Document:

Master Receivables Purchase Agreement

 Exhibit 10.3 

 MASTER RECEIVABLES 
 PURCHASE AGREEMENT

  
 among 
  
 AMERICREDIT MTN RECEIVABLES TRUST IV, 
 as Purchaser, 
  
 AMERICREDIT FINANCIAL SERVICES, INC., 
 individually and as Seller, 
  
 AMERICREDIT MTN CORP. IV, 
 as Seller, 
  
 and 
  
 JPMORGAN CHASE BANK, 
 as Collateral Agent 
  

dated as of 
  
 October 1, 2004 
  

 TABLE OF CONTENTS 
  

					
	 	  	 	  	Page

	 ARTICLE I. DEFINITIONS
	  	1
			
	     SECTION 1.1
	  	General	  	1
	     SECTION 1.2
	  	Specific Terms	  	1
	     SECTION 1.3
	  	Usage of Terms	  	3
	     SECTION 1.4
	  	No Recourse	  	3
		
	 ARTICLE II. CONVEYANCE OF THE RECEIVABLES AND THE OTHER CONVEYED PROPERTY
	  	3
			
	     SECTION 2.1
	  	Conveyance of the Receivables and the Other Conveyed Property	  	3
		
	 ARTICLE III. REPRESENTATIONS AND WARRANTIES
	  	4
			
	     SECTION 3.1
	  	Representations and Warranties of AFS	  	4
	     SECTION 3.2
	  	[Reserved]	  	6
	     SECTION 3.3
	  	Representations and Warranties of AMC	  	6
		
	 ARTICLE IV. COVENANTS OF SELLERS
	  	8
			
	     SECTION 4.1
	  	Liens in Force	  	8
	     SECTION 4.2
	  	No Impairment	  	8
	     SECTION 4.3
	  	No Amendments	  	8
	     SECTION 4.4
	  	Restrictions on Liens	  	9
	     SECTION 4.5
	  	Preservation of Collateral	  	9
	     SECTION 4.6
	  	Transfers Treated as Sales	  	9
		
	 ARTICLE V. REPURCHASES
	  	9
			
	     SECTION 5.1
	  	Repurchase of Receivables Upon Breach of Warranty	  	9
	     SECTION 5.2
	  	Reassignment of Purchased Receivables	  	10
	     SECTION 5.3
	  	Waivers	  	10
		
	 ARTICLE VI. CONDITIONS PRECEDENT
	  	10
			
	     SECTION 6.1
	  	Conditions Precedent to each Receivables Sale	  	10
		
	 ARTICLE VII. MISCELLANEOUS
	  	11
			
	     SECTION 7.1
	  	Liability of Sellers	  	11
	     SECTION 7.2
	  	Merger or Consolidation of Sellers	  	11
	     SECTION 7.3
	  	Limitation on Liability of Sellers and Others	  	12
	     SECTION 7.4
	  	Amendment.	  	12
	     SECTION 7.5
	  	Notices	  	12
	     SECTION 7.6
	  	Merger and Integration	  	12
	     SECTION 7.7
	  	Severability of Provisions	  	12
	     SECTION 7.8
	  	Intention of the Parties	  	12
	     SECTION 7.9
	  	Governing Law	  	13
	     SECTION 7.10
	  	Counterparts	  	13
	     SECTION 7.11
	  	Conveyance of the Receivables and the Other Conveyed Property to the Collateral Agent	  	13

					
	     SECTION 7.12
	  	Nonpetition Covenant	  	13
	     SECTION 7.13
	  	Limitation of Liability of Owner Trustee	  	14
	     SECTION 7.14
	  	Additional Transfers	  	14
	     SECTION 7.15
	  	Binding Effect	  	14

  
 EXHIBITS 
  
 Exhibit A — Form of Supplement 
  

 ii 

 MASTER RECEIVABLES PURCHASE AGREEMENT 
  
 THIS MASTER RECEIVABLES PURCHASE AGREEMENT, dated as of October 1, 2004, executed among AmeriCredit MTN Receivables Trust
IV, a Delaware statutory trust, as purchaser (“Purchaser”), JPMorgan Chase Bank, as collateral agent (the “Collateral Agent”), AmeriCredit MTN Corp. IV, a Delaware corporation, as seller (“AMC”) and
AmeriCredit Financial Services, Inc., a Delaware corporation, as seller (“AFS” and together with AMC, the “Sellers”). 
  
 W I T N E S S E T H : 
  
 WHEREAS, Purchaser has agreed to purchase from time to time from the Sellers, and the Sellers, pursuant to this Agreement,
have agreed to transfer from time to time to the Purchaser the Receivables and Other Conveyed Property. 
  
 NOW, THEREFORE, in consideration of the premises and the mutual agreements hereinafter contained, and for other good and valuable consideration, the
receipt of which is acknowledged, Purchaser and the Sellers, intending to be legally bound, hereby agree as follows: 
  
 ARTICLE I. 
  
 DEFINITIONS 
  
 SECTION 1.1 General. The specific terms defined in this Article include the plural as well as the singular. The words “herein,” “hereof” and “hereunder” and other words of similar import refer to this
Agreement as a whole and not to any particular Article, Section or other subdivision, and Article, Section, Schedule and Exhibit references, unless otherwise specified, refer to Articles and Sections of and Schedules and Exhibits to this Agreement.
Capitalized terms used herein without definition shall have the respective meanings assigned to such terms in the Security Agreement (as defined herein) or the Servicing and Custodian Agreement (as defined herein). 
  
 SECTION 1.2 Specific Terms. Whenever used in this Agreement, the
following words and phrases, unless the context otherwise requires, shall have the following meanings: 
  
 “Agreement” shall mean this Master Receivables Purchase Agreement and all amendments hereof and supplements hereto. 
  
 “Collateral Agent” means JPMorgan Chase Bank, as collateral
agent and any successor collateral agent appointed and acting pursuant to the Security Agreement. 
  
 “Other Conveyed Property” means all property conveyed by the Sellers to the Purchaser pursuant to this Agreement and the Supplement other
than the Receivables. 
  
 “Purchase Amount”
means, with respect to a Receivables the Outstanding Balance of such Receivable and all accrued and unpaid interest on such Receivables, after giving effect to the receipt of any funds collected (from whatever source on such Receivable). 

 “Receivables” means the Receivables (as defined in the Security Agreement) listed on the
Schedules of Receivables attached to each Supplement. 
  
 “Receivables Transfer Date” means the date specified in the related Supplement as the date of contribution and/or sale of Receivables by the Sellers named therein to the Purchaser. 
  
 “Related Security” means with respect to any Receivable:

  
 (i) all of the Sellers’ interest in the Financed
Vehicles (including repossessed vehicles) or in any document or writing evidencing any security interest in any Financed Vehicle and all of the Sellers’ interest in all rights to payment under all insurance contracts with respect to a Financed
Vehicle, including, without limitation, any monies collected form whatever source in connection with any default of an Obligor with respect to a Financed Vehicle and any proceeds from claims or refunds of premiums on any physical damage,
lender’s single interest, credit life, disability and hospitalization insurance policies covering Financed Vehicles or Obligors; 
  
 (ii) all of the Sellers’ interest in all other security interests or liens and property subject thereto from time to time, if any, purporting to
secure payment of such Receivable, whether pursuant to the Contract related thereto or otherwise, together with all financing statements signed by an Obligor and security agreements describing any collateral securing such Contract; 
  
 (iii) all of the Sellers’ interest in all guaranties, indemnities,
warranties, insurance (and proceeds and premium refunds thereof) and other agreements or arrangements of whatever character from time to time supporting or securing payment of such Receivable, whether pursuant to the Contract related to such
Receivable or otherwise; 
  
 (iv) all of the Sellers’
interest in all rights to payment under all service contracts and other contracts and agreements associated with such Receivables and all of the Sellers’ interest in all recourse rights against the dealers (excluding any rights in any dealer
reserve); 
  
 (v) all of the Sellers’ interest in all
Records, documents and writings evidencing or related to such Receivables or the Contracts; 
  
 (vi) all of the Sellers’ interest, rights and remedies under this Agreement; and 
  
 (vii) all Proceeds of the foregoing. 
  
 “Relevant Cutoff Date” means the date specified in the related Supplement, provided, however that such date shall be on or before the
related Receivables Transfer Date. 
  
 “Repurchase
Event” means the occurrence of a breach of any of Seller’s representations and warranties hereunder or under the Servicing and Custodian Agreement, or the breach of any Seller’s covenants set forth in Article IV. 
  

 2 

 “Sale Agreement” means each “Sale Agreement” in substantially the form
attached as Exhibit A to the Sale and Contribution Agreement, which is hereafter executed by AFS and AMC. 
  
 “Sale and Contribution Agreement” means the Sale and Contribution Agreement, dated as of the dated hereof, by and between AMC (as
Purchaser) and AFS (as Seller). 
  
 “Schedules of
Receivables” means the lists of Receivables sold and transferred pursuant to this Agreement and the Schedules which are attached to the Supplements as Schedules A and B thereto. 
  
 “Security Agreement” means the Security Agreement, dated as of the date hereof, by and among the Purchaser
(as Debtor), AFS (in its individual capacity and as Servicer), AMC and the Collateral Agent. 
  
 “Servicing and Custodian Agreement” means the Servicing and Custodian Agreement, dated as of the date hereof, by and among AFS (as Servicer and as Custodian), the Trust and the Collateral Agent.

  
 “Supplement” means each agreement by and
among the Sellers and the Purchaser pursuant to which the Purchaser will acquire Receivables, substantially in the form of Exhibit A hereto. 
  
 SECTION 1.3 Usage of Terms. With respect to all terms used in this Agreement, the singular includes the plural and the plural the singular; words
importing any gender include the other gender; references to “writing” include printing, typing, lithography, and other means of reproducing words in a visible form; references to agreements and other contractual instruments include all
subsequent amendments thereto or changes therein entered into in accordance with their respective terms and not prohibited by this Agreement, the Servicing and Custodian Agreement, the Security Agreement or the Note Purchase Agreement; references to
Persons include their permitted successors and assigns; and the terms “include” or “including” mean “include without limitation” or “including without limitation.” 
  
 SECTION 1.4 No Recourse. Without limiting the obligations of Sellers
hereunder and except to the extent otherwise provided in the Transaction Documents, no recourse may be taken, directly or indirectly, under this Agreement or any certificate or other writing delivered in connection herewith or therewith, against any
stockholder, officer or director, as such, of Sellers, or of any predecessor or successor of Sellers. 
  
 ARTICLE II. 
  
 CONVEYANCE OF THE RECEIVABLES 
 AND THE OTHER CONVEYED PROPERTY 
  
 SECTION 2.1 Conveyance of the Receivables and the Other Conveyed
Property. By execution of this Agreement and subject to the terms and conditions of this Agreement and simultaneously with the execution and delivery of the related Supplement, the relevant Sellers shall sell and/or contribute, transfer and
assign to the Purchaser (collectively, the 

  

 3 

 
“Conveyance”) without recourse (but without limitation of its obligations in this Agreement and the other Transaction Documents), and the
Purchaser shall purchase or acquire as a contribution, all right, title and interest of such Sellers in and to: 
  

	 	(i)	each and every Receivable listed on Schedule A and B to the related Supplement and all Collections thereon or in respect thereof on or after the Relevant Cutoff Date;

  

	 	(ii)	the Related Security with respect to each Receivable; 

  

	 	(iii)	all Proceeds and the rights to receive Proceeds with respect to the Receivables from claims on any physical damage, credit life or disability insurance policies or Collateral
Insurance (if any), covering Financed Vehicles or Obligors; 

  

	 	(iv)	all rights under any service contracts on the related Financed Vehicles; 

  

	 	(v)	all rights of the Sellers against Dealers pursuant to Dealer Agreements or Dealer Assignments; 

  

	 	(vi)	all rights of Seller against Third Party Lenders pursuant to Third Party Loan Purchase Agreements and/or Third Party Assignments. 

  

	 	(vii)	the related Records; and 

  

	 	(viii)	all Proceeds of any or all of the foregoing. 

  
 ARTICLE III. 
  
 REPRESENTATIONS AND WARRANTIES 
  
 SECTION 3.1 Representations and Warranties of AFS. AFS makes the following representations and warranties as of the date hereof and as of each Receivables Transfer Date, as the case may be, on which Purchaser
relies in purchasing the Receivables and the Other Conveyed Property. Such representations are made as of the execution and delivery of this Agreement and as of the execution and delivery by AFS of any Supplement, but shall survive the sale and/or
contribution, transfer and assignment of the Receivables and the Other Conveyed Property hereunder and under any Supplement, and the grant of the security interest therein and the continuing lien therein by Purchaser to the Collateral Agent for the
benefit of the Secured Parties under the Security Agreement. AFS and Purchaser agree that Purchaser will assign to Collateral Agent all Purchaser’s rights under this Agreement and that the Collateral Agent will thereafter be entitled to enforce
this Agreement against AFS in the Collateral Agent’s own name on behalf of the Secured Parties. 
  
 (a) Eligible Receivables. Upon each Receivables Transfer Date, the Purchaser (i) will acquire each Receivable and the Other
Conveyed Property free and clear of any Adverse Claim and (ii) will purchase each Receivable at fair market value. Each Receivable (including all Receivables sold hereunder by AFS or AMC) as of the date hereof and the Receivables Transfer Date is an
Eligible Receivable. 
  

 4 

 (b) Organization and Good Standing. AFS has been duly organized and is validly
existing as a corporation in good standing under the laws of the State of Delaware, with power and authority to own its properties and to conduct its business as such properties are currently owned and such business is currently conducted, and had
at all relevant times, and now has, power, authority and legal right to acquire, own and sell the Receivables and the Other Conveyed Property to be transferred to Purchaser. 
  
 (c) Due Qualification. AFS is duly qualified to do business as a foreign corporation in good
standing, and has obtained all necessary licenses and approvals in all jurisdictions in which the ownership or lease of its property or the conduct of its business requires such qualification. 
  
 (d) Power and Authority. AFS has the power and
authority to execute and deliver this Agreement and its Transaction Documents and to carry out its terms and their terms, respectively; AFS has full power and authority to sell and/or contribute, transfer and assign the Receivables and the Other
Conveyed Property to be sold and/or contributed, transferred and assigned to and deposited with Purchaser hereunder and has duly authorized such sale or contribution, transfer and assignment to Purchaser by all necessary corporate action; and the
execution, delivery and performance of this Agreement and AFS’s Transaction Documents have been duly authorized by AFS by all necessary corporate action. 
  

(e) Valid Sale; Binding Obligations. This Agreement and AFS’s Transaction Documents have been duly executed and delivered,
shall effect a valid sale or contribution, transfer and assignment of the Receivables and the Other Conveyed Property to the Purchaser, enforceable against AFS and creditors of and purchasers from AFS; and this Agreement and AFS’s Transaction
Documents constitute legal, valid and binding obligations of AFS 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 Transaction Documents, and the fulfillment of the terms of this Agreement and the Transaction Documents, shall not conflict with, result in any breach of any of the terms and provisions of, or
constitute (with or without notice, lapse of time or both) a default under, the articles of incorporation or bylaws of AFS, or any indenture, agreement, mortgage, deed of trust or other instrument to which AFS is a party or by which it is bound, or
result in the creation or imposition of any Lien upon any of its properties pursuant to the terms of any such indenture, agreement, mortgage, deed of trust or other instrument, other than this Agreement, the Security Agreement and the Note Purchase
Agreement, or violate any law, order, rule or regulation applicable to AFS of any court or of any federal or state regulatory body, administrative agency or other 

  

 5 

 
governmental instrumentality having jurisdiction over AFS or any of its properties and do not require any action by or require the consent or approval of or
the filing of any notice with any Official Body or any other Person. 
  
 (g) No Proceedings. There are no proceedings or investigations pending or, to AFS’s knowledge, threatened against AFS, before any court, regulatory body, administrative agency or other tribunal or
governmental instrumentality having jurisdiction over AFS or its properties (i) asserting the invalidity of this Agreement or any of the Transaction Documents, (ii) seeking to prevent the issuance of the Note or the consummation of any of the
transactions contemplated by this Agreement or any of the Transaction Documents, (iii) seeking any determination or ruling that might materially and adversely affect the performance by AFS of its obligations under, or the validity or enforceability
of, this Agreement or any of the Transaction Documents or (iv) seeking to affect adversely the federal income tax or other federal, state or local tax attributes of, or seeking to impose any excise, franchise, transfer or similar tax upon, the
transfer and acquisition of the Receivables and the Other Conveyed Property hereunder or under the Security Agreement. 
  
 (h) Chief Executive Office. The chief executive office of AFS is located at 801 Cherry Street, Fort Worth, Texas 76102. 

 
 (i) No Adverse Selection. No selection procedures
adverse to the parties hereto or to the Secured Parties have been utilized in selecting the Receivables from all other similar Receivables owned by AFS and its Affiliates. 
  
 (j) Solvency. AFS shall not be insolvent on any Receivables Transfer Date and no Conveyance will
cause AFS to become insolvent. 
  
 SECTION 3.2 [Reserved]

  
 SECTION 3.3 Representations and Warranties of AMC. AMC
makes the following representations and warranties as of the date hereof and as of each Receivables Transfer Date, as the case may be, on which Purchaser relies in purchasing the Receivables and the Other Conveyed Property. Such representations are
made as of the execution and delivery of this Agreement and as of the execution and delivery by AMC of any Supplement, but shall survive the sale and/or contribution, transfer and assignment of the Receivables and the Other Conveyed Property
hereunder and under any Supplement, and the sale and/or contribution, transfer and assignment thereof by Purchaser to the Collateral Agent under the Security Agreement. AMC and Purchaser agree that Purchaser will assign to Collateral Agent all
Purchaser’s rights under this Agreement and that the Collateral Agent will thereafter be entitled to enforce this Agreement against AMC in the Collateral Agent’s own name on behalf of the Secured Parties. 
  
 (a) Eligible Receivables. Upon each Receivables
Transfer Date, the Purchaser (i) will acquire each Receivable and the Other Conveyed Property free and clear of any Adverse Claim and (ii) will purchase each Receivable at fair market value. Each Receivable (including all Receivables sold hereunder
by AFS or AMC) as of the date hereof and the Receivables Transfer Date is an Eligible Receivable. 
  

 6 

 (b) Organization and Good Standing. AMC has been duly organized and is validly
existing as a corporation in good standing under the laws of the State of Delaware, with power and authority to own its properties and to conduct its business as such properties are currently owned and such business is currently conducted, and had
at all relevant times, and now has, power, authority and legal right to acquire, own and sell the Receivables and the Other Conveyed Property to be transferred to Purchaser. 
  
 (c) Power and Authority. AMC has the power and authority to execute and deliver this Agreement and
its Transaction Documents and to carry out its terms and their terms, respectively; AMC has full power and authority to sell and/or contribute, transfer and assign the Receivables and the Other Conveyed Property to be sold and/or contributed,
transferred and assigned to and deposited with Purchaser hereunder and has duly authorized such sale and/or contribution, transfer and assignment to Purchaser by all necessary corporate action; and the execution, delivery and performance of this
Agreement and AMC’s Transaction Documents have been duly authorized by AMC by all necessary corporate action. 
  
 (d) Due Qualification. AMC is duly qualified to do business as a foreign corporation in good standing, and has obtained all
necessary licenses and approvals in all jurisdictions in which the ownership or lease of its property or the conduct of its business requires such qualification 
  
 (e) Valid Sale; Binding Obligations. This Agreement and AMC’s Transaction Documents have been
duly executed and delivered, shall effect a valid sale and/or contribution, transfer and assignment of the Receivables and the Other Conveyed Property to the Purchaser, enforceable against AMC and creditors of and purchasers from AMC; and this
Agreement and AMC’s Transaction Documents constitute legal, valid and binding obligations of AMC 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 Transaction Documents and the fulfillment of the terms of this Agreement and the Transaction Documents shall not conflict with, result in any breach of any of the terms and provisions of, or
constitute (with or without notice, lapse of time or both) a default under, the articles of incorporation or bylaws of AMC, or any indenture, agreement, mortgage, deed of trust or other instrument to which AMC is a party or by which it is bound, or
result in the creation or imposition of any Lien upon any of its properties pursuant to the terms of any such indenture, agreement, mortgage, deed of trust or other instrument, other than this Agreement, the Security Agreement and the Note Purchase
Agreement, or violate any law, order, rule or regulation applicable to AMC of any court or of any federal or state regulatory body, administrative agency or other 

  

 7 

 
governmental instrumentality having jurisdiction over AMC or any of its properties and do not require any action by or require the consent or approval of or
the filing of any notice with any Official Body or any other Person. 
  
 (g) No Proceedings. There are no proceedings or investigations pending or, to AMC’s knowledge, threatened against AMC, before any court, regulatory body, administrative agency or other tribunal or
governmental instrumentality having jurisdiction over AMC or its properties (i) asserting the invalidity of this Agreement or any of the Transaction Documents, (ii) seeking to prevent the issuance of the Note or the consummation of any of the
transactions contemplated by this Agreement or any of the Transaction Documents, (iii) seeking any determination or ruling that might materially and adversely affect the performance by AMC of its obligations under, or the validity or enforceability
of, this Agreement or any of the Transaction Documents, or (iv) seeking to affect adversely the federal income tax or other federal, state or local tax attributes of, or seeking to impose any excise, franchise, transfer or similar tax upon, the
transfer and acquisition of the Receivables and the Other Conveyed Property hereunder or under the Security Agreement. 
  
 (h) Chief Executive Office. The chief executive office of AMC is located at 801 Cherry Street, Fort Worth, Texas 76102. 

 
 (i) No Adverse Selection. No selection procedures
adverse to the parties hereto or to the Secured Parties have been utilized in selecting the Receivables from all other similar Receivables owned by AMC and its Affiliates. 
  
 (j) Solvency. AMC shall not be insolvent on any Receivables Transfer Date and no Conveyance will
cause AMC to become insolvent. 
  
 ARTICLE IV. 

 
 COVENANTS OF SELLERS 
  
 SECTION 4.1 Liens in Force. The Financed Vehicle securing each
Receivable shall not be released by the related Seller in whole or in part from the security interest granted under the related Receivable, except upon payment in full of the Receivable or as otherwise contemplated herein or the Transaction
Documents and the related Seller shall not take or permit any action inconsistent with the foregoing. 
  
 SECTION 4.2 No Impairment. The related Seller shall do nothing to impair the rights of the Purchaser or the Secured Parties in the Receivables, the
Dealer Agreements, the Dealer Assignments, the Insurance Policies or any other property or interest comprising the Other Conveyed Property. 
  
 SECTION 4.3 No Amendments. The Sellers shall not take or permit any action to extend or otherwise amend the terms of any Receivable, except in
accordance with the Transaction Documents. 
  

 8 

 SECTION 4.4 Restrictions on Liens. The Sellers shall not: (i) create or incur or agree to create
or incur, or consent to cause (upon the happening of a contingency or otherwise) the creation, incurrence or existence of any Lien or restriction on transferability of the Receivables or of any Other Conveyed Property except for the Lien in favor of
the Purchaser and the Collateral Agent on behalf of the Secured Parties as assignee thereof, and the restrictions on transferability imposed by this Agreement or (ii) sign or file under the Uniform Commercial Code (the “UCC”) of any
jurisdiction any financing statement or sign any security agreement authorizing any secured party thereunder to file such financing statement, with respect to the Receivables or to any Other Conveyed Property, except in each case any such instrument
solely securing the rights and preserving the Lien of the Purchaser and the Collateral Agent as assignee thereof. The Sellers will take no action to cause any Receivable to be evidenced by an instrument (as such term is defined in the relevant UCC).

  
 SECTION 4.5 Preservation of Collateral. The Sellers
will do, execute, acknowledge and deliver, or cause to be done, executed, acknowledged and delivered, such instruments of transfer or take such other steps or actions as may be necessary, or required by the Purchaser or the Collateral Agent or the
Note Insurer, to effect the Conveyance, to perfect the security interest granted in the Receivables and the Other Conveyed Property to the Collateral Agent on behalf of the Secured Parties, to ensure that such Conveyance and security interest ranks
prior to all other Liens and to preserve the priority of such Conveyance and security interest and the validity and enforceability thereof. 
  
 SECTION 4.6 Transfers Treated as Sales. Each Seller agrees to treat each transfer for all purposes other than federal income tax purposes and
financial accounting purposes as a sale on all relevant books, records, financial statements and other applicable documents; for federal income tax purposes and financial accounting purposes, the parties hereto intend the contribution of Receivables
by the Sellers to the Purchaser to be characterized as a contribution of property to a partnership in exchange for an interest in the partnership in which no gain or loss shall be recognized pursuant to Section 721(a) of the Internal Revenue Code of
1986, as amended. In the event that, notwithstanding the intent of each Seller, any transfer and assignment contemplated hereby is not held to be a sale, each Seller hereby grants to the Purchaser a security interest in the Receivables and Other
Conveyed Property described in each Supplement. 
  
 ARTICLE V.

  
 REPURCHASES 
  
 SECTION 5.1 Repurchase of Receivables Upon Breach of Warranty. Upon
the occurrence of a Repurchase Event, AFS shall (unless the breach which is the subject of such Repurchase Event shall have been cured in all material respects by the last day of the second Settlement Period after such breach), repurchase the
Receivable relating thereto (whether or not it was the Seller thereof) from the Purchaser and, simultaneously with the repurchase of the Receivable, AFS shall deposit the Purchase Amount in full, without deduction or offset, to the Collection
Account, pursuant to Section 2.7(b) of the Security Agreement. It is understood and agreed that the obligation of AFS to repurchase any Receivable, as to which a breach has occurred and is continuing, shall, if such obligation is fulfilled,
constitute the sole remedy against 

  

 9 

 
AFS or AMC for such breach available to Purchaser, the Note Insurer or the Collateral Agent on behalf of the Secured Parties except as otherwise specified in
the Insurance Agreement. The provisions of this Section 5.1 are intended to grant the Collateral Agent and the Note Insurer a direct right against AFS to demand performance hereunder, and in connection therewith, AFS waives any requirement of prior
demand against Purchaser with respect to such repurchase obligation. Any such repurchase shall take place in the manner specified in Section 2.7 of the Servicing and Custodian Agreement. Notwithstanding any other provision of this Agreement or the
Servicing and Custodian Agreement to the contrary, the obligation of AFS under this Section shall not terminate upon a termination of AFS as Servicer under the Servicing and Custodian Agreement and shall be performed in accordance with the terms
hereof notwithstanding the failure of the Servicer or Purchaser to perform any of their respective obligations with respect to such Receivable under the Servicing and Custodian Agreement. 
  
 SECTION 5.2 Reassignment of Purchased Receivables. Upon deposit in the Collection Account of the Purchase Amount of
any Receivable repurchased by AFS under Section 5.1 hereof or Section 2.7 of the Servicing and Custodian Agreement, Purchaser (at AFS’s expense) shall take such steps as may be reasonably requested by AFS in order to assign to AFS all of
Purchaser’s and the Collateral Agent’s right, title and interest in and to such Receivable and all security and documents and all Other Conveyed Property conveyed to Purchaser and the Collateral Agent directly relating thereto, without
recourse, representation or warranty, except as to the absence of Liens created by or arising as a result of actions of Purchaser or the Collateral Agent. Such assignment shall be a sale and assignment outright, and not for security. If, following
the reassignment of a Purchased Receivable, in any enforcement suit or legal proceeding, it is held that AFS may not enforce any such Receivable on the ground that it shall not be a real party in interest or a holder entitled to enforce the
Receivable, Purchaser and the Collateral Agent shall, at the expense of AFS, take such steps as AFS deems reasonably necessary to enforce the Receivable, including bringing suit in Purchaser’s or in the Collateral Agent’s name. 

 
 SECTION 5.3 Waivers. No failure or delay on the part of Purchaser,
or the Collateral Agent on behalf of the Secured Parties as assignee of Purchaser, in exercising any power, right or remedy under this Agreement shall operate as a waiver thereof, nor shall any single or partial exercise of any such power, right or
remedy preclude any other or future exercise thereof or the exercise of any other power, right or remedy. 
  
 ARTICLE VI. 
  
 CONDITIONS PRECEDENT 
  
 SECTION 6.1 Conditions
Precedent to each Receivables Sale. Each sale and/or contribution of Receivables shall be subject to the conditions precedent that: 
  
 (a) each relevant Seller and the Purchaser shall have executed and delivered to the Collateral Agent and the Note Insurer a duly executed
Supplement substantially in the form attached hereto as Exhibit A which shall include Schedules listing the Receivables to be sold and/or contributed on such Receivables Transfer Date and the Seller shall have delivered the Receivable Files to the
Custodian and any other documents as the Purchaser may request; 
  

 10 

 (b) all conditions to a Receivables Delivery under the Security Agreement shall have been
fulfilled; 
  
 (c) the Sellers shall, to the
extent required by the Security Agreement, have deposited in the Collection Account all Collections received after the Relevant Cutoff Date with respect to the Receivables to be sold on such Receivables Transfer Date; 
  
 (d) the Sellers shall take any action (including, but not
limited to, the filing of appropriate UCC-1 financing statements and/or UCC-3 releases, as applicable) required to (i) perfect the ownership interest of the Purchaser in the Receivables and the Other Conveyed Property and (ii) provide the Collateral
Agent on behalf of the Secured Parties with a first priority perfected security interest in the Receivables and the Other Conveyed Property and shall promptly provide to each of the Purchaser and the Collateral Agent and the Note Insurer a copy of a
stamped acknowledgement copy of such UCC-1 or UCC-3 (if any are necessary or required); 
  
 (e) such sale or contribution shall be reflected on the books and records of the Trust; and 
  
 (f) to the extent that, after giving effect to the sale
and/or contribution of Receivables made on such date there would be one or more states of the United States in which Financed Vehicles securing more than 10% of the Net Receivables Balance were titled and as to which states an opinion of counsel, in
form and substance acceptable to the Note Insurer, had not previously been given in connection with this facility as to the perfection, priority and enforceability of the Collateral Agent’s security interest for each such state, AFS shall
cause, within thirty (30) days, to be delivered to the Purchaser, the Rating Agencies, the Collateral Agent and the Note Insurer such an opinion of counsel. 
  
 ARTICLE VII. 
  
 MISCELLANEOUS 
  
 SECTION 7.1 Liability of Sellers. Sellers shall be liable in accordance herewith only to the extent of the obligations in this Agreement specifically undertaken by Sellers and the representations and warranties
of Sellers. 
  
 SECTION 7.2 Merger or Consolidation of
Sellers. Any corporation or other entity (i) into which a Seller may be merged or consolidated, (ii) resulting from any merger or consolidation to which a Seller is a party or (iii) succeeding to the business of Seller shall execute an agreement
of assumption to perform every obligation of such Seller under this Agreement and, whether or not such assumption agreement is executed, shall be the successor to such Seller hereunder (without relieving such Seller of their responsibilities
hereunder, if it survives such merger or consolidation) without the execution or filing of any document or any further action by any of the parties to this Agreement; provided, however, that, with respect to AMC, any such merger or
consolidation is subject in all respects to the restrictions set forth in its articles of incorporation. 
  

 11 

 SECTION 7.3 Limitation on Liability of Sellers and Others. Each Seller and any director, officer,
employee or agent thereof may rely in good faith on the advice of counsel or on any document of any kind prima facie properly executed and submitted by any Person respecting any matters arising under this Agreement. No Seller shall be under any
obligation to appear in, prosecute or defend any legal action that is not incidental to its obligations under this Agreement or its Transaction Documents. 
  
 SECTION 7.4 Amendment. 
  
 (a) This Agreement may be amended by Sellers and Purchaser (with the consent of the Note Insurer) without the consent of the Collateral
Agent (i) to cure any ambiguity or (ii) to correct any provisions in this Agreement; provided, however, that such action shall not adversely affect the interests of any Secured Party. 
  
 (b) This Agreement may also be amended from time to time by
Sellers and Purchaser with the consent of the Collateral Agent and of the Note Insurer, in accordance with the Security Agreement. 
  
 SECTION 7.5 Notices. All demands, notices and communications to Sellers or Purchaser hereunder shall be in writing, personally delivered, or sent
by telecopier (subsequently confirmed in writing), reputable overnight courier or mailed by certified mail, return receipt requested, and shall be deemed to have been given upon receipt (a) in the case of Sellers, to AmeriCredit Financial Services,
Inc., 801 Cherry Street, Fort Worth, Texas 76102, Attention: Chief Financial Officer; (b) in the case of Purchaser, to AmeriCredit MTN Receivables Trust IV, c/o Wilmington Trust Company, Rodney Square North, 1100 North Market Street, Wilmington,
Delaware 19890-0001, Attention: Asset Backed Securities Administration; or (c) in the case of the Collateral Agent, JPMorgan Chase Bank, 4 New York Plaza, 6th Floor, New York, NY 10004, Attention: AmeriCredit MTN Receivables Trust IV, or such other
address as shall be designated by a party in a written notice delivered to the other party or to the Collateral Agent, as applicable. 
  
 SECTION 7.6 Merger and Integration. Except as specifically stated otherwise herein, this Agreement and Transaction Documents set forth the entire
understanding of the parties relating to the subject matter hereof, and all prior understandings, written or oral, are superseded by this Agreement and the Transaction Documents. This Agreement may not be modified, amended, waived or supplemented
except as provided herein. 
  
 SECTION 7.7 Severability of
Provisions. If any one or more of the covenants, provisions or terms of this Agreement shall be for any reason whatsoever held invalid, then such covenants, provisions or terms shall be deemed severable from the remaining covenants, provisions
or terms of this Agreement and shall in no way affect the validity or enforceability of the other provisions of this Agreement. 
  
 SECTION 7.8 Intention of the Parties. The execution and delivery of this Agreement shall constitute an acknowledgment by Sellers and Purchaser that
they intend that the 

  

 12 

 
assignments and transfers herein contemplated constitute a sale and/or contribution, transfer and assignment outright, and not for security, of the
Receivables and the Other Conveyed Property, conveying good title thereto free and clear of any Liens, from Sellers to Purchaser, and that the Receivables and the Other Conveyed Property shall not be a part of Sellers’ estates in the event of
the bankruptcy, reorganization, arrangement, insolvency or liquidation proceeding, or other proceeding under any federal or state bankruptcy or similar law, or the occurrence of another similar event, of, or with respect to Sellers. In the event
that such conveyance is determined to be made as security for a loan made by Purchaser or the Secured Parties to Sellers, the parties intend that Sellers shall have granted to Purchaser a security interest in all of Sellers’ right, title and
interest in and to the Receivables and the Other Conveyed Property conveyed pursuant to Section 2.1 hereof, and that this Agreement shall constitute a security agreement under applicable law. 
  
 SECTION 7.9 Governing Law. This Agreement shall be construed in
accordance with the laws of the State of New York without regard to the principles of conflicts of laws thereof and the obligations, rights and remedies of the parties under this Agreement shall be determined in accordance with such laws.

  
 SECTION 7.10 Counterparts. For the purpose of
facilitating the execution of this Agreement and for other purposes, this Agreement may be executed simultaneously in any number of counterparts, each of which counterparts shall be deemed to be an original, and all of which counterparts shall
constitute but one and the same instrument. 
  
 SECTION 7.11
Conveyance of the Receivables and the Other Conveyed Property to the Collateral Agent. Sellers acknowledge that Purchaser intends, pursuant to the Security Agreement, to pledge the Receivables and the Other Conveyed Property, together with
its rights under this Agreement, to the Collateral Agent on the Receivables Transfer Dates. Sellers acknowledge and consent to such conveyance and pledge and waive any further notice thereof and covenant and agree that the representations and
warranties of Sellers contained in this Agreement and the rights of Purchaser hereunder are intended to benefit the Note Insurer, the Collateral Agent and the Secured Parties. In furtherance of the foregoing, Sellers covenant and agree to perform
their duties and obligations hereunder, in accordance with the terms hereof for the benefit of the Collateral Agent and the Secured Parties and that, notwithstanding anything to the contrary in this Agreement, Sellers shall be directly liable to the
Collateral Agent and the Secured Parties and that the Note Insurer may enforce, and the Collateral Agent shall enforce, at the direction of the Note Insurer, the duties and obligations of Sellers under this Agreement against Sellers for the benefit
of the Secured Parties and the Collateral Agent. 
  
 SECTION 7.12
Nonpetition Covenant. Neither Purchaser nor Sellers shall petition or otherwise invoke the process of any court or government authority for the purpose of commencing or sustaining a case against the Purchaser, AMC or the Debtor under any
federal or state bankruptcy, insolvency or similar law or appointing a receiver, liquidator, assignee, trustee, custodian, sequestrator or other similar official of the Purchaser, AMC or the Debtor (as defined in the Note Purchase Agreement) or any
substantial part of their respective property, or ordering the winding up or liquidation of the affairs of the Purchaser, AMC or the Debtor. This Section 7.12 shall be continuing and shall survive any termination of this Agreement. 
  

 13 

 SECTION 7.13 Limitation of Liability of Owner Trustee. It is expressly understood and agreed by
the parties hereto that (a) this Agreement is executed and delivered by Wilmington Trust Company, not individually or personally but solely as Owner Trustee of the Purchaser, in the exercise of the powers and authority conferred and vested in it,
(b) each of the representations, undertakings and agreements herein made on the part of the Purchaser is made and intended not as personal representations, undertakings and agreements of Wilmington Trust Company but is made and intended for the
purpose for binding only the Purchaser, (c) nothing herein contained shall be construed as creating any liability on Wilmington Trust Company, individually or personally, to perform any covenant either expressed or implied contained herein, all such
liability, if any, being expressly waived by the parties hereto and by any Person claiming by, through or under the parties hereto and (d) under no circumstances shall Wilmington Trust Company be personally liable for the payment of any indebtedness
or expenses of the Purchaser or be liable for the breach or failure of any obligation, representation, warranty or covenant made or undertaken by the Purchaser under this Agreement or any other Transaction Documents. 
  
 SECTION 7.14 Additional Transfers. It is contemplated that from time
to time on and/or after the date hereof that AFS will transfer (by sale or contribution) to AMC, pursuant to the provisions of a Sale Agreement (substantially in the form of Exhibit A attached to the Sale and Contribution Agreement), as of the
Relevant Cutoff Date set forth therein, certain Receivables, as described on the Schedule 1 attached to such Sale Agreement. Furthermore, it is anticipated that such Receivables so transferred to AMC pursuant to a Sale Agreement will be
retransferred by AMC to the Purchaser pursuant to the terms of this Agreement. 
  
 SECTION 7.15 Binding Effect. This Agreement shall be binding upon and shall inure to the benefit of the parties hereto and their respective successors and assigns. In addition, each of the Secured Parties shall
be an express third party beneficiary hereof entitled to enforce the terms hereof as if it were a party hereto. Concurrently with the appointment of a successor Collateral Agent under the Security Agreement, the parties hereto shall amend this
Agreement to make said Collateral Agent, the successor to the Collateral Agent hereunder. 
  
 [Remainder of page intentionally left blank] 
  

 14 

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

			
	 AMERICREDIT MTN RECEIVABLES
 TRUST IV, as Purchaser

		
	 By:
	 	 WILMINGTON TRUST COMPANY, not in its individual capacity but solely as Owner Trustee on behalf of the Trust

		
	 By:
	 	  

	 Name:
	 	 
	 Title:
	 	 
	
	 AMERICREDIT FINANCIAL SERVICES, INC., as Seller

		
	 By:
	 	  

	 Name:
	 	 
	 Title:
	 	 
	
	 AMERICREDIT MTN CORP. IV, as Seller

		
	 By:
	 	  

	 Name:
	 	 
	 Title:
	 	 
	
	 JPMORGAN CHASE BANK, as Collateral Agent

		
	 By:
	 	  

	 Name:
	 	 
	 Title:
	 	 

  
 [Master
Receivables Purchase Agreement] 

 Exhibit A 
  
 SUPPLEMENT 
  
 ASSIGNMENT No. [            ] of Receivables made this     
day of                     , 200  , among AMERICREDIT MTN CORP. IV, a Delaware corporation (“AMC”),
AMERICREDIT FINANCIAL SERVICES, INC., a Delaware corporation (“AFS” and together with AMC, the “Sellers”) and AMERICREDIT MTN RECEIVABLES TRUST IV, a Delaware statutory trust (the “Purchaser”).

  
 W I T N E S S E T H: 
  
 WHEREAS, pursuant to the Sale Agreement (the form of which is attached
hereto as Addendum A), AFS wishes to sell/and or contribute Receivables to AMC; 
  
 WHEREAS, the relevant Sellers wish to sell/and or contribute Receivables to the Purchaser; and 
  
 WHEREAS, the Purchaser is willing to purchase or acquire as a contribution such Receivables subject to the terms and conditions hereof. 
  
 NOW, THEREFORE, the Purchaser and the Sellers hereby agree as follows:

  
 1. Defined Terms. Capitalized terms used herein shall
have the meanings ascribed to them in the Master Receivables Purchase Agreement, dated as of October 1, 2004, (the “Purchase Agreement”), unless otherwise defined herein. 
  
 “Relevant Cutoff Date” shall mean, with respect to the Receivables sold and/or contributed hereby,
                         , 200  . 
  
 “Receivables Transfer Date” shall mean, with respect to the Receivables assigned hereby, the date hereof.

  
 2. Schedule of Receivables. Annexed hereto are Schedule
A and Schedule B from AFS and AMC, respectively, listing the Receivables sold and/or contributed by it pursuant to this Supplement on the Receivables Transfer Date. The term “Receivables” as used in this Supplement means and includes each
and every chattel paper and other form of receivable relating to the sale or financing provided for new or used motor vehicles transferred by Sellers to Purchaser pursuant to this Supplement and identified on the Schedule A and Schedule B provided
by AFS and AMC, respectively, attached thereto, together with all payment obligations thereunder and all proceeds thereof, including all items listed in 2.1 to the Purchase Agreement. It is intended that Sellers will transfer to Purchaser hereafter
from time to time additional Receivables, whether now existing or hereafter arising and wherever located. 
  
 3. Sale and/or Contribution of Receivables. (a) Each Seller, does hereby sell and/or contribute, transfer, assign, set over and otherwise convey to
the Purchaser (the “Assignment”), without recourse (except as expressly provided in the Purchase Agreement), all 

 
right, title and interest of such Seller in and to: 
  
 (i) each and every Receivable listed on the Schedule A and B to this Supplement and all Collections thereon or in respect thereof on or
after the Relevant Cutoff Date; 
  
 (ii) the
Related Security with respect to each Receivable; 
  
 (iii) all Proceeds and the rights to receive Proceeds with respect to the Receivables from claims on any physical damage, credit life or disability insurance policies or Collateral Insurance (if any), covering Financed Vehicles or Obligors;

  
 (iv) all rights under any service contracts
on the related Financed Vehicles; 
  
 (v) all
rights of the Sellers against Dealers pursuant to Dealer Agreements or Dealer Assignments; 
  
 (vi) all rights of the Sellers against Third Party Lenders pursuant to Third Party Loan Purchase Agreements and/or Third Party
Assignments. 
  
 (vii) the related Records; and

  
 (viii) all Proceeds of any or all of the
foregoing. 
  
 (b) The Assignment is in
consideration of the Purchaser’s delivery to or upon the order of Sellers as set forth below: 
  
 (i) $                     to
AFS; and 
  
 (ii)
$                     to AMC. 
  
 4. Representations and Warranties of the Sellers. 
  
 (a) Representations and Warranties of AFS. AFS hereby represents and warrants to the Purchaser as of the Receivables Transfer Date
that: 
  
 (i) Purchase Agreement. The
representations and warranties set forth in the Purchase Agreement are true and correct and with respect to any representation which relates to Receivables or Other Conveyed Property with respect to the related Receivables and Other Conveyed
Property sold and/or contributed pursuant to Section 3 hereof are true and correct. 
  
 (ii) Principal Balance. As of the Relevant Cutoff Date, the aggregate Outstanding Balance of the Receivables listed on the
Schedule of Receivables provided by AFS (annexed hereto as Schedule A) and sold to the Purchaser pursuant to this Supplement is
$                                . 
  

 A-A-2 

 (b) Representations and Warranties of AMC. AMC hereby represents and warrants to
the Purchaser as of the Receivables Transfer Date that: 
  
 (i) Purchase Agreement. The representations and warranties set forth in the Purchase Agreement are true and correct and with respect to any representation which relates to Receivables or Other Conveyed Property
with respect to the related Receivables and Other Conveyed Property sold and/or contributed pursuant to Section 3 hereof are true and correct. 
  
 (ii) Principal Balance. As of the Relevant Cutoff Date, the aggregate Outstanding Balance of the Receivables listed on the
Schedule of Receivables provided by AMC (annexed hereto as Schedule B) and sold to the Purchaser pursuant to this Supplement is
$                                . 
  
 5. Conditions Precedent. The obligation of the Purchaser to acquire
the Receivables hereunder is subject to the satisfaction, on or prior to the Receivables Transfer Date, of the following conditions precedent: 
  
 (a) Representations and Warranties. Each of the representations and warranties made by the Sellers in Section 4 of this Supplement
and by AFS in Section 3.1 and AMC in Section 3.3 of the Purchase Agreement shall be true and correct with respect to the property sold and/or contributed pursuant to Section 3 hereof as of the Receivables Transfer Date. 
  
 (b) Delivery of Receivable Files. The Seller shall
have delivered the Receivable Files to the Custodian and any other documents as the Purchaser may request; 
  
 (c) Purchase Agreement Conditions. Each of the conditions set forth in Section 6.1 of the Purchase Agreement shall have been
satisfied with respect to the property sold pursuant to Section 3 hereof. 
  
 (d) Additional Information. The Sellers shall have delivered to the Purchaser such information as was reasonably requested by the Purchaser to satisfy itself as to the satisfaction of the conditions set forth
in this Section 5. 
  
 6. Ratification of Agreement. As
supplemented by this Supplement, the Purchase Agreement is in all respects ratified and confirmed and the Purchase Agreement as so supplemented by this Supplement shall be read, taken and construed as one and the same instrument. 
  
 7. Counterparts. This Supplement 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. 
  

 A-A-3 

 8. Intention of the Parties. (a) The execution and delivery of this Agreement shall constitute an
acknowledgment by Sellers and Purchaser that they intend that the assignments and transfers herein contemplated constitute a sale and/or contribution, transfer and assignment outright, and not for security, of the Receivables and the Other Conveyed
Property, conveying good title thereto free and clear of any Liens, from Sellers to Purchaser, and that the Receivables and the Other Conveyed Property shall not be a part of Sellers’ estates in the event of the bankruptcy, reorganization,
arrangement, insolvency or liquidation proceeding, or other proceeding under any federal or state bankruptcy or similar law, or the occurrence of another similar event, of, or with respect to Sellers. In the event that such conveyance is determined
to be made as security for a loan made by Purchaser or the Secured Parties to Sellers, the parties intend that Sellers shall have granted to Purchaser a security interest in all of Sellers’ right, title and interest in and to the Receivables
and the Other Conveyed Property conveyed pursuant to Section 3 of this Agreement and Section 2.1 of the Master Receivables Purchase Agreement, and that this Agreement shall constitute a security agreement under applicable law. 
  
 (b) For federal income tax purposes, the parties hereto intend the
contribution of Receivables by the Sellers to the Purchaser to be characterized as a contribution of property to a partnership in exchange for an interest in the partnership in which no gain or loss shall be recognized pursuant to Section 721(a) of
the Internal Revenue Code of 1986, as amended. 
  
 9. GOVERNING
LAW. THIS SUPPLEMENT 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. 
  

 A-A-4 

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

			
	 AMERICREDIT MTN RECEIVABLES TRUST IV, as Purchaser

		
	 By:
	 	 AMERICREDIT FINANCIAL SERVICES, INC., attorney-in-fact

		
	 By:
	 	  

	 Name:
	 	 
	 Title:
	 	 
	
	 AMERICREDIT FINANCIAL SERVICES, INC., as Seller

		
	 By:
	 	  

	 Name:
	 	 
	 Title:
	 	 
	
	 AMERICREDIT MTN CORP. IV, as Seller

		
	 By:
	 	  

	 Name:
	 	 
	 Title:
	 	 

  
 Acknowledged: 
  

			
	 JPMORGAN CHASE BANK, solely in its capacity as Collateral Agent

		
	 By:
	 	  

	 Name:
	 	 
	 Title:
	 	 

  

 A-A-5Insurance Agreement

 Exhibit 10.4 

 MBIA INSURANCE CORPORATION, 
 as Insurer

  
 AMERICREDIT MTN CORP. IV, 
 as Seller 
  
 AMERICREDIT FINANCIAL SERVICES, INC., 
 Individually and as Servicer, Custodian and
Seller 
  
 AMERICREDIT MTN RECEIVABLES TRUST IV, 
 as Debtor 
  
 JPMORGAN CHASE BANK, 
 as Collateral Agent and Securities Intermediary 
  
 INSURANCE AGREEMENT 
  
 $650,000,000 
 AmeriCredit MTN Receivables Trust IV 
 Note 
  
 Dated as of October 1, 2004 
  

 
TABLE OF CONTENTS         
  

					
	ARTICLE I	  	 
		
	 DEFINITIONS
	  	1
		
	ARTICLE II	  	 
		
	REPRESENTATIONS, WARRANTIES AND COVENANTS	  	 
			
	 Section 2.01.
	  	 Representation and Warranties of AmeriCredit, the Servicer, the Custodian, the Sellers and the Debtor
	  	5
	 Section 2.02.
	  	 Affirmative Covenants of the Servicer, AmeriCredit, the Custodian, the Sellers and the Debtor
	  	9
	 Section 2.03.
	  	 Negative Covenants of AmeriCredit, the Servicer, the Custodian, the Sellers and the Debtor
	  	16
	 Section 2.04.
	  	 Representations, Warranties and Covenants of the Collateral Agent and Securities Intermediary
	  	17
		
	ARTICLE III	  	 
		
	THE POLICY; REIMBURSEMENT	  	 
			
	 Section 3.01.
	  	 Issuance of the Policy
	  	19
	 Section 3.02.
	  	 Payment of Fees and Insurer Premium
	  	21
	 Section 3.03.
	  	 Reimbursement and Additional Payment Obligation
	  	22
	 Section 3.04.
	  	 Indemnification; Limitation of Liability
	  	24
	 Section 3.05.
	  	 Payment Procedure
	  	26
		
	ARTICLE IV	  	 
		
	FURTHER AGREEMENTS	  	 
			
	 Section 4.01.
	  	 Effective Date; Term of the Insurance Agreement
	  	26
	 Section 4.02.
	  	 Further Assurances and Corrective Instruments
	  	27
	 Section 4.03.
	  	 Obligations Absolute
	  	27
	 Section 4.04.
	  	 Assignments; Reinsurance; Third-party Rights
	  	29
	 Section 4.05.
	  	 Liability of the Insurer
	  	29
	 Section 4.06.
	  	 Parties Will Not Institute Insolvency Proceedings
	  	30
	 Section 4.07.
	  	 Collateral Agent and Securities Intermediary, Debtor, the Sellers, Custodian and Servicer To Join in Enforcement Action
	  	30
	 Section 4.08.
	  	 Subrogation
	  	30
	 Section 4.09.
	  	 Insurer’s Rights Regarding Actions, Proceedings or Investigations
	  	30
		
	ARTICLE V	  	 
		
	DEFAULTS; REMEDIES	  	 
			
	 Section 5.01.
	  	 Defaults
	  	31

					
	 Section 5.02.
	  	 Remedies; No Remedy Exclusive
	  	33
	 Section 5.03.
	  	 Waivers
	  	33
		
	ARTICLE VI	  	 
		
	MISCELLANEOUS	  	 
			
	 Section 6.01.
	  	 Amendments, Etc
	  	34
	 Section 6.02.
	  	 Notices
	  	34
	 Section 6.03.
	  	 Severability
	  	36
	 Section 6.04.
	  	 Governing Law
	  	36
	 Section 6.05.
	  	 Consent to Jurisdiction
	  	36
	 Section 6.06.
	  	 Consent of the Insurer
	  	37
	 Section 6.07.
	  	 Counterparts
	  	37
	 Section 6.08.
	  	 Headings
	  	37
	 Section 6.09.
	  	 Trial by Jury Waived
	  	37
	 Section 6.10.
	  	 Limited Liability
	  	37
	 Section 6.11.
	  	 Entire Agreement
	  	37

  

 ii 

 
INSURANCE AGREEMENT 
  
 INSURANCE AGREEMENT (this “Insurance Agreement”), dated as of October 1, 2004 by and among AMERICREDIT MTN CORP. IV
(“AMTN”) and AMERICREDIT FINANCIAL SERVICES, INC. as Sellers (each a “Seller,” collectively the “Sellers”), AMERICREDIT FINANCIAL SERVICES, INC., individually (“AmeriCredit”) and in its
capacity as Servicer under the Servicing and Custodian Agreement described below (together with its permitted successors and assigns, the “Servicer”) and as Custodian (the “Custodian”), AMERICREDIT MTN RECEIVABLES TRUST
IV, as Debtor (the “Debtor”), MBIA INSURANCE CORPORATION (the “Insurer”) and JPMORGAN CHASE BANK, as Collateral Agent (the “Collateral Agent”) and as Securities Intermediary (the “Securities
Intermediary”). 
  
 WHEREAS, pursuant to the Security
Agreement dated as of October 1, 2004 by and among the Purchaser, the Debtor, AmeriCredit, the Servicer, AMTN, the Collateral Agent and the Securities Intermediary (the “Security Agreement”) relating to the $650,000,000 AmeriCredit MTN
Receivables Trust IV Note (the “Note”) the Debtor assigns certain Collateral (as defined therein) to secure the performance of certain obligations of the Debtor for the benefit of the Purchaser, the Insurer and the other Secured Parties,
and the Insurer has issued its note guaranty insurance policy (the “Policy”) that guarantees certain payments due from the Debtor on the Note; and 
  
 WHEREAS, the Insurer shall be paid an insurance premium pursuant to the Security Agreement and the details of such premium are set forth herein; and

  
 WHEREAS, AmeriCredit, the Servicer, the Sellers, the Custodian
and the Debtor have undertaken certain obligations in consideration of the Insurer’s issuance of the Policy; 
  
 NOW, THEREFORE, in consideration of the premises and the mutual agreements herein contained, the parties hereto agree as follows: 
  
 ARTICLE I 
  
 DEFINITIONS 
  
 The terms defined in this Article I shall have the meanings provided herein for all purposes of this Insurance Agreement, unless the context clearly
requires otherwise, in both singular and plural form, as appropriate. Unless the context clearly requires otherwise, all capitalized terms used herein and not otherwise defined in this Article I shall have the meanings assigned to them in the
Security Agreement or the Servicing and Custodian Agreement, as applicable. All words used herein shall be construed to be of such gender or number as the circumstances require. This “Insurance Agreement” shall mean this Insurance
Agreement as a whole and as the same may, from time to time hereafter, be amended, supplemented or modified. The words “herein,” “hereby,” “hereof,” “hereto,” “hereinabove” and
“hereinbelow,” and words of similar import, refer to this Insurance Agreement as a whole and not to any particular paragraph, clause or other subdivision hereof, unless otherwise specifically noted. 

 “Administrative Agent” means MBIA Insurance Corporation. 
  
 “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 Collateral Agent under the Security Agreement is located are
authorized or obligated by law or executive order to close. 
  
 “Code” means the Internal Revenue Code of 1986, including, unless the context otherwise requires, the rules and regulations thereunder, as amended from time to time. 
  
 “Collateral Agent” means JPMorgan Chase Bank, a New York
banking corporation, as collateral agent under the Security Agreement, and any successor to the Collateral Agent under the Security Agreement. 
  
 “Commission” means the Securities and Exchange Commission. 
  
 “Date of Issuance” means the date on which the Policy is issued as specified therein. 
  
 “Default” means any event which results, or which with the
giving of notice or the lapse of time or both would result, in an Event of Default. 
  
 “Event of Default” means any event of default specified in Section 5.01 hereof. 
  
 “Financial Statements” means, with respect to AmeriCredit Corp., the consolidated balance sheets and the statements of income, retained
earnings and cash flows and the notes thereto which have been provided to the Insurer. 
  
 “Fiscal Agent” means the Fiscal Agent, if any, designated pursuant to the terms of the Policy. 
  
 “Insurer Premium” means the premium payable in accordance with Section 3.02 hereof. 
  
 “Investment Company Act” means the Investment Company Act of
1940, including, unless the context otherwise requires, the rules and regulations thereunder, as amended. 
  
 “Late Payment Rate” means, for any date of determination, the rate of interest as it is publicly announced by Citibank, N.A. at its
principal office in New York, New York as its prime rate (any change in such prime rate of interest to be effective on the date such change is announced by Citibank, N.A.) plus 2%. The Late Payment Rate shall be computed on the basis of a year of
365 days, calculating the actual number of days elapsed. In no event shall the Late Payment Rate exceed the maximum rate permissible under any applicable law limiting interest rates. 
  
 “Liabilities” shall have the meaning ascribed to such term in Section 3.04(a) hereof. 
  

 2 

 “Losses” means (a) any actual out-of-pocket loss paid by the Insurer or its respective
parents, subsidiaries and affiliates or any shareholder, director, officer, employee, agent or any “controlling person” (as such term is used in the Securities Act) of any of the foregoing and (b) any actual out-of-pocket costs and
expenses paid by such party, including reasonable fees and expenses of its counsel, to the extent not paid, satisfied or reimbursed from funds provided by any other Person (provided that the foregoing shall not create or imply any obligation to
pursue recourse against any such other Person). 
  
 “Master Receivables Purchase Agreement” means the Master Receivables Purchase Agreement dated as of October 1, 2004 among AMTN, as Seller, AmeriCredit, individually and as Seller, the Debtor and the Collateral Agent,
as the same may be amended or supplemented from time to time in accordance with the terms thereof. 
  
 “Material Adverse Change” means, in respect of any Person, a material adverse change in (a) the business, financial condition, results of
operations or properties of such Person or (b) the ability of such Person to perform its obligations under any of the Transaction Documents. 
  
 “Moody’s” means Moody’s Investors Service, Inc., a Delaware corporation, and any successor thereto, and, if such corporation
shall for any reason no longer perform the functions of a securities rating agency, “Moody’s” shall be deemed to refer to any other nationally recognized rating agency designated by the Insurer. 
  
 “Note Purchase Agreement” means the Note Purchase Agreement,
dated as of September 21, 2004 among the Purchaser, the Debtor, the Servicer and the Administrative Agent with respect to the issuance of the Note, as the same may be amended from time to time. 
  
 “Obligor” means the original obligor under each Receivable,
including any guarantor of such obligor and their respective successors. 
  
 “Opinion Facts and Assumptions” means the facts and assumptions contained in the insolvency opinion dated October 1, 2004 by Dewey Ballantine LLP and the officer’s certificates attached as
exhibits thereto insofar as they relate to AMTN, AmeriCredit and the Debtor. 
  
 “Owner” shall have the meaning set forth in the Policy. 
  
 “Person” means an individual, joint stock company, trust, unincorporated association, joint venture, corporation, business or owner
trust, limited liability company, partnership or other organization or entity (whether governmental or private). 
  
 “Premium Letter” means the Premium Letter from the Insurer to AmeriCredit dated October 1, 2004. 
  
 “Premium Percentage” shall have the meaning ascribed to such
term in Section 3.02 hereof. 
  
 “Purchaser”
means Meridian Funding Company, LLC. 
  

 3 

 “Sale and Contribution Agreement” means the Sale and Contribution Agreement dated as of
October 1, 2004 between AMTN and AmeriCredit Financial Services, Inc. as the same may be amended or supplemented from time to time in accordance with the terms thereof. 
  
 “Securities Act” means the Securities Act of 1933, including, unless the context otherwise requires, the
rules and regulations thereunder, as amended from time to time. 
  
 “Securities Exchange Act” means the Securities Exchange Act of 1934, including, unless the context otherwise requires, the rules and regulations thereunder, as amended from time to time. 
  
 “Security Agreement” means the Security Agreement dated as
of October 1, 2004 among the Debtor, AmeriCredit, AMTN, the Collateral Agent and the Securities Intermediary as the same may be amended or supplemented from time to time in accordance with the terms thereof. 
  
 “Servicing and Custodian Agreement” means the Servicing and
Custodian Agreement dated as of October 1, 2004 between the Custodian, the Servicer, the Debtor and the Collateral Agent as the same may be amended or supplemented from time to time in accordance with the terms thereof. 
  
 “Standby Servicer” means Systems & Services
Technologies, Inc., and its successors and assigns, and any successor standby servicer appointed by the Insurer. 
  
 “Standby Servicing Agreement” means the Standby Servicing and Successor Servicer Agreement dated as of October 1, 2003 among AmeriCredit,
as initial servicer and custodian, the Debtor, the Insurer, the Collateral Agent and the Standby Servicer, and any other agreement pursuant to which a Standby Servicer agrees to assume the obligations of the Servicer following the termination or
resignation of the Servicer, together with any amendment or supplement thereto. 
  
 “S&P” means Standard & Poor’s Ratings Services, a division of The McGraw-Hill Companies, Inc., and any successor thereto, and, if such corporation shall for any reason no longer perform
the functions of a securities rating agency, “S&P” shall be deemed to refer to any other nationally recognized rating agency designated by the Insurer. 
  
 “Term of the Insurance Agreement” shall be determined as provided in Section 4.01 hereof. 
  
 “Transaction” means the transactions contemplated by the
Transaction Documents, including the transactions described in the Transaction Documents. 
  
 “Transaction Documents” means the Security Agreement, the Master Receivables Purchase Agreement, the Servicing and Custodian Agreement, the Standby Servicing Agreement, the Trust Agreement, the
Tri-Party Remittance Processing Agreement, this Insurance Agreement, the Premium Letter, the Note Purchase Agreement, the Sale and Contribution Agreement, the Note and each Hedging Arrangement. 
  

 4 

 “Tri-Party Remittance Processing Agreement” means the Tri-Party Remittance Processing
Agreement dated as of October 1, 2004 among the Servicer, the Collateral Agent and Bank One, NA as Processor, as the same may be amended or supplemented from time to time in accordance with the terms thereof. 
  
 “Trust Agreement” means the Amended and Restated Trust
Agreement dated as of October 1, 2004 among AmeriCredit, AMTN and Wilmington Trust Company, as Trustee, as the same may be amended or supplemented from time to time in accordance with the terms thereof. 
  
 “Trust Indenture Act” means the Trust Indenture Act of 1939,
including, unless the context otherwise requires, the rules and regulations thereunder, as amended from time to time. 
  
 ARTICLE II 
  
 REPRESENTATIONS, WARRANTIES AND COVENANTS 
  
 Section 2.01. Representation and Warranties of AmeriCredit, the Servicer, the Custodian, the Sellers and the Debtor. AmeriCredit, the Servicer, the
Custodian, each Seller and the Debtor represent, warrant and covenant as of the Date of Issuance, each as to those matters relating to itself, as follows: 
  
 (a) Due Organization and Qualification. The Servicer, AmeriCredit, the Custodian, the Sellers and the Debtor are each a
corporation or a Delaware statutory trust, duly organized, validly existing and in good standing under the laws of its respective jurisdiction of organization. Each of the Servicer, AmeriCredit, the Custodian, the Sellers and the Debtor is duly
qualified to do business, is in good standing and has obtained all licenses, permits, charters, registrations and approvals (together, “approvals”) necessary for the conduct of its business as currently conducted and as described in the
Transaction Documents and the performance of its obligations under the Transaction Documents in each jurisdiction in which the failure to be so qualified or to obtain such approvals would render any Transaction Document unenforceable in any respect
or would have a material adverse effect upon the Transaction, the Owner or the Insurer. 
  
 (b) Power and Authority. Each of the Servicer, AmeriCredit, the Custodian, the Sellers and the Debtor has all necessary
power and authority to conduct its business as currently conducted and, as described in the Transaction Documents, to execute, deliver and perform its obligations under the Transaction Documents and to consummate the Transaction. 
  
 (c) Due Authorization. The execution, delivery
and performance of the Transaction Documents by the Servicer, AmeriCredit, the Custodian, the Sellers and the Debtor have been duly authorized by all necessary action and do not require any additional approvals or consents of, or other action by or
any notice to or filing with, any Person, including, without limitation, any governmental entity or the Servicer’s, AmeriCredit’s, the Custodian’s, the Sellers’ or the Debtor’s stockholders, which have not previously been
obtained or given by the Servicer, AmeriCredit, the Custodian, the Sellers or the Debtor. 
  

 5 

 (d) Noncontravention. None of the execution and delivery of the Transaction
Documents by the Servicer, AmeriCredit, the Custodian, the Sellers or the Debtor, the consummation of the transactions contemplated thereby or the satisfaction of the terms and conditions of the Transaction Documents: 
  
 (i) conflicts with or results in any breach or violation of
any provision of the organizational documents of the Servicer, AmeriCredit, the Custodian, the Sellers or the Debtor or any law, rule, regulation, order, writ, judgment, injunction, decree, determination or award currently in effect having
applicability to the Servicer, AmeriCredit, the Custodian, the Sellers or the Debtor or any of their material properties, including regulations issued by an administrative agency or other governmental authority having supervisory powers over the
Servicer, AmeriCredit, the Custodian, the Sellers or the Debtor; 
  
 (ii) constitutes a default by the Servicer, AmeriCredit, the Custodian, the Sellers or the Debtor under or a breach of any provision of any loan agreement, mortgage, indenture or other agreement or instrument to which
the Servicer, AmeriCredit, the Custodian, the Sellers or the Debtor is a party or by which any of its or their respective properties, which are individually or in the aggregate material to the Servicer, AmeriCredit, the Custodian, the Sellers or the
Debtor, is or may be bound or affected; or 
  
 (iii) results in or requires the creation of any lien upon or in respect of any assets of the Servicer, AmeriCredit, the Custodian, the Sellers or the Debtor, except as contemplated by the Transaction Documents. 
  
 (e) Legal Proceedings. There is no action,
proceeding or investigation by or before any court, governmental or administrative agency or arbitrator against or affecting the Servicer, AmeriCredit, the Custodian, the Sellers, the Debtor or any of its or their subsidiaries, or any properties or
rights of the Servicer, AmeriCredit, the Custodian, the Sellers, the Debtor or any of its or their subsidiaries, pending or, to the Servicer’s, AmeriCredit’s, the Custodian’s, the Sellers’ or the Debtor’s knowledge after
reasonable inquiry, threatened, which in any case could reasonably be expected to result in a Material Adverse Change with respect to the Servicer, AmeriCredit, the Sellers, the Custodian or Debtor. 
  
 (f) Valid and Binding Obligations. The Note,
when executed, authenticated and issued in accordance with the Note Purchase Agreement, and the Transaction Documents (other than the Note), when executed and delivered by the Servicer, the Sellers, AmeriCredit, the Custodian and the Debtor, will
constitute the legal, valid and binding obligations of the Servicer, AmeriCredit, the Custodian, the Sellers and the Debtor, as applicable, enforceable in accordance with their respective terms, except as such enforceability may be limited by
bankruptcy, insolvency, reorganization, moratorium or other similar laws affecting creditors’ rights generally and general equitable principles and public policy considerations as to rights of indemnification for violations of federal
securities laws. None of the Servicer, AmeriCredit, the Custodian, the Sellers or the 

  

 6 

 
Debtor will at any time in the future deny that the Transaction Documents constitute the legal, valid and binding obligations of the Servicer, AmeriCredit,
the Custodian, the Sellers or the Debtor, as applicable. 
  
 (g) Financial Statements. The Financial Statements of AmeriCredit Corp., copies of which have been furnished to the Insurer by AmeriCredit, (i) are, as of the dates and for the periods referred to
therein, complete and correct in all material respects, (ii) present fairly the financial condition and results of operations of AmeriCredit Corp. as of the dates and for the periods indicated and (iii) have been prepared in accordance with
generally accepted accounting principles consistently applied, except as noted therein (subject as to interim statements to normal year-end adjustments). Since the date of the most recent Financial Statements, there has been no Material Adverse
Change in respect of AmeriCredit Corp., the Custodian, AmeriCredit, the Sellers and the Servicer. Except as disclosed in the Financial Statements, AmeriCredit Corp., the Custodian, AmeriCredit, the Sellers and the Servicer are not subject to any
contingent liabilities or commitments that, individually or in the aggregate, have a material possibility of causing a Material Adverse Change in respect of AmeriCredit Corp., the Custodian, AmeriCredit, the Sellers and the Servicer. 
  
 (h) Compliance With Law, Etc. No practice,
procedure or policy employed, or proposed to be employed, by the Servicer, the Custodian, AmeriCredit, the Sellers or the Debtor in the conduct of its business violates any law, regulation, judgment, agreement, order or decree applicable to any of
them that, if enforced, could reasonably be expected to result in a Material Adverse Change with respect to the Servicer, the Custodian, AmeriCredit, the Sellers or the Debtor. The Servicer, the Custodian, AmeriCredit, the Sellers and the Debtor are
not in breach of or in default under any applicable law or administrative regulation of its respective jurisdiction of organization, or any department, division, agency or instrumentality thereof or of the United States or any applicable judgment or
decree or any loan agreement, note, resolution, certificate, agreement or other instrument to which the Servicer, the Custodian, AmeriCredit, the Sellers or the Debtor is a party or is otherwise subject which, if enforced, would have a material
adverse effect on the ability of the Servicer, the Custodian, AmeriCredit, the Sellers or the Debtor, as the case may be, to perform its respective obligations under the Transaction Documents. 
  
 (i) Taxes. The Servicer, AmeriCredit, the
Custodian, the Sellers and the Debtor and the Servicer’s, AmeriCredit’s, the Custodian’s, the Sellers’ and the Debtor’s parent company or companies have filed prior to the date hereof all federal and state tax returns that
are required to be filed and paid all taxes, including any assessments received by them that are not being contested in good faith, to the extent that such taxes have become due, except for any failures to file or pay that, individually or in the
aggregate, would not result in a Material Adverse Change with respect to the Servicer, AmeriCredit, the Custodian, the Sellers or the Debtor. 
  
 (j) Accuracy of Information. Neither the Transaction Documents nor other information relating to the Receivables, the
operations of the Servicer, AmeriCredit, the 

  

 7 

 
Custodian, the Sellers or the Debtor (including servicing or origination of loans) or the financial condition of the Servicer, AmeriCredit, the Custodian,
the Sellers or the Debtor (collectively, the “Documents”), as amended, supplemented or superseded, furnished to the Insurer by the Servicer, the Custodian, AmeriCredit, the Sellers or the Debtor contains any statement of a material fact by
the Servicer, the Custodian, AmeriCredit, the Sellers or Debtor which was untrue or misleading in any material adverse respect when made. None of the Servicer, AmeriCredit, the Custodian, the Sellers or the Debtor has any knowledge of circumstances
that could reasonably be expected to cause a Material Adverse Change with respect to the Servicer, AmeriCredit, the Custodian, the Sellers or the Debtor. Since the furnishing of the Documents, there has been no change or any development or event
involving a prospective change known to the Servicer, AmeriCredit, the Custodian, the Sellers or the Debtor that would render any of the Documents untrue or misleading in any material respect. 
  
 (k) Compliance With Securities Laws. The offer
and sale of the Note comply in all material respects with all requirements of law, including all registration requirements of applicable securities laws. Neither the offer nor the sale of the Note has been or will be in violation of the Securities
Act or any other federal or state securities laws. The Debtor is not required to be registered as an “investment company” under the Investment Company Act. 
  
 (l) Transaction Documents. Each of the representations and warranties of the Servicer,
AmeriCredit, the Custodian, the Sellers and the Debtor contained in the Transaction Documents is true and correct in all material respects, and the Servicer, AmeriCredit, the Custodian, the Sellers and the Debtor hereby make each such representation
and warranty to, and for the benefit of, the Insurer as if the same were set forth in full herein. 
  
 (m) Solvency; Fraudulent Conveyance. The Servicer, AmeriCredit, the Custodian, the Sellers and the Debtor are solvent and
will not be rendered insolvent by the Transaction and, after giving effect to the Transaction, none of the Servicer, AmeriCredit, the Custodian, the Sellers or the Debtor will be left with an unreasonably small amount of capital with which to engage
in its business, nor does the Servicer, AmeriCredit, the Custodian, the Sellers or the Debtor intend to incur, or believe that it has incurred, debts beyond its ability to pay as they mature. None of the Servicer, AmeriCredit, the Custodian, the
Sellers or the Debtor contemplates the commencement of insolvency, bankruptcy, liquidation or consolidation proceedings or the appointment of a receiver, liquidator, conservator, trustee or similar official in respect of the Servicer, AmeriCredit,
the Custodian, the Sellers or the Debtor or any of their assets. The amount of consideration being received by the Debtor upon the sale of the Note to the Purchaser constitutes reasonably equivalent value and fair consideration for the interest in
the Receivables securing the Note. The Sellers are not transferring the Receivables to the Debtor, the Debtor is not pledging the Receivables to the Secured Parties and the Debtor is not selling the Note to the Purchaser, as provided in the
Transaction Documents, with any intent to hinder, delay or defraud any of the Seller’s, AmeriCredit’s, the Custodian’s or the Debtor’s creditors. 
  

 8 

 (n) Principal Place of Business. The principal place of business of
AmeriCredit, the Servicer and the Custodian is located in Fort Worth, Texas, the principal place of business of AMTN is located in Fort Worth, Texas and the principal place of business of the Debtor is located in Wilmington, Delaware. 
  
 (o) Opinion Facts and Assumptions. The Opinion
Facts and Assumptions insofar as they relate to AMTN, AmeriCredit and the Debtor are true and correct as of the Date of Issuance. 
  
 Section 2.02. Affirmative Covenants of the Servicer, AmeriCredit, the Custodian, the Sellers and the Debtor. The Servicer, AmeriCredit, the
Custodian, the Sellers and the Debtor hereby agree that during the Term of the Insurance Agreement, unless the Insurer shall otherwise expressly consent in writing: 
  
 (a) Compliance With Agreements and Applicable Laws. The Servicer, AmeriCredit, the Custodian,
the Sellers and the Debtor shall not be in default under the Transaction Documents and shall comply with all material requirements of any law, rule or regulation applicable to it. None of the Servicer, AmeriCredit, the Custodian, the Sellers or the
Debtor shall agree to any amendment to or modification of the terms of any Transaction Documents unless the Insurer shall have given its prior written consent. 
  

(b) Corporate Existence. The Servicer, its successors and assigns, AmeriCredit, its successors and assigns, the
Custodian, its successors and assigns, the Sellers, its successor and assigns and the Debtor, its successors and assigns, shall maintain their corporate or statutory trust existence and shall at all times continue to be duly organized under the laws
of their respective jurisdictions of organization and duly qualified and duly authorized (as described in section 2.01(a), (b) and (c) hereof) and shall conduct its business in accordance with the terms of its certificate or articles of
incorporation, bylaws and organizational documents. 
  
 (c) Financial Statements; Accountants’ Reports; Other Information. The Servicer, AmeriCredit, the Custodian, the Sellers and the Debtor shall keep or cause to be kept in reasonable detail books and records of account of
their assets and business, including, but not limited to, books and records relating to the Transaction. The Servicer shall furnish or cause to be furnished to the Insurer: 
  
 (i) Annual Financial Statements. As soon as available, and in any event within 120 days after the
close of each fiscal year of AmeriCredit Corp., the audited consolidated balance sheets of AmeriCredit Corp., and its subsidiaries as of the end of such fiscal year and the related audited consolidated statements of income, changes in
shareholders’ equity and cash flows for such fiscal year, all in reasonable detail and stating in comparative form the respective figures for the corresponding date and period in the preceding fiscal year, prepared in accordance with generally
accepted accounting principles consistently applied and accompanied by the audit opinion of AmeriCredit Corp’s independent accountants (which shall be nationally recognized independent public accounting firms) and by the certificate specified
in Section 2.02(e) hereof. 
  

 9 

 (ii) Quarterly Financial Statements. As soon as available, and in any event within
90 days after each of the first three fiscal quarters of each fiscal year of AmeriCredit Corp., the unaudited consolidated balance sheets of AmeriCredit Corp. and its subsidiaries as of the end of such fiscal quarter and the related unaudited
consolidated statements of income, changes in shareholders’ equity and cash flows for such fiscal quarter, all in reasonable detail and stating in comparative form the respective figures for the corresponding date and period in the preceding
fiscal year, prepared in accordance with generally accepted accounting principles consistently applied and accompanied by the certificate specified in Section 2.02(e) hereof. 
  
 (iii) Initial and Continuing Reports. On or before the Closing Date, the Servicer will provide the
Insurer a copy of the magnetic tape to be delivered to the Collateral Agent on the Closing Date, setting forth, as to each Receivable, the information (as of the close of business on the prior day) required under the definition of “Schedule of
Receivables” at Section 1.2 of the Master Receivables Purchase Agreement. Thereafter, the Servicer shall deliver to the Insurer not later than 5:00p.m., New York City time, on each Determination Date the report required by Section 2.9 of the
Servicing and Custodian Agreement. 
  
 (iv)
Computer Diskette. Upon request of the Insurer, the Servicer will deliver to the Insurer on a quarterly basis a computer diskette containing a summary of the information provided to the Insurer pursuant to clause (iii) of this Section 2.02(c)
and also containing information similar to the information provided in the Schedule of Receivables and the Supplements delivered to the Collateral Agent pursuant to the Master Receivables Purchase Agreement and described in Exhibit A of the Master
Receivables Purchase Agreement. 
  
 (v)
Certain Information. Upon the reasonable request of the Insurer, the Servicer shall promptly provide copies of any requested proxy statements, financial statements, reports and registration statements which the Servicer, the Sellers or the
Custodian files with, or delivers to, the Commission or any national securities exchange. 
  
 (vi) Other Information. Promptly upon receipt thereof, copies of all schedules, financial statements or other similar reports
delivered to or by AmeriCredit, the Servicer, the Custodian, the Sellers or the Debtor pursuant to the terms of the Security Agreement and the Servicing and Custodian Agreement and, promptly upon request, such other data as the Insurer may
reasonably request. 
  
 All financial statements
specified in clause (i) of this Section 2.02(c) shall be furnished in consolidated form for AmeriCredit Corp. and all its subsidiaries in the event AmeriCredit Corp. shall consolidate its financial statements with its subsidiaries. 
  

 10 

 The Insurer agrees that it and its agents, accountants and attorneys shall keep
confidential all financial statements, reports and other information delivered by the Servicer pursuant to this Section 2.02(c) to the extent provided in Section 2.02(f) hereof. 
  
 (d) Reserved. 
  
 (e) Compliance Certificate. AmeriCredit, the Servicer and the Sellers shall deliver to the
Insurer, concurrently with the delivery of the financial statements required pursuant to Section 2.02(c)(i) and (ii) hereof, one or more certificates signed by an officer of AmeriCredit, an officer of the Servicer and an officer of the applicable
Seller authorized to execute such certificates on behalf of AmeriCredit, the Servicer and the Sellers stating that: 
  
 (i) a review of the Servicer’s performance under the Transaction Documents during such period has been made under such officer’s
supervision; 
  
 (ii) to the best of such
individual’s knowledge following reasonable inquiry, no Default or Event of Default has occurred or, if a Default or Event of Default has occurred, specifying the nature thereof and, if the Servicer has a right to cure pursuant to Section 4.1
of the Servicing and Custodian Agreement, stating in reasonable detail (including, if applicable, any supporting calculations) the steps, if any, being taken by the Servicer to cure such Default or Event of Default or to otherwise comply with the
terms of the agreement to which such Default or Event of Default relates; 
  
 (iii) the attached financial statements submitted in accordance with Section 2.02(c)(i) or (ii) hereof, as the case may be, are complete and correct in all material respects and present fairly the financial condition
and results of operations of AmeriCredit, the Sellers and the Servicer as of the dates and for the periods indicated, in accordance with generally accepted accounting principles consistently applied; and 
  
 (iv) the Servicer has in full force and effect a blanket
fidelity bond (or direct surety bond) and an errors and omissions insurance policy in accordance with the terms and requirements of Section 2.14 of the Servicing and Custodian Agreement. 
  
 (f) Access to Records; Discussions With Officers and Accountants. On an annual basis, or upon
the occurrence of a Material Adverse Change, a Default or an Event of Default, AmeriCredit, the Servicer, the Sellers and the Custodian shall, upon the reasonable request of the Insurer, permit the Insurer or its authorized agents: 
  
 (i) to inspect the books and records of AmeriCredit, the
Servicer, the Sellers and of the Custodian as they may relate to the Note, the obligations of AmeriCredit, the Servicer, the Sellers or of the Custodian under the Transaction Documents, and the Transaction; 
  

 11 

 (ii) to discuss the affairs, finances and accounts of AmeriCredit, the Servicer, the
Sellers or of the Custodian with the chief operating officer and the chief financial officer of the Servicer, the Sellers or of the Custodian, as the case may be; and 
  
 (iii) with AmeriCredit’s, the Servicer’s, the Sellers’ or the Custodian’s consent, as
applicable, which consent shall not be unreasonably withheld, to discuss the affairs, finances and accounts of AmeriCredit, the Servicer, the Sellers or the Custodian with AmeriCredit’s, the Servicer’s, the Sellers’ or the
Custodian’s independent accountants, provided that an officer of AmeriCredit, the Servicer, the Sellers or the Custodian shall have the right to be present during such discussions. 
  
 Such inspections and discussions shall be conducted during normal business hours and shall not unreasonably
disrupt the business of AmeriCredit, the Servicer, the Sellers or the Custodian. The books and records of AmeriCredit shall be maintained at the address of AmeriCredit designated herein for receipt of notices, unless AmeriCredit shall otherwise
advise the parties hereto in writing. The books and records of each Seller shall be maintained at the address of the applicable Seller designated herein for receipt of notices, unless the applicable Seller shall otherwise advise the parties hereto
in writing. The books and records of the Servicer shall be maintained at the address of the Servicer designated herein for receipt of notices, unless the Servicer shall otherwise advise the parties hereto in writing. The books and records of the
Custodian shall be maintained at the address of the Custodian designated herein for receipt of notices, unless the Custodian shall otherwise advise the parties hereto in writing. 
  
 The Insurer agrees that it and its shareholders, directors, agents, accountants and attorneys shall keep
confidential any matter of which it becomes aware through such inspections or discussions (unless readily available from public sources), except as may be otherwise required by regulation, law or court order or requested by appropriate governmental
authorities or as necessary to preserve its rights or security under or to enforce the Transaction Documents, provided that the foregoing shall not limit the right of the Insurer to make such information available to its regulators, securities
rating agencies, reinsurers, credit and liquidity providers, counsel and accountants. 
  
 (g) Notice of Material Events. AmeriCredit, the Servicer, the Sellers, the Custodian and the Debtor shall be obligated
(which obligation shall be satisfied as to each if performed by AmeriCredit, the Servicer, the Sellers, the Custodian or the Debtor) promptly to inform the Insurer in writing of the occurrence of any of the following to the extent any of the
following relate to it: 
  
 (i) the submission of
any claim or the initiation or threat of any legal process, litigation or administrative or judicial investigation or rule making or disciplinary proceeding in any federal, state or local court or before any arbitration board, or any such proceeding
threatened by any government agency, that has a reasonable likelihood of being adversely determined and (A) if so determined, 

  

 12 

 
could have a material adverse effect on the Debtor, the Owner or the Insurer, (B) would be required to be disclosed to the Commission or to
AmeriCredit’s, the Servicer’s, a Seller’s, the Custodian’s or the Debtor’s shareholders or (C) would result in a Material Adverse Change with respect to AmeriCredit, the Servicer, the Custodian, the Sellers or the Debtor;

  
 (ii) any change in the location of
AmeriCredit’s, the Servicer’s, the Custodian’s, a Seller’s or the Debtor’s principal office or any change in the location of AmeriCredit’s, the Servicer’s, the Custodian’s, a Seller’s or the Debtor’s
books and records; 
  
 (iii) the occurrence of
any Default or Event of Default or of any Material Adverse Change; 
  
 (iv) the commencement of any proceedings by or against AmeriCredit, the Servicer, the Custodian, a Seller or the Debtor under any applicable bankruptcy, reorganization, liquidation, rehabilitation, insolvency or other
similar law now or hereafter in effect or of any proceeding in which a receiver, liquidator, conservator, trustee or similar official shall have been, or may be, appointed or requested for AmeriCredit, the Servicer, the Custodian, a Seller or the
Debtor or any of its or their assets; or 
  
 (v)
the receipt of notice that (A) AmeriCredit, the Servicer, the Custodian, either Seller or the Debtor is being placed under regulatory supervision, (B) any license, permit, charter, registration or approval necessary for the conduct of
AmeriCredit’s, the Servicer’s, a Seller’s, the Custodian’s or the Debtor’s business is to be or may be suspended or revoked, or (C) AmeriCredit, the Servicer, the Sellers, the Custodian or the Debtor is to cease and desist
any practice, procedure or policy employed by AmeriCredit, the Servicer, the Sellers, the Custodian or the Debtor in the conduct of its business, which, in any such case, may result in a Material Adverse Change with respect to AmeriCredit, the
Servicer, the Custodian, the Sellers or the Debtor or would have a material adverse effect on the Owner or the Insurer. 
  
 (h) Financing Statements and Further Assurances. The Servicer will cause to be filed all necessary financing statements or
other instruments, and any amendments or continuation statements relating thereto, necessary to be kept and filed in such manner and in such places as may be required by law to preserve and protect fully the interest of the Collateral Agent in the
Collateral. In addition, each of the Servicer, the Custodian, the Sellers and the Debtor agrees to cooperate with S&P and Moody’s in connection with any review of the Transaction that may be undertaken by S&P or Moody’s after the
date hereof and to provide all information reasonably requested by S&P or Moody’s. In the event that a successor servicer is appointed pursuant to the Servicing and Custodian Agreement, the transition costs and expenses incurred by such
successor servicer shall be paid in accordance with Section 2.3 of the Security Agreement. 
  

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 (i) Maintenance of Licenses. AmeriCredit, the Servicer, the Custodian, the
Sellers and the Debtor, respectively, or any successors thereof shall maintain or cause to be maintained all licenses, permits, charters and registrations which are material to the conduct of its business. 
  
 (j) Redemption of Note. AmeriCredit, the
Servicer, the Custodian, the Sellers and the Debtor shall instruct the Collateral Agent, upon redemption or payment in full of the Note pursuant to the Security Agreement or otherwise, to furnish to the Insurer a notice of such redemption and, upon
a redemption or payment in full of the Note, to surrender the Policy to the Insurer for cancellation. 
  
 (k) Reserved. 
  
 (l) Servicing of Receivables. The Servicer shall perform such actions with respect to the Receivables as are required by or
provided in the Security Agreement or the Servicing and Custodian Agreement. The Servicer will provide the Insurer with written notice of any change or amendment to any Transaction Document as currently in effect. 
  
 (m) Maintenance of Security Interest. On or
before each December 1, beginning in 2005, so long as the Note is outstanding, the Servicer shall furnish to the Insurer and the Collateral Agent an officers’ certificate either stating that such action has been taken with respect to the
recording, filing, rerecording and refiling of any financing statements and continuation statements as is necessary to maintain the interest of the Collateral Agent created by the Security Agreement with respect to the Collateral and reciting the
details of such action or stating that no such action is necessary to maintain such interests. Such officers’ certificate shall also describe the recording, filing, rerecording and refiling of any financing statements and continuation
statements that will be required to maintain the interest of the Collateral Agent in the Collateral until the date such next officers’ certificate is due. The Servicer will use its best efforts to cause any necessary recordings or filings to be
made with respect to the Collateral. 
  
 (n)
Closing Documents. The Servicer shall provide or cause to be provided to the Insurer a loose transcript of the Transaction Documents and an executed original copy of each document executed in connection with the Transaction within 60
days after the date of closing. Upon the request of the Insurer, the Servicer shall provide or cause to be provided to the Insurer a copy of each of the Transaction Documents on computer diskette, in a format acceptable to the Insurer. 

 
 (o) Preference Payments. With respect to
any Preference Amount (as defined in the Policy), the Servicer shall provide to the Insurer upon the request of the Insurer: 
  
 (i) a certified copy of the final nonappealable order of a court having competent jurisdiction ordering the recovery by a trustee in
bankruptcy as voidable preference amounts included in previous distributions under Section 2.3 of the Security Agreement to any Owner pursuant to the United States Bankruptcy Code, 11 U.S.C. §§ 101 et seq., as amended (the “Bankruptcy
Code”); 
  

 14 

 (ii) an opinion of counsel satisfactory to the Insurer, and upon which the Insurer shall
be entitled to rely, stating that such order is final and is not subject to appeal; 
  
 (iii) an assignment in such form as is reasonably required by the Insurer, irrevocably assigning to the Insurer all rights and claims of
the Servicer, the Collateral Agent and any Owner relating to or arising under the Receivable against the debtor which made such preference payment or otherwise with respect to such preference amount; and 
  
 (iv) appropriate instruments to effect (when executed by the
affected party) the appointment of the Insurer as agent for the Collateral Agent and any Owner in any legal proceeding relating to such preference payment being in a form satisfactory to the Insurer. 
  
 (p) Servicer and AMTN To Hold Class A Certificates of
the Debtor. The Servicer and AMTN shall hold, either directly or indirectly, all of the Class A Certificates of the Debtor during the Term of the Insurance Agreement. Neither the Servicer nor AMTN shall sell, pledge or otherwise
transfer such Class A Certificates without the prior written consent of the Insurer. 
  
 (q) Collateral Agent to Hold Class B Certificates of the Debtor. The Collateral Agent shall hold, either directly or
indirectly, all of the Class B Certificates of the Debtor for the benefit of the Insurer. The Collateral Agent shall cast any votes, direct any action or waive any action, in each case in its capacity as the Class B Certificateholder, only at the
written direction of the Insurer. The Collateral Agent shall not sell, pledge or otherwise transfer to the Class B Certificates except upon the written instructions of the Insurer. 
  
 (r) Tax Matters. The Servicer and the Debtor shall take such actions necessary and as
reasonably requested by the Insurer to ensure that the Debtor is taxable as a partnership for federal and state income tax purposes and not as an association (or publicly traded partnership) taxable as a corporation. 
  
 (s) Standby Servicer. The Servicer shall be
liable for and shall promptly pay the fees and expenses payable to the Standby Servicer pursuant to the Standby Servicing Agreement. 
  
 (t) Successor Servicer. If servicing is transferred from the Servicer to a successor Servicer pursuant to Article IV of the
Servicing and Custodian Agreement, then in the event that the fees and expenses of a successor servicer or any transition costs relating to the transfer of servicing from the Servicer to the successor servicer exceed the amounts payable to such
outgoing Servicer under the Security Agreement, AmeriCredit shall promptly pay such fees, expenses or transition costs. 
  

 15 

 Section 2.03. Negative Covenants of AmeriCredit, the Servicer, the Custodian, the Sellers and the
Debtor. AmeriCredit, the Servicer, the Custodian, the Sellers and the Debtor hereby agree that during the Term of the Insurance Agreement, unless the Insurer shall otherwise expressly consent in writing: 
  
 (a) Impairment of Rights. None of AmeriCredit,
the Servicer, the Custodian, the Sellers or the Debtor shall take any action, or fail to take any action, if such action or failure to take action may result in a material adverse change as described in clause (b) of the definition of Material
Adverse Change with respect to AmeriCredit, the Servicer, the Custodian, the Sellers or the Debtor, or may interfere with the enforcement of any rights of the Insurer under or with respect to the Transaction Documents. AmeriCredit, the Servicer, the
Custodian, the Sellers or the Debtor shall give the Insurer written notice of any such action or failure to act on the earlier of (i) the date upon which any publicly available filing or release is made with respect to such action or failure to act
or (ii) promptly prior to the date of consummation of such action or failure to act. AmeriCredit, the Servicer, the Custodian, the Sellers and the Debtor shall furnish to the Insurer all information requested by it that is reasonably necessary to
determine compliance with this Section (a). 
  
 (b) Adverse Selection Procedure. AmeriCredit, the Servicer, the Custodian, the Sellers and the Debtor shall not use any adverse selection procedure in selecting Receivables to be transferred to the Collateral from the
outstanding Receivables that qualify under the Security Agreement or Servicing and Custodian Agreement for inclusion in the Collateral. 
  
 (c) Waiver, Amendments, Etc. None of AmeriCredit, the Servicer, the Custodian, the Sellers or the Debtor shall waive, modify
or amend, or consent to any waiver, modification or amendment of, any of the terms, provisions or conditions of any of the Transaction Documents without the prior written consent of the Insurer. 
  
 (d) Receivables; Charge off Policy. Except as
otherwise permitted in the Security Agreement or Servicing and Custodian Agreement, the Servicer and the Sellers shall not materially alter or amend any Receivable, their respective collection policies or their respective charge-off policies in a
manner that materially adversely affects the Insurer unless the Insurer shall have previously given its consent, which consent shall not be withheld unreasonably. 
  
 (e) Use of Insurer’s Name. None of AmeriCredit, the Servicer, the Custodian, the Sellers
or the Debtor shall use the Insurer’s name in any public documents, including, without limitation, any press release or presentation, announcement or forum (other than verbal communications regarding prior public transactions limited to
information regarding the Insurer that is available to the general public) without the Insurer’s prior written consent, which consent shall not be unreasonably withheld or delayed. In the event that any of AmeriCredit, the Servicer, the
Custodian, the Sellers or the Debtor is advised by counsel that AmeriCredit, the Servicer, the Custodian, the Sellers or the Debtor has a legal obligation to disclose the Insurer’s name in any press release, 

  

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public announcement or other public document, AmeriCredit, the Servicer, the Custodian, the Sellers or the Debtor, whichever has been so advised, shall
provide the Insurer with at least three Business Days prior written notice of its intent to use the Insurer’s name, together with a copy of the proposed use of the Insurer’s name and of any description of a transaction involving the
Insurer and shall make changes to the form or substance of the proposed use of the Insurer’s name or any such description that the Insurer reasonably requests unless AmeriCredit, the Servicer, the Custodian, the Sellers or the Debtor is advised
by counsel that such change is not permitted under applicable law; provided, however, that AmeriCredit may disclose the Issuer’s name in a prospectus supplement or registration statement concerning a securitization transaction as to which the
Insurer provides a financial guaranty insurance policy without notice to and the consent of Insurer. 
  
 Section 2.04. Representations, Warranties and Covenants of the Collateral Agent and Securities Intermediary. The Collateral Agent and Securities
Intermediary represents and warrants to, as of the Date of Issuance, and covenants with the other parties hereto as follows: 
  
 (a) Due Organization and Qualification. Each of the Collateral Agent and Securities Intermediary is a New York banking
corporation, duly organized, validly existing and in good standing under the laws of its jurisdiction of incorporation. Each of the Collateral Agent and Securities Intermediary are duly qualified to do business, is in good standing and has obtained
all licenses, permits, charters, registrations and approvals (together, “approvals”) necessary for the conduct of its business as currently conducted and as described in the Transaction Documents and the performance of its obligations
under the Transaction Documents in each jurisdiction in which the failure to be so qualified or to obtain such approvals would render any Transaction Document unenforceable in any respect or would have a material adverse effect upon the Transaction,
the Owner or the Insurer. 
  
 (b) Due
Authorization. The execution, delivery and performance of the Transaction Documents by the Collateral Agent and Securities Intermediary have been duly authorized by all necessary corporate action and do not require any additional approvals
or consents of, or other action by or any notice to or filing with, any Person, including, without limitation, any governmental entity or the Collateral Agent and Securities Intermediary’s stockholders, which have not previously been obtained
or given by the Collateral Agent and Securities Intermediary. 
  
 (c) Noncontravention. To the best of its knowledge, none of the execution and delivery of the Transaction Documents by the Collateral Agent or the Securities Intermediary, the consummation of the
transactions contemplated thereby or the satisfaction of the terms and conditions of the Transaction Documents: 
  
 (i) conflicts with or results in any breach or violation of any provision of the certificate or articles of incorporation or bylaws of the
Collateral Agent or the Securities Intermediary or any law, rule, regulation, order, writ, judgment, injunction, decree, determination or award currently in effect having applicability to the Collateral Agent or the Securities Intermediary or any of
its material 

  

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properties, including regulations issued by an administrative agency or other governmental authority having supervisory powers over the Collateral Agent or
the Securities Intermediary; 
  
 (ii) constitutes
a default by the Collateral Agent or the Securities Intermediary under or a breach of any provision of any loan agreement, mortgage, indenture or other agreement or instrument to which the Collateral Agent or the Securities Intermediary is a party
or by which any of its properties, which are individually or in the aggregate material to the Collateral Agent or the Securities Intermediary, is or may be bound or affected; or 
  
 (iii) results in or requires the creation of any lien upon or in respect of any assets of the Collateral
Agent or the Securities Intermediary, except as contemplated by the Transaction Documents. 
  
 (d) Legal Proceedings. To the best of its knowledge, there is no action, proceeding or investigation by or before any court,
governmental or administrative agency or arbitrator against or affecting the Collateral Agent or the Securities Intermediary or any of its subsidiaries, or any properties or rights of the Collateral Agent or the Securities Intermediary or any of
their respective subsidiaries, pending or, to the Collateral Agent’s or the Securities Intermediary’s knowledge after reasonable inquiry, threatened, which in any case could reasonably be expected to result in a Material Adverse Change
with respect to the Collateral Agent or the Securities Intermediary. 
  
 (e) Valid and Binding Obligations. The Transaction Documents (other than the Note) to which the Collateral Agent or the Securities Intermediary is a party, when executed and delivered by the Collateral
Agent and Securities Intermediary, as applicable will constitute the legal, valid and binding obligations of the Collateral Agent or the Securities Intermediary, enforceable in accordance with their respective terms, except as such enforceability
may be limited by bankruptcy, insolvency, reorganization, moratorium or other similar laws affecting creditors’ rights generally and general equitable principles. The Collateral Agent and Securities Intermediary will not at any time in the
future deny that the Transaction Documents constitute the legal, valid and binding obligations of the Collateral Agent and Securities Intermediary. 
  
 (f) Compliance With Law, Etc. To the best of its knowledge, no practice, procedure or policy employed, or proposed to be
employed, by the Collateral Agent or the Securities Intermediary in the conduct of its business violates any law, regulation, judgment, agreement, order or decree applicable to the Collateral Agent or the Securities Intermediary that, if enforced,
could reasonably be expected to result in a Material Adverse Change with respect to the Collateral Agent or the Securities Intermediary. Neither the Collateral Agent nor Securities Intermediary are in breach of or in default under any applicable law
or administrative regulation of its jurisdiction of organization, or any department, division, agency or instrumentality thereof or of the United States or any applicable judgment or decree or any loan agreement, note, resolution, certificate,
agreement or other instrument to which the Collateral Agent or the Securities 

  

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Intermediary is a party or is otherwise subject which, if enforced, would have a material adverse effect on the ability of the Collateral Agent and
Securities Intermediary to perform its obligations under the Transaction Documents. 
  
 (g) Transaction Documents. Each of the representations and warranties of the Collateral Agent and Securities Intermediary
contained in the Transaction Documents is true and correct in all material respects, and the Collateral Agent and Securities Intermediary hereby makes each such representation and warranty to, and for the benefit of, the Insurer as if the same were
set forth in full herein. 
  
 (h)
Compliance and Amendments. The Collateral Agent and Securities Intermediary shall comply in all material respects with the terms and conditions of the Transaction Documents to which it is a party and the Collateral Agent and
Securities Intermediary shall not agree to any amendment to or modification of the terms of any of the Transaction Documents to which it is a party unless the Insurer shall otherwise give its prior written consent. 
  
 ARTICLE III 
  
 THE POLICY; REIMBURSEMENT 
  
 Section 3.01. Issuance of the Policy. The Insurer agrees to issue the
Policy on the Closing Date subject to satisfaction of the conditions precedent set forth below: 
  
 (a) Payment of Initial Premium and Expenses. The Insurer shall have been paid, by AmeriCredit that portion of a
nonrefundable Insurer Premium payable on the Date of Issuance, and AmeriCredit shall agree to reimburse or pay directly other fees and expenses identified in Section 3.02 hereof as payable. 
  
 (b) Transaction Documents. The Insurer shall
have received a fully executed copy of the Premium Letter and a copy of each of the Transaction Documents, in form and substance satisfactory to the Insurer, duly authorized, executed and delivered by each party thereto. 
  
 (c) Certified Documents and Resolutions. The
Insurer shall have received a copy of (i) the certificate or articles of incorporation and bylaws or other organizational documents of the Servicer, the Debtor, the Custodian and the Sellers (ii) the resolutions of each Seller’s board of
directors authorizing the sale of the Receivables and (iii) a certificate of the appropriate officers of the Servicer, the Custodian and each Seller stating that such certificate or articles of incorporation, bylaws, resolutions or other
organizational documents are in full force and effect without modification on the Date of Issuance). 
  
 (d) Incumbency Certificate. The Insurer shall have received a certificate of the Secretary or an Assistant Secretary of the
Servicer, each Seller and the Custodian certifying the names and signatures of the officers of the Servicer, the Sellers and the Custodian authorized to execute and deliver the Transaction Documents and that shareholder consent to the execution and
delivery of such documents is not necessary. 
  

 19 

 (e) Representations and Warranties; Certificate. The representations and
warranties of the Servicer, each Seller, the Custodian and the Debtor set forth or incorporated by reference in this Insurance Agreement shall be true and correct as of the Date of Issuance as if made on the Date of Issuance, and the Insurer shall
have received a certificate of appropriate officers of the Servicer, each Seller and the Custodian to that effect. 
  
 (f) Opinions of Counsel. 
  
 (i) Either Chris A. Choate, Esq. or J. Michael May, Esq., in-house counsel to AmeriCredit Corp., shall have
issued his favorable opinion, in form and substance acceptable to the Insurer and its counsel, regarding the corporate existence and authority of AmeriCredit, the Servicer, each Seller and the Custodian. 
  
 (ii) The law firm of Dewey Ballantine LLP shall have issued
its favorable opinion, in form and substance acceptable to the Insurer and its counsel, regarding the enforceability and validity of the Transaction Documents against AmeriCredit, the Servicer, each Seller and the Custodian. 
  
 (iii) The law firm of Richards, Layton & Finger shall
have issued its favorable opinion, in form and substance acceptable to the Insurer and its counsel, regarding the statutory trust existence and authority of the Debtor and the validity and the enforceability of the Trust Agreement against the
Debtor. 
  
 (iv) The law firm of Dewey Ballantine
LLP shall have furnished its opinions, in form and substance acceptable to the Insurer and its counsel, regarding the sale of the Receivables, certain matters with respect to perfection issues, and the tax treatment of payments on the Note under
federal tax laws. 
  
 (v) The Insurer shall have
received such other opinions of counsel, in form and substance acceptable to the Insurer and its counsel, addressing such other matters as the Insurer may reasonably request. Each opinion of counsel delivered in connection with the Transaction shall
be addressed to and delivered to the Insurer. 
  
 (g) Approvals, Etc. The Insurer shall have received true and correct copies of all approvals, licenses and consents, if any, including, without limitation, any required approval of the shareholders of AmeriCredit, the
Servicer, the Sellers, the Custodian and the Debtor, required in connection with the Transaction. 
  
 (h) No Litigation, Etc. No suit, action or other proceeding, investigation or injunction, or final judgment relating
thereto, shall be pending or threatened before any court or governmental agency in which it is sought to restrain or prohibit or to obtain damages or other relief in connection with the Transaction Documents or the consummation of the Transaction.

  

 20 

 (i) Legality. No statute, rule, regulation or order shall have been
enacted, entered or deemed applicable by any government or governmental or administrative agency or court that would make the transactions contemplated by any of the Transaction Documents illegal or otherwise prevent the consummation thereof.

  
 (j) Issuance of Ratings. The
Insurer shall have received confirmation that the rating on the Note without regard to the Policy will be at least “BBB” by S&P and “Baa2” by Moody’s and that the Note, when issued, will be rated “AAA” by
S&P and “Aaa” by Moody’s. 
  
 (k) No Default. No Default or Event of Default shall have occurred. 
  
 (l) Additional Items. The Insurer shall have received such other documents, instruments, approvals or opinions requested by
the Insurer or its counsel as may be reasonably necessary to effect the Transaction, including, but not limited to, evidence satisfactory to the Insurer and its counsel that the conditions precedent, if any, in the Transaction Documents have been
satisfied. 
  
 (m) Conform to
Documents. The Insurer and its counsel shall have determined that all documents, certificates and opinions to be delivered in connection with the Note conform to the terms of the Transaction Documents. 
  
 (n) Compliance With Premium Letter. All
other terms, conditions and requirements of the Premium Letter shall have been satisfied. 
  
 (o) Satisfaction of Conditions of the Note Purchase Agreement. All conditions in the Note Purchase Agreement relating to the
Purchaser’s obligation to purchase the Note shall have been satisfied. 
  
 (p) Note Purchase Agreement. The Insurer shall have received copies of each of the documents, and shall be entitled to rely on each of the documents, required to be delivered to the Purchaser pursuant to
the Note Purchase Agreement. 
  
 Section 3.02. Payment of Fees
and Insurer Premium. 
  
 (a) Legal and
Accounting Fees. AmeriCredit shall pay or cause to be paid, on the Date of Issuance, legal fees and disbursements incurred by the Insurer in connection with the issuance of the Policy and any fees of the Insurer’s auditors, in each case
in accordance with the terms of the Premium Letter. 
  
 (b) Insurer Premium. In consideration of the issuance by the Insurer of the Policy, the Insurer shall be entitled to receive the Insurer Premium as and when due in accordance with the terms of the Premium Letter (i) in the
case of Insurer Premium due on or before the Date of Issuance, directly from AmeriCredit and (ii) in the case of Insurer 

  

 21 

 
Premium due after the Date of Issuance, first, pursuant to the Security Agreement, and second, to the extent the amounts in subclause first
are not sufficient, directly from the Servicer. For purposes of the Security Agreement, the term “Premium Percentage” shall have the meaning set forth in paragraph 2 of the Premium Letter. The Insurer Premium shall be calculated
according to paragraph 1 of the Premium Letter for the amount due on or before the Date of Issuance and paragraph 2 of the Premium Letter for the amount due on each Remittance Date. The Insurer Premium paid hereunder or under the Security Agreement
shall be nonrefundable without regard to whether the Insurer makes any payment under the Policy or any other circumstances relating to the Note or provision being made for payment of the Note prior to maturity. The Servicer and the Collateral Agent
shall make all payments of Insurer Premium to be made by them by wire transfer to an account designated from time to time by the Insurer by written notice to the Servicer or the Collateral Agent. 
  
 Section 3.03. Reimbursement and Additional Payment Obligation.

  
 (a) In accordance with the priorities
established in Section 2.3 of the Security Agreement, the Insurer shall be entitled to (i) reimbursement for any payment made by the Insurer under the Policy, which reimbursement shall be due and payable on the date that any amount is to be paid
pursuant to a Notice (as defined in the Policy), in an amount equal to the amount to be so paid and all amounts previously paid that remain unreimbursed, together with interest on any and all amounts remaining unreimbursed (to the extent permitted
by law, if in respect of any unreimbursed amounts representing interest) from the date such amounts became due until paid in full (after as well as before judgment), at a rate of interest equal to the Late Payment Rate, (ii) payment or reimbursement
of any other amounts owed to the Insurer hereunder together with interest thereon at a rate equal to the Late Payment Rate, (iii) reimbursement for any payments made by the Insurer with respect to the fees and expenses of the Standby Servicer, the
fees and expenses of any replacement servicer or any transition costs relating to the transfer of servicing from the Servicer to a replacement servicer, in each case together with interest thereon at a rate equal to the Late Payment Rate, and (iv)
all costs and expenses of the Insurer in connection with any action, proceeding or investigation affecting the Debtor, or the Collateral or the rights or obligations of the Insurer hereunder or under the Policy or the Transaction Documents,
including (without limitation) any judgment or settlement entered into affecting the Insurer or the Insurer’s interests, together with interest thereon at a rate equal to the Late Payment Rate. 
  
 (b) Notwithstanding anything in Section 3.03(a) to the
contrary, the Servicer, each Seller and the Custodian agree to reimburse the Insurer as follows: (i) from the applicable Seller, for payments made under the Policy arising as a result of the related Seller’s failure to repurchase any Receivable
required to be repurchased pursuant to Section 5.1 of the Master Receivables Purchase Agreement, together with interest on any and all amounts remaining unreimbursed (to the extent permitted by law, if in respect of any unreimbursed amounts
representing interest) from the date such amounts became due until paid in full (after as well as before judgment), at a rate of interest equal to the Late Payment Rate, and (ii) from the Servicer, for payments made under the Policy, arising as a

  

 22 

 
result of (A) the Servicer’s failure to deposit into the Collection Account any amount required to be so deposited pursuant to the Security Agreement or
the Servicing and Custodian Agreement or any other transaction document or (B) Servicer’s failure to repurchase any Receivable required to be repurchased pursuant to Section 2.7 of the Servicing and Custodian Agreement, in each case together
with interest on any and all amounts remaining unreimbursed (to the extent permitted by law, if in respect to any unreimbursed amounts representing interest) from the date such amounts became due until paid in full (after, as well as, before
judgment), at a rate of interest equal to the Late Payment Rate. 
  
 (c) AmeriCredit, the Servicer, each Seller and the Custodian agree to pay to the Insurer as follows: any and all charges, fees, costs and expenses that the Insurer may reasonably pay or incur, including, but not
limited to, attorneys’ and accountants’ fees and expenses, in connection with (i) any accounts established to facilitate payments under the Policy to the extent the Insurer has not been immediately reimbursed on the date that any amount is
paid by the Insurer under the Policy, (ii) the enforcement, defense or preservation of any rights in respect of any of the Transaction Documents, including defending, monitoring or participating in any litigation or proceeding (including any
insolvency or bankruptcy proceeding in respect of any Transaction participant or any affiliate thereof) relating to any of the Transaction Documents, any party to any of the Transaction Documents, in its capacity as such a party, or the Transaction,
(iii) any amendment, consent, waiver or other action with respect to, or related to, any Transaction Document, whether or not executed or completed, or (iv) preparation of bound volumes of the Transaction documents; costs and expenses shall include
a reasonable allocation of compensation and overhead attributable to the time of employees of the Insurer spent in connection with the actions described in clause (ii) above, and the Insurer reserves the right to charge a reasonable fee as a
condition to executing any waiver or consent proposed in respect of any of the Transaction Documents. Such amounts shall be payable within 60 days of the receipt by AmeriCredit, the Servicer, each Seller or the Custodian of an invoice therefore.

  
 (d) AmeriCredit, the Servicer, each Seller,
the Custodian and the Debtor agree to pay to the Insurer as follows: interest on any and all amounts described in subsections (b), (c), (e) and (f) of this Section 3.03 from the date payable or paid by such party until payment thereof in full, and
interest on any and all amounts described in Section 3.02 hereof from the date due until payment thereof in full, in each case payable to the Insurer at the Late Payment Rate per annum. 
  
 (e) AmeriCredit, the Servicer, each Seller, the Collateral Agent, the Securities Intermediary, the Custodian
and the Debtor agree to pay to the Insurer as follows: any payments made by the Insurer on behalf of, or advanced to, the Servicer, the Collateral Agent, the Securities Intermediary, the Custodian or the Debtor, respectively, including, without
limitation, any amounts payable by the Servicer, the Sellers, the Collateral Agent, the Securities Intermediary, the Custodian or the Debtor or otherwise pursuant to the Note or any other Transaction Documents, including, without limitation,
payments, if any, made by the Insurer with respect to retitling of the title documents relating to the Financed Vehicles pursuant to Section 2.5 of the Servicing Agreement. 
  

 23 

 (f) Following termination of the Security Agreement pursuant to Section 9.1 thereof, the
Servicer agrees to reimburse the Insurer for any Insured Payments required to be made pursuant to the Policy subsequent to the date of such termination. 
  
 All such amounts are to be immediately due and payable without demand, except as otherwise provided herein. 
  
 Section 3.04. Indemnification; Limitation of Liability.
 
  
 (a) In addition to any and all
rights of indemnification or any other rights of the Insurer pursuant hereto or under law or equity, AmeriCredit, the Debtor, the Custodian, each Seller, the Servicer and any successors thereto agree to pay, and to protect, indemnify and save
harmless, the Insurer and its officers, directors, shareholders, employees, agents and each person, if any, who controls the Insurer within the meaning of either Section 15 of the Securities Act or Section 20 of the Securities Exchange Act from and
against any and all claims, Losses, liabilities (including penalties), actions, suits, judgments, demands, damages, costs or reasonable expenses (including, without limitation, reasonable fees and expenses of attorneys, consultants and auditors and
reasonable costs of investigations) or obligations whatsoever paid by the Insurer (herein collectively referred to as “Liabilities”) of any nature arising out of or relating to the transactions contemplated by the Transaction Documents by
reason of: 
  
 (i) any act or omission of
AmeriCredit, the Custodian, the Servicer, the Sellers or the Debtor, or the allegation thereof, in connection with the offering, issuance, sale or delivery of the Note; 
  
 (ii) the misfeasance or malfeasance of, or negligence or theft committed by, any director, officer, employee
or agent of AmeriCredit, the Servicer, the Custodian, the Sellers or the Debtor; 
  
 (iii) the violation by AmeriCredit, the Debtor, the Custodian, the Sellers or the Servicer of any federal or state securities, banking or
antitrust laws, rules or regulations in connection with the issuance, offer and sale of the Note or the transactions contemplated by the Transaction Documents; 
  

(iv) the violation by AmeriCredit, the Debtor, the Custodian, the Sellers or the Servicer of any federal or state laws, rules or
regulations relating to the Transaction or the origination of the Receivables, including, without limitation, any consumer protection, lending and disclosure laws and any laws with respect to the maximum amount of interest permitted to be received
on account of any loan of money or with respect to the Receivables; 
  

 24 

 (v) the breach by AmeriCredit, the Debtor, the Custodian, the Sellers or the Servicer of
any of its obligations under this Insurance Agreement or any of the other Transaction Documents; and 
  
 (vi) the breach by AmeriCredit, the Servicer, the Custodian, the Sellers or the Debtor of any representation or warranty on the part of
the Servicer, the Custodian, the Sellers or the Debtor contained in the Transaction Documents or in any certificate or report furnished or delivered to the Insurer thereunder. 
  
 This indemnity provision shall survive the termination of this Insurance Agreement and shall survive until
the statute of limitations has run on any causes of action which arise from one of these reasons and until all suits filed as a result thereof have been finally concluded. 
  
 (b) AmeriCredit and the Sellers agree to indemnify the Purchaser and the Insurer for any and all Liabilities
that have been incurred due to any claim, counterclaim, rescission, setoff or defense asserted by an Obligor under any Receivable subject to the Federal Trade Commission regulations provided in 16 C.F.R. Part 433. 
  
 (c) AmeriCredit, the Servicer and the Sellers agree to
indemnify and hold harmless the Owner and the Insurer for any and all Liabilities incurred due to (i) any agreement or acquiescence by the Servicer and the Sellers to any reduction, rebate, rescheduling or delay of any payments due and owing by any
Obligor under any Receivable based upon an agreement on the part of the Servicer and the Sellers to make or rebate any future payments on such Receivable, (ii) any agreement on the part of the Servicer and the Sellers to make or rebate any future
payments on any Receivable or (iii) any settlement of any judicial proceeding or any claim, action or proceeding of any regulatory body. 
  
 (d) Any party which proposes to assert the right to be indemnified under this Section 3.04 will, promptly after receipt of notice of
commencement of any action, suit or proceeding against such party in respect of which a claim is to be made against AmeriCredit, the Servicer, the Sellers, the Custodian or the Debtor under this Section 3.04, notify AmeriCredit, the Servicer, the
Sellers, the Custodian or the Debtor of the commencement of such action, suit or proceeding, enclosing a copy of all papers served. In case any action, suit or proceeding shall be brought against any indemnified party and it shall notify
AmeriCredit, the Servicer, the Sellers, the Custodian or the Debtor of the commencement thereof, AmeriCredit, the Servicer, the Custodian, the Sellers or the Debtor shall be entitled to participate in, and, to the extent that it shall wish, to
assume the defense thereof, with counsel satisfactory to such indemnified party, and after notice from AmeriCredit, the Servicer, the Sellers, the Custodian or the Debtor to such indemnified party of its election so to assume the defense thereof,
AmeriCredit, the Servicer, the Sellers, the Custodian or the Debtor shall not be liable to such indemnified party for any legal or other expenses other than reasonable costs of investigation subsequently incurred by such indemnified party in
connection with the defense thereof. The indemnified party shall have the right to employ its counsel in any such action the defense of which is 

  

 25 

 
assumed by AmeriCredit, the Servicer, the Sellers, the Custodian or the Debtor in accordance with the terms of this subsection (d), but the fees and expenses
of such counsel shall be at the expense of such indemnified party unless the employment of counsel by such indemnified party has been authorized by AmeriCredit, the Servicer, the Sellers, the Custodian or the Debtor. AmeriCredit, the Servicer, the
Sellers, the Custodian or the Debtor shall not be liable for any settlement of any action or claim effected without its consent. 
  
 (e) In addition to any and all rights of indemnification or any other rights of the Insurer pursuant hereto or under law or equity, the
Collateral Agent and Securities Intermediary agree to pay, and to protect, indemnify and save harmless, the Insurer and its officers, directors, shareholders, employees, agents, including each person, if any, who controls the Insurer within the
meaning of either Section 15 of the Securities Act as amended, or Section 20 of the Securities and Exchange Act, as amended, from and against any and all claims, losses, liabilities (including penalties), actions, suits, judgments, demands, damages,
costs or reasonable expenses (including, without limitation, reasonable fees and expenses of attorneys, consultants and auditors and reasonable costs of investigations) or obligations whatsoever of any nature arising out of the breach by the
Collateral Agent and Securities Intermediary of any of its obligations under this Insurance Agreement or under the Security Agreement. This indemnity provision shall survive the termination of this Insurance Agreement and shall survive until the
statute of limitations has run on any causes of action which arise from one of these reasons and until all suits filed as a result thereof have been finally concluded. 
  
 Section 3.05. Payment Procedure. In the event of any payment by the Insurer, AmeriCredit, the Collateral Agent, the
Securities Intermediary, the Sellers, the Servicer, the Custodian and the Debtor agree to accept the voucher or other evidence of payment as prima facie evidence of the propriety thereof and the liability therefor to the Insurer. All payments to be
made to the Insurer under this Insurance Agreement shall be made to the Insurer in lawful currency of the United States of America in immediately available funds at the notice address for the Insurer as specified in Section 6.02 hereof on the date
when due or as the Insurer shall otherwise direct by written notice to the other parties hereto. In the event that the date of any payment to the Insurer or the expiration of any time period hereunder occurs on a day which is not a Business Day,
then such payment or expiration of time period shall be made or occur on the next succeeding Business Day with the same force and effect as if such payment was made or time period expired on the scheduled date of payment or expiration date. Payments
to be made to the Insurer under this Insurance Agreement shall bear interest at the Late Payment Rate from the date when due to the date paid. 
  
 ARTICLE IV 
  
 FURTHER AGREEMENTS 
  
 Section 4.01. Effective Date; Term of the Insurance Agreement. This Insurance Agreement shall take effect on the Date of Issuance and shall remain in effect until the later of (a) such time as the Insurer is no
longer subject to a claim under the Policy and the Policy shall 

  

 26 

 
have been surrendered to the Insurer for cancellation and (b) all amounts payable to the Insurer by the Servicer, the Collateral Agent, the Securities
Intermediary, the Sellers, the Custodian or the Debtor or from any other source under the Transaction Documents and all amounts payable under the Note have been paid in full; provided, however, that the provisions of Sections 3.02, 3.03, 3.04 and
4.06 hereof shall survive any termination of this Insurance Agreement. 
  
 Section 4.02. Further Assurances and Corrective Instruments. 
  
 (a) Excepting at such times as an Insurer Default shall exist and be continuing, none of the Servicer, the Collateral Agent, the
Securities Intermediary, the Sellers, the Custodian or the Debtor shall grant any waiver of rights under any of the Transaction Documents to which any of them is a party without the prior written consent of the Insurer, and any such waiver without
the prior written consent of the Insurer shall be null and void and of no force or effect. 
  
 (b) To the extent permitted by law, the Servicer, the Collateral Agent, the Securities Intermediary, the Sellers, the Custodian and the
Debtor agree that they will, upon the request of the Insurer, from time to time, execute, acknowledge and deliver, or cause to be executed, acknowledged and delivered within 10 days of such request, such amendments hereto and such further
instruments and take such further action as may be required in the Insurer’s reasonable judgment to effectuate the intention of or facilitate the performance of this Insurance Agreement or the other Transaction Documents. 
  
 Section 4.03. Obligations Absolute. 
  
 (a) The obligations of the Servicer, the Collateral Agent,
the Securities Intermediary, the Sellers, the Custodian and the Debtor hereunder shall be absolute and unconditional and shall be paid or performed strictly in accordance with this Insurance Agreement under all circumstances irrespective of:

  
 (i) any lack of validity or enforceability
of, or any amendment or other modifications of, or waiver with respect to any of the Transaction Documents, the Note or the Policy; 
  
 (ii) any exchange or release of any other obligations hereunder; 
  
 (iii) the existence of any claim, setoff, defense, reduction, abatement or other right that the Servicer,
the Collateral Agent, the Securities Intermediary, the Sellers, the Custodian or the Debtor may have at any time against the Insurer or any other Person; 
  
 (iv) any document presented in connection with the Policy proving to be forged, fraudulent, invalid or insufficient in any respect or any
statement therein being untrue or inaccurate in any respect; 
  

 27 

 (v) any payment by the Insurer under the Policy against presentation of a certificate or
other document that does not strictly comply with terms of the Policy; 
  
 (vi) any failure of the Servicer, the Collateral Agent, the Securities Intermediary, the Sellers, the Custodian or the Debtor to receive the proceeds from the sale of the Note; or 
  
 (vii) any breach by the Servicer, the Collateral Agent, the
Securities Intermediary, the Sellers, the Custodian or the Debtor of any representation, warranty or covenant contained in any of the Transaction Documents. 
  
 (b) The Servicer, the Collateral Agent, the Securities Intermediary, the Sellers, the Custodian, the Debtor and any and all others who are
now or may become liable for all or part of the obligations of the Servicer, the Collateral Agent, the Securities Intermediary, the Sellers, the Custodian or the Debtor under this Insurance Agreement agree to be bound by this Insurance Agreement and
(i) to the extent permitted by law, waive and renounce any and all redemption and exemption rights and the benefit of all valuation and appraisement privileges against the indebtedness and obligations evidenced by any Transaction Document or by any
extension or renewal thereof; (ii) waive presentment and demand for payment, notices of nonpayment and of dishonor, protest of dishonor and notice of protest; (iii) waive all notices in connection with the delivery and acceptance hereof and all
other notices in connection with the performance, default or enforcement of any payment hereunder, except as required by the Transaction Documents; (iv) waive all rights of abatement, diminution, postponement or deduction, or any defense other than
payment, or any right of setoff or recoupment arising out of any breach under any of the Transaction Documents by any party thereto or any beneficiary thereof, or out of any obligation at any time owing to the Servicer, the Collateral Agent, the
Securities Intermediary, the Sellers, the Custodian or the Debtor; (v) agree that its liabilities hereunder shall, except as otherwise expressly provided in this Section 4.03, be unconditional and without regard to any setoff, counterclaim or the
liability of any other Person for the payment hereof; (vi) agree that any consent, waiver or forbearance hereunder with respect to an event shall operate only for such event and not for any subsequent event; (vii) consent to any and all extensions
of time that may be granted by the Insurer with respect to any payment hereunder or other provisions hereof and to the release of any security at any time given for any payment hereunder, or any part thereof, with or without substitution, and to the
release of any Person or entity liable for any such payment; and (viii) consent to the addition of any and all other makers, endorsers, guarantors and other obligors for any payment hereunder, and to the acceptance of any and all other security for
any payment hereunder, and agree that the addition of any such obligors or security shall not affect the liability of the parties hereto for any payment hereunder. 
  
 (c) Nothing herein shall be construed as prohibiting the Servicer, the Collateral Agent, the Securities
Intermediary, the Sellers, the Custodian or the Debtor from pursuing any rights or remedies it may have against any other Person in a separate legal proceeding. 
  

 28 

 Section 4.04. Assignments; Reinsurance; Third-party Rights. 
  
 (a) This Insurance Agreement shall be a continuing
obligation of the parties hereto and shall be binding upon and inure to the benefit of the parties hereto and their respective successors and permitted assigns. None of the Servicer, the Collateral Agent, the Securities Intermediary, the Sellers,
the Custodian or the Debtor may assign its rights under this Insurance Agreement, or delegate any of its duties hereunder, without the prior written consent of the Insurer. Any assignment made in violation of this Insurance Agreement shall be null
and void. 
  
 (b) The Insurer shall have the
right to give participations in its rights under this Insurance Agreement and to enter into contracts of reinsurance with respect to the Policy upon such terms and conditions as the Insurer may in its discretion determine; provided, however, that no
such participation or reinsurance agreement or arrangement shall relieve the Insurer of any of its obligations hereunder or under the Policy. 
  
 (c) In addition, the Insurer shall be entitled to assign or pledge to any bank or other lender providing liquidity or credit with respect
to the Transaction or the obligations of the Insurer in connection therewith any rights of the Insurer under the Transaction Documents or with respect to any real or personal property or other interests pledged to the Insurer, or in which the
Insurer has a security interest, in connection with the Transaction. 
  
 (d) Except as provided herein with respect to participants and reinsurers, nothing in this Insurance Agreement shall confer any right, remedy or claim, express or implied, upon any Person, including, particularly, any
Owner, other than the Insurer against the Servicer, the Collateral Agent, the Securities Intermediary, the Sellers, the Custodian or the Debtor, and all the terms, covenants, conditions, promises and agreements contained herein shall be for the sole
and exclusive benefit of the parties hereto and their successors and permitted assigns. Neither the Collateral Agent nor any Owner shall have any right to payment from any Insurer Premium’s paid or payable hereunder or under the Security
Agreement or from any other amounts paid by the Servicer, the Collateral Agent, the Securities Intermediary, the Sellers, the Custodian or the Debtor pursuant to Section 3.02, 3.03 or 3.04 hereof. 
  
 (e) The Servicer, the Custodian, the Debtor, the Sellers,
and the Collateral Agent and Securities Intermediary agree that the Insurer shall have all rights of a third-party beneficiary in respect of the Security Agreement, the Servicing and Custodian Agreement and each other Transaction Document to which
it is not a signing party and hereby incorporate and restate their representations, warranties and covenants as set forth therein for the benefit of the Insurer. 
  
 Section 4.05. Liability of the Insurer. Neither the Insurer nor any of its officers, directors or employees shall be
liable or responsible for (a) the use that may be made of the Policy by the Collateral Agent or for any acts or omissions of the Collateral Agent in connection therewith or (b) the validity, sufficiency, accuracy or genuineness of documents
delivered to the 

  

 29 

 
Insurer (or its Fiscal Agent) in connection with any claim under the Policy, or of any signatures thereon, even if such documents or signatures should in
fact prove to be in any or all respects invalid, insufficient, fraudulent or forged (unless the Insurer shall have actual knowledge thereof). In furtherance and not in limitation of the foregoing, the Insurer (or its Fiscal Agent) may accept
documents that appear on their face to be in order, without responsibility for further investigation. 
  
 Section 4.06. Parties Will Not Institute Insolvency Proceedings. So long as this Agreement is in effect, and for one year following its
termination, none of the parties hereto will file any involuntary petition or otherwise institute any bankruptcy, reorganization, arrangement, insolvency or liquidation proceeding or other proceedings under any federal or state bankruptcy or similar
law against the Debtor, the Purchaser or AMTN. 
  
 Section 4.07.
Collateral Agent and Securities Intermediary, Debtor, the Sellers, Custodian and Servicer To Join in Enforcement Action. To the extent necessary to enforce any right of the Insurer in or remedy of the Insurer under any
Receivable, the Collateral Agent, the Securities Intermediary, the Debtor, the Sellers, the Custodian and the Servicer agree to join in any action initiated by the Insurer for the protection of such right or exercise of such remedy. 
  
 Section 4.08. Subrogation. To the extent of any payments
under the Policy, the Insurer shall be fully subrogated to any remedies against the Debtor, the Custodian, the Sellers or the Servicer or in respect of the Receivables available to the Collateral Agent under the Security Agreement or the Servicing
and Custodian Agreement. The Collateral Agent acknowledges such subrogation and, further, agrees to execute such instruments prepared by the Insurer and to take such reasonable actions as, in the sole judgment of the Insurer, are necessary to
evidence such subrogation and to perfect the rights of the Insurer to receive any moneys paid or payable under the Security Agreement or the Servicing and Custodian Agreement. 
  
 Section 4.09. Insurer’s Rights Regarding Actions, Proceedings or Investigations. Until the Net Investment has
been paid in full, all amounts owed to the Insurer have been paid in full, this Insurance Agreement has terminated and the Policy has been returned to the Insurer for cancellation, the following provisions shall apply, it being expressly understood
that none of the following costs shall be borne by the Collateral Agent: 
  
 (a) Notwithstanding anything contained herein or in the other Transaction Documents to the contrary, the Insurer shall have the right to participate in, to direct the enforcement or defense of, and, at the
Insurer’s sole option, to institute or assume the defense of, any action, proceeding or investigation that could adversely affect the Debtor or the Collateral or the rights or obligations of the Insurer hereunder or under the Policy or the
Transaction Documents, including (without limitation) any insolvency or bankruptcy proceeding in respect of AmeriCredit, AMTN or the Debtor or any affiliate thereof. Following notice to the Collateral Agent, the Insurer shall have exclusive right to
determine, in its sole discretion, the actions necessary to preserve and protect the Collateral. All costs and expenses of the Insurer in connection with such action, proceeding or investigation, including (without limitation) any judgment or
settlement entered into affecting the Insurer or the Insurer’s interests, shall be included in Reimbursement Amounts. 
  

 30 

 (b) In connection with any action, proceeding or investigation that could adversely
affect the Collateral or the Debtor or the rights or obligations of the Insurer hereunder or under the Policy or the Transaction Documents, including (without limitation) any insolvency or bankruptcy proceeding in respect of AmeriCredit, AMTN or the
Debtor or any affiliate thereof, the Collateral Agent hereby agrees to cooperate with, and to take such action as directed by, the Insurer, including (without limitation) entering into such agreements and settlements as the Insurer shall direct, in
its sole discretion, without the consent of the Purchaser. Notwithstanding any other provision herein or in any of the other Transaction Documents, the Collateral Agent shall not require any bond or indemnification from any Person for taking of any
action at the direction of the Insurer, and the Collateral Agent shall not be liable to the Insurer or the Purchaser for any such action that conforms to the direction of the Insurer. The Collateral Agent’s reasonable out-of-pocket costs and
expenses (including attorneys’ fees and expenses) with respect to any such action shall be reimbursed pursuant to Section 2.3 (iv) and (xiii) of the Security Agreement. 
  
 (c) The Collateral Agent hereby agrees to provide to the Insurer prompt written notice of any action,
proceeding or investigation that names the Debtor or the Collateral Agent on behalf of the Secured Parties as a party or that involves the Debtor or the Collateral or the rights or obligations of the Insurer hereunder or under the Policy or the
Transaction Documents, including (without limitation) any insolvency or bankruptcy proceeding in respect of AmeriCredit, AMTN or the Debtor or any affiliate thereof. 
  
 (d) Notwithstanding anything contained herein or in any of the other Transaction Documents to the contrary,
the Collateral Agent shall not, without the Insurer’s prior written consent, with such consent not to be unreasonably withheld, or unless directed by the Insurer, undertake or join any litigation or agree to any settlement of any action,
proceeding or investigation affecting the Collateral or the Debtor or the rights or obligations of the Insurer hereunder or under the Policy or the Transaction Documents. 
  
 (e) The Collateral Agent agrees that Insurer shall have such rights as set forth in this Section, which are
in addition to any rights of the Insurer pursuant to the other provisions of the Transaction Documents, that the rights set forth in this Section may be exercised by the Insurer, in its sole discretion, without the need for the consent or approval
of the Purchaser or the Collateral Agent, notwithstanding any other provision contained herein or in any of the other Transaction Documents, and that nothing contained in this Section shall be deemed to be an obligation of the Insurer to exercise
any of the rights provided for herein. 
  
 ARTICLE V

  
 DEFAULTS; REMEDIES 
  
 Section 5.01. Defaults. The occurrence of any of the following events
shall constitute an Event of Default hereunder: 
  

 31 

 (a) any representation or warranty made by the Servicer, the Collateral Agent and
Securities Intermediary, the Sellers, the Custodian or the Debtor hereunder or under the Transaction Documents, or in any certificate furnished hereunder or under the Transaction Documents, shall prove to be untrue or incomplete in any material
respect and such untrue representation or warranty is not cured within any applicable grace period contained in the applicable Transaction Document; 
  
 (b)(i) the Servicer, the Collateral Agent, the Securities Intermediary, the Sellers, the Custodian or the Debtor shall fail to pay when
due any amount payable by the Servicer, the Collateral Agent, the Securities Intermediary, the Sellers, the Custodian or the Debtor hereunder or under any Transaction Document and such failure continues for the length of any cure period contained in
the related Transaction Document, or (ii) a legislative body has enacted any law that declares or a court of competent jurisdiction shall find or rule that any Transaction Document is not valid and binding on the Servicer, the Collateral Agent, the
Securities Intermediary, the Sellers, the Custodian or the Debtor; 
  
 (c) the occurrence and continuance of a “Termination and Amortization Event” under the Security Agreement (as defined therein); 
  
 (d) any failure on the part of the Servicer, the Collateral Agent, the Securities Intermediary, the Sellers,
the Custodian or the Debtor duly to observe or perform in any material respect any other of the covenants or agreements on the part of the Servicer, the Collateral Agent, the Securities Intermediary, the Sellers, the Custodian or the Debtor
contained in this Insurance Agreement or in any other Transaction Document which continues unremedied for a period of 30 days with respect to this Insurance Agreement, or, with respect to any other Transaction Document, beyond any cure period
provided for therein, after the date on which written notice of such failure, requiring the same to be remedied, shall have been given to the Servicer, the Sellers, the Custodian or the Debtor, as applicable, by the Insurer (with a copy to the
Collateral Agent) or by the Collateral Agent (with a copy to the Insurer); 
  
 (e) decree or order of a court or agency or supervisory authority having jurisdiction in the premises in an involuntary case under any present or future federal or state bankruptcy, insolvency or similar law or the
appointment of a conservator or receiver or liquidator or other similar official in any insolvency, readjustment of debt, marshalling of assets and liabilities or similar proceedings, or for the winding-up or liquidation of its affairs, shall have
been entered against the Servicer, the Sellers, the Custodian or the Debtor and such decree or order shall have remained in force undischarged or unstayed for a period of 90 consecutive days; 
  
 (f) the Servicer, the Sellers, the Custodian or the Debtor
shall consent to the appointment of a conservator or receiver or liquidator or other similar official in any insolvency, readjustment of debt, marshalling of assets and liabilities or similar proceedings of or relating to the Servicer, the Custodian
or the Debtor or of or relating to all or substantially all of the property of either; 
  

 32 

 (g) the Servicer, the Custodian, the Sellers or the Debtor shall admit in writing its
inability to pay its debts generally as they become due, file a petition to take advantage of or otherwise voluntarily commence a case or proceeding under any applicable bankruptcy, insolvency, reorganization or other similar statute, make an
assignment for the benefit of its creditors or voluntarily suspend payment of its obligations; 
  
 (h) the occurrence and continuance of an “Servicer Termination Event” under the Servicing and Custodian Agreement (as defined
therein); or 
  
 (i) the failure of the Sellers
or the Debtor to comply with, or maintain the accuracy of, the Opinion Facts and Assumptions. 
  
 Section 5.02. Remedies; No Remedy Exclusive. 
  
 (a) Upon the occurrence of an Event of Default, the Insurer may exercise any one or more of the rights and remedies set forth below:

  
 (i) exercise any rights and remedies under
the Transaction Documents in accordance with the terms of the Transaction Documents or direct the Collateral Agent to exercise such remedies in accordance with the terms of the Transaction Documents; or 
  
 (ii) take whatever action at law or in equity as may appear
necessary or desirable in its judgment to collect the amounts then due under the Transaction Documents or to enforce performance and observance of any obligation, agreement or covenant of the Servicer, the Sellers, the Collateral Agent, the
Securities Intermediary, the Custodian or the Debtor under the Transaction Documents. 
  
 (b) Unless otherwise expressly provided, no remedy herein conferred upon or reserved is intended to be exclusive of any other available
remedy, but each remedy shall be cumulative and shall be in addition to other remedies given under the Transaction Documents or existing at law or in equity. No delay or omission to exercise any right or power accruing under the Transaction
Documents upon the happening of any event set forth in Section 5.01 hereof shall impair any such right or power or shall be construed to be a waiver thereof, but any such right and power may be exercised from time to time and as often as may be
deemed expedient. In order to entitle the Insurer to exercise any remedy reserved to the Insurer in this Article, it shall not be necessary to give any notice other than such notice as may be required in this Article V. 
  
 Section 5.03. Waivers. 
  
 (a) No failure by the Insurer to exercise, and no delay by
the Insurer in exercising, any right hereunder shall operate as a waiver thereof. The exercise by the Insurer of any right hereunder shall not preclude the exercise of any other right, and the remedies provided herein to the Insurer are declared in
every case to be cumulative and not exclusive of any remedies provided by law or equity. 
  

 33 

 (b) The Insurer shall have the right, to be exercised in its complete discretion, to
waive any Event of Default hereunder, by a writing setting forth the terms, conditions and extent of such waiver signed by the Insurer and delivered to the Servicer, the Collateral Agent, the Sellers, the Custodian and the Debtor. Unless such
writing expressly provides to the contrary, any waiver so granted shall extend only to the specific event or occurrence which gave rise to the Event of Default so waived and not to any other similar event or occurrence which occurs subsequent to the
date of such waiver. 
  
 ARTICLE VI 
  
 MISCELLANEOUS 
  
 Section 6.01. Amendments, Etc. This Insurance Agreement may be
amended, modified or terminated only by written instrument or written instruments signed by the parties hereto. The Servicer agrees to promptly provide a copy of any amendment to this Insurance Agreement to the Collateral Agent, S&P and
Moody’s. No act or course of dealing shall be deemed to constitute an amendment, modification or termination hereof. 
  
 Section 6.02. Notices. All demands, notices and other communications to be given hereunder shall be in writing (except as otherwise specifically
provided herein) and shall be mailed by registered mail or personally delivered or telecopied to the recipient as follows: 
  

	 	(a)	To the Insurer: 

  
 MBIA Insurance Corporation 
 113 King Street

 Armonk, NY 10504 
 Attention:    Insured Portfolio Management-Structured Finance (IPM-SF) 
 (AmeriCredit MTN
Receivables Trust IV Note) 
 Telecopy No.: (914) 765-3810 
 Confirmation: (914) 765-3781 
  
 (in each case in which notice or other communication to the Insurer refers to an Event of Default, a claim on the Policy 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 the Insurer and shall be marked to indicate “URGENT MATERIAL ENCLOSED.”) 
  

	 	(b)	To the Sellers: 

  
 AmeriCredit MTN Corp. IV 
 801 Cherry Street

 Suite 3900 
 Fort Worth,
Texas 76102 
  

 34 

 Attention: Chief Financial Officer 
 Telephone: (817) 302-7082 
 Telecopy: (817)
302-7915 
  
 AmeriCredit Financial Services, Inc. 
 801 Cherry Street 
 Suite 4000 

Fort Worth, Texas 76102 
 Attention:
Chief Financial Officer 
 Telephone: (817) 302-7022 
 Telecopy: (817) 302-7942 
  

	 	(c)	To the Servicer and the Custodian: 

  
 AmeriCredit Financial Services, Inc. 
 801
Cherry Street 
 Suite 4000 
 Fort Worth, Texas 76102 
 Attention: Chief Financial Officer 
 Telephone: (817) 302-7022 
 Telecopy: (817)
302-7942 
  

	 	(d)	To the Collateral Agent and Securities Intermediary: 

  
 JPMorgan Chase Bank 
 4 New York Plaza,
6th Floor 
 New York, NY 10004 
 Attention: AmeriCredit MTN Receivables Trust IV 
 Facsimile: (212) 623-5991 
 Confirmation:
(212) 623-5416 
  

	 	(e)	To the Debtor: 

  
 AmeriCredit MTN Receivables Trust IV 
 c/o
Wilmington Trust Company 
 Rodney Square North 
 1100 North Market Street 
 Wilmington, Delaware 19890-0001 
 Attention: Asset Backed Securities Administration 
 Telecopy No.: (302) 636-6119 
  
 With a copy to the
Servicer at the address set forth above. 
  

 35 

 A party may specify an additional or different address or addresses by writing mailed or delivered to the
other parties as aforesaid. All such notices and other communications shall be effective upon receipt. 
  
 Section 6.03. Severability. In the event that any provision of this Insurance Agreement shall be held invalid or unenforceable by any court of
competent jurisdiction, the parties hereto agree that such holding shall not invalidate or render unenforceable any other provision hereof. The parties hereto further agree that the holding by any court of competent jurisdiction that any remedy
pursued by any party hereto is unavailable or unenforceable shall not affect in any way the ability of such party to pursue any other remedy available to it. 
  
 Section 6.04. Governing Law. THIS INSURANCE AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK
WITHOUT REGARD TO CHOICE OF LAW PROVISIONS. 
  
 Section 6.05.
Consent to Jurisdiction. 
  
 (a) The
parties hereto hereby irrevocably submit to the jurisdiction of the United States District Court for the Southern District of New York and any court in the State of New York located in the City and County of New York, and any appellate court from
any thereof, in any action, suit or proceeding brought against it and to or in connection with any of the Transaction Documents or the transactions contemplated thereunder or for recognition or enforcement of any judgment, and the parties hereto
hereby irrevocably and unconditionally agree that all claims in respect of any such action or proceeding may be heard or determined in such New York state court or, to the extent permitted by law, in such federal court. The parties hereto agree that
a final judgment in any such action, suit or proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by law. To the extent permitted by applicable law, the parties hereto
hereby waive and agree not to assert by way of motion, as a defense or otherwise in any such suit, action or proceeding, any claim that it is not personally subject to the jurisdiction of such courts, that the suit, action or proceeding is brought
in an inconvenient forum, that the venue of the suit, action or proceeding is improper or that the related documents or the subject matter thereof may not be litigated in or by such courts. 
  
 (b) To the extent permitted by applicable law, the parties
hereto shall not seek and hereby waive the right to any review of the judgment of any such court by any court of any other nation or jurisdiction which may be called upon to grant an enforcement of such judgment. 
  
 (c) Except as provided in Section 4.06 herein, nothing
contained in this Insurance Agreement shall limit or affect the Insurer’s right to serve process in any other manner permitted by law or to start legal proceedings relating to any of the Transaction Documents against any party hereto or its or
their property in the courts of any jurisdiction. 
  

 36 

 Section 6.06. Consent of the Insurer. In the event that the consent of the Insurer is required
under any of the Transaction Documents, the determination whether to grant or withhold such consent shall be made by the Insurer in its sole discretion without any implied duty towards any other Person. 
  
 Section 6.07. Counterparts. This Insurance Agreement may be executed
in counterparts by the parties hereto, and all such counterparts shall constitute one and the same instrument. 
  
 Section 6.08. Headings. The headings of Articles and Sections and the Table of Contents contained in this Insurance Agreement are provided for
convenience only. They form no part of this Insurance Agreement and shall not affect its construction or interpretation. Unless otherwise indicated, all references to Articles and Sections in this Insurance Agreement refer to the corresponding
Articles and Sections of this Insurance Agreement. 
  
 Section
6.09. Trial by Jury Waived. Each party hereto hereby waives, to the fullest extent permitted by law, any right to a trial by jury in respect of any litigation arising directly or indirectly out of, under or in connection with any of the
Transaction Documents or any of the transactions contemplated thereunder. Each party hereto (a) certifies that no representative, agent or attorney of any party hereto has represented, expressly or otherwise, that it would not, in the event of
litigation, seek to enforce the foregoing waiver and (b) acknowledges that it has been induced to enter into the Transaction Documents to which it is a party by, among other things, this waiver. 
  
 Section 6.10. Limited Liability. No recourse under any Transaction
Document shall be had against, and no personal liability shall attach to, any officer, employee, director, affiliate, trustee or shareholder of any party hereto, as such, by the enforcement of any assessment or by any legal or equitable proceeding,
by virtue of any statute or otherwise in respect of any of the Transaction Documents, the Note or the Policy, it being expressly agreed and understood that each Transaction Document is solely a corporate obligation of each party hereto, and that any
and all personal liability, either at common law or in equity, or by statute or constitution, of every such officer, employee, director, affiliate or shareholder for breaches by any party hereto of any obligations under any Transaction Document is
hereby expressly waived as a condition of and in consideration for the execution and delivery of this Insurance Agreement. 
  
 Section 6.11. Entire Agreement. The Transaction Documents and the Policy set forth the entire agreement between the parties with respect to the
subject matter thereof, and this Insurance Agreement supersedes and replaces any agreement or understanding that may have existed between the parties prior to the date hereof in respect of such subject matter. 
  
 Section 6.12. Amendment Reducing Credit Enhancement. The parties
hereto agree that any amendment to the Security Agreement affecting the definitions of Borrowing Base, Reserve Account Required Amount, or Revolving Period Reserve shall be effective only upon (a) the prior written consent of the Insurer, (b) the
receipt of written confirmation from S&P and Moody’s (at the expense of AmeriCredit) that, after giving effect to the proposed amendment, the rating assigned to the Note without taking into account the issuance of the Policy by the Insurer
shall be at least “BBB” and “Baa2” respectively, and (c) the Insurer’s capital charge assigned by 

  

 37 

 
S&P with respect to the Note, after giving effect to the proposed amendment, shall be less than or equal to the Insurer’s capital charge on the
Closing Date. Any such proposed amendment shall be subject to the provisions of Section 3.03(c) hereof. 
  
 [Remainder of page intentionally blank; signature page follows] 
  

 38 

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

			
	MBIA INSURANCE CORPORATION
		
	 By:
	 	  

	 Title:
	 	 Assistant Secretary

	
	AMERICREDIT MTN CORP. IV, as Seller
		
	 By:
	 	  

	 Title:
	 	  

	
	 AMERICREDIT FINANCIAL SERVICES, INC., Individually and as Servicer, Custodian and Seller

		
	 By:
	 	  

	 Title:
	 	  

	
	 AMERICREDIT MTN RECEIVABLES TRUST IV, as Debtor

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

		
	 By:
	 	  

	 Title:
	 	  

	
	 JPMORGAN CHASE BANK, as Collateral Agent and Securities Intermediary

		
	 By:
	 	  

	 Title:

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