Document:

Unassociated Document

    股权质押协议

    Equity
Interest Pledge Agreement

    

    本股权质押协议(下称“本协议”) 由下列各方于2010年7月30日在中华人民共和国(下称“中国”)北京签订:

    This
Equity Interest Pledge Agreement ("this Agreement") has been
executed by and among the following parties on July 30, 2010 in Beijing, the
People’s Republic of China (the "China"):

    

    
      甲方:盛世巨龙传媒(惠州)有限公司(下称“质权人”)

    

    
      Party A: CD Media (Huizhou)
Co., Ltd. (the "Pledgee")

    

    
      地址:惠州市江北文昌二路7号801房

    

    
      Address: Room
801, No.7 Wen Chang Second Road, Jiangbei, Huizhou, Guangdong

    

    

    
      乙方:__(下称“出质人”):

    

    Party B: __________________
(the "Pledgor"),

    

    丙方:北京盛世巨龙广告有限公司

    
      Party
C: Beijing CD Media Advertisement Co.,
Ltd.

    

    
      地址:北京市门头沟区石龙北路12号119室

    

    
      Address:
Room 119, No.12 Shi Long North Road, Men Tou Gou District,
Beijing

    

    

    在本协议中,质权人、出质人和丙方以下各称“一方”,合称“各方”。

    In this
Agreement, each of Pledgee, Pledgor and Party C shall be referred to as a
"Party" respectively, and they shall be collectively referred to as the
"Parties".

    

    鉴于:

    Whereas:

    

    
      	
              1.

            	
              出质人是中国公民,其拥有丙方特定比例的股权。丙方是一家在中国北京注册成立的、从事设计、制作、代理、发布国内及外商来华广告;组织文化交流(不含演出);承办展览展示;广告信息咨询(中介除外)业务的有限责任公司。丙方有意在此确认出质人和质权人在本协议下的权利和义务并提供必要的协助向有关政府部门登记该质权;

            

    

    Pledgor
is a citizen of China, and holds certain percentage of the equity interest in
Party C. Party C is a limited liability company registered in Beijing, China,
engaging in the business of design, production, agency and publication of
domestic advertisement, organization of culture communication events (excluding
shows) and exhibitions, and advertisement consultation (excluding advertising
intermediary). Party C acknowledges the respective rights and obligations of
Pledgor and Pledgee under this Agreement, and intends to provide any necessary
assistance in registering the Pledge with the competent governmental
authorities;

    
      
         

      

      
        1

        
          

        

      

      
         

      

    

    

    
      	
              2.

            	
              质权人是一家在中国注册的外商独资企业。质权人与出质人拥有部分股权的丙方已于2010年3月30日在北京签订了一份《独家业务合作协议》;

            

    

    Pledgee
is a wholly foreign-owned enterprise registered in China. Pledgee and Party C
partially owned by Pledgor have executed an Exclusive Business Cooperation
Agreement on March 30, 2010 in Beijing;

    

    
      	
              3.

            	
              为了保证丙方履行独家业务合作协议项下的义务,按照约定向质权人支付咨询和服务费等到期款项,出质人以其现在和将来在丙方中拥有的全部股权(无论将来股权比例是否发生变化)向质权人就业务合作协议项下丙方的付款义务做出质押担保。

            

    

    To ensure
that Party C fully performs its obligations under the Exclusive Business
Cooperation Agreement and pay the consulting and service fees thereunder to the
Pledgee when the same becomes due, Pledgor hereby pledges to the Pledgee all of
the equity interest he now and in the future holds in Party C (whether the
percentage of the equity interest is changed or not in the future)  as
security for payment of the consulting and service fees by Party C under the
Business Cooperation Agreement.

    

    为了履行业务合作协议的条款,各方商定按照以下条款签订本协议。

    To
perform the provisions of the Business Cooperation Agreement, the Parties have
mutually agreed to execute this Agreement upon the following terms.

    

    
      
        	
                1.

              	
                定义

              

      

    

    
      Definitions

    

    

    
      除非本协议另有规定,下列词语含义为:

    

    Unless
otherwise provided herein, the terms below shall have the following
meanings:

    

    
      	
            	
              1.1

            	
              质权:指出质人根据本协议第2条给予质权人的担保物权,即指质权人所享有的,以出质人质押给质权人的股权折价或拍卖、变卖该股权的价款优先受偿的权利。

            

    

    Pledge:
shall refer to the security interest granted by Pledgor to Pledgee pursuant to
Article 2 of this Agreement, i.e., the right of Pledgee to be compensated on a
preferential basis with the conversion, auction or sales price of the Equity
Interest.

    

    
      
        	
              	
                1.2

              	
                股权:指出质人现在和将来合法持有的其在丙方的全部股权权益(无论将来股权比例是否发生变化)。

              

      

    

    Equity
Interest: shall refer to all of the equity interest lawfully now held and
hereafter acquired by Pledgor in Party C (whether the percentage of the equity
interest is changed or not in the future).

    
      
         

      

      
        2

        
          

        

      

      
         

      

    

    

    
      	
            	
              1.3

            	
              质押期限:指本协议第3条规定的期间。

            

    

    Term of
Pledge: shall refer to the term set forth in Section 3.2 of this
Agreement.

    

    
      	
            	
              1.4

            	
              业务合作协议:指丙方与质权人于2010年3月30日签订的《独家业务合作协议》(附件3)。

            

    

    Business
Cooperation Agreement: shall refer to the Exclusive Business Cooperation
Agreement executed by and between Party C and Pledgee on March 30, 2010 (the
Attachment
3).

    

    
      	
               
      

            	
              1.5

            	
              违约事件:指本协议第7条所列任何情况。

            

    

    Event of
Default: shall refer to any of the circumstances set forth in Article 7 of this
Agreement.

    

    
      	
               
      

            	
              1.6

            	
              违约通知:指质权人根据本协议发出的宣布违约事件的通知。

            

    

    Notice of
Default: shall refer to the notice issued by Pledgee in accordance with this
Agreement declaring an Event of Default.

    

    
      	
              2.

            	
              质权

            

    

    
      The
Pledge

    

    

    作为丙方按时和全额支付业务合作协议项下质权人应得的任何或全部的款项,包括但不限于业务合作协议中规定的咨询和服务费的担保(无论该等费用的到期应付是由于到期日的到来、提前收款的要求或其它原因),出质人特此将其现有或将拥有的丙方的全部股权权益质押给质权人。

    As
collateral security for the timely and complete payment and performance when due
(whether at stated maturity, by acceleration or otherwise) of any or all of the
payments due by Party C, including without limitation the consulting and
services fees payable to the Pledgee under the Business Cooperation Agreement,
Pledgor hereby pledges to Pledgee a first security interest in all of Pledgor's
right, title and interest, whether now owned or hereafter acquired by Pledgor,
in the Equity Interest of Party C.

     

    
      
         

      

      
        3

        
          

        

      

      
         

      

    

    
      	
              3.

            	
              质押期限

            

    

    Term
of Pledge

    

    
      	
               
      

            	
              3.1

            	
              本质权自本协议项下的股权出质在相应的工商行政管理机关登记之日起生效,质权有效期持续到业务合作协议下所有丙方欠付质权人的款项结清为止。出质人和丙方应(一)自本协议签署之日起3个工作日内,将本协议的质权登记在丙方股东名册上,并(二)自本协议签署之日起10个工作日内向相应的工商行政管理机关申请登记本协议项下的质权。各方共同确认,为办理股权质押工商登记手续(包括出质人持有的丙方股权比例变更时,办理质押变更登记),各方及丙方其他股东应将本协议附件4所列的、按照丙方所在地工商行政管理部门要求的形式签署、真实反映本协议项下质权信息的《股权质押合同》(以下简称“工商登记质押合同”)提交给工商管理机关,工商登记质押合同中未约定事项,仍以本协议约定为准。出质人和丙方应当按照中国法律法规和有关工商行政管理机关的各项要求,提交所有必要的文件并办理所有必要手续,保证质权在递交申请后尽快获得登记。

            

    

    The
Pledge shall become effective on such date when the pledge of the Equity
Interest contemplated herein has been registered’ with relevant administration
for industry and commerce (the “AIC”). The Pledge shall be
continuously valid until all payments due under the Business Cooperation
Agreement have been fulfilled by Party C. Pledgor and Party C shall (1) register
the Pledge in the shareholders' register of Party C within 3 business days
following the execution of this Agreement, and (2) submit an application to the
AIC for the registration of the Pledge of the Equity Interest contemplated
herein within 10 business days following the execution of this Agreement. The
parties covenant that for the purpose of registration of the Pledge (including
re-registration of the Pledge when the percentage of equity interest the Pledgor
holds in Party C), the parties hereto and all other shareholders of Party C
shall submit to the AIC the Equity Interest Pledge Contract as set forth in
the Attachment
4 of this Agreement in the form required by the AIC at the location of
Party C which shall truly reflect the information of the Pledge hereunder (the
“AIC Pledge
Contract”).  For matters not specified in the AIC Pledge Contract,
the parties shall be bound by the provisions of this Agreement. Pledgor and
Party C shall submit all necessary documents and complete all necessary
procedures, as required by the PRC laws and regulations and the relevant AIC, to
ensure that the Pledge of the Equity Interest shall be registered with the AIC
as soon as possible after filing.

    

    
      	
               
      

            	
              3.2

            	
              质押期限内,如丙方未按业务合作协议交付咨询服务费等费用,质权人有权但无义务按本协议的规定处分质权。

            

    

    During
the Term of Pledge, in the event Party C fails to pay the exclusive consulting
or service fees in accordance with the Business Cooperation Agreement, Pledgee
shall have the right, but not the obligation, to dispose of the Pledge in
accordance with the provisions of this Agreement.

    
      
         

      

      
        4

        
          

        

      

      
         

      

    

    
      	
              4.

            	
              质权凭证的保管

            

    

    Custody
of Records for Equity Interest subject to Pledge

    

    
      	
               
      

            	
              4.1

            	
              在本协议规定的质押期限内,出质人应将其在丙方的股权出资证明书(附件2)及记载质权的股东名册(附件1)原件交付质权人保管(包括股权变更时提供新的证明书和名册)。出质人应在本协议签订之日起或股权变更登记完成之日起(将来股权变更的情况下)5个工作日内将上述股权出资证明书及股东名册原件交付给质权人。质权人将在本协议规定的全部质押期间一直保管这些文件。

            

    

    During
the Term of Pledge set forth in this Agreement, Pledgor shall deliver to
Pledgee's custody the original capital contribution certificate for the Equity
Interest (the Attachment 2) and the
original shareholders' register containing the Pledge (the Attachment 1) within
five (5) working days from the execution of this Agreement or from completion of
the re-registration of shareholding when percentage of equity interest changed
(in that case, Pledgor shall deliver to Pledgee's custody the updated original
capital contribution certificate for the Equity Interest and the updated
original shareholders' register containing the Pledge as attachment to this
Agreement). Pledgee shall have custody of such original documents during the
entire Term of Pledge set forth in this Agreement.

    

    
      	
               
      

            	
              4.2

            	
              在质押期限内,质权人有权收取股权所产生的红利。

            

    

    Pledgee
shall have the right to collect dividends generated by the Equity Interest
during the Term of Pledge.

    

    
      	
              5.

            	
              出质人的声明和保证

            

    

    Representations
and Warranties of Pledgor

    

    
      	
               
      

            	
              5.1

            	
              出质人是股权唯一的合法所有人。

            

    

    Pledgor
is the sole legal and beneficial owner of the Equity Interest.

    

    
      	
               
      

            	
              5.2

            	
              质权人有权以本协议规定的方式处分并转让股权。

            

    

    
      Pledgee
shall have the right to dispose of and transfer the Equity Interest in
accordance with the provisions set forth in this Agreement.

    

    

    
      	
               
      

            	
              5.3

            	
              本合同一经签署即构成对出质人合法有效并具约束力的义务。

            

    

    
      Upon
execution, this Agreement shall constitute the Pledgor’s legal, valid and
binding obligations in accordance with the provisions herein.

    

    

    
      	
               
      

            	
              5.4

            	
              除本质权之外,出质人未在股权上设置任何其他质押权利或其他担保权益。

            

    

    
      Except
for the Pledge, Pledgor has not placed any security interest or other
encumbrance on the Equity Interest.

    

    

    
      	
               
      

            	
              5.5

            	
              不存在与股权相关的未决的争议或诉讼。

            

    

    
      There is
no pending disputation or litigation proceeding related to the Equity
Interest.

    

    
      
         

      

      
        5

        
          

        

      

      
         

      

    

    

    
      	
              6.

            	
              出质人的承诺和确认

            

    

    Covenants
and Further Agreements of Pledgor

    

    
      	
            	
              6.1

            	
              在本协议存续期间,出质人向质权人承诺,出质人将:

            

    

    Pledgor
hereby covenants to the Pledgee, that during the term of this Agreement, Pledgor
shall:

    

    
      	
               
      

            	
              6.1.1

            	
              除履行由出质人与质权人、丙方于本协议签署日签订的《独家购买权合同》外,未经质权人事先书面同意,不得转让股权,不得在股权上设立或允许存在任何担保或其他债务负担或以任何其他方式处置股权;

            

    

    not
transfer the Equity Interest, place or permit the existence of any security
interest or other encumbrance on the Equity Interest, or disposal of the Equity
Interest in any other means, without the prior written consent of Pledgee,
except for the performance of the Exclusive Option Agreement executed by
Pledgor, the
Pledgee and Party C on the execution date of this Agreement;

    

    
      	
               
      

            	
              6.1.2

            	
              遵守并执行所有有关权利质押的法律、法规的规定,在收到有关主管机关就质权发出或制定的通知、指令或建议时,于5个工作日内向质权人出示上述通知、指令或建议,同时遵守上述通知、指令或建议,或按照质权人的合理要求或经质权人同意就上述事宜提出反对意见和陈述;

            

    

    comply
with the provisions of all laws and regulations applicable to the pledge of
rights, and within five (5) working days of receipt of any notice, order or
recommendation issued or prepared by relevant competent authorities regarding
the Pledge, shall present the aforementioned notice, order or recommendation to
Pledgee, and shall comply with the aforementioned notice, order or
recommendation or submit objections and representations with respect to the
aforementioned matters upon Pledgee's reasonable request or upon consent of
Pledgee;

    

    
      	
               
      

            	
              6.1.3

            	
              将任何可能导致对出质人股权或其任何部分的权利产生影响的事件或收到的通知,以及可能改变出质人在本协议中的任何保证、义务或对出质人履行其在本协议中义务可能产生影响的任何事件或收到的通知及时通知质权人。

            

    

    promptly
notify Pledgee of any event or notice received by Pledgor that may have an
impact on Pledgee's rights to the Equity Interest or any portion thereof, as
well as any event or notice received by Pledgor that may have an impact on any
guarantees and other obligations of Pledgor arising out of this
Agreement.

    
      
         

      

      
        6

        
          

        

      

      
         

      

    

    

    
      	
               
      

            	
              6.2

            	
              出质人同意,质权人按本协议条款取得的对质权享有的权利,不应受到出质人或出质人的继承人或出质人之委托人或任何其他人通过法律程序的中断或妨害。

            

    

    Pledgor
agrees that the rights acquired by Pledgee in accordance with this Agreement
with respect to the Pledge shall not be interrupted or harmed by Pledgor or any
heirs or representatives of Pledgor or any other persons through any legal
proceedings.

    

    
      	
               
      

            	
              6.3

            	
              出质人向质权人保证,为保护或完善本协议对偿付业务合作协议项下咨询服务费等费用的担保,出质人将诚实签署、并促使其他与质权有利害关系的当事人签署质权人所要求的所有的权利证书、契约和/或履行并促使其他有利害关系的当事人履行质权人所要求的行为,并为本协议赋予质权人之权利、授权的行使提供便利,与质权人或其指定的人(自然人/法人)签署所有的有关股权所有权的文件,并在合理期间内向质权人提供其认为需要的所有的有关质权的通知、命令及决定。

            

    

    To
protect or perfect the security interest granted by this Agreement for payment
of the consulting and service fees under the Business Cooperation Agreement,
Pledgor hereby undertakes to execute in good faith and to cause other parties
who have an interest in the Pledge to execute all certificates, agreements,
deeds and/or covenants required by Pledgee.  Pledgor also undertakes
to perform and to cause other parties who have an interest in the Pledge to
perform actions required by Pledgee, to facilitate the exercise by Pledgee of
its rights and authority granted thereto by this Agreement, and to enter into
all relevant documents regarding ownership of Equity Interest with Pledgee or
designee(s) of Pledgee (natural persons/legal persons).  Pledgor
undertakes to provide Pledgee within a reasonable time with all notices, orders
and decisions regarding the Pledge that are required by Pledgee.

    

    
      	
               
      

            	
              6.4

            	
              出质人向质权人保证,出质人将遵守、履行本协议项下所有的保证、承诺、协议、陈述及条件。如出质人不履行或不完全履行其保证、承诺、协议、陈述及条件,出质人应赔偿质权人由此遭受的一切损失。

            

    

    Pledgor
hereby undertakes to comply with and perform all guarantees, promises,
agreements, representations and conditions under this Agreement. In the event of
failure or partial performance of its guarantees, promises, agreements,
representations and conditions, Pledgor shall indemnify Pledgee for all losses
resulting therefrom.

    

    
      	
              7.

            	
              违约事件

            

    

    Event
of Breach

    

    
      	
               
      

            	
              7.1

            	
              下列事项均被视为违约事件:

            

    

    The
following circumstances shall be deemed Event of Default:

    
      
         

      

      
        7

        
          

        

      

      
         

      

    

    

    
      	
               
      

            	
              7.1.1

            	
              丙方未能按期、完整履行任何业务合作协议项下责任,包括但不限于丙方未能按期足额支付业务合作协议项下的应付的咨询服务费等费用或有违反该协议其他义务的行为;

            

    

    Party C
fails to fully and timely fulfill any liabilities under the Business Cooperation
Agreement, including without limitation failure to pay in full any of the
consulting and service fees payable under the Business Cooperation Agreement or
breaches any other obligations of Party C thereunder;

    

    
      	
               
      

            	
              7.1.2

            	
              出质人或丙方实质违反本协议的任何条款;

            

    

    Pledgor
or Party C has committed a material breach of any provisions of this
Agreement;

    

    
      	
               
      

            	
              7.1.3

            	
              出质人和丙方没有按第3.1条将本质权登记在丙方股东名册上或未办理质押登记手续;

            

    

    The
Pledgor and Party C fail to register the Pledge in the shareholders' register of
Party C or fail to complete the Registration of Pledge stipulated in Section
3.1;

    

    
      	
               
      

            	
              7.1.4

            	
              除本协议第6.1.1条的约定外,出质人舍弃出质的股权或未获得质权人书面同意而擅自转让或意图转让出质的股权;和

            

    

    Except as
expressly stipulated in Section 6.1.1, Pledgor transfers or purports to transfer
or abandons the Equity Interest pledged or assigns the Equity Interest pledged
without the written consent of Pledgee; and

    

    
      	
               
      

            	
              7.1.5

            	
              丙方的继承人或代管人只能履行部分或拒绝履行业务合作协议项下的支付责任。

            

    

    The
successor or custodian of Party C is capable of only partially perform or
refuses to perform the payment obligations under the Business Cooperation
Agreement.

    

    
      	
               
      

            	
              7.2

            	
              如知道或发现本第7.1条所述的任何事项或可能导致上述事项的事件已经发生,出质人应立即以书面形式通知质权人。

            

    

    Upon
notice or discovery of the occurrence of any circumstances or event that may
lead to the aforementioned circumstances described in Section 7.1, Pledgor shall
immediately notify Pledgee in writing accordingly.

       

      
        
           

        

        
          8

          
            

          

        

        
           

        

      

    

     

    
      	
            	
              7.3

            	
              除非第7.1部分下的违约事件在质权人向出质人发出要求其修补此违约行为通知后的20个工作日之内已经按质权人要求获得救济,质权人在其后的任何时间,可向出质人发出书面违约通知,要求依据第8部分履行其处理股权的权利。

            

    

    Unless an
Event of Default set forth in this Section 7.1 has been successfully resolved to
Pledgee's satisfaction within twenty (20) working days after the Pledgee
delivers a notice to the Pledgor requesting ratification of such Event of
Default, Pledgee may issue a Notice of Default to Pledgor in writing at any time
thereafter, demanding the Pledgor to immediately dispose of the Pledge in
accordance with the provisions of Article 8 of this Agreement.

    

    
      	
              8.

            	
              质权的行使

            

    

    Exercise
of Pledge

    

    
      	
               
      

            	
              8.1

            	
              在业务合作协议所述的咨询服务费等费用未全部偿还前,未经质权人书面同意,出质人不得转让本质权和其拥有的丙方股权。

            

    

    Prior to
the full payment of the consulting and service fees described in the Business
Cooperation Agreement, without the Pledgee's written consent, Pledgor shall not
assign the Pledge or the Equity Interest in Party C.

    

    
      	
            	
              8.2

            	
              在质权人行使其质押权利时,质权人可以向出质人发出书面违约通知。

            

    

    Pledgee
may issue a Notice of Default to Pledgor when exercising the
Pledge.

    

    
      	
               
      

            	
              8.3

            	
              受限于第7.3条的规定,质权人可在按第8.2条发出违约通知的同时或在发出违约通知之后的任何时间里对质权行使处分的权利。质权人决定行使处分质权的权利时,出质人即不再拥有任何与股权有关的权利和利益。

            

    

    Subject
to the provisions of Section 7.3, Pledgee may exercise the right to enforce the
Pledge at the time when, or at any time after, the issuance of the Notice of
Default in accordance with Section 8.2. Once Pledgee elects to enforce the
Pledge, Pledgor shall cease to be entitled to any rights or interests associated
with the Equity Interest.

    

    
      	
               
      

            	
              8.4

            	
              在违约时,根据中国有关法律的规定,质权人有权按照法定程序处置质押股权。仅在中国法律允许的范围内,对于处置的所得,质权人无需给付出质人;出质人特此放弃其可能有的能向质权人要求任何质押股权处置所得的权利;同样,出质人对质权人在该质押股权处置后的亏空也不承担任何义务。

            

    

    In the
event of default, Pledgee is entitled to dispose of the Equity Interest pledged
in accordance with applicable PRC laws. Only to the extent permitted under
applicable PRC laws, Pledgee has no obligation to account to Pledgor for
proceeds of disposition of the Equity Interest, and Pledgor hereby waives any
rights it may have to demand any such accounting from Pledgee; Likewise, in such
circumstance Pledgor shall have no obligation to Pledgee for any deficiency
remaining after such disposition of the Equity Interest
pledged.

    
      
         

      

      
        9

        
          

        

      

      
         

      

    

    

    
      	
               
      

            	
              8.5

            	
              质权人依照本协议处分质权时,出质人和丙方应予以必要的协助,以使质权人实现其质权。

            

    

    When
Pledgee disposes of the Pledge in accordance with this Agreement, Pledgor and
Party C shall provide necessary assistance to enable Pledgee to enforce the
Pledge in accordance with this Agreement.

    

    
      	
              9.

            	
              转让

            

    

    Assignment

    

    
      	
               
      

            	
              9.1

            	
              除非经质权人事先同意,出质人无权赠予或转让其在本协议项下的权利义务。

            

    

    Without
Pledgee's prior written consent, Pledgor shall not have the right to assign or
delegate its rights and obligations under this Agreement.

    

    
      	
               
      

            	
              9.2

            	
              本协议对出质人及其继任人和经许可的受让人均有约束力,并且对质权人及每一继任人和受让人有效。

            

    

    This
Agreement shall be binding on Pledgor and its successors and permitted assigns,
and shall be valid with respect to Pledgee and each of its successors and
assigns.

    

    
      	
               
      

            	
              9.3

            	
              质权人可以在任何时候将其在业务合作协议项下的所有或任何权利和义务转让给其指定的人(自然人/法人),在这种情况下,受让人应享有和承担本协议项下质权人享有和承担的权利和义务,如同其作为原协议方应享有和承担的一样。质权人转让业务合作协议项下的权利和义务时,应质权人要求,出质人应就此转让签署有关协议和/或文件。

            

    

    At any
time, Pledgee may assign any and all of its rights and obligations under the
Business Cooperation Agreement to its designee(s) (natural/legal persons), in
which case the assigns shall have the rights and obligations of Pledgee under
this Agreement, as if it were the original party to this Agreement. When the
Pledgee assigns the rights and obligations under the Business Cooperation
Agreement, upon Pledgee's request, Pledgor shall execute relevant agreements or
other documents relating to such assignment.

    

    
      	
               
      

            	
              9.4

            	
              因转让所导致的质权人变更后,应质权人要求,出质人应与新的质权人签订一份内容与本协议一致的新质押协议,并在相应的工商行政管理机关办理变更登记。

            

    

    In the
event of a change in Pledgee due to an assignment, Pledgor shall, at the request
of Pledgee, execute a new pledge agreement with the new pledgee on the same
terms and conditions as this Agreement, and register for change of the same with
the competent AIC.

    
      
         

      

      
        10

        
          

        

      

      
         

      

    

    

    
      	
               
      

            	
              9.5

            	
              出质人应严格遵守本协议和各方单独或共同签署的其他有关协议的规定,包括独家购买权合同和对质权人的授权委托书,履行各协议项下的义务,并不进行任何足以影响协议的有效性和可强制执行性的作为/不作为。除非根据质权人的书面指示,出质人不得行使其对质押股权还留存的权利。

            

    

    Pledgor
shall strictly abide by the provisions of this Agreement and other contracts
jointly or separately executed by the Parties hereto or any of them, including
the Exclusive Option Agreement and the Power of Attorney granted to Pledgee,
perform the obligations hereunder and thereunder, and refrain from any
action/omission that may affect the effectiveness and enforceability thereof.
Any remaining rights of Pledgor with respect to the Equity Interest pledged
hereunder shall not be exercised by Pledgor except in accordance with the
written instructions of Pledgee.

    

    
      	
              10.

            	
              终止

            

    

    Termination

    

    在业务合作协议项下的咨询服务费等费用偿还完毕,并且丙方不再承担业务合作协议项下的任何义务之后,本协议终止,并且在尽早合理可行的时间内,质权人应取消或解除本协议。

    Upon the
full payment of the consulting and service fees under the Business Cooperation
Agreement and upon termination of Party C's obligations under the Business
Cooperation Agreement, this Agreement shall be terminated, and Pledgee shall
then cancel or terminate this Agreement as soon as reasonably
practicable.

    

    
      	
              11.

            	
              手续费及其他费用

            

    

    Handling
Fees and Other Expenses

    

    一切与本协议有关的费用及实际开支,其中包括但不限于法律费用、工本费、印花税以及任何其他税收、费用等全部由丙方承担。

    All fees
and out of pocket expenses relating to this Agreement, including but not limited
to legal costs, costs of production, stamp tax and any other taxes and fees,
shall be borne by Party C.

     

    
      
         

      

      
        11

        
          

        

      

      
         

      

    

    
      	
              12.

            	
              保密责任

            

    

    Confidentiality

    

    各方承认及确定有关本协议、本协议内容,以及彼此就准备或履行本协议而交换的任何口头或书面资料均被视为保密信息。各方应当对所有该等保密信息予以保密,而在未得到另一方书面同意前,不得向任何第三者披露任何保密信息,惟下列信息除外:(a)公众人士知悉或将会知悉的任何信息(惟并非由接受保密信息之一方擅自向公众披露);(b)根据适用法律法规、股票交易规则、或政府部门或法院的命令而所需披露之任何信息;或(c)由任何一方就本协议所述交易而需向其股东、投资者、法律或财务顾问披露之信息,而该股东、法律或财务顾问亦需遵守与本条款相类似之保密责任。如任何一方工作人员或聘请机构的泄密均视为该方的泄密,需依本协议承担违约责任。无论本协议以任何理由终止,本条款仍然生效。

    The
Parties acknowledge that the existence and the terms of this Agreement and any
oral or written information exchanged between the Parties in connection with the
preparation and performance this Agreement are regarded as confidential
information. Each Party shall maintain confidentiality of all such confidential
information, and without obtaining the written consent of the other Party, it
shall not disclose any relevant confidential information to any third parties,
except for the information that: (a) is or will be in the public domain (other
than through the receiving Party’s unauthorized disclosure); (b) is under the
obligation to be disclosed pursuant to the applicable laws or regulations, rules
of any stock exchange, or orders of the court or other government authorities;
or (c) is required to be disclosed by any Party to its shareholders, investors,
legal counsels or financial advisors regarding the transaction contemplated
hereunder, provided that such shareholders, investors, legal counsels or
financial advisors shall  be bound by the confidentiality obligations
similar to those set forth in this Section. Disclosure of any confidential
information by the staff members or agencies hired by any Party shall be deemed
disclosure of such confidential information by such Party, which Party shall be
held liable for breach of this Agreement. This Section shall survive the
termination of this Agreement for any reason.

    

    
      	
              13.

            	
              适用法律和争议的解决

            

    

    Governing
Law and Resolution of Disputes

    

    
      	
            	
              13.1

            	
              本协议的订立、效力、解释、履行、修改和终止以及争议的解决均适用中国法律。

            

    

    The
execution, effectiveness, construction, performance, amendment and termination
of this Agreement and the resolution of disputes hereunder shall be governed by
the laws of China.

    

    
      
      

    

    
      
         

      

      
        12

        
          

        

      

      
         

      

    

    
    

    
      	
            	
              13.2

            	
              因解释和履行本协议而发生的任何争议,本协议各方应首先通过友好协商的方式加以解决。如果在一方向其他方发出要求协商解决的书面通知后30天之内争议仍然得不到解决,则任何一方均可将有关争议提交给中国国际经济贸易仲裁委员会,由该会按照其仲裁规则仲裁解决。仲裁应在北京进行,使用之语言为中文。仲裁裁决是终局性的,对各方均有约束力。

            

    

    In the
event of any dispute with respect to the construction and performance of this
Agreement, the Parties shall first resolve the dispute through friendly
negotiations. In the event the Parties fail to reach an agreement on the dispute
within 30 days after either Party's request to the other Parties for resolution
of the dispute through negotiations, either Party may submit the relevant
dispute to the China International Economic and Trade Arbitration Commission for
arbitration, in accordance with its Arbitration Rules. The arbitration shall be
conducted in Beijing, and the language used in arbitration shall be Chinese. The
arbitration award shall be final and binding on all Parties.

    

    
      	
            	
              13.3

            	
              因解释和履行本协议而发生任何争议或任何争议正在进行仲裁时,除争议的事项外,本协议各方仍应继续行使各自在本协议项下的其他权利并履行各自在本协议项下的其他义务。

            

    

    Upon the
occurrence of any disputes arising from the construction and performance of this
Agreement or during the pending arbitration of any dispute, except for the
matters under dispute, the Parties to this Agreement shall continue to exercise
their respective rights under this Agreement and perform their respective
obligations under this Agreement.

    

    
      	
              14.

            	
              通知

            

    

    
      Notices

    

    

    
      	
            	
              17.1

            	
              本协议项下要求或发出的所有通知和其他通信应通过专人递送、挂号邮寄、邮资预付或商业快递服务或传真的方式发到该方下列地址。每一通知还应再以电子邮件送达。该等通知视为有效送达的日期按如下方式确定:

            

    

    All
notices and other communications required or permitted to be given pursuant to
this Agreement shall be delivered personally or sent by registered mail, postage
prepaid, by a commercial courier service or by facsimile transmission to the
address of such party set forth below. A confirmation copy of each notice shall
also be sent by E-mail. The dates on which notices shall be deemed to have been
effectively given shall be determined as follows:

    

    
      	
            	
              17.2

            	
              通知如果是以专人递送、快递服务或挂号邮寄、邮资预付发出的,则以于设定为通知的地址在发送或拒收之日为有效送达日。

            

    

    Notices
given by personal delivery, by courier service or by registered mail, postage
prepaid, shall be deemed effectively given on the date of delivery or refusal at
the address specified for notices.

    

      
        
           

        

        
          13

          
            

          

        

        
           

        

      

    

     

    
      	
            	
              17.3

            	
              通知如果是以传真发出的,则以成功传送之日为有效送达日(应以自动生成的传送确认信息为证)。

            

    

    Notices
given by facsimile transmission shall be deemed effectively given on the date of
successful transmission (as evidenced by an automatically generated confirmation
of transmission).

    

    
      	
            	
              17.4

            	
              为通知的目的,各方地址如下:

            

    

    For the
purpose of notices, the addresses of the Parties are as follows:

    

    甲方:盛世巨龙传媒(惠州)有限公司

    
      Party
A: CD Media (Huizhou) Co., Ltd.

    

    
      地址:惠州市江北文昌二路7号801房

    

    
      Address:
Room 801, No.7 Wen Chang Second Road, Jiangbei, Huizhou,
Guangdong

    

    
      收件人:林画标

    

    Attn: Lin
Guangwen                                                  

    
      电话:

    

    
      Phone:

    

    
      传真:

    

    
      Facsimile:

    

    

    
      乙方:徐雯

    

    
      Party B: _____________

    

    
      地址:

    

    
      Address:

    

    
      电话:

    

    
      Phone:

    

    
      电子邮件:

    

    
      E-mail:

    

    

    丙方:北京盛世巨龙广告有限公司

    
      Party
C: Beijing CD Media Advertisement Co.,
Ltd.

    

    
      地址:北京市门头沟区石龙北路12号119室

    

    
      Address:
Room 119, No.12 Shi Long North Road, Men Tou Gou District,
Beijing

    

    
      收件人:闫志峰

    

    Attn: Yan
Zhifeng                                        

    
      电话:

    

    
      Phone:

    

    
      传真:

    

    
      Facsimile:

    

    

    
      
      

    

    
      
         

      

      
        14

        
          

        

      

      
         

      

    

     

    
      	
            	
              17.5

            	
              任何一方可按本条规定随时给其他各方发出通知来改变其接收通知的地址。

            

    

    Any Party
may at any time change its address for notices by a notice delivered to the
other Parties in accordance with the terms hereof.

    

    
      	
              15.

            	
              分割性

            

    

    Severability

    

    如果本协议有任何一条或多条规定根据任何法律或法规在任何方面被裁定为无效、不合法或不可执行,本协议其余规定的有效性、合法性或可执行性不应因此在任何方面受到影响或损害。各方应通过诚意磋商,争取以法律许可以及各方期望的最大限度内有效的规定取代那些无效、不合法或不可执行的规定,而该等有效的规定所产生的经济效果应尽可能与那些无效、不合法或不能强制执行的规定所产生的经济效果相似。

    In the
event that one or several of the provisions of this Contract are found to be
invalid, illegal or unenforceable in any aspect in accordance with any laws or
regulations, the validity, legality or enforceability of the remaining
provisions of this Contract shall not be affected or compromised in any respect.
The Parties shall strive in good faith to replace such invalid, illegal or
unenforceable provisions with effective provisions that accomplish to the
greatest extent permitted by law and the intentions of the Parties, and the
economic effect of such effective provisions shall be as close as possible to
the economic effect of those invalid, illegal or unenforceable
provisions.

    

    
      	
              16.

            	
              附件

            

    

    Attachments

    

    本协议所列附件,为本协议不可分割的组成部分。

    The
attachments set forth herein shall be an integral part of this
Agreement.

    

    
      	
              17.

            	
              生效

            

    

    Effectiveness

    

    
      	
            	
              17.1

            	
              本协议的任何修改、补充或变更,均须采用书面形式,经各方签字或盖章并按规定办理政府登记(如需)后生效。

            

    

    Any
amendments, changes and supplements to this Agreement shall be in writing and
shall become effective upon completion of the governmental filing procedures (if
applicable) after the affixation of the signatures or seals of the
Parties.

    

    
      	
            	
              17.2

            	
              本协议以中文和英文书就,一式三份,质权人、出质人和丙方各持一份,具有同等效力;中英文版本如有冲突,应以中文版为准。

            

    

    This
Agreement is written in Chinese and English in three copies. Pledgor, Pledgee
and Party C shall hold one copy respectively.  Each copy of this
Agreement shall have equal validity.  In case there is any conflict
between the Chinese version and the English version, the Chinese version shall
prevail.

    
      
         

      

      
        15

        
          

        

      

      
         

      

    

    

    [本页以下无正文]

    [The
Remainder of this page is intentionally left blank]

     

    
      
         

      

      
        16

        
          

        

      

      
         

      

    

    有鉴于此,各方已使得经其授权的代表于文首所述日期签署了本股权质押协议并即生效,以昭信守。

    IN
WITNESS WHEREOF, the Parties have caused their authorized representatives to
execute this Equity Interest Pledge Agreement as of the date first above
written.

     

    
      甲方:盛世巨龙传媒(惠州)有限公司

    

    Party
A: CD Media (Huizhou) Co., Ltd.

     

    
      
        	
                签字:

              
	
                By:

              	
                /s/_[SEAL]

              
	
                姓名:林画标

              
	
                Name:

              
	
                职务:

              
	
                Title:

              

      

    

    

    
      乙方:

    

    
      Party
B:

    

    

    
      
        
          
            	
                    签字:

                  	 
      
	
                    By:

                  	 
      

          

        

      

    

    

    丙方:北京盛世巨龙广告有限公司

    Party
C: Beijing CD Media Advertisement Co., Ltd.

    

    
      
        	
                签字:

              
	
                By:

              	
                /s/_[SEAL]

              
	
                姓名:

              
	
                Name:

              
	
                职务:

              
	
                Title:

              

      

    

     

    
      
         

      

      
        17

        
          

        

      

      
         

      

    

    附件:

    Attachments:

    

    
      	
              1.

            	
              北京盛世巨龙广告有限公司股东名册;

            

    

    Shareholders'
Register of Beijing CD Media Advertisement Co.,
Ltd.;

    

    
      	
              2.

            	
              北京盛世巨龙广告有限公司的出资证明书;

            

    

    The
Capital Contribution Certificate for
Beijing CD Media Advertisement Co., Ltd.;

    

    
      	
              3.

            	
              《独家业务合作协议》;

            

    

    Exclusive
Business Cooperation Agreement;

    

    
      	
              4.

            	
              工商登记用《股权质押合同》。

            

    

    Equity
Interest Pledge Contract used for registration with the AIC

    
      
         

      

      
        18

        
          

        

      

      
         

      

    

    [INFORMATION FOR PURPOSES OF FILING WITH THE SECURITIES AND EXCHANGE
COMMISSION]

    

    SCHEDULE
A

    

    INDIVIDUALS
WHO ENTERED INTO THE EQUITY PLEDGE AGREEMENT

    

    
      
        ·             Li
HuiHua

      

            

    

    
      
        
          
            ·            
Fu
Haiming

          

        

      

    

                

    
      
        ·            
Yan
Zhifeng

      

    

    
      
         

      

      
        19Indenture, dated August 2, 2010

 Exhibit 4.1 

Execution Copy 
  

 
  

AMERICREDIT AUTOMOBILE RECEIVABLES TRUST 2010-B 

Class A-1 0.37690% Asset Backed Notes 

Class A-2 1.18% Asset Backed Notes 

Class A-3 2.49% Asset Backed Notes 
  

 
 INDENTURE

 Dated as of August 2, 2010 
  

 
 WELLS FARGO
BANK, NATIONAL ASSOCIATION 
 Trustee and Trust Collateral Agent 

 
  

 

 TABLE OF CONTENTS 

 

					
	 	    	 	  	Page
		
	ARTICLE I DEFINITIONS AND INCORPORATION BY REFERENCE	  	3
			
	 SECTION 1.1
	    	Definitions	  	3
	 SECTION 1.2
	    	Incorporation by Reference of Trust Indenture Act	  	10
	 SECTION 1.3
	    	Rules of Construction	  	11
		
	ARTICLE II THE NOTES	  	11
			
	 SECTION 2.1
	    	Form	  	11
	 SECTION 2.2
	    	Execution, Authentication and Delivery	  	11
	 SECTION 2.3
	    	Temporary Notes	  	12
	 SECTION 2.4
	    	Registration; Registration of Transfer and Exchange	  	12
	 SECTION 2.5
	    	Mutilated, Destroyed, Lost or Stolen Notes	  	14
	 SECTION 2.6
	    	Persons Deemed Owner	  	15
	 SECTION 2.7
	    	Payment of Principal and Interest; Defaulted Interest	  	15
	 SECTION 2.8
	    	Cancellation	  	16
	 SECTION 2.9
	    	Release of Collateral	  	16
	 SECTION 2.10
	    	Book-Entry Notes	  	16
	 SECTION 2.11
	    	Notices to Clearing Agency	  	17
	 SECTION 2.12
	    	Definitive Notes	  	17
		
	ARTICLE III COVENANTS	  	18
			
	 SECTION 3.1
	    	Payment of Principal and Interest	  	18
	 SECTION 3.2
	    	Maintenance of Office or Agency	  	18
	 SECTION 3.3
	    	Money for Payments to be Held in Trust	  	18
	 SECTION 3.4
	    	Existence	  	20
	 SECTION 3.5
	    	Protection of Trust Estate	  	20
	 SECTION 3.6
	    	Opinions as to Trust Estate	  	21
	 SECTION 3.7
	    	Performance of Obligations; Servicing of Receivables	  	21
	 SECTION 3.8
	    	Negative Covenants	  	22
	 SECTION 3.9
	    	Annual Statement as to Compliance	  	23
	 SECTION 3.10
	    	Issuer May Consolidate, Etc. Only on Certain Terms	  	23
	 SECTION 3.11
	    	Successor or Transferee	  	25
	 SECTION 3.12
	    	No Other Business	  	25
	 SECTION 3.13
	    	No Borrowing	  	26
	 SECTION 3.14
	    	Servicer’s Obligations	  	26
	 SECTION 3.15
	    	Guarantees, Loans, Advances and Other Liabilities	  	26
	 SECTION 3.16
	    	Capital Expenditures	  	26
	 SECTION 3.17
	    	Compliance with Laws	  	26
	 SECTION 3.18
	    	Restricted Payments	  	26
	 SECTION 3.19
	    	Notice of Events of Default	  	26
	 SECTION 3.20
	    	Further Instruments and Acts	  	27
	 SECTION 3.21
	    	Amendments of Sale and Servicing Agreement and Trust Agreement	  	27
	 SECTION 3.22
	    	Income Tax Characterization	  	27
		
	ARTICLE IV SATISFACTION AND DISCHARGE	  	27
			
	 SECTION 4.1
	    	Satisfaction and Discharge of Indenture	  	27
	 SECTION 4.2
	    	Application of Trust Money	  	28
	 SECTION 4.3
	    	Repayment of Moneys Held by Note Paying Agent	  	28
		
	ARTICLE V REMEDIES	  	29
			
	 SECTION 5.1
	    	Events of Default	  	29
	 SECTION 5.2
	    	Rights Upon Event of Default	  	30

  

 i 

					
	 SECTION 5.3
	    	Collection of Indebtedness and Suits for Enforcement by Trustee	  	32
	 SECTION 5.4
	    	Remedies	  	34
	 SECTION 5.5
	    	Optional Preservation of the Receivables	  	35
	 SECTION 5.6
	    	Priorities	  	35
	 SECTION 5.7
	    	Limitation of Suits	  	36
	 SECTION 5.8
	    	Unconditional Rights of Noteholders To Receive Principal and Interest	  	37
	 SECTION 5.9
	    	Restoration of Rights and Remedies	  	37
	 SECTION 5.10
	    	Rights and Remedies Cumulative	  	37
	 SECTION 5.11
	    	Delay or Omission Not a Waiver	  	37
	 SECTION 5.12
	    	Control by Noteholders	  	38
	 SECTION 5.13
	    	Waiver of Past Defaults	  	38
	 SECTION 5.14
	    	Undertaking for Costs	  	39
	 SECTION 5.15
	    	Waiver of Stay or Extension Laws	  	39
	 SECTION 5.16
	    	Action on Notes	  	39
	 SECTION 5.17
	    	Performance and Enforcement of Certain Obligations	  	39
		
	ARTICLE VI THE TRUSTEE AND THE TRUST COLLATERAL AGENT	  	40
			
	 SECTION 6.1
	    	Duties of Trustee	  	40
	 SECTION 6.2
	    	Rights of Trustee	  	42
	 SECTION 6.3
	    	Individual Rights of Trustee	  	43
	 SECTION 6.4
	    	Trustee’s Disclaimer	  	43
	 SECTION 6.5
	    	Notice of Defaults	  	43
	 SECTION 6.6
	    	Reports by Trustee to Holders	  	43
	 SECTION 6.7
	    	Compensation and Indemnity	  	43
	 SECTION 6.8
	    	Replacement of Trustee	  	44
	 SECTION 6.9
	    	Successor Trustee by Merger	  	46
	 SECTION 6.10
	    	Appointment of Co-Trustee or Separate Trustee	  	46
	 SECTION 6.11
	    	Eligibility: Disqualification	  	47
	 SECTION 6.12
	    	Preferential Collection of Claims Against Issuer	  	47
	 SECTION 6.13
	    	Appointment and Powers	  	47
	 SECTION 6.14
	    	Performance of Duties	  	48
	 SECTION 6.15
	    	Limitation on Liability	  	48
	 SECTION 6.16
	    	Reliance Upon Documents	  	49
	 SECTION 6.17
	    	Successor Trust Collateral Agent	  	49
	 SECTION 6.18
	    	Compensation	  	50
	 SECTION 6.19
	    	Representations and Warranties of the Trust Collateral Agent and the Issuer	  	50
	 SECTION 6.20
	    	Waiver of Setoffs	  	51
	 SECTION 6.21
	    	Control by the Controlling Party	  	51
		
	ARTICLE VII NOTEHOLDERS’ LISTS AND REPORTS	  	52
			
	 SECTION 7.1
	    	Issuer To Furnish To Trustee Names and Addresses of Noteholders	  	52
	 SECTION 7.2
	    	Preservation of Information; Communications to Noteholders	  	52
	 SECTION 7.3
	    	Reports by Issuer	  	52
	 SECTION 7.4
	    	Reports by Trustee	  	53
		
	ARTICLE VIII ACCOUNTS, DISBURSEMENTS AND RELEASES	  	53
			
	 SECTION 8.1
	    	Collection of Money	  	53
	 SECTION 8.2
	    	Release of Trust Estate	  	53
	 SECTION 8.3
	    	Opinion of Counsel	  	54
		
	ARTICLE IX SUPPLEMENTAL INDENTURES	  	54
			
	 SECTION 9.1
	    	Supplemental Indentures Without Consent of Noteholders	  	54
	 SECTION 9.2
	    	Supplemental Indentures with Consent of Noteholders	  	55
	 SECTION 9.3
	    	Execution of Supplemental Indentures	  	57
	 SECTION 9.4
	    	Effect of Supplemental Indenture	  	57
	 SECTION 9.5
	    	Conformity With Trust Indenture Act	  	57
	 SECTION 9.6
	    	Reference in Notes to Supplemental Indentures	  	57

  

 ii 

					
	ARTICLE X REDEMPTION OF NOTES	  	58
			
	 SECTION 10.1
	    	Redemption	  	58
	 SECTION 10.2
	    	Form of Redemption	  	58
	 SECTION 10.3
	    	Notes Payable on Redemption Date	  	59
		
	ARTICLE XI MISCELLANEOUS	  	59
			
	 SECTION 11.1
	    	Compliance Certificates and Opinions, etc.	  	59
	 SECTION 11.2
	    	Form of Documents Delivered to Trustee	  	61
	 SECTION 11.3
	    	Acts of Noteholders	  	61
	 SECTION 11.4
	    	Notices, etc., to Trustee, Issuer, Insurer and Rating Agencies	  	62
	 SECTION 11.5
	    	Notices to Noteholders; Waiver	  	63
	 SECTION 11.6
	    	[Reserved]	  	64
	 SECTION 11.7
	    	Conflict with Trust Indenture Act	  	64
	 SECTION 11.8
	    	Effect of Headings and Table of Contents	  	64
	 SECTION 11.9
	    	Successors and Assigns	  	64
	 SECTION 11.10
	    	Separability	  	64
	 SECTION 11.11
	    	Benefits of Indenture	  	64
	 SECTION 11.12
	    	Legal Holidays	  	65
	 SECTION 11.13
	    	GOVERNING LAW	  	65
	 SECTION 11.14
	    	Counterparts	  	65
	 SECTION 11.15
	    	Recording of Indenture	  	65
	 SECTION 11.16
	    	Trust Obligation	  	65
	 SECTION 11.17
	    	No Petition	  	66
	 SECTION 11.18
	    	Inspection	  	66

  

			
	EXHIBITS	  	
		
	 EXHIBIT A-1
	  	Form of Class A-1 Note
	 EXHIBIT A-2
	  	Form of Class A-2 Note
	 EXHIBIT A-3
	  	Form of Class A-3 Note
		
	SCHEDULES	  	
		
	 SCHEDULE A
	  	Representations and Warranties of the Issuer
	 SCHEDULE B
	  	Insurance Agreement Indenture Cross Defaults

  

 iii 

 INDENTURE dated as of August 2, 2010, between AMERICREDIT AUTOMOBILE RECEIVABLES TRUST
2010-B, a Delaware statutory trust (the “Issuer”), and WELLS FARGO BANK, NATIONAL ASSOCIATION, a national banking association, as trustee (the “Trustee”) and Trust Collateral Agent (as defined below). 

Each party agrees as follows for the benefit of the other party and for the equal and ratable benefit of the Holders of the Issuer’s
Class A-1 0.37690% Asset Backed Notes (the “Class A-1 Notes”), the Class A-2 1.18% Asset Backed Notes (the “Class A-2 Notes”) and the Class A-3 2.49% Asset Backed Notes (the “Class A-3
Notes” and together with the Class A-1 Notes and the Class A-2 Notes, the “Notes”). 
 As
security for the payment and performance by the Issuer of its obligations under this Indenture and the Notes, the Issuer has agreed to assign the Collateral (as defined below) as collateral to the Trust Collateral Agent for the benefit of the
Trustee on behalf of the Noteholders. 
 Assured Guaranty Corp. (the “Insurer”) has issued and delivered a
financial guaranty insurance policy, dated the Closing Date (with endorsements, the “Note Policy”), pursuant to which the Insurer guarantees Scheduled Payments, as defined in the Insurance Agreement. 

As an inducement to the Insurer to issue and deliver the Note Policy, the Issuer and the Insurer have executed and delivered the
Insurance and Indemnity Agreement, dated as of August 2, 2010 (as amended from time to time, the “Insurance Agreement”), among the Insurer, the Issuer, AmeriCredit Financial Services, Inc., AmeriCredit Corp. and AFS SenSub
Corp. 
 As an additional inducement to the Insurer to issue the Note Policy, and as security for the performance by the Issuer
of the Insurer Issuer Secured Obligations and as security for the performance by the Issuer of the Trustee Issuer Secured Obligations, the Issuer has agreed to assign the Collateral (as defined below) as collateral to the Trust Collateral Agent for
the benefit of the Issuer Secured Parties, as their respective interests may appear. 
  

 1 

 GRANTING CLAUSE 

The Issuer hereby Grants to the Trust Collateral Agent at the Closing Date, for the benefit of the Issuer Secured Parties, all of the
Issuer’s right, title and interest in and to the following property, whether now existing or hereafter acquired or arising (a) the Receivables and all moneys received thereon after the Cutoff Date; (b) the security interests in the
Financed Vehicles granted by Obligors pursuant to the Receivables and any other interest of the Issuer in the Financed Vehicles; (c) any proceeds with respect to the Receivables repurchased by a Dealer, pursuant to a Dealer Agreement, as a
result of a breach of representation or warranty in the related Dealer Agreement or repurchased by a Third-Party Lender, pursuant to an Auto Loan Purchase and Sale Agreement, as a result of a breach of representation or warranty in the related Auto
Loan Purchase and Sale Agreement; (d) all rights under any Service Contracts on the related Financed Vehicles; (e) any proceeds with respect to the Receivables from claims on any physical damage, credit life or disability insurance
policies covering Financed Vehicles or Obligors and any proceeds from the liquidation of the Receivables; (f) the Trust Accounts and the Lockbox Account and all funds on deposit from time to time in the Trust Accounts and the Lockbox Account,
and in all investments and proceeds thereof and all rights of the Issuer therein (including all income thereon); (g) the Issuer’s rights and benefits, but none of its obligations or burdens, under the Purchase Agreement, including the
delivery requirements, representations and warranties and the cure and repurchase obligations of AmeriCredit under the Purchase Agreement; (h) all items contained in the Receivable Files and any and all other documents that AmeriCredit keeps on
file in accordance with its customary procedures relating to the Receivables, the Obligors or the Financed Vehicles; (i) the Issuer’s rights and benefits, but none of its obligations or burdens, under the Sale and Servicing Agreement
(including all rights of the Seller under the Purchase Agreement assigned to the Issuer pursuant to the Sale and Servicing Agreement); (j) all of the Issuer’s (i) Accounts, (ii) Chattel Paper, (iii) Documents,
(iv) Instruments and (v) General Intangibles (as such terms are defined in the UCC) relative to the property described in (a) through (i); and (k) all present and future claims, demands, causes and choses of action in respect of
any or all of the foregoing and all payments on or under and all proceeds of every kind and nature whatsoever in respect of any or all of the foregoing, including all proceeds of the conversion, voluntary or involuntary, into cash or other liquid
property, all cash proceeds, accounts, accounts receivable, notes, drafts, acceptances, chattel paper, checks, deposit accounts, insurance proceeds, condemnation awards, rights to payment of any and every kind and other forms of obligations and
receivables, instruments and other property which at any time constitute all or part of or are included in the proceeds of any of the foregoing (collectively, the “Collateral”). The Spread Account, amounts on deposit therein and the
proceeds thereof do not constitute Collateral and are not subject to this Grant. 
 The foregoing Grant is made in trust to the
Trust Collateral Agent, for the benefit of the Trustee on behalf of the Noteholders and for the benefit of the Insurer. The Trust Collateral Agent hereby acknowledges such Grant, accepts the trusts under this Indenture in accordance with the
provisions of this Indenture and agrees to perform its duties required in this Indenture to the end that the interests of such parties, recognizing the priorities of their respective interests may be adequately and effectively protected. 

 

 2 

 ARTICLE I 

Definitions and Incorporation by Reference 

SECTION 1.1 Definitions. Except as otherwise specified herein, the following terms have the respective meanings set forth below
for all purposes of this Indenture. 
 “Act” has the meaning specified in Section 11.3(a). 

“Affiliate” means, with respect to any specified Person, any other Person controlling or controlled by or under common
control with such specified Person. For the purposes of this definition, “control” when used with respect to any specified Person means the power to direct the management and policies of such Person, directly or indirectly, whether through
the ownership of voting securities, by contract or otherwise; and the terms “controlling” and “controlled” have meanings correlative to the foregoing. A Person shall not be deemed to be an Affiliate of any person solely because
such other Person has the contractual right or obligation to manage such Person unless such other Person controls such Person through equity ownership or otherwise. 

“Authorized Officer” means, with respect to the Issuer and the Servicer, any officer or agent acting pursuant to a power
of attorney of the Owner Trustee or the Servicer, as applicable, who is authorized to act for the Owner Trustee or the Servicer, as applicable, in matters relating to the Issuer and who is identified on the list of Authorized Officers delivered by
each of the Owner Trustee and the Servicer to the Trustee on the Closing Date (as such list may be modified or supplemented from time to time thereafter). 

“Basic Documents” means this Indenture, the Certificate of Trust, the Trust Agreement, as amended, the Sale and
Servicing Agreement, the Spread Account Agreement, the Underwriting Agreement, the Lockbox Account Agreement, the Lockbox Processing Agreement, the Insurance Agreement, the Indemnification Agreement, the Custodian Agreement and other documents and
certificates delivered in connection therewith. 
 “Benefit Plan Entity” has the meaning specified in
Section 2.4. 
 “Book Entry Notes” means a beneficial interest in the Notes, ownership and transfers of
which shall be made through book entries by a Clearing Agency as described in Section 2.10. 
 “Business
Day” means any day other than a Saturday, a Sunday, a legal holiday or other day on which the New York Stock Exchange, the Federal Reserve Bank of New York, commercial banking institutions located in Wilmington, Delaware, Fort Worth, Texas,
New York, New York, Minneapolis, Minnesota, the State of Maryland or any other location of any successor Servicer, successor Owner Trustee or successor Trust Collateral Agent are authorized or obligated by law, executive order or governmental decree
to be closed. 
 “Certificate” means a trust certificate evidencing the beneficial interest of a
Certificateholder in the Trust. 
  

 3 

 “Certificateholder” means the Person in whose name a Certificate is
registered on the Certificate Register. 
 “Certificate of Trust” means the certificate of trust of the Issuer
substantially in the form of Exhibit B to the Trust Agreement. 
 “Class A-1 Interest Rate” means
0.37690% per annum (computed on the basis of a 360-day year and the actual number of days in the related Interest Period). 

“Class A-1 Notes” means the Class A-1 0.37690% Asset Backed Notes, substantially in the form of Exhibit A-1.

 “Class A-2 Interest Rate” means 1.18% per annum (computed on the basis of a 360-day year consisting of
twelve 30-day months). 
 “Class A-2 Notes” means the Class A-2 1.18% Asset Backed Notes, substantially in
the form of Exhibit A-2. 
 “Class A-3 Interest Rate” means 2.49% per annum (computed on the basis of a
360-day year consisting of twelve 30-day months). 
 “Class A-3 Notes” means the Class A-3 2.49% Asset
Backed Notes, substantially in the form of Exhibit A-3. 
 “Clearing Agency” means an organization registered
as a “clearing agency” pursuant to Section 17A of the Exchange Act. 
 “Clearing Agency
Participant” means a broker, dealer, bank, other financial institution or other Person for whom from time to time a Clearing Agency effects book-entry transfers and pledges of securities deposited with the Clearing Agency. 

“Closing Date” means August 19, 2010. 

“Code” means the Internal Revenue Code of 1986, as amended from time to time, and Treasury Regulations promulgated
thereunder. 
 “Collateral” has the meaning specified in the Granting Clause of this Indenture. 

“Controlling Party” means the Insurer, so long as no Insurer Default shall have occurred and be continuing, and the
Trust Collateral Agent, acting on behalf of the Noteholders, for so long as an Insurer Default shall have occurred and be continuing. 

“Corporate Trust Office” means the principal office of the Trustee at which at any particular time its corporate trust
business shall be administered which office at date of the execution of this Indenture is located at Sixth Street and Marquette Avenue, MAC N9311-161, Minneapolis, Minnesota 55479 (facsimile number (612) 667-3464), Attention: Corporate Trust
Office, or at such other address as the Trustee may designate from time to time by notice to the Noteholders, the Insurer, the Servicer and the Issuer, or the principal corporate trust office of any successor Trustee (the address of which the
successor Trustee will notify the Noteholders and the Issuer). 
  

 4 

 “Default” means any occurrence that is, or with notice or the lapse of time
or both would become, an Event of Default. 
 “Definitive Notes” has the meaning specified in
Section 2.10. 
 “Distribution Date” has the meaning specified in the Sale and Servicing Agreement.

 “ERISA” has the meaning specified in Section 2.4. 

“Event of Default” has the meaning specified in Section 5.1. 

“Exchange Act” means the Securities Exchange Act of 1934, as amended. 

“Executive Officer” means, with respect to any corporation, the Chief Executive Officer, Chief Operating Officer, Chief
Financial Officer, President, any Executive Vice President, any Senior Vice President, any Vice President, the Secretary or the Treasurer of such corporation; and with respect to any partnership, any general partner thereof. 

“Final Scheduled Distribution Date” means with respect to (i) the Class A-1 Notes, the September 6, 2011
Distribution Date, (ii) the Class A-2 Notes, the February 6, 2014 Distribution Date and (iii) the Class A-3 Notes, the November 6, 2017 Distribution Date. 

“Grant” means mortgage, pledge, bargain, warrant, alienate, remise, release, convey, assign, transfer, create, grant a
lien upon and a security interest in and right of set-off against, deposit, set over and confirm pursuant to this Indenture. A Grant of the Collateral or of any other agreement or instrument shall include all rights, powers and options (but none of
the obligations) of the Granting party thereunder, including the immediate and continuing right to claim for, collect, receive and give receipt for principal and interest payments in respect of the Collateral and all other moneys payable thereunder,
to give and receive notices and other communications, to make waivers or other agreements, to exercise all rights and options, to bring proceedings in the name of the Granting party or otherwise and generally to do and receive anything that the
Granting party is or may be entitled to do or receive thereunder or with respect thereto. 
 “Holder” or
“Noteholder” means the Person in whose name a Note is registered on the Note Register. 

“Indebtedness” means, with respect to any Person at any time, (a) indebtedness or liability of such Person for
borrowed money whether or not evidenced by bonds, debentures, notes or other instruments, or for the deferred purchase price of property or services (including trade obligations); (b) obligations of such Person as lessee under leases which
should have been or should be, in accordance with generally accepted accounting principles, recorded as capital leases; (c) current liabilities of such Person in respect of unfunded vested benefits under plans covered by Title IV of ERISA;
(d) obligations issued for or liabilities incurred on the account of 
  

 5 

 
such Person; (e) obligations or liabilities of such Person arising under acceptance facilities; (f) obligations of such Person under any guarantees, endorsements (other than for
collection or deposit in the ordinary course of business) and other contingent obligations to purchase, to provide funds for payment, to supply funds to invest in any Person or otherwise to assure a creditor against loss; (g) obligations of
such Person secured by any lien on property or assets of such Person, whether or not the obligations have been assumed by such Person; or (h) obligations of such Person under any interest rate or currency exchange agreement. 

“Indenture” means this Indenture as amended and supplemented from time to time. 

“Independent” means, when used with respect to any specified Person, that the Person (a) is in fact independent of
the Issuer, any other obligor upon the Notes, the Seller and any Affiliate of any of the foregoing Persons, (b) does not have any direct financial interest or any material indirect financial interest in the Issuer, any such other obligor, the
Seller or any Affiliate of any of the foregoing Persons and (c) is not connected with the Issuer, any such other obligor, the Seller or any Affiliate of any of the foregoing Persons as an officer, employee, promoter, underwriter, trustee,
partner, director or Person performing similar functions. 
 “Independent Certificate” means a certificate or
opinion to be delivered to the Trust Collateral Agent under the circumstances described in, and otherwise complying with, the applicable requirements of Section 11.1, prepared by an Independent appraiser or other expert appointed by an Issuer
Order and approved by the Trust Collateral Agent in the exercise of reasonable care, and such opinion or certificate shall state that the signer has read the definition of “Independent“ in this Indenture and that the signer is Independent
within the meaning thereof. 
 “Insurance Agreement Indenture Cross Default” has the meaning specified therefor
in the Insurance Agreement. As of the Closing Date, the Insurance Agreement Events of Default that constitute Insurance Agreement Indenture Cross Defaults are listed in Schedule B hereto. 

“Insured Distribution Date” has the meaning specified in the Sale and Servicing Agreement. 

“Insurer Issuer Secured Obligations” means all amounts and obligations which the Issuer may at any time owe to or on
behalf of the Insurer under this Indenture, the Insurance Agreement or any other Basic Document. 
 “Interest
Rate” means, with respect to the (i) Class A-1 Notes, the Class A-1 Interest Rate, (ii) Class A-2 Notes, the Class A-2 Interest Rate and (iii) Class A-3 Notes, the Class A-3 Interest Rate.

 “Issuer” means the party named as such in this Indenture until a successor replaces it and, thereafter,
means the successor and, for purposes of any provision contained herein and required by the TIA, each other obligor on the Notes. 

“Issuer Order” and “Issuer Request” means a written order or request signed in the name of the Issuer
by any one of its Authorized Officers and delivered to the Trustee. 
  

 6 

 “Issuer Secured Obligations” means the Insurer Issuer Secured Obligations
and the Trustee Issuer Secured Obligations. 
 “Issuer Secured Parties” means each of the Trustee in respect of
the Trustee Issuer Secured Obligations and the Insurer in respect of the Insurer Issuer Secured Obligations. 

“Note” means a Class A-1 Note, a Class A-2 Note or a Class A-3 Note. 

“Note Owner” means, with respect to a Book-Entry Note, the person who is the owner of such Book-Entry Note, as reflected
on the books of the Clearing Agency, or on the books of a Person maintaining an account with such Clearing Agency (directly as a Clearing Agency Participant or as an indirect participant, in each case in accordance with the rules of such Clearing
Agency). 
 “Note Paying Agent” means the Trustee or any other Person that meets the eligibility standards for
the Trustee specified in Section 6.11 and is authorized by the Issuer to make the payments to and distributions from the Collection Account and the Note Distribution Account, including payment of principal of or interest on the Notes on behalf
of the Issuer. 
 “Note Policy” means the insurance policy issued by the Insurer with respect to the Notes,
including any endorsements thereto. 
 “Note Register” and “Note Registrar” have the
respective meanings specified in Section 2.4. 
 “Notice of Default” has the meaning set forth in
Section 5.1 hereof. 
 “Officer’s Certificate” means a certificate signed by any Authorized Officer
of the Owner Trustee, under the circumstances described in, and otherwise complying with, the applicable requirements of Section 11.1 and TIA § 314, and delivered to the Trustee. Unless otherwise specified, any reference in this
Indenture to an Officer’s Certificate shall be to an Officer’s Certificate of any Authorized Officer of the Issuer. 

“Opinion of Counsel” means one or more written opinions of counsel who may, except as otherwise expressly provided in
this Indenture, be employees of or counsel to the Issuer and who shall be satisfactory to the Trustee and, if addressed to the Insurer, satisfactory to the Insurer, and which shall comply with any applicable requirements of Section 11.1, and
shall be in form and substance satisfactory to the Trustee, and if addressed to the Insurer, satisfactory to the Insurer. 

“Outstanding” means, as of the date of determination, all Notes theretofore authenticated and delivered under this
Indenture except: 
 (i) Notes theretofore canceled by the Note Registrar or delivered to the Note Registrar for
cancellation; 
 (ii) Notes or portions thereof the payment for which money in the necessary amount has been
theretofore deposited with the Trustee or any Note Paying Agent in trust 
  

 7 

 
for the Noteholders (provided, however, that if such Notes are to be redeemed, notice of such redemption has been duly given pursuant to this Indenture or provision therefor,
satisfactory to the Trustee); and 
 (iii) Notes in exchange for or in lieu of other Notes which have been
authenticated and delivered pursuant to this Indenture unless proof satisfactory to the Trustee is presented that any such Notes are held by a bona fide purchaser; 

provided, however, that Notes which have been paid with proceeds of the Note Policy shall continue to remain Outstanding for purposes of this
Indenture until the Insurer has been paid as subrogee hereunder or reimbursed pursuant to the Insurance Agreement as evidenced by a written notice from the Insurer delivered to the Trustee, and the Insurer shall be deemed to be the Holder thereof to
the extent of any payments thereon made by the Insurer; provided, further, that in determining whether the Holders of the requisite Outstanding Amount of the Notes have given any request, demand, authorization, direction, notice, consent or
waiver hereunder or under any Basic Document, Notes owned by the Issuer, any other obligor upon the Notes, the Seller or any Affiliate of any of the foregoing Persons shall be disregarded and deemed not to be Outstanding, except that, in determining
whether the Trustee shall be protected in relying upon any such request, demand, authorization, direction, notice, consent or waiver, only Notes that a Responsible Officer of the Trustee either actually knows to be so owned or has received written
notice thereof shall be so disregarded. Notes so owned that have been pledged in good faith may be regarded as Outstanding if the pledgee establishes to the satisfaction of the Trustee the pledgee’s right so to act with respect to such Notes
and that the pledgee is not the Issuer, any other obligor upon the Notes, the Seller or any Affiliate of any of the foregoing Persons. 

“Outstanding Amount” means the aggregate principal amount of all Notes, or class of Notes, as applicable, Outstanding at
the date of determination. 
 “Predecessor Note” means, with respect to any particular Note, every previous
Note evidencing all or a portion of the same debt as that evidenced by such particular Note; and, for the purpose of this definition, any Note authenticated and delivered under Section 2.5 in lieu of a mutilated, lost, destroyed or stolen Note
shall be deemed to evidence the same debt as the mutilated, lost, destroyed or stolen Note. 
 “Proceeding”
means any suit in equity, action at law or other judicial or administrative proceeding. 
 “Prohibited Transaction Class
Exemption” means U.S. Department of Labor prohibited transaction class exemption 84-14, 90-1, 91-38, 95-60 or 96-23, or any similar prohibited transaction class exemption issued by the U.S. Department of Labor. 

“Rating Agency” means each of Moody’s and Standard & Poor’s, so long as such Persons maintain a
rating on the Notes; and if any of Moody’s or Standard & Poor’s no longer maintains a rating on the Notes, such other nationally recognized statistical rating organization engaged by the Seller and (so long as an Insurer Default
shall not have occurred and be continuing) acceptable to the Insurer. 
  

 8 

 “Rating Agency Condition” means, with respect to any action, that each of
Moody’s and Standard & Poor’s shall have been given 10 days’ (or such shorter period as shall be acceptable to each Rating Agency) prior notice thereof by AmeriCredit and that (a) with respect to Standard &
Poor’s, such Rating Agency has notified the Seller, the Servicer, the Insurer, the Trustee, the Owner Trustee and the Issuer in writing that such action will not result in a reduction or withdrawal of the then current rating of any Class of
Notes, without taking into account the presence of the Note Policy, and (b) with respect to Moody’s, such Rating Agency has not notified the Seller, the Servicer, the Insurer, the Trustee, the Owner Trustee or the Issuer in writing that
such action will result in a reduction or withdrawal of the then current rating of any Class of Notes. 
 “Record
Date” means, with respect to a Distribution Date or Redemption Date, the close of business on the Business Day immediately preceding such Distribution Date or Redemption Date. 

“Redemption Date” means in the case of a redemption of the Notes pursuant to Section 10.1(a) or a payment to
Noteholders pursuant to Section 10.1(b), the Distribution Date specified by the Servicer or the Issuer pursuant to Section 10.1(a) or 10.1(b) as applicable. 

“Redemption Price” means (a) in the case of a redemption of the Notes pursuant to Section 10.1(a), an amount
equal to the unpaid principal amount of the then outstanding principal amount of each class of Notes being redeemed plus accrued and unpaid interest thereon to but excluding the Redemption Date, or (b) in the case of a payment made to
Noteholders pursuant to Section 10.1(b), the amount on deposit in the Note Distribution Account, but not in excess of the amount specified in clause (a) above. 

“Responsible Officer” means, with respect to the Trustee or the Trust Collateral Agent, any officer within the Corporate
Trust Office of the Trustee, including any Executive Vice President, Senior Vice President, Vice President, Assistant Vice President, Assistant Treasurer, Assistant Secretary, or any other officer of the Trustee or the Trust Collateral Agent
customarily performing functions similar to those performed by any of the above designated officers and also, with respect to a particular matter, any other officer to whom such matter is referred because of such officer’s knowledge of and
familiarity with the particular subject. 
 “Sale and Servicing Agreement” means the Sale and Servicing
Agreement, dated as of August 2, 2010, among the Issuer, the Seller, the Servicer, the Trustee, the Trust Collateral Agent and the Backup Servicer, as the same may be amended or supplemented from time to time in accordance with its terms.

 “Scheduled Payments” has the meaning specified in the Note Policy. 

“Similar Law” has the meaning specified in Section 2.4. 

“State” means any one of the 50 states of the United States of America or the District of Columbia. 

“Statutory Exemption” means the statutory exemption under Section 408(b)(17) of ERISA and Section 4975(d)(20)
of the Code. 
  

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 “Termination Date” means the latest of (i) the expiration of the Note
Policy and the return of the Note Policy to the Insurer for cancellation, (ii) the date on which the Insurer shall have received payment and performance of all Insurer Issuer Secured Obligations and (iii) the date on which the Trustee
shall have received payment and performance of all Trustee Issuer Secured Obligations. 
 “Trust Collateral
Agent’ means, initially, Wells Fargo Bank, National Association, in its capacity as collateral agent on behalf of the Issuer Secured Parties, including its successors-in-interest, until and unless a successor Person shall have become the
Trust Collateral Agent pursuant to Section 6.17 hereof, and thereafter “Trust Collateral Agent” shall mean such successor Person. 

“Trust Estate’ means all money, instruments, rights and other property that are subject or intended to be subject to the
lien and security interest of this Indenture for the benefit of the Noteholders (including all property and interests Granted to the Trust Collateral Agent), including all proceeds thereof. 

“Trust Indenture Act” or “TIA” means the Trust Indenture Act of 1939, as amended and as in force on the
date hereof, unless otherwise specifically provided. 
 “Trustee” means Wells Fargo Bank, National Association,
a national banking association, not in its individual capacity but as trustee under this Indenture, or any successor trustee under this Indenture. 

“Trustee Issuer Secured Obligations” means all amounts and obligations which the Issuer may at any time owe to or on
behalf of the Trustee for the benefit of the Noteholders under this Indenture, the Notes or any Basic Document. 

“UCC” means, unless the context otherwise requires, the Uniform Commercial Code, as in effect in the relevant
jurisdiction, as amended from time to time. 
 Capitalized terms used herein and not otherwise defined herein shall have the
meanings assigned to them in the Sale and Servicing Agreement or the Trust Agreement. 
 SECTION 1.2 Incorporation by
Reference of Trust Indenture Act. Whenever this Indenture refers to a provision of the TIA, the provision is incorporated by reference in and made a part of this Indenture. The following TIA terms used in this Indenture have the following
meanings: 
 “Commission” means the Securities and Exchange Commission. 

“indenture securities” means the Notes. 

“indenture security holder” means a Noteholder. 

“indenture to be qualified” means this Indenture. 

“indenture trustee” or “institutional trustee” means the Trustee. 

 

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 “obligor” on the indenture securities means the Issuer. 

All other TIA terms used in this Indenture that are defined by the TIA, defined by TIA reference to another statute or defined by
Commission rule have the meaning assigned to them by such definitions. 
 SECTION 1.3 Rules of Construction. Unless the
context otherwise requires: 
 (i) a term has the meaning assigned to it; 

(ii) an accounting term not otherwise defined has the meaning assigned to it in accordance with generally accepted
accounting principles as in effect from time to time; 
 (iii) “or” is not exclusive; 

(iv) “including” means including without limitation; and 

(v) words in the singular include the plural and words in the plural include the singular. 

ARTICLE II 

The Notes 

SECTION 2.1 Form. The Class A-1 Notes, the Class A-2 Notes and the Class A-3 Notes, in each case together with the
Trustee’s certificate of authentication, shall be in substantially the form set forth in Exhibits A-1, A-2 and A-3, respectively, with such appropriate insertions, omissions, substitutions and other variations as are required or permitted by
this Indenture and may have such letters, numbers or other marks of identification and such legends or endorsements placed thereon as may, consistently herewith, be determined by the officers executing such Notes, as evidenced by their execution of
the Notes. Any portion of the text of any Note may be set forth on the reverse thereof, with an appropriate reference thereto on the face of the Note. 

The Definitive Notes shall be typewritten, printed, lithographed or engraved or produced by any combination of these methods (with or
without steel engraved borders), all as determined by the officers executing such Notes, as evidenced by their execution of such Notes. 

Each Note shall be dated the date of its authentication. The terms of the Notes set forth in Exhibits A-1, A-2 and A-3 are part of the
terms of this Indenture. 
 SECTION 2.2 Execution, Authentication and Delivery. The Notes shall be executed on behalf of
the Issuer by any of its Authorized Officers. The signature of any such Authorized Officer on the Notes may be manual or facsimile. 

Notes bearing the manual or facsimile signature of individuals who were at any time Authorized Officers of the Issuer shall bind the
Issuer, notwithstanding that such individuals or any of them have ceased to hold such offices prior to the authentication and delivery of such Notes or did not hold such offices at the date of such Notes. 

 

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 The Trustee shall, upon receipt of the Note Policy and Issuer Order, authenticate and
deliver Class A-1 Notes for original issue in an aggregate principal amount of $36,800,000, Class A-2 Notes for original issue in the aggregate principal amount of $69,000,000 and Class A-3 Notes for original issue in the aggregate
principal amount of $94,200,000. The Class A-1 Notes, Class A-2 Notes and Class A-3 Notes outstanding at any time may not exceed such amounts except as provided in Section 2.5. 

The Class A-1 Notes, the Class A-2 Notes and the Class A-3 Notes shall be issuable as registered Notes in the minimum
denomination of $1,000 and in integral multiples thereof (except for one Note of each class which may be issued in a denomination other than an integral multiple of $1,000). 

No Note shall be entitled to any benefit under this Indenture or be valid or obligatory for any purpose, unless there appears on such
Note a certificate of authentication substantially in the form provided for herein executed by the Trustee by the manual signature of one of its authorized signatories, and such certificate upon any Note shall be conclusive evidence, and the only
evidence, that such Note has been duly authenticated and delivered hereunder. 
 SECTION 2.3 Temporary Notes. Pending the
preparation of Definitive Notes, the Issuer may execute, and upon receipt of an Issuer Order the Trustee shall authenticate and deliver, temporary Notes which are printed, lithographed, typewritten, mimeographed or otherwise produced, of the tenor
of the Definitive Notes in lieu of which they are issued and with such variations not inconsistent with the terms of this Indenture as the officers executing such Notes may determine, as evidenced by their execution of such Notes. 

If temporary Notes are issued, the Issuer will cause Definitive Notes to be prepared without unreasonable delay. After the preparation of
Definitive Notes, the temporary Notes shall be exchangeable for Definitive Notes upon surrender of the temporary Notes at the office or agency of the Issuer to be maintained as provided in Section 3.2, without charge to the Noteholder. Upon
surrender for cancellation of any one or more temporary Notes, the Issuer shall execute and the Trustee shall authenticate and deliver in exchange therefor a like principal amount of Definitive Notes of authorized denominations. Until so exchanged,
the temporary Notes shall in all respects be entitled to the same benefits under this Indenture as Definitive Notes. 
 SECTION
2.4 Registration; Registration of Transfer and Exchange. The Issuer shall cause to be kept a register (the “Note Register”) in which, subject to such reasonable regulations as it may prescribe, the Issuer shall provide for
the registration of Notes and the registration of transfers of Notes. The Trustee shall be “Note Registrar” for the purpose of registering Notes and transfers of Notes as herein provided. Upon any resignation of any Note Registrar,
the Issuer shall promptly appoint a successor or, if it elects not to make such an appointment, assume the duties of Note Registrar. 
  

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 If a Person other than the Trustee is appointed by the Issuer as Note Registrar, the Issuer
will give the Trustee prompt written notice of the appointment of such Note Registrar and of the location, and any change in the location, of the Note Register, and the Trustee shall have the right to inspect the Note Register at all reasonable
times and to obtain copies thereof, and the Trustee shall have the right to conclusively rely upon a certificate executed on behalf of the Note Registrar by an Executive Officer thereof as to the names and addresses of the Noteholders of the Notes
and the principal amounts and number of such Notes. 
 Subject to Sections 2.10 and 2.12 hereof, upon surrender for registration
of transfer of any Note at the office or agency of the Issuer to be maintained as provided in Section 3.2, if the requirements of Section 8-401(1) of the UCC are met the Issuer shall execute and upon its request the Trustee shall
authenticate and the Noteholder shall obtain from the Trustee, in the name of the designated transferee or transferees, one or more new Notes, in any authorized denominations, of the same class and a like aggregate principal amount. 

At the option of the Noteholder, Notes may be exchanged for other Notes in any authorized denominations, of the same class and a like
aggregate principal amount, upon surrender of the Notes to be exchanged at such office or agency. Whenever any Notes are so surrendered for exchange, subject to Sections 2.10 and 2.12 hereof, if the requirements of Section 8-401(1) of the UCC
are met the Issuer shall execute and upon its request the Trustee shall authenticate and the Noteholder shall obtain from the Trustee, the Notes which the Noteholder making the exchange is entitled to receive. 

All Notes issued upon any registration of transfer or exchange of Notes shall be the valid obligations of the Issuer, evidencing the same
debt, and entitled to the same benefits under this Indenture, as the Notes surrendered upon such registration of transfer or exchange. 

Every Note presented or surrendered for registration of transfer or exchange shall be (i) duly endorsed by, or be accompanied by a
written instrument of transfer in the form attached to Exhibits A-1, A-2 and A-3 duly executed by, the Holder thereof or such Holder’s attorney duly authorized in writing, with such signature guaranteed by an “eligible guarantor
institution” meeting the requirements of the Note Registrar which requirements include membership or participation in Securities Transfer Agents Medallion Program (“STAMP”) or such other “signature guarantee program”
as may be determined by the Note Registrar in addition to, or in substitution for, STAMP, all in accordance with the Exchange Act, and (ii) accompanied by such other documents as the Trustee may require. 

Notwithstanding the foregoing, in the case of any sale or other transfer of a Class A-1 Note, Class A-2 Note or Class A-3
Note that is a Definitive Note, the prospective transferee shall be required to represent and warrant in writing to the Note Registrar that either (a) it is not (i) an employee benefit plan (as defined in section 3(3) of the Employee
Retirement Income Security Act of 1974, as amended (“ERISA”)) that is subject to the provisions of Title I of ERISA, (ii) a plan (as defined in section 4975(e)(1) of the Code) that is subject to Section 4975 of the Code,
(iii) an entity whose underlying assets are deemed to be assets of a plan described in (i) or (ii) above by reason of such plan’s investment in the entity or (iv) an employee benefit plan subject to any federal, state, local
or non-U.S. laws or regulations substantially similar to Title I of ERISA or Section 4975 of the Code (“Similar Law”) (any such entity described in clauses (i) 

 

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through (iv), a “Benefit Plan Entity”) or (b) it is a Benefit Plan Entity and the acquisition and holding of the Definitive Note by such prospective transferee is covered by
a Prohibited Transaction Class Exemption or the Statutory Exemption (or, if it is subject to any Similar Law, such acquisition and holding will not violate such Similar Law). Each transferee of a Class A-1 Note, Class A-2 Note or
Class A-3 Note that is a Book Entry Note that is a Benefit Plan Entity shall be deemed to represent that its acquisition and holding of the Book Entry Note is covered by a Prohibited Transaction Class Exemption or the Statutory Exemption (or,
if it is subject to any Similar Law, such acquisition and holding will not violate such Similar Law). 
 No service charge shall
be made to a Noteholder for any registration of transfer or exchange of Notes, but the Note Registrar may require payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in connection with any registration of
transfer or exchange of Notes, other than exchanges pursuant to Section 2.3 or 9.6 not involving any transfer. 
 The
preceding provisions of this section notwithstanding, the Issuer shall not be required to make and the Note Registrar shall not register transfers or exchanges of Notes selected for redemption or of any Note for a period of 15 days preceding the due
date for any payment with respect to the Note. 
 SECTION 2.5 Mutilated, Destroyed, Lost or Stolen Notes. If (i) any
mutilated Note is surrendered to the Trustee, or the Trustee receives evidence to its satisfaction of the destruction, loss or theft of any Note, and (ii) there is delivered to the Trustee and the Insurer (unless an Insurer Default shall have
occurred and be continuing) such security or indemnity as may be required by it to hold the Issuer, the Trustee and the Insurer harmless, then, in the absence of notice to the Issuer, the Note Registrar or the Trustee that such Note has been
acquired by a bona fide purchaser, and provided that the requirements of Section 8-405 of the UCC are met, the Issuer shall execute and upon its request the Trustee shall authenticate and deliver, in exchange for or in lieu of any such
mutilated, destroyed, lost or stolen Note, a replacement Note; provided, however, that if any such destroyed, lost or stolen Note, but not a mutilated Note, shall have become or within seven days shall be due and payable, or shall have been
called for redemption, instead of issuing a replacement Note, the Issuer may direct the Trustee, in writing, to pay such destroyed, lost or stolen Note when so due or payable or upon the Redemption Date, without surrender thereof. If, after the
delivery of such replacement Note or payment of a destroyed, lost or stolen Note pursuant to the proviso to the preceding sentence, a bona fide purchaser of the original Note in lieu of which such replacement Note was issued presents for payment
such original Note, the Issuer, the Trustee and the Insurer shall be entitled to recover such replacement Note (or such payment) from the Person to whom it was delivered or any Person taking such replacement Note from such Person to whom such
replacement Note was delivered or any assignee of such Person, except a bona fide purchaser, and shall be entitled to recover upon the security or indemnity provided therefor to the extent of any loss, damage, cost or expense incurred by the Issuer
or the Trustee in connection therewith. 
 Upon the issuance of any replacement Note under this Section, the Issuer may require
the payment by the Holder of such Note of a sum sufficient to cover any tax or other governmental charge that may be imposed in relation thereto and any other reasonable expenses (including the fees and expenses of the Trustee) connected therewith.

  

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 Every replacement Note issued pursuant to this Section in replacement of any mutilated,
destroyed, lost or stolen Note shall constitute an original additional contractual obligation of the Issuer, whether or not the mutilated, destroyed, lost or stolen Note shall be at any time enforceable by anyone, and shall be entitled to all the
benefits of this Indenture equally and proportionately with any and all other Notes duly issued hereunder. 
 The provisions of
this Section are exclusive and shall preclude (to the extent lawful) all other rights and remedies with respect to the replacement or payment of mutilated, destroyed, lost or stolen Notes. 

SECTION 2.6 Persons Deemed Owner. Prior to due presentment for registration of transfer of any Note, the Issuer, the Trustee and
any agent of the Issuer or the Trustee, or the Insurer may treat the Person in whose name any Note is registered (as of the Record Date) as the owner of such Note for the purpose of receiving payments of principal of and interest, if any on such
Note and for all other purposes whatsoever, whether or not such Note be overdue, and none of the Issuer, the Insurer, the Trustee nor any agent of the Issuer or the Trustee shall be affected by notice to the contrary. 

SECTION 2.7 Payment of Principal and Interest; Defaulted Interest. 

(a) The Notes shall accrue interest as provided in the forms of the Class A-1 Note, the Class A-2 Note and the Class A-3
Note set forth in Exhibits A-1, A-2 and A-3, respectively, and such interest shall be due and payable on each Distribution Date and each Insured Distribution Date, as specified therein. Any installment of interest or principal, if any, payable on
any Note which is punctually paid or duly provided for by the Issuer on the applicable Distribution Date or Insured Distribution Date shall be paid to the Person in whose name such Note (or one or more Predecessor Notes) is registered on the Record
Date, by check mailed first-class, postage prepaid, to such Persons address as it appears on the Note Register on such Record Date, except that, unless Definitive Notes have been issued pursuant to Section 2.12, with respect to Notes registered
on the Record Date in the name of the nominee of the Clearing Agency (initially, such nominee to be Cede & Co.), payment will be made by wire transfer in immediately available funds to the account designated by such nominee and except for
the final installment of principal payable with respect to such Note on a Distribution Date or Insured Distribution Date or on the Final Scheduled Distribution Date (and except for the Redemption Price for any Note called for redemption pursuant to
Section 10.1(a)) which shall be payable as provided below. The funds represented by any such checks returned undelivered shall be held in accordance with Section 3.3. 

(b) The principal of each Note shall be payable in installments on each Distribution Date or Insured Distribution Date, as applicable, as
provided in the forms of the Class A-1 Note, the Class A-2 Note and the Class A-3 Note set forth in Exhibits A-1, A-2 and A-3, respectively. Notwithstanding the foregoing, the entire unpaid principal amount of the Notes shall be due
and payable, if not previously paid, (i) on the date on which an Event of Default shall have occurred and be continuing if no Insurer Default has occurred or (ii) if an Insurer Default has occurred and is continuing, if the Trustee or the
Noteholders representing not less than a majority of the Outstanding Amount of the Notes have declared the Notes to be immediately due and payable in the manner provided in Section 5.2. All principal payments on

  

 15 

 
each class of Notes shall be made pro rata to the Noteholders of such class entitled thereto. Upon written notice from the Issuer, the Trustee shall notify the Person in whose name a Note is
registered at the close of business on the Record Date preceding the Distribution Date on which the Issuer expects that the final installment of principal of and interest on such Note will be paid. Such notice shall be mailed or transmitted by
facsimile prior to such final Distribution Date and shall specify that such final installment will be payable only upon presentation and surrender of such Note and shall specify the place where such Note may be presented and surrendered for payment
of such installment. Notices in connection with redemptions of Notes shall be mailed to Noteholders as provided in Section 10.2. 

(c) If the Issuer defaults in a payment of interest on the Notes, and such default is waived by the Controlling Party, the Issuer shall
pay defaulted interest (plus interest on such defaulted interest to the extent lawful) at the applicable Interest Rate in any lawful manner. The Issuer may pay such defaulted interest to the Persons who are Noteholders on the immediately following
Insured Distribution Date, and, if such amount is not paid on such following Insured Distribution Date, then on a subsequent special record date, which date shall be at least five Business Days prior to the payment date. The Issuer shall fix or
cause to be fixed any such special record date and payment date, and, at least 15 days before any such special record date, the Issuer shall mail to each Noteholder and the Trustee a notice that states the special record date, the payment date and
the amount of defaulted interest to be paid. 
 (d) Promptly following the date on which all principal of and interest on the
Notes has been paid in full and the Notes have been surrendered to the Trustee, the Trustee shall, if the Insurer has paid any amount in respect of the Notes under the Note Policy or otherwise which has not been reimbursed to it, deliver such
surrendered Notes to the Insurer. 
 SECTION 2.8 Cancellation. Subject to Section 2.7(d), all Notes surrendered for
payment, registration of transfer, exchange or redemption shall, if surrendered to any Person other than the Trustee, be delivered to the Trustee and shall be promptly canceled by the Trustee. Subject to Section 2.7(d), the Issuer may at any
time deliver to the Trustee for cancellation of any Notes previously authenticated and delivered hereunder which the Issuer may have acquired in any manner whatsoever, and all Notes so delivered shall be promptly canceled by the Trustee. No Notes
shall be authenticated in lieu of or in exchange for any Notes canceled as provided in this Section, except as expressly permitted by this Indenture. Subject to Section 2.7(d), all canceled Notes may be held or disposed of by the Trustee in
accordance with its standard retention or disposal policy as in effect at the time unless the Issuer shall timely direct by an Issuer Order that they be destroyed or returned to it; provided that such Issuer Order is timely and the Notes have not
been previously disposed of by the Trustee. 
 SECTION 2.9 Release of Collateral. The Trust Collateral Agent shall, on
the earlier of (i) the Termination Date or (ii) the Redemption Date (if the Notes are redeemed in full on such date), release any remaining portion of the Trust Estate from the lien created by this Indenture and deposit in the Collection
Account any funds then on deposit in any other Trust Account. 
 SECTION 2.10 Book-Entry Notes. The Class A-1 Notes,
the Class A-2 Notes and the Class A-3 Notes, upon original issuance, will be issued in the form of typewritten Notes 

 

 16 

 
representing the Book-Entry Notes, to be delivered to The Depository Trust Company, the initial Clearing Agency, by, or on behalf of, the Issuer. Such Notes shall initially be registered on the
Note Register in the name of Cede & Co., the nominee of the initial Clearing Agency, and no Note Owner will receive a Definitive Note representing such Note Owner’s interest in such Note, except as provided in Section 2.12. Unless
and until definitive, fully registered Notes (the “Definitive Notes”) have been issued to Note Owners pursuant to Section 2.12: 

(i) the provisions of this Section shall be in full force and effect; 

(ii) the Note Registrar and the Trustee shall be entitled to deal with the Clearing Agency for all purposes of this
Indenture (including the payment of principal of and interest on the Notes and the giving of instructions or directions hereunder) as the sole Holder of the Notes, and shall have no obligation to the Note Owners; 

(iii) to the extent that the provisions of this Section conflict with any other provisions of this Indenture, the
provisions of this Section shall control; 
 (iv) the rights of Note Owners shall be exercised only through the
Clearing Agency and shall be limited to those established by law and agreements between such Note Owners and the Clearing Agency and/or the Clearing Agency Participants. Unless and until Definitive Notes are issued pursuant to Section 2.12, the
initial Clearing Agency will make book-entry transfers among the Clearing Agency Participants and receive and transmit payments of principal of and interest on the Notes to such Clearing Agency Participants; 

(v) whenever this Indenture requires or permits actions to be taken based upon instructions or directions of Noteholders
evidencing a specified percentage of the Outstanding Amount of the Notes, the Clearing Agency shall be deemed to represent such percentage only to the extent that it has received instructions to such effect from Note Owners and/or Clearing Agency
Participants owning or representing, respectively, such required percentage of the beneficial interest in the Notes and has delivered such instructions to the Trustee; and 

(vi) Note Owners may receive copies of any reports sent to Noteholders pursuant to this Indenture, upon written request,
together with a certification that they are Note Owners and payment of reproduction and postage expenses associated with the distribution of such reports, from the Trustee at the Corporate Trust Office. 

SECTION 2.11 Notices to Clearing Agency. Whenever a notice or other communication to the Noteholders is required under this
Indenture, unless and until Definitive Notes shall have been issued to Note Owners pursuant to Section 2.12, the Trustee shall give all such notices and communications specified herein to be given to the Noteholders to the Clearing Agency, and
shall have no obligation to the Note Owners. 
 SECTION 2.12 Definitive Notes. If (i) the Servicer advises the
Trustee in writing that the Clearing Agency is no longer willing or able to properly discharge its responsibilities with respect to the Notes, and the Servicer is unable to locate a qualified successor or (ii) after the occurrence of an Event
of Default, Note Owners representing beneficial 
  

 17 

 
interests aggregating at least a majority of the Outstanding Amount of the Notes advise the Trustee through the Clearing Agency in writing that the continuation of a book entry system through the
Clearing Agency is no longer in the best interests of the Note Owners, then the Clearing Agency shall notify all Note Owners and the Trustee of the occurrence of any such event and of the availability of Definitive Notes to Note Owners requesting
the same. Upon surrender to the Trustee of the typewritten Note or Notes representing the Book-Entry Notes by the Clearing Agency, accompanied by registration instructions, the Issuer shall execute and the Trustee shall authenticate the Definitive
Notes in accordance with the instructions of the Clearing Agency. None of the Issuer, the Note Registrar or the Trustee shall be liable for any delay in delivery of such instructions and may conclusively rely on, and shall be fully protected in
relying on, such instructions. Upon the issuance of Definitive Notes, the Trustee shall recognize the Holders of the Definitive Notes as Noteholders. 

ARTICLE III 

Covenants 

SECTION 3.1 Payment of Principal and Interest. The Issuer will duly and punctually pay the principal of and interest on the Notes
in accordance with the terms of the Notes and this Indenture. Without limiting the foregoing, the Issuer will cause to be distributed all amounts on deposit in the Note Distribution Account on a Distribution Date deposited therein pursuant to the
Sale and Servicing Agreement (i) for the benefit of the Class A-l Notes, to Class A-1 Noteholders, (ii) for the benefit of the Class A-2 Notes, to Class A-2 Noteholders and (iii) for the benefit of the
Class A-3 Notes, to Class A-3 Noteholders. Amounts properly withheld under the Code by any Person from a payment to any Noteholder of interest and/or principal shall be considered as having been paid by the Issuer to such Noteholder for
all purposes of this Indenture. 
 SECTION 3.2 Maintenance of Office or Agency. The Issuer will maintain in New York, New
York, an office or agency where Notes may be surrendered for registration of transfer or exchange, and where notices and demands to or upon the Issuer in respect of the Notes and this Indenture may be served. The Issuer hereby initially appoints the
Trustee to serve as its agent for the foregoing purposes. The Issuer will give prompt written notice to the Trustee of the location, and of any change in the location, of any such office or agency. If at any time the Issuer shall fail to maintain
any such office or agency or shall fail to furnish the Trustee with the address thereof, such surrenders, notices and demands may be made or served at the Corporate Trust Office, and the Issuer hereby appoints the Trustee as its agent to receive all
such surrenders, notices and demands. 
 SECTION 3.3 Money for Payments to be Held in Trust. On or before each
Distribution Date, Insured Distribution Date and Redemption Date, the Issuer shall deposit or cause to be deposited in the Note Distribution Account from the Collection Account an aggregate sum sufficient to pay the amounts then becoming due under
the Notes, such sum to be held in trust for the benefit of the Persons entitled thereto and (unless the Note Paying Agent is the Trustee) shall promptly notify the Trustee of its action or failure so to act. 

 

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 The Issuer will cause each Note Paying Agent other than the Trustee to execute and deliver
to the Trustee and the Insurer an instrument in which such Note Paying Agent shall agree with the Trustee (and if the Trustee acts as Note Paying Agent, it hereby so agrees), subject to the provisions of this Section, that such Note Paying Agent
will: 
 (i) hold all sums held by it for the payment of amounts due with respect to the Notes in trust for the
benefit of the Persons entitled thereto until such sums shall be paid to such Persons or otherwise disposed of as herein provided and pay such sums to such Persons as herein provided; 

(ii) give the Trustee notice of any default by the Issuer (or any other obligor upon the Notes) of which it has actual
knowledge in the making of any payment required to be made with respect to the Notes; 
 (iii) at any time during
the continuance of any such default, upon the written request of the Trustee, forthwith pay to the Trustee all sums so held in trust by such Note Paying Agent; 

(iv) immediately resign as a Note Paying Agent and forthwith pay to the Trustee all sums held by it in trust for the
payment of Notes if at any time it ceases to meet the standards required to be met by a Note Paying Agent at the time of its appointment; and 

(v) comply with all requirements of the Code with respect to the withholding from any payments made by it on any Notes of
any applicable withholding taxes imposed thereon and with respect to any applicable reporting requirements in connection therewith. 

The Issuer may at any time, for the purpose of obtaining the satisfaction and discharge of this Indenture or for any other purpose, by
Issuer Order direct any Note Paying Agent to pay to the Trustee all sums held in trust by such Note Paying Agent, such sums to be held by the Trustee upon the same trusts as those upon which the sums were held by such Note Paying Agent; and upon
such a payment by any Note Paying Agent to the Trustee, such Note Paying Agent shall be released from all further liability with respect to such money. 

Subject to applicable laws with respect to the escheat of funds, any money held by the Trustee or any Note Paying Agent in trust for the
payment of any amount due with respect to any Note and remaining unclaimed for two years after such amount has become due and payable shall be discharged from such trust and be paid to the Issuer on Issuer Request with the consent of the Insurer
(unless an Insurer Default shall have occurred and be continuing) and shall be deposited by the Trustee in the Collection Account; and the Holder of such Note shall thereafter, as an unsecured general creditor, look only to the Issuer for payment
thereof (but only to the extent of the amounts so paid to the Issuer), and all liability of the Trustee or such Note Paying Agent with respect to such trust money shall thereupon cease; provided, however, that if such money or any portion
thereof had been previously deposited by the Insurer or the Trust Collateral Agent with the Trustee for the payment of principal or interest on the Notes, to the extent any amounts are owing to the Insurer, such amounts shall be paid promptly to the
Insurer 
  

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upon the Trustee’s receipt of a written request by the Insurer to such effect; and provided, further, that the Trustee or such Note Paying Agent, before being required to make any
such repayment, shall at the expense of the Issuer cause to be published once, in a newspaper published in the English language, customarily published on each Business Day and of general circulation in New York, New York, notice that such money
remains unclaimed and that, after a date specified therein, which shall not be less than 30 days from the date of such publication, any unclaimed balance of such money then remaining will be repaid to the Issuer. The Trustee shall also adopt and
employ, at the expense of the Issuer, any other reasonable means of notification of such repayment (including, but not limited to, mailing notice of such repayment to Holders whose Notes have been called but have not been surrendered for redemption
or whose right to or interest in moneys due and payable but not claimed is determinable from the records of the Trustee or of any Note Paying Agent, at the last address of record for each such Holder). 

SECTION 3.4 Existence. Except as otherwise permitted by the provisions of Section 3.10, the Issuer will keep in full effect
its existence, rights and franchises as a statutory trust under the laws of the State of Delaware (unless it becomes, or any successor Issuer hereunder is or becomes, organized under the laws of any other state or of the United States of America, in
which case the Issuer will keep in full effect its existence, rights and franchises under the laws of such other jurisdiction) and will obtain and preserve its qualification to do business in each jurisdiction in which such qualification is or shall
be necessary to protect the validity and enforceability of this Indenture, the Notes, the Collateral and each other instrument or agreement included in the Trust Estate. 

SECTION 3.5 Protection of Trust Estate. The Issuer intends the security interest Granted pursuant to this Indenture in favor of
the Issuer Secured Parties to be prior to all other liens in respect of the Trust Estate, and the Issuer shall take all actions necessary to obtain and maintain, in favor of the Trust Collateral Agent, for the benefit of the Issuer Secured Parties,
a first lien on and a first priority, perfected security interest in the Trust Estate. The Issuer will from time to time prepare (or shall cause to be prepared), execute and deliver all such supplements and amendments hereto and all such financing
statements, continuation statements, instruments of further assurance and other instruments, and will take such other action necessary or advisable to: 

(i) Grant more effectively all or any portion of the Trust Estate; 

(ii) maintain or preserve the lien and security interest (and the priority thereof) in favor of the Trust Collateral Agent
for the benefit of the Issuer Secured Parties created by this Indenture or carry out more effectively the purposes hereof; 

(iii) perfect, publish notice of or protect the validity of any Grant made or to be made by this Indenture; 

(iv) enforce any of the Collateral; 

(v) preserve and defend title to the Trust Estate and the rights of the Trust Collateral Agent in such Trust Estate
against the claims of all persons and parties; and 
  

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 (vi) pay all taxes or assessments levied or assessed upon the Trust Estate
when due. 
 The Issuer hereby designates the Trust Collateral Agent its agent and attorney-in-fact to execute any financing statement,
continuation statement or other instrument required by the Trust Collateral Agent pursuant to this Section. 

SECTION 3.6 Opinions as to Trust Estate. 

(a) On the Closing Date, the Issuer shall furnish to the Trustee, the Trust Collateral Agent, the Backup Servicer and the Insurer an
Opinion of Counsel either stating that, in the opinion of such counsel, such action has been taken with respect to the recording and filing of this Indenture, any indentures supplemental hereto, and any other requisite documents, and with respect to
the execution and filing of any financing statements and continuation statements, as are necessary to perfect and make effective the first priority lien and security interest in favor of the Trust Collateral Agent, for the benefit of the Issuer
Secured Parties, created by this Indenture and reciting the details of such action, or stating that, in the opinion of such counsel, no such action is necessary to make such lien and security interest effective. 

(b) Within 120 days after the beginning of each calendar year, beginning with the first calendar year beginning more than six months
after the Closing Date, the Issuer shall furnish to the Trustee, the Trust Collateral Agent, the Backup Servicer and the Insurer an Opinion of Counsel either stating that, in the opinion of such counsel, such action has been taken with respect to
the recording, filing, re-recording and refiling of this Indenture, any indentures supplemental hereto and any other requisite documents and with respect to the execution and filing of any financing statements and continuation statements as are
necessary to maintain the lien and security interest created by this Indenture and reciting the details of such action or stating that in the opinion of such counsel no such action is necessary to maintain such lien and security interest. Such
Opinion of Counsel shall also describe the recording, filing, re-recording and refiling of this Indenture, any indentures supplemental hereto and any other requisite documents and the execution and filing of any financing statements and continuation
statements that will, in the opinion of such counsel, be required to maintain the lien and security interest of this Indenture until January 31 in the following calendar year. 

SECTION 3.7 Performance of Obligations; Servicing of Receivables. 

(a) The Issuer will not take any action and will use its best efforts not to permit any action to be taken by others that would release
any Person from any of such Person’s material covenants or obligations under any instrument or agreement included in the Trust Estate or that would result in the amendment, hypothecation, subordination, termination or discharge of, or impair
the validity or effectiveness of, any such instrument or agreement, except as ordered by any bankruptcy or other court or as expressly provided in this Indenture, the Basic Documents or such other instrument or agreement. 

(b) The Issuer may contract with other Persons acceptable to the Insurer (so long as no Insurer Default shall have occurred and be
continuing) to assist it in performing its duties under this Indenture, and any performance of such duties by a Person identified to the 

 

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Trustee and the Insurer in an Officer’s Certificate of the Issuer shall be deemed to be action taken by the Issuer. Initially, the Issuer has contracted with the Servicer to assist the
Issuer in performing its duties under this Indenture. 
 (c) The Issuer will punctually perform and observe all of its
obligations and agreements contained in this Indenture, the Basic Documents and in the instruments and agreements included in the Trust Estate, including, but not limited to, preparing (or causing to prepared) and filing (or causing to be filed) all
UCC financing statements and continuation statements required to be filed by the terms of this Indenture and the Sale and Servicing Agreement in accordance with and within the time periods provided for herein and therein. Except as otherwise
expressly provided therein, the Issuer shall not waive, amend, modify, supplement or terminate any Basic Document or any provision thereof without the consent of the Trustee, the Insurer and the Holders of at least a majority of the Outstanding
Amount of the Notes. 
 (d) If a responsible officer of the Owner Trustee shall have actual knowledge of the occurrence of a
Servicer Termination Event under the Sale and Servicing Agreement, the Issuer shall promptly notify the Trustee, the Insurer and the Rating Agencies thereof in accordance with Section 11.4, and shall specify in such notice the action, if any,
the Issuer is taking in respect of such default. If a Servicer Termination Event shall arise from the failure of the Servicer to perform any of its duties or obligations under the Sale and Servicing Agreement with respect to the Receivables, the
Issuer shall take all reasonable steps available to it to remedy such failure. 
 (e) The Issuer agrees that it will not waive
timely performance or observance by the Servicer, AmeriCredit or the Seller of their respective duties under the Basic Documents (x) without the prior consent of the Insurer (unless an Insurer Default shall have occurred and be continuing) or
(y) if the effect thereof would adversely affect the Holders of the Notes. 
 SECTION 3.8 Negative Covenants. So
long as any Notes are Outstanding, the Issuer shall not: 
 (i) except as expressly permitted by this Indenture
or the Basic Documents, sell, transfer, exchange or otherwise dispose of any of the properties or assets of the Issuer, including those included in the Trust Estate, unless directed to do so by the Controlling Party; 

(ii) claim any credit on, or make any deduction from the principal or interest payable in respect of, the Notes (other
than amounts properly withheld from such payments under the Code) or assert any claim against any present or former Noteholder by reason of the payment of the taxes levied or assessed upon any part of the Trust Estate; or 

(iii) (A) permit the validity or effectiveness of this Indenture to be impaired, or permit the lien in favor of the Trust
Collateral Agent created by this Indenture to be amended, hypothecated, subordinated, terminated or discharged, or permit any Person to be released from any covenants or obligations with respect to the Notes under this

  

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Indenture except as may be expressly permitted hereby, (B) permit any lien, charge, excise, claim, security interest, mortgage or other encumbrance (other than the lien of this Indenture) to
be created on or extend to or otherwise arise upon or burden the Trust Estate or any part thereof or any interest therein or the proceeds thereof (other than tax liens, mechanics’ liens and other liens that arise by operation of law, in each
case on a Financed Vehicle and arising solely as a result of an action or omission of the related Obligor), (C) permit the lien of this Indenture not to constitute a valid first priority (other than with respect to any such tax, mechanics’
or other lien) security interest in the Trust Estate, or (D) amend, modify or fail to comply with the provisions of the Basic Documents without the prior written consent of the Controlling Party. 

SECTION 3.9 Annual Statement as to Compliance. The Issuer will deliver to the Trustee, the Trust Collateral Agent and the Insurer,
within 120 days after the end of each fiscal year of the Issuer (commencing with the fiscal year ended December 31, 2010), and otherwise in compliance with the requirements of TIA Section 314(a)(4) an Officer’s Certificate stating, as
to the Authorized Officer signing such Officer’s Certificate, that 
 (i) a review of the activities of the
Issuer during such year and of performance under this Indenture has been made under such Authorized Officer’s supervision; and 

(ii) to the best of such Authorized Officer’s knowledge, based on such review, the Issuer has complied with all
conditions and covenants under this Indenture and the other Basic Documents throughout such year, or, if there has been a default in the compliance of any such condition or covenant, specifying each such default known to such Authorized Officer and
the nature and status thereof. 
 SECTION 3.10 Issuer May Consolidate, Etc. Only on Certain Terms.

 (a) The Issuer shall not consolidate or merge with or into any other Person, unless 

(i) the Person (if other than the Issuer) formed by or surviving such consolidation or merger shall be a Person organized
and existing under the laws of the United States of America or any state and shall expressly assume, by an indenture supplemental hereto, executed and delivered to the Trustee, in form satisfactory to the Trustee and the Insurer (so long as no
Insurer Default shall have occurred and be continuing), the due and punctual payment of the principal of and interest on all Notes and the performance or observance of every agreement and covenant of this Indenture on the part of the Issuer to be
performed or observed, all as provided herein; 
 (ii) immediately after giving effect to such transaction, no
Default or Event of Default shall have occurred and be continuing; 
 (iii) the Rating Agency Condition shall
have been satisfied with respect to such transaction; 
  

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 (iv) the Issuer shall have received an Opinion of Counsel (and shall have
delivered copies thereof to the Trustee and the Insurer (so long as no Insurer Default shall have occurred and be continuing)) to the effect that such transaction will not for federal income tax purposes, cause the Issuer to be treated as an
association (or publicly traded partnership) taxable as a corporation, create a reissuance of the Notes or cause the Notes that were characterized as debt at the time of their issuance to fail to qualify as debt; 

(v) any action as is necessary to maintain the lien and security interest created by this Indenture shall have been taken;

 (vi) the Issuer shall have delivered to the Trustee and the Insurer an Officers’ Certificate and an
Opinion of Counsel each stating that such consolidation or merger and such supplemental indenture comply with this Article III and that all conditions precedent herein provided for relating to such transaction have been complied with (including any
filing required by the Exchange Act); and 
 (vii) so long as no Insurer Default shall have occurred and be
continuing, the Issuer shall have given the Insurer written notice of such consolidation or merger at least 20 Business Days prior to the consummation of such action and shall have received the prior written approval of the Insurer of such
consolidation or merger and the Issuer or the Person (if other than the Issuer) formed by or surviving such consolidation or merger has a net worth, immediately after such consolidation or merger, that is (a) greater than zero and (b) not
less than the net worth of the Issuer immediately prior to giving effect to such consolidation or merger. 
 (b) The Issuer
shall not convey or transfer all or substantially all of its properties or assets, including those included in the Trust Estate, to any Person, unless 

(i) the Person that acquires by conveyance or transfer the properties and assets of the Issuer the conveyance or transfer
of which is hereby restricted shall (A) be a United States citizen or a Person organized and existing under the laws of the United States of America or any state, (B) expressly assume, by an indenture supplemental hereto, executed and
delivered to the Trustee, in form satisfactory to the Trustee and the Insurer (so long as no Insurer Default shall have occurred and be continuing), the due and punctual payment of the principal of and interest on all Notes and the performance or
observance of every agreement and covenant of this Indenture and each of the Basic Documents on the part of the Issuer to be performed or observed, all as provided herein, (C) expressly agree by means of such supplemental indenture that all
right, title and interest so conveyed or transferred shall be subject and subordinate to the rights of the Issuer Secured Parties, (D) unless otherwise provided in such supplemental indenture, expressly agree to indemnify, defend and hold
harmless the Issuer against and from any loss, liability or expense arising under or related to this Indenture and the Notes and (E) expressly agree by means of such supplemental indenture that such Person (or if a group of persons, then one
specified Person) shall prepare (or cause to be prepared) and make all filings with the Commission (and any other appropriate Person) required by the Exchange Act in connection with the Notes; 

 

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 (ii) immediately after giving effect to such transaction, no Default or
Event of Default shall have occurred and be continuing; 
 (iii) the Rating Agency Condition shall have been
satisfied with respect to such transaction; 
 (iv) the Issuer shall have received an Opinion of Counsel (and
shall have delivered copies thereof to the Trustee and the Insurer (so long as no Insurer Default shall have occurred and be continuing)) to the effect that such transaction will not for federal income tax purposes, cause the Issuer to be treated as
an association (or publicly traded partnership) taxable as a corporation, create a reissuance of the Notes or cause the Notes that were characterized as debt at the time of their issuance to fail to qualify as debt; 

(v) any action as is necessary to maintain the lien and security interest created by this Indenture shall have been taken;

 (vi) the Issuer shall have delivered to the Trustee and the Insurer an Officers’ Certificate and an
Opinion of Counsel each stating that such conveyance or transfer and such supplemental indenture comply with this Article III and that all conditions precedent herein provided for relating to such transaction have been complied with (including any
filing required by the Exchange Act); and 
 (vii) so long as no Insurer Default shall have occurred and be
continuing, the Issuer shall have given the Insurer written notice of such conveyance or transfer at least 20 Business Days prior to the consummation of such action and shall have received the prior written approval of the Insurer of such conveyance
or transfer and the Issuer or the Person (if other than the Issuer) formed by or surviving such conveyance or transfer has a net worth, immediately after such conveyance or transfer, that is (a) greater than zero and (b) not less than the
net worth of the Issuer immediately prior to giving effect to such conveyance or transfer. 
 SECTION 3.11
Successor or Transferee. 
 (a) Upon any consolidation or merger of the Issuer in accordance with Section 3.10(a),
the Person formed by or surviving such consolidation or merger (if other than the Issuer) shall succeed to, and be substituted for, and may exercise every right and power of, the Issuer under this Indenture with the same effect as if such Person had
been named as the Issuer herein. 
 (b) Upon a conveyance or transfer of all the assets and properties of the Issuer pursuant to
Section 3.10(b), AmeriCredit Automobile Receivables Trust 2010-B will be released from every covenant and agreement of this Indenture to be observed or performed on the part of the Issuer with respect to the Notes immediately upon the delivery
of written notice to the Trustee stating that AmeriCredit Automobile Receivables Trust 2010-B is to be so released. 
 SECTION
3.12 No Other Business. The Issuer shall not engage in any business other than financing, purchasing, owning, selling and managing the Receivables in the manner contemplated by this Indenture and the Basic Documents and activities incidental
thereto. 
  

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 SECTION 3.13 No Borrowing. The Issuer shall not issue, incur, assume, guarantee or
otherwise become liable, directly or indirectly, for any Indebtedness except for (i) the Notes, (ii) obligations owing from time to time to the Insurer under the Insurance Agreement and (iii) any other Indebtedness permitted by or
arising under the Basic Documents. The proceeds of the Notes shall be used exclusively to fund the Issuer’s purchase of the Receivables and the other assets specified in the Sale and Servicing Agreement, to fund the Spread Account and to pay
the Issuer’s organizational, transactional and start-up expenses. 
 SECTION 3.14 Servicer’s Obligations. The
Issuer shall cause the Servicer to comply with Sections 4.9, 4.10 and 4.11 of the Sale and Servicing Agreement. 
 SECTION 3.15
Guarantees, Loans, Advances and Other Liabilities. Except as contemplated by the Sale and Servicing Agreement or this Indenture, the Issuer shall not make any loan or advance or credit to, or guarantee (directly or indirectly or by an
instrument having the effect of assuring another’s payment or performance on any obligation or capability of so doing or otherwise), endorse or otherwise become contingently liable, directly or indirectly, in connection with the obligations,
stocks or dividends of, or own, purchase, repurchase or acquire (or agree contingently to do so) any stock, obligations, assets or securities of, or any other interest in, or make any capital contribution to, any other Person. 

SECTION 3.16 Capital Expenditures. The Issuer shall not make any expenditure (by long-term or operating lease or otherwise) for
capital assets (either realty or personalty). 
 SECTION 3.17 Compliance with Laws. The Issuer shall comply with the
requirements of all applicable laws, the non-compliance with which would, individually or in the aggregate, materially and adversely affect the ability of the Issuer to perform its obligations under the Notes, this Indenture or any Basic Document.

 SECTION 3.18 Restricted Payments. The Issuer shall not, directly or indirectly, (i) pay any dividend or make any
distribution (by reduction of capital or otherwise), whether in cash, property, securities or a combination thereof, to the Owner Trustee or any owner of a beneficial interest in the Issuer or otherwise with respect to any ownership or equity
interest or security in or of the Issuer or to the Servicer, (ii) redeem, purchase, retire or otherwise acquire for value any such ownership or equity interest or security or (iii) set aside or otherwise segregate any amounts for any such
purpose; provided, however, that the Issuer may make, or cause to be made, distributions to the Servicer, the Owner Trustee, the Trustee and the Certificateholders as permitted by, and to the extent funds are available for such purpose under,
the Sale and Servicing Agreement or Trust Agreement. The Issuer will not, directly or indirectly, make payments to or distributions from the Collection Account except in accordance with this Indenture and the Basic Documents. 

SECTION 3.19 Notice of Events of Default. Upon a responsible officer of the Owner Trustee having actual knowledge thereof, the
Issuer agrees to give the Trustee, the Insurer and the Rating Agencies prompt written notice of each Event of Default hereunder and each default on the part of the Servicer or the Seller of its obligations under the Sale and Servicing Agreement.

  

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 SECTION 3.20 Further Instruments and Acts. Upon request of the Trustee or the
Insurer, the Issuer will execute and deliver such further instruments and do such further acts as may be reasonably necessary or proper to carry out more effectively the purpose of this Indenture. 

SECTION 3.21 Amendments of Sale and Servicing Agreement and Trust Agreement. The Issuer shall not agree to any amendment to
Section 12.1 of the Sale and Servicing Agreement or Section 10.1 of the Trust Agreement to eliminate the requirements thereunder that the Trustee or the Holders of the Notes consent to amendments thereto as provided therein. 

SECTION 3.22 Income Tax Characterization. For purposes of federal income, state and local income and franchise and any other
income taxes, the Issuer will treat the Notes that are owned or beneficially owned by a Person other than the Seller or its Affiliates as indebtedness and hereby instructs the Trustee, and each Noteholder (or beneficial Note Owner) shall be deemed,
by virtue of acquisition of an interest in such Note, to have agreed, to treat the Notes as indebtedness for all applicable tax reporting purposes. 

ARTICLE IV 

Satisfaction and Discharge 

SECTION 4.1 Satisfaction and Discharge of Indenture. This Indenture shall cease to be of further effect with respect to the Notes
except as to (i) rights of registration of transfer and exchange, (ii) substitution of mutilated, destroyed, lost or stolen Notes, (iii) rights of Noteholders to receive payments of principal thereof and interest thereon,
(iv) Sections 3.3, 3.4, 3.5, 3.8, 3.10, 3.12, 3.13, 3.20, 3.21 and 3.22, (v) the rights, obligations and immunities of the Trustee hereunder (including the rights of the Trustee under Section 6.7 and the obligations of the Trustee
under Section 4.2) and (vi) the rights of Noteholders as beneficiaries hereof with respect to the property so deposited with the Trustee payable to all or any of them, and the Trustee, on demand of and at the expense of the Issuer, shall
execute proper instruments acknowledging satisfaction and discharge of this Indenture with respect to the Notes, when 

(A) either 

(1) all Notes theretofore authenticated and delivered (other than (i) Notes that have been destroyed, lost or stolen
and that have been replaced or paid as provided in Section 2.5 and (ii) Notes for whose payment money has theretofore been deposited in trust or segregated and held in trust by the Issuer and thereafter repaid to the Issuer or discharged
from such trust, as provided in Section 3.3) have been delivered to the Trustee for cancellation and the Note Policy has expired and been returned to the Insurer for cancellation; or 

(2) all Notes not theretofore delivered to the Trustee for cancellation 

(i) have become due and payable, 
  

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 (ii) will become due and payable at their respective Final Scheduled
Distribution Dates within one year, or 
 (iii) are to be called for redemption within one year under
arrangements satisfactory to the Trustee for the giving of notice of redemption by the Trustee in the name, and at the expense, of the Issuer, 

and the Issuer, in the case of (i), (ii) or (iii) above, has irrevocably deposited or caused to be irrevocably deposited with
the Trust Collateral Agent cash or direct obligations of or obligations guaranteed by the United States of America (which will mature prior to the date such amounts are payable), in trust for such purpose, in an amount sufficient to pay and
discharge the entire indebtedness on such Notes not theretofore delivered to the Trustee for cancellation when due to the Final Scheduled Distribution Date or Redemption Date (if Notes shall have been called for redemption pursuant to
Section 10.1(a)) as the case may be; and 
 (B) the Issuer has paid or caused to be paid all Insurer Issuer
Secured Obligations and all Trustee Issuer Secured Obligations. 
 (C) the Issuer has delivered to the Insurer,
the Trustee and the Trust Collateral Agent an Officer’s Certificate, an Opinion of Counsel and if required by the TIA, the Trustee or the Trust Collateral Agent an Independent Certificate from a firm of certified public accountants, each
meeting the applicable requirements of Section 11.1(a) and each stating that all conditions precedent herein provided for relating to the satisfaction and discharge of this Indenture have been complied with. If the Indenture has been satisfied
and discharged in accordance with the provisions of Section 4.1(A)(2) then such Opinion of Counsel shall also include an opinion that amounts deposited by the Issuer in accordance with Section 4.1(A)(2) would not be characterized as a
voidable preference. 
 SECTION 4.2 Application of Trust Money. All moneys deposited with the Trustee pursuant to
Section 4.1 hereof shall be held in trust and applied by it, in accordance with the provisions of the Notes, this Indenture and the other Basic Documents, to the payment, either directly or through any Note Paying Agent, as the Trustee may
determine, to the Holders of the particular Notes for the payment or redemption of which such moneys have been deposited with the Trustee, of all sums due and to become due thereon for principal and interest; but such moneys need not be segregated
from other funds except to the extent required herein or in the Sale and Servicing Agreement or required by law. 
 SECTION 4.3
Repayment of Moneys Held by Note Paying Agent. In connection with the satisfaction and discharge of this Indenture with respect to the Notes, all moneys then held by any Note Paying Agent other than the Trustee under the provisions of this
Indenture with respect to such Notes shall, upon demand of the Issuer, be paid to the Trustee to be held and applied according to Section 3.3 and thereupon such Note Paying Agent shall be released from all further liability with respect to such
moneys. 
  

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 ARTICLE V 

Remedies 

SECTION 5.1 Events of Default. “Event of Default,” wherever used herein, means any one of the following events
(whatever the reason for such Event of Default and whether it shall be voluntary or involuntary or be effected by operation of law or pursuant to any judgment, decree or order of any court or any order, rule or regulation of any administrative or
governmental body): 
 (i) default in the payment of any interest on any Note when the same becomes due and
payable, and such default shall continue for a period of five days (solely for purposes of this clause, (x) a payment due on a Distribution Date shall not be considered “due” until the immediately following Insured Distribution Date
and (y) a payment on the Notes funded by the Insurer or by the Collateral Agent pursuant to the Spread Account Agreement shall be deemed to be a payment made by the Issuer); or 

(ii) default in the payment of the principal of or any installment of the principal of any Note when the same becomes due
and payable (solely for purposes of this clause, (x) a payment due on a Distribution Date shall not be considered “due” until the immediately following Insured Distribution Date and (y) a payment on the Notes funded by the
Insurer or by the Collateral Agent pursuant to the Spread Account Agreement, shall be deemed to be a payment made by the Issuer); or 

(iii) so long as an Insurer Default shall not have occurred and be continuing, an Insurance Agreement Indenture Cross
Default shall have occurred; provided, however, that the occurrence of an Insurance Agreement Indenture Cross Default may not form the basis of an Event of Default unless the Insurer shall have delivered to the Issuer (who shall deliver to
the Rating Agencies) and the Trustee and not rescinded a written notice specifying that such Insurance Agreement Indenture Cross Default constitutes an Event of Default under the Indenture provided, further, that the Issuer’s delivery of
such notice to the Rating Agencies shall not be a condition precedent to the occurrence of an Event of Default under this Section 5.1(iii); or 

(iv) so long as an Insurer Default shall have occurred and be continuing, default in the observance or performance of any
covenant or agreement of the Issuer made in this Indenture (other than a covenant or agreement, a default in the observance or performance of which is elsewhere in this Section specifically dealt with), or any representation or warranty of the
Issuer made in this Indenture, in any Basic Document or in any certificate or any other writing delivered pursuant hereto or in connection herewith proving to have been incorrect in any material respect as of the time when the same shall have been
made, and such default shall continue or not be cured, or the circumstance or condition in respect of which such misrepresentation or warranty was incorrect shall not have been eliminated or otherwise cured, for a period of 30 days (or for such
longer period, not in excess of 90 days, as may be reasonably necessary to remedy such default; provided that such default is capable of remedy within 90 days or less and the Servicer on behalf of the Owner Trustee delivers an Officer’s
Certificate to the Trustee to the effect 
  

 29 

 
that such default is capable of remedy within 90 days or less and that the Issuer has commenced, or will promptly commence and diligently pursue, all reasonable efforts to remedy such default)
after there shall have been given, by registered or certified mail, to the Issuer by the Trustee or to the Issuer and the Trustee by the Holders of at least 25% of the Outstanding Amount of the Notes, a written notice specifying such default or
incorrect representation or warranty and requiring it to be remedied and stating that such notice is a “Notice of Default” hereunder; or 

(v) so long as an Insurer Default shall have occurred and be continuing, the filing of a decree or order for relief by a
court having jurisdiction in the premises in respect of the Issuer or any substantial part of the Trust Estate in an involuntary case under any applicable federal or State bankruptcy, insolvency or other similar law now or hereafter in effect, or
appointing a receiver, liquidator, assignee, custodian, trustee, sequestrator or similar official of the Issuer or for any substantial part of the Trust Estate, or ordering the winding-up or liquidation of the Issuer’s affairs, and such decree
or order shall remain unstayed and in effect for a period of 60 consecutive days; or 
 (vi) so long as an
Insurer Default shall have occurred and be continuing, the commencement by the Issuer of a voluntary case under any applicable federal or State bankruptcy, insolvency or other similar law now or hereafter in effect, or the consent by the Issuer to
the entry of an order for relief in an involuntary case under any such law, or the consent by the Issuer to the appointment or taking possession by a receiver, liquidator, assignee, custodian, trustee, sequestrator or similar official of the Issuer
or for any substantial part of the Trust Estate, or the making by the Issuer of any general assignment for the benefit of creditors, or the failure by the Issuer generally to pay its debts as such debts become due, or the taking of action by the
Issuer in furtherance of any of the foregoing; or 
 (vii) the Issuer becoming taxable as an association or a
publicly traded partnership taxable as a corporation for federal or state income tax purposes. 
 The Issuer shall deliver to
the Trustee and the Insurer, within five days after the occurrence thereof, written notice in the form of an Officer’s Certificate of any event which with the giving of notice and the lapse of time would become an Event of Default under clause
(iii), its status and what action the Issuer is taking or proposes to take with respect thereto. 
 SECTION 5.2
Rights Upon Event of Default. 
 (a) If an Insurer Default shall not have occurred and be continuing and an Event of
Default shall have occurred and be continuing, the Trustee shall, at the written direction of the Insurer declare that the Notes shall become immediately due and payable at par, together with accrued interest thereon. If an Event of Default shall
have occurred and be continuing, the Controlling Party may exercise any of the remedies specified in Section 5.4(a). In the event of any acceleration of any Notes by operation of this Section 5.2, the Trustee shall continue to be entitled
to make claims under the Note Policy pursuant to the Sale and Servicing Agreement for Scheduled Payments on the Notes. Payments under the Note Policy following acceleration of any Notes shall be applied by the Trustee: 

FIRST: to Noteholders for amounts due and unpaid on the Notes for interest, ratably, without preference or priority of
any kind, according to the amounts due and payable on the Notes for interest; and 
  

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 SECOND: first, to the Noteholders of the Class A-1 Notes for principal
until paid off and, second, ratably and without preference or priority, to the Noteholders of the Class A-2 Notes and the Class A-3 Notes for principal until paid off; provided that payments that are made under the Note Policy to pay a
Class’s principal in full on the Insured Distribution Date immediately following its Final Scheduled Distribution Date shall be paid only to the Noteholders of such Class. 

(b) In the event any Notes are accelerated due to an Event of Default, the Insurer shall have the right (in addition to its obligation to
pay Scheduled Payments on the Notes in accordance with the Note Policy), but not the obligation, to make payments under the Note Policy or otherwise of interest and principal due on such Notes, in whole or in part, on any date or dates following
such acceleration as the Insurer, in its sole discretion, shall elect. 
 (c) If an Insurer Default shall have occurred and be
continuing and an Event of Default shall have occurred and be continuing, the Trustee in its discretion may, or, if so requested in writing by Holders holding Notes representing not less than a majority of the Outstanding Amount of the Notes, shall
declare by written notice to the Issuer that the Notes become, whereupon they shall become, immediately due and payable at par, together with accrued interest thereon. 

(d) At any time after such declaration of acceleration of maturity has been made and before a judgment or decree for payment of the money
due has been obtained by the Trustee as hereinafter in this Article V provided, then the Insurer in its sole discretion, or if an Insurer Default has occurred and is continuing, the Noteholders representing a majority of the Outstanding Amount of
the Notes, by written notice to the Issuer and the Trustee, may rescind and annul such declaration and its consequences if: 

(i) the Issuer has paid or deposited with the Trustee a sum sufficient to pay: 

(A) all payments of principal of and interest on all Notes and all other amounts that would then be due hereunder or upon
such Notes if the Event of Default giving rise to such acceleration had not occurred; and 
 (B) all sums paid or
advanced by the Trustee hereunder and the reasonable compensation, expenses, disbursements and advances of the Trustee and its agents and counsel; and 

(ii) all Events of Default, other than the nonpayment of the principal of the Notes that has become due solely by such
acceleration, have been cured or waived as provided in Section 5.13. 
 No such rescission shall affect any subsequent
default or impair any right consequent thereto. 
  

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 SECTION 5.3 Collection of Indebtedness and Suits for Enforcement by Trustee.

 (a) The Issuer covenants that if (i) default is made in the payment of any interest on any Note when the same becomes
due and payable, and such default continues for a period of five days, or (ii) default is made in the payment of the principal of or any installment of the principal of any Note when the same becomes due and payable, the Issuer will pay to the
Trustee, for the benefit of the Holders of the Notes, the whole amount then due and payable on such Notes for principal and interest, with interest upon the overdue principal, and, to the extent payment at such rate of interest shall be legally
enforceable, upon overdue installments of interest, at the applicable Interest Rate and in addition thereto such further amount as shall be sufficient to cover the costs and expenses of collection, including the reasonable compensation, expenses,
disbursements and advances of the Trustee and its agents and counsel. 
 (b) Each Issuer Secured Party hereby irrevocably and
unconditionally appoints the Controlling Party as the true and lawful attorney-in-fact of such Issuer Secured Party for so long as such Issuer Secured Party is not the Controlling Party, with full power of substitution, to execute, acknowledge and
deliver any notice, document, certificate, paper, pleading or instrument and to do in the name of the Controlling Party as well as in the name, place and stead of such Issuer Secured Party such acts, things and deeds for or on behalf of and in the
name of such Issuer Secured Party under this Indenture (including specifically under Section 5.4) and under the Basic Documents which such Issuer Secured Party could or might do or which may be necessary, desirable or convenient in such
Controlling Party’s sole discretion to effect the purposes contemplated hereunder and under the Basic Documents and, without limitation, following the occurrence of an Event of Default, exercise full right, power and authority to take, or defer
from taking, any and all acts with respect to the administration, maintenance or disposition of the Trust Estate. 
 (c) If an
Event of Default occurs and is continuing, the Trustee may in its discretion but with the consent of the Controlling Party and shall, at the direction of the Controlling Party, proceed to protect and enforce its rights and the rights of the
Noteholders by such appropriate Proceedings as the Trustee or the Controlling Party shall deem most effective to protect and enforce any such rights, whether for the specific enforcement of any covenant or agreement in this Indenture or in aid of
the exercise of any power granted herein, or to enforce any other proper remedy or legal or equitable right vested in the Trustee by this Indenture or by law. 

(d) Notwithstanding anything to the contrary contained in this Indenture (including, without limitation, Sections 5.4(a), 5.12, 5.13 and
5.17), if the Issuer fails to perform its obligations under Section 10.1(b) hereof when and as due, the Trustee shall, at the written direction of the Controlling Party, or if an Insurer Default shall have occurred and be continuing, at the
written direction of a majority of the Noteholders, proceed to protect and enforce its rights and the rights of the Noteholders by such appropriate Proceedings as the Controlling Party or the Noteholders shall deem most effective to protect and
enforce any such rights, whether for specific performance of any covenant or agreement in this Indenture or in aid of the exercise of any power granted herein, or to enforce any other proper remedy or legal or equitable right vested in the Trustee
by this Indenture or by law. 
  

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 (e) In case there shall be pending, relative to the Issuer or any other obligor upon the
Notes or any Person having or claiming an ownership interest in the Trust Estate, proceedings under Title 11 of the United States Code or any other applicable federal or state bankruptcy, insolvency or other similar law, or in case a receiver,
assignee or trustee in bankruptcy or reorganization, liquidator, sequestrator or similar official shall have been appointed for or taken possession of the Issuer or its property or such other obligor or Person, or in case of any other comparable
Proceedings relative to the Issuer or other obligor upon the Notes, or to the creditors or property of the Issuer or such other obligor, the Trustee, irrespective of whether the principal of any Notes shall then be due and payable as therein
expressed or by declaration or otherwise and irrespective of whether the Trustee shall have made any demand pursuant to the provisions of this Section, shall be entitled and empowered, by intervention in such proceedings or otherwise: 

(i) to file and prove a claim or claims for the whole amount of principal and interest owing and unpaid in respect of the
Notes and to file such other papers or documents as may be necessary or advisable in order to have the claims of the Trustee (including any claim for reasonable compensation to the Trustee and each predecessor Trustee, and their respective agents,
attorneys and counsel, and for reimbursement of all expenses and liabilities incurred, and all advances made, by the Trustee and each predecessor Trustee, except as a result of negligence, bad faith or willful misconduct) and of the Noteholders
allowed in such Proceedings; 
 (ii) unless prohibited by applicable law and regulations, to vote on behalf of
the Noteholders in any election of a trustee, a standby trustee or person performing similar functions in any such Proceedings; 

(iii) to collect and receive any moneys or other property payable or deliverable on any such claims and to distribute all
amounts received with respect to the claims of the Noteholders and of the Trustee on their behalf; and 
 (iv) to
file such proofs of claim and other papers or documents as may be necessary or advisable in order to have the claims of the Trustee or the Noteholders allowed in any Proceedings relative to the Issuer, its creditors and its property; 

and any trustee, receiver, liquidator, custodian or other similar official in any such Proceeding is hereby authorized by each of such Noteholders to
make payments to the Trustee, and, in the event that the Trustee shall consent to the making of payments directly to such Noteholders, to pay to the Trustee such amounts as shall be sufficient to cover reasonable compensation to the Trustee, each
predecessor Trustee and their respective agents, attorneys and counsel, and all other expenses and liabilities incurred, and all advances made, by the Trustee and each predecessor Trustee except as a result of negligence or bad faith. 

(f) Nothing herein contained shall be deemed to authorize the Trustee to authorize or consent to or vote for or accept or adopt on behalf
of any Noteholder any plan of reorganization, arrangement, adjustment or composition affecting the Notes or the rights of any Holder thereof or to authorize the Trustee to vote in respect of the claim of any Noteholder in any such Proceeding except,
as aforesaid, to vote for the election of a trustee in bankruptcy or similar person. 
  

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 (g) All rights of action and of asserting claims under this Indenture, the Spread Account
Agreement or under any of the Notes, may be enforced by the Trustee without the possession of any of the Notes or the production thereof in any trial or other proceedings relative thereto, and any such action or Proceedings instituted by the Trustee
shall be brought in its own name as trustee of an express trust, and any recovery of judgment, subject to the payment of the expenses, disbursements and compensation of the Trustee, each predecessor Trustee and their respective agents and attorneys,
shall be for the ratable benefit of the Holders of the Notes. 
 (h) In any Proceedings brought by the Trustee (and also any
Proceedings involving the interpretation of any provision of this Indenture or the Spread Account Agreement), the Trustee shall be held to represent all the Holders of the Notes, and it shall not be necessary to make any Noteholder a party to any
such proceedings. 
 SECTION 5.4 Remedies. 

(a) If an Event of Default shall have occurred and be continuing, the Controlling Party may do one or more of the following (subject to
Section 5.5): 
 (i) institute Proceedings in its own name and as trustee of an express trust for the
collection of all amounts then payable on the Notes or under this Indenture with respect thereto, whether by declaration or otherwise, enforce any judgment obtained, and collect from the Issuer and any other obligor upon such moneys adjudged due;

 (ii) institute Proceedings from time to time for the complete or partial foreclosure of this Indenture with
respect to the Trust Estate; 
 (iii) exercise any remedies of a secured party under the UCC and take any other
appropriate action to protect and enforce the rights and remedies of the Trustee and the Holders of the Notes; and 

(iv) direct the Trust Collateral Agent to sell the Trust Estate or any portion thereof or rights or interest therein, at
one or more public or private sales called and conducted in any manner permitted by law; provided, however, that 

(A) if the Insurer is the Controlling Party, the Insurer may not sell or otherwise liquidate the Trust Estate following an
Insurance Agreement Indenture Cross Default unless: 
 (I) such Insurance Agreement Indenture Cross Default
arises from a claim being made on the Note Policy or from the bankruptcy, insolvency, receivership or liquidation of the Trust or the Seller, or 

(II) the proceeds of such sale or liquidation distributable to the Noteholders are sufficient to discharge in full all
amounts then due and unpaid upon such Notes for principal and interest; or 
  

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 (B) if the Trust Collateral Agent is the Controlling Party, the Trustee may
not sell or otherwise liquidate the Trust Estate following an Event of Default unless 
 (I) such Event of
Default is of the type described in Section 5.1(i) or (ii); or 
 (II) either 

(x) the Holders of 100% of the Outstanding Amount of the Notes consent thereto, or 

(y) the proceeds of such sale or liquidation distributable to the Noteholders are sufficient to discharge in full all
amounts then due and unpaid upon such Notes for principal and interest and amounts due to the Insurer, or 

(z) the Trustee determines that the Trust Estate will not continue to provide sufficient funds for
the payment of principal of and interest on the Notes as they would have become due if the Notes had not been declared due and payable, and the Trustee provides prior written notice to the Issuer (who shall deliver such notice to the Rating
Agencies) and obtains the consent of Holders of
66- 2/3% of the Outstanding Amount of the Notes.

 In determining such sufficiency or insufficiency with respect to clauses (y) and (z), the Trustee may, but need
not, obtain and conclusively rely upon an opinion of an Independent investment banking or accounting firm of national reputation as to the feasibility of such proposed action and as to the sufficiency of the Trust Estate for such purpose.

 SECTION 5.5 Optional Preservation of the Receivables. If the Trust Collateral Agent is the Controlling Party and if
the Notes have been declared to be due and payable under Section 5.2 following an Event of Default and such declaration and its consequences have not been rescinded and annulled, the Trustee may, but need not, elect to direct the Trust
Collateral Agent to maintain possession of the Trust Estate. It is the desire of the parties hereto and the Noteholders that there be at all times sufficient funds for the payment of principal of and interest on the Notes and amounts due to the
Insurer, and the Trustee shall take such desire into account when determining whether or not to direct the Trust Collateral Agent to maintain possession of the Trust Estate. In determining whether to direct the Trust Collateral Agent to maintain
possession of the Trust Estate, the Trustee may, but need not, obtain and conclusively rely upon an opinion of an Independent investment banking or accounting firm of national reputation as to the feasibility of such proposed action and as to the
sufficiency of the Trust Estate for such purpose. 
 SECTION 5.6 Priorities. 

(a) Following (1) the acceleration of the Notes pursuant to Section 5.2 or (2) if an Insurer Default shall have occurred
and be continuing, the occurrence of an Event of 
  

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Default pursuant to Sections 5.1(i), 5.1(ii), 5.1(v), 5.1(vi) or 5.1(vii) of this Indenture or (3) the receipt of Insolvency Proceeds pursuant to Section 10.1(b) of the Sale and
Servicing Agreement, the Available Funds, including any money or property collected pursuant to Section 5.4 of this Indenture and any such Insolvency Proceeds, shall be applied by the Trust Collateral Agent on the related Distribution Date in
the following order of priority: 
 FIRST: amounts due and owing and required to be distributed to the Servicer
(provided there is no Servicer Termination Event), the Lockbox Bank, the Lockbox Processor, the Owner Trustee, the Trustee, the Trust Collateral Agent and the Backup Servicer, respectively, pursuant to clauses (i) and (ii) of
Section 5.7(a) of the Sale and Servicing Agreement and not previously distributed, ratably and without preference or priority of any kind without regard to any caps set forth in clauses (i) and (ii) of Section 5.7(a) of the Sale
and Servicing Agreement; 
 SECOND: to Noteholders for amounts due and unpaid on the Notes for interest, ratably,
without preference or priority of any kind, according to the amounts due and payable on the Notes for interest; 

THIRD: to Noteholders for amounts due and unpaid on the Notes for principal, first, to the Noteholders of the
Class A-1 Notes until paid off and, second, ratably without preference or priority, to the Noteholders of the Class A-2 Notes and the Class A-3 Notes until paid off, according to the amounts due and payable on the Notes for principal;

 FOURTH: to the Insurer, the Premium and any amounts due and owing to the Insurer pursuant to the Insurance
Agreement and not paid; 
 FIFTH: to the Collateral Agent to be applied as provided in the Spread Account
Agreement. 
 (b) The Trustee may fix a record date and payment date for any payment to Noteholders pursuant to this
Section 5.6. At least 15 days before such record date the Issuer shall mail to each Noteholder and the Trustee a notice that states the record date, the payment date and the amount to be paid. 

SECTION 5.7 Limitation of Suits. No Holder of any Note shall have any right to institute any proceeding, judicial or otherwise,
with respect to this Indenture, or for the appointment of a receiver or trustee, or for any other remedy hereunder, unless: 

(i) such Holder has previously given written notice to the Trustee of a continuing Event of Default; 

(ii) the Holders of not less than 25% of the Outstanding Amount of the Notes have made written request to the Trustee to
institute such Proceeding in respect of such Event of Default in its own name as Trustee hereunder; 
  

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 (iii) such Holder or Holders have offered to the Trustee indemnity
reasonably satisfactory to it against the costs, expenses and liabilities to be incurred in complying with such request; 

(iv) the Trustee for 60 days after its receipt of such notice, request and offer of indemnity has failed to institute such
Proceedings; 
 (v) no direction inconsistent with such written request has been given to the Trustee during such
60-day period by the Holders of a majority of the Outstanding Amount of the Notes; and 
 (vi) an Insurer Default
shall have occurred and be continuing; 
 it being understood and intended that no one or more Noteholders shall have any right in any manner
whatever by virtue of, or by availing of, any provision of this Indenture to affect, disturb or prejudice the rights of any other Noteholders or to obtain or to seek to obtain priority or preference over any other Holders or to enforce any right
under this Indenture, except in the manner herein provided. 
 SECTION 5.8 Unconditional Rights of Noteholders To Receive
Principal and Interest. Notwithstanding any other provisions in this Indenture, the Holder of any Note shall have the right, which is absolute and unconditional, to receive payment of the principal of and interest, if any, on such Note on or
after the respective due dates thereof expressed in such Note or in this Indenture (or, in the case of redemption, on or after the Redemption Date) and to institute suit for the enforcement of any such payment, and such right shall not be impaired
without the consent of such Holder. 
 SECTION 5.9 Restoration of Rights and Remedies. If the Controlling Party or any
Noteholder has instituted any Proceeding to enforce any right or remedy under this Indenture and such proceeding has been discontinued or abandoned for any reason or has been determined adversely to the Trustee or to such Noteholder, then and in
every such case the Issuer, the Trustee and the Noteholders shall, subject to any determination in such Proceeding, be restored severally and respectively to their former positions hereunder, and thereafter all rights and remedies of the Trustee and
the Noteholders shall continue as though no such Proceeding had been instituted. 
 SECTION 5.10 Rights and Remedies
Cumulative. No right or remedy herein conferred upon or reserved to the Controlling Party or to the Noteholders is intended to be exclusive of any other right or remedy, and every right and remedy shall, to the extent permitted by law, be
cumulative and in addition to every other right and remedy given hereunder or now or hereafter existing at law or in equity or otherwise. The assertion or employment of any right or remedy hereunder, or otherwise, shall not prevent the concurrent
assertion or employment of any other appropriate right or remedy. 
 SECTION 5.11 Delay or Omission Not a Waiver. No
delay or omission of the Trustee, the Controlling Party, the Insurer or any Holder of any Note to exercise any right or remedy accruing upon any Default or Event of Default shall impair any such right or remedy or constitute a waiver of any such
Default or Event of Default or an acquiescence therein. Every 
  

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right and remedy given by this Article V or by law to the Trustee or to the Noteholders may be exercised from time to time, and as often as may be deemed expedient, by the Trustee or by the
Noteholders, as the case may be. 
 SECTION 5.12 Control by Noteholders. If the Trust Collateral Agent is the Controlling
Party, the Holders of a majority of the Outstanding Amount of the Notes shall have the right to direct the time, method and place of conducting any Proceeding for any remedy available to the Trust Collateral Agent, as Controlling Party, or the
Trustee, as applicable, with respect to the Notes or exercising any trust or power conferred on the Controlling Party or the Trustee, as applicable; provided that 

(i) such direction shall not be in conflict with any rule of law or with this Indenture; 

(ii) subject to the express terms of Section 5.4, any direction to the Trustee to sell or liquidate the Trust Estate
shall be by the Noteholders representing not less than 100% of the Outstanding Amount of the Notes; 
 (iii) if
the conditions set forth in Section 5.5 have been satisfied and the Trustee elects to retain the Trust Estate pursuant to such Section, then any direction to the Trustee by Noteholders representing less than 100% of the Outstanding Amount of
the Notes to sell or liquidate the Trust Estate shall be of no force and effect; and 
 (iv) the Trustee may take
any other action deemed proper by the Trustee that is not inconsistent with such direction; 
 provided, however, that, subject to
Article VI, the Trustee need not take any action that it determines might involve it in liability, financial or otherwise, without receiving indemnity satisfactory to it, or might materially adversely affect the rights of any Noteholders not
consenting to such action. 
 SECTION 5.13 Waiver of Past Defaults. Prior to the declaration of the acceleration of the
maturity of the Notes as provided in Section 5.4, the Insurer or, if an Insurer Default shall have occurred and be continuing, the Noteholders of not less than a majority of the Outstanding Amount of the Notes may waive any past Default or
Event of Default and its consequences except a Default (a) in payment of principal of or interest on any of the Notes or (b) in respect of a covenant or provision hereof which cannot be modified or amended without the consent of the Holder
of each Note. In the case of any such waiver, the Issuer, the Trustee and the Holders of the Notes shall be restored to their former positions and rights hereunder, respectively; but no such waiver shall extend to any subsequent or other Default or
impair any right consequent thereto. 
 Upon any such waiver, such Default shall cease to exist and be deemed to have been cured
and not to have occurred, and any Event of Default arising therefrom shall be deemed to have been cured and not to have occurred, for every purpose of this Indenture; but no such waiver shall extend to any subsequent or other Default or Event of
Default or impair any right consequent thereto. 
  

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 SECTION 5.14 Undertaking for Costs. All parties to this Indenture agree, and each
Holder of any Note by such Holder’s acceptance thereof shall be deemed to have agreed, that any court may in its discretion require, in any suit for the enforcement of any right or remedy under this Indenture, or in any suit against the Trustee
for any action taken, suffered or omitted by it as Trustee, the filing by any party litigant in such suit of an undertaking to pay the costs of such suit, and that such court may in its discretion assess reasonable costs and expenses, including
reasonable attorneys’ fees and expenses, against any party litigant in such suit, having due regard to the merits and good faith of the claims or defenses made by such party litigant; but the provisions of this Section shall not apply to
(a) any suit instituted by the Trustee, (b) any suit instituted by any Noteholder, or group of Noteholders, in each case holding in the aggregate more than 10% of the Outstanding Amount of the Notes or (c) any suit instituted by any
Noteholder for the enforcement of the payment of principal of or interest on any Note on or after the respective due dates expressed in such Note and in this Indenture (or, in the case of redemption, on or after the Redemption Date). 

SECTION 5.15 Waiver of Stay or Extension Laws. The Issuer covenants (to the extent that it may lawfully do so) that it will not at
any time insist upon, or plead or in any manner whatsoever, claim or take the benefit or advantage of, any stay or extension law wherever enacted, now or at any time hereafter in force, that may affect the covenants or the performance of this
Indenture; and the Issuer (to the extent that it may lawfully do so) hereby expressly waives all benefit or advantage of any such law, and covenants that it will not hinder, delay or impede the execution of any power herein granted to the Trustee,
but will suffer and permit the execution of every such power as though no such law had been enacted. 
 SECTION 5.16 Action
on Notes. The Trustee’s right to seek and recover judgment on the Notes or under this Indenture shall not be affected by the seeking, obtaining or application of any other relief under or with respect to this Indenture. Neither the lien of
this Indenture nor any rights or remedies of the Trustee or the Noteholders shall be impaired by the recovery of any judgment by the Trustee against the Issuer or by the levy of any execution under such judgment upon any portion of the Trust Estate
or upon any of the assets of the Issuer. 
 SECTION 5.17 Performance and Enforcement of Certain Obligations. 

(a) Promptly following a request from the Trustee to do so and at the Servicer’s expense, the Issuer agrees to take all such lawful
action as the Trustee may request to compel or secure the performance and observance by the Seller and the Servicer, as applicable, of each of their obligations to the Issuer under or in connection with the Sale and Servicing Agreement in accordance
with the terms thereof, and to exercise any and all rights, remedies, powers and privileges lawfully available to the Issuer under or in connection with the Sale and Servicing Agreement to the extent and in the manner directed by the Trustee,
including the transmission of notices of default on the part of the Seller or the Servicer thereunder and the institution of legal or administrative actions or Proceedings to compel or secure performance by the Seller or the Servicer of each of
their obligations under the Sale and Servicing Agreement. 
 (b) If the Trust Collateral Agent is the
Controlling Party and if an Event of Default has occurred and is continuing, the Controlling Party may, and, at the written direction of the Holders of
66 2/3% of the Outstanding Amount of the Notes
shall, subject to Article VI, 
  

 39 

 
exercise all rights, remedies, powers, privileges and claims of the Issuer against the Seller or the Servicer under or in connection with the Sale and Servicing Agreement, including the right or
power to take any action to compel or secure performance or observance by the Seller or the Servicer of each of their obligations to the Issuer thereunder and to give any consent, request, notice, direction, approval, extension or waiver under the
Sale and Servicing Agreement, and any right of the Issuer to take such action shall be suspended. 
 ARTICLE VI 

The Trustee and the Trust Collateral Agent 

SECTION 6.1 Duties of Trustee. 

(a) If an Event of Default has occurred and is continuing, the Trustee shall exercise the rights and powers vested in it by this
Indenture and the Basic Documents to which it is a Party and use the same degree of care and skill in its exercise as a prudent person would exercise or use under the circumstances in the conduct of such person’s own affairs. 

(b) Except during the continuance of an Event of Default: 

(i) the Trustee undertakes to perform such duties and only such duties as are specifically set forth in this Indenture and
no implied covenants or obligations shall be read into this Indenture against the Trustee; and 
 (ii) in the
absence of bad faith on its part, the Trustee may conclusively rely, as to the truth of the statements and the correctness of the opinions expressed therein, upon certificates or opinions furnished to the Trustee and conforming to the requirements
of this Indenture; however, the Trustee shall examine the certificates and opinions to determine whether or not they conform on their face to the requirements of this Indenture. 

(c) The Trustee may not be relieved from liability for its own negligent action, its own negligent failure to act or its own willful
misconduct, except that: 
 (i) this paragraph does not limit the effect of paragraph (b) of this Section;

 (ii) the Trustee shall not be liable for any error of judgment made in good faith by a Responsible Officer
unless it is proved that the Trustee was negligent in ascertaining the pertinent facts; and 
 (iii) the Trustee
shall not be liable with respect to any action it takes or omits to take in good faith in accordance with a direction received by it pursuant to Section 5.12. 

(d) The Trustee shall not be liable for interest on any money received by it except as the Trustee may agree in writing with the Issuer.

  

 40 

 (e) Money held in trust by the Trustee need not be segregated from other funds except to the
extent required by law or the terms of this Indenture or the Sale and Servicing Agreement. 
 (f) No provision of this Indenture
shall require the Trustee to expend or risk its own funds or otherwise incur financial liability in the performance of any of its duties hereunder or in the exercise of any of its rights or powers, if it shall have reasonable grounds to believe that
repayment of such funds or indemnity reasonably satisfactory to it against such risk or liability is not assured to it. 
 (g)
Every provision of this Indenture relating to the conduct or affecting the liability of or affording protection to the Trustee shall be subject to the provisions of this Section 6.1 and to the provisions of the TIA. 

(h) The Trustee shall, upon two Business Days’ prior notice to the Trustee, permit any representative of the Insurer at the expense
of the Trust, during the Trustee’s normal business hours, to examine all books of account, records, reports and other papers of the Trustee relating to the Notes, to make copies and extracts therefrom and to discuss the Trustee’s affairs
and actions, as such affairs and actions relate to the Trustee’s duties with respect to the Notes, with the Trustee’s officers and employees responsible for carrying out the Trustee’s duties with respect to the Notes. 

(i) The Trustee shall, and hereby agrees that it will, perform all of the obligations and duties required of it under the Sale and
Servicing Agreement. 
 (j) The Trustee shall, and hereby agrees that it will, hold the Note Policy in trust, and will hold any
proceeds of any claim on the Note Policy in trust solely for the use and benefit of the Noteholders. 
 (k) Without limiting the
generality of this Section 6.1, the Trustee shall have no duty (i) to see to any recording, filing or depositing of this Indenture or any agreement referred to herein or any financing statement evidencing a security interest in the
Financed Vehicles, or to see to the maintenance of any such recording or filing or depositing or to any recording, refiling or redepositing of any thereof, (ii) to see to any insurance of the Financed Vehicles or Obligors or to effect or
maintain any such insurance, (iii) to see to the payment or discharge of any tax, assessment or other governmental charge or any Lien or encumbrance of any kind owing with respect to, assessed or levied against any part of the Trust,
(iv) to confirm or verify the contents of any reports or certificates delivered to the Trustee pursuant to this Indenture or the Sale and Servicing Agreement believed by the Trustee to be genuine and to have been signed or presented by the
proper party or parties, or (v) to inspect the Financed Vehicles at any time or ascertain or inquire as to the performance of observance of any of the Issuer’s, the Seller’s or the Servicer’s representations, warranties or
covenants or the Servicer’s duties and obligations as Servicer and as custodian of the Receivable Files under the Sale and Servicing Agreement. 
  

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

SECTION 6.2 Rights of Trustee. 

(a) The Trustee may conclusively rely on any document believed by it to be genuine and to have been signed or presented by the proper
person. The Trustee need not investigate any fact or matter stated in the document. 
 (b) Before the Trustee acts or refrains
from acting, it may require an Officer’s Certificate or an Opinion of Counsel. The Trustee shall not be liable for any action it takes or omits to take in good faith in reliance on the Officer’s Certificate or Opinion of Counsel.

 (c) The Trustee may execute any of the trusts or powers hereunder or perform any duties hereunder either directly or by or
through agents or attorneys or a custodian or nominee, and the Trustee shall not be responsible for any misconduct or negligence on the part of, or for the supervision of, AmeriCredit Financial Services, Inc., or any other such agent, attorney,
custodian or nominee appointed with due care by it hereunder. 
 (d) The Trustee shall not be liable for any action it takes or
omits to take in good faith which it believes to be authorized or within its rights or powers; provided, however, that the Trustee’s conduct does not constitute willful misconduct, negligence or bad faith. 

(e) The Trustee may consult with counsel, and the advice or opinion of counsel with respect to legal matters relating to this Indenture
and the Notes shall be full and complete authorization and protection from liability in respect to any action taken, omitted or suffered by it hereunder in good faith and in accordance with the advice or opinion of such counsel. 

(f) The Trustee shall be under no obligation to institute, conduct or defend any litigation under this Indenture or in relation to this
Indenture, at the request, order or direction of any of the Noteholders or the Controlling Party, pursuant to the provisions of this Indenture, unless such Noteholders or the Controlling Party shall have offered to the Trustee reasonable security or
indemnity against the costs, expenses and liabilities that may be incurred therein or thereby; provided, however, that the Trustee shall, upon the occurrence of an Event of Default (that has not been cured), exercise the rights and powers
vested in it by this Indenture with reasonable care and skill. 
 (g) The Trustee shall not be bound to make any investigation
into the facts or matters stated in any resolution, certificate, statement, instrument, opinion, report, notice, request, consent, order, approval, bond or other paper or document, unless requested in writing to do so by the Insurer (so long as no
Insurer Default shall have occurred and be continuing) or (if an Insurer Default shall have occurred and be continuing) by the Noteholders evidencing not less than 25% of the Outstanding Amount thereof; provided, however, that if the payment
within a reasonable time to the Trustee of the costs, expenses or liabilities likely to be incurred by it in the making of such investigation is, in the opinion of the Trustee, not reasonably assured to the Trustee by the security afforded to it by
the terms of this Indenture or the Sale and Servicing 
  

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Agreement, the Trustee may require reasonable indemnity against such cost, expense or liability as a condition to so proceeding; the reasonable expense of every such examination shall be paid by
the Person making such request, or, if paid by the Trustee, shall be reimbursed by the Person making such request upon demand. 

(h) The Trustee shall not be liable for any losses on investments except for losses resulting from the failure of the Trustee to make an
investment in accordance with instructions given in accordance hereunder. If the Trustee acts as the Note Paying Agent or Note Registrar, the rights and protections afforded to the Trustee shall be afforded to the Note Paying Agent and Note
Registrar. 
 SECTION 6.3 Individual Rights of Trustee. The Trustee in its individual or any other capacity may become
the owner or pledgee of Notes and may otherwise deal with the Issuer or its Affiliates with the same rights it would have if it were not Trustee. Any Note Paying Agent, Note Registrar, co-registrar or co-Note Paying Agent may do the same with like
rights. However, the Trustee must comply with Sections 6.11 and 6.12. 
 SECTION 6.4 Trustee’s Disclaimer. The
Trustee shall not be responsible for and makes no representation as to the validity or adequacy of this Indenture, the Trust Estate or the Notes, it shall not be accountable for the Issuer’s use of the proceeds from the Notes, and it shall not
be responsible for any statement of the Issuer in this Indenture or in any document issued in connection with the sale of the Notes or in the Notes other than the Trustee’s certificate of authentication. 

SECTION 6.5 Notice of Defaults. If an Event of Default occurs and is continuing and if it is either known by, or written notice of
the existence thereof has been delivered to, a Responsible Officer of the Trustee, the Trustee shall mail to each Noteholder notice of the Default within 90 days after such knowledge or notice occurs. Except in the case of a Default in payment of
principal of or interest on any Note (including payments pursuant to the mandatory redemption provisions of such Note), the Trustee may withhold the notice to the Noteholder if and so long as it in good faith determines that withholding the notice
is in the interests of Noteholders. 
 SECTION 6.6 Reports by Trustee to Holders. At the end of each calendar year, the
Trustee shall deliver to each person who at any time during the calendar year was a Noteholder a statement as to the aggregate amounts of interest and principal paid to the Noteholder, to the extent required by the Code, and any other information as
may be reasonably required to enable such Holder to prepare its federal and state income tax returns. 
 SECTION 6.7
Compensation and Indemnity. 
 (a) Pursuant to Section 5.7(a) of the Sale and Servicing Agreement, the Issuer shall,
or shall cause the Servicer to, pay to the Trustee, the Trust Collateral Agent and the Backup Servicer (subject to any applicable caps) from time to time compensation for its services. The Trustee’s compensation shall not be limited by any law
on compensation of a trustee of an express trust. The Issuer shall cause the Servicer to reimburse the Trustee, the Trust Collateral Agent and the Backup Servicer (subject to any applicable caps) for all reasonable out-of-pocket

  

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expenses incurred or made by it, including costs of collection, in addition to the compensation for its services. Such expenses shall include the reasonable compensation and expenses,
disbursements and advances of the Trustee’s, the Trust Collateral Agent’s and the Backup Servicer’s agents, counsel, accountants and experts. The Issuer shall cause the Servicer to indemnify the Trustee, the Trust Collateral Agent,
the Backup Servicer and their respective officers, directors, employees and agents against any and all loss, liability or expense (including attorneys’ fees and expenses) incurred by each of them in connection with the acceptance or the
administration of this Trust and the performance of its duties hereunder. The Trustee, the Trust Collateral Agent or the Backup Servicer shall notify the Issuer and the Servicer promptly of any claim for which it may seek indemnity. Failure by the
Trustee, the Collateral Agent, the Trust Collateral Agent or the Backup Servicer to so notify the Issuer and the Servicer shall not relieve the Issuer of its obligations hereunder or the Servicer of its obligations under Article XI of the Sale and
Servicing Agreement. The Issuer shall cause the Servicer to defend the claim, and the Trustee, the Trust Collateral Agent or the Backup Servicer may have separate counsel and the Issuer shall cause the Servicer to pay the fees and expenses of such
counsel. Neither the Issuer nor the Servicer need to reimburse any expense or indemnify against any loss, liability or expense incurred by the Trustee, the Trust Collateral Agent or the Backup Servicer through the Trustee’s, the Trust
Collateral Agent’s or the Backup Servicer’s own willful misconduct, negligence or bad faith. 
 (b) The Issuer’s
payment obligations to the Trustee, the Trust Collateral Agent or the Backup Servicer pursuant to this Section shall survive the discharge of this Indenture or the earlier resignation or removal of the Trustee or the Trust Collateral Agent or the
Backup Servicer. When the Trustee, the Collateral Agent, the Trust Collateral Agent or the Backup Servicer incurs expenses after the occurrence of a Default specified in Section 5.1(v) or (vi) with respect to the Issuer, the expenses are
intended to constitute expenses of administration under Title 11 of the United States Code or any other applicable federal or State bankruptcy, insolvency or similar law. Notwithstanding anything else set forth in this Indenture or the Basic
Documents, the Trustee agrees that the obligations of the Issuer (but not the Servicer) to the Trustee hereunder and under the Basic Documents shall be recourse to the Trust Estate only and specifically shall not be recourse to the assets of the
Certificateholder or any Noteholder. In addition, the Trustee agrees that its recourse to the Issuer, the Trust Estate, the Seller and amounts held pursuant to the Spread Account Agreement shall be limited to the right to receive the distributions
referred to in Section 5.7(a) of the Sale and Servicing Agreement. 
 SECTION 6.8 Replacement of Trustee. The
Trustee may resign at any time by so notifying the Issuer and the Insurer. The Issuer may and, at the request of the Insurer (unless an Insurer Default shall have occurred and be continuing) shall, remove the Trustee, if: 

(i) the Trustee fails to comply with Section 6.11; 

(ii) a court having jurisdiction in the premises in respect of the Trustee in an involuntary case or proceeding under
federal or State banking or bankruptcy laws, as now or hereafter constituted, or any other applicable federal or State bankruptcy, insolvency or other similar law, shall have entered a decree or order granting relief or appointing a receiver,
liquidator, assignee, custodian, trustee, conservator, sequestrator (or similar official) for the Trustee or for any substantial part of the Trustee’s property, or ordering the winding-up or liquidation of the Trustee’s affairs;

  

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 (iii) an involuntary case under the federal bankruptcy laws, as now or
hereafter in effect, or another present or future federal or State bankruptcy, insolvency or similar law is commenced with respect to the Trustee and such case is not dismissed within 60 days; 

(iv) the Trustee commences a voluntary case under any federal or state banking or bankruptcy laws, as now or hereafter
constituted, or any other applicable federal or State bankruptcy, insolvency or other similar law, or consents to the appointment of or taking possession by a receiver, liquidator, assignee, custodian, trustee, conservator, sequestrator (or other
similar official) for the Trustee or for any substantial part of the Trustee’s property, or makes any assignment for the benefit of creditors or fails generally to pay its debts as such debts become due or takes any action in furtherance of any
of the foregoing; or 
 (v) the Trustee otherwise becomes incapable of acting. 

If the Trustee resigns or is removed or if a vacancy exists in the office of Trustee for any reason (the Trustee in such event being
referred to herein as the retiring Trustee), the Issuer shall promptly appoint a successor Trustee acceptable to the Insurer (so long as an Insurer Default shall not have occurred and be continuing). If the Issuer fails to appoint such a successor
Trustee, the Insurer may appoint a successor Trustee. 
 A successor Trustee shall deliver a written acceptance of its
appointment to the retiring Trustee, the Insurer and to the Issuer. Thereupon the resignation or removal of the retiring Trustee shall become effective, and the successor Trustee shall have all the rights, powers and duties of the retiring Trustee
under this Indenture subject to satisfaction of the Rating Agency Condition. The successor Trustee shall mail a notice of its succession to the Noteholders. The retiring Trustee shall promptly transfer all property held by it as Trustee to the
successor Trustee. 
 If a successor Trustee does not take office within 60 days after the retiring Trustee resigns or is
removed, the retiring Trustee, the Issuer, the Insurer or the Holders of a majority in Outstanding Amount of the Notes may petition any court of competent jurisdiction for the appointment of a successor Trustee. 

If the Trustee fails to comply with Section 6.11, any Noteholder (with the prior written consent of the Insurer, so long as an
Insurer Default shall not have occurred and be continuing) may petition any court of competent jurisdiction for the removal of the Trustee and the appointment of a successor Trustee. 

Any resignation or removal of the Trustee and appointment of a successor Trustee pursuant to any of the provisions of this Section shall
not become effective until acceptance of appointment by the successor Trustee pursuant to Section 6.8 and payment of all fees and expenses owed to the outgoing Trustee. 

 

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 Notwithstanding the replacement of the Trustee pursuant to this Section, the Issuer’s
and the Servicer’s obligations under Section 6.7 shall continue for the benefit of the retiring Trustee. 
 SECTION
6.9 Successor Trustee by Merger. If the Trustee consolidates with, merges or converts into, or transfers all or substantially all its corporate trust business or assets to, another corporation or banking association, the resulting, surviving
or transferee corporation or banking association without any further act shall be the successor Trustee. The Trustee shall provide prior written notice of any such transaction to the Insurer and the Issuer (who will deliver such notice to the Rating
Agencies). 
 In case at the time such successor or successors by merger, conversion or consolidation to the Trustee shall
succeed to the trusts created by this Indenture any of the Notes shall have been authenticated but not delivered, any such successor to the Trustee may adopt the certificate of authentication of any predecessor trustee, and deliver such Notes so
authenticated; and in case at that time any of the Notes shall not have been authenticated, any successor to the Trustee may authenticate such Notes either in the name of any predecessor hereunder or in the name of the successor to the Trustee; and
in all such cases such certificates shall have the full force which it is anywhere in the Notes or in this Indenture provided that the certificate of the Trustee shall have. 

SECTION 6.10 Appointment of Co-Trustee or Separate Trustee. 

(a) Notwithstanding any other provisions of this Indenture, at any time, for the purpose of meeting any legal requirement of any
jurisdiction in which any part of the Trust Estate may at the time be located, the Trustee with the consent of the Insurer (so long as an Insurer Default shall not have occurred and be continuing) shall have the power and may execute and deliver all
instruments to appoint one or more Persons to act as a co-trustee or co-trustees, or separate trustee or separate trustees, of all or any part of the Trust Estate, and to vest in such Person or Persons, in such capacity and for the benefit of the
Noteholders, such title to the Trust Estate, or any part hereof, and, subject to the other provisions of this Section, such powers, duties, obligations, rights and trusts as the Trustee may consider necessary or desirable. No co-trustee or separate
trustee hereunder shall be required to meet the terms of eligibility as a successor trustee under Section 6.11 and no notice to Noteholders of the appointment of any co-trustee or separate trustee shall be required under Section 6.8
hereof. 
 (b) Every separate trustee and co-trustee shall, to the extent permitted by law, be appointed and act subject to the
following provisions and conditions: 
 (i) all rights, powers, duties and obligations conferred or imposed upon
the Trustee shall be conferred or imposed upon and exercised or performed by the Trustee and such separate trustee or co-trustee jointly (it being understood that such separate trustee or co-trustee is not authorized to act separately without the
Trustee joining in such act), except to the extent that under any law of any jurisdiction in which any particular act or acts are to be performed the Trustee shall be incompetent or unqualified to perform such act or acts, in which event such
rights, powers, duties and obligations (including the holding of title to the Trust Estate or any portion thereof in any such jurisdiction) shall be exercised and performed singly by such separate trustee or co-trustee, but solely at the direction
of the Trustee; 
  

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 (ii) no trustee hereunder shall be personally liable by reason of any act or
omission of any other trustee hereunder, including acts or omissions of predecessor or successor trustees; and 

(iii) the Trustee may at any time accept the resignation of or remove any separate trustee or co-trustee. 

(c) Any notice, request or other writing given to the Trustee shall be deemed to have been given to each of the then separate trustees
and co-trustees, as effectively as if given to each of them. Every instrument appointing any separate trustee or co-trustee shall refer to this Indenture and the conditions of this Article VI. Each separate trustee and co-trustee, upon its
acceptance of the trusts conferred, shall be vested with the estates or property specified in its instrument of appointment, either jointly with the Trustee or separately, as may be provided therein, subject to all the provisions of this Indenture,
specifically including every provision of this Indenture relating to the conduct of, affecting the liability of, or affording protection to, the Trustee. Every such instrument shall be filed with the Trustee. 

(d) Any separate trustee or co-trustee may at any time constitute the Trustee, its agent or attorney-in-fact with full power and
authority, to the extent not prohibited by law, to do any lawful act under or in respect of this Indenture on its behalf and in its name. If any separate trustee or co-trustee shall die, dissolve, become insolvent, become incapable of acting, resign
or be removed, all of its estates, properties, rights, remedies and trusts shall invest in and be exercised by the Trustee, to the extent permitted by law, without the appointment of a new or successor trustee. 

(e) Any and all amounts relating to the fees and expenses of the co-trustee or separate trustee will be borne by the Trust Estate.

 SECTION 6.11 Eligibility: Disqualification. The Trustee shall at all times satisfy the requirements of TIA
§ 310(a). The Trustee shall have a combined capital and surplus of at least $50,000,000 as set forth in its most recent published annual report of condition and it shall have a long-term debt rating of BBB-, or an equivalent rating, or
better by the Rating Agencies. The Trustee shall provide copies of such reports to the Insurer upon request. The Trustee shall comply with TIA § 310(b), including the optional provision permitted by the second sentence of TIA
§ 310(b)(9); provided, however, that there shall be excluded from the operation of TIA § 310(b)(1) any indenture or indentures under which other securities of the Issuer are outstanding if the requirements for such
exclusion set forth in TIA § 310(b)(1) are met. 
 SECTION 6.12 Preferential Collection of Claims Against
Issuer. The Trustee shall comply with TIA § 311(a), excluding any creditor relationship listed in TIA § 311(b). A Trustee who has resigned or been removed shall be subject to TIA § 311(a) to the extent indicated.

 SECTION 6.13 Appointment and Powers. Subject to the terms and conditions hereof, each of the Issuer Secured Parties
hereby appoints Wells Fargo Bank, National 
  

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Association, as the Trust Collateral Agent with respect to the Collateral, and Wells Fargo Bank, National Association hereby accepts such appointment and agrees to act as Trust Collateral Agent
with respect to the Collateral for the Issuer Secured Parties, to maintain custody and possession of such Collateral (except as otherwise provided hereunder) and to perform the other duties of the Trust Collateral Agent in accordance with the
provisions of this Indenture and the other Basic Documents. Each Issuer Secured Party hereby authorizes the Trust Collateral Agent to take such action on its behalf, and to exercise such rights, remedies, powers and privileges hereunder, as the
Controlling Party may direct and as are specifically authorized to be exercised by the Trust Collateral Agent by the terms hereof, together with such actions, rights, remedies, powers and privileges as are reasonably incidental thereto, including,
but not limited to, the execution of any powers of attorney. The Trust Collateral Agent shall act upon and in compliance with the written instructions of the Controlling Party delivered pursuant to this Indenture promptly following receipt of such
written instructions; provided that neither the Trustee nor the Trust Collateral Agent shall act upon its own accord or in accordance with any instructions (i) if such actions are not authorized by, or in violation of the provisions of,
this Indenture, (ii) if such actions are in violation of any applicable law, rule or regulation or (iii) with respect to actions for which the Trustee has been directed to act but for which the Trustee has not received reasonable
indemnity. Receipt of such instructions shall not be a condition to the exercise by the Trust Collateral Agent of its express duties hereunder, except where this Indenture provides that the Trust Collateral Agent is permitted to act only following
and in accordance with such instructions. 
 SECTION 6.14 Performance of Duties. The Trust Collateral Agent shall have no
duties or responsibilities except those expressly set forth in this Indenture and the other Basic Documents to which the Trust Collateral Agent is a party or as directed by the Controlling Party in accordance with this Indenture. The Trust
Collateral Agent shall not be required to take any discretionary actions hereunder except at the written direction and with reasonable security and indemnity satisfactory to the Trust Collateral Agent. The Trust Collateral Agent shall, and hereby
agrees that it will, subject to this Article, perform all of the duties and obligations required of it under the Sale and Servicing Agreement. 

SECTION 6.15 Limitation on Liability. Neither the Trust Collateral Agent nor any of its directors, officers or employees shall be
liable for any action taken or omitted to be taken by it or them hereunder, or in connection herewith, except that the Trust Collateral Agent shall be liable for its negligence, bad faith or willful misconduct; nor shall the Trust Collateral Agent
be responsible for the validity, effectiveness, value, sufficiency or enforceability against the Issuer of this Indenture or any of the Collateral (or any part thereof). Notwithstanding any term or provision of this Indenture, the Trust Collateral
Agent shall incur no liability to the Issuer or the Issuer Secured Parties for any action taken or omitted by the Trust Collateral Agent in connection with the Collateral, except for the negligence, bad faith or willful misconduct on the part of the
Trust Collateral Agent, and, further, shall incur no liability to the Issuer Secured Parties except for negligence, bad faith or willful misconduct in carrying out its duties to the Issuer Secured Parties. The Trust Collateral Agent shall be
protected and shall incur no liability to any such party in relying upon the accuracy, acting in reliance upon the contents, and assuming the genuineness of any notice, demand, certificate, signature, instrument or other document reasonably believed
by the Trust Collateral Agent to be genuine and to have been duly executed by the appropriate signatory, and (absent actual knowledge to the contrary by a 

 

 48 

 
Responsible Officer of the Trust Collateral Agent) the Trust Collateral Agent shall not be required to make any independent investigation with respect thereto. The Trust Collateral Agent shall at
all times be free independently to establish to its reasonable satisfaction, but shall have no duty to independently verify, the existence or nonexistence of facts that are a condition to the exercise or enforcement of any right or remedy hereunder
or under any of the Basic Documents. The Trust Collateral Agent may consult with counsel, and shall not be liable for any action taken or omitted to be taken by it hereunder in good faith and in accordance with the advice of such counsel. The Trust
Collateral Agent shall not be under any obligation to exercise any of the remedial rights or powers vested in it by this Indenture or to follow any direction from the Controlling Party or risk its own funds or otherwise incur financial liability in
the performance of any of its duties hereunder unless it shall have received reasonable security or indemnity satisfactory to the Trust Collateral Agent against the costs, expenses and liabilities which might be incurred by it. 

SECTION 6.16 Reliance Upon Documents. In the absence of negligence, bad faith or willful misconduct on its part, the Trust
Collateral Agent shall be entitled to conclusively rely on any communication, instrument, paper or other document reasonably believed by it to be genuine and correct and to have been signed or sent by the proper Person or Persons and shall have no
liability in acting, or omitting to act, where such action or omission to act is in reasonable reliance upon any statement or opinion contained in any such document or instrument. 

SECTION 6.17 Successor Trust Collateral Agent. 

(a) Merger. Any Person into which the Trust Collateral Agent may be converted or merged, or with which it may be consolidated, or
to which it may sell or transfer its trust business and assets as a whole or substantially as a whole, or any Person resulting from any such conversion, merger, consolidation, sale or transfer to which the Trust Collateral Agent is a party, shall
(provided it is otherwise qualified to serve as the Trust Collateral Agent hereunder) be and become a successor Trust Collateral Agent hereunder and be vested with all of the title to and interest in the Collateral and all of the trusts, powers,
discretions, immunities, privileges and other matters as was its predecessor without the execution or filing of any instrument or any further act, deed or conveyance on the part of any of the parties hereto, anything herein to the contrary
notwithstanding, except to the extent, if any, that any such action is necessary to perfect, or continue the perfection of, the security interest of the Issuer Secured Parties in the Collateral; provided that any such successor shall also be
the successor Trustee under Section 6.9. 
 (b) Resignation. The Trust Collateral Agent and any successor Trust
Collateral Agent may resign at any time by so notifying the Issuer and the Insurer; provided that the Trust Collateral Agent shall not so resign unless it shall also resign as Trustee hereunder. 

(c) Removal. The Trust Collateral Agent may be removed by the Controlling Party at any time (and should be removed at any time
that the Trustee has been removed), with or without cause, by an instrument or concurrent instruments in writing delivered to the Trust Collateral Agent, the other Issuer Secured Party and the Issuer. A temporary successor may be removed at any time
to allow a successor Trust Collateral Agent to be appointed pursuant to subsection (d) below. Any removal pursuant to the provisions of this subsection (c) shall take 

 

 49 

 
effect only upon the date which is the latest of (i) the effective date of the appointment of a successor Trust Collateral Agent and the acceptance in writing by such successor Trust
Collateral Agent of such appointment and of its obligation to perform its duties hereunder in accordance with the provisions hereof, and (ii) receipt by the Controlling Party of an Opinion of Counsel to the effect described in Section 3.6.

 (d) Acceptance by Successor. The Controlling Party shall have the sole right to appoint each successor Trust
Collateral Agent. Every temporary or permanent successor Trust Collateral Agent appointed hereunder shall execute, acknowledge and deliver to its predecessor and to the Trustee, each Issuer Secured Party and the Issuer an instrument in writing
accepting such appointment hereunder and the relevant predecessor shall execute, acknowledge and deliver such other documents and instruments as will effectuate the delivery of all Collateral to the successor Trust Collateral Agent, whereupon such
successor, without any further act, deed or conveyance, shall become fully vested with all the estates, properties, rights, powers, duties and obligations of its predecessor. Such predecessor shall, nevertheless, on the written request of either
Issuer Secured Party or the Issuer, execute and deliver an instrument transferring to such successor all the estates, properties, rights and powers of such predecessor hereunder. In the event that any instrument in writing from the Issuer or an
Issuer Secured Party is reasonably required by a successor Trust Collateral Agent to more fully and certainly vest in such successor the estates, properties, rights, powers, duties and obligations vested or intended to be vested hereunder in the
Trust Collateral Agent, any and all such written instruments shall, at the request of the temporary or permanent successor Trust Collateral Agent, be forthwith executed, acknowledged and delivered by the Trustee or the Issuer, as the case may be.
The designation of any successor Trust Collateral Agent and the instrument or instruments removing any Trust Collateral Agent and appointing a successor hereunder, together with all other instruments provided for herein, shall be maintained with the
records relating to the Collateral and, to the extent required by applicable law, filed or recorded by the successor Trust Collateral Agent in each place where such filing or recording is necessary to effect the transfer of the Collateral to the
successor Trust Collateral Agent or to protect or continue the perfection of the security interests granted hereunder. 

SECTION 6.18 Compensation. The Trust Collateral Agent shall not be entitled to any compensation for the performance of its duties
hereunder other than the compensation it is entitled to receive in its capacity as Trustee. 
 SECTION 6.19 Representations
and Warranties of the Trust Collateral Agent and the Issuer. (a) The Trust Collateral Agent represents and warrants to the Issuer and to each Issuer Secured Party as follows: 

(i) Due Organization. The Trust Collateral Agent is a national banking association and is duly authorized and
licensed under applicable law to conduct its business as presently conducted. 
 (ii) Corporate Power. The
Trust Collateral Agent has all requisite right, power and authority to execute and deliver this Indenture and to perform all of its duties as Trust Collateral Agent hereunder. 

 

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 (iii) Due Authorization. The execution and delivery by the Trust
Collateral Agent of this Indenture and the other Transaction Documents to which it is a party, and the performance by the Trust Collateral Agent of its duties hereunder and thereunder, have been duly authorized by all necessary corporate proceedings
and no further approvals or filings, including any governmental approvals, are required for the valid execution and delivery by the Trust Collateral Agent, or the performance by the Trust Collateral Agent, of this Indenture and such other Basic
Documents. 
 (iv) Valid and Binding Indenture. The Trust Collateral Agent has duly executed and delivered
this Indenture and each other Basic Document to which it is a party, and each of this Indenture and each such other Basic Document constitutes the legal, valid and binding obligation of the Trust Collateral Agent, enforceable against the Trust
Collateral Agent in accordance with its terms, except as (i) such enforceability may be limited by bankruptcy, insolvency, reorganization and similar laws relating to or affecting the enforcement of creditors’ rights generally and
(ii) the availability of equitable remedies may be limited by equitable principles of general applicability. 

(v) No Conflicts. The execution and delivery of each Basic Document to which it is a party by the Trust Collateral
Agent and the performance by the Trust Collateral Agent of its obligations thereunder, in its capacity as Trust Collateral Agent or otherwise, do not conflict with or result in any violation of (i) any law or regulation of the United States of
America governing the banking or trust powers of the Trust Collateral Agent or (ii) the articles of incorporation and by-laws of the Trust Collateral Agent. 

(vi) No Actions. To the best of the Trust Collateral Agent’s knowledge, there are no actions, proceedings or
investigations known to the Trust Collateral Agent, either pending or threatened in writing, before any court, regulatory body, administrative agency or other tribunal or governmental instrumentality which would, if adversely determined, affect in
any material respect the consummation, validity or enforceability against the Trust Collateral Agent, in its capacity as Trust Collateral Agent or otherwise, of any Basic Document. 

(b) The Issuer hereby represents and warrants that each of the representations and warranties set forth on the Schedule of
Representations attached hereto as Schedule A is true and correct. Such representations and warranties speak as of the execution and delivery of this Indenture and as of the Closing Date, but shall survive the pledge of the Receivables to the Trust
Collateral Agent and shall not be waived. 
 SECTION 6.20 Waiver of Setoffs. The Trust Collateral Agent hereby expressly
waives any and all rights of setoff that the Trust Collateral Agent may otherwise at any time have under applicable law with respect to any Trust Account and agrees that amounts in the Trust Accounts shall at all times be held and applied solely in
accordance with the provisions hereof and the Sale and Servicing Agreement. 
 SECTION 6.21 Control by the Controlling
Party. The Trust Collateral Agent shall comply with notices and instructions given by the Issuer only if accompanied by the written consent of the Controlling Party, except that if any Event of Default shall have occurred and be continuing, the
Trust Collateral Agent shall act upon and comply with notices and instructions given by the Controlling Party alone in the place and stead of the Issuer. 
  

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 ARTICLE VII 

Noteholders’ Lists and Reports 

SECTION 7.1 Issuer to Furnish to Trustee Names and Addresses of Noteholders. The Issuer will furnish or cause to be furnished to
the Trustee (a) not more than five days after the earlier of (i) each Record Date and (ii) three months after the last Record Date, a list, in such form as the Trustee may reasonably require, of the names and addresses of the Holders
as of such Record Date, (b) at such other times as the Trustee may request in writing, within 30 days after receipt by the Issuer of any such request, a list of similar form and content as of a date not more than 10 days prior to the time such
list is furnished; provided, however, that so long as the Trustee is the Note Registrar, no such list shall be required to be furnished. If Definitive Notes have been issued pursuant to Section 2.12, the Trustee or, if the Trustee is not
the Note Registrar, the Issuer shall furnish to the Insurer in writing on an annual basis on each June 30 and at such other times as the Insurer may request a copy of the list. 

SECTION 7.2 Preservation of Information; Communications to Noteholders. 

(a) The Trustee shall preserve, in as current a form as is reasonably practicable, the names and addresses of the Holders contained in
the most recent list furnished to the Trustee as provided in Section 7.1 and the names and addresses of Holders received by the Trustee in its capacity as Note Registrar. The Trustee may destroy any list furnished to it as provided in such
Section 7.1 upon receipt of a new list so furnished. 
 (b) Noteholders may communicate pursuant to TIA § 312(b)
with other Noteholders with respect to their rights under this Indenture or under the Notes. 
 (c) The Issuer, the Trustee and
the Note Registrar shall have the protection of TIA § 312(c). 
 SECTION 7.3 Reports by Issuer. 

(a) The Issuer shall: 

(i) file with the Trustee, within 15 days after the Issuer is required to file the same with the Commission, copies of the
annual reports and of the information, documents and other reports (or copies of such portions of any of the foregoing as the Commission may from time to time by rules and regulations prescribe) which the Issuer may be required to file with the
Commission pursuant to Section 13 or 15(d) of the Exchange Act; 
 (ii) file with the Trustee and the
Commission in accordance with rules and regulations prescribed from time to time by the Commission such additional information, documents and reports with respect to compliance by the Issuer with the conditions and covenants of this Indenture as may
be required from time to time by such rules and regulations; and 
  

 52 

 (iii) supply to the Trustee (and the Trustee shall transmit by mail to all
Noteholders described in TIA § 313(c)) such summaries of any information, documents and reports required to be filed by the Issuer pursuant to clauses (i) and (ii) of this Section 7.3(a) as may be required by rules and
regulations prescribed from time to time by the Commission. 
 (b) Unless the Issuer otherwise determines, the fiscal year of
the Issuer shall end on December 31 of each year. 
 SECTION 7.4 Reports by Trustee. If required by TIA
§ 313(a), within 60 days after each May 31, beginning with May 31, 2011, the Trustee shall mail to each Noteholder as required by TIA § 313(c) a brief report dated as of such date that complies with TIA
§ 313(a). The Trustee also shall comply with TIA § 313(b). 
 A copy of each report at the time of its
mailing to Noteholders shall be filed by the Trustee with the Commission and each stock exchange, if any, on which the Notes are listed. The Issuer shall notify the Trustee if and when the Notes are listed on any stock exchange. 

ARTICLE VIII 

Accounts, Disbursements and Releases 

SECTION 8.1 Collection of Money. Except as otherwise expressly provided herein, the Trustee may demand payment or delivery of, and
shall receive and collect, directly and without intervention or assistance of any fiscal agent or other intermediary, all money and other property payable to or receivable by the Trust Collateral Agent pursuant to this Indenture and the Sale and
Servicing Agreement. The Trustee shall apply all such money received by it, or cause the Trust Collateral Agent to apply all money received by it as provided in this Indenture and the Sale and Servicing Agreement. Except as otherwise expressly
provided in this Indenture or in the Sale and Servicing Agreement, if any default occurs in the making of any payment or performance under any agreement or instrument that is part of the Trust Estate, the Trustee may take such action as may be
appropriate to enforce such payment or performance, including the institution and prosecution of appropriate proceedings. Any such action shall be without prejudice to any right to claim a Default or Event of Default under this Indenture and any
right to proceed thereafter as provided in Article V. 
 SECTION 8.2 Release of Trust Estate. 

(a) Subject to the payment of its fees and expenses and other amounts pursuant to Section 6.7 and all amounts due to the Insurer
under the Basic Documents, the Trust Collateral Agent may, and when required by the provisions of this Indenture shall, execute instruments to release property from the lien of this Indenture, in a manner and under circumstances that are not
inconsistent with the provisions of this Indenture. No party relying upon an instrument executed by the Trust Collateral Agent as provided in this Article VIII shall be bound to ascertain the Trust Collateral Agent’s authority, inquire into the
satisfaction of any conditions precedent or see to the application of any moneys. 
  

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 (b) The Trust Collateral Agent shall, at such time as there are no Notes outstanding and all
sums due the Trustee pursuant to Section 6.7 have been paid, release any remaining portion of the Trust Estate that secured the Notes from the lien of this Indenture and release to the Issuer or any other Person entitled thereto any funds then
on deposit in the Trust Accounts. 
 SECTION 8.3 Opinion of Counsel. The Trust Collateral Agent shall receive at least
seven days’ notice when requested by the Issuer to take any action pursuant to Section 8.2(a), accompanied by copies of any instruments involved, and the Trustee shall also require as a condition to such action, an Opinion of Counsel in
form and substance satisfactory to the Trustee and the Insurer and addressed to the Trustee and the Insurer, stating the legal effect of any such action, outlining the steps required to complete the same, and concluding that all conditions precedent
to the taking of such action have been complied with. Counsel rendering any such opinion may rely, without independent investigation, on the accuracy and validity of any certificate or other instrument delivered to the Trustee in connection with any
such action. 
 ARTICLE IX 

Supplemental Indentures 

SECTION 9.1 Supplemental Indentures Without Consent of Noteholders. 

(a) Without the consent of the Holders of any Notes but with the written consent of the Insurer (unless an Insurer Default shall have
occurred and be continuing) and with prior notice to the Rating Agencies by the Issuer, as evidenced to the Trustee, the Issuer and the Trustee, when authorized by an Issuer Order, at any time and from time to time, may enter into one or more
indentures supplemental hereto (which shall conform to the provisions of the Trust Indenture Act as in force at the date of the execution thereof), in form satisfactory to the Trustee, for any of the following purposes: 

(i) to correct or amplify the description of any property at any time subject to the lien of this Indenture, or better to
assure, convey and confirm unto the Trust Collateral Agent any property subject or required to be subjected to the lien of this Indenture, or to subject to the lien of this Indenture additional property; 

(ii) to evidence the succession, in compliance with the applicable provisions hereof, of another person to the Issuer, and
the assumption by any such successor of the covenants of the Issuer herein and in the Notes contained; 
 (iii)
to add to the covenants of the Issuer, for the benefit of the Holders of the Notes, or to surrender any right or power herein conferred upon the Issuer; 

(iv) to convey, transfer, assign, mortgage or pledge any property to or with the Trust Collateral Agent; 

 

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 (v) to cure any ambiguity, to correct or supplement any provision herein or
in any supplemental indenture which may be inconsistent with any other provision herein or in any supplemental indenture or to make any other provisions with respect to matters or questions arising under this Indenture or in any supplemental
indenture; provided that such action shall not adversely affect the interests of the Holders of the Notes; 

(vi) to eliminate or conform the Insurance Agreement Events of Default that constitute Insurance Agreement Indenture Cross
Defaults listed in Schedule B hereto to the definition of “Insurance Agreement Indenture Cross Default” in the Insurance Agreement, as such definition may amended or supplemented from time to time; 

(vii) to evidence and provide for the acceptance of the appointment hereunder by a successor trustee with respect to the
Notes and to add to or change any of the provisions of this Indenture as shall be necessary to facilitate the administration of the trusts hereunder by more than one trustee, pursuant to the requirements of Article VI; or 

(viii) to modify, eliminate or add to the provisions of this Indenture to such extent as shall be necessary to effect the
qualification of this Indenture under the TIA or under any similar federal statute hereafter enacted and to add to this Indenture such other provisions as may be expressly required by the TIA. 

The Trustee is hereby authorized to join in the execution of any such supplemental indenture and to make any further appropriate
agreements and stipulations that may be therein contained. 
 (b) The Issuer and the Trustee, when authorized by an Issuer
Order, may, also without the consent of any of the Holders of the Notes but with prior notice to the Rating Agencies by the Issuer and with the prior written consent of the Insurer (unless an Insurer Default shall have occurred and be continuing),
as evidenced to the Trustee, enter into an indenture or indentures supplemental hereto for the purpose of adding any provisions to, or changing in any manner or eliminating any of the provisions of, this Indenture or of modifying in any manner the
rights of the Holders of the Notes under this Indenture; provided, however, that such action shall not, as evidenced by an Opinion of Counsel delivered to the Trustee and the Insurer, adversely affect in any material respect the interests of
any Noteholder. 
 (c) Notwithstanding the foregoing, if an Insurer Default has occurred and is continuing, no amendment under
Section 9.1 or 9.2 shall materially adversely affect the Insurer without the Insurer’s prior written consent. 

SECTION 9.2 Supplemental Indentures with Consent of Noteholders. The Issuer and the Trustee, when authorized by an Issuer Order,
also may, with prior notice to the Rating Agencies by the Issuer, with the written consent of the Insurer (unless an Insurer Default shall have occurred and be continuing), and with the consent of the Holders of not less than a majority of the
Outstanding Amount of the Notes, by Act of such Holders delivered to the Issuer and the Trustee, enter into an indenture or indentures supplemental hereto for the purpose of adding any provisions to, or changing in any manner or eliminating any of
the provisions of, this Indenture or of modifying in any manner the rights of the Holders of the Notes under this 
  

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Indenture; provided however, that if an Insurer Default has occurred and is continuing, such supplemental indenture will not materially and adversely affect the interest of the
Insurer; provided further, that, subject to the express rights of the Insurer under the Basic Documents, no such supplemental indenture shall, without the consent of the Holder of each Outstanding Note affected thereby: 

(i) change the date of payment of any installment of principal of or interest on any Note, or reduce the principal amount
thereof, the interest rate thereon or the Redemption Price with respect thereto, change the provision of this Indenture relating to the application of collections on, or the proceeds of the sale of, the Trust Estate to payment of principal of or
interest on the Notes, or change any place of payment where, or the coin or currency in which, any Note or the interest thereon is payable; 

(ii) impair the right to institute suit for the enforcement of the provisions of this Indenture requiring the application
of funds available therefor, as provided in Article V, to the payment of any such amount due on the Notes on or after the respective due dates thereof (or, in the case of redemption, on or after the Redemption Date); 

(iii) reduce the percentage of the Outstanding Amount of the Notes, the consent of the Holders of which is required for
any such supplemental indenture, or the consent of the Holders of which is required for any waiver of compliance with certain provisions of this Indenture or certain defaults hereunder and their consequences provided for in this Indenture;

 (iv) modify or alter the provisions of the proviso to the definition of the term
“Outstanding”; 
 (v) reduce the percentage of the Outstanding Amount of the Notes required to
direct the Trustee to direct the Issuer to sell or liquidate the Trust Estate pursuant to Section 5.4; 

(vi) modify any provision of this Section except to increase any percentage specified herein or to provide that certain
additional provisions of this Indenture or the Basic Documents cannot be modified or waived without the consent of the Holder of each Outstanding Note affected thereby; 

(vii) modify any of the provisions of this Indenture in such manner as to affect the calculation of the amount of any
payment of interest or principal due on any Note on any Distribution Date or any Insured Distribution Date (including the calculation of any of the individual components of such calculation) or to affect the rights of the Noteholders to the benefit
of any provisions for the mandatory redemption of the Notes contained herein; or 
 (viii) permit the creation of
any lien ranking prior to or on a parity with the lien of this Indenture with respect to any part of the Trust Estate or, except as otherwise permitted or contemplated herein or in any of the Basic Documents, terminate the lien of this Indenture on
any property at any time subject hereto or deprive the Holder of any Note of the security provided by the lien of this Indenture. 
  

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 The Trustee may determine whether or not any Notes would be affected by any supplemental
indenture and any such determination shall be conclusive upon the Holders of all Notes, whether theretofore or thereafter authenticated and delivered hereunder. The Trustee shall not be liable for any such determination made in good faith.

 It shall not be necessary for any Act of Noteholders under this Section to approve the particular form of any proposed
supplemental indenture, but it shall be sufficient if such Act shall approve the substance thereof. 
 Promptly after the
execution by the Issuer and the Trustee of any supplemental indenture pursuant to this Section, the Trustee shall mail to the Holders of the Notes to which such amendment or supplemental indenture relates a notice setting forth in general terms the
substance of such supplemental indenture. Any failure of the Trustee to mail such notice, or any defect therein, shall not, however, in any way impair or affect the validity of any such supplemental indenture. 

SECTION 9.3 Execution of Supplemental Indentures. In executing, or permitting the additional trusts created by, any supplemental
indenture permitted by this Article IX or the amendments or modifications thereby of the trusts created by this Indenture, the Trustee shall be entitled to receive and shall be fully protected in relying upon, an Opinion of Counsel (a copy of which
shall be delivered to the Insurer) stating that the execution of such supplemental indenture is authorized or permitted by this Indenture. The Trustee may, but shall not be obligated to, enter into any such supplemental indenture that affects the
Trustee’s own rights, duties, liabilities or immunities under this Indenture or otherwise. 
 SECTION 9.4 Effect of
Supplemental Indenture. Upon the execution of any supplemental indenture pursuant to the provisions hereof, this Indenture shall be and be deemed to be modified and amended in accordance therewith with respect to the Notes affected thereby, and
the respective rights, limitations of rights, obligations, duties, liabilities and immunities under this Indenture of the Trustee, the Issuer and the Holders of the Notes shall thereafter be determined, exercised and enforced hereunder subject in
all respects to such modifications and amendments, and all the terms and conditions of any such supplemental indenture shall be and be deemed to be part of the terms and conditions of this Indenture for any and all purposes. 

SECTION 9.5 Conformity With Trust Indenture Act. Every amendment of this Indenture and every supplemental indenture executed
pursuant to this Article IX shall conform to the requirements of the Trust Indenture Act as then in effect so long as this Indenture shall then be qualified under the Trust Indenture Act. 

SECTION 9.6 Reference in Notes to Supplemental Indentures. Notes authenticated and delivered after the execution of any
supplemental indenture pursuant to this Article IX may, and if required by the Trustee shall, bear a notation in form approved by the Trustee as to any matter provided for in such supplemental indenture. If the Issuer or the Trustee shall so
determine, new Notes so modified as to conform, in the opinion of the Trustee and the Issuer, to any such supplemental indenture may be prepared and executed by the Issuer and authenticated and delivered by the Trustee in exchange for Outstanding
Notes. 
  

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 ARTICLE X 

Redemption of Notes 

SECTION 10.1 Redemption. 

(a) The Notes shall be redeemed in whole, but not in part, on any Distribution Date on which the Servicer or Seller exercises its option
to purchase the Trust Estate pursuant to Section 10.1(a) of the Sale and Servicing Agreement, for a purchase price equal to the Redemption Price; provided, however, that no such redemption may be effected unless the Issuer has available
funds sufficient to pay the Redemption Price plus all amounts due and payable to the Insurer under the Insurance Agreement on such Distribution Date. The Servicer or the Issuer shall furnish the Insurer and the Rating Agencies notice of such
redemption. If the Notes are to be redeemed pursuant to this Section 10.1(a), the Servicer or the Issuer shall furnish notice of such election to the Trustee not later than 25 days prior to the Redemption Date and the Issuer shall deposit with
the Trustee in the Collection Account the amount required to be so deposited pursuant to Section 10.1(a) of the Sale and Servicing Agreement, whereupon all outstanding Notes shall be due and payable on the Redemption Date subject to the
furnishing of a notice complying with Section 10.2 to each Holder of Notes. 
 (b) In the event that the assets of the
Trust are distributed pursuant to Section 8.1 of the Trust Agreement, all amounts on deposit in the Note Distribution Account shall be paid to the Noteholders up to the Outstanding Amount of the Notes and all accrued and unpaid interest
thereon. If amounts are to be paid to Noteholders pursuant to this Section 10.1(b), the Servicer or the Issuer shall, to the extent practicable, furnish notice of such event to the Trustee not later than 45 days prior to the Redemption Date,
whereupon all such amounts shall be payable on the Redemption Date. 
 SECTION 10.2 Form of Redemption.

 (a) Notice of redemption under Section 10.1(a) shall be given by the Trustee by facsimile or by first-class mail,
postage prepaid, transmitted or mailed prior to the applicable Redemption Date to each Holder of Notes, as of the close of business on the Record Date preceding the applicable Redemption Date, at such Holder’s address appearing in the Note
Register. 
 All notices of redemption shall state: 

(i) the Redemption Date; 

(ii) the Redemption Price; 

(iii) that the Record Date otherwise applicable to such Redemption Date is not applicable and that payments shall be made
only upon presentation and surrender of such Notes and the place where such Notes are to be surrendered for payment of the Redemption Price (which shall be the office or agency of the Issuer to be maintained as provided in Section 3.2); and

  

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 (iv) that interest on the Notes shall cease to accrue on the Redemption
Date. 
 (b) Notice of redemption of the Notes shall be given by the Trustee in the name and at the expense of the Issuer.
Failure to give notice of redemption, or any defect therein, to any Holder of any Note shall not impair or affect the validity of the redemption of any other Note. 

(c) Prior notice of redemption under Section 10.1(b) is not required to be given to the Noteholders. 

SECTION 10.3 Notes Payable on Redemption Date. The Notes to be redeemed shall, following notice of redemption, as required by
Section 10.2 (in the case of redemption pursuant to Section 10.1(a)), on the Redemption Date, become due and payable at the Redemption Price, and (unless the Issuer shall default in the payment of the Redemption Price) no interest shall
accrue on the Redemption Price for any period after the date to which accrued interest is calculated for purposes of calculating the Redemption Price. 

ARTICLE XI 

Miscellaneous 

SECTION 11.1 Compliance Certificates and Opinions, etc. Upon any application or request by the Issuer to the Trustee or the Trust
Collateral Agent to take any action under any provision of this Indenture, the Issuer shall furnish to the Trustee or the Trust Collateral Agent, as the case may be, and to the Insurer (i) an Officer’s Certificate stating that all
conditions precedent, if any, provided for in this Indenture relating to the proposed action have been complied with, (ii) an Opinion of Counsel stating that in the opinion of such counsel all such conditions precedent, if any, have been
complied with and (iii) (if required by the TIA) an Independent Certificate from a firm of certified public accountants meeting the applicable requirements of this Section, except that, in the case of any such application or request as to which
the furnishing of such documents is specifically required by any provision of this Indenture, no additional certificate or opinion need be furnished. 

Every certificate or opinion with respect to compliance with a condition or covenant provided for in this Indenture shall include:

 (i) a statement that each signatory of such certificate or opinion has read or has caused to be read such
covenant or condition and the definitions herein relating thereto; 
 (ii) a brief statement as to the nature and
scope of the examination or investigation upon which the statements or opinions contained in such certificate or opinion are based; 

(iii) a statement that, in the opinion of each such signatory, such signatory has made such examination or investigation
as is necessary to enable such signatory to express an informed opinion as to whether or not such covenant or condition has been complied with; and 
  

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 (iv) a statement as to whether, in the opinion of each such signatory such
condition or covenant has been complied with. 
 (b) (i) Prior to the deposit of any Collateral or other property or
securities with the Trust Collateral Agent that is to be made the basis for the release of any property or securities subject to the lien of this Indenture, the Issuer shall, in addition to any obligation imposed in Section 11.1(a) or elsewhere
in this Indenture, furnish to the Trust Collateral Agent and the Insurer an Officer’s Certificate certifying or stating the opinion of each person signing such certificate as to the fair value (within 90 days of such deposit) to the Issuer of
the Collateral or other property or securities to be so deposited. 
 (ii) Whenever the Issuer is required to
furnish to the Trust Collateral Agent and the Insurer an Officer’s Certificate certifying or stating the opinion of any signer thereof as to the matters described in clause (i) above, the Issuer shall also deliver to the Trust Collateral
Agent and the Insurer an Independent Certificate as to the same matters, if the fair value to the Issuer of the securities to be so deposited and of all other such securities made the basis of any such withdrawal or release since the commencement of
the then-current fiscal year of the Issuer, as set forth in the certificates delivered pursuant to clause (i) above and this clause (ii), is 10% or more of the Outstanding Amount of the Notes, but such a certificate need not be furnished with
respect to any securities so deposited, if the fair value thereof to the Issuer as set forth in the related Officer’s Certificate is less than $25,000 or less than 1% percent of the Outstanding Amount of the Notes. 

(iii) Other than with respect to the release of any Purchased Receivables, Sold Receivables or Liquidated Receivables,
whenever any property or securities are to be released from the lien of this Indenture, the Issuer shall also furnish to the Trust Collateral Agent and the Insurer an Officer’s Certificate certifying or stating the opinion of each person
signing such certificate as to the fair value (within 90 days of such release) of the property or securities proposed to be released and stating that in the opinion of such person the proposed release will not impair the security under this
Indenture in contravention of the provisions hereof. 
 (iv) Whenever the Issuer is required to furnish to the
Trustee and the Insurer an Officer’s Certificate certifying or stating the opinion of any signer thereof as to the matters described in clause (iii) above, the Issuer shall also furnish to the Trust Collateral Agent and the Insurer an
Independent Certificate as to the same matters if the fair value of the property or securities and of all other property other than Purchased Receivables, Sold Receivables and Defaulted Receivables, or securities released from the lien of this
Indenture since the commencement of the then current calendar year, as set forth in the certificates required by clause (iii) above and this clause (iv), equals 10% or more of the Outstanding Amount of the Notes, but such certificate need not
be furnished in the case of any release of property or securities if the fair value thereof as set forth in the related Officer’s Certificate is less than $25,000 or less than 1 percent of the then Outstanding Amount of the Notes. 

 

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 (v) Notwithstanding Section 2.9 or any other provision of this Section,
the Issuer may (A) collect, liquidate, sell or otherwise dispose of Receivables as and to the extent permitted or required by the Basic Documents and (B) make cash payments out of the Trust Accounts as and to the extent permitted or
required by the Basic Documents. 
 SECTION 11.2 Form of Documents Delivered to Trustee. In any case where several
matters are required to be certified by, or covered by an opinion of, any specified Person, it is not necessary that all such matters be certified by, or covered by the opinion of, only one such Person, or that they be so certified or covered by
only one document, but one such Person may certify or give an opinion with respect to some matters and one or more other such Persons as to other matters, and any such Person may certify or give an opinion as to such matters in one or several
documents. 
 Any certificate or opinion of an Authorized Officer of the Issuer may be based, insofar as it relates to legal
matters, upon a certificate or opinion of, or representations by, counsel, unless such officer knows, or in the exercise of reasonable care should know, that the certificate or opinion or representations with respect to the matters upon which his or
her certificate or opinion is based are erroneous. Any such certificate of an Authorized Officer or Opinion of Counsel may be based, insofar as it relates to factual matters, upon a certificate or opinion of, or representations by, an officer or
officers of the Servicer, the Seller or the Issuer, stating that the information with respect to such factual matters is in the possession of the Servicer, the Seller or the Issuer, unless such counsel knows, or in the exercise of reasonable care
should know, that the certificate or opinion or representations with respect to such matters are erroneous. 
 Where any Person
is required to make, give or execute two or more applications, requests, consents, certificates, statements, opinions or other instruments under this Indenture, they may, but need not, be consolidated and form one instrument. 

Whenever in this Indenture, in connection with any application or certificate or report to the Trustee, it is provided that the Issuer
shall deliver any document as a condition of the granting of such application, or as evidence of the Issuer’s compliance with any term hereof, it is intended that the truth and accuracy, at the time of the granting of such application or at the
effective date of such certificate or report (as the case may be), of the facts and opinions stated in such document shall in such case be conditions precedent to the right of the Issuer to have such application granted or to the sufficiency of such
certificate or report. The foregoing shall not, however, be construed to affect the Trustee’s right to rely upon the truth and accuracy of any statement or opinion contained in any such document as provided in Article VI. 

SECTION 11.3 Acts of Noteholders. 

(a) Any request, demand, authorization, direction, notice, consent, waiver or other action provided by this Indenture to be given or
taken by Noteholders may be embodied in and evidenced by one or more instruments of substantially similar tenor signed by such Noteholders in person or by agents duly appointed in writing; and except as herein otherwise expressly provided such
action shall become effective when such instrument or instruments are delivered to the Trustee, and, where it is hereby expressly required, to the Issuer. Such 

 

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instrument or instruments (and the action embodied therein and evidenced thereby) are herein sometimes referred to as the “Act” of the Noteholders signing such instrument or
instruments. Proof of execution of any such instrument or of a writing appointing any such agent shall be sufficient for any purpose of this Indenture and (subject to Section 6.1) conclusive in favor of the Trustee and the Issuer, if made in
the manner provided in this Section. In the event the Trustee shall receive conflicting or inconsistent requests and indemnity from two or more groups of Noteholders, each representing less than a majority of the Outstanding Amount of the Notes, the
Trustee in its sole discretion may determine what action, if any, shall be taken, notwithstanding any other provisions of this Indenture. 

(b) The fact and date of the execution by any person of any such instrument or writing may be proved in any customary manner of the
Trustee. 
 (c) The ownership of Notes shall be proved by the Note Register. 

(d) Any request, demand, authorization, direction, notice, consent, waiver or other action by the Holder of any Notes shall bind the
Holder of every Note issued upon the registration thereof or in exchange therefor or in lieu thereof, in respect of anything done, omitted or suffered to be done by the Trustee or the Issuer in reliance thereon, whether or not notation of such
action is made upon such Note. 
 SECTION 11.4 Notices, etc., to Trustee, Issuer, Insurer and Rating Agencies. Any
request, demand, authorization, direction, notice, consent, waiver or Act of Noteholders or other documents provided or permitted by this Indenture to be made upon, given or furnished to or filed with: 

(a) The Trustee by any Noteholder or by the Issuer shall be sufficient for every purpose hereunder if personally delivered, delivered by
overnight courier or mailed certified mail, return receipt requested and shall be deemed to have been duly given upon receipt to the Trustee at its Corporate Trust Office, or 

(b) The Issuer by the Trustee or by any Noteholder shall be sufficient for every purpose hereunder if personally delivered, delivered by
overnight courier or mailed certified mail, return receipt requested and shall deemed to have been duly given upon receipt to the Issuer addressed to: AmeriCredit Automobile Receivables Trust 2010-B, in care of Wilmington Trust Company, Rodney
Square North, 1100 North Market Street, Wilmington, Delaware 19890-0001, Attention: Corporate Trust Administration, with a copy to AmeriCredit Automobile Receivables Trust 2010-B, c/o AmeriCredit Financial Services, Inc., 801 Cherry Street, Suite
3500, Fort Worth, Texas 76102, Attention: Chief Financial Officer; or at any other address previously furnished in writing to the Trustee by Issuer. The Issuer shall promptly transmit any notice received by it from the Noteholders to the Trustee.

 (c) The Insurer by the Issuer or the Trustee shall be sufficient for any purpose hereunder if in writing and mailed by
registered mail or personally delivered or telexed or telecopied to the recipient as follows: 
  

			
	 To the Insurer:
	  	 Assured Guaranty Corp.
 31
West 52nd Street

New York, NY 10019
 Attention: Transaction
Oversight Department
 Re: AmeriCredit Receivables-Backed Notes Series

2010-B, Policy No. D-2010-78

		
		  	 Confirmation: (212) 974-0100

Telecopy No.:(212) 339-3518

  

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 (In each case in which notice or other communication to the Insurer refers to an Event of Default, a claim
on the Note 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 the General
Counsel and the Head—Financial Guaranty Group “URGENT MATERIAL ENCLOSED.”) 
 Notices
required to be given to the Rating Agencies shall be provided by the Issuer in writing, personally delivered, electronically delivered, delivered by overnight courier or mailed certified mail, return receipt requested to (i) in the case of
Moody’s, at the following address: Moody’s Investors Service, Inc., 7 World Trade Center at 250 Greenwich Street, Asset Finance Group,
24th floor, New York, New York 10007 and (ii) in the
case of Standard & Poor’s, via electronic delivery to Servicer_reports@sandp.com; for any information not available in electronic format, send hard copies to: Standard & Poor’s Ratings Services, a Standard &
Poor’s Financial Services LLC business, 55 Water Street, 42nd floor, New York, New York 10041, Attention: ABS Surveillance Group; or as to each of the foregoing, at such other address as shall be designated by written notice to the other
parties. 
 SECTION 11.5 Notices to Noteholders; Waiver. Where this Indenture provides for notice to Noteholders of any
event, such notice shall be sufficiently given (unless otherwise herein expressly provided) if in writing and mailed, first-class, postage prepaid to each Noteholder affected by such event, at his address as it appears on the Note Register, not
later than the latest date, and not earlier than the earliest date, prescribed for the giving of such notice. In any case where notice to Noteholders is given by mail, neither the failure to mail such notice nor any defect in any notice so mailed to
any particular Noteholder shall affect the sufficiency of such notice with respect to other Noteholders, and any notice that is mailed in the manner here in provided shall conclusively be presumed to have been duly given. 

Where this Indenture provides for notice in any manner, such notice may be waived in writing by any Person entitled to receive such
notice, either before or after the event, and such waiver shall be the equivalent of such notice. Waivers of notice by Noteholders shall be filed with the Trustee but such filing shall not be a condition precedent to the validity of any action taken
in reliance upon such a waiver. 
 In case, by reason of the suspension of regular mail service as a result of a strike, work
stoppage or similar activity, it shall be impractical to mail notice of any event to Noteholders when such notice is required to be given pursuant to any provision of this Indenture, then any manner of giving such notice as shall be satisfactory to
the Trustee shall be deemed to be a sufficient giving of such notice. 
  

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 Where this Indenture provides for notice to the Rating Agencies, failure to give such notice
shall not affect any other rights or obligations created hereunder, and shall not under any circumstance constitute a Default or Event of Default (for the avoidance of doubt and in accordance with the further proviso to Section 5.1(iii), such
failure shall not prevent an Event of Default from occurring under such Section). 
 SECTION 11.6 [Reserved]. 

SECTION 11.7 Conflict with Trust Indenture Act. If any provision hereof limits, qualifies or conflicts with another provision
hereof that is required to be included in this Indenture by any of the provisions of the Trust Indenture Act, such required provision shall control. 

The provisions of TIA §§ 310 through 317 that impose duties on any person (including the provisions automatically deemed
included herein unless expressly excluded by this Indenture) are a part of and govern this Indenture, whether or not physically contained herein. 

SECTION 11.8 Effect of Headings and Table of Contents. The Article and Section headings herein and the Table of Contents are for
convenience only and shall not affect the construction hereof. 
 SECTION 11.9 Successors and Assigns. All covenants and
agreements in this Indenture and the Notes by the Issuer shall bind its successors and assigns, whether so expressed or not. All agreements of the Trustee in this Indenture shall bind its successors. All agreements of the Trust Collateral Agent in
this Indenture shall bind its successors. 
 SECTION 11.10 Separability. In case any provision in this Indenture or in
the Notes shall be invalid, illegal or unenforceable, the validity, legality, and enforceability of the remaining provisions shall not in any way be affected or impaired thereby. 

SECTION 11.11 Benefits of Indenture. The Insurer and its successors and assigns shall be a third-party beneficiary to the
provisions of this Indenture, and shall be entitled to rely upon and directly to enforce such provisions of this Indenture so long as no Insurer Default shall have occurred and be continuing; provided, however, that any right or
benefit expressly granted to the Insurer under this Indenture shall survive and the Insurer shall remain a third-party beneficiary hereunder to enforce such right or obtain such benefit, notwithstanding the occurrence and continuance of an Insurer
Default, unless such right or benefit is expressly conditioned upon no Insurer Default having occurred and be continuing. Nothing in this Indenture or in the Notes, express or implied, shall give to any Person, other than the parties hereto and
their successors hereunder and the Noteholders, and any other party secured hereunder, and any other person with an Ownership interest in any part of the Trust Estate, any benefit or any legal or equitable right, remedy or claim under this
Indenture. The Insurer may disclaim any of its rights and powers under this Indenture (in which case the Trustee may exercise such right or power hereunder), but not its duties and obligations under the Note Policy, upon delivery of a written notice
to the Trustee. 
  

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 In exercising any of its voting rights, rights to direct or consent or any other rights as
the Insurer under this Indenture or any other Basic Document, subject to the terms and conditions of this Indenture, the Insurer shall not have any obligation or duty to any Person to consider or take into account the interests of any Person and
shall not be liable to any Person for any action taken by it or at its discretion or any failure by it to act or to direct that any action be taken, without regard to whether such inaction or action benefits or adversely affects any Noteholder, the
Issuer or any other Person. 
 SECTION 11.12 Legal Holidays. In any case where the date on which any payment is due shall
not be a Business Day, then (notwithstanding any other provision of the Notes or this Indenture) payment need not be made on such date, but may be made on the next succeeding Business Day with the same force and effect as if made on the date on
which nominally due, and no interest shall accrue for the period from and after any such nominal date. 
 SECTION 11.13
GOVERNING LAW. THIS INDENTURE SHALL BE CONSTRUED IN ACCORDANCE WITH, AND THIS INDENTURE AND ALL MATTERS ARISING OUT OF OR RELATING IN ANY WAY TO THIS INDENTURE SHALL BE, GOVERNED BY THE LAW OF THE STATE OF NEW YORK, WITHOUT GIVING EFFECT TO
ITS CONFLICT OF LAW PROVISIONS (OTHER THAN SECTIONS 5-1401 AND 5-1402 OF THE NEW YORK GENERAL OBLIGATIONS LAW). 
 SECTION 11.14
Counterparts. This Indenture may be executed in any number of counterparts, each of which so executed shall be deemed to be an original, but all such counterparts shall together constitute but one and the same instrument. 

SECTION 11.15 Recording of Indenture. If this Indenture is subject to recording in any appropriate public recording offices, such
recording is to be effected by the Issuer and at its expense accompanied by an Opinion of Counsel (which may be counsel to the Trustee or any other counsel reasonably acceptable to the Trustee and the Insurer) to the effect that such recording is
necessary either for the protection of the Noteholders or any other person secured hereunder or for the enforcement of any right or remedy granted to the Trustee or the Trust Collateral Agent under this Indenture or the Collateral Agent under the
Spread Account Agreement. 
 SECTION 11.16 Trust Obligation. No recourse may be taken, directly or indirectly, with
respect to the obligations of the Issuer, the Seller, the Servicer, the Backup Servicer, the Owner Trustee, the Trust Collateral Agent or the Trustee on the Notes or under this Indenture, any other Basic Document or any certificate or other writing
delivered in connection herewith or therewith, against (i) the Seller, the Servicer, the Backup Servicer, the Trustee, the Trust Collateral Agent or the Owner Trustee in its individual capacity, (ii) any owner of a beneficial interest in
the Issuer or (iii) any partner, owner, beneficiary, agent, officer, director, employee or agent of the Seller, the Servicer, the Backup Servicer, the Trustee, the Trust Collateral Agent or the Owner Trustee in its individual capacity, any
holder of a beneficial interest in the Issuer, the Seller, the Servicer, the Backup Servicer, the Owner Trustee, the Trust Collateral Agent or the Trustee or of any successor or assign of the Seller, the Servicer, the Backup Servicer, the Trustee,
the Trust Collateral Agent or the Owner Trustee in its individual capacity, except as any such Person may have expressly agreed (it being understood that the 

 

 65 

 
Trustee, the Trust Collateral Agent, the Backup Servicer and the Owner Trustee have no such obligations in their individual capacity) and except that any such partner, owner or beneficiary shall
be fully liable, to the extent provided by applicable law, for any unpaid consideration for stock, unpaid capital contribution or failure to pay any installment or call owing to such entity. For all purposes of this Indenture, in the performance of
any duties or obligations of the Issuer hereunder, the Owner Trustee shall be subject to, and entitled to the benefits of, the terms and provisions of Article VI, VII and VIII of the Trust Agreement. 

SECTION 11.17 No Petition. The Trustee and the Trust Collateral Agent, by entering into this Indenture, and each Noteholder, by
accepting a Note, hereby covenant and agree that they will not at any time institute against the Seller, or the Issuer, or join in any institution against the Seller, or the Issuer of, any bankruptcy, reorganization, arrangement, insolvency or
liquidation proceedings, or other proceedings under any United States federal or State bankruptcy or similar law in connection with any obligations relating to the Notes, this Indenture or any of the Basic Documents. 

SECTION 11.18 Inspection. The Issuer agrees that, on reasonable prior notice, it will permit any representative of the Trustee or
of the Insurer, during the Issuer’s normal business hours, to examine all the books of account, records, reports, and other papers of the Issuer, to make copies and extracts therefrom, to cause such books to be audited by independent certified
public accountants, and to discuss the Issuer’s affairs, finances and accounts with the Issuer’s officers, employees, and independent certified public accountants, all at such reasonable times and as often as may be reasonably requested.
Notwithstanding anything herein to the contrary, the foregoing shall not be construed to prohibit (i) disclosure of any and all information that is or becomes publicly known, (ii) disclosure of any and all information (A) if required
to do so by any applicable statute, law, rule or regulation, (B) to any government agency or regulatory body having or claiming authority to regulate or oversee any respects of the Trustee’s business or that of its affiliates,
(C) pursuant to any subpoena, civil investigative demand or similar demand or request of any court, regulatory authority, arbitrator or arbitration to which the Trustee or an affiliate or an officer, director, employer or shareholder thereof is
a party, (D) in any preliminary or final offering circular, registration statement or contract or other document pertaining to the transactions contemplated by the Indenture approved in advance by the Servicer or the Issuer or (E) to any
independent or internal auditor, agent, employee or attorney of the Trustee having a need to know the same, provided that the Trustee advises such recipient of the confidential nature of the information being disclosed, or (iii) any other
disclosure authorized by the Servicer or the Issuer. 
 [SIGNATURE PAGE FOLLOWS] 

 

 66 

 IN WITNESS WHEREOF, the Issuer and the Trustee have caused this Indenture to be duly
executed by their respective officers, hereunto duly authorized, all as of the day and year first above written. 
  

					
	AMERICREDIT AUTOMOBILE RECEIVABLES TRUST 2010-B,
		
	By:	 	WILMINGTON TRUST COMPANY, not in its individual capacity but solely as Owner Trustee
		
	By:	 	 /s/ J. Christopher Murphy

		 	Name:	 	J. Christopher Murphy
		 	Title:	 	Financial Services Officer
	
	WELLS FARGO BANK, NATIONAL ASSOCIATION, not in its individual capacity but solely as Trustee and Trust Collateral Agent
		
	By:	 	 /s/ Marianna C. Stershic

		 	Name:	 	Marianna C. Stershic
		 	Title:	 	Vice President

 [Indenture]

 EXHIBIT A-1 
  

			
	REGISTERED	 	$36,800,000

 No. RB-A-1 

SEE REVERSE FOR CERTAIN DEFINITIONS 

CUSIP NO. 03064G AA9

Unless this Note is presented by an authorized representative of The Depository Trust Company, a New York corporation
(“DTC”), to the Issuer or its agent for registration of transfer, exchange or payment, and any Note issued is registered in the name of Cede & Co. or in such other name as is requested by an authorized representative of DTC
(and any payment is made to Cede & Co. or to such other entity as is requested by an authorized representative of DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the
registered owner hereof, Cede & Co., has an interest herein. 
 THE PRINCIPAL OF THIS NOTE IS PAYABLE IN INSTALLMENTS
AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING PRINCIPAL AMOUNT OF THIS NOTE AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ON THE FACE HEREOF. 

AMERICREDIT AUTOMOBILE RECEIVABLES TRUST 2010-B 

CLASS A-1 0.37690% ASSET BACKED NOTE 

AmeriCredit Automobile Receivables Trust 2010-B, a statutory trust organized and existing under the laws of the State of Delaware (herein
referred to as the “Issuer”), for value received, hereby promises to pay to CEDE & CO., or registered assigns, the principal sum of THIRTY-SIX MILLION EIGHT HUNDRED THOUSAND DOLLARS payable on each Distribution Date in an
amount equal to the result obtained by multiplying (i) a fraction the numerator of which is $36,800,000 and the denominator of which is $36,800,000 by (ii) the aggregate amount, if any, payable from the Note Distribution Account and
Collection Account in respect of principal on the Class A-1 Notes pursuant to the Indenture; provided, however, that the entire unpaid principal amount of this Note shall be due and payable on the September 6, 2011 Distribution Date (the
“Final Scheduled Distribution Date”). The Issuer will pay interest on this Note at the rate per annum shown above on each Distribution Date until the principal of this Note is paid or made available for payment. Interest on this
Note will accrue for each Distribution Date from the most recent Distribution Date on which interest has been paid to but excluding such Distribution Date or, if no interest has yet been paid, from August 19, 2010. Interest will be computed on
the basis of a 360-day year and the actual number of days in the related Interest Period. Such principal of and interest on this Note shall be paid in the manner specified on the reverse hereof. 

 

 A-1-1 

 The principal of and interest on this Note are payable in such coin or currency of the
United States of America as at the time of payment is legal tender for payment of public and private debts. All payments made by the Issuer with respect to this Note shall be applied first to interest due and payable on this Note as provided above
and then to the unpaid principal of this Note. 
 The Notes are entitled to the benefits of a financial guaranty insurance
policy (the “Note Policy”) issued by Assured Guaranty Corp. (the “Insurer”), pursuant to which the Insurer has unconditionally guaranteed payments with respect to each Distribution Date will be paid on or prior to
the related Insured Distribution Date, all as more fully set forth in the Indenture and the Sale and Servicing Agreement. The Record Date applicable to any Insured Distribution Date is the Record Date applicable to the related Distribution Date.

 Reference is made to the further provisions of this Note set forth on the reverse hereof, which shall have the same effect as
though fully set forth on the face of this Note. 
 Unless the certificate of authentication hereon has been executed by the
Trustee whose name appears below by manual signature, this Note shall not be entitled to any benefit under the Indenture referred to on the reverse hereof, or be valid or obligatory for any purpose. 

 

 A-1-2 

 IN WITNESS WHEREOF, the Issuer has caused this instrument to be signed, manually or in
facsimile, by its Authorized Officer as of the date set forth below. 
  

			
	AMERICREDIT AUTOMOBILE RECEIVABLES TRUST 2010-B
		
	By:	 	WILMINGTON TRUST COMPANY, not in its individual capacity but solely as Owner Trustee under the Trust Agreement
		
	By:	 	  

		
		 	Name:
		
		 	Title:

 TRUSTEE’S CERTIFICATE OF
AUTHENTICATION 
 This is one of the Notes designated above and referred to in the within-mentioned Indenture. 

 

							
	Date: August 19, 2010	 		 	WELLS FARGO BANK, NATIONAL ASSOCIATION, not in its individual capacity but solely as Trustee
				
		 		 	By:	 	  

				
		 		 		 	Authorized Signer

  

 A-1-3 

 [REVERSE OF NOTE] 

This Note is one of a duly authorized issue of Notes of the Issuer, designated as its Class A-1 0.37690% Asset Backed Notes (herein
called the “Class A-1 Notes”), all issued under an Indenture dated as of August 2, 2010 (such indenture, as supplemented or amended, is herein called the “Indenture”), between the Issuer and Wells Fargo Bank,
National Association, as trustee (the “Trustee,” which term includes any successor Trustee under the Indenture) and as trust collateral agent (the “Trust Collateral Agent”), which term includes any successor Trust
Collateral Agent) to which Indenture and all indentures supplemental thereto reference is hereby made for a statement of the respective rights and obligations thereunder of the Issuer, the Trustee and the Holders of the Notes. The Notes are subject
to all terms of the Indenture. All terms used in this Note that are defined in the Indenture, as supplemented or amended, shall have the meanings assigned to them in or pursuant to the Indenture, as so supplemented or amended. 

The Class A-1 Notes, the Class A-2 Notes and the Class A-3 Notes (together, the “Notes”) are and will be
equally and ratably secured by the collateral pledged as security therefor as provided in the Indenture. 
 Principal of the
Class A-1 Notes will be payable on each Distribution Date in an amount described on the face hereof. “Distribution Date” means the sixth day of each month, or, if any such date is not a Business Day, the next succeeding Business
Day, commencing September 7, 2010. If AmeriCredit is no longer acting as Servicer, the distribution date may be a different day of the month. The term “Distribution Date,” shall be deemed to include the Final Scheduled
Distribution Date. 
 As described above, the entire unpaid principal amount of this Note shall be due and payable on the
earlier of the Final Scheduled Distribution Date and the Redemption Date, if any, pursuant to the Indenture. As described above, a portion of the unpaid principal balance of this Note shall be due and payable on the Redemption Date, if any.
Notwithstanding the foregoing, the entire unpaid principal amount of the Notes shall be due and payable (i) on the date on which an Event of Default shall have occurred and be continuing if the Insurer has declared the Notes to be immediately
due and payable in the manner provided in the Indenture, so long as an Insurer Default shall not have occurred and be continuing or (ii) if an Insurer Default shall have occurred and be continuing, on the date on which an Event of Default shall
have occurred and be continuing and the Trustee or the Holders of the Notes representing not less than a majority of the Outstanding Amount of the Notes have declared the Notes to be immediately due and payable in the manner provided in the
Indenture. All principal payments on the Class A-1 Notes shall be made pro rata to the Class A-1 Noteholders entitled thereto. 

Payments of interest on this Note due and payable on each Distribution Date, together with the installment of principal, if any, to the
extent not in full payment of this Note, shall be made by check mailed to the Person whose name appears as the Holder of this Note (or one or more Predecessor Notes) on the Note Register as of the close of business on each Record Date, except that
with respect to Notes registered on the Record Date in the name of the nominee of the Clearing Agency (initially, such nominee to be Cede & Co.), payments will be made by wire transfer in immediately available funds to the account
designated by such nominee. Such checks shall be mailed to the Person entitled thereto at the address of such Person as it appears 

 

 A-1-4 

 
on the Note Register as of the applicable Record Date without requiring that this Note be submitted for notation of payment. Any reduction in the principal amount of this Note (or any one or more
Predecessor Notes) effected by any payments made on any Distribution Date shall be binding upon all future Holders of this Note and of any Note issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof, whether or not
noted hereon. If funds are expected to be available, as provided in the Indenture, for payment in full of the then remaining unpaid principal amount of this Note on a Distribution Date, then the Trustee, in the name of and on behalf of the Issuer,
will notify the Person who was the Holder hereof as of the Record Date preceding such Distribution Date by notice mailed prior to such Distribution Date and the amount then due and payable shall be payable only upon presentation and surrender of
this Note at the Trustee’s principal Corporate Trust Office or at the office of the Trustee’s agent appointed for such purposes located in Minneapolis, Minnesota. 

The Issuer shall pay interest on overdue installments of interest at the Class A-1 Interest Rate to the extent lawful. 

As provided in the Indenture and subject to certain limitations set forth therein, the transfer of this Note may be registered on the
Note Register upon surrender of this Note for registration of transfer at the office or agency designated by the Issuer pursuant to the Indenture, (i) duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to
the Trustee duly executed by, the Holder hereof or his attorney duly authorized in writing, with such signature guaranteed by an “eligible guarantor institution” meeting the requirements of the Note Registrar which requirements include
membership or participation in Securities Transfer Agents Medallion Program (“STAMP”) or such other “signature guarantee program” as may be determined by the Note Registrar in addition to, or in substitution for, STAMP,
all in accordance with the Exchange Act, and (ii) accompanied by such other documents as the Trustee may require, and thereupon one or more new Notes of authorized denominations and in the same aggregate principal amount will be issued to the
designated transferee or transferees. No service charge will be charged for any registration of transfer or exchange of this Note, but the transferor may be required to pay a sum sufficient to cover any tax or other governmental charge that may be
imposed in connection with any such registration of transfer or exchange. 
 If this Note has been issued as a Definitive Note,
the Note Registrar shall not register the transfer of this Note unless the prospective transferee has represented and warranted in writing that either (a) it is not a Benefit Plan Entity or (b) it is a Benefit Plan Entity and its
acquisition and holding of this Note is covered by a Prohibited Transaction Class Exemption or the Statutory Exemption (or, if it is subject to any Similar Law, such acquisition and holding will not violate such Similar Law). If this Note has been
issued as a Book Entry Note, each transferee of this Note or any beneficial interest herein that is a Benefit Plan Entity shall be deemed to represent that its acquisition and holding of this Note or any beneficial interest herein is covered by a
Prohibited Transaction Class Exemption or the Statutory Exemption (or, if it is subject to any Similar Law, such acquisition and holding will not violate such Similar Law). 

Each Noteholder or Note Owner, by acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note covenants and
agrees (i) that no recourse may be taken, directly or indirectly, with respect to the obligations of the Issuer, the Owner Trustee or the Trustee on the Notes or under the Indenture or any certificate or other writing delivered in

  

 A-1-5 

 
connection therewith, against (a) the Seller, the Servicer, the Trustee or the Owner Trustee in its individual capacity, (b) any owner of a beneficial interest in the Issuer or
(c) any partner, owner, beneficiary, agent, officer, director or employee of the Seller, the Servicer, the Trustee or the Owner Trustee in its individual capacity, any holder of a beneficial interest in the Issuer, the Seller, the Servicer, the
Owner Trustee or the Trustee or of any successor or assign of the Seller, the Servicer, the Trustee or the Owner Trustee in its individual capacity, except as any such Person may have expressly agreed (it being understood that the Trustee and the
Owner Trustee have no such obligations in their individual capacity) and except that any such partner, owner or beneficiary shall be fully liable, to the extent provided by applicable law, for any unpaid consideration for stock, unpaid capital
contribution or failure to pay any installment or call owing to such entity, and (ii) to treat the Notes that are owned or beneficially owned by a Person other than AFS SenSub Corp., or its Affiliates, as indebtedness for purposes of federal
income, state and local income and franchise and any other income taxes. 
 Prior to the due presentment for registration of
transfer of this Note, the Issuer, the Trustee and the Insurer and any agent of the Issuer, the Trustee or the Insurer may treat the Person in whose name this Note (as of the day of determination or as of such other date as may be specified in the
Indenture) is registered as the owner hereof for all purposes, whether or not this Note be overdue, and neither the Issuer, the Trustee nor any such agent shall be affected by notice to the contrary. 

The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights and
obligations of the Issuer and the rights of the Holders of the Notes under the Indenture at any time by the Issuer with the consent of the Insurer and of the Noteholders representing a majority of the Outstanding Amount of all Notes at the time
Outstanding. The Indenture also contains provisions permitting the Noteholders representing specified percentages of the Outstanding Amount of the Notes, on behalf of the Holders of all the Notes, to waive compliance by the Issuer with certain
provisions of the Indenture and certain past defaults under the Indenture and their consequences. Any such consent or waiver by the Holder of this Note (or any one of more Predecessor Notes) shall be conclusive and binding upon such Holder and upon
all future Holders of this Note and of any Note issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof whether or not notation of such consent or waiver is made upon this Note. The Indenture also permits the Trustee
to amend or waive certain terms and conditions set forth in the Indenture without the consent of Holders of the Notes issued thereunder. 

The term “Issuer” as used in this Note includes any successor to the Issuer under the Indenture. 

The Issuer is permitted by the Indenture, under certain circumstances, to merge or consolidate, subject to the rights of the Trustee and
the Noteholders under the Indenture. 
 The Notes are issuable only in registered form in denominations as provided in the
Indenture, subject to certain limitations therein set forth. 
 This Note and the Indenture 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 and thereunder shall be determined in accordance with such laws. 

 

 A-1-6 

 No reference herein to the Indenture and no provision of this Note or of the Indenture shall
alter or impair the obligation of the Issuer, which is absolute and unconditional, to pay the principal of and interest on this Note at the times, place, and rate, and in the coin or currency herein prescribed. 

Anything herein to the contrary notwithstanding, except as expressly provided in the Indenture or the Basic Documents, neither Wilmington
Trust Company in its individual capacity, any owner of a beneficial interest in the Issuer, nor any of their respective partners, beneficiaries, agents, officers, directors, employees or successors or assigns shall be personally liable for, nor
shall recourse be had to any of them for, the payment of principal of or interest on, or performance of, or omission to perform, any of the covenants, obligations or indemnifications contained in this Note or the Indenture, it being expressly
understood that said covenants, obligations and indemnifications have been made by the Owner Trustee for the sole purposes of binding the interests of the Owner Trustee in the assets of the Issuer. The Holder of this Note by the acceptance hereof
agrees that except as expressly provided in the Indenture or the Basic Documents, in the case of an Event of Default under the Indenture, the Holder shall have no claim against any of the foregoing for any deficiency, loss or claim therefrom;
provided, however, that nothing contained herein shall be taken to prevent recourse to, and enforcement against, the assets of the Issuer for any and all liabilities, obligations and undertakings contained in the Indenture or in this Note.

  

 A-1-7 

 ASSIGNMENT 

Social Security or taxpayer I.D. or other identifying number of assignee 

FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto
                                         
                    
 (name and
address of assignee)       
 the within Note and all rights thereunder, and hereby irrevocably constitutes and
appoints, attorney, to transfer said Note on the books kept for registration thereof, with full power of substitution in the premises. 
  

					
	Dated
                    
1	 		 	  

			
		 		 	Signature Guaranteed:
		 		 	
	  
	 		 	  

 

	1
	 NOTE: The signature to this assignment must correspond with the name of the registered owner as it appears on the face of the within Note in every
particular, without alteration, enlargement or any change whatsoever. 

  

 A-1-8 

 EXHIBIT A-2 
  

			
	REGISTERED	 	$69,000,000

 No. RB-A-2 

SEE REVERSE FOR CERTAIN DEFINITIONS 

CUSIP NO. 03064G AB7

Unless this Note is presented by an authorized representative of The Depository Trust Company, a New York corporation
(“DTC”), to the Issuer or its agent for registration of transfer, exchange or payment, and any Note issued is registered in the name of Cede & Co. or in such other name as is requested by an authorized representative of DTC
(and any payment is made to Cede & Co. or to such other entity as is requested by an authorized representative of DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the
registered owner hereof, Cede & Co., has an interest herein. 
 THE PRINCIPAL OF THIS NOTE IS PAYABLE IN INSTALLMENTS
AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING PRINCIPAL AMOUNT OF THIS NOTE AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ON THE FACE HEREOF. 

AMERICREDIT AUTOMOBILE RECEIVABLES TRUST 2010-B 

CLASS A-2 1.18% ASSET BACKED NOTE 

AmeriCredit Automobile Receivables Trust 2010-B, a statutory trust organized and existing under the laws of the State of Delaware (herein
referred to as the “Issuer”), for value received, hereby promises to pay to CEDE & CO., or registered assigns, the principal sum of SIXTY-NINE MILLION DOLLARS payable on each Distribution Date in an amount equal to the
result obtained by multiplying (i) a fraction the numerator of which is $69,000,000 and the denominator of which is $69,000,000 by (ii) the aggregate amount, if any, payable from the Note Distribution Account and Collection Account in
respect of principal on the Class A-2 Notes pursuant to the Indenture; provided, however, that the entire unpaid principal amount of this Note shall be due and payable on the February 6, 2014 Distribution Date (the “Final
Scheduled Distribution Date”). The Issuer will pay interest on this Note at the rate per annum shown above on each Distribution Date until the principal of this Note is paid or made available for payment. Interest on this Note will accrue
for each Distribution Date from the most recent Distribution Date on which interest has been paid to but excluding such Distribution Date or, if no interest has yet been paid, from August 19, 2010. Interest will be computed on the basis of a
360 day year consisting of twelve 30-day months. Such principal of and interest on this Note shall be paid in the manner specified on the reverse hereof. 
  

 A-2-1 

 The principal of and interest on this Note are payable in such coin or currency of the
United States of America as at the time of payment is legal tender for payment of public and private debts. All payments made by the Issuer with respect to this Note shall be applied first to interest due and payable on this Note as provided above
and then to the unpaid principal of this Note. 
 The Notes are entitled to the benefits of a financial guaranty insurance
policy (the “Note Policy”) issued by Assured Guaranty Corp. (the “Insurer”), pursuant to which the Insurer has unconditionally guaranteed payments with respect to each Distribution Date will be paid on or prior to
the related Insured Distribution Date, all as more fully set forth in the Indenture and the Sale and Servicing Agreement. The Record Date applicable to any Insured Distribution Date is the Record Date applicable to the related Distribution Date.

 Reference is made to the further provisions of this Note set forth on the reverse hereof, which shall have the same effect as
though fully set forth on the face of this Note. 
 Unless the certificate of authentication hereon has been executed by the
Trustee whose name appears below by manual signature, this Note shall not be entitled to any benefit under the Indenture referred to on the reverse hereof, or be valid or obligatory for any purpose. 

 

 A-2-2 

 IN WITNESS WHEREOF, the Issuer has caused this instrument to be signed, manually or in
facsimile, by its Authorized Officer as of the date set forth below. 
  

			
	AMERICREDIT AUTOMOBILE RECEIVABLES TRUST 2010-B
		
	By:	 	WILMINGTON TRUST COMPANY, not in its individual capacity but solely as Owner Trustee under the Trust Agreement
		
	By:	 	  

		
		 	Name:
		
		 	Title:

 TRUSTEE’S CERTIFICATE OF
AUTHENTICATION 
 This is one of the Notes designated above and referred to in the within-mentioned Indenture. 

 

							
	Date: August 19, 2010	 		 	WELLS FARGO BANK, NATIONAL ASSOCIATION, not in its individual capacity but solely as Trustee
				
		 		 	By:	 	  

				
		 		 		 	Authorized Signer

  

 A-2-3 

 [REVERSE OF NOTE] 

This Note is one of a duly authorized issue of Notes of the Issuer, designated as its Class A-2 1.18% Asset Backed Notes (herein called
the “Class A-2 Notes”), all issued under an Indenture dated as of August 2, 2010 (such indenture, as supplemented or amended, is herein called the “Indenture”), between the Issuer and Wells Fargo Bank, National
Association, as trustee (the “Trustee,” which term includes any successor Trustee under the Indenture) and as trust collateral agent (the “Trust Collateral Agent”), which term includes any successor Trust Collateral
Agent) to which Indenture and all indentures supplemental thereto reference is hereby made for a statement of the respective rights and obligations thereunder of the Issuer, the Trustee and the Holders of the Notes. The Notes are subject to all
terms of the Indenture. All terms used in this Note that are defined in the Indenture, as supplemented or amended, shall have the meanings assigned to them in or pursuant to the Indenture, as so supplemented or amended. 

The Class A-1 Notes, the Class A-2 Notes and the Class A-3 Notes (together, the “Notes”) are and will be equally and
ratably secured by the collateral pledged as security therefor as provided in the Indenture. 
 Principal of the Class A-2 Notes
will be payable on each Distribution Date in an amount described on the face hereof. “Distribution Date” means the sixth day of each month, or, if any such date is not a Business Day, the next succeeding Business Day, commencing
September 7, 2010. If AmeriCredit is no longer acting as Servicer, the distribution date may be a different day of the month. The term “Distribution Date,” shall be deemed to include the Final Scheduled Distribution Date.

 As described above, the entire unpaid principal amount of this Note shall be due and payable on the earlier of the Final
Scheduled Distribution Date and the Redemption Date, if any, pursuant to the Indenture. As described above, a portion of the unpaid principal balance of this Note shall be due and payable on the Redemption Date, if any. Notwithstanding the
foregoing, the entire unpaid principal amount of the Notes shall be due and payable (i) on the date on which an Event of Default shall have occurred and be continuing if the Insurer has declared the Notes to be immediately due and payable in
the manner provided in the Indenture, so long as an Insurer Default shall not have occurred and be continuing or (ii) if an Insurer Default shall have occurred and be continuing, on the date on which an Event of Default shall have occurred and
be continuing and the Trustee or the Holders of the Notes representing not less than a majority of the Outstanding Amount of the Notes have declared the Notes to be immediately due and payable in the manner provided in the Indenture. All principal
payments on the Class A-2 Notes shall be made pro rata to the Class A-2 Noteholders entitled thereto. 
 Payments of interest on
this Note due and payable on each Distribution Date, together with the installment of principal, if any, to the extent not in full payment of this Note, shall be made by check mailed to the Person whose name appears as the Holder of this Note (or
one or more Predecessor Notes) on the Note Register as of the close of business on each Record Date, except that with respect to Notes registered on the Record Date in the name of the nominee of the Clearing Agency (initially, such nominee to be
Cede & Co.), payments will be made by wire transfer in immediately available funds to the account designated by such nominee. Such checks shall be mailed to the Person entitled thereto at the address of such Person as it appears

  

 A-2-4 

 
on the Note Register as of the applicable Record Date without requiring that this Note be submitted for notation of payment. Any reduction in the principal amount of this Note (or any one or more
Predecessor Notes) effected by any payments made on any Distribution Date shall be binding upon all future Holders of this Note and of any Note issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof, whether or not
noted hereon. If funds are expected to be available, as provided in the Indenture, for payment in full of the then remaining unpaid principal amount of this Note on a Distribution Date, then the Trustee, in the name of and on behalf of the Issuer,
will notify the Person who was the Holder hereof as of the Record Date preceding such Distribution Date by notice mailed prior to such Distribution Date and the amount then due and payable shall be payable only upon presentation and surrender of
this Note at the Trustee’s principal Corporate Trust Office or at the office of the Trustee’s agent appointed for such purposes located in Minneapolis, Minnesota. 

The Issuer shall pay interest on overdue installments of interest at the Class A-2 Interest Rate to the extent lawful. 

As provided in the Indenture and subject to certain limitations set forth therein, the transfer of this Note may be registered on the
Note Register upon surrender of this Note for registration of transfer at the office or agency designated by the Issuer pursuant to the Indenture, (i) duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to
the Trustee duly executed by, the Holder hereof or his attorney duly authorized in writing, with such signature guaranteed by an “eligible guarantor institution” meeting the requirements of the Note Registrar which requirements include
membership or participation in Securities Transfer Agents Medallion Program (“STAMP”) or such other “signature guarantee program” as may be determined by the Note Registrar in addition to, or in substitution for, STAMP,
all in accordance with the Exchange Act, and (ii) accompanied by such other documents as the Trustee may require, and thereupon one or more new Notes of authorized denominations and in the same aggregate principal amount will be issued to the
designated transferee or transferees. No service charge will be charged for any registration of transfer or exchange of this Note, but the transferor may be required to pay a sum sufficient to cover any tax or other governmental charge that may be
imposed in connection with any such registration of transfer or exchange. 
 If this Note has been issued as a Definitive Note,
the Note Registrar shall not register the transfer of this Note unless the prospective transferee has represented and warranted in writing that either (a) it is not a Benefit Plan Entity or (b) it is a Benefit Plan Entity and its
acquisition and holding of this Note is covered by a Prohibited Transaction Class Exemption or the Statutory Exemption (or, if it is subject to any Similar Law, such acquisition and holding will not violate such Similar Law). If this Note has been
issued as a Book Entry Note, each transferee of this Note or any beneficial interest herein that is a Benefit Plan Entity shall be deemed to represent that its acquisition and holding of this Note or any beneficial interest herein is covered by a
Prohibited Transaction Class Exemption or the Statutory Exemption (or, if it is subject to any Similar Law, such acquisition and holding will not violate such Similar Law). 

Each Noteholder or Note Owner, by acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note covenants and
agrees (i) that no recourse may be taken, directly or indirectly, with respect to the obligations of the Issuer, the Owner Trustee or the Trustee on the Notes or under the Indenture or any certificate or other writing delivered in

  

 A-2-5 

 
connection therewith, against (a) the Seller, the Servicer, the Trustee or the Owner Trustee in its individual capacity, (b) any owner of a beneficial interest in the Issuer or
(c) any partner, owner, beneficiary, agent, officer, director or employee of the Seller, the Servicer, the Trustee or the Owner Trustee in its individual capacity, any holder of a beneficial interest in the Issuer, the Seller, the Servicer, the
Owner Trustee or the Trustee or of any successor or assign of the Seller, the Servicer, the Trustee or the Owner Trustee in its individual capacity, except as any such Person may have expressly agreed (it being understood that the Trustee and the
Owner Trustee have no such obligations in their individual capacity) and except that any such partner, owner or beneficiary shall be fully liable, to the extent provided by applicable law, for any unpaid consideration for stock, unpaid capital
contribution or failure to pay any installment or call owing to such entity, and (ii) to treat the Notes that are owned or beneficially owned by a Person other than AFS SenSub Corp., or its Affiliates, as indebtedness for purposes of federal
income, state and local income and franchise and any other income taxes. 
 Prior to the due presentment for registration of
transfer of this Note, the Issuer, the Trustee and the Insurer and any agent of the Issuer, the Trustee or the Insurer may treat the Person in whose name this Note (as of the day of determination or as of such other date as may be specified in the
Indenture) is registered as the owner hereof for all purposes, whether or not this Note be overdue, and neither the Issuer, the Trustee nor any such agent shall be affected by notice to the contrary. 

The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights and
obligations of the Issuer and the rights of the Holders of the Notes under the Indenture at any time by the Issuer with the consent of the Insurer and of the Noteholders representing a majority of the Outstanding Amount of all Notes at the time
Outstanding. The Indenture also contains provisions permitting the Noteholders representing specified percentages of the Outstanding Amount of the Notes, on behalf of the Holders of all the Notes, to waive compliance by the Issuer with certain
provisions of the Indenture and certain past defaults under the Indenture and their consequences. Any such consent or waiver by the Holder of this Note (or any one of more Predecessor Notes) shall be conclusive and binding upon such Holder and upon
all future Holders of this Note and of any Note issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof whether or not notation of such consent or waiver is made upon this Note. The Indenture also permits the Trustee
to amend or waive certain terms and conditions set forth in the Indenture without the consent of Holders of the Notes issued thereunder. 

The term “Issuer” as used in this Note includes any successor to the Issuer under the Indenture. 

The Issuer is permitted by the Indenture, under certain circumstances, to merge or consolidate, subject to the rights of the Trustee and
the Noteholders under the Indenture. 
 The Notes are issuable only in registered form in denominations as provided in the
Indenture, subject to certain limitations therein set forth. 
 This Note and the Indenture 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 and thereunder shall be determined in accordance with such laws. 

 

 A-2-6 

 No reference herein to the Indenture and no provision of this Note or of the Indenture shall
alter or impair the obligation of the Issuer, which is absolute and unconditional, to pay the principal of and interest on this Note at the times, place, and rate, and in the coin or currency herein prescribed. 

Anything herein to the contrary notwithstanding, except as expressly provided in the Indenture or the Basic Documents, neither Wilmington
Trust Company in its individual capacity, any owner of a beneficial interest in the Issuer, nor any of their respective partners, beneficiaries, agents, officers, directors, employees or successors or assigns shall be personally liable for, nor
shall recourse be had to any of them for, the payment of principal of or interest on, or performance of, or omission to perform, any of the covenants, obligations or indemnifications contained in this Note or the Indenture, it being expressly
understood that said covenants, obligations and indemnifications have been made by the Owner Trustee for the sole purposes of binding the interests of the Owner Trustee in the assets of the Issuer. The Holder of this Note by the acceptance hereof
agrees that except as expressly provided in the Indenture or the Basic Documents, in the case of an Event of Default under the Indenture, the Holder shall have no claim against any of the foregoing for any deficiency, loss or claim therefrom;
provided, however, that nothing contained herein shall be taken to prevent recourse to, and enforcement against, the assets of the Issuer for any and all liabilities, obligations and undertakings contained in the Indenture or in this Note.

  

 A-2-7 

 ASSIGNMENT 

Social Security or taxpayer I.D. or other identifying number of assignee 

FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto
                                         
                    
 (name and
address of assignee)       
 the within Note and all rights thereunder, and hereby irrevocably constitutes and
appoints, attorney, to transfer said Note on the books kept for registration thereof, with full power of substitution in the premises. 
  

					
	Dated                    
1	 		 	  

			
		 		 	Signature Guaranteed:
		 		 	
	  
	 		 	  

 

	1
	 NOTE: The signature to this assignment must correspond with the name of the registered owner as it appears on the face of the within Note in every
particular, without alteration, enlargement or any change whatsoever. 

  

 A-2-8 

 EXHIBIT A-3 
  

			
	REGISTERED	 	$94,200,000

 No. RB-A-3 

SEE REVERSE FOR CERTAIN DEFINITIONS 

CUSIP NO. 03064G AC5

Unless this Note is presented by an authorized representative of The Depository Trust Company, a New York corporation
(“DTC”), to the Issuer or its agent for registration of transfer, exchange or payment, and any Note issued is registered in the name of Cede & Co. or in such other name as is requested by an authorized representative of DTC
(and any payment is made to Cede & Co. or to such other entity as is requested by an authorized representative of DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the
registered owner hereof, Cede & Co., has an interest herein. 
 THE PRINCIPAL OF THIS NOTE IS PAYABLE IN INSTALLMENTS
AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING PRINCIPAL AMOUNT OF THIS NOTE AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ON THE FACE HEREOF. 

AMERICREDIT AUTOMOBILE RECEIVABLES TRUST 2010-B 

CLASS A-3 2.49% ASSET BACKED NOTE 

AmeriCredit Automobile Receivables Trust 2010-B, a statutory trust organized and existing under the laws of the State of Delaware (herein
referred to as the “Issuer”), for value received, hereby promises to pay to CEDE & CO., or registered assigns, the principal sum of NINETY-FOUR MILLION TWO HUNDRED THOUSAND DOLLARS payable on each Distribution Date in an
amount equal to the result obtained by multiplying (i) a fraction the numerator of which is $94,200,000 and the denominator of which is $94,200,000 by (ii) the aggregate amount, if any, payable from the Note Distribution Account and
Collection Account in respect of principal on the Class A-3 Notes pursuant to the Indenture; provided, however, that the entire unpaid principal amount of this Note shall be due and payable on the November 6, 2017 Distribution Date
(the “Final Scheduled Distribution Date”). The Issuer will pay interest on this Note at the rate per annum shown above on each Distribution Date until the principal of this Note is paid or made available for payment. Interest on
this Note will accrue for each Distribution Date from the most recent Distribution Date on which interest has been paid to but 

 

 A-3-1 

 
excluding such Distribution Date or, if no interest has yet been paid, from August 19, 2010. Interest will be computed on the basis of a 360 day year consisting of twelve 30-day months. Such
principal of and interest on this Note shall be paid in the manner specified on the reverse hereof. 
 The principal of and
interest on this Note are payable in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts. All payments made by the Issuer with respect to this Note shall be applied
first to interest due and payable on this Note as provided above and then to the unpaid principal of this Note. 
 The Notes are
entitled to the benefits of a financial guaranty insurance policy (the “Note Policy”) issued by Assured Guaranty Corp. (the “Insurer”), pursuant to which the Insurer has unconditionally guaranteed payments with
respect to each Distribution Date will be paid on or prior to the related Insured Distribution Date, all as more fully set forth in the Indenture and the Sale and Servicing Agreement. The Record Date applicable to any Insured Distribution Date is
the Record Date applicable to the related Distribution Date. 
 Reference is made to the further provisions of this Note set
forth on the reverse hereof, which shall have the same effect as though fully set forth on the face of this Note. 
 Unless the
certificate of authentication hereon has been executed by the Trustee whose name appears below by manual signature, this Note shall not be entitled to any benefit under the Indenture referred to on the reverse hereof, or be valid or obligatory for
any purpose. 
  

 A-3-2 

 IN WITNESS WHEREOF, the Issuer has caused this instrument to be signed, manually or in
facsimile, by its Authorized Officer as of the date set forth below. 
  

			
	AMERICREDIT AUTOMOBILE RECEIVABLES TRUST 2010-B
		
	By:	 	WILMINGTON TRUST COMPANY, not in its individual capacity but solely as Owner Trustee under the Trust Agreement
		
	By:	 	  

		
		 	Name:
		
		 	Title:

 TRUSTEE’S CERTIFICATE OF
AUTHENTICATION 
 This is one of the Notes designated above and referred to in the within-mentioned Indenture. 

 

					
	Date: August 19, 2010	 	WELLS FARGO BANK, NATIONAL ASSOCIATION, not in its individual capacity but solely as Trustee
			
		 	By:	 	  

			
		 		 	Authorized Signer

  

 A-3-3 

 [REVERSE OF NOTE] 

This Note is one of a duly authorized issue of Notes of the Issuer, designated as its Class A-3 2.49% Asset Backed Notes (herein called
the “Class A-3 Notes”), all issued under an Indenture dated as of August 2, 2010 (such indenture, as supplemented or amended, is herein called the “Indenture”), between the Issuer and Wells Fargo Bank, National
Association, as trustee (the “Trustee,” which term includes any successor Trustee under the Indenture) and as trust collateral agent (the “Trust Collateral Agent”), which term includes any successor Trust Collateral
Agent) to which Indenture and all indentures supplemental thereto reference is hereby made for a statement of the respective rights and obligations thereunder of the Issuer, the Trustee and the Holders of the Notes. The Notes are subject to all
terms of the Indenture. All terms used in this Note that are defined in the Indenture, as supplemented or amended, shall have the meanings assigned to them in or pursuant to the Indenture, as so supplemented or amended. 

The Class A-1 Notes, the Class A-2 Notes and the Class A-3 Notes (together, the “Notes”) are and will be equally and
ratably secured by the collateral pledged as security therefor as provided in the Indenture. 
 Principal of the Class A-3 Notes
will be payable on each Distribution Date in an amount described on the face hereof. “Distribution Date” means the sixth day of each month, or, if any such date is not a Business Day, the next succeeding Business Day, commencing
September 7, 2010. If AmeriCredit is no longer acting as Servicer, the distribution date may be a different day of the month. The term “Distribution Date,” shall be deemed to include the Final Scheduled Distribution Date.

 As described above, the entire unpaid principal amount of this Note shall be due and payable on the earlier of the Final
Scheduled Distribution Date and the Redemption Date, if any, pursuant to the Indenture. As described above, a portion of the unpaid principal balance of this Note shall be due and payable on the Redemption Date, if any. Notwithstanding the
foregoing, the entire unpaid principal amount of the Notes shall be due and payable (i) on the date on which an Event of Default shall have occurred and be continuing if the Insurer has declared the Notes to be immediately due and payable in
the manner provided in the Indenture, so long as an Insurer Default shall not have occurred and be continuing or (ii) if an Insurer Default shall have occurred and be continuing, on the date on which an Event of Default shall have occurred and
be continuing and the Trustee or the Holders of the Notes representing not less than a majority of the Outstanding Amount of the Notes have declared the Notes to be immediately due and payable in the manner provided in the Indenture. All principal
payments on the Class A-3 Notes shall be made pro rata to the Class A-3 Noteholders entitled thereto. 
 Payments of interest on
this Note due and payable on each Distribution Date, together with the installment of principal, if any, to the extent not in full payment of this Note, shall be made by check mailed to the Person whose name appears as the Holder of this Note (or
one or more Predecessor Notes) on the Note Register as of the close of business on each Record Date, except that with respect to Notes registered on the Record Date in the name of the nominee of the Clearing Agency (initially, such nominee to be
Cede & Co.), payments will be made by wire transfer in immediately available funds to the account designated by such nominee. Such checks shall be mailed to the Person entitled thereto at the address of such Person as it appears

  

 A-3-4 

 
on the Note Register as of the applicable Record Date without requiring that this Note be submitted for notation of payment. Any reduction in the principal amount of this Note (or any one or more
Predecessor Notes) effected by any payments made on any Distribution Date shall be binding upon all future Holders of this Note and of any Note issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof, whether or not
noted hereon. If funds are expected to be available, as provided in the Indenture, for payment in full of the then remaining unpaid principal amount of this Note on a Distribution Date, then the Trustee, in the name of and on behalf of the Issuer,
will notify the Person who was the Holder hereof as of the Record Date preceding such Distribution Date by notice mailed prior to such Distribution Date and the amount then due and payable shall be payable only upon presentation and surrender of
this Note at the Trustee’s principal Corporate Trust Office or at the office of the Trustee’s agent appointed for such purposes located in Minneapolis, Minnesota. 

The Issuer shall pay interest on overdue installments of interest at the Class A-3 Interest Rate to the extent lawful. 

As provided in the Indenture and subject to certain limitations set forth therein, the transfer of this Note may be registered on the
Note Register upon surrender of this Note for registration of transfer at the office or agency designated by the Issuer pursuant to the Indenture, (i) duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to
the Trustee duly executed by, the Holder hereof or his attorney duly authorized in writing, with such signature guaranteed by an “eligible guarantor institution” meeting the requirements of the Note Registrar which requirements include
membership or participation in Securities Transfer Agents Medallion Program (“STAMP”) or such other “signature guarantee program” as may be determined by the Note Registrar in addition to, or in substitution for, STAMP,
all in accordance with the Exchange Act, and (ii) accompanied by such other documents as the Trustee may require, and thereupon one or more new Notes of authorized denominations and in the same aggregate principal amount will be issued to the
designated transferee or transferees. No service charge will be charged for any registration of transfer or exchange of this Note, but the transferor may be required to pay a sum sufficient to cover any tax or other governmental charge that may be
imposed in connection with any such registration of transfer or exchange. 
 If this Note has been issued as a Definitive Note,
the Note Registrar shall not register the transfer of this Note unless the prospective transferee has represented and warranted in writing that either (a) it is not a Benefit Plan Entity or (b) it is a Benefit Plan Entity and its
acquisition and holding of this Note is covered by a Prohibited Transaction Class Exemption or the Statutory Exemption (or, if it is subject to any Similar Law, such acquisition and holding will not violate such Similar Law). If this Note has been
issued as a Book Entry Note, each transferee of this Note or any beneficial interest herein that is a Benefit Plan Entity shall be deemed to represent that its acquisition and holding of this Note or any beneficial interest herein is covered by a
Prohibited Transaction Class Exemption or the Statutory Exemption (or, if it is subject to any Similar Law, such acquisition and holding will not violate such Similar Law). 

Each Noteholder or Note Owner, by acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note covenants and
agrees (i) that no recourse may be taken, directly or indirectly, with respect to the obligations of the Issuer, the Owner Trustee or the Trustee on the Notes or under the Indenture or any certificate or other writing delivered in

  

 A-3-5 

 
connection therewith, against (a) the Seller, the Servicer, the Trustee or the Owner Trustee in its individual capacity, (b) any owner of a beneficial interest in the Issuer or
(c) any partner, owner, beneficiary, agent, officer, director or employee of the Seller, the Servicer, the Trustee or the Owner Trustee in its individual capacity, any holder of a beneficial interest in the Issuer, the Seller, the Servicer, the
Owner Trustee or the Trustee or of any successor or assign of the Seller, the Servicer, the Trustee or the Owner Trustee in its individual capacity, except as any such Person may have expressly agreed (it being understood that the Trustee and the
Owner Trustee have no such obligations in their individual capacity) and except that any such partner, owner or beneficiary shall be fully liable, to the extent provided by applicable law, for any unpaid consideration for stock, unpaid capital
contribution or failure to pay any installment or call owing to such entity, and (ii) to treat the Notes that are owned or beneficially owned by a Person other than AFS SenSub Corp., or its Affiliates, as indebtedness for purposes of federal
income, state and local income and franchise and any other income taxes. 
 Prior to the due presentment for registration of
transfer of this Note, the Issuer, the Trustee and the Insurer and any agent of the Issuer, the Trustee or the Insurer may treat the Person in whose name this Note (as of the day of determination or as of such other date as may be specified in the
Indenture) is registered as the owner hereof for all purposes, whether or not this Note be overdue, and neither the Issuer, the Trustee nor any such agent shall be affected by notice to the contrary. 

The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights and
obligations of the Issuer and the rights of the Holders of the Notes under the Indenture at any time by the Issuer with the consent of the Insurer and of the Noteholders representing a majority of the Outstanding Amount of all Notes at the time
Outstanding. The Indenture also contains provisions permitting the Noteholders representing specified percentages of the Outstanding Amount of the Notes, on behalf of the Holders of all the Notes, to waive compliance by the Issuer with certain
provisions of the Indenture and certain past defaults under the Indenture and their consequences. Any such consent or waiver by the Holder of this Note (or any one of more Predecessor Notes) shall be conclusive and binding upon such Holder and upon
all future Holders of this Note and of any Note issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof whether or not notation of such consent or waiver is made upon this Note. The Indenture also permits the Trustee
to amend or waive certain terms and conditions set forth in the Indenture without the consent of Holders of the Notes issued thereunder. 

The term “Issuer” as used in this Note includes any successor to the Issuer under the Indenture. 

The Issuer is permitted by the Indenture, under certain circumstances, to merge or consolidate, subject to the rights of the Trustee and
the Noteholders under the Indenture. 
 The Notes are issuable only in registered form in denominations as provided in the
Indenture, subject to certain limitations therein set forth. 
 This Note and the Indenture 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 and thereunder shall be determined in accordance with such laws. 

 

 A-3-6 

 No reference herein to the Indenture and no provision of this Note or of the Indenture shall
alter or impair the obligation of the Issuer, which is absolute and unconditional, to pay the principal of and interest on this Note at the times, place, and rate, and in the coin or currency herein prescribed. 

Anything herein to the contrary notwithstanding, except as expressly provided in the Indenture or the Basic Documents, neither Wilmington
Trust Company in its individual capacity, any owner of a beneficial interest in the Issuer, nor any of their respective partners, beneficiaries, agents, officers, directors, employees or successors or assigns shall be personally liable for, nor
shall recourse be had to any of them for, the payment of principal of or interest on, or performance of, or omission to perform, any of the covenants, obligations or indemnifications contained in this Note or the Indenture, it being expressly
understood that said covenants, obligations and indemnifications have been made by the Owner Trustee for the sole purposes of binding the interests of the Owner Trustee in the assets of the Issuer. The Holder of this Note by the acceptance hereof
agrees that except as expressly provided in the Indenture or the Basic Documents, in the case of an Event of Default under the Indenture, the Holder shall have no claim against any of the foregoing for any deficiency, loss or claim therefrom;
provided, however, that nothing contained herein shall be taken to prevent recourse to, and enforcement against, the assets of the Issuer for any and all liabilities, obligations and undertakings contained in the Indenture or in this Note.

  

 A-3-7 

 ASSIGNMENT 

Social Security or taxpayer I.D. or other identifying number of assignee 

FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto
                                         
                    
 (name and
address of assignee)       
 the within Note and all rights thereunder, and hereby irrevocably constitutes and
appoints, attorney, to transfer said Note on the books kept for registration thereof, with full power of substitution in the premises. 
  

					
	Dated                    
1	 		 	  

			
		 		 	Signature Guaranteed:
		 		 	
	  
	 		 	  

 

	1
	 NOTE: The signature to this assignment must correspond with the name of the registered owner as it appears on the face of the within Note in every
particular, without alteration, enlargement or any change whatsoever. 

  

 A-3-8 

 SCHEDULE A 

REPRESENTATIONS AND WARRANTIES OF THE ISSUER 

Representations and Warranties Regarding the Receivables: 

1. Security Interest in Financed Vehicle. This Indenture creates a valid and continuing Security Interest (as defined in the
applicable UCC) in the Receivables in favor of the Trust Collateral Agent, which Security Interest is prior to all other Liens, and is enforceable as such as against creditors of and purchasers from the Seller. The Issuer owns and has good and
marketable title to the Receivables free and clear of any Lien (other than the Lien in favor of the Trust Collateral Agent), claim or encumbrance of any Person. 

2. All Filings Made. The Issuer has taken all steps necessary to perfect the Trust Collateral Agent’s security interest in the
property securing the Receivables, provided that, if not done as of the Closing Date, the Issuer will cause, within ten days of the Closing Date, the filing of all appropriate financing statements in the proper filing office in the State of Delaware
under applicable law in order to perfect the security interest in the Receivables granted to the Trust Collateral Agent hereunder. All financing statements filed or to be filed against the Issuer in favor of the Trust Collateral Agent in connection
herewith describing the Receivables contain a statement to the following effect: “A purchase of or a security interest in any collateral described in this financing statement will violate the rights of the Trust Collateral Agent.”

 3. No Impairment. The Issuer has not done anything to convey any right to any Person that would result in such Person
having a right to payments due under the Receivable or otherwise to impair the rights of the Insurer, the Trustee, the Trust Collateral Agent and the Noteholders in any Receivable or the proceeds thereof. Other than the security interest granted to
the Trust Collateral Agent pursuant to this Indenture, the Issuer has not pledged, assigned, sold, granted a security interest in, or otherwise conveyed any of the Receivables. The Issuer has not authorized the filing of and is not aware of any
financing statements against the Issuer that include a description of collateral covering the Receivables other than any financing statement relating to the security interest granted to the Trust Collateral Agent hereunder or that has been
terminated. The Issuer is not aware of any judgment or tax lien filings against it. 
 4. Chattel Paper. The Receivables
constitute “tangible chattel paper” or “electronic chattel paper” within the meaning of the UCC as in effect in the States of Texas, New York, Nevada and Delaware. 

5. Good Title. Immediately prior to the pledge of the Receivables to the Trust Collateral Agent pursuant to this Indenture, the
Issuer was the sole owner thereof and had good and indefeasible title thereto, free of any Lien and, upon execution and delivery of this Agreement, the Trust shall have good and indefeasible title to and will be the sole owner of such Receivables,
free of any Lien. No Dealer or Third-Party Lender has a participation in, or other right to receive, proceeds of any Receivable. The Issuer has not 

 

 Sched. A-1 

 
taken any action to convey any right to any Person that would result in such Person having a right to payments received under the related Insurance Policies or the related Dealer Agreements, Auto
Loan Purchase and Sale Agreements, Dealer Assignments or Third-Party Lender Assignments or to payments due under such Receivables. 

6. Possession of Original Copy. The Servicer, as Custodian on behalf of the Issuer, has in its possession or control the original
contract (or with respect to “electronic chattel paper”, the authoritative copy) that constitutes or evidences the Receivable. 

7. One Original. There is only one original executed copy (or with respect to “electronic chattel paper”, one
authoritative copy) of each Contract. With respect to Contracts that are “electronic chattel paper”, each authoritative copy (a) is unique, identifiable and unalterable (other than with the participation of the Trust Collateral Agent
in the case of an addition or amendment of an identified assignee and other than a revision that is readily identifiable as an authorized or unauthorized revision), (b) has been marked with a legend to the following effect: “Authoritative
Copy” and (c) has been communicated to and is maintained by or on behalf of the Custodian. 
 8. Not an
Authoritative Copy. With respect to Contracts that are “electronic chattel paper”, the Seller has marked all copies of each such Contract other than an authoritative copy with a legend to the following effect: “This is not an
authoritative copy.” 
 9. Revisions. With respect to Contracts that are “electronic chattel paper”, the
related Receivables have been established in a manner such that (a) all copies or revisions that add or change an identified assignee of the authoritative copy of each such Contract must be made with the participation of the Trust Collateral
Agent and (b) all revisions of the authoritative copy of each such Contract must be readily identifiable as an authorized or unauthorized revision. 

10. Pledge or Assignment. With respect to Contracts that are “electronic chattel paper”, the authoritative copy of each
Contract communicated to the Custodian has no marks or notations indicating that it has been pledged, assigned or otherwise conveyed to any Person other than the Trust Collateral Agent. 

 

 Sched. A-2 

 SCHEDULE B 

INSURANCE AGREEMENT INDENTURE CROSS DEFAULTS 

As of the Closing Date, the following Insurance Agreement Events of Default shall constitute Insurance Agreement Indenture Cross
Defaults, so long as no Insurer Default shall have occurred and be continuing and so long as the Insurance Agreement has not been terminated. This Schedule may be waived, terminated or amended from time to time without the consent of the Noteholders
to conform to the Insurance Agreement should such Insurance Agreement Indenture Cross Defaults be amended pursuant to the terms of the Insurance Agreement. Terms used in this Schedule B shall have the meanings assigned to such terms in the Insurance
Agreement. 
  

	1.	A demand for payment shall be made under the Notes Policy; 

  

	2.	Any of the Trust, AmeriCredit, the Company or AFS SenSub shall fail to pay its debts generally as they come due, or shall admit in writing its inability to pay its
debts generally, or shall make a general assignment for the benefit of creditors, or shall institute any proceeding seeking to adjudicate it insolvent or seeking a liquidation, or shall take advantage of any insolvency act, or shall commence a case
or other proceeding naming it as debtor under the United States Bankruptcy Code or similar law, domestic or foreign, or a case or other proceeding shall be commenced against any of the Trust, AmeriCredit, the Company or AFS SenSub under the United
States Bankruptcy Code or similar law, domestic or foreign, or any proceeding shall be instituted against any of the Trust, AmeriCredit, the Company or AFS SenSub seeking liquidation of their respective assets and such Person shall fail to take
appropriate action resulting in the withdrawal or dismissal of such proceeding within 30 days or there shall be appointed or any of the Trust, AmeriCredit, the Company or AFS SenSub shall consent to, or acquiesce in, the appointment of a receiver,
liquidator, conservator, trustee or similar official in respect of such Person or the whole or any substantial part of its respective properties or assets or such Person shall take any corporate action in furtherance of any of the foregoing;

  

	3.	On any Insured Distribution Date, after taking into account the application in accordance with Section 5.7(a) of the Sale and Servicing Agreement on the related
Distribution Date of the sum of Available Funds, any Deficiency Claim Amount Deposits and any Accelerated Payment Amount Shortfall Deposits with respect to such related Distribution Date and the amounts available in the Series 2010-B Spread Account
(prior to withdrawals therefrom in accordance with the terms of the Spread Account Agreement), any amounts payable on such related Distribution Date pursuant to clauses (i), (ii), (iii) or (v) of Section 5.7(a) of the Sale and
Servicing Agreement have not been paid in full; 

  

	4.	The Trust becomes taxable as an association (or publicly traded partnership) taxable as a corporation for federal or state income tax purposes;

  

	5.	 Any default in the observance or performance of any covenant or agreement of the Trust made in the Indenture (other than a default in the payment of
the interest or principal on any Note when due) or any representation or warranty of the Trust made in the Indenture or in 

 

 Sched. B-1 

	 	 
any certificate or other writing delivered pursuant thereto or in connection therewith proving to have been incorrect in any material respect as of the time when the same shall have been made,
and such default shall continue or not be cured, or the circumstance or condition in respect of which such misrepresentation or warranty was incorrect shall not have been eliminated or otherwise cured, for a period of 30 days after there shall have
been given, by registered or certified mail, to the Trust and the Indenture Trustee by Assured Guaranty, a written notice specifying such default or incorrect representation or warranty and requiring it to be remedied; 

 

	6.	To the extent applicable, the failure of the Company or AFS SenSub to comply with Section 2.8(j) of the Insurance Agreement. 

 

 Sched. B-2

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