Document:

Amended and Rested Turst Agreement 10/10/2003- Seller and Wilmington

 Exhibit 4.2 
 EXECUTION COPY 
  

  
 AMENDED AND RESTATED 
  
 TRUST AGREEMENT 
  
 between 
  
 AFS SENSUB CORP. 
 Seller 
  
 and 
  
 WILMINGTON TRUST COMPANY 
 Owner Trustee 
  
 Dated as of October 10, 2003 
  

 TABLE OF CONTENTS 
  

	 ARTICLE I. DEFINITIONS
	  	 1

			
	         SECTION 1.1.
	 	 Capitalized Terms
	  	 1

	         SECTION 1.2.
	 	 Other Definitional Provisions.
	  	 3

		
	 ARTICLE II. ORGANIZATION
	  	 4

			
	         SECTION 2.1.
	 	 Name
	  	 4

	         SECTION 2.2.
	 	 Office
	  	 4

	         SECTION 2.3.
	 	 Purposes and Powers.
	  	 4

	         SECTION 2.4.
	 	 Appointment of Owner Trustee
	  	 5

	         SECTION 2.5.
	 	 Initial Capital Contribution of Trust Estate
	  	 5

	         SECTION 2.6.
	 	 Declaration of Trust
	  	 5

	         SECTION 2.7.
	 	 Title to Trust Property.
	  	 6

	         SECTION 2.8.
	 	 Situs of Trust
	  	 6

	         SECTION 2.9.
	 	 Representations and Warranties of the Depositor
	  	 6

	         SECTION 2.10.
	 	 Covenants of the Certificateholder
	  	 7

	         SECTION 2.11.
	 	 Federal Income Tax Treatment of the Trust.
	  	 8

	         SECTION 2.12.
	 	 [Reserved]
	  	 8

		
	 ARTICLE III. CERTIFICATE AND TRANSFER OF INTEREST
	  	 8

			
	         SECTION 3.1.
	 	 Initial Ownership
	  	 8

	         SECTION 3.2.
	 	 The Certificate
	  	 8

	         SECTION 3.3.
	 	 Authentication of Certificate
	  	 8

	         SECTION 3.4.
	 	 Registration of Transfer and Exchange of Certificate
	  	 9

	         SECTION 3.5.
	 	 Mutilated, Destroyed, Lost or Stolen Certificates
	  	 9

	         SECTION 3.6.
	 	 Persons Deemed Certificateholders
	  	 10

	         SECTION 3.7.
	 	 Maintenance of Office or Agency
	  	 10

	         SECTION 3.8.
	 	 Disposition in Whole But Not in Part
	  	 10

	         SECTION 3.9.
	 	 ERISA Restrictions
	  	 10

		
	 ARTICLE IV. VOTING RIGHTS AND OTHER ACTIONS
	  	 11

			
	         SECTION 4.1.
	 	 Prior Notice to Holder with Respect to Certain Matters
	  	 11

	         SECTION 4.2.
	 	 Action by Certificateholder with Respect to Certain Matters
	  	 11

	         SECTION 4.3.
	 	 Restrictions on Certificateholder's Power.
	  	 11

	         SECTION 4.4.
	 	 Rights of Security Insurer
	  	 12

	         SECTION 4.5.
	 	 Action with Respect to Bankruptcy Action
	  	 12

	         SECTION 4.6.
	 	 Covenants and Restrictions on Conduct of Business.
	  	 13

		
	 ARTICLE V. AUTHORITY AND DUTIES OF OWNER TRUSTEE
	  	 14

			
	         SECTION 5.1.
	 	 General Authority.
	  	 14

	         SECTION 5.2.
	 	 General Duties
	  	 15

	         SECTION 5.3.
	 	 Action upon Instruction.
	  	 15

	         SECTION 5.4.
	 	 No Duties Except as Specified in this Agreement or in Instructions
	  	 16

	         SECTION 5.5.
	 	 No Action Except under Specified Documents or Instructions
	  	 17

	         SECTION 5.6.
	 	 Restrictions
	  	 17

		
	 ARTICLE VI. CONCERNING THE OWNER TRUSTEE
	  	 17

			
	         SECTION 6.1.
	 	 Acceptance of Trusts and Duties
	  	 17

	         SECTION 6.2.
	 	 Furnishing of Documents
	  	 18

	         SECTION 6.3.
	 	 Representations and Warranties
	  	 18

	         SECTION 6.4.
	 	 Reliance; Advice of Counsel.
	  	 19

	         SECTION 6.5.
	 	 Not Acting in Individual Capacity
	  	 20

	         SECTION 6.6.
	 	 Owner Trustee Not Liable for Certificate or Receivables
	  	 20

	         SECTION 6.7.
	 	 Owner Trustee May Own Notes
	  	 20

	         SECTION 6.8.
	 	 Payments from Owner Trust Estate
	  	 20

	         SECTION 6.9.
	 	 Doing Business in Other Jurisdictions
	  	 20

		
	 ARTICLE VII. COMPENSATION OF OWNER TRUSTEE
	  	 21

			
	         SECTION 7.1.
	 	 Owner Trustee’s Fees and Expenses
	  	 21

	         SECTION 7.2.
	 	 Indemnification
	  	 21

	         SECTION 7.3.
	 	 Payments to the Owner Trustee
	  	 21

	         SECTION 7.4.
	 	 Non-recourse Obligations
	  	 22

		
	 ARTICLE VIII. TERMINATION OF TRUST AGREEMENT
	  	 22

			
	         SECTION 8.1.
	 	 Termination of Trust Agreement.
	  	 22

		
	 ARTICLE IX. SUCCESSOR OWNER TRUSTEES AND ADDITIONAL OWNER TRUSTEES
	  	 23

			
	         SECTION 9.1.
	 	 Eligibility Requirements for Owner Trustee
	  	 23

	         SECTION 9.2.
	 	 Resignation or Removal of Owner Trustee
	  	 23

	         SECTION 9.3.
	 	 Successor Owner Trustee
	  	 24

	         SECTION 9.4.
	 	 Merger or Consolidation of Owner Trustee
	  	 25

	         SECTION 9.5.
	 	 Appointment of Co-Trustee or Separate Trustee
	  	 25

		
	 ARTICLE X. MISCELLANEOUS
	  	 26

			
	         SECTION 10.1.
	 	 Supplements and Amendments.
	  	 26

	         SECTION 10.2.
	 	 No Legal Title to Owner Trust Estate in Certificateholder
	  	 27

	         SECTION 10.3.
	 	 Limitations on Rights of Others
	  	 27

	         SECTION 10.4.
	 	 Notices.
	  	 27

	         SECTION 10.5.
	 	 Severability
	  	 28

	         SECTION 10.6.
	 	 Separate Counterparts
	  	 28

	         SECTION 10.7.
	 	 Assignments; Security Insurer
	  	 28

	         SECTION 10.8.
	 	 No Recourse
	  	 28

	         SECTION 10.9.
	 	 Headings
	  	 28

	         SECTION 10.10.
	 	 GOVERNING LAW
	  	 28

	         SECTION 10.11.
	 	 Servicer
	  	 29

  

 ii 

 EXHIBITS 
  

	 EXHIBIT A
	 	 FORM OF CERTIFICATE

	 EXHIBIT B
	 	 FORM OF CERTIFICATE OF TRUST

  

 iii 

 This AMENDED AND RESTATED TRUST AGREEMENT dated as of October 10, 2003 between AFS SENSUB CORP., a Nevada
corporation (the “Seller”), and WILMINGTON TRUST COMPANY, a Delaware banking corporation, as Owner Trustee, amends and restates in its entirety that certain Trust Agreement dated as of September 26, 2003 between the Seller and the
Owner Trustee. 
  
 ARTICLE I. 
  
 Definitions 
  
 SECTION 1.1. Capitalized Terms. For all purposes of this Agreement,
the following terms shall have the meanings set forth below: 
  
 “AmeriCredit” shall mean AmeriCredit Financial Services, Inc. 
  
 “Agreement” shall mean this Trust Agreement, as the same may be amended and supplemented from time to time. 
  
 “Basic Documents” shall mean this Agreement, the Certificate of Trust, the Sale and Servicing Agreement, the Spread Account Agreement,
the Insurance Agreement, the Swap Agreement, the Indenture and the other documents and certificates delivered in connection therewith. 
  
 “Benefit Plan” shall have the meaning assigned to such term in Section 3.9. 
  
 “Certificate” means a trust certificate evidencing the beneficial interest of a Certificateholder in the
Trust, substantially in the form of Exhibit A attached hereto. 
  
 “Certificateholder” or “Holder” shall mean the person in whose name a Certificate is registered on the Certificate Register, initially the Seller. 
  
 “Certificate of Trust” shall mean the Certificate of Trust
in the form of Exhibit B to be filed for the Trust pursuant to Section 3810(a) of the Statutory Trust Statute. 
  
 “Certificate Register” and “Certificate Registrar” shall mean the register mentioned and the registrar appointed
pursuant to Section 3.4. 
  
 “Code” shall mean
the Internal Revenue Code of 1986, as amended from time to time, and Treasury Regulations promulgated thereunder. 
  
 “Corporate Trust Office” shall mean, with respect to the Owner Trustee, the principal corporate trust office of the Owner Trustee located
at Rodney Square North, 1100 North Market Street, Wilmington, Delaware 19890-0001, Attention: Corporate Trust Administration, or at such other address as the Owner Trustee may designate by notice to the Depositor, or the principal corporate trust
office of any successor Owner Trustee (the address of which the successor owner trustee will notify the Depositor). 
  
 “Depositor” shall mean the Seller in its capacity as Depositor hereunder. 

 “Distribution Date” shall have the meaning set forth in the Sale and Servicing
Agreement. 
  
 “ERISA” shall have the meaning
assigned to such term in Section 3.9. 
  
 “Expenses” shall have the meaning assigned to such term in Section 7.2. 
  
 “Indemnified Parties” shall have the meaning assigned to such term in Section 7.2. 
  
 “Indenture” shall mean the Indenture dated as of October 10,
2003, among the Issuer and JPMorgan Chase Bank, as Trust Collateral Agent and Trustee, as the same may be amended and supplemented from time to time. 
  
 “Owner Trust Estate” shall mean all right, title and interest of the Trust in and to the property and rights assigned to the Trust
pursuant to Article II of the Sale and Servicing Agreement, all funds on deposit from time to time in the Trust Accounts and all other property of the Trust from time to time, including any rights of the Owner Trustee and the Trust pursuant to the
Sale and Servicing Agreement and the Spread Account Agreement. 
  
 “Owner Trustee” shall mean Wilmington Trust Company, a Delaware banking corporation, not in its individual capacity but solely as owner trustee under this Agreement, and any successor Owner Trustee hereunder. 
  
 “Record Date” shall mean with respect to any Distribution
Date, the close of business on the last Business Day immediately preceding such Distribution Date. 
  
 “Responsible Officer” shall mean, with respect to the Owner Trustee, any officer within the Corporate Trust Administration office of the
Owner Trustee with direct responsibility for the administration of the Trust and also, with respect to a particular matter, any other officer to whom such matter is referred because of such officer’s knowledge of and familiarity with the
particular subject. 
  
 “Sale and Servicing
Agreement” shall mean the Sale and Servicing Agreement dated as of October 10, 2003, among the Trust, the Seller, AmeriCredit Financial Services, Inc., the Trust Collateral Agent and Systems & Services Technologies, Inc., as Backup
servicer, as the same may be amended and supplemented from time to time. 
  
 “Secretary of State” shall mean the Secretary of State of the State of Delaware. 
  
 “Security Insurer” shall mean MBIA Insurance Corporation, or its successor in interest. 
  
 “Spread Account” shall mean the Spread Account established
and maintained pursuant to the Spread Account Agreement. 
  
 “Spread Account Agreement” shall mean the Spread Account Agreement dated as of October 10, 2003, among the Trust, the Security Insurer, the Collateral Agent, the Trustee and the Trust Collateral Agent, as the same may be
amended, supplemented or otherwise modified in accordance with the terms thereof. 
  

 2 

 “Statutory Trust Statute” shall mean Chapter 38 of Title 12 of the Delaware Code, 12
Del. Code § 3801 et seq. as the same may be amended from time to time. 
  
 “Swap Agreement” means the ISDA Master Agreement dated October 16, 2003 between the Trust and the Swap Provider, including the Schedule
thereto, the Credit Support Annex thereto, the Confirmation relating to the Class A-3-B Notes and together with any replacement swap agreement thereafter approved by the Insurer; provided, that no additional swap agreement shall be a
“Swap Agreement” under the Basic Documents for so long as the Swap Agreement is outstanding without the prior, written consent of the Swap Provider unless the Swap Agreement has terminated as a result of an event of default or a
termination event relating to the Swap Provider. 
  
 “Swap
Provider” means Wachovia Bank, National Association, together with any replacement Swap Provider thereafter approved by the Insurer. 
  
 “Treasury Regulations” shall mean regulations, including proposed or temporary regulations, promulgated under the Code. References herein
to specific provisions of proposed or temporary regulations shall include analogous provisions of final Treasury Regulations or other successor Treasury Regulations. 
  
 “Trust” shall mean the trust established by this Agreement. 
  
 “Trust Collateral Agent” shall mean, initially, JPMorgan
Chase Bank, in its capacity as collateral agent, including its successors in interest, until and unless a successor Person shall have become the Trust Collateral Agent pursuant to the Sale and Servicing Agreement, and thereafter “Trust
Collateral Agent” shall mean such successor Person. 
  
 SECTION 1.2. Other Definitional Provisions. 
  
 (a) Capitalized terms used herein and not otherwise defined have the meanings assigned to them in the Sale and Servicing Agreement or, if not defined therein, in the Spread Account Agreement or in the Indenture. 
  
 (b) All terms defined in this Agreement shall have the defined meanings when
used in any certificate or other document made or delivered pursuant hereto unless otherwise defined therein. 
  
 (c) As used in this Agreement and in any certificate or other document made or delivered pursuant hereto or thereto, accounting terms not defined in this
Agreement or in any such certificate or other document, and accounting terms partly defined in this Agreement or in any such certificate or other document to the extent not defined, shall have the respective meanings given to them under generally
accepted accounting principles as in effect on the date of this Agreement or any such certificate or other document, as applicable. To the extent that the definitions of accounting terms in this Agreement or in any such certificate or other document
are inconsistent with the meanings of such terms under generally accepted accounting principles, the definitions contained in this Agreement or in any such certificate or other document shall control. 
  

 3 

 (d) The words “hereof,” “herein,” “hereunder” and words of similar import
when used in this Agreement shall refer to this Agreement as a whole and not to any particular provision of this Agreement; Section and Exhibit references contained in this Agreement are references to Sections and Exhibits in or to this Agreement
unless otherwise specified; and the term “including” shall mean “including without limitation.” 
  
 (e) The definitions contained in this Agreement are applicable to the singular as well as the plural forms of such terms and to the masculine as well as
to the feminine and neuter genders of such terms. 
  
 ARTICLE II.

  
 Organization 
  
 SECTION 2.1. Name. There is hereby formed a trust to be known as
“AmeriCredit Automobile Receivables Trust 2003-D-M,” in which name the Owner Trustee may conduct the business of the Trust, make and execute contracts and other instruments on behalf of the Trust and sue and be sued. 
  
 SECTION 2.2. Office. The office of the Trust shall be in care of the
Owner Trustee at the Corporate Trust Office or at such other address as the Owner Trustee may designate by written notice to the Certificateholder. 
  
 SECTION 2.3. Purposes and Powers. 
  
 (a) The purpose of the Trust is, and the Trust shall have the power and authority, to engage in the following activities: 
  
 (i) to issue the Notes pursuant to the Indenture and the
Certificate pursuant to this Agreement, and to sell the Notes; 
  
 (ii) with the proceeds of the sale of the Notes, to fund the Pre-Funding Account, the Capitalized Interest Account and the Spread Account and to pay the organizational, start-up and transactional expenses of the Trust
and to pay the balance to the Depositor pursuant to the Sale and Servicing Agreement; 
  
 (iii) to acquire from time to time the Owner Trust Estate, to assign, grant, transfer, pledge, mortgage and convey the Owner Trust Estate
to the Trust Collateral Agent pursuant to the Indenture for the benefit of the Security Insurer and the Indenture Trustee on behalf of the Noteholders and to hold, manage and distribute to the Certificateholder pursuant to the terms of the Sale and
Servicing Agreement any portion of the Owner Trust Estate released from the Lien of, and remitted to the Trust pursuant to, the Indenture; 
  

 4 

 (iv) to enter into and perform its obligations under the Basic Documents to which it is a
party; 
  
 (v) to engage in those activities,
including entering into agreements, that are necessary, suitable or convenient to accomplish the foregoing or are incidental thereto or connected therewith (including the sale, from time to time, of Receivables at the Direction of the Servicer
pursuant to Section 4.3(c) of the Sale and Servicing Agreement) and the filing of state business licenses (and any renewal thereof) as prepared and instructed by the Certificateholder or Servicer without further consent or instruction from the
Instructing Party, including a Sales Finance Company Application (and any renewal thereof) with the Pennsylvania Department of Banking, Licensing Division, and a Financial Regulation Application (and any renewal thereof) with the Maryland Department
of Labor, Licensing and Regulation; and 
  
 (vi)
subject to compliance with the Basic Documents, to engage in such other activities as may be required in connection with conservation of the Owner Trust Estate and the making of distributions to the Certificateholder and the Noteholders. 

 
 The Trust is hereby authorized to engage in the foregoing activities. The Trust shall not
engage in any activity other than in connection with the foregoing or other than as required or authorized by the terms of this Agreement or the Basic Documents. 
  
 SECTION 2.4. Appointment of Owner Trustee. The Depositor hereby appoints the Owner Trustee as trustee of the Trust
effective as of the date hereof, to have all the rights, powers and duties set forth herein. The Owner Trustee hereby accepts such appointment. 
  
 SECTION 2.5. Initial Capital Contribution of Trust Estate. The Owner Trustee hereby acknowledges receipt in trust from SenSub Corp. of the sum of
$1,000 which contribution shall constitute the initial Owner Trust Estate. AFS SenSub Corp. acknowledges that such contribution has been transferred to, and is being held by, JPMorgan Chase Bank, as agent for the Trust in an account established by
JPMorgan Chase Bank, on behalf of the Trust, which contribution shall constitute the initial Trust Estate. The Depositor shall pay organizational expenses of the Trust as they may arise. 
  
 SECTION 2.6. Declaration of Trust. The Owner Trustee hereby declares that it will hold the Owner Trust Estate in
trust upon and subject to the conditions set forth herein for the use and benefit of the Holder, subject to the obligations of the Trust under the Basic Documents. It is the intention of the parties hereto that the Trust constitute a statutory trust
under the Statutory Trust Statute and that this Agreement constitute the governing instrument of such statutory trust. Effective as of the date hereof, the Owner Trustee shall have all rights, powers and duties set forth herein and to the extent not
inconsistent herewith, in the Statutory Trust Statute with respect to accomplishing the purposes of the Trust. The Owner Trustee shall file the Certificate of Trust with the Secretary of State. 
  
 The Holder shall not have any personal liability for any liability or
obligation of the Trust. 
  

 5 

 SECTION 2.7. Title to Trust Property. 
  
 (a) Legal title to all the Owner Trust Estate shall be vested at all times
in the Trust as a separate legal entity except where applicable law in any jurisdiction requires title to any part of the Owner Trust Estate to be vested in a trustee or trustees, in which case title shall be deemed to be vested in the Owner
Trustee, a co-trustee and/or a separate trustee, as the case may be. 
  
 (b) The Holder shall not have legal title to any part of the Trust Property. The Holder shall be entitled to receive distributions with respect to its undivided ownership interest therein only in accordance with Article VIII. No transfer,
by operation of law or otherwise, of any right, title or interest by the Certificateholder of its ownership interest in the Owner Trust Estate shall operate to terminate this Agreement or the trusts hereunder or entitle any transferee to an
accounting or to the transfer to it of legal title to any part of the Trust Property. 
  
 SECTION 2.8. Situs of Trust. The Trust will be located and administered in the State of Delaware. All bank accounts maintained by the Owner Trustee on behalf of the Trust shall be located in the State of
Delaware or the State of New York. Payments will be received by the Trust only in Delaware or New York and payments will be made by the Trust only from Delaware or New York. The Trust shall not have any employees in any state other than Delaware;
provided, however, that nothing herein shall restrict or prohibit the Owner Trustee, the Servicer or any agent of the Trust from having employees within or without the State of Delaware. The only office of the Trust will be at the
Corporate Trust Office located in Delaware. 
  
 SECTION 2.9.
Representations and Warranties of the Depositor. The Depositor makes the following representations and warranties on which the Owner Trustee relies in accepting the Owner Trust Estate in trust and issuing the Certificate and upon which the
Security Insurer relies in issuing the Note Policy. 
  
 (a)
Organization and Good Standing. The Depositor is duly organized and validly existing as a Nevada corporation with power and authority to own its properties and to conduct its business as such properties are currently owned and such business
is presently conducted and is proposed to be conducted pursuant to this Agreement and the Basic Documents. 
  
 (b) Due Qualification. It is duly qualified to do business as a foreign corporation in good standing, and has obtained all necessary licenses and
approvals, in all jurisdictions in which the ownership or lease of its property, the conduct of its business and the performance of its obligations under this Agreement and the Basic Documents requires such qualification. 
  
 (c) Power and Authority. The Depositor has the corporate power and
authority to execute and deliver this Agreement and to carry out its terms; the Depositor has full power and authority to sell and assign the property to be sold and assigned to and deposited with the Trust and the Depositor has duly authorized such
sale and assignment and deposit to the Trust by all necessary corporate action; and the execution, delivery and performance of this Agreement has been duly authorized by the Depositor by all necessary corporate action. 
  

 6 

 (d) No Consent Required. No consent, license, approval or authorization or registration or
declaration with, any Person or with any governmental authority, bureau or agency is required in connection with the execution, delivery or performance of this Agreement and the Basic Documents, except for such as have been obtained, effected or
made. 
  
 (e) No Violation. The consummation of the
transactions contemplated by this Agreement and the fulfillment of the terms hereof do not conflict with, result in any breach of any of the terms and provisions of, or constitute (with or without notice or lapse of time) a default under the
certificate of incorporation or by-laws of the Depositor, or any material indenture, agreement or other instrument to which the Depositor is a party or by which it is bound; nor result in the creation or imposition of any Lien upon any of its
properties pursuant to the terms of any such indenture, agreement or other instrument (other than pursuant to the Basic Documents); nor violate any law or, to the best of the Depositor’s knowledge, any order, rule or regulation applicable to
the Depositor of any court or of any Federal or state regulatory body, administrative agency or other governmental instrumentality having jurisdiction over the Depositor or its properties. 
  
 (f) No Proceedings. There are no proceedings or investigations pending
or, to its knowledge threatened against it before any court, regulatory body, administrative agency or other tribunal or governmental instrumentality having jurisdiction over it or its properties (A) asserting the invalidity of this Agreement or any
of the Basic Documents, (B) seeking to prevent the issuance of the Certificate or the Notes or the consummation of any of the transactions contemplated by this Agreement or any of the Basic Documents, (C) seeking any determination or ruling that
might materially and adversely affect its performance of its obligations under, or the validity or enforceability of, this Agreement or any of the Basic Documents, or (D) seeking to adversely affect the federal income tax or other federal, state or
local tax attributes of the Certificate. 
  
 SECTION 2.10.
Covenants of the Certificateholder. The Certificateholder agrees: 
  
 (a) to be bound by the terms and conditions of the Certificate of which the Holder is the beneficial owner and of this Agreement, including any supplements or amendments hereto and to perform the obligations of a
Holder as set forth therein or herein, in all respects as if it were a signatory hereto. This undertaking is made for the benefit of the Trust, the Owner Trustee and the Security Insurer; and 
  
 (b) until the completion of the events specified in Section 8.1(d), not to,
for any reason, institute proceedings for the Trust to be adjudicated a bankrupt or insolvent, or consent to the institution of bankruptcy or insolvency proceedings against the Trust, or file a petition seeking or consenting to reorganization or
relief under any applicable federal or state law relating to bankruptcy, or consent to the appointment of a receiver, liquidator, assignee, trustee, sequestrator (or other similar official) of the Trust or a substantial part of its property, or
cause or permit the Trust to make any assignment for the benefit of its creditors, or admit in writing its inability to pay its debts generally as they become due, or declare or effect a moratorium on its debt or take any action in furtherance of
any such action. 
  

 7 

 SECTION 2.11. Federal Income Tax Treatment of the Trust. 
  
 (a) For so long as the Trust has a single owner for federal income tax
purposes, it will, pursuant to Treasury Regulations promulgated under section 7701 of the Code, be disregarded as an entity distinct from the Certificateholder for all federal income tax purposes. Accordingly, for federal income tax purposes, the
Certificateholder will be treated as (i) owning all assets owned by the Trust, (ii) having incurred all liabilities incurred by the Trust, and (iii) all transactions between the Trust and the Certificateholder will be disregarded. 
  
 (b) Neither the Owner Trustee nor any Certificateholder will, under any
circumstances, and at any time, make an election on IRS Form 8832 or otherwise, to classify the Trust as an association taxable as a corporation for federal, state or any other applicable tax purpose. 
  
 (c) In the event that the Trust has two equity owners for federal income tax
purposes, the Trust will be treated as a partnership. At any such time that the Trust has two equity owners, this Agreement will be amended, in accordance with Section 10.1 herein, and appropriate provisions will be added so as to provide for
treatment of the Trust as a partnership. 
  
 SECTION 2.12.
[Reserved] 
  
 ARTICLE III. 
  
 Certificate and Transfer of Interest 
  
 SECTION 3.1. Initial Ownership. Upon the formation of the Trust by the
contribution by the Depositor pursuant to Section 2.5 and until the issuance of the Certificate to the initial Certificateholder, the Depositor shall be the sole beneficiary of the Trust. 
  
 SECTION 3.2. The Certificate. The Certificate shall be executed on behalf of the Trust by manual or facsimile
signature of an authorized officer of the Owner Trustee. A Certificate bearing the manual or facsimile signatures of individuals who were, at the time when such signatures shall have been affixed, authorized to sign on behalf of the Trust, shall be
validly issued and entitled to the benefit of this Agreement, notwithstanding that such individuals or any of them shall have ceased to be so authorized prior to the authentication and delivery of such Certificate or did not hold such offices at the
date of authentication and delivery of such Certificate. A transferee of a Certificate shall become a Certificateholder, and shall be entitled to the rights and subject to the obligations of a Certificateholder hereunder, upon due registration of
such Certificate in such transferee’s name pursuant to Section 3.4. 
  
 SECTION 3.3. Authentication of Certificate. Concurrently with the sale of the Receivables to the Trust pursuant to the Sale and Servicing Agreement, the Owner Trustee shall cause the Certificate to be executed
on behalf of the Trust, authenticated and delivered to or upon the written order of the Depositor, signed by its chairman of the board, its president or any vice president, its treasurer or any assistant treasurer without further corporate action by
the Depositor, in authorized denominations. No Certificate shall entitle its holder to any benefit under this Agreement, or shall be valid for any purpose, unless there shall appear on such 

  

 8 

 
Certificate a certificate of authentication substantially in the form set forth in Exhibit A, executed by the Owner Trustee or Wilmington Trust Company as
the Owner Trustee’s authentication agent, by manual signature; such authentication shall constitute conclusive evidence that such Certificate shall have been duly authenticated and delivered hereunder. The Certificate shall be dated the date of
its authentication. 
  
 SECTION 3.4. Registration of Transfer
and Exchange of Certificate. The Certificate Registrar shall keep or cause to be kept, at the office or agency maintained pursuant to Section 3.7, a Certificate Register in which, subject to such reasonable regulations as it may prescribe, the
Owner Trustee shall provide for the registration of the Certificate and of transfers and exchanges of the Certificate as herein provided. Wilmington Trust Company shall be the initial Certificate Registrar. 
  
 The Certificate Registrar shall provide the Trust Collateral Agent with the
name and address of the Certificateholder on the Closing Date. Upon any transfers of the Certificate, the Certificate Registrar shall notify the Trust Collateral Agent of the name and address of the transferee in writing, by facsimile, on the day of
such transfer. 
  
 Upon surrender for registration of transfer of
the Certificate at the office or agency maintained pursuant to Section 3.7, the Owner Trustee shall execute, authenticate and deliver (or shall cause Wilmington Trust Company as its authenticating agent to authenticate and deliver), in the name of
the designated transferee, a new Certificate dated the date of authentication by the Owner Trustee or any authenticating agent. 
  
 A Certificate presented or surrendered for registration of transfer or exchange shall be accompanied by a written instrument of transfer in form
satisfactory to the Owner Trustee and the Certificate Registrar duly executed by the Certificateholder or his attorney duly authorized in writing, with such signature guaranteed by an “eligible guarantor institution” meeting the
requirements of the Certificate Registrar, which requirements include membership or participation in the Securities Transfer Agent’s Medallion Program (“STAMP”) or such other “signature guarantee program” as may be
determined by the Certificate Registrar in addition to, or in substitution for, STAMP, all in accordance with the Exchange Act. Each Certificate surrendered for registration of transfer or exchange shall be canceled and subsequently disposed of by
the Owner Trustee in accordance with its customary practice. 
  
 No service charge shall be made for any registration of transfer or exchange of the Certificate, but the Owner Trustee or the Certificate Registrar may require payment of a sum sufficient to cover any tax or governmental charge that may be
imposed in connection with any transfer or exchange of the Certificate. 
  
 SECTION 3.5. Mutilated, Destroyed, Lost or Stolen Certificates. If (a) any mutilated Certificate shall be surrendered to the Certificate Registrar, or if the Certificate Registrar shall receive evidence to its satisfaction of the
destruction, loss or theft of any Certificate and (b) there shall be delivered to the Certificate Registrar, the Owner Trustee and (unless an Insurer Default shall have occurred and be continuing) the Security Insurer, such security or indemnity as
may be required by them to save each of them harmless, then in the absence of notice that such Certificate shall have been acquired by a bona fide purchaser, the 

  

 9 

 
Owner Trustee on behalf of the Trust shall execute and the Owner Trustee, or Wilmington Trust Company, as the Owner Trustee’s authenticating agent,
shall authenticate and deliver, in exchange for or in lieu of any such mutilated, destroyed, lost or stolen Certificate, a new Certificate of like class, tenor and denomination. In connection with the issuance of any new Certificate under this
Section, the Owner Trustee or the Certificate Registrar may require the payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in connection therewith. Any duplicate Certificate issued pursuant to this Section
shall constitute conclusive evidence of an ownership interest in the Trust, as if originally issued, whether or not the lost, stolen or destroyed Certificate shall be found at any time. 
  
 SECTION 3.6. Persons Deemed Certificateholders. Every Person by virtue of becoming a Certificateholder in accordance
with this Agreement shall be deemed to be bound by the terms of this Agreement. Prior to due presentation of the Certificate for registration of transfer, the Owner Trustee, the Certificate Registrar and the Security Insurer and any agent of the
Owner Trustee, the Certificate Registrar and the Security Insurer, may treat the person in whose name any Certificate shall be registered in the Certificate Register as the owner of such Certificate for the purpose of receiving distributions
pursuant to the Sale and Servicing Agreement and for all other purposes whatsoever, and none of the Owner Trustee, the Certificate Registrar or the Security Insurer nor any agent of the Owner Trustee, the Certificate Registrar or the Security
Insurer shall be bound by any notice to the contrary. 
  
 SECTION
3.7. Maintenance of Office or Agency. The Owner Trustee shall maintain an office or offices or agency or agencies where the Certificate may be surrendered for registration of transfer or exchange and where notices and demands to or upon the
Owner Trustee in respect of the Certificate and the Basic Documents may be served. The Owner Trustee initially designates the Corporate Trust Office for such purposes. The Owner Trustee shall give prompt written notice to the Depositor, the
Certificateholder and (unless an Insurer Default shall have occurred and be continuing) the Security Insurer of any change in the location of the Certificate Register or any such office or agency. 
  
 SECTION 3.8. Disposition in Whole But Not in Part. The Certificate may
be transferred in whole but not in part. Any attempted transfer of the Certificate that would divide the ownership of the Owner Trust Estate shall be void. The Certificate is only transferable (i) to an Affiliate of AmeriCredit Corp. whose stock has
been pledged to the Security Insurer or (ii) to another entity with the prior written consent of the Security Insurer in its sole discretion. The Owner Trustee shall cause any Certificate issued to contain a legend stating “THIS CERTIFICATE IS
NOT TRANSFERABLE, EXCEPT UNDER THE LIMITED CONDITIONS SPECIFIED IN THE TRUST AGREEMENT.” 
  
 SECTION 3.9. ERISA Restrictions. The Certificate may not be acquired by or for the account of (i) an employee benefit plan (as defined in Section 3(3) of the Employee Retirement Income Security Act of 1974, as
amended (“ERISA”)) that is subject to the provisions of Title I of ERISA, (ii) a plan (as defined in Section 4975(e)(1) of the Code) that is subject to Section 4975 of the Code, or (iii) any entity whose underlying assets include
assets of a plan described in (i) or (ii) above by reason of such plan’s investment in the entity (each, a “Benefit Plan”). By accepting and holding its beneficial ownership interest in its Certificate, the Holder thereof shall
be deemed to have represented and warranted that it is not a Benefit Plan. 
  

 10 

 ARTICLE IV. 
  
 Voting Rights and Other Actions 
  
 SECTION 4.1. Prior Notice to Holder with Respect to Certain Matters. With respect to the following matters, the Owner Trustee shall not take action
unless at least 30 days before the taking of such action, the Owner Trustee shall have notified the Certificateholder in writing of the proposed action and the Certificateholder shall not have notified the Owner Trustee in writing prior to the 30th
day after such notice is given that the Certificateholder has withheld consent or provided alternative direction: 
  
 (a) the election by the Trust to file an amendment to the Certificate of Trust (unless such amendment is required to be filed under the Statutory Trust
Statute or unless such amendment would not materially and adversely affect the interests of the Holder); 
  
 (b) the amendment of the Indenture by a supplemental indenture in circumstances where the consent of any Noteholder is required; 
  
 (c) the amendment of the Indenture by a supplemental indenture in
circumstances where the consent of any Noteholder is not required and such amendment materially adversely affects the interest of the Certificateholder; or 
  
 (d) except pursuant to Section 12.1(b) of the Sale and Servicing Agreement, the amendment, change or modification of the Sale and Servicing Agreement,
except to cure any ambiguity or defect or to amend or supplement any provision in a manner that would not materially adversely affect the interests of the Certificateholder. 
  
 The Owner Trustee shall notify the Certificateholder in writing of any appointment of a successor Note Registrar or Trust Collateral Agent
within five Business Days after receipt of notice thereof. 
  
 SECTION 4.2. Action by Certificateholder with Respect to Certain Matters. The Owner Trustee shall not have the power, except upon the direction of the Certificateholder or the Security Insurer in accordance with the Basic Documents,
to (a) remove the Servicer under the Sale and Servicing Agreement pursuant to Section 9.2 thereof or (b) except as expressly provided in the Basic Documents, sell the Receivables after the termination of the Indenture. The Owner Trustee shall take
the actions referred to in the preceding sentence only upon written instructions signed by the Certificateholder and the furnishing of indemnification satisfactory to the Owner Trustee by the Certificateholder. 
  
 SECTION 4.3. Restrictions on Certificateholder’s Power.

  
 (a) The Certificateholder shall not direct the Owner Trustee
to take or refrain from taking any action if such action or inaction would be contrary to any obligation of the Trust or the Owner Trustee under this Agreement or any of the Basic Documents or would be contrary to Section 2.3 nor shall the Owner
Trustee be obligated to follow any such direction, if given. 
  

 11 

 (b) The Certificateholder shall not have any right by virtue or by availing itself of any provisions of
this Agreement to institute any suit, action, or proceeding in equity or at law upon or under or with respect to this Agreement or any Basic Document, unless the Certificateholder is the Instructing Party pursuant to Section 5.3 and unless the
Certificateholder previously shall have given to the Owner Trustee a written notice of default and of the continuance thereof, as provided in this Agreement, and also unless Certificateholder shall have made written request upon the Owner Trustee to
institute such action, suit or proceeding in its own name as Owner Trustee under this Agreement and shall have offered to the Owner Trustee such reasonable indemnity as it may require against the costs, expenses and liabilities to be incurred
therein or thereby, and the Owner Trustee, for 30 days after its receipt of such notice, request, and offer of indemnity, shall have neglected or refused to institute any such action, suit, or proceeding, and during such 30-day period no request or
waiver inconsistent with such written request has been given to the Owner Trustee pursuant to and in compliance with this Section or Section 5.3. For the protection and enforcement of the provisions of this Section, the Certificateholder and the
Owner Trustee shall be entitled to such relief as can be given either at law or in equity. 
  
 SECTION 4.4. Rights of Security Insurer. Notwithstanding anything to the contrary in the Basic Documents, without the prior written consent of the Security Insurer (so long as no Insurer Default shall have
occurred and be continuing), the Owner Trustee shall not (i) remove the Servicer, (ii) initiate any claim, suit or proceeding by the Trust or compromise any claim, suit or proceeding brought by or against the Trust, other than with respect to the
enforcement of any Receivable or any rights of the Trust thereunder, (iii) authorize the merger or consolidation of the Trust with or into any other statutory trust or other entity (other than in accordance with Section 3.10 of the Indenture) or
(iv) amend the Certificate of Trust (unless such amendment is required to be filed under the Statutory Trust Statute). 
  
 SECTION 4.5. Action with Respect to Bankruptcy Action 
  
 (a) The Trust shall not, without the prior written consent of the Owner Trustee, (a) institute any proceedings to adjudicate the Trust a bankrupt or
insolvent, (b) consent to the institution of bankruptcy or insolvency proceedings against the Trust, (c) file a petition seeking or consenting to reorganization or relief under any applicable federal or state law relating to bankruptcy with respect
to the Trust, (d) consent to the appointment of a receiver, liquidator, assignee, trustee, sequestrator (or other similar official) of the Trust or a substantial part of its property, (e) make any assignment for the benefit of the Trust’s
creditors; (f) cause the Trust to admit in writing its inability to pay its debts generally as they become due; or (g) take any action in furtherance of any of the foregoing (any of the above foregoing actions, a “Bankruptcy
Action”). In considering whether to give or withhold written consent to a Bankruptcy Action by the Trust, the Owner Trustee, with the consent of the Certificateholders (hereby given, which consent the Certificateholders believe to be in the
best interests of Certificateholders and the Trust), shall consider the interest of the Noteholders and the Security Insurer in addition to the interests of the Trust and whether the Trust is insolvent; provided, however, that the
Owner Trustee shall not be deemed to owe any fiduciary duty to the Noteholders or the Security Insurer. The Owner Trustee shall have no duty to give such written consent to a Bankruptcy Action by the Trust if the Owner Trustee shall not have been
furnished (at the expense of the Trust) or the Person that requested that such letter be furnished to the Owner Trustee) a letter from an 

  

 12 

 
independent accounting firm of national reputation stating that in the opinion of such firm the Trust is then insolvent. The Owner Trustee (as such and in
its individual capacity) shall not be personally liable to any Person on account of the Owner Trustee’s good faith reliance on the provisions of this Section or in connection with the Owner Trustee’s giving prior written consent to a
Bankruptcy Action by the Trust in accordance herewith, or withholding such consent, in good faith, and neither the Trust nor any Certificateholder shall have any claim for breach of fiduciary duty or otherwise against the Owner Trustee (as such and
in its individual capacity) for giving or withholding its consent to any such Bankruptcy Action. 
  
 (b) The parties hereto stipulate and agree that no Certificateholder has power to commence any Bankruptcy Action on the part of the Trust or to direct the
Owner Trustee to take any Bankruptcy Action on the part of the Trust except as provided in Section 4.5(a). To the extent permitted by applicable law, the consent of the Security Insurer and the Trust Collateral Agent shall be obtained prior to
taking any Bankruptcy Action by the Trust. 
  
 (c) The provisions
of this Section do not constitute an acknowledgement or admission by the Trust, the Owner Trustee, any Certificateholder or any creditor of the Trust that the Trust is eligible to be a debtor, under the United States Bankruptcy Code, I1 U.S.C.
§§ 101 et seq., as amended. 
  
 SECTION 4.6.
Covenants and Restrictions on Conduct of Business. 
  
 (a)
The Owner Trustee on behalf of the Trust agrees to abide by the following restrictions: 
  
 (i) other than as contemplated by the Basic Documents and related documentation, the Trust shall not incur any indebtedness; 

 
 (ii) other than as contemplated by the Basic Documents
and related documentation, the Trust shall not engage in any dissolution, liquidation, consolidation, merger or sale of assets; 
  
 (iii) the Trust shall not engage in any business activity in which it is not currently engaged other than as contemplated by the Basic
Documents and related documentation; and 
  
 (iv)
the Trust shall not form, or cause to be formed, any subsidiaries and shall not own or acquire any asset other than as contemplated by the Basic Documents and related documentation. 
  
 (b) The Owner Trustee on behalf of the Trust shall: 
  
 (i) maintain books and records separate from any other person or entity; 
  
 (ii) maintain its office and bank accounts separate from any
other person or entity; 
  
 (iii) not commingle
its assets with those of any other person or entity; 
  

 13 

 (iv) conduct its own business in its own name and use stationery or other business forms
under its own name and not that of any Certificateholder or any Affiliate; 
  
 (v) other than as contemplated by the Basic Documents and related documentation, pay its own liabilities and expenses only out of its own funds; 
  
 (vi) observe all formalities required under the Statutory Trust Statute; 
  
 (vii) not guarantee or become obligated for the debts of any
other person or entity; 
  
 (viii) not hold out
its credit as being available to satisfy the obligation of any other person or entity; 
  
 (ix) not acquire the obligations or securities of its Certificateholders or its Affiliates; 
  
 (x) other than as contemplated by the Basic Documents and
related documentation, not make loans to any other person or entity or buy or hold evidence of indebtedness issued by any other person or entity; 
  
 (xi) other than as contemplated by the Basic Documents and related documentation, not pledge its assets for the benefit of any other
person or entity; 
  
 (xii) hold itself out as a
separate entity from each Certificateholder and not conduct any business in the name of any Certificateholder; 
  
 (xiii) correct any known misunderstanding regarding its separate identity; 
  
 (xiv) not identify itself as a division of any other person or entity; and 
  
 (xv) except as required or specifically provided in the
Trust Agreement, the Trust will conduct business with the Certificateholders or any Affiliate thereof on an arm’s length basis. 
  
 (c) So long as the Notes or any other amounts owed under the Indenture remain outstanding, the Trust shall not amend this Section 4.6 unless the Rating
Agency Condition has been satisfied and without the prior written consent of the Security Insurer. 
  
 ARTICLE V. 
  
 Authority and Duties of Owner Trustee 
  
 SECTION
5.1. General Authority. 
  
 (a) The Owner Trustee is
authorized and directed to execute and deliver the Basic Documents to which the Trust is named as a party, each certificate or other document attached as an exhibit to or contemplated by the Basic Documents to which the Trust is named as 

  

 14 

 
a party and any amendment thereto and on behalf of the Trust, each state business license (and any renewal thereof) prepared by the Certificateholder or
Servicer, including a Sales Finance Company Application (and any renewal thereof) with the Pennsylvania Department of Banking, Licensing Division, and a Financial Regulation Application (and any renewal thereof) with the Maryland Department of
Labor, Licensing and Regulation, in each case, in such form as the Depositor shall approve as evidenced conclusively by the Owner Trustee’s execution thereof, and on behalf of the Trust, to direct the Indenture Trustee to authenticate and
deliver Class A-1 Notes in the aggregate principal amount of $227,000,000, Class A-2 Notes in the aggregate principal amount of $440,000,000, Class A-3-A Notes in the aggregate principal amount of $75,000,000, Class A-3-B Notes in the aggregate
principal amount of $104,000,000 and Class A-4 Notes in the aggregate principal amount of $354,000,000. In addition to the foregoing, the Owner Trustee is authorized, but shall not be obligated, to take all actions required of the Trust pursuant to
the Basic Documents. The Owner Trustee is further authorized from time to time to take such action as the Instructing Party recommends with respect to the Basic Documents so long as such activities are consistent with the terms of the Basic
Documents. 
  
 (b) The Owner Trustee shall sign on behalf of the
Trust any applicable tax returns of the Trust, unless applicable law requires a Certificateholder to sign such documents. 
  
 SECTION 5.2. General Duties. It shall be the duty of the Owner Trustee to discharge (or cause to be discharged) all of its responsibilities
pursuant to the terms of this Agreement and the Sale and Servicing Agreement and to administer the Trust in the interest of the Holder, subject to the Basic Documents and in accordance with the provisions of this Agreement. Notwithstanding the
foregoing, the Owner Trustee shall be deemed to have discharged its duties and responsibilities hereunder and under the Basic Documents to the extent the Servicer has agreed in the Sale and Servicing Agreement to perform any act or to discharge any
duty of the Trust or the Owner Trustee hereunder or under any Basic Document, and the Owner Trustee shall not be liable for the default or failure of the Servicer to carry out its obligations under the Sale and Servicing Agreement. 
  
 SECTION 5.3. Action upon Instruction. 
  
 (a) Subject to Article IV and the terms of the Spread Account Agreement, the
Security Insurer (so long as an Insurer Default shall not have occurred and be continuing) or the Certificateholder (if an Insurer Default shall have occurred and be continuing) (the “Instructing Party”) shall have the exclusive
right to direct the actions of the Owner Trustee in the management of the Trust, so long as such instructions are not inconsistent with the express terms set forth herein or in any Basic Document, provided, however, that the Owner
Trustee shall be permitted to treat the Security Insurer as the Instructing Party until such time as the Owner Trustee has received written notice that the Security Insurer is no longer the Instructing Party as a result of the occurrence and
continuance of an Insurer Default. The Instructing Party shall not instruct the Owner Trustee in a manner inconsistent with this Agreement or the Basic Documents. 
  
 (b) The Owner Trustee shall not be required to take any action hereunder or under any Basic Document if the Owner Trustee
shall have reasonably determined, or shall have been advised by counsel, that such action is likely to result in liability on the part of the Owner Trustee or is contrary to the terms hereof or of any Basic Document or is otherwise contrary to law.

  

 15 

 (c) Whenever the Owner Trustee is unable to decide between alternative courses of action permitted or
required by the terms of this Agreement or any Basic Document, the Owner Trustee shall promptly give notice (in such form as shall be appropriate under the circumstances) to the Instructing Party requesting instruction as to the course of action to
be adopted, and to the extent the Owner Trustee acts in good faith in accordance with any written instruction of the Instructing Party received, the Owner Trustee shall not be liable on account of such action to any Person. If the Owner Trustee
shall not have received appropriate instruction within ten days of such notice (or within such shorter period of time as reasonably may be specified in such notice or may be necessary under the circumstances) it may, but shall be under no duty to,
take or refrain from taking such action, not inconsistent with this Agreement or the Basic Documents, as it shall deem to be in the best interests of the Certificateholder, and shall have no liability to any Person for such action or inaction.

  
 (d) In the event that the Owner Trustee is unsure as to the
application of any provision of this Agreement or any Basic Document or any such provision is ambiguous as to its application, or is, or appears to be, in conflict with any other applicable provision, or in the event that this Agreement permits any
determination by the Owner Trustee or is silent or is incomplete as to the course of action that the Owner Trustee is required to take with respect to a particular set of facts, the Owner Trustee may give notice (in such form as shall be appropriate
under the circumstances) to the Instructing Party requesting instruction and, to the extent that the Owner Trustee acts or refrains from acting in good faith in accordance with any such instruction received, the Owner Trustee shall not be liable, on
account of such action or inaction, to any Person. If the Owner Trustee shall not have received appropriate instruction within 10 days of such notice (or within such shorter period of time as reasonably may be specified in such notice or may be
necessary under the circumstances) it may, but shall be under no duty to, take or refrain from taking such action, not inconsistent with this Agreement or the Basic Documents, as it shall deem to be in the best interests of the Certificateholder,
and shall have no liability to any Person for such action or inaction. 
  
 SECTION 5.4. No Duties Except as Specified in this Agreement or in Instructions. The Owner Trustee shall not have any duty or obligation to manage, make any payment with respect to, register, record, sell, dispose of, or otherwise
deal with the Owner Trust Estate, or to otherwise take or refrain from taking any action under, or in connection with, any document contemplated hereby to which the Owner Trustee is a party, except as expressly provided by the terms of this
Agreement or in any document or written instruction received by the Owner Trustee pursuant to Section 5.3; and no implied duties or obligations shall be read into this Agreement or any Basic Document against the Owner Trustee. The Owner Trustee
shall have no responsibility for filing any financing or continuation statement in any public office at any time or to otherwise perfect or maintain the perfection of any security interest or lien granted to it hereunder or to prepare or file any
Commission filing (including any filings required pursuant to the Sarbanes-Oxley Act of 2002 or any rule or regulation promulgated thereunder) for the Trust or to record this Agreement or any Basic Document. The Owner Trustee nevertheless agrees
that it will, at its own cost and expense, promptly take all action as may be necessary to discharge any Liens on any part of the Owner Trust Estate that result from actions by, or claims against, the Owner Trustee (solely in its individual
capacity) and that are not related to the ownership or the administration of the Owner Trust Estate. 
  

 16 

 SECTION 5.5. No Action Except under Specified Documents or Instructions. The Owner Trustee shall
not manage, control, use, sell, dispose of or otherwise deal with any part of the Owner Trust Estate except (i) in accordance with the powers granted to and the authority conferred upon the Owner Trustee pursuant to this Agreement, (ii) in
accordance with the Basic Documents and (iii) in accordance with any document or instruction delivered to the Owner Trustee pursuant to Section 5.3. 
  
 SECTION 5.6. Restrictions. The Owner Trustee shall not take any action (a) that is inconsistent with the purposes of the Trust set forth in Section
2.3 or (b) that, to the actual knowledge of the Owner Trustee, would result in the Trust’s becoming taxable as a corporation for Federal income tax purposes. The Certificateholder shall not direct the Owner Trustee to take action that would
violate the provisions of this Section. 
  
 ARTICLE VI. 

 
 Concerning the Owner Trustee 
  
 SECTION 6.1. Acceptance of Trusts and Duties. The Owner Trustee
accepts the trusts hereby created and agrees to perform its duties hereunder with respect to such trusts but only upon the terms of this Agreement. The Owner Trustee also agrees to disburse all moneys actually received by it constituting part of the
Owner Trust Estate upon the terms of the Basic Documents and this Agreement. The Owner Trustee shall not be answerable or accountable hereunder or under any Basic Document under any circumstances, except (i) for its own willful misconduct, bad faith
or negligence, (ii) in the case of the inaccuracy of any representation or warranty contained in Section 6.3 expressly made by the Owner Trustee, (iii) for liabilities arising from the failure of the Owner Trustee to perform obligations expressly
undertaken by it in the last sentence of Section 5.4 hereof, (iv) for any investments issued by the Owner Trustee or any branch or affiliate thereof in its commercial capacity or (v) for taxes, fees or other charges on, based on or measured by, any
fees, commissions or compensation received by the Owner Trustee. In particular, but not by way of limitation (and subject to the exceptions set forth in the preceding sentence): 
  
 (a) the Owner Trustee shall not be liable for any error of judgment made by a Responsible Officer of the Owner Trustee
(except in the case of willful misconduct, bad faith or negligence); 
  
 (b) the Owner Trustee shall not be liable with respect to any action taken or omitted to be taken by it in accordance with the instructions of the Instructing Party, the Servicer or the Certificateholder; 
  
 (c) no provision of this Agreement or any Basic Document shall require the
Owner Trustee to expend or risk funds or otherwise incur any financial liability in the performance of any of its rights or powers hereunder or under any Basic Document if the Owner Trustee shall have reasonable grounds for believing that repayment
of such funds or adequate indemnity against such risk or liability is not reasonably assured or provided to it; 
  

 17 

 (d) under no circumstances shall the Owner Trustee be liable for indebtedness evidenced by or arising
under any of the Basic Documents, including the principal of and interest on the Notes; 
  
 (e) the Owner Trustee shall not be responsible for or in respect of the validity or sufficiency of this Agreement or for the due execution hereof by the Depositor or for the form, character, genuineness, sufficiency,
value or validity of any of the Owner Trust Estate or for or in respect of the validity or sufficiency of the Basic Documents, other than the certificate of authentication on the Certificate, and the Owner Trustee shall in no event assume or incur
any liability, duty or obligation to the Security Insurer, Trustee, Trust Collateral Agent, the Collateral Agent, any Noteholder or to any Certificateholder, other than as expressly provided for herein and in the Basic Documents; 
  
 (f) the Owner Trustee shall not be liable for the default or misconduct of
the Security Insurer, the Trustee, the Trust Collateral Agent or the Servicer under any of the Basic Documents or otherwise and the Owner Trustee shall have no obligation or liability to perform the obligations under this Agreement or the Basic
Documents that are required to be performed by the Trustee under the Indenture or the Trust Collateral Agent or the Servicer under the Sale and Servicing Agreement; and 
  
 (g) the Owner Trustee shall be under no obligation to exercise any of the rights or powers vested in it by this Agreement,
or to institute, conduct or defend any litigation under this Agreement or otherwise or in relation to this Agreement or any Basic Document, at the request, order or direction of the Instructing Party or the Certificateholder, unless such Instructing
Party or Certificateholder has offered to the Owner Trustee security or indemnity satisfactory to it against the costs, expenses and liabilities that may be incurred by the Owner Trustee therein or thereby. The right of the Owner Trustee to perform
any discretionary act enumerated in this Agreement or in any Basic Document shall not be construed as a duty, and the Owner Trustee shall not be answerable for other than its negligence, bad faith or willful misconduct in the performance of any such
act. 
  
 SECTION 6.2. Furnishing of Documents. The Owner
Trustee shall furnish to the Certificateholder promptly upon receipt of a written request therefor, duplicates or copies of all reports, notices, requests, demands, certificates, financial statements and any other instruments furnished to the Owner
Trustee under the Basic Documents. 
  
 SECTION 6.3.
Representations and Warranties. The Owner Trustee hereby represents and warrants to the Depositor, the Holder and the Security Insurer (which shall have relied on such representations and warranties in issuing the Note Policy), that:

  
 (a) It is a Delaware banking corporation, duly organized and
validly existing in good standing under the laws of the State of Delaware. It has all requisite corporate power and authority to execute, deliver and perform its obligations under this Agreement. 
  

 18 

 (b) It has taken all corporate action necessary to authorize the execution and delivery by it of this
Agreement, and this Agreement will be executed and delivered by one of its officers who is duly authorized to execute and deliver this Agreement on its behalf. 
  

(c) Neither the execution nor the delivery by it of this Agreement, nor the consummation by it of the transactions contemplated hereby nor compliance
by it with any of the terms or provisions hereof will contravene any federal or Delaware state law, governmental rule or regulation governing the banking or trust powers of the Owner Trustee or any judgment or order binding on it, or constitute any
default under its charter documents or by-laws or any indenture, mortgage, contract, agreement or instrument to which it is a party or by which any of its properties may be bound. 
  
 (d) The Agreement has been, or, when executed and delivered will have been, duly authorized, validly executed and delivered
by the Owner Trustee and constitutes, a valid and binding agreement of the Owner Trustee, enforceable against the Owner Trustee in accordance with its terms, except to the extent that enforceability may (A) be subject to insolvency, reorganization,
moratorium, or other similar laws, regulations or procedures of general applicability now or hereinafter in effect relating to or affecting creditor’s rights generally and (B) be limited by general principles of equity (whether considered in a
proceeding at law or in equity). 
  
 SECTION 6.4. Reliance;
Advice of Counsel. 
  
 (a) The Owner Trustee shall incur no
liability to anyone in acting upon any signature, instrument, notice, resolution, request, consent, order, certificate, report, opinion, bond or other document or paper believed by it to be genuine and believed by it to be signed by the proper party
or parties. The Owner Trustee may accept a certified copy of a resolution of the board of directors or other governing body of any corporate party as conclusive evidence that such resolution has been duly adopted by such body and that the same is in
full force and effect. As to any fact or matter the method of the determination of which is not specifically prescribed herein, the Owner Trustee may for all purposes hereof rely on a certificate, signed by the president or any vice president or by
the treasurer, secretary or other authorized officers of the relevant party, as to such fact or matter, and such certificate shall constitute full protection to the Owner Trustee for any action taken or omitted to be taken by it in good faith in
reliance thereon. 
  
 (b) In the exercise or administration of the
trusts hereunder and in the performance of its duties and obligations under this Agreement or the Basic Documents, the Owner Trustee (i) may act directly or through its agents or attorneys pursuant to agreements entered into with any of them, and
the Owner Trustee shall not be liable for the conduct or misconduct of such agents or attorneys if such agents or attorneys shall have been selected by the Owner Trustee with reasonable care, and (ii) may consult with counsel, accountants and other
skilled persons to be selected with reasonable care and employed by it. The Owner Trustee shall not be liable for anything done, suffered or omitted in good faith by it in accordance with the written opinion or advice of any such counsel,
accountants or other such persons and according to such opinion not contrary to this Agreement or any Basic Document. 
  

 19 

 SECTION 6.5. Not Acting in Individual Capacity. Except as provided in this Article VI, in
accepting the trust hereby created Wilmington Trust Company acts solely as Owner Trustee hereunder and not in its individual capacity and all Persons having any claim against the Owner Trustee by reason of the transactions contemplated by this
Agreement or any Basic Document shall look only to the Owner Trust Estate for payment or satisfaction thereof. 
  
 SECTION 6.6. Owner Trustee Not Liable for Certificate or Receivables. The recitals contained herein and in the Certificate (other than the
signature and countersignature of the Owner Trustee on the Certificate) shall be taken as the statements of the Depositor and the Owner Trustee assumes no responsibility for the correctness thereof. The Owner Trustee makes no representations as to
the validity or sufficiency of this Agreement, of any Basic Document or of the Certificate (other than the signature and countersignature of the Owner Trustee on the Certificate) or the Notes, or of any Receivable or related documents. The Owner
Trustee shall at no time have any responsibility or liability for or with respect to the legality, validity and enforceability of any Receivable, or the perfection and priority of any security interest created by any Receivable in any Financed
Vehicle or the maintenance of any such perfection and priority, or for or with respect to the sufficiency of the Owner Trust Estate or its ability to generate the payments to be distributed to Certificateholder under this Agreement or the
Noteholders under the Indenture, including, without limitation: the existence, condition and ownership of any Financed Vehicle; the existence and enforceability of any insurance thereon; the existence and contents of any Receivable on any computer
or other record thereof; the validity of the assignment of any Receivable to the Trust or of any intervening assignment; the completeness of any Receivable; the performance or enforcement of any Receivable; the compliance by the Depositor, the
Servicer or any other Person with any warranty or representation made under any Basic Document or in any related document or the accuracy of any such warranty or representation or any action of the Trustee or the Servicer or any subservicer taken in
the name of the Owner Trustee. 
  
 SECTION 6.7. Owner Trustee
May Own Notes. The Owner Trustee in its individual or any other capacity may become the owner or pledgee of the Notes and may deal with the Depositor, the Trustee and the Servicer in banking transactions with the same rights as it would have if
it were not Owner Trustee. 
  
 SECTION 6.8. Payments from Owner
Trust Estate. All payments to be made by the Owner Trustee under this Agreement or any of the Basic Documents to which the Trust or the Owner Trustee is a party shall be made only from the income and proceeds of the Owner Trust Estate and only
to the extent that the Owner Trust shall have received income or proceeds from the Owner Trust Estate to make such payments in accordance with the terms hereof. Wilmington Trust Company, or any successor thereto, in its individual capacity, shall
not be liable for any amounts payable under this Agreement or any of the Basic Documents to which the Trust or the Owner Trustee is a party. 
  
 SECTION 6.9. Doing Business in Other Jurisdictions. Notwithstanding anything contained herein to the contrary, neither Wilmington Trust Company or
any successor thereto, nor the Owner Trustee shall be required to take any action in any jurisdiction other than in the State of Delaware if the taking of such action will, even after the appointment of a co-trustee or separate trustee in accordance
with Section 9.5 hereof, (i) require the consent or 

  

 20 

 
approval or authorization or order of or the giving of notice to, or the registration with or the taking of any other action in respect of, any state or
other governmental authority or agency of any jurisdiction other than the State of Delaware; (ii) result in any fee, tax or other governmental charge under the laws of the State of Delaware becoming payable by Wilmington Trust Company (or any
successor thereto); or (iii) subject Wilmington Trust Company (or any successor thereto) to personal jurisdiction in any jurisdiction other than the State of Delaware for causes of action arising from acts unrelated to the consummation of the
transactions by Wilmington Trust Company (or any successor thereto) or the Owner Trustee, as the case may be, contemplated hereby. 
  
 ARTICLE VII. 
  
 Compensation of Owner Trustee 
  
 SECTION 7.1. Owner Trustee’s Fees and Expenses. The Owner Trustee shall receive as compensation for its services hereunder such fees as have been separately agreed upon before the date hereof between
AmeriCredit and the Owner Trustee, and the Owner Trustee shall be entitled to be reimbursed by the Depositor for its other reasonable expenses hereunder, including the reasonable compensation, expenses and disbursements of such agents,
representatives, experts and counsel as the Owner Trustee may employ in connection with the exercise and performance of its rights and its duties hereunder and under the Basic Documents. AmeriCredit Corp. shall be jointly and severally liable for
the fees and expenses owing to the Owner Trustee under this Section 7.1. 
  
 SECTION 7.2. Indemnification. The Depositor shall be liable as primary obligor for, and shall indemnify the Owner Trustee and its officers, directors, successors, assigns, agents and servants (collectively, the
“Indemnified Parties”) from and against, any and all liabilities, obligations, losses, damages, taxes, claims, actions and suits, and any and all reasonable costs, expenses and disbursements (including reasonable legal fees and
expenses) of any kind and nature whatsoever (collectively, “Expenses”) which may at any time be imposed on, incurred by, or asserted against the Owner Trustee or any Indemnified Party in any way relating to or arising out of this
Agreement, the Basic Documents, the Owner Trust Estate, the administration of the Owner Trust Estate or the action or inaction of the Owner Trustee hereunder, except only that the Depositor shall not be liable for or required to indemnify the Owner
Trustee from and against Expenses arising or resulting from any of the matters described in the third sentence of Section 6.1. The indemnities contained in this Section and the rights under Section 7.1 shall survive the resignation or termination of
the Owner Trustee or the termination of this Agreement. In any event of any claim, action or proceeding for which indemnity will be sought pursuant to this Section, the Owner Trustee’s choice of legal counsel shall be subject to the approval of
the Depositor which approval shall not be unreasonably withheld. AmeriCredit Corp. shall be jointly and severally liable for the indemnification duties and obligations of the Depositor which are described in this Section 7.2. 
  
 SECTION 7.3. Payments to the Owner Trustee. Any amounts paid to the
Owner Trustee pursuant to this Article VII shall be deemed not to be a part of the Owner Trust Estate immediately after such payment. 
  

 21 

 SECTION 7.4. Non-recourse Obligations. Notwithstanding anything in this Agreement or any Basic
Document, the Owner Trustee agrees in its individual capacity and in its capacity as Owner Trustee for the Trust that all obligations of the Trust to the Owner Trustee individually or as Owner Trustee for the Trust shall be with recourse to the
Owner Trust Estate only and specifically shall be without recourse to the assets of the Holder. 
  
 ARTICLE VIII. 
  
 Termination of
Trust Agreement 
  
 SECTION 8.1. Termination of Trust
Agreement. 
  
 (a) This Agreement and the Trust shall
terminate in accordance with Section 3808 of the Statutory Trust Statute and be of no further force or effect upon the latest of (i) the maturity or other liquidation of the last Receivable (including the purchase by the Servicer at its option or by
the Seller at its option of the corpus of the Trust as described in Section 10.1 of the Sale and Servicing Agreement) and the subsequent distribution of amounts in respect of such Receivables as provided in the Basic Documents, or (ii) the payment
to the Certificateholder of all amounts required to be paid to it pursuant to this Agreement and the payment to the Security Insurer of all amounts payable or reimbursable to it pursuant to the Sale and Servicing Agreement or the Insurance
Agreement; provided, however, that the rights to indemnification under Section 7.2 and the rights under Section 7.1 shall survive the termination of the Trust. The Seller or the Servicer shall promptly notify the Owner Trustee and the
Security Insurer of any prospective termination pursuant to this Section. The bankruptcy, liquidation, dissolution, death or incapacity of the Certificateholder, shall not (x) operate to terminate this Agreement or the Trust, nor (y) entitle the
Certificateholder’s legal representatives or heirs to claim an accounting or to take any action or proceeding in any court for a partition or winding up of all or any part of the Trust or Owner Trust Estate nor (z) otherwise affect the rights,
obligations and liabilities of the parties hereto. 
  
 (b) Neither
the Depositor nor the Certificateholder shall be entitled to revoke or terminate the Trust. 
  
 (c) Notice of any termination of the Trust, specifying the Distribution Date upon which the Certificateholder shall surrender the Certificate to the Trust Collateral Agent for payment of the final distribution and
cancellation, shall be given by the Owner Trustee by letter to the Certificateholder mailed within five Business Days of receipt of notice of such termination from the Servicer given pursuant to Section 10.1(c) of the Sale and Servicing Agreement,
stating (i) the Distribution Date upon or with respect to which final payment of the Certificate shall be made upon presentation and surrender of the Certificate at the office of the Trust Collateral Agent therein designated, (ii) the amount of any
such final payment, (iii) that the Record Date otherwise applicable to such Distribution Date is not applicable, payments being made only upon presentation and surrender of the Certificate at the office of the Trust Collateral Agent therein
specified and (iv) interest will cease to accrue on the Certificate. The Owner Trustee shall give such notice to the Trust Collateral Agent and the Security Insurer at the time such notice is given to the Certificateholder. Upon presentation and
surrender of the Certificate, the Trust Collateral Agent shall cause to be distributed to the Certificateholder amounts distributable on such Distribution Date pursuant to Section 5.7 of the Sale and Servicing Agreement. 
  

 22 

 In the event that the Certificateholder shall not surrender the Certificate for cancellation within six
months after the date specified in the above mentioned written notice, the Owner Trustee shall give a second written notice to the Certificateholder to surrender the Certificate for cancellation and receive the final distribution with respect
thereto. If within one year after the second notice all the Certificate shall not have been surrendered for cancellation, the Owner Trustee may take appropriate steps, or may appoint an agent to take appropriate steps, to contact the
Certificateholder concerning surrender of its Certificate, and the cost thereof shall be paid out of the funds and other assets that shall remain subject to this Agreement. Any funds remaining in the Trust after exhaustion of such remedies shall be
distributed, subject to applicable escheat laws, by the Owner Trustee to the Holder. 
  
 (d) Upon the completion of the winding up of the Trust in accordance with Section 3808 of the Statutory Trust Statute and its termination, the Owner Trustee shall cause the Certificate of Trust to be canceled by
filing a certificate of cancellation with the Secretary of State in accordance with the provisions of Section 3810 of the Statutory Trust Statute. 
  
 ARTICLE IX. 
  
 Successor Owner Trustees and Additional Owner Trustees 
  
 SECTION 9.1. Eligibility Requirements for Owner Trustee. The Owner Trustee shall at all times be a corporation (i) satisfying the provisions of
Section 3807(a) of the Statutory Trust Statute; (ii) authorized to exercise corporate trust powers; (iii) having a combined capital and surplus of at least $50,000,000 and subject to supervision or examination by Federal or State authorities; and
(iv) acceptable to the Security Insurer in its sole discretion, so long as an Insurer Default shall not have occurred and be continuing. If such corporation shall publish reports of condition at least annually, pursuant to law or to the requirements
of the aforesaid supervising or examining authority, then for the purpose of this Section, the combined capital and surplus of such corporation shall be deemed to be its combined capital and surplus as set forth in its most recent report of
condition so published. In case at any time the Owner Trustee shall cease to be eligible in accordance with the provisions of this Section, the Owner Trustee shall resign immediately in the manner and with the effect specified in Section 9.2.

  
 SECTION 9.2. Resignation or Removal of Owner Trustee.
The Owner Trustee may at any time resign and be discharged from the trusts hereby created by giving written notice thereof to the Depositor, the Security Insurer and the Servicer. Upon receiving such notice of resignation, the Depositor shall
promptly appoint a successor Owner Trustee by written instrument, in duplicate, one copy of which instrument shall be delivered to the resigning Owner Trustee and one copy to the successor Owner Trustee, provided that the Depositor shall have
received written confirmation from each of the Rating Agencies that the proposed appointment will not result in an increased capital charge to the Security Insurer by either of the Rating Agencies. If no successor Owner Trustee shall have been so
appointed and have accepted appointment within 30 days after the giving of such notice of resignation, the resigning Owner Trustee or the Security Insurer may petition any court of competent jurisdiction for the appointment of a successor Owner
Trustee. 
  

 23 

 If at any time the Owner Trustee shall cease to be eligible in accordance with the provisions of Section
9.1 and shall fail to resign after written request therefor by the Depositor, or if at any time the Owner Trustee shall be legally unable to act, or shall be adjudged bankrupt or insolvent, or a receiver of the Owner Trustee or of its property shall
be appointed, or any public officer shall take charge or control of the Owner Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, then the Depositor with the consent of the Security Insurer (so long
as an Insurer Default shall not have occurred and be continuing) may remove the Owner Trustee. If the Depositor shall remove the Owner Trustee under the authority of the immediately preceding sentence, the Depositor shall promptly appoint a
successor Owner Trustee by written instrument, in duplicate, one copy of which instrument shall be delivered to the outgoing Owner Trustee so removed, one copy to the Security Insurer and one copy to the successor Owner Trustee and payment of all
fees owed to the outgoing Owner Trustee. 
  
 Any resignation or
removal of the Owner Trustee and appointment of a successor Owner Trustee pursuant to any of the provisions of this Section shall not become effective until acceptance of appointment by the successor Owner Trustee pursuant to Section 9.3 and payment
of all fees and expenses owed to the outgoing Owner Trustee. The Depositor shall provide notice of such resignation or removal of the Owner Trustee to each of the Rating Agencies. 
  
 SECTION 9.3. Successor Owner Trustee. Any successor Owner Trustee appointed pursuant to Section 9.2 shall execute,
acknowledge and deliver to the Depositor, the Servicer, the Security Insurer and to its predecessor Owner Trustee an instrument accepting such appointment under this Agreement, and thereupon the resignation or removal of the predecessor Owner
Trustee shall become effective and such successor Owner Trustee, without any further act, deed or conveyance, shall become fully vested with all the rights, powers, duties and obligations of its predecessor under this Agreement, with like effect as
if originally named as Owner Trustee. The predecessor Owner Trustee shall upon payment of its fees and expenses deliver to the successor Owner Trustee all documents and statements and monies held by it under this Agreement; and the Depositor and the
predecessor Owner Trustee shall execute and deliver such instruments and do such other things as may reasonably be required for fully and certainly vesting and confirming in the successor Owner Trustee all such rights, powers, duties and
obligations. 
  
 No successor Owner Trustee shall accept
appointment as provided in this Section unless at the time of such acceptance such successor Owner Trustee shall be eligible pursuant to Section 9.1. 
  
 Upon acceptance of appointment by a successor Owner Trustee pursuant to this Section, the Servicer shall mail notice of the successor of such Owner
Trustee to the Certificateholder, the Trustee, the Noteholders, the Security Insurer and the Rating Agencies. If the Servicer shall fail to mail such notice within 10 days after acceptance of appointment by the successor Owner Trustee, the successor
Owner Trustee shall cause such notice to be mailed at the expense of the Servicer. 
  

 24 

 SECTION 9.4. Merger or Consolidation of Owner Trustee. Any corporation into which the Owner
Trustee may be merged or converted or with which it may be consolidated, or any corporation resulting from any merger, conversion or consolidation to which the Owner Trustee shall be a party, or any corporation succeeding to all or substantially all
of the corporate trust business of the Owner Trustee, shall be the successor of the Owner Trustee hereunder, provided such corporation shall be eligible pursuant to Section 9.1, without the execution or filing of any instrument or any further act on
the part of any of the parties hereto, anything herein to the contrary notwithstanding; provided, further, that the Owner Trustee shall mail notice of such merger or consolidation to the Rating Agencies and the Security Insurer.

  
 SECTION 9.5. Appointment of Co-Trustee or Separate
Trustee. Notwithstanding any other provisions of this Agreement, at any time, for the purpose of meeting any legal requirements of any jurisdiction in which any part of the Owner Trust Estate or any Financed Vehicle may at the time be located,
the Servicer and the Owner Trustee acting jointly shall have the power and shall execute and deliver all instruments to appoint one or more Persons approved by the Owner Trustee and the Security Insurer to act as co-trustee, jointly with the Owner
Trustee, or separate trustee or separate trustees, of all or any part of the Owner Trust Estate, and to vest in such Person, in such capacity, such title to the Trust, or any part thereof, and, subject to the other provisions of this Section, such
powers, duties, obligations, rights and trusts as the Servicer and the Owner Trustee may consider necessary or desirable. If the Servicer shall not have joined in such appointment within 15 days after the receipt by it of a request so to do, the
Owner Trustee subject, unless an Insurer Default shall have occurred and be continuing, to the approval of the Security Insurer (which approval shall not be unreasonably withheld) shall have the power to make such appointment. No co-trustee or
separate trustee under this Agreement shall be required to meet the terms of eligibility as a successor trustee pursuant to Section 9.1 and no notice of the appointment of any co-trustee or separate trustee shall be required pursuant to Section 9.3.

  
 Each separate trustee and co-trustee shall, to the extent
permitted by law, be appointed and act subject to the following provisions and conditions: 
  
 (i) all rights, powers, duties and obligations conferred or imposed upon the Owner Trustee shall be conferred upon and exercised or
performed by the Owner Trustee and such separate trustee or co-trustee jointly (it being understood that such separate trustee or co-trustee is not authorized to act separately without the Owner Trustee joining in such act), except to the extent
that under any law of any jurisdiction in which any particular act or acts are to be performed, the Owner Trustee shall be incompetent or unqualified to perform such act or acts, in which event such rights, powers, duties and obligations (including
the holding of title to the Trust or any portion thereof in any such jurisdiction) shall be exercised and performed singly by such separate trustee or co-trustee, but solely at the direction of the Owner Trustee; 
  
 (ii) no trustee under this Agreement shall be personally
liable by reason of any act or omission of any other trustee under this Agreement; and 
  
 (iii) the Servicer and the Owner Trustee acting jointly may at any time accept the resignation of or remove any separate trustee or
co-trustee. 
  

 25 

 Any notice, request or other writing given to the Owner Trustee shall be deemed to have been given to
each of the then separate trustees and co-trustees, as effectively as if given to each of them. Every instrument appointing any separate trustee or co-trustee shall refer to this Agreement and the conditions of this Article. Each separate trustee
and co-trustee, upon its acceptance of the trusts conferred, shall be vested with the estates or property specified in its instrument of appointment, either jointly with the Owner Trustee or separately, as may be provided therein, subject to all the
provisions of this Agreement, specifically including every provision of this Agreement relating to the conduct of, affecting the liability of, or affording protection to, the Owner Trustee. Each such instrument shall be filed with the Owner Trustee
and a copy thereof given to the Servicer and the Security Insurer. 
  
 Any separate trustee or co-trustee may at any time appoint the Owner Trustee, its agent or attorney-in-fact with full power and authority, to the extent not prohibited by law, to do any lawful act under or in respect of this Agreement on
its behalf and in its name. If any separate trustee or co-trustee shall die, become incapable of acting, resign or be removed, all of its estates, properties, rights, remedies and trusts shall vest in and be exercised by the Owner Trustee, to the
extent permitted by law, without the appointment of a new or successor trustee. 
  
 ARTICLE X. 
  
 Miscellaneous

  
 SECTION 10.1. Supplements and Amendments. 

 
 (a) This Agreement may be amended by the Depositor and the Owner Trustee,
with the prior written consent of the Security Insurer (so long as an Insurer Default shall not have occurred and be continuing) and with prior written notice to the Rating Agencies, without the consent of any of the Noteholders or the
Certificateholder, (i) to cure any ambiguity or defect or (ii) to correct, supplement or modify any provisions in this Agreement; provided, however, that such action shall not, as evidenced by an Opinion of Counsel which may be based
upon a certificate of the Servicer, adversely affect in any material respect the interests of any Noteholder or Certificateholder. 
  
 (b) This Agreement may also be amended from time to time, with the prior written consent of the Security Insurer (so long as an Insurer Default shall not
have occurred and be continuing) by the Depositor and the Owner Trustee, with prior written notice to the Rating Agencies, to the extent such amendment materially and adversely affects the interests of the Noteholders, with the consent of the
Noteholders evidencing not less than a majority of the Outstanding Amount of the Notes, and the consent of the Certificateholder (which consent of any Holder of a Certificate or Note given pursuant to this Section or pursuant to any other provision
of this Agreement shall be conclusive and binding on such Holder) for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of this Agreement or of modifying in any manner the rights of the
Noteholders or the Certificateholder; provided, however, that subject to the express rights of the Security Insurer under the Basic Documents, no such amendment shall (a) increase or reduce in any manner the amount of, or accelerate or
delay the timing of, collections of payments on Receivables or distributions that shall be required to be made for the benefit of the Noteholders or the Certificateholder or (b) reduce the aforesaid 

  

 26 

 
percentage of the Outstanding Amount of the Notes and the Certificate Balance required to consent to any such amendment, without the consent of the Holders
of all the outstanding Notes and the Certificateholder. 
  
 Promptly after the execution of any such amendment or consent, the Owner Trustee shall furnish written notification of the substance of such amendment or consent to the Certificateholder, the Trustee and each of the Rating Agencies.

  
 It shall not be necessary for the consent of
Certificateholder, the Noteholders or the Trustee pursuant to this Section to approve the particular form of any proposed amendment or consent, but it shall be sufficient if such consent shall approve the substance thereof. The manner of obtaining
such consents (and any other consents of the Certificateholder provided for in this Agreement or in any other Basic Document) and of evidencing the authorization of the execution thereof by Certificateholder shall be subject to such reasonable
requirements as the Owner Trustee may prescribe. Promptly after the execution of any amendment to the Certificate of Trust, the Owner Trustee shall cause the filing of such amendment with the Secretary of State. 
  
 Prior to the execution of any amendment to this Agreement or the Certificate
of Trust, the Owner Trustee shall be entitled to receive and rely upon an Opinion of Counsel stating that the execution of such amendment is authorized or permitted by this Agreement and that all conditions precedent to the execution and delivery of
such amendment have been satisfied. The Owner Trustee may, but shall not be obligated to, enter into any such amendment which affects the Owner Trustee’s own rights, duties or immunities under this Agreement or otherwise. 
  
 SECTION 10.2. No Legal Title to Owner Trust Estate in
Certificateholder. The Certificateholder shall not have legal title to any part of the Owner Trust Estate. The Certificateholder shall be entitled to receive distributions in accordance with Article VIII. No transfer, by operation of law or
otherwise, of any right, title or interest of the Certificateholder to and in its ownership interest in the Owner Trust Estate shall operate to terminate this Agreement or the trust hereunder or entitle any transferee to an accounting or to the
transfer to it of legal title to any part of the Owner Trust Estate. 
  
 SECTION 10.3. Limitations on Rights of Others. The provisions of this Agreement are solely for the benefit of the Owner Trustee, the Depositor, the Certificateholder, the Servicer and, to the extent expressly provided herein, the
Security Insurer, the Trustee and the Noteholders, and nothing in this Agreement, whether express or implied, shall be construed to give to any other Person any legal or equitable right, remedy or claim in the Owner Trust Estate or under or in
respect of this Agreement or any covenants, conditions or provisions contained herein. 
  
 SECTION 10.4. Notices. 
  
 (a) Unless otherwise expressly specified or permitted by the terms hereof, all notices shall be in writing and shall be deemed given upon receipt personally delivered, delivered by overnight courier or mailed first class mail or certified
mail, in each case return receipt requested, and shall be deemed to have been duly given upon receipt, if to the Owner Trustee, addressed to the Corporate Trust Office; if to the Depositor, addressed to AFS SenSub 
  

 27 

 
Corp., 639 Isbell Road, Suite 390 Reno, Nevada 89509, Attention: Chief Financial Officer, with a copy to AFS SenSub Corp., c/o AmeriCredit Financial
Services, Inc., as Administrator, 801 Cherry Street, Suite 3900, Fort Worth, Texas 76102, Attention: Chief Financial Officer; if to the Security Insurer, addressed to Security Insurer, MBIA Insurance Corporation, 113 King Street, Armonk, NY 10504,
Attention: Insured Portfolio Management–Structured Finance (AmeriCredit 2003-D-M), Facsimile No.: (914) 765-3810, Confirmation: (914) 765-3781 (in each case in which notice or other communication to MBIA refers to an Event of Default, a claim
on the Note Policy or with respect to which failure on the part of MBIA to respond shall be deemed to constitute consent or acceptance, then a copy of such notice or other communication should also be sent to the attention of the General Counsel
“URGENT MATERIAL ENCLOSED”); or, as to each party, at such other address as shall be designated by such party in a written notice to each other party. 
  
 (b) Any notice required or permitted to be given to a Certificateholder shall be given by first-class mail, postage prepaid,
at the address of the Holder. Any notice so mailed within the time prescribed in this Agreement shall be conclusively presumed to have been duly given, whether or not the Certificateholder receives such notice. 
  
 SECTION 10.5. Severability. Any provision of this Agreement that is
prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability
in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. 
  
 SECTION 10.6. Separate Counterparts. This Agreement may be executed by the parties hereto in separate counterparts, each of which when so executed
and delivered shall be an original, but all such counterparts shall together constitute but one and the same instrument. 
  
 SECTION 10.7. Assignments; Security Insurer. This Agreement shall inure to the benefit of and be binding upon the parties hereto and the Security
Insurer and their respective successors and permitted assigns. 
  
 SECTION 10.8. No Recourse. The Certificateholder by accepting a Certificate acknowledges that the Certificate represents a beneficial interest in the Trust only and do not represent interests in or obligations of the Seller, the
Servicer, the Owner Trustee, the Trustee, the Security Insurer or any Affiliate thereof and no recourse may be had against such parties or their assets, except as may be expressly set forth or contemplated in this Agreement, the Certificate or the
Basic Documents. 
  
 SECTION 10.9. Headings. The headings
of the various Articles and Sections herein are for convenience of reference only and shall not define or limit any of the terms or provisions hereof. 
  
 SECTION 10.10. GOVERNING LAW. THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF DELAWARE, WITHOUT
REFERENCE TO ITS CONFLICT OF LAW PROVISIONS, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS. 
  

 28 

 SECTION 10.11. Servicer. The Servicer is authorized to prepare, or cause to be prepared, execute
and deliver on behalf of the Trust the Swap Agreement and all such documents, reports, filings, instruments, certificates and opinions as it shall be the duty of the Trust or Owner Trustee to prepare, file or deliver pursuant to the Basic Documents.
Upon written request, the Owner Trustee shall execute and deliver to the Servicer a limited power of attorney appointing the Servicer the Trust’s agent and attorney-in-fact to prepare, or cause to be prepared, execute and deliver all such
documents, reports, filings, instruments, certificates and opinions. 
  
 SECTION 10.12 Nonpetition Covenants Notwithstanding any prior termination of this Agreement, the Certificateholder shall not, prior to the date which is one year and one day after the termination of this Agreement with respect to the
Trust, acquiesce, petition or otherwise invoke or cause the Trust to invoke the process of any court or government authority for the purpose of commencing or sustaining a case against the Trust under any federal or state bankruptcy, insolvency or
similar law or appointing a receiver, liquidator, assignee, trustee, custodian, sequestrator or other similar official of the Trust or any substantial part of its property, or ordering the winding up or liquidation of the affairs of the
Trust. 
  
 [Remainder of page intentionally left blank.]

  

 29 

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

	 WILMINGTON TRUST COMPANY,
as Owner Trustee

		
	 By:
	 	 /s/ Anita E. Dallago

	 	 	 Name:
	 	   Anita E. Dallago

	 	 	 Title:
	 	   Senior Financial Services Officer

	
	 AFS SENSUB CORP.,

		
	 By:
	 	 /s/ Susan Sheffield

	 	 	 Name:
	 	 Susan Sheffield

	 	 	 Title:
	 	 Vice President, Structured Finance

  
  

	 ACKNOWLEDGED AND AGREED TO:
  
 AMERICREDIT CORP.,
 Solely with respect to Sections 7.1 and 7.2

		
	 By:
	 	 /s/ Beth Sorensen

	 	 	 Name: Beth Sorensen

	 	 	 Title: Senior Vice President, Finance

  
 [Amended and Restated
Trust Agreement] 

 EXHIBIT A 
  
 NUMBER 
 R-1 
  
 SEE REVERSE FOR CERTAIN DEFINITIONS 
  

THIS CERTIFICATE IS NOT TRANSFERABLE, 
 EXCEPT UNDER THE LIMITED CONDITIONS 
 SPECIFIED IN THE TRUST AGREEMENT 
  

  
 ASSET BACKED CERTIFICATE 
  
 evidencing a beneficial ownership interest
in certain distributions of the Trust, as defined below, the property of which includes a pool of retail installment sale contracts secured by new or used automobiles, vans or light duty trucks and sold to the Trust by AFS SenSub Corp. 

 
 (This Certificate does not represent an interest in or obligation of AFS SenSub Corp.
or any of its Affiliates, except to the extent described below.) 
  
 THIS CERTIFIES THAT AFS SenSub Corp. is the registered owner of a nonassessable, fully-paid, beneficial ownership interest in certain distributions of AmeriCredit Automobile Receivables Trust 2003-D-M (the “Trust”) formed
by AFS SenSub Corp., a Nevada corporation (the “Seller”). 
  
 OWNER TRUSTEE’S CERTIFICATE OF AUTHENTICATION 
  
 This is the Certificate referred to in the within-mentioned Trust Agreement. 
  
 WILMINGTON TRUST COMPANY not 
 in its individual 
 capacity but solely as 
 Owner Trustee 
  

	 by:
	 	  

	
	 Authenticating Agent

		
	 by:
	 	  

 The Trust was created pursuant to a Trust Agreement dated as of September 26, 2003, as amended and
restated as of October 10, 2003 (the “Trust Agreement”), between the Seller and Wilmington Trust Company, as owner trustee (the “Owner Trustee”), a summary of certain of the pertinent provisions of which is set
forth below. To the extent not otherwise defined herein, the capitalized terms used herein have the meanings assigned to them in the Trust Agreement. 
  
 This is the duly authorized Certificate designated as “Asset Backed Certificate” (herein called the “Certificate”). Also
issued under the Indenture, dated as of October 10, 2003, among the Trust, JPMorgan Chase Bank, as trustee and indenture collateral agent, are five classes of Notes designated as “Class A-1 1.12% Asset Backed Notes” (the
“Class A-1 Notes”), “Class A-2 1.44% Asset Backed Notes” (the “Class A-2 Notes”), “Class A-3-A 2.14% Asset Backed Notes” (the “Class A-3-A Notes”), “Class
A-3-B Floating Rate Asset Backed Notes” (the “Class A-3-B Notes”) and “Class A-4 2.84% Asset Backed Notes” (the “Class A-4 Notes” and together with the Class A-1 Notes, the Class A-2 Notes,
the Class A-3-A Notes and the Class A-3-B Notes, the “Notes”). This Certificate is issued under and is subject to the terms, provisions and conditions of the Trust Agreement, to which Trust Agreement the holder of this Certificate
by virtue of the acceptance hereof assents and by which such holder is bound. The property of the Trust includes a pool of retail installment sale contracts secured by new and used automobiles, vans or light duty trucks (the
“Receivables”), all monies due thereunder on or after the Initial Cutoff Date, in the case of the Initial Receivables, and the Subsequent Cutoff Date, in the case of the Subsequent Receivables, security interests in the vehicles
financed thereby, certain bank accounts and the proceeds thereof, proceeds from claims on certain insurance policies and certain other rights under the Trust Agreement and the Sale and Servicing Agreement, all right, to and interest of the Seller in
and to the Purchase Agreement dated as of October 10, 2003 among AmeriCredit Financial Services, Inc. and the Seller and all proceeds of the foregoing. 
  
 The holder of this Certificate acknowledges and agrees that its rights to receive distributions in respect of this Certificate are subordinated to the
rights of the Noteholders as described in the Sale and Servicing Agreement, the Indenture and the Trust Agreement, as applicable. 
  
 Distributions on this Certificate will be made as provided in the Trust Agreement by the Owner Trustee by wire transfer or check mailed to the
Certificateholder without the presentation or surrender of this Certificate or the making of any notation hereon. Except as otherwise provided in the Trust Agreement and notwithstanding the above, the final distribution on this Certificate will be
made after due notice by the Owner Trustee of the pendency of such distribution and only upon presentation and surrender of this Certificate at the office or agency maintained for the purpose by the Owner Trustee in the Borough of Manhattan, The
City of New York. 
  
 Reference is hereby made to the further
provisions of this Certificate set forth on the reverse hereof, which further provisions shall for all purposes have the same effect as if set forth at this place. 
  
 Unless the certificate of authentication hereon shall have been executed by an authorized officer of the Owner Trustee, by
manual signature, this Certificate shall not entitle the holder hereof to any benefit under the Trust Agreement or the Sale and Servicing Agreement or be valid for any purpose. 
  

 A-2 

 THIS CERTIFICATE SHALL BE GOVERNED BY, CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF DELAWARE,
WITHOUT REFERENCE TO ITS CONFLICT OF LAW PROVISIONS, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS. 
  

 A-3 

 IN WITNESS WHEREOF, the Owner Trustee, on behalf of the Trust and not in its individual capacity, has
caused this Certificate to be duly executed. 
  

	 	 	 AMERICREDIT AUTOMOBILE RECEIVABLES TRUST 2003-D-M

				
	 	 	 	 	 By:
	 	 WILMINGTON TRUST COMPANY
 not in its individual capacity but
 solely as Owner Trustee

				
	 Dated: October 16, 2003
	 	 	 	 By:
	 	  

  

 A-4 

 (Reverse of Certificate) 
  
 The Certificate does not represent an obligation of, or an interest in, the Seller, the Servicer, the Owner Trustee or any
Affiliates of any of them and no recourse may be had against such parties or their assets, except as may be expressly set forth or contemplated herein or in the Trust Agreement, the Indenture or the Basic Documents. In addition, this Certificate is
not guaranteed by any governmental agency or instrumentality and is limited in right of payment to certain collections with respect to the Receivables, all as more specifically set forth herein and in the Sale and Servicing Agreement. A copy of each
of the Sale and Servicing Agreement and the Trust Agreement may be examined during normal business hours at the principal office of the Seller, and at such other places, if any, designated by the Seller, by any Certificateholder upon written
request. 
  
 The Trust Agreement permits, with certain exceptions
therein provided, the amendment thereof and the modification of the rights and obligations of the Seller under the Trust Agreement at any time by the Seller and the Owner Trustee with the consent of the Note Majority and the Certificateholder. Any
such consent by the Holder of this Certificate shall be conclusive and binding on such Holder and on all future Holders of this Certificate and of any Certificate issued upon the transfer hereof or in exchange hereof or in lieu hereof whether or not
notation of such consent is made upon this Certificate. The Trust Agreement also permits the amendment thereof, in certain limited circumstances, without the consent of the Certificateholder. 
  
 As provided in the Trust Agreement and subject to certain limitations therein
set forth, the transfer of this Certificate is registrable in the Certificate Register upon surrender of this Certificate for registration of transfer at the offices or agencies of the Certificate Registrar maintained by the Owner Trustee in the
Borough of Manhattan, The City of New York, accompanied by a written instrument of transfer in form satisfactory to the Owner Trustee and the Certificate Registrar duly executed by the holder hereof or such holder’s attorney duly authorized in
writing, and thereupon a new Certificate evidencing the same aggregate interest in the Trust will be issued to the designated transferee. The initial Certificate Registrar appointed under the Trust Agreement is Wilmington Trust Company. No service
charge will be made for any such registration of transfer or exchange, but the Owner Trustee or the Certificate Registrar may require payment of a sum sufficient to cover any tax or governmental charge payable in connection therewith. 
  
 The Owner Trustee, the Security Insurer and any agent of the Owner Trustee or
the Security Insurer may treat the person in whose name this Certificate is registered as the owner hereof for all purposes, and none of the Owner Trustee, the Security Insurer nor any such agent shall be affected by any notice to the contrary.

  
 The obligations and responsibilities created by the Trust
Agreement and the Trust created thereby shall terminate upon the payment to the Certificateholder of all amounts required to be paid to it pursuant to the Trust Agreement and the Sale and Servicing Agreement and the disposition of all property held
as part of the Trust. The Seller or the Servicer of the Receivables may at its option purchase the corpus of the Trust at a price specified in the Sale and Servicing Agreement, and such purchase of the Receivables and other property of the Trust
will effect 

  

 A-5 

 
early retirement of the Certificate; however, such right of purchase is exercisable, subject to certain restrictions, only as of the last day of any
Collection Period as of which the Pool Balance is 10% or less of the Original Pool Balance. 
  
 The Certificate may not be acquired by (a) an employee benefit plan (as defined in Section 3(3) of ERISA) that is subject to the provisions of Title I of ERISA, (b) a plan (as defined in Section 4975(e)(1) of the
Code) that is subject to subject to Section 4975 or (c) any entity whose underlying assets include assets of a plan described in (a) or (b) above by reason of such plan’s investment in the entity (each, a “Benefit Plan”). By
accepting and holding this Certificate, the Holder hereof shall be deemed to have represented and warranted that it is not a Benefit Plan. 
  
 The recitals contained herein shall be taken as the statements of the Depositor or the Servicer, as the case may be, and the Owner Trustee assumes no
responsibility for the correctness thereof. The Owner Trustee makes no representations as to the validity or sufficiency of this Certificate or of any Receivable or related document. 
  
 Unless the certificate of authentication hereon shall have been executed by an authorized officer of the Owner Trustee, by manual or
facsimile signature, this Certificate shall not entitle the Holder hereof to any benefit under the Trust Agreement or the Sale and Servicing Agreement or be valid for any purpose. 
  

 A-6 

 ASSIGNMENT 
  
 FOR VALUE RECEIVED the undersigned hereby sells, assigns and transfers unto 
  
 PLEASE INSERT SOCIAL SECURITY 
 OR OTHER
IDENTIFYING NUMBER 
 OF ASSIGNEE 
  
                                       
                                        
                                        
                                        
                                        
                    
 (Please print or type name and
address, including postal zip code, of assignee) 
  
                                       
                                        
                                        
                                        
                                        
                    
 the within Certificate, and all
rights thereunder, hereby irrevocably constituting and appointing 
  
                                       
                    Attorney to transfer said Certificate on the books of the Certificate Registrar, with full power of substitution in the premises.

  

	 Dated:
	 	 *    

	 	 	 Signature

		
	 Guaranteed:
	 	 *    

	*	NOTICE: The signature to this assignment must correspond with the name of the registered owner as it appears on the face of the within Certificate in every particular, without
alteration, enlargement or any change whatever. Such signature must be guaranteed by an “eligible guarantor institution” meeting the requirements of the Certificate Registrar, which requirements include membership or participation in STAMP
or such other “signature guarantee program” as may be determined by the Certificate Registrar in addition to, or in substitution for, STAMP, all in accordance with the Securities Exchange Act of 1934, as amended. 

 

 A-7 

 EXHIBIT B 
  

FORM OF 
  
 CERTIFICATE OF TRUST 
  
 OF 
  
 AMERICREDIT
AUTOMOBILE RECEIVABLES TRUST 2003-D-M 
  
 THIS Certificate of
Trust of AMERICREDIT AUTOMOBILE RECEIVABLES TRUST 2003-D-M (the “Trust”) is being duly executed and filed on behalf of the Trust by the undersigned, as trustee, to form a statutory trust under the Delaware Statutory Trust Act (12
Del. C. § 3801 et seq.) (the “Act”). 
  
 1. Name. The name of the statutory trust formed by this Certificate of Trust is “AmeriCredit Automobile Receivables Trust 2003-D-M.” 
  
 2. Delaware Trustee. The name and business address of the trustee of
the Trust in the State of Delaware is Wilmington Trust Company, Rodney Square North, 1100 North Market Street, Wilmington, Delaware 19890-0001. 
  
 3. Effective Date. This Certificate of Trust shall be effective upon filing. 
  
 IN WITNESS WHEREOF, the undersigned has duly executed this Certificate of Trust in accordance with Section 3811(a)(1) of the
Act. 
  

	WILMINGTON TRUST COMPANY, not in its individual capacity but solely as trustee of the Trust
		
	 By:
	 	  

	 	 	 Name:

	 	 	 Title:Sale and Servicing Agreement dated 10/10/03 among the trust

 Exhibit 4.3 
 EXECUTION COPY 
  
 SALE AND
SERVICING 
 AGREEMENT 
  
 among 
  
 AMERICREDIT AUTOMOBILE RECEIVABLES TRUST 2003-D-M, 
  
 Issuer, 
  
 AFS SENSUB CORP., 
  
 Seller, 
  
 AMERICREDIT FINANCIAL SERVICES, INC., 
  
 Servicer, 
  
 JPMORGAN CHASE BANK, 
  
 Trust Collateral Agent 
  
 and 
  
 SYSTEMS & SERVICES TECHNOLOGIES, INC. 
  
 Backup
Servicer 
  
 Dated as of October 10, 2003 

 TABLE OF CONTENTS 
  

	 	  	Page

	 ARTICLE I Definitions
	  	1
	 	  	SECTION 1.1.  	  	 Definitions
	  	1
	 	  	SECTION 1.2.  	  	 Other Definitional Provisions
	  	23
		
	 ARTICLE II Conveyance of Receivables
	  	23
	 	  	SECTION 2.1.  	  	 Conveyance of Initial Receivables
	  	23
	 	  	SECTION 2.2.  	  	 Conveyance of Subsequent Receivables
	  	24
	 	  	SECTION 2.3.  	  	 Further Encumbrance of Trust Property
	  	27
		
	 ARTICLE III The Receivables
	  	28
	 	  	SECTION 3.1.  	  	 Representations and Warranties of Seller
	  	28
	 	  	SECTION 3.2.  	  	 Repurchase upon Breach
	  	28
	 	  	SECTION 3.3.  	  	 Custody of Receivables Files
	  	29
		
	 ARTICLE IV Administration and Servicing of Receivables
	  	30
	 	  	SECTION 4.1.  	  	 Duties of the Servicer and the Backup Servicer
	  	30
	 	  	SECTION 4.2.  	  	 Collection of Receivable Payments; Modifications of Receivables; Lockbox Agreements
	  	32
	 	  	SECTION 4.3.  	  	 Realization upon Receivables
	  	34
	 	  	SECTION 4.4.  	  	 Insurance
	  	36
	 	  	SECTION 4.5.  	  	 Maintenance of Security Interests in Vehicles
	  	37
	 	  	SECTION 4.6.  	  	 Covenants, Representations, and Warranties of Servicer
	  	38
	 	  	SECTION 4.7.  	  	 Purchase of Receivables Upon Breach of Covenant
	  	39
	 	  	SECTION 4.8.  	  	 Total Servicing Fee; Payment of Certain Expenses by Servicer
	  	40
	 	  	SECTION 4.9.  	  	 Preliminary Servicer’s Certificate and Servicer’s Certificate
	  	40
	 	  	SECTION 4.10.	  	 Annual Statement as to Compliance, Notice of Servicer Termination Event
	  	41
	 	  	SECTION 4.11.	  	 Annual Independent Accountants' Report
	  	42
	 	  	SECTION 4.12.	  	 Access to Certain Documentation and Information Regarding Receivables
	  	42
	 	  	SECTION 4.13.	  	 Monthly Tape
	  	42
	 	  	SECTION 4.14.	  	 [Reserved]
	  	44
	 	  	SECTION 4.15.	  	 Fidelity Bond and Errors and Omissions Policy
	  	44
		
	 ARTICLE V Trust Accounts; Distributions; Statements to Noteholders
	  	44
	 	  	SECTION 5.1.  	  	 Establishment of Trust Accounts
	  	44
	 	  	SECTION 5.2.  	  	 Capitalized Interest Account
	  	46
	 	  	SECTION 5.3.  	  	 Certain Reimbursements to the Servicer
	  	47
	 	  	SECTION 5.4.  	  	 Application of Collections
	  	47
	 	  	SECTION 5.5.  	  	 Withdrawals from Spread Account
	  	48
	 	  	SECTION 5.6.  	  	 Additional Deposits
	  	48
	 	  	SECTION 5.7.  	  	 Distributions
	  	49
	 	  	SECTION 5.8.  	  	 Note Distribution Account
	  	51
	 	  	SECTION 5.9.  	  	 Pre-Funding Account
	  	52

  

 i 

	 	  	SECTION 5.10.	  	 Statements to Noteholders
	  	53
	 	  	SECTION 5.11.	  	 Optional Deposits by the Insurer
	  	54
	 	  	SECTION 5.12.	  	 Determination of LIBOR
	  	54
		
	 ARTICLE VI The Note Policy
	  	55
	 	  	SECTION 6.1.  	  	 Claims Under Note Policy
	  	55
	 	  	SECTION 6.2.  	  	 Preference Claims Under Note Policy
	  	56
	 	  	SECTION 6.3.  	  	 Surrender of Note Policy
	  	57
		
	 ARTICLE VII The Seller
	  	57
	 	  	SECTION 7.1.  	  	 Representations of Seller
	  	57
	 	  	SECTION 7.2.  	  	 Corporate Existence
	  	59
	 	  	SECTION 7.3.  	  	 Liability of Seller; Indemnities
	  	59
	 	  	SECTION 7.4.  	  	 Merger or Consolidation of, or Assumption of the Obligations of, Seller
	  	60
	 	  	SECTION 7.5.  	  	 Limitation on Liability of Seller and Others
	  	61
	 	  	SECTION 7.6.  	  	 Ownership of the Certificates or Notes
	  	61
		
	 ARTICLE VIII The Servicer and the Backup Servicer
	  	61
	 	  	SECTION 8.1.  	  	 Representations of Servicer
	  	61
	 	  	SECTION 8.2.  	  	 Representations of Backup Servicer
	  	63
	 	  	SECTION 8.3.  	  	 Liability of Servicer and Backup Servicer; Indemnities
	  	64
	 	  	SECTION 8.4.  	  	 Merger or Consolidation of, or Assumption of the Obligations of the Servicer or Backup Servicer
	  	66
	 	  	SECTION 8.5.  	  	 Limitation on Liability of Servicer, Backup Servicer and Others
	  	67
	 	  	SECTION 8.6.  	  	 Delegation of Duties
	  	68
	 	  	SECTION 8.7.  	  	 Servicer and Backup Servicer Not to Resign
	  	69
		
	 ARTICLE IX Default
	  	69
	 	  	SECTION 9.1.  	  	 Servicer Termination Event
	  	69
	 	  	SECTION 9.2.  	  	 Consequences of a Servicer Termination Event
	  	71
	 	  	SECTION 9.3.  	  	 Appointment of Successor
	  	72
	 	  	SECTION 9.4.  	  	 Notification to Noteholders
	  	73
	 	  	SECTION 9.5.  	  	 Waiver of Past Defaults
	  	73
		
	 ARTICLE X Termination
	  	73
	 	  	SECTION 10.1.	  	 Optional Purchase of All Receivables
	  	73
			
	 	  	 ARTICLE XI Administrative Duties of the Servicer
	  	74
	 	  	SECTION 11.1.	  	 Administrative Duties
	  	74
	 	  	SECTION 11.2.	  	 Records
	  	76
	 	  	SECTION 11.3.	  	 Additional Information to be Furnished to the Issuer
	  	76
		
	 ARTICLE XII Miscellaneous Provisions
	  	76
	 	  	SECTION 12.1.	  	 Amendment
	  	76
	 	  	SECTION 12.2.	  	 Protection of Title to Trust
	  	78
	 	  	SECTION 12.3.	  	 Notices
	  	79

  

 ii 

	SECTION 12.4.  	  	Assignment	  	80
	SECTION 12.5.  	  	Limitations on Rights of Others	  	80
	SECTION 12.6.  	  	Severability	  	81
	SECTION 12.7.  	  	Separate Counterparts	  	81
	SECTION 12.8.  	  	Headings	  	81
	SECTION 12.9.  	  	Governing Law	  	81
	SECTION 12.10.	  	Assignment to Trustee	  	81
	SECTION 12.11.	  	Nonpetition Covenants	  	81
	SECTION 12.12.	  	Limitation of Liability of Owner Trustee and Trustee	  	82
	SECTION 12.13.	  	Independence of the Servicer	  	82
	SECTION 12.14.	  	No Joint Venture	  	82
	SECTION 12.15.	  	Replacement Swap Agreement	  	82
	SECTION 12.16.	  	Benefits of Sale and Servicing Agreement	  	83
	SECTION 12.17.	  	State Business Licenses	  	83
			
	 SCHEDULES
	  	 	  	 
	 Schedule A
	  	 Schedule of Receivables
	  	 
	 Schedule B
	  	 Representations and Warranties of the Seller and the Servicer
	  	 
	 Schedule C
	  	 Servicing Policies and Procedures
	  	 
			
	 EXHIBITS
	  	 	  	 
	 Exhibit A
	  	 Form of Subsequent Transfer Agreement
	  	 
	 Exhibit B
	  	 Form of Servicer’s Certificate
	  	 
	 Exhibit C
	  	 Form of Preliminary Servicer’s Certificate
	  	 
			
	 ANNEXES
	  	 	  	 
	 Annex A
	  	 Modified Backup Servicer Provisions
	  	 
	 Annex B
	  	 Backup Servicer Performance Standards
	  	 

  

 iii 

 SALE AND SERVICING AGREEMENT dated as of October 10, 2003, among AMERICREDIT AUTOMOBILE RECEIVABLES TRUST
2003-D-M, a Delaware statutory trust (the “Issuer”), AFS SENSUB CORP., a Nevada corporation (the “Seller”), AMERICREDIT FINANCIAL SERVICES, INC., a Delaware corporation (the “Servicer”), JPMORGAN
CHASE BANK, a New York banking corporation, in its capacity as Trust Collateral Agent, and SYSTEMS & SERVICES TECHNOLOGIES, INC., a Delaware corporation, in its capacity as Backup Servicer. 
  
 WHEREAS the Issuer desires to purchase a portfolio of receivables arising in
connection with motor vehicle retail installment sale contracts made by AmeriCredit Financial Services, Inc. or acquired by AmeriCredit Financial Services, Inc. through motor vehicle dealers and third party lenders; 
  
 WHEREAS the Seller has purchased such receivables from AmeriCredit Financial
Services, Inc. and is willing to sell such receivables to the Issuer; 
  
 WHEREAS the Issuer desires to purchase additional receivables arising in connection with motor vehicle retail installment sale contracts to be acquired by AmeriCredit Financial Services, Inc.; 
  
 WHEREAS the Seller has an agreement to purchase such additional receivables
from AmeriCredit Financial Services, Inc. and is willing to sell such receivables to the Issuer; 
  
 WHEREAS the Servicer is willing to service all such receivables; 
  

WHEREAS the Backup Servicer is willing to provide backup servicing for all such receivables; 
  
 NOW, THEREFORE, in consideration of the premises and the mutual covenants
herein contained, the parties hereto agree as follows: 
  
 ARTICLE
I 
  
 Definitions 
  
 SECTION 1.1. Definitions. Whenever used in this Agreement, the
following words and phrases shall have the following meanings: 
  
 “Accelerated Payment Amount Shortfall” means, with respect to any Distribution Date, the excess, if any, of (i) the excess, if any, on such Distribution Date of the Pro Forma Note Balance for such Distribution Date over the
Required Pro Forma Note Balance for such Distribution Date over (ii) the excess of amount of Available Funds on such Distribution Date over the amounts payable on such Distribution Date pursuant to Section 5.7(b)(i) through (b)(vii). 
  
 “Accelerated Payment Shortfall Notice” means, with respect
to any Distribution Date, a written notice specifying the Accelerated Payment Amount Shortfall for such Distribution Date. 

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

  
 (x) the sum of (i) excess, if any, of the amount of the total
Available Funds on such Distribution Date over the amounts payable on such Distribution Date pursuant to clauses (i) through (vii) of Section 5.7(b) hereof plus (ii) amounts, if any, available in accordance with the terms of the Spread Account
Agreement; and 
  
 (y) the excess, if any, on such Distribution
Date of (i) the Pro Forma Note Balance for such Distribution Date over (ii) the Required Pro Forma Note Balance for such Distribution Date. 
  
 “Accountants’ Report” means the report of a firm of nationally recognized independent accountants described in Section 4.11.

  
 “Accounting Date” means, with respect to any
Collection Period the last day of such Collection Period. 
  
 “Addition Notice” means, with respect to any transfer of Subsequent Receivables to the Trust pursuant to Section 2.2 of this Agreement, notice of the Seller’s election to transfer Subsequent Receivables to the Trust,
such notice to designate the related Subsequent Cutoff Date and Subsequent Transfer Date and the approximate principal amount of Subsequent Receivables to be transferred on such Subsequent Transfer Date. 
  
 “Additional Funds Available” means, with respect to any
Distribution Date, the sum of (i) the Spread Account Claim Amount, if any, received by the Trust Collateral Agent with respect to such Distribution Date plus (ii) the Insurer Optional Deposit, if any, received by the Trust Collateral Agent with
respect to such Distribution Date. 
  
 “Affiliate” means, with respect to any specified Person, any other Person controlling or controlled by or under common control with such specified Person. For the purposes of this definition, “control” when used
with respect to any Person means the power to direct the management and policies of such Person, directly or indirectly, whether through the ownership of voting securities, by contract or otherwise; and the terms “controlling” and
“controlled” have meanings correlative to the foregoing. 
  
 “Aggregate Principal Balance” means, with respect to any date of determination, the sum of the Principal Balances for all Receivables (other than (i) any Receivable that became a Liquidated Receivable prior to the end of
the related Collection Period and (ii) any Receivable that became a Purchased Receivable prior to the end of the related Collection Period) as of the date of determination. 
  
 “Agreement” means this Sale and Servicing Agreement, as the same may be amended and supplemented from time
to time. 
  
 “AmeriCredit” means AmeriCredit
Financial Services, Inc. 
  
 “Amount Financed”
means, with respect to a Receivable, the aggregate amount advanced under such Receivable toward the purchase price of the Financed Vehicle and any related costs, including amounts advanced in respect of accessories, insurance premiums, service and
warranty contracts, other items customarily financed as part of retail automobile installment sale contracts or promissory notes, and related costs. 

  

 2 

 “Annual Percentage Rate” or “APR” of a Receivable means the annual
percentage rate of finance charges or service charges, as stated in the related Contract. 
  
 “Auto Loan Purchase and Sale Agreement” means any agreement between a Third-Party Lender and AmeriCredit relating to the acquisition of Receivables from a Third Party Lender by AmeriCredit.

  
 “Available Funds” means, with respect to any
Distribution Date, the sum of (i) the Collected Funds for the related Collection Period, (ii) all Purchase Amounts deposited in the Collection Account during the related Collection Period, plus Investment Earnings with respect to the Trust Accounts
for the related Collection Period, (iii) the Monthly Capitalized Interest Amount with respect to such Distribution Date, (iv) following the acceleration of the Notes pursuant to Section 5.2 of the Indenture, the amount of money or property collected
pursuant to Section 5.3 of the Indenture since the preceding Distribution Date by the Trust Collateral Agent or Controlling Party for distribution pursuant to Section 5.6 and Section 5.8 of the Indenture, (v) if the Distribution Date which
immediately follows such Collection Period is also the Mandatory Redemption Date, any Pre-Funded Amount to be deposited into the Collection Account on such Distribution Date pursuant to Section 5.7(b) hereof, (vi) the proceeds of any purchase or
sale of the assets of the Trust described in Section 10.1 hereof and (vii) any amounts received by the Trust Collateral Agent pursuant to the Swap Agreement with respect to the Class A-3-B Notes. 
  
 “Backup Servicer” means Systems & Services Technologies,
Inc. and any successors or assigns. 
  
 “Base Servicing
Fee” means, with respect to any Collection Period, the fee payable to the Servicer for services rendered during such Collection Period, which shall be equal to: (a) with respect to AmeriCredit Financial Inc., as Servicer, one-twelfth of the
Servicing Fee Rate multiplied by the Pool Balance as of the opening of business on the first day of such Collection Period, (b) with respect to the Backup Servicer as replacement Servicer, the amounts set forth in Schedule 1 to Annex A hereto or
such other amount agreed to in writing by the Insurer and the Backup Servicer, and (c) with respect to any other replacement Servicer, the amount agreed to by the Insurer in writing. 
  
 “Basic Documents” means this Agreement, the Certificate of Trust, the Trust Agreement, the Indenture, the
Spread Account Agreement, the Insurance Agreement, the Swap Agreement, the Custodian Agreement, and other documents and certificates delivered in connection therewith. 
  
 “Business Day” means any day other than (a) a Saturday or a Sunday, (b) a day on which the Insurer is
closed or (c) a day on which banking institutions in New York City, Fort Worth, Texas or in the city in which the corporate trust office of the Trustee under the Indenture or the Owner Trustee under the Trust Agreement is located are authorized or
obligated by law or executive order to be closed. 
  

 3 

 “Capitalized Interest Account” means the account designated as such, established and
maintained pursuant to Section 5.2. 
  
 “Capitalized
Interest Account Initial Deposit” means $596,726.98 deposited on the Closing Date. 
  
 “Certificate” means the trust certificate evidencing the beneficial interest of the Certificateholder in the Trust. 
  
 “Certificateholder” means the Person in whose name the Certificate is registered. 
  
 “Class” means the Class A-1 Notes, the Class A-2 Notes, the
Class A-3-A Notes, the Class A-3-B Notes or the Class A-4 Notes, as the context requires. 
  
 “Class A-1 Notes” has the meaning assigned to such term in the Indenture. 
  
 “Class A-2 Notes” has the meaning assigned to such term in the Indenture. 
  
 “Class A-3-A Notes” has the meaning assigned to such term in the Indenture. 
  
 “Class A-3-B Notes” has the meaning assigned to such term in
the Indenture. 
  
 “Class A-4 Notes” has the
meaning assigned to such term in the Indenture. 
  
 “Closing Date” means October 16, 2003. 
  
 “Collateral Agent” means JPMorgan Chase Bank, in its capacity as Collateral Agent under the Spread Account Agreement. 
  
 “Collateral Insurance” shall have the meaning set forth in Section 4.4(a). 
  
 “Collected Funds” means, with respect to any Collection Period, the amount of funds in the Collection
Account representing collections on the Receivables during such Collection Period, including all Net Liquidation Proceeds collected during such Collection Period (but excluding any Purchase Amounts). 
  
 “Collection Account” means the account designated as such,
established and maintained pursuant to Section 5.1. 
  
 “Collection Period” means, with respect to the first Distribution Date, the period beginning on the close of business on October 10, 2003 and ending on the close of business on October 31, 2003. With respect to each
subsequent Distribution Date, “Collection Period” means the period beginning on the close of business on the last day of the immediately preceding Collection Period and ending on the close of business on the last day of the immediately
preceding calendar month. Any amount stated “as of the close of business of the last day of a Collection Period” shall give effect to the following calculations as determined as of the end of the day on such last day: (i) all applications
of collections and (ii) all distributions. 
  

 4 

 “Collection Records” means all manually prepared or computer generated records relating
to collection efforts or payment histories with respect to the Receivables. 
  
 “Computer Tape” means the computer tapes or other electronic media furnished by the Servicer to the Issuer and the Insurer and its assigns describing certain characteristics of the Receivables as of
the Initial Cutoff Date or the related Subsequent Cutoff Date, as appropriate. 
  
 “Contract” means a motor vehicle retail installment sale contract or promissory note. 
  
 “Controlling Party” means the Insurer, so long as no Insurer Default shall have occurred and be continuing and the Trust Collateral Agent
for the benefit of the Noteholders, in the event an Insurer Default shall have occurred and be continuing. 
  
 “Corporate Trust Office” means (i) with respect to the Owner Trustee, the principal corporate trust office of the Owner Trustee, which at
the time of execution of this agreement is Rodney Square North, 1100 North Market Street, Wilmington, Delaware 19890-0001, Attention: Corporate Trust Administration, (ii) with respect to the Trustee, the Trust Collateral Agent and the Collateral
Agent, the principal office thereof at which at any particular time its corporate trust business shall be administered, which at the time of execution of this agreement is 4 New York Plaza, 6th Floor, New York, New York 10004, Attention:
Institutional Trust Services, AmeriCredit 2003-D-M. 
  
 “Cram Down Loss” means, with respect to a Receivable that has not become a Liquidated Receivable, if a court of appropriate jurisdiction in a proceeding related to an Insolvency Event shall have issued an order reducing the
amount owed on a Receivable or otherwise modifying or restructuring the Scheduled Receivables Payments to be made on a Receivable, an amount equal to (i) the excess of the principal balance of such Receivable immediately prior to such order over the
principal balance of such Receivable as so reduced and/or (ii) if such court shall have issued an order reducing the effective rate of interest on such Receivable, the excess of the principal balance of such Receivable immediately prior to such
order over the net present value (using as the discount rate the higher of the APR on such Receivable or the rate of interest, if any, specified by the court in such order) of the Scheduled Receivables Payments as so modified or restructured. A
“Cram Down Loss” shall be deemed to have occurred on the date of issuance of such order. 
  
 “Custodian” means AmeriCredit and any other Person named from time to time as custodian in any Custodian Agreement acting as agent for
the Trust Collateral Agent, which Person must be acceptable to the Controlling Party (the Custodian as of the Closing Date is acceptable to the Insurer as of the Closing Date). 
  
 “Custodian Agreement” means any Custodian Agreement from time to time in effect between the Custodian named
therein and the Trust Collateral Agent, as the same may be amended, supplemented or otherwise modified from time to time in accordance with the terms thereof, which Custodian Agreement and any amendments, supplements or modifications thereto shall
be acceptable to the Controlling Party (the Custodian Agreement which is effective on the Closing Date is acceptable to the Controlling Party). 

  

 5 

 “Dealer” means a dealer who sold a Financed Vehicle and who originated and assigned the
respective Receivable to AmeriCredit under a Dealer Agreement or pursuant to a Dealer Assignment. 
  
 “Dealer Agreement” means any agreement between a Dealer and AmeriCredit relating to the acquisition of Receivables from a Dealer by
AmeriCredit. 
  
 “Dealer Assignment” means, with
respect to a Receivable, the executed assignment executed by a Dealer conveying such Receivable to AmeriCredit. 
  
 “Deficiency Amount” means, for any Distribution Date, an amount equal to the excess, if any of (a) the sum, without duplication, of (i)
the Noteholders’ Interest Distributable Amount (net of any interest shortfall resulting from the application of the Soldier’s and Sailor’s Civil Relief Act of 1940, as amended or any similar state regulation or legislation), (ii) the
Noteholders’ Parity Deficit Amount for the related Distribution Date and (iii), if such Distribution Date was the Final Scheduled Distribution Date for any Class, the unpaid principal amount of such Class over (b) the sum of (i) the amount
actually deposited into the Note Distribution Account on such related Distribution Date (excluding amounts to be drawn under the Note Policy) and (ii) the Additional Funds Available, if any, for such Distribution Date. 
  
 “Deficiency Notice” shall have the meaning set forth in
Section 5.5. 
  
 “Delivery” when used with
respect to Trust Account Property means: 
  
 (a)
with respect to bankers’ acceptances, commercial paper, negotiable certificates of deposit and other obligations that constitute “instruments” within the meaning of Section 9-102(a)(47) of the UCC and are susceptible of physical
delivery, transfer thereof to the Trust Collateral Agent or its nominee or custodian by physical delivery to the Trust Collateral Agent or its nominee or custodian endorsed to, or registered in the name of, the Trust Collateral Agent or its nominee
or custodian or endorsed in blank, and, with respect to a certificated security (as defined in Section 8-102 of the UCC), transfer thereof (i) by delivery of such certificated security endorsed to, or registered in the name of, the Trust Collateral
Agent or its nominee or custodian or endorsed in blank to a financial intermediary (as defined in Section 8-313 of the UCC) and the making by such financial intermediary of entries on its books and records identifying such certificated securities as
belonging to the Trust Collateral Agent or its nominee or custodian and the sending by such financial intermediary of a confirmation of the purchase of such certificated security by the Trust Collateral Agent or its nominee or custodian, or (ii) by
delivery thereof to a “clearing corporation” (as defined in Section 8-102(3) of the UCC) and the making by such clearing corporation of appropriate entries on its books reducing the appropriate securities account of the transferor and
increasing the appropriate securities account of a financial intermediary by the amount of such certificated security, the identification by the clearing corporation of the certificated securities for the sole and exclusive account of the financial
intermediary, the 

  

 6 

 
maintenance of such certificated securities by such clearing corporation or a “custodian bank” (as defined in Section 8-102(4) of the UCC) or the
nominee of either subject to the clearing corporation’s exclusive control, the sending of a confirmation by the financial intermediary of the purchase by the Trust Collateral Agent or its nominee or custodian of such securities and the making
by such financial intermediary of entries on its books and records identifying such certificated securities as belonging to the Trust Collateral Agent or its nominee or custodian (all of the foregoing, “Physical Property”), and, in any
event, any such Physical Property in registered form shall be in the name of the Trust Collateral Agent or its nominee or custodian; and such additional or alternative procedures as may hereafter become appropriate to effect the complete transfer of
ownership of any such Trust Account Property to the Trust Collateral Agent or its nominee or custodian, consistent with changes in applicable law or regulations or the interpretation thereof; 
  
 (b) with respect to any security issued by the U.S.
Treasury, the Federal Home Loan Mortgage Corporation or by the Federal National Mortgage Association that is a book-entry security held through the Federal Reserve System pursuant to federal book-entry regulations, the following procedures, all in
accordance with applicable law, including applicable Federal regulations and Articles 8 and 9 of the UCC: book-entry registration of such Trust Account Property to an appropriate book-entry account maintained with a Federal Reserve Bank by a
financial intermediary which is also a “depository” pursuant to applicable Federal regulations and issuance by such financial intermediary of a deposit advice or other written confirmation of such book-entry registration to the Trust
Collateral Agent or its nominee or custodian of the purchase by the Trust Collateral Agent or its nominee or custodian of such book-entry securities; the making by such financial intermediary of entries in its books and records identifying such
book-entry security held through the Federal Reserve System pursuant to Federal book-entry regulations as belonging to the Trust Collateral Agent or its nominee or custodian and indicating that such custodian holds such Trust Account Property solely
as agent for the Trust Collateral Agent or its nominee or custodian; and such additional or alternative procedures as may hereafter become appropriate to effect complete transfer of ownership of any such Trust Account Property to the Trust
Collateral Agent or its nominee or custodian, consistent with changes in applicable law or regulations or the interpretation thereof; and 
  
 (c) with respect to any item of Trust Account Property that is an uncertificated security under Article 8 of the UCC and that is not
governed by clause (b) above, registration on the books and records of the issuer thereof in the name of the financial intermediary, the sending of a confirmation by the financial intermediary of the purchase by the Trust Collateral Agent or its
nominee or custodian of such uncertificated security, the making by such financial intermediary of entries on its books and records identifying such uncertificated certificates as belonging to the Trust Collateral Agent or its nominee or custodian.

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

 7 

 “Determination Date” means, with respect to any Collection Period the second Business
Day preceding the Distribution Date in the next calendar month and with respect to the first Distribution Date, November 4, 2003. 
  
 “Distribution Date” means, with respect to each Collection Period, the sixth day of the following calendar month, or, if such day is not
a Business Day, the immediately following Business Day, commencing November 6, 2003. 
  
 “Draw Date” means, with respect to any Distribution Date, the second Business Day immediately preceding such Distribution Date. 
  
 “Electronic Ledger” means the electronic master record of the retail installment sales contracts or
installment loans of the Servicer. 
  
 “Eligible Deposit
Account” means a segregated trust account with the corporate trust department of a depository institution acceptable to the Insurer organized under the laws of the United States of America or any one of the states thereof or the District of
Columbia (or any domestic branch of a foreign bank), having corporate trust powers and acting as trustee for funds deposited in such account, so long as any of the securities of such depository institution have a credit rating from each Rating
Agency in one of its generic rating categories which signifies investment grade. 
  
 “Eligible Investments” mean book-entry securities, negotiable instruments or securities represented by instruments in bearer or registered form which evidence: 
  
 (a) direct obligations of, and obligations fully guaranteed
as to timely payment by, the United States of America; 
  
 (b) demand deposits, time deposits or certificates of deposit of any depository institution or trust company incorporated under the laws of the United States of America or any state thereof or the District of Columbia (or any domestic
branch of a foreign bank) and subject to supervision and examination by federal or state banking or depository institution authorities (including depository receipts issued by any such institution or trust company as custodian with respect to any
obligation referred to in clause (a) above or portion of such obligation for the benefit of the holders of such depository receipts); provided, however, that at the time of the investment or contractual commitment to invest therein (which shall be
deemed to be made again each time funds are reinvested following each Distribution Date), the commercial paper or other short-term senior unsecured debt obligations (other than such obligations the rating of which is based on the credit of a Person
other than such depository institution or trust company) of such depository institution or trust company shall have a credit rating from Standard & Poor’s of A-1+ and from Moody’s of Prime-1; 
  
 (c) commercial paper and demand notes investing solely in
commercial paper having, at the time of the investment or contractual commitment to invest therein, a rating from Standard & Poor’s of A-1+ and from Moody’s of Prime-1; 
  

 8 

 (d) investments in money market funds (including funds for which the Trust Collateral
Agent or the Owner Trustee in each of their individual capacities or any of their respective Affiliates is investment manager, controlling party or advisor) having a rating from Standard & Poor’s of AAA-m or AAAm-G and from Moody’s of
Aaa and having been approved by the Insurer; 
  
 (e) bankers’ acceptances issued by any depository institution or trust company referred to in clause (b) above; 
  
 (f) repurchase obligations with respect to any security that is a direct obligation of, or fully guaranteed by, the United States of
America or any agency or instrumentality thereof the obligations of which are backed by the full faith and credit of the United States of America, in either case entered into with a depository institution or trust company (acting as principal)
referred to in clause (b) above; 
  
 (g) any
other investment which would satisfy the Rating Agency Condition and is consistent with the ratings of the Securities and which, so long as no Insurer Default shall have occurred and be continuing, has been approved by the Insurer, or any other
investment that by its terms converts to cash within a finite period, if the Rating Agency Condition is satisfied with respect thereto; and 
  
 (h) cash denominated in United States dollars. 
  
 Any of the foregoing Eligible Investments may be purchased by or through the Owner Trustee or the Trust Collateral Agent or any of their respective
Affiliates. 
  
 “FDIC” means the Federal Deposit
Insurance Corporation. 
  
 “Final Scheduled Distribution
Date” means with respect to (i) the Class A-1 Notes, the October 6, 2004 Distribution Date, (ii) the Class A-2 Notes, the April 6, 2007 Distribution Date, (iii) the Class A-3-A Notes, the December 6, 2007 Distribution Date, (iv) the Class
A-3-B Notes, the December 6, 2007 Distribution Date and (v) the Class A-4 Notes, the August 6, 2010 Distribution Date. 
  
 “Financed Vehicle” means an automobile or light-duty truck, van or minivan, together with all accessions thereto, securing an
Obligor’s indebtedness under the respective Receivable. 
  
 “Fitch” means Fitch Ratings, or its successor. 
  
 “Force-Placed Insurance” has the meaning ascribed thereto in Section 4.4 hereof. 
  
 “Funding Period” means the period beginning on and including the Closing Date and ending on the first to occur of (a) the first date on
which the amount on deposit in the Pre-Funding Account (after giving effect to any transfers therefrom in connection with the transfer of Subsequent Receivables to the Issuer on such date) is less than $100,000, (b) the date on which an Event of
Default or a Servicer Termination Event occurs and (c) January 16, 2004. 
  
 “Indenture” means the Indenture dated as of October 10, 2003, between the Issuer and JPMorgan Chase Bank, as Trust Collateral Agent and Trustee, as the same may be amended and supplemented from time
to time. 
  

 9 

 “Initial Cutoff Date” means October 10, 2003. 
  
 “Initial Other Conveyed Property” means all property
conveyed by the Seller to the Trust pursuant to Section 2.1(b) through (j) of this Agreement. 
  
 “Initial Receivables” means the Receivables conveyed to the Trust on the Closing Date. 
  
 “Insolvency Event” means, with respect to a specified Person, (a) the filing of a petition against such Person or the entry of a decree
or order for relief by a court having jurisdiction in the premises in respect of such Person or any substantial part of its property in an involuntary case under any applicable federal or state bankruptcy, insolvency or other similar law now or
hereafter in effect, or appointing a receiver, liquidator, assignee, custodian, trustee, sequestrator, or similar official for such Person or for any substantial part of its property, or ordering the winding-up or liquidation or such Person’s
affairs, and such petition, decree or order shall remain unstayed and in effect for a period of 60 consecutive days; or (b) the commencement by such Person of a voluntary case under any applicable federal or state bankruptcy, insolvency or other
similar law now or hereafter in effect, or the consent by such Person to the entry of an order for relief in an involuntary case under any such law, or the consent by such Person to the appointment of or taking possession by, a receiver, liquidator,
assignee, custodian, trustee, sequestrator, or similar official for such Person or for any substantial part of its property, or the making by such Person of any general assignment for the benefit of creditors, or the failure by such Person generally
to pay its debts as such debts become due, or the taking of action by such Person in furtherance of any of the foregoing. 
  
 “Insurance Add-On Amount” means the premium charged to the Obligor in the event that the Servicer obtains Force-Placed Insurance pursuant
to Section 4.4. 
  
 “Insurance Agreement” means
the Insurance Agreement, dated as of October 10, 2003, among the Insurer, the Trustee, the Trust Collateral Agent, the Collateral Agent, the Trust, the Seller, the Servicer, the Custodian, the Backup Servicer and AmeriCredit, as the same may be
amended or supplemented from time to time. 
  
 “Insurance
Agreement Event of Default” means an “Insurance Agreement Event of Default” as defined in the Insurance Agreement. 
  
 “Insurance Policy” means, with respect to a Receivable, any insurance policy (including the insurance policies described in Section 4.4
hereof) benefiting the holder of the Receivable providing loss or physical damage, credit life, credit disability, theft, mechanical breakdown or similar coverage with respect to the Financed Vehicle or the Obligor. 
  
 “Insurer” means MBIA Insurance Corporation, a New York stock
insurance company, or any successor thereto, as issuer of the Note Policy and the Swap Provider Policy. 
  
 “Insurer Default” means the occurrence and continuance of any of the following events: 
  
 (a) the Insurer shall have failed to make a payment required
under the Note Policy in accordance with its terms; 
  

 10 

 (b) the Insurer shall have (i) filed a petition or commenced any case or proceeding under
any provision or chapter of the United States Bankruptcy Code or any other similar federal or state law relating to insolvency, bankruptcy, rehabilitation, liquidation or reorganization, (ii) made a general assignment for the benefit of its
creditors, or (iii) had an order for relief entered against it under the United States Bankruptcy Code or any other similar federal or state law relating to insolvency, bankruptcy, rehabilitation, liquidation or reorganization which is final and
nonappealable; or 
  
 (c) a court of competent
jurisdiction, the New York Department of Insurance or other competent regulatory authority shall have entered a final and nonappealable order, judgment or decree (i) appointing a custodian, trustee, agent or receiver for the Insurer or for all or
any material portion of its property or (ii) authorizing the taking of possession by a custodian, trustee, agent or receiver of the Insurer (or the taking of possession of all or any material portion of the property of the Insurer). 
  
 “Insurer Optional Deposit” means, with respect to any
Distribution Date, an amount delivered by the Insurer pursuant to Section 5.11, at its sole option, other than amounts in respect of an Insured Payment (as defined in the Note Policy), to the Trust Collateral Agent for deposit into the Collection
Account for any of the following purposes: (i) to provide funds in respect of the payment of fees or expenses of any provider of services to the Trust with respect to such Distribution Date; or (ii) to include such amount as part of the Additional
Funds Available for such Distribution Date to the extent that without such amount a draw would be required to be made on the Note Policy. 
  
 “Interest Period” means, with respect to any Distribution Date, the period from and including the most recent Distribution Date on which
interest has been paid (or in the case of the first Distribution Date, from and including the Closing Date) to, but excluding, the following Distribution Date. In the case of the first Distribution Date, the Interest Period shall be 21 days for the
Class A-1 Notes and Class A-3-B Notes and 20 days for the Class A-2 Notes, Class A-3-A Notes and Class A-4 Notes. 
  
 “Interest Rate” means, with respect to (i) the Class A-1 Notes, 1.12% per annum (computed on the basis of a 360-day year and the actual
number of days elapsed in the applicable Interest Period), (ii) the Class A-2 Notes, 1.44% per annum (computed on the basis of a 360-day year consisting of twelve 30-day months), (iii) the Class A-3-A Notes, 2.14% per annum (computed on the basis of
a 360-day year consisting of twelve 30-day months), (iv) the Class A-3-B Notes, LIBOR plus 0.22% per annum (computed on the basis of a 360-day year and the actual number of days elapsed in the applicable Interest Period) and (v) the Class A-4 Notes,
2.84% per annum (computed on the basis of a 360-day year consisting of twelve 30-day months). 
  
 “Investment Earnings” means, with respect to any date of determination and Trust Account, the investment earnings on amounts on deposit in such Trust Account on such date. 
  
 “Issuer” means AmeriCredit Automobile Receivables Trust
2003-D-M. 
  

 11 

 “LIBOR” has the meaning set forth in Section 5.12 hereof. 
  
 “Lien” means a security interest, lien, charge, pledge,
equity, or encumbrance of any kind, other than tax liens, mechanics’ liens and any liens that attach to the respective Receivable by operation of law as a result of any act or omission by the related Obligor. 
  
 “Lien Certificate” means, with respect to a Financed
Vehicle, an original certificate of title, certificate of lien or other notification issued by the Registrar of Titles of the applicable state to a secured party which indicates that the lien of the secured party on the Financed Vehicle is recorded
on the original certificate of title. In any jurisdiction in which the original certificate of title is required to be given to the Obligor, the term “Lien Certificate” shall mean only a certificate or notification issued to a secured
party. 
  
 “Liquidation Proceeds” means, with
respect to a Liquidated Receivable, all amounts realized with respect to such Receivable (other than amounts withdrawn from the Spread Account and drawings under the Note Policy or the Swap Provider Policy), and, with respect to a Sold Receivable,
the related Sale Amount. 
  
 “Liquidated
Receivable” means, with respect to any Collection Period, a Receivable (i) as to which 90 days have elapsed since the Servicer repossessed the Financed Vehicle provided, however, that in no case shall 10% or more of a Scheduled Receivables
Payment have become 210 or more days delinquent in the case of a repossessed Financed Vehicle and which is not a Sold Receivable, (ii) as to which the Servicer has determined in good faith that all amounts it expects to recover have been received
and which is not a Sold Receivable, (iii) as to which 10% or more of a Scheduled Receivables Payment shall have become 120 or more days delinquent, except in the case of a repossessed Financed Vehicle, and which is not a Sold Receivable or (iv) that
is a Sold Receivable. 
  
 “Lockbox Account” means
an account maintained on behalf of the Trust Collateral Agent by the Lockbox Bank pursuant to Section 4.2(d). 
  
 “Lockbox Agreement” means the Tri-Party Remittance Processing Agreement, dated as of October 10, 2003, by and among AmeriCredit, Bank
One, NA and the Trust Collateral Agent, as such agreement may be amended or supplemented from time to time, unless the Trust Collateral Agent shall cease to be a party thereunder, or such agreement shall be terminated in accordance with its terms,
in which event “Lockbox Agreement” shall mean such other agreement, in form and substance acceptable to the Controlling Party, among the Servicer, the Trust Collateral Agent and the Lockbox Bank. 
  
 “Lockbox Bank” means a depository institution named by the
Servicer and acceptable to the Controlling Party. 
  
 “Mandatory Redemption Date” means the earlier of (i) the Distribution Date in the month following the month in which the last day of the Funding Period occurs or (ii) the Distribution Date in February 2004. 
  

 12 

 “Monthly Capitalized Interest Amount” means in the case of the Distribution Dates
occurring in November 2003, December 2003, January 2004 and February 2004, an amount equal to (i) the product of (x) a fraction the numerator of which is the actual number of days elapsed in the related Interest Period or in the case of the final
Subsequent transfer date, the number of days from and including the previous Distribution Date to, but excluding the final Subsequent Transfer Date and the denominator of which is 360, (y) the weighted average of each Interest Rate and (z) the
difference between (A) the aggregate principal amount of the Notes immediately prior to the related Distribution Date and (B) the Pool Balance as of the last day of the second preceding Collection Period, or, in the case of the November 2003
Distribution Date, as of the Closing Date, plus (ii) the Premium paid to the Insurer for such Distribution Date allocable to the balance in the Pre-Funding Account at the beginning of the related Collection Period, minus (iii) the sum of the
Pre-Funding Earnings and Investment Earnings on amounts on deposit in the Capitalized Interest Account for such Distribution Date. 
  
 “Minimum Sale Price” means (i) with respect to a Receivable (x) that has become 60 to 210 days delinquent or (y) that has become greater
than 210 days delinquent and with respect to which the related Financed Vehicle has been repossessed by the Servicer and has not yet been sold at auction, the greater of (A) 55% multiplied by the Principal Balance of such Receivable and (B) the
product of the three month rolling average recovery rate (expressed as a percentage) for the Servicer in its liquidation of all receivables for which it acts as servicer, either pursuant to this Agreement or otherwise, multiplied by the Principal
Balance of such Receivable or (ii) with respect to a Receivable (x) with respect to which the related Financed Vehicle has been repossessed by the Servicer and has been sold at auction or (y) that has become greater than 210 days delinquent and with
respect to which the related Financed Vehicle has not been repossessed by the Servicer, $1. 
  
 “Monthly Extension Rate” means, with respect to any Accounting Date, the fraction, expressed as a percentage, the numerator of which is the aggregate Principal Balance of Receivables whose payments
are extended during the related Collection Period and the denominator of which is the aggregate Principal Balance of Receivables as of the immediately preceding Accounting Date. 
  
 “Monthly Records” means all records and data maintained by the Servicer with respect to the Receivables,
including the following with respect to each Receivable: the account number; the originating Dealer; Obligor name; Obligor address; Obligor home phone number; Obligor business phone number; original Principal Balance; original term; Annual
Percentage Rate; current Principal Balance; current remaining term; origination date; first payment date; final scheduled payment date; next payment due date; date of most recent payment; new/used classification; collateral description; days
currently delinquent; number of contract extensions (months) to date; amount of Scheduled Receivables Payment; current Insurance Policy expiration date; and past due late charges. 
  
 “Moody’s” means Moody’s Investors Service, or its successor. 
  
 “Net Liquidation Proceeds” means, with respect to a
Liquidated Receivable Liquidation Proceeds net of (i) reasonable expenses incurred by the Servicer in connection with the collection of such Receivable and the repossession and disposition of the Financed Vehicle and (ii) amounts that are required
to be refunded to the Obligor on such Receivable; provided, however, that the Net Liquidation Proceeds with respect to any Receivable shall in no event be less than zero. 

  

 13 

 “Note Distribution Account” means the account designated as such, established and
maintained pursuant to Section 5.1. 
  
 “Note
Majority” means a majority by principal amount of the Noteholders. 
  
 “Note Policy” means the financial guaranty insurance policy issued by the Insurer to the Trustee, for the benefit of the Noteholders. 
  
 “Note Pool Factor” for each Class of Notes as of the close of business on any date of determination means a
seven-digit decimal figure equal to the outstanding principal amount of such Class of Notes divided by the original outstanding principal amount of such Class of Notes. 
  
 “Note Prepayment Amount” means, as of the Distribution Date on or immediately following the last day of the
Funding Period, after giving effect to any transfer of Subsequent Receivables on such date, an amount equal to the Noteholders’ pro rata share (based on the respective current outstanding principal balance of each Class of Notes) of the
Pre-Funded Amount as of such Distribution Date; provided, that if the aggregate remaining amount in the Pre-Funding Account is $100,000 or less, such amount will be applied exclusively to reduce the outstanding principal balance of the Class
of Notes then entitled to receive distributions of principal. 
  
 “Noteholders’ Accelerated Principal Amount” means, with respect to any Distribution Date, the Noteholders’ Percentage of the Accelerated Principal Amount on such Distribution Date, if any. 
  
 “Noteholders’ Distributable Amount” means, with respect
to any Distribution Date, the sum of the Noteholders’ Principal Distributable Amount and the Noteholders’ Interest Distributable Amount. 
  
 “Noteholders’ Interest Carryover Amount” means, with respect to any Class of Notes and any date of determination, all or any portion
of the Noteholders’ Monthly Interest Distributable Amount for the immediately preceding Distribution Date and any outstanding Noteholders’ Interest Carryover Amount on such immediately preceding Distribution Date, which remains unpaid as
of such date of determination, plus interest on such unpaid amount, to the extent permitted by law, at the respective Interest Rate borne by each Class of Notes from such immediately preceding Distribution Date to but excluding such date of
determination. 
  
 “Noteholders’ Interest
Distributable Amount” means, with respect to any Distribution Date and Class of Notes, the sum of the Noteholders’ Monthly Interest Distributable Amount for such Distribution Date and Class of Notes and the Noteholders’ Interest
Carryover Amount, if any for such Distribution Date and such Class. Interest on the Class A-1 Notes and Class A-3-B Notes shall be computed on the basis of a 360-day year and the actual number of days elapsed in the applicable Interest Period.
Interest on the Class A-2 Notes, Class A-3-A Notes and Class A-4 Notes shall be computed on the basis of a 360-day year consisting of twelve 30-day months. 
  

 14 

 “Noteholders’ Monthly Interest Distributable Amount” means, with respect to any
Distribution Date and any Class of Notes, interest accrued at the respective Interest Rate during the applicable Interest Period on the principal amount of the Notes of such Class outstanding as of the end of the prior Distribution Date (or, in the
case of the first Distribution Date, as of the Closing Date), calculated (x) for the Class A-1 and Class A-3-B Notes on the basis of a 360-day year and the actual number of days elapsed in the applicable Interest Period and (y) for the Class A-2,
Class A-3-A and Class A-4 Notes on the basis of a 360-day year consisting of twelve 30-day months. 
  
 “Noteholders’ Monthly Principal Distributable Amount” means, with respect to any Distribution Date, the Noteholders’ Percentage
of the Principal Distributable Amount. 
  
 “Noteholders’ Parity Deficit Amount” means, with respect to any Distribution Date, the excess, if any, of (x) the aggregate remaining principal balance of the Notes outstanding on such Distribution Date, after giving
effect to all reductions in such aggregate principal balance from sources other than (i) the Spread Account and (ii) the Note Policy over (y) the sum of the Pool Balance and the Pre-Funded Amount at the end of the prior calendar month. 

 
 “Noteholders’ Percentage” means with respect to any
Determination Date (i) relating to a Distribution Date prior to the Distribution Date on which the principal amount of the Notes is reduced to zero, 100%; (ii) relating to the Distribution Date on which the principal amount of the Notes is reduced
to zero, the percentage equivalent of a fraction, the numerator of which is the outstanding principal balance of the Notes that remain unpaid immediately prior to such Distribution Date, and the denominator of which is the Principal Distributable
Amount; and (iii) relating to any other Distribution Date, 0%. 
  
 “Noteholders’ Principal Carryover Amount” means, as of any date of determination, all or any portion of the Noteholders’ Monthly Principal Distributable Amount and any outstanding Noteholders’ Principal
Carryover Amount from the preceding Distribution Date which remains unpaid as of such date of determination. 
  
 “Noteholders’ Principal Distributable Amount” means, with respect to any Distribution Date, (other than the Final Scheduled
Distribution Date for any Class of Notes), the sum of the Noteholders’ Monthly Principal Distributable Amount for such Distribution Date and the Noteholders’ Principal Carryover Amount, if any, as of the close of the preceding Distribution
Date. The Noteholders’ Principal Distributable Amount on the Final Scheduled Distribution Date for any Class of Notes will equal the sum of (i) the Noteholders’ Monthly Principal Distributable Amount for such Distribution Date, (ii) the
Noteholders’ Principal Carryover Amount as of the such Distribution Date, and (iii) the excess of the outstanding principal amount of such Class of Notes, if any, over the amounts described in clauses (i) and (ii). 
  
 “Obligor” on a Receivable means the purchaser or
co-purchasers of the Financed Vehicle and any other Person who owes payments under the Receivable. 
  

 15 

 “Officers’ Certificate” means a certificate signed by the chairman of the board,
the president, any executive vice president or any vice president, any treasurer, assistant treasurer, secretary or assistant secretary of the Seller or the Servicer, as appropriate. 
  
 “Opinion of Counsel” means a written opinion of counsel reasonably acceptable to the Insurer, which opinion
is satisfactory in form and substance to the Trust Collateral Agent and, if such opinion or a copy thereof is required by the provisions of this Agreement to be delivered to the Insurer, to the Insurer. 
  
 “Original Pool Balance” means the sum, as of any date, of
the Pool Balance as of the Initial Cutoff Date, plus the aggregate Principal Balance of the Subsequent Receivables, if any, sold to the Trust, as of their respective Subsequent Cutoff Dates. 
  
 “Other Conveyed Property” means the Initial Other Conveyed
Property and the Subsequent Other Conveyed Property. 
  
 “Overfunded Capitalized Interest Amount” means: 
  
 On the Distribution Date on or following the end of the Funding Period, the amount on deposit in the Capitalized Interest Account on such Distribution Date (after giving effect to the transfer of the Monthly
Capitalized Interest Amount to the Collection Account on such date). 
  
 “Owner Trust Estate” has the meaning assigned to such term in the Trust Agreement. 
  
 “Owner Trustee” means Wilmington Trust Company, not in its individual capacity but solely as Owner Trustee under the Trust Agreement, its
successors in interest or any successor Owner Trustee under the Trust Agreement. 
  
 “Person” means any individual, corporation, estate, partnership, joint venture, association, joint stock company, trust (including any beneficiary thereof), unincorporated organization or government
or any agency or political subdivision thereof. 
  
 “Physical Property” has the meaning assigned to such term in the definition of “Delivery” above. 
  
 “Pool Balance” means, as of any date of determination, the aggregate Principal Balance of the Receivables (excluding Purchased
Receivables and Liquidated Receivables). 
  
 “Pre-Funded
Amount” means, with respect to any Distribution Date, the amount on deposit in the Pre-Funding Account, (exclusive of Pre-Funding Earnings) which initially shall be $101,996,410.99 
  
 “Pre-Funding Account” has the meaning specified in Section
5.1. 
  
 “Pre-Funding Earnings” means any
Investment Earnings on amounts on deposit in the Pre-Funding Account. 
  

 16 

 “Preliminary Determination Date” means, with respect to any Collection Period, the
second Business Day preceding the Distribution Date in the next calendar month. 
  
 “Preliminary Servicer’s Certificate” means an Officers’ Certificate of the Servicer delivered pursuant to Section 4.9(a), substantially in the form of Exhibit C. 
  
 “Prepayment Amount” means the amount deposited in the
Collection Account from the Pre-Funding Account on the Mandatory Redemption Date pursuant to Section 5.7(a)(ii) hereof. 
  
 “Principal Balance” means, with respect to any Receivable, as of any date, the sum of (x) the Amount Financed minus (i) that portion of
all amounts received on or prior to such date and allocable to principal in accordance with the terms of the Receivable and (ii) any Cram Down Loss in respect of such Receivable plus (y) the accrued and unpaid interest on such Receivable.

  
 “Principal Distributable Amount” means, with
respect to any Distribution Date, the amount equal to the excess, if any, of (x) the sum of (i) the principal portion of all Collected Funds received during the immediately preceding Collection Period (other than Liquidated Receivables and Purchased
Receivables), (ii) the Principal Balance of all Receivables that became Liquidated Receivables during the related Collection Period (other than Purchased Receivables), (iii) the principal portion of the Purchase Amounts received with respect to all
Receivables that became Purchased Receivables during the related Collection Period, (iv) in the sole discretion of the Insurer, the Principal Balance of all the Receivables that were required to be purchased pursuant to Sections 3.2 and 4.7, during
such Collection Period but were not purchased, (v) the aggregate amount of Cram Down Losses that shall have occurred during the related Collection Period; and (vi) following the acceleration of the Notes pursuant to Section 5.2 of the Indenture, the
amount of money or property collected pursuant to Section 5.4 of the Indenture since the preceding Determination Date by the Trust Collateral Agent or Controlling Party for distribution pursuant to Section 5.7 hereof over (y) the Step-Down Amount,
if any, for such Distribution Date. 
  
 “Pro Forma Note
Balance” means, with respect to any Distribution Date, the aggregate remaining principal balance of the Notes outstanding on such Distribution Date, after giving effect to distributions pursuant to clauses (i) through (vi) of Section 5.7(b)
hereof. 
  
 “Purchase Agreement” means the
Purchase Agreement between the Seller and AmeriCredit, dated as of October 10, 2003, pursuant to which the Seller acquired the Initial Receivables, as such Agreement may be amended from time to time. 
  
 “Purchase Amount” means, with respect to a Purchased
Receivable, the Principal Balance and all accrued and unpaid interest on the Purchased Receivable, after giving effect to the receipt of any moneys collected (from whatever source) on such Purchased Receivable, if any. 
  
 “Purchased Receivable” means a Receivable purchased as of
the close of business on the last day of a Collection Period by the Servicer pursuant to Sections 4.2, 4.4, or 4.7 or repurchased by the Seller or the Servicer pursuant to Section 3.2 or Section 10.1(a). 
  

 17 

 “Rating Agency” means Moody’s, Standard & Poor’s and Fitch. If no such
organization or successor maintains a rating on the Securities, “Rating Agency” shall be a nationally recognized statistical rating organization or other comparable Person designated by the Seller and acceptable to the Insurer (so
long as an Insurer Default shall not have occurred and be continuing), notice of which designation shall be given to the Trust Collateral Agent, the Owner Trustee and the Servicer. 
  
 “Rating Agency Condition” means, with respect to any action, that each of Moody’s and Standard and
Poor’s shall have been given 10 days’ (or such shorter period as shall be acceptable to each of Moody’s and Standard and Poor’s) prior notice thereof and that each of Moody’s and Standard and Poor’s shall have notified
the Seller, the Servicer, the Insurer, the Owner Trustee and the Trust Collateral Agent in writing that such action will not result in a reduction or withdrawal of the then current rating of any Class of Notes, without taking into account the
presence of the Note Policy. 
  
 “Realized
Losses” means, with respect to any Receivable that becomes a Liquidated Receivable, the excess of the Principal Balance of such Liquidated Receivable over Net Liquidation Proceeds to the extent allocable to principal. 
  
 “Receivables” means the Initial Receivables listed on
Schedule A attached hereto and the Subsequent Receivables listed on Schedule A to each Subsequent Transfer Agreement (which Schedules may be in the form of microfiche or a disk). 
  
 “Receivable Files” means the documents specified in Section 3.3. 
  
 “Record Date” means, with respect to each Distribution Date,
the Business Day immediately preceding such Distribution Date, unless otherwise specified in the Agreement. 
  
 “Registrar of Titles” means, with respect to any state, the governmental agency or body responsible for the registration of, and the
issuance of certificates of title relating to, motor vehicles and liens thereon. 
  
 “Required Pro Forma Note Balance” means, with respect to any Distribution Date, a dollar amount equal to the product of (x) the difference between (i) 100% and (ii) the “Overcollateralization
Amount” (as defined in the Spread Account Agreement), as the same may step down over time in accordance with the terms of the Spread Account Agreement (which difference will initially equal 83.5%) and (y) the Pool Balance as of the end of the
prior calendar month. 
  
 “Requisite Amount” has
the meaning specified in the Spread Account Agreement. 
  
 “Sale Amount” means, with respect to any Sold Receivable, the amount received from the related third-party purchaser as payment for such Sold Receivable. 
  
 “Schedule of Receivables” means the schedule of all motor vehicle retail installment sales contracts and
promissory notes originally held as part of the Trust which is attached as Schedule A, as shall be amended to reflect the transfer of Subsequent Receivables to the Trust (which Schedule may be in the form of microfiche or a disk). 
  

 18 

 “Schedule of Representations” means the Schedule of Representations and Warranties
attached hereto as Schedule B. 
  
 “Scheduled Receivables
Payment” means, with respect to any Collection Period for any Receivable, the amount set forth in such Receivable as required to be paid by the Obligor in such Collection Period. If after the Closing Date, the Obligor’s obligation
under a Receivable with respect to a Collection Period has been modified so as to differ from the amount specified in such Receivable as a result of (i) the order of a court in an insolvency proceeding involving the Obligor, (ii) pursuant to the
Soldiers’ and Sailors’ Civil Relief Act of 1940 or (iii) modifications or extensions of the Receivable permitted by Section 4.2(b), the Scheduled Receivables Payment with respect to such Collection Period shall refer to the Obligor’s
payment obligation with respect to such Collection Period as so modified. 
  
 “Seller” means AFS SenSub Corp., a Nevada corporation, and its successors in interest to the extent permitted hereunder. 
  
 “Service Contract” means, with respect to a Financed Vehicle, the agreement, if any, financed under the
related Receivable that provides for the repair of such Financed Vehicle. 
  
 “Servicer” means AmeriCredit Financial Services, Inc., as the servicer of the Receivables, and each replacement Servicer pursuant to Section 9.3. 
  
 “Servicer Termination Event” means an event specified in
Section 9.1. 
  
 “Servicer’s Certificate”
means an Officers’ Certificate of the Servicer delivered pursuant to Section 4.9(b), substantially in the form of Exhibit B. 
  
 “Servicing Fee” has the meaning specified in Section 4.8. 
  
 “Servicing Fee Rate” means 2.25% per annum. 
  
 “Simple Interest Method” means the method of allocating a fixed level payment on an obligation between
principal and interest, pursuant to which the portion of such payment that is allocated to interest is equal to the product of the fixed rate of interest on such obligation multiplied by the period of time (expressed as a fraction of a year, based
on the actual number of days in the calendar month and 365 days in the calendar year) elapsed since the preceding payment under the obligation was made. 
  
 “Sold Receivable” means a Receivable that was more than 60 days delinquent and was sold to an unaffiliated third party by the Issuer, at
the Servicer’s direction, as of the close of business on the last day of a collection period and in accordance with the provisions of Section 4.3(c) hereof. 
  
 “Spread Account” means the account designated as such, established and maintained pursuant to the Spread
Account Agreement. 
  
 “Spread Account Agreement”
means the Spread Account Agreement dated as of October 10, 2003, among the Insurer, the Issuer, the Trustee, the Trust Collateral Agent and the Collateral Agent, as the same may be modified, supplemented or otherwise amended in accordance with the
terms thereof. 
  

 19 

 “Spread Account Claim Amount” means with respect to any Determination Date, after taking
into account the application on the related Distribution Date of the Available Funds for the related Collection Period, an amount equal to the sum of, without duplication, (i) any shortfall in the payment of the full amounts described in clauses (i)
through (v) of Section 5.7(b) herein, (ii) the Noteholders’ Parity Deficit Amount, if any, for such Distribution Date and (iii) if the related Distribution Date is the Final Scheduled Distribution Date of any Class, any remaining outstanding
principal balance of such Class, to the extent that such amount is available on the related Distribution Date in accordance with the terms of the Spread Account Agreement; provided, however, that following an acceleration of the Notes
pursuant to Section 5.2 of the Indenture, the Spread Account Claim Amount shall equal the excess, if any, of (i) the amounts payable pursuant to priorities First through Fourth of Section 5.6(a) of the Indenture on the Distribution Date minus (ii)
the Available Funds for such Distribution Date, to the extent that such amounts are available on the related Distribution Date in accordance with the terms of the Spread Account Agreement. 
  
 “Spread Account Claim Date” means, with respect to any
Distribution Date, the second Business Day immediately preceding such Distribution Date. 
  
 “Spread Account Initial Deposit” means an amount equal to 2.0% of the aggregate principal balance of the Receivables on the Closing Date (which is equal to $24,000,078.45). 
  
 “Standard & Poor’s” means Standard &
Poor’s, a Division of The McGraw-Hill Companies, Inc., or its successor. 
  
 “Step-Down Amount” means, with respect to any Distribution Date, the excess, if any, of (x) the Required Pro Forma Note Balance over (y) the Pro Forma Note Balance on such Distribution Date,
calculated for this purpose only without deduction for any Step-Down Amount (i.e., assuming that the entire amount described in clause (x) of the definition of “Principal Distributable Amount” is distributed as principal on the Notes).

  
 “Subsequent Cutoff Date” means the date
specified in the related Subsequent Transfer Agreement; provided, however, that such date shall be on or before the related Subsequent Transfer Date. 
  
 “Subsequent Other Conveyed Property” means all property conveyed by the Seller to the Trust pursuant to
Section 2.2(a)(ii) through (a)(x) of this Agreement and the related Subsequent Transfer Agreement. 
  
 “Subsequent Purchase Agreement” means an agreement by and between the Seller and AmeriCredit pursuant to which the Seller will acquire
Receivables to be transferred by the Seller to the Issuer as Subsequent Receivables. 
  
 “Subsequent Receivables” means the Receivables transferred to the Issuer pursuant to Section 2.2, which shall be listed on Schedule A to the related Subsequent Transfer Agreement. 
  

 20 

 “Subsequent Spread Account Deposit” means, with respect to each Subsequent Transfer
Date, an amount equal to the lesser of (i) 2.0% of the aggregate principal balance of Subsequent Receivables as of the related Subsequent Cutoff Date and (ii) the amount necessary to cause the Requisite Amount to be on deposit in the Spread Account,
in each case transferred to the Trust on such Subsequent Transfer Date from amounts released from the Pre-Funding Account. 
  
 “Subsequent Transfer Agreement” means the agreement among the Issuer, the Seller and the Servicer, substantially in the form of Exhibit
A. 
  
 “Subsequent Transfer Date” means, with
respect to Subsequent Receivables, any date, occurring not more frequently than once a month, during the Funding Period on which Subsequent Receivables are to be transferred to the Trust pursuant to this Agreement, and a Subsequent Transfer
Agreement is executed and delivered to the Trust. 
  
 “Supplemental Servicing Fee” means, with respect to any Collection Period, all administrative fees, expenses and charges paid by or on behalf of Obligors, including late fees, prepayment fees and liquidation fees collected
on the Receivables during such Collection Period but excluding any fees or expenses related to extensions. 
  
 “Swap Agreement” means the ISDA Master Agreement dated October 16, 2003 between the Issuer and the Swap Provider, including the Schedule
thereto, the Credit Support Annex thereto, the Confirmation relating to the Class A-3-B Notes and together with any replacement swap agreement thereafter approved by the Insurer; provided, that no additional swap agreement shall be a
“Swap Agreement” under the Basic Documents for so long as the Swap Agreement is outstanding without the prior, written consent of the Swap Provider, unless the Swap Agreement has terminated as a result of an Event of Default or Termination
Event relating to the Swap Provider. 
  
 “Swap
Provider” means, Wachovia Bank, National Association with respect to the Class A-3-B Notes, together with any replacement Swap Provider thereafter approved by the Insurer. 
  
 “Swap Provider Policy” means the financial guaranty insurance policy issued by the Insurer to the Swap
Provider with respect to the Class A-3-B. 
  
 “Swap
Termination Payment” means payments due to the applicable Swap Provider by the Issuer, including interest that may accrue thereon, under the applicable Swap Agreement due to a termination of the applicable Swap Agreement due to the
occurrence of an “event of default” or a “termination event” under the applicable Swap Agreement. 
  
 “Third-Party Lender” means an entity that originated a loan to a consumer for the purchase of a motor vehicle and sold the loan to
AmeriCredit pursuant to an Auto Loan Purchase and Sale Agreement. 
  
 “Third-Party Lender Assignment” means, with respect to a Receivable, the executed assignment executed by a Third-Party Lender conveying such Receivable to AmeriCredit. 
  

 21 

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

  
 “Trust” means the Issuer. 
  
 “Trust Account Property” means the Trust Accounts, all
amounts and investments held from time to time in any Trust Account (whether in the form of deposit accounts, Physical Property, book-entry securities, uncertificated securities or otherwise), and all proceeds of the foregoing. 
  
 “Trust Accounts” has the meaning assigned thereto in Section
5.1. 
  
 “Trust Agreement” means the Trust
Agreement dated as of September 26, 2003, between the Seller and the Owner Trustee, as amended and restated as of October 10, 2003, as the same may be amended and supplemented from time to time. 
  
 “Trust Collateral Agent” means the Person acting as Trust
Collateral Agent hereunder, its successors in interest and any successor Trust Collateral Agent hereunder. 
  
 “Trust Officer” means, (i) in the case of the Trust Collateral Agent, the chairman or vice-chairman of the board of directors, any
managing director, the chairman or vice-chairman of the executive committee of the board of directors, the president, any vice president, assistant vice president, the secretary, any assistant secretary, the treasurer, any assistant treasurer, the
cashier, any assistant cashier, any trust officer or assistant trust officer, the controller and any assistant controller or any other officer of the Trust Collateral Agent customarily performing functions similar to those performed by any of the
above designated officers and also means, with respect to a particular corporate trust matter, any other officer to whom such matter is referred because of such officer’s knowledge of and familiarity with the particular subject, and (ii) in the
case of the Owner Trustee, any officer in the corporate trust office of the Owner Trustee or any agent of the Owner Trustee under a power of attorney with direct responsibility for the administration of this Agreement or any of the Basic Documents
on behalf of the Owner Trustee. 
  
 “Trust
Property” means the property and proceeds conveyed pursuant to Section 2.1, together with certain monies paid on or after the Initial Cutoff Date, the Note Policy, the Collection Account (including all Eligible Investments therein and all
proceeds therefrom), the Lockbox Account, the Note Distribution Account, the Spread Account and certain other rights under this Agreement. 
  
 “Trustee” means the Person acting as Trustee under the Indenture, its successors in interest and any successor trustee under the
Indenture. 
  
 “UCC” means the Uniform Commercial
Code as in effect in the relevant jurisdiction on the date of the Agreement. 
  

 22 

 SECTION 1.2. Other Definitional Provisions. 
  
 (a) Capitalized terms used herein and not otherwise defined herein have
meanings assigned to them in the Indenture, or, if not defined therein, in the Trust Agreement. 
  
 (b) All terms defined in this Agreement shall have the defined meanings when used in any instrument governed hereby and in any certificate or other
document made or delivered pursuant hereto unless otherwise defined therein. 
  
 (c) As used in this Agreement, in any instrument governed hereby and in any certificate or other document made or delivered pursuant hereto or thereto, accounting terms not defined in this Agreement or in any such
instrument, certificate or other document, and accounting terms partly defined in this Agreement or in any such instrument, certificate or other document to the extent not defined, shall have the respective meanings given to them under generally
accepted accounting principles as in effect on the date of this Agreement or any such instrument, certificate or other document, as applicable. To the extent that the definitions of accounting terms in this Agreement or in any such instrument,
certificate or other document are inconsistent with the meanings of such terms under generally accepted accounting principles, the definitions contained in this Agreement or in any such instrument, certificate or other document shall control.

  
 (d) The words “hereof,”
“herein,” “hereunder” and words of similar import when used in this Agreement shall refer to this Agreement as a whole and not to any particular provision of this Agreement; Section, Schedule and Exhibit references
contained in this Agreement are references to Sections, Schedules and Exhibits in or to this Agreement unless otherwise specified; and the term “including” shall mean “including without limitation.” 
  
 (e) The definitions contained in this Agreement are applicable to the
singular as well as the plural forms of such terms and to the masculine as well as to the feminine and neuter genders of such terms. 
  
 (f) Any agreement, instrument or statute defined or referred to herein or in any instrument or certificate delivered in connection herewith means such
agreement, instrument or statute as from time to time amended, modified or supplemented and includes (in the case of agreements or instruments) references to all attachments thereto and instruments incorporated therein; references to a Person are
also to its permitted successors and assigns. 
  
 ARTICLE II

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

 23 

 (b) the security interests in the Financed Vehicles granted by Obligors pursuant to the Initial
Receivables and any other interest of the Seller in such Financed Vehicles; 
  
 (c) any proceeds and the right to receive proceeds with respect to the Initial Receivables from claims on any physical damage, credit life or disability insurance policies covering Financed Vehicles or Obligors and
any proceeds from the liquidation of the Initial Receivables; 
  
 (d) any proceeds from any Initial Receivable repurchased by a Dealer pursuant to a Dealer Agreement or a Third-Party Lender pursuant to an Auto Loan Purchase and Sale Agreement as a result of a breach of representation or warranty in the
related Dealer Agreement or Auto Loan Purchase and Sale Agreement; 
  
 (e) all rights under any Service Contracts on the related Financed Vehicles; 
  
 (f) the related Receivable Files; 
  
 (g) all of the Seller’s right, title and interest in its rights and benefits, but none of its obligations or burdens, under the Purchase Agreement, including the Seller’s rights under the Purchase Agreement, and the delivery
requirements, representations and warranties and the cure and repurchase obligations of AmeriCredit under the Purchase Agreement; 
  
 (h) the proceeds of any and all of the foregoing; 
  
 (i) all of the Seller’s (a) Accounts, (b) Chattel Paper, (c) Documents, (d) Instruments and (e) General Intangibles (as such terms are defined in the
UCC) relating to the property described in (a) through (h); and 
  
 (j) all proceeds and investments with respect to items (a) through (i). 
  
 It is the intention of the Seller that the transfer and assignment contemplated by this Agreement shall constitute a sale of the Receivables and Other Conveyed Property from the Seller to the Issuer and the beneficial
interest in and title to the Receivables and the Other Conveyed Property shall not be part of the Seller’s estate in the event of the filing of a bankruptcy petition by or against the Seller under any bankruptcy law. In the event that,
notwithstanding the intent of the Seller, the transfer and assignment contemplated hereby is held by a court of competent jurisdiction not to be a sale, this Agreement shall constitute a grant of a security interest in the property referred to in
this Section for the benefit of the Noteholders and the Insurer. 
  
 SECTION 2.2. Conveyance of Subsequent Receivables. 
  
 (a) Subject to the conditions set forth in paragraph (b) below, in consideration of the Issuer’s delivery on each related Subsequent Transfer Date to or upon the order of the Seller of the amount described in Section 5.9(a) to be
delivered to the Seller, the Seller does hereby sell, transfer, assign, set over and otherwise convey to the Issuer without recourse (subject to the obligations set forth herein), all right, title and interest of the Seller in and to: 
  
 (i) the Subsequent Receivables listed on Schedule A to the
related Subsequent Transfer Agreement and all moneys received thereon after the Subsequent Cutoff Date; 
  

 24 

 (ii) the security interests in the Financed Vehicles granted by Obligors pursuant to such
Subsequent Receivables and any other interest of the Seller in such Financed Vehicles; 
  
 (iii) any proceeds and the right to receive proceeds with respect to such Subsequent Receivables from claims on any physical damage,
credit life or disability insurance policies covering the related Financed Vehicles or Obligors and any proceeds from the liquidation of such Subsequent Receivables; 
  
 (iv) any proceeds from any Subsequent Receivable repurchased by a Dealer pursuant to a Dealer Agreement or a
Third-Party Lender pursuant to an Auto Loan Purchase and Sale Agreement as a result of a breach of representation or warranty in the related Dealer Agreement or Auto Loan Purchase and Sale Agreement; 
  
 (v) all rights under any Service Contracts on the related
Financed Vehicles: 
  
 (vi) the related
Receivables Files; 
  
 (vii) all of the
Seller’s right, title and interest in its rights and benefits, but none of its obligations or burdens, under each of the Subsequent Purchase Agreements, including the Seller’s rights under each of the Subsequent Purchase Agreements, and
the delivery requirements, representations and warranties and the cure and repurchase obligations of AmeriCredit under each of the Subsequent Purchase Agreements, on or after the related Subsequent Cutoff Date; 
  
 (viii) the proceeds of any and all of the foregoing;

  
 (ix) all of the Seller’s (a) Accounts,
(b) Chattel Paper, (c) Documents, (d) Instruments and (e) General Intangibles (as such terms are defined in the UCC) relating to the property described in (i) through (viii); and 
  
 (x) all proceeds and investments with respect to items (i) through (ix). 
  
 (b) The Seller shall transfer to the Issuer the Subsequent Receivables and
the Subsequent Other Conveyed Property only upon the satisfaction of each of the following conditions on or prior to the related Subsequent Transfer Date: 
  
 (i) the Seller shall have provided the Trust Collateral Agent, the Owner Trustee, the Insurer and the Rating Agencies with an Addition
Notice not later than five days prior to such Subsequent Transfer Date and shall have provided any information reasonably requested by any of the foregoing with respect to the Subsequent Receivables; 
  

 25 

 (ii) the Seller shall have delivered to the Owner Trustee and the Trust Collateral Agent
a duly executed Subsequent Transfer Agreement which shall include supplements to Schedule A, listing the Subsequent Receivables; 
  
 (iii) the Seller shall, to the extent required by Section 4.2, have deposited in the Collection Account all collections in respect of the
Subsequent Receivables; 
  
 (iv) as of each
Subsequent Transfer Date, (A) the Seller shall not be insolvent and shall not become insolvent as a result of the transfer of Subsequent Receivables on such Subsequent Transfer Date, (B) the Seller shall not intend to incur or believe that it shall
incur debts that would be beyond its ability to pay as such debts mature, (C) such transfer shall not have been made with actual intent to hinder, delay or defraud any Person and (D) the assets of the Seller shall not constitute unreasonably small
capital to carry out its business as conducted; 
  
 (v) the Funding Period shall not have terminated; 
  
 (vi) after giving effect to any transfer of Subsequent Receivables on a Subsequent Transfer Date, the Receivables transferred to the Trust pursuant hereto shall meet the following criteria (based on the
characteristics of the Initial Receivables on the Initial Cutoff Date and the Subsequent Receivables on the related Subsequent Cutoff Dates) as such information is provided to the Trust Collateral Agent by the Servicer: (i) the weighted average APR
of the Subsequent Receivables transferred to the Trust shall not be less than 15.75%, unless, with the prior consent of the Rating Agencies and the Insurer, the Seller increases the Spread Account Initial Deposit with respect to such Subsequent
Receivables by the amount required by the Insurer; (ii) the weighted average remaining term of the Receivables transferred to the Trust shall not be greater than 72 months; (iii) not more than 35% of the Aggregate Principal Balance shall have
Obligors whose mailing addresses are in Texas and California; and (iv) any variation in the composition or characteristics of the Receivables shall not be material; 
  
 (vii) each of the representations and warranties made by the Seller pursuant to Section 3.1 with respect to
the Subsequent Receivables to be transferred on such Subsequent Transfer Date shall be true and correct as of the related Subsequent Transfer Date, and the Seller shall have performed all obligations to be performed by it hereunder on or prior to
such Subsequent Transfer Date; 
  
 (viii) the
Seller shall, at its own expense, on or prior to the Subsequent Transfer Date indicate in its computer files that the Subsequent Receivables identified in the Subsequent Transfer Agreement have been sold to the Trust pursuant to this Agreement;

  
 (ix) the Seller shall have taken any action
required to maintain the first priority perfected ownership interest of the Trust in the Owner Trust Estate and the first perfected security interest of the Trust Collateral Agent in the Collateral; 
  
 (x) no selection procedures adverse to the interests of the
Noteholders or the Insurer shall have been utilized in selecting the Subsequent Receivables; 
  

 26 

 (xi) the addition of any such Subsequent Receivables shall not result in a material
adverse tax consequence to the Trust or the Noteholders; 
  
 (xii) the Seller shall have delivered (A) to the Rating Agencies and the Insurer an Opinion of Counsel with respect to the transfer of such Subsequent Receivables substantially in the form of the Opinion of Counsel
delivered to the Rating Agencies and the Insurer on the Closing Date and (B) to the Trust Collateral Agent the Opinion of Counsel required by Section 12.2(h)(1); 
  
 (xiii) Standard & Poor’s shall have confirmed in writing to the Trust Collateral Agent that the
rating on the Notes shall not be withdrawn or reduced as a result of the transfer of such Subsequent Receivables to the Trust; 
  
 (xiv) the Insurer (so long as no Insurer Default shall have occurred and be continuing), in its absolute and sole discretion, shall have
approved the transfer of such Subsequent Receivables to the Trust and the Insurer shall have been reimbursed for any fees and expenses incurred by the Insurer in connection with the granting of such approval; 
  
 (xv) the Seller shall simultaneously transfer the Subsequent
Spread Account Deposit to the Trust Collateral Agent with respect to the Subsequent Receivables transferred on such Subsequent Transfer Date; and 
  
 (xvi) the Seller shall have delivered to the Insurer and the Trust Collateral Agent an Officers’ Certificate confirming the
satisfaction of each condition precedent specified in this paragraph (b). 
  
 The Seller covenants that in the event any of the foregoing conditions precedent are not satisfied with respect to any Subsequent Receivable on the date required as specified above, the Seller will immediately
repurchase such Subsequent Receivable from the Trust, at a price equal to the Purchase Amount thereof, in the manner specified in Section 4.7. 
  
 SECTION 2.3. Further Encumbrance of Trust Property. 
  
 (a) Immediately upon the conveyance to the Trust by the Seller of any item of the Trust Property pursuant to Section 2.1, all right, title and interest of
the Seller in and to such item of Trust Property shall terminate, and all such right, title and interest shall vest in the Trust, in accordance with the Trust Agreement and Sections 3802 and 3805 of the Statutory Trust Statute (as defined in the
Trust Agreement). 
  
 (b) Immediately upon the vesting of the
Trust Property in the Trust, the Trust shall have the sole right to pledge or otherwise encumber, such Trust Property. Pursuant to the Indenture, the Trust shall grant a security interest in the Trust Property to the Trust Collateral Agent securing
the repayment of the Notes. The Certificates shall represent the beneficial ownership interest in the Trust Property, and the Certificateholders shall be entitled to receive distributions with respect thereto as set forth herein. 
  

 27 

 (c) Following the payment in full of the Notes and the release and discharge of the Indenture, all
covenants of the Issuer under Article III of the Indenture shall, until payment in full of the Certificates, remain as covenants of the Issuer for the benefit of the Certificateholders, enforceable by the Certificateholders to the same extent as
such covenants were enforceable by the Noteholders prior to the discharge of the Indenture. Any rights of the Trustee under Article III of the Indenture, following the discharge of the Indenture, shall vest in Certificateholders. 
  
 (d) The Trust Collateral Agent shall, at such time as there are no Notes or
Certificates outstanding and all sums due to (i) the Trustee pursuant to the Indenture, (ii) the Insurer pursuant to the Insurance Agreement and (iii) the Trust Collateral Agent pursuant to this Agreement, have been paid, release any remaining
portion of the Trust Property to the Seller. 
  
 ARTICLE III

  
 The Receivables 
  
 SECTION 3.1. Representations and Warranties of Seller. The Seller
hereby represents and warrants that each of the representations and warranties set forth on the Schedule of Representations attached hereto as Schedule B is true and correct on which the Issuer is deemed to have relied in acquiring the Receivables
and upon which the Insurer shall be deemed to rely in issuing the Note Policy. Such representations and warranties speak as of the execution and delivery of this Agreement and as of the Closing Date, in the case of the Initial Receivables, and as of
the related Subsequent Transfer Date, in case of the Subsequent Receivables, but shall survive the sale, transfer and assignment of the Receivables to the Issuer and the pledge thereof to the Trust Collateral Agent pursuant to the Indenture and
shall not be waived. 
  
 SECTION 3.2. Repurchase upon
Breach. (a) The Seller, the Servicer, the Backup Servicer, the Insurer, the Trust Collateral Agent or the Owner Trustee, as the case may be, shall inform the other parties to this Agreement promptly, by notice in writing, upon the discovery of
any breach of the Seller’s representations and warranties made pursuant to Section 3.1. As of the last day of the second (or, if the Seller so elects, the first) month following the discovery by the Seller or receipt by the Seller of notice of
such breach, unless such breach is cured by such date, the Seller shall have an obligation to repurchase any Receivable in which the interests of the Noteholders or the Insurer are materially and adversely affected by any such breach as of such
date. The “second month” shall mean the month following the month in which discovery occurs or notice is given, and the “first month” shall mean the month in which discovery occurs or notice is given. In consideration of and
simultaneously with the repurchase of the Receivable, the Seller shall remit, or cause AmeriCredit to remit, to the Collection Account the Purchase Amount in the manner specified in Section 5.6 and the Issuer shall execute such assignments and other
documents reasonably requested by such person in order to effect such repurchase. The sole remedy of the Issuer, the Owner Trustee, the Trust Collateral Agent, the Trustee, the Backup Servicer or the Noteholders with respect to a breach of
representations and warranties pursuant to Section 3.1 and the agreement contained in this Section shall be the repurchase of Receivables pursuant to this Section, subject to the conditions contained herein or to enforce the obligation of
AmeriCredit to the Seller to repurchase such Receivables pursuant to the Purchase Agreement. Neither the Owner Trustee, the Trust Collateral Agent nor the Trustee shall have a duty to conduct any affirmative investigation as to the occurrence of any
conditions requiring the repurchase of any Receivable pursuant to this Section. 

  

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 In addition to the foregoing and notwithstanding whether the related Receivable shall have been purchased
by the Seller, the Seller shall indemnify the Trust, the Trustee, the Backup Servicer, the Trust Collateral Agent, Collateral Agent and the officers, directors, agents and employees thereof, the Insurer, and the Noteholders against all costs,
expenses, losses, damages, claims and liabilities, including reasonable fees and expenses of counsel, which may be asserted against or incurred by any of them as a result of third party claims arising out of the events or facts giving rise to such
breach. 
  
 (b) Pursuant to Section 2.1 of this Agreement, the
Seller conveyed to the Trust all of the Seller’s right, title and interest in its rights and benefits, but none of its obligations or burdens, under the Purchase Agreement including the Seller’s rights under the Purchase Agreement and the
delivery requirements, representations and warranties and the cure or repurchase obligations of AmeriCredit thereunder. The Seller hereby represents and warrants to the Trust that such assignment is valid, enforceable and effective to permit the
Trust to enforce such obligations of AmeriCredit under the Purchase Agreement. Any purchase by AmeriCredit pursuant to the Purchase Agreement shall be deemed a purchase by the Seller pursuant to this Section 3.2 and the definition of Purchased
Receivable. 
  
 SECTION 3.3. Custody of Receivables Files.

  
 (a) In connection with the sale, transfer and assignment of
the Receivables and the Other Conveyed Property to the Trust pursuant to this Agreement and simultaneously with the execution and delivery of this Agreement, the Trust Collateral Agent shall enter into the Custodian Agreement with the Custodian,
dated as of October 10, 2003, pursuant to which the Trust Collateral Agent shall revocably appoint the Custodian, and the Custodian shall accept such appointment, to act as the agent of the Trust Collateral Agent as custodian of the following
documents or instruments in its possession which shall be delivered to the Custodian as agent of the Trust Collateral Agent on or before the Closing Date in the case of the Initial Receivables and as of the Subsequent Transfer Date in the case of
the Subsequent Receivables: 
  
 (i) The fully
executed original of the Receivable (together with any agreements modifying the Receivable); 
  
 (ii) The original credit application, or a copy thereof, of each Obligor, fully executed by each such Obligor on AmeriCredit’s
customary form, or on a form approved by AmeriCredit, for such application; and 
  
 (iii) The original Lien Certificate (when received) and otherwise such documents, if any, that AmeriCredit keeps on file in accordance
with its customary procedures indicating that the Financed Vehicle is owned by the Obligor and subject to the interest of AmeriCredit as first lienholder or secured party (including any Lien Certificate received by AmeriCredit), or, if such Lien
Certificate has not yet been received, a copy of the application therefor, showing AmeriCredit as secured party. 
  

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 (b) The Trust Collateral Agent may act as the Custodian, in which case the Trust Collateral Agent shall
be deemed to have assumed the obligations of the Custodian specified in the Custodian Agreement. Upon payment in full of any Receivable, the Servicer will notify the Custodian pursuant to a certificate of an officer of the Servicer (which
certificate shall include a statement to the effect that all amounts received in connection with such payments which are required to be deposited in the Collection Account pursuant to Section 4.1 have been so deposited) and shall request delivery of
the Receivable and Receivable File to the Servicer. Upon the sale of any Receivable pursuant to Section 4.3(c) hereof, the Servicer will notify the Custodian pursuant to a certificate of an officer of the Servicer (which certificate shall include a
statement to the effect that all amounts received in connection with such sale which are required to be deposited in the Collection Account pursuant to Section 4.1 have been so deposited) and shall request delivery of the Receivable and Receivable
File to the purchaser of such Receivable. From time to time as appropriate for servicing and enforcing any Receivable, the Custodian shall, upon written request of an officer of the Servicer and delivery to the Custodian of a receipt signed by such
officer, cause the original Receivable and the related Receivable File to be released to the Servicer. The Servicer’s receipt of a Receivable and/or Receivable File shall obligate the Servicer to return the original Receivable and the related
Receivable File to the Custodian when its need by the Servicer has ceased unless the Receivable is repurchased as described in Section 3.2 , 4.2 or 4.7. 
  
 ARTICLE IV 
  
 Administration and Servicing of Receivables 
  
 SECTION 4.1. Duties of the Servicer and the Backup Servicer. 
  
 (a) The Servicer is hereby authorized to act as agent for the Trust and in such capacity shall manage, service, administer
and make collections on the Receivables, and perform the other actions required by the Servicer under this Agreement. The Servicer agrees that its servicing of the Receivables shall be carried out in accordance with customary and usual procedures of
institutions which service motor vehicle retail installment sales contracts and, to the extent more exacting, the degree of skill and attention that the Servicer exercises from time to time with respect to all comparable motor vehicle receivables
that it services for itself or others. In performing such duties, so long as AmeriCredit is the Servicer, it shall substantially comply with the policies and procedures described on Schedule C, as such policies and procedures may be updated from
time to time. The Servicer’s duties shall include, without limitation, collection and posting of all payments, responding to inquiries of Obligors on the Receivables, investigating delinquencies, sending payment coupons to Obligors, reporting
any required tax information to Obligors, monitoring the collateral, complying with the terms of the Lockbox Agreement, accounting for collections and furnishing monthly and annual statements to the Trust Collateral Agent, the Trustee and the
Insurer with respect to distributions, monitoring the status of Insurance Policies with respect to the Financed Vehicles and performing the other duties specified herein. 
  
 The Servicer shall also administer and enforce all rights and responsibilities of the holder of the Receivables provided for
in the Dealer Agreements and Auto Loan Purchase and Sale Agreements (and shall maintain possession of the Dealer Agreements and Auto Loan 

  

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Purchase and Sale Agreements, to the extent it is necessary to do so), the Dealer Assignments, the Third-Party Lender Assignments and the Insurance Policies,
to the extent that such Dealer Agreements, Auto Loan Purchase and Sale Agreements, Dealer Assignments, Third-Party Lender Assignments and Insurance Policies relate to the Receivables, the Financed Vehicles or the Obligors. To the extent consistent
with the standards, policies and procedures otherwise required hereby, the Servicer shall follow its customary standards, policies, and procedures and shall have full power and authority, acting alone, to do any and all things in connection with
such managing, servicing, administration and collection that it may deem necessary or desirable. Without limiting the generality of the foregoing, the Servicer is hereby authorized and empowered by the Trust to execute and deliver, on behalf of the
Trust, any and all instruments of satisfaction or cancellation, or of partial or full release or discharge, and all other comparable instruments, with respect to the Receivables and with respect to the Financed Vehicles; provided,
however, that notwithstanding the foregoing, the Servicer shall not, except pursuant to an order from a court of competent jurisdiction, release an Obligor from payment of any unpaid amount under any Receivable or waive the right to collect
the unpaid balance of any Receivable from the Obligor except in accordance with the Servicer’s customary practices as reflected in the Servicing Policies and Procedures attached hereto as Schedule C. 
  
 The Servicer is hereby authorized to commence, in its own name or in the name
of the Trust, a legal proceeding to enforce a Receivable pursuant to Section 4.3 or to commence or participate in any other legal proceeding (including, without limitation, a bankruptcy proceeding) relating to or involving a Receivable, an Obligor
or a Financed Vehicle. If the Servicer commences or participates in such a legal proceeding in its own name, the Trust shall thereupon be deemed to have automatically assigned such Receivable to the Servicer solely for purposes of commencing or
participating in any such proceeding as a party or claimant, and the Servicer is authorized and empowered by the Trust to execute and deliver in the Servicer’s name any notices, demands, claims, complaints, responses, affidavits or other
documents or instruments in connection with any such proceeding. The Trust Collateral Agent and the Owner Trustee shall furnish the Servicer with any limited powers of attorney and other documents which the Servicer may reasonably request and which
the Servicer deems necessary or appropriate and take any other steps which the Servicer may deem necessary or appropriate to enable the Servicer to carry out its servicing and administrative duties under this Agreement. 
  
 As set forth in Section 9.3, in the event the Servicer fails to perform its
obligations hereunder, the Backup Servicer shall be responsible for the Servicer’s duties in this Agreement as if it were the Servicer, except as expressly set forth in Annex A hereto, provided that the Backup Servicer shall not be liable for
the Servicer’s breach of its obligations. 
  
 (b) The Backup
Servicer shall have the following duties: (i) within 45 days of the Closing Date, the Backup Servicer shall have conducted an on-site inspection of the Servicer’s operations in connection with this Agreement, and shall conduct additional
on-site inspections not less frequently than every 12 months thereafter. Each on-site inspection shall be at the cost of AmeriCredit. Within 10 days of each such inspection, the Backup Servicer shall deliver a certificate (in a form to be agreed on
in good faith between the Backup Servicer and the Controlling Party and with a copy to the Servicer) (the “Backup Servicer’s Certificate”) certifying that the Backup Servicer has conducted an inspection consistent with this
Section 4.1(b). During each such inspection, the Backup Servicer shall perform certain review 

  

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procedures as agreed to between the Controlling Party and the Backup Servicer including, without limitation, such review procedures as the Backup Servicer
may require in order to be put in a position to assume the servicing responsibilities of the Servicer if and to the extent required hereunder; and (ii) within 45 days of the Closing Date, the Backup Servicer shall complete all data mapping, and,
upon receipt of Monthly Tapes pursuant to Section 4.13: (A) electronically compile the Monthly Tape data in the Backup Servicer’s “off-line” computer, and (B) update or amend the data-mapping pursuant to any updated or amended fields
in the Monthly Tapes. 
  
 SECTION 4.2. Collection of Receivable
Payments; Modifications of Receivables; Lockbox Agreements. 
  
 (a) Consistent with the standards, policies and procedures required by this Agreement, the Servicer shall make reasonable efforts to collect all payments called for under the terms and provisions of the Receivables as and when the same
shall become due, and shall follow such collection procedures as it follows with respect to all comparable automobile receivables that it services for itself or others and otherwise act with respect to the Receivables, the Dealer Agreements, the
Dealer Assignments, the Auto Loan Purchase and Sale Agreements, the Third-Party Lender Assignments, the Insurance Policies and the Other Conveyed Property in such manner as will, in the reasonable judgment of the Servicer, maximize the amount to be
received by the Trust with respect thereto, including directing the Issuer to sell the Receivables pursuant to Section 4.3(c) hereof. The Servicer is authorized in its discretion to waive any prepayment charge, late payment charge or any other
similar fees that may be collected in the ordinary course of servicing any Receivable. 
  
 (b) The Servicer may (A) at any time agree to a modification or amendment of a Receivable in order to (i) not more than once per year, change the Obligor’s regular monthly due date to a date that shall in no
event be later than 30 days after the original monthly due date of that Receivable or (ii) re-amortize the Scheduled Receivables Payments on the Receivable following a partial prepayment of principal, in accordance with its customary procedures or
(B) may direct the Issuer to sell the Receivables pursuant to Section 4.3 hereof if the Servicer believes in good faith that such extension, modification, amendment or sale is necessary to avoid a default on such Receivable, will maximize the amount
to be received by the Trust with respect to such Receivable, and is otherwise in the best interests of the Trust. 
  
 (c) The Servicer may grant payment extensions on, or other modifications or amendments to, a receivable (in addition to those modifications permitted by
Section 4.2(b)) hereof, in accordance with its customary procedures if the Servicer believes in good faith that such extension, modification, amendment or sale is necessary to avoid a default on such Receivable, will maximize the amount to be
received by the Trust with respect to such Receivable, and is otherwise in the best interests of the Trust; provided, however, that: 
  
 (i) The aggregate period of all extensions on a Receivable shall not exceed eight months; 
  
 (ii) In no event may a Receivable be extended beyond the
Collection Period immediately preceding the latest Final Scheduled Distribution Date; 
  

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 (iii) The average Monthly Extension Rate for any three consecutive calendar months shall
not exceed 4%; and 
  
 (iv) So long as an Insurer
Default shall not have occurred and be continuing, the Servicer shall not amend or modify a Receivable (except as provided in Section 4.2(b) and this Section 4.2(c)) without the consent of the Insurer or a Note Majority (if an Insurer Default shall
have occurred and be continuing). 
  
 With respect to clause (iii)
of this Section 4.2(c), in the event the average of the Monthly Extension Rates calculated with respect to three consecutive calendar months exceeds 4% (which information shall be set forth in the related Servicer’s Certificate), the Servicer
shall, on the third such Accounting Date, purchase from the Trust the Receivables with respect to which payment had been extended (starting with the Receivables most recently so extended) in an aggregate Principal Balance equal to the product of (i)
the difference between such average of Monthly Extension Rates and 4% and (ii) the Aggregate Principal Balance, and pay the related Purchase Amount on the related Preliminary Determination Date; provided, however, that in the event the
Backup Servicer shall be acting as Servicer hereunder, the foregoing sentence shall apply only in respect of Receivables as to which payments had been extended by such Backup Servicer. 
  
 (d) The Servicer shall use its best efforts to notify or direct Obligors to make all payments on the Receivables, whether by
check or by direct debit of the Obligor’s bank account, to be made directly to one or more Lockbox Banks, acting as agent for the Trust pursuant to a Lockbox Agreement. The Servicer shall use its best efforts to notify or direct any Lockbox
Bank to deposit all payments on the Receivables in the Lockbox Account no later than the Business Day after receipt, and to cause all amounts credited to the Lockbox Account on account of such payments to be transferred to the Collection Account no
later than the second Business Day after receipt of such payments. The Lockbox Account shall be a demand deposit account held by the Lockbox Bank, or at the request of the Controlling Party, an Eligible Deposit Account. 
  
 Prior to the Closing Date, the Servicer shall have notified each Obligor that
makes its payments on the Receivables by check to make such payments thereafter directly to the Lockbox Bank (except in the case of Obligors that have already been making such payments to the Lockbox Bank), and shall have provided each such Obligor
with remittance invoices in order to enable such Obligors to make such payments directly to the Lockbox Bank for deposit into the Lockbox Account, and the Servicer will continue, not less often than every three months, to so notify those Obligors
who have failed to make payments to the Lockbox Bank. If and to the extent requested by the Controlling Party, the Servicer shall request each Obligor that makes payment on the Receivables by direct debit of such Obligor’s bank account, to
execute a new authorization for automatic payment which in the judgment of the Controlling Party is sufficient to authorize direct debit by the Lockbox Bank on behalf of the Trust. If at any time, the Lockbox Bank is unable to directly debit an
Obligor’s bank account that makes payment on the Receivables by direct debit and if such inability is not cured within 15 days or cannot be cured by execution by the Obligor of a new authorization for automatic payment, the Servicer shall
notify such Obligor that it cannot make payment by direct debit and must thereafter make payment by check. 
  

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 Notwithstanding any Lockbox Agreement, or any of the provisions of this Agreement relating to the Lockbox
Agreement, the Servicer shall remain obligated and liable to the Trust, the Trust Collateral Agent, the Insurer and Noteholders for servicing and administering the Receivables and the Other Conveyed Property in accordance with the provisions of this
Agreement without diminution of such obligation or liability by virtue thereof; provided, however, that the foregoing shall not apply to any Backup Servicer for so long as a Lockbox Bank is performing its obligations pursuant to the
terms of a Lockbox Agreement. 
  
 In the event of a termination of
the Servicer, the replacement Servicer shall assume all of the rights and obligations of the outgoing Servicer under the Lockbox Agreement subject to the terms hereof. In such event, the replacement Servicer shall be deemed to have assumed all of
the outgoing Servicer’s interest therein and to have replaced the outgoing Servicer as a party to each such Lockbox Agreement to the same extent as if such Lockbox Agreement had been assigned to the replacement Servicer, except that the
outgoing Servicer shall not thereby be relieved of any liability or obligations on the part of the outgoing Servicer to the Lockbox Bank under such Lockbox Agreement. The outgoing Servicer shall, upon request of the Trust Collateral Agent, but at
the expense of the outgoing Servicer, deliver to the replacement Servicer all documents and records relating to each such Lockbox Agreement and an accounting of amounts collected and held by the Lockbox Bank and otherwise use its best efforts to
effect the orderly and efficient transfer of any Lockbox Agreement to the replacement Servicer. In the event that the Insurer (so long as an Insurer Default shall not have occurred and be continuing) or a Note Majority (if an Insurer Default shall
have occurred and be continuing) elects to change the identity of the Lockbox Bank, the outgoing Servicer, at its expense, shall cause the Lockbox Bank to deliver, at the direction of the Insurer (so long as an Insurer Default shall not have
occurred and be continuing) or a Note Majority (if an Insurer Default shall have occurred and be continuing) to the Trust Collateral Agent or a successor Lockbox Bank, all documents and records relating to the Receivables and all amounts held (or
thereafter received) by the Lockbox Bank (together with an accounting of such amounts) and shall otherwise use its best efforts to effect the orderly and efficient transfer of the lockbox arrangements and the Servicer shall notify the Obligors to
make payments to the Lockbox established by the successor. 
  
 (e)
The Servicer shall remit all payments by or on behalf of the Obligors received directly by the Servicer to the Lockbox Bank for deposit into the Collection Account no later than the Business Day after the receipt thereof. 
  
 SECTION 4.3. Realization upon Receivables. 
  
 (a) In addition to the Servicer’s ability to direct the Issuer to sell
Receivables pursuant to Section 4.3(c) hereof, and consistent with the standards, policies and procedures required by this Agreement, the Servicer shall use its best efforts to repossess (or otherwise comparably convert the ownership of) and
liquidate any Financed Vehicle securing a Receivable with respect to which the Servicer has determined that payments thereunder are not likely to be resumed, as soon as is practicable after default on such Receivable but in no event later than the
date on which all or any portion of a Scheduled Receivables Payment has become 91 days delinquent; provided, however, that the Servicer may elect not to repossess a Financed Vehicle within such time period if in its good faith judgment
it determines that the proceeds ultimately recoverable with respect to such Receivable would be increased by forbearance or if it instead 

  

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elects to direct the Issuer to sell the Receivables pursuant to Section 4.3(c). The Servicer is authorized to follow such customary practices and procedures
as it shall deem necessary or advisable, consistent with the standard of care required by Section 4.1, which practices and procedures may include reasonable efforts to realize upon any recourse to Dealers and Third-Party Lenders, the sale of the
related Financed Vehicle at public or private sale, the submission of claims under an Insurance Policy and other actions by the Servicer in order to realize upon such a Receivable. The foregoing is subject to the provision that, in any case in which
the Financed Vehicle shall have suffered damage, the Servicer shall not expend funds in connection with any repair or towards the repossession of such Financed Vehicle unless it shall determine in its discretion that such repair and/or repossession
shall increase the proceeds of liquidation of the related Receivable by an amount greater than the amount of such expenses. All amounts received upon liquidation of a Financed Vehicle shall be remitted directly by the Servicer to the Collection
Account without deposit into any intervening account as soon as practicable, but in no event later than the Business Day after receipt thereof. The Servicer shall be entitled to recover all reasonable expenses incurred by it in the course of
repossessing and liquidating a Financed Vehicle into cash proceeds, but only out of the cash proceeds of such Financed Vehicle, any deficiency obtained from the Obligor or any amounts received from the related Dealer or Third-Party Lender, which
amounts in reimbursement may be retained by the Servicer (and shall not be required to be deposited as provided in Section 4.2(e)) to the extent of such expenses. The Servicer shall pay on behalf of the Trust any personal property taxes assessed on
repossessed Financed Vehicles. The Servicer shall be entitled to reimbursement of any such tax from Net Liquidation Proceeds with respect to such Receivable. 
  
 (b) If the Servicer elects to commence a legal proceeding to enforce a Dealer Agreement, Auto Loan Purchase and Sale Agreement, Dealer Assignment or
Third-Party Lender Assignment, the act of commencement shall be deemed to be an automatic assignment from the Trust to the Servicer of the rights under such Dealer Agreement, Auto Loan Purchase and Sale Agreement, Dealer Assignment or Third-Party
Lender Assignment for purposes of collection only. If, however, in any enforcement suit or legal proceeding it is held that the Servicer may not enforce a Dealer Agreement, Auto Loan Purchase and Sale Agreement, Dealer Assignment or Third-Party
Lender Assignment on the grounds that it is not a real party in interest or a Person entitled to enforce the Dealer Agreement, Auto Loan Purchase and Sale Agreement, Dealer Assignment or Third-Party Lender Assignment, the Owner Trustee and/or the
Trust Collateral Agent, at the Servicer’s expense, or the Seller, at the Seller’s expense, shall take such steps as the Servicer deems reasonably necessary to enforce the Dealer Agreement, Auto Loan Purchase and Sale Agreement, Dealer
Assignment or Third-Party Lender Assignment, including bringing suit in its name or the name of the Seller or of the Trust and the Owner Trustee and/or the Trust Collateral Agent for the benefit of the Noteholders. All amounts recovered shall be
remitted directly by the Servicer as provided in Section 4.2(e). 
  
 (c) Consistent with the standards, policies and procedures required by this Agreement, the Servicer may use its best efforts to locate a third party purchaser that is not affiliated with the Servicer, the Seller or the Issuer to purchase
from the Issuer any Receivable that has become more than 60 days delinquent, and shall have the right to direct the Issuer to sell any such Receivable to the third-party purchaser; provided, that no more than 20% of the number of Receivables
in the pool at the end of the Funding Period may be sold by the Issuer pursuant to this Section 4.3(c) in the aggregate; provided further, that the Servicer may elect to not direct the 

  

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Issuer to sell a Receivable that has become more than 60 days delinquent if in its good faith judgment the Servicer determines that the proceeds ultimately
recoverable with respect to such Receivable would be increased by forbearance. In selecting Receivables to be sold to a third party purchaser pursuant to this Section 4.3(c), the Servicer shall use commercially reasonable efforts to locate
purchasers for the most delinquent Receivables first. In any event, the Servicer shall not use any procedure in selecting Receivables to be sold to third party purchasers which is materially adverse to the interest of the Noteholders or the Insurer.
The Issuer shall sell each Sold Receivable for the greatest market price possible; provided, however, that aggregate Sale Amounts received by the Issuer for all Receivables sold to a single third-party purchaser on a single date must
be at least equal to the sum of the Minimum Sale Prices for all such Receivables. The Servicer shall remit or cause the third-party purchaser to remit all sale proceeds from the sale of Receivables directly to the Collection Account without deposit
into any intervening account as soon as practicable, but in no event later than the Business Day after receipt thereof. 
  
 SECTION 4.4. Insurance. 
  
 (a) The Servicer shall require, in accordance with its customary servicing policies and procedures, that each Financed Vehicle be insured by the related
Obligor under the Insurance Policies referred to in Paragraph 24 of the Schedule of Representations and Warranties and shall monitor the status of such physical loss and damage insurance coverage thereafter, in accordance with its customary
servicing procedures. Each Receivable requires the Obligor to maintain such physical loss and damage insurance, naming AmeriCredit and its successors and assigns as additional insureds, and permits the holder of such Receivable to obtain physical
loss and damage insurance at the expense of the Obligor if the Obligor fails to maintain such insurance. If the Servicer shall determine that an Obligor has failed to obtain or maintain a physical loss and damage Insurance Policy covering the
related Financed Vehicle which satisfies the conditions set forth in clause (i)(a) of such Paragraph 24 (including, without limitation, during the repossession of such Financed Vehicle) the Servicer may enforce the rights of the holder of the
Receivable under the Receivable to require the Obligor to obtain such physical loss and damage insurance in accordance with its customary servicing policies and procedures. The Servicer may maintain a vendor’s single interest or other
collateral protection insurance policy with respect to all Financed Vehicles (“Collateral Insurance”) which policy shall by its terms insure against physical loss and damage in the event any Obligor fails to maintain physical loss
and damage insurance with respect to the related Financed Vehicle. All policies of Collateral Insurance shall be endorsed with clauses providing for loss payable to the Servicer. Costs incurred by the Servicer in maintaining such Collateral
Insurance shall be paid by the Servicer. 
  
 (b) The Servicer may,
if an Obligor fails to obtain or maintain a physical loss and damage Insurance Policy, obtain insurance with respect to the related Financed Vehicle and advance on behalf of such Obligor, as required under the terms of the insurance policy, the
premiums for such insurance (such insurance being referred to herein as “Force-Placed Insurance”). All policies of Force-Placed Insurance shall be endorsed with clauses providing for loss payable to the Servicer. Any cost incurred
by the Servicer in maintaining such Force-Placed Insurance shall only be recoverable out of premiums paid by the Obligors or Net Liquidation Proceeds with respect to the Receivable, as provided in Section 4.4(c). 
  

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 (c) In connection with any Force-Placed Insurance obtained hereunder, the Servicer may, in the manner and
to the extent permitted by applicable law, require the Obligors to repay the entire premium to the Servicer. In no event shall the Servicer include the amount of the premium in the Amount Financed under the Receivable. For all purposes of this
Agreement, the Insurance Add-On Amount with respect to any Receivable having Force-Placed Insurance will be treated as a separate obligation of the Obligor and will not be added to the Principal Balance of such Receivable, and amounts allocable
thereto will not be available for distribution on the Notes and the Certificates. The Servicer shall retain and separately administer the right to receive payments from Obligors with respect to Insurance Add-On Amounts or rebates of Forced-Placed
Insurance premiums. If an Obligor makes a payment with respect to a Receivable having Force-Placed Insurance, but the Servicer is unable to determine whether the payment is allocable to the Receivable or to the Insurance Add-On Amount, the payment
shall be applied first to any unpaid Scheduled Receivables Payments and then to the Insurance Add-On Amount. Net Liquidation Proceeds on any Receivable will be used first to pay the Principal Balance and accrued interest on such Receivable and then
to pay the related Insurance Add-On Amount. If an Obligor under a Receivable with respect to which the Servicer has placed Force-Placed Insurance fails to make scheduled payments of such Insurance Add-On Amount as due, and the Servicer has
determined that eventual payment of the Insurance Add-On Amount is unlikely, the Servicer may, but shall not be required to, purchase such Receivable from the Trust for the Purchase Amount on any subsequent Determination Date. Any such Receivable,
and any Receivable with respect to which the Servicer has placed Force-Placed Insurance which has been paid in full (excluding any Insurance Add-On Amounts) will be assigned to the Servicer. 
  
 (d) The Servicer may sue to enforce or collect upon the Insurance Policies,
in its own name, if possible, or as agent of the Trust. If the Servicer elects to commence a legal proceeding to enforce an Insurance Policy, the act of commencement shall be deemed to be an automatic assignment of the rights of the Trust under such
Insurance Policy to the Servicer for purposes of collection only. If, however, in any enforcement suit or legal proceeding it is held that the Servicer may not enforce an Insurance Policy on the grounds that it is not a real party in interest or a
holder entitled to enforce the Insurance Policy, the Owner Trustee and/or the Trust Collateral Agent, at the Servicer’s expense, or the Seller, at the Seller’s expense, shall take such steps as the Servicer deems necessary to enforce such
Insurance Policy, including bringing suit in its name or the name of the Trust and the Owner Trustee and/or the Trust Collateral Agent for the benefit of the Noteholders. 
  
 (e) The Servicer will cause itself and may cause the Trust Collateral Agent to be named as named insured under all policies
of Collateral Insurance. 
  
 SECTION 4.5. Maintenance of
Security Interests in Vehicles. 
  
 (a) Consistent with the
policies and procedures required by this Agreement, the Servicer shall take such steps on behalf of the Trust as are necessary to maintain perfection of the security interest created by each Receivable in the related Financed Vehicle, including, but
not limited to, obtaining the execution by the Obligors and the recording, registering, filing, re-recording, re-filing, and re-registering of all security agreements, financing statements and continuation statements as are necessary to maintain the
security interest granted by the Obligors under the respective Receivables. The Trust Collateral Agent hereby authorizes the Servicer, 

  

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and the Servicer agrees, to take any and all steps necessary to re-perfect such security interest on behalf of the Trust as necessary because of the
relocation of a Financed Vehicle or for any other reason. In the event that the assignment of a Receivable to the Trust is insufficient, without a notation on the related Financed Vehicle’s certificate of title, or without fulfilling any
additional administrative requirements under the laws of the state in which the Financed Vehicle is located, to perfect a security interest in the related Financed Vehicle in favor of the Trust, the Servicer hereby agrees that AmeriCredit’s
designation as the secured party on the Lien Certificate is in its capacity as Servicer as agent of the Trust. 
  
 (b) Upon the occurrence of an Insurance Agreement Event of Default, the Insurer may (so long as an Insurer Default shall not have occurred and be
continuing) instruct the Trust Collateral Agent and the Servicer to take or cause to be taken, or, if an Insurer Default shall have occurred, upon the occurrence of a Servicer Termination Event, the Trust Collateral Agent and the Servicer shall take
or cause to be taken such action as may, in the opinion of counsel to the Controlling Party, be necessary to perfect or re-perfect the security interests in the Financed Vehicles securing the Receivables in the name of the Trust by amending the
title documents of such Financed Vehicles or by such other reasonable means as may, in the opinion of counsel to the Controlling Party, be necessary or prudent. 
  

AmeriCredit hereby agrees to pay all expenses related to such perfection or reperfection and to take all action necessary therefor. In addition, prior
to the occurrence of an Insurance Agreement Event of Default, the Controlling Party may instruct the Trust Collateral Agent and the Servicer to take or cause to be taken such action as may, in the opinion of counsel to the Controlling Party, be
necessary to perfect or re-perfect the security interest in the Financed Vehicles underlying the Receivables in the name of the Trust, including by amending the title documents of such Financed Vehicles or by such other reasonable means as may, in
the opinion of counsel to the Controlling Party, be necessary or prudent; provided, however, that if the Controlling Party requests that the title documents be amended prior to the occurrence of an Insurance Agreement Event of Default,
the out-of-pocket expenses of the Servicer or the Trust Collateral Agent in connection with such action shall be reimbursed to the Servicer or the Trust Collateral Agent, as applicable, by the Controlling Party. AmeriCredit hereby appoints the Trust
Collateral Agent as its attorney-in-fact to take any and all steps required to be performed by AmeriCredit pursuant to this Section 4.5(b) (it being understood that and agreed that the Trust Collateral Agent shall have no obligation to take such
steps with respect to all perfection or reperfection, except as pursuant to the Basic Documents to which it is a party and to which AmeriCredit has paid all expenses), including execution of certificates of title or any other documents in the name
and stead of AmeriCredit and the Trust Collateral Agent hereby accepts such appointment. 
  
 SECTION 4.6. Covenants, Representations, and Warranties of Servicer. By its execution and delivery of this Agreement, the Servicer makes the following representations, warranties and covenants on which the
Trust Collateral Agent relies in accepting the Receivables, on which the Trustee relies in authenticating the Notes and on which the Insurer relies in issuing the Note Policy. 
  

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 (a) The Servicer covenants as follows: 
  
 (i) Liens in Force. The Financed Vehicle securing each Receivable shall not be released in whole or
in part from the security interest granted by the Receivable, except upon payment in full of the Receivable or as otherwise contemplated herein; 
  
 (ii) No Impairment. The Servicer shall do nothing to impair the rights of the Trust or the Noteholders in the Receivables, the
Dealer Agreements, the Auto Loan Purchase and Sale Agreements, the Dealer Assignments, the Third-Party Lender Assignments, the Insurance Policies or the Other Conveyed Property except as otherwise expressly provided herein; 
  
 (iii) No Amendments. The Servicer shall not extend or
otherwise amend the terms of any Receivable, except in accordance with Section 4.2; and 
  
 (iv) Restrictions on Liens. The Servicer shall not (i) create, incur or suffer to exist, or agree to create, incur or suffer to
exist, or consent to cause or permit in the future (upon the happening of a contingency or otherwise) the creation, incurrence or existence of any Lien or restriction on transferability of the Receivables except for the Lien in favor of the Trust
Collateral Agent for the benefit of the Noteholders and Insurer, the Lien imposed by the Spread Account Agreement in favor of the Collateral Agent for the benefit of the Trust Collateral Agent and Insurer, and the restrictions on transferability
imposed by this Agreement or (ii) sign or file under the Uniform Commercial Code of any jurisdiction any financing statement which names AmeriCredit or the Servicer as a debtor, or sign any security agreement authorizing any secured party thereunder
to file such financing statement, with respect to the Receivables, except in each case any such instrument solely securing the rights and preserving the Lien of the Trust Collateral Agent, for the benefit of the Noteholders and the Insurer.

  
 (b) The Servicer represents, warrants and covenants as of the
Closing Date as to itself that the representations and warranties set forth on the Schedule of Representations attached hereto as Schedule B are true and correct, provided that such representations and warranties contained therein and herein shall
not apply to any entity other than AmeriCredit. 
  
 SECTION 4.7.
Purchase of Receivables Upon Breach of Covenant. Upon discovery by any of the Servicer, the Insurer, a Responsible Officer of the Trust Collateral Agent, the Owner Trustee, a Responsible Officer of the Backup Servicer or a Responsible Officer
of the Trustee of a breach of any of the covenants set forth in Sections 1, 2 or 3 of the Custodian Agreement or in Sections 4.5(a) or 4.6 hereof, the party discovering such breach shall give prompt written notice to the others; provided,
however, that the failure to give any such notice shall not affect any obligation of AmeriCredit as Servicer under this Section. As of the second Accounting Date following its discovery or receipt of notice of any breach of any covenant set
forth in Sections 4.5(a) or 4.6(a) which materially and adversely affects the interests of the Noteholders or the Insurer in any Receivable (including any Liquidated Receivable) (or, at AmeriCredit’s election, the first Accounting Date so
following) or the related Financed Vehicle, AmeriCredit shall, unless such breach shall have been cured in all material respects, purchase from the Trust the Receivable affected by such breach and, on the related Determination Date, AmeriCredit
shall pay the related Purchase Amount. It is understood and agreed that the 

  

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obligation of AmeriCredit to purchase any Receivable (including any Liquidated Receivable) with respect to which such a breach has occurred and is continuing
shall, if such obligation is fulfilled, constitute the sole remedy against AmeriCredit for such breach available to the Insurer, the Noteholders, the Owner Trustee, the Backup Servicer or the Trust Collateral Agent; provided, however,
that AmeriCredit shall indemnify the Trust, the Backup Servicer, the Collateral Agent, the Insurer, the Owner Trustee, the Trust Collateral Agent, the Trustee and the Noteholders from and against all costs, expenses, losses, damages, claims and
liabilities, including reasonable fees and expenses of counsel, which may be asserted against or incurred by any of them as a result of third party claims arising out of the events or facts giving rise to such breach. Notwithstanding anything to the
contrary contained herein, AmeriCredit will not be required to repurchase Receivables due solely to the Servicer’s not having received Lien Certificates that have been properly applied for from the Registrar of Titles in the applicable states
for such Receivables unless (i) such Lien Certificates shall not have been received with respect to Receivables with Principal Balances which total more than 0.5% of the Aggregate Principal Balance as of the 180th day after the Closing Date, in which case AmeriCredit shall be required to repurchase a sufficient number of such Receivables to cause the aggregate
Principal Balances of the remaining Receivables for which no such Lien Certificate shall have been received to be no greater than 0.5% of the Aggregate Principal Balance as of such date or (ii) such Lien Certificates shall not have been received as
of the 240th day after the Closing Date. This section shall survive the termination of this Agreement and the
earlier removal or resignation of the Trustee and/or the Trust Collateral Agent and/or the Backup Servicer. 
  
 SECTION 4.8. Total Servicing Fee; Payment of Certain Expenses by Servicer. On each Distribution Date, the Servicer shall be entitled to receive out
of the Collection Account the Base Servicing Fee and any Supplemental Servicing Fee for the related Collection Period (together, the “Servicing Fee”) pursuant to Section 5.7. The Servicer shall be required to pay all expenses
incurred by it in connection with its activities under this Agreement (including taxes imposed on the Servicer, expenses incurred in connection with distributions and reports made by the Servicer to Noteholders or the Insurer and all other fees and
expenses of the Owner Trustee, the Collateral Agent, the Backup Servicer, the Trust Collateral Agent or the Trustee, except taxes levied or assessed against the Trust, and claims against the Trust in respect of indemnification, which taxes and
claims in respect of indemnification against the Trust are expressly stated to be for the account of AmeriCredit). The Servicer shall be liable for the fees and expenses of the Owner Trustee, the Backup Servicer, the Trust Collateral Agent, the
Trustee, the Custodian, the Collateral Agent, the Lockbox Bank (and any fees under the Lockbox Agreement) and the Independent Accountants. Notwithstanding the foregoing, if the Servicer shall not be AmeriCredit, a successor to AmeriCredit as
Servicer including the Backup Servicer permitted by Section 9.3 shall not be liable for taxes levied or assessed against the Trust or claims against the Trust in respect of indemnification, or the fees and expenses referred to above. 
  
 SECTION 4.9. Preliminary Servicer’s Certificate and Servicer’s
Certificate. 
  
 (a) No later than 10:00 a.m. Eastern time on
each Preliminary Determination Date, the Servicer shall deliver (facsimile delivery being acceptable) to the Trustee, the Owner Trustee, the Trust Collateral Agent, the Collateral Agent, the Backup Servicer, the Insurer, the Swap Provider and each
Rating Agency a Preliminary Servicer’s Certificate executed by a Responsible Officer of the Servicer containing among other things, all information necessary to enable the Trust Collateral Agent to give any notice required by Section 5.5(b) and
to make the distributions required by Sections 5.7(a) and 5.7(b). 
  

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 (b) No later than 10:00 a.m. Eastern time on each Determination Date, the Servicer shall deliver
(facsimile delivery being acceptable) to the Trustee, the Owner Trustee, the Trust Collateral Agent, the Collateral Agent, the Backup Servicer, the Insurer and each Rating Agency a Servicer’s Certificate executed by a Responsible Officer of the
Servicer containing among other things, (i) all information necessary to enable the Trust Collateral Agent to make any withdrawal and deposit required by Section 5.5 and to make the distributions required by Sections 5.7(a) and 5.7(b), (ii) a
listing of all Purchased Receivables and Sold Receivables purchased by the Servicer or sold by the Issuer as of the related Accounting Date, identifying the Receivables so purchased by the Servicer or sold by the Issuer, (iii) all information
necessary to enable the Backup Servicer to reconcile and recalculate the following sections of the Preliminary Servicer’s Certificate or the Servicer’s Certificate, as applicable: the Monthly Period Receivables Principal Balance
Calculation Section, the Statistical Data (Current and Historical) Section, the Delinquency Section and Performance Test Section and to perform its duties as set forth in Section 4.13, (iv) all information necessary to enable the Trust Collateral
Agent to send the statements to Noteholders and the Insurer required by Section 5.10, and (v) all information necessary to enable the Trust Collateral Agent to reconcile the aggregate cash flows, the Collection Account for the related Collection
Period and Distribution Date, including the accounting required by Section 5.10. In addition to the information set forth in the preceding sentence, the Servicer’s Certificate shall also contain the following information: (a) the Delinquency
Ratio, for the related Collection Period and the two (2) preceding Collection Periods and the Gross Default Ratio and Cumulative Net Loss Ratio (as such terms are defined in the Spread Account Agreement) for the related Collection Period; (b)
whether any Trigger Event has occurred as of such Determination Date; (c) whether any Trigger Event that may have occurred as of a prior Determination Date is deemed cured as of such Determination Date; and (d) whether to the knowledge of the
Servicer an Insurance Agreement Event of Default has occurred. 
  
 SECTION 4.10. Annual Statement as to Compliance, Notice of Servicer Termination Event. 
  
 (a) The Servicer shall deliver to the Trustee, the Owner Trustee, the Trust Collateral Agent, the Backup Servicer, the Insurer and the Rating Agencies, on
or before October 31 (or 120 days after the end of the Servicer’s fiscal year, if other than June 30) of each year, beginning on October 31, 2004, an officer’s certificate signed by any Responsible Officer of the Servicer, dated as of June
30 (or other applicable date) of such year, stating that (i) a review of the activities of the Servicer during the preceding 12-month period (or such other period as shall have elapsed from the Closing Date to the date of the first such certificate
(which period shall not be less than six months)) and of its performance under this Agreement has been made under such officer’s supervision, and (ii) to such officer’s knowledge, based on such review, the Servicer has fulfilled all its
obligations under this Agreement throughout such period, or, if there has been a default in the fulfillment of any such obligation, specifying each such default known to such officer and the nature and status thereof. 
  

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 (b) The Servicer shall deliver to the Trustee, the Owner Trustee, the Trust Collateral Agent, the Backup
Servicer, the Insurer, the Collateral Agent and each Rating Agency, promptly after having obtained knowledge thereof, but in no event later than two (2) Business Days thereafter, written notice in an officer’s certificate of any event which
with the giving of notice or lapse of time, or both, would become a Servicer Termination Event under Section 9.1(a). The Seller or the Servicer shall deliver to the Trustee, the Owner Trustee, the Trust Collateral Agent, the Backup Servicer, the
Insurer, the Collateral Agent, the Servicer or the Seller (as applicable) and each Rating Agency promptly after having obtained knowledge thereof, but in no event later than two (2) Business Days thereafter, written notice in an officer’s
certificate of any event which with the giving of notice or lapse of time, or both, would become a Servicer Termination Event under any other clause of Section 9.1. 
  
 SECTION 4.11. Annual Independent Accountants’ Report. The Servicer shall cause a firm of nationally recognized
independent certified public accountants (the “Independent Accountants”), who may also render other services to the Servicer or to the Seller, to deliver to the Trustee, the Owner Trustee, the Trust Collateral Agent, the Backup
Servicer, the Insurer and each Rating Agency, on or before October 31 (or 120 days after the end of the Servicer’s fiscal year, if other than June 30) of each year, beginning on October 31, 2004, with respect to the twelve months ended the
immediately preceding June 30 (or other applicable date) (or such other period as shall have elapsed from the Closing Date to the date of such certificate (which period shall not be less than six months)), a statement (the “Accountants’
Report”) addressed to the Board of Directors of the Servicer, to the Trustee, the Owner Trustee, the Trust Collateral Agent, the Backup Servicer and to the Insurer, to the effect that such firm has audited the books and records of
AmeriCredit Corp., in which the Servicer is included as a consolidated subsidiary, and issued its report thereon in connection with the audit report on the consolidated financial statements of AmeriCredit Corp. and that (1) such audit was made in
accordance with generally accepted auditing standards, and accordingly included such tests of the accounting records and such other auditing procedures as such firm considered necessary in the circumstances; (2) the firm is independent of the Seller
and the Servicer within the meaning of the Code of Professional Ethics of the American Institute of Certified Public Accountants, and (3) includes a report on the application of agreed upon procedures to three randomly selected Servicer’s
Certificates including the delinquency, default and loss statistics required to be specified therein noting whether any exceptions or errors in the Servicer’s Certificates were found. 
  
 SECTION 4.12. Access to Certain Documentation and Information Regarding
Receivables. The Servicer shall provide to representatives of the Trustee, the Owner Trustee, the Trust Collateral Agent, the Backup Servicer and the Insurer reasonable access to the documentation regarding the Receivables. In each case, such
access shall be afforded without charge but only upon reasonable request and during normal business hours. Nothing in this Section shall affect the obligation of the Servicer to observe any applicable law prohibiting disclosure of information
regarding the Obligors, and the failure of the Servicer to provide access as provided in this Section as a result of such obligation shall not constitute a breach of this Section. 
  
 SECTION 4.13. Monthly Tape. On or before the Distribution Date, but in no event later than the seventh calendar day,
of each month, the Servicer will deliver to the Trust Collateral Agent, the Insurer and the Backup Servicer a computer tape and a diskette (or any 

  

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other electronic transmission acceptable to the Trust Collateral Agent, the Insurer and the Backup Servicer) in a format acceptable to the Trust Collateral
Agent, the Insurer and the Backup Servicer containing the information with respect to the Receivables as of the preceding Accounting Date necessary for preparation of the Servicer’s Certificate relating to the immediately preceding
Determination Date and necessary to review the application of collections as provided in Section 5.4 (the “Monthly Tape”). The Backup Servicer shall use such tape or diskette (or other electronic transmission acceptable to the Trust
Collateral Agent and the Backup Servicer) to (i) confirm that the Servicer’s Certificate is complete on its face, (ii) confirm that such tape, diskette or other electronic transmission is in readable form, (iii) verify the mathematical accuracy
of all calculations contained within the Servicer’s Certificate with respect to the information set forth in 4.9(b)(iii) and (iv) calculate and confirm (A) the aggregate amount distributable as principal on the related Distribution Date to each
Class of Notes, (B) the aggregate amount distributable as interest on the related Distribution Date to each Class of Notes, (C) any amounts distributable on the related Distribution Date which are to be paid with funds (y) withdrawn from the Spread
Account, or (z) drawn under the Note Policy, (D) the outstanding principal amount of each Class of Notes after giving effect to all distributions made pursuant to clause (A), above, (E) the Note Pool Factor for each Class of Notes after giving
effect to all distributions made pursuant to clause (A), above, and (F) the aggregate Noteholders’ Principal Carryover Amount and the aggregate Noteholders’ Interest Carryover Amount on such Distribution Date after giving effect to all
distributions made pursuant to clauses (A) and (B), above, respectively. The Backup Servicer shall certify to the Controlling Party and to the Trustee that it has verified the Servicer’s Certificate in accordance with this Section and shall
notify the Servicer and the Controlling Party of any discrepancies, in each case, on or before the fifth Business Day following the Distribution Date. In the event that the Backup Servicer reports any discrepancies, the Servicer and the Backup
Servicer shall attempt to reconcile such discrepancies prior to the next succeeding Distribution Date, but in the absence of a reconciliation, the Servicer’s Certificate shall control for the purpose of calculations and distributions with
respect to the next succeeding Distribution Date. In the event that the Backup Servicer and the Servicer are unable to reconcile discrepancies with respect to a Servicer’s Certificate by the next succeeding Distribution Date, the Servicer shall
cause the Independent Accountants, at the Servicer’s expense, to audit the Servicer’s Certificate and, prior to the last day of the month after the month in which such Servicer’s Certificate was delivered, reconcile the discrepancies.
The effect, if any, of such reconciliation shall be reflected in the Preliminary Servicer’s Certificate for the next succeeding Distribution Date, and/or the Servicer’s Certificate for such next succeeding Determination Date. In addition,
upon the occurrence of a Servicer Termination Event the Servicer shall, if so requested by the Controlling Party, deliver to the Backup Servicer or any replacement Servicer its Collection Records and its Monthly Records within 15 days after demand
therefor and a computer tape containing as of the close of business on the date of demand all of the data maintained by the Servicer in computer format in connection with servicing the Receivables. Other than the duties specifically set forth in
this Agreement, the Backup Servicer shall have no obligations hereunder, including, without limitation, to supervise, verify, monitor or administer the performance of the Servicer. The Backup Servicer shall have no liability for any actions taken or
omitted by the Servicer. 
  

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 SECTION 4.14. [Reserved] 
  
 SECTION 4.15. Fidelity Bond and Errors and Omissions Policy. The Servicer has obtained, and shall continue to
maintain in full force and effect, a Fidelity Bond and Errors and Omissions Policy of a type and in such amount as is customary for servicers engaged in the business of servicing automobile receivables. 
  
 ARTICLE V 
  
 Trust Accounts; Distributions; 
 Statements to Noteholders 
  
 SECTION 5.1. Establishment of Trust Accounts. 
  
 (a) (i) The Trust Collateral Agent, on behalf of the Noteholders and the Insurer, shall establish and maintain in its own name an Eligible Deposit Account (the “Collection Account”), bearing a designation clearly indicating
that the funds deposited therein are held for the benefit of the Trust Collateral Agent on behalf of the Noteholders and the Insurer. The Collection Account shall initially be established with the Trust Collateral Agent. 
  
 (ii) The Trust Collateral Agent, on behalf of the Noteholders, shall
establish and maintain in its own name an Eligible Deposit Account (the “Note Distribution Account”), bearing a designation clearly indicating that the funds deposited therein are held for the benefit of the Trust Collateral Agent
on behalf of the Noteholders and the Insurer. The Note Distribution Account shall initially be established with the Trust Collateral Agent. 
  
 (iii) The Trust Collateral Agent, on behalf of the Noteholders and the Insurer, shall establish and maintain in its own name an Eligible Deposit Account
(the “Pre-Funding Account”), bearing a designation clearly indicating that the funds deposited therein are held for the benefit of the Trust Collateral Agent on behalf of the Noteholders and the Insurer. The Pre-Funding Account
shall initially be established with the Trust Collateral Agent. 
  
 (b) Funds on deposit in the Collection Account, the Note Distribution Account, the Pre-Funding Account and the Capitalized Interest Account (collectively, the “Trust Accounts”) and the Lockbox Accounts shall be invested by
the Trust Collateral Agent (or any custodian with respect to funds on deposit in any such account) in Eligible Investments selected in writing by the Servicer (pursuant to standing instructions or otherwise). All such Eligible Investments shall be
held by or on behalf of the Trust Collateral Agent for the benefit of the Noteholders and the Insurer, as applicable. Other than as permitted by the Rating Agencies and the Insurer, funds on deposit in any Trust Account shall be invested in Eligible
Investments that will mature so that such funds will be available at the close of business on the Business Day immediately preceding the following Distribution Date. Funds deposited in a Trust Account on the day immediately preceding a Distribution
Date upon the maturity of any Eligible Investments are required to be invested overnight. All Eligible Investments will be held to maturity. 
  
 (c) All investment earnings of moneys deposited in the Trust Accounts shall be deposited (or caused to be deposited) on each Distribution Date by the
Trust Collateral Agent in the Collection Account, and any loss resulting from such investments shall be charged to such account. The Servicer will not direct the Trust Collateral Agent to make any investment of any 

  

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funds held in any of the Trust Accounts unless the security interest granted and perfected in such account will continue to be perfected in such investment,
in either case without any further action by any Person, and, in connection with any direction to the Trust Collateral Agent to make any such investment, if requested by the Trust Collateral Agent, the Servicer shall deliver to the Trust Collateral
Agent an Opinion of Counsel, acceptable to the Trust Collateral Agent, to such effect. 
  
 (d) The Trust Collateral Agent shall not in any way be held liable by reason of any insufficiency in any of the Trust Accounts resulting from any loss on any Eligible Investment included therein except for losses
attributable to the Trust Collateral Agent’s negligence or bad faith or its failure to make payments on such Eligible Investments issued by the Trust Collateral Agent, in its commercial capacity as principal obligor and not as trustee, in
accordance with their terms. 
  
 (e) If (i) the Servicer shall
have failed to give investment directions in writing for any funds on deposit in the Trust Accounts to the Trust Collateral Agent by 1:00 p.m. Eastern Time (or such other time as may be agreed by the Issuer and Trust Collateral Agent) on any
Business Day; or (ii) a Default or Event of Default shall have occurred and be continuing with respect to the Notes but the Notes shall not have been declared due and payable, or, if such Notes shall have been declared due and payable following an
Event of Default, amounts collected or receivable from the Trust Property are being applied as if there had not been such a declaration; then the Trust Collateral Agent shall, to the fullest extent practicable, invest and reinvest funds in the Trust
Accounts in the investment described in clause (d) of the definition of Eligible Investments. 
  
 (f) (i) The Trust Collateral Agent shall possess all right, title and interest in all funds on deposit from time to time in the Trust Accounts and in all proceeds thereof for the benefit of the Noteholders and the
Insurer and all such funds, investments, proceeds and income shall be part of the Owner Trust Estate. Except as otherwise provided herein, the Trust Accounts shall be under the sole dominion and control of the Trust Collateral Agent for the benefit
of the Noteholders, as the case may be, and the Insurer. If, at any time, any of the Trust Accounts ceases to be an Eligible Deposit Account, the Trust Collateral Agent (or the Servicer on its behalf) shall within five Business Days (or such longer
period as to which each Rating Agency and the Insurer may consent) establish a new Trust Account as an Eligible Deposit Account and shall transfer any cash and/or any investments to such new Trust Account. In connection with the foregoing, the
Servicer agrees that, in the event that any of the Trust Accounts are not accounts with the Trust Collateral Agent, the Servicer shall notify the Trust Collateral Agent in writing promptly upon any of such Trust Accounts ceasing to be an Eligible
Deposit Account. 
  
 (ii) With respect to the Trust Account
Property, the Trust Collateral Agent agrees that: 
  
 (A) any Trust Account Property that is held in deposit accounts shall be held solely in the Eligible Deposit Accounts; and, except as otherwise provided herein, each such Eligible Deposit Account shall be subject to the exclusive custody
and control of the Trust Collateral Agent, and the Trust Collateral Agent shall have sole signature authority with respect thereto; 
  

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 (B) any Trust Account Property that constitutes Physical Property shall be delivered to
the Trust Collateral Agent in accordance with paragraph (a) of the definition of “Delivery” and shall be held, pending maturity or disposition, solely by the Trust Collateral Agent or a financial intermediary (as such term is
defined in Section 8-313(4) of the UCC) acting solely for the Trust Collateral Agent; 
  
 (C) any Trust Account Property that is a book-entry security held through the Federal Reserve System pursuant to Federal book-entry
regulations shall be delivered in accordance with paragraph (b) of the definition of “Delivery” and shall be maintained by the Trust Collateral Agent, pending maturity or disposition, through continued book-entry registration of
such Trust Account Property as described in such paragraph; and 
  
 (D) any Trust Account Property that is an “uncertificated security” under Article 8 of the UCC and that is not governed by clause (C) above shall be delivered to the Trust Collateral Agent in
accordance with paragraph (c) of the definition of “Delivery” and shall be maintained by the Trust Collateral Agent, pending maturity or disposition, through continued registration of the Trust Collateral Agent’s (or its
nominee’s) ownership of such security. 
  
 (g) The Servicer
shall have the power, revocable by the Insurer or, with the consent of the Insurer by the Trustee or by the Owner Trustee with the consent of the Trustee, to instruct the Trust Collateral Agent to make withdrawals and payments from the Trust
Accounts for the purpose of permitting the Servicer and the Trust Collateral Agent to carry out its respective duties hereunder. 
  
 (h) The Trust Collateral Agent acknowledges that, pursuant to the provisions of the Swap Agreement, the Swap Provider may be required to post collateral
with the Trust Collateral Agent to secure the Swap Provider’s obligations under the Swap Agreement. The Trust Collateral Agent agrees to establish and maintain an Eligible Deposit Account (the “Swap Account”) to hold such collateral,
if requested to do so by the Servicer or the Controlling Party. The Trust Collateral Agent further agrees to follow such written instructions relating to the administration of, and transfers from such account, as may be delivered by (i) the Servicer
(with the consent of the Controlling Party) or (ii) the Controlling Party. 
  
 SECTION 5.2. Capitalized Interest Account. 
  
 (a) The Servicer shall cause the Trust Collateral Agent to establish and maintain an Eligible Deposit Account (the “Capitalized Interest Account”) with the Trust Collateral Agent, bearing a
designation clearly indicating that the funds deposited therein are held in trust for the benefit of the Noteholders and the Insurer. 
  
 On or prior to the Closing Date, the Seller shall deposit an amount equal to the Capitalized Interest Account Initial Deposit into the Capitalized
Interest Account. 
  

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 (b) (i) On the Distribution Dates occurring in November 2003, December 2003, January 2004 and February
2004, the Trust Collateral Agent shall withdraw at the written direction of the Servicer from the Capitalized Interest Account the Monthly Capitalized Interest Amount for such Distribution Date and deposit such amount in the Collection Account as
further provided in Section 5.7. 
  
 (ii) On the Distribution
Date on or immediately following the end of the Funding Period, the Overfunded Capitalized Interest Amount shall be remitted by the Trust Collateral Agent to the Seller. Upon any such distribution to the Seller, the Noteholders, the
Certificateholders and the Insurer will have no further rights in, or claims to, such amount. 
  
 SECTION 5.3. Certain Reimbursements to the Servicer. The Servicer will be entitled to be reimbursed from amounts on deposit in the Collection Account with respect to a Collection Period for amounts previously
deposited in the Collection Account but later determined by the Servicer to have resulted from mistaken deposits or postings or checks returned for insufficient funds. The amount to be reimbursed hereunder shall be paid to the Servicer on the
related Distribution Date pursuant to Section 5.7(b)(ii) upon certification by the Servicer of such amounts and the provision of such information to the Trust Collateral Agent and the Insurer as may be necessary in the opinion of the Insurer to
verify the accuracy of such certification; provided, however, that the Servicer must provide such clarification within 12 months of such mistaken deposit, posting, or returned check. In the event that the Insurer has not received
evidence satisfactory to it of the Servicer’s entitlement to reimbursement pursuant to this Section, the Insurer shall (unless an Insurer Default shall have occurred and be continuing) give the Trust Collateral Agent notice in writing to such
effect, following receipt of which the Trust Collateral Agent shall not make a distribution to the Servicer in respect of such amount pursuant to Section 5.7, or if the Servicer prior thereto has been reimbursed pursuant to Section 5.7, the Trust
Collateral Agent shall withhold such amounts from amounts otherwise distributable to the Servicer on the next succeeding Distribution Date. The Servicer will additionally be entitled to receive from amounts on deposit in the Collection Account with
respect to a Collection Period any amounts paid by Obligors that were collected in the Lockbox Account but that do not relate to (i) principal and interest payments due on the Receivables and (ii) any fees or expenses related to extensions due on
the Receivables. 
  
 SECTION 5.4. Application of
Collections. All collections for the Collection Period shall be applied by the Servicer as follows: 
  
 With respect to each Receivable (other than a Purchased Receivable or a Sold Receivable), payments by or on behalf of the Obligor, (other than
Supplemental Servicing Fees with respect to such Receivable, to the extent collected) shall be applied to interest and principal in accordance with the Simple Interest Method. 
  
 All amounts collected that are payable to the Servicer as Supplemental Servicing Fees hereunder shall be deposited in the
Collection Account and paid to the Servicer in accordance with Section 5.7(b). 
  

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 SECTION 5.5. Withdrawals from Spread Account. 
  
 (a) In the event that the Servicer’s Certificate with respect to any
Determination Date shall state that there is a Spread Account Claim Amount then on the Spread Account Claim Date immediately preceding the related Distribution Date, the Trust Collateral Agent shall deliver to the Collateral Agent, the Owner
Trustee, the Trustee, the Insurer and the Servicer, by hand delivery or facsimile transmission, a written notice (a “Deficiency Notice”) specifying the Spread Account Claim Amount for such Distribution Date and the Deficiency
Amount, if any. Such Deficiency Notice shall direct the Collateral Agent to remit such Spread Account Claim Amount (to the extent of the funds available to be distributed pursuant to the Spread Account Agreement) to the Trust Collateral Agent for
deposit in the Collection Account on the related Distribution Date. 
  
 Any Deficiency Notice shall be delivered by 12:00 noon, Eastern time, on the second Business Day preceding such Distribution Date. 
  
 (b) In the event that the Preliminary Servicer’s Certificate with respect to any Preliminary Determination Date shall state that there shall be an
Accelerated Payment Amount Shortfall with respect to the related Distribution Date, then on the Business Day preceding such Distribution Date, the Trust Collateral Agent shall deliver to the Collateral Agent, the Insurer and the Servicer, by hand
delivery or facsimile transmission, an Accelerated Payment Shortfall Notice. Such Accelerated Payment Shortfall Notice shall direct the Collateral Agent to remit such Accelerated Payment Amount Shortfall to the Trust Collateral Agent (to the extent
of funds available to be distributed in the Spread Account) for deposit in the Collection Account on the related Distribution Date. Any Accelerated Payment Shortfall Notice shall be delivered by 2:00 p.m. Eastern time, on the Business Day preceding
such Distribution Date. 
  
 (c) The amounts distributed by the
Collateral Agent to the Trust Collateral Agent pursuant to a Deficiency Notice or Accelerated Payment Shortfall Notice shall be deposited by the Trust Collateral Agent into the Collection Account pursuant to Section 5.6. 
  
 SECTION 5.6. Additional Deposits. 
  
 (a) The Servicer and the Seller, as applicable, shall deposit or cause to be
deposited in the Collection Account on the Preliminary Determination Date on which such obligations are due the aggregate Purchase Amount with respect to Purchased Receivables and the aggregate Sale Amounts with respect to Sold Receivables. On or
before each Distribution Date, the Trust Collateral Agent shall remit to the Collection Account any amounts delivered to the Trust Collateral Agent by the Collateral Agent. 
  
 (b) The proceeds of any purchase or sale of the assets of the Trust described in Section 10.1 hereof shall be deposited in
the Collection Account. 
  
 (c) Net payments from the Swap
Provider, if any, shall be deposited by the Trust Collateral Agent in the Collection Account. 
  

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 SECTION 5.7. Distributions 
  
 (a) No later than 11:00 a.m. New York time on each Distribution Date, the Trust Collateral Agent shall (based solely on the
information contained in the Preliminary Servicer’s Certificate delivered on the related Preliminary Determination Date) cause to be made the following transfers and distributions in the amounts set forth in the Preliminary Servicer’s
Certificate for such Distribution Date: 
  
 (i)
During the Funding Period, from the Capitalized Interest Account to the Collection Account, in immediately available funds, the Monthly Capitalized Interest Amount for such Distribution Date; and 
  
 (ii) If such Distribution Date is the Mandatory Redemption
Date, from the Pre-Funding Account to the Collection Account, in immediately available funds, the Pre-Funded Amount after giving effect to the purchase of Subsequent Receivables, if any, on the Mandatory Redemption Date 
  
 (b) On each Distribution Date, the Trust Collateral Agent shall (based solely
on the information contained in the Preliminary Servicer’s Certificate delivered with respect to the related Preliminary Determination Date) distribute the following amounts from the Collection Account unless otherwise specified, to the extent
of the sources of funds stated to be available therefor, and in the following order of priority: 
  
 (i) from the Available Funds, to the Swap Provider, net payments (excluding Swap Termination Payments unless such Swap Termination Payment
is insured under the Swap Provider Policy) due to it under the Swap Agreement; provided, that any payments made to a Swap Provider under the Swap Provider Policy on a Distribution Date shall be deemed to be payments made to that Swap Provider
pursuant to this clause (i) on such Distribution Date; 
  
 (ii) from the Available Funds, to the Servicer, the Base Servicing Fee for the related Collection Period, any Supplemental Servicing Fees for the related Collection Period, any amounts specified in Section 5.3, to the extent the Servicer
has not reimbursed itself in respect of such amounts pursuant to Section 5.3 and to the extent not retained by the Servicer and to pay to AmeriCredit any amounts paid by Obligors during the preceding calendar month that did not relate to (i)
principal and interest payments due on the Receivables and (ii) any fees or expenses related to extensions due on the Receivables and, to any successor Servicer, transition fees not to exceed $100,000 (including boarding fees) in the aggregate;

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

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 (iv) from the Available Funds to the Note Distribution Account, the Noteholders’
Interest Distributable Amount plus, on the Mandatory Redemption Date, the Note Prepayment Amount; 
  
 (v) from the Available Funds, to the Insurer, the Premium (as defined in the Insurance Agreement) and, so long as no Insurer Default has
occurred and is continuing, to the extent of any amounts owing to the Insurer under the Insurance Agreement and not paid; 
  
 (vi) from the Available Funds to the Note Distribution Account, the Noteholders’ Principal Distributable Amount; 
  
 (vii) from the Available Funds, to the Spread Account, an
amount, if necessary, required to increase the amount therein to its then required level; 
  
 (viii) from the Available Funds and other amounts, if any, received by the Trust Collateral Agent in respect of the Accelerated Payment
Amount Shortfall, to the Note Distribution Account, the Noteholders’ Accelerated Principal Amount; 
  
 (ix) from Available Funds, to the Swap Provider, any Swap Termination Payments to the extent not already paid pursuant to clause (i)
above; 
  
 (x) from Available Funds, to the
Insurer, so long as an Insurer Default has occurred and is continuing, the amounts described in clause (v) above, excluding the Premium, as defined in the Insurance Agreement; and 
  
 (xi) from Available Funds, any remaining Available Funds to the Collateral Agent for deposit in the Spread
Account . 
  
 provided, however, that, (A) following an acceleration
of the Notes pursuant to the Indenture or, (B) if an Insurer Default shall have occurred and be continuing and an Event of Default pursuant to Section 5.1(i), 5.1(ii), 5.1(iv), 5.1(v) or 5.1(vi) of the Indenture shall have occurred and be
continuing, or (C) the receipt of Insolvency Proceeds pursuant to Section 10.1(b), amounts deposited in the Note Distribution Account (including any such Insolvency Proceeds) shall be paid to the Noteholders, pursuant to Section 5.6 of the
Indenture. 
  
 (c) On each Distribution Date, the Trust Collateral
Agent shall (based solely on the information contained in the Servicer’s Certificate delivered with respect to the related Determination Date, unless the Insurer shall have notified the Trust Collateral Agent in writing of any errors or
deficiencies with respect thereto) distribute from the Collection Account the Additional Funds Available in accordance with the priorities set forth in Section 5.7(b) or as may be directed by the Insurer in writing with respect to that portion of
the Additional Funds Available constituting Insurer Optional Deposits and the Trustee shall deposit in the Note Distribution Account any Insured Payments (as defined in the Note Policy) due on such Distribution Date, which amount shall be applied
solely to the payment of amounts then due and unpaid on the Notes in accordance with the priorities set forth in Section 5.8(a) hereof or Section 5.6 of the Indenture, as applicable. 
  

 50 

 (d) In the event that the Collection Account is maintained with an institution other than the Trust
Collateral Agent, the Servicer shall instruct and cause such institution to make all deposits and distributions pursuant to Sections 5.7(b) and 5.7(c) on the related Distribution Date. 
  
 SECTION 5.8. Note Distribution Account. 
  
 (a) On each Distribution Date (based solely on the information contained in the Preliminary Servicer’s Certificate) the
Trust Collateral Agent shall distribute all amounts on deposit in the Note Distribution Account to Noteholders in respect of the Notes to the extent of amounts due and unpaid on the Notes for principal and interest in the following amounts and in
the following order of priority: 
  
 (i) accrued
and unpaid interest on the Notes; provided that if there are not sufficient funds in the Note Distribution Account to pay the entire amount of accrued and unpaid interest then due on each Class of Notes, the amount in the Note Distribution
Account shall be applied to the payment of such interest on each Class of Notes pro rata on the basis of the amount of accrued and unpaid interest due on each Class of Notes; 
  
 (ii) any amounts deposited in the Note Distribution Account with respect to the Note Prepayment Amount,
shall be distributed to the Holders of the Class A-1 Notes, the Class A-2 Notes, the Class A-3-A Notes, the Class A-3-B Notes and the Class A-4 Notes based upon the pro rata share as represented by the relative outstanding principal balance of each
Class of Notes; provided, that if the aggregate remaining amount in the Pre-Funding Account is $100,000 or less, such amount will be applied exclusively to reduce the outstanding principal balance of the Class of Notes then entitled to
receive distributions of principal; 
  
 (iii) The
Principal Distributable Amount shall be distributed as follows: 
  
 (1) to the Holders of the Class A-1 Notes with the total amount paid out on each Distribution Date until the outstanding principal balance of the Class A-1 Notes has been reduced to zero; 
  
 (2) to the Holders of the Class A-2 Notes with the total
amount paid out on each Distribution Date until the outstanding principal balance of the Class A-2 Notes has been reduced to zero; 
  
 (3) to the Holders of the Class A-3-A Notes and the Class A-3-B Notes, pro rata, with the total amount paid out on each
Distribution Date until the outstanding principal balance of the Class A-3-A Notes and the Class A-3-B Notes has been reduced to zero; and 
  
 (4) to the Holders of the Class A-4 Notes until the outstanding principal balance of the Class A-4 Notes is reduced to zero. 

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

 51 

 (c) In the event that any withholding tax is imposed on the Trust’s payment (or allocations of
income) to a Noteholder, such tax shall reduce the amount otherwise distributable to the Noteholder in accordance with this Section. The Trust Collateral Agent is hereby authorized and directed to retain from amounts otherwise distributable to the
Noteholders sufficient funds for the payment of any tax attributable to the Trust (but such authorization shall not prevent the Trust Collateral Agent from contesting any such tax in appropriate proceedings, and withholding payment of such tax, if
permitted by law, pending the outcome of such proceedings). The amount of any withholding tax imposed with respect to a Noteholder shall be treated as cash distributed to such Noteholder at the time it is withheld by the Trust and remitted to the
appropriate taxing authority. If there is a possibility that withholding tax is payable with respect to a distribution (such as a distribution to a non-US Noteholder), the Trust Collateral Agent may in its sole discretion withhold such amounts in
accordance with this clause (c). In the event that a Noteholder wishes to apply for a refund of any such withholding tax, the Trust Collateral Agent shall reasonably cooperate with such Noteholder in making such claim so long as such Noteholder
agrees to reimburse the Trust Collateral Agent for any out-of-pocket expenses (including legal fees and expenses) incurred. 
  
 (d) Distributions required to be made to Noteholders on any Distribution Date shall be made to each Noteholder of record on the preceding Record Date
either by (i) wire transfer, in immediately available funds, to the account of such Holder at a bank or other entity having appropriate facilities therefore, if such Noteholder shall have provided to the Note Registrar appropriate written
instructions at least five Business Days prior to such Distribution Date and such Holder’s Notes in the aggregate evidence a denomination of not less than $1,000,000 or (ii) by check mailed to such Noteholder at the address of such holder
appearing in the Note Register. Notwithstanding the foregoing, the final distribution in respect of any Note (whether on the Final Scheduled Distribution Date or otherwise) will be payable only upon presentation and surrender of such Note at the
office or agency maintained for that purpose by the Note Registrar pursuant to Section 2.4 of the Indenture. 
  
 (e) Subject to Section 5.1 and this section, monies received by the Trust Collateral Agent hereunder need not be segregated in any manner except to the
extent required by law and may be deposited under such general conditions as may be prescribed by law, and the Trust Collateral Agent shall not be liable for any interest thereon. 
  
 SECTION 5.9. Pre-Funding Account. 
  
 (a) On the Closing Date, the Trust Collateral Agent will deposit, on behalf of and at the written direction of the Seller,
in the Pre-Funding Account $101,996,410.99 from the proceeds of the sale of the Notes. 
  
 (b) On each Subsequent Transfer Date, the Servicer shall instruct the Trust Collateral Agent in writing to withdraw from the Pre-Funding Account an amount equal to 91.5% of the Principal Balance of the Subsequent
Receivables transferred to the Issuer on such Subsequent Transfer Date and, upon satisfaction of the conditions set forth in this Agreement with respect to such transfer, (i) to deposit in the Spread Account an amount equal to the related Subsequent
Spread Account Deposit and (ii) to distribute the balance of the amount withdrawn from the Pre-Funding Account to or upon the order of the Seller. 
  

 52 

 (c) If the Pre-Funded Amount has not been reduced to zero on the date on which the Funding Period ends
after giving effect to any reductions in the Pre-Funded Amount on such date, the Servicer shall instruct the Trust Collateral Agent in writing to withdraw from the Pre-Funding Account on the Mandatory Redemption Date the Pre-Funded Amount (exclusive
of any Pre-Funding Earnings) and deposit an amount equal to the Note Prepayment Amount in the Note Distribution Account. 
  
 SECTION 5.10. Statements to Noteholders. 
  
 (a) On or prior to each Distribution Date, the Trust Collateral Agent shall provide each Noteholder of record (with a copy to the Insurer and the Rating
Agencies) a statement setting forth at least the following information as to the Notes to the extent applicable: 
  
 (i) the amount of such distribution allocable to principal of each Class of Notes; 
  
 (ii) the amount of such distribution allocable to interest
on or with respect to each Class of Notes; 
  
 (iii) the amount of such distribution payable out of amounts withdrawn from the Spread Account or pursuant to a claim on the Note Policy; 
  
 (iv) the Pool Balance as of the close of business on the last day of the preceding Collection Period; 
  
 (v) the aggregate outstanding principal amount of each Class
of the Notes and the Note Pool Factor for each such Class after giving effect to payments allocated to principal reported under (i) above; 
  
 (vi) the amount of the Servicing Fee paid to the Servicer with respect to the related Collection Period and/or due but unpaid with respect
to such Collection Period or prior Collection Periods, as the case may be; 
  
 (vii) the Noteholders’ Interest Carryover Amount and the Noteholders’ Principal Carryover Amount; 
  
 (viii) the amount of the aggregate Realized Losses, if any, for the second preceding Collection Period; 
  
 (ix) the aggregate Purchase Amounts for Receivables, if any,
that were repurchased by the Servicer in such period; 
  
 (x) for Distribution Dates during the Funding Period, the remaining Pre-Funded Amount, if any; 
  
 (xi) the aggregate Sale Amounts for Sold Receivables, if any, that were sold by the Issuer in such period; and 
  

 53 

 (xii) for the final Subsequent Transfer Date, the amount of any remaining Pre-Funded
Amount that has not been used to fund the purchase of Subsequent Receivables and will be passed through as principal to Noteholders. 
  
 Each amount set forth pursuant to paragraph (i), (ii), (iii), (vi) and (vii) above shall be expressed as a dollar amount per $1,000 of the initial principal balance of
the Notes (or Class thereof). 
  
 (b) The Trust Collateral Agent
will make the statements referred to in Section 5.10(a) above (and, at its option, any additional files containing the same information in an alternative format) available each month via the Trust Collateral Agent’s internet website, which is
presently located at www.jpmorgan.com/absmbs. Persons that are entitled to receive such statements but are unable to use the above website are entitled to have a paper copy mailed to them via first class mail by calling the Trust Collateral Agent at
(212) 623-5600. The Trust Collateral Agent shall have the right to change the way the statements referred to in Section 5.10(a) above are distributed in order to make such distribution more convenient and/or more accessible to the parties entitled
to receive such statements. The Trust Collateral Agent shall provide notification of any such change to all parties entitled to receive such statements in the manner described in Section 12.3 hereof, Section 11.4 of the Indenture or Section 11.5 of
the Indenture, as appropriate. 
  
 SECTION 5.11. Optional
Deposits by the Insurer. The Insurer shall at any time, and from time to time, with respect to a Distribution Date, have the option (but shall not be required, except in accordance with the terms of the Note Policy) to deliver amounts to the
Trust Collateral Agent for deposit into the Collection Account for any of the following purposes: (i) to provide funds in respect of the payment of fees or expenses of any provider of services to the Trust with respect to such Distribution Date, or
(ii) to include such amount to the extent that without such amount a draw would be required to be made on the Note Policy. 
  
 SECTION 5.12 Determination of LIBOR 
  
 The Trust Collateral Agent will determine LIBOR for purposes of calculating the Interest Rate for the Class A-3-B Notes on October 14, 2003 for the period
from the Closing Date to the first Distribution Date, and for each given Interest Period thereafter, on the second London Business Day prior to the prior Distribution Date (each, a “LIBOR Determination Date”). For purposes of
calculating LIBOR, a “London Business Day” means a business day and a day on which banking institutions in the City of London, England are not required or authorized by law to be closed. 
  
 “LIBOR” means, with respect to any Interest Period, the
London interbank offered rate for deposits in U.S. dollars having a maturity of one month commencing on the related LIBOR Determination Date (the “Index Maturity”) which appears on Telerate Page 3750 as of 11:00 a.m., London time,
on such LIBOR Determination Date. If the rates used to determine LIBOR do not appear on the Telerate page 3750, the rates for that day will be determined on the basis of the rates at which deposits in U.S. dollars, having the Index Maturity and in a
principal amount of not less than U.S. $1,000,000 are offered at approximately 11:00 a.m., London Time, on such LIBOR Determination Date to prime banks in the London interbank market by the Reference Banks. The Trust Collateral Agent will request
the principal London 

  

 54 

 
office of each of such Reference Banks to provide a quotation of its rate. If at least two such quotations are provided, the rate for that day will be the
arithmetic mean, rounded upward, if necessary, to the nearest 1/100,000 of 1% (0.0000001), with five-one millionths of a percentage point rounded upward, of all such quotations. If fewer than two such quotations are provided, the rate for that day
will be the arithmetic mean, rounded upward of necessary to the nearest 1/100,000 of 1% (0.0000001), with five-one millionths of a percentage point rounded upward, of the offered per annum rates that one or more leading banks in New York City,
selected by the Trust Collateral Agent, are quoting as of approximately 11:00 a.m., Eastern time, on such LIBOR Determination Date to leading European banks for United States dollar deposits for that Maturity; provided that if the banks
selected as aforesaid are not quoting as mentioned in this sentence, LIBOR in effect for the applicable Interest Period will be LIBOR in effect for the previous Interest Period. 
  
 “Telerate Page 3750” is the display page named on the Dow Jones Telerate Services (or any other page that
replaces that page on that service for the purpose of displaying comparable name or rates). 
  
 “Reference Banks” means the four major banks in the London interbank market selected by the Trust Collateral Agent. 
  
 ARTICLE VI 
  
 The Note Policy 
  
 SECTION 6.1. Claims Under Note Policy. 
  
 (a) In the event that the Trust Collateral Agent has delivered a Deficiency Notice with respect to any Determination Date pursuant to Section 5.5 hereof,
the Trust Collateral Agent shall on the related Draw Date determine the Deficiency Amount for the related Distribution Date. If the Deficiency Amount for such Distribution Date is greater than zero, the Trustee shall furnish to the Insurer no later
than 12:00 noon Eastern time on the related Draw Date a completed Notice of Claim (as defined in (b) below) in the amount of the Deficiency Amount. Amounts paid by the Insurer pursuant to a claim submitted under this Section shall be deposited by
the Trustee into the Note Distribution Account for payment to Noteholders on the related Distribution Date. 
  
 (b) Any notice delivered by the Trustee to the Insurer in the form attached as Exhibit A to the Note Policy pursuant to subsection 6.1(a) shall specify
the Deficiency Amount claimed under the Note Policy and shall constitute a “Notice of Claim” under the Note Policy. In accordance with the provisions of the Note Policy, the Insurer is required to pay to the Trustee the Deficiency
Amount properly claimed thereunder by 12:00 noon., New York time, on the later of (i) the second Business Day following receipt on a Business Day of the Notice of Claim, and (ii) the applicable Distribution Date. Any payment made by the Insurer
under the Note Policy shall be applied solely to the payment of the Notes, and for no other purpose. 
  
 (c) The Trustee shall (i) receive as attorney-in-fact of each Noteholder any Deficiency Amount from the Insurer and (ii) deposit the same in the Note
Distribution Account for distribution to Noteholders. Any and all Deficiency Amounts disbursed by the Trustee or the 

  

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Trust Collateral Agent from claims made under the Note Policy shall not be considered payment by the Trust or from the Spread Account with respect to such
Notes, and shall not discharge the obligations of the Trust with respect thereto. The Insurer shall, to the extent it makes any payment with respect to the Notes, become subrogated to the rights of the recipients of such payments to the extent of
such payments. Subject to and conditioned upon any payment with respect to the Notes by or on behalf of the Insurer, the Trustee shall assign to the Insurer all rights to the payment of interest or principal with respect to the Notes which are then
due for payment to the extent of all payments made by the Insurer, and the Insurer may exercise any option, vote, right, power or the like with respect to the Notes to the extent that it has made payment pursuant to the Note Policy. To evidence such
subrogation, the Note Registrar shall note the Insurer’s rights as subrogee upon the register of Noteholders upon receipt from the Insurer of proof of payment by the Insurer of any Deficiency Amount. The foregoing subrogation shall in all cases
be subject to the rights of the Noteholders to receive all Insured Payments (as defined in the Note Policy) in respect of the Notes. 
  
 (d) The Trustee and the Trust Collateral Agent shall keep a complete and accurate record of all funds deposited by the Trustee on behalf of the Insurer
into the Note Distribution Account with respect to the Note Policy and the allocation of such funds to payment of interest on and principal paid in respect of any Note. The Insurer shall have the right to inspect such records at reasonable times
upon one Business Day’s prior notice to the Trust Collateral Agent or the Trustee. 
  
 (e) The Trustee shall be entitled to enforce on behalf of the Noteholders the obligations of the Insurer under the Note Policy. Notwithstanding any other provision of this Agreement or any Basic Document, the
Noteholders are not entitled to institute proceedings directly against the Insurer. 
  
 SECTION 6.2. Preference Claims Under Note Policy. 
  
 (a) In the event that the Trustee has received a certified copy of an order of the appropriate court that any payment paid on a Note has been avoided in whole or in part as a preference payment under applicable
bankruptcy law pursuant to a final nonappealable order of a court having competent jurisdiction, the Trustee shall so notify the Insurer, shall comply with the provisions of the Note Policy to obtain payment by the Insurer of such avoided payment,
and shall, at the time it provides notice to the Insurer, notify Holders of the Notes by mail that, in the event that any Noteholder’s payment is so recoverable, such Noteholder will be entitled to payment pursuant to the terms of the Note
Policy. The Trust Collateral Agent and the Trustee shall furnish to the Insurer its records evidencing the payments of principal of and interest on Notes, if any, which have been made by the Trust Collateral Agent or the Trustee and subsequently
recovered from Noteholders, and the dates on which such payments were made. Pursuant to the terms of the Note Policy, the Insurer will make such payment on behalf of the Noteholder to the receiver, conservator, debtor-in-possession or trustee in
bankruptcy named in the order and not to the Trust Collateral Agent, the Trustee or any Noteholder directly (unless a Noteholder has previously paid such payment to the receiver, conservator, debtor-in-possession or trustee in bankruptcy, in which
case the Insurer will make such payment to the Trustee for distribution to such Noteholder upon proof of such payment reasonably satisfactory to the Insurer). 
  

 56 

 (b) The Trust Collateral Agent or the Trustee shall promptly notify the Insurer of any proceeding or the
institution of any action (of which a Responsible Officer of the Trust Collateral Agent has actual knowledge) seeking the avoidance as a preferential transfer under applicable bankruptcy, insolvency, receivership, rehabilitation or similar law of
any distribution made with respect to the Notes (a “Note Preference Claim”). Each Noteholder, by its purchase of Notes, the Trustee and the Trust Collateral Agent hereby agree that so long as an Insurer Default shall not have
occurred and be continuing, the Insurer may at any time during the continuation of any proceeding relating to a Note Preference Claim direct all matters relating to such Note Preference Claim, including, without limitation, (i) the direction of any
appeal of any order relating to any Note Preference Claim and (ii) the posting of any surety, supersedeas or performance bond pending any such appeal at the expense of the Insurer, but subject to reimbursement as provided in the Insurance Agreement.
In addition, and without limitation of the foregoing, as set forth in Section 6.1(c), the Insurer shall be subrogated to, and each Noteholder, the Trustee and the Trust Collateral Agent hereby delegate and assign, to the fullest extent permitted by
law, the rights of the Trustee and each Noteholder in the conduct of any proceeding with respect to a Note Preference Claim, including, without limitation, all rights of any party to an adversary proceeding action with respect to any court order
issued in connection with any such Note Preference Claim. 
  
 SECTION 6.3. Surrender of Note Policy. The Trustee shall surrender the Note Policy to the Insurer for cancellation upon payment in full of the Notes. 
  
 ARTICLE VII 
  
 The Seller 
  
 SECTION 7.1. Representations of Seller. The Seller makes the following representations on which the Insurer shall be deemed to have relied in
executing and delivering the Note Policy and on which the Issuer is deemed to have relied in acquiring the Receivables and on which the Trustee, Collateral Agent, Trust Collateral Agent and Backup Servicer may rely. The representations speak as of
the execution and delivery of this Agreement and as of the Closing Date, in the case of Initial Receivables, and as of the applicable Subsequent Transfer Date, in the case of Subsequent Receivables, and shall survive the sale of the Receivables to
the Issuer and the pledge thereof to the Trust Collateral Agent pursuant to the Indenture. 
  
 (a) Schedule of Representations. The representations and warranties set forth on the Schedule of Representations attached hereto as Schedule B are true and correct. 
  
 (b) Organization and Good Standing. The Seller has been duly organized
and is validly existing as a corporation in good standing under the laws of the State of Nevada, with power and authority to own its properties and to conduct its business as such properties are currently owned and such business is currently
conducted, and had at all relevant times, and now has, power, authority and legal right to acquire, own and sell the Receivables and the Other Conveyed Property transferred to the Trust. 
  

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 (c) Due Qualification. The Seller is duly qualified to do business as a foreign corporation in
good standing and has obtained all necessary licenses and approvals in all jurisdictions where the failure to do so would materially and adversely affect Seller’s ability to transfer the Receivables and the Other Conveyed Property to the Trust
pursuant to this Agreement, or the validity or enforceability of the Receivables and the Other Conveyed Property or to perform Seller’s obligations hereunder and under the Seller’s Basic Documents. 
  
 (d) Power and Authority. The Seller has the power and authority to
execute and deliver this Agreement and its Basic Documents and to carry out its terms and their terms, respectively; the Seller has full power and authority to sell and assign the Receivables and the Other Conveyed Property to be sold and assigned
to and deposited with the Trust by it and has duly authorized such sale and assignment to the Trust by all necessary corporate action; and the execution, delivery and performance of this Agreement and the Seller’s Basic Documents have been duly
authorized by the Seller by all necessary corporate action. 
  
 (e) Valid Sale, Binding Obligations. This Agreement effects a valid sale, transfer and assignment of the Receivables and the Other Conveyed Property, enforceable against the Seller and creditors of and purchasers from the Seller; and
this Agreement and the Seller’s Basic Documents, when duly executed and delivered, shall constitute legal, valid and binding obligations of the Seller enforceable in accordance with their respective terms, except as enforceability may be
limited by bankruptcy, insolvency, reorganization or other similar laws affecting the enforcement of creditors’ rights generally and by equitable limitations on the availability of specific remedies, regardless of whether such enforceability is
considered in a proceeding in equity or at law. 
  
 (f) No
Violation. The consummation of the transactions contemplated by this Agreement and the Basic Documents and the fulfillment of the terms of this Agreement and the Basic Documents shall not conflict with, result in any breach of any of the terms
and provisions of or constitute (with or without notice, lapse of time or both) a default under the certificate of incorporation or by-laws of the Seller, or any indenture, agreement, mortgage, deed of trust or other instrument to which the Seller
is a party or by which it is bound, or result in the creation or imposition of any Lien upon any of its properties pursuant to the terms of any such indenture, agreement, mortgage, deed of trust or other instrument, other than this Agreement, or
violate any law, order, rule or regulation applicable to the Seller of any court or of any federal or state regulatory body, administrative agency or other governmental instrumentality having jurisdiction over the Seller or any of its properties.

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

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 (h) True Sale. The Receivables are being transferred with the intention of removing them from the
Seller’s estate pursuant to Section 541 of the Bankruptcy Code, as the same may be amended from time to time. 
  
 (i) Chief Executive Office. The chief executive office of the Seller is at 639 Isbell Rd., Suite 390 Reno, Nevada 89509. 
  
 SECTION 7.2. Corporate Existence 
  
 (a) During the term of this Agreement, the Seller will keep in full force
and effect its existence, rights and franchises as a corporation under the laws of the jurisdiction of its incorporation and will obtain and preserve its qualification to do business in each jurisdiction in which such qualification is or shall be
necessary to protect the validity and enforceability of this Agreement, any Subsequent Transfer Agreement, the Basic Documents and each other instrument or agreement necessary or appropriate to the proper administration of this Agreement and the
transactions contemplated hereby. 
  
 (b) During the term of this
Agreement, the Seller shall observe the applicable legal requirements for the recognition of the Seller as a legal entity separate and apart from its Affiliates, including as follows: 
  
 (i) the Seller shall maintain corporate records and books of account separate from those of its Affiliates;

  
 (ii) except as otherwise provided in this
Agreement, the Seller shall not commingle its assets and funds with those of its Affiliates; 
  
 (iii) the Seller shall hold such appropriate meetings of its Board of Directors, or adopt resolutions pursuant to a unanimous written
consent of the Board of Directors, as are necessary to authorize all the Seller’s corporate actions required by law to be authorized by the Board of Directors, shall keep minutes of such meetings and of meetings of its stockholder(s) and
observe all other customary corporate formalities (and any successor Seller not a corporation shall observe similar procedures in accordance with its governing documents and applicable law); 
  
 (iv) the Seller shall at all times hold itself out to the
public under the Seller’s own name as a legal entity separate and distinct from its Affiliates; and 
  
 (v) all transactions and dealings between the Seller and its Affiliates will be conducted on an arm’s length basis. 
  
 SECTION 7.3. Liability of Seller; Indemnities. The Seller shall be
liable in accordance herewith only to the extent of the obligations specifically undertaken by the Seller under this Agreement. 
  
 (a) The Seller shall indemnify, defend and hold harmless the Issuer, the Owner Trustee, the Trust, the Insurer, the Trustee, Backup Servicer, the
Collateral Agent and the Trust Collateral Agent and its officers, directors, employees and agents from and against any 

  

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taxes that may at any time be asserted against any such Person with respect to the transactions contemplated in this Agreement and any of the Basic Documents
(except any income taxes arising out of fees paid to the Owner Trustee, the Trust Collateral Agent, the Trustee and the Insurer and except any taxes to which the Owner Trustee, the Trust Collateral Agent or the Trustee may otherwise be subject to,
without regard to the transactions contemplated hereby), including any sales, gross receipts, general corporation, tangible personal property, privilege or license taxes (but, in the case of the Issuer, not including any taxes asserted with respect
to, federal or other income taxes arising out of distributions on the Notes) and costs and expenses in defending against the same. 
  
 (b) The Seller shall indemnify, defend and hold harmless the Issuer, the Owner Trustee, the Trustee, Backup Servicer, the Collateral Agent, the Insurer
and the Trust Collateral Agent and the officers, directors, employees and agents thereof and the Noteholders from and against any loss, liability or expense incurred by reason of (i) the Seller’s willful misfeasance, bad faith or negligence in
the performance of its duties under this Agreement, or by reason of reckless disregard of its obligations and duties under this Agreement and (ii) the Seller’s or the Issuer’s violation of federal or state securities laws in connection
with the offering and sale of the Notes. 
  
 (c) The Seller shall
indemnify, defend and hold harmless the Owner Trustee, Trustee, Trust Collateral Agent, Collateral Agent and Backup Servicer and the officers, directors, employees and agents thereof from and against any and all costs, expenses, losses, claims,
damages and liabilities arising out of, or incurred in connection with the acceptance or performance of the trusts and duties set forth herein and in the Basic Documents except to the extent that such cost, expense, loss, claim, damage or liability
shall be due to the willful misfeasance, bad faith or negligence (except for errors in judgment) of the Owner Trustee, Trustee, Trust Collateral Agent, Collateral Agent and Backup Servicer respectively. 
  
 Indemnification under this Section shall survive the resignation or removal
of the Owner Trustee, the Trustee, the Backup Servicer, the Collateral Agent or the Trust Collateral Agent and the termination of this Agreement or the Indenture or the Trust Agreement, as applicable, and shall include reasonable fees and expenses
of counsel and other expenses of litigation. If the Seller shall have made any indemnity payments pursuant to this Section and the Person to or on behalf of whom such payments are made thereafter shall collect any of such amounts from others, such
Person shall promptly repay such amounts to the Seller, without interest. 
  
 SECTION 7.4. Merger or Consolidation of, or Assumption of the Obligations of, Seller. Any Person (a) into which the Seller may be merged or consolidated, (b) which may result from any merger or consolidation to
which the Seller shall be a party or (c) which may succeed to the properties and assets of the Seller substantially as a whole, which Person in any of the foregoing cases executes an agreement of assumption to perform every obligation of the Seller
under this Agreement, shall be the successor to the Seller hereunder without the execution or filing of any document or any further act by any of the parties to this Agreement; provided, however, that (i) the Seller shall have received
the written consent of the Insurer prior to entering into any such transaction, (ii) immediately after giving effect to such transaction, no representation or warranty made pursuant to Section 3.1 shall have been breached and no 

  

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Servicer Termination Event, and no event which, after notice or lapse of time, or both, would become a Servicer Termination Event shall have happened and be
continuing, (iii) the Seller shall have delivered to the Owner Trustee, the Trust Collateral Agent, the Collateral Agent, the Backup Servicer, the Trustee and the Insurer an Officer’s Certificate and an Opinion of Counsel each stating that such
consolidation, merger or succession and such agreement of assumption comply with this Section and that all conditions precedent, if any, provided for in this Agreement relating to such transaction have been complied with, (iv) the Rating Agency
Condition shall have been satisfied with respect to such transaction and (v) the Seller shall have delivered to the Owner Trustee, the Trust Collateral Agent, the Backup Servicer, the Collateral Agent, the Trustee and the Insurer an Opinion of
Counsel stating that, in the opinion of such counsel, either (A) all financing statements and continuation statements and amendments thereto have been executed and filed that are necessary fully to preserve and protect the interest of the Trust
Collateral Agent, the Owner Trustee and the Trustee, respectively, in the Receivables and reciting the details of such filings or (B) no such action shall be necessary to preserve and protect such interest. Notwithstanding anything herein to the
contrary, the execution of the foregoing agreement of assumption and compliance with clauses (i), (ii), (iii), (iv) and (v) above shall be conditions to the consummation of the transactions referred to in clauses (a), (b) or (c) above. 

 
 SECTION 7.5. Limitation on Liability of Seller and Others. The
Seller and any director, officer or employee or agent of the Seller may rely in good faith on the advice of counsel or on any document of any kind, prima facie properly executed and submitted by any Person respecting any matters arising under any
Basic Document. The Seller shall not be under any obligation to appear in, prosecute or defend any legal action that shall not be incidental to its obligations under this Agreement, and that in its opinion may involve it in any expense or liability.

  
 SECTION 7.6. Ownership of the Certificates or Notes.
The Seller and any Affiliate thereof may in its individual or any other capacity become the owner or pledgee of Certificates or Notes with the same rights as it would have if it were not the Seller or an Affiliate thereof, except as expressly
provided herein or in any Basic Document. Notes or Certificates so owned by the Seller or such Affiliate shall have an equal and proportionate benefit under the provisions of the Basic Documents, without preference, priority, or distinction as among
all of the Notes or Certificates; provided, however, that any Notes or Certificates owned by the Seller or any Affiliate thereof, during the time such Notes or Certificates are owned by them, shall be without voting rights for any
purpose set forth in the Basic Documents and will not be entitled to the benefits of the Note Policy. The Seller shall notify the Owner Trustee, the Trustee, the Trust Collateral Agent and the Insurer with respect to any other transfer of any
Certificate. 
  
 ARTICLE VIII 
  
 The Servicer and the Backup Servicer 
  
 SECTION 8.1. Representations of Servicer. The Servicer makes the
following representations on which the Insurer shall be deemed to have relied in executing and delivering the Note Policy and on which the Issuer is deemed to have relied in acquiring the Receivables. The representations speak as of the execution
and delivery of this Agreement and as of the Closing Date, in the case of the Initial Receivables, and as of the applicable Subsequent Transfer Date, in the case of the Subsequent Receivables, and shall survive the sale of the Receivables to the
Issuer and the pledge thereof to the Trust Collateral Agent pursuant to the Indenture. 

  

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 (a) Representations and Warranties. The representations and warranties set forth on the Schedule
of Representations attached hereto as Schedule B are true and correct, provided that such representations and warranties contained therein and herein shall not apply to any entity other than AmeriCredit; 
  
 (b) Organization and Good Standing. The Servicer has been duly
organized and is validly existing and in good standing under the laws of its jurisdiction of organization, with power, authority and legal right to own its properties and to conduct its business as such properties are currently owned and such
business is currently conducted, and had at all relevant times, and now has, power, authority and legal right to enter into and perform its obligations under this Agreement; 
  
 (c) Due Qualification. The Servicer is duly qualified to do business as a foreign corporation in good standing and
has obtained all necessary licenses and approvals, in all jurisdictions in which the ownership or lease of property or the conduct of its business (including the servicing of the Receivables as required by this Agreement) requires or shall require
such qualification; 
  
 (d) Power and Authority. The
Servicer has the power and authority to execute and deliver this Agreement and its Basic Documents and to carry out its terms and their terms, respectively, and the execution, delivery and performance of this Agreement and the Servicer’s Basic
Documents have been duly authorized by the Servicer by all necessary corporate action; 
  
 (e) Binding Obligation. This Agreement and the Servicer’s Basic Documents shall constitute legal, valid and binding obligations of the Servicer enforceable in accordance with their respective terms, except
as enforceability may be limited by bankruptcy, insolvency, reorganization, or other similar laws affecting the enforcement of creditors’ rights generally and by equitable limitations on the availability of specific remedies, regardless of
whether such enforceability is considered in a proceeding in equity or at law; 
  
 (f) No Violation. The consummation of the transactions contemplated by this Agreement and the Servicer’s Basic Documents, and the fulfillment of the terms of this Agreement and the Servicer’s Basic
Documents, shall not conflict with, result in any breach of any of the terms and provisions of, or constitute (with or without notice or lapse of time) a default under, the articles of incorporation or bylaws of the Servicer, or any indenture,
agreement, mortgage, deed of trust or other instrument to which the Servicer is a party or by which it is bound, or result in the creation or imposition of any Lien upon any of its properties pursuant to the terms of any such indenture, agreement,
mortgage, deed of trust or other instrument, other than this Agreement, or violate any law, order, rule or regulation applicable to the Servicer of any court or of any federal or state regulatory body, administrative agency or other governmental
instrumentality having jurisdiction over the Servicer or any of its properties; 
  

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 (g) No Proceedings. There are no proceedings or investigations pending or, to the Servicer’s
knowledge, threatened against the Servicer, before any court, regulatory body, administrative agency or other tribunal or governmental instrumentality having jurisdiction over the Servicer or its properties (A) asserting the invalidity of this
Agreement or any of the Basic Documents, (B) seeking to prevent the issuance of the Notes or the consummation of any of the transactions contemplated by this Agreement or any of the Basic Documents, or (C) seeking any determination or ruling that
might materially and adversely affect the performance by the Servicer of its obligations under, or the validity or enforceability of, this Agreement or any of the Basic Documents or (D) seeking to adversely affect the federal income tax or other
federal, state or local tax attributes of the Notes; 
  
 (h) No
Consents. The Servicer is not required to obtain the consent of any other party or any consent, license, approval or authorization, or registration or declaration with, any governmental authority, bureau or agency in connection with the
execution, delivery, performance, validity or enforceability of this Agreement which has not already been obtained. 
  
 SECTION 8.2. Representations of Backup Servicer . The Backup Servicer makes the following representations on which the Insurer shall be deemed to
have relied in executing and delivering the Note Policy and on which the Issuer is deemed to have relied in acquiring the Receivables. The representations speak as of the execution and delivery of this Agreement and as of the Closing Date, in the
case of the Initial Receivables, and as of the applicable Subsequent Transfer Date, in the case of the Subsequent Receivables, and shall survive the sale of the Receivables to the Issuer and the pledge thereof to the Trust Collateral Agent pursuant
to the Indenture. 
  
 (a) Organization and Good Standing.
The Backup Servicer has been duly organized and is validly existing and in good standing under the laws of its jurisdiction of organization, with power, authority and legal right to own its properties and to conduct its business as such properties
are currently owned and such business is currently conducted, and had at all relevant times, and now has, power, authority and legal right to enter into and perform its obligations under this Agreement; 
  
 (b) Due Qualification. The Backup Servicer is duly qualified to do
business as a foreign corporation in good standing and has obtained all necessary licenses and approvals, in all jurisdictions in which the ownership or lease of property or the conduct of its business (including the servicing of the Receivables as
required by this Agreement) requires or shall require such qualification; 
  
 (c) Power and Authority. The Backup Servicer has the power and authority to execute and deliver this Agreement and its Basic Documents and to carry out its terms and their terms, respectively, and the
execution, delivery and performance of this Agreement and the Backup Servicer’s Basic Documents have been duly authorized by the Backup Servicer by all necessary corporate action; 
  
 (d) Binding Obligation. This Agreement and the Backup Servicer’s Basic Documents shall constitute legal, valid
and binding obligations of the Backup Servicer enforceable in accordance with their respective terms, except as enforceability may be limited by bankruptcy, insolvency, reorganization, or other similar laws affecting the enforcement of
creditors’ rights generally and by equitable limitations on the availability of specific remedies, regardless of whether such enforceability is considered in a proceeding in equity or at law; 

  

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 (e) No Violation. The consummation of the transactions contemplated by this Agreement and the
Backup Servicer’s Basic Documents, and the fulfillment of the terms of this Agreement and the Backup Servicer’s Basic Documents, shall not conflict with, result in any breach of any of the terms and provisions of, or constitute (with or
without notice or lapse of time) a default under, the articles of incorporation or bylaws of the Backup Servicer, or any indenture, agreement, mortgage, deed of trust or other instrument to which the Backup Servicer is a party or by which it is
bound, or result in the creation or imposition of any Lien upon any of its properties pursuant to the terms of any such indenture, agreement, mortgage, deed of trust or other instrument, other than this Agreement, or violate any law, order, rule or
regulation applicable to the Backup Servicer of any court or of any federal or state regulatory body, administrative agency or other governmental instrumentality having jurisdiction over the Backup Servicer or any of its properties; 
  
 (f) No Proceedings. There are no proceedings or investigations pending
or, to the Backup Servicer’s knowledge, threatened against the Backup Servicer, before any court, regulatory body, administrative agency or other tribunal or governmental instrumentality having jurisdiction over the Backup Servicer or its
properties (A) asserting the invalidity of this Agreement or any of the Basic Documents, (B) seeking to prevent the issuance of the Notes or the consummation of any of the transactions contemplated by this Agreement or any of the Basic Documents, or
(C) seeking any determination or ruling that might materially and adversely affect the performance by the Backup Servicer of its obligations under, or the validity or enforceability of, this Agreement or any of the Basic Documents or (D) seeking to
adversely affect the federal income tax or other federal, state or local tax attributes of the Notes; 
  
 (g) No Consents. The Backup Servicer is not required to obtain the consent of any other party or any consent, license, approval or authorization,
or registration or declaration with, any governmental authority, bureau or agency in connection with the execution, delivery, performance, validity or enforceability of this Agreement which has not already been obtained. 
  
 SECTION 8.3. Liability of Servicer and Backup Servicer; Indemnities.

  
 (a) The Servicer (in its capacity as such) and the Backup
Servicer shall be liable hereunder only to the extent of the obligations in this Agreement specifically undertaken by the Servicer or the Backup Servicer, as applicable, and the representations made by the Servicer or the Backup Servicer, as
applicable. 
  
 (b) The Servicer shall defend, indemnify and hold
harmless the Trust, the Trustee, the Trust Collateral Agent, the Owner Trustee, the Backup Servicer, the Collateral Agent, the Insurer, their respective officers, directors, agents and employees, and the Noteholders from and against any and all
costs, expenses, losses, damages, claims and liabilities, including reasonable fees and expenses of counsel and expenses of litigation arising out of or resulting from the use, ownership or operation by the Servicer or any Affiliate thereof of any
Financed Vehicle; 
  

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 (c) The Servicer (when the Servicer is AmeriCredit) shall indemnify, defend and hold harmless the Trust,
the Trustee, the Trust Collateral Agent, the Owner Trustee, the Backup Servicer, the Collateral Agent, the Insurer, their respective officers, directors, agents and employees and the Noteholders from and against any taxes that may at any time be
asserted against any of such parties with respect to the transactions contemplated in this Agreement, including, without limitation, any sales, gross receipts, tangible or intangible personal property, privilege or license taxes (but not including
any federal or other income taxes, including franchise taxes asserted with respect to, and as of the date of, the sale of the Receivables and the Other Conveyed Property to the Trust or the issuance and original sale of the Notes) and costs and
expenses in defending against the same; 
  
 The Servicer (when the
Servicer is not AmeriCredit) shall indemnify, defend and hold harmless the Trust, the Trustee, the Trust Collateral Agent, the Owner Trustee, the Backup Servicer, the Collateral Agent, the Insurer, their respective officers, directors, agents and
employees and the Noteholders from and against any taxes with respect to the sale of Receivables in connection with servicing hereunder that may at any time be asserted against any of such parties with respect to the transactions contemplated in
this Agreement, including, without limitation, any sales, gross receipts, tangible or intangible personal property, privilege or license taxes (but not including any federal or other income taxes, including franchise taxes asserted with respect to,
and as of the date of, the sale of the Receivables and the Other Conveyed Property to the Trust or the issuance and original sale of the Notes) and costs and expenses in defending against the same; and 
  
 (d) The Servicer shall indemnify, defend and hold harmless the Trust, the
Trustee, the Trust Collateral Agent, the Owner Trustee, the Backup Servicer, the Collateral Agent, the Insurer, their respective officers, directors, agents and employees and the Noteholders from and against any and all costs, expenses, losses,
claims, damages, and liabilities to the extent that such cost, expense, loss, claim, damage, or liability arose out of, or was imposed upon the Trust, the Trustee, the Owner Trustee, the Trust Collateral Agent, the Backup Servicer, the Collateral
Agent, the Insurer or the Noteholders by reason of the breach of this Agreement by the Servicer, the negligence, misfeasance, or bad faith of the Servicer in the performance of its duties under this Agreement or by reason of reckless disregard of
its obligations and duties under this Agreement. 
  
 (e)
AmeriCredit shall indemnify, defend and hold harmless the Trust, the Trustee, the Trust Collateral Agent, the Owner Trustee, the Backup Servicer, the Collateral Agent, the Insurer, their respective officers, directors, agents and employees and the
Noteholders from and against any loss, liability or expense incurred by reason of the violation by Servicer or Seller of federal or state securities laws in connection with the registration or the sale of the Notes. This section shall survive the
termination of this Agreement, or the earlier removal or resignation of the Trustee, Trust Collateral Agent, Backup Servicer or the Collateral Agent. 
  
 (f) AmeriCredit shall indemnify the Trustee, the Owner Trustee, the Trust Collateral Agent, the Backup Servicer and the Collateral Agent, and the
respective officers, directors, agents and employees thereof against any and all loss, liability or expense, (other than overhead and expenses incurred in the normal course of business) incurred by each of them in connection with the acceptance or
administration of the Trust and the performance of their duties 

  

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under the Basic Documents other than if such loss, liability or expense was incurred by the Trustee, the Owner Trustee or the Trust Collateral Agent or the
Collateral Agent as a result of any such entity’s willful misconduct, bad faith or negligence. 
  
 (g) The Backup Servicer shall defend, indemnify and hold harmless the Trust, the Trustee, the Trust Collateral Agent, the Collateral Agent, the Owner
Trustee, the Servicer, the Insurer, their respective officers, directors, agents and employees and the Noteholders from and against: (i) all costs, expenses, losses, damages, claims and liabilities, including reasonable fees and expenses of counsel
and expenses of litigation arising out of or resulting from the use, ownership or operation by the Backup Servicer or any Affiliate thereof of any Financed Vehicle; and (ii) any and all costs, expenses, losses, claims, damages, and liabilities to
the extent that such cost, expense, loss, claim, damage, or liability arose out of, or was imposed upon the Trust, the Owner Trustee, the Trustee, the Insurer, the Servicer or the Noteholders by reason of, the breach of this Agreement by the Backup
Servicer, the violation of federal or state securities laws by the Backup Servicer, the negligence, misfeasance, or bad faith of the Backup Servicer in the performance of its duties under this Agreement or by reason of reckless disregard of its
obligations and duties under this Agreement. 
  
 (h)
Indemnification under this Article shall include, without limitation, reasonable fees and expenses of counsel and expenses of litigation. If the Servicer has made any indemnity payments pursuant to this Article and the recipient thereafter collects
any of such amounts from others, the recipient shall promptly repay such amounts collected to the Servicer, without interest. Notwithstanding anything contained herein to the contrary, any indemnification payable by the Servicer to the Backup
Servicer, to the extent not paid by the Servicer, shall be paid solely from the Spread Account in accordance with the terms of the Spread Account Agreement. 
  
 (i) When the Trustee, the Trust Collateral Agent, the Collateral Agent or the Backup Servicer incurs expenses after the occurrence of a Servicer
Termination Event specified in Section 9.1(d) or (e) with respect to the Servicer, the expenses are intended to constitute expenses of administration under Title 11 of the United States Code or any other applicable federal or state bankruptcy,
insolvency or similar law. 
  
 SECTION 8.4. Merger or
Consolidation of, or Assumption of the Obligations of the Servicer or Backup Servicer. 
  
 (a) AmeriCredit shall not merge or consolidate with any other person, convey, transfer or lease substantially all its assets as an entirety to another Person, or permit any other Person to become the successor to
AmeriCredit’s business unless, after the merger, consolidation, conveyance, transfer, lease or succession, the successor or surviving entity shall be capable of fulfilling the duties of AmeriCredit contained in this Agreement and shall be
acceptable to the Controlling Party, and, if an Insurer Default shall have occurred and be continuing, shall be an Eligible Servicer. Any corporation (i) into which AmeriCredit may be merged or consolidated, (ii) resulting from any merger or
consolidation to which AmeriCredit shall be a party, (iii) which acquires by conveyance, transfer, or lease substantially all of the assets of AmeriCredit, or (iv) succeeding to the business of AmeriCredit, in any of the foregoing cases shall
execute an agreement of assumption to perform every obligation of AmeriCredit under this Agreement and, 

  

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whether or not such assumption agreement is executed, shall be the successor to AmeriCredit under this Agreement without the execution or filing of any paper
or any further act on the part of any of the parties to this Agreement, anything in this Agreement to the contrary notwithstanding; provided, however, that nothing contained herein shall be deemed to release AmeriCredit from any
obligation. AmeriCredit shall provide notice of any merger, consolidation or succession pursuant to this Section to the Owner Trustee, the Trust Collateral Agent, the Noteholders, the Insurer and each Rating Agency. Notwithstanding the foregoing,
AmeriCredit shall not merge or consolidate with any other Person or permit any other Person to become a successor to AmeriCredit’s business, unless (x) immediately after giving effect to such transaction, no representation or warranty made
pursuant to Section 4.6 shall have been breached (for purposes hereof, such representations and warranties shall speak as of the date of the consummation of such transaction) and no event that, after notice or lapse of time, or both, would become an
Insurance Agreement Event of Default shall have occurred and be continuing, (y) AmeriCredit shall have delivered to the Owner Trustee, the Trust Collateral Agent, Trustee, Backup Servicer and Collateral Agent, the Rating Agencies and the Insurer an
Officer’s Certificate and an Opinion of Counsel each stating that such consolidation, merger or succession and such agreement of assumption comply with this Section and that all conditions precedent, if any, provided for in this Agreement
relating to such transaction have been complied with, and (z) AmeriCredit shall have delivered to the Owner Trustee, the Trust Collateral Agent, the Trustee, the Backup Servicer, the Collateral Agent, the Rating Agencies and the Insurer an Opinion
of Counsel, stating in the opinion of such counsel, either (A) all financing statements and continuation statements and amendments thereto have been executed and filed that are necessary to preserve and protect the interest of the Trust in the
Receivables and the Other Conveyed Property and reciting the details of the filings or (B) no such action shall be necessary to preserve and protect such interest. 
  
 (b) Any corporation (i) into which the Backup Servicer may be merged or consolidated, (ii) resulting from any merger or
consolidation to which the Backup Servicer shall be a party, (iii) which acquires by conveyance, transfer or lease substantially all of the assets of the Backup Servicer, or (iv) succeeding to the business of the Backup Servicer, in any of the
foregoing cases shall execute an agreement of assumption to perform every obligation of the Backup Servicer under this Agreement and, whether or not such assumption agreement is executed, shall be the successor to the Backup Servicer under this
Agreement without the execution or filing of any paper or any further act on the part of any of the parties to this Agreement, anything in this Agreement to the contrary notwithstanding; provided, however, that nothing contained herein shall be
deemed to release the Backup Servicer from any obligation. 
  
 SECTION 8.5. Limitation on Liability of Servicer, Backup Servicer and Others. 
  
 (a) Neither AmeriCredit, the Backup Servicer nor any of the directors or officers or employees or agents of AmeriCredit or Backup Servicer shall be under any liability to the Trust or the Noteholders, except as
provided in this Agreement, for any action taken or for refraining from the taking of any action pursuant to this Agreement; provided, however, that this provision shall not protect AmeriCredit, the Backup Servicer or any such person
against any liability that would otherwise be imposed by reason of a breach of this Agreement or willful misfeasance, bad faith or negligence (excluding errors in judgment) in the performance of duties; 

  

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provided further that this provision shall not affect any liability to indemnify the Trust Collateral Agent and the Owner Trustee for costs, taxes, expenses,
claims, liabilities, losses or damages paid by the Trust Collateral Agent and the Owner Trustee, in their individual capacities. AmeriCredit, the Backup Servicer and any director, officer, employee or agent of AmeriCredit or Backup Servicer may rely
in good faith on the written advice of counsel or on any document of any kind prima facie properly executed and submitted by any Person respecting any matters arising under this Agreement. 
  
 (b) The Backup Servicer may reasonably rely on any records and documentation
provided, produced or supplied by the Servicer or its agents. The Backup Servicer shall have no liability in connection with the malfeasance or nonfeasance of the Servicer or its agents or the inaccuracy of any data provided, produced or supplied by
the Servicer or its agents. 
  
 (c) If any error, inaccuracy or
omission (collectively “error”) exists in any information provided by the Servicer or its agents to the Backup Servicer and such error causes or materially contributes to the Backup Servicer making or continuing any error (a
“continuing error”), the Backup Servicer shall have no liability for such continuing error; provided, however, that this provision shall not protect the Backup Servicer against any liability arising from its willful misconduct, bad
faith or negligence in discovering or correcting or failing to discover or correct any error or in the performance of its duties contemplated herein and; provided further, the Backup Servicer agrees to use its best efforts to prevent continuing
errors. If the Backup Servicer becomes aware of any error or continuing error the Backup Servicer shall, with the prior written consent of the Insurer undertake such data or records reconstruction as is commercially reasonable to correct any such
error or continuing error and to prevent future continuing error. The Backup Servicer shall be entitled to recover its costs incurred in correcting any such error or continuing error from the Servicer, and to the extent not paid by the Servicer,
pursuant to Section 3.03 of the Spread Account Agreement. The Backup Servicer, Trust Collateral Agent, the Collateral Agent, the Trustee, the Owner Trustee and the Custodian shall have no responsibility and shall not be in default hereunder or incur
any liability for any failure, error, malfunction or any delay in carrying out any of their respective duties under this Agreement if such failure or delay results from the Backup Servicer acting in accordance with information prepared or supplied
by a Person other than the Backup Servicer (or contractual agents) or the failure of any such other Person to prepare or provide such information. The Backup Servicer shall have no responsibility, shall not be in default and shall incur no liability
for (i) any act or failure to act of any third party (other than its contractual agents), including the Servicer or the Controlling Party, (ii) any inaccuracy or omission in a notice or communication received by the Backup Servicer from any third
party (other than its contractual agents), (iii) the invalidity or unenforceability of any Receivable under applicable law, (iv) the breach or inaccuracy of any representation or warranty made with respect to any Receivable, or (v) the acts or
omissions of any successor Backup Servicer. 
  
 SECTION 8.6.
Delegation of Duties. The Servicer may delegate duties under this Agreement to an Affiliate of AmeriCredit with the prior written consent of the Insurer (unless an Insurer Default shall have occurred and be continuing), the Trust Collateral
Agent, the Owner Trustee and the Backup Servicer. The Servicer also may at any time perform through sub-contractors the specific duties of (i) repossession of Financed Vehicles, (ii) tracking 

  

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Financed Vehicles’ insurance and (iii) pursuing the collection of deficiency balances on certain Liquidated Receivables, in each case, without the
consent of the Insurer and may perform other specific duties through such sub-contractors in accordance with Servicer’s customary servicing policies and procedures, with the prior consent of the Insurer; provided, however, that no
such delegation or sub-contracting duties by the Servicer shall relieve the Servicer of its responsibility with respect to such duties. So long as no Insurer Default shall have occurred and be continuing neither AmeriCredit or any party acting as
Servicer hereunder shall appoint any subservicer hereunder without the prior written consent of the Insurer, the Trustee and the Backup Servicer. 
  
 SECTION 8.7. Servicer and Backup Servicer Not to Resign. Subject to the provisions of Section 8.4, neither the Servicer nor the Backup Servicer
shall resign from the obligations and duties imposed on it by this Agreement as Servicer or Backup Servicer except upon a determination that by reason of a change in legal requirements the performance of its duties under this Agreement would cause
it to be in violation of such legal requirements in a manner which would have a material adverse effect on the Servicer or the Backup Servicer, as the case may be, and the Insurer (so long as an Insurer Default shall not have occurred and be
continuing) or a Note Majority (if an Insurer Default shall have occurred and be continuing) does not elect to waive the obligations of the Servicer or the Backup Servicer, as the case may be, to perform the duties which render it legally unable to
act or to delegate those duties to another Person. Any such determination permitting the resignation of the Servicer or Backup Servicer shall be evidenced by an Opinion of Counsel to such effect delivered and acceptable to the Trust Collateral
Agent, the Owner Trustee and the Insurer (unless an Insurer Default shall have occurred and be continuing). No resignation of the Servicer shall become effective until, so long as no Insurer Default shall have occurred and be continuing the Backup
Servicer or an entity acceptable to the Insurer shall have assumed the responsibilities and obligations of the Servicer or, if an Insurer Default shall have occurred and be continuing, the Backup Servicer or a replacement Servicer that is an
Eligible Servicer shall have assumed the responsibilities and obligations of the Servicer. No resignation of the Backup Servicer shall become effective until, so long as no Insurer Default shall have occurred and be continuing, an entity acceptable
to the Insurer shall have assumed the responsibilities and obligations of the Backup Servicer or, if an Insurer Default shall have occurred and be continuing a Person that is an Eligible Servicer shall have assumed the responsibilities and
obligations of the Backup Servicer; provided, however, that (i) in the event a successor Backup Servicer is not appointed within 60 days after the Backup Servicer has given notice of its resignation and has provided the Opinion of
Counsel required by this Section, the Backup Servicer may petition a court for its removal and (ii) the Backup Servicer may resign with the written consent of the Insurer. 
  
 ARTICLE IX 
  
 Default 
  
 SECTION 9.1. Servicer Termination Event. For purposes of this Agreement, each of the following shall constitute a “Servicer Termination
Event”: 
  
 (a) Any failure by the Servicer to deliver
to the Trust Collateral Agent for distribution to Noteholders any proceeds or payment required to be so delivered under the terms of this Agreement that continues unremedied for a period of two Business Days (one Business 

  

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Day with respect to payment of Purchase Amounts) after written notice is received by the Servicer from the Trust Collateral Agent or (unless an Insurer
Default shall have occurred and be continuing) the Insurer or after discovery of such failure by a Responsible Officer of the Servicer; 
  
 (b) Failure by the Servicer to deliver to the Trust Collateral Agent and (so long as an Insurer Default shall not have occurred and be continuing) the
Insurer the Servicer’s Certificate by the first Business Day prior to the Distribution Date, or failure on the part of the Servicer to observe its covenants and agreements set forth in Section 8.4(a); 
  
 (c) Failure on the part of the Servicer duly to observe or perform any other
covenants or agreements of the Servicer set forth in this Agreement, which failure (i) materially and adversely affects the rights of Noteholders (determined without regard to the availability of funds under the Note Policy), or of the Insurer
(unless an Insurer Default shall have occurred and be continuing), and (ii) continues unremedied for a period of 30 days after knowledge thereof by the Servicer or after the date on which written notice of such failure, requiring the same to be
remedied, shall have been given to the Servicer by the Trust Collateral Agent or the Insurer (or, if an Insurer Default shall have occurred and be continuing by any Noteholder); 
  
 (d) The entry of a decree or order for relief by a court or regulatory authority having jurisdiction in respect of the
Servicer in an involuntary case under the federal bankruptcy laws, as now or hereafter in effect, or another present or future, federal bankruptcy, insolvency or similar law, or appointing a receiver, liquidator, assignee, trustee, custodian,
sequestrator or other similar official of the Servicer or of any substantial part of its property or ordering the winding up or liquidation of the affairs of the Servicer and the continuance of any such decree or order unstayed and in effect for a
period of 60 consecutive days or the commencement of an involuntary case under the federal bankruptcy laws, as now or hereinafter in effect, or another present or future federal or state bankruptcy, insolvency or similar law and such case is not
dismissed within 60 days; or 
  
 (e) The commencement by the
Servicer of a voluntary case under the federal bankruptcy laws, as now or hereafter in effect, or any other present or future, federal or state, bankruptcy, insolvency or similar law, or the consent by the Servicer to the appointment of or taking
possession by a receiver, liquidator, assignee, trustee, custodian, sequestrator or other similar official of the Servicer or of any substantial part of its property or the making by the Servicer of an assignment for the benefit of creditors or the
failure by the Servicer generally to pay its debts as such debts become due or the taking of corporate action by the Servicer in furtherance of any of the foregoing; or 
  
 (f) Any representation, warranty or statement of the Servicer made in this Agreement or any certificate, report or other
writing delivered pursuant hereto shall prove to be incorrect in any material respect as of the time when the same shall have been made, and the incorrectness of such representation, warranty or statement has a material adverse effect on the Trust
or the Noteholders and, within 30 days after knowledge thereof by the Servicer or after written notice thereof shall have been given to the Servicer by the Trust Collateral Agent or the Insurer (or, if an Insurer Default shall have occurred and be
continuing, a Noteholder), the circumstances or condition in respect of which such representation, warranty or statement was incorrect shall not have been eliminated or otherwise cured; or 

  

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 (g) So long as an Insurer Default shall not have occurred and be continuing, an Insurance Agreement Event
of Default occurs; or 
  
 (h) A claim is made under the Note
Policy. 
  
 SECTION 9.2. Consequences of a Servicer Termination
Event. If a Servicer Termination Event shall occur and be continuing, the Insurer (or, if an Insurer Default shall have occurred and be continuing either the Trust Collateral Agent, (to the extent it has knowledge thereof) or a Note Majority),
by notice given in writing to the Servicer (and to the Trust Collateral Agent if given by the Insurer or the Noteholders) may terminate all of the rights and obligations of the Servicer under this Agreement. On or after the receipt by the Servicer
of such written notice or upon termination of the term of the Servicer, all authority, power, obligations and responsibilities of the Servicer under this Agreement, whether with respect to the Notes, the Certificates or the Other Conveyed Property
or otherwise, automatically shall pass to, be vested in and become obligations and responsibilities of the Backup Servicer (or such other replacement Servicer appointed by the Controlling Party); provided, however, that the replacement
Servicer shall have no liability with respect to any obligation which was required to be performed by the terminated Servicer prior to the date that the replacement Servicer becomes the Servicer or any claim of a third party based on any alleged
action or inaction of the terminated Servicer. The replacement Servicer is authorized and empowered by this Agreement to execute and deliver, on behalf of the terminated Servicer, as attorney-in-fact or otherwise, any and all documents and other
instruments and to do or accomplish all other acts or things necessary or appropriate to effect the purposes of such notice of termination, whether to complete the transfer and endorsement of the Receivables and the Other Conveyed Property and
related documents to show the Trust as lienholder or secured party on the related Lien Certificates, or otherwise. The terminated Servicer agrees to cooperate with the replacement Servicer in effecting the termination of the responsibilities and
rights of the terminated Servicer under this Agreement, including, without limitation, the transfer to the replacement Servicer for administration by it of all cash amounts that shall at the time be held by the terminated Servicer for deposit, or
have been deposited by the terminated Servicer, in the Collection Account or thereafter received with respect to the Receivables and the delivery to the replacement Servicer of all Receivable Files, Monthly Records and Collection Records and a
computer tape in readable form as of the most recent Business Day containing all information necessary to enable the replacement Servicer or a replacement Servicer to service the Receivables and the Other Conveyed Property. If requested by the
Controlling Party, the replacement Servicer shall terminate the Lockbox Agreement and direct the Obligors to make all payments under the Receivables directly to the replacement Servicer (in which event the replacement Servicer shall process such
payments in accordance with Section 4.2(e)), or to a lockbox established by the replacement Servicer at the direction of the Controlling Party, at the replacement Servicer’s expense. The terminated Servicer shall grant the Trust Collateral
Agent, the replacement Servicer and the Controlling Party reasonable access to the terminated Servicer’s premises at the terminated Servicer’s expense. 
  

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 SECTION 9.3. Appointment of Successor. 
  
 (a) On and after the time the Servicer receives a notice of termination
pursuant to Section 9.2 or upon the resignation of the Servicer pursuant to Section 8.7; (i) the Backup Servicer (unless the Controlling Party shall have exercised its option pursuant to Section 9.3(b) to appoint an alternate replacement Servicer)
shall be the successor in all respects, except as expressly set forth in Annex A hereto, to the Servicer, in its capacity as servicer under this Agreement and the Insurance Agreement and the transactions set forth or provided for in this Agreement,
and shall be subject to all the rights, responsibilities, restrictions, duties, liabilities and termination provisions relating thereto placed on the Servicer by the terms and provisions of this Agreement or the Insurance Agreement except as
otherwise stated herein. The Trust Collateral Agent and such successor shall take such action, consistent with this Agreement, as shall be necessary to effectuate any such succession. If a replacement Servicer is acting as Servicer hereunder, it
shall be subject to termination under Section 9.2 upon the occurrence of any Servicer Termination Event applicable to it as Servicer. 
  
 (b) The Controlling Party may exercise at any time its right to appoint as Backup Servicer or as successor to the Servicer a Person other than the Person
serving as Backup Servicer at the time, and (without limiting its obligations under the Note Policy) shall have no liability to the Trust Collateral Agent, AmeriCredit, the Seller, the Person then serving as Backup Servicer, any Noteholders or any
other Person if it does so. Notwithstanding the above, if the Backup Servicer shall be legally unable or unwilling to act as Servicer, and an Insurer Default shall have occurred and be continuing, the Backup Servicer, the Trust Collateral Agent or a
Note Majority may petition a court of competent jurisdiction to appoint any Eligible Servicer as the successor to the Servicer. Pending appointment pursuant to the preceding sentence, the Backup Servicer shall act as replacement Servicer unless it
is legally unable to do so, in which event the outgoing Servicer shall continue to act as Servicer until a successor has been appointed and accepted such appointment. Subject to Section 8.6, no provision of this Agreement shall be construed as
relieving the Backup Servicer of its obligation to succeed as replacement Servicer upon the termination of the Servicer pursuant to Section 9.2 or the resignation of the Servicer pursuant to Section 8.6. If upon the termination of the Servicer
pursuant to Section 9.2 or the resignation of the Servicer pursuant to Section 8.6, the Controlling Party appoints a replacement Servicer other than the Backup Servicer, the Backup Servicer shall not be relieved of its duties as Backup Servicer
hereunder. 
  
 (c) Any replacement Servicer shall be entitled to
such compensation (whether payable out of the Collection Account or otherwise) as the Servicer would have been entitled to under this Agreement if the Servicer had not resigned or been terminated hereunder or such other compensation as agreed to by
the Insurer in writing. If any replacement Servicer is appointed as a result of the Backup Servicer’s refusal (in breach of the terms of this Agreement) to act as Servicer although it is legally able to do so, the Insurer and such replacement
Servicer may agree on reasonable additional compensation to be paid to such replacement Servicer; provided, however, it being understood and agreed that the Insurer shall give prior notice to the Backup Servicer with respect to the
appointment of such successor and the payment of additional compensation, if any. If, any replacement Servicer is appointed for any reason other than the Backup Servicer’s refusal to act as Servicer although legally able to do so, the Backup
Servicer shall not be liable for any Servicing Fee, additional compensation or other amounts to be paid to such replacement Servicer in connection with its assumption and performance of the servicing duties described herein. 
  

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 SECTION 9.4. Notification to Noteholders. Upon any termination of, or appointment of a successor
to, the Servicer or the Backup Servicer, the Trust Collateral Agent shall give prompt written notice thereof to each Noteholder and to the Rating Agencies. 
  
 SECTION 9.5. Waiver of Past Defaults. So long as no Insurer Default shall have occurred and be continuing, the Insurer (or, if an Insurer Default
shall have occurred and be continuing, the Note Majority) may, on behalf of all Noteholders, waive any default by the Servicer or the Backup Servicer in the performance of its obligations hereunder and its consequences. Upon any such waiver of a
past default, such default shall cease to exist, and any Servicer Termination Event arising therefrom shall be deemed to have been remedied for every purpose of this Agreement and the Basic Documents. No such waiver shall extend to any subsequent or
other default or impair any right consequent thereto. 
  
 SECTION
9.6 Backup Servicer Termination Prior to an appointment as successor Servicer, the Controlling Party may (a) terminate all of the rights and obligations of the Backup Servicer under this Agreement in the event of a breach of any of the
representations or warranties, covenants or obligations of the Backup Servicer contained in this Agreement or (b) in its sole discretion, without cause upon not less than 30 days’ notice, terminate the rights and obligations of the Backup
Servicer. The terminated Backup Servicer agrees to cooperate with any successor Backup Servicer appointed by the Controlling Party in effecting the termination of the responsibilities and rights of the terminated Backup Servicer under this
Agreement, including, without limitation, the delivery to the successor Backup Servicer of all documents, records and electronic information related to the Receivables in the possession of the Backup Servicer. Expenses incurred by the Backup
Servicer in respect of the foregoing sentence shall be reimbursed in accordance with Section 5.7(b). 
  
 ARTICLE X 
  
 Termination 
  
 SECTION 10.1. Optional Purchase
of All Receivables. 
  
 (a) On the last day of any Collection
Period as of which the Pool Balance shall be less than or equal to 10% of the Original Pool Balance, the Servicer and the Seller each shall have the option to purchase the Owner Trust Estate, other than the Trust Accounts (with the consent of the
Insurer if such purchase would result in a claim on the Note Policy or would result in any amount owing to the Insurer under the Insurance Agreement remaining unpaid); provided, however, that the amount to be paid for such purchase (as
set forth in the following sentence) shall be sufficient to pay the full amount of principal and interest then due and payable on the Notes, amounts due and unpaid under the Swap Agreement and amounts due and unpaid to the Insurer under the
Insurance Agreement. To exercise such option, the Servicer or the Seller, as the case may be, shall deposit pursuant to Section 5.6 in the Collection Account an amount equal to the aggregate Purchase Amount for the Receivables (including Liquidated
Receivables), plus the appraised value of any other property held by the Trust, such value to be determined by an appraiser mutually agreed upon by the Servicer, the Insurer and the Trust Collateral Agent, and shall succeed to all interests in and
to the Trust. 
  

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

  
 (c) Notice of any termination of the Trust shall be given by
the Servicer to the Owner Trustee, the Trustee, the Backup Servicer, the Trust Collateral Agent, the Collateral Agent, the Insurer and the Rating Agencies as soon as practicable after the Servicer has received notice thereof. 
  
 (d) Following the satisfaction and discharge of the Indenture and the payment
in full of the principal of and interest on the Notes, the Certificateholders will succeed to the rights of the Noteholders hereunder and the Owner Trustee will succeed to the rights of, and assume the obligations of, the Trust Collateral Agent
pursuant to this Agreement. 
  
 ARTICLE XI 
  
 Administrative Duties of the Servicer 
  
 SECTION 11.1. Administrative Duties. 
  
 (a) Duties with Respect to the Indenture. The Servicer shall perform
all its duties and the duties of the Issuer under the Indenture. In addition, the Servicer shall consult with the Owner Trustee as the Servicer deems appropriate regarding the duties of the Issuer under the Indenture. The Servicer shall monitor the
performance of the Issuer and shall advise the Owner Trustee when action is necessary to comply with the Issuer’s duties under the Indenture. The Servicer shall prepare for execution by the Issuer or shall cause the preparation by other
appropriate Persons of all such documents, reports, filings, instruments, certificates and opinions as it shall be the duty of the Issuer to prepare, file or deliver pursuant to the Indenture. In furtherance of the foregoing, the Servicer shall take
all necessary action that is the duty of the Issuer to take pursuant to the Indenture, including, without limitation, pursuant to Sections 2.7, 3.5, 3.6, 3.7, 3.9, 3.10, 3.17, 5.1, 5.4, 7.3, 8.3, 9.2, 9.3, 11.1 and 11.15 of the Indenture.

  
 (b) Duties with Respect to the Issuer. 
  
 (i) In addition to the duties of the Servicer set forth in
this Agreement or any of the Basic Documents, the Servicer shall perform such calculations and shall prepare for execution by the Issuer or the Owner Trustee or shall cause the preparation by other appropriate Persons of all such documents, reports,
filings, instruments, certificates and opinions as it shall be the duty of the Issuer or the Owner Trustee to prepare, file or deliver pursuant to this Agreement or any of the Basic Documents or under state and federal tax and securities laws
(including any filings required pursuant to the Sarbanes-Oxley Act of 2002 or any rule or regulation promulgated thereunder), and at the request of the Owner Trustee shall take all appropriate action that it is the duty of the Issuer to take
pursuant to this Agreement or any of the Basic Documents, including, without limitation, pursuant to Sections 2.6 and 2.11 of the Trust Agreement. In accordance with the directions of the Issuer or the Owner Trustee, the Servicer shall administer,
perform 

  

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or supervise the performance of such other activities in connection with the Collateral (including the Basic Documents) as are not covered by any of the
foregoing provisions and as are expressly requested by the Issuer or the Owner Trustee and are reasonably within the capability of the Servicer. 
  
 (ii) Notwithstanding anything in this Agreement or any of the Basic Documents to the contrary, the Servicer shall be responsible for
promptly notifying the Owner Trustee and the Trust Collateral Agent in the event that any withholding tax is imposed on the Issuer’s payments (or allocations of income) to an Owner (as defined in the Trust Agreement) as contemplated by this
Agreement. Any such notice shall be in writing and specify the amount of any withholding tax required to be withheld by the Owner Trustee or the Trust Collateral Agent pursuant to such provision. 
  
 (iii) Notwithstanding anything in this Agreement or the
Basic Documents to the contrary, the Servicer shall be responsible for performance of the duties of the Issuer set forth in Section 5.1(a) and (b) of the Trust Agreement with respect to, among other things, accounting and reports to Owners (as
defined in the Trust Agreement); provided, however, that once prepared by the Servicer the Owner Trustee shall retain responsibility for the distribution of the Schedule K-1s necessary to enable the Certificateholder to prepare its
federal and state income tax returns. 
  
 (iv)
The Servicer shall perform the duties of the Servicer specified in Section 9.2 of the Trust Agreement required to be performed in connection with the resignation or removal of the Owner Trustee, and any other duties expressly required to be
performed by the Servicer under this Agreement or any of the Basic Documents. 
  
 (v) In carrying out the foregoing duties or any of its other obligations under this Agreement, the Servicer may enter into transactions with or otherwise deal with any of its Affiliates; provided,
however, that the terms of any such transactions or dealings shall be in accordance with any directions received from the Issuer and shall be, in the Servicer’s opinion, no less favorable to the Issuer in any material respect.

  
 (c) Tax Matters. The Servicer shall prepare and file,
on behalf of the Seller, all tax returns, tax elections, financial statements and such annual or other reports attributable to the activities engaged in by the Issuer as are necessary for preparation of tax reports, including without limitation
forms 1099. All tax returns will be signed by the Seller. 
  
 (d)
Non-Ministerial Matters. With respect to matters that in the reasonable judgment of the Servicer are non-ministerial, the Servicer shall not take any action pursuant to this Article unless within a reasonable time before the taking of such
action, the Servicer shall have notified the Owner Trustee and the Trustee of the proposed action and the Owner Trustee and, with respect to items (A), (B), (C) and (D) below, the Trustee shall not have withheld consent or provided an alternative
direction. For the purpose of the preceding sentence, “non-ministerial matters” shall include: 
  
 (A) the amendment of or any supplement to the Indenture; 
  

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 (B) the initiation of any claim or lawsuit by the Issuer and the compromise of any
action, claim or lawsuit brought by or against the Issuer (other than in connection with the collection of the Receivables); 
  
 (C) the amendment, change or modification of this Agreement or any of the Basic Documents; 
  
 (D) the appointment of successor Note Registrars, successor
Paying Agents and successor Trustees pursuant to the Indenture or the appointment of replacement Servicers or the consent to the assignment by the Note Registrar, Paying Agent or Trustee of its obligations under the Indenture; and 
  
 (E) the removal of the Trustee or the Trust Collateral
Agent. 
  
 (e) Exceptions. Notwithstanding anything to the
contrary in this Agreement, except as expressly provided herein or in the other Basic Documents, the Servicer, in its capacity hereunder, shall not be obligated to, and shall not, (1) make any payments to the Noteholders or Certificateholders under
the Basic Documents, (2) sell the Trust Estate pursuant to Section 5.5 of the Indenture, (3) take any other action that the Issuer directs the Servicer not to take on its behalf or (4) in connection with its duties hereunder assume any
indemnification obligation of any other Person. 
  
 (f) The
Backup Servicer or any replacement Servicer shall not be responsible for any obligations or duties of the servicer under this Section 11.1. 
  
 SECTION 11.2. Records. The Servicer shall maintain appropriate books of account and records relating to services performed under this Agreement, which
books of account and records shall be accessible for inspection by the Issuer and the Insurer at any time during normal business hours. 
  
 SECTION 11.3. Additional Information to be Furnished to the Issuer. The Servicer shall furnish to the Issuer and the Insurer from time to time such
additional information regarding the Collateral as the Issuer and the Insurer shall reasonably request. 
  
 ARTICLE XII 
  
 Miscellaneous Provisions 
  
 SECTION 12.1.
Amendment. 
  
 (a) This Agreement may be amended from time
to time by the parties hereto, with the consent of the Trustee (which consent may not be unreasonably withheld), with the prior written consent of the Insurer (so long as no Insurer Default has occurred and is continuing) but without the consent of
any of the Noteholders, to cure any ambiguity, to correct or supplement any provisions in this Agreement, to comply with any changes in the Code, or to make any other provisions with respect to matters or questions arising under this Agreement which
shall not be inconsistent with the provisions of this Agreement or the Insurance Agreement; provided, 

  

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however, that such action shall not, as evidenced by an Opinion of Counsel delivered to Owner Trustee, the Insurer and the Trustee, adversely affect
in any material respect the interests of any Noteholder; provided further that if an Insurer Default has occurred and is continuing, such action shall not materially adversely affect the interests of the Insurer. 
  
 This Agreement may also be amended from time to time by the parties hereto,
with the consent of the Insurer, the consent of the Trustee, and with the consent of the Holders of Notes evidencing not less than a majority of the outstanding principal amount of the Notes for the purpose of adding any provisions to or changing in
any manner or eliminating any of the provisions of this Agreement or of modifying in any manner the rights of the Noteholders; provided, however, that no such amendment shall (a) increase or reduce in any manner the amount of, or
accelerate or delay the timing of, collections of payments on Receivables or distributions that shall be required to be made for the benefit of the Noteholders or (b) reduce the aforesaid percentage of the outstanding principal amount of the Notes,
the Holders of which are required to consent to any such amendment, without the consent of the Holders of all the outstanding Notes of each class affected thereby; provided, further, that (i) if an Insurer Default has not occurred and
is continuing, such action shall not materially adversely affect the interest of the Insurer and (ii) that the consent of the Swap Provider shall also be required if such action will adversely affect in any material respect the interests of the Swap
Provider. 
  
 Promptly after the execution of any such amendment
or consent, the Trust Collateral Agent shall furnish written notification of the substance of such amendment or consent to each Noteholder and the Rating Agencies. 
  
 It shall not be necessary for the consent of Noteholders pursuant to this Section to approve the particular form of any
proposed amendment or consent, but it shall be sufficient if such consent shall approve the substance thereof. The manner of obtaining such consents (and any other consents of Noteholders provided for in this Agreement) and of evidencing the
authorization of any action by Noteholders shall be subject to such reasonable requirements as the Trustee or the Owner Trustee, as applicable, may prescribe. 
  

Prior to the execution of any amendment to this Agreement, the Owner Trustee and the Trustee, Trust Collateral Agent, Collateral Agent and Backup
Servicer shall be entitled to receive and conclusively rely upon an Opinion of Counsel stating that the execution of such amendment is authorized or permitted by this Agreement and the Opinion of Counsel referred to in Section 12.2(h)(1) has been
delivered. The Owner Trustee, the Trust Collateral Agent, the Backup Servicer and the Trustee may, but shall not be obligated to, enter into any such amendment which affects the Issuer’s, the Owner Trustee’s, the Trust Collateral
Agent’s, the Backup Servicer’s or the Trustee’s, as applicable, own rights, duties or immunities under this Agreement or otherwise. 
  
 (b) Notwithstanding anything to the contrary contained in Section 12.1(a) above, the provisions of the Agreement relating to (i) the Spread Account
Agreement, the Spread Account, the Specified Spread Account Requirement, a Trigger Event or any component definition of a Trigger Event and (ii) any additional sources of funds which may be added to the Spread Account or uses of funds on deposit in
the Spread Account may be amended in any respect by the Seller, the Servicer, the Insurer and the Collateral Agent (the consent of which shall not be withheld or delayed with respect to any amendment that does not adversely affect the Collateral
Agent) without the consent of, or notice to, the Noteholders. 
  

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 SECTION 12.2. Protection of Title to Trust. 
  
 (a) The Seller shall execute and file such financing statements and cause to
be executed and filed such continuation statements, all in such manner and in such places as may be required by law fully to preserve, maintain and protect the interest of the Issuer and the interests of the Trust Collateral Agent in the Receivables
and in the proceeds thereof. The Seller shall deliver (or cause to be delivered) to the Insurer, the Owner Trustee and the Trust Collateral Agent file-stamped copies of, or filing receipts for, any document filed as provided above, as soon as
available following such filing. 
  
 (b) Neither the Seller nor
the Servicer shall change its name, identity or corporate structure in any manner that would, could or might make any financing statement or continuation statement filed in accordance with paragraph (a) above seriously misleading within the meaning
of 9-506 of the UCC, unless it shall have given the Insurer, the Owner Trustee, the Trust Collateral Agent, the Backup Servicer and the Trustee at least five days’ prior written notice thereof and shall have promptly filed appropriate
amendments to all previously filed financing statements or continuation statements. Promptly upon such filing, the Seller or the Servicer, as the case may be, shall deliver an Opinion of Counsel in form and substance reasonably satisfactory to the
Insurer, stating either (A) all financing statements and continuation statements have been executed and filed that are necessary fully to preserve and protect the interest of the Trust and the Trust Collateral Agent in the Receivables, and reciting
the details of such filings or referring to prior Opinions of Counsel in which such details are given, or (B) no such action shall be necessary to preserve and protect such interest. 
  
 (c) Each of the Seller and the Servicer shall have an obligation to give the Insurer, the Owner Trustee, the Trust
Collateral Agent, the Backup Servicer and the Trustee at least 60 days’ prior written notice of any relocation of its principal executive office or jurisdiction of organization if, as a result of such relocation, the applicable provisions of
the UCC would require the filing of any amendment of any previously filed financing or continuation statement or of any new financing statement and shall promptly file any such amendment or new financing statement. The Servicer shall at all times
maintain each office from which it shall service Receivables, and its principal executive office, within the United States of America. 
  
 (d) The Servicer shall maintain accounts and records as to each Receivable accurately and in sufficient detail to permit (i) the reader thereof to know at
any time the status of such Receivable, including payments and recoveries made and payments owing (and the nature of each) and (ii) reconciliation between payments or recoveries on (or with respect to) each Receivable and the amounts from time to
time deposited in the Collection Account in respect of such Receivable. 
  
 (e) The Servicer shall maintain its computer systems so that, from and after the time of sale under this Agreement of the Receivables to the Issuer, the Servicer’s master computer records (including any backup archives) that refer to a
Receivable shall indicate clearly the interest of the Trust in such Receivable and that such Receivable is owned by the Trust. Indication of the Trust’s interest in a Receivable shall be deleted from or modified on the Servicer’s computer
systems when, and only when, the related Receivable shall have been paid in full or repurchased. 
  

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 (f) If at any time the Seller or the Servicer shall propose to sell, grant a security interest in or
otherwise transfer any interest in automotive receivables to any prospective purchaser, lender or other transferee, the Servicer shall give to such prospective purchaser, lender or other transferee computer tapes, records or printouts (including any
restored from backup archives) that, if they shall refer in any manner whatsoever to any Receivable, shall indicate clearly that such Receivable has been sold and is owned by the Trust. 
  
 (g) Upon request, the Servicer shall furnish to the Insurer, the Owner Trustee, the Backup Servicer or to the Trustee,
within five Business Days, a list of all Receivables (by contract number and name of Obligor) then held as part of the Trust, together with a reconciliation of such list to the Schedule of Receivables and to each of the Servicer’s Certificates
furnished before such request indicating removal of Receivables from the Trust. 
  
 (h) The Servicer shall deliver to the Insurer, the Backup Servicer, the Owner Trustee and the Trustee: 
  
 (1) promptly after the execution and delivery of the Agreement and, if required pursuant to Section 12.1, of each amendment, an Opinion of
Counsel stating that, in the opinion of such Counsel, in form and substance reasonably satisfactory to the Insurer, either (A) all financing statements and continuation statements have been executed and filed that are necessary fully to preserve and
protect the interest of the Trust and the Trustee in the Receivables, and reciting the details of such filings or referring to prior Opinions of Counsel in which such details are given, or (B) no such action shall be necessary to preserve and
protect such interest; and 
  
 (2) within 90 days
after the beginning of each calendar year beginning with the first calendar year beginning more than three months after the Initial Cutoff Date, an Opinion of Counsel, dated as of a date during such 90-day period, stating that, in the opinion of
such counsel, either (A) all financing statements and continuation statements have been executed and filed that are necessary fully to preserve and protect the interest of the Trust and the Trustee in the Receivables, and reciting the details of
such filings or referring to prior Opinions of Counsel in which such details are given, or (B) no such action shall be necessary to preserve and protect such interest. 
  
 Each Opinion of Counsel referred to in clause (1) or (2) above shall specify any action necessary (as of the date of such
opinion) to be taken in the following year to preserve and protect such interest. 
  
 SECTION 12.3. Notices. All demands, notices and communications upon or to the Seller, the Servicer, the Owner Trustee, the Trustee or the Rating Agencies under this Agreement shall be in writing, personally
delivered, or mailed by certified mail, return receipt requested, federal express or similar overnight courier service, and shall be deemed to have been duly given upon receipt (a) in the case of the Seller to AFS SenSub Corp., 639 Isbell Road,
Suite 390 Reno, Nevada 89509, Attention: Chief Financial Officer (b) in the case of the Servicer to 

  

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AmeriCredit Financial Services, Inc., 801 Cherry Street, Suite 3900, Fort Worth, Texas 76102, Attention: Chief Financial Officer, (c) in the case of the
Issuer or the Owner Trustee, at the Corporate Trust Office of the Owner Trustee, Wilmington Trust Company, Rodney Square North, 1100 North Market Street, Wilmington, Delaware 19890-0001, Attention: Corporate Trust Administration (d) in the case of
the Trustee, the Collateral Agent or the Trust Collateral Agent, at the Corporate Trust Office, (e) in the case of the Insurer, to MBIA Insurance Corporation., 113 King Street, Armonk, New York 10504; Attention: Insured Portfolio
Management-Structured Finance (AmeriCredit 2003-D-M) (in each case in which notice or other communication to the Insurer refers to a claim on the Note Policy, a claim on the Swap Provider Policy, a Deficiency Notice pursuant to Section 5.5 of this
Agreement or with respect to which failure on the part of the Insurer to respond shall be deemed to constitute consent or acceptance, then a copy of such notice or other communication should also be sent to the attention of each of the General
Counsel and shall be marked to indicate “URGENT MATERIAL ENCLOSED”); (f) in the case of the Backup Servicer, to Systems & Services Technologies, Inc., 4315 Pickett Road, St. Joseph, Missouri 64503, Attention: David Chappell and Joseph
Booz; (g) in the case of Moody’s, to Moody’s Investors Service, Inc., ABS Monitoring Department, 99 Church Street, New York, New York 10007; (h) in the case of Standard & Poor’s, to Standard & Poor’s Ratings Group, 55
Water Street, New York, New York 10041, Attention: Asset Backed Surveillance Department and (i) in the case of Fitch, to One State Street Plaza, New York, New York 10004, Attention: ABS Group—Auto Group. Any notice required or permitted to be
mailed to a Noteholder shall be given by first class mail, postage prepaid, at the address of such Holder as shown in the Note Register. Any notice so mailed within the time prescribed in the Agreement shall be conclusively presumed to have been
duly given, whether or not the Noteholder shall receive such notice. 
  
 SECTION 12.4. Assignment. This Agreement shall inure to the benefit of and be binding upon the parties hereto and their respective successors and permitted assigns. Notwithstanding anything to the contrary contained herein, except as
provided in Sections 7.4 and 8.4 and as provided in the provisions of this Agreement concerning the resignation of the Servicer, this Agreement may not be assigned by the Seller or the Servicer without the prior written consent of the Owner Trustee,
the Trust Collateral Agent, the Backup Servicer, the Trustee and the Insurer (or if an Insurer Default shall have occurred and be continuing the Holders of Notes evidencing not less than 66 2/3% of the principal amount of the outstanding Notes). 
  
 SECTION 12.5. Limitations on Rights of Others. The provisions of this Agreement are solely for the benefit of the parties hereto, the Trustee, the
Insurer, the Swap Provider and the Noteholders, as third-party beneficiaries. The Insurer and its successors and assigns shall be a third-party beneficiary to the provisions of this Agreement, and shall be entitled to rely upon and directly enforce
such provisions of this Agreement so long as no Insurer Default shall have occurred and be continuing. The Swap Provider shall be third-party beneficiaries to the provisions of this Agreement. Except as expressly stated otherwise herein, any right
of the Insurer to direct, appoint, consent to, approve of, or take any action under this Agreement, shall be a right exercised by the Insurer in its sole and absolute discretion. The Insurer may disclaim any of its rights and powers under this
Agreement (but not its duties and obligations under the Note Policy or the Swap Provider Policy) upon delivery of a written notice to the Owner Trustee. Nothing in this Agreement, whether express or implied, shall be construed to give to any other
Person any legal or equitable right, remedy or claim in the Owner Trust Estate or under or in respect of this Agreement or any covenants, conditions or provisions contained herein. 

  

 80 

 SECTION 12.6. Severability. Any provision of this Agreement that is prohibited or unenforceable in
any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not
invalidate or render unenforceable such provision in any other jurisdiction. 
  
 SECTION 12.7. Separate Counterparts. This Agreement may be executed by the parties hereto in separate counterparts, each of which when so executed and delivered shall be an original, but all such counterparts
shall together constitute but one and the same instrument. 
  
 SECTION 12.8. Headings. The headings of the various Articles and Sections herein are for convenience of reference only and shall not define or limit any of the terms or provisions hereof. 
  
 SECTION 12.9. Governing Law. THIS AGREEMENT SHALL BE CONSTRUED IN
ACCORDANCE WITH AND GOVERNED BY THE LAW OF THE STATE OF NEW YORK, WITHOUT GIVING EFFECT TO ITS CONFLICT OF LAW PROVISIONS (OTHER THAN SECTIONS 5-1401 AND 5-1402 OF THE NEW YORK GENERAL OBLIGATIONS LAW). 
  
 SECTION 12.10. Assignment to Trustee. The Seller hereby acknowledges
and consents to any mortgage, pledge, assignment and grant of a security interest by the Issuer to the Trust Collateral Agent pursuant to the Indenture for the benefit of the Noteholders of all right, title and interest of the Issuer in, to and
under the Receivables listed in Schedule A hereto and/or the assignment of any or all of the Issuer’s rights and obligations hereunder to the Trust Collateral Agent. 
  
 SECTION 12.11. Nonpetition Covenants. (a) Notwithstanding any prior termination of this Agreement, the Servicer and
the Seller shall not, prior to the date which is one year and one day after the termination of this Agreement with respect to the Issuer, acquiesce, petition or otherwise invoke or cause the Issuer to invoke the process of any court or government
authority for the purpose of commencing or sustaining a case against the Issuer under any federal or state bankruptcy, insolvency or similar law or appointing a receiver, liquidator, assignee, trustee, custodian, sequestrator or other similar
official of the Issuer or any substantial part of its property, or ordering the winding up or liquidation of the affairs of the Issuer. 
  
 (b) Notwithstanding any prior termination of this Agreement, the Servicer shall not, prior to the date that is one year and one day after the termination of this
Agreement with respect to the Seller, acquiesce to, petition or otherwise invoke or cause the Seller to invoke the process of any court or government authority for the purpose of commencing or sustaining a case against the Seller under any federal
or state bankruptcy, insolvency or similar law, appointing a receiver, liquidator, assignee, trustee, custodian, sequestrator, or other similar official of the Seller or any substantial part of its property, or ordering the winding up or liquidation
of the affairs of the Seller. 
  

 81 

 SECTION 12.12. Limitation of Liability of Owner Trustee and Trustee. 
  
 (a) Notwithstanding anything contained herein to the contrary, this
Agreement has been countersigned by Wilmington Trust Company not in its individual capacity but solely in its capacity as Owner Trustee of the Issuer and in no event shall Wilmington Trust Company in its individual capacity or, except as expressly
provided in the Trust Agreement, as Owner Trustee have any liability for the representations, warranties, covenants, agreements or other obligations of the Issuer hereunder or in any of the certificates, notices or agreements delivered pursuant
hereto, as to all of which recourse shall be had solely to the assets of the Issuer. For all purposes of this Agreement, in the performance of its duties or obligations hereunder or in the performance of any duties or obligations of the Issuer
hereunder, the Owner Trustee shall be subject to, and entitled to the benefits of, the terms and provisions of Articles V, VI and VII of the Trust Agreement. 
  
 (b) Notwithstanding anything contained herein to the contrary, this Agreement has been executed and delivered by JPMorgan Chase Bank, not in its
individual capacity but solely as Trust Collateral Agent and in no event shall JPMorgan Chase Bank, have any liability for the representations, warranties, covenants, agreements or other obligations of the Issuer hereunder or in any of the
certificates, notices or agreements delivered pursuant hereto, as to all of which recourse shall be had solely to the assets of the Issuer. 
  
 (c) In no event shall JPMorgan Chase Bank, in any of its capacities hereunder, be deemed to have assumed any duties of the Owner Trustee under the
Delaware Statutory Trust Statute, common law, or the Trust Agreement. 
  
 SECTION 12.13. Independence of the Servicer. For all purposes of this Agreement, the Servicer shall be an independent contractor and shall not be subject to the supervision of the Issuer, the Trust Collateral Agent and Backup
Servicer or the Owner Trustee with respect to the manner in which it accomplishes the performance of its obligations hereunder. Unless expressly authorized by this Agreement, the Servicer shall have no authority to act for or represent the Issuer or
the Owner Trustee in any way and shall not otherwise be deemed an agent of the Issuer or the Owner Trustee. 
  
 SECTION 12.14. No Joint Venture. Nothing contained in this Agreement (i) shall constitute the Servicer and either of the Issuer or the Owner
Trustee as members of any partnership, joint venture, association, syndicate, unincorporated business or other separate entity, (ii) shall be construed to impose any liability as such on any of them or (iii) shall be deemed to confer on any of them
any express, implied or apparent authority to incur any obligation or liability on behalf of the others. 
  
 SECTION 12.15. Replacement Swap Agreement. Upon a request by the Insurer pursuant to Section 4.08 of the Insurance Agreement, the Issuer shall
enter into a Replacement Swap Agreement (as such term is defined in Section 4.08 of the Insurance Agreement) with a replacement Swap Provider or replacement Swap Providers in form and substance satisfactory to the Insurer. 
  

 82 

 SECTION 12.16. Benefits of Sale and Servicing Agreement. The Insurer and its successors and
assigns shall be a third-party beneficiary to the provisions of this Sale and Servicing Agreement, and shall be entitled to rely upon and directly enforce such provisions of this Sale and Servicing Agreement so long as no Insurer Default shall have
occurred and be continuing. 
  
 SECTION 12.17. State Business
Licenses. The Servicer or the Certificateholder shall prepare and instruct the Trust to file each state business license (and any renewal thereof) required to be filed under applicable state law without further consent or instruction from the
Instructing Party (as defined in the Trust Agreement), including a Sales Finance Company Application (and any renewal thereof) with the Pennsylvania Department of Banking, Licensing Division, and a Financial Regulation Application (and any renewal
thereof) with the Maryland Department of Labor, Licensing and Regulation. 
  
 [Remainder of page intentionally left blank.] 
  

 83 

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

	AMERICREDIT AUTOMOBILE RECEIVABLES TRUST 2003-D-M
		
	 By:
	 	 WILMINGTON TRUST COMPANY, not in
 its individual capacity but solely as Owner
 Trustee on behalf of the Trust.

		
	 By:
	 	 /s/ Anita E. Dallago

	 	 	 Name: Anita E. Dallago

	 	 	 Title: Senior Financial Services Officer

	
	AFS SENSUB CORP., Seller,
		
	 By:
	 	 /s/ Susan Sheffield

	 	 	 Name: Susan Sheffield

	 	 	 Title: Vice President, Structured Finance

	
	AMERICREDIT FINANCIAL SERVICES, INC., Servicer,
		
	 By:
	 	 /s/ Beth Sorensen

	 	 	 Name: Beth Sorensen

	 	 	 Title: Senior Vice President, Finance

	 SYSTEMS & SERVICES TECHNOLOGIES, INC.,

	not in its individual capacity but solely as Backup Servicer
		
	 By:
	 	 /s/ Joseph D. Booz

	 	 	

	 	 	 Name: Joseph D. Booz

	 	 	 Title: EVP/General Counsel

  
 Acknowledged and accepted by

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

	 By:
	 	 /s/ Joseph M. Costantino

	 	 	 Name: Joseph M. Costantino

	 	 	 Title: Trust Officer

  
 [Sale and Servicing
Agreement] 

 SCHEDULE A 
  

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

 SCHEDULE B 
  

REPRESENTATIONS AND WARRANTIES OF THE SELLER AND THE SERVICER 
  
 1. Characteristics of Receivables. Each Receivable (A) was originated (i) by AmeriCredit, (ii) by a Dealer and
purchased by AmeriCredit from such Dealer under an existing Dealer Agreement or pursuant to a Dealer Assignment with AmeriCredit and was validly assigned by such Dealer to AmeriCredit pursuant to a Dealer Assignment or (iii) by a Third-Party Lender
and purchased by AmeriCredit from such Third-Party Lender under an existing Auto Loan Purchase and Sale Agreement or pursuant to a Third-Party Lender Assignment with AmeriCredit and was validly assigned by such Third-Party Lender to AmeriCredit
pursuant to a Third-Party Lender Assignment (B) was originated by AmeriCredit, such Dealer or such Third-Party Lender for the retail sale of a Financed Vehicle in the ordinary course of AmeriCredit’s, the Dealer’s or the Third-Party
Lender’s business, in each case was originated in accordance with AmeriCredit’s credit policies and was fully and properly executed by the parties thereto, and AmeriCredit, each Dealer and each Third-Party Lender had all necessary licenses
and permits to originate Receivables in the state where AmeriCredit, each such Dealer or each such Third-Party Lender was located, (C) contains customary and enforceable provisions such as to render the rights and remedies of the holder thereof
adequate for realization against the collateral security, (D) is a Receivable which provides for level monthly payments (provided that the period in the first Collection Period and the payment in the final Collection Period of the Receivable
may be minimally different from the normal period and level payment) which, if made when due, shall fully amortize the Amount Financed over the original term and (E) has not been amended or collections with respect to which waived, other than as
evidenced in the Receivable File relating thereto. 
  
 2. Fraud
or Misrepresentation. Each Receivable was originated (i) by AmeriCredit, (ii) by a Dealer and was sold by the Dealer to AmeriCredit, or (iii) by a Third-Party Lender and was sold by the Third-Party Lender to AmeriCredit, and was sold by
AmeriCredit to the Seller without any fraud or misrepresentation on the part of such Dealer or Third-Party Lender or AmeriCredit in any case. 
  
 3. Compliance with Law. All requirements of applicable federal, state and local laws, and regulations thereunder (including, without limitation,
usury laws, the Federal Truth-in-Lending Act, the Equal Credit Opportunity Act, the Fair Credit Billing Act, the Fair Credit Reporting Act, the Fair Debt Collection Practices Act, the Federal Trade Commission Act, the Moss-Magnuson Warranty Act, the
Federal Reserve Board’s Regulations “B” and “Z” (including amendments to the Federal Reserve’s Official Staff Commentary to Regulation Z, effective October 1, 1998, concerning negative equity loans), the Soldiers’
and Sailors’ Civil Relief Act of 1940, each applicable state Motor Vehicle Retail Installment Sales Act, and state adaptations of the National Consumer Act and of the Uniform Consumer Credit Code and other consumer credit laws and equal credit
opportunity and disclosure laws) in respect of the Receivables and the Financed Vehicles, have been complied with in all material respects, and each Receivable and the sale of the Financed Vehicle evidenced by each Receivable complied at the time it
was originated or made and now complies in all material respects with all applicable legal requirements. 
  

 Sch-B-1 

 4. Origination. Each Receivable was originated in the United States. 
  
 5. Binding Obligation. Each Receivable represents the genuine, legal,
valid and binding payment obligation of the Obligor thereon, enforceable by the holder thereof in accordance with its terms, except (A) as enforceability may be limited by bankruptcy, insolvency, reorganization or similar laws affecting the
enforcement of creditors’ rights generally and by equitable limitations on the availability of specific remedies, regardless of whether such enforceability is considered in a proceeding in equity or at law and (B) as such Receivable may be
modified by the application after the Initial Cutoff Date or the Subsequent Cutoff Date, as applicable, of the Soldiers’ and Sailors’ Civil Relief Act of 1940, as amended; and all parties to each Receivable had full legal capacity to
execute and deliver such Receivable and all other documents related thereto and to grant the security interest purported to be granted thereby. 
  
 6. No Government Obligor. No Obligor is the United States of America or any State or any agency, department, subdivision or instrumentality
thereof. 
  
 7. Obligor Bankruptcy. At the Initial Cutoff
Date or the Subsequent Cutoff Date, as applicable, no Obligor had been identified on the records of AmeriCredit as being the subject of a current bankruptcy proceeding. 
  
 8. Schedules of Receivables. The information set forth in the Schedules of Receivables has been produced from the
Electronic Ledger and was true and correct in all material respects as of the close of business on the Initial Cutoff Date or the Subsequent Cutoff Date, as applicable. 
  
 9. Marking Records. By the Closing Date or Subsequent Transfer Date, as applicable, the Seller will have caused the
portions of the Electronic Ledger relating to the Receivables to be clearly and unambiguously marked to show that the Receivables have been sold to the Seller by the Servicer and resold by the Seller to the Trust in accordance with the terms of the
Sale and Servicing Agreement. 
  
 10. Computer Tape. The
Computer Tape made available by the Seller to the Trust on the Closing Date was complete and accurate as of the Initial Cutoff Date or the Subsequent Cutoff Date, as applicable, and includes a description of the same Receivables that are described
in the Schedule of Receivables. 
  
 11. Adverse Selection.
No selection procedures adverse to the Noteholders or the Insurer were utilized in selecting the Receivables from those receivables owned by the Seller which met the selection criteria contained in the Sale and Servicing Agreement. 
  
 12. Chattel Paper. The Receivables constitute chattel paper within the
meaning of the UCC as in effect in the States of Texas, New York, Delaware and Nevada. 
  
 13. One Original. There is only one original executed copy of each Receivable. 
  
 14. Receivable Files Complete. There exists a Receivable File pertaining to each Receivable and such Receivable File contains (a) a fully executed
original of the Receivable, (b) the original executed credit application, or a paper or electronic copy thereof and (c) the original 

  

 Sch-B-2 

 
Lien Certificate or application therefor. Each of such documents which is required to be signed by the Obligor has been signed by the Obligor in the
appropriate spaces. All blanks on any form have been properly filled in and each form has otherwise been correctly prepared. The complete Receivable File for each Receivable currently is in the possession of the Custodian. 
  
 15. Receivables in Force. No Receivable has been satisfied,
subordinated or rescinded, and the Financed Vehicle securing each such Receivable has not been released from the lien of the related Receivable in whole or in part. No terms of any Receivable have been waived, altered or modified in any respect
since its origination, except by instruments or documents identified in the Receivable File. No Receivable has been modified as a result of application of the Soldiers’ and Sailors’ Civil Relief Act of 1940, as amended. 
  
 16. Lawful Assignment. No Receivable was originated in, or is subject
to the laws of, any jurisdiction the laws of which would make unlawful, void or voidable the sale, transfer and assignment of such Receivable under this Agreement or pursuant to transfers of the Securities. 
  
 17. Good Title. Immediately prior to the conveyance of the Receivables
to the Trust pursuant to this Agreement or Subsequent Transfer Agreement, as applicable, the Seller was the sole owner thereof and had good and indefeasible title thereto, free of any Lien and, upon execution and delivery of this Agreement by the
Seller, the Trust shall have good and indefeasible title to and will be the sole owner of such Receivables, free of any Lien. No Dealer or Third-Party Lender has a participation in, or other right to receive, proceeds of any Receivable. The Seller
has not taken any action to convey any right to any Person that would result in such Person having a right to payments received under the related Insurance Policies or the related Dealer Agreements, Auto Loan Purchase and Sale Agreements, Dealer
Assignments or Third-Party Lender Assignments or to payments due under such Receivables. 
  
 18. Security Interest in Financed Vehicle. Each Receivable created or shall create a valid, binding and enforceable first priority security interest in favor of AmeriCredit in the Financed Vehicle. The Lien
Certificate for each Financed Vehicle shows, or if a new or replacement Lien Certificate is being applied for with respect to such Financed Vehicle the Lien Certificate will be received within 240 days of the Closing Date or Subsequent Transfer
Date, as applicable, and will show AmeriCredit named as the original secured party under each Receivable as the holder of a first priority security interest in such Financed Vehicle. With respect to each Receivable for which the Lien Certificate has
not yet been returned from the Registrar of Titles, AmeriCredit has applied for or received written evidence from the related Dealer or Third-Party Lender that such Lien Certificate showing AmeriCredit as first lienholder has been applied for and
AmeriCredit’s security interest (assigned by AmeriCredit to the Seller pursuant to the Purchase Agreement) has been validly assigned by the Seller to the Trust pursuant to this Agreement. This Agreement creates a valid and continuing security
interest (as defined in the UCC) in the Receivables in favor of the Trust, which security interest is prior to all other Liens, and is enforceable as such as against creditors of and purchasers from the Seller. Immediately after the sale, transfer
and assignment by the Seller to the Trust, each Receivable will be secured by an enforceable and perfected first priority security interest in the Financed Vehicle in favor of the Trust Collateral Agent as secured party, which security interest is
prior to all other Liens upon and security interests in such Financed Vehicle which now exist or may 

  

 Sch-B-3 

 
hereafter arise or be created (except, as to priority, for any lien for taxes, labor or materials affecting a Financed Vehicle). As of the Initial Cutoff
Date or the Subsequent Cutoff Date, as applicable, there were no Liens or claims for taxes, work, labor or materials affecting a Financed Vehicle which are or may be Liens prior or equal to the Liens of the related Receivable. 
  
 19. All Filings Made. All filings (including, without limitation, UCC
filings (including, without limitation, the filing by the Seller of all appropriate financing statements in the proper filing office in the State of Nevada under applicable law in order to perfect the security interest in the Receivables granted to
the Trust hereunder)) required to be made by any Person and actions required to be taken or performed by any Person in any jurisdiction to give the Trust and the Trust Collateral Agent a first priority perfected lien on, or ownership interest in,
the Receivables and the proceeds thereof and the Other Conveyed Property have been made, taken or performed. 
  
 20. No Impairment. The Seller has not done anything to convey any right to any Person that would result in such Person having a right to payments
due under the Receivable or otherwise to impair the rights of the Trust, the Insurer, the Trustee, the Trust Collateral Agent and the Noteholders in any Receivable or the proceeds thereof. Other than the security interest granted to the Trust
pursuant to this Agreement and except any other security interests that have been fully released and discharged as of the Closing Date, the Seller has not pledged, assigned, sold, granted a security interest in, or otherwise conveyed any of the
Receivables. The Seller has not authorized the filing of and is not aware of any financing statements against the Seller that include a description of collateral covering the Receivables other than any financing statement relating to the security
interest granted to the Trust hereunder or that has been terminated. The Seller is not aware of any judgment or tax lien filings against it. 
  
 21. Receivable Not Assumable. No Receivable is assumable by another Person in a manner which would release the Obligor thereof from such
Obligor’s obligations to AmeriCredit with respect to such Receivable. 
  
 22. No Defenses. No Receivable is subject to any right of rescission, setoff, counterclaim or defense and no such right has been asserted or threatened with respect to any Receivable. 
  
 23. No Default. There has been no default, breach, violation or event
permitting acceleration under the terms of any Receivable (other than payment delinquencies of not more than 30 days), and no condition exists or event has occurred and is continuing that with notice, the lapse of time or both would constitute a
default, breach, violation or event permitting acceleration under the terms of any Receivable, and there has been no waiver of any of the foregoing. As of the Initial Cutoff Date or the Subsequent Cutoff Date, as applicable, no Financed Vehicle had
been repossessed. 
  
 24. Insurance. At the time of an
origination of a Receivable by AmeriCredit or a purchase of a Receivable by AmeriCredit from a Dealer or Third-Party Lender, each Financed Vehicle is required to be covered by a comprehensive and collision insurance policy (i) in an amount at least
equal to the lesser of (a) its maximum insurable value or (b) the principal amount due from the Obligor under the related Receivable, (ii) naming AmeriCredit as loss payee and 

  

 Sch-B-4 

 
(iii) insuring against loss and damage due to fire, theft, transportation, collision and other risks generally covered by comprehensive and collision
coverage. Each Receivable requires the Obligor to maintain physical loss and damage insurance, naming AmeriCredit and its successors and assigns as additional insured parties, and each Receivable permits the holder thereof to obtain physical loss
and damage insurance at the expense of the Obligor if the Obligor fails to do so. No Financed Vehicle is insured under a policy of Force-Placed Insurance on the Initial Cutoff Date or the Subsequent Cutoff Date, as applicable. 
  
 25. Past Due. At the Initial Cutoff Date or the Subsequent Cutoff
Date, as applicable, no Receivable was more than 30 days past due. 
  
 26. Remaining Principal Balance. At the Initial Cutoff Date or the Subsequent Cutoff Date, as applicable, the Principal Balance of each Receivable set forth in the Schedules of Receivables is true and accurate in all material
respects. 
  
 27. Certain Characteristics of Initial
Receivables.  
  
 (A) Each Initial Receivable
had a remaining maturity, as of the Initial Cutoff Date, of not more than 72 months. 
  
 (B) Each Initial Receivable had an original maturity, as of the Initial Cutoff Date, of not more than 72 months. 
  
 (C) Not more than 40% of the Initial Receivables (calculated
by Aggregate Principal Balance) has an original term to maturity of 72 months. The original term to maturity of 72 month Receivables in the Trust is 33% as of the Initial Cutoff Date. 
  
 (D) Each Initial Receivable had a remaining Principal Balance as of the Initial Cutoff Date of at least $250
and not more than $80,000. 
  
 (E) Each Initial
Receivable has an Annual Percentage Rate of at least 1% and not more than 33%. 
  
 (F) The Initial Receivables’ weighted average Annual Percentage Rate is not less than 15.80%. The weighted average Annual Percentage
Rate of the Initial Receivables in the Trust is 15.90% as of the Initial Cutoff Date. 
  
 (G) No Initial Receivable was more than 30 days past due as of the Initial Cutoff Date. 
  
 (H) No funds have been advanced by AmeriCredit, any Dealer,
any Third-Party Lender, or anyone acting on behalf of any of them in order to cause any Initial Receivable to qualify under clause (G) above. 
  
 (I) Not more than 35% of the Obligors reside in Texas and California (based on the Obligor’s mailing address). As of the Initial
Cutoff Date, 25% of the Obligors (based in the Obligor’s mailing address) reside in Texas and California. 
  

 Sch-B-5 

 (J) Each Obligor had a billing address in the United States as of the date of origination
of the Initial Receivables, is a natural person and is not an Affiliate of any party to this Agreement. 
  
 (K) Each Initial Receivable is denominated in, and each Contract provides for payment in, United States Dollars. 
  
 (L) Each Initial Receivable is identified on the
Servicer’s master servicing records as an automobile installment sales contract or installment note. 
  
 (M) Each Initial Receivable arises under a Contract which is assignable without the consent of, or notice to, the Obligor thereunder, and
does not contain a confidentiality provision that purports to restrict the ability of the Servicer to exercise its rights under the Sale and Servicing Agreement, including, without limitation, its right to review the Contract. 
  
 (N) Each Initial Receivable arises under a Contract with
respect to which AmeriCredit has performed all obligations required to be performed by it thereunder, and, in the event such Contract is an installment sales contract, delivery of the Financed Vehicle to the related Obligor has occurred. 

 
 28. Interest Calculation. Each Contract provides for the
calculation of interest payable thereunder under either the “simple interest” method, the “Rule of 78’s” method or the “precomputed interest” method. 
  
 29. Lockbox Account. Each Obligor has been, or will be, directed to make all payments on their related Receivable to
the Lockbox Account. 
  
 30. Lien Enforcement. Each
Receivable provides for enforcement of the lien or the clear legal right of repossession, as applicable, on the Financed Vehicle securing such Receivable. 
  
 31. Prospectus Supplement Description. Each Receivable conforms, and all Receivables in the aggregate conform, in all material respects to the
description thereof set forth in the Prospectus Supplement. 
  
 32. Other Automobile Loans. Neither the Obligor on any Receivable nor any of its Affiliates is the obligor on any automobile loan with an aggregate principal amount greater than $80,000 as of the Initial Cutoff Date. 
  
 33. Risk of Loss. Each Contract contains provisions requiring the
Obligor to assume all risk of loss or malfunction on the related Financed Vehicle, requiring the Obligor to pay all sales, use, property, excise and other similar taxes imposed on or with respect to the Financed Vehicle and making the Obligor liable
for all payments required to be made thereunder, without any setoff, counterclaim or defense for any reason whatsoever, subject only to the Obligor’s right of quiet enjoyment. 
  

 Sch-B-6 

 34. Vehicle Exchange. No Contract provides for the substitution, exchange or addition of any
Financed Vehicle subject to such Receivable. 
  
 35. Leasing
Business. To the best of the Seller’s and the Servicer’s knowledge, as appropriate, no Obligor is a Person involved in the business of leasing or selling equipment of a type similar to the Obligor’s related Financed Vehicle.

  
 36. Consumer Leases. No Receivable constitutes a
“consumer lease” under either (a) the UCC as in effect in the jurisdiction the law of which governs the Receivable or (b) the Consumer Leasing Act, 15 USC 1667. 
  
 37. The Seller has taken all steps necessary to perfect its security interest against the related Obligors in the property
securing the Receivables and will take all necessary steps on behalf of the Trust to maintain the Trust’s perfection of the security interest created by each Receivable in the related Financed Vehicle. 
  
 38. The Servicer has in its possession all original copies of the contracts
that constitute or evidence the Receivables. 
  

 Sch-B-7 

 SCHEDULE C 
  

SERVICING POLICIES AND PROCEDURES  
 Note: Applicable Time Periods Will Vary by State 
  
 Compliance
with state collection laws is required of all AmeriCredit Collection Personnel. Additionally, AmeriCredit has chosen to follow the guidelines of the Federal Fair Debt Collection Practices Act (FDCPA). 
  
 The Collection Process 
  
 AmeriCredit mails each customer a monthly billing statement 16 to 20 days before payment is due. 
  

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

  

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

  

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

  

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

  

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

  

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

  

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

  

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

  

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

  

 Sch-C-1 

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

	A.	Proper authorities are notified (if applicable). 

  

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

  

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

  

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

  

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

  

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

  
 Use of Due Date Changes 
  
 Due dates may be changed subject to the following conditions: 
  

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

  

	B.	Due date changes cannot exceed the total of 30 days over the life of the contract. 

  

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

  

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

  
 An Officer must approve any exceptions to the above stated policy. 
  
 Use of Payment Deferments 
  
 A payment deferral is offered to customers who have the desire and capacity to make future payments but who have encountered temporary financial difficulties, with
management approval. 
  

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

  

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

  

	C.	A deferment fee is collected on all transactions. 

  

 Sch-C-2 

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

  
 An Officer must approve any exceptions to the above stated policy. 
  
 Charge-Offs 
  
 It is AmeriCredit’s policy that any account that is not successfully recovered by 120 days delinquent is submitted to an Officer for approval and charge-off.

  
 It is AmeriCredit’s policy to carry all Chapter 13 bankruptcy accounts
until 120 days delinquent. A partial charge-off is taken for the unsecured portion of the account. On fully reaffirmed Chapter 7 bankruptcy accounts, the accounts can be deferred current at the time of discharge. 
  
 Deficiency Collections 
  
 Accounts are assigned to third party collection agencies for deficiency collections. 
  

 Sch-C-3 

 EXHIBIT A 
  

SUBSEQUENT TRANSFER AGREEMENT 
  
 Transfer No.                      of Subsequent
Receivables pursuant to a Sale and Servicing Agreement dated as of October 10, 2003, among AMERICREDIT AUTOMOBILE RECEIVABLES TRUST 2003-D-M, a Delaware statutory trust (the “Issuer”), AFS SENSUB CORP., a Nevada corporation (the
“Seller”), AMERICREDIT FINANCIAL SERVICES, INC. a Delaware corporation (the “Servicer”), JPMORGAN CHASE BANK, a New York banking corporation (the “Trust Collateral Agent”), and SYSTEMS &
SERVICES TECHNOLOGIES, INC., a Delaware corporation (the “Backup Servicer”). 
  
 W I T N E S S E T H: 
  
 WHEREAS
pursuant to the Sale and Servicing Agreement, the Seller wishes to convey the Subsequent Receivables to the Issuer; and 
  
 WHEREAS, the Issuer is willing to accept such conveyance subject to the terms and conditions hereof. 
  
 NOW, THEREFORE, the Issuer, the Seller and the Servicer hereby agree as
follows: 
  
 1. Defined Terms. Capitalized terms used
herein shall have the meanings ascribed to them in the Sale and Servicing Agreement unless otherwise defined herein. 
  
 “Subsequent Cutoff Date” shall mean, with respect to the Subsequent Receivables conveyed hereby,
            , 200    . 
  
 “Subsequent Transfer Date” shall mean, with respect to the Subsequent Receivables conveyed hereby,
            , 200    . 
  
 2. Schedule of Receivables. Attached hereto as Schedule A is a supplement to Schedule A to the Sale and Servicing Agreement listing the Receivables
that constitute the Subsequent Receivables to be conveyed pursuant to this Agreement on the Subsequent Transfer Date. 
  
 3. Conveyance of Subsequent Receivables. In consideration of the Issuer’s delivery to or upon the order of the Seller of
$             the Seller does hereby sell, transfer, assign, set over and otherwise convey to the Issuer, without recourse (except as expressly provided in the Sale and Servicing
Agreement), all right, title and interest of the Seller in and to: 
  
 (a) the Subsequent Receivables and all moneys received thereon, on and after the Subsequent Cutoff Date; 
  

 Ex-A-1 

 (b) the security interests in the Financed Vehicles granted by Obligors pursuant to the Subsequent
Receivables and any other interest of the Seller in such Financed Vehicles; 
  
 (c) any proceeds and the right to receive proceeds with respect to the Subsequent Receivables from claim and the right to receive proceeds on any physical damage, credit life or disability insurance policies covering
Financed Vehicles or Obligors and any proceeds from the liquidation of such Subsequent Receivables; 
  
 (d) any proceeds with respect to the Subsequent Receivables repurchased by a Dealer pursuant to a Dealer Agreement or a Third-Party Lender pursuant to an
Auto Loan Purchase and Sale Agreement as a result of a breach of representation or warranty in the related Dealer Agreement or Auto Loan Agreement and Sale Agreement; 
  
 (e) all rights under any Service Contracts on the related Finance Vehicles; 
  
 (f) the related Receivables Files; 
  
 (g) all of the Seller’s rights, title and interests, but none of its
obligations or burdens, under the Subsequent Transfer Agreement, including the delivery requirements, representations and warranties and the cure and repurchase obligations of Seller under the Subsequent Purchase Agreement, on or after the
Subsequent Cutoff Date; and 
  
 (h) the proceeds of any and all
of the foregoing. 
  
 4. Representations and Warranties of the
Seller. The Seller hereby represents and warrants to the Issuer as of the date of this Agreement and as of the Subsequent Transfer Date that: 
  
 (a) Schedule of Representations. The representations and warranties set forth on the Schedule of Representations attached hereto as Schedule B are
true and correct. 
  
 (b) Organization and Good Standing.
The Seller has been duly organized and is validly existing as a corporation in good standing under the laws of the State of Nevada, with power and authority to own its properties and to conduct its business as such properties are currently owned and
such business is currently conducted, and had at all relevant times, and now has, power, authority and legal right to acquire, own and sell the Receivables and the Other Conveyed Property transferred to the Trust. 
  
 (c) Due Qualification. The Seller is duly qualified to do business as
a foreign corporation in good standing and has obtained all necessary licenses and approvals in all jurisdictions where the failure to do so would materially and adversely affect Seller’s ability to transfer the Subsequent Receivables and the
Subsequent Other Conveyed Property to the Trust pursuant to this Agreement, or the validity or enforceability of the Subsequent Receivables and the Subsequent Other Conveyed Property or to perform Seller’s obligations hereunder and under the
Seller’s Basic Documents. 
  

 Ex-A-2 

 (d) Power and Authority. The Seller has the power and authority to execute and deliver this
Agreement and its Basic Documents and to carry out its terms and their terms, respectively; the Seller has full power and authority to sell and assign the Subsequent Receivables and the Subsequent Other Conveyed Property to be sold and assigned to
and deposited with the Trust by it and has duly authorized such sale and assignment to the Trust by all necessary corporate action; and the execution, delivery and performance of this Agreement and the Seller’s Basic Documents have been duly
authorized by the Seller by all necessary corporate action. 
  
 (e) Valid Sale, Binding Obligations. This Agreement effects a valid sale, transfer and assignment of the Subsequent Receivables and the Subsequent Other Conveyed Property, enforceable against the Seller and creditors of and
purchasers from the Seller; and this Agreement and the Seller’s Basic Documents, when duly executed and delivered, shall constitute legal, valid and binding obligations of the Seller enforceable in accordance with their respective terms, except
as enforceability may be limited by bankruptcy, insolvency, reorganization or other similar laws affecting the enforcement of creditors’ rights generally and by equitable limitations on the availability of specific remedies, regardless of
whether such enforceability is considered in a proceeding in equity or at law. 
  
 (f) No Violation. The consummation of the transactions contemplated by this Agreement and the Basic Documents and the fulfillment of the terms of this Agreement and the Basic Documents shall not conflict with,
result in any breach of any of the terms and provisions of or constitute (with or without notice, lapse of time or both) a default under the certificate of incorporation or by-laws of the Seller, or any indenture, agreement, mortgage, deed of trust
or other instrument to which the Seller is a party or by which it is bound, or result in the creation or imposition of any Lien upon any of its properties pursuant to the terms of any such indenture, agreement, mortgage, deed of trust or other
instrument, other than this Agreement, or violate any law, order, rule or regulation applicable to the Seller of any court or of any federal or state regulatory body, administrative agency or other governmental instrumentality having jurisdiction
over the Seller or any of its properties. 
  
 (g) No
Proceedings. There are no proceedings or investigations pending or, to the Seller’s knowledge, threatened against the Seller, before any court, regulatory body, administrative agency or other tribunal or governmental instrumentality having
jurisdiction over the Seller or its properties (A) asserting the invalidity of this Agreement or any of the Basic Documents, (B) seeking to prevent the issuance of the Securities or the consummation of any of the transactions contemplated by this
Agreement or any of the Basic Documents, (C) seeking any determination or ruling that might materially and adversely affect the performance by the Seller of its obligations under, or the validity or enforceability of, this Agreement or any of the
Basic Documents, or (D) seeking to adversely affect the federal income tax or other federal, state or local tax attributes of the Securities. 
  
 (h) Chief Executive Office. The chief executive office of the Seller is at 639 Isbell Road, Suite 390, Reno, Nevada 89509. 
  

 Ex-A-3 

 (i) Principal Balance. The aggregate Principal Balance of the Subsequent Receivables listed on
Schedule A annexed hereto and conveyed to the Issuer pursuant to this Agreement as of the Subsequent Cutoff Date is $                    .

  
 (j) Seller’s Intention. The Subsequent
Receivables are being transferred with the intention of removing them from the Seller’s estate pursuant to Section 541 of the United States Bankruptcy Code, as the same may be amended from time to time. 
  
 5. Conditions Precedent. The obligation of the Issuer to acquire the
Subsequent Receivables hereunder is subject to the satisfaction, on or prior to the Subsequent Transfer Date, of the following conditions precedent: 
  
 (a) Representations and Warranties. Each of the representations and warranties made by the Seller in Section 4 of this Agreement and in Section
6.1 of the Sale and Servicing Agreement shall be true and correct as of the date of this Agreement and as of the Subsequent Transfer Date. 
  
 (b) Sale and Servicing Agreement Conditions. Each of the conditions set forth in Section 2.2(b) to the Sale and Servicing Agreement shall have
been satisfied. 
  
 (c) Additional Information. The Seller
shall have delivered to the Issuer such information as was reasonably requested by the Issuer to satisfy itself as to (i) the accuracy of the representations and warranties set forth in Section 4 of this Agreement and in Section 6.1 of the Sale and
Servicing Agreement and (ii) the satisfaction of the conditions set forth in this Section 5. 
  
 6. Ratification of Agreement. As supplemented by this Agreement, the Sale and Servicing Agreement is in all respects ratified and confirmed and the Sale and Servicing Agreement as so supplemented by this
Agreement shall be read, taken and construed as one and the same instrument. 
  
 7. Counterparts. This Agreement may be executed in two or more counterparts (and by different parties in separate counterparts), each of which shall be an original but all of which together shall constitute one
and the same instrument. 
  
 GOVERNING LAW. THIS AGREEMENT
SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT REFERENCE TO ITS CONFLICT OF LAW PROVISIONS, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS.

  

 Ex-A-4 

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

	AMERICREDIT AUTOMOBILE RECEIVABLES TRUST 2003-D-M
		
	 By:
	 	WILMINGTON TRUST COMPANY, not in its individual capacity but solely as Owner Trustee on behalf of the Trust.
		
	 By:
	 	  

	 	 	 Name:

	 	 	 Title:

	
	 AFS SENSUB CORP., Seller,

		
	 By:
	 	  
  

	 	 	 Name:

	 	 	 Title:

	
	AMERICREDIT FINANCIAL SERVICES, INC., Servicer,
		
	 By:
	 	  

	 	 	 Name:

	 	 	 Title:

  
 Acknowledged and accepted by

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

  

	 By:
	 	  

	 	 	 Name:

	 	 	 Title:

  

 Ex-A-5 

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

	 By:
	 	  

	 	 	 Name:

	 	 	 Title:

  

 Ex-A-6 

 SCHEDULE A 
  
 SCHEDULE OF RECEIVABLES 
  

 Ex-A-7 

 EXHIBIT B 
  

SERVICER’S CERTIFICATE 

 AmeriCredit Automobile Receivables Trust 2003-D-M 
 Class A-1 1.12% Asset Backed Notes 
 Class A-2 1.44% Asset Backed Notes 
 Class A-3A 2.14% Asset Backed Notes 
 Class A-3B
Floating Rate Asset Backed Notes 
 Class A-4 2.84% Asset Backed Notes 
 Servicer’s Certificate 
  
 This Servicer’s Certificate has been prepared pursuant to Section 4.9 of the Sale and Servicing Agreement among AmeriCredit Automobile Receivables Trust 2003-D-M, as Issuer, AmeriCredit Financial Services, Inc., as Servicer, AFS SENSUB
Corp., as Seller, and Systems & Services Technologies, Inc., as Backup Servicer and JPMorgan Chase Bank as Trust Collateral Agent, dated as of October 10, 2003. Defined terms have the meanings assigned to them in the Sale and Servicing Agreement
or in other Transaction Documents. 
  
 The undersigned hereby certifies that no
Trigger Event has occurred on the related Determination Date and that, to the knowledge of the Servicer, no Insurance Agreement Event of Default has occurred. 
  

	 Monthly Period Beginning:

	 Monthly Period Ending:

	 Prev. Distribution/Close Date:

	 Distribution Date:

	 Days of Interest for Period:

	 Days in Collection Period:

	 Months Seasoned:

  

	I.	  	MONTHLY PERIOD NOTE BALANCE  CALCULATION:	 	 	 	 Class A-1

	 	 Class A-2

	 	 Class A-3-A

	 	 Class A-3-B

	 	 Class A-4

	 	 TOTAL

									
	 {1}
	  	Original Note Balance	 	{1}	 	 	 	 	 	 	 	 	 	 	 	 
	 	  	 	 	 	 	 	 	
	 	
	 	
	 	
	 	
	 	

	 {2}
	  	Preliminary End of period Note Balance	 	{2}	 	 	 	 	 	 	 	 	 	 	 	 
	 	  	 	 	 	 	 	 	
	 	
	 	
	 	
	 	
	 	

	 {3}
	  	Deficiency Claim Amount	 	{3}	 	 	 	 	 	 	 	 	 	 	 	 
									
	 {4}
	  	End of period Note Balance	 	{4}	 	 	 	 	 	 	 	 	 	 	 	 
	 	  	 	 	 	 	 	 	
	 	
	 	
	 	
	 	
	 	

	 {5}
	  	Note Pool Factors {4} / {1}	 	{5}	 	 	 	 	 	 	 	 	 	 	 	 
	 	  	 	 	 	 	 	 	
	 	
	 	
	 	
	 	
	 	

	 II.
	  	RECONCILIATION OF SPREAD ACCOUNT:	 	 	 	 	 	 	 	 	 	 	 	 	 	 
									
	 {6}
	  	Preliminary End of period Spread Account balance	 	 	 	 	 	 	 	 	 	 	 	{6}	 	 
	 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	

	 {7}
	  	Priority First - Deficiency Claim Amount from preliminary certificate	 	 	 	 	 	 	 	 	 	 	 	{7}	 	 
	 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	

	 {8}
	  	End of period Spread Account balance	 	 	 	 	 	 	 	 	 	 	 	{8}	 	 
	 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	

	 III.
	  	MONTHLY PERIOD AND CUMULATIVE NUMBER OF RECEIVABLES CALCULATION:	 	 
										
	 	  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 Cumulative

	 	 Monthly

	 {9}
	  	Original Number of Receivables	 	 	 	 	 	 	 	 	 	{9}	 	 	 	 
	 {10}
	  	Beginning of period number of Receivables	 	 	 	 	 	 	 	 	 	{10}	 	 	 	 
	 {11}
	  	Number of Subsequent Receivables Purchased	 	 	 	 	 	 	 	 	 	{11}	 	 	 	 
	 {12}
	  	Number of Receivables becoming Liquidated Receivables during period	 	 	 	 	 	 	 	 	 	{12}	 	 	 	 
	 {13}
	  	Number of Receivables becoming Purchased Receivables during period	 	 	 	 	 	 	 	 	 	{13}	 	 	 	 
	 {14}
	  	Number of Receivables paid off during period	 	 	 	 	 	 	 	 	 	{14}	 	 	 	 
	 {15}
	  	End of period number of Receivables	 	 	 	 	 	 	 	 	 	{15}	 	 	 	 
									
	 IV.
	  	STATISTICAL DATA: (CURRENT AND HISTORICAL)	 	 	 	 	 	 	 	 	 	 	 	 	 	 
										
	 	  	 	 	 	 	 	 	 	 	 	 	 	 	 Original

	 	 Prev. Month

	 	 Current

	 {16}
	  	Weighted Average APR of the Receivables	 	 	 	 	 	 	 	{16}	 	 	 	 	 	 
	 {17}
	  	Weighted Average Remaining Term of the Receivables	 	 	 	 	 	 	 	{17}	 	 	 	 	 	 
	 {18}
	  	Weighted Average Original Term of Receivables	 	 	 	 	 	 	 	{18}	 	 	 	 	 	 
	 {19}
	  	Average Receivable Balance	 	 	 	 	 	 	 	{19}	 	 	 	 	 	 
	 {20}
	  	Aggregate Realized Losses	 	 	 	 	 	 	 	{20}	 	 	 	 	 	 
									
	 V.
	  	DELINQUENCY:	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	  	Receivables with Scheduled Payment delinquent	 	 	 	 	 	 	 	 	 	 Units

	 	 Dollars

	 	 Percentage

	 	  	{21}	 	31-60 days	 	 	 	 	 	 	 	{21}	 	 	 	 	 	 
	 	  	{22}	 	61-90 days	 	 	 	 	 	 	 	{22}	 	 	 	 	 	 
	 	  	{23}	 	over 90 days	 	 	 	 	 	 	 	{23}	 	 	 	 	 	 
	 	  	{24}	 	Receivables with Scheduled Payment delinquent more than 30 days at end of period	 	 	 	 	 	 	 	{24}	 	 	 	 	 	 

  

 1 

	 VI.
	  	 PERFORMANCE TESTS:
	  	 	  	 	  	 
					
	 	  	 Delinquency Ratio
	  	 	  	 	  	 
	 	  	{25}	  	Receivables and Purchased Receivables with Scheduled Payment delinquent more than 60 days ({22} + {23})	  	{25}	  	 	  	 
	 	  	 	  	 	  	 	  	
	  	 
	 	  	{26}	  	Beginning of period Principal Balance	  	{26}	  	 	  	 
	 	  	 	  	 	  	 	  	
	  	 
	 	  	{27}	  	Delinquency Ratio {25} divided by {26}	  	{27}	  	 	  	 
	 	  	 	  	 	  	 	  	 	  	

	 	  	{28}	  	Previous Monthly Period Delinquency Ratio	  	{28}	  	 	  	 
	 	  	 	  	 	  	 	  	 	  	

	 	  	{29}	  	Second previous Monthly Period Delinquency Ratio	  	{29}	  	 	  	 
	 	  	 	  	 	  	 	  	 	  	

	 	  	{30}	  	Average Delinquency Ratio ({27} + {28} + {29}) / 3	  	{30}	  	 	  	 
	 	  	 	  	 	  	 	  	 	  	

	 	  	{31}	  	Compliance (Delinquency Test Failure is a Delinqunecy Ratio equal to or greater than 4.25%.)	  	{31}	  	 	  	 
	 	  	 	  	 	  	 	  	 	  	

	 	  	 Cumulative Default Rate
	  	 	  	 	  	 
	 	  	{32}	  	Defaulted Receivables in Current Period	  	{32}	  	 	  	 
	 	  	 	  	 	  	 	  	
	  	 
	 	  	{33}	  	Cumulative Defaulted Receivables from last month	  	{33}	  	 	  	 
	 	  	 	  	 	  	 	  	
	  	 
	 	  	{34}	  	Cumulative Defaulted Receivables {32} + {33}	  	{34}	  	 	  	 
	 	  	 	  	 	  	 	  	
	  	 
	 	  	{35}	  	Original Pool Balance	  	{35}	  	 	  	 
	 	  	 	  	 	  	 	  	
	  	 
	 	  	{36}	  	Cumulative Default Rate {34} divided by {35}	  	{36}	  	 	  	 
	 	  	 	  	 	  	 	  	 	  	

	 	  	{37}	  	Compliance (Default Test Failure is a Cumulative Default Rate equal to or greater than 3.53%.)	  	{37}	  	 	  	 
	 	  	 	  	 	  	 	  	 	  	

	 	  	 Cumulative Net Loss Rate
	  	 	  	 	  	 
	 	  	{38}	  	Receivables becoming Liquidated Receivables during period	  	{38}	  	 	  	 
	 	  	 	  	 	  	 	  	
	  	 
	 	  	{39}	  	Purchased Receivables with Scheduled Payment delinquent more than 30 days at end of period	  	{39}	  	 	  	 
	 	  	 	  	 	  	 	  	
	  	 
	 	  	{40}	  	Liquidation Proceeds collected during period	  	{40}	  	 	  	 
	 	  	 	  	 	  	 	  	
	  	 
	 	  	{41}	  	Net Losses during period {38} + {39} + {40}	  	{41}	  	 	  	 
	 	  	 	  	 	  	 	  	
	  	 
	 	  	{42}	  	Net Losses since Initial Cut-off Date (Beginning of Period)	  	{42}	  	 	  	 
	 	  	 	  	 	  	 	  	
	  	 
	 	  	{43}	  	Cumulative Net Loss Rate before 50% of 90 Day Delinquencies ({41} + {42}) / {45}	  	{43}	  	 	  	 
	 	  	 	  	 	  	 	  	 	  	

	 	  	{44}	  	50% of Receivables with Scheduled Payment delinquent more than 90 days at end of period	  	{44}	  	 	  	 
	 	  	 	  	 	  	 	  	
	  	 
	 	  	{45}	  	Original Aggregate Principal Balance plus Pre-Funded Amount as of the Closing Date	  	{45}	  	 	  	 
	 	  	 	  	 	  	 	  	
	  	 
	 	  	{46}	  	Cumulative Net Loss Rate ({41} + {42} + {44}) / {45}	  	{46}	  	 	  	 
	 	  	 	  	 	  	 	  	 	  	

	 	  	{47}	  	Compliance (Net Loss Test Failure is a Net Loss Rate equal to or greater than 2.13%.)	  	{47}	  	 	  	 
	 	  	 	  	 	  	 	  	 	  	

	 	  	 Extension Rate
	  	 	  	 	  	 
	 	  	{48}	  	Principal Balance of Receivables extended during current period	  	{48}	  	 	  	 
	 	  	 	  	 	  	 	  	
	  	 
	 	  	{49}	  	Beginning of Period Aggregate Principal Balance	  	{49}	  	 	  	 
	 	  	 	  	 	  	 	  	
	  	 
	 	  	{50}	  	Extension Rate {48} divided by {49}	  	{50}	  	 	  	 
	 	  	 	  	 	  	 	  	 	  	

	 	  	{51}	  	Previous Monthly Extension Rate	  	{51}	  	 	  	 
	 	  	 	  	 	  	 	  	 	  	

	 	  	{52}	  	Second previous Monthly Extension Rate	  	{52}	  	 	  	 
	 	  	 	  	 	  	 	  	 	  	

	 	  	{53}	  	Average Extension Rate ({50} +{51} +{52}) / 3	  	{53}	  	 	  	 
	 	  	 	  	 	  	 	  	 	  	

	 	  	{54}	  	Compliance (Extension Test Failure is an Extension Rate equal to or greater than 4%.)	  	{54}	  	 	  	 
	 	  	 	  	 	  	 	  	 	  	

  

	 By:
	 	  

	 Name:
	 	  

	 Title:
	 	  

	 Date:
	 	  

  

 2 

 EXHIBIT C 
  

PRELIMINARY SERVICER’S CERTIFICATE 

 AmeriCredit Automobile Receivables Trust 2003-D-M 
 Class A-1 1.12% Asset Backed Notes 
 Class A-2 1.44% Asset Backed Notes 
 Class A-3A 2.14% Asset Backed Notes 
 Class A-3B
Floating Rate Asset Backed Notes 
 Class A-4 2.84% Asset Backed Notes 
 Preliminary Servicer’s Certificate 
  
 This Servicer’s Certificate has been prepared pursuant to Section 4.9 of the Sale and Servicing Agreement among AmeriCredit Automobile Receivables Trust 2003-D-M, as Issuer, AmeriCredit Financial Services, Inc.,
as Servicer, AFS SENSUB Corp., as Seller, and Systems & Services Technologies, Inc., as Backup Servicer and JPMorgan Chase Bank as Trust Collateral Agent, dated as of October 10, 2003. Defined terms have the meanings assigned to them in the Sale
and Servicing Agreement or in other Transaction Documents. 
  
 The undersigned
hereby certifies that no Trigger Event has occurred on the related Determination Date and that, to the knowledge of the Servicer, no Insurance Agreement Event of Default has occurred. 
  

	 Monthly Period Beginning:
 Monthly Period Ending:
 Prev. Distribution/Close Date:
 Distribution Date:
 Days of Interest for Period:
 Days in Collection Period:
 Months Seasoned:
	  	 	 	 Purchases

	 	 Units

	  	Cut-off
Date

	  	Closing
Date

	  	 Original
 Pool Balance

	  	 	 	  	  	  
	  	 	 	Initial Purchase 	 	 	  	 	  	 	  	 
	  	 	 	Sub. Purchase #1	 	 	  	 	  	 	  	 
	  	 	 	Sub. Purchase #2	 	 	  	 	  	 	  	 
	  	 	 	 	 	 	  	 	  	 	  	 
	  	 	 	Total	 	 	  	 	  	 	  	 
	 	  	 	 	 	 	
	  	
	  	
	  	

  

	 I.
	 	 	  	MONTHLY PERIOD RECEIVABLES PRINCIPAL BALANCE CALCULATION:	  	 	  	 	  	 	  	 
									
	 	 	 {1}
	  	Beginning of period Aggregate Principal Balance	  	 	  	 	  	 	  	 	  	{1}	  	 
	 	 	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	

	 	 	 {2}
	  	Purchase of Subsequent Receivables	  	 	  	 	  	 	  	 	  	{2}	  	 
	 	 	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	

	 	 	 	  	Monthly Principal Amounts	  	 	  	 	  	 	  	 	  	 	  	 
	 	 	 	  	{3}	  	Collections on Receivables outstanding at end of period	  	 	  	 	  	 	  	{3}	  	 	  	
	 	 	 	  	 	  	 	  	 	  	 	  	 	  	 	  	
	  	 
	 	 	 	  	{4}	  	Collections on Receivables paid off during period	  	 	  	 	  	 	  	{4}	  	 	  	 
	 	 	 	  	 	  	 	  	 	  	 	  	 	  	 	  	
	  	 
	 	 	 	  	{5}	  	Receivables becoming Liquidated Receivables during period	  	 	  	 	  	 	  	{5}	  	 	  	 
	 	 	 	  	 	  	 	  	 	  	 	  	 	  	 	  	
	  	 
	 	 	 	  	{6}	  	Receivables becoming Purchased Receivables during period	  	 	  	 	  	 	  	{6}	  	 	  	 
	 	 	 	  	 	  	 	  	 	  	 	  	 	  	 	  	
	  	 
	 	 	 	  	{7}	  	Other Receivables adjustments	  	 	  	 	  	 	  	{7}	  	 	  	 
	 	 	 	  	 	  	 	  	 	  	 	  	 	  	 	  	
	  	 
	 	 	 	  	{8}	  	Less amounts allocable to Interest	  	 	  	 	  	 	  	{8}	  	 	  	 
	 	 	 	  	 	  	 	  	 	  	 	  	 	  	 	  	
	  	 
	 	 	 	  	{9}	  	Total Monthly Principal Amounts	  	 	  	 	  	 	  	 	  	{9}	  	 
	 	 	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	

	 	 	 {10}
	  	End of period Aggregate Principal Balance	  	 	  	 	  	 	  	 	  	{10} 	  	 
	 	 	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	

	 	 	 {11}
	  	Pool Factor ( {10} / Original Pool Balance)	  	 	  	 	  	 	  	 	  	{11} 	  	 
	 	 	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 
	II.	 	 	  	 MONTHLY PERIOD NOTE BALANCE CALCULATION:
	  	 	  	 	  	 	  	 

	 	 	 	  	 	  	 	  	 	  	 
	 	 	 	  	 	  	 	 	Class A-1

	  	Class A-2

	  	Class A-3-A

	  	Class A-3-B

	  	Class A-4

	  	TOTAL

	 	 	 {12}
	  	Original Note Balance	  	{12}	 	 	  	 	  	 	  	 	  	 	  	 
	 	 	 	  	 	  	 	 	
	  	
	  	
	  	
	  	
	  	

	 	 	 {13}
	  	Beginning of period Note Balance	  	{13}	 	 	  	 	  	 	  	 	  	 	  	 
	 	 	 	  	 	  	 	 	
	  	
	  	
	  	
	  	
	  	

	 	 	 {14}
	  	Noteholders’ Principal Distributable Amount	  	{14}	 	 	  	 	  	 	  	 	  	 	  	 
	 	 	 {15}
	  	Noteholders’ Accelerated Principal Amount	  	{15}	 	 	  	 	  	 	  	 	  	 	  	 
	 	 	 {16}
	  	Accelerated Payment Amount Shortfall	  	{16}	 	 	  	 	  	 	  	 	  	 	  	 
	 	 	 {17}
	  	Deficiency Claim Amount	  	{17}	 	 	  	 	  	 	  	 	  	 	  	 
	 	 	 	  	 	  	 	 	
	  	
	  	
	  	
	  	
	  	

	 	 	 {18}
	  	End of period Note Balance	  	{18}	 	 	  	 	  	 	  	 	  	 	  	 
	 	 	 	  	 	  	 	 	
	  	
	  	
	  	
	  	
	  	

	 	 	 {19}
	  	Note Pool Factors ({18}/{12})	  	{19}	 	 	  	 	  	 	  	 	  	 	  	 
	 	 	 	  	 	  	 	 	
	  	
	  	
	  	
	  	
	  	

  

 1 

	III.	 	 	  	RECONCILIATION OF PRE-FUNDING ACCOUNT:	  	 	  	 	  	 	  	 
	 	 	{20}	  	Beginning of period Pre-Funding Account balance	  	 	  	{20}	  	 	  	 
	 	 	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	

	 	 	{21}	  	Purchase of Subsequent Receivables	  	 	  	{21}	  	__________	  	 
							
	 	 	{22}	  	Investment Earnings	  	 	  	{22}	  	 	  	 
	 	 	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	
	  	 
	 	 	{23}	  	Investment Earnings Transfer to Collections Account	  	 	  	{23}	  	 	  	 
	 	 	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	
	  	 
	 	 	{24}	  	Payment of Mandatory Prepayment Amount	  	 	  	{24}	  	 	  	 
	 	 	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	
	  	 
	 	 	{25}	  	Total Month Activity	  	 	  	{25}	  	 	  	__________
							
	 	 	{26}	  	End of period Pre-Funding Account balance	  	 	  	{26}	  	 	  	 
	 	 	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	

							
	IV.	 	 	  	OVERCOLLATERALIZATION AMOUNT CALCULATION	  	 	  	 	  	 	  	 
	 	 	{28}	  	Current Distribution Date Before October 2005?	  	 	  	 	  	 	  	 
	 	 	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	
	  	 
	 	 	{29}	  	If {36} is Yes, then Overcollateralization Amount 16.5%	  	 	  	 	  	 	  	 
	 	 	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	

	 	 	{30}	  	If {36} is No, then refer to the following table	  	 	  	 	  	 	  	 
	 	 	 	  	 	  	 	  	 	  	OC
Amount	  	 3mo Avg
 Delinquency Ratio
	  	Cumulative
Net Loss
Ratio	  	Default
Ratio	  	 3mo Avg
 Extension
Ratio
	  	 	  	 	  	 
	 	 	 	  	 	  	 	  	 	  	
	  	
	  	
	  	
	  	
	  	 	  	 	  	 
	 	 	{31}	  	Overcollateralization Amount per Table if applicable	  	 	  	 	  	 	  	 
	 	 	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	

	 	 	{32}	  	Overcollateralization Amount	  	 	  	 	  	 	  	 
	 	 	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	

							
	V.	 	 	  	CALCULATION OF PRINCIPAL DISTRIBUTABLE AMOUNT	  	 	  	 	  	 	  	 
	 	 	{27}	  	Total Monthly Principal Amounts	  	 	  	{27}	  	 	  	 
	 	 	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	

							
	 	 	{28}	  	Required Pro-forma Note Balance	  	 	  	{28}	  	 	  	 
	 	 	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	
	  	 
	 	 	{29}	  	Pro Forma Note Balance ({13} - {9})	  	 	  	{29}	  	 	  	 
	 	 	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	
	  	 
	 	 	{30}	  	Step-down Amount (Max of 0 or ({28} - {29}))	  	 	  	{30}	  	 	  	 
	 	 	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	

	 	 	{31}	  	Principal Distributable Amount ({27} - {30})	  	 	  	{31}	  	 	  	 
	 	 	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	

							
	VI.	 	 	  	RECONCILIATION OF CAPITALIZED INTEREST ACCOUNT:	  	 	  	 	  	 	  	 
	 	 	{32}	  	Beginning of period Capitalized Interest Account balance	  	 	  	{32}	  	 	  	 
	 	 	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	

	 	 	{33}	  	Monthly Capitalized Interest Amount	  	 	  	{33}	  	 	  	 
	 	 	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	
	  	 
	 	 	{34}	  	Investment Earnings	  	 	  	{34}	  	 	  	 
	 	 	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	
	  	 
	 	 	{35}	  	Investment Earnings Transfer to Collections Account	  	 	  	{35}	  	 	  	 
	 	 	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	
	  	 
	 	 	{36}	  	Payment of Overfunded Capitalized Interest Amount	  	 	  	{36}	  	 	  	 
	 	 	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	
	  	 
	 	 	{37}	  	Payment of Remaining Capitalized Interest Account	  	 	  	{37}	  	 	  	 
	 	 	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	
	  	 
	 	 	{38}	  	Total Monthly Activity	  	 	  	{38}	  	 	  	 
	 	 	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	

	 	 	{39}	  	End of period Capitalized Interest Account balance	  	 	  	{39}	  	 	  	 
	 	 	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	

							
	VII.	 	 	  	RECONCILIATION OF COLLECTION ACCOUNT:	  	 	  	 	  	 	  	 
	 	 	  Available Funds:	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 
	 	 	    {40}	  	Collections on Receivables during period (net of Liquidation Proceeds and Fees)	  	{40}	  	 	  	 
	 	 	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	
	  	 
	 	 	{41}	  	Liquidation Proceeds collected during period	  	 	  	{41}	  	 	  	 
	 	 	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	
	  	 
	 	 	{42}	  	Purchase Amounts deposited in Collection	  	 	  	{42}	  	 	  	 
	 	 	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	
	  	 
	 	 	{43}	  	Investment Earnings - Collection Account	  	 	  	{43}	  	 	  	 
	 	 	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	
	  	 
	 	 	{44}	  	Investment Earnings - Transfer From Prefunding Account	  	 	  	{44}	  	 	  	 
	 	 	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	
	  	 
	 	 	{45}	  	Investment Earnings - Transfer From Capitalized Interest Account	  	 	  	{45}	  	 	  	 
	 	 	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	
	  	 
	 	 	{46}	  	Collection of Supplemental Servicing - Extension Fees	  	 	  	{46}	  	 	  	 
	 	 	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	
	  	 
	 	 	{47}	  	Collection of Supplemental Servicing - Repo and Recovery Fees Advanced	  	 	  	{47}	  	 	  	 
	 	 	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	
	  	 
	 	 	{48}	  	Collection of Supplemental Servicing - Late Fees	  	 	  	{48}	  	 	  	 
	 	 	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	
	  	 
	 	 	{49}	  	Monthly Capitalized Interest Amount	  	 	  	{49}	  	 	  	 
	 	 	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	
	  	 
	 	 	{50}	  	Mandatory Note Prepayment Amount	  	 	  	{50}	  	 	  	 
	 	 	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	
	  	 
	 	 	{51}	  	Proceeds from Swap Agreement	  	 	  	{51}	  	 	  	 
	 	 	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	
	  	 
	 	 	{52}	  	Total Available Funds	  	 	  	{52}	  	 	  	 
	 	 	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	

													
	 	 	  Distributions:	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 
	 	 	{53}	  	Swap Payments to Swap Provider	  	 	  	{53}	  	 	  	 
	 	 	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	
	  	 
	 	 	{54}	  	Base Servicing Fee - to Servicer	  	 	  	{54}	  	 	  	 
	 	 	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	
	  	 
	 	 	{55}	  	Repo and Recovery Fees - reimbursed to Servicer	  	 	  	{55}	  	 	  	 
	 	 	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	
	  	 
	 	 	{56}	  	Bank Service Charges - reimbursed to Servicer	  	 	  	{56}	  	 	  	 
	 	 	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	
	  	 
	 	 	{57}	  	Late Fees - to Servicer	  	 	  	{57}	  	 	  	 
	 	 	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	
	  	 
	 	 	{58}	  	Agent fees - to Trustee	  	 	  	{58}	  	 	  	 
	 	 	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	
	  	 
							
	 	 	 	  	Noteholders’ Interest Distributable Amount	  	 	  	 	  	 	  	 
	 	 	 	  	Class	  	 Beginning
 Note Balance
	  	 Interest
 Carryover
	  	 Interest
 Rate
	  	Days	  	Days Basis	  	 Calculated
 Interest
	  	 	  	 	  	 	  	 	  	 
	 	 	 	  	
	  	
	  	
	  	
	  	
	  	
	  	
	  	 	  	 	  	 	  	 	  	 
	 	 	{59}	  	Class A - 1	  	 	  	 	  	1.12000%	  	 	  	Actual days/360	  	 	  	 	  	 	  	{59}	  	 	  	 
	 	 	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	
	  	 
	 	 	{60}	  	Class A - 2	  	 	  	 	  	1.44000%	  	 	  	30/360	  	 	  	 	  	 	  	{60}	  	 	  	 
	 	 	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	
	  	 
	 	 	{61}	  	Class A - 3-A	  	 	  	 	  	2.14000%	  	 	  	30/360	  	 	  	 	  	 	  	{61}	  	 	  	 
	 	 	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	
	  	 
	 	 	{62}	  	Class A - 3-B	  	 	  	 	  	Libor + .22%	  	 	  	Actual days/360	  	 	  	 	  	 	  	{62}	  	 	  	 
	 	 	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	
	  	 
	 	 	{63}	  	Class A - 4	  	 	  	 	  	2.84000%	  	 	  	30/360	  	 	  	 	  	 	  	{63}	  	 	  	 
	 	 	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	
	  	 
							
	 	 	 	  	Noteholders’ Principal Distributable Amount	  	 	  	 	  	 	  	 
	 	 	 	  	Class	  	 Principal
 Distributable
	  	 Principal
 Carryover
	  	 Excess
 Principal Due
	  	 Mandatory
 Note Prepayment
	  	 Total
 Principal
	  	 	  	 	  	 	  	 	  	 
	 	 	 	  	
	  	
	  	
	  	
	  	
	  	
	  	 	  	 	  	 	  	 	  	 
	 	 	{64}	  	Class A - 1	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	{64}	  	 	  	 
	 	 	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	
	  	 
	 	 	{65}	  	Class A - 2	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	{65}	  	 	  	 
	 	 	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	
	  	 
	 	 	{66}	  	Class A - 3-A	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	{66}	  	 	  	 
	 	 	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	
	  	 
	 	 	{67}	  	Class A - 3-B	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	{67}	  	 	  	 
	 	 	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	
	  	 
	 	 	{68}	  	Class A - 4	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	{68}	  	 	  	 
	 	 	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	
	  	 
	 	 	{69}	  	Security Insurer Premiums - to MBIA	  	 	  	{69}	  	 	  	 
	 	 	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	
	  	 
	 	 	{70}	  	Total distributions	  	 	  	{70}	  	 	  	 
	 	 	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	

	{71}	 	Excess Available Funds (or Deficiency Claim Amount )	  	 	  	 	  	{71}	  	 	  	 
	 	 	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	

	{72}	 	Deposit to Spread Account to Increase to Required Level	  	 	  	{72}	  	 	  	 
	 	 	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	

	{73}	 	Noteholders’ Accelerated Principal Amount	  	 	  	{73}	  	 	  	 
	 	 	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	

	{74}	 	Swap Termination Payments to Swap Provider	  	 	  	 	  	{74}	  	 	  	 
	 	 	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	

	{75}	 	Additional Amounts owed to Insurer not already paid in {75} above	  	 	  	 	  	{75}	  	 	  	 
	 	 	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	

	{76}	 	Deposit to Spread Account	  	 	  	{76}	  	 	  	 
	 	 	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	 	  	

  

 2 

	 VIlI.
	  	CALCULATION OF ACCELERATED PRINCIPAL AMOUNT	 	 	 	 	  	 
	 {77}
	  	Excess Available Funds ({71})	  	 	  	 	 	{77}	 	 	  	 
	 	  	 	  	 	  	 	  	 	 	 	 	
	  	 
	 {78}
	  	Pro Forma Note Balance ({13} - {9})	  	 	  	 	 	{78}	 	 	  	 
	 	  	 	  	 	  	 	  	 	 	 	 	
	  	 
	 {79}
	  	Required Pro-forma Note Balance	  	 	  	 	 	{79}	 	 	  	 
	 	  	 	  	 	  	 	  	 	 	 	 	
	  	 
	 {80}
	  	Excess of Pro Forma Balance over Required Balance ({78} - {79})	  	 	  	 	 	{80}	 	 	  	 
	 	  	 	  	 	  	 	  	 	 	 	 	
	  	 
	 {81}
	  	End of Period Class A-1 Note Balance (before accel. payments)	  	 	  	 	 	{81}	 	 	  	 
	 	  	 	  	 	  	 	  	 	 	 	 	
	  	 
	 {82}
	  	Lesser of {80} or {81}	  	 	  	 	 	{82}	 	 	  	 
	 	  	 	  	 	  	 	  	 	 	 	 	
	  	 
	 {83}
	  	Accelerated Principal Amount (lesser of {77} or {82})	  	 	  	 	 	{83}	 	 	  	 
	 	  	 	  	 	  	 	  	 	 	 	 	 	  	

							
	 IX.
	  	CALCULATION OF ACCELERATED PAYMENT AMOUNT SHORTFALL	  	 	  	 	 	 	 	 	  	 
	 {84}
	  	Pro Forma Note Balance ({13} - {9})	  	 	  	 	 	{84}	 	 	  	 
	 	  	 	  	 	  	 	  	 	 	 	 	
	  	 
	 {85}
	  	Required Pro-forma Note Balance	  	 	  	 	 	{85}	 	 	  	 
	 	  	 	  	 	  	 	  	 	 	 	 	
	  	 
	 {86}
	  	Excess of Pro Forma Balance over Required Balance ({84}—{85})	  	 	  	 	 	{86}	 	 	  	 
	 	  	 	  	 	  	 	  	 	 	 	 	
	  	 
	 {87}
	  	End of Period Class A-1 Note Balance	  	 	  	 	 	{87}	 	 	  	 
	 	  	 	  	 	  	 	  	 	 	 	 	
	  	 
	 {88}
	  	Greater of {86} or {87}	  	 	  	 	 	{88}	 	 	  	 
	 	  	 	  	 	  	 	  	 	 	 	 	
	  	 
	 {89}
	  	Excess Available Funds ({71})	  	 	  	 	 	{89}	 	 	  	 
	 	  	 	  	 	  	 	  	 	 	 	 	
	  	 
	 {90}
	  	Investment Earnings on Collection Account ({43})	  	 	  	 	 	{90}	 	 	  	 
	 	  	 	  	 	  	 	  	 	 	 	 	
	  	 
	 {91}
	  	Accelerated Payment Amount Shortfall ({88} - {89} + {90})	  	 	  	 	 	{91}	 	 	  	 
	 	  	 	  	 	  	 	  	 	 	 	 	 	  	

							
	 X.
	  	RECONCILIATION OF SPREAD ACCOUNT:	  	 	  	 	 	 	 	 	  	 
	 	  	 	  	 	  	Initial	  	Sub #1	 	Sub# 2	 	 	  	Total
	 	  	 	  	 	  	
	  	
	 	
	 	 	  	

	 {92}
	  	Initial or Subsequent Spread Account Deposits	  	 	  	 	 	 	 	 	  	 
							
	 {93}
	  	Beginning of period Spread Account balance	  	 	  	 	 	{93}	 	 	  	 
	 	  	 	  	 	  	 	  	 	 	 	 	 	  	

							
	 	  	Additions to Spread Account	  	 	  	 	 	 	 	 	  	 
	 	  	{94}	  	Deposits from Collections Account ({72})	  	 	  	 	 	{94}	 	 	  	 
	 	  	 	  	 	  	 	  	 	 	 	 	
	  	 
	 	  	{95}	  	Investment Earnings	  	 	  	 	 	{95}	 	 	  	 
	 	  	 	  	 	  	 	  	 	 	 	 	
	  	 
	 	  	{96}	  	Deposits Related to Subsequent Receivables Purchases	  	 	  	 	 	{96}	 	 	  	 
	 	  	 	  	 	  	 	  	 	 	 	 	
	  	 
	 	  	{97}	  	Total Additions	  	 	  	 	 	{97}	 	 	  	 
	 	  	 	  	 	  	 	  	 	 	 	 	 	  	

							
	 {98}
	  	Spread Account balance available for withdrawals	  	 	  	 	 	{98}	 	 	  	 
	 	  	 	  	 	  	 	  	 	 	 	 	 	  	

							
	 	  	Requisite Amount of Spread Account	  	 	  	 	 	 	 	 	  	 
	 	  	{99}	  	Outstanding Pool Balance times 2.0%	  	 	  	 	 	{99}	 	 	  	 
	 	  	 	  	 	  	 	  	 	 	 	 	
	  	 
	 	  	{100}	  	Initial Pool Balance times 2.0%	  	 	  	 	 	{100}	 	 	  	 
	 	  	 	  	 	  	 	  	 	 	 	 	
	  	 
	 	  	{101}	  	If Level I Trigger exists then greater of 6.0% of Outstanding Pool Balance and 4.0% of Original Pool Balance	  	 	  	 	 	{101}	 	 	  	 
	 	  	 	  	 	  	 	  	 	 	 	 	
	  	 
	 	  	{102}	  	If Level II Trigger exists then 100% of Aggregate Ending Balance (as specified by MBIA)	  	 	  	 	 	{102}	 	 	  	 
	 	  	 	  	 	  	 	  	 	 	 	 	
	  	 
	 	  	{103}	  	Requisite Amount of Spread Account (If no Level I nor Level II trigger exist, greater of {99} and {100} )	  	 	  	 	 	{103}	 	 	  	 
	 	  	 	  	 	  	 	  	 	 	 	 	 	  	

							
	 	  	Withdrawals from Spread Account	  	 	  	 	 	 	 	 	  	 
	 	  	{104}	  	Deficiency Claim Amount	  	 	  	 	 	{104}	 	 	  	 
	 	  	 	  	 	  	 	  	 	 	 	 	
	  	 
	 	  	{105}	  	Any Amounts owed to the Trust Collateral Agent not paid from Collection Account Accelerated Payment Amount Shortfall =	  	 	  	 	 	{105}	 	 	  	 
	 	  	 	  	 	  	 	  	 	 	 	 	
	  	 
	 	  	{106}	  	Accelerated Payment Amount Shortfall in Excess of Requisite Amount	  	 	  	 	 	{106}	 	 	  	 
	 	  	 	  	 	  	 	  	 	 	 	 	
	  	 
	 	  	{107}	  	Costs of Security Interest Perfections in the event of an Insurance Agreement Default	  	 	  	 	 	{107}	 	 	  	 
	 	  	 	  	 	  	 	  	 	 	 	 	
	  	 
	 	  	{108}	  	Any Amounts owed to the Swap Provider not paid from Collection Account	  	 	  	 	 	{108}	 	 	  	 
	 	  	 	  	 	  	 	  	 	 	 	 	
	  	 
	 	  	{109}	  	Release to Servicer	  	 	  	 	 	{109}	 	 	  	 
	 	  	 	  	 	  	 	  	 	 	 	 	
	  	 
	 	  	{110}	  	Total withdrawals	  	 	  	 	 	{110}	 	 	  	 
	 	  	 	  	 	  	 	  	 	 	 	 	 	  	

							
	 {111}
	  	End of period Spread Account balance	  	 	  	 	 	{111}	 	 	  	 
	 	  	 	  	 	  	 	  	 	 	 	 	 	  	

							
	 XI.
	  	CALCULATION OF OC LEVEL AND OC PERCENTAGE	  	 	  	 	 	 	 	 	  	 
	 	  	{112}	  	Aggregate Principal Balance	  	 	  	 	 	{112}	 	 	  	 
	 	  	 	  	 	  	 	  	 	 	 	 	
	  	 
	 	  	{113}	  	End of period Note Balance	  	 	  	 	 	{113}	 	 	  	 
	 	  	 	  	 	  	 	  	 	 	 	 	
	  	 
	 	  	{114}	  	Line {112} less line {113} (During Funding Period amount equal to zero)	  	 	  	 	 	{114}	 	 	  	 
	 	  	 	  	 	  	 	  	 	 	 	 	
	  	 
	 	  	{115}	  	OC level {114} / {112}	  	 	  	 	 	{115}	 	 	  	 
	 	  	 	  	 	  	 	  	 	 	 	 	
	  	 
	 	  	{116}	  	Ending Spread Balance as a percentage of Aggregate Principal Balance ({111}/{112})	  	 	  	 	 	{116}	 	 	  	 
	 	  	 	  	 	  	 	  	 	 	 	 	
	  	 
	 	  	{117}	  	OC Percentage ({115} + {116})	  	 	  	 	 	{117}	 	 	  	 
	 	  	 	  	 	  	 	  	 	 	 	 	 	  	

  

	 By:
	 	  

	 Name:
	 	  

	 Title:
	 	  

	 Date:
	 	  

  

 3 

 ANNEX A 
  
 If, pursuant to the terms and conditions of the Sale and Servicing Agreement, the Backup Servicer shall become the Servicer, the following Sections shall
be amended as follows unless otherwise agreed to in writing by the Backup Servicer and the Insurer: 
  
 Section 1.1: The definition of “Net Liquidation Proceeds” is replaced with the following definition: 
  
 “Net Liquidation Proceeds: means, with respect to all Receivables, the excess, if any, of (a) Liquidation Proceeds for all such Receivables over (b)
the sum of (i) reasonable out-of-pocket expenses reimbursable to the Servicer pursuant to Section 4.3 or 4.4 and (ii) amounts that are required to be refunded to Obligors on such Receivables.” 
  
 Section 4.2. The last paragraph of subsection (c) is deleted. 
  
 Section 4.3(a). The following provision shall follow the third sentence of Section
4.3(a): 
  
 “Notwithstanding anything to the contrary
contained herein, following the repossession and sale of the related Financed Vehicle by the Servicer, the Servicer shall not be obligated to pursue any deficiency collections against the related Obligor except pursuant to a separate agreement
between the Issuer and the Servicer with the consent of the Controlling Party.” 
  
 Section 4.3(a). The last four sentences of Section 4.3(a) shall be replaced in their entirety by the following sentences: 
  
 “All amounts received upon liquidation of a Financed Vehicle shall be remitted directly by the Servicer to the Lockbox Account no later than the
Business Day after receipt thereof. The Servicer shall be entitled to recover all reasonable expenses incurred by it in the course of repossessing and liquidating a Financed Vehicle into cash proceeds from the Liquidation Proceeds of such
liquidation, and any remaining expenses shall be payable from Liquidation Proceeds received with respect to any Receivable in the related, or any future, Collection Period or as otherwise agreed to in writing by the Insurer and the Servicer. The
Servicer shall pay on behalf of the Issuer any personal property taxes assessed on repossessed Financed Vehicles. The Servicer shall be entitled to reimbursement of any such tax from the Liquidation Proceeds received with respect to any Receivable
in the related, or any future, Collection Period or as otherwise agreed to in writing by the Insurer and the Servicer, and any reimbursable amounts still owing shall be payable from Available Funds in accordance with Section 5.7(b).”

  
 Section 4.3(b). Section 4.3(b) shall be replaced in its entirety by the
following provision: 
  
 “The Servicer shall use all reasonable efforts to
enforce or collect upon a Dealer Agreement, Auto Loan Purchase and Sale Agreement, Dealer Assignment or Third-Party Lender Assignment. If the Servicer is unable to enforce or collect upon any such agreement without commencing a legal proceeding, the
Servicer shall advise the Controlling Party whether, in its reasonable judgment, commencing a legal proceeding to enforce or collect upon such agreements is advisable, and shall only commence a legal proceeding to enforce such agreements or commence
or participate in any other legal proceeding relating to or involving such agreements if directed to do so by the Controlling Party. If the Servicer is directed to commence a legal proceeding to enforce a Dealer Agreement, Auto Loan Purchase and
Sale Agreement, Dealer Assignment or Third-Party Lender 

  

 Annex A-1 

 
Assignment, the act of commencement shall be deemed to be an automatic assignment from the Issuer to the Servicer of the rights under such Dealer Agreement,
Auto Loan Purchase and Sale Agreement, Dealer Assignment or Third-Party Lender Assignment for purposes of collection only. If, however, in any enforcement suit or legal proceeding it is held that the Servicer may not enforce a Dealer Agreement, Auto
Loan Purchase and Sale Agreement, Dealer Assignment or Third-Party Lender Assignment on the grounds that it is not a real party in interest or a Person entitled to enforce the Dealer Agreement, Auto Loan Purchase and Sale Agreement, Dealer
Assignment or Third-Party Lender Assignment, the Owner Trustee and/or the Indenture Trustee, at the Servicer’s expense, or the Seller, at the Seller’s expense, shall take such steps as the Servicer deems reasonably necessary to enforce the
Dealer Agreement, Auto Loan Purchase and Sale Agreement, Dealer Assignment or Third-Party Lender Assignment, including bringing suit in its name or the name of the Seller or of the Issuer and the Owner Trustee and/or the Trust Collateral Agent for
the benefit of the Noteholders. The Servicer shall be reimbursed from Liquidation Proceeds or as otherwise agreed to in writing by the Insurer and the Servicer, for all reasonable expenses incurred pursuant to any legal action undertaken pursuant to
this Section at the direction of the Controlling Party.” 
  
 Section
4.4(a). The first sentence of Section 4.4(a) shall be replaced in its entirety by the following sentence: 
  
 “The Servicer shall require, in accordance with its customary servicing procedures, that each Financed Vehicle be insured by the related Obligor
under the Insurance Policies referred to in Paragraph 24 of the Schedule of Representations and Warranties and shall monitor the status of such physical loss and damage insurance coverage thereafter to the extent that it receives notice of
determination or non-renewal thereof; provided, however, that in no event will the Servicer be required to retain a third-party service to monitor such physical loss and damage insurance coverage.” 
  
 Section 4.4(d). Section 4.4(d) shall be replaced in its entirety by the following
provision: 
  
 “The Servicer shall use all reasonable efforts to enforce or
collect upon the Insurance Policies. If the Servicer is unable to enforce or collect upon the Insurance Policies without commencing a legal proceeding, the Servicer shall advise the Controlling Party whether, in its reasonable judgment, commencing a
legal proceeding to enforce or collect upon the Insurance Policies is advisable, and shall only commence a legal proceeding in its own name (or, if possible, as an agent of the Issuer) to enforce the Insurance Policies or commence or participate in
any other legal proceeding relating to or involving the Insurance Policies if directed to do so by the Controlling Party. If the Servicer is directed to commence a legal proceeding to enforce an Insurance Policy, the act of commencement shall be
deemed to be an automatic assignment of the rights of the Issuer under such Insurance Policy to the Servicer for purposes of collection only. If, however, in any enforcement suit or legal proceeding it is held that the Servicer may not enforce an
Insurance Policy on the grounds that it is not a real party in interest or a holder entitled to enforce the Insurance Policy, the Owner Trustee and/or the Indenture Trustee, at the Servicer’s expense, or the Seller, at the Seller’s
expense, shall take such steps as the Servicer deems necessary to enforce such Insurance Policy, including bringing suit in its name or the name of the Issuer and the Owner Trustee and/or the Trust Collateral Agent for the benefit of the
Noteholders. The Servicer shall be reimbursed from Liquidation Proceeds or as otherwise agreed to in writing by the Insurer and the Servicer, for all reasonable expenses incurred pursuant to any legal action undertaken at the direction of the
Controlling Party.” 
  

 Annex A-2 

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

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

  
 Section 4.11. Section 4.11 shall be replaced in its entirety by the
following sentence: 
  
 “Annual Report of Accountants.

  
 The Servicer shall cause a firm of independent certified
public accountants, which may also render other services to the Servicer or its affiliates, to deliver to the Insurer, the Trustee, the Owner Trustee and the Trust Collateral Agent, within 120 days after the end of each fiscal year, commencing with
the fiscal year ending December 31, 2003, (i) an opinion by a firm of nationally recognized independent certified public accountants (the “Independent Accountants”) on the financial position of the Servicer at the end of the
relevant fiscal year and the results of operations and changes in financial position of the Servicer for such year then ended on the basis of an examination conducted in accordance with generally accepted auditing standards, and (ii) a report from
such independent certified public accountants to the effect that based on an examination of certain specified documents and records relating to the servicing of the Servicer’s loan portfolio conducted substantially in compliance with SAS 70
(the “Applicable Accounting Standards”), such firm is of the opinion that such servicing has been conducted in compliance with the Applicable Accounting Standards except for (a) such exceptions as such firm shall believe to be immaterial
and (b) such other exceptions as shall be set forth in such statement.” 
  
 Section 4.15. Section 4.15 shall be replaced in its entirety by the following provision: 
  
 “Fidelity Bond and Errors and Omissions Policy. The Servicer has obtained, and shall continue to maintain in full force and effect, a Fidelity Bond
and Errors and Omissions Policy of a type and in such amount as is customary for servicers engaged in the business of servicing automobile receivables; provided, however, that, with the consent of the Controlling Party (not to be unreasonably
withheld), the Servicer shall be deemed to have fulfilled its obligation pursuant to this Section 4.15 if it has obtained and continues to maintain in full force and effect, a self-insured Fidelity Bond and Errors and Omissions Policy through JP
Morgan Chase Bank or any of its affiliates.” 
  
 Section 5.13.
Excess Servicing Fee Account. In the event the Backup Servicer becomes the Servicer, the Trust Collateral Agent shall establish and maintain in its own name an Eligible Deposit Account (the “Excess Servicing Fee Account”),
which account shall be initially established 

  

 Annex A-3 

 
with the Trust Collateral Agent for the benefit of the Noteholders and the Insurer, shall be a “Trust Account” for all purposes of this Agreement
and shall be invested as other Trust Accounts in accordance with Section 5.1; provided, however, all investment earnings of moneys deposited in the Excess Servicing Fee Account shall be retained until amounts are distributed from such account in
accordance with this Section. 
  
 (b) If the monthly fee payable
to the Servicer pursuant to Section I.B.2.b. of Schedule 1 of Annex A on any Distribution Date (the “Monthly Fee”) is less than the product of 2.25% per annum and the Principal Balance of the Active Contracts (as defined in Schedule
1 of Annex A) with remaining terms of less than 36 months as of the date of transfer of servicing from the Servicer to the Backup Servicer (such product, the “Target Servicing Fee”), the excess, if any, of the Target Servicing Fee
over the Monthly Fee shall be deposited into the Excess Servicing Fee Account on such Distribution Date and the Monthly Fee shall be paid to the Servicer pursuant to Section 5.7(b)(ii). In the event the Monthly Fee on any Distribution Date exceeds
the Target Servicing Fee for such Distribution Date, (i) the Trust Collateral Agent shall withdraw the amount of such excess from the Excess Servicing Fee Account to the extent of amounts on deposit therein and distribute such amount to the Servicer
and (ii) the amount of the Monthly Fee for such Distribution Date less the amount distributed to the Servicer pursuant to subdivision (i) shall be paid to the Servicer pursuant to Section 5.7(b)(ii). Any amounts remaining in the Excess Servicing Fee
Account upon the final Distribution Date shall be deposited in the Spread Account. 
  
 Section 9.1. Section 9.1 shall be replaced in its entirety with the following provision: 
  
 “Servicer Termination Event. For purposes of this Agreement, each of the following shall constitute a “Servicer Termination Event”:

  
 (a) Any failure by the Servicer to deliver to the Trust
Collateral Agent for distribution to Noteholders any proceeds or payment required to be so delivered under the terms of this Agreement that continues unremedied for a period of two Business Days (one Business Day with respect to payment of Purchase
Amounts) after written notice is received by the Servicer from the Trust Collateral Agent or (unless an Insurer Default shall have occurred and be continuing) the Insurer or after discovery of such failure by a Responsible Officer of the Servicer;
or 
  
 (b) Failure by the Servicer to deliver to the Trust
Collateral Agent and (so long as an Insurer Default shall not have occurred and be continuing) the Insurer the Servicer’s Certificate by the first Business Day prior to the Distribution Date, or failure on the part of the Servicer to observe
its covenants and agreements set forth in Section 8.4(a); or 
  
 (c) Failure on the part of the Servicer duly to observe or perform any other covenants or agreements of the Servicer set forth in this Agreement, which failure (i) materially and adversely affects the rights of Noteholders (determined
without regard to the availability of funds under the Note Policy), or of the Insurer (unless an Insurer Default shall have occurred and be continuing), and (ii) continues unremedied for a period of 30 days after knowledge thereof by the Servicer or
after the date on which written notice of such failure, requiring the same to be remedied, shall have been given to the Servicer by the Trust Collateral Agent or the Insurer (or, if an Insurer Default shall have occurred and be continuing by any
Noteholder); or 
  

 Annex A-4 

 (d) The entry of a decree or order for relief by a court or regulatory authority having jurisdiction in
respect of the Servicer in an involuntary case under the federal bankruptcy laws, as now or hereafter in effect, or another present or future, federal bankruptcy, insolvency or similar law, or appointing a receiver, liquidator, assignee, trustee,
custodian, sequestrator or other similar official of the Servicer or of any substantial part of its property or ordering the winding up or liquidation of the affairs of the Servicer and the continuance of any such decree or order unstayed and in
effect for a period of 60 consecutive days or the commencement of an involuntary case under the federal bankruptcy laws, as now or hereinafter in effect, or another present or future federal or state bankruptcy, insolvency or similar law and such
case is not dismissed within 60 days; or 
  
 (e) The commencement
by the Servicer of a voluntary case under the federal bankruptcy laws, as now or hereafter in effect, or any other present or future, federal or state, bankruptcy, insolvency or similar law, or the consent by the Servicer to the appointment of or
taking possession by a receiver, liquidator, assignee, trustee, custodian, sequestrator or other similar official of the Servicer or of any substantial part of its property or the making by the Servicer of an assignment for the benefit of creditors
or the failure by the Servicer generally to pay its debts as such debts become due or the taking of corporate action by the Servicer in furtherance of any of the foregoing; or 
  
 (f) Any representation, warranty or statement of the Servicer made in this Agreement (including in its prior capacity as
Backup Servicer) or any certificate, report or other writing delivered pursuant hereto shall prove to be incorrect in any material respect as of the time when the same shall have been made, and the incorrectness of such representation, warranty or
statement has a material adverse effect on the Trust or the Noteholders and, within 30 days after knowledge thereof by the Servicer or after written notice thereof shall have been given to the Servicer by the Trust Collateral Agent or the Insurer
(or, if an Insurer Default shall have occurred and be continuing, a Noteholder), the circumstances or condition in respect of which such representation, warranty or statement was incorrect shall not have been eliminated or otherwise cured; or

  
 (g) The Servicer shall enter into any merger, conversion or
consolidation unless the Insurer has provided its prior written consent; or 
  
 (h) JPMorgan Chase Bank shall cease to own (directly or indirectly) 100% of the Servicer unless the Insurer has provided its written consent; or 
  
 (i) The Servicer shall fail to maintain and service any Receivable in accordance with the performance standards set forth in
Annex B; or 
  
 (j) The average of the Monthly Extension Rates
calculated with respect to three consecutive calendar months exceeds 4%; or 
  
 (k) The tangible net worth (as defined by generally accepted accounting principles in effect in the United States from time to time (“GAAP”) of the Servicer, as of the last day of any calendar
quarter, shall be less than 85% of the Shareholder’s Equity (as defined below) minus Intangible Assets (as defined below) as of the end of the quarter ended on June 30, 2001 plus 50% of quarterly net income (prior to dividends or distributions
on an ongoing basis with no subtraction for quarterly losses) for each quarter thereafter. 
  

 Annex A-5 

 For purposes of Section 9.01(k), the following definitions shall apply: “Intangible Assets”
means all licenses, patents, copyrights, trade names, trademarks, goodwill or any premium paid in excess of the book value of purchased assets, experimental or organizational expenses, deferred debt issuance costs, and all other assets which under
GAAP are deemed intangible and any write-up of assets, to the extent that any of the foregoing items were included in total assets or deducted from total liabilities in computing total shareholders equity; and “Shareholder’s Equity”
means, for the Servicer and its subsidiaries, as of the last day of any calendar quarter, the total amount of shareholder’s equity determined on a consolidated basis in accordance with GAAP. 
  
 Section 12.2(h). The following sentence shall be added to the end of Section 12.2(h):

  
 “The Servicer shall be reimbursed for all reasonable
expenses incurred pursuant to this Section 12.2(h) from Available Funds in accordance with Section 5.7(b) and Section II.B. of Schedule 1 to this Annex A or as otherwise agreed to in writing by the Insurer and the Servicer.” 
  
 Schedule C to the Sale and Servicing Agreement shall be replaced in its
entirety by the Servicer with a schedule of servicing policies and procedures that is acceptable to the Controlling Party. 
  
 Attached hereto as Schedule 1 is the Backup Servicer Fee Schedule. 
  
 Except as expressly set forth in this Annex A, all other terms, provisions and conditions of the Sale and Servicing
Agreement shall remain in full force and effect. 
  

 Annex A-6 

 Schedule 1 to Annex A 
  
 SYSTEMS & SERVICES TECHNOLOGIES, INC. 
 A SUBSIDIARY OF JPMORGAN CHASE 
  
 SERVICING FEE SCHEDULE: 
 AMERICREDIT 2003-D-M SECURITIZATION 
 OCTOBER 16, 2003 
  

	 I.
	  	FEES	  	 	  	 
			
	 A.
	  	Backup Servicing	  	 
				
	 	  	1.	  	 One-Time Setup Fee payable by
 AmeriCredit on the Closing Date
	  	Waived
				
	 	  	2.	  	Monthly Fee (1)	  	the greater of 2.5 bsp or $7,500 per month
			
	 B.
	  	Successor Servicing (2)	  	 
				
	 	  	1.	  	One Time Boarding Fee	  	$5.00 per loan
				
	 	  	2.	  	Monthly Fee (1) (3)	  	 
				
	 	  	 	  	 a. Remaining term of 36 months or more at the date of transfer of servicing to SST:
	  	the greater of 225 bsp or $13.00 per loan per month
				
	 	  	 	  	 b. Remaining term of less than 36 months at the date of transfer of servicing to SST:
	  	$18.00 per loan per month (4)
				
	 	  	3.	  	Minimum Monthly Fee	  	$3,000

  

	II.	EXPENSES (2) 

  

	A.	Transition Expenses 

  
 SST shall be reimbursed for all costs and expenses incurred in connection with the transfer of contracts to SST for successor servicing. Such costs and expenses include, but are not limited to, those related to
travel, obligor mailings, freight and file shipping. All transition expenses plus the aggregate boarding fees shall not exceed $100,000. 
  

 Annex A-7 

	B.	Successor Servicing Expenses 

  
 In accordance with Section 4.3 of the Sale and Servicing Agreement, SST shall be reimbursed for all reasonable out-of-pocket expenses relating to liquidation or
enforcement of the Receivables including, but not limited to, those associated with asset recovery, liquidation, sales, travel, lodging, insurance tracking, field calls and legal proceedings related to replevin actions or obligor bankruptcies solely
from Liquidation Proceeds. In addition, SST shall be reimbursed to the extent not paid by AmeriCredit for title processing and bank charges pursuant to Section 5.7(b). Additionally, SST shall receive pursuant to Section 5.7(b) an administrative fee
amounting to 3% of the funds advanced by SST to cover any such expenses during any monthly collection period. In order to avoid this administrative fee, AmeriCredit (or another party, as appropriate) may at any time during the term establish and
fund an advance account to be utilized by SST to cover all such expenses and costs provided in this section for any monthly collection period. Any such advance account must be fully funded on a monthly basis in an amount sufficient to cover the
out-of-pocket expenses projected by SST for each subsequent monthly collection period. All expenses and administrative fees payable to SST as replacement or successor servicer pursuant to Section 5.7(b) shall not exceed $100,000 in aggregate in any
calendar year (the “Capped Servicer Expenses”). The Monthly Servicer Fees described in Section I.B.2. of this Schedule 1 and the Capped Servicer Expenses constitute the Base Servicing Fee. 
  

	III.	MISCELLANEOUS (2) 

  

	A.	Claim Filing Costs 

  
 In the event SST files insurance claims in connection with any contract serviced by SST, SST shall receive $25.00 per filing. 
  

	B.	Administrative Fees/Servicing Charges 

  
 SST shall receive the Supplemental Servicing Fee. 
  

	C.	Deficiency Collections 

  
 Under separate agreement, SST may provide deficiency collections services on a contingency fee basis. 
  

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

  

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

  

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

  

 Annex A-8 

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

  

 Annex A-9 

 ANNEX B 
  
 Performance Standards 
  
 1. SST will provide the Insurer with its internal standards (the “Internal Standards”) for the processes listed below as they exist as of
the date SST assumes the duties of the Servicer under the Sale and Servicing Agreement. 
  
 2. SST will promptly provide the Insurer with updates as the Performance Standards are revised; provided, however, that the Performance Standards may not be altered without the mutual agreement of the
Insurer and SST. 
  
 3. The Insurer, or a designee, will audit the
processes listed below on an annual basis and will provide SST thirty days advance notice of such audit. 
  
 4. All processes will be considered to be in compliance if loan sampling reveals 90% or greater adherence based upon loan sampling described in criteria
to be agreed to by SST and the Insurer at the time that the Backup Servicer shall become the Servicer under the Sale and Servicing Agreement. The same loan may be used for the purposes of reviewing multiple processes. 
  
 5. If any of the below standards are found to be below 90% adherence to the
standard, the Insurer will allow SST thirty days to respond in writing as to what actions will be taken to correct these findings or why the findings may not be reflective of SST’s true practices. 
  
 6. At the time of any response referenced above, the Insurer may, in its sole
discretion, forgive this lack of adherence or may decide to conduct a follow-up review as early as 60 days from the response to ensure adherence to the standard exists. Any follow-up review will focus on loans processed since MBIA received a
response to findings. 
  
 7. If upon the follow-up review, the
standard(s) are deemed to have been in adherence, the Insurer will consider SST to be in compliance and will return on or about a year after the initial review for the next annual audit. 
  
 8. If upon the follow-up review, the standard(s) are deemed to not be in adherence, the Insurer will reserve the right to
require and cause a transfer of servicing. 
  
 9. SST will service
the Receivables in accordance with the servicing standard set forth in Article IV of the Sale and Servicing Agreement. 
  

 Annex B-1

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