Document:

Amended and Restated Trust Agreement

 Exhibit 4.2 
 EXECUTION COPY 
  

  
 AMENDED AND RESTATED 
  
 TRUST AGREEMENT 
  
 between 
  
 AFS SENSUB CORP. 
  
 and 
  
 WILMINGTON TRUST COMPANY 
 Owner Trustee 
  
 Dated as of June 9, 2004 
  

  

 TABLE OF CONTENTS 
  

					
	 ARTICLE I
	 	 DEFINITIONS
	  	1
			
	 Section 1.1
	 	 Capitalized Terms
	  	1
	 Section 1.2
	 	 Other Definitional Provisions
	  	3
			
	 ARTICLE II
	 	 ORGANIZATION
	  	3
			
	 Section 2.1
	 	 Name
	  	3
	 Section 2.2
	 	 Office
	  	4
	 Section 2.3
	 	 Purposes and Powers
	  	4
	 Section 2.4
	 	 Appointment of Owner Trustee
	  	5
	 Section 2.5
	 	 Initial Capital Contribution of Trust Estate
	  	5
	 Section 2.6
	 	 Declaration of Trust
	  	5
	 Section 2.7
	 	 Title to Trust Property
	  	5
	 Section 2.8
	 	 Situs of Trust
	  	5
	 Section 2.9
	 	 Representations and Warranties of the Depositor
	  	6
	 Section 2.10
	 	 Covenants of the Certificateholder
	  	7
	 Section 2.11
	 	 Federal Income Tax Treatment of the Trust
	  	7
			
	 ARTICLE III
	 	 CERTIFICATE AND TRANSFER OF INTEREST
	  	8
			
	 Section 3.1
	 	 Initial Ownership
	  	8
	 Section 3.2
	 	 The Certificate
	  	8
	 Section 3.3
	 	 Authentication of Certificate
	  	8
	 Section 3.4
	 	 Registration of Transfer and Exchange of Certificate
	  	8
	 Section 3.5
	 	 Mutilated, Destroyed, Lost or Stolen Certificates
	  	9
	 Section 3.6
	 	 Persons Deemed Certificateholders
	  	10
	 Section 3.7
	 	 Maintenance of Office or Agency
	  	10
	 Section 3.8
	 	 Disposition in Whole But Not in Part
	  	10
	 Section 3.9
	 	 ERISA Restrictions
	  	10
			
	 ARTICLE IV
	 	 VOTING RIGHTS AND OTHER ACTIONS
	  	10
			
	 Section 4.1
	 	 Prior Notice to Holder with Respect to Certain Matters
	  	10
	 Section 4.2
	 	 Action by Certificateholder with Respect to Certain Matters
	  	11
	 Section 4.3
	 	 Restrictions on Certificateholder’s Power
	  	11
	 Section 4.4
	 	 Action with Respect to Bankruptcy Action
	  	12
	 Section 4.5
	 	 Covenants and Restrictions on Conduct of Business
	  	12
			
	 ARTICLE V
	 	 AUTHORITY AND DUTIES OF OWNER TRUSTEE
	  	14
			
	 Section 5.1
	 	 General Authority
	  	14
	 Section 5.2
	 	 General Duties
	  	15
	 Section 5.3
	 	 Action upon Instruction
	  	15

  

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	 Section 5.4
	 	 No Duties Except as Specified in this Agreement or in Instructions
	  	16
	 Section 5.5
	 	 No Action Except under Specified Documents or Instructions
	  	16
	 Section 5.6
	 	 Restrictions
	  	16
			
	 ARTICLE VI
	 	 CONCERNING THE OWNER TRUSTEE
	  	16
			
	 Section 6.1
	 	 Acceptance of Trusts and Duties
	  	16
	 Section 6.2
	 	 Furnishing of Documents
	  	18
	 Section 6.3
	 	 Representations and Warranties
	  	18
	 Section 6.4
	 	 Reliance; Advice of Counsel
	  	18
	 Section 6.5
	 	 Not Acting in Individual Capacity
	  	19
	 Section 6.6
	 	 Owner Trustee Not Liable for Certificate or Receivables
	  	19
	 Section 6.7
	 	 Owner Trustee May Own Notes
	  	19
	 Section 6.8
	 	 Payments from Owner Trust Estate
	  	20
	 Section 6.9
	 	 Doing Business in Other Jurisdictions
	  	20
			
	 ARTICLE VII
	 	 COMPENSATION OF OWNER TRUSTEE
	  	20
			
	 Section 7.1
	 	 Owner Trustee’s Fees and Expenses
	  	20
	 Section 7.2
	 	 Indemnification
	  	20
	 Section 7.3
	 	 Payments to the Owner Trustee
	  	21
	 Section 7.4
	 	 Non-recourse Obligations
	  	21
			
	 ARTICLE VIII
	 	 TERMINATION OF TRUST AGREEMENT
	  	21
			
	 Section 8.1
	 	 Termination of Trust Agreement
	  	21
			
	 ARTICLE IX
	 	 SUCCESSOR OWNER TRUSTEES AND ADDITIONAL OWNER TRUSTEES
	  	22
			
	 Section 9.1
	 	 Eligibility Requirements for Owner Trustee
	  	22
	 Section 9.2
	 	 Resignation or Removal of Owner Trustee
	  	23
	 Section 9.3
	 	 Successor Owner Trustee
	  	23
	 Section 9.4
	 	 Merger or Consolidation of Owner Trustee
	  	24
	 Section 9.5
	 	 Appointment of Co-Trustee or Separate Trustee
	  	24
			
	 ARTICLE X
	 	 MISCELLANEOUS
	  	25
			
	 Section 10.1
	 	 Supplements and Amendments
	  	25
	 Section 10.2
	 	 No Legal Title to Owner Trust Estate in Certificateholder
	  	26
	 Section 10.3
	 	 Limitations on Rights of Others
	  	26
	 Section 10.4
	 	 Notices.
	  	26
	 Section 10.5
	 	 Severability
	  	27
	 Section 10.6
	 	 Separate Counterparts
	  	27
	 Section 10.7
	 	 Assignments
	  	27
	 Section 10.8
	 	 No Recourse
	  	27

  

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	 Section 10.9
	 	 Headings
	  	27
	 Section 10.10
	 	 GOVERNING LAW
	  	27
	 Section 10.11
	 	 Servicer
	  	27
	 Section 10.12
	 	 Nonpetition Covenants
	  	28

  
 EXHIBITS

  

			
		
	EXHIBIT A	  	FORM OF CERTIFICATE
		
	EXHIBIT B	  	FORM OF CERTIFICATE OF TRUST

  

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 This AMENDED AND RESTATED TRUST AGREEMENT dated as of June 9, 2004 between AFS SENSUB CORP., a Nevada
corporation (the “Seller”), and WILMINGTON TRUST COMPANY, a Delaware banking corporation, as Owner Trustee, amends and restates in its entirety that certain Trust Agreement dated as of May 20, 2004 between the Seller and the Owner
Trustee. 
  
 ARTICLE I 
  
 Definitions 
  
 Section 1.1 Capitalized Terms. For all purposes of this Agreement, the
following terms shall have the meanings set forth below 
  
 “AmeriCredit” shall mean AmeriCredit Financial Services, Inc. 
  
 “Agreement” shall mean this Trust Agreement, as the same may be amended and supplemented from time to time. 
  
 “Bankruptcy Action” shall have the meaning assigned to such term in Section 4.4(a). 
  
 “Basic Documents” shall mean this Agreement, the Certificate
of Trust, the Sale and Servicing Agreement, the Indenture, the Custodian Agreement, the Lockbox Agreement and the other documents and certificates delivered in connection therewith. 
  
 “Benefit Plan” shall have the meaning assigned to such term in Section 3.9. 
  
 “Certificate” means a trust certificate evidencing the
beneficial interest of a Certificateholder in the Trust, substantially in the form of Exhibit A attached hereto. 
  
 “Certificateholder” or “Holder” shall mean the person in whose name a Certificate is registered on the Certificate
Register, initially AFS SenSub Corp., a Nevada corporation. 
  
 “Certificate of Trust” shall mean the Certificate of Trust in the form of Exhibit B to be filed for the Trust pursuant to Section 3810(a) of the Statutory Trust Statute. 
  
 “Certificate Register” and “Certificate
Registrar” shall mean the register mentioned and the registrar appointed pursuant to Section 3.4. 
  
 “Code” shall mean the Internal Revenue Code of 1986, as amended from time to time, and Treasury Regulations promulgated thereunder.

  
 “Corporate Trust Office” shall mean, with
respect to the Owner Trustee, the principal corporate trust office of the Owner Trustee located at Rodney Square North, 1100 North Market Street, Wilmington, Delaware 19890-0001, Attention: Corporate Trust Administration, or at such other address as
the Owner Trustee may designate by notice to the Depositor, or the principal corporate trust office of any successor Owner Trustee (the address of which the successor owner trustee will notify the Depositor). 
  

 “Depositor” shall mean the Seller in its capacity as Depositor hereunder. 
  
 “Distribution Date” shall have the meaning set forth in the
Sale and Servicing Agreement. 
  
 “ERISA” shall
have the meaning assigned to such term in Section 3.9. 
  
 “Expenses” shall have the meaning assigned to such term in Section 7.2. 
  
 “Indemnified Parties” shall have the meaning assigned to such term in Section 7.2. 
  
 “Indenture” shall mean the Indenture dated as of June 9,
2004, among the Issuer and JPMorgan Chase Bank, as Trust Collateral Agent and Trustee, as the same may be amended and supplemented from time to time. 
  
 “Owner Trust Estate” shall mean all right, title and interest of the Trust in and to the property and rights assigned to the Trust
pursuant to Article II of the Sale and Servicing Agreement, all funds on deposit from time to time in the Trust Accounts and all other property of the Trust from time to time, including any rights of the Owner Trustee and the Trust pursuant to the
Sale and Servicing Agreement. 
  
 “Owner Trustee”
shall mean Wilmington Trust Company, a Delaware banking corporation, not in its individual capacity but solely as owner trustee under this Agreement, and any successor Owner Trustee hereunder. 
  
 “Record Date” shall mean with respect to any Distribution
Date, the close of business on the last Business Day immediately preceding such Distribution Date. 
  
 “Responsible Officer” shall mean, with respect to the Owner Trustee, any officer within the Corporate Trust Administration office of the
Owner Trustee with direct responsibility for the administration of the Trust and also, with respect to a particular matter, any other officer to whom such matter is referred because of such officer’s knowledge of and familiarity with the
particular subject. 
  
 “Sale and Servicing
Agreement” shall mean the Sale and Servicing Agreement, dated as of June 9, 2004 among the Trust, the Seller, AmeriCredit Financial Services, Inc., the Trust Collateral Agent and Systems & Services Technologies, Inc., the backup
servicer, as the same may be amended and supplemented from time to time. 
  
 “Secretary of State” shall mean the Secretary of State of the State of Delaware. 
  
 “Statutory Trust Statute” shall mean Chapter 38 of Title 12 of the Delaware Code, 12 Del. Code § 3801 et seq.
as the same may be amended from time to time. 
  
 “Treasury Regulations” shall mean regulations, including proposed or temporary regulations, promulgated under the Code. References herein to specific provisions of proposed 

  

 2 

 
or temporary regulations shall include analogous provisions of final Treasury Regulations or other successor Treasury Regulations. 
  
 “Trust” shall mean the trust established by this Agreement.

  
 “Trust Collateral Agent” shall mean,
initially, JPMorgan Chase Bank, in its capacity as collateral agent, including its successors in interest, until and unless a successor Person shall have become the Trust Collateral Agent pursuant to the Sale and Servicing Agreement, and thereafter
“Trust Collateral Agent” shall mean such successor Person. 
  
 Section 1.2 Other Definitional Provisions. 
  
 (a)
Capitalized terms used herein and not otherwise defined have the meanings assigned to them in the Sale and Servicing Agreement or, if not defined therein, in the Indenture. 
  
 (b) All terms defined in this Agreement shall have the defined meanings when used in any certificate or other document made
or delivered pursuant hereto unless otherwise defined therein. 
  
 (c) As used in this Agreement and in any certificate or other document made or delivered pursuant hereto or thereto, accounting terms not defined in this Agreement or in any such certificate or other document, and accounting terms partly
defined in this Agreement or in any such certificate or other document to the extent not defined, shall have the respective meanings given to them under generally accepted accounting principles as in effect on the date of this Agreement or any such
certificate or other document, as applicable. To the extent that the definitions of accounting terms in this Agreement or in any such certificate or other document are inconsistent with the meanings of such terms under generally accepted accounting
principles, the definitions contained in this Agreement or in any such certificate or other document shall control. 
  
 (d) The words “hereof,” “herein,” “hereunder” and words of similar import when used in this Agreement shall refer to this
Agreement as a whole and not to any particular provision of this Agreement; Section and Exhibit references contained in this Agreement are references to Sections and Exhibits in or to this Agreement unless otherwise specified; and the term
“including” shall mean “including without limitation.” 
  
 (e) The definitions contained in this Agreement are applicable to the singular as well as the plural forms of such terms and to the masculine as well as to the feminine and neuter genders of such terms. 
  
 ARTICLE II 
  
 Organization 
  
 Section 2.1 Name. There is hereby formed a trust to be known as “AmeriCredit Automobile Receivables Trust 2004-1”, in which name the
Owner Trustee may 

  

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conduct the business of the Trust, make and execute contracts and other instruments on behalf of the Trust and sue and be sued. 
  
 Section 2.2 Office. The office of the Trust shall be in care of the
Owner Trustee at the Corporate Trust Office or at such other address as the Owner Trustee may designate by written notice to the Certificateholder. 
  
 Section 2.3 Purposes and Powers. 
  
 (a) The purpose of the Trust is, and the Trust shall have the power and authority, to engage in the following activities: 
  
 (i) to issue the Notes pursuant to the Indenture and the
Certificate pursuant to this Agreement, and to sell the Notes; 
  
 (ii) with the proceeds of the sale of the Notes, to fund the Reserve Account and to pay the organizational, start-up and transactional expenses of the Trust and to pay the balance to the Depositor pursuant to the Sale
and Servicing Agreement; 
  
 (iii) to acquire the
Owner Trust Estate; to assign, grant, transfer, pledge, mortgage and convey the Owner Trust Estate to the Trust Collateral Agent pursuant to the Indenture for the benefit of the Indenture Trustee on behalf of the Noteholders; and to hold, manage and
distribute to the Certificateholder pursuant to the terms of the Sale and Servicing Agreement any portion of the Trust Estate released from the Lien of, and remitted to the Trust pursuant to, the Indenture; 
  
 (iv) to enter into and perform its obligations under the
Basic Documents to which it is a party; 
  
 (v)
to engage in those activities, including entering into agreements, that are necessary, suitable or convenient to accomplish the foregoing or are incidental thereto or connected therewith (including the sale, from time to time, of Receivables at the
direction of the Servicer pursuant to Section 4.3(c) of the Sale and Servicing Agreement) and the filing of state business licenses (and any renewal thereof) as prepared and instructed by the Certificateholder or Servicer, including a Sales Finance
Company Application (and any renewal thereof) with the Pennsylvania Department of Banking, Licensing Division, and a Financial Regulation Application (and any renewal thereof) with the Maryland Department of Labor, Licensing and Regulation; and

  
 (vi) subject to compliance with the Basic
Documents, to engage in such other activities as may be required in connection with conservation of the Owner Trust Estate and the making of distributions to the Certificateholder and the Noteholders. 
  
 The Trust is hereby authorized to engage in the foregoing activities. The
Trust shall not engage in any activity other than in connection with the foregoing or other than as required or authorized by the terms of this Agreement or the Basic Documents. 
  

 4 

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

  
 The Holder shall not have any personal liability for any
liability or obligation of the Trust. 
  
 Section 2.7 Title to
Trust Property. 
  
 (a) Legal title to all the Owner Trust
Estate shall be vested at all times in the Trust as a separate legal entity except where applicable law in any jurisdiction requires title to any part of the Owner Trust Estate to be vested in a trustee or trustees, in which case title shall be
deemed to be vested in the Owner Trustee, a co-trustee and/or a separate trustee, as the case may be. 
  
 (b) The Holder shall not have legal title to any part of the Trust Property. The Holder shall be entitled to receive distributions with respect to its
undivided ownership interest therein only in accordance with Article VIII. No transfer, by operation of law or otherwise, of any right, title or interest by the Certificateholder of its ownership interest in the Owner Trust Estate shall operate to
terminate this Agreement or the trusts hereunder or entitle any transferee to an accounting or to the transfer to it of legal title to any part of the Trust Property. 
  
 Section 2.8 Situs of Trust. The Trust will be located and administered in the State of Delaware. All bank accounts
maintained by the Owner Trustee on behalf of the Trust shall be located in the State of Delaware or the State of New York. Payments will be received by the Trust only in Delaware or New York and payments will be made by the Trust only from Delaware
or New York. The Trust shall not have any employees in any state other than Delaware; provided, however, that nothing herein shall restrict or prohibit the Owner Trustee, the Servicer or any agent of the Trust from having employees
within or without the State of 

  

 5 

 
Delaware. The only office of the Trust will be at the Corporate Trust Office located in Delaware. 
  
 Section 2.9 Representations and Warranties of the Depositor. The
Depositor makes the following representations and warranties on which the Owner Trustee relies in accepting the Owner Trust Estate in trust and issuing the Certificate. 
  
 (a) Organization and Good Standing. The Depositor is duly organized and validly existing as a Nevada corporation with
power and authority to own its properties and to conduct its business as such properties are currently owned and such business is presently conducted and is proposed to be conducted pursuant to this Agreement and the Basic Documents. 
  
 (b) Due Qualification. The Depositor is duly qualified to do business
as a foreign corporation in good standing, and has obtained all necessary licenses and approvals, in all jurisdictions in which the ownership or lease of its property, the conduct of its business and the performance of its obligations under this
Agreement and the Basic Documents requires such qualification. 
  
 (c) Power and Authority. The Depositor has the corporate power and authority to execute and deliver this Agreement and to carry out its terms; the Depositor has full power and authority to sell and assign the property to be sold and
assigned to and deposited with the Trust and the Depositor has duly authorized such sale and assignment and deposit to the Trust by all necessary corporate action; and the execution, delivery and performance of this Agreement has been duly
authorized by the Depositor by all necessary corporate action. 
  
 (d) No Consent Required. No consent, license, approval or authorization or registration or declaration with, any Person or with any governmental authority, bureau or agency is required in connection with the execution, delivery or
performance of this Agreement and the Basic Documents, except for such as have been obtained, effected or made. 
  
 (e) No Violation. The consummation of the transactions contemplated by this Agreement and the fulfillment of the terms hereof do not conflict with,
result in any breach of any of the terms and provisions of, or constitute (with or without notice or lapse of time) a default under the certificate of incorporation or by-laws of the Depositor, or any material indenture, agreement or other
instrument to which the Depositor is a party or by which it is bound; nor result in the creation or imposition of any Lien upon any of its properties pursuant to the terms of any such indenture, agreement or other instrument (other than pursuant to
the Basic Documents); nor violate any law or, to the best of the Depositor’s knowledge, any order, rule or regulation applicable to the Depositor of any court or of any Federal or state regulatory body, administrative agency or other
governmental instrumentality having jurisdiction over the Depositor or its properties. 
  
 (f) No Proceedings. There are no proceedings or investigations pending or, to its knowledge threatened against it before any court, regulatory body, administrative agency or other tribunal or governmental
instrumentality having jurisdiction over it or its properties (A) asserting the invalidity of this Agreement or any of the Basic Documents, (B) seeking to prevent 

  

 6 

 
the issuance of the Certificate or the Notes or the consummation of any of the transactions contemplated by this Agreement or any of the Basic Documents, (C)
seeking any determination or ruling that might materially and adversely affect its performance of its obligations under, or the validity or enforceability of, this Agreement or any of the Basic Documents, or (D) seeking to adversely affect the
federal income tax or other federal, state or local tax attributes of the Certificate. 
  
 Section 2.10 Covenants of the Certificateholder. The Certificateholder agrees: 
  
 (a) to be bound by the terms and conditions of the Certificate of which the Holder is the beneficial owner and of this Agreement, including any
supplements or amendments hereto and to perform the obligations of a Holder as set forth therein or herein, in all respects as if it were a signatory hereto. This undertaking is made for the benefit of the Trust and the Owner Trustee; and

  
 (b) until the completion of the events specified in Section
8.1(d), not to, for any reason, institute proceedings for the Trust to be adjudicated bankrupt or insolvent, or consent to the institution of bankruptcy or insolvency proceedings against the Trust, or file a petition seeking or consenting to
reorganization or relief under any applicable federal or state law relating to bankruptcy, or consent to the appointment of a receiver, liquidator, assignee, trustee, sequestrator (or other similar official) of the Trust or a substantial part of its
property, or cause or permit the Trust to make any assignment for the benefit of its creditors, or admit in writing its inability to pay its debts generally as they become due, or declare or effect a moratorium on its debt or take any action in
furtherance of any such action. 
  
 Section 2.11 Federal Income
Tax Treatment of the Trust. 
  
 (a) For so long as the Trust
has a single owner for federal income tax purposes, it will, pursuant to Treasury Regulations promulgated under section 7701 of the Code, be disregarded as an entity distinct from the Certificateholder for all federal income tax purposes.
Accordingly, for federal income tax purposes, the Certificateholder will be treated as (i) owning all assets owned by the Trust, (ii) having incurred all liabilities incurred by the Trust, and (iii) all transactions between the Trust and the
Certificateholder will be disregarded. 
  
 (b) Neither the Owner
Trustee nor any Certificateholder will, under any circumstances, and at any time, make an election on IRS Form 8832 or otherwise, to classify the Trust as an association taxable as a corporation for federal, state or any other applicable tax
purpose. 
  
 (c) In the event that the Trust has two equity owners
for federal income tax purposes, the Trust will be treated as a partnership. At any such time that the Trust has two equity owners, this Agreement will be amended, in accordance with Section 10.1 herein, and appropriate provisions will be added so
as to provide for treatment of the Trust as a partnership. 
  

 7 

 ARTICLE III 
  
 Certificate and Transfer of Interest 
  
 Section 3.1 Initial Ownership. Upon the formation of the Trust by the contribution by the Depositor pursuant to Section 2.5 and until the issuance
of the Certificate to the initial Certificateholder, the Depositor shall be the sole beneficiary of the Trust. 
  
 Section 3.2 The Certificate. The Certificate shall be executed on behalf of the Trust by manual or facsimile signature of an authorized officer of
the Owner Trustee. A Certificate bearing the manual or facsimile signatures of individuals who were, at the time when such signatures shall have been affixed, authorized to sign on behalf of the Trust, shall be validly issued and entitled to the
benefit of this Agreement, notwithstanding that such individuals or any of them shall have ceased to be so authorized prior to the authentication and delivery of such Certificate or did not hold such offices at the date of authentication and
delivery of such Certificate. A transferee of a Certificate shall become a Certificateholder, and shall be entitled to the rights and subject to the obligations of a Certificateholder hereunder, upon due registration of such Certificate in such
transferee’s name pursuant to Section 3.4. 
  
 Section 3.3
Authentication of Certificate. Concurrently with the initial sale of the Receivables to the Trust pursuant to the Sale and Servicing Agreement, the Owner Trustee shall cause the Certificate to be executed on behalf of the Trust, authenticated
and delivered to or upon the written order of the Depositor, signed by its chairman of the board, its president or any vice president, its treasurer or any assistant treasurer without further corporate action by the Depositor, in authorized
denominations. No Certificate shall entitle its holder to any benefit under this Agreement, or shall be valid for any purpose, unless there shall appear on such Certificate a certificate of authentication substantially in the form set forth in
Exhibit A, executed by the Owner Trustee or Wilmington Trust Company as the Owner Trustee’s authentication agent, by manual signature; such authentication shall constitute conclusive evidence that such Certificate shall have been duly
authenticated and delivered hereunder. The Certificate shall be dated the date of its authentication. 
  
 Section 3.4 Registration of Transfer and Exchange of Certificate. The Certificate Registrar shall keep or cause to be kept, at the office or agency
maintained pursuant to Section 3.7, a Certificate Register in which, subject to such reasonable regulations as it may prescribe, the Owner Trustee shall provide for the registration of the Certificate and of transfers and exchanges of the
Certificate as herein provided. Wilmington Trust Company shall be the initial Certificate Registrar. 
  
 The Certificate Registrar shall provide the Trust Collateral Agent with the name and address of the Certificateholder on the Closing Date. Upon any
transfers of the Certificate, the Certificate Registrar shall notify the Trust Collateral Agent of the name and address of the transferee in writing, by facsimile, on the day of such transfer. 
  
 Upon surrender for registration of transfer of the Certificate at the office
or agency maintained pursuant to Section 3.7, the Owner Trustee shall execute, authenticate and deliver (or shall cause Wilmington Trust Company as its authenticating agent to authenticate and 

  

 8 

 
deliver), in the name of the designated transferee, a new Certificate dated the date of authentication by the Owner Trustee or any authenticating agent.

  
 A Certificate presented or surrendered for registration of
transfer or exchange shall be accompanied by a written instrument of transfer in form satisfactory to the Owner Trustee and the Certificate Registrar duly executed by the Certificateholder or his attorney duly authorized in writing, with such
signature guaranteed by an “eligible guarantor institution” meeting the requirements of the Certificate Registrar, which requirements include membership or participation in the Securities Transfer Agent’s Medallion Program
(“STAMP”) or such other “signature guarantee program” as may be determined by the Certificate Registrar in addition to, or in substitution for, STAMP, all in accordance with the Exchange Act. Each Certificate surrendered
for registration of transfer or exchange shall be canceled and subsequently disposed of by the Owner Trustee in accordance with its customary practice. 
  
 No service charge shall be made for any registration of transfer or exchange of the Certificate, but the Owner Trustee or the Certificate Registrar may
require payment of a sum sufficient to cover any tax or governmental charge that may be imposed in connection with any transfer or exchange of the Certificate. 
  

Notwithstanding the foregoing, no sale or transfer of a Trust Certificate shall be permitted (including, without limitation, by pledge or
hypothecation), and no such sale or transfer shall be registered by the Certificate Registrar or be effective hereunder, if the sale or transfer thereof increases to more than 99 the sum of (a) the number of holders of the Class E Notes and (b) the
number of Certificateholders. For purposes of determining the total number of holders of the Class E Notes and the number of Certificateholders, a beneficial owner of an interest in a partnership, grantor trust, S corporation or other flow-through
entity that owns, directly or through other flow-through entities, a Class E Note or a Certificate, is treated as a holder of a Class E Note or a Certificate if (i) substantially all of the value of the beneficial owner’s interest (directly or
indirectly) in the flow-through entity is attributed to the flow-thorough entity’s interest in the Class E Note or Certificate and (ii) a principal purpose of the use of the flow-through entity to hold the Class E Note or Certificate is to
satisfy the 99 holder limitation set out above. 
  
 Section 3.5
Mutilated, Destroyed, Lost or Stolen Certificates. If (a) any mutilated Certificate shall be surrendered to the Certificate Registrar, or if the Certificate Registrar shall receive evidence to its satisfaction of the destruction, loss or
theft of any Certificate and (b) there shall be delivered to the Certificate Registrar and the Owner Trustee such security or indemnity as may be required by them to render each of them harmless, then in the absence of notice that such Certificate
shall have been acquired by a bona fide purchaser, the Owner Trustee on behalf of the Trust shall execute and the Owner Trustee, or Wilmington Trust Company, as the Owner Trustee’s authenticating agent, shall authenticate and deliver, in
exchange for or in lieu of any such mutilated, destroyed, lost or stolen Certificate, a new Certificate of like class, tenor and denomination. In connection with the issuance of any new Certificate under this Section, the Owner Trustee or the
Certificate Registrar may require the payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in connection therewith. Any duplicate Certificate issued pursuant to this Section shall constitute 

  

 9 

 
conclusive evidence of an ownership interest in the Trust, as if originally issued, whether or not the lost, stolen or destroyed Certificate shall be found
at any time. 
  
 Section 3.6 Persons Deemed
Certificateholders. Every Person by virtue of becoming a Certificateholder in accordance with this Agreement shall be deemed to be bound by the terms of this Agreement. Prior to due presentation of the Certificate for registration of transfer,
the Owner Trustee and the Certificate Registrar and any agent of the Owner Trustee and the Certificate Registrar, may treat the person in whose name any Certificate shall be registered in the Certificate Register as the owner of such Certificate for
the purpose of receiving distributions pursuant to the Sale and Servicing Agreement and for all other purposes whatsoever, and none of the Owner Trustee or the Certificate Registrar nor any agent of the Owner Trustee or the Certificate Registrar
shall be bound by any notice to the contrary. 
  
 Section 3.7
Maintenance of Office or Agency. The Owner Trustee shall maintain, an office or offices or agency or agencies where the Certificate may be surrendered for registration of transfer or exchange and where notices and demands to or upon the Owner
Trustee in respect of the Certificate and the Basic Documents may be served. The Owner Trustee initially designates the Corporate Trust Office for such purposes. The Owner Trustee shall give prompt written notice to the Depositor and the
Certificateholder of any change in the location of the Certificate Register or any such office or agency. 
  
 Section 3.8 Disposition in Whole But Not in Part. The Certificate may be transferred in whole but not in part. Any attempted transfer of the
Certificate that would divide the ownership of the Owner Trust Estate shall be void. The Owner Trustee shall cause any Certificate issued to contain a legend stating “THIS CERTIFICATE IS NOT TRANSFERABLE, EXCEPT UNDER THE LIMITED CONDITIONS
SPECIFIED IN THE TRUST AGREEMENT”. 
  
 Section 3.9 ERISA
Restrictions. The Certificate may not be acquired by or for the account of (i) an employee benefit plan (as defined in Section 3(3) of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”)) that is subject to
the provisions of Title I of ERISA, (ii) a plan (as defined in Section 4975(e)(1) of the Code) that is subject to Section 4975 of the Code, or (iii) any entity whose underlying assets include assets of a plan described in (i) or (ii) above by reason
of such plan’s investment in the entity (each, a “Benefit Plan”). By accepting and holding its beneficial ownership interest in its Certificate, the Holder thereof shall be deemed to have represented and warranted that it is
not a Benefit Plan. 
  
 ARTICLE IV 
  
 Voting Rights and Other Actions 
  
 Section 4.1 Prior Notice to Holder with Respect to Certain Matters.
With respect to the following matters, the Owner Trustee shall not take action unless at least 30 days before the taking of such action, the Owner Trustee shall have notified the Certificateholder in writing of the proposed action and the
Certificateholder shall not have notified the Owner Trustee in writing prior to the 30th day after such notice is given that the Certificateholder has withheld consent or provided alternative direction: 
  
 (a) the election by the Trust to file an amendment to the Certificate of
Trust (unless such amendment is required to be filed under the Statutory Trust Statute or unless such amendment would not materially and adversely affect the interests of the Holder); 
  

 10 

 (b) the amendment of the Indenture by a supplemental indenture in circumstances where the consent of any
Noteholder is required; 
  
 (c) the amendment of the Indenture by
a supplemental indenture in circumstances where the consent of any Noteholder is not required and such amendment materially adversely affects the interest of the Certificateholder; or 
  
 (d) the amendment, change or modification of the Sale and Servicing Agreement, except to cure any ambiguity or defect or to
amend or supplement any provision in a manner that would not materially adversely affect the interests of the Certificateholder. 
  
 The Owner Trustee shall notify the Certificateholder in writing of any appointment of a successor Note Registrar or Trust Collateral Agent within five
Business Days after receipt of notice thereof. 
  
 Section 4.2
Action by Certificateholder with Respect to Certain Matters. The Owner Trustee shall not have the power, except upon the direction of the Certificateholder in accordance with the Basic Documents, to (a) remove the Servicer under the Sale and
Servicing Agreement pursuant to Section 9.2 thereof or (b) except as expressly provided in the Basic Documents, sell the Receivables after the termination of the Indenture. The Owner Trustee shall take the actions referred to in the preceding
sentence only upon written instructions signed by the Certificateholder and the furnishing of indemnification satisfactory to the Owner Trustee by the Certificateholder. 
  
 Section 4.3 Restrictions on Certificateholder’s Power. 
  
 (a) The Certificateholder shall not direct the Owner Trustee to take or
refrain from taking any action if such action or inaction would be contrary to any obligation of the Trust or the Owner Trustee under this Agreement or any of the Basic Documents or would be contrary to Section 2.3 nor shall the Owner Trustee be
obligated to follow any such direction, if given. 
  
 (b) The
Certificateholder shall not have any right by virtue or by availing itself of any provisions of this Agreement to institute any suit, action, or proceeding in equity or at law upon or under or with respect to this Agreement or any Basic Document,
unless the Certificateholder previously shall have given to the Owner Trustee a written notice of default and of the continuance thereof, as provided in this Agreement, and also unless the Certificateholder shall have made written request upon the
Owner Trustee to institute such action, suit or proceeding in its own name as Owner Trustee under this Agreement and shall have offered to the Owner Trustee such reasonable indemnity as it may require against the costs, expenses and liabilities to
be incurred therein or thereby, and the Owner Trustee, for 30 days after its receipt of such notice, request, and offer of indemnity, shall have neglected or refused to institute any such action, suit, or proceeding, and during such 30-day period no
request or waiver inconsistent with such written request has been given to the Owner Trustee pursuant to and in compliance with this Section or Section 5.3. For the protection and enforcement of the provisions of this Section, the 

  

 11 

 
Certificateholder and the Owner Trustee shall be entitled to such relief as can be given either at law or in equity. 
  
 Section 4.4 Action with Respect to Bankruptcy Action.

  
 (a) The Trust shall not, without the prior written consent of
the Owner Trustee, (a) institute any proceedings to adjudicate the Trust a bankrupt or insolvent, (b) consent to the institution of bankruptcy or insolvency proceedings against the Trust, (c) file a petition seeking or consenting to reorganization
or relief under any applicable federal or state law relating to bankruptcy with respect to the Trust, (d) consent to the appointment of a receiver, liquidator, assignee, trustee, sequestrator (or other similar official) of the Trust or a substantial
part of its property, (e) make any assignment for the benefit of the Trust’s creditors; (f) cause the Trust to admit in writing its inability to pay its debts generally as they become due; or (g) take any action in furtherance of any of the
foregoing (any of the above foregoing actions, a “Bankruptcy Action”). In considering whether to give or withhold written consent to a Bankruptcy Action by the Trust, the Owner Trustee, with the consent of the Certificateholders
(hereby given, which consent the Certificateholders believe to be in the best interests of the Certificateholders and the Trust), shall consider the interest of the Noteholders in addition to the interests of the Trust and whether the Trust is
insolvent; provided, however, that the Owner Trustee shall not be deemed to owe any fiduciary duty to the Noteholders. The Owner Trustee shall have no duty to give such written consent to a Bankruptcy Action by the Trust if the Owner
Trustee shall not have been furnished (at the expense of the Trust) or the Person that requested that such letter be furnished to the Owner Trustee) a letter from an independent accounting firm of national reputation stating that in the opinion of
such firm the Trust is then insolvent. The Owner Trustee (as such and in its individual capacity) shall not be personally liable to any Person on account of the Owner Trustee’s good faith reliance on the provisions of this Section or in
connection with the Owner Trustee’s giving prior written consent to a Bankruptcy Action by the Trust in accordance herewith, or withholding such consent, in good faith, and neither the Trust nor any Certificateholder shall have any claim for
breach of fiduciary duty or otherwise against the Owner Trustee (as such and in its individual capacity) for giving or withholding its consent to any such Bankruptcy Action. 
  
 (b) The parties hereto stipulate and agree that no Certificateholder has power to commence any Bankruptcy Action on the part
of the Trust or to direct the Owner Trustee to take any Bankruptcy Action on the part of the Trust except as provided in Section 4.5(a). To the extent permitted by applicable law, the consent of the Trust Collateral Agent shall be obtained prior to
taking any Bankruptcy Action by the Trust. 
  
 (c) The provisions
of this Section do not constitute an acknowledgement or admission by the Trust, the Owner Trustee, any Certificateholder or any creditor of the Trust that the Trust is eligible to be a debtor, under the United States Bankruptcy Code, II U.S.C.
§§ 101 et seq., as amended. 
  
 Section 4.5 Covenants
and Restrictions on Conduct of Business. 
  
 (a) The Trust
shall abide by the following restrictions: 
  
 (i) other than as contemplated by the Basic Documents and related documentation, the Trust shall not incur any indebtedness; 
  

 12 

 (ii) other than as contemplated by the Basic Documents and related documentation, the
Trust shall not engage in any dissolution, liquidation, consolidation, merger or sale of assets; 
  
 (iii) the Trust shall not engage in any business activity in which it is not currently engaged other than as contemplated by the Basic
Documents and related documentation; and 
  
 (iv)
the Trust shall not form, or cause to be formed, any subsidiaries and shall not own or acquire any asset other than as contemplated by the Basic Documents and related documentation. 
  
 (b) The Trust shall: 
  
 (i) maintain books and records separate from any other person or entity; 
  
 (ii) maintain its office and bank accounts separate from any other person or entity; 
  
 (iii) not commingle its assets with those of any other
person or entity; 
  
 (iv) conduct its own
business in its own name and use stationery or other business forms under its own name and not that of any Certificateholder or any Affiliate; 
  
 (v) other than as contemplated by the Basic Documents and related documentation, pay its own liabilities and expenses only out of its own
funds; 
  
 (vi) observe all formalities required
under the Statutory Trust Statute; 
  
 (vii) not
guarantee or become obligated for the debts of any other person or entity; 
  
 (viii) not hold out its credit as being available to satisfy the obligation of any other person or entity; 
  
 (ix) not acquire the obligations or securities of its Certificateholders or its Affiliates; 
  
 (x) other than as contemplated by the Basic Documents and
related documentation, not make loans to any other person or entity or buy or hold evidence of indebtedness issued by any other person or entity; 
  

 13 

 (xi) other than as contemplated by the Basic Documents and related documentation, not
pledge its assets for the benefit of any other person or entity; 
  
 (xii) hold itself out as a separate entity from each Certificateholder and not conduct any business in the name of any Certificateholder; 
  
 (xiii) correct any known misunderstanding regarding its separate identity; 
  
 (xiv) not identify itself as a division of any other person
or entity; and 
  
 (xv) except as required or
specifically provided in the Trust Agreement, the Trust will conduct business with the Certificateholders or any Affiliate thereof on an arm’s length basis. 
  
 (c) So long as the Notes or any other amounts owed under the Indenture remain outstanding, the Trust shall not amend this
Section 4.5 unless the Rating Agency Condition has been satisfied. 
  
 ARTICLE V 
  
 Authority and Duties of Owner Trustee

  
 Section 5.1 General Authority. 
  
 (a) The Owner Trustee is authorized and directed to execute and deliver the
Basic Documents to which the Trust is named as a party and each certificate or other document attached as an exhibit to or contemplated by the Basic Documents to which the Trust is named as a party and any amendment thereto and on behalf of the
Trust, each state business license (and any renewal thereof) prepared by the Certificateholder or Servicer, including a Sales Finance Company Application (and any renewal thereof) with the Pennsylvania Department of Banking, Licensing Division, and
a Financial Regulation Application (and any renewal thereof) with the Maryland Department of Labor, Licensing and Regulation, in each case, in such form as the Depositor shall approve as evidenced conclusively by the Owner Trustee’s execution
thereof, and on behalf of the Trust, to direct the Indenture Trustee to authenticate and deliver Class A-1 Notes in the aggregate principal amount of $118,000,000 Class A-2 Notes in the aggregate principal amount of $198,000,000 , Class A-3 Notes in
the aggregate principal amount of $93,990,000, Class B Notes in the aggregate principal amount of $49,330,000, Class C Notes in the aggregate principal amount of $57,840,000, Class D Notes in the aggregate principal amount of $57,840,000 and Class E
Notes in the aggregate principal amount of $40,830,000. In addition to the foregoing, the Owner Trustee is authorized, but shall not be obligated, to take all actions required of the Trust pursuant to the Basic Documents. The Owner Trustee is
further authorized from time to time to take such action as the Certificateholder recommends with respect to the Basic Documents so long as such activities are consistent with the terms of the Basic Documents. 
  
 (b) The Owner Trustee shall sign on behalf of the Trust any applicable tax
returns of the Trust, unless applicable law requires a Certificateholder to sign such documents. 
  

 14 

 Section 5.2 General Duties. It shall be the duty of the Owner Trustee to discharge (or cause to be
discharged) all of its responsibilities pursuant to the terms of this Agreement and the Sale and Servicing Agreement and to administer the Trust in the interest of the Holder, subject to the Basic Documents and in accordance with the provisions of
this Agreement. Notwithstanding the foregoing, the Owner Trustee shall be deemed to have discharged its duties and responsibilities hereunder and under the Basic Documents to the extent the Servicer has agreed in the Sale and Servicing Agreement to
perform any act or to discharge any duty of the Trust or the Owner Trustee hereunder or under any Basic Document, and the Owner Trustee shall not be liable for the default or failure of the Servicer to carry out its obligations under the Sale and
Servicing Agreement. 
  
 Section 5.3 Action upon
Instruction. 
  
 (a) Subject to Article IV, the
Certificateholder shall have the exclusive right to direct the actions of the Owner Trustee in the management of the Trust, so long as such instructions are not inconsistent with the express terms set forth herein or in any Basic Document. The
Certificateholder shall not instruct the Owner Trustee in a manner inconsistent with this Agreement or the Basic Documents. 
  
 (b) The Owner Trustee shall not be required to take any action hereunder or under any Basic Document if the Owner Trustee shall have reasonably
determined, or shall have been advised by counsel, that such action is likely to result in liability on the part of the Owner Trustee or is contrary to the terms hereof or of any Basic Document or is otherwise contrary to law. 
  
 (c) Whenever the Owner Trustee is unable to decide between alternative
courses of action permitted or required by the terms of this Agreement or any Basic Document, the Owner Trustee shall promptly give notice (in such form as shall be appropriate under the circumstances) to the Certificateholder requesting instruction
as to the course of action to be adopted, and to the extent the Owner Trustee acts in good faith in accordance with any written instruction of the Certificateholder received, the Owner Trustee shall not be liable on account of such action to any
Person. If the Owner Trustee shall not have received appropriate instruction within ten days of such notice (or within such shorter period of time as reasonably may be specified in such notice or may be necessary under the circumstances) it may, but
shall be under no duty to, take or refrain from taking such action, not inconsistent with this Agreement or the Basic Documents, as it shall deem to be in the best interests of the Certificateholder, and shall have no liability to any Person for
such action or inaction. 
  
 (d) In the event that the Owner
Trustee is unsure as to the application of any provision of this Agreement or any Basic Document or any such provision is ambiguous as to its application, or is, or appears to be, in conflict with any other applicable provision, or in the event that
this Agreement permits any determination by the Owner Trustee or is silent or is incomplete as to the course of action that the Owner Trustee is required to take with respect to a particular set of facts, the Owner Trustee may give notice (in such
form as shall be appropriate under the circumstances) to the Certificateholder requesting instruction and, to the extent that the Owner Trustee acts or refrains from acting in good faith in accordance with any such instruction received, the Owner
Trustee shall not be liable, on account of such action or inaction, to any 

  

 15 

 
Person. If the Owner Trustee shall not have received appropriate instruction within 10 days of such notice (or within such shorter period of time as
reasonably may be specified in such notice or may be necessary under the circumstances) it may, but shall be under no duty to, take or refrain from taking such action, not inconsistent with this Agreement or the Basic Documents, as it shall deem to
be in the best interests of the Certificateholder, and shall have no liability to any Person for such action or inaction. 
  
 Section 5.4 No Duties Except as Specified in this Agreement or in Instructions. The Owner Trustee shall not have any duty or obligation to manage,
make any payment with respect to, register, record, sell, dispose of, or otherwise deal with the Owner Trust Estate, or to otherwise take or refrain from taking any action under, or in connection with, any document contemplated hereby to which the
Owner Trustee is a party, except as expressly provided by the terms of this Agreement or in any document or written instruction received by the Owner Trustee pursuant to Section 5.3; and no implied duties or obligations shall be read into this
Agreement or any Basic Document against the Owner Trustee. The Owner Trustee shall have no responsibility for filing any financing or continuation statement in any public office at any time or to otherwise perfect or maintain the perfection of any
security interest or lien granted to it hereunder or to prepare or file any Commission filing (including any filings required pursuant to the Sarbanes-Oxley Act of 2002 or any rule or regulation promulgated thereunder) for the Trust or to record
this Agreement or any Basic Document. The Owner Trustee nevertheless agrees that it will, at its own cost and expense, promptly take all action as may be necessary to discharge any Liens on any part of the Owner Trust Estate that result from actions
by, or claims against, the Owner Trustee (solely in its individual capacity) and that are not related to the ownership or the administration of the Owner Trust Estate. 
  
 Section 5.5 No Action Except under Specified Documents or Instructions. The Owner Trustee shall not manage, control,
use, sell, dispose of or otherwise deal with any part of the Owner Trust Estate except (i) in accordance with the powers granted to and the authority conferred upon the Owner Trustee pursuant to this Agreement, (ii) in accordance with the Basic
Documents and (iii) in accordance with any document or instruction delivered to the Owner Trustee pursuant to Section 5.3. 
  
 Section 5.6 Restrictions. The Owner Trustee shall not take any action (a) that is inconsistent with the purposes of the Trust set forth in Section
2.3 or (b) that, to the actual knowledge of the Owner Trustee, would result in the Trust’s becoming taxable as a corporation for Federal income tax purposes. The Certificateholder shall not direct the Owner Trustee to take action that would
violate the provisions of this Section. 
  
 ARTICLE VI 

 
 Concerning the Owner Trustee 
  
 Section 6.1 Acceptance of Trusts and Duties. The Owner Trustee accepts
the trusts hereby created and agrees to perform its duties hereunder with respect to such trusts but only upon the terms of this Agreement. The Owner Trustee also agrees to disburse all moneys actually received by it constituting part of the Owner
Trust Estate upon the terms of the Basic Documents and this Agreement. The Owner Trustee shall not be answerable or accountable 

  

 16 

 
hereunder or under any Basic Document under any circumstances, except (i) for its own willful misconduct, bad faith or negligence, (ii) in the case of the
inaccuracy of any representation or warranty contained in Section 6.3 expressly made by the Owner Trustee, (iii) for liabilities arising from the failure of the Owner Trustee to perform obligations expressly undertaken by it in the last sentence of
Section 5.4 hereof, (iv) for any investments issued by the Owner Trustee or any branch or affiliate thereof in its commercial capacity or (v) for taxes, fees or other charges on, based on or measured by, any fees, commissions or compensation
received by the Owner Trustee. In particular, but not by way of limitation (and subject to the exceptions set forth in the preceding sentence): 
  
 (a) the Owner Trustee shall not be liable for any error of judgment made by a Responsible Officer of the Owner Trustee (except in the case of wilful
misconduct, bad faith or negligence); 
  
 (b) the Owner Trustee
shall not be liable with respect to any action taken or omitted to be taken by it in accordance with the instructions of the Servicer or the Certificateholder; 
  

(c) no provision of this Agreement or any Basic Document shall require the Owner Trustee to expend or risk funds or otherwise incur any financial
liability in the performance of any of its rights or powers hereunder or under any Basic Document if the Owner Trustee shall have reasonable grounds for believing that repayment of such funds or adequate indemnity against such risk or liability is
not reasonably assured or provided to it; 
  
 (d) under no
circumstances shall the Owner Trustee be liable for indebtedness evidenced by or arising under any of the Basic Documents, including the principal of and interest on the Notes; 
  
 (e) the Owner Trustee shall not be responsible for or in respect of the validity or sufficiency of this Agreement or for the
due execution hereof by the Depositor or for the form, character, genuineness, sufficiency, value or validity of any of the Owner Trust Estate or for or in respect of the validity or sufficiency of the Basic Documents, other than the certificate of
authentication on the Certificate, and the Owner Trustee shall in no event assume or incur any liability, duty or obligation to the Trustee, Trust Collateral Agent, any Noteholder or to any Certificateholder, other than as expressly provided for
herein and in the Basic Documents; 
  
 (f) the Owner Trustee shall
not be liable for the default or misconduct of the Trustee, the Trust Collateral Agent or the Servicer under any of the Basic Documents or otherwise and the Owner Trustee shall have no obligation or liability to perform the obligations under this
Agreement or the Basic Documents that are required to be performed by the Trustee under the Indenture or the Trust Collateral Agent or the Servicer under the Sale and Servicing Agreement; and 
  
 (g) the Owner Trustee shall be under no obligation to exercise any of the
rights or powers vested in it by this Agreement, or to institute, conduct or defend any litigation under this Agreement or otherwise or in relation to this Agreement or any Basic Document, at the request, order or direction of the Certificateholder,
unless the Certificateholder has offered to 

  

 17 

 
the Owner Trustee security or indemnity satisfactory to it against the costs, expenses and liabilities that may be incurred by the Owner Trustee therein or
thereby. The right of the Owner Trustee to perform any discretionary act enumerated in this Agreement or in any Basic Document shall not be construed as a duty, and the Owner Trustee shall not be answerable for other than its negligence, bad faith
or willful misconduct in the performance of any such act. 
  
 Section 6.2 Furnishing of Documents. The Owner Trustee shall furnish to the Certificateholder promptly upon receipt of a written request therefor, duplicates or copies of all reports, notices, requests, demands, certificates,
financial statements and any other instruments furnished to the Owner Trustee under the Basic Documents. 
  
 Section 6.3 Representations and Warranties. The Owner Trustee hereby represents and warrants to the Depositor and the Holder, that: 
  
 (a) It is a Delaware banking corporation, duly organized and validly existing
in good standing under the laws of the State of Delaware. It has all requisite corporate power and authority to execute, deliver and perform its obligations under this Agreement. 
  
 (b) It has taken all corporate action necessary to authorize the execution and delivery by it of this Agreement, and this
Agreement will be executed and delivered by one of its officers who is duly authorized to execute and deliver this Agreement on its behalf. 
  
 (c) Neither the execution nor the delivery by it of this Agreement, nor the consummation by it of the transactions contemplated hereby nor compliance by
it with any of the terms or provisions hereof will contravene any federal or Delaware state law, governmental rule or regulation governing the banking or trust powers of the Owner Trustee or any judgment or order binding on it, or constitute any
default under its charter documents or by-laws or any indenture, mortgage, contract, agreement or instrument to which it is a party or by which any of its properties may be bound. 
  
 (d) The Agreement has been, or, when executed and delivered will have been, duly authorized, validly executed and delivered
by the Owner Trustee and constitutes, a valid and binding agreement of the Owner Trustee, enforceable against the Owner Trustee in accordance with its terms, except to the extent that enforceability may (A) be subject to insolvency, reorganization,
moratorium, or other similar laws, regulations or procedures of general applicability now or hereinafter in effect relating to or affecting creditor’s rights generally and (B) be limited by general principles of equity (whether considered in a
proceeding at law or in equity). 
  
 Section 6.4 Reliance;
Advice of Counsel 
  
 (a) The Owner Trustee shall incur no
liability to anyone in acting upon any signature, instrument, notice, resolution, request, consent, order, certificate, report, opinion, bond or other document or paper believed by it to be genuine and believed by it to be signed by the proper party
or parties. The Owner Trustee may accept a certified copy of a resolution of the board of directors or other governing body of any corporate party as conclusive evidence that such resolution has been duly adopted by such body and that the same is in
full force and effect. As to any fact or matter the method of the determination of which is not specifically prescribed 

  

 18 

 
herein, the Owner Trustee may for all purposes hereof rely on a certificate, signed by the president or any vice president or by the treasurer, secretary or
other authorized officers of the relevant party, as to such fact or matter, and such certificate shall constitute full protection to the Owner Trustee for any action taken or omitted to be taken by it in good faith in reliance thereon. 

 
 (b) In the exercise or administration of the trusts hereunder and in the
performance of its duties and obligations under this Agreement or the Basic Documents, the Owner Trustee (i) may act directly or through its agents or attorneys pursuant to agreements entered into with any of them, and the Owner Trustee shall not be
liable for the conduct or misconduct of such agents or attorneys if such agents or attorneys shall have been selected by the Owner Trustee with reasonable care, and (ii) may consult with counsel, accountants and other skilled persons to be selected
with reasonable care and employed by it. The Owner Trustee shall not be liable for anything done, suffered or omitted in good faith by it in accordance with the written opinion or advice of any such counsel, accountants or other such persons and
according to such opinion not contrary to this Agreement or any Basic Document. 
  
 Section 6.5 Not Acting in Individual Capacity. Except as provided in this Article VI, in accepting the trust hereby created Wilmington Trust Company acts solely as Owner Trustee hereunder and not in its
individual capacity and all Persons having any claim against the Owner Trustee by reason of the transactions contemplated by this Agreement or any Basic Document shall look only to the Owner Trust Estate for payment or satisfaction thereof.

  
 Section 6.6 Owner Trustee Not Liable for Certificate or
Receivables. The recitals contained herein and in the Certificate (other than the signature and countersignature of the Owner Trustee on the Certificate) shall be taken as the statements of the Depositor and the Owner Trustee assumes no
responsibility for the correctness thereof. The Owner Trustee makes no representations as to the validity or sufficiency of this Agreement, of any Basic Document or of the Certificate (other than the signature and countersignature of the Owner
Trustee on the Certificate) or the Notes, or of any Receivable or related documents. The Owner Trustee shall at no time have any responsibility or liability for or with respect to the legality, validity and enforceability of any Receivable, or the
perfection and priority of any security interest created by any Receivable in any Financed Vehicle or the maintenance of any such perfection and priority, or for or with respect to the sufficiency of the Owner Trust Estate or its ability to generate
the payments to be distributed to Certificateholder under this Agreement or the Noteholders under the Indenture, including, without limitation: the existence, condition and ownership of any Financed Vehicle; the existence and enforceability of any
insurance thereon; the existence and contents of any Receivable on any computer or other record thereof; the validity of the assignment of any Receivable to the Trust or of any intervening assignment; the completeness of any Receivable; the
performance or enforcement of any Receivable; the compliance by the Depositor, the Servicer or any other Person with any warranty or representation made under any Basic Document or in any related document or the accuracy of any such warranty or
representation or any action of the Trustee or the Servicer or any subservicer taken in the name of the Owner Trustee. 
  
 Section 6.7 Owner Trustee May Own Notes. The Owner Trustee in its individual or any other capacity may become the owner or pledgee of the Notes and
may deal 

  

 19 

 
with the Depositor, the Trustee and the Servicer in banking transactions with the same rights as it would have if it were not Owner Trustee. 
  
 Section 6.8 Payments from Owner Trust Estate. All payments to be made
by the Owner Trustee under this Agreement or any of the Basic Documents to which the Trust or the Owner Trustee is a party shall be made only from the income and proceeds of the Owner Trust Estate and only to the extent that the Owner Trustee shall
have received income or proceeds from the Owner Trust Estate to make such payments in accordance with the terms hereof. Wilmington Trust Company, or any successor thereto, in its individual capacity, shall not be liable for any amounts payable under
this Agreement or any of the Basic Documents to which the Trust or the Owner Trustee is a party. 
  
 Section 6.9 Doing Business in Other Jurisdictions. Notwithstanding anything contained herein to the contrary, neither Wilmington Trust Company or
any successor thereto, nor the Owner Trustee shall be required to take any action in any jurisdiction other than in the State of Delaware if the taking of such action will, even after the appointment of a co-trustee or separate trustee in accordance
with Section 9.5 hereof, (i) require the consent or approval or authorization or order of or the giving of notice to, or the registration with or the taking of any other action in respect of, any state or other governmental authority or agency of
any jurisdiction other than the State of Delaware; (ii) result in any fee, tax or other governmental charge under the laws of the State of Delaware becoming payable by Wilmington Trust Company (or any successor thereto); or (iii) subject Wilmington
Trust Company (or any successor thereto) to personal jurisdiction in any jurisdiction other than the State of Delaware for causes of action arising from acts unrelated to the consummation of the transactions by Wilmington Trust Company (or any
successor thereto) or the Owner Trustee, as the case may be, contemplated hereby. 
  
 ARTICLE VII 
  
 Compensation of
Owner Trustee 
  
 Section 7.1 Owner Trustee’s Fees and
Expenses. The Owner Trustee shall receive as compensation for its services hereunder such fees as have been separately agreed upon before the date hereof between AmeriCredit and the Owner Trustee, and the Owner Trustee shall be entitled to be
reimbursed by the Depositor for its other reasonable expenses hereunder, including the reasonable compensation, expenses and disbursements of such agents, representatives, experts and counsel as the Owner Trustee may employ in connection with the
exercise and performance of its rights and its duties hereunder and under the Basic Documents. AmeriCredit Corp. shall be jointly and severally liable for the fees and expenses owing to the Owner Trustee under this Section 7.1. 
  
 Section 7.2 Indemnification. The Depositor shall be liable as primary
obligor for, and shall indemnify the Owner Trustee and its officers, directors, successors, assigns, agents and servants (collectively, the “Indemnified Parties”) from and against, any and all liabilities, obligations, losses,
damages, taxes, claims, actions and suits, and any and all reasonable costs, expenses and disbursements (including reasonable legal fees and expenses) of any kind and nature whatsoever (collectively, “Expenses”) which may at any
time be imposed on, incurred by, 

  

 20 

 
or asserted against the Owner Trustee or any Indemnified Party in any way relating to or arising out of this Agreement, the Basic Documents, the Owner Trust
Estate, the administration of the Owner Trust Estate or the action or inaction of the Owner Trustee hereunder, except only that the Depositor shall not be liable for or required to indemnify the Owner Trustee from and against Expenses arising or
resulting from any of the matters described in the third sentence of Section 6.1. The indemnities contained in this Section and the rights under Section 7.1 shall survive the resignation or termination of the Owner Trustee or the termination of this
Agreement. In any event of any claim, action or proceeding for which indemnity will be sought pursuant to this Section, the Owner Trustee’s choice of legal counsel shall be subject to the approval of the Depositor which approval shall not be
unreasonably withheld. AmeriCredit Corp. shall be jointly and severally liable for the indemnification duties and obligations of the Depositor which are described in this Section 7.2. 
  
 Section 7.3 Payments to the Owner Trustee. Any amounts paid to the Owner Trustee pursuant to this Article VII shall
be deemed not to be a part of the Owner Trust Estate immediately after such payment. 
  
 Section 7.4 Non-recourse Obligations. Notwithstanding anything in this Agreement or any Basic Document, the Owner Trustee agrees in its individual capacity and in its capacity as Owner Trustee for the Trust
that all obligations of the Trust to the Owner Trustee individually or as Owner Trustee for the Trust shall be with recourse to the Owner Trust Estate only and specifically shall be without recourse to the assets of the Holder. 
  
 ARTICLE VIII 
  
 Termination of Trust Agreement 
  
 Section 8.1 Termination of Trust Agreement. 
  
 (a) This Agreement and the Trust shall terminate in accordance with Section 3808 of the Statutory Trust Statute and be of no
further force or effect upon the latest of (i) the maturity or other liquidation of the last Receivable (including the purchase by the Servicer at its option or by the Seller at its option of the corpus of the Trust as described in Section 10.1 of
the Sale and Servicing Agreement) and the subsequent distribution of amounts in respect of such Receivables as provided in the Basic Documents, or (ii) the payment to the Certificateholder of all amounts required to be paid to it pursuant to this
Agreement; provided, however, that the rights to indemnification under Section 7.2 and the rights under Section 7.1 shall survive the termination of the Trust. The Seller or the Servicer shall promptly notify the Owner Trustee of any
prospective termination pursuant to this Section. The bankruptcy, liquidation, dissolution, death or incapacity of the Certificateholder, shall not (x) operate to terminate this Agreement or the Trust, nor (y) entitle the Certificateholder’s
legal representatives or heirs to claim an accounting or to take any action or proceeding in any court for a partition or winding up of all or any part of the Trust or Owner Trust Estate nor (z) otherwise affect the rights, obligations and
liabilities of the parties hereto. 
  
 (b) Neither the Depositor
nor the Certificateholder shall be entitled to revoke or terminate the Trust. 
  

 21 

 (c) Notice of any termination of the Trust, specifying the Distribution Date upon which the
Certificateholder shall surrender the Certificate to the Trust Collateral Agent for payment of the final distribution and cancellation, shall be given by the Owner Trustee by letter to the Certificateholder mailed within five Business Days of
receipt of notice of such termination from the Servicer given pursuant to Section 10.1(c) of the Sale and Servicing Agreement, stating (i) the Distribution Date upon or with respect to which final payment of the Certificate shall be made upon
presentation and surrender of the Certificate at the office of the Trust Collateral Agent therein designated, (ii) the amount of any such final payment, (iii) that the Record Date otherwise applicable to such Distribution Date is not applicable,
payments being made only upon presentation and surrender of the Certificate at the office of the Trust Collateral Agent therein specified and (iv) interest will cease to accrue on the Certificate. The Owner Trustee shall give such notice to the
Trust Collateral Agent at the time such notice is given to the Certificateholder. Upon presentation and surrender of the Certificate, the Trust Collateral Agent shall cause to be distributed to the Certificateholder amounts distributable on such
Distribution Date pursuant to Section 5.7 of the Sale and Servicing Agreement. 
  
 In the event that the Certificateholder shall not surrender the Certificate for cancellation within six months after the date specified in the above mentioned written notice, the Owner Trustee shall give a second
written notice to the Certificateholder to surrender the Certificate for cancellation and receive the final distribution with respect thereto. If within one year after the second notice all of the Certificates shall not have been surrendered for
cancellation, the Owner Trustee may take appropriate steps, or may appoint an agent to take appropriate steps, to contact the Certificateholder concerning surrender of its Certificate, and the cost thereof shall be paid out of the funds and other
assets that shall remain subject to this Agreement. Any funds remaining in the Trust after exhaustion of such remedies shall be distributed, subject to applicable escheat laws, by the Owner Trustee to the Holder. 
  
 (d) Upon the completion of the winding up of the Trust in accordance with
Section 3808 of the Statutory Trust Statute and its termination, the Owner Trustee shall cause the Certificate of Trust to be canceled by filing a certificate of cancellation with the Secretary of State in accordance with the provisions of Section
3810 of the Statutory Trust Statute. 
  
 ARTICLE IX 
  
 Successor Owner Trustees and Additional Owner Trustees 
  
 Section 9.1 Eligibility Requirements for Owner Trustee. The Owner
Trustee shall at all times be a corporation (i) satisfying the provisions of Section 3807(a) of the Statutory Trust Statute; (ii) authorized to exercise corporate trust powers; and (iii) having a combined capital and surplus of at least $50,000,000
and subject to supervision or examination by Federal or State authorities. If such corporation shall publish reports of condition at least annually, pursuant to law or to the requirements of the aforesaid supervising or examining authority, then for
the purpose of this Section, the combined capital and surplus of such corporation shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. In case at any time the Owner Trustee shall
cease to be eligible in accordance with the provisions of this Section, the Owner Trustee shall resign immediately in the manner and with the effect specified in Section 9.2. 
  

 22 

 Section 9.2 Resignation or Removal of Owner Trustee. The Owner Trustee may at any time resign and
be discharged from the trusts hereby created by giving written notice thereof to the Depositor and the Servicer. Upon receiving such notice of resignation, the Depositor shall promptly appoint a successor Owner Trustee by written instrument, in
duplicate, one copy of which instrument shall be delivered to the resigning Owner Trustee and one copy to the successor Owner Trustee. If no successor Owner Trustee shall have been so appointed and have accepted appointment within 30 days after the
giving of such notice of resignation, the resigning Owner Trustee or the Certificateholder may petition any court of competent jurisdiction for the appointment of a successor Owner Trustee. 
  
 If at any time the Owner Trustee shall cease to be eligible in accordance
with the provisions of Section 9.1 and shall fail to resign after written request therefor by the Depositor, or if at any time the Owner Trustee shall be legally unable to act, or shall be adjudged bankrupt or insolvent, or a receiver of the Owner
Trustee or of its property shall be appointed, or any public officer shall take charge or control of the Owner Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, then the Depositor may remove the
Owner Trustee. If the Depositor shall remove the Owner Trustee under the authority of the immediately preceding sentence, the Depositor shall promptly appoint a successor Owner Trustee by written instrument, in duplicate, one copy of which
instrument shall be delivered to the outgoing Owner Trustee so removed and one copy to the successor Owner Trustee and payment of all fees owed to the outgoing Owner Trustee. 
  
 Any resignation or removal of the Owner Trustee and appointment of a successor Owner Trustee pursuant to any of the
provisions of this Section shall not become effective until acceptance of appointment by the successor Owner Trustee pursuant to Section 9.3 and payment of all fees and expenses owed to the outgoing Owner Trustee. The Depositor shall provide notice
of such resignation or removal of the Owner Trustee to each of the Rating Agencies. 
  
 Section 9.3 Successor Owner Trustee. Any successor Owner Trustee appointed pursuant to Section 9.2 shall execute, acknowledge and deliver to the Depositor, the Servicer and to its predecessor Owner Trustee an
instrument accepting such appointment under this Agreement, and thereupon the resignation or removal of the predecessor Owner Trustee shall become effective and such successor Owner Trustee, without any further act, deed or conveyance, shall become
fully vested with all the rights, powers, duties and obligations of its predecessor under this Agreement, with like effect as if originally named as Owner Trustee. The predecessor Owner Trustee shall upon payment of its fees and expenses deliver to
the successor Owner Trustee all documents and statements and monies held by it under this Agreement; and the Depositor and the predecessor Owner Trustee shall execute and deliver such instruments and do such other things as may reasonably be
required for fully and certainly vesting and confirming in the successor Owner Trustee all such rights, powers, duties and obligations. 
  
 No successor Owner Trustee shall accept appointment as provided in this Section unless at the time of such acceptance such successor Owner Trustee shall
be eligible pursuant to Section 9.1. 
  
 Upon acceptance of
appointment by a successor Owner Trustee pursuant to this Section, the Servicer shall mail notice of the successor of such Owner Trustee to the 

  

 23 

 
Certificateholder, the Trustee, the Noteholders and the Rating Agencies. If the Servicer shall fail to mail such notice within 10 days after acceptance of
appointment by the successor Owner Trustee, the successor Owner Trustee shall cause such notice to be mailed at the expense of the Servicer. 
  
 Section 9.4 Merger or Consolidation of Owner Trustee. Any corporation into which the Owner Trustee may be merged or converted or with which it may
be consolidated, or any corporation resulting from any merger, conversion or consolidation to which the Owner Trustee shall be a party, or any corporation succeeding to all or substantially all of the corporate trust business of the Owner Trustee,
shall be the successor of the Owner Trustee hereunder, provided such corporation shall be eligible pursuant to Section 9.1, without the execution or filing of any instrument or any further act on the part of any of the parties hereto, anything
herein to the contrary notwithstanding; provided, further, that the Owner Trustee shall mail notice of such merger or consolidation to the Rating Agencies. 
  
 Section 9.5 Appointment of Co-Trustee or Separate Trustee. Notwithstanding any other provisions of this Agreement, at
any time, for the purpose of meeting any legal requirements of any jurisdiction in which any part of the Owner Trust Estate or any Financed Vehicle may at the time be located, the Servicer and the Owner Trustee acting jointly shall have the power
and shall execute and deliver all instruments to appoint one or more Persons approved by the Owner Trustee to act as co-trustee, jointly with the Owner Trustee, or separate trustee or separate trustees, of all or any part of the Owner Trust Estate,
and to vest in such Person, in such capacity, such title to the Trust, or any part thereof, and, subject to the other provisions of this Section, such powers, duties, obligations, rights and trusts as the Servicer and the Owner Trustee may consider
necessary or desirable. If the Servicer shall not have joined in such appointment within 15 days after the receipt by it of a request to do so, the Owner Trustee shall have the power to make such appointment. No co-trustee or separate trustee under
this Agreement shall be required to meet the terms of eligibility as a successor trustee pursuant to Section 9.1 and no notice of the appointment of any co-trustee or separate trustee shall be required pursuant to Section 9.3. 
  
 Each separate trustee and co-trustee shall, to the extent permitted by law,
be appointed and act subject to the following provisions and conditions: 
  
 (i) all rights, powers, duties and obligations conferred or imposed upon the Owner Trustee shall be conferred upon and exercised or performed by the Owner Trustee and such separate trustee or co-trustee jointly (it
being understood that such separate trustee or co-trustee is not authorized to act separately without the Owner Trustee joining in such act), except to the extent that under any law of any jurisdiction in which any particular act or acts are to be
performed, the Owner Trustee shall be incompetent or unqualified to perform such act or acts, in which event such rights, powers, duties and obligations (including the holding of title to the Trust or any portion thereof in any such jurisdiction)
shall be exercised and performed singly by such separate trustee or co-trustee, but solely at the direction of the Owner Trustee; 
  
 (ii) no trustee under this Agreement shall be personally liable by reason of any act or omission of any other trustee under this
Agreement; and 
  

 24 

 (iii) the Servicer and the Owner Trustee acting jointly may at any time accept the
resignation of or remove any separate trustee or co-trustee. 
  
 Any notice, request or other writing given to the Owner Trustee shall be deemed to have been given to each of the then separate trustees and co-trustees, as effectively as if given to each of them. Every instrument appointing any separate
trustee or co-trustee shall refer to this Agreement and the conditions of this Article. Each separate trustee and co-trustee, upon its acceptance of the trusts conferred, shall be vested with the estates or property specified in its instrument of
appointment, either jointly with the Owner Trustee or separately, as may be provided therein, subject to all the provisions of this Agreement, specifically including every provision of this Agreement relating to the conduct of, affecting the
liability of, or affording protection to, the Owner Trustee. Each such instrument shall be filed with the Owner Trustee and a copy thereof given to the Servicer. 
  
 Any separate trustee or co-trustee may at any time appoint the Owner Trustee, its agent or attorney-in-fact with full power
and authority, to the extent not prohibited by law, to do any lawful act under or in respect of this Agreement on its behalf and in its name. If any separate trustee or co-trustee shall die, become incapable of acting, resign or be removed, all of
its estates, properties, rights, remedies and trusts shall vest in and be exercised by the Owner Trustee, to the extent permitted by law, without the appointment of a new or successor trustee. 
  
 ARTICLE X 
  
 Miscellaneous 
  
 Section 10.1 Supplements and Amendments. 
  
 (a) This Agreement may be amended by the Depositor and the Owner Trustee, and with prior written notice to the Rating Agencies, without the consent of any
of the Noteholders or the Certificateholder, (i) to cure any ambiguity or defect or (ii) to correct, supplement or modify any provisions in this Agreement; provided, however, that such action shall not, as evidenced by an Opinion of
Counsel which may be based upon a certificate of the Servicer, adversely affect in any material respect the interests of any Noteholder or Certificateholder. 
  
 (b) This Agreement may also be amended from time to time by the Depositor and the Owner Trustee, with prior written notice to the Rating Agencies, to the
extent such amendment materially and adversely affects the interests of the Noteholders, with the consent of the Noteholders evidencing not less than a majority of the Outstanding Amount of the Notes, and the consent of the Certificateholder (which
consent of any Holder of a Certificate or Note given pursuant to this Section or pursuant to any other provision of this Agreement shall be conclusive and binding on such Holder) for the purpose of adding any provisions to or changing in any manner
or eliminating any of the provisions of this Agreement or of modifying in any manner the rights of the Noteholders or the Certificateholder; provided, however, that no such amendment shall (a) increase or reduce in any manner the
amount of, or accelerate or delay the timing of, collections of payments on Receivables or distributions that shall be required to be made for the benefit of the Noteholders or the Certificateholder or (b) reduce the aforesaid 

  

 25 

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

  
 It shall not be necessary for the consent of
Certificateholder, the Noteholders or the Trustee pursuant to this Section to approve the particular form of any proposed amendment or consent, but it shall be sufficient if such consent shall approve the substance thereof. The manner of obtaining
such consents (and any other consents of the Certificateholder provided for in this Agreement or in any other Basic Document) and of evidencing the authorization of the execution thereof by Certificateholder shall be subject to such reasonable
requirements as the Owner Trustee may prescribe. Promptly after the execution of any amendment to the Certificate of Trust, the Owner Trustee shall cause the filing of such amendment with the Secretary of State. 
  
 Prior to the execution of any amendment to this Agreement or the Certificate
of Trust, the Owner Trustee shall be entitled to receive and rely upon an Opinion of Counsel stating that the execution of such amendment is authorized or permitted by this Agreement and that all conditions precedent to the execution and delivery of
such amendment have been satisfied. The Owner Trustee may, but shall not be obligated to, enter into any such amendment which affects the Owner Trustee’s own rights, duties or immunities under this Agreement or otherwise. 
  
 Section 10.2 No Legal Title to Owner Trust Estate in
Certificateholder. The Certificateholder shall not have legal title to any part of the Owner Trust Estate. The Certificateholder shall be entitled to receive distributions in accordance with Article VIII. No transfer, by operation of law or
otherwise, of any right, title or interest of the Certificateholder to and in its ownership interest in the Owner Trust Estate shall operate to terminate this Agreement or the trust hereunder or entitle any transferee to an accounting or to the
transfer to it of legal title to any part of the Owner Trust Estate. 
  
 Section 10.3 Limitations on Rights of Others. The provisions of this Agreement are solely for the benefit of the Owner Trustee, the Depositor, the Certificateholder, the Servicer and, to the extent expressly provided herein, the
Trustee and the Noteholders, and nothing in this Agreement, whether express or implied, shall be construed to give to any other Person any legal or equitable right, remedy or claim in the Owner Trust Estate or under or in respect of this Agreement
or any covenants, conditions or provisions contained herein. 
  
 Section 10.4 Notices. 
  
 (a) Unless otherwise
expressly specified or permitted by the terms hereof, all notices shall be in writing and shall be deemed given upon receipt personally delivered, delivered by overnight courier or mailed first class mail or certified mail, in each case return
receipt requested, and shall be deemed to have been duly given upon receipt, if to the Owner Trustee, addressed to the Corporate Trust Office; if to the Depositor, addressed to AFS SenSub Corp., 639 Isbell Rd., Suite 390, Reno Nevada 89509,
Attention: Chief Financial Officer, with a 

  

 26 

 
copy to AFS SenSub Corp., c/o AmeriCredit Financial Services, Inc., 801 Cherry Street, Suite 3900, Fort Worth, Texas 76102, Attention: Chief Financial
Officer; or, as to each party, at such other address as shall be designated by such party in a written notice to each other party. 
  
 (b) Any notice required or permitted to be given to a Certificateholder shall be given by first-class mail, postage prepaid, at the address of the Holder.
Any notice so mailed within the time prescribed in this Agreement shall be conclusively presumed to have been duly given, whether or not the Certificateholder receives such notice. 
  
 Section 10.5 Severability. Any provision of this Agreement that is prohibited or unenforceable in any jurisdiction
shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or
render unenforceable such provision in any other jurisdiction. 
  
 Section 10.6 Separate Counterparts. This Agreement may be executed by the parties hereto in separate counterparts, each of which when so executed and delivered shall be an original, but all such counterparts shall together constitute
but one and the same instrument. 
  
 Section 10.7
Assignments. This Agreement shall inure to the benefit of and be binding upon the parties hereto and their respective successors and permitted assigns. 
  

Section 10.8 No Recourse. The Certificateholder by accepting a Certificate acknowledges that the Certificate represents a beneficial interest in
the Trust only and does not represent interests in or obligations of the Seller, the Servicer, the Owner Trustee, the Trustee or any Affiliate thereof and no recourse may be had against such parties or their assets, except as may be expressly set
forth or contemplated in this Agreement, the Certificate or the Basic Documents. 
  
 Section 10.9 Headings. The headings of the various Articles and Sections herein are for convenience of reference only and shall not define or limit any of the terms or provisions hereof. 
  
 Section 10.10 GOVERNING LAW. THIS AGREEMENT SHALL BE GOVERNED BY, AND
CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF DELAWARE, WITHOUT REFERENCE TO ITS CONFLICT OF LAW PROVISIONS, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS. 
  
 Section 10.11 Servicer. The Servicer is authorized to prepare, or
cause to be prepared, execute and deliver on behalf of the Trust all such documents, reports, filings, instruments, certificates and opinions as it shall be the duty of the Trust or Owner Trustee to prepare, file or deliver pursuant to the Basic
Documents. Upon written request, the Owner Trustee shall execute and deliver to the Servicer a limited power of attorney appointing the Servicer as the Trust’s agent and attorney-in-fact to prepare, or cause to be prepared, execute and deliver
all such documents, reports, filings, instruments, certificates and opinions. 
  

 27 

 Section 10.12 Nonpetition Covenants. Notwithstanding any prior termination of this Agreement, the
Certificateholder shall not, prior to the date which is one year and one day after the termination of this Agreement with respect to the Trust, acquiesce, petition or otherwise invoke or cause the Trust to invoke the process of any court or
government authority for the purpose of commencing or sustaining a case against the Trust under any federal or state bankruptcy, insolvency or similar law or appointing a receiver, liquidator, assignee, trustee, custodian, sequestrator or other
similar official of the Trust or any substantial part of its property, or ordering the winding up or liquidation of the affairs of the Trust. 
  
 [Remainder of page intentionally left blank.] 
  

 28 

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

			
	 WILMINGTON TRUST COMPANY
 Owner Trustee

		
	By:	 	/s/    KATHLEEN A.
PEDELINI        
	 Name:
	 	Kathleen A. Pedelini
	 Title:
	 	Financial Services Officer
	
	 AFS SENSUB CORP.
 Depositor

		
	By:	 	/s/    SHELI FITZGERALD        
	 Name:
	 	Sheli Fitzgerald
	 Title:
	 	Assistant Vice President, Structured Finance

  
 ACKNOWLEDGED AND AGREED TO:

  

			
	 AMERICREDIT CORP.,
 Solely with respect to Sections 7.1 and 7.2

		
	By:	 	/s/    SUSAN B.
SHEFFIELD        
	 Name:
	 	Susan B. Sheffield
	 Title:
	 	Senior vice President, Structured Finance

  
 [Amended and Restated
Trust Agreement] 
  

 EXHIBIT A 
  
 NUMBER 
 R-1

  
 SEE REVERSE FOR CERTAIN DEFINITIONS 
  
 THIS CERTIFICATE IS NOT TRANSFERABLE, 
 EXCEPT UNDER THE LIMITED CONDITIONS 
 SPECIFIED
IN THE TRUST AGREEMENT 
  

  
 ASSET BACKED CERTIFICATE 
  
 evidencing a beneficial ownership interest in certain distributions of the Trust, as defined below, the property of which includes a pool of retail installment sale
contracts secured by new or used automobiles, vans or light duty trucks and sold to the Trust by AFS SenSub Corp. 
  
 (This Certificate does not represent an interest in or obligation of AFS SenSub Corp. or any of its Affiliates, except to the extent described below.) 

 
 THIS CERTIFIES THAT AFS SenSub Corp. is the registered owner of a
nonassessable, fully-paid, beneficial ownership interest in certain distributions of AmeriCredit Automobile Receivables Trust 2004-1 (the “Trust”) formed by AFS SenSub Corp., a Nevada corporation (the “Seller”).

  
 OWNER TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

 
 This is the Certificate referred to in the within-mentioned Trust
Agreement. 
  

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

		
	 By:
	 	 
	
	 Authenticating Agent

		
	 by:
	 	 

  
 The Trust was
created pursuant to a Trust Agreement dated as of May 20, 2004, as amended and restated as of June 9, 2004 (the “Trust Agreement”), between the Seller and 

  

 A-1 

 
Wilmington Trust Company, as owner trustee (the “Owner Trustee”), a summary of certain of the pertinent provisions of which is set forth
below. To the extent not otherwise defined herein, the capitalized terms used herein have the meanings assigned to them in the Trust Agreement. 
  
 This is the duly authorized Certificate designated as “Asset Backed Certificate” (herein called the “Certificate”). Also issued
under the Indenture, dated as of June 9, 2004, among the Trust, JPMorgan Chase Bank, as trustee and trust collateral agent, are seven classes of Notes designated as “Class A-1 1.278% Asset Backed Notes” (the “Class A-1
Notes”), “Class A-2 2.31% Asset Backed Notes” (the “Class A-2 Notes”), “Class A-3 3.22% Asset Backed Notes” (the “Class A-3 Notes”), “Class B 3.70% Asset Backed Notes” (the
“Class B Notes”), “Class C 4.22% Asset Backed Notes” (the “Class C Notes”), “Class D 5.07% Asset Backed Notes” (the “Class D Notes”) and “Class E 7.00% Asset Backed
Notes” (the “Class E Notes” and together with the Class A-1 Notes, the Class A-2 Notes, the Class A-3 Notes, the Class B Notes, the Class C Notes and the Class D Notes, the “Notes”). This Certificate is issued
under and is subject to the terms, provisions and conditions of the Trust Agreement, to which Trust Agreement the holder of this Certificate by virtue of the acceptance hereof assents and by which such holder is bound. The property of the Trust
includes a pool of retail installment sale contracts secured by new and used automobiles, vans or light duty trucks (the “Receivables”), all monies due thereunder on or after Cutoff Date, security interests in the vehicles financed
thereby, certain bank accounts and the proceeds thereof, proceeds from claims on certain insurance policies and certain other rights under the Trust Agreement and the Sale and Servicing Agreement, all right, title and interest of the Seller in and
to the Purchase Agreement dated as of June 9, 2004 among AmeriCredit Financial Services, Inc. and the Seller and all proceeds of the foregoing. 
  
 The holder of this Certificate acknowledges and agrees that its rights to receive distributions in respect of this Certificate are subordinated to the
rights of the Noteholders as described in the Sale and Servicing Agreement, the Indenture and the Trust Agreement, as applicable. 
  
 Distributions on this Certificate will be made as provided in the Trust Agreement by the Owner Trustee by wire transfer or check mailed to the
Certificateholder without the presentation or surrender of this Certificate or the making of any notation hereon. Except as otherwise provided in the Trust Agreement and notwithstanding the above, the final distribution on this Certificate will be
made after due notice by the Owner Trustee of the pendency of such distribution and only upon presentation and surrender of this Certificate at the office or agency maintained for the purpose by the Owner Trustee in the Corporate Trust Office.

  
 Reference is hereby made to the further provisions of this
Certificate set forth on the reverse hereof, which further provisions shall for all purposes have the same effect as if set forth at this place. 
  
 Unless the certificate of authentication hereon shall have been executed by an authorized officer of the Owner Trustee, by manual signature, this
Certificate shall not entitle the holder hereof to any benefit under the Trust Agreement or the Sale and Servicing Agreement or be valid for any purpose. 
  

 A-2 

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

 A-3 

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

									
	 	 	 	 	 AMERICREDIT AUTOMOBILE RECEIVABLES TRUST 2004-1

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

				
	 Dated: June 17, 2004
	 	 	 	By:	 	 

  

 A-4 

 (Reverse of Certificate) 
  
 The Certificate does not represent an obligation of, or an interest in, the Seller, the Servicer, the Owner Trustee or any
Affiliates of any of them and no recourse may be had against such parties or their assets, except as may be expressly set forth or contemplated herein or in the Trust Agreement, the Indenture or the Basic Documents. In addition, this Certificate is
not guaranteed by any governmental agency or instrumentality and is limited in right of payment to certain collections with respect to the Receivables, all as more specifically set forth herein and in the Sale and Servicing Agreement. A copy of each
of the Sale and Servicing Agreement and the Trust Agreement may be examined during normal business hours at the principal office of the Seller, and at such other places, if any, designated by the Seller, by any Certificateholder upon written
request. 
  
 The Trust Agreement permits, with certain exceptions
therein provided, the amendment thereof and the modification of the rights and obligations of the Seller under the Trust Agreement at any time by the Seller and the Owner Trustee with the consent of the Note Majority and the Certificateholder. Any
such consent by the Holder of this Certificate shall be conclusive and binding on such Holder and on all future Holders of this Certificate and of any Certificate issued upon the transfer hereof or in exchange hereof or in lieu hereof whether or not
notation of such consent is made upon this Certificate. The Trust Agreement also permits the amendment thereof, in certain limited circumstances, without the consent of the Certificateholder. 
  
 As provided in the Trust Agreement and subject to certain limitations therein
set forth, the transfer of this Certificate is registerable in the Certificate Register upon surrender of this Certificate for registration of transfer at the offices or agencies of the Certificate Registrar maintained by the Owner Trustee in the
Corporate Trust Office, accompanied by a written instrument of transfer in form satisfactory to the Owner Trustee and the Certificate Registrar duly executed by the holder hereof or such holder’s attorney duly authorized in writing, and
thereupon a new Certificate evidencing the same aggregate interest in the Trust will be issued to the designated transferee. The initial Certificate Registrar appointed under the Trust Agreement is Wilmington Trust Company. No service charge will be
made for any such registration of transfer or exchange, but the Owner Trustee or the Certificate Registrar may require payment of a sum sufficient to cover any tax or governmental charge payable in connection therewith. 
  
 No sale or transfer of a Trust Certificate shall be permitted (including,
without limitation, by pledge or hypothecation), and no such sale or transfer shall be registered by the Certificate Registrar or be effective hereunder, if the sale or transfer thereof increases to more than 99 the sum of (a) the number of holders
of the Class E Notes and (b) the number of Certificateholders. 
  
 The Owner Trustee and any agent of the Owner Trustee may treat the person in whose name this Certificate is registered as the owner hereof for all purposes, and none of the Owner Trustee nor any such agent shall be affected by any notice to
the contrary. 
  
 The obligations and responsibilities created by
the Trust Agreement and the Trust created thereby shall terminate upon the payment to the Certificateholder of all amounts required 

  

 A-5 

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

 A-6 

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

					
			
	 Dated:
	 	 	 	 *

	 	 	 	 	 Signature

			
	 Guaranteed:
	 	 	 	 *

	 	 	 	 	 

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

 

 A-7 

 EXHIBIT B 
  
 FORM OF 
  
 CERTIFICATE OF TRUST 
  
 OF 
  
 AMERICREDIT
AUTOMOBILE RECEIVABLES TRUST 2004-1 
  
 THIS Certificate of
Trust of AMERICREDIT AUTOMOBILE RECEIVABLES TRUST 2004-1 (the “Trust”) is being duly executed and filed on behalf of the Trust by the undersigned, as trustee, to form a statutory trust under the Delaware Statutory Trust Act (12
Del. C. § 3801 et seq.) (the “Act”). 
  
 1. Name. The name of the statutory trust formed by this Certificate of Trust is “AmeriCredit Automobile Receivables Trust 2004-1”. 
  
 2. Delaware Trustee. The name and business address of the trustee of the Trust in the State of Delaware is Wilmington
Trust Company, Rodney Square North, 1100 North Market Street, Wilmington, Delaware 19890-0001. 
  
 3. Effective Date. This Certificate of Trust shall be effective upon filing. 
  
 IN WITNESS WHEREOF, the undersigned has duly executed this Certificate of Trust in accordance with Section 3811(a)(1) of the Act. 
  

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

		
	 By:
	 	  

	 	 	 Name:

	 	 	 Title:

  

 B-1Sale and Servicing Agreement

 Exhibit 4.3 
 EXECUTION COPY 
  
 SALE AND
SERVICING 
  
 AGREEMENT 
  
 among 
  
 AMERICREDIT AUTOMOBILE RECEIVABLES TRUST 2004-1, 
  
 Issuer, 
  
 AFS SENSUB CORP., 
  
 Seller, 
  
 AMERICREDIT FINANCIAL SERVICES, INC., 
  
 Servicer,

  
 JPMORGAN CHASE BANK, 
  
 Trust Collateral Agent, 
  
 and 
  
 SYSTEMS & SERVICES TECHNOLOGIES, INC., 
  
 Backup Servicer 
  
 Dated as of June 9, 2004 
  

 TABLE OF CONTENTS 
  

					
	 	  	 	  	Page

		
	ARTICLE I Definitions	  	1
			
	 SECTION 1.1.
	  	Definitions	  	1
	 SECTION 1.2.
	  	Other Definitional Provisions	  	18
		
	ARTICLE II Conveyance of Receivables	  	19
			
	 SECTION 2.1.
	  	Conveyance of Receivables	  	19
	 SECTION 2.2.
	  	[Reserved]	  	20
	 SECTION 2.3.
	  	Further Encumbrance of Trust Property	  	20
		
	ARTICLE III The Receivables	  	20
			
	 SECTION 3.1.
	  	Representations and Warranties of Seller	  	20
	 SECTION 3.2.
	  	Repurchase upon Breach	  	21
	 SECTION 3.3.
	  	Custody of Receivables Files	  	22
		
	ARTICLE IV Administration and Servicing of Receivables	  	23
			
	 SECTION 4.1.
	  	Duties of the Servicer and the Backup Servicer	  	23
	 SECTION 4.2.
	  	Collection of Receivable Payments; Modifications of Receivables; Lockbox Agreements	  	24
	 SECTION 4.3.
	  	Realization upon Receivables	  	26
	 SECTION 4.4.
	  	Insurance	  	28
	 SECTION 4.5.
	  	Maintenance of Security Interests in Vehicles	  	29
	 SECTION 4.6.
	  	Covenants, Representations, and Warranties of Servicer	  	30
	 SECTION 4.7.
	  	Purchase of Receivables Upon Breach of Covenant	  	31
	 SECTION 4.8.
	  	Total Servicing Fee; Payment of Certain Expenses by Servicer	  	32
	 SECTION 4.9.
	  	Servicer’s Certificate	  	32
	 SECTION 4.10.
	  	Annual Statement as to Compliance, Notice of Servicer Termination Event	  	33
	 SECTION 4.11.
	  	Annual Independent Accountants’ Report	  	33
	 SECTION 4.12.
	  	Access to Certain Documentation and Information Regarding Receivables	  	34
	 SECTION 4.13.
	  	Monthly Tape	  	34
	 SECTION 4.14.
	  	[Reserved]	  	35
	 SECTION 4.15.
	  	Fidelity Bond and Errors and Omissions Policy	  	35
		
	ARTICLE V Trust Accounts; Distributions; Statements to Noteholders	  	35
			
	 SECTION 5.1.
	  	Establishment of Trust Accounts	  	35
	 SECTION 5.2.
	  	[Reserved]	  	37
	 SECTION 5.3.
	  	Certain Reimbursements to the Servicer	  	37
	 SECTION 5.4.
	  	Application of Collections	  	38
	 SECTION 5.5.
	  	[Reserved]	  	38
	 SECTION 5.6.
	  	Additional Deposits	  	38

  

 i 

					
	 SECTION 5.7.
	  	Distributions	  	38
	 SECTION 5.8.
	  	Reserve Account	  	42
	 SECTION 5.9.
	  	Statements to Noteholders	  	43
		
	ARTICLE VI [Reserved]	  	44
		
	ARTICLE VII The Seller	  	44
			
	 SECTION 7.1.
	  	Representations of Seller	  	44
	 SECTION 7.2.
	  	Corporate Existence	  	46
	 SECTION 7.3.
	  	Liability of Seller; Indemnities	  	46
	 SECTION 7.4.
	  	Merger or Consolidation of, or Assumption of the Obligations of, Seller	  	47
	 SECTION 7.5.
	  	Limitation on Liability of Seller and Others	  	48
	 SECTION 7.6.
	  	Ownership of the Certificates or Notes	  	48
		
	ARTICLE VIII The Servicer and the Backup Servicer	  	48
			
	 SECTION 8.1.
	  	Representations of Servicer	  	48
	 SECTION 8.2.
	  	Representations of Backup Servicer	  	50
	 SECTION 8.3.
	  	Liability of Servicer and Backup Servicer; Indemnities	  	51
	 SECTION 8.4.
	  	Merger or Consolidation of, or Assumption of the Obligations of the Servicer or Backup Servicer	  	53
	 SECTION 8.5.
	  	Limitation on Liability of Servicer, Backup Servicer and Others	  	54
	 SECTION 8.6.
	  	Delegation of Duties	  	55
	 SECTION 8.7.
	  	Servicer and Backup Servicer Not to Resign	  	55
		
	ARTICLE IX Default	  	56
			
	 SECTION 9.1.
	  	Servicer Termination Event	  	56
	 SECTION 9.2.
	  	Consequences of a Servicer Termination Event	  	57
	 SECTION 9.3.
	  	Appointment of Successor	  	57
	 SECTION 9.4.
	  	Notification to Noteholders	  	59
	 SECTION 9.5.
	  	Waiver of Past Defaults	  	59
	 SECTION 9.6.
	  	Backup Servicer Termination	  	59
		
	ARTICLE X Termination	  	60
			
	 SECTION 10.1.
	  	Optional Purchase of All Receivables	  	60
		
	ARTICLE XI Administrative Duties of the Servicer	  	60
			
	 SECTION 11.1.
	  	Administrative Duties	  	60
	 SECTION 11.2.
	  	Records	  	63
	 SECTION 11.3.
	  	Additional Information to be Furnished to the Issuer	  	63
		
	ARTICLE XII Miscellaneous Provisions	  	63
			
	 SECTION 12.1.
	  	Amendment	  	63
	 SECTION 12.2.
	  	Protection of Title to Trust	  	64

  

 ii 

					
	 SECTION 12.3.
	  	Notices	  	66
	 SECTION 12.4.
	  	Assignment	  	66
	 SECTION 12.5.
	  	Limitations on Rights of Others	  	66
	 SECTION 12.6.
	  	Severability	  	66
	 SECTION 12.7.
	  	Separate Counterparts	  	66
	 SECTION 12.8.
	  	Headings	  	67
	 SECTION 12.9.
	  	Governing Law	  	67
	 SECTION 12.10.
	  	Assignment to Trust Collateral Agent	  	67
	 SECTION 12.11.
	  	Nonpetition Covenants	  	67
	 SECTION 12.12.
	  	Limitation of Liability of Owner Trustee and Trust Collateral Agent	  	67
	 SECTION 12.13.
	  	Independence of the Servicer	  	68
	 SECTION 12.14.
	  	No Joint Venture	  	68
	 SECTION 12.15.
	  	State Business Licenses	  	68

  
 SCHEDULES 
  

			
	 Schedule A
	  	Schedule of Receivables
	 Schedule B
	  	Representations and Warranties of the Seller
	 Schedule C
	  	Servicing Policies and Procedures
		
	 EXHIBITS
	  	 
		
	 Exhibit A
	  	Form of Servicer’s Certificate
		
	 ANNEXES
	  	 
	 Annex A
	  	Modified Backup Servicer Provisions

  

 iii 

 SALE AND SERVICING AGREEMENT dated as of June 9, 2004, among AMERICREDIT AUTOMOBILE RECEIVABLES TRUST
2004-1, a Delaware statutory trust (the “Issuer”), AFS SENSUB CORP., a Nevada corporation (the “Seller”), and AMERICREDIT FINANCIAL SERVICES, INC., a Delaware corporation (the “Servicer”), and
JPMORGAN CHASE BANK, a New York banking corporation, in its capacity as Trust Collateral Agent and SYSTEMS & SERVICES TECHNOLOGIES, INC., a Delaware corporation, in its capacity as Backup Servicer. 
  
 WHEREAS the Issuer desires to purchase a portfolio of receivables arising in
connection with motor vehicle retail installment sale contracts made by AmeriCredit Financial Services, Inc. or acquired by AmeriCredit Financial Services, Inc. through motor vehicle dealers and third party lenders; 
  
 WHEREAS the Seller has purchased such receivables from AmeriCredit Financial
Services, Inc. and is willing to sell such receivables to the Issuer; 
  
 WHEREAS the Servicer is willing to service all such receivables; 
  
 WHEREAS the Backup Servicer is willing to provide backup servicing for all such receivables; 
  
 NOW, THEREFORE, in consideration of the premises and the mutual covenants herein contained, the parties hereto agree as follows: 
  
 ARTICLE I 
  
 Definitions 
  
 SECTION 1.1. Definitions. Whenever used in this Agreement, the following words and phrases shall have the following meanings: 
  
 “Accelerated Principal Amount” for a Distribution Date will equal
the lesser of 
  
 (x) the sum of the excess, if
any, of the amount of Available Funds on such Distribution Date over the amounts payable on such Distribution Date pursuant to clauses (i) through (xix) of Section 5.7(a); and 
  
 (y) the excess, if any, on such Distribution Date of (i) the Pro Forma Note Balance for such Distribution
Date over (ii) the Required Pro Forma Note Balance for such Distribution Date. 
  
 “Accountants’ Report” means the report of a firm of nationally recognized independent accountants described in Section 4.11. 
  
 “Accounting Date” means, with respect to any Collection Period the last day of such Collection Period. 

 

 “Affiliate” means, with respect to any specified Person, any other Person controlling or
controlled by or under common control with such specified Person. For the purposes of this definition, “control” when used with respect to any Person means the power to direct the management and policies of such Person, directly or
indirectly, whether through the ownership of voting securities, by contract or otherwise; and the terms “controlling” and “controlled” have meanings correlative to the foregoing. 
  
 “Aggregate Principal Balance” means, with respect to any date of
determination, the sum of the Principal Balances for all Receivables (other than (i) any Receivable that became a Liquidated Receivable prior to the end of the related Collection Period and (ii) any Receivable that became a Purchased Receivable
prior to the end of the related Collection Period) as of the date of determination. 
  
 “Aggregate Principal Parity Amount” means, with respect to any Distribution Date, the sum of the Class A Principal Parity Amount, the Class B Principal Parity Amount, the Class C Principal Parity Amount, the
Class D Principal Parity Amount and the Class E Principal Parity Amount on that Distribution Date. 
  
 “Agreement” means this Sale and Servicing Agreement, as the same may be amended and supplemented from time to time. 
  
 “AmeriCredit” means AmeriCredit Financial Services, Inc.

  
 “Amount Financed” means, with respect to a
Receivable, the aggregate amount advanced under such Receivable toward the purchase price of the Financed Vehicle and any related costs, including amounts advanced in respect of accessories, insurance premiums, service and warranty contracts, other
items customarily financed as part of retail automobile installment sale contracts or promissory notes, and related costs. 
  
 “Annual Percentage Rate” or “APR” of a Receivable means the annual percentage rate of finance charges or service charges, as stated in
the related Contract. 
  
 “Auto Loan Purchase and Sale
Agreement” means any agreement between a Third-Party Lender and AmeriCredit relating to the acquisition of Receivables from a Third-Party Lender by AmeriCredit. 
  
 “Available Funds” means, with respect to any Distribution Date, the sum of (i) the Collected Funds for the related
Collection Period, (ii) all Purchase Amounts deposited in the Collection Account during the related Collection Period, plus Investment Earnings with respect to the Collection Account and the Note Distribution Account for the related Collection
Period, (iii) following the acceleration of the Notes pursuant to Section 5.2 of the Indenture, the amount of money or property collected pursuant to Section 5.3 of the Indenture since the preceding Distribution Date by the Trust Collateral Agent or
the Majority Noteholders for distribution pursuant to Section 5.6 and Section 5.8 of the Indenture, (iv) the proceeds of any purchase or sale of the assets of the Trust described in Section 10.1 and (v) amounts, if any, released from the Reserve
Account pursuant to Section 5.8(a)(iii)(B) hereof on such Distribution Date. 
  

 2 

 “Backup Servicer” means Systems & Services Technologies, Inc. and any successors or
assigns. 
  
 “Base Servicing Fee” means, with respect to
any Collection Period, the fee payable to the Servicer for services rendered during such Collection Period, which shall be equal to (a) with respect to AmeriCredit Financial Inc., as Servicer, one-twelfth of the Servicing Fee Rate multiplied by the
Pool Balance as of the opening of business on the first day of such Collection Period, (b) with respect to Systems & Services Technologies, Inc. as successor Servicer, the amounts set forth in Schedule 1 to Annex A hereto and (c) with respect to
any successor Servicer other than Systems & Services Technologies, Inc., the amount determined pursuant to Section 9.3(c). 
  
 “Basic Documents” means this Agreement, the Certificate of Trust, the Trust Agreement, the Indenture, the Custodian Agreement, Lockbox
Agreement, Underwriting Agreement and other documents and certificates delivered in connection therewith. 
  
 “Business Day” means a day other than a Saturday, a Sunday or other day on which banking institutions in the states of Delaware, Texas, Missouri
or New York or in the city which the corporate trust office of the Trustee under the Indenture or the Owner Trustee under the Trust Agreement is located are authorized or obligated by law or executive order to be closed. 
  
 “Calendar Quarter” means the three-month period ending on the last
day of March, June, September or December. 
  
 “Certificate” means the trust certificate evidencing the beneficial interest of the Certificateholder in the Trust. 
  
 “Certificateholder” means the Person in whose name the Certificate is registered. 
  
 “Class” means the Class A-1 Notes, the Class A-2 Notes, the Class A-3 Notes, the Class B Notes, the Class C Notes,
the Class D Notes and the Class E Notes, as the context requires. 
  
 “Class A Principal Parity Amount” means, with respect to any Distribution Date, the lesser of (I) the excess, if any, of (x) the aggregate remaining principal balance of the Class A Notes immediately prior to such Distribution
Date over (y) the Pool Balance as of the end of the immediately preceding Collection Period and (II) the amount of Total Available Funds remaining on deposit in the Collection Account after the funding of the items described in clauses (i) through
(iii) of Section 5.7(a) on such Distribution Date. 
  
 “Class
A-1 Notes” has the meaning assigned to such term in the Indenture. 
  
 “Class A-2 Notes” has the meaning assigned to such term in the Indenture. 
  
 “Class A-3 Notes” has the meaning assigned to such term in the Indenture. 
  
 “Class B Notes” has the meaning assigned to such term in the Indenture. 
  

 3 

 “Class B Principal Parity Amount” means, with respect to any Distribution Date, the lesser of
(I) the excess of (A) the excess, if any, of (x) the aggregate remaining principal balance of the Class A Notes and of the Class B Notes, in each case immediately prior to such Distribution Date over (y) the Pool Balance as of the end of the
immediately preceding Collection Period over (B) the Class A Principal Parity Amount for such Distribution Date and (II) the amount of Total Available Funds remaining on deposit in the Collection Account after the funding of the items described in
clauses (i) through (vi) of Section 5.7(a) on such Distribution Date. 
  
 “Class C Notes” has the meaning assigned to such term in the Indenture. 
  
 “Class C Principal Parity Amount” means, with respect to any Distribution Date, the lesser of (I) the excess of (A) the excess, if any, of (x) the aggregate remaining principal balance of the Class A Notes,
of the Class B Notes and of the Class C Notes, in each case immediately prior to such Distribution Date over (y) the Pool Balance as of the end of the immediately preceding Collection Period over (B) the sum of the Class A Principal Parity Amount
and the Class B Principal Parity Amount for such Distribution Date and (II) the amount of Total Available Funds remaining on deposit in the Collection Account after the funding of the items described in clauses (i) through (ix) of Section 5.7(a) on
such Distribution Date. 
  
 “Class D Notes” has the
meaning assigned to such term in the Indenture. 
  
 “Class D
Principal Parity Amount” means, with respect to any Distribution Date, the lesser of (I) the excess of (A) the excess, if any, of (x) the aggregate remaining principal balance of the Class A Notes, of the Class B Notes, of the Class C Notes and
of the Class D Notes, in each case immediately prior to such Distribution Date over (y) the Pool Balance as of the end of the immediately preceding Collection Period over (B) the sum of the Class A Principal Parity Amount, the Class B Principal
Parity Amount and the Class C Parity Amount for such Distribution Date and (II) the amount of Total Available Funds remaining on deposit in the Collection Account after the funding of the items described in clauses (i) through (xii) of Section
5.7(a) on such Distribution Date. 
  
 “Class E Notes”
has the meaning assigned to such term in the Indenture. 
  
 “Class E Principal Parity Amount” means, with respect to any Distribution Date, the lesser of (I) the excess of (A) the excess, if any, of (x) the aggregate remaining principal balance of the Class A Notes, of the Class B Notes,
of the Class C Notes, of the Class D Notes and of the Class E Notes, in each case immediately prior to such Distribution Date over (y) the Pool Balance as of the end of the immediately preceding Collection Period over (B) the sum of the Class A
Principal Parity Amount, the Class B Principal Parity Amount, the Class C Principal Parity Amount and the Class D Principal Parity Amount for such Distribution Date and (II) the amount of Total Available Funds remaining on deposit in the Collection
Account after the funding of the items described in clauses (i) through (xv) of Section 5.7(a) on such Distribution Date. 
  
 “Closing Date” means June 17, 2004. 
  
 “Collateral Insurance” shall have the meaning set forth in Section 4.4(a). 
  

 4 

 “Collected Funds” means, with respect to any Collection Period, the amount of funds in the
Collection Account representing collections on the Receivables during such Collection Period, including all Net Liquidation Proceeds collected during such Collection Period (but excluding any Purchase Amounts). 
  
 “Collection Account” means the account designated as such,
established and maintained pursuant to Section 5.1. 
  
 “Collection Period” means, with respect to the first Distribution Date, the period beginning on the close of business on June 9, 2004 and ending on the close of business on June 30, 2004 and each subsequent Distribution Date,
“Collection Period” means the period beginning on the close of business on the last day of the second preceding Collection Period and ending on the close of business on the last day of the immediately preceding calendar month. Any amount
stated “as of the close of business of the last day of a Collection Period” shall give effect to the following calculations as determined as of the end of the day on such last day: (i) all applications of collections and (ii) all
distributions. 
  
 “Collection Records” means all
manually prepared or computer generated records relating to collection efforts or payment histories with respect to the Receivables. 
  
 “Computer Tape” means the computer tapes or other electronic media furnished by the Servicer to the Issuer and its assigns describing certain
characteristics of the Receivables as of the Cutoff Date. 
  
 “Contract” means a motor vehicle retail installment sale contract or promissory note. 
  
 “Controlling Party” means the Trust Collateral Agent, acting for the benefit of the Noteholders. 
  
 “Corporate Trust Office” means (i) with respect to the Owner
Trustee, the principal corporate trust office of the Owner Trustee, which at the time of execution of this agreement is Rodney Square North—1100 North Market Street, Wilmington, Delaware 19890-0001, and (ii) with respect to the Trustee and the
Trust Collateral Agent, the principal office thereof at which at any particular time its corporate trust business shall be administered, which at the time of execution of this agreement is 4 New York Plaza, 6th Floor, New York, New York 10004,
Attention: Institutional Trust Services, AmeriCredit 2004-1. 
  
 “Cram Down Loss” means, with respect to a Receivable that has not become a Liquidated Receivable, if a court of appropriate jurisdiction in a proceeding related to an Insolvency Event shall have issued an order reducing the amount
owed on a Receivable or otherwise modifying or restructuring the Scheduled Receivables Payments to be made on a Receivable, an amount equal to (i) the excess of the principal balance of such Receivable immediately prior to such order over the
principal balance of such Receivable as so reduced and/or (ii) if such court shall have issued an order reducing the effective rate of interest on such Receivable, the excess of the principal balance of such Receivable immediately prior to such
order over the net present value (using as the discount rate the higher of the APR on such Receivable or the rate of interest, if any, specified by the court in such order) of the Scheduled Receivables Payments as so modified or 

  

 5 

 
restructured. A “Cram Down Loss” shall be deemed to have occurred on the date of issuance of such order. 
  
 “Custodian” means AmeriCredit and any other Person named from time
to time as custodian in any Custodian Agreement acting as agent for the Trust Collateral Agent. 
  
 “Custodian Agreement” means any Custodian Agreement from time to time in effect between the Custodian named therein and the Trust Collateral
Agent, as the same may be amended, supplemented or otherwise modified from time to time in accordance with the terms thereof. 
  
 “Cutoff Date” means June 9, 2004. 
  
 “Dealer” means a dealer who sold a Financed Vehicle and who originated and assigned the respective Receivable to AmeriCredit under a Dealer
Agreement or pursuant to a Dealer Assignment. 
  
 “Dealer
Agreement” means any agreement between a Dealer and AmeriCredit relating to the acquisition of Receivables from a Dealer by AmeriCredit. 
  
 “Dealer Assignment” means, with respect to a Receivable, the executed assignment executed by a Dealer conveying such Receivable to AmeriCredit.

  
 “Delivery” when used with respect to Trust Account
Property means: 
  
 (a) with respect to bankers’ acceptances,
commercial paper, negotiable certificates of deposit and other obligations that constitute “instruments” within the meaning of Section 9-102(a)(47) of the UCC and are susceptible of physical delivery, transfer thereof to the Trust
Collateral Agent or its nominee or custodian by physical delivery to the Trust Collateral Agent or its nominee or custodian endorsed to, or registered in the name of, the Trust Collateral Agent or its nominee or custodian or endorsed in blank, and,
with respect to a certificated security (as defined in Section 8-102 of the UCC), transfer thereof (i) by delivery of such certificated security endorsed to, or registered in the name of, the Trust Collateral Agent or its nominee or custodian or
endorsed in blank to a financial intermediary (as defined in Section 8-313 of the UCC) and the making by such financial intermediary of entries on its books and records identifying such certificated securities as belonging to the Trust Collateral
Agent or its nominee or custodian and the sending by such financial intermediary of a confirmation of the purchase of such certificated security by the Trust Collateral Agent or its nominee or custodian, or (ii) by delivery thereof to a
“clearing corporation” (as defined in Section 8-102(3) of the UCC) and the making by such clearing corporation of appropriate entries on its books reducing the appropriate securities account of the transferor and increasing the appropriate
securities account of a financial intermediary by the amount of such certificated security, the identification by the clearing corporation of the certificated securities for the sole and exclusive account of the financial intermediary, the
maintenance of such certificated securities by such clearing corporation or a “custodian bank” (as defined in Section 8-102(4) of the UCC) or the nominee of either subject to the clearing corporation’s exclusive control, the sending
of a confirmation by the financial intermediary of the purchase by the Trust Collateral Agent or its nominee or custodian of such securities and the making by such financial intermediary of entries on its books and records 

  

 6 

 
identifying such certificated securities as belonging to the Trust Collateral Agent or its nominee or custodian (all of the foregoing, “Physical
Property”), and, in any event, any such Physical Property in registered form shall be in the name of the Trust Collateral Agent or its nominee or custodian; and such additional or alternative procedures as may hereafter become appropriate
to effect the complete transfer of ownership of any such Trust Account Property to the Trust Collateral Agent or its nominee or custodian, consistent with changes in applicable law or regulations or the interpretation thereof; 
  
 (b) with respect to any security issued by the U.S. Treasury, the Federal
Home Loan Mortgage Corporation or by the Federal National Mortgage Association that is a book-entry security held through the Federal Reserve System pursuant to federal book-entry regulations, the following procedures, all in accordance with
applicable law, including applicable Federal regulations and Articles 8 and 9 of the UCC: book-entry registration of such Trust Account Property to an appropriate book-entry account maintained with a Federal Reserve Bank by a financial intermediary
which is also a “depository” pursuant to applicable Federal regulations and issuance by such financial intermediary of a deposit advice or other written confirmation of such book-entry registration to the Trust Collateral Agent or its
nominee or custodian of the purchase by the Trust Collateral Agent or its nominee or custodian of such book-entry securities; the making by such financial intermediary of entries in its books and records identifying such book-entry security held
through the Federal Reserve System pursuant to Federal book-entry regulations as belonging to the Trust Collateral Agent or its nominee or custodian and indicating that such custodian holds such Trust Account Property solely as agent for the Trust
Collateral Agent or its nominee or custodian; and such additional or alternative procedures as may hereafter become appropriate to effect complete transfer of ownership of any such Trust Account Property to the Trust Collateral Agent or its nominee
or custodian, consistent with changes in applicable law or regulations or the interpretation thereof; and 
  
 (c) with respect to any item of Trust Account Property that is an uncertificated security under Article 8 of the UCC and that is not governed by clause
(b) above, registration on the books and records of the issuer thereof in the name of the financial intermediary, the sending of a confirmation by the financial intermediary of the purchase by the Trust Collateral Agent or its nominee or custodian
of such uncertificated security, the making by such financial intermediary of entries on its books and records identifying such uncertificated certificates as belonging to the Trust Collateral Agent or its nominee or custodian. 
  
 “Depositor” shall mean the Seller in its capacity as Depositor
under the Trust Agreement. 
  
 “Determination Date”
means, with respect to any Collection Period, the second Business Day preceding the Distribution Date in the next calendar month and with respect to the first Distribution Date, July 2, 2004. 
  
 “Distribution Date” means, with respect to each Collection Period,
the sixth day of the following calendar month, or, if such day is not a Business Day, the immediately following Business Day, commencing July 6, 2004. 
  
 “Electronic Ledger” means the electronic master record of the retail installment sales contracts or installment loans of the Servicer.

  

 7 

 “Eligible Deposit Account” means a segregated trust account with the corporate trust department
of a depository institution organized under the laws of the United States of America or any one of the states thereof or the District of Columbia (or any domestic branch of a foreign bank), having corporate trust powers and acting as trustee for
funds deposited in such account, so long as (i) any of the securities of such depository institution have a credit rating from each Rating Agency in one of its generic rating categories which signifies investment grade and (ii) such depositary
institutions’ deposits are insured by the FDIC. 
  
 “Eligible Investments” mean book-entry securities, negotiable instruments or securities represented by instruments in bearer or registered form which evidence: 
  
 (a) direct obligations of, and obligations fully guaranteed as to timely payment by, the United States of America;

  
 (b) demand deposits, time deposits or certificates of deposit
of any depository institution or trust company incorporated under the laws of the United States of America or any state thereof or the District of Columbia (or any domestic branch of a foreign bank) and subject to supervision and examination by
federal or state banking or depository institution authorities (including depository receipts issued by any such institution or trust company as custodian with respect to any obligation referred to in clause (a) above or portion of such obligation
for the benefit of the holders of such depository receipts); provided, however, that at the time of the investment or contractual commitment to invest therein (which shall be deemed to be made again each time funds are reinvested following
each Distribution Date), the commercial paper or other short-term senior unsecured debt obligations (other than such obligations the rating of which is based on the credit of a Person other than such depository institution or trust company) of such
depository institution or trust company shall have a credit rating from Standard & Poor’s of A-1+ and from Moody’s of Prime-1; 
  
 (c) commercial paper and demand notes investing solely in commercial paper having, at the time of the investment or contractual commitment to invest
therein, a rating from Standard & Poor’s of A-1+ and from Moody’s of Prime-1; 
  
 (d) investments in money market funds (including funds for which the Trust Collateral Agent or the Owner Trustee in each of their individual capacities or any of their respective Affiliates is investment manager,
controlling party or advisor) having a rating from Standard & Poor’s of AAA-m or AAAm-G and from Moody’s of Aaa; 
  
 (e) bankers’ acceptances issued by any depository institution or trust company referred to in clause (b) above; 
  
 (f) repurchase obligations with respect to any security that is a direct
obligation of, or fully guaranteed by, the United States of America or any agency or instrumentality thereof the obligations of which are backed by the full faith and credit of the United States of America, in either case entered into with a
depository institution or trust company (acting as principal) referred to in clause (b) above; 
  

 8 

 (g) any other investment which would satisfy the Rating Agency Condition and is consistent with the
ratings of the Securities or any other investment that by its terms converts to cash within a finite period, if the Rating Agency Condition is satisfied with respect thereto; and 
  
 (h) cash denominated in United States dollars. 
  
 Any of the foregoing Eligible Investments may be purchased by or through the Owner Trustee or the Trust Collateral Agent or
any of their respective Affiliates. 
  
 “FDIC” means the
Federal Deposit Insurance Corporation. 
  
 “Final Scheduled
Distribution Date” means with respect to (i) the Class A-1 Notes, the June 6, 2005 Distribution Date, (ii) the Class A-2 Notes, the August 6, 2007 Distribution Date, (iii) the Class A-3 Notes, the July 7, 2008 Distribution Date, (iv) the Class
B Notes, the January 6, 2009 Distribution Date, (v) the Class C Notes, the July 6, 2009 Distribution Date, (vi) the Class D Notes, the July 6, 2010 Distribution Date and (vii) the Class E Notes, the August 8, 2011 Distribution Date. 
  
 “Financed Vehicle” means an automobile or light-duty truck van or
minivan, together with all accessions thereto, securing an Obligor’s indebtedness under the respective Receivable. 
  
 “Force-Placed Insurance” has the meaning ascribed thereto in Section 4.4 hereof. 
  
 “Indenture” means the Indenture dated as of June 9, 2004, among the Issuer and JPMorgan Chase Bank, as Trust
Collateral Agent and Trustee, as the same may be amended and supplemented from time to time. 
  
 “Insolvency Event” means, with respect to a specified Person, (a) the filing of a petition against such Person or the entry of a decree or order for relief by a court having jurisdiction in the premises in
respect of such Person or any substantial part of its property in an involuntary case under any applicable federal or state bankruptcy, insolvency or other similar law now or hereafter in effect, or appointing a receiver, liquidator, assignee,
custodian, trustee, sequestrator, or similar official for such Person or for any substantial part of its property, or ordering the winding-up or liquidation or such Person’s affairs, and such petition, decree or order shall remain unstayed and
in effect for a period of 60 consecutive days; or (b) the commencement by such Person of a voluntary case under any applicable federal or state bankruptcy, insolvency or other similar law now or hereafter in effect, or the consent by such Person to
the entry of an order for relief in an involuntary case under any such law, or the consent by such Person to the appointment of or taking possession by, a receiver, liquidator, assignee, custodian, trustee, sequestrator, or similar official for such
Person or for any substantial part of its property, or the making by such Person of any general assignment for the benefit of creditors, or the failure by such Person generally to pay its debts as such debts become due, or the taking of action by
such Person in furtherance of any of the foregoing. 
  
 “Insurance Add-On Amount” means the premium charged to the Obligor in the event that the Servicer obtains Force-Placed Insurance pursuant to Section 4.4. 
  

 9 

 “Insurance Policy” means, with respect to a Receivable, any insurance policy (including the
insurance policies described in Section 4.4 hereof) benefiting the holder of the Receivable providing loss or physical damage, credit life, credit disability, theft, mechanical breakdown or similar coverage with respect to the Financed Vehicle or
the Obligor. 
  
 “Interest Period” means, with respect
to any Distribution Date, the period from and including the most recent Distribution Date on which interest has been paid (or in the case of the first Distribution Date, from and including the Closing Date) to, but excluding, the following
Distribution Date. In the case of the first Distribution Date, the Interest Period shall be 19 days for all Classes of Notes. 
  
 “Interest Rate” means, with respect to (i) the Class A-1 Notes, 1.278% per annum (computed on the basis of a 360-day year and the actual number
of days elapsed in the applicable Interest Period), (ii) the Class A-2 Notes, 2.31% per annum (computed on the basis of a 360-day year consisting of twelve 30-day months), (iii) the Class A-3 Notes, 3.22% per annum (computed on the basis of a
360-day year consisting of twelve 30-day months), (iv) the Class B Notes, 3.70% per annum (computed on the basis of a 360-day year consisting of twelve 30-day months), (v) the Class C Notes, 4.22% per annum (computed on the basis of a 360-day year
consisting of twelve 30-day months), (vi) the Class D Notes, 5.07% per annum (computed on the basis of a 360-day year consisting of twelve 30-day months) and (vii) the Class E Notes, 7.00% per annum (computed on the basis of a 360-day year
consisting of twelve 30-day months). 
  
 “Investment
Earnings” means, with respect to any date of determination and Trust Account, the investment earnings on amounts on deposit in such Trust Account on such date. 
  
 “Issuer” means AmeriCredit Automobile Receivables Trust 2004-1. 
  
 “Lien” means a security interest, lien, charge, pledge, equity, or
encumbrance of any kind, other than tax liens, mechanics’ liens and any liens that attach to the respective Receivable by operation of law as a result of any act or omission by the related Obligor. 
  
 “Lien Certificate” means, with respect to a Financed Vehicle, an
original certificate of title, certificate of lien or other notification issued by the Registrar of Titles of the applicable state to a secured party which indicates that the lien of the secured party on the Financed Vehicle is recorded on the
original certificate of title. In any jurisdiction in which the original certificate of title is required to be given to the Obligor, the term “Lien Certificate” shall mean only a certificate or notification issued to a secured party.

  
 “Liquidated Receivable” means, with respect to any
Collection Period, a Receivable (i) as to which 90 days have elapsed since the Servicer repossessed the Financed Vehicle provided, however, that in no case shall 10% or more of a Scheduled Receivables Payment have become 210 or more days delinquent
in the case of a repossessed Financed Vehicle and which is not a Sold Receivable, (ii) as to which the Servicer has determined in good faith that all amounts it expects to recover have been received and which is not a Sold Receivable, (iii) as to
which 10% or more of a Scheduled Receivables Payment shall have become 120 or more days delinquent, except in the case of a repossessed Financed Vehicle, and which is not a Sold Receivable or (iv) that is a Sold Receivable. 
  

 10 

 “Liquidation Proceeds” means, with respect to a Liquidated Receivable, all amounts realized
with respect to such Receivable (other than amounts withdrawn from the Reserve Account), and, with respect to a Sold Receivable, the related Sale Amount. 
  
 “Lockbox Account” means an account maintained on behalf of the Trust Collateral Agent by the Lockbox Bank pursuant to Section 4.2(d).

  
 “Lockbox Agreement” means the Tri-Party Remittance
Processing Agreement, dated as of June 9, 2004, by and among AmeriCredit, Bank One, NA and the Trust Collateral Agent, as such agreement may be amended or supplemented from time to time, unless the Trust Collateral Agent shall cease to be a party
thereunder, or such agreement shall be terminated in accordance with its terms, in which event “Lockbox Agreement” shall mean any replacement agreement therefor among the Servicer, the Trust Collateral Agent and the Lockbox Bank.

  
 “Lockbox Bank” means a depository institution named
by the Servicer. 
  
 “Majority Noteholders” means the
Holders of Notes representing a majority of the principal balance of the most senior Class of Notes then outstanding. 
  
 “Matured Principal Shortfall” means, with respect to any Distribution Date and for any Class of Notes which would have a remaining principal
balance greater than zero on such Distribution Date, after taking into account the payment of all other principal amounts to such Class on such Distribution Date, and as to which such Distribution Date is either the Final Scheduled Distribution Date
for such Class, or a Distribution Date subsequent to such Final Scheduled Distribution Date, the remaining principal balance of such Class on such Distribution Date, after taking into account the payment of all other principal amounts to such Class
on such Distribution Date. 
  
 “Minimum Sale
Price” means (i) with respect to a Receivable (x) that has become 60 to 210 days delinquent or (y) that has become greater than 210 days delinquent and with respect to which the related Financed Vehicle has been repossessed by the Servicer
and has not yet been sold at auction, the greater of (A) 55% multiplied by the Principal Balance of such Receivable and (B) the product of the three month rolling average recovery rate (expressed as a percentage) for the Servicer in its liquidation
of all receivables for which it acts as servicer, either pursuant to this Agreement or otherwise, multiplied by the Principal Balance of such Receivable or (ii) with respect to a Receivable (x) with respect to which the related Financed Vehicle has
been repossessed by the Servicer and has been sold at auction and the Net Liquidation Proceeds for which have been deposited in the Collection Account, or (y) that has become greater than 210 days delinquent and with respect to which the related
Financed Vehicle has not been repossessed by the Servicer despite the Servicer’s diligent efforts, consistent with its servicing obligations, to repossess the Financed Vehicle, $1. 
  
 “Monthly Records” means all records and data maintained by the Servicer with respect to the Receivables, including
the following with respect to each Receivable: the account number; the originating Dealer; Obligor name; Obligor address; Obligor home phone number; Obligor business phone number; original Principal Balance; original term; Annual Percentage Rate;
current Principal Balance; current remaining term; origination date; first payment date; final 

  

 11 

 
scheduled payment date; next payment due date; date of most recent payment; new/used classification; collateral description; days currently delinquent;
number of contract extensions (months) to date; amount of Scheduled Receivables Payment; and past due late charges. 
  
 “Moody’s” means Moody’s Investors Service, Inc., or its successor. 
  
 “Net Liquidation Proceeds” means, with respect to a Liquidated Receivable, Liquidation Proceeds net of (i)
reasonable expenses incurred by the Servicer in connection with the collection of such Receivable and the repossession and disposition of the Financed Vehicle and (ii) amounts that are required to be refunded to the Obligor on such Receivable;
provided, however, that the Net Liquidation Proceeds with respect to any Receivable shall in no event be less than zero. 
  
 “Note Distribution Account” means the account designated as such, established and maintained pursuant to Section 5.1. 
  
 “Note Pool Factor” for each Class of Notes as of the close of
business on any date of determination means a seven-digit decimal figure equal to the outstanding principal amount of such Class of Notes divided by the original outstanding principal amount of such Class of Notes. 
  
 “Noteholders’ Distributable Amount” means, with respect to any
Distribution Date, the sum of the Noteholders’ Principal Distributable Amount and the Noteholders’ Interest Distributable Amount. 
  
 “Noteholders’ Interest Carryover Amount” means, with respect to any Class of Notes and any date of determination, all or any portion of the
Noteholders’ Interest Distributable Amount for the immediately preceding Distribution Date and any outstanding Noteholders’ Interest Carryover Amount on such immediately preceding Distribution Date, which remains unpaid as of such date of
determination, plus interest on such unpaid amount, to the extent permitted by law, at the respective Interest Rate borne by each Class of Notes from such immediately preceding Distribution Date to but excluding such date of determination.

  
 “Noteholders’ Interest Distributable Amount”
means, with respect to any Distribution Date and Class of Notes, the sum of the Noteholders’ Monthly Interest Distributable Amount for such Distribution Date and such Class and the Noteholders’ Interest Carryover Amount, if any for such
Distribution Date and such Class. Interest on the Class A-1 Notes shall be computed on the basis of a 360-day year and the actual number of days elapsed in the applicable Interest Period; interest on all other Classes of Notes shall be computed on
the basis of a 360-day year of twelve 30-day months. 
  
 “Noteholders’ Monthly Interest Distributable Amount” means, with respect to any Distribution Date and any Class of Notes, interest accrued at the respective Interest Rate during the applicable Interest Period on the principal
amount of the Notes of such Class outstanding as of the end of the prior Distribution Date (or, in the case of the first Distribution Date, as of the Closing Date), calculated (x) for the Class A-1 Notes on the basis of a 360-day year and the actual
number of days elapsed in the applicable Interest Period and (y) for all other Classes of Notes on the basis of a 360-day year of twelve 30-day months. 
  

 12 

 “Noteholders’ Principal Carryover Amount” means, as of any date of determination, all or
any portion of the Noteholders’ Principal Distributable Amount and any outstanding Noteholders’ Principal Carryover Amount from the preceding Distribution Date which remains unpaid as of such date of determination. 
  
 “Noteholders’ Principal Distributable Amount” means, with
respect to any Distribution Date, (other than the Final Scheduled Distribution Date for any Class of Notes), the sum of the Principal Distributable Amount for such Distribution Date and the Noteholders’ Principal Carryover Amount, if any, as of
the close of the preceding Distribution Date. The Noteholders’ Principal Distributable Amount on the Final Scheduled Distribution Date for any Class of Notes will equal the sum of (i) the Noteholders’ Principal Distributable Amount for
such Distribution Date, (ii) the Noteholders’ Principal Carryover Amount as of the such Distribution Date, and (iii) the excess of the outstanding principal amount of such Class of Notes, if any, over the amounts described in clauses (i) and
(ii). 
  
 “Obligor” on a Receivable means the purchaser
or co-purchasers of the Financed Vehicle and any other Person who owes payments under the Receivable. 
  
 “Officers’ Certificate” means a certificate signed by the chairman of the board, the president, any executive vice president, any senior
vice president, any vice president or assistant vice president, any treasurer, any assistant treasurer, any secretary or any assistant secretary of the Seller or the Servicer, as appropriate. 
  
 “Opinion of Counsel” means a written opinion of counsel
satisfactory in form and substance to the Trust Collateral Agent. 
  
 “Original Pool Balance” means the Pool Balance as of the Cutoff Date. 
  
 “Other Conveyed Property” means all property conveyed by the Seller to the Trust pursuant to Section 2.1(b) through (i) of this Agreement. 
  
 “Owner Trust Estate” has the meaning assigned to such term in the Trust Agreement. 
  
 “Owner Trustee” means Wilmington Trust Company, not in its
individual capacity but solely as Owner Trustee under the Trust Agreement, its successors in interest or any successor Owner Trustee under the Trust Agreement. 
  

“Person” means any individual, corporation, estate, partnership, joint venture, association, joint stock company, trust (including any
beneficiary thereof), unincorporated organization or government or any agency or political subdivision thereof. 
  
 “Physical Property” has the meaning assigned to such term in the definition of “Delivery” above. 
  
 “Pool Balance” means, as of any date of determination, the
aggregate Principal Balance of the Receivables (excluding Purchased Receivables and Liquidated Receivables). 
  

 13 

 “Principal Balance” means, with respect to any Receivable, as of any date, the sum of (x) the
Amount Financed minus (i) that portion of all amounts received on or prior to such date and allocable to principal in accordance with the terms of the Receivable and (ii) any Cram Down Loss in respect of such Receivable plus (y) the accrued and
unpaid interest on such Receivable. 
  
 “Principal
Distributable Amount” means, with respect to any Distribution Date, the amount equal to the excess, if any, of (x) the sum of (i) the principal portion of all Collected Funds received during the immediately preceding Collection Period (other
than Liquidated Receivables and Purchased Receivables), (ii) the Principal Balance of all Receivables that became Liquidated Receivables during the related Collection Period (other than Purchased Receivables), (iii) the principal portion of the
Purchase Amounts received with respect to all Receivables that became Purchased Receivables during the related Collection Period, (iv) the aggregate amount of Cram Down Losses that shall have occurred during the related Collection Period; and (v)
following the acceleration of the Notes pursuant to Section 5.2 of the Indenture, the amount of money or property collected pursuant to Section 5.4 of the Indenture since the preceding Determination Date by the Trust Collateral Agent for
distribution pursuant to Section 5.7 hereof over (y) the Step-Down Amount, if any, for such Distribution Date. 
  
 “Pro Forma Note Balance” means, with respect to any Distribution Date, the aggregate remaining principal amount of the Notes outstanding on such
Distribution Date, after giving effect to distributions pursuant to clauses (i) through (xviii) of Section 5.7(a) hereof. 
  
 “Purchase Agreement” means the Purchase Agreement between the Seller and AmeriCredit, dated as of June 9, 2004, pursuant to which the Seller
acquired the Receivables, as such Agreement may be amended from time to time. 
  
 “Purchase Amount” means, with respect to a Purchased Receivable, the Principal Balance and all accrued and unpaid interest on the Purchased Receivable, after giving effect to the receipt of any moneys
collected (from whatever source) on such Receivable, if any. 
  
 “Purchased Receivable” means a Receivable purchased as of the close of business on the last day of a Collection Period by the Servicer pursuant to Section 4.7 or repurchased by the Seller or the Servicer pursuant to Section 3.2 or
Section 10.1(a). 
  
 “Rating Agency” means Moody’s
and Standard & Poor’s. If no such organization or successor maintains a rating on the Securities, “Rating Agency” shall be a nationally recognized statistical rating organization or other comparable Person designated by the
Seller, notice of which designation shall be given to the Trust Collateral Agent, the Owner Trustee and the Servicer. 
  
 “Rating Agency Condition” means, with respect to any action, that each Rating Agency shall have been given 10 days’ (or such shorter period
as shall be acceptable to each Rating Agency) prior notice thereof and that each of the Rating Agencies shall have notified the Seller, the Servicer, the Owner Trustee and the Trust Collateral Agent in writing that such action will not result in a
reduction or withdrawal of the then current rating of any Class of Notes. 
  

 14 

 “Realized Losses” means, with respect to any Receivable that becomes a Liquidated Receivable,
the excess of the Principal Balance of such Liquidated Receivable over Net Liquidation Proceeds to the extent allocable to principal. 
  
 “Receivable” means any Contract listed on Schedule A, as such Schedule shall be amended from time to time in response to deletions from the
Trust (which Schedule may be in the form of microfiche or a disk). 
  
 “Receivable Files” means the documents specified in Section 3.3. 
  
 “Record Date” means, with respect to each Distribution Date, the Business Day immediately preceding such Distribution Date, unless otherwise specified in the Indenture. 
  
 “Registrar of Titles” means, with respect to any state, the
governmental agency or body responsible for the registration of, and the issuance of certificates of title relating to, motor vehicles and liens thereon. 
  
 “Required Pro Forma Note Balance” means, with respect to any Distribution Date, a dollar amount equal to the difference between (x) the Pool
Balance as of the end of the prior calendar month minus (y) the lesser of (A) the sum of (i) 22.0% of the Pool Balance as of the end of the prior calendar month plus (ii) the aggregate, cumulative amount of principal paid to the holders of the Class
E Notes pursuant to clause 5.7(a)(xxi) hereof on all prior Distribution Dates minus (iii) the Specified Reserve Balance, or (B) 30.0% of the Pool Balance. 
  
 “Reserve Account” means the account designated as such, established and maintained pursuant to Section 5.1(a)(iii) hereof. 
  
 “Reserve Account Deposit Amount” means, with respect to any
Distribution Date, the lesser of (x) the excess of (i) the Specified Reserve Balance over (ii) the amount on deposit in the Reserve Account on such Distribution Date, after taking into account the amount of any Reserve Account Withdrawal Amount on
such Distribution Date and (y) the amount remaining in the Collection Account after taking into account the distributions therefrom described in clauses (i) through (xviii) of Section 5.7(a). 
  
 “Reserve Account Withdrawal Amount” means, with respect to any
Distribution Date, the lesser of (x) any shortfall in the amount of Available Funds available to pay the amounts specified in clauses (i) through (xvii) of Section 5.7(a) (taking into account application of Available Funds to the priority of
payments specified in Section 5.7(a) and ignoring any provision hereof which otherwise limits the amounts described in such clauses to the amount of funds available) and (y) the amount on deposit in the Reserve Account on such Distribution Date
prior to application of amounts on deposit therein pursuant to Section 5.8. 
  
 “Sale Amount” means, with respect to any Sold Receivable, the amount received from the related third-party purchaser as payment for such Sold Receivable. 
  
 “Schedule of Receivables” means the schedule of all motor vehicle
retail installment sales contracts and promissory notes originally held as part of the Trust which is attached as Schedule A. 
  

 15 

 “Schedule of Representations” means the Schedule of Representations and Warranties attached
hereto as Schedule B. 
  
 “Scheduled Receivables
Payment” means, with respect to any Collection Period for any Receivable, the amount set forth in such Receivable as required to be paid by the Obligor in such Collection Period. If after the Closing Date, the Obligor’s obligation under a
Receivable with respect to a Collection Period has been modified so as to differ from the amount specified in such Receivable as a result of (i) the order of a court in an insolvency proceeding involving the Obligor, (ii) pursuant to the
Servicemembers Relief Act or (iii) modifications or extensions of the Receivable permitted by Section 4.2(b), the Scheduled Receivables Payment with respect to such Collection Period shall refer to the Obligor’s payment obligation with respect
to such Collection Period as so modified. 
  
 “Seller”
means AFS SenSub Corp., a Nevada corporation, and its successors in interest to the extent permitted hereunder. 
  
 “Service Contract” means, with respect to a Financed Vehicle, the agreement, if any, financed under the related Receivable that provides for the
repair of such Financed Vehicle. 
  
 “Servicer” means
AmeriCredit Financial Services, Inc., as the servicer of the Receivables, and each successor Servicer pursuant to Section 9.3. 
  
 “Servicer Termination Event” means an event specified in Section 9.1. 
  
 “Servicer’s Certificate” means an Officers’ Certificate of the Servicer delivered pursuant to Section
4.9, substantially in the form of Exhibit A. 
  
 “Servicing
Fee” has the meaning specified in Section 4.8. 
  
 “Servicing Fee Rate” means 2.25% per annum. 
  
 “Simple Interest Method” means the method of allocating a fixed level payment on an obligation between principal and interest, pursuant to which the portion of such payment that is allocated to interest is equal to the product of
the fixed rate of interest on such obligation multiplied by the period of time (expressed as a fraction of a year, based on the actual number of days in the calendar month and 365 days in the calendar year) elapsed since the preceding payment under
the obligation was made. 
  
 “Sold Receivable” means a
Receivable that was more than 60 days delinquent and was sold to an unaffiliated third party by the Issuer, at the Servicer’s direction, in accordance with the provisions of Section 4.3(c) hereof. 
  
 “Specified Reserve Balance” means, with respect to any Distribution
Date, $13,609,467.46; provided, that the Specified Reserve Balance will in no event exceed the outstanding principal amount of the Notes on such Distribution Date after giving effect to distributions pursuant to clauses (i) through (xxi) of
Section 5.7(a) hereof. 
  

 16 

 “Standard & Poor’s” means Standard & Poor’s, a Division of The McGraw-Hill
Companies Inc., or its successor. 
  
 “Step-Down Amount”
means, with respect to any Distribution Date, the excess, if any, of (x) the Required Pro Forma Note Balance over (y) the Pro Forma Note Balance on such Distribution Date, calculated for this purpose only without deduction for any Step-Down Amount
(i.e., assuming that the entire amount described in clause (x) of the definition of “Principal Distributable Amount” is distributed as principal on the Notes); provided, however, that the Step-Down Amount in no event
may exceed the amount that would reduce the positive difference, if any, of the Pool Balance minus the Pro Forma Note Balance, to an amount less than $3,402,366.86, which is 0.5% of the initial Pool Balance. 
  
 “Supplemental Servicing Fee” means, with respect to any Collection
Period, all administrative fees, expenses and charges paid by or on behalf of Obligors, including late fees, prepayment fees and liquidation fees collected on the Receivables during such Collection Period but excluding any fees or expenses related
to extensions. 
  
 “Third-Party Lender” means an entity
that originated a loan to a consumer for the purchase of a motor vehicle and sold the loan to AmeriCredit pursuant to an Auto Loan Purchase and Sale Agreement. 
  

“Third-Party Lender Assignment” means, with respect to a Receivable, the executed assignment executed by a Third-Party Lender conveying such
Receivable to AmeriCredit. 
  
 “Total Available Funds”
has the meaning assigned thereto in Section 5.7(a). 
  
 “Trust” means the Issuer. 
  
 “Trust
Account Property” means the Trust Accounts, all amounts and investments held from time to time in any Trust Account (whether in the form of deposit accounts, Physical Property, book-entry securities, uncertificated securities or otherwise), and
all proceeds of the foregoing. 
  
 “Trust Accounts” has
the meaning assigned thereto in Section 5.1. 
  
 “Trust
Agreement” means the Trust Agreement dated as of May 20, 2004, between the Seller and the Owner Trustee, as amended and restated as of June 9, 2004, as the same may be amended and supplemented from time to time. 
  
 “Trust Collateral Agent” means the Person acting as Trust
Collateral Agent hereunder, its successors in interest and any successor Trust Collateral Agent hereunder. 
  
 “Trust Officer” means, (i) in the case of the Trust Collateral Agent, the chairman or vice-chairman of the board of directors, any managing
director, the chairman or vice-chairman of the executive committee of the board of directors, the president, any vice president, assistant vice president, the secretary, any assistant secretary, the treasurer, any assistant treasurer, the cashier,
any assistant cashier, any trust officer or assistant trust officer, the controller and any assistant controller or any other officer of the Trust Collateral Agent customarily performing functions 

  

 17 

 
similar to those performed by any of the above designated officers and also means, with respect to a particular corporate trust matter, any other officer to
whom such matter is referred because of such officer’s knowledge of and familiarity with the particular subject, and (ii) in the case of the Owner Trustee, any officer in the corporate trust office of the Owner Trustee or any agent of the Owner
Trustee under a power of attorney with direct responsibility for the administration of this Agreement or any of the Basic Documents on behalf of the Owner Trustee. 
  
 “Trust Property” means the property and proceeds conveyed pursuant to Section 2.1, together with certain monies
paid on or after the Cutoff Date, the Collection Account (including all Eligible Investments therein and all proceeds therefrom), the Lockbox Account, the Reserve Account (including all Eligible Investments therein and all proceeds therefrom), the
Note Distribution Account (including all Eligible Investments therein and proceeds therefrom), and certain other rights under this Agreement. 
  
 “Trustee” means the Person acting as Trustee under the Indenture, its successors in interest and any successor trustee under the Indenture.

  
 “UCC” means the Uniform Commercial Code as in effect
in the relevant jurisdiction on the date of the Agreement. 
  
 SECTION 1.2. Other Definitional Provisions. 
  
 (a) Capitalized terms used herein and not otherwise defined herein have meanings assigned to them in the Indenture, or, if not defined therein, in the Trust Agreement. 
  
 (b) All terms defined in this Agreement shall have the defined meanings when used in any instrument governed hereby and in
any certificate or other document made or delivered pursuant hereto unless otherwise defined therein. 
  
 (c) As used in this Agreement, in any instrument governed hereby and in any certificate or other document made or delivered pursuant hereto or thereto,
accounting terms not defined in this Agreement or in any such instrument, certificate or other document, and accounting terms partly defined in this Agreement or in any such instrument, certificate or other document to the extent not defined, shall
have the respective meanings given to them under generally accepted accounting principles as in effect on the date of this Agreement or any such instrument, certificate or other document, as applicable. To the extent that the definitions of
accounting terms in this Agreement or in any such instrument, certificate or other document are inconsistent with the meanings of such terms under generally accepted accounting principles, the definitions contained in this Agreement or in any such
instrument, certificate or other document shall control. 
  
 (d)
The words “hereof,” “herein,” “hereunder” and words of similar import when used in this Agreement shall refer to this Agreement as a whole and not to any particular provision of this Agreement; Section, Schedule and
Exhibit references contained in this Agreement are references to Sections, Schedules and Exhibits in or to this Agreement unless otherwise specified; and the term “including” shall mean “including without limitation.” 

 

 18 

 (e) The definitions contained in this Agreement are applicable to the singular as well as the plural
forms of such terms and to the masculine as well as to the feminine and neuter genders of such terms. 
  
 (f) Any agreement, instrument or statute defined or referred to herein or in any instrument or certificate delivered in connection herewith means such
agreement, instrument or statute as from time to time amended, modified or supplemented and includes (in the case of agreements or instruments) references to all attachments thereto and instruments incorporated therein; references to a Person are
also to its permitted successors and assigns. 
  
 ARTICLE II

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

  
 (b) the security interests in the Financed Vehicles granted by
Obligors pursuant to the Receivables and any other interest of the Seller in such Financed Vehicles; 
  
 (c) any proceeds and the right to receive proceeds with respect to the Receivables from claims on any physical damage, credit life or disability insurance
policies covering Financed Vehicles or Obligors and any proceeds from the liquidation of the Receivables; 
  
 (d) any proceeds from any Receivable repurchased by a Dealer pursuant to a Dealer Agreement or a Third-Party Lender pursuant to an Auto Loan Purchase and
Sale Agreement as a result of a breach of representation or warranty in the related Dealer Agreement or Auto Loan Purchase and Sale Agreement; 
  
 (e) all rights under any Service Contracts on the related Financed Vehicles; 
  
 (f) the related Receivable Files; 
  

(g) all of the Seller’s right, title and interest in its rights and benefits, but none of its obligations or burdens, under the Purchase
Agreement, including the Seller’s rights under the Purchase Agreement, and the delivery requirements, representations and warranties and the cure and repurchase obligations of AmeriCredit under the Purchase Agreement; 
  
 (h) all of the Seller’s (a) Accounts, (b) Chattel Paper, (c) Documents,
(d) Instruments and (e) General Intangibles (as such terms are defined in the UCC) relating to the property described in (a) through (g); and 
  

 19 

 (i) all proceeds and investments with respect to items (a) through (h). 
  
 It is the intention of the Seller that the transfer and assignment
contemplated by this Agreement shall constitute a sale of the Receivables and Other Conveyed Property from the Seller to the Issuer and the beneficial interest in and title to the Receivables and the Other Conveyed Property shall not be part of the
Seller’s estate in the event of the filing of a bankruptcy petition by or against the Seller under any bankruptcy law. In the event that, notwithstanding the intent of the Seller, the transfer and assignment contemplated hereby is held by a
court of competent jurisdiction not to be a sale, this Agreement shall constitute a grant of a security interest by the Seller to the Issuer in the property referred to in this Section, whether now owned or existing or hereafter acquired or arising,
and this Agreement shall constitute a security agreement under applicable law. 
  
 SECTION 2.2. [Reserved] 
  
 SECTION 2.3. Further Encumbrance of Trust Property. 
  
 (a) Immediately upon the conveyance to the Trust by the Seller of any item of the Trust Property pursuant to Section 2.1, all right, title and interest of the Seller in and to such item of Trust Property shall terminate, and all such right,
title and interest shall vest in the Trust, in accordance with the Trust Agreement and Sections 3802 and 3805 of the Statutory Trust Statute (as defined in the Trust Agreement). 
  
 (b) Immediately upon the vesting of the Trust Property in the Trust, the Trust shall have the sole right to pledge or
otherwise encumber, such Trust Property. Pursuant to the Indenture, the Trust shall grant a security interest in the Trust Property to the Trust Collateral Agent securing the repayment of the Notes. The Certificates shall represent the beneficial
ownership interest in the Trust Property, and the Certificateholders shall be entitled to receive distributions with respect thereto as set forth herein. 
  
 (c) Following the payment in full of the Notes and the release and discharge of the Indenture, all covenants of the Issuer under Article III of the
Indenture shall, until payment in full of the Certificates, remain as covenants of the Issuer for the benefit of the Certificateholders, enforceable by the Certificateholders to the same extent as such covenants were enforceable by the Noteholders
prior to the discharge of the Indenture. Any rights of the Trustee under Article III of the Indenture, following the discharge of the Indenture, shall vest in Certificateholders. 
  
 (d) The Trust Collateral Agent shall, at such time as there are no Securities outstanding and all sums due to (i) the
Trustee pursuant to the Indenture, (ii) the Trust Collateral Agent pursuant to this Agreement and (iii) the Backup Servicer pursuant to this Agreement, have been paid, release any remaining portion of the Trust Property to the Seller. 
  
 ARTICLE III 
  
 The Receivables 
  
 SECTION 3.1. Representations and Warranties of Seller. The Seller hereby represents and warrants that each of the representations and warranties
set forth on the Schedule 

  

 20 

 
of Representations attached hereto as Schedule B is true and correct on which the Issuer is deemed to have relied in acquiring the Receivables. Such
representations and warranties speak as of the execution and delivery of this Agreement and as of the Closing Date, but shall survive the sale, transfer and assignment of the Receivables to the Issuer and the pledge thereof to the Trust Collateral
Agent pursuant to the Indenture and shall not be waived. 
  
 SECTION 3.2. Repurchase upon Breach. 
  
 (a) The
Seller, the Servicer, the Backup Servicer, the Trust Collateral Agent or the Owner Trustee, as the case may be, shall inform the other parties to this Agreement promptly, by notice in writing, upon the discovery of any breach of the Seller’s
representations and warranties made pursuant to Section 3.1. As of the last day of the second (or, if the Seller so elects, the first) month following the discovery by the Seller or receipt by the Seller of notice of such breach, unless such breach
is cured by such date, the Seller shall have an obligation to repurchase any Receivable in which the interests of the Noteholders are materially and adversely affected by any such breach as of such date. The “second month” shall mean the
month following the month in which discovery occurs or notice is given, and the “first month” shall mean the month in which discovery occurs or notice is given. In consideration of and simultaneously with the repurchase of the Receivable,
the Seller shall remit, or cause AmeriCredit to remit, to the Collection Account the Purchase Amount in the manner specified in Section 5.6 and the Issuer shall execute such assignments and other documents reasonably requested by such person in
order to effect such repurchase. The sole remedy of the Issuer, the Owner Trustee, the Trust Collateral Agent, the Trustee, the Backup Servicer or the Noteholders with respect to a breach of representations and warranties pursuant to Section 3.1 and
the agreement contained in this Section shall be the repurchase of Receivables pursuant to this Section, subject to the conditions contained herein or to enforce the obligation of AmeriCredit to the Seller to repurchase such Receivables pursuant to
the Purchase Agreement. Neither the Owner Trustee, the Trust Collateral Agent nor the Trustee shall have a duty to conduct any affirmative investigation as to the occurrence of any conditions requiring the repurchase of any Receivable pursuant to
this Section. 
  
 In addition to the foregoing and notwithstanding
whether the related Receivable shall have been purchased by the Seller, the Seller shall indemnify the Trust, the Trustee, the Backup Servicer, the Trust Collateral Agent and the officers, directors, agents and employees thereof, and the Noteholders
against all costs, expenses, losses, damages, claims and liabilities, including reasonable fees and expenses of counsel, which may be asserted against or incurred by any of them as a result of third party claims arising out of the events or facts
giving rise to such breach. 
  
 (b) Pursuant to Section 2.1 of
this Agreement, the Seller conveyed to the Trust all of the Seller’s right, title and interest in its rights and benefits, but none of its obligations or burdens, under the Purchase Agreement including the Seller’s rights under the
Purchase Agreement and the delivery requirements, representations and warranties and the cure or repurchase obligations of AmeriCredit thereunder. The Seller hereby represents and warrants to the Trust that such assignment is valid, enforceable and
effective to permit the Trust to enforce such obligations of AmeriCredit under the Purchase Agreement. Any purchase by AmeriCredit pursuant to the Purchase Agreement shall be deemed a purchase by the Seller pursuant to this Section 3.2 and the
definition of Purchased Receivables. 
  

 21 

 SECTION 3.3. Custody of Receivables Files. 
  
 (a) In connection with the sale, transfer and assignment of the Receivables
and the Other Conveyed Property to the Trust pursuant to this Agreement and simultaneously with the execution and delivery of this Agreement, the Trust Collateral Agent shall enter into the Custodian Agreement with the Custodian, dated as of June 9,
2004, pursuant to which the Trust Collateral Agent shall revocably appoint the Custodian, and the Custodian shall accept such appointment, to act as the agent of the Trust Collateral Agent as custodian of the following documents or instruments in
its possession which shall be delivered to the Custodian as agent of the Trust Collateral Agent on or before the Closing Date (with respect to each Receivable): 
  
 (i) The fully executed original of the Receivable (together with any agreements modifying the Receivable);

  
 (ii) The original credit application, or a
copy thereof, of each Obligor, fully executed by each such Obligor on AmeriCredit’s customary form, or on a form approved by AmeriCredit, for such application; and 
  
 (iii) The original Lien Certificate (when received) and otherwise such documents, if any, that AmeriCredit
keeps on file in accordance with its customary procedures indicating that the Financed Vehicle is owned by the Obligor and subject to the interest of AmeriCredit as first lienholder or secured party (including any Lien Certificate received by
AmeriCredit), or, if such Lien Certificate has not yet been received, a copy of the application therefor, showing AmeriCredit as secured party. 
  
 (b) The Trust Collateral Agent may act as the Custodian, in which case the Trust Collateral Agent shall be deemed to have assumed the obligations of the
Custodian specified in the Custodian Agreement. Upon payment in full of any Receivable, the Servicer will notify the Custodian pursuant to a certificate of an officer of the Servicer (which certificate shall include a statement to the effect that
all amounts received in connection with such payments which are required to be deposited in the Collection Account pursuant to Section 4.1 have been so deposited) and shall request delivery of the Receivable and Receivable File to the Servicer. Upon
the sale of any Receivable pursuant to Section 4.3(c) hereof, the Servicer will notify the Custodian pursuant to a certificate of an officer of the Servicer (which certificate shall include a statement to the effect that all amounts received in
connection with such sale which are required to be deposited in the Collection Account pursuant to Section 4.3(c) have been so deposited) and shall request delivery of the Receivable and Receivable File to the purchaser of such Receivable. From time
to time as appropriate for servicing and enforcing any Receivable, the Custodian shall, upon written request of an officer of the Servicer and delivery to the Custodian of a receipt signed by such officer, cause the original Receivable and the
related Receivable File to be released to the Servicer. The Servicer’s receipt of a Receivable and/or Receivable File shall obligate the Servicer to return the original Receivable and the related Receivable File to the Custodian when its need
by the Servicer has ceased unless the Receivable is repurchased as described in Section 3.2, 4.2 or 4.7. 
  

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 ARTICLE IV  
  
 Administration and Servicing of Receivables 
  
 SECTION 4.1. Duties of the Servicer and the Backup Servicer 
  
 (a) The Servicer is hereby authorized to act as agent for the Trust and in
such capacity shall manage, service, administer and make collections on the Receivables, and perform the other actions required by the Servicer under this Agreement. The Servicer agrees that its servicing of the Receivables shall be carried out in
accordance with customary and usual procedures of institutions which service motor vehicle retail installment sales contracts and, to the extent more exacting, the degree of skill and attention that the Servicer exercises from time to time with
respect to all comparable motor vehicle receivables that it services for itself or others. In performing such duties, so long as AmeriCredit is the Servicer, it shall substantially comply with the policies and procedures described on Schedule C, as
such policies and procedures may be updated from time to time. The Servicer’s duties shall include, without limitation, collection and posting of all payments, responding to inquiries of Obligors on the Receivables, investigating delinquencies,
sending payment coupons to Obligors, reporting any required tax information to Obligors, monitoring the collateral, complying with the terms of the Lockbox Agreement, accounting for collections and furnishing monthly and annual statements to the
Trust Collateral Agent and the Trustee with respect to distributions, monitoring the status of Insurance Policies with respect to the Financed Vehicles and performing the other duties specified herein. 
  
 The Servicer, or if AmeriCredit is no longer the Servicer, AmeriCredit, at
the request of the Servicer, shall also administer and enforce all rights and responsibilities of the holder of the Receivables provided for in the Dealer Agreements and Auto Loan Purchase and Sale Agreements (and shall maintain possession of the
Dealer Agreements and Auto Loan Purchase and Sale Agreements, to the extent it is necessary to do so), the Dealer Assignments, the Third-Party Lender Assignments and the Insurance Policies, to the extent that such Dealer Agreements, Auto Loan
Purchase and Sale Agreements, Dealer Assignments, Third-Party Lender Assignments and Insurance Policies relate to the Receivables, the Financed Vehicles or the Obligors. To the extent consistent with the standards, policies and procedures otherwise
required hereby, the Servicer shall follow its customary standards, policies, and procedures and shall have full power and authority, acting alone, to do any and all things in connection with such managing, servicing, administration and collection
that it may deem necessary or desirable. Without limiting the generality of the foregoing, the Servicer is hereby authorized and empowered by the Trust to execute and deliver, on behalf of the Trust, any and all instruments of satisfaction or
cancellation, or of partial or full release or discharge, and all other comparable instruments, with respect to the Receivables and with respect to the Financed Vehicles; provided, however, that notwithstanding the foregoing, the Servicer
shall not, except pursuant to an order from a court of competent jurisdiction, release an Obligor from payment of any unpaid amount under any Receivable or waive the right to collect the unpaid balance of any Receivable from the Obligor, except in
accordance with the Servicer’s customary practices as reflected in the Servicing Policies and Procedures attached hereto as Schedule C. 
  
 The Servicer is hereby authorized to commence, in its own name or in the name of the Trust, a legal proceeding to enforce a Receivable pursuant to Section
4.3 or to commence or 

  

 23 

 
participate in any other legal proceeding (including, without limitation, a bankruptcy proceeding) relating to or involving a Receivable, an Obligor or a
Financed Vehicle. If the Servicer commences or participates in such a legal proceeding in its own name, the Trust shall thereupon be deemed to have automatically assigned such Receivable to the Servicer solely for purposes of commencing or
participating in any such proceeding as a party or claimant, and the Servicer is authorized and empowered by the Trust to execute and deliver in the Servicer’s name any notices, demands, claims, complaints, responses, affidavits or other
documents or instruments in connection with any such proceeding. The Trust Collateral Agent and the Owner Trustee shall furnish the Servicer with any limited powers of attorney and other documents which the Servicer may reasonably request and which
the Servicer deems necessary or appropriate and take any other steps which the Servicer may deem necessary or appropriate to enable the Servicer to carry out its servicing and administrative duties under this Agreement. 
  
 As set forth in Section 9.3, in the event the Servicer fails to perform its
obligations hereunder, the Backup Servicer shall be responsible for the Servicer’s duties in this Agreement as if it were the Servicer, except as expressly set forth in Annex A hereto, provided that the Backup Servicer shall not be liable for
the Servicer’s breach of its obligations. 
  
 (b) The Backup
Servicer shall have the following duties: (i) prior to or within 45 days after the Closing Date, the Backup Servicer shall have conducted an on-site inspection of the Servicer’s operations, and shall conduct additional on-site inspections not
less frequently than every 12 months thereafter. Each on-site inspection shall be at the cost of AmeriCredit. Within 10 days of each such inspection, the Backup Servicer shall deliver a certificate (in a form to be agreed on in good faith between
the Backup Servicer and the Controlling Party and with a copy to the Servicer) (the “Backup Servicer’s Certificate”) certifying that the Backup Servicer has conducted an inspection consistent with this Section 4.1(b). During
each such inspection, the Backup Servicer shall perform certain review procedures as agreed to between the Controlling Party and the Backup Servicer including, without limitation, such review procedures as the Backup Servicer may require in order to
be put in a position to assume the servicing responsibilities of the Servicer if and to the extent required hereunder; and (ii) within 45 days of the Closing Date, the Backup Servicer shall complete all data mapping, and, upon receipt of Monthly
Tapes pursuant to Section 4.13: (A) electronically compile the Monthly Tape data in the Backup Servicer’s “off-line” computer, and (B) update or amend the data-mapping pursuant to any updated or amended fields in the Monthly Tapes.

  
 SECTION 4.2. Collection of Receivable Payments;
Modifications of Receivables; Lockbox Agreements. 
  
 (a)
Consistent with the standards, policies and procedures required by this Agreement, the Servicer shall make reasonable efforts to collect all payments called for under the terms and provisions of the Receivables as and when the same shall become due,
and shall follow such collection procedures as it follows with respect to all comparable automobile receivables that it services for itself or others and otherwise act with respect to the Receivables, the Dealer Agreements, the Dealer Assignments,
the Auto Loan Purchase and Sale Agreements, the Third-Party Lender Assignments, the Insurance Policies and the Other Conveyed Property in such manner as will, in the reasonable judgment of the Servicer, maximize the amount to be received by the
Trust with respect thereto including directing the Issuer to sell Receivables pursuant to 

  

 24 

 
Section 4.3(c) hereof. The Servicer is authorized in its discretion to waive any prepayment charge, late payment charge or any other similar fees that may be
collected in the ordinary course of servicing any Receivable. 
  
 (b) The Servicer may (A) at any time agree to a modification or amendment of a Receivable in order to (i) not more than once per year, change the Obligor’s regular monthly due date to a date that shall in no event be later than 30 days
after the original monthly due date of that Receivable or (ii) re-amortize the Scheduled Receivables Payments on the Receivable following a partial prepayment of principal, in accordance with its customary procedures or (B) may direct the Issuer to
sell the Receivables pursuant to Section 4.3 hereof if the Servicer believes in good faith that such extension, modification, amendment or sale is necessary to avoid a default on such Receivable, will maximize the amount to be received by the Trust
with respect to such Receivable, and is otherwise in the best interests of the Trust. 
  
 (c) The Servicer may grant payment extensions on, or other modifications or, amendments to, a receivable (in addition to those modifications permitted by Section 4.2(b) hereof) in accordance with its customary
procedures if the Servicer believes in good faith that such extension, modification or amendment is necessary to avoid a default on such Receivable, will maximize the amount to be received by the Trust with respect to such Receivable, and is
otherwise in the best interests of the Trust; provided, however, that: 
  
 (i) The aggregate period of all extensions on a Receivable shall not exceed eight months; and 
  
 (ii) In no event may a Receivable be extended beyond the Collection Period immediately preceding the latest Final Scheduled Distribution
Date. 
  
 (d) The Servicer shall use its best efforts to notify or
direct Obligors to make all payments on the Receivables, whether by check or by direct debit of the Obligor’s bank account, to be made directly to one or more Lockbox Banks, acting as agent for the Trust pursuant to a Lockbox Agreement. The
Servicer shall use its best efforts to notify or direct any Lockbox Bank to deposit all payments on the Receivables in the Lockbox Account no later than the Business Day after receipt, and to cause all amounts credited to the Lockbox Account on
account of such payments to be transferred to the Collection Account no later than the second Business Day after receipt of such payments. The Lockbox Account shall be a demand deposit account held by the Lockbox Bank. 
  
 Prior to the Closing Date, the Servicer shall have notified each Obligor that
makes its payments on the Receivables by check to make such payments thereafter directly to the Lockbox Bank (except in the case of Obligors that have already been making such payments to the Lockbox Bank), and shall have provided each such Obligor
with remittance invoices in order to enable such Obligors to make such payments directly to the Lockbox Bank for deposit into the Lockbox Account, and the Servicer will continue, not less often than every three months, to so notify those Obligors
who have failed to make payments to the Lockbox Bank. If at any time, an Obligor’s bank account cannot be accessed by direct debit and if such inability is not cured within 15 days or cannot be cured by execution by the Obligor of a new
authorization for 

  

 25 

 
automatic payment, the Servicer shall notify such Obligor that it cannot make payment by direct debit and must thereafter make payment by check. 

 
 Notwithstanding any Lockbox Agreement, or any of the provisions of this
Agreement relating to the Lockbox Agreement, the Servicer shall remain obligated and liable to the Trust, the Trust Collateral Agent and Noteholders for servicing and administering the Receivables and the Other Conveyed Property in accordance with
the provisions of this Agreement without diminution of such obligation or liability by virtue thereof; provided, however, that the foregoing shall not apply to any Backup Servicer for so long as a Lockbox Bank is performing its obligations
pursuant to the terms of a Lockbox Agreement. 
  
 In the event of
a termination of the Servicer, the successor Servicer shall assume all of the rights and obligations of the outgoing Servicer under the Lockbox Agreement subject to the terms hereof. In such event, the successor Servicer shall be deemed to have
assumed all of the outgoing Servicer’s interest therein and to have replaced the outgoing Servicer as a party to each such Lockbox Agreement to the same extent as if such Lockbox Agreement had been assigned to the successor Servicer, except
that the outgoing Servicer shall not thereby be relieved of any liability or obligations on the part of the outgoing Servicer to the Lockbox Bank under such Lockbox Agreement. The outgoing Servicer shall, upon request of the Trust Collateral Agent,
but at the expense of the outgoing Servicer, deliver to the successor Servicer all documents and records relating to each such Lockbox Agreement and an accounting of amounts collected and held by the Lockbox Bank and otherwise use its best efforts
to effect the orderly and efficient transfer of any Lockbox Agreement to the successor Servicer. In the event that the Majority Noteholders elect to change the identity of the Lockbox Bank, the outgoing Servicer, at its expense, shall cause the
Lockbox Bank to deliver, at the direction of the Majority Noteholders to the Trust Collateral Agent and a successor Lockbox Bank, all documents and records relating to the Receivables and all amounts held (or thereafter received) by the Lockbox Bank
(together with an accounting of such amounts) and shall otherwise use its best efforts to effect the orderly and efficient transfer of the lockbox arrangements and the Servicer shall notify the Obligors to make payments to the Lockbox established by
the successor. 
  
 (e) The Servicer shall remit all payments by or
on behalf of the Obligors received directly by the Servicer to the Lockbox Bank as soon as practicable, but in no event later than the second Business Day after receipt thereof, and such amounts shall be deposited into the Lockbox Account and
transferred from the Lockbox Account to the Collection Account in accordance with Section 4.2(d) hereof. 
  
 SECTION 4.3. Realization upon Receivables. 
  
 (a) In addition to the Servicer’s ability to direct the Issuer to sell Receivables pursuant to Section 4.3(c) hereof, and consistent with the
standards, policies and procedures required by this Agreement, the Servicer shall use its best efforts to repossess (or otherwise comparably convert the ownership of) and liquidate any Financed Vehicle securing a Receivable with respect to which the
Servicer has determined that payments thereunder are not likely to be resumed, as soon as is practicable after default on such Receivable but in no event later than the date on which all or any portion of a Scheduled Receivables Payment has become
91 days delinquent; provided, however, that the Servicer may elect not to repossess a Financed Vehicle within such time period 

  

 26 

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

  

 27 

 
than 60 days delinquent, and shall have the right to direct the Issuer to sell any such Receivable to the third-party purchaser; provided, that no
more than 20% of the number of Receivables in the pool as of the Cutoff Date may be sold by the Issuer pursuant to this Section 4.3(c) in the aggregate; provided further, that the Servicer may elect to not direct the Issuer to sell a
Receivable that has become more than 60 days delinquent if in its good faith judgment the Servicer determines that the proceeds ultimately recoverable with respect to such Receivable would be increased by forbearance. In selecting Receivables to be
sold to a third party purchaser pursuant to this Section 4.3(c), the Servicer shall use commercially reasonable efforts to locate purchasers for the most delinquent Receivables first. In any event, the Servicer shall not use any procedure in
selecting Receivables to be sold to third party purchasers which is materially adverse to the interest of the Noteholders. The Issuer shall sell each Sold Receivable for the greatest market price possible; provided, however, that aggregate
Sale Amounts received by the Issuer for all Receivables sold to a single third-party purchaser on a single date must be at least equal to the sum of the Minimum Sale Prices for all such Receivables. The Servicer shall remit or cause the third-party
purchaser to remit all sale proceeds from the sale of Receivables directly to the Collection Account without deposit into any intervening account as soon as practicable, but in no event later than the Business Day after receipt thereof. 

 
 SECTION 4.4. Insurance. 
  
 (a) The Servicer shall require, in accordance with its customary servicing
policies and procedures, that each Financed Vehicle be insured by the related Obligor under the Insurance Policies referred to in Paragraph 24 of the Schedule of Representations and Warranties and shall monitor the status of such physical loss and
damage insurance coverage thereafter, in accordance with its customary servicing procedures. Each Receivable requires the Obligor to maintain such physical loss and damage insurance, naming AmeriCredit and its successors and assigns as additional
insureds, and permits the holder of such Receivable to obtain physical loss and damage insurance at the expense of the Obligor if the Obligor fails to maintain such insurance. If the Servicer shall determine that an Obligor has failed to obtain or
maintain a physical loss and damage Insurance Policy covering the related Financed Vehicle which satisfies the conditions set forth in clause (i)(a) of such Paragraph 24 (including, without limitation, during the repossession of such Financed
Vehicle) the Servicer may enforce the rights of the holder of the Receivable under the Receivable to require the Obligor to obtain such physical loss and damage insurance in accordance with its customary servicing policies and procedures. The
Servicer may maintain a vendor’s single interest or other collateral protection insurance policy with respect to all Financed Vehicles (“Collateral Insurance”) which policy shall by its terms insure against physical loss and
damage in the event any Obligor fails to maintain physical loss and damage insurance with respect to the related Financed Vehicle. All policies of Collateral Insurance shall be endorsed with clauses providing for loss payable to the Servicer. Costs
incurred by the Servicer in maintaining such Collateral Insurance shall be paid by the Servicer. 
  
 (b) The Servicer may, if an Obligor fails to obtain or maintain a physical loss and damage Insurance Policy, obtain insurance with respect to the related
Financed Vehicle and advance on behalf of such Obligor, as required under the terms of the insurance policy, the premiums for such insurance (such insurance being referred to herein as “Force-Placed Insurance”). All policies of
Force-Placed Insurance shall be endorsed with clauses providing for loss payable to the Servicer. Any cost incurred by the Servicer in maintaining such Force-Placed 

  

 28 

 
Insurance shall only be recoverable out of premiums paid by the Obligors or Net Liquidation Proceeds with respect to the Receivable, as provided in Section
4.4(c). 
  
 (c) In connection with any Force-Placed Insurance
obtained hereunder, the Servicer may, in the manner and to the extent permitted by applicable law, require the Obligors to repay the entire premium to the Servicer. In no event shall the Servicer include the amount of the premium in the Amount
Financed under the Receivable. For all purposes of this Agreement, the Insurance Add-On Amount with respect to any Receivable having Force-Placed Insurance will be treated as a separate obligation of the Obligor and will not be added to the
Principal Balance of such Receivable, and amounts allocable thereto will not be available for distribution on the Notes and the Certificates. The Servicer shall retain and separately administer the right to receive payments from Obligors with
respect to Insurance Add-On Amounts or rebates of Forced-Placed Insurance premiums. If an Obligor makes a payment with respect to a Receivable having Force-Placed Insurance, but the Servicer is unable to determine whether the payment is allocable to
the Receivable or to the Insurance Add-On Amount, the payment shall be applied first to any unpaid Scheduled Receivables Payments and then to the Insurance Add-On Amount. Net Liquidation Proceeds on any Receivable will be used first to pay the
Principal Balance and accrued interest on such Receivable and then to pay the related Insurance Add-On Amount. If an Obligor under a Receivable with respect to which the Servicer has placed Force-Placed Insurance fails to make scheduled payments of
such Insurance Add-On Amount as due, and the Servicer has determined that eventual payment of the Insurance Add-On Amount is unlikely, the Servicer may, but shall not be required to, purchase such Receivable from the Trust for the Purchase Amount on
any subsequent Determination Date. Any such Receivable, and any Receivable with respect to which the Servicer has placed Force-Placed Insurance which has been paid in full (excluding any Insurance Add-On Amounts) will be assigned to the Servicer.

  
 (d) The Servicer may sue to enforce or collect upon the
Insurance Policies, in its own name, if possible, or as agent of the Trust. If the Servicer elects to commence a legal proceeding to enforce an Insurance Policy, the act of commencement shall be deemed to be an automatic assignment of the rights of
the Trust under such Insurance Policy to the Servicer for purposes of collection only. If, however, in any enforcement suit or legal proceeding it is held that the Servicer may not enforce an Insurance Policy on the grounds that it is not a real
party in interest or a holder entitled to enforce the Insurance Policy, the Owner Trustee and/or the Trust Collateral Agent, at the Servicer’s expense, or the Seller, at the Seller’s expense, shall take such steps as the Servicer deems
necessary to enforce such Insurance Policy, including bringing suit in its name or the name of the Trust and the Owner Trustee and/or the Trust Collateral Agent for the benefit of the Noteholders. 
  
 (e) The Servicer will cause itself and may cause the Trust Collateral Agent
to be named as named insured under all policies of Collateral Insurance. 
  
 SECTION 4.5. Maintenance of Security Interests in Vehicles. 
  
 (a) Consistent with the policies and procedures required by this Agreement, the Servicer shall take such steps on behalf of the Trust as are necessary to
maintain perfection of the security interest created by each Receivable in the related Financed Vehicle, including, but not limited to, obtaining the execution by the Obligors and the recording, registering, filing, re-recording, 

  

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re-filing, and re-registering of all security agreements, financing statements and continuation statements as are necessary to maintain the security interest
granted by the Obligors under the respective Receivables. The Trust Collateral Agent hereby authorizes the Servicer, and the Servicer agrees, to take any and all steps necessary to re-perfect such security interest on behalf of the Trust as
necessary because of the relocation of a Financed Vehicle or for any other reason. In the event that the assignment of a Receivable to the Trust is insufficient, without a notation on the related Financed Vehicle’s certificate of title, or
without fulfilling any additional administrative requirements under the laws of the state in which the Financed Vehicle is located, to perfect a security interest in the related Financed Vehicle in favor of the Trust, the Servicer hereby agrees that
AmeriCredit’s designation as the secured party on the Lien Certificate is in its capacity as Servicer as agent of the Trust. 
  
 (b) Upon the occurrence of a Servicer Termination Event, the Trust Collateral Agent and the Servicer shall take or cause to be taken such action as may,
in the opinion of counsel to the Majority Noteholders, be necessary to perfect or re-perfect the security interests in the Financed Vehicles securing the Receivables in the name of the Trust by amending the title documents of such Financed Vehicles
or by such other reasonable means as may, in the opinion of counsel to the Majority Noteholders, be necessary or prudent. 
  
 AmeriCredit hereby agrees to pay all expenses related to such perfection or reperfection and to take all action necessary therefor. AmeriCredit hereby
appoints the Trust Collateral Agent as its attorney-in-fact to take any and all steps required to be performed by AmeriCredit pursuant to this Section 4.5(b) (it being understood that and agreed that the Trust Collateral Agent shall have no
obligation to take such steps with respect to all perfection or reperfection, except as pursuant to the Basic Documents to which it is a party and to which AmeriCredit has paid all expenses), including execution of Lien Certificates or any other
documents in the name and stead of AmeriCredit, and the Trust Collateral Agent hereby accepts such appointment. 
  
 SECTION 4.6. Covenants, Representations, and Warranties of Servicer. By its execution and delivery of this Agreement, the Servicer makes the
following representations, warranties and covenants on which the Trust Collateral Agent relies in accepting the Receivables and on which the Trustee relies in authenticating the Notes. 
  
 (a) The Servicer covenants as follows: 
  
 (i) Liens in Force. The Financed Vehicle securing each Receivable shall not be released in whole or
in part from the security interest granted by the Receivable, except upon payment in full of the Receivable or as otherwise contemplated herein; 
  
 (ii) No Impairment. The Servicer shall do nothing to impair the rights of the Trust or the Noteholders in the Receivables, the
Dealer Agreements, the Auto Loan Purchase and Sale Agreements, the Dealer Assignments, the Third-Party Lender Assignments, the Insurance Policies or the Other Conveyed Property except as otherwise expressly provided herein; 
  
 (iii) No Amendments. The Servicer shall not extend or
otherwise amend the terms of any Receivable, except in accordance with Section 4.2; and 
  

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 (iv) Restrictions on Liens. The Servicer shall not (i) create, incur or suffer to
exist, or agree to create, incur or suffer to exist, or consent to cause or permit in the future (upon the happening of a contingency or otherwise) the creation, incurrence or existence of any Lien or restriction on transferability of the
Receivables except for the Lien in favor of the Trust Collateral Agent for the benefit of the Noteholders and the restrictions on transferability imposed by this Agreement or (ii) sign or file under the Uniform Commercial Code of any jurisdiction
any financing statement which names AmeriCredit or the Servicer as a debtor, or sign any security agreement authorizing any secured party thereunder to file such financing statement, with respect to the Receivables, except in each case any such
instrument solely securing the rights and preserving the Lien of the Trust Collateral Agent, for the benefit of the Noteholders. 
  
 (b) The Servicer represents, warrants and covenants as of the Closing Date as to itself that the representations and warranties set forth on the Schedule
of Representations attached hereto as Schedule B are true and correct; provided that such representations and warranties contained therein and herein shall not apply to any entity other than AmeriCredit. 
  
 SECTION 4.7. Purchase of Receivables Upon Breach of Covenant. Upon
discovery by any of the Servicer, a Responsible Officer of the Trust Collateral Agent, the Owner Trustee, a Responsible Officer of the Backup Servicer or a Responsible Officer of the Trustee of a breach of any of the covenants set forth in Sections
1, 2 or 3 of the Custodian Agreement or in Sections 4.5(a) or 4.6 hereof, the party discovering such breach shall give prompt written notice to the others; provided, however, that the failure to give any such notice shall not affect any
obligation of AmeriCredit as Servicer under this Section. As of the second Accounting Date following its discovery or receipt of notice of any breach of any covenant set forth in Sections 4.5(a) or 4.6 which materially and adversely affects the
interests of the Noteholders in any Receivable (including any Liquidated Receivable) (or, at AmeriCredit’s election, the first Accounting Date so following) or the related Financed Vehicle, AmeriCredit shall, unless such breach shall have been
cured in all material respects, purchase from the Trust the Receivable affected by such breach and, on the related Determination Date, AmeriCredit shall pay the related Purchase Amount. It is understood and agreed that the obligation of AmeriCredit
to purchase any Receivable (including any Liquidated Receivable) with respect to which such a breach has occurred and is continuing shall, if such obligation is fulfilled, constitute the sole remedy against AmeriCredit for such breach available to
the Noteholders, the Owner Trustee, the Backup Servicer or the Trust Collateral Agent; provided, however, that AmeriCredit shall indemnify the Trust, the Backup Servicer, the Owner Trustee, the Trust Collateral Agent, the Trustee and the
Noteholders from and against all costs, expenses, losses, damages, claims and liabilities, including reasonable fees and expenses of counsel, which may be asserted against or incurred by any of them as a result of third party claims arising out of
the events or facts giving rise to such breach. Notwithstanding anything to the contrary contained herein, AmeriCredit will not be required to repurchase Receivables due solely to the Servicer’s not having received Lien Certificates that have
been properly applied for from the Registrar of Titles in the applicable states for such Receivables unless (i) such Lien Certificates shall not have been received with respect to Receivables with Principal Balances which total more than 1.0% of the
Aggregate Principal Balance as of the 180th day after the Closing Date, in which case AmeriCredit shall be required
to repurchase a sufficient number of such Receivables to cause the aggregate Principal Balances of the remaining Receivables for which no such Lien Certificate shall have been 

  

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received to be no greater than 1.0% of the Aggregate Principal Balance as of such date or (ii) such Lien Certificates shall not have been received as of the
240th day after the Closing Date. This section shall survive the termination of this Agreement and the earlier
removal or resignation of the Trustee and/or the Trust Collateral Agent and/or the Backup Servicer. 
  
 SECTION 4.8. Total Servicing Fee; Payment of Certain Expenses by Servicer. On each Distribution Date, the Servicer shall be entitled to receive out
of the Collection Account the Base Servicing Fee and any Supplemental Servicing Fee for the related Collection Period (together, the “Servicing Fee”) pursuant to Section 5.7. The Servicer shall be required to pay all expenses
incurred by it in connection with its activities under this Agreement (including taxes imposed on the Servicer, expenses incurred in connection with distributions and reports made by the Servicer to the Noteholders and all other fees and expenses of
the Owner Trustee, the Backup Servicer, the Trust Collateral Agent or the Trustee, except taxes levied or assessed against the Trust, and claims against the Trust in respect of indemnification, which taxes and claims in respect of indemnification
against the Trust are expressly stated to be for the account of AmeriCredit). The Servicer shall be liable for the fees and expenses of the Owner Trustee, the Backup Servicer, the Trust Collateral Agent, the Trustee, the Custodian, the Lockbox Bank
(and any fees under the Lockbox Agreement) and the Independent Accountants. Notwithstanding the foregoing, if the Servicer shall not be AmeriCredit, a successor to AmeriCredit as Servicer including the Backup Servicer permitted by Section 9.3 shall
not be liable for taxes levied or assessed against the Trust or claims against the Trust in respect of indemnification, or the fees and expenses referred to above. 
  
 SECTION 4.9. Servicer’s Certificate. 
  
 No later than 10:00 a.m. Eastern time on each Determination Date, the Servicer shall deliver (facsimile delivery being
acceptable) to the Trustee, the Owner Trustee, the Trust Collateral Agent, the Backup Servicer and each Rating Agency a Servicer’s Certificate executed by a Responsible Officer of the Servicer containing among other things: (i) all information
necessary to enable the Trust Collateral Agent to make any withdrawal and deposit required by Section 5.5 and to make the distributions required by Sections 5.7(a) and 5.7(b); (ii) a listing of all Purchased Receivables and Sold Receivables
purchased by the Servicer or sold by the Issuer as of the related Accounting Date, identifying the Receivables so purchased by the Servicer or sold by the Issuer, (iii) all information necessary to enable the Backup Servicer to reconcile and
recalculate the following sections of the Servicer’s Certificate: the Monthly Period Receivables Principal Balance Calculation Section, the Statistical Data (Current and Historical) Section and the Delinquency Section; (iv) all information
necessary to enable the Trust Collateral Agent to send the statements to Noteholders required by Section 5.9, and (v) all information necessary to enable the Trust Collateral Agent to reconcile the aggregate cash flows, the Collection Account for
the related Collection Period and Distribution Date. Receivables purchased by the Servicer or by the Seller on the related Accounting Date and each Receivable which became a Liquidated Receivable or which was paid in full during the related
Collection Period shall be identified by account number (as set forth in the Schedule of Receivables). 
  

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 SECTION 4.10. Annual Statement as to Compliance, Notice of Servicer Termination Event. 

 
 (a) The Servicer shall deliver to the Trustee, the Owner Trustee, the
Trust Collateral Agent, the Backup Servicer and each Rating Agency, on or before October 31 (or 120 days after the end of the Servicer’s fiscal year, if other than June 30) of each year, beginning on October 31, 2005, an officer’s
certificate signed by any Responsible Officer of the Servicer, dated as of June 30 (or other applicable date) of such year, stating that (i) a review of the activities of the Servicer during the preceding 12-month period (or such other period as
shall have elapsed from the Closing Date to the date of the first such certificate (which period shall not be less than six months)) and of its performance under this Agreement has been made under such officer’s supervision, and (ii) to such
officer’s knowledge, based on such review, the Servicer has fulfilled all its obligations under this Agreement throughout such period, or, if there has been a default in the fulfillment of any such obligation, specifying each such default known
to such officer and the nature and status thereof. 
  
 (b) The
Servicer shall deliver to the Trustee, the Owner Trustee, the Trust Collateral Agent, the Backup Servicer and each Rating Agency, promptly after having obtained knowledge thereof, but in no event later than two (2) Business Days thereafter, written
notice in an officer’s certificate of any event which with the giving of notice or lapse of time, or both, would become a Servicer Termination Event under Section 9.1(a). The Seller or the Servicer shall deliver to the Trustee, the Owner
Trustee, the Trust Collateral Agent, the Backup Servicer, the Servicer or the Seller (as applicable) and each Rating Agency promptly after having obtained knowledge thereof, but in no event later than two (2) Business Days thereafter, written notice
in an officer’s certificate of any event which with the giving of notice or lapse of time, or both, would become a Servicer Termination Event under any other clause of Section 9.1. 
  
 SECTION 4.11. Annual Independent Accountants’ Report. The Servicer shall cause a firm of nationally recognized
independent certified public accountants (the “Independent Accountants”), who may also render other services to the Servicer or to the Seller, to deliver to the Trustee, the Owner Trustee, the Trust Collateral Agent, the Backup
Servicer and each Rating Agency, on or before October 31 (or 120 days after the end of the Servicer’s fiscal year, if other than June 30) of each year, beginning on October 31, 2005, with respect to the twelve months ended the immediately
preceding June 30 (or other applicable date) (or such other period as shall have elapsed from the Closing Date to the date of such certificate (which period shall not be less than six months)), a statement (the “Accountants’
Report”) addressed to the Board of Directors of the Servicer, to the Trustee, the Owner Trustee, the Trust Collateral Agent and the Backup Servicer, to the effect that such firm has audited the books and records of AmeriCredit Corp., in
which the Servicer is included as a consolidated subsidiary, and issued its report thereon in connection with the audit report on the consolidated financial statements of AmeriCredit Corp. and that (1) such audit was made in accordance with
generally accepted auditing standards, and accordingly included such tests of the accounting records and such other auditing procedures as such firm considered necessary in the circumstances; (2) the firm is independent of the Seller and the
Servicer within the meaning of the Code of Professional Ethics of the American Institute of Certified Public Accountants, and (3) includes a report on the application of agreed upon procedures to three randomly selected Servicer’s Certificates
including the delinquency, default 

  

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and loss statistics required to be specified therein noting whether any exceptions or errors in the Servicer’s Certificates were found. 
  
 In the event such independent public accountants require the Trust Collateral
Agent, Trustee, or Backup Servicer to agree to the procedures to be performed by such firm in any of the reports required to be prepared pursuant to this Section 4.11, the Servicer shall direct the Trust Collateral Agent, Trustee and Backup Servicer
in writing to so agree; it being understood and agreed that the Trust Collateral Agent, Trustee and Backup Servicer will deliver such letter of agreement in conclusive reliance upon the direction of the Servicer, and the Trust Collateral Agent,
Trustee and Backup Servicer have not made any independent inquiry or investigation as to, and shall have no obligation or liability in respect of, the sufficiency, validity or correctness of such procedures. 
  
 SECTION 4.12. Access to Certain Documentation and Information Regarding
Receivables. The Servicer shall provide to representatives of the Trustee, the Owner Trustee, the Trust Collateral Agent and the Backup Servicer reasonable access to the documentation regarding the Receivables. In each case, such access shall be
afforded without charge but only upon reasonable request and during normal business hours. Nothing in this Section shall affect the obligation of the Servicer to observe any applicable law prohibiting disclosure of information regarding the
Obligors, and the failure of the Servicer to provide access as provided in this Section as a result of such obligation shall not constitute a breach of this Section. 
  
 SECTION 4.13. Monthly Tape. Not later than the seventh calendar day of each month, the Servicer will deliver to the
Backup Servicer computer tape and a diskette (or any other electronic transmission acceptable to the Backup Servicer) in a format acceptable to the Backup Servicer containing the information with respect to the Receivables as of the preceding
Accounting Date necessary for preparation of the Servicer’s Certificate relating to the immediately preceding Determination Date and necessary to review the application of collections as provided in Section 5.4 (the “Monthly
Tape”). The Backup Servicer shall use such tape or diskette (or other electronic transmission acceptable to the Backup Servicer) to (i) confirm that the Servicer’s Certificate is complete on its face, (ii) confirm that such tape,
diskette or other electronic transmission is in readable form, (iii) verify the mathematical accuracy of all calculations contained within the Servicer’s Certificate with respect to the information set forth in Section 4.9(b)(iii) and (iv)
calculate and confirm (A) the aggregate amount distributable as principal on the related Distribution Date to each Class of Notes, (B) the aggregate amount distributable as interest on the related Distribution Date to each Class of Notes, (C) any
amounts distributable on the related Distribution Date which are to be paid with funds withdrawn from the Reserve Account, (D) the outstanding principal amount of each Class of Notes after giving effect to all distributions made pursuant to clause
(A), above, (E) the Note Pool Factor for each Class of Notes after giving effect to all distributions made pursuant to clause (A), above, and (F) the aggregate Noteholders’ Principal Carryover Amount and the aggregate Noteholders’ Interest
Carryover Amount on such Distribution Date after giving effect to all distributions made pursuant to clauses (A) and (B), above, respectively. The Backup Servicer shall certify to the Trustee that it has verified the Servicer’s Certificate in
accordance with this Section and shall notify the Servicer and the Trustee of any discrepancies, in each case, on or before the tenth Business Day of the month in which the tape or diskette was received. In the event that the Backup Servicer reports
any discrepancies, the Servicer and the Backup Servicer shall attempt to 

  

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reconcile such discrepancies prior to the next succeeding Distribution Date, but in the absence of a reconciliation, the Servicer’s Certificate shall
control for the purpose of calculations and distributions with respect to the next succeeding Distribution Date. In the event that the Backup Servicer and the Servicer are unable to reconcile discrepancies with respect to a Servicer’s
Certificate by the next succeeding Distribution Date, the Servicer shall cause the Independent Accountants, at the Servicer’s expense, to audit the Servicer’s Certificate and, prior to the last day of the month after the month in which
such Servicer’s Certificate was delivered, reconcile the discrepancies. The effect, if any, of such reconciliation shall be reflected in the Servicer’s Certificate for such next succeeding Determination Date. In addition, upon the
occurrence of a Servicer Termination Event the Servicer shall, if so requested by the Controlling Party (acting at the written direction of the Majority Noteholders), deliver to the Backup Servicer or any Successor Servicer its Collection Records
and its Monthly Records within 15 days after demand therefor and a computer tape containing as of the close of business on the date of demand all of the data maintained by the Servicer in computer format in connection with servicing the Receivables.
Other than the duties specifically set forth in this Agreement, the Backup Servicer shall have no obligations hereunder, including, without limitation, to supervise, verify, monitor or administer the performance of the Servicer. The Backup Servicer
shall have no liability for any actions taken or omitted by the Servicer. 
  
 SECTION 4.14. [Reserved] 
  
 SECTION 4.15. Fidelity Bond and Errors and Omissions Policy. The Servicer has obtained, and shall continue to maintain in full force and effect, a Fidelity Bond and Errors and Omissions Policy of a type and in such amount as is
customary for servicers engaged in the business of servicing automobile receivables. 
  
 ARTICLE V 
  
 Trust Accounts;
Distributions; Statements to Noteholders 
  
 SECTION 5.1.
Establishment of Trust Accounts. 
  
 (a) (i) The Trust
Collateral Agent, on behalf of the Noteholders, shall establish and maintain in its own name an Eligible Deposit Account (the “Collection Account”), bearing a designation clearly indicating that the funds deposited therein are held
for the benefit of the Trust Collateral Agent on behalf of the Noteholders. The Collection Account shall initially be established with the Trust Collateral Agent. 
  
 (ii) The Trust Collateral Agent, on behalf of the Noteholders, shall establish and maintain in its own name
an Eligible Deposit Account (the “Note Distribution Account”), bearing a designation clearly indicating that the funds deposited therein are held for the benefit of the Trust Collateral Agent on behalf of the Noteholders. The Note
Distribution Account shall initially be established with the Trust Collateral Agent. 
  
 (iii) The Trust Collateral Agent, on behalf of the Noteholders, shall establish and maintain in its own name an Eligible Deposit Account
(the “Reserve Account”), bearing a designation clearly indicating that the funds deposited therein are held for the 

  

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benefit of the Trust Collateral Agent on behalf of the Noteholders. The Reserve Account shall initially be established with the Trust Collateral Agent.

  
 (b) Funds on deposit in the Collection Account, the Reserve
Account and the Note Distribution Account (collectively, the “Trust Accounts”) shall be invested by the Trust Collateral Agent (or any custodian with respect to funds on deposit in any such account) in Eligible Investments selected
in writing by the Servicer (pursuant to standing instructions or otherwise). All such Eligible Investments shall be held by or on behalf of the Trust Collateral Agent for the benefit of the Noteholders. Other than as permitted by the Rating
Agencies, funds on deposit in any Trust Account shall be invested in Eligible Investments that will mature so that such funds will be available at the close of business on the Business Day immediately preceding the following Distribution Date. Funds
deposited in a Trust Account on the day immediately preceding a Distribution Date upon the maturity of any Eligible Investments are required to be invested overnight. All Eligible Investments will be held to maturity. 
  
 (c) All investment earnings of moneys deposited in each Trust Account shall
be deposited (or caused to be deposited) by the Trust Collateral Agent in such Trust Account, and any loss resulting from such investments shall be charged to such Trust Account. The Servicer will not direct the Trust Collateral Agent to make any
investment of any funds held in any of the Trust Accounts unless the security interest granted and perfected in such account will continue to be perfected in such investment, in either case without any further action by any Person, and, in
connection with any direction to the Trust Collateral Agent to make any such investment, if requested by the Trust Collateral Agent, the Servicer shall deliver to the Trust Collateral Agent an Opinion of Counsel, acceptable to the Trust Collateral
Agent, to such effect. 
  
 (d) The Trust Collateral Agent shall
not in any way be held liable by reason of any insufficiency in any of the Trust Accounts resulting from any loss on any Eligible Investment included therein except for losses attributable to the Trust Collateral Agent’s negligence or bad faith
or its failure to make payments on such Eligible Investments issued by the Trust Collateral Agent, in its commercial capacity as principal obligor and not as trustee, in accordance with their terms. 
  
 (e) If (i) the Servicer shall have failed to give investment directions in
writing for any funds on deposit in the Trust Accounts to the Trust Collateral Agent by 1:00 p.m. Eastern Time (or such other time as may be agreed by the Issuer and the Trust Collateral Agent) on any Business Day; or (ii) a Default or Event of
Default shall have occurred and be continuing with respect to the Notes but the Notes shall not have been declared due and payable, or, if such Notes shall have been declared due and payable following an Event of Default, amounts collected or
receivable from the Trust Property are being applied as if there had not been such a declaration; then the Trust Collateral Agent shall, to the fullest extent practicable, invest and reinvest funds in the Trust Accounts in the investment described
in clause (d) of the definition of Eligible Investments. 
  
 (f)
(i) The Trust Collateral Agent shall possess all right, title and interest in all funds on deposit from time to time in the Trust Accounts and in all proceeds thereof for the benefit of the Noteholders and all such funds, investments, proceeds and
income shall be part of the Owner Trust Estate. Except as otherwise provided herein, the Trust 

  

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Accounts shall be under the sole dominion and control of the Trust Collateral Agent for the benefit of the Noteholders. If, at any time, any of the Trust
Accounts ceases to be an Eligible Deposit Account, the Trust Collateral Agent (or the Servicer on its behalf) shall within five Business Days (or such longer period as to which each Rating Agency may consent) establish a new Trust Account as an
Eligible Deposit Account and shall transfer any cash and/or any investments to such new Trust Account. In connection with the foregoing, the Servicer agrees that, in the event that any of the Trust Accounts are not accounts with the Trust Collateral
Agent, the Servicer shall notify the Trust Collateral Agent in writing promptly upon any of such Trust Accounts ceasing to be an Eligible Deposit Account. 
  
 (ii) With respect to the Trust Account Property, the Trust Collateral Agent agrees that: 
  
 (A) any Trust Account Property that is held in deposit
accounts shall be held solely in the Eligible Deposit Accounts; and, except as otherwise provided herein, each such Eligible Deposit Account shall be subject to the exclusive custody and control of the Trust Collateral Agent, and the Trust
Collateral Agent shall have sole signature authority with respect thereto; 
  
 (B) any Trust Account Property that constitutes Physical Property shall be delivered to the Trust Collateral Agent in accordance with paragraph (a) of the definition of “Delivery” and shall be held, pending
maturity or disposition, solely by the Trust Collateral Agent or a financial intermediary (as such term is defined in Section 8-313(4) of the UCC) acting solely for the Trust Collateral Agent; 
  
 (C) any Trust Account Property that is a book-entry security
held through the Federal Reserve System pursuant to Federal book-entry regulations shall be delivered in accordance with paragraph (b) of the definition of “Delivery” and shall be maintained by the Trust Collateral Agent, pending maturity
or disposition, through continued book-entry registration of such Trust Account Property as described in such paragraph; and 
  
 (D) any Trust Account Property that is an “uncertificated security” under Article 8 of the UCC and that is not governed by
clause (C) above shall be delivered to the Trust Collateral Agent in accordance with paragraph (c) of the definition of “Delivery” and shall be maintained by the Trust Collateral Agent, pending maturity or disposition, through continued
registration of the Trust Collateral Agent’s (or its nominee’s) ownership of such security. 
  
 (g) The Servicer shall have the power to instruct the Trust Collateral Agent to make withdrawals and payments from the Trust Accounts for the purpose of
permitting the Servicer and the Trust Collateral Agent to carry out its respective duties hereunder. 
  
 SECTION 5.2. [Reserved] 
  
 SECTION 5.3. Certain Reimbursements to the Servicer. The Servicer will be entitled to be reimbursed from amounts on deposit in the Collection
Account with respect to a Collection 

  

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Period for amounts previously deposited in the Collection Account but later determined by the Servicer to have resulted from mistaken deposits or postings or
checks returned for insufficient funds. The amount to be reimbursed hereunder shall be paid to the Servicer on the related Distribution Date pursuant to Section 5.7(a)(i) upon certification by the Servicer of such amounts and the provision of such
information to the Trust Collateral Agent. The Servicer will additionally be entitled to receive from amounts on deposit in the Collection Account with respect to a Collection Period any amounts paid by Obligors that were collected in the Lockbox
Account but that do not relate to (i) principal and interest payments due on the Receivables and (ii) any fees or expenses related to extensions due on the Receivables. 
  
 SECTION 5.4. Application of Collections. All collections for the Collection Period shall be applied by the Servicer
as follows: 
  
 With respect to each Receivable (other than a
Purchased Receivable or a Sold Receivable), payments by or on behalf of the Obligor, (other than Supplemental Servicing Fees with respect to such Receivable, to the extent collected) shall be applied to interest and principal in accordance with the
Simple Interest Method. 
  
 All amounts collected that are payable
to the Servicer as Supplemental Servicing Fees hereunder shall be deposited in the Collection Account and paid to the Servicer in accordance with Section 5.7(a). 
  
 SECTION 5.5. [Reserved] 
  
 SECTION 5.6. Additional Deposits. 
  
 (a) The Servicer and the Seller, as applicable, shall deposit or cause to be deposited in the Collection Account on the Determination Date on which such
obligations are due the aggregate Purchase Amount with respect to Purchased Receivables. 
  
 (b) The proceeds of any purchase or sale of the assets of the Trust described in Section 10.1 hereof shall be deposited in the Collection Account. 
  
 SECTION 5.7. Distributions. 
  

(a) On each Distribution Date, the Trust Collateral Agent shall (based solely on the information contained in the Servicer’s Certificate delivered
with respect to the related Determination Date) apply or cause to be applied the sum of (x) the Available Funds (after withdrawing amounts deposited in error and Liquidation Proceeds relating to Purchased Receivables) for the related Collection
Period and (y) the Reserve Account Withdrawal Amount for such Distribution Date (such sum, the “Total Available Funds”) to make the following distributions from the Collection Account in the listed order of priority: 
  
 (i) to the Servicer, the Base Servicing Fee for the related
Collection Period, any Supplemental Servicing Fees for the related Collection Period, any amounts specified in Section 5.3, to the extent the Servicer has not reimbursed itself in respect of such amounts pursuant to Section 5.3 and to the extent not
retained by the Servicer, to pay to AmeriCredit any amounts paid by Obligors during the preceding calendar month that did 

  

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not relate to (i) principal and interest payments due on the Receivables and (ii) any fees or expenses related to extensions due on the Receivables and to
any successor Servicer, transition fees not to exceed $100,000 (including boarding fees) in the aggregate; 
  
 (ii) to each of the Lockbox Banks, the Trustee, the Trust Collateral Agent, the Backup Servicer (in its capacity as either Backup Servicer
or successor Servicer) and the Owner Trustee, their respective accrued and unpaid fees, expenses and indemnities (in each case, to the extent such fees, expenses and indemnities have not been previously paid by the Servicer, and provided that
such fees, expenses and indemnities shall not exceed (x) $100,000 in the aggregate in any calendar year to the Owner Trustee and (y) $300,000 in the aggregate in any calendar year to the Lockbox Banks, the Trust Collateral Agent, the Backup Servicer
(in its capacity as either Backup Servicer or successor Servicer) and the Trustee; 
  
 (iii) to the Class A Noteholders, pari passu, the Noteholders’ Interest Distributable Amount for the Class A Notes for such
Distribution Date; 
  
 (iv) for distribution as
provided in paragraph (b) below, the Class A Principal Parity Amount; 
  
 (v) for distribution as provided in paragraph (b) below, any Matured Principal Shortfall on account of any Class of Class A Notes; 
  
 (vi) to the Class B Noteholders, the Noteholders’ Interest Distributable Amount for the Class B Notes
for such Distribution Date; 
  
 (vii) for
distribution as provided in paragraph (b) below, the Class B Principal Parity Amount; 
  
 (viii) for distribution as provided in paragraph (b) below, any Matured Principal Shortfall on account of the Class B Notes; 

 
 (ix) to the Class C Noteholders, the Noteholders’
Interest Distributable Amount for the Class C Notes for such Distribution Date; 
  
 (x) for distribution as provided in paragraph (b) below, the Class C Principal Parity Amount; 
  
 (xi) for distribution as provided in paragraph (b) below,
any Matured Principal Shortfall on account of the Class C Notes; 
  
 (xii) to the Class D Noteholders, the Noteholders’ Interest Distributable Amount for the Class D Notes for such Distribution Date; 
  
 (xiii) for distribution as provided in paragraph (b) below, the Class D Principal Parity Amount; 

 

 39 

 (xiv) for distribution as provided in paragraph (b) below, any Matured Principal
Shortfall on account of the Class D Notes; 
  
 (xv) to the Class E Noteholders, the Noteholders’ Interest Distributable Amount for the Class E Notes for such Distribution Date; 
  
 (xvi) for distribution as provided in paragraph (b) below, the Class E Principal Parity Amount; 
  
 (xvii) for distribution as provided in paragraph (b) below,
any Matured Principal Shortfall on account of the Class E Notes; 
  
 (xviii) for distribution as provided in paragraph (b) below, the Noteholders’ Principal Distributable Amount; 
  
 (xix) to the Reserve Account, the Reserve Account Deposit Amount for such Distribution Date; 
  
 (xx) for distribution as provided in paragraph (b) below,
the Accelerated Principal Amount; 
  
 (xxi) to
the Class E Noteholders, all remaining amounts, until the outstanding principal balance of the Class E Notes has been reduced to zero, or, if the Class E Notes are no longer outstanding, to pay each of the Indenture Trustee, Owner Trustee, Trust
Collateral Agent, Backup Servicer and successor servicer any fees, expenses and indemnities then due to such party that are in excess of the related cap or annual limitation specified in clause (ii) above; and 
  
 (xxii) to the Certificateholders, the aggregate amount
remaining in the Collection Account. 
  
 (b) On each Distribution
Date the Trust Collateral Agent shall apply or cause to be applied the aggregate of the amounts described in clause (iv), (v), (vii), (viii), (x), (xi), (xiii), (xiv), (xvi), (xvii), (xviii) and (xx) of paragraph (a) above on that Distribution Date
in the listed order of priority: 
  
 (i) to the
Class A-1 Noteholders in reduction of the remaining principal balance of the Class A-1 Notes, until the outstanding principal balance thereof has been reduced to zero; 
  
 (ii) to the Class A-2 Noteholders in reduction of the remaining principal balance of the Class A-2 Notes,
until the outstanding principal balance thereof has been reduced to zero; 
  
 (iii) to the Class A-3 Noteholders in reduction of the remaining principal balance of the Class A-3 Notes, until the outstanding principal balance thereof has been reduced to zero; 
  

 40 

 (iv) to the Class B Noteholders in reduction of the remaining principal balance of the
Class B Notes, until the outstanding principal balance thereof has been reduced to zero; 
  
 (v) to the Class C Noteholders in reduction of the remaining principal balance of the Class C Notes, until the outstanding principal
balance thereof has been reduced to zero; 
  
 (vi) to the Class D Noteholders in reduction of the remaining principal balance of the Class D Notes, until the outstanding principal balance thereof has been reduced to zero; 
  
 (vii) to the Class E Noteholders in reduction of the remaining principal balance of the Class E Notes, until
the outstanding principal balance thereof has been reduced to zero; 
  
 provided, however, that, (A) following an acceleration of the Notes pursuant to the Indenture, (B) the occurrence of an Event of Default pursuant to Section 5.1(i), 5.1(ii), 5.1(iv) or 5.1(v) of the Indenture or (C) the receipt of
Insolvency Proceeds pursuant to Section 10.1(b), amounts deposited in the Note Distribution Account (including any such Insolvency Proceeds) shall be paid to the Noteholders, pursuant to Section 5.6 of the Indenture. 
  
 (c) In the event that the Collection Account is maintained with an
institution other than the Trust Collateral Agent, the Servicer shall instruct and cause such institution to make all deposits and distributions pursuant to Sections 5.7(a) and 5.7(b) on the related Distribution Date. 
  
 (d) In the event that any withholding tax is imposed on the Trust’s
payment (or allocations of income) to a Noteholder, such tax shall reduce the amount otherwise distributable to the Noteholder in accordance with this Section. The Trust Collateral Agent is hereby authorized and directed to retain from amounts
otherwise distributable to the Noteholders sufficient funds for the payment of any tax attributable to the Trust (but such authorization shall not prevent the Trust Collateral Agent from contesting any such tax in appropriate proceedings, and
withholding payment of such tax, if permitted by law, pending the outcome of such proceedings). The amount of any withholding tax imposed with respect to a Noteholder shall be treated as cash distributed to such Noteholder at the time it is withheld
by the Trust and remitted to the appropriate taxing authority. If there is a possibility that withholding tax is payable with respect to a distribution (such as a distribution to a non-US Noteholder), the Trust Collateral Agent may in its sole
discretion withhold such amounts in accordance with this clause (c). In the event that a Noteholder wishes to apply for a refund of any such withholding tax, the Trust Collateral Agent shall reasonably cooperate with such Noteholder in making such
claim so long as such Noteholder agrees to reimburse the Trust Collateral Agent for any out-of-pocket expenses (including legal fees and expenses) incurred. 
  
 (e) Distributions required to be made to Noteholders on any Distribution Date shall be made to each Noteholder of record on the preceding Record Date
either by (i) wire transfer, in immediately available funds, to the account of such Holder at a bank or other entity having appropriate facilities therefor, if such Noteholder shall have provided to the Note Registrar 

  

 41 

 
appropriate written instructions at least five Business Days prior to such Distribution Date or (ii) by check mailed to such Noteholder at the address of
such holder appearing in the Note Register. Notwithstanding the foregoing, the final distribution in respect of any Note (whether on the Final Scheduled Distribution Date or otherwise) will be payable only upon presentation and surrender of such
Note at the office or agency maintained for that purpose by the Note Registrar pursuant to Section 2.4 of the Indenture. 
  
 (f) Subject to Section 5.1 and this section, monies received by the Trust Collateral Agent hereunder need not be segregated in any manner except to the
extent required by law and may be deposited under such general conditions as may be prescribed by law, and the Trust Collateral Agent shall not be liable for any interest thereon. 
  
 SECTION 5.8. Reserve Account. 
  
 (a) (i) On the Closing Date, the Seller shall deposit the Specified Reserve Balance into the Reserve Account. Amounts held
from time to time in the Reserve Account shall be held by the Trust Collateral Agent for the benefit of the Noteholders. 
  
 (ii) The Seller may, from time to time after the date hereof, request each Rating Agency to approve a formula for determining the
Specified Reserve Balance that is different from the formula set forth herein, which may result in a decrease in the amount of the Specified Reserve Balance or change the manner by which the Reserve Account is funded. Notwithstanding any other
provision of this Agreement, if each Rating Agency then rating the Notes notifies the Trust Collateral Agent and the Seller in writing that the use of any such new formula, and any decrease in the amount of the Specified Reserve Balance or change in
the manner by which the Reserve Account is funded, will not result in the qualification, reduction or withdrawal of its then current rating of the Notes then the Specified Reserve Balance will be determined in accordance with such new formula and
this Agreement will be amended to reflect such new formula without the consent of any Noteholder. 
  
 (iii) On each Distribution Date, the Servicer shall instruct the Trust Collateral Agent (based on the information contained in the
Servicer’s Certificate delivered on the related Determination Date) (A) if the amount on deposit in the Reserve Account (without taking into account any amount on deposit in the Reserve Account representing net investment earnings) is less than
the Specified Reserve Balance, in which case the Trust Collateral Agent shall, after payment of any amounts required to be distributed pursuant to clauses (i) through (xviii) of Section 5.7(a) deposit in the Reserve Account the Reserve Account
Deposit Amount pursuant to Section 5.7(a)(xix), and (B) if the amount on deposit in the Reserve Account (taking into account any net investment earnings on such amounts), after giving effect to all other deposits thereto and withdrawals therefrom to
be made on such Distribution Date is greater than the Specified Reserve Balance, in which case the Trust Collateral Agent shall distribute the amount such excess as part of Available Funds on such Distribution Date. 
  
 (b) On each Distribution Date, the Servicer shall instruct the Trust
Collateral Agent (based on the information contained in the Servicer’s Certificate delivered on the related 

  

 42 

 
Determination Date) to withdraw the Reserve Account Withdrawal Amount from the Reserve Account and deposit such amounts in the Collection Account to be
included as Total Available Funds for that Distribution Date. 
  
 (c) Amounts properly received by the Certificateholders pursuant to this Agreement shall not be available to the Trust Collateral Agent or the Trust for the purpose of making deposits to the Reserve Account, or making payments to the
Noteholders, nor shall the Certificateholders be required to refund any amount properly received by it. 
  
 SECTION 5.9. Statements to Noteholders. 
  
 (a) On or prior to each Distribution Date, the Trust Collateral Agent shall provide each Noteholder of record (with a copy to the Rating Agencies) a
statement setting forth at least the following information as to the Notes to the extent applicable: 
  
 (i) the amount of such distribution allocable to principal of each Class of Notes; 
  
 (ii) the amount of such distribution allocable to interest
on or with respect to each Class of Notes; 
  
 (iii) the Required Reserve Account Withdrawal Amount or any excess released from the Reserve Account and included in Available Funds; 
  
 (iv) the Pool Balance as of the close of business on the last day of the preceding Collection Period; 
  
 (v) the aggregate outstanding principal amount of each Class
of the Notes and the Note Pool Factor for each such Class after giving effect to payments allocated to principal reported under (i) above; 
  
 (vi) the amount of the Servicing Fee paid to the Servicer with respect to the related Collection Period and/or due but unpaid with respect
to such Collection Period or prior Collection Periods, as the case may be; 
  
 (vii) the Noteholders’ Interest Carryover Amount and the Noteholders’ Principal Carryover Amount; 
  
 (viii) the amount of the aggregate Realized Losses, if any, for the second preceding Collection Period; 
  
 (ix) the aggregate Purchase Amounts for Receivables, if any,
that were repurchased by the Servicer or the Seller in such period; and 
  
 (x) the aggregate Sale Amounts of Sold Receivables, if any that were sold by the Issuer in such period. 
  

 43 

 Each amount set forth pursuant to paragraph (i), (ii), (iii), (vi) and (vii) above shall be expressed as a dollar amount
per $1,000 of the initial principal balance of the Notes (or Class thereof). 
  
 (b) The Trust Collateral Agent will make the statements referred to in Section 5.9(a) above (and, at its option, any additional files containing the same information in an alternative format) available each month via
the Trust Collateral Agent’s internet website, which is presently located at www.jpmorgan.com/sfr. Persons that are entitled to receive such statements but are unable to use the above website are entitled to have a paper copy mailed to them via
first class mail by calling the Trust Collateral Agent at (212) 623-5600. The Trust Collateral Agent shall have the right to change the way the statements referred to in Section 5.9(a) above are distributed in order to make such distribution more
convenient and/or more accessible to the parties entitled to receive such statements. The Trust Collateral Agent shall provide notification of any such change to all parties entitled to receive such statements in the manner described in Section 12.3
hereof, Section 11.4 of the Indenture or Section 11.5 of the Indenture, as appropriate. 
  
 ARTICLE VI 
  
 [Reserved]

  
 ARTICLE VII 
  
 The Seller 
  
 SECTION 7.1. Representations of Seller. The Seller makes the following
representations on which the Issuer is deemed to have relied in acquiring the Receivables and on which the Trustee, the Trust Collateral Agent and Backup Servicer may rely. The representations speak as of the execution and delivery of this Agreement
and as of the Closing Date, and shall survive the sale of the Receivables to the Issuer and the pledge thereof to the Trust Collateral Agent pursuant to the Indenture. 
  
 (a) Schedule of Representations. The representations and warranties set forth on the Schedule of Representations
attached hereto as Schedule B are true and correct. 
  
 (b)
Organization and Good Standing. The Seller has been duly organized and is validly existing as a corporation in good standing under the laws of the State of Nevada, with power and authority to own its properties and to conduct its business as
such properties are currently owned and such business is currently conducted, and had at all relevant times, and now has, power, authority and legal right to acquire, own and sell the Receivables and the Other Conveyed Property transferred to the
Trust. 
  
 (c) Due Qualification. The Seller is duly
qualified to do business as a foreign corporation in good standing and has obtained all necessary licenses and approvals in all jurisdictions where the failure to do so would materially and adversely affect Seller’s ability to transfer the
Receivables and the Other Conveyed Property to the Trust pursuant to this Agreement, or the validity or enforceability of the Receivables and the Other Conveyed Property or to perform Seller’s obligations hereunder and under the Seller’s
Basic Documents. 
  

 44 

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

 45 

 (i) True Sale. The Receivables are being transferred with the intention of removing them from the
Seller’s estate pursuant to Section 541 of the Bankruptcy Code, as the same may be amended from time to time. 
  
 (j) Chief Executive Office. The chief executive office of the Seller is at 639 Isbell Rd., Suite 390 Reno, Nevada 89509. 
  
 SECTION 7.2. Corporate Existence. 
  
 (a) During the term of this Agreement, the Seller will keep in full force and
effect its existence, rights and franchises as a corporation under the laws of the jurisdiction of its incorporation and will obtain and preserve its qualification to do business in each jurisdiction in which such qualification is or shall be
necessary to protect the validity and enforceability of this Agreement, the Basic Documents and each other instrument or agreement necessary or appropriate to the proper administration of this Agreement and the transactions contemplated hereby.

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

  

 46 

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

  

 47 

 
and such agreement of assumption comply with this Section and that all conditions precedent, if any, provided for in this Agreement relating to such
transaction have been complied with, (iii) the Rating Agency Condition shall have been satisfied with respect to such transaction and (iv) the Seller shall have delivered to the Owner Trustee, the Trust Collateral Agent, the Backup Servicer and the
Trustee an Opinion of Counsel stating that, in the opinion of such counsel, either (A) all financing statements and continuation statements and amendments thereto have been executed and filed that are necessary fully to preserve and protect the
interest of the Trust Collateral Agent, the Owner Trustee and the Trustee, respectively, in the Receivables and reciting the details of such filings or (B) no such action shall be necessary to preserve and protect such interest. Notwithstanding
anything herein to the contrary, the execution of the foregoing agreement of assumption and compliance with clauses (i), (ii), (iii) and (iv) above shall be conditions to the consummation of the transactions referred to in clauses (a), (b) or (c)
above. 
  
 SECTION 7.5. Limitation on Liability of Seller and
Others. The Seller and any director or officer or employee or agent of the Seller may rely in good faith on the advice of counsel or on any document of any kind, prima facie properly executed and submitted by any Person respecting any matters
arising under any Basic Document. The Seller shall not be under any obligation to appear in, prosecute or defend any legal action that shall not be incidental to its obligations under this Agreement, and that in its opinion may involve it in any
expense or liability. 
  
 SECTION 7.6. Ownership of the
Certificates or Notes. The Seller and any Affiliate thereof may in its individual or any other capacity become the owner or pledgee of Certificates or Notes with the same rights as it would have if it were not the Seller or an Affiliate thereof,
except as expressly provided herein or in any Basic Document. Notes or Certificates so owned by the Seller or such Affiliate shall have an equal and proportionate benefit under the provisions of the Basic Documents, without preference, priority, or
distinction as among all of the Notes or Certificates; provided, however, that any Notes or Certificates owned by the Seller or any Affiliate thereof, during the time such Notes or Certificates are owned by them, shall be without voting
rights for any purpose set forth in the Basic Documents. 
  
 ARTICLE VIII 
  
 The Servicer and the Backup
Servicer 
  
 SECTION 8.1. Representations of Servicer.
The Servicer makes the following representations on which the Issuer is deemed to have relied in acquiring the Receivables. The representations speak as of the execution and delivery of this Agreement and as of the Closing Date, and shall survive
the sale of the Receivables to the Issuer and the pledge thereof to the Trust Collateral Agent pursuant to the Indenture. 
  
 (i) Representations and Warranties. The representations and warranties set forth on the Schedule of Representations attached hereto
as Schedule B are true and correct; provided that such representations and warranties contained therein and herein shall not apply to any entity other than AmeriCredit; 
  

 48 

 (ii) Organization and Good Standing. The Servicer has been duly organized and is
validly existing and in good standing under the laws of its jurisdiction of organization, with power, authority and legal right to own its properties and to conduct its business as such properties are currently owned and such business is currently
conducted, and had at all relevant times, and now has, power, authority and legal right to enter into and perform its obligations under this Agreement; 
  
 (iii) Due Qualification. The Servicer is duly qualified to do business as a foreign corporation in good standing and has obtained
all necessary licenses and approvals, in all jurisdictions in which the ownership or lease of property or the conduct of its business (including the servicing of the Receivables as required by this Agreement) requires or shall require such
qualification; 
  
 (iv) Power and
Authority. The Servicer has the power and authority to execute and deliver this Agreement and its Basic Documents and to carry out its terms and their terms, respectively, and the execution, delivery and performance of this Agreement and the
Servicer’s Basic Documents have been duly authorized by the Servicer by all necessary corporate action; 
  
 (v) Binding Obligation. This Agreement and the Servicer’s Basic Documents shall constitute legal, valid and binding
obligations of the Servicer enforceable in accordance with their respective terms, except as enforceability may be limited by bankruptcy, insolvency, reorganization, or other similar laws affecting the enforcement of creditors’ rights generally
and by equitable limitations on the availability of specific remedies, regardless of whether such enforceability is considered in a proceeding in equity or at law; 
  
 (vi) No Violation. The consummation of the transactions contemplated by this Agreement and the
Servicer’s Basic Documents, and the fulfillment of the terms of this Agreement and the Servicer’s Basic Documents, shall not conflict with, result in any breach of any of the terms and provisions of, or constitute (with or without notice
or lapse of time) a default under, the articles of incorporation or bylaws of the Servicer, or any indenture, agreement, mortgage, deed of trust or other instrument to which the Servicer is a party or by which it is bound, or result in the creation
or imposition of any Lien upon any of its properties pursuant to the terms of any such indenture, agreement, mortgage, deed of trust or other instrument, other than this Agreement, or violate any law, order, rule or regulation applicable to the
Servicer of any court or of any federal or state regulatory body, administrative agency or other governmental instrumentality having jurisdiction over the Servicer or any of its properties; 
  
 (vii) No Proceedings. There are no proceedings or
investigations pending or, to the Servicer’s knowledge, threatened against the Servicer, before any court, regulatory body, administrative agency or other tribunal or governmental instrumentality having jurisdiction over the Servicer or its
properties (A) asserting the invalidity of this Agreement or any of the Basic Documents, (B) seeking to prevent the issuance of the Securities or the consummation of any of the transactions contemplated by this Agreement or any of the Basic
Documents, or (C) seeking any determination or ruling 

  

 49 

 
that might materially and adversely affect the performance by the Servicer of its obligations under, or the validity or enforceability of, this Agreement or
any of the Basic Documents or (D) seeking to adversely affect the federal income tax or other federal, state or local tax attributes of the Securities; 
  
 (viii) No Consents. The Servicer is not required to obtain the consent of any other party or any consent, license, approval or
authorization, or registration or declaration with, any governmental authority, bureau or agency in connection with the execution, delivery, performance, validity or enforceability of this Agreement which has not already been obtained. 

 
 SECTION 8.2. Representations of Backup Servicer. The Backup
Servicer makes the following representations on which the Issuer is deemed to have relied in acquiring the Receivables. The representations speak as of the execution and delivery of this Agreement and as of the Closing Date, and shall survive the
sale of the Receivables to the Issuer and the pledge thereof to the Trust Collateral Agent pursuant to the Indenture. 
  
 (a) Organization and Good Standing. The Backup Servicer has been duly organized and is validly existing and in good standing under the laws of its
jurisdiction of organization, with power, authority and legal right to own its properties and to conduct its business as such properties are currently owned and such business is currently conducted, and had at all relevant times, and now has, power,
authority and legal right to enter into and perform its obligations under this Agreement; 
  
 (b) Due Qualification. The Backup Servicer is duly qualified to do business as a foreign corporation in good standing and has obtained all necessary licenses and approvals, in all jurisdictions in which the
ownership or lease of property or the conduct of its business (including the servicing of the Receivables as required by this Agreement) requires or shall require such qualification; 
  
 (c) Power and Authority. The Backup Servicer has the power and authority to execute and deliver this Agreement and
its Basic Documents and to carry out its terms and their terms, respectively, and the execution, delivery and performance of this Agreement and the Backup Servicer’s Basic Documents have been duly authorized by the Backup Servicer by all
necessary corporate action; 
  
 (d) Binding Obligation.
This Agreement and the Backup Servicer’s Basic Documents shall constitute legal, valid and binding obligations of the Backup Servicer enforceable in accordance with their respective terms, except as enforceability may be limited by bankruptcy,
insolvency, reorganization, or other similar laws affecting the enforcement of creditors’ rights generally and by equitable limitations on the availability of specific remedies, regardless of whether such enforceability is considered in a
proceeding in equity or at law; 
  
 (e) No Violation. The
consummation of the transactions contemplated by this Agreement and the Backup Servicer’s Basic Documents, and the fulfillment of the terms of this Agreement and the Backup Servicer’s Basic Documents, shall not conflict with, result in any
breach of any of the terms and provisions of, or constitute (with or without notice or lapse of 

  

 50 

 
time) a default under, the articles of incorporation or bylaws of the Backup Servicer, or any indenture, agreement, mortgage, deed of trust or other
instrument to which the Backup Servicer is a party or by which it is bound, or result in the creation or imposition of any Lien upon any of its properties pursuant to the terms of any such indenture, agreement, mortgage, deed of trust or other
instrument, other than this Agreement, or violate any law, order, rule or regulation applicable to the Backup Servicer of any court or of any federal or state regulatory body, administrative agency or other governmental instrumentality having
jurisdiction over the Backup Servicer or any of its properties; 
  
 (f) No Proceedings. There are no proceedings or investigations pending or, to the Backup Servicer’s knowledge, threatened against the Backup Servicer, before any court, regulatory body, administrative agency or other tribunal or
governmental instrumentality having jurisdiction over the Backup Servicer or its properties (A) asserting the invalidity of this Agreement or any of the Basic Documents, (B) seeking to prevent the issuance of the Notes or the consummation of any of
the transactions contemplated by this Agreement or any of the Basic Documents, or (C) seeking any determination or ruling that might materially and adversely affect the performance by the Backup Servicer of its obligations under, or the validity or
enforceability of, this Agreement or any of the Basic Documents or (D) seeking to adversely affect the federal income tax or other federal, state or local tax attributes of the Notes; 
  
 (g) No Consents. The Backup Servicer is not required to obtain the consent of any other party or any consent,
license, approval or authorization, or registration or declaration with, any governmental authority, bureau or agency in connection with the execution, delivery, performance, validity or enforceability of this Agreement which has not already been
obtained. 
  
 SECTION 8.3. Liability of Servicer and Backup
Servicer; Indemnities. 
  
 (a) The Servicer (in its capacity
as such) and the Backup Servicer shall be liable hereunder only to the extent of the obligations in this Agreement specifically undertaken by the Servicer or the Backup Servicer as applicable and the representations made by the Servicer or the
Backup Servicer, as applicable. 
  
 (b) The Servicer shall defend,
indemnify and hold harmless the Trust, the Trustee, the Trust Collateral Agent, the Owner Trustee, the Backup Servicer, their respective officers, directors, agents and employees, and the Noteholders from and against any and all costs, expenses,
losses, damages, claims and liabilities, including reasonable fees and expenses of counsel and expenses of litigation arising out of or resulting from the use, ownership or operation by the Servicer or any Affiliate thereof of any Financed Vehicle;

  
 (c) The Servicer (when the Servicer is AmeriCredit) shall
indemnify, defend and hold harmless the Trust, the Trustee, the Trust Collateral Agent, the Owner Trustee, the Backup Servicer, their respective officers, directors, agents and employees and the Noteholders from and against any taxes that may at any
time be asserted against any of such parties with respect to the transactions contemplated in this Agreement, including, without limitation, any sales, gross receipts, tangible or intangible personal property, privilege or license taxes (but not
including any federal or other income taxes, including franchise taxes asserted with respect to, and as of the date 

  

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

  

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damage, or liability arose out of, or was imposed upon the Trust, the Owner Trustee, the Trustee, the Servicer or the Noteholders by reason of, the breach of
this Agreement by the Backup Servicer, the violation of federal or state securities laws by the Backup Servicer, the negligence, misfeasance, or bad faith of the Backup Servicer in the performance of its duties under this Agreement or by reason of
reckless disregard of its obligations and duties under this Agreement. 
  
 (h) Indemnification under this Article shall include, without limitation, reasonable fees and expenses of counsel and expenses of litigation. If the Servicer has made any indemnity payments pursuant to this Article and the recipient
thereafter collects any of such amounts from others, the recipient shall promptly repay such amounts collected to the Servicer, without interest. Notwithstanding anything contained herein to the contrary, any indemnification payable by the Servicer
to the Backup Servicer, to the extent not paid by the Servicer, shall be paid solely from Section 5.7(a) of this Agreement. 
  
 (i) When the Trustee, the Trust Collateral Agent, the Collateral Agent or the Backup Servicer incurs expenses after the occurrence of a Servicer
Termination Event specified in Section 9.1(d) or (e) with respect to the Servicer, the expenses are intended to constitute expenses of administration under Title 11 of the United States Code or any other applicable federal or state bankruptcy,
insolvency or similar law. 
  
 SECTION 8.4. Merger or
Consolidation of, or Assumption of the Obligations of the Servicer or Backup Servicer. 
  
 (a) AmeriCredit shall not merge or consolidate with any other person, convey, transfer or lease substantially all its assets as an entirety to another Person, or permit any other Person to become the successor to
AmeriCredit’s business unless, after the merger, consolidation, conveyance, transfer, lease or succession, the successor or surviving entity shall be capable of fulfilling the duties of AmeriCredit contained in this Agreement and shall be
acceptable to the Majority Noteholders, and shall be an eligible servicer. Any corporation (i) into which AmeriCredit may be merged or consolidated, (ii) resulting from any merger or consolidation to which AmeriCredit shall be a party, (iii) which
acquires by conveyance, transfer, or lease substantially all of the assets of AmeriCredit, or (iv) succeeding to the business of AmeriCredit, in any of the foregoing cases shall execute an agreement of assumption to perform every obligation of
AmeriCredit under this Agreement and, whether or not such assumption agreement is executed, shall be the successor to AmeriCredit under this Agreement without the execution or filing of any paper or any further act on the part of any of the parties
to this Agreement, anything in this Agreement to the contrary notwithstanding; provided, however, that nothing contained herein shall be deemed to release AmeriCredit from any obligation. AmeriCredit shall provide notice of any merger,
consolidation or succession pursuant to this Section to the Owner Trustee, the Trust Collateral Agent, the Noteholders and each Rating Agency. Notwithstanding the foregoing, AmeriCredit shall not merge or consolidate with any other Person or permit
any other Person to become a successor to AmeriCredit’s business, unless (x) immediately after giving effect to such transaction, no representation or warranty made pursuant to Section 4.6 shall have been breached (for purposes hereof, such
representations and warranties shall speak as of the date of the consummation of such transaction), (y) AmeriCredit shall have delivered to the Owner Trustee, the Trust Collateral Agent, Trustee, Backup Servicer and the Rating Agencies an
Officer’s Certificate and an Opinion of Counsel each stating that such consolidation, merger or succession 

  

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and such agreement of assumption comply with this Section and that all conditions precedent, if any, provided for in this Agreement relating to such
transaction have been complied with, and (z) AmeriCredit shall have delivered to the Owner Trustee, the Trust Collateral Agent, the Trustee, the Backup Servicer and the Rating Agencies an Opinion of Counsel, stating in the opinion of such counsel,
either (A) all financing statements and continuation statements and amendments thereto have been executed and filed that are necessary to preserve and protect the interest of the Trust in the Receivables and the Other Conveyed Property and reciting
the details of the filings or (B) no such action shall be necessary to preserve and protect such interest. 
  
 (b) Any corporation (i) into which the Backup Servicer may be merged or consolidated, (ii) resulting from any merger or consolidation to which the Backup
Servicer shall be a party, (iii) which acquires by conveyance, transfer or lease substantially all of the assets of the Backup Servicer, or (iv) succeeding to the business of the Backup Servicer, in any of the foregoing cases shall execute an
agreement of assumption to perform every obligation of the Backup Servicer under this Agreement and, whether or not such assumption agreement is executed, shall be the successor to the Backup Servicer under this Agreement without the execution or
filing of any paper or any further act on the part of any of the parties to this Agreement, anything in this Agreement to the contrary notwithstanding; provided, however, that nothing contained herein shall be deemed to release the Backup
Servicer from any obligation. 
  
 SECTION 8.5. Limitation on
Liability of Servicer, Backup Servicer and Others. 
  
 (a)
Neither AmeriCredit, the Backup Servicer nor any of the directors or officers or employees or agents of AmeriCredit or Backup Servicer shall be under any liability to the Trust or the Noteholders, except as provided in this Agreement, for any action
taken or for refraining from the taking of any action pursuant to this Agreement; provided, however, that this provision shall not protect AmeriCredit, the Backup Servicer or any such person against any liability that would otherwise be
imposed by reason of a breach of this Agreement or willful misfeasance, bad faith or negligence (excluding errors in judgment) in the performance of duties; provided, further, that this provision shall not affect any liability to
indemnify the Trust Collateral Agent and the Owner Trustee for costs, taxes, expenses, claims, liabilities, losses or damages paid by the Trust Collateral Agent and the Owner Trustee, in their individual capacities. AmeriCredit, the Backup Servicer
and any director, officer, employee or agent of AmeriCredit or Backup Servicer may rely in good faith on the written advice of counsel or on any document of any kind prima facie properly executed and submitted by any Person respecting any matters
arising under this Agreement. 
  
 (b) The Backup Servicer shall
not be liable for any obligation of the Servicer contained in this Agreement or for any errors of the Servicer contained in any computer tape, certificate or other data or document delivered to the Backup Servicer hereunder or on which the Backup
Servicer must rely in order to perform its obligations hereunder, and the Owner Trustee, the Trustee, the Trust Collateral Agent, the Backup Servicer, the Seller and the Noteholders shall look only to the Servicer to perform such obligations. The
Backup Servicer, Trust Collateral Agent, the Trustee, the Owner Trustee and the Custodian shall have no responsibility and shall not be in default hereunder or incur any liability for any failure, error, malfunction or any delay in carrying out any
of their respective duties under this Agreement if such failure or delay results from the Backup Servicer acting in accordance with information prepared or supplied by a Person 

  

 54 

 
other than the Backup Servicer (or contractual agents) or the failure of any such other Person to prepare or provide such information. The Backup Servicer
shall have no responsibility, shall not be in default and shall incur no liability for (i) any act or failure to act of any third party (other than its contractual agents), including the Servicer or the Majority Noteholders, (ii) any inaccuracy or
omission in a notice or communication received by the Backup Servicer from any third party (other than its contractual agents), (iii) the invalidity or unenforceability of any Receivable under applicable law, (iv) the breach or inaccuracy of any
representation or warranty made with respect to any Receivable, or (v) the acts or omissions of any successor Backup Servicer. 
  
 SECTION 8.6. Delegation of Duties. The Servicer may delegate duties under this Agreement to an Affiliate of AmeriCredit with the prior written
consent of the Trust Collateral Agent, the Owner Trustee and the Backup Servicer. The Servicer also may at any time perform through sub-contractors the specific duties of (i) repossession of Financed Vehicles, (ii) tracking Financed Vehicles’
insurance and (iii) pursuing the collection of deficiency balances on certain Liquidated Receivables, in each case, without the consent of the Trust Collateral Agent, the Owner Trustee or the Backup Servicer and may perform other specific duties
through such sub-contractors in accordance with Servicer’s customary servicing policies and procedures, with the prior consent of the Trust Collateral Agent; provided, however, that no such delegation or sub-contracting duties by the
Servicer shall relieve the Servicer of its responsibility with respect to such duties. 
  
 SECTION 8.7. Servicer and Backup Servicer Not to Resign. Subject to the provisions of Section 8.4, neither the Servicer nor the Backup Servicer shall resign from the obligations and duties imposed on it by this
Agreement as Servicer or Backup Servicer except upon a determination that by reason of a change in legal requirements the performance of its duties under this Agreement would cause it to be in violation of such legal requirements in a manner which
would have a material adverse effect on the Servicer or the Backup Servicer, as the case may be, if the Majority Noteholders do not elect to waive the obligations of the Servicer or the Backup Servicer, as the case may be, to perform the duties
which render it legally unable to act or to delegate those duties to another Person. Any such determination permitting the resignation of the Servicer or Backup Servicer shall be evidenced by an Opinion of Counsel to such effect delivered and
acceptable to the Trust Collateral Agent and the Owner Trustee. No resignation of the Servicer shall become effective until the Backup Servicer or an entity acceptable to the Majority Noteholders shall have assumed the responsibilities and
obligations of the Servicer. No resignation of the Backup Servicer shall become effective until an entity acceptable to the Majority Noteholders shall have assumed the responsibilities and obligations of the Backup Servicer; provided,
however, that (i) in the event a successor Backup Servicer is not appointed within 60 days after the Backup Servicer has given notice of its resignation and has provided the Opinion of Counsel required by this Section, the Backup Servicer may
petition a court for its removal and (ii) the Backup Servicer may resign with the written consent of the Majority Noteholders. 
  

 55 

 ARTICLE IX 
  
 Default 
  
 SECTION 9.1. Servicer Termination Event. For purposes of this Agreement, each of the following shall constitute a “Servicer Termination
Event”: 
  
 (a) Any failure by the Servicer to deliver to
the Trust Collateral Agent for distribution to Noteholders any proceeds or payment required to be so delivered under the terms of this Agreement that continues unremedied for a period of two Business Days after written notice is received by the
Servicer from the Trust Collateral Agent or after discovery of such failure by a Responsible Officer of the Servicer; 
  
 (b) Failure by the Servicer to deliver to the Trust Collateral Agent the Servicer’s Certificate by the first Business Day immediately preceding the
related Distribution Date, or failure on the part of the Servicer to observe its covenants and agreements set forth in Section 8.4(a); 
  
 (c) Failure on the part of the Servicer duly to observe or perform any other covenants or agreements of the Servicer set forth in this Agreement, which
failure (i) materially and adversely affects the rights of Noteholders, and (ii) continues unremedied for a period of 30 days after knowledge thereof by the Servicer or after the date on which written notice of such failure, requiring the same to be
remedied, shall have been given to the Servicer by the Trust Collateral Agent; 
  
 (d) The entry of a decree or order for relief by a court or regulatory authority having jurisdiction in respect of the Servicer in an involuntary case under the federal bankruptcy laws, as now or hereafter in effect,
or another present or future, federal bankruptcy, insolvency or similar law, or appointing a receiver, liquidator, assignee, trustee, custodian, sequestrator or other similar official of the Servicer or of any substantial part of its property or
ordering the winding up or liquidation of the affairs of the Servicer and the continuance of any such decree or order unstayed and in effect for a period of 60 consecutive days or the commencement of an involuntary case under the federal bankruptcy
laws, as now or hereinafter in effect, or another present or future federal or state bankruptcy, insolvency or similar law and such case is not dismissed within 60 days; or 
  
 (e) The commencement by the Servicer of a voluntary case under the federal bankruptcy laws, as now or hereafter in effect,
or any other present or future, federal or state, bankruptcy, insolvency or similar law, or the consent by the Servicer to the appointment of or taking possession by a receiver, liquidator, assignee, trustee, custodian, sequestrator or other similar
official of the Servicer or of any substantial part of its property or the making by the Servicer of an assignment for the benefit of creditors or the failure by the Servicer generally to pay its debts as such debts become due or the taking of
corporate action by the Servicer in furtherance of any of the foregoing; or 
  
 (f) Any representation, warranty or statement of the Servicer made in this Agreement or any certificate, report or other writing delivered pursuant hereto shall prove to be incorrect in 

  

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any material respect as of the time when the same shall have been made, and the incorrectness of such representation, warranty or statement has a material
adverse effect on the Trust or the Noteholders and, within 30 days after knowledge thereof by the Servicer or after written notice thereof shall have been given to the Servicer by the Trust Collateral Agent, the circumstances or condition in respect
of which such representation, warranty or statement was incorrect shall not have been eliminated or otherwise cured. 
  
 SECTION 9.2. Consequences of a Servicer Termination Event. If a Servicer Termination Event shall occur and be continuing, the Trust Collateral
Agent or the Majority Noteholders, by notice given in writing to the Servicer (and to the Trust Collateral Agent if given by the Noteholders) may terminate all of the rights and obligations of the Servicer under this Agreement. On or after the
receipt by the Servicer of such written notice or upon termination of the term of the Servicer, all authority, power, obligations and responsibilities of the Servicer under this Agreement, whether with respect to the Notes, the Certificates or the
Other Conveyed Property or otherwise, automatically shall pass to, be vested in and become obligations and responsibilities of the Backup Servicer (or such other successor Servicer appointed by the Majority Noteholders); provided, however,
that the successor Servicer shall have no liability with respect to any obligation which was required to be performed by the terminated Servicer prior to the date that the successor Servicer becomes the Servicer or any claim of a third party based
on any alleged action or inaction of the terminated Servicer. The successor Servicer is authorized and empowered by this Agreement to execute and deliver, on behalf of the terminated Servicer, as attorney-in-fact or otherwise, any and all documents
and other instruments and to do or accomplish all other acts or things necessary or appropriate to effect the purposes of such notice of termination, whether to complete the transfer and endorsement of the Receivables and the Other Conveyed Property
and related documents to show the Trust as lienholder or secured party on the related Lien Certificates, or otherwise. The terminated Servicer agrees to cooperate with the successor Servicer in effecting the termination of the responsibilities and
rights of the terminated Servicer under this Agreement, including, without limitation, the transfer to the successor Servicer for administration by it of all cash amounts that shall at the time be held by the terminated Servicer for deposit, or have
been deposited by the terminated Servicer, in the Collection Account or thereafter received with respect to the Receivables and the delivery to the successor Servicer of all Receivable Files, Monthly Records and Collection Records and a computer
tape in readable form as of the most recent Business Day containing all information necessary to enable the successor Servicer to service the Receivables and the Other Conveyed Property. If requested by the Controlling Party (acting at the written
direction of the Majority Noteholders), the successor Servicer shall terminate the Lockbox Agreement and direct the Obligors to make all payments under the Receivables directly to the successor Servicer (in which event the successor Servicer shall
process such payments in accordance with Section 4.2(e)), or to a lockbox established by the successor Servicer at the direction of the Majority Noteholders, at the successor Servicer’s expense. The terminated Servicer shall grant the Trust
Collateral Agent, the successor Servicer and the Majority Noteholders reasonable access to the terminated Servicer’s premises at the terminated Servicer’s expense. 
  
 SECTION 9.3. Appointment of Successor. 
  
 (a) On and after the time the Servicer receives a notice of termination pursuant to Section 9.2 or upon the resignation of
the Servicer pursuant to Section 8.7, the Backup Servicer 

  

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shall be the successor in all respects, except as expressly set forth in Annex A hereto, to the Servicer in its capacity as Servicer under this Agreement and
the transactions set forth or provided for in this Agreement, and shall be subject to all the rights, responsibilities, restrictions, duties, liabilities and termination provisions relating thereto placed on the Servicer by the terms and provisions
of this Agreement except as otherwise stated herein. The Trust Collateral Agent and such successor shall take such action, consistent with this Agreement, as shall be necessary to effectuate any such succession. If a successor Servicer is acting as
Servicer hereunder, it shall be subject to termination under Section 9.2 upon the occurrence of any Servicer Termination Event applicable to it as Servicer. 
  
 (b) The Controlling Party (acting at the written direction of the Majority Noteholders) may exercise at any time its right to appoint as Backup Servicer
or as successor to the Servicer a Person other than the Person serving as Backup Servicer at the time, and shall have no liability to the AmeriCredit, the Seller, the Person then serving as Backup Servicer, any Noteholders or any other Person if it
does so. Notwithstanding the above, if the Backup Servicer shall be legally unable or unwilling to act as Servicer, the Backup Servicer, the Trust Collateral Agent or the Majority Noteholders may petition a court of competent jurisdiction to appoint
a Person that it determines is competent to perform the duties of the Servicer hereunder as the successor to the Servicer. Pending appointment pursuant to the preceding sentence, the Backup Servicer shall act as successor Servicer unless it is
legally unable to do so, in which event the outgoing Servicer shall continue to act as Servicer until a successor has been appointed and accepted such appointment. Subject to Section 8.7, no provision of this Agreement shall be construed as
relieving the Backup Servicer of its obligation to succeed as successor Servicer upon the termination of the Servicer pursuant to Section 9.2 or the resignation of the Servicer pursuant to Section 8.7. If upon the termination of the Servicer
pursuant to Section 9.2 or the resignation of the Servicer pursuant to Section 8.7, the Majority Noteholders appoint a successor Servicer other than the Backup Servicer, the Backup Servicer shall not be relieved of its duties as Backup Servicer
hereunder. In the event any successor Servicer is terminated pursuant to Section 9.2 hereof, the Controlling Party (acting at the written direction of the Majority Noteholders) shall appoint an eligible servicer as successor Servicer or shall
petition a court of competent jurisdiction to appoint a to appoint a Person that it determines is competent to perform the duties of the Servicer hereunder as successor Servicer. Pending appointment pursuant to the preceding sentence, the outgoing
Servicer shall continue to act as Servicer until a successor has been appointed and accepted such appointment. 
  
 (c) Any successor Servicer shall be entitled to such compensation (whether payable out of the Collection Account or otherwise) as the Servicer would have
been entitled to under this Agreement if the Servicer had not resigned or been terminated hereunder or such other compensation as set forth herein. If any successor Servicer is appointed as a result of the Backup Servicer’s refusal (in breach
of the terms of this Agreement) to act as Servicer although it is legally able to do so, the Seller and such successor Servicer may agree on reasonable additional compensation to be paid to such successor Servicer; provided, however, it being
understood and agreed that the Seller shall give prior notice to the Backup Servicer with respect to the appointment of such successor and the payment of additional compensation, if any. If any successor Servicer is appointed for any reason other
than the Backup Servicer’s refusal to act as Servicer although legally able to do so, the Majority Noteholders and such successor Servicer may agree on additional compensation to be paid to such successor Servicer, which additional 

  

 58 

 
compensation shall in no event exceed $150,000 in the aggregate. The Backup Servicer shall be liable for any Servicing Fee, additional compensation or other
amounts to be paid to a successor Servicer in connection with its assumption and performance of the servicing duties described herein if, and only if, such successor Servicer is appointed due to the Backup Servicer’s refusal to act as Servicer
although legally able to do so, which additional compensation and other amounts shall in no event exceed $150,000 in the aggregate. 
  
 (d) Notwithstanding anything contained in this Agreement to the contrary, the Backup Servicer is authorized to accept and rely on all of the accounting
records (including computer records) and work of the prior Servicer relating to the Receivables (collectively, the “Predecessor Servicer Work Product”) without any audit or other examination thereof, and the Backup Servicer shall
have no duty, responsibility, obligation or liability for the acts and omissions of the prior Servicer. If any error, inaccuracy, omission or incorrect or non-standard practice or procedure (collectively, “Errors”) exist in any
Predecessor Servicer Work Product and such Errors make it materially more difficult to service or should cause or materially contribute to the Backup Servicer making or continuing any Errors (collectively, “Continuing Errors”), the
Backup Servicer shall have no duty, responsibility, obligation or liability for such Continuing Errors; provided, however, that the Backup Servicer agrees to use its best efforts to prevent further Continuing Errors. In the event that the
Backup Servicer becomes aware of Errors or Continuing Errors, it shall, with the prior consent of the Controlling Party use its best efforts to reconstruct and reconcile such data as is commercially reasonable to correct such Errors and Continuing
Errors and to prevent future Continuing Errors. The Backup Servicer shall be entitled to recover its costs thereby expended in accordance with Section 5.7(a) of this Agreement. 
  
 SECTION 9.4. Notification to Noteholders. Upon any termination of, or appointment of a successor to, the Servicer,
the Trust Collateral Agent shall give prompt written notice thereof to each Noteholder and to the Rating Agencies. 
  
 SECTION 9.5. Waiver of Past Defaults. The Majority Noteholders may, on behalf of all Noteholders, waive any default by the Servicer or the Backup
Servicer in the performance of its obligations hereunder and its consequences. Upon any such waiver of a past default, such default shall cease to exist, and any Servicer Termination Event arising therefrom shall be deemed to have been remedied for
every purpose of this Agreement and the Basic Documents. No such waiver shall extend to any subsequent or other default or impair any right consequent thereto. 
  

SECTION 9.6. Backup Servicer Termination. Prior to an appointment as successor Servicer, the Controlling Party may, in its discretion, or shall,
at the direction of the Majority Noteholders, (a) terminate all of the rights and obligations of the Backup Servicer under this Agreement in the event of a breach of any of the representations or warranties, covenants or obligations of the Backup
Servicer contained in this Agreement or (b) in its sole discretion, without cause upon not less than 30 days’ notice, terminate the rights and obligations of the Backup Servicer. The terminated Backup Servicer agrees to cooperate with any
successor Backup Servicer appointed by the Controlling Party in effecting the termination of the responsibilities and rights of the terminated Backup Servicer under this Agreement, including, without limitation, the delivery to the successor Backup
Servicer of all documents, records and electronic information related to the Receivables in the possession of the Backup Servicer. 

  

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Expenses incurred by the Backup Servicer in respect of the foregoing sentence shall be reimbursed in accordance with Section 5.7(a). 
  
 ARTICLE X 
  
 Termination 
  
 SECTION 10.1. Optional Purchase of All Receivables. 
  
 (a) Subject to Section 10.1(a) of the Indenture, on the last day of any Collection Period as of which the Pool Balance shall be less than or equal to 10%
of the Original Pool Balance, the Servicer and the Seller each shall have the option to purchase the Owner Trust Estate, other than the Trust Accounts; provided, however, that the amount to be paid for such purchase (as set forth in the
following sentence) shall be sufficient to pay the full amount of principal, premium, if any, and interest then due and payable on the Notes and the Certificates. To exercise such option, the Servicer or the Seller, as the case may be, shall deposit
pursuant to Section 5.6 in the Collection Account an amount equal to the aggregate Purchase Amount for the Receivables (including Liquidated Receivables), plus the appraised value of any other property held by the Trust, such value to be determined
by an appraiser mutually agreed upon by the Servicer and the Trust Collateral Agent, and shall succeed to all interests in and to the Trust. 
  
 (b) Upon any sale of the assets of the Trust pursuant to Section 8.1 of the Trust Agreement, the Servicer shall instruct the Trust Collateral Agent to
deposit the proceeds from such sale after all payments and reserves therefrom (including the expenses of such sale) have been made (the “Insolvency Proceeds”) in the Collection Account. 
  
 (c) Notice of any termination of the Trust shall be given by the Servicer or
the Seller to the Owner Trustee, the Trustee, the Backup Servicer, the Trust Collateral Agent and the Rating Agencies as soon as practicable after the Servicer or the Seller has received notice thereof. 
  
 (d) Following the satisfaction and discharge of the Indenture and the payment
in full of the principal of and interest on the Notes, the Certificateholders will succeed to the rights of the Noteholders hereunder and the Owner Trustee will succeed to the rights of, and assume the obligations of, the Trust Collateral Agent
pursuant to this Agreement. 
  
 ARTICLE XI 
  
 Administrative Duties of the Servicer 
  
 SECTION 11.1. Administrative Duties. 
  
 (a) Duties with Respect to the Indenture. The Servicer shall perform
all its duties and the duties of the Issuer under the Indenture. In addition, the Servicer shall consult with the Owner Trustee as the Servicer deems appropriate regarding the duties of the Issuer under the Indenture. The Servicer shall monitor the
performance of the Issuer and shall advise the Owner Trustee when action is necessary to comply with the Issuer’s duties under the Indenture. The Servicer shall prepare for execution by the Issuer or shall cause the preparation by other
appropriate Persons of all such documents, reports, filings, instruments, certificates and opinions as it shall be 

  

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the duty of the Issuer to prepare, file or deliver pursuant to the Indenture. In furtherance of the foregoing, the Servicer shall take all necessary action
that is the duty of the Issuer to take pursuant to the Indenture, including, without limitation, pursuant to Sections 2.7, 3.5, 3.6, 3.7, 3.9, 3.10, 3.17, 5.1, 5.4, 7.3, 8.3, 9.2, 9.3, 11.1 and 11.15 of the Indenture. 
  
 (b) Duties with Respect to the Issuer. 
  
 (i) In addition to the duties of the Servicer set forth in
this Agreement or any of the Basic Documents, the Servicer shall perform such calculations and shall prepare for execution by the Issuer or the Owner Trustee or shall cause the preparation by other appropriate Persons of all such documents, reports,
filings, instruments, certificates and opinions as it shall be the duty of the Issuer or the Owner Trustee to prepare, file or deliver pursuant to this Agreement or any of the Basic Documents or under state and federal tax and securities laws
(including any filings required pursuant to the Sarbanes-Oxley Act of 2002 or any rule or regulation promulgated thereunder), and at the request of the Owner Trustee shall take all appropriate action that it is the duty of the Issuer to take
pursuant to this Agreement or any of the Basic Documents, including, without limitation, pursuant to Sections 2.6 and 2.11 of the Trust Agreement. In accordance with the directions of the Issuer or the Owner Trustee, the Servicer shall administer,
perform or supervise the performance of such other activities in connection with the Collateral (including the Basic Documents) as are not covered by any of the foregoing provisions and as are expressly requested by the Issuer or the Owner Trustee
and are reasonably within the capability of the Servicer. The Servicer shall monitor the activities of the Issuer to ensure the Issuer’s compliance with Section 4.5 of the Trust Agreement and shall take all action necessary to ensure that the
Issuer is operated in accordance with the provisions of such section. 
  
 (ii) Notwithstanding anything in this Agreement or any of the Basic Documents to the contrary, the Servicer shall be responsible for promptly notifying the Owner Trustee and the Trust Collateral Agent in the event
that any withholding tax is imposed on the Issuer’s payments (or allocations of income) to an Owner (as defined in the Trust Agreement) as contemplated this Agreement. Any such notice shall be in writing and specify the amount of any
withholding tax required to be withheld by the Owner Trustee or the Trust Collateral Agent pursuant to such provision. 
  
 (iii) Notwithstanding anything in this Agreement or the Basic Documents to the contrary, the Servicer shall be responsible for performance
of the duties of the Issuer with respect to accounting and reports to Owners (as defined in the Trust Agreement); provided, however, that once prepared by the Servicer the Owner Trustee shall retain responsibility for the distribution of the
Schedule K-1s necessary to enable the Certificateholder to prepare its federal and state income tax returns. 
  
 (iv) The Servicer shall perform the duties of the Servicer specified in Section 9.2 of the Trust Agreement required to be performed in
connection with the resignation or removal of the Owner Trustee, and any other duties expressly required to be performed by the Servicer under this Agreement or any of the Basic Documents. 
  

 61 

 (v) In carrying out the foregoing duties or any of its other obligations under this
Agreement, the Servicer may enter into transactions with or otherwise deal with any of its Affiliates; provided, however, that the terms of any such transactions or dealings shall be in accordance with any directions received from the Issuer
and shall be, in the Servicer’s opinion, no less favorable to the Issuer in any material respect. 
  
 (c) Tax Matters. The Servicer shall prepare and file, on behalf of the Seller, all tax returns, tax elections, financial statements and such annual
or other reports attributable to the activities engaged in by the Issuer as are necessary for preparation of tax reports, including without limitation forms 1099. All tax returns will be signed by the Seller. 
  
 (d) Non-Ministerial Matters. With respect to matters that in the
reasonable judgment of the Servicer are non-ministerial, the Servicer shall not take any action pursuant to this Article unless within a reasonable time before the taking of such action, the Servicer shall have notified the Owner Trustee and the
Trustee of the proposed action and the Owner Trustee and, with respect to items (A), (B), (C) and (D) below, the Trustee shall not have withheld consent or provided an alternative direction. For the purpose of the preceding sentence,
“non-ministerial matters” shall include: 
  
 (A) the amendment of or any supplement to the Indenture; 
  
 (B) the initiation of any claim or lawsuit by the Issuer and the compromise of any action, claim or lawsuit brought by or against the Issuer (other than in connection with the collection of the Receivables);

  
 (C) the amendment, change or modification of
this Agreement or any of the Basic Documents; 
  
 (D) the appointment of successor Note Registrars, successor Paying Agents and successor Trustees pursuant to the Indenture or the appointment of Successor Servicers or the consent to the assignment by the Note Registrar, Paying Agent or
Trustee of its obligations under the Indenture; and 
  
 (E) the removal of the Trustee or the Trust Collateral Agent. 
  
 (e) Exceptions. Notwithstanding anything to the contrary in this Agreement, except as expressly provided herein or in the other Basic Documents, the Servicer, in its capacity hereunder, shall not be obligated to, and shall not, (1)
make any payments to the Noteholders or Certificateholders under the Basic Documents, (2) sell the Trust Property pursuant to Section 5.5 of the Indenture, (3) take any other action that the Issuer directs the Servicer not to take on its behalf or
(4) in connection with its duties hereunder assume any indemnification obligation of any other Person. 
  
 (f) The Backup Servicer or any successor Servicer shall not be responsible for any obligations or duties of the Servicer under this Section 11.1.

  

 62 

 SECTION 11.2. Records. The Servicer shall maintain appropriate books of account and records
relating to services performed under this Agreement, which books of account and records shall be accessible for inspection by the Issuer at any time during normal business hours. 
  
 SECTION 11.3. Additional Information to be Furnished to the Issuer. The Servicer shall furnish to the Issuer from
time to time such additional information regarding the Collateral as the Issuer shall reasonably request. 
  
 ARTICLE XII 
  
 Miscellaneous Provisions 
  
 SECTION 12.1.
Amendment. This Agreement may be amended from time to time by the parties hereto, with the consent of the Trustee (which consent may not be unreasonably withheld), but without the consent of any of the Noteholders, to cure any ambiguity, to
correct or supplement any provisions in this Agreement, to comply with any changes in the Code, or to make any other provisions with respect to matters or questions arising under this Agreement which shall not be inconsistent with the provisions of
this Agreement; provided, however, that such action shall not, as evidenced by an Opinion of Counsel delivered to Owner Trustee and the Trustee, adversely affect in any material respect the interests of any Noteholder. 
  
 This Agreement may also be amended from time to time by the parties hereto,
with the consent of the Trustee, and with the consent of the Holders of Notes evidencing not less than a majority of the outstanding principal amount of the Notes for the purpose of adding any provisions to or changing in any manner or eliminating
any of the provisions of this Agreement or of modifying in any manner the rights of the Noteholders; provided, however, that no such amendment shall (a) increase or reduce in any manner the amount of, or accelerate or delay the timing of,
collections of payments on Receivables or distributions that shall be required to be made for the benefit of the Noteholders or (b) reduce the aforesaid percentage of the outstanding principal amount of the Notes, the Holders of which are required
to consent to any such amendment, without the consent of the Holders of all the outstanding Notes of each class affected thereby. 
  
 Promptly after the execution of any such amendment or consent, the Trust Collateral Agent shall furnish written notification of the substance of such
amendment or consent to each Noteholder and the Rating Agencies. 
  
 It shall not be necessary for the consent of Noteholders pursuant to this Section to approve the particular form of any proposed amendment or consent, but it shall be sufficient if such consent shall approve the substance thereof. The
manner of obtaining such consents (and any other consents of Noteholders provided for in this Agreement) and of evidencing the authorization of any action by Noteholders shall be subject to such reasonable requirements as the Trustee or the Owner
Trustee, as applicable, may prescribe. 
  
 Prior to the execution
of any amendment to this Agreement, the Owner Trustee, the Trustee, the Trust Collateral Agent and the Backup Servicer shall be entitled to receive and conclusively rely upon an Opinion of Counsel stating that the execution of such amendment is

  

 63 

 
authorized or permitted by this Agreement and the Opinion of Counsel referred to in Section 12.2(h)(1) has been delivered. The Owner Trustee, the Trust
Collateral Agent, the Backup Servicer and the Trustee may, but shall not be obligated to, enter into any such amendment which affects the Issuer’s, the Owner Trustee’s, the Trust Collateral Agent’s, the Backup Servicer’s or the
Trustee’s, as applicable, own rights, duties or immunities under this Agreement or otherwise. 
  
 SECTION 12.2. Protection of Title to Trust. 
  
 (a) The Seller shall execute and file such financing statements and cause to be executed and filed such continuation statements, all in such manner and in
such places as may be required by law fully to preserve, maintain and protect the interest of the Issuer and the interests of the Trust Collateral Agent in the Receivables and in the proceeds thereof. The Seller shall deliver (or cause to be
delivered) to the Owner Trustee and the Trust Collateral Agent file-stamped copies of, or filing receipts for, any document filed as provided above, as soon as available following such filing. 
  
 (b) Neither the Seller nor the Servicer shall change its name, identity or
corporate structure in any manner that would, could or might make any financing statement or continuation statement filed in accordance with paragraph (a) above seriously misleading within the meaning of 9-506 of the UCC, unless it shall have given
the Owner Trustee, the Trust Collateral Agent, the Backup Servicer and the Trustee at least five days’ prior written notice thereof and shall have promptly filed appropriate amendments to all previously filed financing statements or
continuation statements. Promptly upon such filing, the Seller or the Servicer, as the case may be, shall deliver an Opinion of Counsel in form and substance reasonably satisfactory to the Trust Collateral Agent, stating either (A) all financing
statements and continuation statements have been executed and filed that are necessary fully to preserve and protect the interest of the Trust and the Trust Collateral Agent in the Receivables, and reciting the details of such filings or referring
to prior Opinions of Counsel in which such details are given, or (B) no such action shall be necessary to preserve and protect such interest. 
  
 (c) Each of the Seller and the Servicer shall have an obligation to give the Owner Trustee, the Backup Servicer, the Trust Collateral Agent and the
Trustee at least 60 days’ prior written notice of any relocation of its principal executive office or jurisdiction of organization if, as a result of such relocation, the applicable provisions of the UCC would require the filing of any
amendment of any previously filed financing or continuation statement or of any new financing statement and shall promptly file any such amendment or new financing statement. The Servicer shall at all times maintain (i) each office from which it
shall service Receivables within the United States of America or Canada, and (ii) its principal executive office within the United States of America. 
  
 (d) The Servicer shall maintain accounts and records as to each Receivable accurately and in sufficient detail to permit (i) the reader thereof to know at
any time the status of such Receivable, including payments and recoveries made and payments owing (and the nature of each) and (ii) reconciliation between payments or recoveries on (or with respect to) each Receivable and the amounts from time to
time deposited in the Collection Account in respect of such Receivable. 
  

 64 

 (e) The Servicer shall maintain its computer systems so that, from and after the time of sale under this
Agreement of the Receivables to the Issuer, the Servicer’s master computer records (including any backup archives) that refer to a Receivable shall indicate clearly the interest of the Trust in such Receivable and that such Receivable is owned
by the Trust. Indication of the Trust’s interest in a Receivable shall be deleted from or modified on the Servicer’s computer systems when, and only when, the related Receivable shall have been paid in full or repurchased or sold pursuant
to this Agreement. 
  
 (f) If at any time the Seller or the
Servicer shall propose to sell, grant a security interest in or otherwise transfer any interest in automotive receivables to any prospective purchaser, lender or other transferee, the Servicer shall give to such prospective purchaser, lender or
other transferee computer tapes, records or printouts (including any restored from backup archives) that, if they shall refer in any manner whatsoever to any Receivable, shall indicate clearly that such Receivable has been sold and is owned by the
Trust. 
  
 (g) Upon request, the Servicer shall furnish to the
Owner Trustee, the Backup Servicer or to the Trustee, within five Business Days, a list of all Receivables (by contract number and name of Obligor) then held as part of the Trust, together with a reconciliation of such list to the Schedule of
Receivables and to each of the Servicer’s Certificates furnished before such request indicating removal of Receivables from the Trust. 
  
 (h) The Servicer shall deliver to the Backup Servicer, Owner Trustee and the Trustee: 
  
 (1) promptly after the execution and delivery of the Agreement and, if required pursuant to Section 12.1, of
each amendment, an Opinion of Counsel stating that, in the opinion of such Counsel, either (A) all financing statements and continuation statements have been executed and filed that are necessary fully to preserve and protect the interest of the
Trust and the Trust Collateral Agent in the Receivables, and reciting the details of such filings or referring to prior Opinions of Counsel in which such details are given, or (B) no such action shall be necessary to preserve and protect such
interest; and 
  
 (2) within 90 days after the
beginning of each calendar year beginning with the first calendar year beginning more than three months after the Cutoff Date, an Opinion of Counsel, dated as of a date during such 90-day period, stating that, in the opinion of such counsel, either
(A) all financing statements and continuation statements have been executed and filed that are necessary fully to preserve and protect the interest of the Trust and the Trust Collateral Agent in the Receivables, and reciting the details of such
filings or referring to prior Opinions of Counsel in which such details are given, or (B) no such action shall be necessary to preserve and protect such interest. 
  
 Each Opinion of Counsel referred to in clause (1) or (2) above shall specify any action necessary (as of the date of such
opinion) to be taken in the following year to preserve and protect such interest. 
  

 65 

 SECTION 12.3. Notices. All demands, notices and communications upon or to the Seller, the
Servicer, the Owner Trustee, the Trustee, the Backup Servicer or the Rating Agencies under this Agreement shall be in writing, personally delivered, mailed by certified mail, return receipt requested, or by overnight courier and shall be deemed to
have been duly given upon receipt (a) in the case of the Seller to AFS SenSub Corp., 639 Isbell Road, Suite 390, Reno, Nevada 89509, Attention: Chief Financial Officer (b) in the case of the Servicer to AmeriCredit Financial Services, Inc., 801
Cherry Street, Suite 3900, Fort Worth, Texas 76102, Attention: Chief Financial Officer, (c) in the case of the Issuer or the Owner Trustee, at the Corporate Trust Office of the Owner Trustee, Wilmington Trust Company, Rodney Square North—1100
North Market Street, Wilmington, Delaware 19890-0001, (d) in the case of the Trustee or the Trust Collateral Agent, JPMorgan Chase Bank, at 4 New York Plaza, 6th Floor, New York, New York 10004, Attention: Institutional Trust Services, AmeriCredit
2004-1, (e) in the case of Moody’s, to Moody’s Investors Service, Inc., ABS Monitoring Department, 99 Church Street, New York, New York 10007; (f) in the case of Standard & Poor’s, to Standard & Poor’s Ratings Group, 55
Water Street, New York, New York 10041, Attention: Asset Backed Surveillance Department; and (g) in the case of the Backup Servicer to Systems & Services Technologies, Inc., 4315 Pickett Road, St. Joseph, Missouri 64503, Attention: David
Chappell and Joseph Booz. Any notice required or permitted to be mailed to a Noteholder shall be given by first class mail, postage prepaid, at the address of such Holder as shown in the Note Register. Any notice so mailed within the time prescribed
in the Agreement shall be conclusively presumed to have been duly given, whether or not the Noteholder shall receive such notice. 
  
 SECTION 12.4. Assignment. This Agreement shall inure to the benefit of and be binding upon the parties hereto and their respective successors and
permitted assigns. Notwithstanding anything to the contrary contained herein, except as provided in Sections 7.4 and 8.4 and as provided in the provisions of this Agreement concerning the resignation of the Servicer, this Agreement may not be
assigned by the Seller or the Servicer without the prior written consent of the Owner Trustee, the Trust Collateral Agent, the Backup Servicer, the Trustee and the Majority Noteholders. 
  
 SECTION 12.5. Limitations on Rights of Others. The provisions of this Agreement are solely for the benefit of the
parties hereto, the Trustee and the Noteholders, as third-party beneficiaries. Nothing in this Agreement, whether express or implied, shall be construed to give to any other Person any legal or equitable right, remedy or claim in the Owner Trust
Estate or under or in respect of this Agreement or any covenants, conditions or provisions contained herein. 
  
 SECTION 12.6. Severability. Any provision of this Agreement that is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction,
be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision
in any other jurisdiction. 
  
 SECTION 12.7. Separate
Counterparts. This Agreement may be executed by the parties hereto in separate counterparts, each of which when so executed and delivered shall be an original, but all such counterparts shall together constitute but one and the same instrument.

  

 66 

 SECTION 12.8. Headings. The headings of the various Articles and Sections herein are for
convenience of reference only and shall not define or limit any of the terms or provisions hereof. 
  
 SECTION 12.9. Governing Law. THIS AGREEMENT SHALL BE CONSTRUED IN ACCORDANCE WITH AND THIS AGREEMENT AND ALL MATTERS ARISING OUT OF OR RELATING IN
ANY WAY TO THIS AGREEMENT SHALL BE, GOVERNED BY, THE LAW OF THE STATE OF NEW YORK, WITHOUT GIVING EFFECT TO ITS CONFLICT OF LAW PROVISIONS (OTHER THAN SECTIONS 5-1401 AND 5-1402 OF THE NEW YORK GENERAL OBLIGATIONS LAW). 
  
 SECTION 12.10. Assignment to Trust Collateral Agent. The Seller hereby
acknowledges and consents to any mortgage, pledge, assignment and grant of a security interest by the Issuer to the Trust Collateral Agent pursuant to the Indenture for the benefit of the Noteholders of all right, title and interest of the Issuer
in, to and under the Receivables and/or the assignment of any or all of the Issuer’s rights and obligations hereunder to the Trustee. 
  
 SECTION 12.11. Nonpetition Covenants. 
  
 (a) Notwithstanding any prior termination of this Agreement, the Servicer and the Seller shall not, prior to the date which is one year and one day after
the termination of this Agreement with respect to the Issuer, acquiesce, petition or otherwise invoke or cause the Issuer to invoke the process of any court or government authority for the purpose of commencing or sustaining a case against the
Issuer under any federal or state bankruptcy, insolvency or similar law or appointing a receiver, liquidator, assignee, trustee, custodian, sequestrator or other similar official of the Issuer or any substantial part of its property, or ordering the
winding up or liquidation of the affairs of the Issuer. 
  
 (b)
Notwithstanding any prior termination of this Agreement, the Servicer shall not, prior to the date that is one year and one day after the termination of this Agreement with respect to the Seller, acquiesce to, petition or otherwise invoke or cause
the Seller to invoke the process of any court or government authority for the purpose of commencing or sustaining a case against the Seller under any federal or state bankruptcy, insolvency or similar law, appointing a receiver, liquidator,
assignee, trustee, custodian, sequestrator, or other similar official of the Seller or any substantial part of its property, or ordering the winding up or liquidation of the affairs of the Seller. 
  
 SECTION 12.12. Limitation of Liability of Owner Trustee and Trust
Collateral Agent. 
  
 (a) Notwithstanding anything contained
herein to the contrary, this Agreement has been countersigned by Wilmington Trust Company not in its individual capacity but solely in its capacity as Owner Trustee of the Issuer and in no event shall Wilmington Trust Company in its individual
capacity or, except as expressly provided in the Trust Agreement, as Owner Trustee have any liability for the representations, warranties, covenants, agreements or other obligations of the Issuer hereunder or in any of the certificates, notices or
agreements delivered pursuant hereto, as to all of which recourse shall be had solely to the assets of the Issuer. For all purposes of this Agreement, in the performance of its duties or obligations hereunder or in the performance 

  

 67 

 
of any duties or obligations of the Issuer hereunder, the Owner Trustee shall be subject to, and entitled to the benefits of, the terms and provisions of
Articles V, VI and VII of the Trust Agreement. 
  
 (b)
Notwithstanding anything contained herein to the contrary, this Agreement has been executed and delivered by JPMorgan Chase Bank, not in its individual capacity but solely as Trust Collateral Agent and in no event shall JPMorgan Chase Bank, have any
liability for the representations, warranties, covenants, agreements or other obligations of the Issuer hereunder or in any of the certificates, notices or agreements delivered pursuant hereto, as to all of which recourse shall be had solely to the
assets of the Issuer. 
  
 (c) In no event shall JPMorgan Chase
Bank, in any of its capacities hereunder, be deemed to have assumed any duties of the Owner Trustee under the Delaware Statutory Trust Statute, common law, or the Trust Agreement. 
  
 SECTION 12.13. Independence of the Servicer. For all purposes of this Agreement, the Servicer shall be an independent
contractor and shall not be subject to the supervision of the Issuer, the Trust Collateral Agent and Backup Servicer or the Owner Trustee with respect to the manner in which it accomplishes the performance of its obligations hereunder. Unless
expressly authorized by this Agreement, the Servicer shall have no authority to act for or represent the Issuer or the Owner Trustee in any way and shall not otherwise be deemed an agent of the Issuer or the Owner Trustee. 
  
 SECTION 12.14. No Joint Venture. Nothing contained in this Agreement
(i) shall constitute the Servicer and either of the Issuer or the Owner Trustee as members of any partnership, joint venture, association, syndicate, unincorporated business or other separate entity, (ii) shall be construed to impose any liability
as such on any of them or (iii) shall be deemed to confer on any of them any express, implied or apparent authority to incur any obligation or liability on behalf of the others. 
  
 SECTION 12.15. State Business Licenses. The Servicer or the Certificateholder shall prepare and instruct the Trust to
file each state business license (and any renewal thereof) required to be filed under applicable state law without further consent or instruction from the Instructing Party (as defined in the Trust Agreement), including a Sales Finance Company
Application (and any renewal thereof) with the Pennsylvania Department of Banking, Licensing Division, and a Financial Regulation Application (and any renewal thereof) with the Maryland Department of Labor, Licensing and Regulation. 
  

 68 

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

			
	AMERICREDIT AUTOMOBILE RECEIVABLES TRUST 2004-1
	
	by WILMINGTON TRUST COMPANY, not in its individual capacity but solely as Owner Trustee on behalf of the Trust.
		
	By:	 	/s/    KATHLEEN A.
PEDELINI        
	 Name:
	 	Kathleen A. Pedelini
	 Title:
	 	Financial Services Officer
	
	AFS SENSUB CORP., Seller,
		
	By:	 	/s/    SHELI FITZGERALD        
	 Name:
	 	Sheli Fitzgerald
	 Title:
	 	Assistant Vice President, Structured Finance
	
	AMERICREDIT FINANCIAL SERVICES, INC., Servicer,
		
	By:	 	/s/    SUSAN B.
SHEFFIELD        
	 Name:
	 	Susan B. Sheffield
	 Title:
	 	Senior Vice President, Structured Finance

  
 [Sale and
Servicing Agreement] 
  

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

		
	By:	 	/s/    KIMBERLY K. COSTA        
	 Name:
	 	Kimberly K. Costa
	 Title:
	 	Vice President

  
 Acknowledged and accepted by

  

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

		
	By:	 	/s/    MELISSA WILMAN        
	 Name:
	 	Melissa Wilman
	 Title:
	 	Vice President

  
 [Sale and Servicing
Agreement] 
  

 SCHEDULE A 
  

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

 SCH-A-1 

 SCHEDULE B 
  

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

 SCH-B-1 

 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 Servicemembers Relief Act, 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. Schedule of Receivables. The information
set forth in the Schedule 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 the Seller will have caused the portions of the Electronic Ledger relating to
the Receivables to be clearly and unambiguously marked to show that the Receivables have been sold to the Seller by the Servicer and resold by the Seller to the Trust in accordance with the terms of the Sale and Servicing Agreement. 
  
 10. Computer Tape. The Computer Tape made available by the Seller to
the Trust on the Closing Date was complete and accurate as of the 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 were utilized in selecting the Receivables
from those receivables owned by the Seller which met the selection criteria contained in the Sale and Servicing Agreement. 
  
 12. Chattel Paper. The Receivables constitute tangible chattel paper within the meaning of the UCC as in effect in the States of Texas, New York,
Delaware and Nevada. 
  
 13. One Original. There is only
one original executed copy of each Receivable. 
  
 14.
Receivable Files Complete. There exists a Receivable File pertaining to each Receivable and such Receivable File contains (a) a fully executed original of the Receivable, (b) the original executed credit application, or a paper or electronic
copy thereof and (c) the original 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. 
  

 SCH-B-2 

 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 or the Servicer’s electronic records. 
  
 16. Lawful Assignment. No Receivable was originated in, or is subject to the laws of, any jurisdiction the laws of which would make unlawful, void
or voidable the sale, transfer and assignment of such Receivable under this Agreement or pursuant to transfers of the Securities. 
  
 17. Good Title. Immediately prior to the conveyance of the Receivables to the Trust pursuant to this Agreement, the Seller was the sole owner
thereof and had good and indefeasible title thereto, free of any Lien and, upon execution and delivery of this Agreement by the Seller, the Trust shall have good and indefeasible title to and will be the sole owner of such Receivables, free of any
Lien. No Dealer or Third-Party Lender has a participation in, or other right to receive, proceeds of any Receivable. The Seller has not taken any action to convey any right to any Person that would result in such Person having a right to payments
received under the related Insurance Policies or the related Dealer Agreements, Auto Loan Purchase and Sale Agreements, Dealer Assignments or Third-Party Lender Assignments or to payments due under such Receivables. 
  
 18. Security Interest in Financed Vehicle. Each Receivable created or
shall create a valid, binding and enforceable first priority security interest in favor of AmeriCredit in the Financed Vehicle. The Lien Certificate for each Financed Vehicle shows, or if a new or replacement Lien Certificate is being applied for
with respect to such Financed Vehicle the Lien Certificate will be received within 180 days of the Closing Date and will show AmeriCredit (or, with respect Lien Certificates provided by the State of Maine, the Issuer) 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 or the Issuer, as applicable, as first lienholder has been applied for and AmeriCredit’s security interest (assigned
by AmeriCredit to the Seller pursuant to the Purchase Agreement) has been validly assigned by the Seller to the Trust pursuant to this Agreement. This Agreement creates a valid and continuing security interest (as defined in the UCC) in the
Receivables in favor of the Trust, which security interest is prior to all other Liens, and is enforceable as such as against creditors of and purchasers from the Seller. Immediately after the sale, transfer and assignment by the Seller to the
Trust, each Receivable will be secured by an enforceable and perfected first priority security interest in the Financed Vehicle in favor of the Trust Collateral Agent as secured party, which security interest is prior to all other Liens upon and
security interests in such Financed Vehicle which now exist or may 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. 
  

 SCH-B-3 

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

 SCH-B-4 

 25. 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 Schedule of Receivables is true and accurate in all material respects. 
  
 27. Certain Characteristics of the 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 $80,000; (E) each Receivable has an Annual Percentage Rate of at least 1% and not more than 33%; (F) no Receivable was more than 30 days past due as of the Cutoff Date and
(G) no funds have been advanced by AmeriCredit, any Dealer, any Third-Party Lender, or anyone acting on behalf of any of them in order to cause any Receivable to qualify under clause (F) above. 
  
 28. Interest Calculation. Each Contract provides for the calculation
of interest payable thereunder under either the “simple interest” method, the “Rule of 78’s” method or the “precomputed interest” method. 
  
 29. Lockbox Account. Each Obligor has been, or will be, directed to make all payments on their related Receivable to
the Lockbox Account. 
  
 30. Consumer Leases. No Receivable
constitutes a “consumer lease” under either (a) the UCC as in effect in the jurisdiction the law of which governs the Receivable or (b) the Consumer Leasing Act, 15 USC 1667. 
  

 SCH-B-5 

 SCHEDULE C 
  

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

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

  

	B.	The CACS segregates accounts into two major groups: loans 5-45 days delinquent and those over 45 days delinquent. 

  

	C.	Loans delinquent up to 45 days are then further segregated into two groups: accounts that have good phone numbers and those that do not. 

  

	D.	Loans up to 45 days delinquent are transferred to the Concerto system (AmeriCredit’s predictive dialing system). The system automatically dials the phone number related to a
delinquent account for all accounts that have good phone numbers. When a connection is made, the account is then routed to the next available account representative. 

  

	E.	Loans without good phone numbers are called manually, through the CACS system, or in a preview dialer campaign. 

  

	F.	All reasonable collection efforts are made in an attempt to prevent these accounts from becoming 30+ days delinquent – this includes the use of collection letters. Collection
letters may be utilized between 5th and 25th days of delinquency. 

  

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

  

	H.	When an account exceeds 45 days delinquent, the loan is assigned to a 46+ collection team which will continue the collection effort until resolution. If the account cannot be
resolved through normal collection efforts (i.e., satisfactory payment arrangements) then the account may be submitted for repossession approval. An officer must approve all repossession requests. 

  

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

  

 SCH-C-1 

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

	A.	Proper authorities are notified (if applicable). 

  

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

  

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

  

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

  

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

  

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

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

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

  

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

  

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

  

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

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

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

  

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

  

	C.	A deferment fee is collected on all transactions. 

  

 SCH-C-2 

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

  
 An Officer must approve any exceptions to the above stated policy. 
  
 Charge-Offs 
  
 It is AmeriCredit’s policy that any account that is not successfully recovered by 120 days delinquent is submitted to an Officer for
approval and charge-off. 
  
 It is AmeriCredit’s policy to carry all Chapter
13 bankruptcy accounts until 120 days delinquent. A partial charge-off is taken for the unsecured portion of the account. On fully reaffirmed Chapter 7 bankruptcy accounts, the accounts can be deferred current at the time of discharge. 

 
 Deficiency Collections 
  
 Collections on charged-off accounts are continued internally and/or assigned to third party
collection agencies for deficiency balances. 
  

 SCH-C-3 

 EXHIBIT A 
  

SERVICER’S CERTIFICATE 
  
 AmeriCredit Automobile Receivables Trust 2004-1 
 Class A-1 1.278 % Asset Backed Notes 
 Class A-2 2.310% Asset Backed Notes 
 Class A-3 3.220 % Asset Backed Notes 
 Class B 3.700 % Asset Backed Notes 
 Class C 4.220 % Asset Backed Notes 
 Class D
5.070 % Asset Backed Notes 
 Class E 7.000 % Asset Backed Notes 
 Servicer’s Certificate 
  
 This
Servicer’s Certificate has been prepared pursuant to Section 4.9 of the Sale and Servicing Agreement among AmeriCredit Automobile Receivables Trust 2004-1, as Issuer, AmeriCredit Financial Services, Inc., as Servicer, AFS SenSub Corp., as
Seller, Systems & Services Technologies, Inc., as Backup Servicer and JPMorgan Chase Bank as Trust Collateral Agent, dated as of June 9, 2004. Defined terms have the meanings assigned to them in the Sale and Servicing Agreement or in other
Transaction Documents. 
  

											
	 Monthly Period Beginning:
	  	 	  	 	  	 	  	 	  	 
	Monthly Period Ending:	  	Purchases

	  	Units

	  	Cut-off Date

	  	Closing Date

	  	 Original
 Pool Balance

	 Prev. Distribution/Close Date:
	  	Initial Purchase	  	 	  	 	  	 	  	 
	 Distribution Date:
	  	 	  	 	  	 	  	 	  	 
	 	  	 	  	
	  	
	  	
	  	

	 Days of Interest for Period:
	  	Total	  	 	  	 	  	 	  	 
	 	  	 	  	
	  	
	  	
	  	

	 Days in Collection Period:
	  	 	  	 	  	 	  	 	  	 
	 Seasoning/Months Since Closing:
	  	 	  	 	  	 	  	 	  	 

  

	I.	MONTHLY PERIOD RECEIVABLES PRINCIPAL BALANCE CALCULATION: 

  

													
	{1}	  	Beginning of period Aggregate Principal Balance	  	 	  	 	  	{1}	  	 
	 	  	 	  	 	  	 	  	 	  	 	  	

	 	  	Monthly Principal Amounts	  	 	  	 	  	 	  	 
							
	 	  	{2}	  	 Collections on Receivables outstanding at end of period
	  	{2}	  	 	  	 	  	 
	 	  	 	  	 	  	 	  	
	  	 	  	 
	 	  	{3}	  	 Collections on Receivables paid off during period
	  	{3}	  	 	  	 	  	 
	 	  	 	  	 	  	 	  	
	  	 	  	 
	 	  	{4}	  	 Receivables becoming Liquidated Receivables during period
	  	{4}	  	 	  	 	  	 
	 	  	 	  	 	  	 	  	
	  	 	  	 
	 	  	{5}	  	 Receivables becoming Purchased Receivables during period
	  	{5}	  	 	  	 	  	 
	 	  	 	  	 	  	 	  	
	  	 	  	 
	 	  	{6}	  	 Other Receivables adjustments
	  	{6}	  	 	  	 	  	 
	 	  	 	  	 	  	 	  	
	  	 	  	 
	 	  	{7}	  	 Less amounts allocable to Interest
	  	{7}	  	 	  	 	  	 
	 	  	 	  	 	  	 	  	
	  	 	  	 
	 	  	{8}	  	 Total Monthly Principal Amounts
	  	 	  	 	  	{8}	  	 
	 	  	 	  	 	  	 	  	 	  	 	  	

	{9}	  	End of period Aggregate Principal Balance	  	 	  	 	  	{9}	  	 
	 	  	 	  	 	  	 	  	 	  	 	  	

	{10}	  	Pool Factor	  	 	  	 	  	{10}	  	 
	 	  	 	  	 	  	 	  	 	  	 	  	

  

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

	  	Class A-2

	  	Class A-3

	  	Class B

							
	{11}	 	 Original Note Balance
	  	{11}	  	 	  	 	  	 	  	 
	 	 	 	  	 	  	
	  	
	  	
	  	

	{12}	 	 Beginning of period Note Balance
	  	{12}	  	 	  	 	  	 	  	 
	 	 	 	  	 	  	
	  	
	  	
	  	

	{13}	 	 Noteholders’ Principal Distributable Amount
	  	{13}	  	 	  	 	  	 	  	 
	{14}	 	 Noteholders’ Accelerated Principal Amount
	  	{14}	  	 	  	 	  	 	  	 
	{15}	 	 Aggregate Principal Parity Amount
	  	{15}	  	 	  	 	  	 	  	 
	{16}	 	 Matured Principal Shortfall
	  	{16}	  	 	  	 	  	 	  	 
	 	 	 	  	 	  	
	  	
	  	
	  	

	{17}	 	 End of period Note Balance
	  	{17}	  	 	  	 	  	 	  	 
	 	 	 	  	 	  	
	  	
	  	
	  	

	{18}	 	 Note Pool Factors
	  	{18}	  	 	  	 	  	 	  	 
	 	 	 	  	 	  	
	  	
	  	
	  	

							
	 	 	 	  	 	  	Class C

	  	Class D

	  	Class E

	  	TOTAL

	{19}	 	 Beginning of period Note Balance
	  	{19}	  	 	  	 	  	 	  	 
	 	 	 	  	 	  	
	  	
	  	
	  	

	{20}	 	 Noteholders’ Principal Distributable Amount
	  	{20}	  	 	  	 	  	 	  	 
	{21}	 	 Noteholders’ Accelerated Principal Amount
	  	{21}	  	 	  	 	  	 	  	 
	{22}	 	 Class E Accelerated Principal Amount
	  	{22}	  	 	  	 	  	 	  	 
	{23}	 	 Aggregate Principal Parity Amount
	  	{23}	  	 	  	 	  	 	  	 
	{24}	 	 Matured Principal Shortfall
	  	{24}	  	 	  	 	  	 	  	 
	 	 	 	  	 	  	
	  	
	  	
	  	

	{25}	 	 End of period Note Balance
	  	{25}	  	 	  	 	  	 	  	 
	 	 	 	  	 	  	
	  	
	  	
	  	

	{26}	 	 Note Pool Factors
	  	{26}	  	 	  	 	  	 	  	 
	 	 	 	  	 	  	
	  	
	  	
	  	

  

											
	III.       CALCULATION OF STEP-DOWN AMOUNT:	  	 	  	 	  	 	  	 
						
	{27}	  	 Ending Pool Balance
	  	{27}	  	 	  	 	  	 
	 	  	 	  	 	  	 	  	
	  	 
	{28}	  	 Lesser of (Max of 22% of Ending Pool Balance or $3,402,367) or Beg Note Balance
	  	{28}	  	 	  	 	  	 
	 	  	 	  	 	  	
	  	 	  	 
	{29}	  	 Aggregate, Cumulative Amount paid to Class E Noteholders through prior period
	  	{29}	  	 	  	 	  	 
	 	  	 	  	 	  	
	  	 	  	 
	{30}	  	 Less Specified Reserve Balance
	  	{30}	  	 	  	 	  	 
	 	  	 	  	 	  	
	  	 	  	 
	{31}	  	 Sum of {28}, {29}, and {30}
	  	{31}	  	 	  	 	  	 
	 	  	 	  	 	  	
	  	 	  	 
	{32}	  	 30% of Ending Pool Balance
	  	{32}	  	 	  	 	  	 
	 	  	 	  	 	  	
	  	 	  	 
	{33}	  	 Lesser of {31} or {32}
	  	{33}	  	 	  	 	  	 
	 	  	 	  	 	  	 	  	
	  	 
	{34}	  	 Required Pro Forma Note Balance {27} - {33}
	  	{34}	  	 	  	 	  	 
	 	  	 	  	 	  	 	  	 	  	

	{35}	  	 Beginning Note Balance
	  	{35}	  	 	  	 	  	 
	 	  	 	  	 	  	 	  	
	  	 
	{36}	  	 Total Monthly Principal Amount
	  	{36}	  	 	  	 	  	 
	 	  	 	  	 	  	 	  	
	  	 
	{37}	  	 Pro-Forma Note Balance ( Assuming 100% Pay-down)
	  	{37}	  	 	  	 	  	 
	 	  	 	  	 	  	 	  	 	  	

	{38}	  	 Step-Down amount (Excess of Required Pro-forma over Pro-forma Note Balance)
	  	{38}	  	 	  	 	  	 
	 	  	 	  	 	  	 	  	 	  	

					
	IV.       CALCULATION OF PRINCIPAL DISTRIBUTABLE AMOUNT:	  	 	  	 	  	 	  	 
						
	{39}	  	 Total Monthly Principal Amounts
	  	 	  	{39}	  	 	  	 
	 	  	 	  	 	  	 	  	
	  	 
	{40}	  	 Step-down Amount
	  	 	  	{40}	  	 	  	 
	 	  	 	  	 	  	 	  	
	  	 
	{41}	  	 Principal Distributable Amount
	  	 	  	{41}	  	 	  	 
	 	  	 	  	 	  	 	  	 	  	

  

	V.	CALCULATION OF INTEREST DISTRIBUTABLE AMOUNT: 

  

																		
	 	  	 Class

	  	Beginning
Note Balance

	  	Interest
Carryover

	  	Interest
Rate

	 	 	Days

	  	Days Basis

	  	Calculated
Interest

	  	 
	{42}	  	Class A -1	  	 	  	 	  	1.278	%	 	 	  	Actual days/360	  	 	  	 
	{43}	  	Class A - 2	  	 	  	 	  	2.310	%	 	 	  	30/360	  	 	  	 
	{44}	  	Class A - 3	  	 	  	 	  	3.220	%	 	 	  	30/360	  	 	  	 
	{45}	  	Class B	  	 	  	 	  	3.700	%	 	 	  	30/360	  	 	  	 
	{46}	  	Class C	  	 	  	 	  	4.220	%	 	 	  	30/360	  	 	  	 
	{47}	  	Class D	  	 	  	 	  	5.070	%	 	 	  	30/360	  	 	  	 
	{48}	  	Class E	  	 	  	 	  	7.000	%	 	 	  	30/360	  	 	  	 

  

 3 

	VI.	RECONCILIATION OF COLLECTION ACCOUNT: 

  

									
	        Available Funds:	  	 	  	 	  	 
					
	{49}	  	 Collections on Receivables during period (net of Liquidation Proceeds and Fees)
	  	{49}	  	 	  	 
	 	  	 	  	 	  	
	  	 
	{50}	  	 Liquidation Proceeds collected during period
	  	{50}	  	 	  	 
	 	  	 	  	 	  	
	  	 
	{51}	  	 Purchase Amounts deposited in Collection Account
	  	{51}	  	 	  	 
	 	  	 	  	 	  	
	  	 
	{52}	  	 Investment Earnings - Collection Account
	  	{52}	  	 	  	 
	 	  	 	  	 	  	
	  	 
	{53}	  	 Investment Earnings - Transfer From Reserve Account
	  	{53}	  	 	  	 
	 	  	 	  	 	  	
	  	 
	{54}	  	 Collection of Supplemental Servicing - Extension Fees
	  	{54}	  	 	  	 
	 	  	 	  	 	  	
	  	 
	{55}	  	 Collection of Supplemental Servicing - Repo and Recovery Fees Advanced
	  	{55}	  	 	  	 
	 	  	 	  	 	  	
	  	 
	{56}	  	 Collection of Supplemental Servicing - Late Fees
	  	{56}	  	 	  	 
	 	  	 	  	 	  	
	  	 
	{57}	  	 Total Available Funds
	  	{57}	  	 	  	 
	 	  	 	  	 	  	 	  	

	Distributions:	  	 	  	 	  	 	  	 
					
	{58}	  	 Base Servicing Fee
	  	{58}	  	 	  	 
	 	  	 	  	 	  	
	  	 
	{59}	  	 Repo and Recovery Fees - reimbursed to Servicer
	  	{59}	  	 	  	 
	 	  	 	  	 	  	
	  	 
	{60}	  	 Bank Service Charges - reimbursed to Servicer
	  	{60}	  	 	  	 
	 	  	 	  	 	  	
	  	 
	{61}	  	 Late Fees - reimbursed to Servicer
	  	{61}	  	 	  	 
	 	  	 	  	 	  	
	  	 
	{62}	  	 Extension Fees - reimbursed to Servicer
	  	{62}	  	 	  	 
	 	  	 	  	 	  	
	  	 
	{63}	  	 Agent fees
	  	{63}	  	 	  	 
	 	  	 	  	 	  	
	  	 
	{64}	  	 Backup Servicer
	  	{64}	  	 	  	 
	 	  	 	  	 	  	
	  	 
	{65}	  	 Class A-1 Noteholders’ Interest Distributable Amount
	  	{65}	  	 	  	 
	 	  	 	  	 	  	
	  	 
	{66}	  	 Class A-2 Noteholders’ Interest Distributable Amount
	  	{66}	  	 	  	 
	 	  	 	  	 	  	
	  	 
	{67}	  	 Class A-3 Noteholders’ Interest Distributable Amount
	  	{67}	  	 	  	 
	 	  	 	  	 	  	
	  	 
	{68}	  	 Class A Noteholders’ Principal Parity Amount or Matured Principal Shortfall
	  	{68}	  	 	  	 
	 	  	 	  	 	  	
	  	 
	{69}	  	 Class B Noteholders’ Interest Distributable Amount
	  	{69}	  	 	  	 
	 	  	 	  	 	  	
	  	 
	{70}	  	 Class B Noteholders’ Principal Parity Amount or Matured Principal Shortfall
	  	{70}	  	 	  	 
	 	  	 	  	 	  	
	  	 
	{71}	  	 Class C Noteholders’ Interest Distributable Amount
	  	{71}	  	 	  	 
	 	  	 	  	 	  	
	  	 
	{72}	  	 Class C Noteholders’ Principal Parity Amount or Matured Principal Shortfall
	  	{72}	  	 	  	 
	 	  	 	  	 	  	
	  	 
	{73}	  	 Class D Noteholders’ Interest Distributable Amount
	  	{73}	  	 	  	 
	 	  	 	  	 	  	
	  	 
	{74}	  	 Class D Noteholders’ Principal Parity Amount or Matured Principal Shortfall
	  	{74}	  	 	  	 
	 	  	 	  	 	  	
	  	 
	{75}	  	 Class E Noteholders’ Interest Distributable Amount
	  	{75}	  	 	  	 
	 	  	 	  	 	  	
	  	 
	{76}	  	 Class E Noteholders’ Principal Parity Amount or Matured Principal Shortfall
	  	{76}	  	 	  	 
	 	  	 	  	 	  	
	  	 
	{77}	  	 Noteholders’ Principal Distributable Amount
	  	{77}	  	 	  	 
	 	  	 	  	 	  	
	  	 
	{78}	  	 Total distributions (Prior to Reserve Account Deposit)
	  	{78}	  	 	  	 
	 	  	 	  	 	  	 	  	

  

 3 

									
	 {79}
	  	 Excess Available Funds
	  	{79}	  	 	  	 
	 	  	 	  	 	  	 	  	

	 {80}
	  	 Reserve Account Withdrawal Amount
	  	{80}	  	 	  	 
	 	  	 	  	 	  	 	  	

	 {81}
	  	 To the Reserve Account, the Reserve Account Deposit
	  	{81}	  	 	  	 
	 	  	 	  	 	  	 	  	

	 {82}
	  	 To the Noteholders, the Accelerated Principal Amount (as calculated below)
	  	{82}	  	 	  	 
	 	  	 	  	 	  	 	  	

	 {83}
	  	 To the Class E Noteholders, until Class E Balance is zero
	  	{83}	  	 	  	 
	 	  	 	  	 	  	 	  	

	 {84}
	  	 To the Certificateholders, the aggregate amount remaining
	  	{84}	  	 	  	 
	 	  	 	  	 	  	 	  	

  

	VlI.	CALCULATION OF PRINCIPAL PARITY AMOUNT: 

  

													
	 	  	 Class

	  	(X)
Cumulative
Note Balance

	  	(Y)
Pool
Balance

	  	(I)
Excess of
(X) - (Y)

	  	(II)
Available Funds
in Waterfall

	  	Lesser of
(I) or (II)

	 {85}
	  	 Class A
	  	 	  	 	  	 	  	 	  	 
	 {86}
	  	 Class B
	  	 	  	 	  	 	  	 	  	 
	 {87}
	  	 Class C
	  	 	  	 	  	 	  	 	  	 
	 {88}
	  	 Class D
	  	 	  	 	  	 	  	 	  	 
	 {89}
	  	 Class E
	  	 	  	 	  	 	  	 	  	 
	 {90}
	  	 Total
	  	 	  	 	  	 	  	 	  	 

  

	**	Principal Parity Amount distributed as Noteholders Principal Distributable in first three months of Trust 

  

									
	 VlII.
	  	CALCULATION OF ACCELERATED PRINCIPAL AMOUNT:	  	 	  	 	  	 
					
	 {91}
	  	 Excess Available Funds
	  	{91}	  	 	  	 
	 	  	 	  	 	  	
	  	 
	 {92}
	  	 Pro-Forma Note Balance (Calculated after Step-Down)
	  	{92}	  	 	  	 
	 	  	 	  	 	  	
	  	 
	 {93}
	  	 Required Pro Forma Note Balance
	  	{93}	  	 	  	 
	 	  	 	  	 	  	
	  	 
	 {94}
	  	 Excess of Pro-Forma Balance over Required Pro-Forma Balance
	  	{94}	  	 	  	 
	 	  	 	  	 	  	
	  	 
	 {95}
	  	 Lesser of Excess Available Funds or Excess of Pro-Forma Note Balance
	  	{95}	  	 	  	 
	 	  	 	  	 	  	 	  	

					
	 IX.
	  	RECONCILIATION OF RESERVE ACCOUNT:	  	 	  	 	  	 Initial

					
	 {96}
	  	 Specified Reserve Balance
	  	 	  	 	  	 
	 {97}
	  	 Beginning of period Reserve Account balance
	  	{97}	  	 	  	 
	 	  	 	  	 	  	 	  	

	 {98}
	  	 The Reserve Account Deposit, from Collection Account
	  	{98}	  	 	  	 
	 	  	 	  	 	  	
	  	 
	 {99}
	  	 Investment Earnings
	  	{99}	  	 	  	 
	 	  	 	  	 	  	
	  	 
	 {100}
	  	 Investment Earnings - transferred to Collection Account Available Funds
	  	{100}	  	 	  	 
	 	  	 	  	 	  	
	  	 
	 {101}
	  	 Reserve Account Withdrawal Amount
	  	{101}	  	 	  	 
	 	  	 	  	 	  	
	  	 
	 {102}
	  	 End of period Reserve Account balance
	  	{102}	  	 	  	 
	 	  	 	  	 	  	 	  	

					
	 X.
	  	CALCULATION OF TOTAL OVERCOLLATERALIZATION:	  	 	  	 	  	 
					
	 {103}
	  	Aggregate Principal Balance	  	{103}	  	 	  	 
	 	  	 	  	 	  	
	  	 
	 {104}
	  	End of Period Note Balance	  	{104}	  	 	  	 
	 	  	 	  	 	  	
	  	 
	 {105}
	  	Overcollateralization (Undercollateralization)	  	{105}	  	 	  	 
	 	  	 	  	 	  	
	  	 
	 {106}
	  	Overcollateralization %	  	{106}	  	 	  	 
	 	  	 	  	 	  	 	  	

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

	  	 Monthly

	 {107}
	  	 Original Number of Receivables
	  	{107}	  	 	  	 
	 	  	 	  	 	  	
	  	

	 {108}
	  	 Beginning of period number of Receivables
	  	{108}	  	 	  	 
	 {109}
	  	 Number of Receivables becoming Liquidated Receivables during period
	  	{109}	  	 	  	 
	 {110}
	  	 Number of Receivables becoming Purchased Receivables during period
	  	{110}	  	 	  	 
	 {111}
	  	 Number of Receivables paid off during period
	  	{111}	  	 	  	 
	 	  	 	  	 	  	
	  	

	 {112}
	  	 End of period number of Receivables
	  	{112}	  	 	  	 
	 	  	 	  	 	  	
	  	

  

											
	 XII.
	  	STATISTICAL DATA: (CURRENT AND HISTORICAL):	  	 	  	 	  	 	  	 
	 	  	 	  	 	  	Original

	  	Prev. Month

	  	Current

	 {113}
	  	Weighted Average APR of the Receivables	  	{113}	  	 	  	 	  	 
	 {114}
	  	Weighted Average Remaining Term of the Receivables	  	{114}	  	 	  	 	  	 
	 {115}
	  	Weighted Average Original Term of Receivables	  	{115}	  	 	  	 	  	 
	 {116}
	  	Average Receivable Balance	  	{116}	  	 	  	 	  	 
	 {117}
	  	Net Losses in Period	  	{117}	  	 	  	 	  	 
	 {118}
	  	Aggregate Realized Losses	  	{118}	  	 	  	 	  	 
	 {119}
	  	Aggregate Realized Loss Percentage	  	{119}	  	 	  	 	  	 

  

													
	 XIII.
	 	DELINQUENCY:	  	 	  	 	  	 
					
	 	 	Receivables with Scheduled Payment delinquent	  	Units

	  	Dollars

	  	Percentage

	 	 	 {120}
	  	31-60 days	  	{120}	  	 	  	 	  	 
	 	 	 {121}
	  	61-90 days	  	{121}	  	 	  	 	  	 
	 	 	 {122}
	  	over 90 days	  	{122}	  	 	  	 	  	 
	 	 	 {123}
	  	Total	  	{123}	  	 	  	 	  	 

  

													
	 XIV.
	 	EXTENSIONS	  	 	  	 	  	 	  	 
							
	 	 	 {124}
	  	Principal Balance of Receivables extended during current period	  	{124}	  	 	  	 	  	 
	 	 	 	  	 	  	 	  	 	  	
	  	 
	 	 	 {125}
	  	Beginning of Period Aggregate Principal Balance	  	{125}	  	 	  	 	  	 
	 	 	 	  	 	  	 	  	 	  	
	  	 
	 	 	 {126}
	  	Extension Rate {124} divided by {125}	  	{126}	  	 	  	 	  	 
	 	 	 	  	 	  	 	  	 	  	 	  	

  

			
		
	By:	 	 
	Name:	 	 
	Title:	 	 
	Date:	 	 

  

 3 

 ANNEX A 
  
 If, pursuant to the terms and conditions of the Sale and Servicing Agreement, the Backup Servicer shall become the Servicer, the following Sections shall
be amended as follows unless otherwise agreed to in writing by the Backup Servicer: 
  
 Section 1.1: The definition of “Net Liquidation Proceeds” is replaced with the following definition: 
  
 “Net Liquidation Proceeds: means, with respect to all Receivables, the excess, if any, of (a) Liquidation Proceeds for all such Receivables over (b)
the sum of (i) reasonable out-of-pocket expenses reimbursable to the Servicer pursuant to Section 4.3 or 4.4 and (ii) amounts that are required to be refunded to Obligors on such Receivables.” 
  
 Section 4.3(a). The following provision shall follow the third sentence of Section
4.3(a): 
  
 “Notwithstanding anything to the contrary
contained herein, following the repossession and sale of the related Financed Vehicle by the Servicer, the Servicer shall not be obligated to pursue any deficiency collections against the related Obligor except pursuant to a separate agreement
between the Issuer and the Servicer with the consent of the Controlling Party.” 
  
 Section 4.3(a). The last four sentences of Section 4.3(a) shall be replaced in their entirety by the following sentences: 
  
 “All amounts received upon liquidation of a Financed Vehicle shall be remitted directly by the Servicer to the Lockbox Account no later than the
Business Day after receipt thereof. The Servicer shall be entitled to recover all reasonable expenses incurred by it in the course of repossessing and liquidating a Financed Vehicle into cash proceeds from the Liquidation Proceeds of such
liquidation, and any remaining expenses shall be payable from Liquidation Proceeds received with respect to any Receivable in the related, or any future, Collection Period or as otherwise agreed to in writing by the Servicer. The Servicer shall pay
on behalf of the Issuer any personal property taxes assessed on repossessed Financed Vehicles. The Servicer shall be entitled to reimbursement of any such tax from the Liquidation Proceeds received with respect to any Receivable in the related, or
any future, Collection Period or as otherwise agreed to in writing by the Servicer, and any reimbursable amounts still owing shall be payable from Available Funds in accordance with Section 5.7(a).” 
  
 Section 4.3(b). Section 4.3(b) shall be replaced in its entirety by the following
provision: “The Servicer shall use all reasonable efforts to enforce or collect upon a Dealer Agreement, Auto Loan Purchase and Sale Agreement, Dealer Assignment or Third-Party Lender Assignment. If the Servicer is unable to enforce or collect
upon any such agreement without commencing a legal proceeding, the Servicer shall advise the Controlling Party whether, in its reasonable judgment, commencing a legal proceeding to enforce or collect upon such agreements is advisable, and shall only
commence a legal proceeding to enforce such agreements or commence or participate in any other legal proceeding relating to or involving such agreements if directed to do so by the Controlling Party. If the Servicer is directed to commence a legal
proceeding to enforce a Dealer Agreement, Auto Loan Purchase and Sale Agreement, Dealer Assignment or Third-Party Lender Assignment, the act of commencement shall be deemed to be 

  

 Annex A-1 

 
an automatic assignment from the Issuer to the Servicer of the rights under such Dealer Agreement, Auto Loan Purchase and Sale Agreement, Dealer Assignment
or Third-Party Lender Assignment for purposes of collection only. If, however, in any enforcement suit or legal proceeding it is held that the Servicer may not enforce a Dealer Agreement, Auto Loan Purchase and Sale Agreement, Dealer Assignment or
Third-Party Lender Assignment on the grounds that it is not a real party in interest or a Person entitled to enforce the Dealer Agreement, Auto Loan Purchase and Sale Agreement, Dealer Assignment or Third-Party Lender Assignment, the Owner Trustee
and/or the Indenture Trustee, at the Servicer’s expense, or the Seller, at the Seller’s expense, shall take such steps as the Servicer deems reasonably necessary to enforce the Dealer Agreement, Auto Loan Purchase and Sale Agreement,
Dealer Assignment or Third-Party Lender Assignment, including bringing suit in its name or the name of the Seller or of the Issuer and the Owner Trustee and/or the Trust Collateral Agent for the benefit of the Noteholders. The Servicer shall be
reimbursed from Liquidation Proceeds or as otherwise agreed to in writing by the Servicer, for all reasonable expenses incurred pursuant to any legal action undertaken pursuant to this Section at the direction of the Controlling Party.”

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

  

 Annex A-2 

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

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

 
 Section 4.11. Section 4.11 shall be replaced in its entirety by the following
sentence: 
  
 “Annual Report of Accountants. 
  
 The Servicer shall cause a firm of independent certified public accountants,
which may also render other services to the Servicer or its affiliates, to deliver to the Trustee, the Owner Trustee and the Trust Collateral Agent, within 120 days after the end of each fiscal year, commencing with the fiscal year ending December
31, of the year in which the Backup Servicer becomes the successor Servicer, (i) an opinion by a firm of nationally recognized independent certified public accountants (the “Independent Accountants”) on the financial position of the
Servicer at the end of the relevant fiscal year and the results of operations and changes in financial position of the Servicer for such year then ended on the basis of an examination conducted in accordance with generally accepted auditing
standards, and (ii) a report from such independent certified public accountants to the effect that based on an examination of certain specified documents and records relating to the servicing of the Servicer’s loan portfolio conducted
substantially in compliance with SAS 70 (the “Applicable Accounting Standards”), such firm is of the opinion that such servicing has been conducted in compliance with the Applicable Accounting Standards except for (a) such
exceptions as such firm shall believe to be immaterial and (b) such other exceptions as shall be set forth in such statement.” 
  
 Section 4.15. Section 4.15 shall be replaced in its entirety by the following provision: 
  
 “Fidelity Bond and Errors and Omissions Policy. The Servicer has obtained, and shall continue to maintain in full force
and effect, a Fidelity Bond and Errors and Omissions Policy of a type and in such amount as is customary for servicers engaged in the business of servicing automobile receivables; provided, however, that, with the consent of the Controlling Party
(not to be unreasonably withheld), the Servicer shall be deemed to have fulfilled its obligation pursuant to this Section 4.15 if it has obtained and continues to maintain in full force and effect, a self-insured Fidelity Bond and Errors and
Omissions Policy through JPMorgan Chase Bank or any of its affiliates.” 
  
 Section 5.10. Excess Servicing Fee Account. In the event the Backup Servicer becomes the Servicer, the Trust Collateral Agent shall establish and maintain in its own name an Eligible 

  

 Annex A-3 

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

  
 (a) Any failure by the Servicer to deliver to the Trust
Collateral Agent for distribution to Noteholders any proceeds or payment required to be so delivered under the terms of this Agreement that continues unremedied for a period of two Business Days (one Business Day with respect to payment of Purchase
Amounts) after written notice is received by the Servicer from the Trust Collateral Agent or after discovery of such failure by a Responsible Officer of the Servicer; or 
  
 (b) Failure by the Servicer to deliver to the Trust Collateral Agent the Servicer’s Certificate by the first Business
Day prior to the Distribution Date, or failure on the part of the Servicer to observe its covenants and agreements set forth in Section 8.4(a); or 
  
 (c) Failure on the part of the Servicer duly to observe or perform any other covenants or agreements of the Servicer set forth in this Agreement, which
failure (i) materially and adversely affects the rights of Noteholders and (ii) continues unremedied for a period of 30 days after knowledge thereof by the Servicer or after the date on which written notice of such failure, requiring the same to be
remedied, shall have been given to the Servicer by the Trust Collateral Agent, or 
  
 (d) The entry of a decree or order for relief by a court or regulatory authority having jurisdiction in respect of the Servicer in an involuntary case under the federal bankruptcy laws, as now or hereafter in effect,
or another present or future, federal bankruptcy, insolvency or similar 

  

 Annex A-4 

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

  
 (h) JPMorgan Chase Bank shall cease to own (directly or
indirectly) 100% of the Servicer unless the Controlling Party has provided its written consent; or 
  
 (i) The tangible net worth (as defined by generally accepted accounting principles in effect in the United States from time to time
(“GAAP”) of the Servicer, as of the last day of any Calendar Quarter, shall be less than 85% of the Shareholder’s Equity (as defined below) minus Intangible Assets (as defined below) as of the end of the quarter ended on March
31, 2004 plus 50% of quarterly net income (prior to dividends or distributions on an ongoing basis with no subtraction for quarterly losses) for each quarter thereafter. 
  
 For purposes of Section 9.01(i), the following definitions shall apply: “Intangible Assets” means all licenses,
patents, copyrights, trade names, trademarks, goodwill or any premium paid in excess of the book value of purchased assets, experimental or organizational expenses, deferred debt issuance costs, and all other assets which under GAAP are deemed
intangible and any write-up of assets, to the extent that any of the foregoing items were included in total assets or deducted from total liabilities in computing total shareholders equity; and “Shareholder’s Equity” means, for the
Servicer and its subsidiaries, as of the last day of any Calendar Quarter, 

  

 Annex A-5 

 
the total amount of shareholder’s equity determined on a consolidated basis in accordance with GAAP. 
  
 Section 12.2(h). The following sentence shall be added to the end of Section 12.2(h):

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

 Annex A-6 

 Schedule 1 to Annex A 
  
 SYSTEMS & SERVICES TECHNOLOGIES, INC. 
 A SUBSIDIARY OF JPMORGAN CHASE BANK 
  
 SERVICING FEE SCHEDULE: 
 AMERICREDIT 2004-1 SECURITIZATION 
 JUNE 17, 2004 
  

	I.	FEES 

  

	 	A.	Backup Servicing, per transaction 

  

			
	 1.      One-Time Setup Fee
	  	waived
		
	 2.      Monthly Fee
	  	$3,500

  

	 	B.	Successor Servicing (1)

  

			
	 1.      One Time Boarding Fee
	  	$5.00 per loan
		
	 2.      Monthly Fee (2) (3)
	  	 

  

	 	a.	Remaining term of 36 months or more at the date of transfer of servicing to SST: 

  

			
	 the greater of
	  	 225 bsp or

	 	  	 $13.00 per month

	 	b.	Remaining term of less than 36 months at the date of transfer of 

			
	    servicing to SST or less:
	  	 $18.00 per month (4)

		
	 3.      Minimum Monthly Fee
	  	 $3,000

  

	II.	EXPENSES 

  

	 	A.	Backup Servicing and Transfer Expenses 

  
 Backup Servicing fees and expenses shall be payable 1) by AmeriCredit and 2) to the extent not timely paid by AmeriCredit, from the waterfall, at a senior
position. Any amount payable from such senior position shall be limited on an annual basis to $300,000, as agreed upon in Section 5.7(a)(ii)(y) of the Sale and Servicing Agreement, dated as of June 9, 2004. 
  
 SST shall be reimbursed for all costs and expenses incurred in connection
with its Backup Servicing duties and the transfer of contracts to SST for successor servicing. Such costs and expenses include, but are not limited to, those related to 

  

 
travel, obligor mailings, freight and file shipping. Transition expenses (inclusive of boarding fees) shall not exceed $100,000. 
  

	 	B.	Successor Servicing Expenses 

  
 SST shall be reimbursed for all reasonable out-of-pocket expenses including, but not limited to, those associated with asset recovery, liquidation, sales,
travel, lodging, legal proceedings related to replevin actions or obligor bankruptcies, statement and mailing costs, title processing, bank charges, field calls, and insurance tracking, if any. Additionally, SST shall receive an administrative fee
amounting to 3% of the funds advanced by SST to cover any such expenses during any monthly collection period. In order to avoid this administrative fee, AmeriCredit (or another party, as appropriate) may at any time during the term establish and
fund an advance account to be utilized by SST to cover all such expenses and costs provided in this section for any monthly collection period. Any such advance account must be fully funded on a monthly basis in an amount sufficient to cover the
out-of-pocket expenses projected by SST for each subsequent monthly collection period. All transition fees (including boarding fees) payable to SST as replacement or successor servicer pursuant to Section 5.7(a)(i) shall not exceed $100,000 in
aggregate in any calendar year (the “Capped Servicer Expenses”). The Monthly Servicer Fees described in Section I.B.2. of this Schedule 1 and the Capped Servicer Expenses constitute the Base Servicing Fee. 
  
 Further, indemnified expenses not otherwise paid by AmeriCredit shall be
recoverable from a senior position in the waterfall. Any amount payable from such senior position-whether as Backup Servicer or Successor Servicer- shall be limited on an annual basis to $300,000 in the aggregate, as agreed upon in Section
5.7(a)(ii)(y) of the Sale and Servicing Agreement, dated as of June 9, 2004. 
  

	III.	MISCELLANEOUS (1)

  

	 	A.	Claim Filing Costs 

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

	 	B.	Administrative Fees/Servicing Charges 

  
 SST shall receive the Supplemental Servicing Fee. 
  

	 	C.	Deficiency Collections 

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

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

  

	(2)	Basis points are annualized (i.e., applicable basis points/12) and shall be based on
beginning of month outstanding principal balance of each individual Active Contract, as defined below. 

  

	(3)	SST shall receive this fee for all “Active Contracts” for any full or partial month
where it functions as the Servicer. Active Contract is defined as any contract other than: (i) prepaid, fully satisfied contracts; (ii) contracts in which the asset has been liquidated and SST has posted the liquidation proceeds or any other
anticipated proceeds (e.g., credit enhancement insurance); or (iii) contracts in which SST has completed all work in connection with processing and receiving insurance payoffs. There shall be a $0.50 monthly servicing fee for each contract that is
not an Active Contract until such time as SST is duly instructed to write the obligor’s balance down to $0.00. 

  

	(4)	To the extent that the successor servicing fee payable to SST pursuant to Section I.B.2.b of
this Schedule 1 is less than 2.25% per annum times the principal balance of Active Contracts with remaining terms less than 36 months as of the date of transfer of servicing to SST, certain amounts shall be deposited into the Excess Servicing Fee
Account pursuant to Section 5.10.

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00068-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00068-of-00352.parquet"}]]