and other papers, if any, governing or evidencing the Spread Account shall be held by the Collateral Agent. 

Section 3.05 Reports by the Collateral Agent. The Collateral Agent shall report to the Trustee, Assured Guaranty, the Trust
and the Servicer on a monthly basis no later than each Distribution Date with respect to the amount on deposit in the Spread Account and the identity of the investments included therein as of the last day of the related Monthly Period, and shall
provide accounts of deposits into and withdrawals from the Spread Account, and of the investments made therein, to the independent accountants upon their request for purposes of their reports pursuant to Section 4.11 of the Sale and Servicing
Agreement. 
 ARTICLE IV 

THE COLLATERAL AGENT 

Section 4.01 Appointment and Powers. Subject to the terms and conditions hereof, each of the Secured Parties hereby appoints
Wells Fargo, as Collateral Agent with respect to the Collateral, and Wells Fargo hereby accepts such appointment and agrees to act as Collateral Agent with respect to the Collateral for the Secured Parties, to maintain custody and possession of the
Collateral (except as otherwise provided hereunder) and to perform the other duties of the Collateral Agent in accordance with the provisions of this Agreement. Each Secured Party hereby authorizes the Collateral Agent to take such action on its
behalf, and to exercise such rights, remedies, powers and privileges hereunder, as the Controlling Party may direct and as are specifically authorized to be exercised by the Collateral Agent by the terms hereof, together with such actions, rights,
remedies, powers and privileges as are reasonably incidental thereto. The Collateral Agent shall act upon and in compliance with the written instructions of the Controlling Party delivered pursuant to this Agreement promptly following receipt of
such written instructions; provided that the Collateral Agent shall not act in accordance with any instructions (i) which are not authorized by, or in violation of the provisions of, this Agreement or (ii) for which the Collateral Agent
has not received reasonable indemnity. Receipt of such instructions shall not be a condition to the exercise by the Collateral Agent of its express duties hereunder, except where this Agreement provides that the Collateral Agent is permitted to act
only following and in accordance with such instructions. 
 Section 4.02 Performance of Duties. The Collateral Agent
shall not have any duties or responsibilities except those expressly set forth in this Agreement and the other Transaction Documents to which the Collateral Agent is a party or as directed by the Controlling Party in accordance with this Agreement.

  

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 Section 4.03 Limitation on Liability. Neither the Collateral Agent nor any of
its directors, officers or employees, shall be liable for any action taken or omitted to be taken by it or them hereunder, or in connection herewith, except that the Collateral Agent shall be liable for its gross negligence, bad faith or willful
misconduct; nor shall the Collateral Agent be responsible for the validity, effectiveness, value, sufficiency or enforceability against the Trust of this Agreement or any of the Collateral (or any part thereof) or perfection thereof. Notwithstanding
any term or provision of this Agreement, the Collateral Agent shall not incur any liability to the Trust or the Secured Parties for any action taken or omitted by the Collateral Agent in connection with the Collateral, except for gross negligence or
willful misconduct on the part of the Collateral Agent, and, further, the Collateral Agent shall not incur any liability to the Secured Parties except for gross negligence or willful misconduct in carrying out its duties to the Secured Parties.
Subject to Section 4.04, the Collateral Agent shall be protected and shall incur no liability to any such party in relying upon the accuracy, acting in reliance upon the contents, and assuming the genuineness of any notice, demand, certificate,
signature, instrument or other document reasonably believed by the Collateral Agent to be genuine and to have been duly executed by the appropriate signatory, and (absent actual knowledge to the contrary by a Responsible Officer of the Collateral
Agent) the Collateral Agent shall not be required to make any independent investigation with respect thereto. The Collateral Agent shall at all times be free independently to establish to its reasonable satisfaction, but shall have no duty to
independently verify, the existence or nonexistence of facts that are a condition to the exercise or enforcement of any right or remedy hereunder or under any of the Transaction Documents. The Collateral Agent may consult with counsel, and shall not
be liable for any action taken or omitted to be taken by it hereunder in good faith and in accordance with the written advice of such counsel. The Collateral Agent shall not be under any obligation to expend or risk its own funds or otherwise incur
financial liability in the performance of any of its duties hereunder, or to exercise any of the remedial rights or powers vested in it by this Agreement or to follow any direction from the Controlling Party unless it shall have received reasonable
security or indemnity satisfactory to the Collateral Agent against the costs, expenses and liabilities which might be incurred by it in connection therewith. 

Section 4.04 Reliance upon Documents. In the absence of bad faith or negligence on its part, the Collateral Agent shall be
entitled to rely on any communication, instrument, paper or other document reasonably believed by it to be genuine and correct and to have been signed or sent by the proper Person or Persons and shall have no liability in acting, or omitting to act,
where such action or omission to act is in reasonable reliance upon any statement or opinion contained in any such document or instrument. 

Section 4.05 Successor Collateral Agent. 

(a) Merger. Any Person into which the Collateral Agent may be converted or merged, or with which it may be consolidated, or to
which it may sell or transfer its trust business and assets as a whole or substantially as a whole, or any Person resulting from any such conversion, merger, consolidation, sale or transfer to which the Collateral Agent

  

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is a party, shall (provided it is otherwise qualified to serve as the Collateral Agent hereunder) be and become a successor Collateral Agent hereunder and be vested with all of the title to and
interest in the Collateral and all of the trusts, powers, discretions, immunities, privileges and other matters as was its predecessor without the execution or filing of any instrument or any further act, deed or conveyance on the part of any of the
parties hereto, anything herein to the contrary notwithstanding, except to the extent, if any, that any such action is necessary to perfect, or continue the perfection of, the security interest of the Secured Parties in the Collateral. 

(b) Resignation. The Collateral Agent and any successor Collateral Agent may resign only (i) 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 result in a material adverse effect on the Collateral Agent, and the
Controlling Party does not elect to waive the Collateral Agent’s obligation to perform those duties which render it legally unable to act or elect to delegate those duties to another Person, or (ii) with the prior written consent of the
Controlling Party, such consent not to be unreasonably withheld. The Collateral Agent shall give not less than 60 days’ prior written notice of any such permitted resignation by registered or certified mail to the other Secured Party and the
Trust; provided, that such resignation shall take effect only upon the date which is the latest of (i) the effective date of the appointment of a successor Collateral Agent and the acceptance in writing by such successor Collateral Agent
of such appointment and of its obligation to perform its duties hereunder in accordance with the provisions hereof, (ii) delivery of the Collateral to such successor to be held in accordance with the procedures specified in Article II hereof,
and (iii) receipt by the Controlling Party of an Opinion of Counsel to the effect described in Section 5.02. Notwithstanding the preceding sentence, if by the contemplated date of resignation specified in the written notice of resignation
delivered as described above no successor Collateral Agent or temporary successor Collateral Agent has been appointed Collateral Agent and accepted such appointment or becomes the Collateral Agent pursuant to subsection (d) hereof, the
resigning Collateral Agent may petition a court of competent jurisdiction in New York, New York for the appointment of a successor. 

(c) Removal. The Collateral Agent may be removed by the Controlling Party at any time, with or without cause, by an instrument or
concurrent instruments in writing delivered to the Collateral Agent, the other Secured Party and the Issuer. A temporary successor may be removed at any time to allow a successor Collateral Agent to be appointed pursuant to subsection
(d) below. Any removal pursuant to the provisions of this subsection (c) shall take effect only upon the date which is the latest of (i) the effective date of the appointment of a successor Collateral Agent and the acceptance in
writing by the successor Collateral Agent of such appointment and of its obligation to perform its duties hereunder in accordance with the provisions hereof, (ii) delivery of the Collateral to such successor to be held in accordance with the
procedures specified in Article II hereof and (iii) receipt by the Controlling Party of an Opinion of Counsel to the effect described in Section 5.02. 
  

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 (d) Acceptance by Successor. The Controlling Party shall have the sole right to
appoint each successor Collateral Agent. Every temporary or permanent successor Collateral Agent appointed hereunder shall execute, acknowledge and deliver to its predecessor and to each Secured Party and the Trust an instrument in writing accepting
such appointment hereunder and the relevant predecessor shall execute, acknowledge and deliver such other documents and instruments as will effectuate the delivery of all Collateral to the successor Collateral Agent to be held in accordance with the
procedures specified in Article II hereof, whereupon such successor, without any further act, deed or conveyance, shall become fully vested with all the estates, properties, rights, powers, duties and obligations of its predecessor. Such predecessor
shall, nevertheless, on the written request of either Secured Party or the Trust, execute and deliver an instrument transferring to such successor all the estates, properties, rights and powers of such predecessor hereunder. In the event that any
instrument in writing from the Trust or a Secured Party is reasonably required by a successor Collateral Agent to more fully and certainly vest in such successor the estates, properties, rights, powers, duties and obligations vested or intended to
be vested hereunder in such Collateral Agent, any and all such written instruments shall, at the request of the temporary or permanent successor Collateral Agent, be forthwith executed, acknowledged and delivered by the Issuer. The designation of
any successor Collateral Agent and the instrument or instruments removing any Collateral Agent and appointing a successor hereunder, together with all other instruments provided for herein, shall be maintained with the records relating to the
Collateral and, to the extent required by applicable law, filed or recorded by the successor Collateral Agent in each place where such filing or recording is necessary to effect the transfer of the Collateral to the successor Collateral Agent or to
protect or continue the perfection of the security interests granted hereunder. 
 Section 4.06 Indemnification. The
Trust shall indemnify the Collateral Agent, its directors, officers, employees and agents for, and hold the Collateral Agent, its directors, officers, employees and agents harmless against, any loss, liability or expense (including the costs and
expenses of defending against any claim of liability) arising out of or in connection with the Collateral Agent’s acting as Collateral Agent hereunder, except such loss, liability or expense as shall result from the gross negligence, bad faith
or willful misconduct of the Collateral Agent or its officers, employees, directors or agents. The obligation of the Trust under this Section shall survive the termination of this Agreement and the resignation or removal of any Collateral Agent. The
Collateral Agent covenants and agrees that the obligations of the Trust hereunder and under Section 4.07 shall be limited to the amounts distributed pursuant to Section 5.7(a)(iii) of the Sale and Servicing Agreement and
Section 3.03(b) of this Agreement, and further covenants not to take any action to enforce its rights to indemnification hereunder with respect to the Trust and to payment under Section 4.07, or otherwise to assert any Lien or take any
other action in respect of the Collateral, until the Final Termination Date. 
 Section 4.07 Compensation and
Reimbursement. The Trust agrees for the benefit of the Secured Parties and as part of the Secured Obligations (a) to pay to the Collateral Agent, from time to time, reasonable compensation for all services rendered by

  

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it hereunder (which compensation shall not be limited by any provision of law in regard to the compensation of a collateral trustee); and (b) to reimburse the Collateral Agent upon its
request for all reasonable expenses, disbursements and advances incurred or made by the Collateral Agent in accordance with any provision of, or carrying out its duties and obligations under, this Agreement (including the reasonable compensation and
fees and the expenses and disbursements of its agents, any independent certified public accountants and independent counsel), except any expense, disbursement or advances as may be attributable to gross negligence, bad faith or willful misconduct on
the part of the Collateral Agent. 
 Section 4.08 Representations and Warranties of Wells Fargo. Wells Fargo
represents and warrants to the Trust and to each Secured Party as follows: 
 (a) Due Organization. Wells Fargo is a
national banking association, duly organized, validly existing and in good standing under the laws of the United States and is duly authorized and licensed under applicable law to conduct its business as presently conducted. 

(b) Corporate Power. Wells Fargo has all requisite right, power and authority to execute and deliver this Agreement and to perform
all of its duties as Collateral Agent hereunder. 
 (c) Due Authorization. The execution and delivery by Wells Fargo of
this Agreement and the other Transaction Documents to which it is a party, and the performance by Wells Fargo of its duties hereunder and thereunder, have been duly authorized by all necessary corporate proceedings and no further approvals or
filings, including any governmental approvals, are required for the valid execution and delivery by Wells Fargo, or the performance by Wells Fargo, of this Agreement and such other Transaction Documents. 

(d) Valid and Binding Agreement. Wells Fargo has duly executed and delivered this Agreement and each other Transaction Document to
which it is a party, and each of this Agreement and each such other Transaction Document constitutes the legal, valid and binding obligation of Wells Fargo, enforceable against Wells Fargo, in accordance with its terms, except as (i) such
enforceability may be limited by bankruptcy, insolvency, reorganization and similar laws relating to or affecting the enforcement of creditors’ rights generally and (ii) the availability of equitable remedies may be limited by equitable
principles of general applicability. 
 Section 4.09 Waiver of Setoffs. The Collateral Agent hereby expressly waives
any and all rights of setoff that the Collateral Agent may otherwise at any time have under applicable law with respect to the Spread Account and agrees that amounts in the Spread Account shall at all times be held and applied solely in accordance
with the provisions hereof. 
  

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 Section 4.10 Control by the Controlling Party. The Collateral Agent shall comply
with notices and instructions given by the Trust only if accompanied by the written consent of the Controlling Party, except that if any Default shall have occurred and be continuing, the Collateral Agent shall act upon and comply with notices and
instructions given by the Controlling Party alone in the place and stead of the Trust. 
 ARTICLE V 

COVENANTS OF THE TRUST 

Section 5.01 Preservation of Collateral. Subject to the rights, powers and authorities granted to the Collateral Agent and
the Controlling Party in this Agreement, the Trust shall take such action as is necessary and proper with respect to the Collateral in order to preserve and maintain the Collateral and to cause (subject to the rights of the Secured Parties) the
Collateral Agent to perform its obligations with respect to the Collateral as provided herein. The Trust will do, execute, acknowledge and deliver, or cause to be done, executed, acknowledged and delivered, such instruments of transfer or take such
other steps or actions as may be necessary, or required by the Controlling Party, to perfect the Security Interests granted hereunder in the Collateral, to ensure that such Security Interests rank prior to all other Liens and to preserve the
priority of such Security Interests and the validity and enforceability thereof. Upon any delivery or substitution of Collateral, the Trust shall be obligated to execute such documents and perform such actions as are necessary to create in the
Collateral Agent for the benefit of the Secured Parties a valid first Lien on, and valid and perfected, first priority security interest in, the Collateral so delivered and to deliver the Collateral to the Collateral Agent, free and clear of any
other Lien together with satisfactory assurances thereof, and to pay any reasonable costs incurred by any of the Secured Parties or the Collateral Agent (including its respective agents) or otherwise in connection with such delivery. 

Section 5.02 Opinions as to Collateral. Not more than 90 days nor less than 30 days prior to (i) each May 1, during
the term of this Agreement, beginning in 2011 and (ii) each date on which the Trust proposes to take any action contemplated by Section 5.06, the Trust shall, at its own cost and expense, furnish to each Secured Party, the Collateral Agent
and each Rating Agency an Opinion of Counsel either (a) stating that, in the opinion of such counsel, such action has been taken with respect to the execution and filing of any financing statements and continuation statements and other actions
as are necessary to perfect, maintain and protect the lien and security interest of the Collateral Agent (and the priority thereof), on behalf of the Secured Parties, with respect to the Collateral against all creditors of and purchasers from the
Trust and reciting the details of such action, or (b) stating that, in the opinion of such counsel, no such action is necessary to maintain such perfected lien and security interest. Such Opinion of Counsel shall further describe each execution
and filing of any financing statements and continuation statements and such other actions as will, in the opinion of such counsel, be required to perfect, maintain and protect the lien and security interest of the Collateral Agent, on behalf of the
Secured Parties, with respect to the Collateral against all creditors of and purchasers from the Trust for a period, specified in such Opinion, continuing until a date not earlier than eighteen months from the date of such Opinion. 

 

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 Section 5.03 Notices. In the event that the Trust acquires knowledge of the
occurrence and continuance of any Insurance Agreement Event of Default or Event of Default or of any event of default or like event, howsoever described or called, under any of the Transaction Documents, the Trust shall immediately give written
notice thereof to the Collateral Agent and each Secured Party. 
 Section 5.04 Waiver of Stay or Extension Laws;
Marshaling of Assets. The Trust covenants, to the fullest extent permitted by applicable law, that it will not at any time insist upon, plead, or in any manner whatsoever claim or take the benefit or advantage of, any appraisement, valuation,
stay, extension or redemption law wherever enacted, now or at any time hereafter in force, in order to prevent or hinder the enforcement of this Agreement or any absolute sale of the Collateral or any part thereof, or the possession thereof by any
purchaser at any sale under Article VII of this Agreement; and the Trust, to the fullest extent permitted by applicable law, for itself and all who may claim under it, hereby waives the benefit of all such laws, and covenants that it will not
hinder, delay or impede the execution of any power herein granted to the Collateral Agent, but will suffer and permit the execution of every such power as though no such law had been enacted. The Trust, for itself and all who may claim under it,
waives, to the fullest extent permitted by applicable law, all right to have the Collateral marshaled upon any foreclosure or other disposition thereof. 

Section 5.05 Noninterference, etc. The Trust shall not (i) waive or alter any of its rights under the Collateral (or any
agreement or instrument relating thereto) without the prior written consent of the Controlling Party; or (ii) fail to pay any tax, assessment, charge or fee levied or assessed against the Collateral, or to defend any action, if such failure to
pay or defend may adversely affect the priority or enforceability of the Trust’s right, title or interest in and to the Collateral or the Collateral Agent’s lien on, and security interest in, the Collateral for the benefit of the Secured
Parties; or (iii) take any action, or fail to take any action, if such action or failure to take action, will interfere with the enforcement of any rights under the Transaction Documents. 

Section 5.06 Trust Changes. 

(a) Change in Name, Structure, etc. The Trust shall not change its name, identity or structure unless it shall have given each
Secured Party and the Collateral Agent at least 30 days’ prior written notice thereof, shall have effected any necessary or appropriate assignments or amendments thereto and filings of financing statements or amendments thereto, and shall have
delivered to the Collateral Agent and each Secured Party an Opinion of Counsel of the type described in Section 5.02. 

(b) Relocation of the Trust. The Trust shall not change its principal office unless it gives each Secured Party and the Collateral
Agent at least 30 days’ prior written notice of any relocation of its principal office. If the Trust relocates its principal office or 

 

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principal place of business from Delaware, the Trust shall give prior notice thereof to the Controlling Party and the Collateral Agent and shall effect whatever appropriate recordations and
filings are necessary and shall provide to the Controlling Party and the Collateral Agent an Opinion of Counsel, to the effect that, upon the recording of any necessary assignments or amendments to previously-recorded assignments and filing of any
necessary amendments to the previously filed financing or continuation statements or upon the filing of one or more specified new financing statements, and the taking of such other actions as may be specified in such opinion, the security interests
in the Collateral shall remain, after such relocation, valid and perfected. 
 ARTICLE VI 

CONTROLLING PARTY; INTERCREDITOR PROVISIONS 

Section 6.01 Appointment of Controlling Party. From and after the Closing Date until the Insurer Termination Date, Assured
Guaranty shall be the Controlling Party and shall be entitled to exercise all the rights given the Controlling Party hereunder. From and after the Insurer Termination Date, the Trustee shall be the Controlling Party hereunder until the Trustee
Termination Date. Notwithstanding the foregoing, in the event that an Assured Guaranty Default shall have occurred and be continuing, the Trustee shall be the Controlling Party until the applicable Trustee Termination Date. If prior to an Insurer
Termination Date the Trustee shall have become the Controlling Party as a result of the occurrence of an Assured Guaranty Default and either such Assured Guaranty Default is cured or for any other reason ceases to exist or the Trustee Termination
Date occurs, then upon such cure or other cessation or on such Trustee Termination Date, as the case may be, Assured Guaranty shall, upon notice thereof being duly given to the Collateral Agent, again be the Controlling Party. 

Section 6.02 Controlling Party’s Authority. 

(a) The Trust hereby irrevocably appoints the Controlling Party, and any successor to the Controlling Party appointed pursuant to
Section 6.01, its true and lawful attorney, with full power of substitution, in the name of the Trust, the Secured Parties or otherwise, but at the expense of the Trust, to the extent permitted by law to exercise, at any time and from time to
time while any Insurance Agreement Event of Default has occurred and is continuing, any or all of the following powers with respect to the Collateral: (i) to demand, sue for, collect, receive and give acquittance for any and all monies due or
to become due upon or by virtue thereof, (ii) to settle, compromise, compound, prosecute or defend any action or proceeding with respect thereto, (iii) to sell, transfer, assign or otherwise deal with the same or the proceeds thereof as
fully and effectively as if the Collateral Agent were the absolute owner thereof, and (iv) to extend the time of payment of any or all thereof and to make any allowance or other adjustments with respect thereto. 

(b) Each Secured Party hereby irrevocably and unconditionally constitutes and appoints the Controlling Party, and any successor to such
Controlling Party 
  

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appointed pursuant to Section 6.01 from time to time, as the true and lawful attorney-in-fact of such Secured Party for so long as such Secured Party is the Non-Controlling Party, with full
power of substitution, to execute, acknowledge and deliver any notice, document, certificate, paper, pleading or instrument and to do in the name of the Controlling Party as well as in the name, place and stead of such Secured Party such acts,
things and deeds for and on behalf of and in the name of such Secured Party under this Agreement which such Secured Party could or might do or which may be necessary, desirable or convenient in such Controlling Party’s sole discretion to effect
the purposes contemplated hereunder and, without limitation, exercise full right, power and authority to take, or defer from taking, any and all acts with respect to the administration of the Collateral, and the enforcement of the rights of the
Secured Parties hereunder, on behalf of and for the benefit of such Controlling Party and such Non-Controlling Party, as their interests may appear. 

Section 6.03 Rights of Secured Parties. The Non-Controlling Party at any time expressly agrees that it shall not assert any
rights that it may otherwise have, as a Secured Party with respect to the Collateral, to direct the maintenance, sale or other disposition of the Collateral or any portion thereof, notwithstanding the occurrence and continuance of any Default or any
nonperformance by the Trust of any obligation owed to such Secured Party hereunder or under any other Transaction Document, and each party hereto agrees that the Controlling Party shall be the only Person entitled to assert and exercise such rights.

 Section 6.04 Degree of Care. 

(a) Controlling Party. Notwithstanding any term or provision of this Agreement, the Controlling Party shall incur no liability to
the Trust for any action taken or omitted by the Controlling Party in connection with the Collateral, except for any gross negligence, bad faith or willful misconduct on the part of the Controlling Party and, further, shall incur no liability to the
Non-Controlling Party except for a breach of the terms of this Agreement or for gross negligence, bad faith or willful misconduct in carrying out its duties, if any, to the Non-Controlling Party. The Controlling Party shall be protected and shall
incur no liability to any such party in relying upon the accuracy, acting in reliance upon the contents and assuming the genuineness of any notice, demand, certificate, signature, instrument or other document believed by the Controlling Party to be
genuine and to have been duly executed by the appropriate signatory, and (absent manifest error or actual knowledge to the contrary) the Controlling Party shall not be required to make any independent investigation with respect thereto. The
Controlling Party shall, at all times, be free independently to establish to its reasonable satisfaction the existence or nonexistence, as the case may be, of any fact the existence or nonexistence of which shall be a condition to the exercise or
enforcement of any right or remedy under this Agreement or any of the Transaction Documents. 
 (b) The Non-Controlling
Party. The Non-Controlling Party shall not be liable to the Trust for any action or failure to act by the Controlling Party or the Collateral Agent in exercising, or failing to exercise, any rights or remedies hereunder. 

 

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 ARTICLE VII 

REMEDIES UPON DEFAULT 

Section 7.01 Remedies upon a Default. If a Default has occurred and is continuing, the Collateral Agent shall, at the
direction of the Controlling Party, take whatever action at law or in equity as may appear necessary or desirable in the judgment of the Controlling Party to collect and satisfy all Secured Obligations (including, but not limited to, foreclosure
upon the related Collateral and all other rights available to secured parties under applicable law) or to enforce performance and observance of any obligation, agreement or covenant under any of the Transaction Documents. 

Section 7.02 Waiver of Default. The Controlling Party shall have the sole right, to be exercised in its complete discretion,
to waive any Default by a writing setting forth the terms, conditions and extent of such waiver signed by the Controlling Party and delivered to the Collateral Agent, the other Secured Party and the Issuer. Any such waiver shall be binding upon the
Non-Controlling Party and the Collateral Agent. Unless such writing expressly provides to the contrary, any waiver so granted shall extend only to the specific event or occurrence which gave rise to the Default so waived and not to any other similar
event or occurrence which occurs subsequent to the date of such waiver. 
 Section 7.03 Restoration of Rights and
Remedies. If the Collateral Agent has instituted any proceeding to enforce any right or remedy under this Agreement, and such proceeding has been discontinued or abandoned for any reason, or has been determined adversely to the Collateral Agent,
then and in every such case the Trust, the Collateral Agent and each of the Secured Parties shall, subject to any determination in such proceeding, be restored severally and respectively to their former positions hereunder, and thereafter all rights
and remedies of the Secured Parties shall continue as though no such proceeding had been instituted. 
 Section 7.04 No
Remedy Exclusive. No right or remedy herein conferred upon or reserved to the Collateral Agent, the Controlling Party or any of the Secured Parties is intended to be exclusive of any other right or remedy, and every right or remedy shall, to the
extent permitted by law, be cumulative and in addition to every other right and remedy given hereunder or now or hereafter existing at law, in equity or otherwise (but, in each case, shall be subject to the provisions of this Agreement limiting such
remedies), and each and every right, power and remedy whether specifically herein given or otherwise existing may be exercised from time to time and as often and in such order as may be deemed expedient by the Controlling Party, and the exercise of
or the beginning of the exercise of any right or power or remedy shall not be construed to be a waiver of the right to exercise at the same time or thereafter any other right, power or remedy. 

 

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 ARTICLE VIII 

MISCELLANEOUS 

Section 8.01 Further Assurances. Each party hereto shall take such action and deliver such instruments to any other party
hereto, in addition to the actions and instruments specifically provided for herein, as may be reasonably requested or required to effectuate the purpose or provisions of this Agreement or to confirm or perfect any transaction described or
contemplated herein. 
 Section 8.02 Waiver. Any waiver by any party of any provision of this Agreement or any
right, remedy or option hereunder shall only prevent and estop such party from thereafter enforcing such provision, right, remedy or option if such waiver is given in writing and only as to the specific instance and for the specific purpose for
which such waiver was given. The failure or refusal of any party hereto to insist in any one or more instances, or in a course of dealing, upon the strict performance of any of the terms or provisions of this Agreement by any party hereto or the
partial exercise of any right, remedy or option hereunder shall not be construed as a waiver or relinquishment of any such term or provision, but the same shall continue in full force and effect. 

Section 8.03 Amendments; Waivers. No amendment, modification, waiver or supplement to this Agreement or any provision of this
Agreement shall in any event be effective unless the same shall have been made or consented to in writing by each of the parties hereto and each Rating Agency shall have received prior written notice from the Trust with respect to such amendment,
modification, waiver or supplement; notwithstanding the foregoing, for so long as Assured Guaranty shall be the Controlling Party, amendments, modifications, waivers or supplements hereto, the Collateral or the Spread Account or any requirement
hereunder to deposit or retain any amounts in such Spread Account or to distribute any amounts therein as provided in Section 3.03 shall be effective if made or consented to in writing by Assured Guaranty, the Trust 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), but shall in no circumstances require the consent of the Trustee, the Trust Collateral Agent or the
Noteholders. 
 Section 8.04 Severability. In the event that any provision of this Agreement or the application
thereof to any party hereto or to any circumstance or in any jurisdiction governing this Agreement shall, to any extent, be invalid or unenforceable under any applicable statute, regulation or rule of law, then such provision shall be deemed
inoperative to the extent that it is invalid or unenforceable and the remainder of this Agreement, and the application of any such invalid or unenforceable provision to the parties, jurisdictions or circumstances other than to whom or to which it is
held invalid or unenforceable, shall not be affected thereby nor shall the same affect the validity or enforceability of any other provision of this Agreement. The parties hereto further agree that the holding by any court of competent jurisdiction
that any remedy pursued by the Collateral Agent, or any of the Secured Parties, hereunder is unavailable or unenforceable 
  

 36 

 
shall not affect in any way the ability of the Collateral Agent or any of the Secured Parties to pursue any other remedy available to it or them (subject, however, to the provisions of this
Agreement limiting such remedies). 
 Section 8.05 Nonpetition Covenant. Notwithstanding any prior termination of
this Agreement, each of the parties hereto agrees that it shall not, prior to one year and one day after the payment in full of all the Notes and all Insurer Secured Obligations, acquiesce, petition or otherwise invoke or cause the Trust to invoke
the process of the United States of America, any State or other political subdivision thereof or any entity exercising executive, legislative, judicial, regulatory or administrative functions of or pertaining to government for the purpose of
commencing or sustaining a case by or against the Trust under a Federal or state bankruptcy, insolvency or similar law or appointing a receiver, liquidator, assignee, trustee, custodian, sequestrator or other similar official of the Trust or all or
any part of its property or assets or ordering the winding up or liquidation of the affairs of the Trust. The parties agree that damages will be an inadequate remedy for breach of this covenant and that this covenant may be specifically enforced.

 Section 8.06 Notices. All notices, demands, certificates, requests and communications hereunder
(“notices”) shall be in writing and shall be effective (a) upon receipt when sent through the U.S. mails, registered or certified mail, return receipt requested, postage prepaid, with such receipt to be effective the date of delivery
indicated on the return receipt, or (b) one Business Day after delivery to an overnight courier, or (c) on the date personally delivered to an Authorized Officer of the party to which sent, or (d) on the date transmitted by legible
telecopier transmission with a confirmation of receipt, in all cases addressed to the recipient as follows: 
  

	 	(i)	If to the Trust: 

 AmeriCredit
Automobile Receivables Trust 2010-B 
 c/o Wilmington Trust Company 

1100 North Market Street 

Wilmington, Delaware 19890-0001 

Attention: Corporate Trust Administration, as owner trustee 
  

 37 

	 	(ii)	If to Assured Guaranty: 

Assured Guaranty Corp. 

31 West 52nd Street 

New York, New York 10019 

Attention: Structured Surveillance 

Re:    Policy Number D-2010-78 

         AmeriCredit Automobile Receivables Trust 2010-B 

 

			
	Telecopy No.:	  	(212) 339-3518
	Confirmation:	  	(212) 974-0100

 (in each case in which
notice or other communication to Assured Guaranty refers to a Default, Event of Default or a claim on a Policy or in which failure on the part of Assured Guaranty 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 the General Counsel of Assured Guaranty, the General Counsel of AmeriCredit and to the Trustee and, in all cases, any original and each copy shall be marked “URGENT MATERIAL
ENCLOSED”) 
  

	 	(iii)	If to Wells Fargo as Trustee or Collateral Agent: 

Wells Fargo Bank, National Association 

MAC N9311-161 

Sixth and Marquette Avenue 

Minneapolis, Minnesota 55479 

Attention: Corporate Trust Services - Asset Backed Administration 

Telecopy No.:    (612) 667-3464 

Confirmation:     (612) 667-8058 
  

	 	(iv)	If to Moody’s: 

Moody’s Investors Service, Inc. 

7 World Trade Center at 250 Greenwich Street, Asset Finance 

Group, 24th Floor 

New York, New York 10007 

Attention: ABS Monitoring Department 

Telecopier No.: (212) 553-0344 
  

	 	(v)	If to Standard & Poor’s: 

Standard & Poor’s Rating Group 

55 Water Street 

New York, New York 10041 

Telecopier No.: (212) 483-2664 
  

 38 

 A copy of each notice given hereunder to any party hereto shall also be given to (without duplication)
Assured Guaranty, the Trustee, the Trust and the Collateral Agent. Each party hereto may, by notice given in accordance herewith to each of the other parties hereto, designate any further or different address to which subsequent notices shall be
sent. 
 Section 8.07 Term of this Agreement. This Agreement shall continue in effect until the Final Termination
Date. On such Final Termination Date, this Agreement shall terminate, all obligations of the parties hereunder shall cease and terminate and the Collateral, if any, held hereunder and not to be used or applied in discharge of any obligations of the
Trust in respect of the Secured Obligations or otherwise under this Agreement, shall be released to and in favor of Trust, provided that the provisions of Sections 4.06, 4.07 and 8.05 shall survive any termination of this Agreement and the
release of any Collateral upon such termination. 
 Section 8.08 Assignments: Third-Party Rights; Reinsurance.

 (a) This Agreement shall be a continuing obligation of the parties hereto and shall (i) be binding upon the parties and
their respective successors and assigns, and (ii) inure to the benefit of and be enforceable by each Secured Party and the Collateral Agent, and by their respective successors, transferees and assigns. The Trust may not assign this Agreement,
or delegate any of its duties hereunder, without the prior written consent of the Controlling Party. 
 (b) Assured Guaranty
shall have the right (unless an Assured Guaranty Default shall have occurred and be continuing) to give participations in its rights under this Agreement and to enter into contracts of reinsurance with respect to the Notes Policy and each such
participant or reinsurer shall be entitled to the benefit of any representation, warranty, covenant and obligation of each party (other than Assured Guaranty) hereunder as if such participant or reinsurer was a party hereto and, subject only to such
agreement regarding such reinsurance or participation, shall have the right to enforce the obligations of each such other party directly hereunder; provided, however, that no such reinsurance or participation agreement or arrangement
shall relieve Assured Guaranty of its obligations hereunder, under the Transaction Documents to which it is a party or under such Policy. In addition, nothing contained herein shall restrict Assured Guaranty from assigning to any Person pursuant to
any liquidity facility or credit facility any rights of Assured Guaranty under this Agreement or with respect to any real or personal property or other interests pledged to Assured Guaranty, or in which Assured Guaranty has a security interest, in
connection with the transactions contemplated hereby. The terms of any such assignment or participation shall contain an express acknowledgment by such Person of the condition of this Section and the limitations of the rights of Assured Guaranty
hereunder. 
  

 39 

 Section 8.09 Consent of Controlling Party. In the event that the Controlling
Party’s consent is required under the terms hereof or under the terms of any Transaction Document, it is understood and agreed that, except as otherwise provided expressly herein, the determination whether to grant or withhold such consent
shall be made solely by the Controlling Party in its sole discretion. 
 Section 8.10 Trial by Jury Waived. Each of
the parties hereto waives, to the fullest extent permitted by law, any right it may have to a trial by jury in respect of any litigation arising directly or indirectly out of, under or in connection with this Agreement, any of the other Transaction
Documents or any of the transactions contemplated hereunder or thereunder. Each of the parties hereto (a) certifies that no representative, agent or attorney of any other party has represented, expressly or otherwise, that such other party
would not, in the event of litigation, seek to enforce the foregoing waiver and (b) acknowledges that it has been induced to enter into this Agreement and the other Transaction Documents to which it is a party, by among other things, this
waiver. 
 Section 8.11 Governing Law. This Agreement shall be construed in accordance with, and this Agreement and
all matters arising out of or relating in any way to this Agreement shall be governed by the law of the State of New York. 

Section 8.12 Consents to Jurisdiction. Each of the parties hereto irrevocably submits to the jurisdiction of the United
States District Court for the Southern District of New York, any court in the state of New York located in the city and county of New York, and any appellate court from any thereof, in any action, suit or proceeding brought against it and related to
or in connection with this Agreement, the other Transaction Documents or the transactions contemplated hereunder or thereunder or for recognition or enforcement of any judgment and each of the parties hereto irrevocably and unconditionally agrees
that all claims in respect of any such suit or action or proceeding may be heard or determined in such New York State court or, to the extent permitted by law, in such federal court. Each of the parties hereto agrees that a final judgment in any
such action, suit or proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by law. To the extent permitted by applicable law, each of the parties hereby waives and agrees
not to assert by way of motion, as a defense or otherwise in any such suit, action or proceeding, any claim that it is not personally subject to the jurisdiction of such courts, that the suit, action or proceeding is brought in an inconvenient
forum, that the venue of the suit, action or proceeding is improper or that this Agreement or any of the other Transaction Documents or the subject matter hereof or thereof may not be litigated in or by such courts. The Trust hereby irrevocably
appoints and designates The Prentice-Hall Corporation System, Inc., as its true and lawful attorney and duly authorized agent for acceptance of service of legal process. The Trust agrees that service of such process upon such Person shall constitute
personal service of such process upon it. Nothing contained in this Agreement shall limit or affect the rights of any party hereto to serve process in any other manner permitted by law or to start legal proceedings relating to any of the Transaction
Documents against the Trust or its property in the courts of any jurisdiction. 
  

 40 

 Section 8.13 Determination of Adverse Effect. Any determination of an adverse
effect on the interest of the Secured Parties or the Noteholders shall be made without consideration of the availability of funds under the Notes Policy. 

Section 8.14 Counterparts. This Agreement may be executed in two or more counterparts by the parties hereto, and each such
counterpart shall be considered an original and all such counterparts shall constitute one and the same instrument. 

Section 8.15 Headings. The headings of sections and paragraphs and the Table of Contents contained in this Agreement are
provided for convenience only. They form no part of this Agreement and shall not affect its construction or interpretation. 

Section 8.16 No Recourse. It is expressly understood and agreed by the parties hereto that (a) this Agreement is
executed and delivered by Wilmington Trust Company, not individually or personally but solely as trustee of the Trust, in the exercise of the powers and authority conferred and vested in it, (b) each of the representations, undertakings and
agreements herein made on the part of the Trust is made and intended not as personal representations, undertakings and agreements by Wilmington Trust Company but is made and intended for the purpose of binding only the Trust, (c) nothing herein
contained shall be construed as creating any liability on Wilmington Trust Company, individually or personally, to perform any covenant either expressed or implied contained herein, all such liability, if any, being expressly waived by the parties
hereto and by any Person claiming by, through or under the parties hereto and (d) under no circumstances shall Wilmington Trust Company be personally liable for the payment of any indebtedness or expenses of the Trust or be liable for the
breach or failure of any obligation, representation, warranty or covenant made or undertaken by the Trust under this Agreement or any other related documents. 
  

 41 

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

			
	AMERICREDIT AUTOMOBILE RECEIVABLES TRUST 2010-B
	
	By: WILMINGTON TRUST COMPANY, not in its individual capacity but solely as Owner Trustee on behalf of the Trust
		
	By:	 	 /s/ Bethany J. Taylor

		 	Name: Bethany J. Taylor
		 	Title: Financial Services Officer
	
	ASSURED GUARANTY CORP.
		
	By:	 	 /s/ Jorge Gana

	Name:	 	Jorge Gana
	Title:	 	Managing Director
	
	WELLS FARGO BANK, NATIONAL ASSOCIATION as Trustee
		
	By:	 	 /s/ Marianna C. Stershic

		 	Name: Marianna C. Stershic
		 	Title: Vice President
	
	 WELLS FARGO BANK, NATIONAL ASSOCIATION

as Collateral Agent

		
	By:	 	 /s/ Marianna C. Stershic

		 	Name: Marianna C. Stershic
		 	Title: Vice President

  

 42 

 EXHIBIT A 

LETTER OF INSTRUCTION REGARDING SPREAD ACCOUNT MONIES 

Assured Guaranty Corp. 
 31 West 52nd Street

 New York, New York 10019 
 Wells
Fargo Bank, National Association 
 Sixth Street and Marquette Avenue 

MAC N9311-161, 
 Minneapolis, Minnesota 55479

 Attention: Corporate Trust Office 

All capitalized terms used but not otherwise defined herein shall have the meanings assigned thereto in the Spread Account Agreement,
dated as of August 2, 2010 (the “Spread Account Agreement”), by and among AmeriCredit Automobile Receivables Trust 2010-B (“Trust”), Assured Guaranty Corp. (“Assured Guaranty”) and Wells Fargo Bank, National
Association (“Wells Fargo”). 
 AmeriCredit Financial Services, Inc. is the servicer (the “Servicer”), under
the Series 2010-B Sale and Servicing Agreement. The Servicer has determined that (i) the aggregate amount of all Total Enhancement Shortfalls is $[            ], (ii) the amount
that will be on deposit in the Series 2010-B Spread Account following all withdrawals required to be made from the Series 2010-B Spread Account pursuant to priorities FIRST and SECOND, clause first through third of Section 3.03(b) of the Spread
Account Agreement on [            ], 20[    ] (the “Distribution Date”) exceeds the Requisite Amount by
$[            ] and (iii) the amounts to be released to certain other Sharing-Eligible Securitizations (each, a “Release Amount”) are set forth in the table below. The
Servicer requests that, Assured Guaranty, as Controlling Party, hereby direct the Collateral Agent to release the Release Amounts from the Series 2010-B Spread Account on the Distribution Date pursuant to clause fourth of priority SECOND of
Section 3.03(b) of the Spread Account Agreement and that the Collateral Agent release the Release Amounts to the spread account for each of the following Sharing-Eligible Securitizations with respect to which there exists on such day a Total
Enhancement Shortfall (based on the amount then on deposit in the spread account for each such Sharing-Eligible Securitization and the most recently available Servicer Report for each such Sharing-Eligible Securitization), an amount up to the amount
of such Total Enhancement Shortfall as follows: 
  

					
	 Securitization
	  	 Release Amount
	  	 Wiring Instructions

		  		  	
		  		  	
		  		  	
		  		  	

 [The amount to be released to the AmeriCredit Automobile Receivables Trust 2010-B
Certificateholder is $[                                    ]].

 [Remainder of page intentionally left blank] 

 This letter shall be governed by and construed in accordance with the laws of the State of
New York without regard to its choice of law rules. This letter may be executed in any number of counterparts, each of which shall be deemed an original and all of which taken together shall constitute but one letter. 

 

			
	AMERICREDIT FINANCIAL SERVICES, INC.,
	as Servicer
		
	By:	 	  

		 	Name:
		 	Title:

  

			
	ACKNOWLEDGED AND AGREED:
	 ASSURED GUARANTY CORP.,

as Controlling Party

		
	By:	 	  

		 	Name:
		 	Title:
	
	 WELLS FARGO BANK, NATIONAL ASSOCIATION,

as Trustee, Trust Collateral Agent and Collateral Agent

		
	By:	 	  

		 	Name:
		 	Title:

 SPREAD ACCOUNT AGREEMENT, 

dated as of August 2, 2010 

among 

AMERICREDIT AUTOMOBILE RECEIVABLES TRUST 2010-B 

ASSURED GUARANTY CORP. 

and 
 WELLS FARGO
BANK, NATIONAL ASSOCIATION 

 TABLE OF CONTENTS 

 

					
	 	  	 	  	Page
		
	Article I          DEFINITIONS	  	1
			
	 Section 1.01
	  	Definitions	  	1
			
	 Section 1.02
	  	Rules of Interpretation	  	18
		
	Article II         SECURITY INTERESTS; THE COLLATERAL	  	18
			
	 Section 2.01
	  	Grant of Security Interest by the Trust	  	18
			
	 Section 2.02
	  	Perfection and Profit	  	19
			
	 Section 2.03
	  	Reserved	  	19
			
	 Section 2.04
	  	The Trust Remains Liable	  	19
			
	 Section 2.05
	  	Maintenance of Collateral	  	19
			
	 Section 2.06
	  	Termination and Release of Rights	  	20
			
	 Section 2.07
	  	Non-Recourse Obligations of Trust	  	21
			
	 Section 2.08
	  	Securities Intermediary	  	21
		
	Article III        SPREAD ACCOUNT	  	22
			
	 Section 3.01
	  	Establishment of Spread Account, Initial Deposits into Spread Account	  	22
			
	 Section 3.02
	  	Investments	  	22
			
	 Section 3.03
	  	Distributions: Priority of Payments	  	23
			
	 Section 3.04
	  	General Provisions Regarding Spread Account	  	25
			
	 Section 3.05
	  	Reports by the Collateral Agent	  	26
		
	Article IV        THE COLLATERAL AGENT	  	26
			
	 Section 4.01
	  	Appointment and Powers	  	26
			
	 Section 4.02
	  	Performance of Duties	  	26
			
	 Section 4.03
	  	Limitation on Liability	  	27
			
	 Section 4.04
	  	Reliance upon Documents	  	27
			
	 Section 4.05
	  	Successor Collateral Agent	  	27
			
	 Section 4.06
	  	Indemnification	  	29
			
	 Section 4.07
	  	Compensation and Reimbursement	  	29
			
	 Section 4.08
	  	Representations and Warranties of Wells Fargo	  	30
			
	 Section 4.09
	  	Waiver of Setoffs	  	30
			
	 Section 4.10
	  	Control by the Controlling Party	  	31

  

 i 

 TABLE OF CONTENTS 

(continued) 
  

					
	 	  	 	  	Page
		
	Article V         COVENANTS OF THE TRUST	  	31
			
	 Section 5.01
	  	Preservation of Collateral	  	31
			
	 Section 5.02
	  	Opinions as to Collateral	  	31
			
	 Section 5.03
	  	Notices	  	32
			
	 Section 5.04
	  	Waiver of Stay or Extension Laws; Marshaling of Assets	  	32
			
	 Section 5.05
	  	Noninterference, etc.	  	32
			
	 Section 5.06
	  	Trust Changes	  	32
		
	Article VI          CONTROLLING PARTY; INTERCREDITOR PROVISIONS	  	33
			
	 Section 6.01
	  	Appointment of Controlling Party	  	33
			
	 Section 6.02
	  	Controlling Party’s Authority	  	33
			
	 Section 6.03
	  	Rights of Secured Parties	  	34
			
	 Section 6.04
	  	Degree of Care	  	34
		
	Article VII        REMEDIES UPON DEFAULT	  	35
			
	 Section 7.01
	  	Remedies upon a Default	  	35
			
	 Section 7.02
	  	Waiver of Default	  	35
			
	 Section 7.03
	  	Restoration of Rights and Remedies	  	35
			
	 Section 7.04
	  	No Remedy Exclusive	  	35
		
	Article VIII      MISCELLANEOUS	  	36
			
	 Section 8.01
	  	Further Assurances	  	36
			
	 Section 8.02
	  	Waiver	  	36
			
	 Section 8.03
	  	Amendments; Waivers	  	36
			
	 Section 8.04
	  	Severability	  	36
			
	 Section 8.05
	  	Nonpetition Covenant	  	37
			
	 Section 8.06
	  	Notices	  	37
			
	 Section 8.07
	  	Term of this Agreement	  	39
			
	 Section 8.08
	  	Assignments:Third-Party Rights; Reinsurance	  	39
			
	 Section 8.09
	  	Consent of Controlling Party	  	40
			
	 Section 8.10
	  	Trial by Jury Waived	  	40
			
	 Section 8.11
	  	Governing Law	  	40
			
	 Section 8.12
	  	Consents to Jurisdiction	  	40
			
	 Section 8.13
	  	Determination of Adverse Effect	  	41

  

 ii 

 TABLE OF CONTENTS 

(continued) 
  

					
	 	  	 	  	Page
			
	 Section 8.14
	  	Counterparts	  	41
			
	 Section 8.15
	  	Headings	  	41
			
	 Section 8.16
	  	No Recourse	  	41

  

					
	Exhibits
	Exhibit A	  	Letter of Instruction Regarding Spread Account Monies

  

 iiiFinancial Guaranty Insurance Policy, dated August 19, 2010

 Exhibit 10.6 

 

 

 Financial Guaranty Insurance Policy 

 

			
	Insured Obligations: AmeriCredit Automobile Receivables Trust 2010-B	  	Policy No.: D-2010-78
	$36,800,000 Class A-1 0.37690% Asset Backed Notes, Series 2010-B	  	
	$69,000,000 Class A-2 1.18% Asset Backed Notes, Series 2010-B	  	Effective Date: August 19, 2010
	$94,200,000 Class A-3 2.49% Asset Backed Notes, Series 2010-B	  	

 Assured Guaranty Corp., a Maryland-domiciled insurance company (“Assured Guaranty”), in
consideration of the payment of the premium and on the terms and subject to the conditions of this Policy (which includes each endorsement hereto), hereby unconditionally and irrevocably agrees to pay to the Trustee, for the benefit of the Holders
of the Insured Obligations, that portion of the Insured Amounts which shall become Due for Payment during the Term of the Policy but shall be unpaid by reason of Nonpayment. Capitalized terms used and not defined herein shall have the meanings
ascribed thereto in the endorsement attached hereto. 
 Assured Guaranty will make payment of any amount required to be paid
under this Policy following receipt of notice as described in the endorsement attached hereto. Such payments of principal and interest shall be made only upon presentation of an instrument of assignment in form and substance satisfactory to Assured
Guaranty, transferring to Assured Guaranty all rights under such Insured Obligations to receive the principal of and interest on the Insured Obligations, to the extent of such payments of principal and interest. Payment by Assured Guaranty to the
Trustee for the benefit of the Holders shall discharge the obligations of Assured Guaranty under this Policy to the extent of such payment. 

In the event that the Trustee for the Insured Obligations has notice that any payment of principal of or interest in an Insured
Obligation which has become Due for Payment and which has been made to a Holder by or on behalf of the Trustee has been deemed a preferential transfer and has been recovered from such Holder pursuant to the United States Bankruptcy Code in
accordance with a final, nonappealable order of a court of competent jurisdiction, such Holder will be entitled to payment from Assured Guaranty to the extent of such recovery if sufficient funds are not otherwise available (in accordance with the
endorsement attached hereto). 
 This Policy is non-cancelable for any reason. The premium on this Policy is not refundable for
any reason. This Policy does not insure against loss of any prepayment premium or other acceleration payment which at any time may become due in respect of any Insured Obligation, other than at the sole option of Assured Guaranty, nor against any
risk other than Nonpayment, including the failure of the Trustee to remit amounts received to the Holders of Insured Obligations and any shortfalls attributable to withholding or other taxes, including interest and penalties in respect of such
liability. 
 To the fullest extent permitted by applicable law, Assured Guaranty hereby waives, in each case for the benefit of
the Holders only, all rights and defenses of any kind (including, without limitation, the defense of fraud in the inducement or in fact or any other circumstance that would have the effect of discharging a surety, guarantor or any other Person in
law or in equity) that may be available to Assured Guaranty to deny or avoid payment of its obligations under this Policy in accordance with the express provisions hereof. Nothing in this paragraph will be construed (i) to waive, limit or
otherwise impair, and Assured Guaranty expressly reserves, Assured Guaranty’s rights and remedies, including, without limitation: its right to assert any claim or to pursue recoveries (based on contractual rights, securities law violations,
fraud or other causes of action) against any Person or entity, in each case, whether directly or acquired as a subrogee, assignee or otherwise, subsequent to making any payment to the Beneficiary in accordance with the express provisions hereof,
and/or (ii) to require payment by Assured Guaranty of any amounts that have been previously paid or that are not otherwise due in accordance with the express provisions of this Policy. Assured Guaranty does not waive its rights to seek payment
of all amounts to which it is entitled pursuant to the Operative Documents. 
 This Policy (which includes each endorsement
hereto) sets forth in full the undertaking of Assured Guaranty with respect to the subject matter hereof, and may not be modified, altered or affected by any other agreement or instrument, including, without limitation, any modification thereto or
amendment thereof. 
 This Policy shall be governed by, and shall be construed in accordance with, the laws of the State of New
York. 
 THIS POLICY IS NOT COVERED BY THE PROPERTY/CASUALTY INSURANCE SECURITY FUND SPECIFIED IN ARTICLE 76 OF THE NEW YORK
INSURANCE LAW. IN WITNESS WHEREOF, Assured Guaranty has caused this Policy to be affixed with its corporate seal, to be signed by its duly authorized officer and to become effective and binding upon Assured Guaranty by virtue of such signature.

  

					
		 	ASSURED GUARANTY CORP.
	 [SEAL]
	 		 	
			
		 	By:	 	         /s/ Jorge Gana

		 	Name:	 	Jorge Gana
		 	Title:	 	Managing Director
		
		 	Signature attested to by:
		
		 	
                    
/s/ Brian H. Mellstrom

		 	Counsel

  

 ENDORSEMENT NO. 1 TO 

FINANCIAL GUARANTY INSURANCE POLICY 

(NOTES POLICY) 
  

			
	Attached to and forming a part of	  	Effective Date: August 19, 2010
	Financial Guaranty Insurance Policy No.: D-2010-78	  	

 Issued To: Wells Fargo Bank, National Association, as Trust Collateral Agent 

This Endorsement forms a part of the Policy referenced above. To the extent the provisions of this Endorsement conflict with the
provisions of the above-referenced Policy, the provisions of this Endorsement shall govern. 
 ARTICLE I Definitions. For
all purposes of this Policy, the terms specified below shall have the meanings or constructions provided below. Capitalized terms used herein and not otherwise defined herein shall have the meanings provided in the Indenture or the Sale and
Servicing Agreement, whether provided directly or through incorporation by reference, unless otherwise specified. 
 “Assured
Guaranty” means Assured Guaranty Corp., a Maryland-domiciled insurance company. 
 “Business Day” means any day other
than a Saturday, Sunday, legal holiday or other day on which the New York Stock Exchange, the Federal Reserve Bank of New York, the commercial banking institutions in Wilmington, Delaware, Fort Worth, Texas, New York City, New York, Minneapolis,
Minnesota, the State of Maryland, or the location of any successor Servicer, successor Owner Trustee or successor Trust Collateral Agent, or the Insurer are authorized or obligated by law, executive order or governmental decree to be closed.

 “Date of Issuance” means the Effective Date. 

“Due for Payment” means (i) with respect to any amount payable hereunder in respect of Scheduled Payments, becoming payable on an
Insured Distribution Date in accordance with clause (i), (ii) or (iii), as applicable, of the definition of “Scheduled Payments” and (ii) with respect to any amount payable hereunder in respect of any Scheduled Payment avoided as
a preference payment, becoming payable on the date specified in Section 3. 
 “Effective Date” means August 19, 2010.

 “Holder” shall have the meaning set forth in the Indenture; provided, however that “Holder” shall
not include the Obligor, the Servicer, the Trustee, the Trust Collateral Agent or any affiliates or successors of the foregoing in the event the Obligor, or any such affiliate or successor, is a registered or beneficial owner of the Insured
Obligations. 
 “Indenture” means the Indenture, dated as of August 2, 2010, between the Obligor and Wells Fargo Bank,
National Association, as Trustee and Trust Collateral Agent, as amended from time to time with the written consent of Assured Guaranty. 

“Indenture Trustee” or “Trustee” means Wells Fargo Bank, National Association, in its capacity as Trustee under the
Indenture and any successor in such capacity. 
 “Insured Amounts” means the Scheduled Payments. 

“Insured Obligations” means the $36,800,000 Class A-1 0.37690% Asset Backed Notes, Series 2010-B, the $69,000,000 Class A-2
1.18% Asset Backed Notes, Series 2010-B and the $94,200,000 Class A-3 2.49% Asset Backed Notes, Series 2010-B, issued by the Obligor under the Indenture. 

“Nonpayment” means that an Insured Amount is Due for Payment but the funds, if any, remitted to the Trust Collateral Agent or the
Trustee for such payment pursuant to the Sale and Servicing Agreement or the Indenture are insufficient for payment in full of such Insured Amount. 

			
	Policy No.: D-2010-78	  	Date of Issuance: August 19, 2010

 “Notice of
Claim” means a notice and certificate from the Trust Collateral Agent in the form attached as Exhibit A to this Endorsement. 

“Obligor” means AmeriCredit Automobile Receivables Trust 2010-B, a Delaware statutory trust. 

“Operative Documents” means the Basic Documents, as the same may be amended, supplemented, or otherwise modified from time to time with
the written consent of Assured Guaranty. 
 “Policy” means this Financial Guaranty Insurance Policy and includes each
endorsement thereto. 
 “Receipt” and “Received” mean actual delivery to Assured Guaranty and to the Fiscal
Agent (as defined below), if any, prior to 12:00 noon, New York City time, on a Business Day; delivery either on a day that is not a Business Day, or after 12:00 noon, New York City time, on a Business Day shall be deemed to be receipt on the next
succeeding Business Day. For the purposes of this definition, “actual delivery” to Assured Guaranty means (i) the delivery of the original Notice of Claim, together with each other notice or other applicable documentation required by
the terms of this Policy, to Assured Guaranty at its address set forth in paragraph 8, or (ii) facsimile transmission of the original Notice of Claim, together with each other notice or other applicable documentation required by the terms of
this Policy, to Assured Guaranty at its facsimile number set forth in paragraph 8. If presentation is made by facsimile, the Trust Collateral Agent, (x) promptly shall confirm transmission by telephone to Assured Guaranty at its telephone
number set forth in paragraph 8 and (y) as soon as is reasonably practicable, shall deliver the original Notice of Claim, together with each other notice or other applicable documentation required by the terms of this Policy, to Assured
Guaranty at its address set forth in paragraph 8. If any Notice of Claim or other notice or certificate given hereunder by the Trust Collateral Agent is not in proper form or is not properly completed, executed or delivered, or contains any
misstatement, it shall be deemed not to have been Received, and Assured Guaranty or its Fiscal Agent shall promptly so advise the Trust Collateral Agent and the Trust Collateral Agent may submit an amended notice. 

“Sale and Servicing Agreement” means the Sale and Servicing Agreement dated as of August 2, 2010 among the Obligor, AmeriCredit
Financial Services, Inc., as Servicer, AFS SenSub Corp., as Seller and Wells Fargo Bank, National Association, as Backup Servicer and Trust Collateral Agent, as such agreement may be amended, supplemented or otherwise modified from time to time with
the written consent of Assured Guaranty. 
 “Scheduled Payments” means, as to each Insured Distribution Date, payments that are
required to be made to Holders in accordance with the original terms of the Insured Obligations when issued and without regard to any subsequent amendment or modification of the Insured Obligations, the Indenture, the Sale and Servicing Agreement or
the Basic Documents, except amendments or modifications to which Assured Guaranty has given its prior written consent, which payments are (i) the Noteholders’ Interest Distributable Amount with respect to the related Distribution Date,
(ii) the Noteholders’ Remaining Parity Deficit Amount with respect to the related Distribution Date and (iii) with respect to the Final Scheduled Distribution Date for any class of Insured Obligations, the outstanding principal amount
of such class on such Final Scheduled Distribution Date, after taking into account reductions on such date of such outstanding principal amount from all sources other than this Policy. Scheduled Payments do not include payments that become due on an
accelerated basis as a result of (a) a default by the Obligor, (b) an election by the Obligor to pay principal on an accelerated basis, (c) the occurrence of an Event of Default under the Indenture or (d) any other cause, unless
Assured Guaranty elects, in its sole discretion, to pay in whole or in part such principal due upon acceleration, together with any accrued interest to the date of acceleration. In the event Assured Guaranty does not so elect, this Policy will
continue to guarantee payment on the Insured Obligations in accordance with their original terms. Scheduled Payments shall not include (x) any portion of a Noteholders’ Interest Distributable Amount or of a Noteholders’ Interest
Carryover Amount due to Holders because the appropriate notice and certificate for payment in proper form as required by paragraph 2 hereof was not timely Received by Assured Guaranty or (y) any portion of a Noteholders’ Interest
Distributable Amount due to Holders representing interest on any Noteholders’ Interest Carryover Amount accrued from and including the date of payment of the amount of such Noteholders’ Interest Carryover Amount, unless in each case,
Assured Guaranty elects, in its sole discretion, to pay such amount in whole or in part, pursuant hereto. Scheduled Payments shall not include 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 credit worthiness of the Obligor, nor shall Scheduled Payments include, nor
shall coverage be provided under this Policy in respect of, any taxes, withholding or other charge with respect to any Holder imposed by any governmental authority due in connection with the payment of any Scheduled Payment to a Holder. 

 

 3 

			
	Policy No.: D-2010-78	  	Date of Issuance: August 19, 2010

 “Term of
the Policy” means the period from and including the Date of Issuance to and including the date on which (i) all Scheduled Payments have been paid or deemed to be paid within the meaning of Section 4.1 of the Indenture;
(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 shall have expired and (iii) if any proceedings
requisite to avoidance as a preference payment have been commenced prior to the occurrence of (i) and (ii), a final and nonappealable order in resolution of each such proceeding has been entered. 

“Trust Collateral Agent” means Wells Fargo Bank, National Association, in its capacity as Trust Collateral Agent under the Indenture,
acting as agent for the Indenture Trustee in accordance with the terms of the Indenture, and any successor in such capacity. 

ARTICLE II Notices and Conditions to Payment in Respect of Scheduled Payments. Following Receipt by Assured Guaranty of a Notice
of Claim, Assured Guaranty will pay any amount payable hereunder in respect of Scheduled Payments on the Insured Obligations out of the funds of Assured Guaranty on the later to occur of (a) 12:00 noon, New York City time, on the third Business
Day following such Receipt; and (b) 12:00 noon, New York City time, on the date on which such payment is due on the Insured Obligations. Payments due hereunder in respect of Scheduled Payments will be disbursed to the Trust Collateral Agent by
wire transfer of immediately available funds. 
 No claim may be made hereunder except by the Trust Collateral Agent.

 Assured Guaranty shall be entitled to pay any amount hereunder in respect of Scheduled Payments on the Insured Obligations, including any
amount due on the Insured Obligations on an accelerated basis, whether or not any notice and certificate shall have been Received by Assured Guaranty as provided above; provided, however, that by acceptance of this Policy the Indenture Trustee
(directly or acting through the Trust Collateral Agent, as agent for the Indenture Trustee) agrees to provide to Assured Guaranty, upon Assured Guaranty’s request to the Trust Collateral Agent, a notice and certificate in respect of any such
payments made by Assured Guaranty. Assured Guaranty shall be entitled to pay hereunder any amount that becomes due on the Insured Obligations on an accelerated basis at any time or from time to time after such amount becomes due, in whole or in
part, prior to the scheduled date of payment thereof; Scheduled Payments insured hereunder shall not include interest, in respect of principal paid hereunder on an accelerated basis, accruing from and after the date of such payment of principal.

 In the event that any amount shall be received by the Trust Collateral Agent, the Trustee or the Holder in respect of a Scheduled Payment
forming the basis of a claim specified in a Notice of Claim submitted hereunder, which amount had not been received when the Notice of Claim was prepared but which is received by the Trust Collateral Agent, the Trustee or the Holder prior to receipt
of payment from the Insurer as contemplated by this Policy (any such amount, a “Recovery”), the Trust Collateral Agent immediately shall so notify the Insurer (which notice shall include the amount of any such Recovery). The fact that a
Recovery has been received by the Beneficiary shall be deemed to be incorporated in the applicable Notice of Claim as of the date such Notice of Claim originally was prepared, without necessity of any action on the part of any Person, and the
Insurer shall pay the amount of the claim specified in the Notice of Claim as herein provided, net of the Recovery. 
 ARTICLE
III Notices and Conditions to Payment in Respect of Scheduled Payments Avoided as Preference Payments. If any Scheduled Payment is avoided as a preference payment under applicable bankruptcy, insolvency, receivership or similar law instituted
against the Obligor, Assured Guaranty will pay such amount out of the funds of Assured Guaranty on the later of (a) the date when due to be paid pursuant to the Order referred to below or (b) the first to occur of (i) the fourth
Business Day following Receipt by Assured Guaranty from the Trust Collateral Agent of (A) a certified copy of a final non-appealable order (the “Order”) of the court or other governmental body that exercised jurisdiction to the
effect that the Holder is required to return Scheduled Payments made with respect to the Insured Obligations during the Term of the Policy because such payments were avoidable as preference payments under applicable bankruptcy, insolvency,
receivership or similar law, (B) an opinion of counsel satisfactory to the Insurer that such order is final and not subject to appeal and (C) an assignment duly executed and delivered by the Holder, in such form as is reasonably required
by Assured Guaranty, and provided to the Holder by Assured Guaranty, irrevocably assigning to Assured Guaranty all rights and claims of the Holder relating to or arising under the 

 

 4 

			
	Policy No.: D-2010-78	  	Date of Issuance: August 19, 2010

  

 
Insured Obligations against the estate of the Obligor or otherwise with respect to such preference payment or (ii) the date of Receipt by Assured Guaranty from the Trust Collateral Agent of
the items referred to in clauses (A), (B) and (C) above if, at least four Business Days prior to such date of Receipt, Assured Guaranty shall have Received written notice from the Trust Collateral Agent that such items were to be
delivered on such date and such date was specified in such notice. Such payment shall be disbursed to the receiver, conservator, debtor-in-possession or trustee in bankruptcy named in the Order and not to the Trust Collateral Agent or any Holder
directly (unless a Holder has previously paid such amount to the receiver, conservator, debtor-in-possession or trustee in bankruptcy named in the Order, in which case such payment shall be disbursed to the Trust Collateral Agent for distribution to
such Holder upon proof of such payment reasonably satisfactory to Assured Guaranty). In connection with the foregoing, Assured Guaranty shall have the rights provided pursuant to Section 6.2 of the Sale and Servicing Agreement. 

Notwithstanding the foregoing paragraph, in no event shall the Insurer be obligated to make any payment pursuant to this paragraph 3
prior to the date the related Scheduled Payment is Due for Payment. 
 ARTICLE IV Governing Law. This Policy shall be
construed in accordance with, and this Policy and all matters arising out of or relating in any way to this Policy shall be governed by, the law of the state of New York. 

ARTICLE V Payments. Payments due hereunder in respect of Insured Amounts shall be disbursed to the Trust Collateral Agent by wire
transfer of immediately available funds to an account of the Trust Collateral Agent specified in the applicable Notice of Claim (or in the case of an Insured Amount becoming Due for Payment under Section 3 above, to the receiver, conservator,
administrator, debtor-in-possession or trustee in bankruptcy named in the Order as set forth in Section 3 above). Assured Guaranty’s obligations hereunder in respect of Insured Amounts shall be discharged to the extent that funds are
transferred to the Trust Collateral Agent as provided in the Notice of Claim (or to such receiver, conservator, administrator, debtor-in-possession or trustee in bankruptcy named in the Order as set forth in Section 3 above), whether or not
such funds are properly applied by the Indenture Trustee, the Trust Collateral Agent, or such other Person. In the event Assured Guaranty is required under law to deduct or withhold any tax or similar charge from or in respect of any amount payable
under or in respect of this Policy, Assured Guaranty will make all such deductions and withholdings and pay the full amount deducted or withheld to the relevant taxation authority in accordance with law, but Assured Guaranty will not
“gross-up” or otherwise pay additional amounts in respect of such taxes, and Assured Guaranty’s payments to the Trust Collateral Agent as provided in the Notice of Claim (or to such receiver, conservator, administrator,
debtor-in-possession or trustee in bankruptcy named in the Order as set forth in Section 3 above) will be amounts that are net of such deductions or withholdings. 

ARTICLE VI Fiscal Agent. At any time during the Term of the Policy, Assured Guaranty may appoint a fiscal agent (the
“Fiscal Agent”) for purposes of this Policy by written notice to the Trust Collateral Agent at the notice address specified in the Indenture specifying the name and notice address of the Fiscal Agent. From and after the date of
receipt of such notice by the Trust Collateral Agent, (i) copies of all notices and documents required to be delivered to Assured Guaranty pursuant to this Policy shall be simultaneously delivered to the Fiscal Agent and to Assured Guaranty and
shall not be deemed Received until Received by both, and (ii) all payments required to be made by Assured Guaranty under this Policy may be made directly by Assured Guaranty or by the Fiscal Agent on behalf of Assured Guaranty. The Fiscal Agent
is the agent of Assured Guaranty only and the Fiscal Agent shall in no event be liable to any Holder for any acts of the Fiscal Agent or any failure of Assured Guaranty to deposit, or cause to be deposited, sufficient funds to make payments due
under the Policy. 
 ARTICLE VII Waiver of Defenses. To the fullest extent permitted by applicable law, Assured Guaranty
agrees not to assert, and hereby waives, for the benefit of each Holder, all rights (whether by counterclaim, setoff or otherwise) and defenses (including, without limitation, the defense of fraud), whether acquired by subrogation, assignment or
otherwise, to the extent that such rights and defenses may be available to Assured Guaranty to avoid payment of its obligations under this Policy in accordance with the express provisions of this Policy. Nothing in this paragraph shall be construed
to limit or otherwise impair Assured Guaranty’s right to pursue recovery or claims (based on contractual rights, securities law violations, fraud or other causes of action) against any person or entity, or, except as provided in paragraph 3 of
this Endorsement, to require payment by Assured Guaranty of any amounts that have been previously paid or that are not otherwise due in accordance with the express provisions of this Policy or the Insured Obligations. Nothing in this Policy shall be
construed to require payment to the extent any force majeure event or governmental act prevents Assured Guaranty from performing its obligations under this Policy or 

 

 5 

			
	Policy No.: D-2010-78	  	Date of Issuance: August 19, 2010

  

 
such performance is otherwise rendered impossible, in which event Assured Guaranty agrees to (i) use commercially reasonable efforts to perform its obligations under this Policy
notwithstanding such force majeure event, governmental act or impossibility of performance and (ii) perform its obligations under this Policy promptly following cessation of such force majeure event, governmental act or impossibility of
performance. 
 ARTICLE VIII Notices. All notices to be given hereunder shall be in writing (except as otherwise
specifically provided herein) and shall be mailed by registered mail or personally delivered or telecopied to Assured Guaranty as follows: 

Assured Guaranty Corp. 

31 West 52nd Street 

New York, NY 10019 

Attention: Structured Surveillance 

Re:        Policy No. D-2010-78 

             AmeriCredit Automobile Receivables Trust 2010-B 

Telecopy No.: (212) 339-3518 

Confirmation: (212) 974-0100 

With a copy to the General Counsel at the above address and telecopier number. 

Assured Guaranty may specify a different address or addresses by writing mailed or delivered to the Trust Collateral Agent. 

In each case in which a demand, notice or other communication to Assured Guaranty refers to a Default, an Event of Default, a claim on the Policy or an
event with respect to which failure on the part of Assured Guaranty to respond shall be deemed to constitute consent or acceptance, then a copy of such demand, notice or other communication shall also be sent to the attention of each of the General
Counsel of Assured Guaranty, the General Counsel of AmeriCredit at the address for notices specified in the Sale and Servicing Agreement and to the Indenture Trustee at the Corporate Trust Office and, in all cases, any original and each copy shall
be marked “URGENT MATERIAL ENCLOSED.”) 
 ARTICLE IX Subrogation. Upon and to the extent of any payment by
Assured Guaranty under this Policy, Assured Guaranty shall become the holder of the Insured Obligations and any appurtenant coupon thereto and right to payment of principal thereof and interest thereon, and shall be fully subrogated to the Indenture
Trustee’s, the Trust Collateral Agent’s and each Holder’s right, title and interest thereunder, including the right to receive payments in respect of the Insured Obligations. Any payment made by or on behalf of the Obligor to, and any
amounts received under the Operative Documents for the benefit of, the Indenture Trustee, the Trust Collateral Agent or the Holders in respect of any Insured Amount forming the basis of a claim hereunder (which claim shall have been paid by Assured
Guaranty) shall be received and held in trust for the benefit of Assured Guaranty and shall be paid over to Assured Guaranty in accordance with the Sale and Servicing Agreement, the Indenture and the Insurance Agreement. The Indenture Trustee, the
Trust Collateral Agent and each Holder shall cooperate in all reasonable respects, and at the expense of Assured Guaranty, with any request by Assured Guaranty for action to preserve or enforce Assured Guaranty’s rights and remedies in respect
of the Obligor under the Insured Obligations, any related security arrangements or otherwise, including, without limitation, any request (i) to institute or to participate in any suit, action or other proceeding, (ii) to enforce any
judgment obtained and to collect from the Obligor or the Trust Collateral Agent or the Indenture Trustee any amounts adjudged due or (iii) to transfer to Assured Guaranty, via absolute legal assignment, the Indenture Trustee’s, the Trust
Collateral Agent’s or such Holder’s rights in respect of any Insured Amount that may form the basis of a claim hereunder. 

ARTICLE X Assignment and Amendment. This Policy may not be assigned by the Indenture Trustee or the Trust Collateral Agent without
the prior written consent of Assured Guaranty. Except with the prior written consent of the Trust Collateral Agent and Assured Guaranty, the terms of this Policy may not be modified or altered by any other agreement. 

ARTICLE XI Premiums. The Obligor shall pay or cause to be paid to the Assured Guaranty in accordance with the Sale and Servicing
Agreement and the Insurance Agreement the premium payable to Assured Guaranty in respect of this Policy as set forth in the Premium Letter. 

ARTICLE XII No Waiver. No waiver of any rights or powers of Assured Guaranty or any consent by Assured Guaranty shall be valid
unless in writing and signed by an authorized officer or agent of Assured Guaranty. The waiver of any right by Assured Guaranty, or the failure promptly to exercise any such right, shall not be construed as a waiver of any other right to exercise
the same at any time thereafter. 
  

 6 

			
	Policy No.: D-2010-78	  	Date of Issuance: August 19, 2010

ARTICLE XIII Termination. This Policy and the obligations of Assured Guaranty hereunder shall terminate upon the expiration of the
Term of the Policy 
 ARTICLE XIV Surrender of Policy. The Trust Collateral Agent shall surrender this Policy to Assured
Guaranty for cancellation upon expiration of the Term of the Policy. 
 IN WITNESS WHEREOF, ASSURED GUARANTY CORP. has caused this Endorsement
No. 1 to be executed by its Authorized Officer. 
  

			
	ASSURED GUARANTY CORP.
		
	By	 	         /s/ Jorge Gana

		 	Authorized Officer
	
	Signature attested to by:
		
	By	 	         /s/ Brian H. Mellstrom

		 	Counsel

  

 7 

 EXHIBIT A 

To Endorsement No. 1 

NOTICE OF CLAIM AND CERTIFICATE 

(Letterhead of Trust Collateral Agent) 

Assured Guaranty Corp. 
 31 West 52nd Street

 New York, NY 10019 
  

	 	Re:	AmeriCredit Automobile Receivables Trust 2010-B 

The undersigned, a duly authorized officer of Wells Fargo Bank, National Association (the “Trust Collateral Agent”), hereby certifies to
Assured Guaranty Corp. (“Assured Guaranty”), with reference to Assured Guaranty Policy No. D-2010-78 dated August 19, 2010, (the “Policy”) issued by Assured Guaranty in respect of the $36,800,000 Class A-1 0.37690%
Asset Backed Notes, $69,000,000 Class A-2 1.18% Asset Backed Notes and $94,200,000 Class A-3 2.49% Asset Backed Notes of the above-referenced Trust (the “Insured Obligations”), that: 

(i) The Trust Collateral Agent is the Trust Collateral Agent for the Holders under the Indenture. 

(ii) The amount determined under clause (i) of the definition of Deficiency Claim Amount for the related Insured Distribution Date
is $            . 
 (iii) The amount determined under clause
(ii) of the definition of Deficiency Claim Amount for the related Insured Distribution Date is $            . 

(iv) The amount determined under clause (iii) of the definition of Deficiency Claim Amount for the related Insured Distribution Date
is $            . 
 (v) The amount determined under
paragraph 3 of Endorsement No. 1 to the Policy is $            . 

(vi) The sum of all amounts on deposit (or scheduled to be on deposit) in the Note Distribution Account and available for distribution to
the Holders pursuant to the Indenture will be $             less than the aggregate amount of the preceding clauses (ii), (iii), (iv) and (v) due on
                             (such deficiency, the “Shortfall”). 

(vii) The Trust Collateral Agent is making a claim under the Policy for the Shortfall to be applied to the payment of Scheduled Payments.

 (viii) The Trust Collateral Agent agrees that, following receipt of funds from Assured Guaranty, it shall (a) hold such
amounts in trust and apply the same directly to the payment of Scheduled Payments on the Insured Obligations when due; (b) not apply such funds for any other purpose; (c) not commingle such funds with other funds held by the Trust
Collateral Agent and (d) maintain an accurate record of such payments with respect to each Insured Obligation and the corresponding claim on the Policy and proceeds thereof, and, if any Insured Obligation is required to be surrendered or
presented for such payment, shall stamp on each such Insured Obligation the legend “$[insert applicable amount] paid by Assured Guaranty and the balance hereof has been cancelled and reissued” and then shall deliver such Insured Obligation
to Assured Guaranty. 
 (ix) The Trust Collateral Agent, on behalf of the Holders and the Indenture Trustee, hereby assigns to
Assured Guaranty (a) all rights of the Holders and the Indenture Trustee with respect to the Insured Obligations to the extent of any payments under the Policy and (b) any claims in respect of amounts due to the Holders or the Indenture
Trustee in respect of securities law violations, fraud or other claims arising out of or relating to the offer and sale of the Insured Obligations. The foregoing assignments are in addition to, and not in limitation of, rights of subrogation
otherwise available to Assured Guaranty in respect 
  

 A-1 

 
of such payments. Payments to Assured Guaranty in respect of the foregoing assignments shall in all cases be subject to and subordinate to the rights of the Holders to receive all Scheduled
Payments in respect of the Insured Obligations. The Trust Collateral Agent shall take such action and deliver such instruments as may be reasonably requested or required by Assured Guaranty to effectuate the purpose or provisions of this clause
(ix). 
 (x) The Trust Collateral Agent, on behalf of the Holders and the Indenture Trustee, hereby appoints Assured Guaranty as
agent and attorney-in-fact for the Trust Collateral Agent, the Indenture Trustee and each such Holder in any legal proceeding with respect to the Insured Obligations. The Trust Collateral Agent hereby agrees that, so long as an Insurer Default (as
defined in the Indenture) shall not exist, Assured Guaranty may at any time during the continuation of any proceeding by or against the Obligor under the United States Bankruptcy Code or any other applicable bankruptcy, insolvency, receivership,
rehabilitation or similar law (an “Insolvency Proceeding”) direct all matters relating to such Insolvency Proceeding, including without limitation, (A) all matters relating to any claim in connection with an Insolvency Proceeding
seeking the avoidance as a preferential transfer of any payment made with respect to the Insured Obligations (a “Preference Claim”), (B) the direction of any appeal of any order relating to any Preference Claim at the expense of
Assured Guaranty but subject to reimbursement as provided in the Insurance Agreement and (C) the posting of any surety, supersedeas or performance bond pending any such appeal. In addition, the Trust Collateral Agent hereby agrees that Assured
Guaranty shall be subrogated to, and the Trust Collateral Agent on its behalf and on behalf of each Holder, hereby delegates and assigns, to the fullest extent permitted by law, the rights of the Trust Collateral Agent and each Holder 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. 

(xi) Payment should be made by wire transfer directed to [ACCOUNT TO BE SPECIFIED]. 

Upon payment of the applicable Shortfall, the Insurer shall be subrogated to the rights of the Holder, the Indenture Trustee and the
Trust Collateral Agent with respect to such payment, to the extent set forth in Section 9 of the endorsement thereto. 

This Notice of Claim may be revoked at any time by written notice of such revocation by the Trust Collateral Agent to the Insurer.

 ANY PERSON WHO KNOWINGLY AND WITH INTENT TO DEFRAUD ANY INSURANCE COMPANY OR OTHER PERSON FILES AN APPLICATION FOR
INSURANCE OR STATEMENT OF CLAIM CONTAINING ANY MATERIALLY FALSE INFORMATION, OR CONCEALS FOR THE PURPOSE OF MISLEADING, INFORMATION CONCERNING ANY FACT MATERIAL THERETO, COMMITS A FRAUDULENT INSURANCE ACT, WHICH IS A CRIME AND SHALL ALSO BE SUBJECT
TO A CIVIL PENALTY NOT TO EXCEED FIVE THOUSAND DOLLARS AND THE STATED VALUE OF THE CLAIM FOR EACH SUCH VIOLATION. 
 Unless the context
otherwise requires, capitalized terms used in this Notice of Claim and Certificate and not defined herein shall have the meanings provided in the Policy. 
  

 A-2 

 IN WITNESS WHEREOF, the Trust Collateral Agent has executed and delivered this Notice of Claim and
Certificate as of the     th day of                     , 20    . 

 

			
	 WELLS FARGO BANK, NATIONAL ASSOCIATION,

as Trust Collateral Agent

		
	By	 	 
	Title

  

	
	 

 For Assured Guaranty or Fiscal Agent Use Only 

Wire transfer sent on                      By
                                         
    
 Confirmation Number
                                     

 

 A-3

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