Document:

Prepared by R.R. Donnelley Financial -- FINANCIAL GUARANTY INSURANCE POLICY

 Exhibit 4.4 
  
 
	 FINANCIAL
 SECURITY
 ASSURANCE
 	  	 FINANCIAL GUARANTY INSURANCE POLICY
 
	 
	 OBLIGOR: AmeriCredit Automobile Receivables Trust 2002-D
 	  	 Policy No.: 51328-N
 
	 
	 OBLIGATIONS: $600,000,000 Asset Backed Notes, in the Classes
 described in Endorsement No. 1 hereto
 	  	 Date of Issuance:
 September 12, 2002
 

 
  
 FINANCIAL SECURITY ASSURANCE INC. (“Financial Security”),
for consideration received, hereby UNCONDITIONALLY AND IRREVOCABLY GUARANTEES to each Holder, subject only to the terms of this Policy (which includes each endorsement hereto), the full and complete payment by the Obligor of Scheduled Payments of
principal of, and interest on, the Obligations. 
  
 For the further protection of each Holder, Financial Security
irrevocably and unconditionally guarantees: 
  
 (a)    payment of the amount of
any distribution of principal of, or interest on, the Obligations made during the Term Of This Policy to such Holder that is subsequently avoided in whole or in part as a preference payment under applicable law (such payment to be made by Financial
Security in accordance with Endorsement No. 1 hereto). 
  
 (b)    payment of any
amount required to be paid under this Policy by Financial Security following Financial Security’s receipt of notice as described in Endorsement No. 1 hereto. 
  
 Financial Security shall be subrogated to the rights of each Holder to receive payments under the Obligations to the extent of any payment by Financial Security hereunder.

  
 Except to the extent expressly modified by an endorsement hereto, the following terms shall have the meanings
specified for all purposes of this Policy. “Holder” means the registered owner of any Obligation as indicated on the registration books maintained by or on behalf of the Obligor for such purpose or, if the Obligation is in bearer form, the
holder of the Obligation. “Scheduled Payments” means payments which are scheduled to be made during the Term Of This Policy in accordance with the original terms of the Obligations when issued and without regard to any amendment or
modification of such Obligations thereafter; payments which become due on an accelerated basis as a result of (a) a default by the Obligor, (b) an election by the Obligor to pay principal on an accelerated basis or (c) any other cause, shall not
constitute “Scheduled Payments” unless Financial Security shall elect, in its sole discretion, to pay such principal due upon such acceleration to get any accrued interest to the date of acceleration. “Term Of This Policy” shall
have the meaning set forth in Endorsement No. 1 hereto. 
  
 This Policy sets forth in full the undertaking of
Financial Security, and shall not be modified, altered or affected by any other agreement or instrument, including any modification or amendment thereto, or by the merger, consolidation or dissolution of the Obligor. Except to the extent expressly
modified by an endorsement hereto, the premiums paid in respect of this Policy are nonrefundable for any reason whatsoever, including payment, or provision being made for payment, of the Obligations prior to maturity. This Policy may not be canceled
or revoked during the Term Of This Policy. THIS POLICY IS NOT COVERED BY THE PROPERTY/CASUALTY INSURANCE SECURITY FUND SPECIFIED IN ARTICLE 76 OF THE NEW YORK INSURANCE LAW. 
  
 In witness whereof, FINANCIAL SECURITY ASSURANCE INC. has caused this Policy to be executed on its behalf by its Authorized Officer. 
  
 
	 FINANCIAL SECURITY ASSURANCE INC.
 
	 
	 By:
 	 	 /s/    [Authorized Officer]         
 

	  	 	 Authorized Officer
 

 
  
 
	 A subsidiary of Financial Security Assurance Holdings Ltd.
 	 	  
	 350 Park Avenue, New York, N.Y. 10022-6022
 	 	 (212) 826-0100
 
	 Form 100NY (5/89)
 	 	  

 
  

  
 ENDORSEMENT NO. 1 TO 
 FINANCIAL GUARANTY INSURANCE POLICY 
  
 
	 FINANCIAL SECURITY
 ASSURANCE INC.
 	  	 350 Park Avenue
 New York, New York 10022

 
  
 
	 OBLIGOR:
 	  	 AmeriCredit Automobile Receivables Trust 2002-D
 
	 
	 OBLIGATIONS:
 	  	 $111,000,000 Class A-1 1.755% Asset Backed Notes
 
	  	  	 $153,000,000 Class A-2 2.04% Asset Backed Notes
 
	  	  	 $194,000,000 Class A-3 2.72% Asset Backed Notes
 
	  	  	 $142,000,000 Class A-4 3.40% Asset Backed Notes
 
	 
	 Policy No.:
 	  	 51328-N
 
	 
	 Date of Issuance:
 	  	 September 12, 2002
 

 
  
 1.    Definitions.    For all purposes of this Policy, the terms specified below shall have the meanings or constructions provided below. Capitalized terms used herein and not otherwise
defined herein shall have the meanings provided in the Indenture or the Sale and Servicing Agreement unless otherwise specified. 
  
 “Business Day” means any day other than a Saturday, Sunday, legal holiday or other day on which commercial banking institutions in Wilmington, Delaware, Fort Worth, Texas, New York
City, New York or any other location of any successor Servicer, successor Owner Trustee or successor Trust Collateral Agent are authorized or obligated by law, executive order or governmental decree to be closed. 
  
 “Holder” shall have the meaning set forth in the Indenture; provided, however that
“Holder” shall not include the Obligor or any affiliates or successors thereof in the event the Obligor, or any such affiliate or successor, is a registered or beneficial owner of the Obligation. 
  
 “Indenture” means the Indenture, dated as of September 5, 2002, between the Obligor and JPMorgan Chase
Bank, as Trustee and Trust Collateral Agent, as amended from time to time with the consent of Financial Security. 
  
 “Indenture Trustee” means JPMorgan Chase Bank, in its capacity as Trustee under the Indenture and any successor in such capacity. 
  
 “Policy” means this Financial Guaranty Insurance Policy and includes each endorsement thereto. 
  
 “Receipt” and “Received” mean actual delivery to Financial Security and to the Fiscal
Agent (as defined below), if any, prior to 12:00 noon, New York City time, on a Business Day; delivery either on a day that is not a Business Day, or after 12:00 noon, New York City time, shall be deemed to be receipt on the next succeeding Business
Day. If any notice or certificate given hereunder by the Trust Collateral Agent is not in proper form or is not properly completed,
 

 
executed or delivered, it shall be deemed not to have been Received, and Financial Security or its Fiscal Agent shall promptly so advise the Trust Collateral Agent and the Trust Collateral Agent
may submit an amended notice. 
  
 “Sale and Servicing Agreement” means the Sale and Servicing
Agreement dated as of September 5, 2002 among the Obligor, AmeriCredit Financial Services, Inc., as Servicer, AFS Funding Trust, as Seller and JPMorgan Chase Bank, as Backup Servicer and Trust Collateral Agent, as such agreement may be amended,
supplemented or otherwise modified from time to time in accordance with the terms thereof. 
  
 “Scheduled
Payments” means, as to each Insured Distribution Date, payments which are required to be made to Holders in accordance with the original terms of the Obligations when issued and without regard to any subsequent amendment or modification of
the Obligations or of the Indenture except amendments or modifications to which Financial Security has given its prior written consent, which payments are (i) the Noteholders’ Interest Distributable Amount with respect to the related
Distribution Date, (ii) the Noteholders’ Remaining Parity Deficit Amount with respect to the related Distribution Date and (iii) with respect to the Final Scheduled Distribution Date for any class of Obligations, the outstanding principal
amount of such class on such Final Scheduled Distribution Date, after taking into account reductions on such Date of such outstanding principal amount from all sources other than this Policy. Scheduled Payments do not include payments which become
due on an accelerated basis as a result of (a) a default by the Obligor, (b) an election by the Obligor to pay principal on an accelerated basis, (c) the occurrence of an Event of Default under the Indenture or (d) any other cause, unless Financial
Security elects, in its sole discretion, to pay in whole or in part such principal due upon acceleration, together with any accrued interest to the date of acceleration. In the event Financial Security does not so elect, this Policy will continue to
guarantee payment on the Obligations in accordance with their original terms. Scheduled Payments shall not include (x) any portion of a Noteholders’ Interest Distributable Amount due to Holders because the appropriate notice and certificate for
payment in proper form as required by paragraph 2 hereof was not timely Received by Financial Security, (y) any portion of a Noteholders’ Interest Distributable Amount due to Holders representing interest on any Noteholders’ Interest
Carryover Amount accrued from and including the date of payment of the amount of such Noteholders’ Interest Carryover Amount pursuant hereto or (z) any Note Prepayment Amounts, unless Financial Security elects, in its sole discretion, to pay
such amount in whole or in part. Scheduled Payments shall not include any amounts due in respect of the Obligations attributable to any increase in interest rate, penalty or other sum payable by the Obligor by reason of any default or event of
default in respect of the Obligations, or by reason of any deterioration of the credit worthiness of the Obligor, nor shall Scheduled Payments include, nor shall coverage be provided under this Policy in respect of, any taxes, withholding or other
charge with respect to any Holder imposed by any governmental authority due in connection with the payment of any Scheduled Payment to a Holder. 
  
 “Term Of This Policy” means the period from and including the Date of Issuance to and including the date on which (i) all Scheduled Payments have been paid or deemed to be paid within
the meaning of Section 4.1 of the Indenture; (ii) any period during which any Scheduled Payment could have been avoided in whole or in part as a preference payment under applicable bankruptcy, insolvency, receivership or similar law shall have
expired and (iii) if any proceedings
 
 

 2 

 
requisite to avoidance as a preference payment have been commenced prior to the occurrence of (i) and (ii), a final and nonappealable order in resolution of each such proceeding has been entered.

  
 “Trust Collateral Agent” means JPMorgan Chase Bank, in its capacity as Trust
Collateral Agent under the Indenture, acting as agent for the Indenture Trustee in accordance with the terms of the Indenture, and any successor in such capacity. 
  
 2.    Notices and Conditions to Payment in Respect of Scheduled Payments.    Following Receipt by Financial Security of a
notice and certificate from the Trust Collateral Agent in the form attached as Exhibit A to this Endorsement, Financial Security will pay any amount payable hereunder in respect of Scheduled Payments on the Obligations out of the funds of Financial
Security on the later to occur of (a) 12:00 noon, New York City time, on the third Business Day following such Receipt; and (b) 12:00 noon, New York City time, on the date on which such payment is due on the Obligations. Payments due hereunder in
respect of Scheduled Payments will be disbursed to the Trust Collateral Agent by wire transfer of immediately available funds. 
  
 Financial Security shall be entitled to pay any amount hereunder in respect of Scheduled Payments on the Obligations, including any amount due on the Obligations on an accelerated basis, whether or not any notice and certificate
shall have been Received by Financial Security as provided above; provided, however, that by acceptance of this Policy the Trust Collateral Agent agrees to provide to Financial Security, upon Financial Security’s request to the Trust Collateral
Agent, a notice and certificate in respect of any such payments made by Financial Security. Financial Security shall be entitled to pay hereunder any amount that becomes due on the Obligations on an accelerated basis at any time or from time to time
after such amount becomes due, in whole or in part, prior to the scheduled date of payment thereof; Scheduled Payments insured hereunder shall not include interest, in respect of principal paid hereunder on an accelerated basis, accruing from and
after the date of such payment of principal. Financial Security’s obligations hereunder in respect of Scheduled Payments shall be discharged to the extent funds are disbursed by Financial Security as provided herein whether or not such funds
are properly applied by the Trust Collateral Agent. 
  
 3.    Notices and Conditions to
Payment in Respect of Scheduled Payments Avoided as Preference Payments.    If any Scheduled Payment is avoided as a preference payment under applicable bankruptcy, insolvency, receivership or similar law, Financial Security
will pay such amount out of the funds of Financial Security on the later of (a) the date when due to be paid pursuant to the Order referred to below or (b) the first to occur of (i) the fourth Business Day following Receipt by Financial Security
from the Trust Collateral Agent of (A) a certified copy of the order (the “Order”) of the court or other governmental body that exercised jurisdiction to the effect that the Holder is required to return Scheduled Payments
made with respect to the Obligations during the Term Of This Policy because such payments were avoidable as preference payments under applicable bankruptcy law, (B) a certificate of the Holder that the Order has been entered and is not subject to
any stay and (C) an assignment duly executed and delivered by the Holder, in such form as is reasonably required by Financial Security, and provided to the Holder by Financial Security, irrevocably assigning to Financial Security all rights and
claims of the Holder relating to or arising under the Obligations against the estate of the Obligor or otherwise with respect to such preference payment or (ii) the date of Receipt by Financial Security from the Trust Collateral Agent of the items
referred to in clauses (A), (B) and (C) above if, at least four Business 
 

 3 

 Days prior to such date of Receipt, Financial Security shall have Received written notice from the Trust Collateral Agent that such items were
to be delivered on such date and such date was specified in such notice. Such payment shall be disbursed to the receiver, conservator, debtor-in-possession or trustee in bankruptcy named in the Order and not to the Trust Collateral Agent or any
Holder directly (unless a Holder has previously paid such amount to the receiver, conservator, debtor-in-possession or trustee in bankruptcy named in the Order, in which case such payment shall be disbursed to the Trust Collateral Agent for
distribution to such Holder upon proof of such payment reasonably satisfactory to Financial Security). In connection with the foregoing, Financial Security shall have the rights provided pursuant to Section 6.2 of the Sale and Servicing Agreement.

  
 4.    Governing Law.    This Policy shall be governed by and
construed in accordance with, and this Policy and all matters arising out of or relating in any way to this Policy shall be governed by the laws of the state of New York. 
  
 5.    Fiscal Agent.    At any time during the Term Of This Policy, Financial Security may appoint a fiscal agent (the
“Fiscal Agent”) for purposes of this Policy by written notice to the Trust Collateral Agent at the notice address specified in the Indenture specifying the name and notice address of the Fiscal Agent. From and after the date
of receipt of such notice by the Trust Collateral Agent, (i) copies of all notices and, documents required to be delivered to Financial Security pursuant to this Policy shall be simultaneously delivered to the Fiscal Agent and to Financial Security
and shall not be deemed Received until Received by both, and (ii) all payments required to be made by Financial Security under this Policy may be made directly by Financial Security or by the Fiscal Agent on behalf of Financial Security. The Fiscal
Agent is the agent of Financial Security only and the Fiscal Agent shall in no event be liable to any Holder for any acts of the Fiscal Agent or any failure of Financial Security to deposit, or cause to be deposited, sufficient funds to make
payments due under the Policy. 
  
 6.    Waiver of Defenses.    To the
fullest extent permitted by applicable law, Financial Security agrees not to assert, and hereby waives, for the benefit of each Holder, all rights (whether by counterclaim, setoff or otherwise) and defenses (including, without limitation, the
defense of fraud), whether acquired by subrogation, assignment or otherwise, to the extent that such rights and defenses may be available to Financial Security to avoid payment of its obligations under this Policy in accordance with the express
provisions of this Policy. 
  
 7.    Notices.    All notices to be
given hereunder shall be in writing (except as otherwise specifically provided herein) and shall be mailed by registered mail or personally delivered or telecopied to Financial Security as follows: 
  
 Financial Security Assurance Inc. 
 350
Park Avenue 
 New York, NY 10022 
 Attention: Managing
Director—Transaction Oversight Department 
 Re: AmeriCredit Automobile Receivables Trust 2002-D 
 Policy No.: 51328-N 
 Telecopy No.: (212) 339-3518 
 Confirmation: (212) 826-0100 
 

 4 

 Financial Security may specify a different address or addresses by writing mailed or delivered to the Trust Collateral
Agent. 
  
 8.    Priorities.    In the event that any term or
provision of the face of this Policy is inconsistent with the provisions of this Endorsement, the provisions of this Endorsement shall take precedence and shall be binding. 
  
 9.    Exclusions From Insurance Guaranty Funds.    This Policy is not covered by the Property/Casualty Insurance Security
Fund specified in Article 76 of the New York Insurance Law. This Policy is not covered by the Florida Insurance Guaranty Association created under Part II of Chapter 631 of the Florida Insurance Code. In the event that Financial Security were to
become insolvent, any claims arising under this Policy are excluded from coverage by the California Insurance Guaranty Association, established pursuant to Article 14.2 of Chapter 1 of Part 2 of Division 1 of the California Insurance Code.

  
 10.    Surrender of Policy.    The Trust Collateral Agent shall
surrender this Policy to Financial Security for cancellation upon expiration of the Term Of This Policy. 
  
 IN
WITNESS WHEREOF, FINANCIAL SECURITY ASSURANCE INC. has caused this Endorsement No. 1 to be executed by its Authorized Officer. 
  
 
	 FINANCIAL SECURITY ASSURANCE INC.
 
	 
	 By:
 	 	 /s/ [Authorized Officer]
 

	  	 	 Authorized Officer
 

 
 

 5 

  
 
	 Policy No.: 51318-N
 	 	 Date of Issuance: August 21, 2002
 

 
  
 EXHIBIT A 
 To Endorsement No. 1 
  
 NOTICE OF CLAIM AND CERTIFICATE 

 
 (Letterhead of Trust Collateral Agent) 
  
 Financial Security Assurance Inc. 
 350 Park Avenue 
 New York, NY 10022 

 
 Re:    AmeriCredit Automobile Receivables Trust 2002-D 
  
 The undersigned, a duly authorized officer of JPMorgan Chase Bank (the “Trust Collateral Agent”), hereby certifies to Financial
Security Assurance Inc. (“Financial Security”), with reference to Financial Guaranty Insurance Policy No. 51328-N dated September 12, 2002 (the “Policy”) issued by Financial Security in respect of the $111,000,000 Class A-1
1.755% Asset Backed Notes, $153,000,000 Class A-2 2.04% Asset Backed Notes, $194,000,000 Class A-3 2.72% Asset Backed Notes and $142,000,000 Class A-4 3.40% Asset Backed Notes of the above-referenced Trust (the “Obligations”), that:

  
 (i)    The Trust Collateral Agent is the Trust Collateral Agent for the Holders under the
Indenture. 
  
 (ii)    The sum of all amounts on deposit (or scheduled to be on deposit) in the
Note Distribution Account and available for distribution to the Holders pursuant to the Indenture will be $              (the “Shortfall”) less than the aggregate amount of
Scheduled Payments due on             . 
  
 (iii)    The Trust Collateral Agent is making a claim under the Policy for the Shortfall to be applied to the payment of Scheduled Payments. 
  
 (iv)    The Trust Collateral Agent agrees that, following receipt of funds from Financial Security, it shall (a) hold such amounts in trust and apply
the same directly to the payment of Scheduled Payments on the Obligations when due; (b) not apply such funds for any other purpose; (c) not commingle such funds with other funds held by the Trust Collateral Agent and (d) maintain an accurate record
of such payments with respect to each Obligation and the corresponding claim on the Policy and proceeds thereof, and, if the Obligation is required to be surrendered or presented for such payment, shall stamp on each such Obligation the legend
“$[insert applicable amount] paid by Financial Security and the balance hereof has been cancelled and reissued” and then shall deliver such Obligation to Financial Security. 
  
 (v)    The Trust Collateral Agent, on behalf of the Holders, hereby assigns to Financial Security the rights of the Holders with respect to the
Obligations to the extent of any payments under the Policy, including, without limitation, any amounts due to the Holders in respect of 
 

 A-1 

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

(vii)    Payment should be made by wire transfer directed to [SPECIFY ACCOUNT]. 
  
 Unless the context otherwise requires, capitalized terms used in this Notice of Claim and Certificate and not defined herein shall have the meanings provided in the Policy.

 

 A-2 

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

	 
	 Title:
 	 	  
 

	  	 	  

 
  
 
 
 For Financial Security or Fiscal Agent Use Only 
  
 Wire transfer sent on
                     By             
 Confirmation Number                     . 
 

 A-3Prepared by R.R. Donnelley Financial -- PURCHASE AGREEMENT

 Exhibit 10.1 
  
 Execution Copy 
  
 PURCHASE AGREEMENT 
  

between 
  
 AFS FUNDING TRUST

 Purchaser 
  
 and

  
 AMERICREDIT FINANCIAL SERVICES, INC. 
 Seller 
  
 Dated as of September 5, 2002 

 TABLE OF CONTENTS 
  
 
	  	  	  	  	 Page
 

	 ARTICLE I. DEFINITIONS
 	  	 1
 
	 
	 SECTION 1.1
 	  	 General
 	  	 1
 
	 SECTION 1.2
 	  	 Specific Terms
 	  	 1
 
	 SECTION 1.3
 	  	 Usage of Terms
 	  	 2
 
	 SECTION 1.4
 	  	 [Reserved]
 	  	 2
 
	 SECTION 1.5
 	  	 No Recourse
 	  	 2
 
	 SECTION 1.6
 	  	 Action by or Consent of Noteholders and Certificateholder
 	  	 3
 
	 SECTION 1.7
 	  	 Material Adverse Effect
 	  	 3
 
	 
	 ARTICLE II. CONVEYANCE OF THE RECEIVABLES AND THE OTHER CONVEYED PROPERTY
 	  	 3
 
	 
	 SECTION 2.1
 	  	 Conveyance of the Receivables and the Other Conveyed Property
 	  	 3
 
	 SECTION 2.2
 	  	 [Reserved]
 	  	 4
 
	 
	 ARTICLE III. REPRESENTATIONS AND WARRANTIES
 	  	 4
 
	 
	 SECTION 3.1
 	  	 Representations and Warranties of Seller
 	  	 4
 
	 SECTION 3.2
 	  	 Representations and Warranties of Purchaser
 	  	 5
 
	 
	 ARTICLE IV. COVENANTS OF SELLER
 	  	 7
 
	 
	 SECTION 4.1
 	  	 Protection of Title of Purchaser
 	  	 7
 
	 SECTION 4.2
 	  	 Other Liens or Interests
 	  	 9
 
	 SECTION 4.3
 	  	 Costs and Expenses
 	  	 9
 
	 SECTION 4.4
 	  	 Indemnification.
 	  	 9
 
	 
	 ARTICLE V. REPURCHASES
 	  	 11
 
	 
	 SECTION 5.1
 	  	 Repurchase of Receivables Upon Breach of Warranty
 	  	 11
 
	 SECTION 5.2
 	  	 Reassignment of Purchased Receivables
 	  	 12
 
	 SECTION 5.3
 	  	 Waivers
 	  	 12
 
	 
	 ARTICLE VI. MISCELLANEOUS
 	  	 12
 
	 
	 SECTION 6.1
 	  	 Liability of Seller
 	  	 12
 
	 SECTION 6.2
 	  	 Merger or Consolidation of Seller or Purchaser
 	  	 12
 
	 SECTION 6.3
 	  	 Limitation on Liability of Seller and Others
 	  	 13
 
	 SECTION 6.4
 	  	 Seller May Own Notes or the Certificate
 	  	 13
 
	 SECTION 6.5
 	  	 Amendment.
 	  	 13
 
	 SECTION 6.6
 	  	 Notices
 	  	 14
 
	 SECTION 6.7
 	  	 Merger and Integration
 	  	 14
 
	 SECTION 6.8
 	  	 Severability of Provisions
 	  	 15
 
	 SECTION 6.9
 	  	 Intention of the Parties
 	  	 15
 
	 SECTION 6.10
 	  	 Governing Law
 	  	 16
 
	 SECTION 6.11
 	  	 Counterparts
 	  	 16
 
	 SECTION 6.12
 	  	 Conveyance of the Receivables and the Other Conveyed Property to the Issuer
 	  	 16
 
	 SECTION 6.13
 	  	 Nonpetition Covenant
 	  	 16
 

 
 

 i 

  
 SCHEDULES 
  
 Schedule A — Schedule of Receivables 
 Schedule B — Representations
and Warranties from AFS as to the Receivables 
 

 ii 

 PURCHASE AGREEMENT 
  
 THIS PURCHASE AGREEMENT, dated as of September 5, 2002, executed among AFS Funding Trust, a Delaware statutory trust, as purchaser (“Purchaser”) and AmeriCredit Financial Services,
Inc., a Delaware corporation, as Seller (“Seller”). 
  
 W I T N E S S E T H : 

 
 WHEREAS, Purchaser has agreed to purchase from the Seller, and the Seller, pursuant to this Agreement, is transferring to
Purchaser the Receivables and Other Conveyed Property. 
  
 NOW, THEREFORE, in consideration of the premises and the
mutual agreements hereinafter contained, and for other good and valuable consideration, the receipt of which is acknowledged, Purchaser and the Seller, intending to be legally bound, hereby agree as follows: 
  
 ARTICLE I. 
  
 DEFINITIONS 
  
 SECTION 1.1    General.    The
specific terms defined in this Article include the plural as well as the singular. The words “herein,” “hereof” and “hereunder” and other words of similar import refer to this Agreement as a whole and not to any
particular Article, Section or other subdivision, and Article, Section, Schedule and Exhibit references, unless otherwise specified, refer to Articles and Sections of and Schedules and Exhibits to this Agreement. Capitalized terms used herein
without definition shall have the respective meanings assigned to such terms in the Sale and Servicing Agreement dated as of September 5, 2002, by and among AFS Funding Trust (as Seller), AmeriCredit Financial Services, Inc. (in its individual
capacity and as Servicer), AmeriCredit Automobile Receivables Trust 2002-D (as Issuer) and JPMorgan Chase Bank, as Backup Servicer and Trust Collateral Agent. 
  
 SECTION 1.2    Specific Terms.    Whenever used in this Agreement, the following words and phrases, unless the context otherwise requires, shall have the
following meanings: 
  
 “Agreement” shall mean this Purchase Agreement and all amendments hereof and
supplements hereto. 
  
 “Closing Date” means September 12, 2002. 
  
 “Issuer” means AmeriCredit Automobile Receivables Trust 2002-D. 
  

“Other Conveyed Property” means all property conveyed by the Purchaser to the Trust pursuant to Sections 2.1(b),(c),(d),(e),(f) and (h) of the Sale
and Servicing Agreement. 
  
 “Owner Trustee” means Deutsche Bank Trust Company Delaware, as Owner
Trustee appointed and acting pursuant to the Trust Agreement. 

  
 “Receivables” means the Receivables listed on the Schedules of
Receivables attached hereto. 
  
 “Related Documents” means, the Notes, the Certificate, the
Custodian Agreement, the Sale and Servicing Agreement, the Indenture, the Trust Agreement, the Policy, the Spread Account Agreement, the Spread Account Agreement Supplement, the Insurance Agreement, the Lockbox Agreement and the Underwriting
Agreement. The Related Documents to be executed by any party are referred to herein as “such party’s Related Documents,” “its Related Documents” or by a similar expression. 
  
 “Repurchase Event” means the occurrence of a breach of any of the Seller’s representations and warranties hereunder
or any other event which requires the repurchase of a Receivable by the Seller under the Sale and Servicing Agreement. 
  
 “Sale and Servicing Agreement” means the Sale and Servicing Agreement referred to in Section 1.1 hereof. 
  
 “Schedule of Representations” means the Schedule of Representations and Warranties attached hereto as Schedule B. 
  
 “Schedules of Receivables” means the schedule of Receivables sold and transferred pursuant to this Agreement which is attached hereto as Schedule A. 
  
 “Trust Collateral Agent” means JPMorgan Chase Bank, as trust collateral agent and any successor trust collateral agent
appointed and acting pursuant to the Sale and Servicing Agreement. 
  
 “Trustee” means JPMorgan
Chase Bank, as trustee and any successor Trustee appointed and acting pursuant to the Indenture. 
  
 SECTION
1.3    Usage of Terms.    With respect to all terms used in this Agreement, the singular includes the plural and the plural the singular; words importing any gender include the other gender; references
to “writing” include printing, typing, lithography, and other means of reproducing words in a visible form; references to agreements and other contractual instruments include all subsequent amendments thereto or changes therein entered
into in accordance with their respective terms and not prohibited by this Agreement or the Sale and Servicing Agreement; references to Persons include their permitted successors and assigns; and the terms “include” or “including”
mean “include without limitation” or “including without limitation.” 
  
 SECTION
1.4    [Reserved] 
  
 SECTION 1.5    No
Recourse.    Without limiting the obligations of Seller hereunder, no recourse may be taken, directly or indirectly, under this Agreement or any certificate or other writing delivered in connection herewith or therewith,
against any stockholder, officer or director, as such, of Seller, or of any predecessor or successor of Seller. 
 

 2 

 SECTION 1.6    Action by or Consent of Noteholders and
Certificateholder.    Whenever any provision of this Agreement refers to action to be taken, or consented to, by Noteholders or the Certificateholder, such provision shall be deemed to refer to the Certificateholder or
Noteholder, as the case may be, of record as of the Record Date immediately preceding the date on which such action is to be taken, or consent given, by Noteholders or the Certificateholder. Solely for the purposes of any action to be taken, or
consented to, by Noteholders or the Certificateholder, any Note or Certificate registered in the name of the Seller or any Affiliate thereof shall be deemed not to be outstanding; provided, however, that, solely for the purpose of determining
whether the Trustee or the Trust Collateral Agent is entitled to rely upon any such action or consent, only Notes or Certificates which the Owner Trustee, the Trustee or the Trust Collateral Agent, respectively, knows to be so owned shall be so
disregarded. 
  
 SECTION 1.7    Material Adverse Effect.    Whenever a
determination is to be made under this Agreement as to whether a given event, action, course of conduct or set of facts or circumstances could or would have a material adverse effect on the Noteholders (or any similar or analogous determination),
such determination shall be made without taking into account the funds available from claims under the Note Policy. 
  
 ARTICLE II. 
  
 CONVEYANCE OF THE RECEIVABLES 
 AND THE OTHER CONVEYED PROPERTY 
  
 SECTION
2.1    Conveyance of the Receivables and the Other Conveyed Property. 
  
 (a)    Subject to the terms and conditions of this Agreement, Seller hereby sells, transfers, assigns, and otherwise conveys to Purchaser without recourse (but without limitation of its obligations in this
Agreement), and Purchaser hereby purchases, all right, title and interest of Seller in and to the Receivables and the Other Conveyed Property. It is the intention of Seller and Purchaser that the transfer and assignment contemplated by this
Agreement shall constitute a sale of the Receivables and the Other Conveyed Property from Seller to Purchaser, conveying good title thereto free and clear of any liens, and the beneficial interest in and title to the Receivables and the Other
Conveyed Property shall not be part of Seller’s estate in the event of the filing of a bankruptcy petition by or against Seller under any bankruptcy or similar law. 
  
 (b)    Simultaneously with the conveyance of the Receivables and the Other Conveyed Property to Purchaser, Purchaser has paid or caused
to be paid to or upon the order of Seller an amount equal to the book value of the Receivables sold by Seller, as set forth on the books and records of Seller, by wire transfer of immediately available funds and the remainder as a contribution to
the capital of the Purchaser (a wholly-owned subsidiary of Seller). 
 

 3 

 SECTION 2.2    [Reserved] 
  
 ARTICLE III. 
  
 REPRESENTATIONS AND
WARRANTIES 
  
 SECTION 3.1    Representations and Warranties of
Seller.    Seller makes the following representations and warranties as of the date hereof, on which Purchaser relies in purchasing the Receivables and the Other Conveyed Property and in transferring the Receivables and the
Other Conveyed Property to the Issuer under the Sale and Servicing Agreement and on which the Insurer will rely in issuing the Policies. Such representations are made as of the execution and delivery of this Agreement, but shall survive the sale,
transfer and assignment of the Receivables and the Other Conveyed Property hereunder, and the sale, transfer and assignment thereof by Purchaser to the Issuer under the Sale and Servicing Agreement. Seller and Purchaser agree that Purchaser will
assign to Issuer all Purchaser’s rights under this Agreement and that the Trustee will thereafter be entitled to enforce this Agreement against Seller in the Trustee’s own name on behalf of the Noteholders. 
  
 (a)    Schedule of Representations.    The representations and warranties
set forth on the Schedule of Representations with respect to the Receivables as of the date hereof, are true and correct. 
  
 (b)    Organization and Good Standing.    Seller has been duly organized and is validly existing as a corporation in good standing under the laws of the State of Delaware, with
power and authority to own its properties and to conduct its business as such properties are currently owned and such business is currently conducted, and had at all relevant times, and now has, power, authority and legal right to acquire, own and
sell the Receivables and the Other Conveyed Property to be transferred to Purchaser. 
  
 (c)    Due Qualification.    Seller is duly qualified to do business as a foreign corporation in good standing, and has obtained all necessary licenses and approvals in all jurisdictions
in which the ownership or lease of its property or the conduct of its business requires such qualification. 
  
 (d)    Power and Authority.    Seller has the power and authority to execute and deliver this Agreement and its Related Documents and to carry out its terms and their terms,
respectively; Seller has full power and authority to sell and assign the Receivables and the Other Conveyed Property to be sold and assigned to and deposited with Purchaser hereunder and has duly authorized such sale and assignment to Purchaser by
all necessary corporate action; and the execution, delivery and performance of this Agreement and Seller’s Related Documents have been duly authorized by Seller by all necessary corporate action. 
  
 (e)    Valid Sale; Binding Obligations.    This Agreement and Seller’s
Related Documents have been duly executed and delivered, shall effect a valid sale, transfer and assignment of the Receivables and the Other Conveyed Property to the Purchaser, enforceable against Seller and creditors of and purchasers from Seller;
and this 
 

 4 

 
Agreement and Seller’s Related Documents constitute legal, valid and binding obligations of Seller enforceable in accordance with their respective terms, except as enforceability may be
limited by bankruptcy, insolvency, reorganization or other similar laws affecting the enforcement of creditors’ rights generally and by equitable limitations on the availability of specific remedies, regardless of whether such enforceability is
considered in a proceeding in equity or at law. 
  
 (f)    No
Violation.    The consummation of the transactions contemplated by this Agreement and the Related Documents, and the fulfillment of the terms of this Agreement and the Related Documents, shall not conflict with, result in any
breach of any of the terms and provisions of, or constitute (with or without notice, lapse of time or both) a default under, the articles of incorporation or bylaws of Seller, or any indenture, agreement, mortgage, deed of trust or other instrument
to which Seller is a party or by which it is bound, or result in the creation or imposition of any Lien upon any of its properties pursuant to the terms of any such indenture, agreement, mortgage, deed of trust or other instrument, other than this
Agreement, the Spread Account Agreement, the Sale and Servicing Agreement and the Indenture, or violate any law, order, rule or regulation applicable to Seller of any court or of any federal or state regulatory body, administrative agency or other
governmental instrumentality having jurisdiction over Seller or any of its properties. 
  
 (g)    No Proceedings.    There are no proceedings or investigations pending or, to Seller’s knowledge, threatened against Seller, before any court, regulatory body, administrative
agency or other tribunal or governmental instrumentality having jurisdiction over Seller or its properties (i) asserting the invalidity of this Agreement or any of the Related Documents, (ii) seeking to prevent the issuance of the Notes or the
consummation of any of the transactions contemplated by this Agreement or any of the Related Documents, (iii) seeking any determination or ruling that might materially and adversely affect the performance by Seller of its obligations under, or the
validity or enforceability of, this Agreement or any of the Related Documents or (iv) seeking to affect adversely the federal income tax or other federal, state or local tax attributes of, or seeking to impose any excise, franchise, transfer or
similar tax upon, the transfer and acquisition of the Receivables and the Other Conveyed Property hereunder or under the Sale and Servicing Agreement. 
  
 (h)    True Sale.    The Receivables are being transferred with the intention of removing them from
Seller’s estate pursuant to Section 541 of the Bankruptcy Code, as the same may be amended from time to time. 
  
 (i)    Chief Executive Office.    The chief executive office of Seller is located at 801 Cherry Street, Suite 3900, Fort Worth, Texas 76102. 
  
 SECTION 3.2    Representations and Warranties of Purchaser.    Purchaser makes the
following representations and warranties, on which Seller relies in selling, assigning, transferring and conveying the Receivables and the Other Conveyed Property to Purchaser hereunder. Such representations are made as of the execution and delivery
of this Agreement, but shall survive the sale, transfer and assignment of the Receivables and the Other Conveyed 
 

 5 

 
Property hereunder and the sale, transfer and assignment thereof by Purchaser to the Issuer under the Sale and Servicing Agreement. 
  
 (a)    Organization and Good Standing.    Purchaser has been duly organized and is validly existing and in
good standing as a statutory trust under the laws of the State of Delaware, with the power and authority to own its properties and to conduct its business as such properties are currently owned and such business is currently conducted, and had at
all relevant times, and has, full power, authority and legal right to acquire and own the Receivables and the Other Conveyed Property, and to transfer the Receivables and the Other Conveyed Property to the Issuer pursuant to the Sale and Servicing
Agreement. 
  
 (b)    Due Qualification.    Purchaser
is duly qualified to do business, is in good standing, and has obtained all necessary licenses and approvals in all jurisdictions where the failure to do so would materially and adversely affect Purchaser’s ability to acquire the Receivables or
the Other Conveyed Property, and to transfer the Receivables and the Other Conveyed Property to the Issuer pursuant to the Sale and Servicing Agreement, or the validity or enforceability of the Receivables and the Other Conveyed Property or to
perform Purchaser’s obligations hereunder and under the Purchaser’s Related Documents. 
  
 (c)    Power and Authority.    Purchaser has the power, authority and legal right to execute and deliver this Agreement and to carry out the terms hereof and to acquire the Receivables
and the Other Conveyed Property hereunder; and the execution, delivery and performance of this Agreement and all of the documents required pursuant hereto have been duly authorized by Purchaser by all necessary action. 
  
 (d)    No Consent Required.    Purchaser is not required to obtain the
consent of any other Person, or any consent, license, approval or authorization or registration or declaration with, any governmental authority, bureau or agency in connection with the execution, delivery or performance of this Agreement and the
Related Documents, except for such as have been obtained, effected or made. 
  
 (e)    Binding Obligation.    This Agreement constitutes a legal, valid and binding obligation of Purchaser, enforceable against Purchaser in accordance with its terms, subject, as to
enforceability, to applicable bankruptcy, insolvency, reorganization, conservatorship, receivership, liquidation and other similar laws and to general equitable principles. 
  
 (f)    No Violation.    The execution, delivery and performance by Purchaser of this Agreement, the
consummation of the transactions contemplated by this Agreement and the Related Documents and the fulfillment of the terms of this Agreement and the Related Documents do not and will not conflict with, result in any breach of any of the terms and
provisions of, or constitute (with or without notice or lapse of time) a default under, the trust agreement of Purchaser, or conflict with or breach any of the terms or provisions of, or constitute (with or without notice or lapse of time) a default
under, any indenture, agreement, mortgage, deed of trust or other instrument to which Purchaser is a party or by which Purchaser is bound or to which any of its properties are subject, or result in the creation or imposition of any Lien upon any of
its properties pursuant to the 
 

 6 

 
terms of any such indenture, agreement, mortgage, deed of trust or other instrument (other than the Sale and Servicing Agreement and the Spread Account Agreement), or violate any law, order, rule
or regulation, applicable to Purchaser or its properties, of any federal or state regulatory body, any court, administrative agency, or other governmental instrumentality having jurisdiction over Purchaser or any of its properties. 

 
 (g)    No Proceedings.    There are no proceedings or
investigations pending, or, to the knowledge of Purchaser, threatened against Purchaser, before any court, regulatory body, administrative agency, or other tribunal or governmental instrumentality having jurisdiction over Purchaser or its
properties: (i) asserting the invalidity of this Agreement or any of the Related Documents, (ii) seeking to prevent the consummation of any of the transactions contemplated by this Agreement or any of the Related Documents, (iii) seeking any
determination or ruling that might materially and adversely affect the performance by Purchaser of its obligations under, or the validity or enforceability of, this Agreement or any of the Related Documents or (iv) that may adversely affect the
federal or state income tax attributes of, or seeking to impose any excise, franchise, transfer or similar tax upon, the transfer and acquisition of the Receivables and the Other Conveyed Property hereunder or the transfer of the Receivables and the
Other Conveyed Property to the Issuer pursuant to the Sale and Servicing Agreement. 
  
 In the event of any breach of
a representation and warranty made by Purchaser hereunder, Seller covenants and agrees that it will not take any action to pursue any remedy that it may have hereunder, in law, in equity or otherwise, until a year and a day have passed since the
date on which all Notes, Certificates, pass-through certificates or other similar securities issued by Purchaser, or a trust or similar vehicle formed by Purchaser, have been paid in full. Seller and Purchaser agree that damages will not be an
adequate remedy for such breach and that this covenant may be specifically enforced by Purchaser, Issuer or by the Trustee on behalf of the Noteholders and Owner Trustee on behalf of the Certificateholder. 
  
 ARTICLE IV. 
  
 COVENANTS OF SELLER 
  
 SECTION 4.1    Protection of Title of
Purchaser. 
  
 (a)    At or prior to the Closing Date, Seller shall have
filed or caused to be filed a UCC-1 financing statement, naming Seller as seller or debtor, naming Purchaser as purchaser or secured party and describing the Receivables and the Other Conveyed Property being sold by it to Purchaser as collateral,
with the office of the Secretary of State of the State of Delaware and in such other locations as Purchaser shall have required. From time to time thereafter, Seller shall execute and file such financing statements and cause to be executed and filed
such continuation statements, all in such manner and in such places as may be required by law fully to preserve, maintain and protect the interest of Purchaser under this Agreement, of the Issuer under the Sale and Servicing Agreement and of the
Trust Collateral Agent under the Indenture in the Receivables and the Other Conveyed Property and in the proceeds thereof. Seller shall deliver (or cause to be delivered) to Purchaser, the Trust Collateral Agent and the Insurer 
 

 7 

 
file-stamped copies of, or filing receipts for, any document filed as provided above, as soon as available following such filing. In the event that Seller fails to perform its obligations under
this subsection, Purchaser, Issuer or the Trust Collateral Agent may do so, at the expense of such Seller. In furtherance of the foregoing, the Seller hereby authorizes the Purchaser, the Issuer or the Trust Collateral Agent to file a record or
records (as defined in the applicable UCC), including, without limitation, financing statements, in all jurisdictions and with all filing offices as each may determine, in its sole discretion, are necessary or advisable to perfect the security
interest granted to the Purchaser pursuant to Section 6.9 of this Agreement. Such financing statements may describe the collateral in the same manner as described herein or may contain an indication or description of collateral that describes such
property in any other manner as such party may determine, in its sole discretion, is necessary, advisable or prudent to ensure the perfection of the security interest in the collateral granted to the Purchaser herein. 
  
 (b)    Seller shall not change its name, identity, state of incorporation or corporate structure in
any manner that would, could or might make any financing statement or continuation statement filed by Seller (or by Purchaser, Issuer or the Trust Collateral Agent on behalf of Seller) in accordance with paragraph (a) above seriously misleading
within the meaning of §9-506 of the applicable UCC, unless they shall have given Purchaser, Issuer and the Trust Collateral Agent at least 60 days’ prior written notice thereof, and shall promptly file appropriate amendments to all
previously filed financing statements and continuation statements. 
  
 (c)    Seller shall give Purchaser, the Issuer, the Insurer (so long as an Insurer Default shall not have occurred and be continuing) and the Trust Collateral Agent at least 60 days’ prior written notice of
any relocation that would result in a change of location of the debtor within the meaning of Section 9-307 of the applicable UCC. Seller shall at all times maintain each office from which it services Receivables and its principal executive office
within the United States of America. 
  
 (d)    Prior to the Closing Date, Seller
has maintained accounts and records as to each Receivable accurately and in sufficient detail to permit (i) the reader thereof to know at any time as of or prior to the Closing Date, the status of such Receivable, including payments and recoveries
made and payments owing (and the nature of each) and (ii) reconciliation between payments or recoveries on (or with respect to) each Receivable and the Principal Balance as of the Closing Date. Seller shall maintain its computer systems so that,
from and after the time of sale under this Agreement of the Receivables to Purchaser, and the conveyance of the Receivables by Purchaser to the Issuer, Seller’s master computer records (including archives) that shall refer to a Receivable
indicate clearly that such Receivable has been sold to Purchaser and has been conveyed by Purchaser to the Issuer. Indication of the Issuer’s ownership of a Receivable shall be deleted from or modified on Seller’s computer systems when,
and only when, the Receivable shall become a Purchased Receivable or shall have been paid in full. 
  
 (e)    If at any time Seller shall propose to sell, grant a security interest in, or otherwise transfer any interest in any motor vehicle receivables to any prospective 
 

 8 

 
purchaser, lender or other transferee, Seller shall give to such prospective purchaser, lender, or other transferee computer tapes, records, or print-outs (including any restored from archives)
that, if they shall refer in any manner whatsoever to any Receivable (other than a Purchased Receivable), shall indicate clearly that such Receivable has been sold to Purchaser, sold by Purchaser to Issuer, and is owned by the Issuer. 

 
 SECTION 4.2    Other Liens or Interests.    Except for the conveyances
hereunder, Seller will not sell, pledge, assign or transfer to any other Person, or grant, create, incur, assume or suffer to exist any Lien on the Receivables or the Other Conveyed Property or any interest therein, and Seller shall defend the
right, title, and interest of Purchaser and the Issuer in and to the Receivables and the Other Conveyed Property against all claims of third parties claiming through or under Seller. 
  
 SECTION 4.3    Costs and Expenses.    Seller shall pay all reasonable costs and disbursements in connection with the
performance of its obligations hereunder and under its Related Documents. 
  
 SECTION
4.4    Indemnification. 
  
 (a)    Seller shall
defend, indemnify and hold harmless Purchaser, the Issuer, the Trust Collateral Agent, the Trustee, the Backup Servicer, the Owner Trustee, the Noteholders and the Certificateholder from and against any and all costs, expenses, losses, damages,
claims, and liabilities, arising out of or resulting from any breach of any of Seller’s representations and warranties contained herein. 
  
 (b)    Seller shall defend, indemnify and hold harmless Purchaser, the Issuer, the Trust Collateral Agent, the Trustee, the Backup Servicer, the Owner Trustee, the Noteholders and
the Certificateholder from and against any and all costs, expenses, losses, damages, claims, and liabilities, arising out of or resulting from the use, ownership or operation by Seller or any affiliate thereof of a Financed Vehicle. 

 
 (c)    Seller shall defend, indemnify and hold harmless Purchaser, the Issuer, the Trust
Collateral Agent, the Trustee, the Backup Servicer, the Owner Trustee, the Noteholders and the Certificateholder from and against any and all costs, expenses, losses, damages, claims and liabilities arising out of or resulting from any action taken,
or failed to be taken, by it in respect of any portion of the Receivables other than in accordance with this Agreement or the Sale and Servicing Agreement. 
  
 (d)    Seller agrees to pay, and shall defend, indemnify and hold harmless Purchaser, the Issuer, the Trust Collateral Agent, the
Trustee, the Backup Servicer, the Owner Trustee, the Noteholders and the Certificateholder from and against any taxes that may at any time be asserted against Purchaser, the Issuer, the Trust Collateral Agent, the Trustee, the Backup Servicer, the
Owner Trustee, the Noteholders and the Certificateholder with respect to the transactions contemplated in this Agreement, including, without limitation, any sales, gross receipts, general corporation, tangible or intangible personal property,
privilege, or license taxes (but not including any taxes asserted with respect to, and as of the date of, the sale, transfer and assignment of the 
 

 9 

 
Receivables and the Other Conveyed Property to Purchaser and by Purchaser to the Issuer or the issuance and original sale of the Notes or issuance of the Certificate, or asserted with respect to
ownership of the Receivables and Other Conveyed Property which shall be indemnified by Seller pursuant to clause (e) below, or federal, state or other income taxes, arising out of distributions on the Notes or the Certificate or transfer taxes
arising in connection with the transfer of the Notes or the Certificate) and costs and expenses in defending against the same, arising by reason of the acts to be performed by Seller under this Agreement or imposed against such Persons.

  
 (e)    Seller agrees to pay, and to indemnify, defend and hold harmless
Purchaser, the Issuer, the Trust Collateral Agent, the Trustee, the Backup Servicer, the Owner Trustee, the Noteholders and the Certificateholder from, any taxes which may at any time be asserted against such Persons with respect to, and as of the
date of, the conveyance or ownership of the Receivables or the Other Conveyed Property hereunder and the conveyance or ownership of the Receivables under the Sale and Servicing Agreement or the issuance and original sale of the Notes or the issuance
of the Certificate, including, without limitation, any sales, gross receipts, personal property, tangible or intangible personal property, privilege or license taxes (but not including any federal or other income taxes, including franchise taxes,
arising out of the transactions contemplated hereby or transfer taxes arising in connection with the transfer of the Notes or the Certificate) and costs and expenses in defending against the same, arising by reason of the acts to be performed by
Seller under this Agreement or imposed against such Persons. 
  
 (f)    Seller
shall defend, indemnify, and hold harmless Purchaser, the Issuer, the Trust Collateral Agent, the Trustee, the Backup Servicer, the Owner Trustee, the Noteholders and the Certificateholder from and against any and all costs, expenses, losses,
claims, damages, and liabilities to the extent that such cost, expense, loss, claim, damage, or liability arose out of, or was imposed upon Purchaser, the Issuer, the Trust Collateral Agent, the Trustee, the Backup Servicer, the Owner Trustee, the
Noteholders or the Certificateholder through the negligence, willful misfeasance, or bad faith of Seller in the performance of its duties under this Agreement or by reason of reckless disregard of Seller’s obligations and duties under this
Agreement. 
  
 (g)    Seller shall indemnify, defend and hold harmless Purchaser,
the Issuer, the Trust Collateral Agent, the Trustee, the Backup Servicer, the Owner Trustee, the Noteholders and the Certificateholder from and against any loss, liability or expense incurred by reason of the violation by Seller of federal or state
securities laws in connection with the registration or the sale of the Notes. 
  
 (h)    Seller shall indemnify, defend and hold harmless Purchaser, the Issuer, the Trust Collateral Agent, the Trustee, the Backup Servicer, the Owner Trustee, the Noteholders and the Certificateholder from and
against any loss, liability or expense imposed upon, or incurred by, Purchaser, the Issuer, the Trust Collateral Agent, the Trustee, the Backup Servicer, the Owner Trustee, the Noteholders or the Certificateholder as result of the failure of any
Receivable, or the sale of the related Financed Vehicle, to comply with all requirements of applicable law. 
 

 10 

  
 (i)    Seller shall defend, indemnify, and
hold harmless Purchaser from and against all costs, expenses, losses, claims, damages, and liabilities arising out of or incurred in connection with the acceptance or performance of Seller’s trusts and duties as Servicer under the Sale and
Servicing Agreement, except to the extent that such cost, expense, loss, claim, damage, or liability shall be due to the willful misfeasance, bad faith, or negligence (except for errors in judgment) of Purchaser. 
  
 (j)    Seller shall indemnify the Owner Trustee and its officers, directors, successors, assigns,
agents and servants jointly and severally with the Purchaser pursuant to Section 7.2 of the Trust Agreement. 
  
 Indemnification under this Section 4.4 shall include reasonable fees and expenses of counsel and expenses of litigation and shall survive payment of the Notes and the Certificate. The indemnity obligations hereunder shall be in
addition to any obligation that Seller may otherwise have. 
  
 ARTICLE V. 
  
 REPURCHASES 
  
 SECTION 5.1    Repurchase of Receivables Upon Breach of Warranty.    Upon the occurrence of a Repurchase Event, Seller shall, unless the breach which is the subject of such Repurchase
Event shall have been cured in all material respects, repurchase the Receivable relating thereto from the Issuer and, simultaneously with the repurchase of the Receivable, Seller shall deposit the Purchase Amount in full, without deduction or
offset, to the Collection Account, pursuant to Section 3.2 of the Sale and Servicing Agreement. It is understood and agreed that, except as set forth in Section 6.1 hereof, the obligation of Seller to repurchase any Receivable, as to which a breach
occurred and is continuing, shall, if such obligation is fulfilled, constitute the sole remedy against Seller for such breach available to Purchaser, the Issuer, the Insurer, the Backup Servicer, the Noteholders, the Certificateholder, the Trust
Collateral Agent on behalf of the Noteholders or the Owner Trustee on behalf of the Certificateholder. The provisions of this Section 5.1 are intended to grant the Issuer and the Trust Collateral Agent a direct right against Seller to demand
performance hereunder, and in connection therewith, Seller waives any requirement of prior demand against Purchaser with respect to such repurchase obligation. Any such repurchase shall take place in the manner specified in Section 3.2 of the Sale
and Servicing Agreement. Notwithstanding any other provision of this Agreement or the Sale and Servicing Agreement to the contrary, the obligation of Seller under this Section shall not terminate upon a termination of Seller as Servicer under the
Sale and Servicing Agreement and shall be performed in accordance with the terms hereof notwithstanding the failure of the Servicer or Purchaser to perform any of their respective obligations with respect to such Receivable under the Sale and
Servicing Agreement. 
  
 In addition to the foregoing and notwithstanding whether the related Receivable shall have
been purchased by Seller, Seller shall indemnify the Issuer, the Trust Collateral Agent, the Trustee, the Backup Servicer, the Owner Trustee, the Insurer, the Noteholders and the Certificateholder from and against all costs, expenses, losses,
damages, claims and liabilities, including reasonable fees and expenses of counsel, which may be asserted against or incurred by
 
 

 11 

 
any of them as a result of third party claims arising out of the events or facts giving rise to such Repurchase Events. 
  
 SECTION 5.2    Reassignment of Purchased Receivables.    Upon deposit in the Collection Account of the Purchase Amount of any
Receivable repurchased by Seller under Section 5.1 hereof, Purchaser and the Issuer shall take such steps as may be reasonably requested by Seller in order to assign to Seller all of Purchaser’s and the Issuer’s right, title and interest
in and to such Receivable and all security and documents and all Other Conveyed Property conveyed to Purchaser and the Issuer directly relating thereto, without recourse, representation or warranty, except as to the absence of Liens created by or
arising as a result of actions of Purchaser or the Issuer. Such assignment shall be a sale and assignment outright, and not for security. If, following the reassignment of a Purchased Receivable, in any enforcement suit or legal proceeding, it is
held that Seller may not enforce any such Receivable on the ground that it shall not be a real party in interest or a holder entitled to enforce the Receivable, Purchaser and the Issuer shall, at the expense of Seller, take such steps as Seller
deems reasonably necessary to enforce the Receivable, including bringing suit in Purchaser’s or in the Issuer’s name. 
  
 SECTION 5.3    Waivers.    No failure or delay on the part of Purchaser, or the Issuer as assignee of Purchaser, in exercising any power, right or remedy under this Agreement shall
operate as a waiver thereof, nor shall any single or partial exercise of any such power, right or remedy preclude any other or future exercise thereof or the exercise of any other power, right or remedy. 
  
 ARTICLE VI. 
  
 MISCELLANEOUS 
  
 SECTION 6.1    Liability of
Seller.    Seller shall be liable in accordance herewith only to the extent of the obligations in this Agreement specifically undertaken by Seller and the representations and warranties of Seller. 
  
 SECTION 6.2    Merger or Consolidation of Seller or Purchaser.    Any corporation or other
entity (i) into which Seller or Purchaser may be merged or consolidated, (ii) resulting from any merger or consolidation to which Seller or Purchaser is a party or (iii) succeeding to the business of Seller or Purchaser, in the case of Purchaser,
which corporation has a certificate of incorporation containing provisions relating to limitations on business and other matters substantively identical to those contained in Purchaser’s trust agreement, provided that in any of the foregoing
cases such corporation shall execute an agreement of assumption to perform every obligation of Seller or Purchaser, as the case may be, under this Agreement and, whether or not such assumption agreement is executed, shall be the successor to Seller
or Purchaser, as the case may be, hereunder (without relieving Seller or Purchaser of their responsibilities hereunder, if it survives such merger or consolidation) without the execution or filing of any document or any further action by any of the
parties to this Agreement. Notwithstanding the foregoing, so long as an Insurer Default shall not have occurred and be continuing, Purchaser shall not merge or consolidate with any other Person or permit any other Person to become the successor to
Purchaser’s business without the prior written consent of the Insurer. Seller or Purchaser shall promptly inform the other party, the Issuer, the Trust Collateral Agent, the Owner Trustee and, so long as an Insurer Default shall not have
occurred and be continuing, the
 
 

 12 

 
Insurer of such merger, consolidation or purchase and assumption. Notwithstanding the foregoing, as a condition to the consummation of the transactions referred to in clauses (i), (ii) and (iii)
above, (x) immediately after giving effect to such transaction, no representation or warranty made pursuant to Sections 3.1 and 3.2 of this Agreement shall have been breached (for purposes hereof, such representations and warranties shall speak as
of the date of the consummation of such transaction) and no event that, after notice or lapse of time, or both, would become an event of default under the Insurance Agreement, shall have occurred and be continuing, (y) Seller or Purchaser, as
applicable, shall have delivered written notice of such consolidation, merger or purchase and assumption to the Rating Agencies prior to the consummation of such transaction and shall have delivered to the Issuer and the Trust Collateral Agent an
Officer’s Certificate of the Seller or a certificate signed by or on behalf of the Purchaser, as applicable, and an Opinion of Counsel each stating that such consolidation, merger or succession and such agreement of assumption comply with this
Section 6.2 and that all conditions precedent, if any, provided for in this Agreement relating to such transaction have been complied with, and (z) Seller or Purchaser, as applicable, shall have delivered to the Issuer and the Trust Collateral Agent
an Opinion of Counsel, stating, in the opinion of such counsel, either (A) all financing statements and continuation statements and amendments thereto have been executed and filed that are necessary to preserve and protect the interest of the Issuer
and the Trust Collateral Agent in the Receivables and reciting the details of the filings or (B) no such action shall be necessary to preserve and protect such interest. 
  
 SECTION 6.3    Limitation on Liability of Seller and Others.    Seller and any director, officer, employee or agent thereof
may rely in good faith on the advice of counsel or on any document of any kind prima facie properly executed and submitted by any Person respecting any matters arising under this Agreement. Seller shall not be under any obligation to appear in,
prosecute or defend any legal action that is not incidental to its obligations under this Agreement or its Related Documents and that in its opinion may involve it in any expense or liability. 
  

SECTION 6.4    Seller May Own Notes or the Certificate.    Subject to the provisions of the Sale and Servicing
Agreement, Seller and any Affiliate of Seller may in their individual or any other capacity become the owner or pledgee of Notes or the Certificate with the same rights as they would have if they were not Seller or an Affiliate thereof.

  
 SECTION 6.5    Amendment. 
  
 (a)    This Agreement may be amended by Seller and Purchaser with the prior written consent of the Insurer (so long as an Insurer
Default shall not have occurred and be continuing) but without the consent of the Trust Collateral Agent, the Owner Trustee, the Certificateholder or any of the Noteholders (i) to cure any ambiguity or (ii) to correct any provisions in this
Agreement; provided, however, that such action shall not, as evidenced by an Opinion of Counsel delivered to the Issuer, the Owner Trustee and the Trust Collateral Agent, adversely affect in any material respect the interests of any
Certificateholder or Noteholder. 
  
 (b)    This Agreement may also be amended
from time to time by Seller and Purchaser, with the prior written consent of the Insurer (so long as an Insurer Default shall not have occurred and be continuing) and with the consent of the Trust Collateral
 
 

 13 

 
Agent and, if required, the Certificateholder and the Noteholders, in accordance with the Sale and Servicing Agreement, for the purpose of adding any provisions to or changing in any manner or
eliminating any of the provisions of this Agreement, or of modifying in any manner the rights of the Certificateholder or Noteholders; provided, however, the Seller provides the Trust Collateral Agent with an Opinion of Counsel,
(which may be provided by the Seller’s internal counsel) that no such amendment shall increase or reduce in any manner the amount of, or accelerate or delay the timing of, collections of payments on Receivables or distributions that shall be
required to be made on any Note or Certificate. 
  
 (c)    Prior to the execution
of any such amendment or consent, Seller shall have furnished written notification of the substance of such amendment or consent to each Rating Agency. 
  
 (d)    It shall not be necessary for the consent of Certificateholder or Noteholders pursuant to this Section to approve the particular
form of any proposed amendment or consent, but it shall be sufficient if such consent shall approve the substance thereof. The manner of obtaining such consents and of evidencing the authorization of the execution thereof by Certificateholder or
Noteholders shall be subject to such reasonable requirements as the Trust Collateral Agent may prescribe, including the establishment of record dates. The consent of a Holder of a Certificate or a Note given pursuant to this Section or pursuant to
any other provision of this Agreement shall be conclusive and binding on such Holder and on all future Holders of such Certificate or Note and of any Certificate or Note issued upon the transfer thereof or in exchange thereof or in lieu thereof
whether or not notation of such consent is made upon the Certificate or Note. 
  
 SECTION
6.6    Notices.    All demands, notices and communications to Seller or Purchaser hereunder shall be in writing, personally delivered, or sent by telecopier (subsequently confirmed in writing),
reputable overnight courier or mailed by certified mail, return receipt requested, and shall be deemed to have been given upon receipt (a) in the case of Seller, to AmeriCredit Financial Services, Inc., 801 Cherry Street, Suite 3900, Fort Worth,
Texas 76102, Attention: Chief Financial Officer, or (b) in the case of Purchaser, to AFS Funding Trust, c/o Deutsche Bank Trust Company Delaware, as Owner Trustee, E.A. Delle Donne Corporate Center, Montgomery Building, 1011 Centre Road, Suite 200,
Wilmington Delaware, 19805-1266, Attention: Corporate Trust, with a copy to AFS Funding Trust, c/o AmeriCredit Financial Services, Inc., as Administrator, 801 Cherry Street, Suite 3900, Fort Worth, Texas 76102, Attention: Chief Financial Officer, or
such other address as shall be designated by a party in a written notice delivered to the other party or to the Issuer, Owner Trustee or the Trust Collateral Agent, as applicable. 
  
 SECTION 6.7    Merger and Integration.    Except as specifically stated otherwise herein, this Agreement and Related
Documents set forth the entire understanding of the parties relating to the subject matter hereof, and all prior understandings, written or oral, are superseded by this Agreement and the Related Documents. This Agreement may not be modified,
amended, waived or supplemented except as provided herein. 
 

 14 

  
 SECTION 6.8    Severability of
Provisions.    If any one or more of the covenants, provisions or terms of this Agreement shall be for any reason whatsoever held invalid, then such covenants, provisions or terms shall be deemed severable from the remaining
covenants, provisions or terms of this Agreement and shall in no way affect the validity or enforceability of the other provisions of this Agreement. 
  
 SECTION 6.9    Intention of the Parties. 
  
 (a)    The execution and delivery of this Agreement shall constitute an acknowledgment by Seller and Purchaser that they intend that the assignment and transfer herein contemplated constitute a sale and
assignment outright, and not for security, of the Receivables and the Other Conveyed Property, conveying good title thereto free and clear of any Liens, from Seller to Purchaser, and that the Receivables and the Other Conveyed Property shall not be
a part of Seller’s estates in the event of the bankruptcy, reorganization, arrangement, insolvency or liquidation proceeding, or other proceeding under any federal or state bankruptcy or similar law, or the occurrence of another similar event,
of, or with respect to Seller. In the event that such conveyance is determined to be made as security for a loan made by Purchaser, the Issuer, the Noteholders or the Certificateholder to Seller, the parties intend that Seller shall have granted to
Purchaser a security interest in all of Seller’s right, title and interest in and to (collectively, the “Collateral”): 
  
 (1)    the Receivables and all moneys received thereon after the Cutoff Date, 
  
 (2)    the Other Conveyed Property conveyed to Purchaser by Seller pursuant to this Agreement including (a) an assignment of the
security interests in the Financed Vehicles granted by Obligors pursuant to the Receivables and any other interest of the Seller in such Financed Vehicles, (b) any proceeds and the right to receive any proceeds with respect to the Receivables and
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, (c) any proceeds from any Receivable repurchased by a
Dealer, pursuant to a Dealer Agreement, as a result of a breach of representation or warranty in the related Dealer Agreement, (d) any proceeds from any Receivable 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, (e) all rights under any Service Contracts on the related Financed Vehicles, (f) the related Receivables Files and (g) the
proceeds of any and all of the foregoing, 
  
 (3)    all of the Seller’s (a)
Accounts, (b) Chattel Paper, (c) Documents, (d) Instruments, and (e) General Intangibles (as such terms are defined in the applicable UCC) relating to the property described in items (1) and (2), and 
  
 (4)    all proceeds and investments with respect to items (1), (2), and (3) above. 

 15 

  
 (b)    This Agreement shall constitute a
security agreement under applicable law. 
  
 SECTION 6.10    Governing
Law.    This Agreement shall be construed in accordance with and governed by the law of the State of New York, without giving effect to its conflict of law provisions (other than Sections 5-1401 and 5-1402 of the New York
General Obligations Law). 
  
 Counterparts.    For the purpose of facilitating the execution of this Agreement and for
other purposes, this Agreement may be executed simultaneously in any number of counterparts, each of which counterparts shall be deemed to be an original, and all of which counterparts shall constitute but one and the same instrument. 

 
 SECTION 6.11    Conveyance of the Receivables and the Other Conveyed Property to the
Issuer.    Seller acknowledge that Purchaser intends, pursuant to the Sale and Servicing Agreement, to convey the Receivables and the Other Conveyed Property, together with its rights under this Agreement, to the Issuer on
the date hereof. Seller acknowledges and consents to such conveyance and pledge and waives any further notice thereof and covenants and agrees that the representations and warranties of Seller contained in this Agreement and the rights of Purchaser
hereunder are intended to benefit the Insurer, the Issuer, the Owner Trustee, the Trust Collateral Agent, the Noteholders and the Certificateholder. In furtherance of the foregoing, Seller covenants and agrees to perform its duties and obligations
hereunder, in accordance with the terms hereof for the benefit of the Insurer, the Issuer, the Owner Trustee, the Trust Collateral Agent, the Noteholders and the Certificateholder and that, notwithstanding anything to the contrary in this Agreement,
Seller shall be directly liable to the Issuer, the Owner Trustee, the Trust Collateral Agent, the Noteholders and the Certificateholder (notwithstanding any failure by the Servicer, the Backup Servicer or the Purchaser to perform its respective
duties and obligations hereunder or under Related Documents) and that the Trust Collateral Agent may enforce the duties and obligations of Seller under this Agreement against Seller for the benefit of the Insurer, the Owner Trustee, the Trust
Collateral Agent, the Noteholders and the Certificateholder. 
  
 SECTION 6.12    Nonpetition
Covenant.    Neither Purchaser nor Seller shall petition or otherwise invoke the process of any court or government authority for the purpose of commencing or sustaining a case against the Purchaser or the Issuer under any
federal or state bankruptcy, insolvency or similar law or appointing a receiver, liquidator, assignee, trustee, custodian, sequestrator or other similar official of the Purchaser or the Issuer or any substantial part of their respective property, or
ordering the winding up or liquidation of the affairs of the Purchaser or the Issuer. 
 

 16 

  
 IN WITNESS WHEREOF, the parties have caused this Purchase Agreement to be duly
executed by their respective officers as of the day and year first above written. 
  
 AFS FUNDING
TRUST, as Purchaser, 
  
 
	  
	 
	 By:
 	 	 AMERICREDIT FINANCIAL SERVICES, INC., as Administrator         
 

 
  
 
	  
	 
	 By:
 	 	 /s/    JULIE BORGE        

	  	 	 Name: Julie Borge
 Title: Vice President, Structured Finance
 

 
  
 
	 AMERICREDIT FINANCIAL SERVICES, INC., as Seller
 
	 
	 By:
 	 	 /s/    PRESTON A.
MILLER        
 

	  	 	 Name: Preston A. Miller
 Title: Executive Vice President and Treasurer
 

 
  
 Accepted: 
  
  
 
	 JPMORGAN CHASE BANK, as Trustee and Trust Collateral Agent
 
	 
	 By:
 	 	 /s/    RYAN BIASI        

	  	 	 Name: Ryan Biasi
 Title: Trust Officer
 

 
  
 [Purchase Agreement] 

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

  
 SCHEDULE B 
  
 REPRESENTATIONS AND WARRANTIES OF 
  
 AMERICREDIT FINANCIAL SERVICES, INC. (“AMERICREDIT”) 
  
 1.    Characteristics of Receivables.    Each Receivable (A) was originated (i) by AmeriCredit, (ii) by a Dealer and purchased by AmeriCredit from such Dealer under an existing
Dealer Agreement or pursuant to a Dealer Assignment with AmeriCredit and was validly assigned by such Dealer to AmeriCredit pursuant to a Dealer Assignment or (iii) by a Third-Party Lender and purchased by AmeriCredit from such Third-Party Lender
under an existing Auto Loan Purchase and Sale Agreement or pursuant to a Third-Party Lender Assignment with AmeriCredit and was validly assigned by such Third-Party Lender to AmeriCredit pursuant to a Third-Party Lender Assignment (B) was originated
by AmeriCredit, such Dealer or such Third-Party Lender for the retail sale of a Financed Vehicle in the ordinary course of AmeriCredit’s, the Dealer’s or the Third-Party Lender’s business, in each case was originated in accordance
with AmeriCredit’s credit policies and was fully and properly executed by the parties thereto, and AmeriCredit, each Dealer and each Third-Party Lender had all necessary licenses and permits to originate Receivables in the state where
AmeriCredit, each such Dealer or each such Third-Party Lender was located, (C) contains customary and enforceable provisions such as to render the rights and remedies of the holder thereof adequate for realization against the collateral security,
(D) is a Receivable which provides for level monthly payments (provided that the period in the first Collection Period and the payment in the final Collection Period of the Receivable may be minimally different from the normal period and level
payment) which, if made when due, shall fully amortize the Amount Financed over the original term and (E) has not been amended or collections with respect to which waived, other than as evidenced in the Receivable File relating thereto.

  
 2.    No Fraud or Misrepresentation.    Each Receivable was
originated (i) by AmeriCredit, (ii) by a Dealer and was sold by the Dealer to AmeriCredit, or (iii) by a Third-Party Lender and was sold by the Third-Party Lender to AmeriCredit, and was sold by AmeriCredit to AFS Funding Trust without any fraud or
misrepresentation on the part of such Dealer or Third-Party Lender in any case. 
  
 3.    Compliance with Law.    All requirements of applicable federal, state and local laws, and regulations thereunder (including, without limitation, usury laws, the Federal
Truth-in-Lending Act, the Equal Credit Opportunity Act, the Fair Credit Billing Act, the Fair Credit Reporting Act, the Fair Debt Collection Practices Act, the Federal Trade Commission Act, the Moss-Magnuson Warranty Act, the Federal Reserve
Board’s Regulations “B” and “Z” (including amendments to the Federal Reserve’s Official Staff Commentary to Regulation Z, effective October 1, 1998, concerning negative equity loans), the Soldiers’ and
Sailors’ Civil Relief Act of 1940, each applicable state Motor Vehicle Retail Installment Sales Act, and state adaptations of the National Consumer Act and of the Uniform Consumer Credit Code and other consumer credit laws and equal credit
opportunity and disclosure laws) in respect of the Receivables and the Financed Vehicles, have been complied with in all material respects, and each Receivable and the sale of the Financed Vehicle evidenced by each Receivable complied at the time it
was
 

 
originated or made and now complies in all material respects with all applicable legal requirements. 
  
 4.    Origination.    Each Receivable was originated in the United States. 
  
 5.    Binding Obligation.    Each Receivable represents the genuine, legal, valid and binding payment obligation of the
Obligor thereon, enforceable by the holder thereof in accordance with its terms, except (A) as enforceability may be limited by bankruptcy, insolvency, reorganization or similar laws affecting the enforcement of creditors’ rights generally and
by equitable limitations on the availability of specific remedies, regardless of whether such enforceability is considered in a proceeding in equity or at law and (B) as such Receivable may be modified by the application after the Cutoff Date of the
Soldiers’ and Sailors’ Civil Relief Act of 1940, as amended; and all parties to each Receivable had full legal capacity to execute and deliver such Receivable and all other documents related thereto and to grant the security interest
purported to be granted thereby. 
  
 6.    No Government
Obligor.    No Obligor is the United States of America or any State or any agency, department, subdivision or instrumentality thereof. 
  
 7.    Obligor Bankruptcy.    At the Cutoff Date no Obligor had been identified on the records of AmeriCredit as being the subject of a current bankruptcy
proceeding. 
  
 8.    Schedules of Receivables.    The information set
forth in the Schedules of Receivables has been produced from the Electronic Ledger and was true and correct in all material respects as of the close of business on the Cutoff Date. 
  
 9.    Marking Records.    By the Closing Date, AmeriCredit will have caused the portions of the Electronic Ledger relating to
the Receivables to be clearly and unambiguously marked to show that the Receivables have been sold to AFS Funding Trust by AmeriCredit and resold by the AFS Funding Trust to the Trust in accordance with the terms of the Sale and Servicing Agreement.

  
 10.    Computer Tape.    The Computer Tape made available by
AmeriCredit to AFS Funding Trust and to the Trust on the Closing Date was complete and accurate as of the Cutoff Date and includes a description of the same Receivables that are described in the Schedule of Receivables. 
  
 11.    Adverse Selection.    No selection procedures adverse to the Noteholders or the
Insurer were utilized in selecting the Receivables from those receivables owned by AmeriCredit which met the selection criteria contained in the Sale and Servicing Agreement. 
  
 12.    Chattel Paper.    The Receivables constitute chattel paper within the meaning of the UCC as in effect in the States of
Texas, New York and Delaware. 
  
 13.    One Original.    There is
only one original executed copy of each Receivable. 
  
 14.    Receivable Files
Complete.    There exists a Receivable File pertaining to each Receivable and such Receivable File contains (a) a fully executed original of the Receivable, (b)
 
 

 B-2 

 
the original executed credit application, or a paper or electronic copy thereof and (c) the original Lien Certificate or application therefor. Each of such documents which is required to be
signed by the Obligor has been signed by the Obligor in the appropriate spaces. All blanks on any form have been properly filled in and each form has otherwise been correctly prepared. The complete Receivable File for each Receivable currently is in
the possession of the Custodian. 
  
 15.    Receivables in
Force.    No Receivable has been satisfied, subordinated or rescinded, and the Financed Vehicle securing each such Receivable has not been released from the lien of the related Receivable in whole or in part. No terms of any
Receivable have been waived, altered or modified in any respect since its origination, except by instruments or documents identified in the Receivable File. No Receivable has been modified as a result of application of the Soldiers’ and
Sailors’ Civil Relief Act of 1940, as amended. 
  
 16.    Lawful
Assignment.    No Receivable was originated in, or is subject to the laws of, any jurisdiction the laws of which would make unlawful, void or voidable the sale, transfer and assignment of such Receivable under this Agreement
or pursuant to transfers of the Notes. 
  
 17.    Good
Title.    Immediately prior to the conveyance of the Receivables to AFS Funding Trust pursuant to this Agreement, AmeriCredit was the sole owner thereof and had good and indefeasible title thereto, free of any Lien and, upon
execution and delivery of this Agreement by AmeriCredit, AFS Funding 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. AmeriCredit has not taken any action to convey any right to any Person that would result in such Person having a right to payments received under the related Insurance Policies or the related Dealer
Agreements, Auto Loan Purchase and Sale Agreements, Dealer Assignments, or Third-Party Lender Assignments or to payments due under such Receivables. 
  
 18.    Security Interest in Financed Vehicle.    Each Receivable created or shall create a valid, binding and enforceable first priority security interest
in favor of AmeriCredit in the Financed Vehicle. The Lien Certificate and original certificate of title for each Financed Vehicle show, or if a new or replacement Lien Certificate is being applied for with respect to such Financed Vehicle the Lien
Certificate will be received within 180 days of the Closing Date and will show AmeriCredit named as the original secured party under each Receivable as the holder of a first priority security interest in such Financed Vehicle. With respect to each
Receivable for which the Lien Certificate has not yet been returned from the Registrar of Titles, AmeriCredit has applied for or received written evidence from the related Dealer or Third-Party Lender that such Lien Certificate showing AmeriCredit
as first lienholder has been applied for and AmeriCredit’s security interest has been validly assigned by AmeriCredit to AFS Funding Trust pursuant to this Agreement. Immediately after the sale, transfer and assignment thereof by AmeriCredit to
AFS Funding Trust, each Receivable will be secured by an enforceable and perfected first priority security interest in the Financed Vehicle in favor of AFS Funding Trust as secured party, which security interest is prior to all other Liens upon and
security interests in such Financed Vehicle which now exist or may hereafter arise or be created (except, as to priority, for any lien for taxes, labor or materials affecting a Financed Vehicle). As of the Cutoff Date there were no Liens or claims
for taxes, work, labor or materials affecting a Financed Vehicle which are or may be Liens prior or equal to the Liens of the related Receivable. 
 

 B-3 

 19.    All Filings Made.    All filings (including, without limitation,
UCC filings) required to be made by any Person and actions required to be taken or performed by any Person in any jurisdiction to give AFS Funding Trust a first priority perfected lien on, or ownership interest in, the Receivables and the proceeds
thereof and the Other Conveyed Property have been made, taken or performed. 
  
 20.    No
Impairment.    AmeriCredit has not done anything to convey any right to any Person that would result in such Person having a right to payments due under the Receivable or otherwise to impair the rights of the Trust, the
Insurer, the Trustee, the Trust Collateral Agent and the Noteholders in any Receivable or the proceeds thereof. 
  
 21.    Receivable Not Assumable.    No Receivable is assumable by another Person in a manner which would release the Obligor thereof from such Obligor’s obligations to AmeriCredit
with respect to such Receivable. 
  
 22.    No Defenses.    No
Receivable is subject to any right of rescission, setoff, counterclaim or defense and no such right has been asserted or threatened with respect to any Receivable. 
  
 23.    No Default.    There has been no default, breach, violation or event permitting acceleration under the terms of any
Receivable (other than payment delinquencies of not more than 30 days or, in the case of certain Receivables that have an aggregate Principal Balance of up to 2% of the initial principal amount of the notes, payment delinquencies of not more than 60
days), and no condition exists or event has occurred and is continuing that with notice, the lapse of time or both would constitute a default, breach, violation or event permitting acceleration under the terms of any Receivable, and there has been
no waiver of any of the foregoing. As of the Cutoff Date no Financed Vehicle had been repossessed. 
  
 24.    Insurance.    At the time of origination of a Receivable by AmeriCredit or a purchase of a Receivable by AmeriCredit from a Dealer or Third-Party Lender, each Financed Vehicle is
required to be covered by a comprehensive and collision insurance policy (i) in an amount at least equal to the lesser of (a) its maximum insurable value or (b) the principal amount due from the Obligor under the related Receivable, (ii) naming
AmeriCredit as loss payee and (iii) insuring against loss and damage due to fire, theft, transportation, collision and other risks generally covered by comprehensive and collision coverage. Each Receivable requires the Obligor to maintain physical
loss and damage insurance, naming AmeriCredit and its successors and assigns as additional insured parties, and each Receivable permits the holder thereof to obtain physical loss and damage insurance at the expense of the Obligor if the Obligor
fails to do so. No Financed Vehicle is insured under a policy of Force-Placed Insurance on the Cutoff Date. 
  
 25.    Past Due.    Except for certain Receivables that have an aggregate Principal Balance of up to 2% of the initial principal amount of the notes and which may have been between 31
and 60 days past due, at the Cutoff Date no Receivable was more than 30 days past due. 
  
 26.    Remaining Principal Balance.    At the Cutoff Date the Principal Balance of each Receivable set forth in the Schedules of Receivables is true and accurate in all material
respects. 
 

 B-4 

  
 27.    Certain Characteristics of
Receivables.    (A) Each Receivable had a remaining maturity, as of the Cutoff Date, of not more than 72 months; (B) each Receivable had an original maturity of not more than 72 months; (C) not more than 40% of Receivables
(calculated by Aggregate Principal Balance) shall have an original term to maturity of 72 months; (D) each Receivable had a remaining Principal Balance as of the Cutoff Date of at least $250 and not more than $60,000; (E) each Receivable has an
Annual Percentage Rate of at least 7% and not more than 33%; (F) except for certain Receivables that have an aggregate Principal Balance of up to 2% of the initial principal amount of the notes and which may have been between 31 and 60 days past
due, no Receivable was more than 30 days past due as of the Cutoff Date and (G) no funds had been advanced by AmeriCredit, any Dealer, any Third-Party Lender, or anyone acting on behalf of any of them in order to cause any Receivable to qualify
under clause (F) above. 
 

 B-5

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