Document:

INDEMNIFICATION AGREEMENT

 Exhibit 10.2 
  
 EXECUTION COPY 
  
 INDEMNIFICATION AGREEMENT 
  
 among 
  
 FINANCIAL SECURITY ASSURANCE INC., 
  
 AFS FUNDING TRUST 
  
 and

  
 DEUTSCHE BANK SECURITIES INC. 
  
 Dated as of August 17, 2005 
  
 $182,000,000 Class A-1 3.8445% Asset Backed Notes, Series 2005-C-F 

$271,000,000 Class A-2 4.31% Asset Backed Notes, Series 2005-C-F 
 $356,000,000 Class A-3 4.47% Asset Backed Notes, Series 2005-C-F 
 $291,000,000 Class A-4 4.63% Asset Backed
Notes, Series 2005-C-F 

  
 TABLE OF CONTENTS

  

					
	 	  	 	  	Page

	 Section 1.
	  	 Definitions
	  	1
			
	 Section 2.
	  	 Representations, Warranties and Agreements of Financial Security
	  	3
			
	 Section 3.
	  	 Representations, Warranties and Agreements of the Underwriters
	  	5
			
	 Section 4.
	  	 Indemnification
	  	6
			
	 Section 5.
	  	 Indemnification Procedures
	  	6
			
	 Section 6.
	  	 Contribution
	  	7
			
	 Section 7.
	  	 Miscellaneous
	  	8

  
 EXHIBIT A — Opinion of Assistant
General Counsel 

  
 INDEMNIFICATION AGREEMENT

  
 INDEMNIFICATION AGREEMENT dated as of August 17, 2005, among
FINANCIAL SECURITY ASSURANCE INC. (“Financial Security”), AFS FUNDING TRUST, (the “Seller”) and DEUTSCHE BANK SECURITIES INC., as the Representative (as defined below): 
  
 Section 1. Definitions. For purposes of this Agreement, the following
terms shall have the meanings provided below: 
  
 “Agreement” means this Indemnification Agreement, as amended from time to time. 
  
 “Closing Date” means August 30, 2005. 
  
 “Federal Securities Laws” means the Securities Act, the Securities Exchange Act of 1934, the Trust Indenture Act of 1939, the Investment
Company Act of 1940, the Investment Advisers Act of 1940 and the Public Utility Holding Company Act of 1935, each as amended from time to time, and the rules and regulations in effect from time to time under such Acts. 
  
 “Financial Security Agreements” means this Agreement, the
Spread Account Agreement, the Spread Account Agreement Supplement and the Insurance Agreement. 
  
 “Financial Security Information” has the meaning provided in Section 2(g) hereof. 
  
 “Financial Security Party” means any of Financial Security, its parent, subsidiaries and affiliates, and any shareholder, director,
officer, employee, agent or “controlling person” (as such term is used in the Securities Act) of any of the foregoing. 
  
 “Indemnified Party” means any party entitled to any indemnification pursuant to Section 4 hereof. 
  
 “Indemnifying Party” means any party required to provide
indemnification pursuant to Section 4 hereof. 
  
 “Insurance Agreement” means the Insurance and Indemnity Agreement, dated as of August 17, 2005 among Financial Security, the Trust, AmeriCredit Financial Services, Inc., AmeriCredit Corp. and AFS Funding Trust. 

 
 “Losses” means (a) any actual out-of-pocket damages
incurred by the party entitled to indemnification or contribution hereunder, (b) any actual out-of-pocket costs or expenses incurred by such party, including reasonable fees or expenses of its counsel and other expenses incurred in connection with
investigating or defending any claim, action or other proceeding which entitle such party to be indemnified hereunder (subject to the limitations set forth in Section 5 hereof), to the extent not paid, satisfied or reimbursed from funds provided by
any other Person other than an affiliate of such party (provided that the foregoing shall not create or imply any obligation to pursue recourse against any such other Person), plus (c) interest on the amount paid by the party entitled to
indemnification or contribution from the date of such 

 
payment to the date of payment by the party who is obligated to indemnify or contribute hereunder at the statutory rate applicable to judgments for breach of
contract. 
  
 “Offering Document” means the
Prospectus and any other material or documents delivered by the Underwriters to any Person in connection with the offer or sale of the Securities. 
  
 “Person” means any individual, partnership, joint venture, corporation, trust, unincorporated organization or other organization or
entity (whether governmental or private). 
  
 “Policy” means the financial guaranty insurance policy delivered by Financial Security with respect to the Securities. 
  
 “Prospectus” means, collectively, the Prospectus relating to the Securities dated January 7, 2005 and the Prospectus Supplement dated
August 15, 2005 (the “Prospectus Supplement”) relating to the Securities. 
  
 “Representative” means Deutsche Bank Securities Inc., as representative of the Underwriters. 
  
 “Securities” means the Trust’s $182,000,000 Class A-1 3.8445% Asset Backed Notes, $271,000,000 Class A-2 4.31% Asset Backed Notes,
$356,000,000 Class A-3 4.47% Asset Backed Notes and $291,000,000 Class A-4 4.63% Asset Backed Notes issued pursuant to the Series 2005-C-F Indenture. 
  
 “Securities Act” means the Securities Act of 1933, as amended from time to time. 
  
 “Seller Party” means any of the Seller, its parent,
subsidiaries and affiliates and any employee, agent or “controlling person” (as such term is used in the Securities Act) of any of the foregoing. 
  
 “Spread Account Agreement” means the Spread Account Agreement, as amended and restated, dated as of May 11, 1998, and as further amended
as of September 10, 2003, among Financial Security, AFS Funding Trust, the collateral agent named therein and the trustees specified therein, as the same may be amended, supplemented or otherwise modified in accordance with the terms thereof.

  
 “Spread Account Agreement Supplement” means
the Series 2005-C-F Supplement to Spread Account Agreement, dated as of August 17, 2005, among Financial Security, AFS Funding Trust, the collateral agent named therein and the trustees specified therein. 
  
 “Trust” means AmeriCredit Automobile Receivables Trust
2005-C-F. 
  
 “Underwriter Information” has the
meaning provided in Section 3(c) hereof. 
  
 “Underwriter
Party” means any of the Underwriters, its respective parent, subsidiaries and affiliates and any shareholder, director, officer, employee, agent or “controlling person” (as such item is used in the Securities Act) of any of the
foregoing. 
  

 2 

 “Underwriters” means Deutsche Bank Securities Inc., Wachovia Capital Markets LLC,
JPMorgan Securities Inc., Lehman Brothers Inc., Morgan Stanley & Co. Incorporated and UBS Securities LLC, as underwriters. 
  
 “Underwriting Agreement” means the Underwriting Agreement, dated as of August 15, 2005 among the Seller, AmeriCredit Financial Services,
Inc. and the Representative. 
  
 Section 2. Representations,
Warranties and Agreements of Financial Security. Financial Security represents, warrants and agrees as follows: 
  
 (a) Organization, Etc. Financial Security is a stock insurance company duly organized, validly existing and authorized to transact
financial guaranty insurance business under the laws of the State of New York. 
  
 (b) Authorization, Etc. The Policy and the Financial Security Agreements have been duly authorized, executed and delivered by
Financial Security. 
  
 (c) Validity, Etc.
The Policy and the Financial Security Agreements constitute valid and binding obligations of Financial Security, enforceable against Financial Security in accordance with their terms, subject, as to the enforcement of remedies, to bankruptcy,
insolvency, reorganization, rehabilitation, moratorium and other similar laws affecting the enforceability of creditors’ rights generally applicable in the event of the bankruptcy or insolvency of Financial Security and to the application of
general principles of equity and subject, in the case of this Agreement, to principles of public policy limiting the right to enforce the indemnification provisions contained herein. 
  
 (d) Exemption From Registration. The Policy is exempt from registration under the Securities Act.

  
 (e) No Conflicts. Neither the
execution or delivery by Financial Security of the Policy or the Financial Security Agreements, nor the performance by Financial Security of its obligations thereunder, will conflict with any provision of the certificate of incorporation or the
bylaws of Financial Security nor result in a breach of, or constitute a default under, any material agreement or other instrument to which Financial Security is a party or by which any of its property is bound nor violate any judgment, order or
decree applicable to Financial Security of any governmental or regulatory body, administrative agency, court or arbitrator having jurisdiction over Financial Security (except that, in the published opinion of the Securities and Exchange Commission,
the indemnification provisions of this Agreement, insofar as they relate to indemnification for liabilities arising under the Securities Act, are against public policy as expressed in the Securities Act and are therefore unenforceable). 

 
 (f) Financial Information. The consolidated
balance sheets of Financial Security as of December 31, 2004 and December 31, 2003 and the related consolidated statements of income, changes in shareholder’s equity and cash flows for each of the three years in the period ended December 31,
2004, and the interim consolidated balance sheets of Financial Security as of March 31, 2005 (and March 31, 2004) and June 30, 2005 (and June 30, 2004) (unaudited), and the related statements of income, changes in shareholder 

  

 3 

 
equity and cash flows for the interim period then ended, which are incorporated by reference in the Prospectus, fairly present in all material respects the
financial condition of Financial Security as of such dates and for such periods in accordance with generally accepted accounting principles consistently applied (subject as to interim statements to normal year-end adjustments) and since the date of
the most current interim consolidated balance sheet referred to above there has been no change in the financial condition of Financial Security which would materially and adversely affect its ability to perform its obligations under the Policy.

  
 (g) Financial Security Information.
The information in the Prospectus Supplement set forth or incorporated by reference under the caption “The Insurer” (as revised from time to time in accordance with the provisions hereof, the “Financial Security
Information”) is limited and does not purport to provide the scope of disclosure required to be included in a prospectus with respect to a registrant in connection with the offer and sale of securities of such registrant registered under
the Securities Act. Within such limited scope of disclosure, however, as of the date of the Prospectus Supplement and as of the Closing Date, the Financial Security Information does not contain any untrue statement of a material fact, or omit to
state a material fact necessary to make the statements contained therein, in the light of the circumstances under which they were made, not misleading. 
  
 (h) Additional Information. Financial Security will furnish to the Underwriters or the Seller, upon request of the Underwriters or
the Seller, as the case may be, copies of Financial Security’s most recent financial statements (annual or interim, as the case may be) which fairly present in all material respects the financial condition of Financial Security as of the dates
and for the periods indicated, in accordance with generally accepted accounting principles consistently applied except as noted therein (subject, as to interim statements, to normal year-end adjustments). In addition, if the delivery of a Prospectus
relating to the Securities is required at any time prior to the expiration of nine months after the time of issue of the Prospectus in connection with the offering or sale of the Securities, the Seller or the Underwriters will notify Financial
Security of such requirement to deliver a Prospectus and Financial Security will promptly provide the Underwriters and the Seller with any revisions to the Financial Security Information that are in the judgment of Financial Security necessary to
prepare an amended Prospectus or a supplement to the Prospectus. 
  
 (i) Opinion of Counsel. Financial Security will furnish to the Underwriters and the Seller on the closing date for the sale of the Securities an opinion of its Assistant General Counsel, to the effect set forth
in Exhibit A attached hereto, dated such closing date and addressed to the Seller and the Underwriters. 
  
 (j) Consents and Reports of Independent Accountants. Financial Security will furnish to the Underwriters and the Seller, upon
request, as comfort from its independent accountants in respect of its financial condition, (i) at the expense of the Person specified in the Insurance Agreement, a copy of the Prospectus, including either a manually signed consent or a manually
signed report of Financial Security’s independent accountants and 

  

 4 

 
(ii) the quarterly review letter by Financial Security’s independent accountants in respect of the most recent interim financial statements of Financial
Security. 
  
 Nothing in this Agreement shall be construed as a representation or
warranty by Financial Security concerning the rating of its insurance financial strength by Fitch Ratings, Moody’s Investors Service, Inc., Standard & Poor’s and Rating and Investment Information, Inc. or any other rating assigned by a
rating agency (collectively, the “Rating Agencies”). The Rating Agencies, in assigning such ratings, take into account facts and assumptions not described in the Prospectus and the facts and assumptions which are considered by the
Rating Agencies, and the ratings issued thereby, are subject to change over time. 
  
 Section 3. Representations, Warranties and Agreements of the Underwriters. Each of the Underwriters represents, warrants and agrees as follows: 
  
 (a) Compliance With Laws. Such Underwriter will comply in all material respects with all legal
requirements in connection with offers and sales of the Securities and make such offers and sales in the manner provided in the Prospectus. 
  
 (b) Offering Document. Such Underwriter will not use, or distribute to other broker-dealers for use, any Offering Document in
connection with the offer and sale of the Securities unless such Offering Document includes such information as has been furnished by Financial Security for inclusion therein and the information therein concerning Financial Security has been
approved by Financial Security in writing. Financial Security hereby consents to the information in respect of Financial Security included in the Prospectus. Each Offering Document which described the Policy will include the following statement:

  
 “The Policy is not covered by the Property/Casualty
Insurance Security Fund specified in Article 76 of the New York Insurance Law”. 
  
 Each Offering Document including financial statements with respect to Financial Security prepared in accordance with generally accepted accounting principles (but excluding any Offering Document in which such
financial statements are incorporated by reference) will include the following statement immediately preceding such financial statements: 
  
 “The New York State Insurance Department recognizes only statutory accounting practices for determining and reporting the financial condition and
results of operations of an insurance company, for determining its solvency under the New York Insurance Law, and for determining whether its financial condition warrants the payment of a dividend to its stockholders. No consideration is given by
the New York State Insurance Department to financial statements prepared in accordance with generally accepted accounting principles in making such determinations.” 
  

 5 

 (c) Underwriter Information. All material provided by the Underwriters for
inclusion in the Prospectus (as revised from time to time, the “Underwriter Information”), insofar as such information relates to the Underwriters, is true and correct in all material respects. In respect of the Prospectus
Supplement, the Underwriter Information is limited to the information set forth (i) on the cover page of the Prospectus Supplement, the information in the table under the headings entitled “Price to Public”, “Underwriting
Discount” and “Proceeds to Seller” and (ii) in the body of the Prospectus Supplement and within the Underwriting section, (a) the paragraph immediately following the Class A-4 Notes Underwriter commitment table, (b) the two paragraphs
immediately following the paragraph containing three bulleted sub-paragraphs and (c) the third-to- last paragraph and the final paragraph of the section. 
  
 Section 4. Indemnification. 
  
 (a) Financial Security agrees, upon the terms and subject to the conditions provided herein, to indemnify, defend and hold harmless each
Seller Party and each Underwriter Party against (i) any and all Losses incurred by them with respect to the offer and sale of the Securities and resulting from Financial Security’s breach of any of its representations, warranties or agreements
set forth in Section 2 hereof and (ii) any and all Losses to which any Seller Party or Underwriter Party may become subject, under the Securities Act or otherwise, insofar as such Losses arise out of or result from an untrue statement of a material
fact contained in any Offering Document or the omission to state therein a material fact required to be stated therein or necessary to make the statements therein not misleading, in each case to the extent, but only to the extent, that such untrue
statement or omission was made in the Financial Security Information included therein in accordance with the provisions hereof. 
  
 (b) Each of the Underwriters, agrees, severally but not jointly, upon the terms and subject to the conditions provided herein, to
indemnify, defend and hold harmless each Financial Security Party against (i) any and all Losses incurred by them with respect to the offer and sale of the Securities and resulting from the Underwriters’ breach of any of its representations,
warranties or agreements set forth in Section 3 hereof and (ii) any and all Losses to which any Financial Security Party may become subject, under the Securities Act or otherwise, insofar as such Losses arise out of or result from an untrue
statement of a material fact contained in any Offering Document or the omission to state therein a material fact required to be stated therein or necessary to make the statements therein not misleading, in each case to the extent, but only to the
extent, that such untrue statement or omission was made in the Underwriter Information of the Underwriter included therein. 
  
 (c) Upon the incurrence of any Losses for which a party is entitled to indemnification hereunder, the Indemnifying Party shall reimburse
the Indemnified Party promptly upon establishment by the Indemnified Party to the Indemnifying Party of the Losses incurred. 
  
 Section 5. Indemnification Procedures. Except as provided below in Section 6 with respect to contribution, the indemnification provided herein by
an Indemnifying Party shall be 

  

 6 

 
the exclusive remedy of any and all Indemnified Parties for the breach of a representation, warranty or agreement hereunder by an Indemnifying Party;
provided, however, that each Indemnified Party shall be entitled to pursue any other remedy at law or in equity for any such breach so long as the damages sought to be recovered shall not exceed the Losses incurred thereby resulting
from such breach. In the event that any action or regulatory proceeding shall be commenced or claim asserted which may entitle an Indemnified Party to be indemnified under this Agreement, such party shall give the Indemnifying Party written or
telegraphic notice of such action or claim reasonably promptly after receipt of written notice thereof. The Indemnifying Party shall be entitled to participate in and, upon notice to the Indemnified Party, assume the defense of any such action or
claim in reasonable cooperation with, and with the reasonable cooperation of, the Indemnified Party. The Indemnified Party will have the right to employ its own counsel in any such action in addition to the counsel of the Indemnifying Party, but the
fees and expenses of such counsel will be at the expense of such Indemnified Party, unless (a) the employment of counsel by the Indemnified Party at its expense has been authorized in writing by the Indemnifying Party, (b) the Indemnifying Party has
not in fact employed counsel to assume the defense of such action within a reasonable time after receiving notice of the commencement of the action, or (c) the named parties to any such action or proceeding (including any impleaded parties) include
both the Indemnifying Party and one or more Indemnified Parties, and the Indemnified Parties shall have been advised by counsel that (A) there may be one or more legal defenses available to them which are different from or additional to those
available to the Indemnifying Party and (B) the representation of the Indemnifying Party and such Indemnified Parties by the same counsel would be inappropriate or contrary to prudent practice (in which case, if such Indemnified Parties notify the
Indemnifying Party in writing that they elect to employ separate counsel at the expense of the Indemnifying Party, the Indemnifying Party shall not have the right to assume the defense of such action or proceeding on behalf of such Indemnified
Parties, it being understood, however, that the Indemnifying Party shall not, in connection with any one such action or proceeding or separate but substantially similar or related actions or proceedings in the same jurisdiction arising out of the
same general allegations or circumstances, be liable for the reasonable fees and expenses of more than one separate firm of attorneys at any time for all Seller Parties, one such firm for all Underwriter Parties and one such firm for all Financial
Security Parties, as the case may be, which firm shall be designated in writing by the Seller in respect of the Seller Parties, by the Underwriters in respect of the Underwriter Parties and by Financial Security in respect of the Financial Security
Parties), in each of which cases the fees and expenses of counsel will be at the expense of the Indemnifying Party and all such fees and expenses will be reimbursed promptly as they are incurred. The Indemnifying Party shall not be liable for any
settlement of any such claim or action unless the Indemnifying Party shall have consented thereto or be in default in its obligations hereunder. Any failure by an Indemnified Party to comply with the provisions of this Section shall relieve the
Indemnifying Party of liability only if such failure is prejudicial to the position of the Indemnifying Party and then only to the extent of such prejudice. 
  
 Section 6. Contribution. 
  
 (a) To provide for just and equitable contribution if the indemnification provided by any Indemnifying Party is determined to be
unavailable or insufficient for any Indemnified Party (other than due to application of this Section), each Indemnifying Party (severally and not jointly in the case of the Underwriters) shall contribute to the 

  

 7 

 
Losses arising from any breach of any of its representations, warranties or agreements contained in this Agreement on the basis of the relative fault of each
of the parties as set forth in Section 6(b) below; provided, however, that an Indemnifying Party shall in no event be required to contribute to all Indemnified Parties an aggregate amount in excess of the Losses incurred by such
Indemnified Parties resulting from the breach of representations, warranties or agreements contained in this Agreement. 
  
 (b) The relative fault of each Indemnifying Party, on the one hand, and of each Indemnified Party, on the other, shall be determined by
reference to, among other things, whether the breach of, or alleged breach of, any representations, warranties or agreements contained in this Agreement relates to information supplied by, or action within the control of, the Indemnifying Party or
the Indemnified Party and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such breach. 
  
 (c) The parties agree that Financial Security shall be solely responsible for the Financial Security Information and the Underwriters
shall be solely responsible for the Underwriter Information and that the balance of each Offering Document shall be the responsibility of the Seller. 
  
 (d) Notwithstanding anything in this Section 6 to the contrary, the Underwriters shall not be required to contribute an amount in excess
of the amount by which the total price of the Securities underwritten by the Underwriters exceeds the amount of any damages that the Underwriters have otherwise been required to pay in respect of such untrue statement or omission. 
  
 (e) No person guilty of fraudulent misrepresentation (within
the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from any person who was not guilty of such fraudulent misrepresentation. 
  

(f) Upon the incurrence of any Losses entitled to contribution hereunder, the contributor shall reimburse the party entitled to
contribution promptly upon establishment by the party entitled to contribution to the contributor of the Losses incurred. 
  
 Section 7. Miscellaneous. 
  
 (a) Notices. All notices and other communications provided for under this Agreement shall be delivered to the address set forth
below or to such other address as shall be designated by the recipient in a written notice to the other party or parties hereto. 
  

 8 

			
	 If to Financial Security:
	  	Financial Security Assurance Inc.
	 	  	31 West 52nd Street
	 	  	New York, NY 10019
	 	  	Attention: Senior Vice President — Transaction Oversight
Department (with a copy to the attention of the General Counsel)
	 	  	Re: AmeriCredit Automobile Receivables Trust 2005-C-F
	 	  	Policy No. 51589-N
	 	  	Confirmation: (212) 826-0100
	 	  	Telecopy Nos.: (212) 339-3518,
	 	  	                            (212)
339-3529
		
	 If to the Seller:
	  	AFS Funding Trust
	 	  	c/o Deutsche Bank Trust Company Delaware
	 	  	(f/k/a Bankers Trust (Delaware))
	 	  	E.A. Delle Donne Corporate Center
	 	  	Montgomery Building
	 	  	1011 Centre Road
	 	  	Wilmington, DE 19805-1266
	 	  	Attention: Corporate Trust Administration
	 	  	Confirmation: (302) 636-3305
		
	 With a copy to:
	  	AmeriCredit Financial Services, Inc.
	 	  	Administrator of AFS Funding Trust
	 	  	801 Cherry Street, Suite 3900
	 	  	Fort Worth, TX 76102
	 	  	Attn: Chief Financial Officer
	 	  	Confirmation:  (817) 302-7000
	 	  	Telecopy No.: (817) 302-7942
		
	 If to the Underwriters:
	  	Deutsche Bank Securities Inc., as Representative
	 	  	60 Wall Street, 19th Floor,
	 	  	New York, New York 10005
	 	  	Attention: Managing Director and
	 	  	Head of North American Asset
	 	  	Backed Securities
	 	  	Telecopy No.: (212) 797-2030

  
 (b)
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. 
  

 9 

 (c) Assignments. This Agreement may not be assigned by any party without the
express written consent of each other party. Any assignment made in violation of this Agreement shall be null and void. 
  
 (d) Amendments. Amendments of this Agreement shall be in writing signed by each party hereto. 
  
 (e) Survival, Etc. The indemnity and contribution
agreements contained in this Agreement shall remain operative and in full force and effect, regardless of (i) any investigation made by or on behalf of any Indemnifying Party, (ii) the issuance of the Securities or (iii) any termination of this
Agreement or the Policy. The indemnification provided in this Agreement will be in addition to any liability which the parties may otherwise have and shall in no way limit any obligations of the Seller under the Underwriting Agreement or the
Insurance Agreement. 
  
 (f) Counterparts.
This Agreement may be executed in counterparts by the parties hereto, and all such counterparts shall constitute one and the same instrument. 
  
 [THE REMAINDER OF THIS PAGE INTENTIONALLY LEFT BLANK] 
  

 10 

  
 IN WITNESS WHEREOF, the
parties hereto have caused this Indemnification Agreement to be duly executed and delivered as of the date first above written. 
  

			
	 FINANCIAL SECURITY ASSURANCE INC.

		
	 By:
	 	 /s/ Ravi Gandhi

	 	 	 Name: Ravi Gandhi

	 	 	 Title:   Authorized Officer

	
	 AFS FUNDING TRUST

		
	 By:
	 	AmeriCredit Financial Services, Inc., as Administrator
		
	 By:
	 	 /s/ J. Michael May

	 	 	 Name: J. Michael May

	 	 	 Title:   Senior Vice President

	
	 DEUTSCHE BANK SECURITIES INC.

		
	 By:
	 	 /s/ Jay E. Steiner

	 	 	 Name: Jay E. Steiner

	 	 	 Title:   Director

		
	 By:
	 	 /s/ Rick Koppenhaver

	 	 	 Name: Rick Koppenhaver

	 	 	 Title:   Vice President

  
 [INDEMNITY
AGREEMENT SIG. PAGE] 

  
 EXHIBIT A 
  
 OPINION OF ASSOCIATE GENERAL COUNSEL 
  
 Based upon the foregoing, I am of the opinion that: 
  
 1. Financial Security is a stock insurance company duly organized, validly
existing and authorized to transact financial guaranty insurance business under the laws of the State of New York. 
  
 2. The Policy and the Financial Security Agreements have been duly authorized, executed and delivered by Financial Security. 
  
 3. The Policy and the Financial Security Agreements constitute valid and
binding obligations of Financial Security, enforceable against Financial Security in accordance with their terms, subject, as to the enforcement of remedies, to bankruptcy, insolvency, reorganization, rehabilitation, moratorium and other similar
laws affecting the enforceability of creditors’ rights generally applicable in the event of the bankruptcy or insolvency of Financial Security and to the application of general principles of equity and subject, in the case of the
Indemnification Agreement, to principles of public policy limiting the right to enforce the indemnification provisions contained therein insofar as they relate to indemnification for liabilities arising under applicable securities laws. 

 
 4. The Policy is exempt from registration under the Securities Act of
1933, as amended (the “Act”). 
  
 5. Neither the
execution or delivery by Financial Security of the Policy or the Financial Security Agreements, nor the performance by Financial Security of its obligations thereunder, will conflict with any provision of the certificate of incorporation or the
bylaws of Financial Security or violate any law or regulation, which violation would impair the binding effect or enforceability of the Policy or any of the Agreements or, to the best of my knowledge, result in a breach of, or constitute a default
under, any agreement or other instrument to which Financial Security is a party or by which it or any of its property is bound or, to the best of my knowledge, violate any judgment, order or decree applicable to Financial Security of any
governmental or regulatory body, administrative agency, court or arbitrator having jurisdiction over Financial Security (except that in the published opinion of the Securities and Exchange Commission the indemnification provisions of the
Indemnification Agreement, insofar as they relate to indemnification for liabilities arising under the Act, are against public policy as expressed in the Act and are therefore unenforceable). 
  
 In addition, please be advised that I have reviewed the description of
Financial Security under the caption “The Insurer” in the Prospectus (the “Offering Document”) of the Seller with respect to the Securities. The information provided in the Offering Document with respect to Financial
Security is limited and does not purport to provide the scope of disclosure required to be included in a prospectus with respect to a registrant under the Act in connection with the public offer and sale of securities of such registrant. Within such
limited scope of disclosure, 

  

 A-1 

 
however, there has not come to my attention any information which would cause me to believe that the description of Financial Security referred to above, as
of the date of the Offering Document or as of the date of this opinion, contained or contains any untrue statement of a material fact or omitted or omits to state a material fact necessary to make the statements therein, in the light of the
circumstances under which they were made, not misleading (except that I express no opinion with respect to any financial statements or other financial information contained or referred to therein). 
  

 A-2INSURANCE AND INDEMNITY AGREEMENT

 Exhibit 10.3 
 EXECUTION COPY 
  
 INSURANCE
AND INDEMNITY AGREEMENT 
  
 among 
  
 FINANCIAL SECURITY ASSURANCE INC., 
  
 AMERICREDIT AUTOMOBILE RECEIVABLES TRUST 2005-C-F, 
  
 AMERICREDIT FINANCIAL SERVICES, INC., 
  
 AFS FUNDING TRUST 
  
 and 
  
 AMERICREDIT CORP. 
  
 Dated as of August 17, 2005 
  
 $182,000,000 Class A-1 3.8445% Asset Backed Notes, Series 2005-C-F 
 $271,000,000 Class A-2 4.31% Asset Backed Notes, Series 2005-C-F 
 $356,000,000 Class A-3 4.47% Asset Backed
Notes, Series 2005-C-F 
 $291,000,000 Class A-4 4.63% Asset Backed Notes, Series 2005-C-F 

 TABLE OF CONTENTS 
  

					
	 	  	 	  	Page

	 ARTICLE I
	  	DEFINITIONS	  	1
			
	 Section 1.1
	  	Definitions	  	1
			
	 ARTICLE II
	  	REPRESENTATIONS, WARRANTIES AND COVENANTS	  	2
			
	 Section 2.1
	  	Representations and Warranties of the Trust	  	2
			
	 Section 2.2
	  	Affirmative Covenants of the Trust	  	5
			
	 Section 2.3
	  	Negative Covenants of the Depositor on Behalf of the Trust	  	10
			
	 Section 2.4
	  	[Reserved]	  	11
			
	 Section 2.5
	  	[Reserved]	  	11
			
	 Section 2.6
	  	[Reserved]	  	12
			
	 Section 2.7
	  	Representations and Warranties with Respect to Funding Trust and the Company	  	12
			
	 Section 2.8
	  	Affirmative Covenants with Respect to the Company and Funding Trust	  	10
			
	 Section 2.9
	  	Negative Covenants with Respect to Funding Trust and the Company	  	21
			
	 Section 2.10
	  	Representations and Warranties of AmeriCredit	  	23
			
	 Section 2.11
	  	Affirmative Covenants of AmeriCredit	  	26
			
	 Section 2.12
	  	Negative Covenants of AmeriCredit	  	30
			
	 ARTICLE III
	  	THE POLICIES; REIMBURSEMENT; INDEMNIFICATION	  	31
			
	 Section 3.1
	  	Issuance of the Policy	  	31
			
	 Section 3.2
	  	Payment of Fees and Premium	  	31
			
	 Section 3.3
	  	Reimbursement and Additional Payment Obligation	  	31
			
	 Section 3.4
	  	Certain Obligations Not Recourse to AmeriCredit	  	32
			
	 Section 3.5
	  	Indemnification	  	33
			
	 Section 3.6
	  	Subrogation	  	34
			
	 ARTICLE IV
	  	FURTHER AGREEMENTS	  	35
			
	 Section 4.1
	  	Effective Date; Term of Agreement	  	35
			
	 Section 4.2
	  	Obligations Absolute	  	35
			
	 Section 4.3
	  	Assignments; Reinsurance; Third-Party Rights	  	36
			
	 Section 4.4
	  	Liability of Financial Security	  	37
			
	 Section 4.5
	  	[Reserved]	  	37
			
	 Section 4.6
	  	[Reserved]	  	37
			
	 ARTICLE V
	  	EVENTS OF DEFAULT; REMEDIES	  	37
			
	 Section 5.1
	  	Events of Default	  	37
			
	 Section 5.2
	  	Remedies; Waivers	  	39

  

 i 

 TABLE OF CONTENTS 
 (continued) 
  

					
	 	  	 	  	Page

	 ARTICLE VI
	  	MISCELLANEOUS	  	40
			
	 Section 6.1
	  	Amendments, Etc.	  	40
			
	 Section 6.2
	  	Notices	  	41
			
	 Section 6.3
	  	Payment Procedure	  	42
			
	 Section 6.4
	  	Severability	  	42
			
	 Section 6.5
	  	Governing Law	  	42
			
	 Section 6.6
	  	Consent to Jurisdiction	  	42
			
	 Section 6.7
	  	Consent of Financial Security	  	43
			
	 Section 6.8
	  	Counterparts	  	44
			
	 Section 6.9
	  	Trial by Jury Waived	  	44
			
	 Section 6.10
	  	Limited Liability	  	44
			
	 Section 6.11
	  	Entire Agreement	  	44

  

			
	 Appendix I
	  	Definitions
	 Annex I
	  	Form of Note Policy
	 Appendix A
	  	Conditions Precedent to Issuance of the Policy

  

 ii 

 INSURANCE AND INDEMNITY AGREEMENT 
  
 INSURANCE AND INDEMNITY AGREEMENT dated as of August 17, 2005 among FINANCIAL SECURITY ASSURANCE INC. (“Financial
Security”), AMERICREDIT AUTOMOBILE RECEIVABLES TRUST 2005-C-F (the “Trust”), a Delaware statutory trust, AFS FUNDING TRUST, a Delaware statutory trust (when referred to individually hereunder, “Funding Trust,” when referred
to as the seller under the Sale and Servicing Agreement referred to below, the “Seller”), and AMERICREDIT FINANCIAL SERVICES, INC. (the “Company”), a Delaware corporation and AMERICREDIT CORP., a Texas corporation
(“AmeriCredit”). 
  
 INTRODUCTORY STATEMENTS 

 
 Funding Trust proposes to acquire the Receivables from the Company and
simultaneously to sell to the Trust all of its right, title and interest in and to the Receivables and certain other property pursuant to the Sale and Servicing Agreement. The Trust will issue the Certificate pursuant to the Trust Agreement and
Notes pursuant to the Indenture. 
  
 Each Note will be secured by
the Collateral. The Trust has requested that Financial Security issue a financial guaranty insurance policy guarantying certain distributions of interest and principal on the Notes on each Insured Distribution Date (including any such distributions
subsequently avoided as a preference under applicable bankruptcy law) upon the terms, and subject to the conditions, provided herein. 
  
 The parties hereto desire to specify the conditions precedent to the issuance of the Policy by Financial Security, the payment of premium in respect of
the Policy, the indemnity and reimbursement to be provided to Financial Security in respect of amounts paid by Financial Security under the Policy or otherwise and certain other matters. 
  
 In consideration of the premises and of the agreements herein contained, Financial Security, the Trust, the Company, Funding
Trust and AmeriCredit hereby agree as follows: 
  
 ARTICLE I

  
 DEFINITIONS 
  
 Section 1.1 Definitions. Capitalized terms used herein shall have the
meanings provided in Appendix I hereto or the meanings given such terms in the AmeriCredit 2005-C-F Letter Agreement, the Sale and Servicing Agreement or the Spread Account Agreement, unless the context otherwise requires. 

 ARTICLE II 
  
 REPRESENTATIONS, WARRANTIES AND COVENANTS 
  
 Section 2.1 Representations and Warranties of the Trust. The Trust represents and warrants, as of the date hereof and as of the Date of Issuance
(except as expressly provided herein), as follows: 
  
 (a) Due
Organization and Qualification. The Trust is duly formed and validly existing as a Delaware statutory trust and is in good standing under the laws of the State of Delaware. The Trust is duly qualified to do business, is in good standing and has
obtained all necessary licenses, permits, charters, registrations and approvals (together, “approvals”) necessary for the conduct of its business as currently conducted and as described in the Offering Document and the performance of its
obligations under the Transaction Documents, in each jurisdiction in which the failure to be so qualified or to obtain such approvals would render any Receivable or Transaction Document unenforceable in any material respect or would otherwise have a
material adverse effect upon the Transaction. 
  
 (b) Power and
Authority. The Trust has all necessary trust power and authority to conduct its business as currently conducted and as described in the Offering Document, to execute, deliver and perform its obligations under the Transaction Documents and has
full power and authority to sell and assign the Receivables as contemplated by the Transaction Documents and to consummate the Transaction. 
  
 (c) Due Authorization. The execution, delivery and performance of the Transaction Documents by the Trust have been duly authorized by all necessary
trust action and do not require any additional approvals or consents or other action by, or any notice to or filing with, any Person, including, without limitation, any governmental entity. 
  
 (d) Noncontravention. None of the execution and delivery of the
Transaction Documents by the Trust, the consummation of the transactions contemplated thereby nor the satisfaction of the terms and conditions of the Transaction Documents, 
  
 (i) conflicts with, or results in any breach or violation of, any provision of the Certificate of Trust or
the Trust Agreement, or any law, rule, regulation, order, writ, judgment, injunction, decree, determination or award currently in effect having applicability to the Trust or its property, including regulations issued by an administrative agency or
other governmental authority having supervisory powers over the Trust, 
  
 (ii) constitutes, or will constitute, a default by the Trust under, or a breach of, any provision of any loan agreement, mortgage, indenture or other agreement or instrument to which the Trust is a party or by which
it or any of its property is or may be bound or affected, or 
  

 2 

 (iii) results in or requires the creation of any Lien upon or in respect of any of the
assets of the Trust, except as otherwise expressly contemplated by the Transaction Documents. 
  
 (e) Legal Proceedings. There is no action, proceeding, suit or investigation by or before any court, governmental or administrative agency or arbitrator against or affecting the Trust, or any properties or
rights of the Trust, pending or, to the knowledge of the Trust, threatened, which, in any case, if decided adversely, would result in a Material Adverse Change with respect to the Trust, the Certificate or the Notes. 
  
 (f) Valid and Binding Obligations. Each of the Transaction Documents
to which the Trust is a party when executed by the Owner Trustee on behalf of the Trust, will constitute the legal, valid and binding obligations of the Trust enforceable against the Trust in accordance with their respective terms, except as limited
by applicable bankruptcy, insolvency, reorganization, moratorium and similar laws affecting the enforcement of creditors’ rights generally or general equitable principles (whether in a proceeding at law or in equity) and except to the extent
that rights to indemnity and contribution may be limited by public policy. The Certificate, when executed, authenticated and delivered in accordance with the Trust Agreement, will be validly issued and outstanding and entitled to the benefits of the
Trust Agreement and will evidence the entire beneficial ownership interest in the Trust. The Notes when executed, authenticated and delivered in accordance with the Indenture, will be entitled to the benefits of the Indenture and will constitute
legal, valid and binding obligations of the Trust, enforceable in accordance with their terms, except as limited by applicable bankruptcy, insolvency, reorganization, moratorium and similar laws affecting the enforcement of creditors’ rights
generally or general equitable principles (whether in a proceeding at law or in equity) and except to the extent that rights to indemnity and contribution may be limited by public policy. 
  
 (g) Accuracy of Information. None of the Transaction Documents, nor any of the Provided Documents, contain any
statement of a material fact with respect to the Trust or the Transaction that was untrue or misleading in any material respect when made. Since the furnishing of the Provided Documents, there has been no change, nor any development or event
involving a prospective change known to the Trust, that would render any of the Provided Documents untrue or misleading in any material respect. There is no fact known to the Trust which has a material possibility of causing a Material Adverse
Change with respect to the Trust or which has a material possibility of impairing the value or marketability of the Receivables, taken as a whole, or decreasing the possibility that amounts due in respect of the Receivables will be collected as due.

  
 (h) Compliance With Securities Laws. The offer and sale
of the Notes comply in all material respects with all requirements of law, including all registration requirements of applicable securities laws. Without limitation of the foregoing, the Offering Document did not, as of its date, and does not, as of
the date hereof, contain any untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements made therein, in light of the circumstances under which they were made, not
misleading. 
  

 3 

 (i) Transaction Documents. Each of the representations and warranties of the Trust contained in
the Transaction Documents is true and correct in all material respects and the Trust hereby makes each such representation and warranty made by it to, and for the benefit of, Financial Security as if the same were set forth in full herein.

  
 (j) No Consents. No consent, license, authorization or
approval from, or registration or other action by, and no notice to or filing or declaration with, any governmental entity or regulatory body, is required for the due execution, delivery and performance by the Trust of the Transaction Documents or
any other material document or instrument to be delivered thereunder, except (in each case) such as have been obtained or the failure of which to be obtained would not be reasonably likely to have a material adverse effect on the Transaction.

  
 (k) Compliance With Law, Etc. No practice, procedure or
policy employed or proposed to be employed by the Trust in the conduct of its business violates any law, regulation, judgment, agreement, order or decree applicable to it which, if enforced, would result in a Material Adverse Change with respect to
the financial condition of such Person. 
  
 (l) Special Purpose
Entity. 
  
 (i) The capital of the Trust is
adequate for the business and undertakings of the Trust. 
  
 (ii) Except as contemplated by the Transaction Documents, the Trust is not engaged in any business transactions with any AmeriCredit Party, AFS Funding or any Affiliate of any of them. 
  
 (iii) The Trust’s funds and assets are not, and will
not be, commingled with the funds of any other Person. 
  
 (m)
Solvency; Fraudulent Conveyance. The Trust is solvent and will not be rendered insolvent by the Transaction and, after giving effect to such Transaction, the Trust will not be left with an unreasonably small amount of capital with which to
engage in its business. The Trust does not intend to incur, or believe that it has incurred, debts beyond its ability to pay such debts as they mature. The Trust does not contemplate the commencement of insolvency, bankruptcy, liquidation or
consolidation proceedings or the appointment of a receiver, liquidator, conservator, trustee or similar official in respect of the Trust or any of its assets. 
  

(n) Perfection of Liens and Security Interest. On the Date of Issuance, the Lien and security interest in favor of the Trust Collateral Agent
with respect to the Collateral will be perfected by the filing of financing statements on Form UCC-1 in each jurisdiction where such recording or filing is necessary for the perfection thereof, the delivery of the Receivables Files to the Custodian,
and the establishment of the Collection Account, the Capitalized Interest Account, the Pre-Funding Account and the Note Distribution Account in accordance with the provisions of the Transaction Documents, and no other filings in any jurisdiction or
any other actions (except as 

  

 4 

 
expressly provided herein) are necessary to perfect the Trust Collateral Agent’s Lien on and security interest in the Collateral as against any third
parties. 
  
 (o) Investment Company Act. The Trust is not
an “investment company,” or an “affiliated person” of, or “promoter” or “principal underwriter” for, an “investment company,” as such terms are defined in the Investment Company Act. 
  
 (p) Collateral. On the Date of Issuance and on each Subsequent
Transfer Date, the Trust will have good and marketable title to each item of other Trust Property conveyed on such date and will own each such item free and clear of any Lien (other than Liens contemplated under the Indenture) or any equity or
participation interest of any other Person. 
  
 (q) Security
Interest in Funds and Investments. Assuming the retention of funds in the Accounts, such funds will be subject to a valid and perfected, first priority security interest in favor of the Trust Collateral Agent on behalf of the Indenture Trustee
(on behalf of the Noteholders), the Certificateholder and Financial Security. 
  
 (r) [Reserved]. 
  
 (s)
[Reserved]. 
  
 Section 2.2 Affirmative Covenants of the
Trust. The Trust hereby agrees (to the extent set forth in this Section 2.2) that during the Term of this Agreement, unless Financial Security shall otherwise expressly consent in writing: 
  
 (a) Compliance With Agreements and Applicable Laws. The Trust shall
perform each of its obligations under the Transaction Documents and shall comply with all material requirements of, and the Notes shall be offered and sold in accordance with, any law, rule, regulation or order applicable to it or thereto, or that
are required in connection with its performance under any of the Transaction Documents. The Trust will not cause or permit to become effective any amendment to or modification of any of the Transaction Documents to which it is a party unless
Financial Security shall have previously approved in writing the substance of such amendment or modification. The Trust shall not take any action or fail to take any action that would interfere with the enforcement of any rights under the
Transaction Documents. 
  
 (b) Certain Information. The
Trust shall keep, or cause to be kept, in reasonable detail books and records of account of its assets and business, which shall be furnished to Financial Security upon request. The Trust shall furnish to Financial Security, simultaneously with the
delivery of such documents to the Indenture Trustee, the Noteholders or the Certificateholder, as the case may be, copies of all reports, certificates, statements, financial statements or notices furnished to the Indenture Trustee, the Noteholders
or the Certificateholder, as the case may be, pursuant to the Transaction Documents (including, but not limited to, copies of any reports submitted to the Trust by 

  

 5 

 
its independent accountants in connection with any examination of the financial statements of the Trust). 
  
 (i) Certain Information. Not less than ten days prior
to the date of filing with the IRS of any tax return or amendment thereto, copies of the proposed form of such return or amendment and, promptly after the filing or sending thereof, (A) copies of each tax return and amendment thereto that the Trust
files with the IRS and (B) copies of all financial statements, reports, and registration statements which the Trust files with, or delivers to, any federal government agency, authority or body which supervises the issuance of securities by the
Trust. 
  
 (ii) Other Information.
Promptly upon the request of Financial Security, copies of all schedules, financial statements or other similar reports delivered to or by the Trust pursuant to the terms of this Agreement and the other Transaction Documents and such other data as
Financial Security may reasonably request. 
  
 (iii) a review of the Trust’s performance under the Transaction Documents during such period has been made under such officer’s supervision; and 
  
 (iv) to the best of such individual’s knowledge following reasonable inquiry, no Default or Event of
Default has occurred, or if a Default or Event of Default has occurred, specifying the nature thereof and, if the Trust has or had a right to cure pursuant to Section 5.1, stating in reasonable detail the steps, if any, taken or being taken by the
Trust to cure such Default or Event of Default or to otherwise comply with the terms of the Transaction Document to which such default or Event of Default relates. 
  
 (c) Access to Records; Discussions with Officers. The Trust shall, upon the request of Financial Security, permit
Financial Security, or its authorized agent, at the expense of Financial Security, at reasonable times and upon reasonable prior written notice: 
  
 (i) to inspect such books and records of the Trust as may relate to the Notes, the Certificate, the Receivables and the other Trust
Property, the obligations of the Trust under the Transaction Documents, the business of the Trust and the transactions consummated in connection therewith; and 
  

(ii) to discuss the affairs, finances and accounts of the Trust with an appropriate officer of the Trust. 
  
 Such inspections and discussions shall be conducted during normal business
hours and shall not unreasonably disrupt the business of the Trust. 
  

 6 

 (d) Notice of Material Events. The Trust shall promptly inform Financial Security in writing of
the occurrence of any of the following: 
  
 (i)
the submission of any claim or the initiation of any legal process, litigation or administrative or judicial investigation against the Trust in any federal, state or local court or before any arbitration board, or any such proceeding threatened by
any governmental agency, which, if adversely determined, would have a material adverse effect on the Receivables as a whole, or which, if adversely determined, would have a material adverse effect upon the ability of the Trust to perform its
obligations under any Transaction Document; 
  
 (ii) any change in the location of the Trust’s principal office or any change in the location of the books and records of the Trust; 
  
 (iii) the occurrence of any Default or Special Event; or 
  
 (iv) any other event, circumstance or condition that has resulted, or which is reasonably likely to result,
in a Material Adverse Change in respect of the Trust. 
  
 (e)
Further Assurances. The Trust will file all necessary financing statements, assignments or other instruments, and any amendments or continuation statements relating thereto, necessary to be kept and filed in such manner and in such places as
may be required by law to preserve and protect fully the Lien on and security interest in, and all rights of the Trust Collateral Agent with respect to the Collateral under the Indenture. In addition, the Trust shall, upon the request of Financial
Security, from time to time, execute, acknowledge and deliver, or cause to be executed, acknowledged and delivered, within thirty (30) days of such request, such amendments hereto and such further instruments and take such further action as may be
reasonably necessary to effectuate the intention, performance and provisions of the Transaction Documents or to protect the interest of the Trust Collateral Agent in the Collateral under the Indenture. In addition, the Trust agrees to cooperate with
S&P, Fitch and Moody’s in connection with any review of the Transaction which may be undertaken by S&P, Fitch and Moody’s after the date hereof. 
  
 (f) Retirement of Notes. The Trust shall, upon retirement of the Notes, furnish to Financial Security a notice of
such retirement, and, upon such retirement and the expiration of the Term Of The Policy, surrender the Policy to Financial Security for cancellation. 
  
 (g) Third-Party Beneficiary. The Trust agrees that Financial Security shall have all rights of a third-party beneficiary in respect of the Sale and
Servicing Agreement and hereby incorporates and restates its representations, warranties and covenants as set forth therein for the benefit of Financial Security. 
  
 (h) Preservation of Existence. The Trust shall observe in all material respects all procedures required by its
Certificate of Trust and Trust Agreement and preserve and maintain its existence as a trust and its rights, franchises and privileges in the jurisdiction of its organization, and shall qualify and remain qualified in good standing in each
jurisdiction where the nature of its business requires it to do so except where the failure to 

  

 7 

 
be so qualified, in good standing and to maintain its rights, franchises and privileges would not have a material adverse effect on the financial condition
of the Trust, or its ability to perform its obligations under this Agreement or under any other Transaction Document to which it is party. 
  
 (i) Disclosure Document. Each Offering Document delivered with respect to the Notes shall clearly disclose that the Policy is not covered by the
property/casualty insurance security fund specified in Article 76 of the New York Insurance Law. In addition, each Offering Document delivered with respect to the Notes which includes financial statements of Financial Security prepared in accordance
with generally accepted accounting principles (but excluding any Offering Document in which such financial statements are incorporated by reference) shall include the following statement immediately preceding such financial statements: 

 
 The New York State Insurance Department recognizes only statutory
accounting practices for determining and reporting the financial condition and results of operations of an insurance company, for determining its solvency under the New York Insurance Law, and for determining where its financial condition warrants
the payment of a dividend to its stockholders. No consideration is given by the New York State Insurance Department to financial statements prepared in accordance with generally accepted accounting principles in making such determinations.

  
 (j) Special Purpose Entity. 
  
 (i) The Trust shall conduct its business solely in its own
name through its duly authorized officers or agents so as not to mislead others as to the identity of the entity with which those others are concerned, and particularly will use its best efforts to avoid the appearance of conducting business on
behalf of AmeriCredit, the Company, AFS Funding, Funding Trust or any other Affiliates thereof or that the assets of the Trust are available to pay the creditors of AmeriCredit, the Company, AFS Funding, Funding Trust or any other Affiliates
thereof. Without limiting the generality of the foregoing, all oral and written communications, including, without limitation, letters, invoices, purchase orders, contracts, statements and loan applications, will be made solely in the name of the
Trust. 
  
 (ii) The Trust shall maintain trust
records and books of account separate from those of AmeriCredit, the Company, AFS Funding, Funding Trust and Affiliates of any of them. 
  
 (iii) The Trust shall obtain proper authorization from its equity owners of all trust action requiring such authorization, and copies of
each such authorization and the minutes or other written summary of each such meeting 

  

 8 

 
shall be delivered to Financial Security within two weeks of such authorization or meeting as the case may be. 
  
 (iv) Although the organizational expenses of the Trust have
been paid by AmeriCredit, operating expenses and liabilities of the Trust shall be paid from its own funds or by AmeriCredit. 
  
 (v) The annual financial statements of the Trust shall disclose the effects of the Trust’s transactions in accordance with generally
accepted accounting principles and shall disclose that the assets of the Trust are not available to pay creditors of AmeriCredit, the Company, AFS Funding, Funding Trust or any Affiliate of any of them. 
  
 (vi) The resolutions, agreements and other instruments of
the Trust underlying the transactions described in this Agreement and in the other Transaction Documents shall be continuously maintained by the Trust as official records of the Trust separately identified and held apart from the records of
AmeriCredit, the Company, AFS Funding, Funding Trust and each Affiliate of any of them. 
  
 (vii) The Trust shall maintain an arm’s-length relationship with AmeriCredit, the Company, AFS Funding, Funding Trust and each
Affiliate of any of them and will not hold itself out as being liable for the debts of any such Person. 
  
 (viii) The Trust shall keep its assets and its liabilities wholly separate from those of all other entities, including, but not limited
to, the Representative, the Company, AFS Funding, Funding Trust and each Affiliate of any of them except, in each case, as contemplated by the Transaction Documents. 
  
 (k) Tax Matters. The Trust will take, or refrain from taking, as the case may be, all actions necessary to ensure
that for federal and state income tax purposes the Trust is not taxable as an association (or publicly traded partnership) taxable as a corporation. 
  
 (l) Securities Laws. The Trust shall comply in all material respects with all applicable provisions of state and federal securities laws, including
blue sky laws and the Securities Act, the Exchange Act and the Investment Company Act and all rules and regulations promulgated thereunder for which non-compliance would result in a Material Adverse Change with respect to the Trust. 
  
 (m) Incorporation of Covenants. The Trust shall comply with each of
the Trust’s covenants set forth in the Transaction Documents and hereby incorporates such covenants by reference as if each were set forth herein. 
  

 9 

 Section 2.3 Negative Covenants of the Depositor on Behalf of the Trust. Funding Trust as
Depositor, on behalf of the Trust, hereby agrees (to the extent set forth in this Section 2.3), that during the Term of the Agreement, unless Financial Security shall otherwise expressly consent in writing: 
  
 (a) Restrictions on Liens. The Trust shall not, except as contemplated
by the Transaction Documents, (i) create, incur or suffer to exist, or agree to create, incur or suffer to exist, or consent to cause or permit in the future (upon the happening of a contingency or otherwise) the creation, incurrence or existence of
any Lien or Restriction on Transferability of the Receivables, or (ii) sign or file under the Uniform Commercial Code of any jurisdiction any financing statement which names the Trust as a debtor, or sign any security agreement authorizing any
secured party thereunder to file such financing statement, with respect to the Receivables. 
  
 (b) Impairment of Rights. The Trust shall not take any action, or fail to take any action, if such action or failure to take action would be reasonably likely to (i) interfere with the enforcement of any rights
under the Transaction Documents that are material to the rights, benefits or obligations of the Indenture Trustee, the Certificateholder, the Noteholders or Financial Security, (ii) result in a Material Adverse Change in respect of the Receivables,
or (iii) impair the ability of the Trust to perform its obligations under the Transaction Documents. 
  
 (c) Waiver, Amendments, Etc. The Trust shall not waive, modify or amend, or consent to any waiver, modification or amendment of, any of the
provisions of any of the Transaction Documents. 
  
 (d)
Successors. The Trust shall not terminate or designate, or consent to the termination or designation of, the Servicer, Back-up Servicer, the Collateral Agent, the Owner Trustee or any successor thereto without the prior approval of Financial
Security. 
  
 (e) Creation of Indebtedness; Guarantees.
Other than the Transaction Documents, the Trust shall not create, incur, assume or suffer to exist any indebtedness other than indebtedness guaranteed or approved in writing by Financial Security. Without the prior written consent in writing of
Financial Security, the Trust shall not assume, guarantee, endorse or otherwise be or become directly or contingently liable for the obligations of any Person by, among other things, agreeing to purchase any obligation of another Person, agreeing to
advance funds to such Person or causing or assisting such Person to maintain any amount of capital. 
  
 (f) Subsidiaries. The Trust shall not form, or cause to be formed, any Subsidiaries. 
  
 (g) No Mergers. The Trust shall not consolidate with or merge into any Person or transfer all or any material amount
of its assets to any Person, liquidate or dissolve except as permitted by the Trust Agreement and as contemplated by the Transaction Documents. 
  
 (h) Other Activities. The Trust shall not: 
  
 (i) sell, pledge, transfer, exchange or otherwise dispose of any of its assets except as permitted under the Transaction Documents; or

  

 10 

 (ii) engage in any business or activity except as contemplated by the Transaction
Documents and as permitted by the Trust Agreement. 
  
 (i)
Insolvency. The Trust shall not commence any case, proceeding or other action (A) under any existing or future law of any jurisdiction, domestic or foreign, relating to the bankruptcy, insolvency, reorganization or relief of debtors, seeking
to have an order for relief entered with respect to it, or seeking reorganization, arrangement, adjustment, winding-up, liquidation, dissolution, corporation or other relief or (B) seeking appointment of a receiver, trustee, custodian or other
similar official for it or for all or any substantial part of its assets or make a general assignment for the benefit of its creditors. The Trust shall not take any action in furtherance of, or indicating the consent to, approval of, or acquiescence
in, any of the acts set forth above. The Trust shall not admit in writing its inability to pay its debts. 
  
 (j) [Reserved]. 
  
 (k) [Reserved]. 
  
 Section 2.4 [Reserved]. 
  
 (a) [Reserved]. 
  
 (b) [Reserved]. 
  
 (c) [Reserved]. 
  
 (d) [Reserved]. 
  
 (e) [Reserved]. 
  
 (f) [Reserved]. 
  
 (g) [Reserved]. 
  
 (h) [Reserved]. 
  
 (i) [Reserved]. 
  
 (j) [Reserved]. 
  
 Section 2.5 [Reserved]. 
  
 (a) [Reserved]. 
  
 (b) [Reserved]. 
  
 (c) [Reserved]. 
  

 11 

 (d) [Reserved]. 
  
 (e) [Reserved]. 
  
 (f) [Reserved]. 
  
 (g) [Reserved]. 
  
 (h) [Reserved]. 
  
 Section 2.6 [Reserved]. 
  
 Section 2.7 Representations and Warranties with Respect to Funding Trust and the Company. Each AmeriCredit Party represents, warrants and
covenants, as of the Date of Issuance, with respect to Funding Trust and the Company, as follows: 
  
 (a) Due Organization and Qualification. Funding Trust is duly formed and validly existing as a Delaware statutory trust and is in good standing
under the laws of the State of Delaware and the Company is a corporation, duly organized, validly existing and in good standing under the laws of Delaware. Each of Funding Trust and the Company is duly qualified to do business, is in good standing
and has obtained all necessary licenses, permits, charters, registrations and approvals (together, “approvals”) necessary for the conduct of its business as currently conducted and as described in the Offering Document and the performance
of its obligations under the Transaction Documents, in each jurisdiction in which the failure to be so qualified or to obtain such approvals would render any Receivable unenforceable in any respect or would otherwise have a material adverse effect
upon the Transaction. 
  
 (b) Power and Authority. Each of
Funding Trust and the Company has all necessary trust power and corporate power, respectively and authority to conduct its business as currently conducted and as described in the Offering Document, to execute, deliver and perform its obligations
under the Transaction Documents and has full power and authority to sell and assign the Receivables as contemplated by the Transaction Documents and to consummate the Transaction. 
  
 (c) Due Authorization. The execution, delivery and performance of the Transaction Documents by each of Funding Trust
and the Company have been duly authorized by all necessary trust action and corporate action, respectively and do not require any additional approvals or consents or other action by, or any notice to, or filing with, any Person, including, without
limitation, any governmental entity or the Company’s stockholder. 
  
 (d) Noncontravention. None of the execution and delivery of the Transaction Documents by the Company or by Funding Trust, the consummation of the transactions contemplated thereby nor the satisfaction of the terms and conditions of
the Transaction Documents, 
  

 12 

 (i) conflicts with or results in any breach or violation of any provision of the
Certificate of Incorporation or Bylaws of the Company or the Certificate of Trust or the Funding Trust Agreement of Funding Trust, as the case may be, or any law, rule, regulation, order, writ, judgment, injunction, decree, determination or award
currently in effect having applicability to the Company or Funding Trust, as the case may be, or any of their respective properties, including regulations issued by an administrative agency or other governmental authority having supervisory powers
over the Company or Funding Trust, as the case may be, 
  
 (ii) constitutes or will constitute a default by the Company or Funding Trust, as the case may be, under or a breach of any provision of any loan agreement, mortgage, indenture or other agreement or instrument to which the Company or
Funding Trust is a party or by which it, or any of its or their properties is, or may be, bound or affected, or 
  
 (iii) results in or requires the creation of any Lien upon or in respect of any of the assets of the Company or Funding Trust except as
otherwise expressly contemplated by the Transaction Documents. 
  
 (e) Legal Proceedings. There is no action, proceeding or investigation pending, or to the best knowledge of the Company or Funding Trust after reasonable inquiry, threatened by or before any court, regulatory body, governmental or
administrative agency or arbitrator against or affecting the Company or Funding Trust, or any properties or rights of the Company or Funding Trust, including without limitation, the Receivables, which might result in a Material Adverse Change with
respect to the Company, Funding Trust or the Certificate. 
  
 (f)
Valid and Binding Obligations. Each of the Transaction Documents to which either the Company or Funding Trust is a party when executed and delivered by the Company or Funding Trust, as the case may be, will constitute the legal, valid and
binding obligations of such Person, enforceable in accordance with their respective terms, except as such enforceability may be limited by bankruptcy, insolvency, reorganization, moratorium or other similar laws affecting creditors’ rights
generally and general equitable principles. The Certificate, when executed, authenticated and delivered in accordance with the Trust Agreement, will be validly issued and outstanding and entitled to the benefits of the Trust Agreement and will
evidence the entire beneficial ownership interest in the Trust. The Notes when executed, authenticated and delivered in accordance with the Indenture, will be entitled to the benefits of the Indenture and will constitute legal, valid and binding
obligations of the Trust, enforceable in accordance with their terms, except as limited by applicable bankruptcy, insolvency, reorganization, moratorium and similar laws affecting the enforcement of creditors’ rights generally or general
equitable principles (whether in a proceeding at law or in equity) and except to the extent that rights to indemnity and contribution may be limited by public policy. 
  

 13 

 (g) ERISA. Each of Funding Trust and the Company is in compliance with ERISA and has not incurred
and does not reasonably expect to incur, any liabilities to the PBGC under ERISA in connection with any Plan or Multiemployer Plan. 
  
 (h) Accuracy of Information. None of the Transaction Documents nor any of the Provided Documents contain any statement of a material fact with
respect to the Company or Funding Trust or the Transaction that was untrue or misleading in any material respect when made. Since the furnishing of the Provided Documents, there has been no change, nor any development or event involving a
prospective change known to the Company or to Funding Trust, that would render any of the Provided Documents untrue or misleading in any material respect. There is no fact known to the Company or Funding Trust which has a material possibility of
causing a Material Adverse Change with respect to either of the Company or Funding Trust, or which has a material possibility of impairing the value or marketability of the Receivables, taken as a whole, or decreasing the possibility that amounts
due in respect of the Receivables will be collected as due. 
  
 (i) Compliance With Securities Laws. The offer and sale of the Securities comply in all material respects with all requirements of law, including all registration requirements of applicable securities laws. Without limitation of the
foregoing, the Offering Document does not contain any untrue statement of a material fact and does not omit to state a material fact required to be stated therein or necessary to make the statements made therein, in light of the circumstances under
which they were made, not misleading. 
  
 (j) Transaction
Documents. Each of the representations and warranties of Funding Trust and the Company contained in the Transaction Documents is true and correct in all material respects and each of Funding Trust and the Company hereby makes each such
representation and warranty made by it to, and for the benefit of, Financial Security as if the same were set forth in full herein. 
  
 (k) No Consents. No consent, license, approval or authorization from, or registration, filing or declaration with, any regulatory body,
administrative agency, or other governmental instrumentality, nor any consent, approval, waiver or notification of any creditor, lessor or other nongovernmental person, is required in connection with the execution, delivery and performance by the
Company or Funding Trust of this Agreement or of any other Transaction Document to which such Person is a party, except (in each case) such as have been obtained and are in full force and effect. 
  
 (l) Compliance With Law, Etc. No practice, procedure or policy
employed or proposed to be employed by the Company or Funding Trust in the conduct of their respective businesses violates any law, regulation, judgment, agreement, order or decree applicable to it which, if enforced, would result in a Material
Adverse Change with respect to such Person. 
  

 14 

 (m) Special Purpose Entity. 
  
 (i) The capital of Funding Trust is adequate for the business and undertakings of Funding Trust. 

 
 (ii) Other than with respect to the purchase by the
Company of the stock of AFS Funding, which owns all the stock of Funding Trust, with respect to matters covered in the Administration Agreement and as provided in this Agreement, the Transaction Documents and documents entered into with respect to
the Other Transactions, Funding Trust is not engaged in any business transactions with the Company. 
  
 (iii) [Reserved]. 
  
 (iv) The funds and assets of Funding Trust are not, and will not be, commingled with the funds of any other person. 
  
 (v) [Reserved]. 
  
 (n) Solvency; Fraudulent Conveyance. Each of Funding Trust and the
Company is solvent and will not be rendered insolvent by the Transaction and, after giving effect to such Transaction, neither the Company nor Funding Trust will be left with an unreasonably small amount of capital with which to engage in its
business. Neither the Company nor Funding Trust intends to incur, or believes that it has incurred, debts beyond its ability to pay such debts as they mature. Neither the Company nor Funding Trust contemplates the commencement of insolvency,
bankruptcy, liquidation or consolidation proceedings or the appointment of a receiver, liquidator, conservator, trustee or similar official in respect of the Company or Funding Trust, as the case may be, or any of their respective assets. The amount
of consideration being received by the Seller upon the sale of the Receivables to the Trust constitutes reasonably equivalent value and fair consideration for the Receivables. The Seller is not selling the Receivables to the Trust, as provided in
the Transaction Documents, with any intent to hinder, deal or defraud any of the Company’s creditors. 
  
 (o) Good Title; Valid Transfer; Absence of Liens; Security Interest. 
  
 (i) Immediately prior to the pledge of the Collateral to the Trust Collateral Agent pursuant to the
Indenture, the Trust was the owner of, and had good and marketable title to, such property free and clear of all Liens and Restrictions on Transferability, and had or will have had full right, power and lawful authority to assign, transfer and
pledge such Receivables. The Indenture constitutes a valid pledge of the Collateral to the Trust Collateral Agent and the Trust Collateral Agent shall have a valid and perfected first priority security interest in the Collateral, free and clear of
all Liens and Restrictions on Transferability. 
  
 (ii) Immediately prior to the transfer of any Receivables to the Trust pursuant to the Sale and Servicing Agreement, Funding Trust was or will have 

  

 15 

 
been the owner of, and had good and marketable title to, such property free and clear of all Liens and Restrictions on Transferability, and had or will have
had full right, corporate power and lawful authority to assign, transfer and pledge such Receivables. In the event that a transfer of the Receivables by Funding Trust to the Trust is characterized as other than a sale, such transfer shall be
characterized as a secured financing, and the Trustee shall have a valid and perfected first priority security interest in such Receivables free and clear of all Liens and Restrictions on Transferability. 
  
 (iii) Immediately prior to the sale of the Receivables to
Funding Trust pursuant to the Purchase Agreement, the Company was or will have been the owner of, and had good and marketable title to, the Receivables being transferred by such party free and clear of all Liens and Restrictions on Transferability,
and had or will have had full right, corporate power and lawful authority to assign, transfer and pledge such Receivables. In the event that a transfer of the Receivables by the Company to Funding Trust is characterized as other than a sale, such
transfer shall be characterized as a secured financing, and Funding Trust shall have a valid and perfected first priority security interest in such Receivables free and clear of all Liens and Restrictions on Transferability. 
  
 (p) Subsequent Receivables; Good Title; Valid Transfer; Absence of Liens;
Security Interest. 
  
 (i) Immediately prior
to the sale of Subsequent Receivables and related Other Conveyed Property to the Trust pursuant to a Subsequent Transfer Agreement, Funding Trust will be the owner of, and shall have good and marketable title to, such property free and clear of all
Liens and Restrictions on Transferability, and have full right, corporate power and lawful authority to assign, transfer and pledge such Subsequent Receivables and related Other Conveyed Property. The Subsequent Transfer Agreement will constitute a
valid sale, transfer and assignment of such Subsequent Receivables and related Other Conveyed Property to the Trust enforceable against creditors of and purchasers of Funding Trust. In the event that, in contravention of the intention of the
parties, the transfer of the Subsequent Receivables and related Other Conveyed Property by Funding Trust to the Trust is characterized as other than a sale, such transfer shall be characterized as a secured financing, and the Trust shall have a
valid and perfected first priority security interest in the Subsequent Receivables and related Other Conveyed Property free and clear of all Liens and Restrictions on Transferability. 
  
 (ii) Immediately prior to the sale of Subsequent Receivables and related Other Conveyed Property to Funding
Trust pursuant to a Subsequent Purchase Agreement, the Company will be the owner of, and shall have good and marketable title to, such property free and clear of all Liens and Restrictions on Transferability, and have full right, corporate power and
lawful authority to assign, transfer and pledge such Subsequent Receivables and related Other Conveyed Property. The Subsequent Purchase Agreement will constitute a valid 

  

 16 

 
sale, transfer and assignment of such Subsequent Receivables and related Other Conveyed Property to Funding Trust enforceable against creditors of and
purchasers of Funding Trust. In the event that, in contravention of the intention of the parties, the transfer of the Subsequent Receivables and related Other Conveyed Property by the Company to Funding Trust is characterized as other than a sale,
such transfer shall be characterized as a secured financing, and Funding Trust shall have a valid and perfected first priority security interest in the Subsequent Receivables and related Other Conveyed Property free and clear of all Liens and
Restrictions on Transferability. 
  
 (q) Taxes. The Company
has filed all federal and state tax returns which are required to be filed and paid all taxes, including any assessments received by the Company, to the extent that such taxes have become due. Any taxes, fees and other governmental charges payable
by the Company or Funding Trust in connection with the Transaction, the execution and delivery of the Transaction Documents and the issuance of the Securities have been paid or shall have been paid at or prior to the Date of Issuance. 
  
 (r) Security Interest in Funds and Investments in the Spread Account.
Assuming the retention of funds in the Spread Account, such funds will be subject to a valid and perfected, first priority security interest in favor of the Collateral Agent on behalf of the Indenture Trustee (on behalf of the Noteholders), the
Certificateholder and Financial Security. 
  
 (s)
[Reserved]. 
  
 (t) [Reserved]. 
  
 Section 2.8 Affirmative Covenants with Respect to the Company and Funding
Trust. Each AmeriCredit Party hereby agrees with respect to the Company and with respect to Funding Trust that during the Term of this Agreement, unless Financial Security shall otherwise expressly consent in writing: 
  
 (a) Compliance With Agreements and Applicable Laws. Each of Funding
Trust and the Company shall perform each of its respective obligations under the Transaction Documents and shall comply with all material requirements of any law, rule or regulation applicable to it, or that are required in connection with its
performance under any of the Transaction Documents. Neither the Company nor Funding Trust will cause or permit to become effective any amendment to or modification of any of the Transaction Documents to which it is a party unless Financial Security
shall have previously approved in writing the form of such amendment or modification. Neither the Company nor Funding Trust shall take any action or fail to take any action that would interfere with the enforcement of any rights under the
Transaction Documents. 
  
 (b) Reports; Other Information.
Each of Funding Trust and the Company shall keep or cause to be kept in reasonable detail books and records of account of their 

  

 17 

 
respective assets and business. Each of Funding Trust and the Company shall furnish or caused to be furnished to Financial Security: 
  
 (i) Promptly upon receipt thereof, copies of all reports,
statements, certifications, schedules, or other similar items delivered to or by the Company or Funding Trust pursuant to the terms of the Transaction Documents and, promptly upon request, such other data as Financial Security may reasonably
request; provided, however, that neither the Company nor Funding Trust shall be required to deliver any such items if provision by some other party to Financial Security is required under the Transaction Documents unless such other party wrongfully
fails to deliver such item. The Company and Funding Trust shall, upon the request of Financial Security, permit Financial Security or its authorized agents (A) to inspect its books and records as they may relate to the Securities, the Receivables,
the Certificate, the obligations of Funding Trust and the Company under the Transaction Documents, the Transaction and, but only following the occurrence of a Special Event, Funding Trust’s business; (B) to discuss the affairs, finances and
accounts of Funding Trust and the Company with an officer of each upon Financial Security’s reasonable request; and (C) upon the occurrence of a Special Event, to discuss the affairs, finances and accounts of Funding Trust and the Company with
its independent accountants, provided that an officer of such Person shall have the right to be present during such discussions. Such inspections and discussions shall be conducted during normal business hours and shall not unreasonably disrupt the
business of such Person. The fees and expenses of Financial Security or any such authorized agents shall be for the account of AmeriCredit. 
  
 (ii) The Company shall provide or cause to be provided to Financial Security an executed original copy of each document executed in
connection with the transaction within 30 days after the date of closing. 
  
 (c) Notice of Material Events. The Company and Funding Trust shall promptly inform Financial Security in writing of the occurrence of any of the following: 
  
 (i) the submission of any claim or the initiation of any
legal process, litigation or administrative or judicial investigation (A) against the Company or Funding Trust pertaining to the Receivables in general, (B) with respect to a material portion of the Receivables, or (C) in which a request has been
made for certification as a class action (or equivalent relief) that would involve a material portion of the Receivables; 
  
 (ii) any change in the location of the principal office of either of the Company or Funding Trust or any change in the location of the
books and records of the Company or Funding Trust; 
  
 (iii) the occurrence of any Default or Special Event; or 
  

 18 

 (iv) any other event, circumstance or condition that has resulted, or which the Company
or Funding Trust, as the case may be, reasonably believes might result, in a Material Adverse Change in respect of the Company or Funding Trust. 
  
 (d) Further Assurances. Each of Funding Trust and the Company will file all necessary financing statements, assignments or other instruments, and
any amendments or continuation statements relating thereto, necessary to be kept and filed in such manner and in such places as may be required by law to preserve and protect fully the Lien on and security interest in, and all rights of the Trust
Collateral Agent, for the benefit of the Trust Collateral Agent (for the Certificateholder and Financial Security), with respect to the Receivables, the Collection Account and the Spread Account. In addition, each of Funding Trust and the Company
shall, upon the request of Financial Security, from time to time, execute, acknowledge and deliver, or cause to be executed, acknowledged and delivered, within thirty (30) days of such request, such amendments hereto and such further instruments and
take such further action as may be reasonably necessary to effectuate the intention, performance and provisions of the Transaction Documents or to protect the interest of the Trust, the Owner Trustee, the Indenture Trustee and Financial Security, in
the Receivables, the Collection Account and the Spread Account, free and clear of all Liens and Restrictions on Transferability except as contemplated by the Transaction Documents. In addition, each of Funding Trust and the Company agrees to
cooperate with S&P, Fitch and Moody’s in connection with any review of the Transaction which may be undertaken by S&P, Fitch and Moody’s after the date hereof. 
  
 (e) Third-Party Beneficiary. Each of Funding Trust and the Company agrees that Financial Security shall have all
rights of a third-party beneficiary in respect of the Sale and Servicing Agreement and hereby incorporates and restates its representations, warranties and covenants as set forth therein for the benefit of Financial Security. 
  
 (f) Existence. Funding Trust shall maintain its existence and the
Company shall maintain its corporate existence and shall at all times continue to be duly organized under the laws of Delaware, and duly qualified and duly authorized (as described in Sections 2.7(a), (b) and (c) hereof) and shall conduct its
business in accordance with the terms of its Certificate of Trust and its Funding Trust Agreement (with respect to Funding Trust) or its Certificate of Incorporation and Bylaws (with respect to the Company). 
  
 (g) Disclosure Document. Each Offering Document delivered with respect
to the Securities shall clearly disclose that the Policy is not covered by the property/casualty insurance security fund specified in Article 76 of the New York Insurance Law. In addition, each Offering Document delivered with respect to the
Securities which includes financial statements of Financial Security prepared in accordance with generally accepted accounting principles (but excluding any Offering Document in which such financial statements are incorporated by reference) shall
include the following statement immediately preceding such financial statements: 
  
 The New York State Insurance Department recognizes only statutory accounting practices for determining and reporting the 

  

 19 

 
financial condition and results of operations of an insurance company, for determining its solvency under the New York Insurance Law, and for determining
where its financial condition warrants the payment of a dividend to its stockholders. No consideration is given by the New York State Insurance Department to financial statements prepared in accordance with generally accepted accounting principles
in making such determinations. 
  
 (h) Special Purpose
Entity. 
  
 (i) Funding Trust shall conduct
its business solely in its own name through its duly authorized agents (including but not limited to the Administrator) so as not to mislead others as to the identity of the entity with which those others are concerned, and particularly will use its
best efforts to avoid the appearance of conducting business on behalf of any affiliate thereof or that the assets of Funding Trust are available to pay the creditors of the Company, AFS Funding or AmeriCredit or any affiliate thereof. Without
limiting the generality of the foregoing, all oral and written communications, including, without limitation, letters, invoices, purchase orders, contracts, statements and loan applications, will be made solely in the name of Funding Trust.

  
 (ii) Funding Trust shall maintain trust
records and books of account separate from those of the Company, AFS Funding, the Trust and AmeriCredit, and the affiliates thereof. 
  
 (iii) Funding Trust shall obtain proper authorization from its equity owners of all trust action requiring such authorization, and copies
of each such authorization and the minutes or other written summary of each such meeting shall be delivered to Financial Security within two weeks of such authorization or meeting as the case may be. 
  
 (iv) [Reserved]. 
  
 (v) Although the organizational expenses of Funding Trust
have been paid by AmeriCredit, Funding Trust shall pay its own operating expenses and liabilities from its own funds. 
  
 (vi) The annual financial statements of Funding Trust shall disclose the effects of Funding Trust’s transactions in accordance with
generally accepted accounting principles and shall disclose that the assets of Funding Trust are not available to pay creditors of AmeriCredit, AFS Funding, the Trust or the Company or any Affiliate thereof. 
  
 (vii) The agreements and other instruments of Funding Trust
underlying the transactions described in this Agreement and in the other Transaction Documents shall be continuously maintained by Funding Trust as official records of Funding Trust, separately identified and held apart from the records of 

  

 20 

 
AmeriCredit, AFS Funding, the Trust and the Company and each Affiliate thereof. 
  
 (viii) Funding Trust shall maintain an arm’s-length relationship with AmeriCredit, AFS Funding, the
Trust and the Company and the affiliates thereof, and will not hold itself out as being liable for the debts of AmeriCredit or the Company or any affiliate thereof. 
  
 (ix) Funding Trust shall keep its assets and liabilities wholly separate from those of all other entities,
including, but not limited to, the Representative, AFS Funding, AmeriCredit, the Trust and the Company and each Affiliate of them except, in each case, as contemplated by the Transaction Documents. 
  
 (x) [Reserved]. 
  
 (i) Maintenance of Licenses. Each of Funding Trust and the Company
shall maintain all licenses, permits, charters and registrations which are material to the performance by it of its obligations under this Agreement and each other Transaction Document to which it is a party or by which it is bound. 
  
 (j) Release of Liens. The Company shall duly file on behalf of Wells
Fargo Bank, National Association no later than the first Business Day immediately following the Closing Date, the amendments to, and/or terminations of, UCC financing statements evidencing the Release of Security Interests. 
  
 Section 2.9 Negative Covenants with Respect to Funding Trust and the
Company. Each AmeriCredit Party hereby agrees with respect to Funding Trust and with respect to the Company that during the Term of this Agreement, unless Financial Security shall otherwise expressly consent in writing: 
  
 (a) Restrictions on Liens. Neither Funding Trust nor the Company
shall, except as contemplated by the Transaction Documents, (i) create, incur or suffer to exist, or agree to create, incur or suffer to exist, or consent to cause or permit in the future (upon the happening of a contingency or otherwise) the
creation, incurrence or existence of any Lien or Restriction on Transferability of the Receivables, or (ii) sign or file under the Uniform Commercial Code of any jurisdiction any financing statement which names the Company or Funding Trust as a
debtor, or sign any security agreement authorizing any secured party thereunder to file such financing statement, with respect to the Receivables. 
  
 (b) Impairment of Rights. Neither Funding Trust nor the Company shall take any action, or fail to take any action, if such action or failure to
take action may (i) interfere with the enforcement of any rights under the Transaction Documents that are material to the rights, benefits or obligations of the Indenture Trustee, the Certificateholder, the Noteholders or Financial Security, (ii)
result in a Material Adverse Change in respect of the Receivables, or (iii) impair the ability of the Company or Funding Trust to perform their respective obligations under the Transaction Documents, including any consolidation, merger with any
Person or any transfer of all or any material 

  

 21 

 
amount of the assets of the Company or Funding Trust to any other Person if such consolidation, merger or transfer would materially impair the net worth of
the Company or Funding Trust or any successor Person obligated, after such event, to perform such Person’s obligations under the Transaction Documents. 
  
 (c) Waiver, Amendments, Etc. Neither Funding Trust nor the Company shall waive, modify or amend, or consent to any waiver, modification or
amendment of, any of the provisions of any of the Transaction Documents. 
  
 (d) Successors. Neither Funding Trust nor the Company shall terminate or designate, or consent to the termination or designation of, the Servicer, Back-up Servicer, Collateral Agent, the Owner Trustee or any
successor thereto without the prior approval of Financial Security. 
  
 (e) Creation of Indebtedness; Guarantees. Funding Trust shall not create, incur, assume or suffer to exist any indebtedness other than indebtedness guaranteed or approved in writing by Financial Security other than the Transaction
Documents. Without the prior written consent of Financial Security, the Trustee and Funding Trust shall not assume, guarantee, endorse or otherwise be or become directly or contingently liable for the obligations of any Person by, among other
things, agreeing to purchase any obligation of another Person, agreeing to advance funds to such Person or causing or assisting such Person to maintain any amount of capital. 
  
 (f) Subsidiaries. Funding Trust shall not form, or cause to be formed, any Subsidiaries. 
  
 (g) [Reserved]. 
  
 (h) No Mergers. Funding Trust shall not consolidate with or merge into
any Person or transfer all or any material amount of its assets to any Person or liquidate or dissolve except as permitted by the Funding Trust Agreement and as contemplated by the Transaction Documents. 
  
 (i) Other Activities. Funding Trust shall not: 
  
 (i) sell, pledge, transfer, exchange or otherwise dispose of
any of its assets except as permitted under the Transaction Documents; or 
  
 (ii) engage in any business or activity other than in connection with the Transaction Documents, documents entered into with respect to the Other Transactions and as permitted by its certificate of incorporation.

  
 (j) Insolvency. No AmeriCredit Party shall commence
with respect to the Company or Funding Trust, as the case may be, any case, proceeding or other action (A) under any existing or future law of any jurisdiction, domestic or foreign, relating to the bankruptcy, insolvency, reorganization or relief of
debtors, seeking to have an order for relief entered with respect to it, or seeking reorganization, arrangement, adjustment, winding-up, liquidation, dissolution, corporation or other relief with respect to it or 

  

 22 

 
(B) seeking appointment of a receiver, trustee, custodian or other similar official for it or for all or any substantial part of its assets, or make a
general assignment for the benefit of its creditors. No AmeriCredit Party shall take any action in furtherance of, or indicating the consent to, approval of, or acquiescence in any of the acts set forth above. Neither Funding Trust nor the Company
shall admit in writing its inability to pay its debts. 
  
 Section
2.10 Representations and Warranties of AmeriCredit. AmeriCredit represents, warrants and covenants, as of the date hereof and as of the Date of Issuance, as follows: 
  
 (a) Due Organization and Qualification. AmeriCredit is a corporation duly organized, validly existing and in good
standing under the laws of the State of Texas, with power and authority to own its properties and conduct its business. AmeriCredit is duly qualified to do business, is in good standing and has obtained all necessary licenses, permits, charters,
registrations and approvals (together, “approvals”) necessary for the conduct of its business as currently conducted and the performance of its obligations under the Transaction Documents, in each jurisdiction in which the failure to be so
qualified or to obtain such approvals would render any Transaction Document unenforceable in any respect or would otherwise have a material adverse effect upon the Transaction. 
  
 (b) Power and Authority. AmeriCredit has all necessary corporate power and authority to conduct its business as
currently conducted, to execute, deliver and perform its obligations under this Agreement and each other Transaction Document to which it is a party and to carry out the terms of each such Document and has full power and authority to consummate the
Transaction. 
  
 (c) Due Authorization. The execution,
delivery and performance by AmeriCredit of this Agreement and each other Transaction Document to which it is a party have been duly authorized by all necessary corporate action and do not require any additional approvals or consents or other action
by or any notice to or filing with any Person, including, without limitation, any governmental entity or the stockholders of such Person. 
  
 (d) Noncontravention. Neither the execution nor delivery of this Agreement and each other Transaction Document to which AmeriCredit is a party, nor
the consummation of the Transaction nor the satisfaction of the terms and conditions of this Agreement and each other Transaction Document to which AmeriCredit is a party, 
  
 (i) conflicts with or results, or will conflict with or result, in any breach or violation of any provision
of the Certificate of Incorporation or Bylaws of AmeriCredit or any law, rule, regulation, order, writ, judgment, injunction, decree, determination or award currently in effect having applicability to AmeriCredit, or any of its properties, including
regulations issued by an administrative agency or other governmental authority having supervisory powers over AmeriCredit, 
  

 23 

 (ii) constitutes or will constitute a default by AmeriCredit under, or a breach of any
provision of, any loan agreement, mortgage, indenture or other agreement or instrument to which AmeriCredit or any of its Subsidiaries is a party or by which it or any of its or their properties is or may be bound or affected, or 
  
 (iii) results in or requires, or will result in or require,
the creation of any Lien upon, or in respect of, any of the assets of AmeriCredit or any of its Subsidiaries except as otherwise expressly contemplated by the Transaction Documents. 
  
 (e) Legal Proceedings. There is no action, proceeding or investigation pending, or to the best knowledge of
AmeriCredit after reasonable inquiry, threatened by or before any court, regulatory body, governmental or administrative agency or arbitrator against or affecting AmeriCredit, or any properties or rights of AmeriCredit which is likely to result in a
Material Adverse Change with respect to AmeriCredit, or which might adversely affect the federal or state tax attributes of the Securities. 
  
 (f) Valid and Binding Obligations. Each of the Transaction Documents to which AmeriCredit is a party, when executed and delivered by it, and
assuming due authorization, execution and delivery by the other parties thereto, will constitute the legal, valid and binding obligations of AmeriCredit, enforceable in accordance with its terms, except as such enforceability may be limited by
bankruptcy, insolvency, reorganization, moratorium or other similar laws affecting creditors’ rights generally and general equitable principles. The Certificate, when executed, authenticated and delivered in accordance with the Trust Agreement,
will be validly issued and outstanding and entitled to the benefits of the Trust Agreement and will evidence the entire beneficial ownership interest in the Trust. The Notes when executed, authenticated and delivered in accordance with the
Indenture, will be entitled to the benefits of the Indenture and will constitute legal, valid and binding obligations of the Trust, enforceable in accordance with their terms, except as limited by applicable bankruptcy, insolvency, reorganization,
moratorium and similar laws affecting the enforcement of creditors’ rights generally or general equitable principles (whether in a proceeding at law or in equity) and except to the extent that rights to indemnity and contribution may be limited
by public policy. 
  
 (g) Financial Statements. The
Financial Statements of AmeriCredit, copies of which have been furnished to Financial Security, (i) are, as of the dates and for the periods referred to therein, complete and correct in all material respects, (ii) present fairly the financial
condition and results of operations of AmeriCredit as of the dates and for the periods indicated, and (iii) have been prepared in accordance with generally accepted accounting principles consistently applied, except as noted therein (subject as to
interim statements to normal year-end adjustments). Since the date of the most recent Financial Statements, there has been no material adverse change in such financial condition or results of operations. Except as disclosed in the Financial
Statements, AmeriCredit is not subject to any contingent liabilities or commitments that, individually or in the aggregate, have a material possibility of causing a Material Adverse Change in respect of AmeriCredit. 
  

 24 

 (h) ERISA. AmeriCredit is in compliance with ERISA and has not incurred and does not reasonably
expect to incur any liabilities to the PBGC under ERISA in connection with any Plan or Multiemployer Plan. 
  
 (i) Accuracy of Information. None of the Provided Documents contain any statement of a material fact with respect to AmeriCredit or the Transaction
that was untrue or misleading in any material respect when made (except insofar as any such Document was connected to, or superseded by, a subsequent Provided Document). Since the furnishing of the Provided Documents, there has been no change, or
any development or event involving a prospective change known to AmeriCredit that would render any representation or warranty or other statement made by it in any of the Provided Documents untrue or misleading in any material respect. There is no
fact known to AmeriCredit which has a material possibility of causing a Material Adverse Change with respect to it (for purposes of the foregoing representation and warranty, Material Adverse Change shall be determined only with respect to
AmeriCredit, but not any of its Subsidiaries individually) or which has a material possibility of impairing the value or marketability of the Receivables, taken as a whole, or decreasing the possibility that amounts due in respect of the Receivables
will be collected as due. 
  
 (j) Compliance With Securities
Laws. Neither the Trust nor AmeriCredit is required to be registered as an “investment company” under the Investment Company Act and the Trust is not subject to the information reporting requirements of the Securities Exchange Act.

  
 (k) Transaction Documents. Each of the representations
and warranties of AmeriCredit contained in the Transaction Documents is true and correct in all material respects and AmeriCredit hereby makes each such representation and warranty made by it to, and for the benefit of, Financial Security as if the
same were set forth in full herein. 
  
 (l) No Consents. No
consent, license, approval or authorization from, or registration, filing or declaration with, any regulatory body, administrative agency, or other governmental instrumentality, nor any consent, approval, waiver or notification of any creditor,
lessor or other non-governmental person, is required in connection with the execution, delivery and performance by AmeriCredit of this Agreement or of any other Transaction Document to which it is a party, except (in each case) such as have been
obtained and are in full force and effect. 
  
 (m) Compliance
With Law, Etc. No practice, procedure or policy employed or proposed to be employed by AmeriCredit in the conduct of its business violates any law, regulation, judgment, agreement, order or decree applicable to it which, if enforced, would
result in a Material Adverse Change with respect to AmeriCredit. 
  
 (n) Solvency; Fraudulent Conveyance. AmeriCredit is solvent and will not be rendered insolvent by the Transaction and, after giving effect to the Transaction, AmeriCredit will not be left with an unreasonably small amount of capital
with which to engage in its business. AmeriCredit does not intend to incur, or believe that it has incurred, debts beyond its ability to pay such debts as they mature. AmeriCredit does not 

  

 25 

 
contemplate the commencement of insolvency, bankruptcy, liquidation or consolidation proceedings or the appointment of a receiver, liquidator, conservator,
trustee or similar official in respect of AmeriCredit or any of its assets. AmeriCredit is not entering into the Transaction Documents or consummating the transactions contemplated thereby with any intent to hinder, delay or defraud any of
AmeriCredit’s creditors. 
  
 (o) Taxes. AmeriCredit
has filed all federal and state tax returns which are required to be filed and paid all taxes, in each case with respect to the includible group of which AmeriCredit is a member, including any assessments received by it, to the extent that such
taxes have become due other than taxes that it shall currently be contesting the validity thereof in good faith by appropriate proceedings and shall have set aside on its books adequate reserves with respect thereto. Any taxes, fees and other
governmental charges payable by AmeriCredit in connection with the Transaction and the execution and delivery of the Transaction Documents have been paid or shall have been paid at or prior to the Date of Issuance. 
  
 (p) [Reserved]. 
  
 (q) [Reserved]. 
  
 (r) Compliance with Anti-Money Laundering Laws. No practice, procedure
or policy employed or proposed to be employed by AmeriCredit in the conduct of its business constitutes a material violation of any anti-money laundering law or regulation (including without limitation, the USA PATRIOT Act, Public Law No. 107-56
(2001), and regulations promulgated thereunder) applicable to AmeriCredit. 
  
 Section 2.11 Affirmative Covenants of AmeriCredit. AmeriCredit hereby agrees, during the Term of this Agreement, unless Financial Security shall otherwise expressly consent in writing, as follows: 

 
 (a) Compliance With Agreements and Applicable Laws. AmeriCredit
shall perform each of its respective obligations under the Transaction Documents and shall comply with all material requirements of any law, rule or regulation applicable to it or thereto, or that are required in connection with its performance
under any of the Transaction Documents. AmeriCredit will not cause or permit to become effective any amendment to or modification of any of the Transaction Documents to which it is a party unless Financial Security shall have previously approved in
writing the form of such amendment or modification. AmeriCredit shall not take any action or fail to take any action that would interfere with the enforcement of any rights under the Transaction Documents. 
  
 (b) Financial Statements; Accountants’ Reports; Other
Information. AmeriCredit shall keep, or cause to be kept, in reasonable detail books and records of account of its assets and business, and shall clearly reflect therein the transfer of the Receivables to the Trust and the sale of the Securities
to the Underwriters as a sale of Funding Trust’s interest in the Receivables evidenced by the Securities. AmeriCredit 

  

 26 

 
shall deliver to Financial Security, simultaneously with the delivery of such documents to the relevant federal or state department or agency copies of all
Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, and periodic reports on Form 8-K required to be filed by AmeriCredit with the Commission. AmeriCredit shall also furnish or cause to be furnished to Financial Security: 
  
 (i) Annual Financial Statements. As soon as
available, and in any event within 120 days after the close of each fiscal year of AmeriCredit, the audited balance sheets of AmeriCredit as of the end of such fiscal year and the audited statements of income, shareholders’ equity and cash
flows of AmeriCredit for such fiscal year, all in reasonable detail and stating in comparative form the respective figures for the corresponding date and period in the preceding fiscal year, prepared in accordance with generally accepted accounting
principles, consistently applied, and accompanied by the certificate of independent accountants (which shall be a nationally recognized firm or otherwise acceptable to Financial Security) for AmeriCredit and by the certificate specified in Section
2.11(c) hereof. 
  
 (ii) Quarterly Financial
Statements. As soon as available, and in any event within 45 days after the close of the first three quarters of each fiscal year of AmeriCredit, the unaudited balance sheets of AmeriCredit as of the end of each such quarter and the unaudited
statements of income and cash flows of AmeriCredit for the portion of the fiscal year then ended, all in reasonable detail and stating in comparative form the respective figures for the corresponding date and period in the preceding fiscal year,
prepared in accordance with generally accepted accounting principles, consistently applied (subject to normal year-end adjustments), and accompanied by the certificate specified in Section 2.11(c) hereof if such certificate is required to be
provided pursuant to such Section. 
  
 (iii)
Accountants’ Reports. If a Special Event has occurred, upon the request of Financial Security, the balance sheets of AmeriCredit as of the end of AmeriCredit’s most recent fiscal year (and the most recent fiscal half) and the
statements of income, shareholders’ equity and cash flows of AmeriCredit for such fiscal year (and for such half), all in reasonable detail and stating in comparative form the respective figures for the corresponding date and period in the
preceding fiscal year, prepared in accordance with generally accepted accounting principles, consistently applied, and, in the case of financial statements as of the end of a fiscal year, audited and accompanied by the certificate of independent
accountants (which shall be a nationally recognized firm or otherwise acceptable to Financial Security) for AmeriCredit. 
  
 (iv) Other Information. Promptly upon receipt thereof, copies of all reports, statements, certifications, schedules, or other
similar items delivered to or by AmeriCredit pursuant to the terms of the Transaction Documents and, promptly upon request, such other data as Financial Security may reasonably request; provided, however, that AmeriCredit shall not be required to
deliver any such items if provision by some other party to Financial Security is required under 

  

 27 

 
the Transaction Documents unless such other party wrongfully fails to deliver such item. AmeriCredit shall, upon the request of Financial Security, permit
Financial Security or its authorized agents to inspect its books and records as they may relate to the Securities, the Receivables, the obligations of AmeriCredit under the Transaction Documents or the Transaction. Such inspections and discussions
shall be conducted during normal business hours and shall not unreasonably disrupt the business of AmeriCredit. The fees and expenses of Financial Security or any such authorized agents shall be for the account of AmeriCredit. In addition,
AmeriCredit shall promptly (but in no case more than 30 days following issuance or receipt by a Commonly Controlled Entity) provide to Financial Security a copy of all correspondence between a Commonly Controlled Entity and the PBGC, IRS, Department
of Labor or the administrators of a Multiemployer Plan relating to any Reportable Event or the underfunded status, termination or possible termination of a Plan or a Multiemployer Plan. The books and records of AmeriCredit will be maintained at the
address for it designated herein for receipt of notices, unless it shall otherwise advise the parties hereto in writing. 
  
 (v) AmeriCredit shall provide, or cause to be provided, to Financial Security an executed original copy of each document executed in
connection with the Transaction within 30 days after the date of closing. 
  
 (c) Compliance Certificate. AmeriCredit shall deliver to Financial Security concurrently with the delivery of the financial statements required pursuant to Section 2.11(b)(i) hereof (and concurrently with the
delivery of the financial statements required pursuant to Section 2.11(b)(ii) hereof, if a Special Event has occurred), a certificate signed by an officer of AmeriCredit stating that the attached financial reports submitted in accordance with
Section 2.11(b)(i) or (ii) hereof, as applicable, are complete and correct in all material respects and present fairly the financial condition and results of operations of AmeriCredit as of the dates and for the periods indicated, in accordance with
generally accepted accounting principles consistently applied (subject as to interim statements to normal year-end adjustments). 
  
 (d) Notice of Material Events. AmeriCredit shall promptly inform Financial Security in writing of the occurrence of any of the following:

  
 (i) the submission of any claim or the
initiation of any legal process, litigation or administrative or judicial investigation (A) against AmeriCredit pertaining to the Receivables in general, (B) with respect to a material portion of the Receivables, or (C) in which a request has been
made for certification as a class action (or equivalent relief) that would involve a material portion of the Receivables; 
  
 (ii) any change in the location of AmeriCredit’s principal office or any change in the location of the books and records of
AmeriCredit; 
  
 (iii) the occurrence of any
Default or Special Event; or 
  

 28 

 (iv) any other event, circumstance or condition that has resulted, or which AmeriCredit
reasonably believes is likely to result, in a Material Adverse Change in respect of AmeriCredit (for purposes of the foregoing representation and warranty, Material Adverse Change shall be determined only with respect to AmeriCredit, but not any of
its Subsidiaries individually). 
  
 (e) Further Assurances.
AmeriCredit shall, upon the request of Financial Security, from time to time, execute, acknowledge and deliver, or cause to be executed, acknowledged and delivered, within thirty (30) days of such request, such amendments hereto and such further
instruments and take such further action as may be reasonably necessary to effectuate the intention, performance and provisions of the Transaction Documents. In addition, AmeriCredit agrees to cooperate with S&P, Fitch and Moody’s in
connection with any review of the Transaction which may be undertaken by S&P, Fitch and Moody’s after the date hereof. 
  
 (f) Corporate Existence. AmeriCredit shall maintain its corporate existence and shall at all times continue to be duly organized under the laws of
the State of Texas and duly qualified and duly authorized (as described in Sections 2.10(a), (b) and (c) hereof) and shall conduct its business in accordance with the terms of its Certificate of Incorporation and Bylaws. 
  
 (g) Maintenance of Licenses. AmeriCredit shall maintain all licenses,
permits, charters and registrations which are material to the performance by it of its obligations under this Agreement and each other Transaction Document to which is a party or by which it is bound. 
  
 (h) Notice of Merger or Consolidation of Trust. AmeriCredit (i) shall
promptly inform Financial Security in writing of the occurrence of (a) the Trust consolidating or merging with or into any other Person or (b) the Trust conveying or transferring all or substantially all of its properties or assets, including those
included in the Trust Estate, to any Person, as set forth in Section 3.10 of the Indenture; and (ii) shall obtain the necessary consents of Financial Security to effect such actions. 
  
 (i) For so long as AmeriCredit has any securitization transactions (including warehouse facilities) outstanding as to which
Financial Security has provided credit enhancements and any of the securitized receivables remain on AmeriCredit’s consolidated balance sheet, AmeriCredit shall include disclosure with respect to such on-balance sheet securitizations, in (i)
any financial statement provided to a creditor of AmeriCredit and (ii) all financial statements included as part of its Form 10-Qs and Form 10-Ks subsequently filed by AmeriCredit with the Commission, in a form substantially as follows:
“AmeriCredit structures its securitization transactions and its warehouse facilities as secured financings that do not meet the accounting criteria for sale of finance receivables. Accordingly, following a securitization or the pledging of
receivables to a warehouse facility, the finance receivables are transferred to special purpose finance subsidiaries of the AmeriCredit and the related securitization notes payable or warehouse credit, issued by special purpose finance subsidiaries,
remain on the consolidated balance sheet. While these subsidiaries are included in AmeriCredit’s consolidated financial 

  

 29 

 
statements, these subsidiaries are separate legal entities and the finance receivables and other assets held by them are legally owned by these subsidiaries,
are available to satisfy the related securitization notes payable or the warehouse credit issued and are not available to creditors of AmeriCredit or its other subsidiaries.” 
  
 Section 2.12 Negative Covenants of AmeriCredit. AmeriCredit hereby agrees, during the Term of this Agreement, unless
Financial Security shall otherwise expressly consent in writing, as follows: 
  
 (a) Impairment of Rights. AmeriCredit shall not take any action, or fail to take any action, if such action or failure to take action may (i) interfere with the enforcement of any rights under the Transaction
Documents that are material to the rights, benefits or obligations of the Trustee, the Certificateholder or Financial Security, (ii) result in a Material Adverse Change in respect of the Receivables or (iii) impair the ability of AmeriCredit to
perform its respective obligations under the Transaction Documents, including any consolidation, merger with any Person or any transfer of all or any material amount of the assets of AmeriCredit to any other Person if such consolidation, merger or
transfer would materially impair the net worth of AmeriCredit or any successor Person obligated, after such event, to perform such Person’s obligations under the Transaction Documents. 
  
 (b) Waiver, Amendments, Etc. AmeriCredit shall not waive, modify or
amend, or consent to any waiver, modification or amendment of, any of the provisions of any of the Transaction Documents. 
  
 (c) Insolvency. AmeriCredit shall not commence with respect to the Company, Funding Trust or AFS Funding, any case, proceeding or other action (i)
under any existing or future law of any jurisdiction, domestic or foreign, relating to the bankruptcy, insolvency, reorganization or relief of debtors, seeking to have an order for relief entered with respect to any of the Company, the Trust,
Funding Trust or AFS Funding, as the case may be, or seeking reorganization, arrangement, adjustment, winding-up, liquidation, dissolution, corporation or other relief with respect to any of the Company, the Trust, Funding Trust or AFS Funding, as
the case may be, or (ii) seeking appointment of a receiver, trustee, custodian or other similar official for any of the Trust, the Company, the Trust or AFS Funding, as the case may be, or for all or any substantial part of their respective assets,
or make a general assignment for the benefit of their respective creditors. AmeriCredit shall not take any action in furtherance of, or indicating the consent to, approval of, or acquiescence in any of the acts set forth above. 
  
 (d) Compliance with Anti-Money Laundering Laws. AmeriCredit will not
employ any practice, procedure or policy in the conduct of its business that would constitutes a material violation of any anti-money laundering law or regulation (including without limitation, the USA PATRIOT Act, Public Law No. 107-56 (2001), and
regulations promulgated thereunder) applicable to AmeriCredit. 
  

 30 

 ARTICLE III 
  
 THE POLICIES; REIMBURSEMENT; INDEMNIFICATION 
  
 Section 3.1 Issuance of the Policy. Financial Security agrees to issue the Policy subject to satisfaction of the conditions precedent set forth in
Appendix A hereto. 
  
 Section 3.2 Payment of Fees and
Premium. 
  
 (a) [Reserved]. 
  
 (b) Legal Fees. On the Date of Issuance, AmeriCredit shall pay or
cause to be paid legal fees and disbursements incurred by Financial Security in connection with the issuance of the Policy up to an amount equal to $30,000.00, plus disbursements, unless otherwise agreed between AmeriCredit and Financial Security.

  
 (c) Rating Agency Fees. The initial fees of S&P,
Moody’s and Fitch with respect to the Securities and the transactions contemplated hereby shall be paid by AmeriCredit in full on the Date of Issuance, or otherwise provided for to the satisfaction of Financial Security. All periodic and
subsequent fees of S&P, Moody’s or Fitch with respect to, and directly allocable to, the Securities shall be for the account of, and shall be billed to, AmeriCredit. The fees for any other rating agency shall be paid by the party requesting
such other agency’s rating, unless such other agency is a substitute for S&P, Moody’s or Fitch in the event that S&P, Moody’s or Fitch is no longer rating the Securities, in which case the cost for such substitute agency shall
be paid by AmeriCredit. 
  
 (d) Auditors’ Fees. In the
event that Financial Security’s auditors are required to provide information or any consent in connection with the Offering Document prepared prior to the Date of Issuance, fees therefor not exceeding $4,000.00 shall be paid by AmeriCredit.
AmeriCredit shall pay on demand any additional fees of Financial Security’s auditors payable in respect of any Offering Document that are incurred after the Date of Issuance. It is understood that Financial Security’s auditors shall not
incur any additional fees in respect of future Offering Documents except at the request of or with the consent of AmeriCredit. 
  
 (e) Premium. In consideration of the issuance by Financial Security of the Policy, Financial Security shall be entitled to receive the Premium as
and when due in accordance with the terms of the Premium Letter first (i) in accordance with the provisions of Section 5.7(b) of the Sale and Servicing Agreement and (ii) to the extent such amounts are insufficient, directly from AmeriCredit. The
Premium paid under the Sale and Servicing Agreement shall be nonrefundable without regard to whether Financial Security makes any payment under the Policy or any other circumstances relating to the Securities or provision being made for payment of
the Securities prior to maturity. 
  
 Section 3.3 Reimbursement
and Additional Payment Obligation. AmeriCredit agrees to pay to Financial Security the following amounts as and when incurred: 
  
 (a) a sum equal to the total of all amounts paid by Financial Security under the Policy; 
  

 31 

 (b) any and all out-of-pocket charges, fees, costs and expenses that Financial Security or its affiliates
may reasonably pay or incur, including, but not limited to, attorneys’ and accountants’ fees and expenses, in connection with (i) in the event of payments under the Policy, any accounts established to facilitate payments under the Policy,
to the extent Financial Security has not been immediately reimbursed on the date that any amount is paid by Financial Security under the Policy, or other administrative expenses relating to such payments under the Policy, (ii) the prepayment of any
borrowings made or implementation or cancellation of any financial contracts for limiting interest rate risk (including, without limitation, any interest rate swaps and hedges) entered into in connection with, or (following an Event of Default) in
anticipation of, funding payments under the Policy, (iii) the enforcement, defense or preservation of any rights in respect of any of the Transaction Documents, including defending, monitoring or participating in any litigation or proceeding
(including any insolvency or bankruptcy proceeding in respect of any Transaction participant or any affiliate thereof) relating to any of the Transaction Documents, any party to any of the Transaction Documents or the Transaction, (iv) any
amendment, waiver or other action with respect to, or related to, any Transaction Document whether or not executed or completed, or (v) any review or investigation made by Financial Security in those circumstances where its approval or consent is
sought under any of the Transaction Documents; costs and expenses shall include the reasonable fees and expenses charged by Transaction Services Corporation, an affiliate of Financial Security, spent in connection with the actions described in
clause (iii) above; 
  
 (c) interest on any and all amounts
described in Section 3.3(a) or Section 3.2(b), or in connection with any Optional Deposit by Financial Security, from the date due to Financial Security pursuant to the provisions hereof until payment thereof in full, payable to Financial Security
at the Late Payment Rate per annum; and 
  
 (d) any payments made
by Financial Security on behalf of, or advanced to, the Company, in its capacity as Servicer, or the Trustee, including, without limitation, any amounts payable by the Company, in its capacity as Servicer, or the Trustee pursuant to the Securities
or any other Transaction Documents; and any payments made by Financial Security as, or in lieu of, any servicing, management, trustee, custodial or administrative fees payable, in the sole discretion of Financial Security to third parties in
connection with the Transaction. 
  
 All such amounts are to be
immediately due and payable without demand, in full, without any requirement on the part of Financial Security to seek reimbursement of such amounts from any other source of reimbursement or indemnity or to allocate such amount to any other
transaction that may have benefited from the expenditure of such amounts. 
  
 Section 3.4 Certain Obligations Not Recourse to AmeriCredit. Notwithstanding any provision of Section 3.3 to the contrary, the payment obligations provided in Section 3.3(a), 3.3(b)(ii) and 3.3(d) (to the
extent of advances to the Trustee in respect of 

  

 32 

 
payments on the Securities), in each case, to the extent that such payment obligations do not arise from any failure or default in performance by an
AmeriCredit Party of any of its obligations under the Transaction Documents, and any interest on the foregoing in accordance with Section 3.3(c), shall not be recourse to AmeriCredit, but shall be payable in the manner and in accordance with
priorities provided in the Sale and Servicing Agreement. 
  
 Section 3.5 Indemnification. 
  
 (a)
Indemnification by AmeriCredit. In addition to any and all rights of reimbursement, indemnification, subrogation and any other rights pursuant hereto or under law or in equity, each AmeriCredit Party agrees to pay, and to protect, indemnify
and save harmless, Financial Security and its officers, directors, shareholders, employees, agents and each Person, if any, who controls Financial Security within the meaning of either Section 15 of the Securities Act or Section 20 of the Securities
Exchange Act, from and against any and all claims, losses, liabilities (including penalties), actions, suits, judgments, demands, damages, costs or expenses (including, without limitation, fees and expenses of attorneys, consultants and auditors and
reasonable costs of investigations) of any nature arising out of or relating to the transactions contemplated by the Transaction Documents by reason of: 
  
 (i) the negligence, bad faith, willful misconduct, misfeasance, malfeasance or theft committed by any director, officer, employee or agent
of the Trust, AmeriCredit, the Company, or Funding Trust, as the case may be; 
  
 (ii) the breach by the Trust, AmeriCredit, the Company or Funding Trust, as the case may be, of any representation, warranty or covenant under any of the Transaction Documents or the occurrence, in respect of the
Trust, AmeriCredit, the Company or Funding Trust, as the case may be, under any of the Transaction Documents of any “event of default” or any event which, with the giving of notice or the lapse of time or both, would constitute any
“event of default”; or 
  
 (iii) any
untrue statement or alleged untrue statement of a material fact contained in any Offering Document or any omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein not
misleading, except insofar as such claims arise out of or are based upon any untrue statement or omission in information included in an Offering Document and furnished by Financial Security in writing expressly for use therein (all such information
so furnished being referred to herein as “Financial Security Information”), it being understood that, in respect of the initial Offering Document, the Financial Security Information is limited to the information included under the caption
“The Insurer” and the financial statements of Financial Security appended thereto. 
  
 (b) Conduct of Actions or Proceedings. If any action or proceeding (including any governmental investigation) shall be brought or asserted against Financial Security, 

  

 33 

 
any officer, director, shareholder, employee or agent of Financial Security or any Person controlling Financial Security (individually, an “Indemnified
Party” and, collectively, the “Indemnified Parties”) in respect of which indemnity may be sought from an AmeriCredit Party (the “Indemnifying Party”) hereunder, Financial Security shall promptly notify the Indemnifying Party
in writing, and the Indemnifying Party shall assume the defense thereof, including the employment of counsel satisfactory to Financial Security and the payment of all expenses. An Indemnified Party shall have the right to employ separate counsel in
any such action and to participate in the defense thereof at the expense of the Indemnified Party; provided, however, that the fees and expenses of such separate counsel shall be at the expense of the Indemnifying Party if (i) the Indemnifying Party
has agreed to pay such fees and expenses, (ii) the Indemnifying Party shall have failed to assume the defense of such action or proceeding and employ counsel satisfactory to Financial Security in any such action or proceeding or (iii) the named
parties to any such action or proceeding (including any impleaded parties) include both the Indemnified Party and the Indemnifying Party, and the Indemnified Party shall have been advised by counsel that (A) there may be one or more legal defenses
available to it which are different from or additional to those available to the Indemnifying Party and (B) the representation of the Indemnifying Party and the Indemnified Party by the same counsel would be inappropriate or contrary to prudent
practice (in which case, if the Indemnified Party notifies the Indemnifying Party in writing that it elects to employ separate counsel at the expense of the Indemnifying Party, the Indemnifying Party shall not have the right to assume the defense of
such action or proceeding on behalf of such Indemnified Party, it being understood, however, that the Indemnifying Party shall not, in connection with any one such action or proceeding or separate but substantially similar or related actions or
proceedings in the same jurisdiction arising out of the same general allegations or circumstances, be liable for the reasonable fees and expenses of more than one separate firm of attorneys at any time for the Indemnified Parties, which firm shall
be designated in writing by Financial Security). The Indemnifying Party shall not be liable for any settlement of any such action or proceeding effected without its written consent to the extent that any such settlement shall be prejudicial to the
Indemnifying Party, but, if settled with its written consent, or if there be a final judgment for the plaintiff in any such action or proceeding with respect to which the Indemnifying Party shall have received notice in accordance with this
subsection (b), the Indemnifying Party agrees to indemnify and hold the Indemnified Parties harmless from and against any loss or liability by reason of such settlement or judgment. 
  
 (c) Contribution. To provide for just and equitable contribution if the indemnification provided by the Indemnifying
Party is determined to be unavailable for any Indemnified Party (other than due to application of this Section), the Indemnifying Party shall contribute to the losses incurred by the Indemnified Party on the basis of the relative fault of the
Indemnifying Party, on the one hand, and the Indemnified Party, on the other hand. 
  
 Section 3.6 Subrogation. Subject only to the priority of payment provisions of the Sale and Servicing Agreement, each of the Trust, AmeriCredit, the Company and Funding Trust acknowledges that, to the extent of
any payment made by Financial 

  

 34 

 
Security pursuant to the Policy, Financial Security is to be fully subrogated to the extent of such payment and any additional interest due on any late
payment, to the rights of the Noteholders to any moneys paid or payable in respect of the Notes, under the Transaction Documents or otherwise. Each of the Trust, AmeriCredit, the Company and Funding Trust agrees to such subrogation and, further,
agrees to execute such instruments and to take such actions as, in the sole judgment of Financial Security, are necessary to evidence such subrogation and to perfect the rights of Financial Security to receive any moneys paid or payable in respect
of the Securities under the Transaction Documents or otherwise. 
  
 ARTICLE IV 
  
 FURTHER AGREEMENTS 
  
 Section 4.1 Effective Date; Term of Agreement. This Agreement shall
take effect on the Date of Issuance and shall remain in effect until the later of (a) such time as Financial Security is no longer subject to a claim under the Policy and the Policy shall have been surrendered to Financial Security for cancellation
and (b) all amounts payable to Financial Security and the Certificateholder under the Transaction Documents and under the Securities have been paid in full; provided, however, that the provisions of Sections 3.2, 3.3 and 3.5 hereof shall survive any
termination of this Agreement. 
  
 Section 4.2 Obligations
Absolute. 
  
 (a) The payment obligations of AmeriCredit
hereunder shall be absolute and unconditional, and shall be paid strictly in accordance with this Agreement under all circumstances irrespective of (i) any lack of validity or enforceability of, or any amendment or other modifications of, or waiver
with respect to, any of the Transaction Documents, the Securities or the Policy; (ii) any exchange or release of any other obligations hereunder; (iii) the existence of any claim, setoff, defense, reduction, abatement or other right which any of the
Trust, AmeriCredit, the Company or Funding Trust may have at any time against Financial Security or any other Person; (iv) any document presented in connection with the Policy proving to be forged, fraudulent, invalid or insufficient in any respect,
including any failure to strictly comply with the terms of the Policy, or any statement therein being untrue or inaccurate in any respect; (v) any failure of Funding Trust to receive the proceeds from the sale of the Securities; (vii) any breach by
the Trust, AmeriCredit, the Company or Funding Trust of any representation, warranty or covenant contained in any of the Transaction Documents; or (viii) any other circumstances, other than payment in full, which might otherwise constitute a defense
available to, or discharge of, the Trust, AmeriCredit, the Company or Funding Trust in respect of any Transaction Document. 
  
 (b) Each of the Trust, AmeriCredit, the Company and Funding Trust and any and all others who are now or may become liable for all or part of the
obligations of AmeriCredit, the Company and Funding Trust under this Agreement agrees to be bound by this Agreement and (i) to the extent permitted by law, waives and renounces any and all redemption and exemption rights and the benefit of all
valuation and appraisement 

  

 35 

 
privileges against the indebtedness, if any, and obligations evidenced by any Transaction Document or by any extension or renewal thereof; (ii) waives
presentment and demand for payment, notices of nonpayment and of dishonor, protest of dishonor and notice of protest; (iii) waives all notices in connection with the delivery and acceptance hereof and all other notices in connection with the
performance, default or enforcement of any payment hereunder except as required by the Transaction Documents; (iv) waives all rights of abatement, diminution, postponement or deduction, or to any defense other than payment, or to any right of setoff
or recoupment arising out of any breach under any of the Transaction Documents, by any party thereto or any beneficiary thereof, or out of any obligation at any time owing to AmeriCredit, the Company or Funding Trust; (v) agrees that any consent,
waiver or forbearance hereunder with respect to an event shall operate only for such event and not for any subsequent event; (vi) consents to any and all extensions of time that may be granted by Financial Security with respect to any payment
hereunder or other provisions hereof and to the release of any security at any time given for any payment hereunder, or any part thereof, with or without substitution, and to the release of any Person or entity liable for any such payment; and (vii)
consents to the addition of any and all other makers, endorsers, guarantors and other obligors for any payment hereunder, and to the acceptance of any and all other security for any payment hereunder, and agrees that the addition of any such
obligors or security shall not affect the liability of the parties hereto for any payment hereunder. 
  
 (c) Nothing herein shall be construed as prohibiting the Trust, AmeriCredit, the Company or Funding Trust from pursuing any rights or remedies it may have
against any Person other than Financial Security in a separate legal proceeding. 
  
 Section 4.3 Assignments; Reinsurance; Third-Party Rights. 
  
 (a) This Agreement shall be a continuing obligation of the parties hereto and shall be binding upon and inure to the benefit of the parties hereto and
their respective successors and permitted assigns. None of the Trust, AmeriCredit, the Company or Funding Trust may assign its rights under this Agreement, or delegate any of its duties hereunder, without the prior written consent of Financial
Security. Any assignment made in violation of this Agreement shall be null and void. 
  
 (b) Financial Security shall have the right to give participations in its rights under this Agreement and to enter into contracts of reinsurance with respect to the Policy upon such terms and conditions as Financial
Security may in its discretion determine; provided, however, that no such participation or reinsurance agreement or arrangement shall relieve Financial Security of any of its obligations hereunder or under the Policy. 
  
 (c) In addition, Financial Security shall be entitled to assign or pledge to
any bank or other lender providing liquidity or credit with respect to the Transaction or the obligations of Financial Security in connection therewith any rights of Financial Security under the Transaction Documents or with respect to any real or
personal property or other interests pledged to Financial Security, or in which Financial Security has a security interest, in connection with the Transaction. 
  

 36 

 (d) Except as provided herein with respect to participants and reinsurers, nothing in this Agreement
shall confer any right, remedy or claim, express or implied, upon any Person, including, particularly, any Noteholder or the Certificateholder, other than Financial Security, against the Trust, AmeriCredit, the Company or Funding Trust, and all the
terms, covenants, conditions, promises and agreements contained herein shall be for the sole and exclusive benefit of the parties hereto and their successors and permitted assigns. None of the Indenture Trustee, the Owner Trustee nor any Noteholder
or the Certificateholder shall have any right to payment from any premiums paid or payable hereunder or from any other amounts paid by AmeriCredit pursuant to Section 3.2, 3.3 or 3.5 hereof. 
  
 Section 4.4 Liability of Financial Security. Neither Financial
Security nor any of its officers, directors or employees shall be liable or responsible for: (a) the use which may be made of the Policy by the Indenture Trustee or the Owner Trustee or for any acts or omissions of the Indenture Trustee or the Owner
Trustee in connection therewith or (b) the validity, sufficiency, accuracy or genuineness of documents delivered to Financial Security (or its Fiscal Agent) in connection with any claim under the Policy, or of any signatures thereon, even if such
documents or signatures should in fact prove to be in any or all respects invalid, insufficient, fraudulent or forged (unless Financial Security had actual knowledge thereof). In furtherance and not in limitation of the foregoing, Financial Security
(or its Fiscal Agent) may accept documents that appear on their face to be in order, without responsibility for further investigation. 
  
 Section 4.5 [Reserved]. 
  
 Section 4.6 [Reserved]. 
  
 ARTICLE V 
  
 EVENTS OF DEFAULT; REMEDIES 
  
 Section 5.1 Events of Default. The occurrence of any of the following events shall constitute an Event of Default hereunder: 
  
 (a) any demand for payment shall be made under the Policy; 
  
 (b) any representation, warranty or covenant made by any of the Trust, AmeriCredit, the Company, Funding Trust or AFS
Funding under any of the Transaction Documents, or in any certificate or report furnished under any of the Transaction Documents, shall prove to be untrue or incorrect in any material respect; provided, however, that if the Trust, AmeriCredit, the
Company, Funding Trust or AFS Funding, as the case may be, effectively cures any such defect in any representation or warranty under any Transaction Document, or certificate or report furnished under any Transaction Document, within the time period
specified in the relevant Transaction Document as the cure period therefor, such defect shall not in and of itself constitute an Event of Default hereunder; 
  

 37 

 (c) (i) any of the Trust, AmeriCredit, the Company or Funding Trust shall fail to pay when due any amount
payable under any of the Transaction Documents unless such amounts are paid in full within any applicable cure period explicitly provided for under the relevant Transaction Document; (ii) the Trust, AmeriCredit, the Company, Funding Trust or AFS
Funding shall have asserted that any of the Transaction Documents to which it is a party is not valid and binding on the parties thereto; or (iii) any court, governmental authority or agency having jurisdiction over any of the parties to any of the
Transaction Documents or any property thereof shall find or rule that any material provision of any of the Transaction Documents is not valid and binding on the parties thereto; 
  
 (d) any of the Trust, AmeriCredit, the Company, Funding Trust or AFS Funding shall fail to perform or observe any other
covenant or agreement contained in any of the Transaction Documents (except for the obligations described under clause (c)(i) above or clause (m) below) and such failure shall continue for a period of 30 days after written notice given to the Trust
or Funding Trust by Financial Security (which notice shall be forwarded to AmeriCredit and the Company by the Trust, Funding Trust or AFS Funding, provided however, that, such forwarding shall not be a condition to the occurrence of an Event of
Default under this Section 5.1(d)), as the case may be; provided, however, that, if such failure shall be of a nature that it cannot be cured within 30 days, such failure shall not constitute an Event of Default hereunder if within such 30-day
period the Trust or Funding Trust, as the case may be, shall have given notice to Financial Security of corrective action it proposes to take, which corrective action is agreed in writing by Financial Security to be satisfactory and the Trust or
Funding Trust, as the case may be, shall thereafter pursue such corrective action diligently until such default is cured; 
  
 (e) any of the Trust, AmeriCredit, the Company or Funding Trust shall fail to pay its debts generally as they come due, or shall admit in writing its
inability to pay its debts generally, or shall make a general assignment for the benefit of creditors, or shall institute any proceeding seeking to adjudicate it insolvent or seeking a liquidation, or shall take advantage of any insolvency act, or
shall commence a case or other proceeding naming it as debtor under the United States Bankruptcy Code or similar law, domestic or foreign, or a case or other proceeding shall be commenced against any of the Trust, AmeriCredit, the Company or Funding
Trust under the United States Bankruptcy Code or similar law, domestic or foreign, or any proceeding shall be instituted against any of the Trust, AmeriCredit, the Company or Funding Trust seeking liquidation of their respective assets and such
Person shall fail to take appropriate action resulting in the withdrawal or dismissal of such proceeding within 30 days or there shall be appointed or any of the Trust, AmeriCredit, the Company or Funding Trust shall consent to, or acquiesce in, the
appointment of a receiver, liquidator, conservator, trustee or similar official in respect of such Person or the whole or any substantial part of its respective properties or assets or such Person shall take any corporate action in furtherance of
any of the foregoing; 
  
 (f) on any Insured Distribution Date,
after taking into account the application in accordance with Section 5.7(b) of the Sale and Servicing Agreement on the related Distribution Date of the sum of Available Funds, any Deficiency Claim Amount Deposits 

  

 38 

 
and any Accelerated Payment Amount Shortfall Deposits with respect to such related Distribution Date and the amounts available in the Series 2005-C-F Spread
Account (prior to withdrawals therefrom in accordance with the terms of the Spread Account Agreement and prior to any deposits into such Spread Account from Spread Accounts related to any other Series), any amounts payable on such related
Distribution Date pursuant to clauses (i), (ii), (iii) or (v) of Section 5.7(b) of the Sale and Servicing Agreement have not been paid in full; 
  
 (g) the occurrence of a Section 5.1(g) Delinquency Ratio Test Failure as set forth in the AmeriCredit 2005-C-F Letter Agreement; 
  
 (h) the occurrence of a Section 5.1(h) Cumulative Default Rate Test Failure
as set forth in the AmeriCredit 2005-C-F Letter Agreement; 
  
 (i)
the occurrence of a Section 5.1(i) Cumulative Net Loss Rate Test Failure as set forth in the AmeriCredit 2005-C-F Letter Agreement; 
  
 (j) the occurrence of a Servicer Termination Event under the Sale and Servicing Agreement; 
  
 (k) the Trust becomes taxable as an association (or publicly traded partnership) taxable as a corporation for federal or
state income tax purposes; 
  
 (l) any default in the observance
or performance of any covenant or agreement of the Trust made in the Indenture (other than a default in the payment of the interest or principal on any Note when due) or any representation or warranty of the Trust made in the Indenture or in any
certificate or other writing delivered pursuant thereto or in connection therewith proving to have been incorrect in any material respect as of the time when the same shall have been made, and such default shall continue or not be cured, or the
circumstance or condition in respect of which such misrepresentation or warranty was incorrect shall not have been eliminated or otherwise cured, for a period of 30 days after there shall have been given, by registered or certified mail, to the
Trust and the Indenture Trustee by Financial Security, a written notice specifying such default or incorrect representation or warranty and requiring it to be remedied; and 
  
 (m) the failure of the Company or Funding Trust to comply with Section 2.8(j) of this Insurance Agreement. 
  
 Section 5.2 Remedies; Waivers. 
  
 (a) Upon the occurrence of an Event of Default, Financial Security may
exercise any one or more of the rights and remedies set forth below: 
  
 (i) exercise any rights and remedies available under the Transaction Documents in its own capacity or in its capacity as the Person entitled to exercise the rights of the Controlling Party under the Transaction
Documents, including, without limitation, its right to accelerate the Notes or to terminate the Company and to appoint a successor Servicer; or 
  

 39 

 (ii) take whatever action at law or in equity may appear necessary or desirable in its
judgment to enforce performance of any obligation of the Trust, AmeriCredit, the Company or Funding Trust under the Transaction Documents. 
  
 (b) Unless otherwise expressly provided, no remedy herein conferred upon or reserved is intended to be exclusive of any other available remedy, but each
remedy shall be cumulative and shall be in addition to other remedies given under the Transaction Documents or existing at law or in equity. No delay or failure to exercise any right or power accruing under any Transaction Document upon the
occurrence of any Event of Default or otherwise shall impair any such right or power or shall be construed to be a waiver thereof, but any such right and power may be exercised from time to time and as often as may be deemed expedient. In order to
entitle Financial Security to exercise any remedy reserved to Financial Security in this Article, it shall not be necessary to give any notice, other than such notice as may be expressly required in this Article. 
  
 (c) If any proceeding has been commenced 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 Financial Security, then and in every such case the parties hereto shall, subject to any determination in such proceeding, be
restored to their respective former positions hereunder, and, thereafter, all rights and remedies of Financial Security shall continue as though no such proceeding had been instituted. 
  
 (d) Financial Security shall have the right, to be exercised in its complete discretion, to waive any covenant, Default or
Event of Default or collection of Premium Supplement by a writing setting forth the terms, conditions and extent of such waiver signed by Financial Security and delivered to the Trust, AmeriCredit, the Company or Funding Trust, as the case may be.
Any such waiver may only be effected in writing duly executed by Financial Security, and no other course of conduct shall constitute a waiver of any provision hereof. Unless such writing expressly provides to the contrary, any waiver so granted
shall extend only to the specific event or occurrence so waived and not to any other similar event or occurrence. 
  
 ARTICLE VI 
  
 MISCELLANEOUS 
  
 Section 6.1 Amendments, Etc.
This Agreement may be amended, modified or terminated only by written instrument or written instruments signed by the parties hereto, provided that the Rating Agencies shall be notified in writing of any such amendment, modification or termination
in accordance with the notice provisions set forth in the Sale and Servicing Agreement. No act or course of dealing shall be deemed to constitute an amendment, modification or termination hereof. 
  

 40 

 Section 6.2 Notices. All demands, notices and other communications 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 the recipient as follows: 
  

					
	 (a)    To Financial Security:
	  	 Financial Security Assurance Inc.
 31 West
52nd Street
 New York, NY 10019
 Attention: Transaction Oversight
Department
 Re: Americredit Receivables –Backed Notes Series 2005-C-F

		
	 	  	Policy No. 51589-N
	 	  	Confirmation:	 	(212) 826-0100
	 	  	Telecopy Nos.:	 	(212) 339-3518,
	 	  	 	 	(212) 339-3529
	 	  	(in each case in which notice or other communication to Financial Security refers to an Event of Default, a claim on the Policy or with respect to which failure on the part of
Financial Security to respond shall be deemed to constitute consent or acceptance, then a copy of such notice or other communication should also be sent to the attention of each of the General Counsel and the Head—Financial Guaranty Group and
shall be marked to indicate “URGENT MATERIAL ENCLOSED.”)
		
	 (b)    To AmeriCredit:
	  	 AmeriCredit Corp.
 801 Cherry Street,
Suite 3900
 Fort Worth, Texas 76102
 Attention: Chief Financial
Officer

		
	 (c)    To the Company:
	  	 AmeriCredit Financial Services, Inc.
 801
Cherry Street, Suite 3900
 Fort Worth, Texas 76102
 Attention:
Chief Financial Officer

		
	 (d)    To Funding Trust:
	  	 AFS Funding Trust
 c/o Deutsche Bank Trust
Company Delaware
 E.A. Delle Donne Corporate Center
 Montgomery
Building
 1011 Centre Road
 Wilmington, DE
19805-1266

		
	          With a copy to:
	  	 AmeriCredit Financial Services, Inc.
 801
Cherry Street, Suite 3900
 Fort Worth, TX 76102
 Attention: Chief
Financial Officer

  

 41 

			
	 (e)    To the Trust:
	  	AmeriCredit Automobile Receivables Trust 2005-C-F
c/o Wilmington Trust Company
Rodney Square North
1100 North Market Street
Wilmington, DE 19890-0001

  
 A party may specify an
additional or different address or addresses by writing mailed or delivered to the other party as aforesaid. All such notices and other communications shall be effective upon receipt. 
  
 Section 6.3 Payment Procedure. In the event of any payment by Financial Security for which it is entitled to be
reimbursed or indemnified as provided above, each of the Trust, AmeriCredit, the Company and Funding Trust agrees to accept the voucher or other evidence of payment as prima facie evidence of the propriety thereof and the liability therefor to
Financial Security. All payments to be made to Financial Security under this Agreement shall be made to Financial Security in lawful currency of the United States of America in immediately available funds to the account number provided in the
Premium Letter before 1:00 p.m. (New York, New York time) on the date when due or as Financial Security shall otherwise direct by written notice to the Trust, AmeriCredit, the Company and Funding Trust. In the event that the date of any payment to
Financial Security or the expiration of any time period hereunder occurs on a day which is not a Business Day, then such payment or expiration of time period shall be made or occur on the next succeeding Business Day with the same force and effect
as if such payment was made or time period expired on the scheduled date of payment or expiration date. Payments to be made to Financial Security under this Agreement shall bear interest at the Late Payment Rate from the date due to the date paid,
and shall include interest on overdue interest, compounded monthly. 
  
 Section 6.4 Severability. In the event that any provision of this Agreement shall be held invalid or unenforceable by any court of competent jurisdiction, the parties hereto agree that such holding shall not invalidate or render
unenforceable any other provision hereof. The parties hereto further agree that the holding by any court of competent jurisdiction that any remedy pursued by any party hereto is unavailable or unenforceable shall not affect in any way the ability of
such party to pursue any other remedy available to it. 
  
 Section
6.5 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 6.6 Consent to Jurisdiction. 
  
 (a) THE PARTIES HERETO HEREBY IRREVOCABLY SUBMIT TO THE JURISDICTION OF THE
UNITED STATES DISTRICT COURT FOR THE 

  

 42 

 
SOUTHERN DISTRICT OF NEW YORK AND 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 TO OR IN CONNECTION WITH ANY OF THE TRANSACTION DOCUMENTS OR THE TRANSACTIONS CONTEMPLATED THEREUNDER OR FOR RECOGNITION OR ENFORCEMENT OF ANY JUDGMENT, AND THE PARTIES HERETO HEREBY IRREVOCABLY
AND UNCONDITIONALLY AGREE THAT ALL CLAIMS IN RESPECT OF ANY SUCH 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. THE PARTIES HERETO AGREE 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, THE PARTIES HERETO HEREBY WAIVE AND
AGREE 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 THE TRANSACTION DOCUMENTS OR THE SUBJECT MATTER THEREOF MAY NOT BE LITIGATED IN OR BY SUCH COURTS. 
  
 (b) To the extent permitted by applicable law, the parties hereto shall not seek and hereby waive the right to any review of
the judgment of any such court by any court of any other nation or jurisdiction which may be called upon to grant an enforcement of such judgment. 
  
 (c) Each of AmeriCredit, the Company and Funding Trust hereby irrevocably appoints and designates The Prentice-Hall Corporation System, Inc., whose
address is 15 Columbus Circle, New York, New York 10023-7773, as its true and lawful attorney and duly authorized agent for acceptance of service of legal process. Each of AmeriCredit, the Company, and Funding Trust agrees that service of such
process upon such Person shall constitute personal service of such process upon it. 
  
 (d) Nothing contained in the Agreement shall limit or affect Financial Security’s right to serve process in any other manner permitted by law or to start legal proceedings relating to any of the Transaction
Documents against AmeriCredit, the Company or Funding Trust or their property in the courts of any jurisdiction. 
  
 Section 6.7 Consent of Financial Security. In the event that Financial Security’s consent is required under any of the Transaction Documents,
the determination whether to grant or withhold such consent shall be made by Financial Security in its sole discretion without any implied duty towards any other Person, except as otherwise expressly provided therein. 
  

 43 

 Section 6.8 Counterparts. This Agreement may be executed in counterparts by the parties hereto,
and all such counterparts shall constitute one and the same instrument. 
  
 Section 6.9 Trial by Jury Waived. EACH PARTY HERETO HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY LAW, ANY RIGHT TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION ARISING DIRECTLY OR INDIRECTLY OUT OF, UNDER OR IN CONNECTION WITH
ANY OF THE TRANSACTION DOCUMENTS OR ANY OF THE TRANSACTIONS CONTEMPLATED THEREUNDER. EACH PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY PARTY HERETO HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT IT WOULD NOT, IN THE
EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT HAS BEEN INDUCED TO ENTER INTO THE TRANSACTION DOCUMENTS TO WHICH IT IS A PARTY BY, AMONG OTHER THINGS, THIS WAIVER. 
  
 Section 6.10 Limited Liability. (a) No recourse under any Transaction
Document shall be had against, and no personal liability shall attach to, any officer, employee, director, affiliate or shareholder of any party hereto, as such, by the enforcement of any assessment or by any legal or equitable proceeding, by virtue
of any statute or otherwise in respect of any of the Transaction Documents, the Securities or the Policy, it being expressly agreed and understood that each Transaction Document is solely a corporate obligation of each party hereto, and that any and
all personal liability, either at common law or in equity, or by statute or constitution, of every such officer, employee, director, affiliate or shareholder for breaches by any party hereto of any obligations under any Transaction Document is
hereby expressly waived as a condition of and in consideration for the execution and delivery of this Agreement. 
  
 (b) 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 under the Trust Agreement, (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 and (c) 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 the other
Transaction Documents. 
  
 Section 6.11 Entire Agreement.
This Agreement, the Premium Letter and the Policy set forth the entire agreement between the parties with respect to the subject matter thereof, and this Agreement supersedes and replaces any agreement or understanding that may have existed between
the parties prior to the date hereof in respect of such subject matter. 
  

 44 

 IN WITNESS WHEREOF, the parties hereto have duly executed and delivered this Insurance and Indemnity
Agreement, all as of the day and year first above written. 
  

			
	 FINANCIAL SECURITY ASSURANCE INC.

		
	By:	 	 /s/ Ravi Gandhi

	 	 	 Authorized Officer

  

			
	AMERICREDIT AUTOMOBILE RECEIVABLES TRUST 2005-C-F
		
	 	 	by WILMINGTON TRUST COMPANY, not in its individual capacity but solely as Owner Trustee

  

					
		
	By:	 	 /s/ Joann A. Rozell

	 	 	 Title:
	 	 Assistant Vice President

	
	 AMERICREDIT FINANCIAL SERVICES, INC.

		
	By:	 	 /s/ J. Michael May

	 	 	 Title:
	 	 Senior Vice President

	
	 AMERICREDIT CORP.

		
	By:	 	 /s/ Sheli Fitzgerald

	 	 	 Title:
	 	 Vice President, Structured Finance

  
 [Insurance
Agreement Signature Page] 

			
	AFS FUNDING TRUST
		
	By:	 	AMERICREDIT FINANCIAL SERVICES, INC., as Administrator

  

					
		
	By:	 	 /s/ J. Michael May

	 	 	 Name:
	 	 J. Michael May

	 	 	 Title:
	 	 Senior Vice President

  

			
	 Acknowledged:

	
	 WELLS FARGO BANK, NATIONAL ASSOCIATION

		
	By:	 	 /s/ Marianna C. Stershic

	 Name:
	 	 Marianna C. Stershic

	 Title:
	 	 Vice President

  
 [Insurance Agreement
Signature Page] 

 APPENDIX I 
 DEFINITIONS 
  
 “1994-A
Issuer Stock Pledge Agreement” means the Stock Pledge Agreement, as defined in the Series 1994-A Sale and Servicing Agreement. 
  
 “1995-A Issuer Stock Pledge Agreement” means the Stock Pledge Agreement, as defined in the Series 1995-A Sale and Servicing Agreement.

  
 “Administration Agreement” means the Administration
Agreement dated as of August 15, 2002 between Funding Trust and the Company. 
  
 “AmeriCredit” means AmeriCredit Corp., a Texas corporation. 
  
 “AmeriCredit Parties” means each of AmeriCredit, the Company and Funding Trust. 
  
 “AmeriCredit 2005-C-F Letter Agreement” means that certain letter agreement dated as of August 30, 2005 among
Financial Security, Funding Trust, the Trust, the Company, AmeriCredit and Wells Fargo Bank, National Association, as the same may be amended, supplemented or otherwise modified in accordance with the terms thereof. 
  
 “AFS Funding” means AFS Funding Corp., a Nevada corporation.

  
 “Business Day” means any day other than a Saturday,
Sunday, legal holiday or other day on which commercial banking institutions in Fort Worth, Texas, New York, New York, Minneapolis, Minnesota or the principal place of business of any successor Servicer, successor Indenture Trustee, successor Owner
Trustee or successor Collateral Agent, are authorized or obligated by law, executive order or governmental decree to be closed. 
  
 “Certificate” means the Certificate of Trust issued pursuant to the Trust Agreement. 
  
 “Certificateholder” means the registered holder of the Certificate.

  
 “Code” means the Internal Revenue Code of 1986,
including, unless the context otherwise requires, the rules and regulations thereunder, as amended from time to time. 
  
 “Commission” means the Securities and Exchange Commission. 
  
 “Commonly Controlled Entity” means AmeriCredit and each entity, whether or not incorporated, which is affiliated
with AmeriCredit pursuant to Section 414(b), (c), (m) or (o) of the Code. 
  
 “Company” means AmeriCredit Financial Services, Inc., a Delaware corporation. 
  

 I-1 

 “Date of Issuance” means the date on which the Policy is issued as specified therein.

  
 “Default” means any event which results, or which
with the giving of notice or the lapse of time or both would result, in an Event of Default. 
  
 “Depositor” means Funding Trust in its capacity as Depositor under the Trust Agreement. 
  
 “ERISA” means the Employee Retirement Income Security Act of 1974, including, unless the context otherwise requires, the rules and regulations
thereunder, as amended from time to time. 
  
 “Event of
Default” means any event of default specified in Section 5.1 of the Insurance Agreement. 
  
 “Expiration Date” means the final date of the Term Of The Policy, as specified in the Policy. 
  
 “Financial Security” means Financial Security Assurance Inc., a New York stock insurance company, its successors and assigns. 
  
 “Financial Statements” means with respect to AmeriCredit the
consolidated balance sheets as of June 30, 2005 and the statements of income, shareholder’s equity and cash flows for the 12-month period then ended and the notes thereto and the consolidated balance sheets as of each June 30, September 30,
December 31 and March 31 thereafter, and the consolidated statements of income and cash flows for the fiscal quarter then ended. 
  
 “Fiscal Agent” means the Fiscal Agent, if any, designated pursuant to the terms of the Policy. 
  
 “Fitch” means Fitch Inc. and any successor thereto, and, if such
corporation shall for any reason no longer perform the functions of a securities rating agency, “Fitch” shall be deemed to refer to any other nationally recognized rating agency designated by Financial Security. 
  
 “Funding Trust” means AFS Funding Trust, a Delaware statutory
trust. 
  
 “Funding Trust Agreement” means the Second
Amended and Restated Trust Agreement, dated as of August 15, 2002 between AFS Funding Corp. and Deutsche Bank Trust Company Delaware (formerly known as Bankers Trust (Delaware)) as the same may be amended from time to time. 
  
 “Indemnification Agreement” means the Indemnification Agreement
dated as of the date hereof among Financial Security, Funding Trust and the Representative, as the same may be amended from time to time. 
  

 I-2 

 “Indenture” means the Indenture dated as of August 17, 2005 between the Trust and Wells Fargo
Bank, National Association, as Trustee and Trust Collateral Agent. 
  
 “Indenture Trustee” means Wells Fargo Bank, National Association, as trustee under the Indenture, and any successor thereto as trustee under the Indenture. 
  
 “Insurance Agreement” means this Insurance and Indemnity Agreement dated as of the date hereof, among Financial
Security, the Trust, AmeriCredit, the Company and Funding Trust, as the same may be amended from time to time. 
  
 “Insurance Agreement Event of Default” means any Event of Default specified in Section 5.1. 
  
 “Insurance Agreement Indenture Cross Default” means an Event of
Default specified in clauses (a), (e), (f), (k), (l) or (m) of Section 5.1. 
  
 “Investment Company Act” means the Investment Company Act of 1940, including, unless the context otherwise requires, the rules and regulations thereunder, as amended from time to time. 
  
 “IRS” means the Internal Revenue Service. 
  
 “JPMorgan Chase Bank” means JPMorgan Chase Bank, a New York banking
corporation. 
  
 “Late Payment Rate” means the lesser of
(a) the greater of (i) the per annum rate of interest, publicly announced from time to time by JPMorgan Chase Bank principal office in the City of New York as its prime or base lending rate (any change in such rate of interest to be effective on the
date such change is announced by JPMorgan Chase Bank plus 3%), and (ii) the then applicable highest rate of interest on the Securities and (b) the maximum rate permissible under applicable usury or similar laws limiting interest rates. The Late
Payment Rate shall be computed on the basis of the actual number of days elapsed over the actual number of days in the current calendar year. 
  
 “Lender” means the lender named in the MBIA IV Security Agreement. 
  
 “Lien” means, as applied to the property or assets (or the income 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 are transferred, sequestered or otherwise identified for the purpose of subjecting or making available the same for the
payment of debt or performance of any other obligation in priority to the payment of the general, unsecured creditors of such Person. 
  
 “Lockbox Agreement” means the Lockbox Agreement, as defined in the Sale and Servicing Agreement. 
  

 I-3 

 “Master Trust Indenture” means the Second Amended and Restated Indenture dated as of November
5, 2003, by and among AmeriCredit Master Trust and JPMorgan Chase, as successor in interest to, Bank One, as the same may be amended from time to time. 
  
 “Material Adverse Change” means, (a) in respect of any Person, a material adverse change in (i) the business, financial condition, results of
operations or properties of such Person or any of its Subsidiaries or (ii) the ability of such Person to perform its obligations under any of the Transaction Documents to which it is a party and (b) in respect of the Receivables, a material adverse
change in (i) the value or marketability of the Receivables, taken as a whole, or (ii) the probability that amounts now or hereafter due in respect of a material portion of the Receivables will be collected on a timely basis. 
  
 “MBIA” means MBIA Insurance Corporation. 
  
 “MBIA IV Security Agreement” means the Security Agreement dated as
of October 1, 2004, by and among AmeriCredit MTN Receivables Trust IV, the Company, AmeriCredit MTN Corp. IV and JPMorgan Chase, as the same may be amended from time to time. 
  
 “Moody’s” means Moody’s Investors Service, a Delaware corporation, and any successor thereto, and, if
such corporation shall for any reason no longer perform the functions of a securities rating agency, “Moody’s” shall be deemed to refer to any other nationally recognized rating agency designated by Financial Security. 
  
 “Multiemployer Plan” means a multiemployer plan (within the meaning
of Section 4001(a)(3) of ERISA) in respect of which a Commonly Controlled Entity makes contributions or has liability. 
  
 “Noteholders” means the registered holders of the Notes. 
  
 “Notes” means the Trust’s $182,000,000 Class A-1 3.8445% Asset Backed Notes, $271,000,000 Class A-2 4.31%
Asset Backed Notes, $356,000,000 Class A-3 4.47% Asset Backed Notes and $291,000,000 Class A-4 4.63% Asset Backed Notes issued pursuant to the Series 2005-C-F Indenture. 
  
 “Notice of Claim” means a Notice of Claim and Certificate in the form attached as Exhibit A to Endorsement No. 1
to the Policy. 
  
 “Offering Document” means the
Prospectus dated January 7, 2005, and the Prospectus Supplement dated August 15, 2005 relating to the Securities and any amendment or supplement thereto and any other offering document in respect of the Securities that makes reference to the Policy.

  
 “Other Transactions” means the AmeriCredit
Automobile Receivables Trust 2001-B transaction, the AmeriCredit Automobile Receivables Trust 2001-C transaction, the AmeriCredit Automobile Receivables Trust 2001-D transaction and the AmeriCredit Automobile Receivables Trust 2002-A transaction,
the AmeriCredit Automobile 

  

 I-4 

 
Receivables Trust 2002-B transaction, the AmeriCredit Automobile Receivables Trust 2002-C transaction, the AmeriCredit Automobile Receivables Trust 2002-D
transaction, the AmeriCredit Automobile Receivables Trust 2003-C-F transaction, the AmeriCredit Automobile Receivables Trust 2004-A-F transaction and the AmeriCredit Automobile Receivables Trust 2004-D-F transaction. 
  
 “Owner Trustee” means Wilmington Trust Company as owner trustee
under the Trust Agreement, and any successor thereto as owner trustee under the Trust Agreement. 
  
 “PBGC” means the Pension Benefit Guaranty Corporation or any successor agency, corporation or instrumentality of the United States to which the
duties and powers of the Pension Benefit Guaranty Corporation are transferred. 
  
 “Person” means an individual, joint stock company, trust, unincorporated association, joint venture, corporation, business or owner trust, partnership or other organization or entity (whether governmental or
private). 
  
 “Plan” means any pension plan (other than
a Multiemployer Plan) covered by Title IV of ERISA, which is maintained by a Commonly Controlled Entity or in respect of which a Commonly Controlled Entity has liability. 
  
 “Policy” means the financial guaranty insurance policy, including any endorsements thereto, issued by Financial
Security with respect to the Securities substantially in the form attached as Annex I to the Insurance Agreement. 
  
 “Premium” means the premium payable in accordance with Section 3.2 of this Agreement and the Premium Supplement, if any. 
  
 “Premium Letter” means the side letter between Financial Security
and AmeriCredit dated the Date of Issuance in respect of the premium (including Premium Supplement) payable by AmeriCredit in consideration of the issuance of the Policy. 
  
 “Premium Supplement” means a non-refundable premium, in addition to the premium payable in accordance with Section
3.2 of this Agreement, accruing to Financial Security in monthly installments commencing on the date of the occurrence of an Event of Default whether or not an Event of Default shall have been declared and on each monthly anniversary thereof in
accordance with the terms set forth in the Premium Letter. 
  
 “Provided Documents” means the Transaction Documents and any documents, agreements, instruments, schedules, certificates, statements, cash flow schedules, number runs or other writings or data furnished to Financial Security by or
on behalf of AmeriCredit, the Company, AFS Funding or Funding Trust with respect to itself, its respective Subsidiaries, the Receivables or the Transaction. 
  
 “Purchase Agreement” means the Purchase Agreement, dated as of August 17, 2005, by and between the Company and Funding Trust. 
  
 “Receivable” has the meaning provided in the Sale and Servicing
Agreement. 
  

 I-5 

 “Release of Security Interests” means the Release of Security Interests, dated as of August 30,
2005, by JPMorgan Chase Bank, on behalf of the Lender is releasing the security interest in the Receivables identified on Exhibit A thereto and authorizing the filing of UCC financing statements to be filed in such locations as are required to
evidence the release of the security interest in such Receivables. 
  
 “Reportable Event” means any of the events set forth in Section 4043(b) of ERISA or the regulations thereunder. 
  
 “Representative” means Deutsche Bank Securities Inc., as representative of the Underwriters. 
  
 “Restrictions on Transferability” means, as applied to the property
or assets (or the income or profits therefrom) of any Person, in each case whether the same is consensual or non-consensual or arises by contract, operation of law, legal process or otherwise, any material condition to, or restriction on, the
ability of such Person or any transferee therefrom to sell, assign, transfer or otherwise liquidate such property or assets in a commercially reasonable time and manner or which would otherwise materially deprive such Person or any transferee
therefrom of the benefits of ownership of such property or assets. 
  
 “Sale and Servicing Agreement” means the Sale and Servicing Agreement dated as of August 17, 2005 among the Trust, AmeriCredit Financial Services, Inc., as Servicer, Funding Trust and Wells Fargo Bank, National Association, as
Backup Servicer and Trust Collateral Agent. 
  
 “Securities” means the Notes. 
  
 “Securities Act” means the Securities Act of 1933, including, unless the context otherwise requires, the rules and regulations thereunder, as amended from time to time. 
  
 “Securities Exchange Act” means the Securities Exchange Act of 1934, including, unless the context otherwise
requires, the rules and regulations thereunder, as amended from time to time. 
  
 “Servicer” means the Servicer, in its capacity as Servicer under the Sale and Servicing Agreement. 
  
 “S&P” means Standard & Poor’s Ratings Service, a division of McGraw-Hill Corporation, and any successor thereto, and, if such
corporation shall for any reason no longer perform the functions of a securities rating agency, “S&P” shall be deemed to refer to any other nationally recognized rating agency designated by Financial Security. 
  
 “Special Event” means the occurrence of any one of the following:
(a) an Event of Default under this Agreement has occurred and is continuing, (b) a Cumulative Default Test Failure, Delinquency Test Failure or Cumulative Net Loss Test Failure (each as defined in the Spread Account Agreement) has occurred and is
continuing, (c) any legal proceeding or binding arbitration is instituted with respect to the Transaction, (d) any 

  

 I-6 

 
governmental or administrative investigation, action or proceeding is instituted that would, if adversely decided, result in a Material Adverse Change in
respect of AmeriCredit, the Company, Funding Trust or the Receivables, or (e) Financial Security pays a claim under the Policy. 
  
 “Spread Account Agreement” means the Spread Account Agreement, as amended and restated as of May 11, 1998, and as further amended and restated
as of September 10, 2003 among Financial Security, Funding Trust, the collateral agents named therein and the trustees specified therein, as the same may be amended, supplemented or otherwise modified in accordance with the terms thereof.

  
 “Subsidiary” means, with respect to any Person, any
corporation of which a majority of the outstanding shares of capital stock having ordinary voting power for the election of directors is at the time owned by such Person directly or through one or more Subsidiaries. 
  
 “Term of this Agreement” shall be determined as provided in Section
4.01 of this Agreement. 
  
 “Term Of The Policy” has the
meaning provided in the Policy. 
  
 “Transaction” means
the transactions contemplated by the Transaction Documents, including the transactions described in the Offering Document. 
  
 “Transaction Documents” means this Agreement, the AmeriCredit 2005-C-F Letter Agreement, the Trust Agreement, the Indenture, the Sale and
Servicing Agreement, the Underwriting Agreement, the Indemnification Agreement, the Purchase Agreement, the Subsequent Purchase Agreement, any Custodian Agreement, the Premium Letter, the Lockbox Agreement, the Spread Account Agreement, the Funding
Trust Agreement, the Administration Agreement. 
  
 “Trust” means AmeriCredit Automobile Receivables Trust 2005-C-F created by the Trust Agreement. 
  
 “Trust Agreement” means the Trust Agreement dated as of August 9, 2005, as amended as of August 17, 2005 between Funding Trust and Wilmington
Trust Company as Owner Trustee. 
  
 “Trust Property” has
the meaning under the Sale and Servicing Agreement. 
  
 “Underfunded Plan” means any Plan that has an Underfunding. 
  
 “Underfunding” means, with respect to any Plan, the excess, if any, of (a) the present value of all benefits under the Plan (based on the assumptions used to fund the Plan pursuant to Section 412 of the
Code) as of the most recent valuation date over (b) the fair market value of the assets of such Plan as of such valuation date. 
  

 I-7 

 “Underwriters” means Deutsche Bank Securities Inc., Wachovia Capital Markets, LLC, J.P. Morgan
Securities Inc., Lehman Brothers Inc., Morgan Stanley & Co. Incorporated and UBS Securities LLC as underwriters. 
  
 “Underwriting Agreement” means the Underwriting Agreement, dated as of August 15, 2005 between the Company, Funding Trust and the
Representative. 
  
 “Wells Fargo” means Wells Fargo
Bank, National Association and any successors or assigns. 
  

 I-8 

 ANNEX I 
  
 TO 
  
 INSURANCE AND INDEMNITY AGREEMENT 
 FORM OF NOTE POLICY 

 ENDORSEMENT NO. 1 TO 
 FINANCIAL GUARANTY INSURANCE POLICY 
  

			
	 FINANCIAL SECURITY
	  	31 West 52nd Street
	 ASSURANCE INC.
	  	New York, New York 10019

  

			
	OBLIGOR:	  	AmeriCredit Automobile Receivables Trust 2005-C-F
		
	OBLIGATIONS:	  	$182,000,000 Class A-1 3.8445% Asset Backed Notes, Series 2005-C-F
	 	  	$271,000,000 Class A-2 4.31% Asset Backed Notes, Series 2005-C-F
	 	  	$356,000,000 Class A-3 4.47% Asset Backed Notes, Series 2005-C-F
	 	  	$291,000,000 Class A-4 4.63% Asset Backed Notes, Series 2005-C-F
		
	Policy No.:	  	51669-N
		
	Date of Issuance:	  	August 30, 2005

  
 1. 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 unless otherwise specified. 
  
 “Business Day” means any day other than a Saturday, Sunday, legal holiday or other day on which commercial banking institutions in Wilmington, Delaware, Fort Worth, Texas, New York City, New York, Minneapolis, Minnesota or
any other location of any successor Servicer, successor Owner Trustee or successor Trust Collateral Agent are authorized or obligated by law, executive order or governmental decree to be closed. 
  
 “Holder” shall have the meaning set forth in the Indenture;
provided, however that “Holder” shall not include the Obligor or any affiliates or successors thereof in the event the Obligor, or any such affiliate or successor, is a registered or beneficial owner of the Obligations.

  
 “Indenture” means the Indenture, dated as of
August 17, 2005, between the Obligor and Wells Fargo Bank, National Association, as Trustee and Trust Collateral Agent, as amended from time to time with the consent of Financial Security. 
  
 “Indenture Trustee” means Wells Fargo Bank, National
Association, in its capacity as Trustee under the Indenture and any successor in such capacity. 
  
 “Policy” means this Financial Guaranty Insurance Policy and includes each endorsement thereto. 
  
 “Receipt” and “Received” mean actual
delivery to Financial Security 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, shall be
deemed to be receipt on the next succeeding Business Day. 

			
	Policy No.: 51669 -N	  	Date of Issuance: August 30, 2005

  

 
If any 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 Financial Security 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 17, 2005 among the Obligor, AmeriCredit Financial Services, Inc., as Servicer, AFS Funding Trust, 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 in accordance with the terms thereof. 
  
 “Scheduled Payments” means, as to each Insured Distribution Date, payments which are required to be made to Holders in accordance with
the original terms of the Obligations when issued and without regard to any subsequent amendment or modification of the Obligations or of the Indenture except amendments or modifications to which Financial Security 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 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 which 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 Financial Security 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 Financial Security does not so elect, this Policy will continue to guarantee payment on the Obligations in accordance with their original terms. Scheduled Payments shall not include (x) any
portion of a Noteholders’ Interest Distributable 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 Financial Security 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, Financial Security 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 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 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.

  

 2 

			
	Policy No.: 51669 -N	  	Date of Issuance: August 30, 2005

  

 “Term Of This 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. 
  
 2.
Notices and Conditions to Payment in Respect of Scheduled Payments. Following Receipt by Financial Security of a notice and certificate from the Trust Collateral Agent in the form attached as Exhibit A to this Endorsement, Financial Security
will pay any amount payable hereunder in respect of Scheduled Payments on the Obligations out of the funds of Financial Security 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 Obligations. Payments due hereunder in respect of Scheduled Payments will be disbursed to the Trust Collateral Agent by wire transfer of immediately available funds.

  
 Financial Security shall be entitled to pay any amount
hereunder in respect of Scheduled Payments on the Obligations, including any amount due on the Obligations on an accelerated basis, whether or not any notice and certificate shall have been Received by Financial Security as provided above; provided,
however, that by acceptance of this Policy the Trust Collateral Agent agrees to provide to Financial Security, upon Financial Security’s request to the Trust Collateral Agent, a notice and certificate in respect of any such payments made by
Financial Security. Financial Security shall be entitled to pay hereunder any amount that becomes due on the 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. Financial
Security’s obligations hereunder in respect of Scheduled Payments shall be discharged to the extent funds are disbursed by Financial Security as provided herein whether or not such funds are properly applied by the Trust Collateral Agent.

  
 3. 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, Financial Security will pay such amount out of the funds of
Financial Security 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 Financial Security from the Trust Collateral Agent of (A) a
certified copy of the order (the “Order”) of the court or 

  

 3 

			
	Policy No.: 51669 -N	  	Date of Issuance: August 30, 2005

  

 
other governmental body that exercised jurisdiction to the effect that the Holder is required to return Scheduled Payments made with respect to the
Obligations during the Term Of This Policy because such payments were avoidable as preference payments under applicable bankruptcy law, (B) a certificate of the Holder that the Order has been entered and is not subject to any stay and (C) an
assignment duly executed and delivered by the Holder, in such form as is reasonably required by Financial Security, and provided to the Holder by Financial Security, irrevocably assigning to Financial Security all rights and claims of the Holder
relating to or arising under the Obligations against the estate of the Obligor or otherwise with respect to such preference payment or (ii) the date of Receipt by Financial Security 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, Financial Security 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 Financial Security). In connection with the foregoing, Financial Security shall have the rights provided pursuant to Section 6.2 of the Sale and Servicing Agreement. 
  
 4. 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. 
  
 5. Fiscal Agent. At any time during the Term Of This Policy, Financial Security 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 Financial Security pursuant to this Policy shall be simultaneously delivered to the Fiscal Agent and to Financial Security and shall not be deemed Received until Received by both, and (ii) all payments required to be made
by Financial Security under this Policy may be made directly by Financial Security or by the Fiscal Agent on behalf of Financial Security. The Fiscal Agent is the agent of Financial Security 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 Financial Security to deposit, or cause to be deposited, sufficient funds to make payments due under the Policy. 
  
 6. Waiver of Defenses. To the fullest extent permitted by applicable law, Financial Security 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 Financial Security to avoid payment of its obligations under this Policy in accordance with the express provisions of this Policy. 
  

 4 

			
	Policy No.: 51669 -N	  	Date of Issuance: August 30, 2005

  

 7. 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 Financial Security as follows: 
  
 Financial Security Assurance Inc. 
 31 West
52nd Street 
 New York, NY 10019 
 Attention: Managing Director - Transaction Oversight Department 
 Re: AmeriCredit Automobile Receivables Trust 2005-C-F 

Policy No.: 51669-N 
 Telecopy No.: (212)
339-3518 
 Confirmation: (212) 826-0100 
  
 Financial Security may specify a different address or addresses by writing mailed or delivered to the Trust Collateral Agent. 
  
 8. Priorities. In the event that any term or provision of the face of
this Policy is inconsistent with the provisions of this Endorsement, the provisions of this Endorsement shall take precedence and shall be binding. 
  
 9. Exclusions From Insurance Guaranty Funds. This Policy is not covered by the Property/Casualty Insurance Security Fund specified in Article 76 of
the New York Insurance Law. This Policy is not covered by the Florida Insurance Guaranty Association created under Part II of Chapter 631 of the Florida Insurance Code. In the event that Financial Security were to become insolvent, any claims
arising under this Policy are excluded from coverage by the California Insurance Guaranty Association, established pursuant to Article 14.2 of Chapter 1 of Part 2 of Division 1 of the California Insurance Code. 
  
 10. Surrender of Policy. The Trust Collateral Agent shall surrender
this Policy to Financial Security for cancellation upon expiration of the Term Of This Policy. 
  
 IN WITNESS WHEREOF, FINANCIAL SECURITY ASSURANCE INC. has caused this Endorsement No. 1 to be executed by its Authorized Officer. 
  

			
	 FINANCIAL SECURITY ASSURANCE INC.

		
	By	 	 
	 	 	Authorized Officer

  

 5 

 EXHIBIT A 
  
 To Endorsement No. 1 
  
 NOTICE OF CLAIM AND CERTIFICATE 
  
 (Letterhead of Trust Collateral Agent) 
  
 Financial Security Assurance Inc. 
 31 West 52nd Street 
 New York, NY 10019 
  

	 	Re:	AmeriCredit Automobile Receivables Trust 2005-C-F 

  
 The undersigned, a duly authorized officer of Wells Fargo Bank, National Association (the “Trust Collateral Agent”), hereby certifies to
Financial Security Assurance Inc. (“Financial Security”), with reference to Financial Guaranty Insurance Policy No. 51669-N dated August 30, 2005, (the “Policy”) issued by Financial Security in respect of the $182,000,000 Class
A-1 3.8445% Asset Backed Notes, $271,000,000 Class A-2 4.31% Asset Backed Notes, $356,000,000 Class A-3 4.47% Asset Backed Notes and $291,000,000 Class A-4 4.63% Asset Backed Notes of the above-referenced Trust (the “Obligations”), that:

  
 (i) The Trust Collateral Agent is the Trust Collateral Agent
for the Holders under the Indenture. 
  
 (ii) 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 $             (the
“Shortfall”) less than the aggregate amount of Scheduled Payments due on
                            . 
  
 (iii) The Trust Collateral Agent is making a claim under the Policy for the Shortfall to be applied to the payment of
Scheduled Payments. 
  
 (iv) The Trust Collateral Agent agrees
that, following receipt of funds from Financial Security, it shall (a) hold such amounts in trust and apply the same directly to the payment of Scheduled Payments on the 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 Obligation and the corresponding claim on the Policy and proceeds thereof, and, if the Obligation is
required to be surrendered or presented for such payment, shall stamp on each such Obligation the legend “$[insert applicable amount] paid by Financial Security and the balance hereof has been cancelled and reissued” and then shall deliver
such Obligation to Financial Security. 
  
 (v) The Trust
Collateral Agent, on behalf of the Holders, hereby assigns to Financial Security (a) the rights of the Holders with respect to the Obligations to the extent of any payments under the Policy and (b) any claims of amounts due to the 

  

 A-1 

 
Holders in respect of securities law, fraud or other claims arising out of or relating to the offer and sale of the Obligations. The foregoing assignments
are in addition to, and not in limitation of, rights of subrogation otherwise available to Financial Security in respect of such payments. Payments to Financial Security 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 Obligations. The Trust Collateral Agent shall take such action and deliver such instruments as may be reasonably requested or required by Financial Security
to effectuate the purpose or provisions of this clause (v). 
  
 (vi) The Trust Collateral Agent, on behalf of the Holders, hereby appoints Financial Security as agent and attorney-in-fact for the Trust Collateral Agent and each such Holder in any legal proceeding with respect to the Obligations. The
Trust Collateral Agent hereby agrees that, so long as an Insurer Default (as defined in the Indenture) shall not exist, Financial Security 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 Obligations (a “Preference Claim”), (B) the direction of any appeal of any
order relating to any Preference Claim at the expense of Financial Security 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 Financial Security 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. 
  
 (vii) Payment should be made by wire
transfer directed to [SPECIFY ACCOUNT]. 
  
 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 Financial Security or Fiscal Agent Use Only
		
	Wire transfer sent on                  By	 	 
	 Confirmation Number
                            

  

 A-3 

 APPENDIX A 
  
 TO INSURANCE AND INDEMNITY AGREEMENT 
 CONDITIONS PRECEDENT TO ISSUANCE OF THE POLICY 
  
 (a)
Payment of Premium and Expenses; Premium Letter. Financial Security shall have been paid, a nonrefundable Premium and shall have been reimbursed, for other fees and expenses identified in Section 3.2 of this Agreement as payable at closing
and Financial Security shall have received a fully executed copy of the Premium Letter. 
  
 (b) Transaction Documents. Financial Security shall have received a copy of each of the Transaction Documents, in form and substance satisfactory to Financial Security, duly authorized, executed and delivered
by each party thereto. Without limiting the foregoing, the provisions of the Sale and Servicing Agreement relating to the payment to Financial Security of Premium due on the Policy and the reimbursement to Financial Security of amounts paid under
the Policy shall be in form and substance acceptable to Financial Security in its sole discretion. 
  
 (c) Certified Documents and Resolutions. Financial Security shall have received a copy of (i) the certificate of incorporation and bylaws of each
of AmeriCredit, the Company, and AFS Funding and a copy of the Certificate of Trust and the Funding Trust Agreement of Funding Trust and (ii) the resolutions of the Board of Directors of each of AmeriCredit, the Company and AFS Funding and the
resolution of the equity owners of Funding Trust, authorizing the issuance of the Securities and the execution, delivery and performance by AmeriCredit, the Company, AFS Funding and Funding Trust of the Transaction Documents and the transactions
contemplated thereby, certified by the Secretary or an Assistant Secretary of AmeriCredit, the Company, AFS Funding and Funding Trust, as the case may be (which certificate shall state that such certificate of incorporation, bylaws and resolutions
are in full force and effect without modification on the Date of Issuance). 
  
 (d) Incumbency Certificate. Financial Security shall have received a certificate of the Authorized Officer, Secretary or an Assistant Secretary, as the case may be, of each of the Owner Trustee, AmeriCredit,
the Company, the Representative and Funding Trust certifying the name and signatures of the officers of the Owner Trustee, AmeriCredit, the Company, the Representative and Funding Trust, as the case may be, authorized to execute and deliver the
Transaction Documents and that shareholder consent to the execution and delivery of such documents is not necessary. 
  
 (e) Representations and Warranties; Certificate. The representations and warranties of each of AmeriCredit, the Company and Funding Trust in this
Agreement shall be true and correct as of the Date of Issuance with respect to such Person as if made on the Date of Issuance and Financial Security shall have received a certificate of appropriate officers of the Owner Trustee, AmeriCredit, the
Company and Funding Trust, as the case may be, to that effect. 

 (f) Opinions of Counsel. Financial Security shall have received opinions of counsel addressed to
Financial Security and S&P in respect of the Trust, the Owner Trustee, AmeriCredit, the Company, Funding Trust, the other parties to the Transaction Documents and the Transaction in form and substance satisfactory to Financial Security,
addressing such matters as Financial Security may reasonably request, and the counsel providing each such opinion shall have been instructed by its client to deliver such opinion to the addressees thereof. 
  
 (g) Approvals, Etc. Financial Security shall have received true and
correct copies of all approvals, licenses and consents, if any, including, without limitation, the approval of the shareholders of AmeriCredit and the Company and the approval of the equity owners of Funding Trust required in connection with the
Transaction. 
  
 (h) No Litigation, Etc. No suit, action or
other proceeding, investigation, or injunction or final judgment relating thereto, shall be pending or threatened before any court or governmental agency in which it is sought to restrain or prohibit or to obtain damages or other relief in
connection with any of the Transaction Documents or the consummation of the Transaction. 
  
 (i) Legality. No statute, rule, regulation or order shall have been enacted, entered or deemed applicable by any government or governmental or administrative agency or court which would make the transactions
contemplated by any of the Transaction Documents illegal or otherwise prevent the consummation thereof. 
  
 (j) Satisfaction of Conditions of Underwriting Agreement. All conditions in the Underwriting Agreement to the Underwriters’ obligation to
purchase the Securities shall have been satisfied. 
  
 (k)
Issuance of Ratings. Financial Security shall have received confirmation that the risk secured by the Policy constitutes an investment grade risk by S&P and an insurable risk by Moody’s and that the Securities, when issued, will be
rated “Aaa” by Moody’s and “AAA” by S&P and Fitch. 
  
 (l) Maintenance of Receivable Files. Financial Security shall have received evidence satisfactory to it that the Receivable Files are being maintained by and held in the custody of the Company, as Custodian,
pursuant to Section 3.3 of the Sale and Servicing Agreement. 
  
 (m) Financial Security shall have received an executed copy of the Release of Security Interest, in form and substance satisfactory to Financial Security. 
  
 (n) The Trustee shall have received for filing, any amendments to, and/or terminations of, UCC financing statements to be
filed in such locations as required to evidence the release of any Liens of the Lenders on certain of the Receivables and other property. 
  
 (o) No Default. No Default or Event of Default shall have occurred. 
  

 2 

 (p) Intentionally Omitted. 
  
 (q) Additional Items. Financial Security shall have received such other documents, instruments, approvals or opinions
requested by Financial Security as may be reasonably necessary to effect the Transaction, including but not limited to evidence satisfactory to Financial Security that all conditions precedent, if any, in the Transaction Documents have been
satisfied. 
  

 3 

			
	 	  	 FINANCIAL GUARANTY
 INSURANCE
POLICY

  

			
	 OBLIGOR: AmeriCredit Automobile Receivables Trust 2005-C-F
	  	Policy No.: 51669-N    
		
	 OBLIGATIONS: $1,100,000,000 Asset Backed Notes, Series
2005-C-F, As described in Endorsement No. 1 hereto
	  	 Date of Issuance:
         August 30, 2005

  
 FINANCIAL SECURITY
ASSURANCE INC. (“Financial Security”), for consideration received, hereby UNCONDITIONALLY AND IRREVOCABLY GUARANTEES to each Holder, subject only to the terms of this Policy (which includes each endorsement hereto), the full and complete
payment by the Obligor of Scheduled Payments of principal of, and interest on, the Obligations. 
  
 For the further protection of each Holder, Financial Security irrevocably and unconditionally guarantees: 
  
 (a) payment of the amount of any distribution of principal
of, or interest on, the Obligations made during the Term Of This Policy to such Holder that is subsequently avoided in whole or in part as a preference payment under applicable law (such payment to be made by Financial Security in accordance with
Endorsement No. 1 hereto). 
  
 (b) payment of any
amount required to be paid under this Policy by Financial Security following Financial Security’s receipt of notice as described in Endorsement No. 1 hereto. 
  
 Financial Security shall be subrogated to the rights of each Holder to receive payments under the Obligations to the extent
of any payment by Financial Security hereunder. 
  
 Except to the
extent expressly modified by an endorsement hereto, the following terms shall have the meanings specified for all purposes of this Policy. “Holder” means the registered owner of any Obligation as indicated on the registration books
maintained by or on behalf of the Obligor for such purpose or, if the Obligation is in bearer form, the holder of the Obligation. “Scheduled Payments” means payments which are scheduled to be made during the Term Of This Policy in
accordance with the original terms of the Obligations when issued and without regard to any amendment or modification of such Obligations thereafter; payments which 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 or (c) any other cause, shall not constitute “Scheduled Payments” unless Financial Security shall elect, in its sole discretion, to pay such principal due upon such
acceleration together with any accrued interest to the date of acceleration. “Term Of This Policy” shall have the meaning set forth in Endorsement No. 1 hereto. 
  
 This Policy sets forth in full the undertaking of Financial Security, and shall not be modified, altered or affected by any
other agreement or instrument, including any modification or amendment thereto, or by the merger, consolidation or dissolution of the Obligor. Except to the extent expressly modified by an endorsement hereto, the premiums paid in respect of this
Policy are nonrefundable for any reason whatsoever, including payment, or provision being made for payment, of the Obligations prior to maturity. This Policy may not be canceled or revoked during the Term Of This Policy. 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, FINANCIAL SECURITY ASSURANCE INC. has caused this Policy to be executed on its behalf by its Authorized Officer. 
  

			
	FINANCIAL SECURITY ASSURANCE INC.
		
	By	 	 
	 	 	Authorized Officer

  

			
	 A subsidiary of Financial Security Assurance Holdings Ltd.
 31 West 52nd Street, New York, N.Y. 10019
 Form 100NY (5/89)
	  	(212) 826-0100

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