Document:

Insurance and Indemnity Agreement, dated August 12, 2010

 Exhibit 10.3 

INSURANCE AND INDEMNITY AGREEMENT 

among 
 ASSURED
GUARANTY CORP., 
 AMERICREDIT AUTOMOBILE RECEIVABLES TRUST 2010-B, 

AMERICREDIT FINANCIAL SERVICES, INC., 

AFS SENSUB CORP. 

and 
 AMERICREDIT
CORP. 
 Dated as of August 2, 2010 

$36,800,000 Class A-1 0.37690% Asset Backed Notes, Series 2010-B 

$69,000,000 Class A-2 1.18% Asset Backed Notes, Series 2010-B 

$94,200,000 Class A-3 2.49% Asset Backed Notes, Series 2010-B 

 
  

 TABLE OF CONTENTS 

 

					
	 	  	 	  	Page
			
	 ARTICLE I
	  	 DEFINITIONS
	  	1
			
	 Section 1.1
	  	 Definitions
	  	1
			
	 ARTICLE II
	  	 REPRESENTATIONS, WARRANTIES AND COVENANTS
	  	2
			
	 Section 2.1
	  	 Representations and Warranties of the Trust
	  	2
			
	 Section 2.2
	  	 Affirmative Covenants of the Trust
	  	5
			
	 Section 2.3
	  	 Negative Covenants of AFS SenSub on Behalf of the Trust
	  	9
			
	 Section 2.4
	  	 Delivery of Assured Guaranty Financial Statements
	  	11
			
	 Section 2.5
	  	 [Reserved]
	  	13
			
	 Section 2.6
	  	 [Reserved]
	  	13
			
	 Section 2.7
	  	 Representations and Warranties with Respect to AFS SenSub and the Company
	  	13
			
	 Section 2.8
	  	 Affirmative Covenants with Respect to the Company and AFS SenSub
	  	17
			
	 Section 2.9
	  	 Negative Covenants with Respect to AFS SenSub and the Company
	  	21
			
	 Section 2.10
	  	 Representations and Warranties of AmeriCredit
	  	23
			
	 Section 2.11
	  	 Affirmative Covenants of AmeriCredit
	  	26
			
	 Section 2.12
	  	 Negative Covenants of AmeriCredit
	  	30
			
	 Section 2.13
	  	 Assured Guaranty Regulation AB Representation and Warranty
	  	31
			
	 ARTICLE III
	  	 THE NOTES POLICY; REIMBURSEMENT; INDEMNIFICATION
	  	31
			
	 Section 3.1
	  	 Issuance of the Notes Policy
	  	31
			
	 Section 3.2
	  	 Payment of Fees and Premium
	  	31
			
	 Section 3.3
	  	 Reimbursement and Additional Payment Obligation
	  	32
			
	 Section 3.4
	  	 Certain Obligations Not Recourse to AmeriCredit
	  	33
			
	 Section 3.5
	  	 Indemnification
	  	33
			
	 Section 3.6
	  	 Subrogation
	  	35
			
	 ARTICLE IV
	  	 FURTHER AGREEMENTS
	  	35
			
	 Section 4.1
	  	 Effective Date; Term of Agreement
	  	35
			
	 Section 4.2
	  	 Obligations Absolute
	  	36

  

 i 

 TABLE OF CONTENTS 

(continued) 
  

  

							
	 	 	 	  	 	  	Page
			
	 Section 4.3
	  	 Assignments; Reinsurance; Third-Party Rights
	  	37
			
	 Section 4.4
	  	 Liability of Assured Guaranty
	  	37
			
	 ARTICLE V
	  	 EVENTS OF DEFAULT; REMEDIES
	  	38
			
	 Section 5.1
	  	 Events of Default
	  	38
			
	 Section 5.2
	  	 Remedies; Waivers
	  	42
			
	 ARTICLE VI
	  	 MISCELLANEOUS
	  	43
			
	 Section 6.1
	  	 Amendments, Etc.
	  	43
			
	 Section 6.2
	  	 Notices
	  	44
			
	 Section 6.3
	  	 Payment Procedure
	  	45
			
	 Section 6.4
	  	 Severability
	  	45
			
	 Section 6.5
	  	 Governing Law
	  	45
			
	 Section 6.6
	  	 Consent to Jurisdiction
	  	46
			
	 Section 6.7
	  	 Consent of Assured Guaranty
	  	46
			
	 Section 6.8
	  	 Counterparts
	  	47
			
	 Section 6.9
	  	 Trial by Jury Waived
	  	47
			
	 Section 6.10
	  	 Limited Liability
	  	47
			
	 Section 6.11
	  	 Entire Agreement
	  	48
			
	 Appendix I
	 	 Definitions
	  	
	 Annex I
	 	 Form of Note Policy
	  	
	 Appendix A
	 	 Conditions Precedent to Issuance of the Notes Policy
	  	

  

 ii 

 INSURANCE AND INDEMNITY AGREEMENT 

INSURANCE AND INDEMNITY AGREEMENT dated as of August 2, 2010 (this “Insurance Agreement”) among ASSURED GUARANTY CORP.
(“Assured Guaranty”), a Maryland-domiciled insurance company, AMERICREDIT AUTOMOBILE RECEIVABLES TRUST 2010-B (the “Trust”), a Delaware statutory trust, AFS SENSUB CORP., a Nevada corporation (when referred to individually
hereunder, “AFS SenSub,” when referred to as the seller under the Sale and Servicing Agreement referred to below, the “Seller”), AMERICREDIT FINANCIAL SERVICES, INC. (the “Company”), a Delaware corporation and
AMERICREDIT CORP., a Texas corporation (“AmeriCredit”). 
 INTRODUCTORY STATEMENTS 

AFS SenSub proposes to acquire the Receivables from the Company and simultaneously to sell to the Trust all of its right, title and
interest in and to the Receivables and certain other property pursuant to the Sale and Servicing Agreement. The Trust will issue the Certificate pursuant to the Trust Agreement and Notes pursuant to the Indenture. 

Each Note will be secured by the Collateral. The Trust has requested that Assured Guaranty issue a financial guaranty insurance policy
guarantying certain distributions of interest and principal on the Notes on each Insured Distribution Date (including any such distributions subsequently avoided as a preference under applicable bankruptcy law) upon the terms, and subject to the
conditions, provided herein. 
 The parties hereto desire to specify the conditions precedent to the issuance of the Notes
Policy by Assured Guaranty, the payment of premium in respect of the Notes Policy, the indemnity and reimbursement to be provided to Assured Guaranty in respect of amounts paid by Assured Guaranty under the Notes Policy or otherwise and certain
other matters. 
 In consideration of the premises and of the agreements herein contained, Assured Guaranty, the Trust, the
Company, AFS SenSub and AmeriCredit hereby agree as follows: 
 ARTICLE I 

DEFINITIONS 

Section 1.1 Definitions. Capitalized terms used herein shall have the meanings provided in Appendix I hereto or the meanings
given such terms in the Sale and Servicing Agreement or the Spread Account Agreement, unless the context otherwise requires. 

 ARTICLE II 

REPRESENTATIONS, WARRANTIES AND COVENANTS 

Section 2.1 Representations and Warranties of the Trust. The Trust represents and warrants, as of the date hereof and as of
the Date of Issuance (except as expressly provided herein), as follows: 
 (a) Due Organization and Qualification. The
Trust is duly formed and validly existing as a Delaware statutory trust and is in good standing under the laws of the State of Delaware. The Trust is duly qualified to do business, is in good standing and has obtained all necessary licenses,
permits, charters, registrations and approvals (together, “approvals”) necessary for the conduct of its business as currently conducted and as described in the Offering Document and the performance of its obligations under the Transaction
Documents, in each jurisdiction in which the failure to be so qualified or to obtain such approvals would render any Receivable or Transaction Document unenforceable in any material respect or would otherwise have a material adverse effect upon the
Transaction. 
 (b) Power and Authority. The Trust has all necessary trust power and authority to conduct its business as
currently conducted and as described in the Offering Document, to execute, deliver and perform its obligations under the Transaction Documents and has full power and authority to sell and assign the Receivables as contemplated by the Transaction
Documents and to consummate the Transaction. 
 (c) Due Authorization. The execution, delivery and performance of the
Transaction Documents by the Trust have been duly authorized by all necessary trust action and do not require any additional approvals or consents or other action by, or any notice to or filing with, any Person, including, without limitation, any
governmental entity. 
 (d) Noncontravention. None of the execution and delivery of the Transaction Documents by the
Trust, the consummation of the transactions contemplated thereby nor the satisfaction of the terms and conditions of the Transaction Documents, 

(i) conflicts with, or results in any breach or violation of, any provision of the Certificate of Trust or the Trust
Agreement, or any law, rule, regulation, order, writ, judgment, injunction, decree, determination or award currently in effect having applicability to the Trust or its property, including regulations issued by an administrative agency or other
governmental authority having supervisory powers over the Trust, 
 (ii) constitutes, or will constitute, a
default by the Trust under, or a breach of, any provision of any loan agreement, mortgage, indenture or other agreement or instrument to which the Trust is a party or by which it or any of its property is or may be bound or affected, or 

 

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 (iii) results in or requires the creation of any Lien upon or in respect of
any of the assets of the Trust, except as otherwise expressly contemplated by the Transaction Documents. 
 (e) Legal
Proceedings. There is no action, proceeding, suit or investigation by or before any court, governmental or administrative agency or arbitrator against or affecting the Trust, or any properties or rights of the Trust, pending or, to the knowledge
of the Trust, threatened, which, in any case, if decided adversely, would result in a Material Adverse Change with respect to the Trust, the Certificate or the Notes. 

(f) Valid and Binding Obligations. Each of the Transaction Documents to which the Trust is a party when executed by the Owner
Trustee on behalf of the Trust, will constitute the legal, valid and binding obligations of the Trust enforceable against the Trust in accordance with their respective terms, except as limited by applicable bankruptcy, insolvency, reorganization,
moratorium and similar laws affecting the enforcement of creditors’ rights generally or general equitable principles (whether in a proceeding at law or in equity) and except to the extent that rights to indemnity and contribution may be limited
by public policy. The Certificate, when executed, authenticated and delivered in accordance with the Trust Agreement, will be validly issued and outstanding and entitled to the benefits of the Trust Agreement and will evidence the entire beneficial
ownership interest in the Trust. The Notes when executed, authenticated and delivered in accordance with the Indenture, will be entitled to the benefits of the Indenture and will constitute legal, valid and binding obligations of the Trust,
enforceable in accordance with their terms, except as limited by applicable bankruptcy, insolvency, reorganization, moratorium and similar laws affecting the enforcement of creditors’ rights generally or general equitable principles (whether in
a proceeding at law or in equity) and except to the extent that rights to indemnity and contribution may be limited by public policy. 

(g) Accuracy of Information. None of the Transaction Documents, nor any of the Provided Documents, contain any statement of a
material fact with respect to the Trust or the Transaction that was untrue or misleading in any material respect when made. Since the furnishing of the Provided Documents, there has been no change, nor any development or event involving a
prospective change known to the Trust, that would render any of the Provided Documents untrue or misleading in any material respect. There is no fact known to the Trust which has a material possibility of causing a Material Adverse Change with
respect to the Trust or which has a material possibility of impairing the value or marketability of the Receivables, taken as a whole, or decreasing the possibility that amounts due in respect of the Receivables will be collected as due. 

(h) Compliance With Securities Laws. The offer and sale of the Notes comply in all material respects with all requirements of law,
including all registration requirements of applicable securities laws. Without limitation of the foregoing, the Offering Document did not, as of its date, and does not, as of the date hereof, contain any untrue statement of a material fact or omit
to state a material fact required to be stated therein or necessary to make the statements made therein, in light of the circumstances under which they were made, not misleading. 

 

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 (i) Transaction Documents. Each of the representations and warranties of the Trust
contained in the Transaction Documents is true and correct in all material respects and the Trust hereby makes each such representation and warranty made by it to, and for the benefit of, Assured Guaranty as if the same were set forth in full
herein. 
 (j) No Consents. No consent, license, authorization or approval from, or registration or other action by, and
no notice to or filing or declaration with, any governmental entity or regulatory body, is required for the due execution, delivery and performance by the Trust of the Transaction Documents or any other material document or instrument to be
delivered thereunder, except (in each case) such as have been obtained or the failure of which to be obtained would not be reasonably likely to have a material adverse effect on the Transaction. 

(k) Compliance With Law, Etc. No practice, procedure or policy employed or proposed to be employed by the Trust in the conduct of
its business violates any law, regulation, judgment, agreement, order or decree applicable to it which, if enforced, would result in a Material Adverse Change with respect to the financial condition of such Person. 

(l) Special Purpose Entity. 

(i) The capital of the Trust is adequate for the business and undertakings of the Trust. 

(ii) Except as contemplated by the Transaction Documents, the Trust is not engaged in any business transactions with any
AmeriCredit Party or any Affiliate of any of them. 
 (iii) The Trust’s funds and assets are not, and will
not be, commingled with the funds of any other Person. 
 (m) Solvency; Fraudulent Conveyance. The Trust is solvent and
will not be rendered insolvent by the Transaction and, after giving effect to such Transaction, the Trust will not be left with an unreasonably small amount of capital with which to engage in its business. The Trust does not intend to incur, or
believe that it has incurred, debts beyond its ability to pay such debts as they mature. The Trust does not contemplate the commencement of insolvency, bankruptcy, liquidation or consolidation proceedings or the appointment of a receiver,
liquidator, conservator, trustee or similar official in respect of the Trust or any of its assets. 
 (n) Perfection of Liens
and Security Interest. On the Date of Issuance, the Lien and security interest in favor of the Trust Collateral Agent with respect to the Collateral will be perfected by the filing of financing statements on Form UCC-1 in each jurisdiction where
such recording or filing is necessary for the perfection thereof, the delivery of the Receivables Files to the Custodian, and the establishment of the Collection Account and the Note Distribution Account in accordance with the provisions of the
Transaction Documents, and no other filings in any jurisdiction or any other actions (except as expressly provided herein) are necessary to perfect the Trust Collateral Agent’s Lien on and security interest in the Collateral as against any
third parties. 
  

 4 

 (o) Investment Company Act. The Trust is not an “investment company,” or an
“affiliated person” of, or “promoter” or “principal underwriter” for, an “investment company,” as such terms are defined in the Investment Company Act. 

(p) Collateral. On the Date of Issuance, the Trust will have good and marketable title to each item of Trust Property conveyed on
such date and will own each such item free and clear of any Lien (other than Liens contemplated under the Indenture) or any equity or participation interest of any other Person. 

(q) Security Interest in Funds and Investments. Assuming the retention of funds in the Accounts, such funds will be subject to a
valid and perfected, first priority security interest in favor of the Trust Collateral Agent on behalf of the Indenture Trustee (on behalf of the Noteholders), the Certificateholder and Assured Guaranty. 

Section 2.2 Affirmative Covenants of the Trust. The Trust hereby agrees (to the extent set forth in this Section 2.2)
that during the Term of this Agreement, unless Assured Guaranty shall otherwise expressly consent in writing: 
 (a)
Compliance With Agreements and Applicable Laws. The Trust shall perform each of its obligations under the Transaction Documents and shall comply with all material requirements of, and the Notes shall be offered and sold in accordance with,
any law, rule, regulation or order applicable to it or thereto, or that are required in connection with its performance under any of the Transaction Documents. So long as no Insurer Default has occurred and is continuing, the Trust will not cause or
permit to become effective any amendment to or modification of any of the Transaction Documents to which it is a party unless Assured Guaranty shall have previously approved in writing such amendment or modification; provided however, that if an
Insurer Default has occurred and is continuing, the Trust will not cause or permit to become effective any such amendment or modification that would materially and adversely affect the interest of Assured Guaranty. The Trust shall not take any
action or fail to take any action that would interfere with the enforcement of any rights under the Transaction Documents. 

(b) Certain Information. The Trust shall keep, or cause to be kept, in reasonable detail books and records of account of its
assets and business, which shall be furnished to Assured Guaranty upon request. The Trust shall furnish to Assured Guaranty, simultaneously with the delivery of such documents to the Indenture Trustee, the Noteholders or the Certificateholder, as
the case may be, copies of all reports, certificates, statements, financial statements or notices furnished to the Indenture Trustee, the Noteholders or the Certificateholder, as the case may be, pursuant to the Transaction Documents (including, but
not limited to, copies of any reports submitted to the Trust by its independent accountants in connection with any examination of the financial statements of the Trust). 
  

 5 

 (i) Certain Information. Not less than ten days prior to the date of
filing with the IRS of any tax return or amendment thereto, the Trust shall deliver to Assured Guaranty copies of the proposed form of such return or amendment and, promptly after the filing or sending thereof, (A) copies of each tax return and
amendment thereto that the Trust files with the IRS and (B) copies of all financial statements, reports, and registration statements which the Trust files with, or delivers to, any federal government agency, authority or body which supervises
the issuance of securities by the Trust. 
 (ii) Other Information. Promptly upon the request of Assured
Guaranty, the Trust shall deliver to Assured Guaranty copies of all schedules, financial statements or other similar reports delivered to or by the Trust pursuant to the terms of this Insurance Agreement and the other Transaction Documents and such
other data as Assured Guaranty may reasonably request. 
 (c) Access to Records; Discussions with Officers. The Trust
shall, upon the request of Assured Guaranty, permit Assured Guaranty, or its authorized agent, at the expense of Assured Guaranty, at reasonable times and upon reasonable prior written notice: 

(i) to inspect such books and records of the Trust as may relate to the Notes, the Certificate, the Receivables and the
other Trust Property, the obligations of the Trust under the Transaction Documents, the business of the Trust and the transactions consummated in connection therewith; and 

(ii) to discuss the affairs, finances and accounts of the Trust with an appropriate officer of the Trust. 

Such inspections and discussions shall be conducted during normal business hours and shall not unreasonably disrupt the business of the
Trust. 
 (d) Notice of Material Events. The Trust shall promptly inform Assured Guaranty in writing of the occurrence of
any of the following: 
 (i) the submission of any claim or the initiation of any legal process, litigation or
administrative or judicial investigation against the Trust in any federal, state or local court or before any arbitration board, or any such proceeding threatened by any governmental agency, which, if adversely determined, would have a material
adverse effect on the Receivables as a whole, or which, if adversely determined, would have a material adverse effect upon the ability of the Trust to perform its obligations under any Transaction Document; 

(ii) any change in the location of the Trust’s principal office or any change in the location of the books and
records of the Trust; 
 (iii) the occurrence of any Default or Special Event; or 

 

 6 

 (iv) any other event, circumstance or condition that has resulted, or which
is reasonably likely to result, in a Material Adverse Change in respect of the Trust. 
 (e) Further Assurances. The
Trust will file all necessary financing statements, assignments or other instruments, and any amendments or continuation statements relating thereto, necessary to be kept and filed in such manner and in such places as may be required by law to
preserve and protect fully the Lien on and security interest in, and all rights of the Trust Collateral Agent with respect to the Collateral under the Indenture. In addition, the Trust shall, upon the request of Assured Guaranty, from time to time,
execute, acknowledge and deliver, or cause to be executed, acknowledged and delivered, within thirty (30) days of such request, such amendments hereto and such further instruments and take such further action as may be reasonably necessary to
effectuate the intention, performance and provisions of the Transaction Documents or to protect the interest of the Trust Collateral Agent in the Collateral under the Indenture. In addition, the Trust agrees to cooperate with S&P or
Moody’s, as applicable, in connection with any review of the Transaction which may be undertaken by S&P or Moody’s after the date hereof. 

(f) Retirement of Notes. The Trust shall, upon retirement of the Notes, furnish to Assured Guaranty a notice of such retirement,
and, upon such retirement and the expiration of the Term Of The Policy, surrender the Notes Policy to Assured Guaranty for cancellation. 

(g) Third-Party Beneficiary. The Trust agrees that Assured Guaranty shall have all rights of a third-party beneficiary in respect
of the Sale and Servicing Agreement and hereby incorporates and restates its representations, warranties and covenants as set forth therein for the benefit of Assured Guaranty. 

(h) Preservation of Existence. The Trust shall observe in all material respects all procedures required by its Certificate of
Trust and Trust Agreement and preserve and maintain its existence as a trust and its rights, franchises and privileges in the jurisdiction of its organization, and shall qualify and remain qualified in good standing in each jurisdiction where the
nature of its business requires it to do so except where the failure to be so qualified, in good standing and to maintain its rights, franchises and privileges would not have a material adverse effect on the financial condition of the Trust, or its
ability to perform its obligations under this Insurance Agreement or under any other Transaction Document to which it is party. 

(i) Disclosure Document. Each Offering Document delivered with respect to the Notes shall clearly disclose that the Notes Policy
is not covered by the property/casualty insurance security fund specified in Article 76 of the New York Insurance Law. In addition, each Offering Document delivered with respect to the Notes which includes financial statements of Assured Guaranty
prepared in accordance with generally accepted accounting principles (but excluding any Offering Document in which such financial statements are incorporated by reference) shall include the following statement immediately following such financial
statements: 
 The Maryland Insurance Administration recognizes only statutory accounting practices for determining and reporting
the financial condition and results of operations of an insurance company, for determining its solvency under the Maryland Insurance Code, and for determining whether its financial condition warrants the payment of a dividend to its stockholders. No
consideration is given by the Maryland Insurance Administration to financial statements prepared in accordance with generally accepted accounting principles in making such determinations. 

 

 7 

 (j) Special Purpose Entity. 

(i) The Trust shall conduct its business solely in its own name through its duly authorized officers or agents so as not
to mislead others as to the identity of the entity with which those others are concerned, and particularly will use its best efforts to avoid the appearance of conducting business on behalf of AmeriCredit, the Company, AFS SenSub or any other
Affiliates thereof or that the assets of the Trust are available to pay the creditors of AmeriCredit, the Company, AFS SenSub or any other Affiliates thereof. Without limiting the generality of the foregoing, all oral and written
communications, including, without limitation, letters, invoices, purchase orders, contracts, statements and loan applications, will be made solely in the name of the Trust. 

(ii) The Trust shall maintain trust records and books of account separate from those of AmeriCredit, the Company, AFS
SenSub and Affiliates of any of them. 
 (iii) The Trust shall obtain proper authorization from its equity owners
of all trust action requiring such authorization, and copies of each such authorization and the minutes or other written summary of each such meeting shall be delivered to Assured Guaranty within two weeks of such authorization or meeting as the
case may be. 
 (iv) Although the organizational expenses of the Trust have been paid by AmeriCredit, operating
expenses and liabilities of the Trust shall be paid from its own funds or by AmeriCredit. 
 (v) The annual
financial statements of the Trust shall disclose the effects of the Trust’s transactions in accordance with generally accepted accounting principles and shall disclose that the assets of the Trust are not available to pay creditors of
AmeriCredit, the Company, AFS SenSub or any Affiliate of any of them. 
 (vi) The resolutions, agreements and
other instruments of the Trust underlying the transactions described in this Insurance Agreement and in the other Transaction Documents shall be continuously maintained by the Trust as official records of the Trust separately identified and held
apart from the records of AmeriCredit, the Company, AFS SenSub and each Affiliate of any of them. 
  

 8 

 (vii) The Trust shall maintain an arm’s-length relationship with
AmeriCredit, the Company, AFS SenSub and each Affiliate of any of them and will not hold itself out as being liable for the debts of any such Person. 

(viii) The Trust shall keep its assets and its liabilities wholly separate from those of all other entities, including,
but not limited to, the Underwriters, the Company, AFS SenSub and each Affiliate of any of them except, in each case, as contemplated by the Transaction Documents. 

(k) Tax Matters. The Trust will take, or refrain from taking, as the case may be, all actions necessary to ensure that for federal
and state income tax purposes the Trust is not taxable as an association (or publicly traded partnership) taxable as a corporation. 

(l) Securities Laws. The Trust shall comply in all material respects with all applicable provisions of state and federal
securities laws, including blue sky laws and the Securities Act, the Exchange Act and the Investment Company Act and all rules and regulations promulgated thereunder for which non-compliance would result in a Material Adverse Change with respect to
the Trust. 
 (m) Incorporation of Covenants. The Trust shall comply with each of the Trust’s covenants set forth in
the Transaction Documents and hereby incorporates such covenants by reference as if each were set forth herein. 

Section 2.3 Negative Covenants of AFS SenSub on Behalf of the Trust. Each of the Trust and AFS SenSub, as Depositor, on
behalf of the Trust, hereby agrees (to the extent set forth in this Section 2.3), that during the Term of this Agreement, unless Assured Guaranty shall otherwise expressly consent in writing: 

(a) Restrictions on Liens. The Trust shall not, except as contemplated by the Transaction Documents, (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, or (ii) file under the Uniform Commercial Code of any jurisdiction any financing statement which names the Trust as a debtor, or sign any security agreement authorizing any secured party thereunder to file such financing statement,
with respect to the Receivables. 
 (b) Impairment of Rights. The Trust shall not take any action, or fail to take any
action, if such action or failure to take action would be reasonably likely to (i) interfere with the enforcement of any rights under the Transaction Documents that are material to the rights, benefits or obligations of the Indenture Trustee,
the Certificateholder, the Noteholders or Assured Guaranty, (ii) result in a Material Adverse Change in respect of the Receivables, or (iii) impair the ability of the Trust to perform its obligations under the Transaction Documents.

  

 9 

 (c) Waiver, Amendments, Etc. So long as no Insurer Default has occurred and is
continuing, the Trust shall not waive, modify or amend, or consent to any waiver, modification or amendment of, any of the provisions of any of the Transaction Documents; provided however, that if an Insurer Default has occurred and is continuing,
the Trust will not cause or permit to become effective any such waiver, modification, amendment or consent related thereto that would materially and adversely affect the interest of Assured Guaranty. 

(d) Successors. The Trust shall not terminate or designate, or consent to the termination or designation of, the Servicer, Backup
Servicer, the Collateral Agent, the Owner Trustee or any successor thereto without the prior approval of Assured Guaranty. 

(e) Creation of Indebtedness; Guarantees. Other than the Transaction Documents, the Trust shall not create, incur, assume or
suffer to exist any indebtedness other than indebtedness guaranteed or approved in writing by Assured Guaranty. Without the prior written consent in writing of Assured Guaranty, the Trust shall not assume, guarantee, endorse or otherwise be or
become directly or contingently liable for the obligations of any Person by, among other things, agreeing to purchase any obligation of another Person, agreeing to advance funds to such Person or causing or assisting such Person to maintain any
amount of capital. 
 (f) Subsidiaries. The Trust shall not form, or cause to be formed, any Subsidiaries. 

(g) No Mergers. The Trust shall not consolidate with or merge into any Person or transfer all or any material amount of its assets
to any Person, liquidate or dissolve except as permitted by the Trust Agreement and as contemplated by the Transaction Documents. 

(h) Other Activities. The Trust shall not: 

(i) sell, pledge, transfer, exchange or otherwise dispose of any of its assets except as permitted under the Transaction
Documents; or 
 (ii) engage in any business or activity except as contemplated by the Transaction Documents and
as permitted by the Trust Agreement. 
 (i) Insolvency. The Trust shall not commence any case, proceeding or other action
(A) under any existing or future law of any jurisdiction, domestic or foreign, relating to the bankruptcy, insolvency, reorganization or relief of debtors, seeking to have an order for relief entered with respect to it, or seeking
reorganization, arrangement, adjustment, winding-up, liquidation, dissolution, corporation or other relief or (B) seeking appointment of a receiver, trustee, custodian or other similar official for it or for all or any substantial part of its
assets or make a general assignment for the benefit of its creditors. The Trust shall not take any action in furtherance of, or indicating the consent to, approval of, or acquiescence in, any of the acts set forth above. The Trust shall not admit in
writing its inability to pay its debts. 
  

 10 

 Section 2.4 Delivery of Assured Guaranty Financial Statements. 

(a) Assured Guaranty agrees (i) only until AFS SenSub and the Trust are eligible to suspend filing of Exchange Act Reports and only
for so long as AFS SenSub and the Trust are required to file Assured Guaranty Financial Statements to comply with their reporting obligations in relation to the Exchange Act Reports, as soon as reasonably practicable after the public release of any
Assured Guaranty Financial Statements, unless such Assured Guaranty Financial Statements then satisfy the Incorporation by Reference Conditions, to deliver to the Company an electronic copy of such Assured Guaranty Financial Statements for the
related period, meeting the requirements of Regulation S-X of the Securities Act, via an e-mail communication or e-mail communications addressed to Securitization&ConduitReporting@americredit.com, or such other address that has been designated
by the Company and provided in a written notice to Assured Guaranty (any such address, the “AmeriCredit E-mail Address”); (ii) only until AFS SenSub and the Trust are eligible to suspend filing of Exchange Act Reports and only
for so long as AFS SenSub and the Trust are required to file Assured Guaranty Financial Statements to comply with their reporting obligations in relation to the Exchange Act Reports, during any period that Assured Guaranty satisfies the
Incorporation By Reference Conditions, to notify the Company reasonably promptly after the filing by AGL (or, if Assured Guaranty is then subject to the reporting requirements of the Exchange Act, the filing by Assured Guaranty) of any amended Form
10-K or amended Form 10-Q report containing amended Assured Guaranty Financial Statements; provided, however, that Assured Guaranty may satisfy any such obligation so to notify the Company by sending an e-mail communication to the AmeriCredit
E-mail Address advising the Company that AGL (or, if applicable, Assured Guaranty) has filed an amended report under the Exchange Act and containing either an electronic copy of such report or a hyperlink to an electronic copy of such report
appearing on AGL’s, Assured Guaranty’s or the Commission’s web site; (iii) that Assured Guaranty consents to the incorporation by reference of such Assured Guaranty Financial Statements in, or the inclusion of such Assured
Guaranty Financial Statements as an exhibit to, the Prospectus and AFS SenSub’s or Trust’s applicable Form 10-D filings; (iv) only until AFS SenSub and the Trust are eligible to suspend filing of Exchange Act Reports and only for so
long as AFS SenSub and the Trust are required to file Assured Guaranty Financial Statements to comply with their reporting obligations in relation to the Exchange Act Reports, to comply with reasonable written requests of the Company or AFS SenSub
for the delivery of any other additional information as may be necessary for AFS SenSub or the Trust to comply with Item 1114 of Regulation AB, so long as such information is available to Assured Guaranty through commercially reasonable efforts
and not otherwise available to AFS SenSub or the Company; and (v) that, on not less than three (3) Business Days’ notice, it will use commercially reasonable efforts to cause its accountants, if required by AFS SenSub or the Trust in
order to comply with the Exchange Act, to issue their consent to the incorporation by reference of any Assured Guaranty Financial Statements into the Prospectus or any of the AFS SenSub’s or the Trust’s applicable Form 10-D filings;
provided, however, that Assured Guaranty’s liability in the case of a breach of the agreements contained in this Section 2.4 will be limited to the actual damages incurred by AmeriCredit, the Company, AFS SenSub or the Trust, and in no
event will Assured Guaranty be liable for indirect, incidental, special, consequential, exemplary or punitive damages, including, without 

 

 11 

 
limitation, (x) damage to reputation, (y) loss of profit, revenue or business opportunity or (z) delay or impairment of access to the capital markets (including as a result of the
failure of AmeriCredit, the Company, AFS SenSub or the Trust to satisfy the eligibility requirements set forth in Instruction I.A.3 or I.A.4 of Form S-3 under the Securities Act). In addition, in no event will Assured Guaranty be liable for failing
to provide any notification required under this Section 2.4 in the event that Assured Guaranty has used reasonable efforts in sending, but has been unable to send, an e-mail communication to the AmeriCredit E-mail Address so long as, as soon as
reasonably practicable after Assured Guaranty has actual knowledge that any such e-mail communication has not properly been sent to or received at the AmeriCredit E-mail Address, Assured Guaranty has either (i) successfully faxed a copy of the
communication that it had attempted to e-mail to the AmeriCredit E-mail Address to AmeriCredit at (817) 302-7915 or (ii) mailed a copy of such communication to AmeriCredit Financial Services, Inc., 801 Cherry Street, Suite 3500, Fort
Worth, Texas 76102, Attention: Chief Financial Officer. It is understood and agreed that, to the extent any consent letter of Assured Guaranty’s accountants is required by the Company or the Trust in connection with any such filing, the fees
and expenses payable in respect thereof shall be paid by AmeriCredit upon demand. 
 (b) In addition to any and all rights of
indemnification or any rights of the Company, AFS SenSub, the Trust or AmeriCredit pursuant to this Insurance Agreement, the Indemnification Agreement or any other Transaction Document or under law or equity, Assured Guaranty agrees to pay, and to
protect, indemnify and save harmless the AmeriCredit Parties and the Trust from and against any and all claims, losses, liabilities (including penalties), actions, suits, judgments, demands, damages, costs or expenses (including reasonable fees and
expenses of attorneys, consultants and auditors and reasonable costs of investigations) of any nature arising out of or by reason of any untrue statement of: (i) a material fact or an omission to state a material fact necessary in order to make
the statements therein in light of the circumstances in which they were made not misleading contained in any Assured Guaranty Financial Statements incorporated by reference in, or included as an exhibit to, any Exchange Act Reports pursuant to
Section 2.4(a) hereof (“Incorporated Assured Guaranty Financial Statements”); or (ii) subject to the limitations on liability set forth in Section 2.4(a) of this Insurance Agreement, any failure of Assured Guaranty to
comply with its obligations under Section 2.4(a) of this Insurance Agreement or any breach of its representations under Section 2.4(c) of this Insurance Agreement. 

(c) As of each date that Incorporated Assured Guaranty Financial Statements are incorporated into the Prospectus or any Exchange Act
Report, Assured Guaranty represents to the AmeriCredit Parties that: 
 (i) AGL (or, if Assured Guaranty is then
subject to the reporting requirements of the Exchange Act, Assured Guaranty) is required to file reports with the Commission pursuant to Section 13(a) or 15(d) of the Exchange Act; 

(ii) AGL (or, if Assured Guaranty is then subject to the reporting requirements referred to in Section 2.04(c)(i)
above, Assured Guaranty) has filed 
  

 12 

 
all reports and other materials required to be filed by such requirements during the preceding 12 months (or such shorter period that such party was required to file such reports and materials);

 (iii) the reports filed by AGL (or, if Assured Guaranty is then subject to the reporting requirements referred
to in Section 2.04(c)(i) above, filed by Assured Guaranty) include the Incorporated Assured Guaranty Financial Statements; 

(iv) to the best of Assured Guaranty’s knowledge, the accountants who certify the Incorporated Assured Guaranty
Financial Statements and supporting schedules included in the Incorporated Assured Guaranty Financial Statements (if applicable) are independent registered public accountants as required by the Securities Act; and 

(v) the Incorporated Assured Guaranty Financial Statements incorporated by reference in the Registration Statement
relating to the Prospectus (including through filing of an Exchange Act Report) complied in all material respects with the applicable requirements of Regulation S-X. 

Section 2.5 [Reserved]. 

Section 2.6 [Reserved]. 

Section 2.7 Representations and Warranties with Respect to AFS SenSub and the Company. Each AmeriCredit Party represents,
warrants and covenants, as of the Date of Issuance, with respect to AFS SenSub and the Company, as follows: 
 (a) Due
Organization and Qualification. AFS SenSub is a corporation, duly formed, organized, validly existing and is in good standing under the laws of the State of Nevada and the Company is a corporation, duly organized, validly existing and in good
standing under the laws of Delaware. Each of AFS SenSub and the Company is duly qualified to do business, and has obtained all necessary licenses, permits, charters, registrations and approvals (together, “approvals”) necessary for the
conduct of its business as currently conducted and as described in the Offering Document and the performance of its obligations under the Transaction Documents, in each jurisdiction in which the failure to be so qualified or to obtain such approvals
would render any Receivable unenforceable in any respect or would otherwise have a material adverse effect upon the Transaction. 

(b) Power and Authority. Each of AFS SenSub and the Company has all necessary corporate power and authority to conduct its
business as currently conducted and as described in the Offering Document, to execute, deliver and perform its obligations under the Transaction Documents and has full power and authority to sell and assign the Receivables as contemplated by the
Transaction Documents and to consummate the Transaction. 
 (c) Due Authorization. The execution, delivery and
performance of the Transaction Documents by each of AFS SenSub and the Company have been duly 
  

 13 

 
authorized by all necessary corporate action and do not require any additional approvals or consents or other action by, or any notice to, or filing with, any Person, including, without
limitation, any governmental entity or the Company’s stockholder. 
 (d) Noncontravention. None of the execution and
delivery of the Transaction Documents by the Company or by AFS SenSub, the consummation of the transactions contemplated thereby nor the satisfaction of the terms and conditions of the Transaction Documents, 

(i) conflicts with or results in any breach or violation of any provision of the Certificate of Incorporation or Bylaws of
the Company or AFS SenSub, or any law, rule, regulation, order, writ, judgment, injunction, decree, determination or award currently in effect having applicability to the Company or AFS SenSub, as the case may be, or any of their respective
properties, including regulations issued by an administrative agency or other governmental authority having supervisory powers over the Company or AFS SenSub, as the case may be, 

(ii) constitutes or will constitute a default by the Company or AFS SenSub, as the case may be, under or a breach of any
provision of any loan agreement, mortgage, indenture or other agreement or instrument to which the Company or AFS SenSub is a party or by which it, or any of its or their properties is, or may be, bound or affected, or 

(iii) results in or requires the creation of any Lien upon or in respect of any of the assets of the Company or AFS SenSub
except as otherwise expressly contemplated by the Transaction Documents. 
 (e) Legal Proceedings. There is no action,
proceeding or investigation pending, or to the best knowledge of the Company or AFS SenSub after reasonable inquiry, threatened by or before any court, regulatory body, governmental or administrative agency or arbitrator against or affecting the
Company or AFS SenSub, or any properties or rights of the Company or AFS SenSub, including without limitation, the Receivables, which might result in a Material Adverse Change with respect to the Company, AFS SenSub or the Certificate. 

(f) Valid and Binding Obligations. Each of the Transaction Documents to which either the Company or AFS SenSub is a party when
executed and delivered by the Company or AFS SenSub, as the case may be, will constitute the legal, valid and binding obligations of such Person, enforceable in accordance with their respective terms, except as such enforceability may be limited by
bankruptcy, insolvency, reorganization, moratorium or other similar laws affecting creditors’ rights generally and general equitable principles. The Certificate, when executed, authenticated and delivered in accordance with the Trust Agreement,
will be validly issued and outstanding and entitled to the benefits of the Trust Agreement and will evidence the entire beneficial ownership interest in the Trust. The Notes when executed, authenticated and delivered in accordance with the
Indenture, will be entitled to the benefits of the Indenture and will constitute legal, valid and binding obligations of the Trust, enforceable in accordance 

 

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with their terms, except as limited by applicable bankruptcy, insolvency, reorganization, moratorium and similar laws affecting the enforcement of creditors’ rights generally or general
equitable principles (whether in a proceeding at law or in equity) and except to the extent that rights to indemnity and contribution may be limited by public policy. 

(g) ERISA. Each of AFS SenSub and the Company is in compliance with ERISA and has not incurred and does not reasonably expect to
incur, any liabilities to the PBGC under ERISA in connection with any Plan or Multiemployer Plan. 
 (h) Accuracy of
Information. None of the Transaction Documents nor any of the Provided Documents contain any statement of a material fact with respect to the Company or AFS SenSub or the Transaction that was untrue or misleading in any material respect
when made. Since the furnishing of the Provided Documents, there has been no change, nor any development or event involving a prospective change known to the Company or to AFS SenSub, that would render any of the Provided Documents untrue or
misleading in any material respect. There is no fact known to the Company or AFS SenSub which has a material possibility of causing a Material Adverse Change with respect to either of the Company or AFS SenSub, or which has a material possibility of
impairing the value or marketability of the Receivables, taken as a whole, or decreasing the possibility that amounts due in respect of the Receivables will be collected as due. 

(i) Compliance With Securities Laws. The offer and sale of the Securities comply in all material respects with all requirements of
law, including all registration requirements of applicable securities laws. Without limitation of the foregoing, the Offering Document does not contain any untrue statement of a material fact and does not omit to state a material fact required to be
stated therein or necessary to make the statements made therein, in light of the circumstances under which they were made, not misleading. 

(j) Transaction Documents. Each of the representations and warranties of AFS SenSub and the Company contained in the Transaction
Documents is true and correct in all material respects and each of AFS SenSub and the Company hereby makes each such representation and warranty made by it to, and for the benefit of, Assured Guaranty as if the same were set forth in full herein.

 (k) No Consents. No consent, license, approval or authorization from, or registration, filing or declaration with, any
regulatory body, administrative agency, or other governmental instrumentality, nor any consent, approval, waiver or notification of any creditor, lessor or other nongovernmental person, is required in connection with the execution, delivery and
performance by the Company or AFS SenSub of this Insurance Agreement or of any other Transaction Document to which such Person is a party, except (in each case) such as have been obtained and are in full force and effect. 

(l) Compliance With Law, Etc. No practice, procedure or policy employed or proposed to be employed by the Company or AFS SenSub in
the conduct of their respective businesses violates any law, regulation, judgment, agreement, order or decree applicable to it which, if enforced, would result in a Material Adverse Change with respect to such Person. 

 

 15 

 (m) Special Purpose Entity. 

(i) The capital of AFS SenSub is adequate for the business and undertakings of AFS SenSub. 

(ii) AFS SenSub is a wholly-owned special-purpose subsidiary of the Company. 

(iii) [Reserved]. 

(iv) The funds and assets of AFS SenSub are not, and will not be, commingled with the funds of any other person.

 (n) Solvency; Fraudulent Conveyance. Each of AFS SenSub and the Company is solvent and will not be rendered insolvent
by the Transaction and, after giving effect to such Transaction, neither the Company nor AFS SenSub will be left with an unreasonably small amount of capital with which to engage in its business. Neither the Company nor AFS SenSub intends to incur,
or believes that it has incurred, debts beyond its ability to pay such debts as they mature. Neither the Company nor AFS SenSub contemplates the commencement of insolvency, bankruptcy, liquidation or consolidation proceedings or the appointment of a
receiver, liquidator, conservator, trustee or similar official in respect of the Company or AFS SenSub, as the case may be, or any of their respective assets. The amount of consideration being received by the Seller upon the sale of the Receivables
to the Trust constitutes reasonably equivalent value and fair consideration for the Receivables. The Seller is not selling the Receivables to the Trust, as provided in the Transaction Documents, with any intent to hinder, deal or defraud any of the
Company’s creditors. 
 (o) Good Title; Valid Transfer; Absence of Liens; Security Interest. 

(i) Immediately prior to the pledge of the Collateral to the Trust Collateral Agent pursuant to the Indenture, the Trust
was the owner of, and had good and marketable title to, such property free and clear of all Liens and Restrictions on Transferability, and had or will have had full right, power and lawful authority to assign, transfer and pledge such Receivables.
The Indenture constitutes a valid pledge of the Collateral to the Trust Collateral Agent and the Trust Collateral Agent shall have a valid and perfected first priority security interest in the Collateral, free and clear of all Liens and Restrictions
on Transferability. 
 (ii) Immediately prior to the transfer of any Receivables to the Trust pursuant to the
Sale and Servicing Agreement, AFS SenSub was or will have been the owner of, and had good and marketable title to, such property free and clear of all Liens and Restrictions on Transferability, and had or will have had full right, corporate power
and lawful authority to assign, transfer and pledge such 
  

 16 

 
Receivables. In the event that a transfer of the Receivables by AFS SenSub to the Trust is characterized as other than a sale, such transfer shall be characterized as a secured financing, and the
Trustee shall have a valid and perfected first priority security interest in such Receivables free and clear of all Liens and Restrictions on Transferability. 

(iii) Immediately prior to the sale of the Receivables to AFS SenSub pursuant to the Purchase Agreement, the Company was
or will have been the owner of, and had good and marketable title to, the Receivables being transferred by such party free and clear of all Liens and Restrictions on Transferability, and had or will have had full right, corporate power and lawful
authority to assign, transfer and pledge such Receivables. In the event that a transfer of the Receivables by the Company to AFS SenSub is characterized as other than a sale, such transfer shall be characterized as a secured financing, and AFS
SenSub shall have a valid and perfected first priority security interest in such Receivables free and clear of all Liens and Restrictions on Transferability. 

(p) [Reserved] 

(q) Taxes. The Company has filed all federal and state tax returns which are required to be filed and paid all taxes, including
any assessments received by the Company, to the extent that such taxes have become due. Any taxes, fees and other governmental charges payable by the Company or AFS SenSub in connection with the Transaction, the execution and delivery of the
Transaction Documents and the issuance of the Securities have been paid or shall have been paid at or prior to the Date of Issuance. 

(r) Security Interest in Funds and Investments in the Spread Account. Assuming the retention of funds in the Spread Account, such
funds will be subject to a valid and perfected, first priority security interest in favor of the Collateral Agent on behalf of the Indenture Trustee (on behalf of the Noteholders) and Assured Guaranty. 

Section 2.8 Affirmative Covenants with Respect to the Company and AFS SenSub . Each AmeriCredit Party hereby agrees with
respect to the Company and with respect to AFS SenSub that during the Term of this Agreement, unless Assured Guaranty shall otherwise expressly consent in writing: 

(a) Compliance With Agreements and Applicable Laws. Each of AFS SenSub and the Company shall perform each of its respective
obligations under the Transaction Documents and shall comply with all material requirements of any law, rule or regulation applicable to it, or that are required in connection with its performance under any of the Transaction Documents. So long as
no Insurer Default has occurred and is continuing, neither the Company nor AFS SenSub will cause or permit to become effective any amendment to or modification of any of the Transaction Documents to which it is a party unless Assured Guaranty shall
have previously approved in writing such amendment or modification; provided however, that if an Insurer Default has occurred and is continuing, neither the Company nor AFS SenSub will cause or permit to

  

 17 

 
become effective any such amendment or modification that would materially and adversely affect the interest of Assured Guaranty. Neither the Company nor AFS SenSub shall take any action or fail
to take any action that would interfere with the enforcement of any rights under the Transaction Documents. 
 (b) Reports;
Other Information. Each of AFS SenSub and the Company shall keep or cause to be kept in reasonable detail books and records of account of their respective assets and business. Each of AFS SenSub and the Company shall furnish or caused to be
furnished to Assured Guaranty: 
 (i) Promptly upon receipt thereof, copies of all reports, statements,
certifications, schedules, or other similar items delivered to or by the Company or AFS SenSub pursuant to the terms of the Transaction Documents and, promptly upon request, such other data as Assured Guaranty may reasonably request; provided,
however, that neither the Company nor AFS SenSub shall be required to deliver any such items if provision by some other party to Assured Guaranty is required under the Transaction Documents unless such other party wrongfully fails to deliver such
item. The Company and AFS SenSub shall, upon the request of Assured Guaranty, permit Assured Guaranty or its authorized agents (A) to inspect its books and records as they may relate to the Securities, the Receivables, the Certificate, the
obligations of AFS SenSub and the Company under the Transaction Documents, the Transaction and, but only following the occurrence of a Special Event, AFS SenSub’s business; (B) to discuss the affairs, finances and accounts of AFS SenSub
and the Company with an officer of each upon Assured Guaranty’s reasonable request; and (C) upon the occurrence of a Special Event, to discuss the affairs, finances and accounts of AFS SenSub and the Company with its independent
accountants, provided that an officer of such Person shall have the right to be present during such discussions. Such inspections and discussions shall be conducted during normal business hours and shall not unreasonably disrupt the business of such
Person. The fees and expenses of Assured Guaranty or any such authorized agents shall be for the account of AmeriCredit. 

(ii) The Company shall provide or cause to be provided to Assured Guaranty an executed original copy of each document
executed in connection with the transaction within 30 days after the date of closing. 
 (c) Notice of Material Events.
The Company and AFS SenSub shall promptly inform Assured Guaranty in writing of the occurrence of any of the following: 

(i) the submission of any claim or the initiation of any legal process, litigation or administrative or judicial
investigation (A) against the Company or AFS SenSub pertaining to the Receivables in general, (B) with respect to a material portion of the Receivables, or (C) in which a request has been made for certification as a class action (or
equivalent relief) that would involve a material portion of the Receivables; 
  

 18 

 (ii) any change in the location of the principal office of either of the
Company or AFS SenSub or any change in the location of the books and records of the Company or AFS SenSub; 

(iii) the occurrence of any Default or Special Event; or 

(iv) any other event, circumstance or condition that has resulted, or which the Company or AFS SenSub, as the case may
be, reasonably believes might result, in a Material Adverse Change in respect of the Company or AFS SenSub. 
 (d) Further
Assurances. Each of AFS SenSub and the Company will file all necessary financing statements, assignments or other instruments, and any amendments or continuation statements relating thereto, necessary to be kept and filed in such manner and in
such places as may be required by law to preserve and protect fully the Lien on and security interest in, and all rights of the Trust Collateral Agent, for the benefit of the Trust Collateral Agent (for Assured Guaranty), with respect to the
Receivables, the Collection Account and the Spread Account. In addition, each of AFS SenSub and the Company shall, upon the request of Assured Guaranty, from time to time, execute, acknowledge and deliver, or cause to be executed, acknowledged and
delivered, within thirty (30) days of such request, such amendments hereto and such further instruments and take such further action as may be reasonably necessary to effectuate the intention, performance and provisions of the Transaction
Documents or to protect the interest of the Trust, the Owner Trustee, the Indenture Trustee and Assured Guaranty, in the Receivables, the Collection Account and the Spread Account, free and clear of all Liens and Restrictions on Transferability
except as contemplated by the Transaction Documents. In addition, each of AFS SenSub and the Company agrees to cooperate with S&P and Moody’s in connection with any review of the Transaction which may be undertaken by S&P and
Moody’s after the date hereof. 
 (e) Third-Party Beneficiary. Each of AFS SenSub and the Company agrees that
Assured Guaranty shall have all rights of a third-party beneficiary in respect of the Sale and Servicing Agreement and hereby incorporates and restates its representations, warranties and covenants as set forth therein for the benefit of Assured
Guaranty. 
 (f) Existence. AFS SenSub shall maintain its corporate existence and shall at all times continue to be duly
organized under the laws of Nevada and the Company shall maintain its corporate existence and shall at all times continue to be duly organized under the laws of Delaware, and each shall at all times be duly qualified and duly authorized (as
described in Sections 2.7(a), (b) and (c) hereof) and each shall conduct its business in accordance with the terms of its Certificate of Incorporation and its Bylaws (with respect to AFS SenSub) or its Certificate of Incorporation and
Bylaws (with respect to the Company). 
 (g) Disclosure Document. Each Offering Document delivered with respect to the
Securities shall clearly disclose that the Notes Policy is not covered by the property/casualty insurance security fund specified in Article 76 of the New York 

 

 19 

 
Insurance Law. In addition, each Offering Document delivered with respect to the Securities which includes financial statements of Assured Guaranty prepared in accordance with generally accepted
accounting principles (but excluding any Offering Document in which such financial statements are incorporated by reference) shall include the following statement immediately following such financial statements: 

The Maryland Insurance Administration recognizes only statutory accounting practices for determining and reporting the financial condition
and results of operations of an insurance company, for determining its solvency under the Maryland Insurance Code, and for determining whether its financial condition warrants the payment of a dividend to its stockholders. No consideration is given
by the Maryland Insurance Administration to financial statements prepared in accordance with generally accepted accounting principles in making such determinations. 

(h) Special Purpose Entity. 

(i) AFS SenSub shall conduct its business solely in its own name through its duly authorized agents so as not to mislead
others as to the identity of the entity with which those others are concerned, and particularly will use its best efforts to avoid the appearance of conducting business on behalf of any Affiliate thereof or that the assets of AFS SenSub are
available to pay the creditors of the Company, AFS SenSub or AmeriCredit or any Affiliate thereof. Without limiting the generality of the foregoing, all oral and written communications, including, without limitation, letters, invoices, purchase
orders, contracts, statements and loan applications, will be made solely in the name of AFS SenSub. 
 (ii) AFS
SenSub shall maintain corporate records and books of account separate from those of the Company, AFS SenSub, the Trust and AmeriCredit, and the affiliates thereof. 

(iii) AFS SenSub shall obtain proper authorization from its shareholders of all action requiring such authorization, and
copies of each such authorization and the minutes or other written summary of each such meeting shall be delivered to Assured Guaranty within two weeks of such authorization or meeting as the case may be. 

(iv) [Reserved]. 

(v) Although the organizational expenses of AFS SenSub have been paid by AmeriCredit, AFS SenSub shall pay its own
operating expenses and liabilities from its own funds. 
 (vi) The annual financial statements of AFS SenSub
shall disclose the effects of AFS SenSub’s transactions in accordance with generally accepted accounting principles and shall disclose that the assets of AFS SenSub are not available to pay creditors of AmeriCredit, AFS SenSub, the Trust or the
Company or any Affiliate thereof. 
  

 20 

 (vii) The agreements and other instruments of AFS SenSub underlying the
transactions described in this Insurance Agreement and in the other Transaction Documents shall be continuously maintained by AFS SenSub as official records of AFS SenSub, separately identified and held apart from the records of AmeriCredit, the
Trust and the Company and each Affiliate thereof. 
 (viii) AFS SenSub shall maintain an arm’s-length
relationship with AmeriCredit, the Trust and the Company and the affiliates thereof, and will not hold itself out as being liable for the debts of AmeriCredit or the Company or any affiliate thereof. 

(ix) AFS SenSub shall keep its assets and liabilities wholly separate from those of all other entities, including, but not
limited to, the Underwriters, AmeriCredit, the Trust and the Company and each Affiliate of them except, in each case, as contemplated by the Transaction Documents. 

(i) Maintenance of Licenses. Each of AFS SenSub and the Company shall maintain all licenses, permits, charters and registrations
which are material to the performance by it of its obligations under this Insurance Agreement and each other Transaction Document to which it is a party or by which it is bound. 

(j) Release of Liens. To the extent applicable, the Company shall duly file no later than the first Business Day immediately
following the Closing Date, the amendments to, and/or terminations of, UCC financing statements evidencing the Release of Security Interests. 

Section 2.9 Negative Covenants with Respect to AFS SenSub and the Company. Each AmeriCredit Party hereby agrees with respect
to AFS SenSub and with respect to the Company that during the Term of this Agreement, unless Assured Guaranty shall otherwise expressly consent in writing: 

(a) Restrictions on Liens. Neither AFS SenSub nor the Company shall, except as contemplated by the Transaction Documents,
(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, or (ii) file under the Uniform Commercial Code of any jurisdiction any financing statement which names the Company or AFS SenSub as a debtor, or sign any security agreement authorizing any secured party
thereunder to file such financing statement, with respect to the Receivables. 
 (b) Impairment of Rights. Neither AFS
SenSub nor the Company shall take any action, or fail to take any action, if such action or failure to take action may (i) interfere with the enforcement of any rights under the Transaction Documents that are material to the rights, benefits or
obligations of the Indenture Trustee, the Certificateholder, the Noteholders or Assured Guaranty, (ii) result in a Material Adverse 

 

 21 

 
Change in respect of the Receivables, or (iii) impair the ability of the Company or AFS SenSub to perform their respective obligations under the Transaction Documents, including any
consolidation, merger with any Person or any transfer of all or any material amount of the assets of the Company or AFS SenSub to any other Person if such consolidation, merger or transfer would materially impair the net worth of the Company or AFS
SenSub or any successor Person obligated, after such event, to perform such Person’s obligations under the Transaction Documents. 

(c) Waiver, Amendments, Etc. So long as no Insurer Default has occurred and is continuing, neither AFS SenSub nor the Company
shall waive, modify or amend, or consent to any waiver, modification or amendment of, any of the provisions of any of the Transaction Documents; provided however, that if an Insurer Default has occurred and is continuing, neither the Company nor AFS
SenSub will cause or permit to become effective any such waiver, modification, amendment or consent related thereto that would materially and adversely affect the interest of Assured Guaranty. 

(d) Successors. Neither AFS SenSub nor the Company shall terminate or designate, or consent to the termination or designation of,
the Servicer, Backup Servicer, Collateral Agent, the Owner Trustee or any successor thereto without the prior approval of Assured Guaranty. 

(e) Creation of Indebtedness; Guarantees. AFS SenSub shall not create, incur, assume or suffer to exist any indebtedness other
than indebtedness guaranteed or approved in writing by Assured Guaranty other than the Transaction Documents. Without the prior written consent of Assured Guaranty, the Trustee and AFS SenSub shall not assume, guarantee, endorse or otherwise be or
become directly or contingently liable for the obligations of any Person by, among other things, agreeing to purchase any obligation of another Person, agreeing to advance funds to such Person or causing or assisting such Person to maintain any
amount of capital. 
 (f) Subsidiaries. AFS SenSub shall not form, or cause to be formed, any Subsidiaries. 

(g) [Reserved]. 

(h) No Mergers. AFS SenSub shall not consolidate with or merge into any Person or transfer all or any material amount of its
assets to any Person or liquidate or dissolve except as permitted by its certificate of incorporation and as contemplated by the Transaction Documents. 

(i) Other Activities. AFS SenSub shall not: 

(i) sell, pledge, transfer, exchange or otherwise dispose of any of its assets except as permitted under the Transaction
Documents; or 
 (ii) engage in any business or activity other than in connection with the Transaction Documents,
documents entered into with respect to the other AmeriCredit Securitizations and as permitted by its certificate of incorporation. 
  

 22 

 (j) Insolvency. No AmeriCredit Party shall commence with respect to the Company, AFS
SenSub or the Trust, as the case may be, any case, proceeding or other action (A) under any existing or future law of any jurisdiction, domestic or foreign, relating to the bankruptcy, insolvency, reorganization or relief of debtors, seeking to
have an order for relief entered with respect to it, or seeking reorganization, arrangement, adjustment, winding-up, liquidation, dissolution, corporation or other relief with respect to it or (B) seeking appointment of a receiver, trustee,
custodian or other similar official for it or for all or any substantial part of its assets, or make a general assignment for the benefit of its creditors. No AmeriCredit Party shall take any action in furtherance of, or indicating the consent to,
approval of, or acquiescence in any of the acts set forth above. Neither AFS SenSub nor the Company shall admit in writing its inability to pay its debts. 

Section 2.10 Representations and Warranties of AmeriCredit. AmeriCredit represents, warrants and covenants, as of the date
hereof and as of the Date of Issuance, as follows: 
 (a) Due Organization and Qualification. AmeriCredit is a
corporation duly organized, validly existing and in good standing under the laws of the State of Texas, with power and authority to own its properties and conduct its business. AmeriCredit is duly qualified to do business, is in good standing and
has obtained all necessary licenses, permits, charters, registrations and approvals (together, “approvals”) necessary for the conduct of its business as currently conducted and the performance of its obligations under the Transaction
Documents, in each jurisdiction in which the failure to be so qualified or to obtain such approvals would render any Transaction Document unenforceable in any respect or would otherwise have a material adverse effect upon the Transaction.

 (b) Power and Authority. AmeriCredit has all necessary corporate power and authority to conduct its business as
currently conducted, to execute, deliver and perform its obligations under this Insurance Agreement and each other Transaction Document to which it is a party and to carry out the terms of each such Document and has full power and authority to
consummate the Transaction. 
 (c) Due Authorization. The execution, delivery and performance by AmeriCredit of this
Insurance Agreement and each other Transaction Document to which it is a party have been duly authorized by all necessary corporate action and do not require any additional approvals or consents or other action by or any notice to or filing with any
Person, including, without limitation, any governmental entity or the stockholders of such Person. 
 (d)
Noncontravention. Neither the execution nor delivery of this Insurance Agreement and each other Transaction Document to which AmeriCredit is a party, nor the consummation of the Transaction nor the satisfaction of the terms and conditions of
this Insurance Agreement and each other Transaction Document to which AmeriCredit is a party, 
  

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 (i) conflicts with or results, or will conflict with or result, in any
breach or violation of any provision of the Certificate of Incorporation or Bylaws of AmeriCredit or any law, rule, regulation, order, writ, judgment, injunction, decree, determination or award currently in effect having applicability to
AmeriCredit, or any of its properties, including regulations issued by an administrative agency or other governmental authority having supervisory powers over AmeriCredit, 

(ii) constitutes or will constitute a default by AmeriCredit under, or a breach of any provision of, any loan agreement,
mortgage, indenture or other agreement or instrument to which AmeriCredit or any of its Subsidiaries is a party or by which it or any of its or their properties is or may be bound or affected, or 

(iii) results in or requires, or will result in or require, the creation of any Lien upon, or in respect of, any of the
assets of AmeriCredit or any of its Subsidiaries except as otherwise expressly contemplated by the Transaction Documents. 
 (e)
Legal Proceedings. There is no action, proceeding or investigation pending, or to the best knowledge of AmeriCredit after reasonable inquiry, threatened by or before any court, regulatory body, governmental or administrative agency or
arbitrator against or affecting AmeriCredit, or any properties or rights of AmeriCredit which is likely to result in a Material Adverse Change with respect to AmeriCredit, or which might adversely affect the federal or state tax attributes of the
Securities. 
 (f) Valid and Binding Obligations. Each of the Transaction Documents to which AmeriCredit is a party, when
executed and delivered by it, and assuming due authorization, execution and delivery by the other parties thereto, will constitute the legal, valid and binding obligations of AmeriCredit, enforceable in accordance with its terms, except as such
enforceability may be limited by bankruptcy, insolvency, reorganization, moratorium or other similar laws affecting creditors’ rights generally and general equitable principles. The Certificate, when executed, authenticated and delivered in
accordance with the Trust Agreement, will be validly issued and outstanding and entitled to the benefits of the Trust Agreement and will evidence the entire beneficial ownership interest in the Trust. The Notes when executed, authenticated and
delivered in accordance with the Indenture, will be entitled to the benefits of the Indenture and will constitute legal, valid and binding obligations of the Trust, enforceable in accordance with their terms, except as limited by applicable
bankruptcy, insolvency, reorganization, moratorium and similar laws affecting the enforcement of creditors’ rights generally or general equitable principles (whether in a proceeding at law or in equity) and except to the extent that rights to
indemnity and contribution may be limited by public policy. 
 (g) Financial Statements. The Financial Statements of
AmeriCredit, copies of which have been furnished to Assured Guaranty, (i) are, as of the dates and for the periods referred to therein, complete and correct in all material respects, (ii) present fairly the financial condition and results
of operations of AmeriCredit as of the dates and for the periods indicated, and (iii) have been prepared in accordance with generally accepted 

 

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accounting principles consistently applied, except as noted therein (subject as to interim statements to normal year-end adjustments). Since the date of the most recent Financial Statements,
there has been no material adverse change in such financial condition or results of operations. Except as disclosed in the Financial Statements, AmeriCredit is not subject to any contingent liabilities or commitments that, individually or in the
aggregate, have a material possibility of causing a Material Adverse Change in respect of AmeriCredit. 
 (h) ERISA.
AmeriCredit is in compliance with ERISA and has not incurred and does not reasonably expect to incur any liabilities to the PBGC under ERISA in connection with any Plan or Multiemployer Plan. 

(i) Accuracy of Information. None of the Provided Documents contain any statement of a material fact with respect to AmeriCredit
or the Transaction that was untrue or misleading in any material respect when made (except insofar as any such Document was connected to, or superseded by, a subsequent Provided Document). Since the furnishing of the Provided Documents, there has
been no change, or any development or event involving a prospective change known to AmeriCredit that would render any representation or warranty or other statement made by it in any of the Provided Documents untrue or misleading in any material
respect. There is no fact known to AmeriCredit which has a material possibility of causing a Material Adverse Change with respect to it (for purposes of the foregoing representation and warranty, Material Adverse Change shall be determined only with
respect to AmeriCredit, but not any of its Subsidiaries individually) or which has a material possibility of impairing the value or marketability of the Receivables, taken as a whole, or decreasing the possibility that amounts due in respect of the
Receivables will be collected as due. 
 (j) Compliance With Securities Laws. Neither the Trust nor AmeriCredit is
required to be registered as an “investment company” under the Investment Company Act and the Trust is not subject to the information reporting requirements of the Securities Exchange Act. 

(k) Transaction Documents. Each of the representations and warranties of AmeriCredit contained in the Transaction Documents is
true and correct in all material respects and AmeriCredit hereby makes each such representation and warranty made by it to, and for the benefit of, Assured Guaranty as if the same were set forth in full herein. 

(l) No Consents. No consent, license, approval or authorization from, or registration, filing or declaration with, any regulatory
body, administrative agency, or other governmental instrumentality, nor any consent, approval, waiver or notification of any creditor, lessor or other non-governmental person, is required in connection with the execution, delivery and performance by
AmeriCredit of this Insurance Agreement or of any other Transaction Document to which it is a party, except (in each case) such as have been obtained and are in full force and effect. 

(m) Compliance With Law, Etc. No practice, procedure or policy employed or proposed to be employed by AmeriCredit in the conduct
of its business violates any law, regulation, judgment, agreement, order or decree applicable to it which, if enforced, would result in a Material Adverse Change with respect to AmeriCredit. 

 

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 (n) Solvency; Fraudulent Conveyance. AmeriCredit is solvent and will not be rendered
insolvent by the Transaction and, after giving effect to the Transaction, AmeriCredit will not be left with an unreasonably small amount of capital with which to engage in its business. AmeriCredit does not intend to incur, or believe that it has
incurred, debts beyond its ability to pay such debts as they mature. AmeriCredit does not contemplate the commencement of insolvency, bankruptcy, liquidation or consolidation proceedings or the appointment of a receiver, liquidator, conservator,
trustee or similar official in respect of AmeriCredit or any of its assets. AmeriCredit is not entering into the Transaction Documents or consummating the transactions contemplated thereby with any intent to hinder, delay or defraud any of
AmeriCredit’s creditors. 
 (o) Taxes. AmeriCredit has filed all federal and state tax returns which are required to
be filed and paid all taxes, in each case with respect to the includible group of which AmeriCredit is a member, including any assessments received by it, to the extent that such taxes have become due other than taxes that it shall currently be
contesting the validity thereof in good faith by appropriate proceedings and shall have set aside on its books adequate reserves with respect thereto. Any taxes, fees and other governmental charges payable by AmeriCredit in connection with the
Transaction and the execution and delivery of the Transaction Documents have been paid or shall have been paid at or prior to the Date of Issuance. 

(p) [Reserved]. 

(q) Compliance with Anti-Money Laundering Laws. No practice, procedure or policy employed or proposed to be employed by
AmeriCredit in the conduct of its business constitutes a material violation of any anti-money laundering law or regulation (including without limitation, the USA PATRIOT Act, Public Law No. 107-56 (2001), and regulations promulgated thereunder)
applicable to AmeriCredit. 
 Section 2.11 Affirmative Covenants of AmeriCredit. AmeriCredit hereby agrees, during
the Term of this Agreement, unless Assured Guaranty shall otherwise expressly consent in writing, as follows: 
 (a)
Compliance With Agreements and Applicable Laws. AmeriCredit shall perform each of its respective obligations under the Transaction Documents and shall comply with all material requirements of any law, rule or regulation applicable to it or
thereto, or that are required in connection with its performance under any of the Transaction Documents. So long as no Insurer Default has occurred and is continuing, AmeriCredit will not cause or permit to become effective any amendment to or
modification of any of the Transaction Documents to which it is a party unless Assured Guaranty shall have previously approved in writing the form of such amendment or modification; provided however, that if an Insurer Default has occurred and is
continuing, AmeriCredit will not cause or permit to become effective any such amendment or modification that would materially and adversely affect the interest of Assured Guaranty. AmeriCredit shall not take any action or fail to take any action
that would interfere with the enforcement of any rights under the Transaction Documents. 
  

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 (b) Financial Statements; Accountants’ Reports; Other Information. AmeriCredit
shall keep, or cause to be kept, in reasonable detail books and records of account of its assets and business, and shall clearly reflect therein the transfer of the Receivables to the Trust and the sale of the Securities to the Underwriters as a
sale of AFS SenSub’s interest in the Receivables evidenced by the Securities. AmeriCredit shall deliver to Assured Guaranty, simultaneously with the delivery of such documents to the relevant federal or state department or agency copies of
all Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, and periodic reports on Form 8-K (upon request) required to be filed by AmeriCredit with the Commission. AmeriCredit shall also furnish or cause to be furnished to Assured Guaranty:

 (i) Annual Financial Statements. As soon as available, and in any event within 120 days after the close
of each fiscal year of AmeriCredit, the audited balance sheets of AmeriCredit as of the end of such fiscal year and the audited statements of income, shareholders’ equity and cash flows of AmeriCredit for such fiscal year, all in reasonable
detail and stating in comparative form the respective figures for the corresponding date and period in the preceding fiscal year, prepared in accordance with generally accepted accounting principles, consistently applied, and accompanied by the
certificate of independent accountants (which shall be a nationally recognized firm or otherwise acceptable to Assured Guaranty) for AmeriCredit and by the certificate specified in Section 2.11(c) hereof. 

(ii) Quarterly Financial Statements. As soon as available, and in any event within 45 days after the close of the
first three quarters of each fiscal year of AmeriCredit, the unaudited balance sheets of AmeriCredit as of the end of each such quarter and the unaudited statements of income and cash flows of AmeriCredit for the portion of the fiscal year then
ended, all in reasonable detail and stating in comparative form the respective figures for the corresponding date and period in the preceding fiscal year, prepared in accordance with generally accepted accounting principles, consistently applied
(subject to normal year-end adjustments), and accompanied by the certificate specified in Section 2.11(c) hereof if such certificate is required to be provided pursuant to such Section. 

(iii) Accountants’ Reports. If a Special Event has occurred, upon the request of Assured Guaranty, the balance
sheets of AmeriCredit as of the end of AmeriCredit’s most recent fiscal year (and the most recent fiscal half) and the statements of income, shareholders’ equity and cash flows of AmeriCredit for such fiscal year (and for such half), all
in reasonable detail and stating in comparative form the respective figures for the corresponding date and period in the preceding fiscal year, prepared in accordance with generally accepted accounting principles, consistently applied, and, in the
case of financial statements as of the end of a fiscal year, audited and accompanied by the certificate of independent accountants (which shall be a nationally recognized firm or otherwise acceptable to Assured Guaranty) for AmeriCredit. 

 

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 (iv) Other Information. Promptly upon receipt thereof, copies of all
reports, statements, certifications, schedules, or other similar items delivered to or by AmeriCredit pursuant to the terms of the Transaction Documents and, promptly upon request, such other data as Assured Guaranty may reasonably request;
provided, however, that AmeriCredit shall not be required to deliver any such items if provision by some other party to Assured Guaranty is required under the Transaction Documents unless such other party wrongfully fails to deliver such item.
AmeriCredit shall, upon the request of Assured Guaranty, permit Assured Guaranty or its authorized agents to inspect its books and records as they may relate to the Securities, the Receivables, the obligations of AmeriCredit under the Transaction
Documents or the Transaction. Such inspections and discussions shall be conducted during normal business hours and shall not unreasonably disrupt the business of AmeriCredit. The fees and expenses of Assured Guaranty or any such authorized agents
shall be for the account of AmeriCredit. In addition, AmeriCredit shall promptly (but in no case more than 30 days following issuance or receipt by a Commonly Controlled Entity) provide to Assured Guaranty a copy of all correspondence between a
Commonly Controlled Entity and the PBGC, IRS, Department of Labor or the administrators of a Multiemployer Plan relating to any Reportable Event or the underfunded status, termination or possible termination of a Plan or a Multiemployer Plan. The
books and records of AmeriCredit will be maintained at the address for it designated herein for receipt of notices, unless it shall otherwise advise the parties hereto in writing. 

(v) AmeriCredit shall provide, or cause to be provided, to Assured Guaranty an executed original copy of each document
executed in connection with the Transaction within 30 days after the date of closing. 
 (c) Compliance Certificate.
AmeriCredit shall deliver to Assured Guaranty concurrently with the delivery of the financial statements required pursuant to Section 2.11(b)(i) hereof (and concurrently with the delivery of the financial statements required pursuant to
Section 2.11(b)(ii) hereof, if a Special Event has occurred), a certificate signed by an officer of AmeriCredit stating that the attached financial reports submitted in accordance with Section 2.11(b)(i) or (ii) hereof, as applicable,
are complete and correct in all material respects and present fairly the financial condition and results of operations of AmeriCredit as of the dates and for the periods indicated, in accordance with generally accepted accounting principles
consistently applied (subject as to interim statements to normal year-end adjustments). 
 (d) Notice of Material Events.
AmeriCredit shall promptly inform Assured Guaranty in writing of the occurrence of any of the following: 
 (i)
the submission of any claim or the initiation of any legal process, litigation or administrative or judicial investigation (A) against AmeriCredit 

 

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pertaining to the Receivables in general, (B) with respect to a material portion of the Receivables, or (C) in which a request has been made for certification as a class action (or
equivalent relief) that would involve a material portion of the Receivables; 
 (ii) any change in the location
of AmeriCredit’s principal office or any change in the location of the books and records of AmeriCredit; 

(iii) the occurrence of any Default or Special Event; or 

(iv) any other event, circumstance or condition that has resulted, or which AmeriCredit reasonably believes is likely to
result, in a Material Adverse Change in respect of AmeriCredit (for purposes of the foregoing representation and warranty, Material Adverse Change shall be determined only with respect to AmeriCredit, but not any of its Subsidiaries individually).

 (e) Further Assurances. AmeriCredit shall, upon the request of Assured Guaranty, from time to time, execute,
acknowledge and deliver, or cause to be executed, acknowledged and delivered, within thirty (30) days of such request, such amendments hereto and such further instruments and take such further action as may be reasonably necessary to effectuate
the intention, performance and provisions of the Transaction Documents. In addition, AmeriCredit agrees to cooperate with S&P and Moody’s in connection with any review of the Transaction which may be undertaken by S&P and Moody’s
after the date hereof. 
 (f) Corporate Existence. AmeriCredit shall maintain its corporate existence and shall at all
times continue to be duly organized under the laws of the State of Texas and duly qualified and duly authorized (as described in Sections 2.10(a), (b) and (c) hereof) and shall conduct its business in accordance with the terms of its
Certificate of Incorporation and Bylaws. 
 (g) Maintenance of Licenses. AmeriCredit shall maintain all licenses,
permits, charters and registrations which are material to the performance by it of its obligations under this Insurance Agreement and each other Transaction Document to which is a party or by which it is bound. 

(h) Notice of Merger or Consolidation of Trust. AmeriCredit (i) shall promptly inform Assured Guaranty in writing of the
occurrence of (a) the Trust consolidating or merging with or into any other Person or (b) the Trust conveying or transferring all or substantially all of its properties or assets, including those included in the Trust Estate, to any
Person, as set forth in Section 3.10 of the Indenture; and (ii) shall obtain the necessary consents of Assured Guaranty to effect such actions. 

(i) For so long as AmeriCredit has any securitization transactions (including warehouse facilities) outstanding as to which Assured
Guaranty has provided credit enhancements and any of the securitized receivables remain on AmeriCredit’s consolidated balance sheet, AmeriCredit shall include disclosure with respect to such on-balance sheet securitizations, in (i) any
financial statement provided to a creditor of 
  

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AmeriCredit and (ii) all financial statements included as part of its Form 10-Qs and Form 10-Ks subsequently filed by AmeriCredit with the Commission, in a form substantially as follows:
“AmeriCredit structures its securitization transactions and its warehouse facilities as secured financings that do not meet the accounting criteria for sale of finance receivables. Accordingly, following a securitization or the pledging of
receivables to a warehouse facility, the finance receivables are transferred to special purpose finance subsidiaries of the AmeriCredit and the related securitization notes payable or warehouse credit, issued by special purpose finance subsidiaries,
remain on the consolidated balance sheet. While these subsidiaries are included in AmeriCredit’s consolidated financial statements, these subsidiaries are separate legal entities and the finance receivables and other assets held by them are
legally owned by these subsidiaries, are available to satisfy the related securitization notes payable or the warehouse credit issued and are not available to creditors of AmeriCredit or its other subsidiaries.” 

Section 2.12 Negative Covenants of AmeriCredit. AmeriCredit hereby agrees, during the Term of this Agreement, unless Assured
Guaranty shall otherwise expressly consent in writing, as follows: 
 (a) Impairment of Rights. AmeriCredit shall not
take any action, or fail to take any action, if such action or failure to take action may (i) interfere with the enforcement of any rights under the Transaction Documents that are material to the rights, benefits or obligations of the Trustee,
the Certificateholder or Assured Guaranty, (ii) result in a Material Adverse Change in respect of the Receivables or (iii) impair the ability of AmeriCredit to perform its respective obligations under the Transaction Documents, including
any consolidation, merger with any Person or any transfer of all or any material amount of the assets of AmeriCredit to any other Person if such consolidation, merger or transfer would materially impair the net worth of AmeriCredit or any successor
Person obligated, after such event, to perform such Person’s obligations under the Transaction Documents. 
 (b) Waiver,
Amendments, Etc. So long as no Insurer Default has occurred and is continuing, AmeriCredit shall not waive, modify or amend, or consent to any waiver, modification or amendment of, any of the provisions of any of the Transaction Documents;
provided however, that if an Insurer Default has occurred and is continuing, AmeriCredit will not cause or permit to become effective any such waiver, modification, amendment or consent related thereto that would materially and adversely affect the
interest of Assured Guaranty. 
 (c) Insolvency. AmeriCredit shall not commence with respect to the Company, AFS SenSub
or the Trust, any case, proceeding or other action (i) under any existing or future law of any jurisdiction, domestic or foreign, relating to the bankruptcy, insolvency, reorganization or relief of debtors, seeking to have an order for relief
entered with respect to any of the Company, the Trust or AFS SenSub, as the case may be, or seeking reorganization, arrangement, adjustment, winding-up, liquidation, dissolution, corporation or other relief with respect to any of the Company, the
Trust or AFS SenSub, as the case may be, or (ii) seeking appointment of a receiver, trustee, custodian or other similar official for any of the Company, the Trust or AFS SenSub, as the case may be, or

  

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for all or any substantial part of their respective assets, or make a general assignment for the benefit of their respective creditors. AmeriCredit shall not take any action in furtherance of, or
indicating the consent to, approval of, or acquiescence in any of the acts set forth above. 
 (d) Compliance with Anti-Money
Laundering Laws. AmeriCredit will not employ any practice, procedure or policy in the conduct of its business that would constitutes a material violation of any anti-money laundering law or regulation (including without limitation, the USA
PATRIOT Act, Public Law No. 107-56 (2001), and regulations promulgated thereunder) applicable to AmeriCredit. 

Section 2.13 Assured Guaranty Regulation AB Representation and Warranty. Assured Guaranty represents and warrants that the
financial statements of Assured Guaranty attached to the Current Report on Form 8-K filed by AGL on August 6, 2010 and incorporated by reference into the Prospectus Supplement meet the requirements of Item 1114(b)(2)(ii) of Regulation AB.

 Section 2.14 Assured Guaranty No Rating Agency Communication Representation and Warranty. Assured Guaranty
represents and warrants that Assured Guaranty did not at any time before or on the Closing Date provide to any “nationally recognized statistical rating organization” (within the meaning of the Exchange Act) any information, written or
oral, related to the Trust, the Notes, the Receivables, the transaction contemplated by this Insurance Agreement or the other Basic Documents, or any other information that could be reasonably determined to be relevant to (a) determining an
initial credit rating for the Notes (as contemplated by Rule 17g-5(a)(3)(iii)(C) under the Exchange Act) or (b) undertaking credit rating surveillance for the Notes (as contemplated by Rule 17g-5(a)(3)(iii)(D) under the Exchange Act).

 ARTICLE III 

THE NOTES POLICY; REIMBURSEMENT; INDEMNIFICATION 

Section 3.1 Issuance of the Notes Policy. Assured Guaranty agrees to issue the Notes Policy subject to satisfaction of the
conditions precedent set forth in Appendix A hereto. 
 Section 3.2 Payment of Fees and Premium. 

(a) [Reserved]. 

(b) Legal Fees. On the Date of Issuance, AmeriCredit shall pay or cause to be paid legal fees and disbursements incurred by
Assured Guaranty in connection with the issuance of the Notes Policy up to an amount equal to $75,000, unless otherwise agreed between AmeriCredit and Assured Guaranty. 

(c) Rating Agency Fees. The initial fees of S&P and Moody’s with respect to the Securities and the transactions
contemplated hereby shall be paid by AmeriCredit in full on the Date of Issuance, or otherwise provided for to the satisfaction of Assured 

 

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Guaranty. All periodic and subsequent fees of S&P or Moody’s with respect to, and directly allocable to, the Securities shall be for the account of, and shall be billed to, AmeriCredit.
The fees for any other rating agency shall be paid by the party requesting such other agency’s rating, unless such other agency is a substitute for S&P or Moody’s in the event that S&P or Moody’s is no longer rating the
Securities, in which case the cost for such substitute agency shall be paid by AmeriCredit. 
 (d) Auditors’ Fees.
In the event that Assured Guaranty’s auditors are required to provide information or any consent in connection with the Offering Document prepared prior to the Date of Issuance, fees therefor not exceeding $6,000.00 shall be paid by
AmeriCredit. AmeriCredit shall pay on demand any additional fees of Assured Guaranty’s auditors payable in respect of any Offering Document that are incurred after the Date of Issuance. It is understood that Assured Guaranty’s auditors
shall not incur any additional fees in respect of future Offering Documents except at the request of or with the consent of AmeriCredit. 

(e) Premium. In consideration of the issuance by Assured Guaranty of the Notes Policy, Assured Guaranty shall be entitled to
receive the Premium as and when due in accordance with the terms of the Premium Letter first (i) in accordance with the provisions of Section 5.7(a) of the Sale and Servicing Agreement and (ii) to the extent such amounts are
insufficient, directly from AmeriCredit. The Premium paid under the Sale and Servicing Agreement shall be nonrefundable without regard to whether Assured Guaranty makes any payment under the Notes Policy or any other circumstances relating to the
Securities or provision being made for payment of the Securities prior to maturity. 
 Section 3.3 Reimbursement and
Additional Payment Obligation. Each AmeriCredit Party and the Trust, jointly and severally, agrees to pay to Assured Guaranty the following amounts as and when incurred: 

(a) a sum equal to the total of all amounts paid by Assured Guaranty under the Notes Policy; 

(b) any and all out-of-pocket charges, fees, costs and expenses that Assured Guaranty or its affiliates may reasonably pay or incur,
including, but not limited to, attorneys’ and accountants’ fees and expenses, in connection with (i) in the event of payments under the Notes Policy, any accounts established to facilitate payments under the Notes Policy, to the
extent Assured Guaranty has not been immediately reimbursed on the date that any amount is paid by Assured Guaranty under the Notes Policy, or other administrative expenses relating to such payments under the Notes Policy, (ii) the prepayment
of any borrowings made or implementation or cancellation of any financial contracts for limiting interest rate risk (including, without limitation, any interest rate swaps and hedges) entered into in connection with, or (following an Event of
Default) in anticipation of, funding payments under the Notes Policy, (iii) the enforcement, defense or preservation of any rights in respect of any of the Transaction Documents, including defending, monitoring or participating in any
litigation or proceeding (including any insolvency or bankruptcy proceeding in respect of any Transaction participant or any affiliate thereof) relating to any of the Transaction Documents, any party to any of the

  

 32 

 
Transaction Documents or the Transaction, (iv) any amendment, waiver or other action with respect to, or related to, any Transaction Document whether or not executed or completed, or
(v) any review or investigation made by Assured Guaranty in those circumstances where its approval or consent is sought under any of the Transaction Documents; costs and expenses shall include the reasonable fees and expenses charged by
Transaction Services Corporation, an affiliate of Assured Guaranty, spent in connection with the actions described in clause (iii) above; 

(c) interest on any and all amounts described in Section 3.3(a) or Section 3.2(b), or in connection with any Insurer Optional
Deposit by Assured Guaranty, from the date due to Assured Guaranty pursuant to the provisions hereof until payment thereof in full, payable to Assured Guaranty at the Late Payment Rate per annum; and 

(d) any payments made by Assured Guaranty on behalf of, or advanced to, the Company, in its capacity as Servicer, or the Trustee,
including, without limitation, any amounts payable by the Company, in its capacity as Servicer, or the Trustee pursuant to the Securities or any other Transaction Documents; and any payments made by Assured Guaranty as, or in lieu of, any servicing,
management, trustee, custodial or administrative fees payable, in the sole discretion of Assured Guaranty to third parties in connection with the Transaction. 

All such amounts under this Section 3.3 are to be immediately due and payable without demand, in full, without any requirement on the part of
Assured Guaranty to seek reimbursement of such amounts from any other source of reimbursement or indemnity or to allocate such amount to any other transaction that may have benefited from the expenditure of such amounts. 

Section 3.4 Certain Obligations Not Recourse to AmeriCredit Parties. Notwithstanding any provision of Section 3.3 or
Section 3.5 to the contrary, the payment obligations provided in Section 3.3(a), 3.3(b)(ii) and 3.3(d) (to the extent of advances to the Trustee in respect of payments on the Securities), and any interest on the foregoing in accordance
with Section 3.3(c), and the indemnification obligation provided in Section 3.5(a)(ii)(B) shall not be recourse to any AmeriCredit Party, but shall be payable in the manner and in accordance with priorities provided in the Sale and
Servicing Agreement in each case, to the extent that such payment obligations do not arise from any failure or default in performance by an AmeriCredit Party of any of its obligations under the Transaction Documents. 

Section 3.5 Indemnification. 

(a) Indemnification by AmeriCredit. In addition to any and all rights of reimbursement, indemnification, subrogation and any other
rights pursuant hereto or under law or in equity, each AmeriCredit Party agrees to pay, and to protect, indemnify and save harmless, Assured Guaranty and its officers, directors, shareholders, employees, agents and each Person, if any, who controls
Assured Guaranty within the meaning of either Section 15 of the Securities Act or Section 20 of the Securities Exchange Act, from and against any and all claims, losses, liabilities (including penalties), actions, suits,

  

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judgments, demands, damages, costs or expenses (including, without limitation, fees and expenses of attorneys, consultants and auditors and reasonable costs of investigations) of any nature
arising out of or relating to the transactions contemplated by the Transaction Documents by reason of: 
 (i) the
negligence, bad faith, willful misconduct, misfeasance, malfeasance or theft committed by any director, officer, employee or agent of the Trust, AmeriCredit, the Company or AFS SenSub, as the case may be; 

(ii) (A) the breach by the Trust, AmeriCredit, the Company or AFS SenSub, as the case may be, of any representation,
warranty or covenant under any of the Transaction Documents or (B) the occurrence, in respect of the Trust, AmeriCredit, the Company or AFS SenSub, as the case may be, under any of the Transaction Documents of any “event of default”
or any event which, with the giving of notice or the lapse of time or both, would constitute any “event of default”; or 

(iii) any untrue statement or alleged untrue statement of a material fact contained in any Offering Document or any
omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein not misleading, except insofar as such claims arise out of or are based upon any untrue statement or omission in
information included in an Offering Document and furnished by Assured Guaranty in writing expressly for use therein (all such information so furnished being referred to herein as “Assured Guaranty Information”), it being understood that,
in respect of the initial Offering Document, the Assured Guaranty Information is limited to the information included under the caption “The Insurer” and the financial statements of Assured Guaranty incorporated therein by reference or
appended thereto. 
 (b) Conduct of Actions or Proceedings. If any action or proceeding (including any governmental
investigation) shall be brought or asserted against Assured Guaranty, any officer, director, shareholder, employee or agent of Assured Guaranty or any Person controlling Assured Guaranty (individually, an “Indemnified Party” and,
collectively, the “Indemnified Parties”) in respect of which indemnity may be sought from an AmeriCredit Party (the “Indemnifying Party”) hereunder, Assured Guaranty shall promptly notify the Indemnifying Party in writing, and
the Indemnifying Party shall assume the defense thereof, including the employment of counsel satisfactory to Assured Guaranty and the payment of all expenses. An Indemnified Party shall have the right to employ separate counsel in any such action
and to participate in the defense thereof at the expense of the Indemnified Party; provided, however, that the fees and expenses of such separate counsel shall be at the expense of the Indemnifying Party if (i) the Indemnifying Party has agreed
to pay such fees and expenses, (ii) the Indemnifying Party shall have failed to assume the defense of such action or proceeding and employ counsel satisfactory to Assured Guaranty in any such action or proceeding or (iii) the named parties
to any such action or proceeding (including any impleaded parties) include both the Indemnified Party and the Indemnifying Party, and the Indemnified Party shall have been advised by counsel that (A) there may be one or more legal defenses
available to it 
  

 34 

 
which are different from or additional to those available to the Indemnifying Party and (B) the representation of the Indemnifying Party and the Indemnified Party by the same counsel would
be inappropriate or contrary to prudent practice (in which case, if the Indemnified Party notifies the Indemnifying Party in writing that it elects to employ separate counsel at the expense of the Indemnifying Party, the Indemnifying Party shall not
have the right to assume the defense of such action or proceeding on behalf of such Indemnified Party, it being understood, however, that the Indemnifying Party shall not, in connection with any one such action or proceeding or separate but
substantially similar or related actions or proceedings in the same jurisdiction arising out of the same general allegations or circumstances, be liable for the reasonable fees and expenses of more than one separate firm of attorneys at any time for
the Indemnified Parties, which firm shall be designated in writing by Assured Guaranty). The Indemnifying Party shall not be liable for any settlement of any such action or proceeding effected without its written consent to the extent that any such
settlement shall be prejudicial to the Indemnifying Party, but, if settled with its written consent, or if there be a final judgment for the plaintiff in any such action or proceeding with respect to which the Indemnifying Party shall have received
notice in accordance with this subsection (b), the Indemnifying Party agrees to indemnify and hold the Indemnified Parties harmless from and against any loss or liability by reason of such settlement or judgment. 

(c) Contribution. To provide for just and equitable contribution if the indemnification provided by the Indemnifying Party is
determined to be unavailable for any Indemnified Party (other than due to application of this Section), the Indemnifying Party shall contribute to the losses incurred by the Indemnified Party on the basis of the relative fault of the Indemnifying
Party, on the one hand, and the Indemnified Party, on the other hand. 
 Section 3.6 Subrogation. Subject only to
the priority of payment provisions of the Sale and Servicing Agreement, each of the Trust, AmeriCredit, the Company and AFS SenSub acknowledges that, to the extent of any payment made by Assured Guaranty pursuant to the Notes Policy, Assured
Guaranty is to be fully subrogated to the extent of such payment and any additional interest due on any late payment, to the rights of the Noteholders to any moneys paid or payable in respect of the Notes, under the Transaction Documents or
otherwise. Each of the Trust, AmeriCredit, the Company and AFS SenSub agrees to such subrogation and, further, agrees to execute such instruments and to take such actions as, in the sole judgment of Assured Guaranty, are necessary to evidence such
subrogation and to perfect the rights of Assured Guaranty to receive any moneys paid or payable in respect of the Securities under the Transaction Documents or otherwise. 

ARTICLE IV 

FURTHER AGREEMENTS 

Section 4.1 Effective Date; Term of Agreement. This Insurance Agreement shall take effect on the Date of Issuance and shall
remain in effect until the later of (a) such time as Assured Guaranty is no longer subject to a claim under any Notes Policy shall have been surrendered to Assured Guaranty for cancellation and (b) all amounts

  

 35 

 
payable to Assured Guaranty and the Certificateholder under the Transaction Documents and under the Securities have been paid in full; provided, however, that the provisions of Sections 3.2, 3.3
and 3.5 hereof shall survive any termination of this Insurance Agreement. 
 Section 4.2 Obligations Absolute.

 (a) The payment obligations of AmeriCredit hereunder shall be absolute and unconditional, and shall be paid strictly in
accordance with this Insurance Agreement under all circumstances irrespective of (i) any lack of validity or enforceability of, or any amendment or other modifications of, or waiver with respect to, any of the Transaction Documents, the
Securities or the Notes Policy; (ii) any exchange or release of any other obligations hereunder; (iii) the existence of any claim, setoff, defense, reduction, abatement or other right which any of the Trust, AmeriCredit, the Company or AFS
SenSub may have at any time against Assured Guaranty or any other Person; (iv) any document presented in connection with the Notes Policy proving to be forged, fraudulent, invalid or insufficient in any respect, including any failure to
strictly comply with the terms of the Notes Policy, or any statement therein being untrue or inaccurate in any respect; (v) any failure of AFS SenSub to receive the proceeds from the sale of the Securities; (vii) any breach by the Trust,
AmeriCredit, the Company or AFS SenSub of any representation, warranty or covenant contained in any of the Transaction Documents; or (viii) any other circumstances, other than payment in full, which might otherwise constitute a defense
available to, or discharge of, the Trust, AmeriCredit, the Company or AFS SenSub in respect of any Transaction Document. 
 (b)
Each of the Trust, AmeriCredit, the Company and AFS SenSub and any and all others who are now or may become liable for all or part of the obligations of AmeriCredit, the Company and AFS SenSub under this Insurance Agreement agrees to be bound by
this Insurance Agreement and (i) to the extent permitted by law, waives and renounces any and all redemption and exemption rights and the benefit of all valuation and appraisement privileges against the indebtedness, if any, and obligations
evidenced by any Transaction Document or by any extension or renewal thereof; (ii) waives presentment and demand for payment, notices of nonpayment and of dishonor, protest of dishonor and notice of protest; (iii) waives all notices in
connection with the delivery and acceptance hereof and all other notices in connection with the performance, default or enforcement of any payment hereunder except as required by the Transaction Documents; (iv) waives all rights of abatement,
diminution, postponement or deduction, or to any defense other than payment, or to any right of setoff or recoupment arising out of any breach under any of the Transaction Documents, by any party thereto or any beneficiary thereof, or out of any
obligation at any time owing to AmeriCredit, the Company or AFS SenSub; (v) agrees that any consent, waiver or forbearance hereunder with respect to an event shall operate only for such event and not for any subsequent event; (vi) consents
to any and all extensions of time that may be granted by Assured Guaranty with respect to any payment hereunder or other provisions hereof and to the release of any security at any time given for any payment hereunder, or any part thereof, with or
without substitution, and to the release of any Person or entity liable for any such payment; and (vii) consents to the addition of any and all other makers, endorsers, 

 

 36 

 
guarantors and other obligors for any payment hereunder, and to the acceptance of any and all other security for any payment hereunder, and agrees that the addition of any such obligors or
security shall not affect the liability of the parties hereto for any payment hereunder. 
 (c) Nothing herein shall be
construed as prohibiting the Trust, AmeriCredit, the Company or AFS SenSub from pursuing any rights or remedies it may have against any Person other than Assured Guaranty in a separate legal proceeding. 

Section 4.3 Assignments; Reinsurance; Third-Party Rights. 

(a) This Insurance Agreement shall be a continuing obligation of the parties hereto and shall be binding upon and inure to the benefit of
the parties hereto and their respective successors and permitted assigns. None of the Trust, AmeriCredit, the Company or AFS SenSub may assign its rights under this Insurance Agreement, or delegate any of its duties hereunder, without the prior
written consent of Assured Guaranty. Any assignment made in violation of this Insurance Agreement shall be null and void. 
 (b)
Assured Guaranty shall have the right to give participations in its rights under this Insurance Agreement and to enter into contracts of reinsurance with respect to the Notes Policy upon such terms and conditions as Assured Guaranty may in its
discretion determine; provided, however, that no such participation or reinsurance agreement or arrangement shall relieve Assured Guaranty of any of its obligations hereunder or under the Notes Policy. 

(c) In addition, Assured Guaranty shall be entitled to assign or pledge to any bank or other lender providing liquidity or credit with
respect to the Transaction or the obligations of Assured Guaranty in connection therewith any rights of Assured Guaranty under the Transaction Documents or with respect to any real or personal property or other interests pledged to Assured Guaranty,
or in which Assured Guaranty has a security interest, in connection with the Transaction. 
 (d) Except as provided herein with
respect to participants and reinsurers, nothing in this Insurance Agreement shall confer any right, remedy or claim, express or implied, upon any Person, including, particularly, any Noteholder or the Certificateholder, other than Assured Guaranty,
against the Trust, AmeriCredit, the Company or AFS SenSub, and all the terms, covenants, conditions, promises and agreements contained herein shall be for the sole and exclusive benefit of the parties hereto and their successors and permitted
assigns. None of the Indenture Trustee, the Owner Trustee nor any Noteholder or the Certificateholder shall have any right to payment from any premiums paid or payable hereunder or from any other amounts paid by AmeriCredit pursuant to
Section 3.2, 3.3 or 3.5 hereof. 
 Section 4.4 Liability of Assured Guaranty. Neither Assured Guaranty nor any
of its officers, directors or employees shall be liable or responsible for: (a) the use which may be made of the Notes Policy by the Indenture Trustee or the Owner Trustee or for 

 

 37 

 
any acts or omissions of the Indenture Trustee or the Owner Trustee in connection therewith or (b) the validity, sufficiency, accuracy or genuineness of documents delivered to Assured
Guaranty (or its Fiscal Agent) in connection with any claim under the Notes Policy, or of any signatures thereon, even if such documents or signatures should in fact prove to be in any or all respects invalid, insufficient, fraudulent or forged
(unless Assured Guaranty had actual knowledge thereof). In furtherance and not in limitation of the foregoing, Assured Guaranty (or its Fiscal Agent) may accept documents that appear on their face to be in order, without responsibility for further
investigation. 
 ARTICLE V 

EVENTS OF DEFAULT; REMEDIES 

Section 5.1 Events of Default. The occurrence of any of the following events shall constitute an Event of Default hereunder:

 (a) a demand for payment shall be made under the Notes Policy; 

(b) any representation, warranty or covenant made by any of the Trust, AmeriCredit, the Company or AFS SenSub under any of the
Transaction Documents, or in any certificate or report furnished under any of the Transaction Documents, shall prove to be untrue or incorrect in any material respect; provided, however, that if the Trust, AmeriCredit, the Company or AFS SenSub, as
the case may be, effectively cures any such defect in any representation or warranty under any Transaction Document, or certificate or report furnished under any Transaction Document, within the time period specified in the relevant Transaction
Document as the cure period therefor, such defect shall not in and of itself constitute an Event of Default hereunder; 
 (c)
(i) any of the Trust, AmeriCredit, the Company or AFS SenSub shall fail to pay when due any amount payable under any of the Transaction Documents unless such amounts are paid in full within any applicable cure period explicitly provided for
under the relevant Transaction Document; (ii) the Trust, AmeriCredit, the Company or AFS SenSub shall have asserted that any of the Transaction Documents to which it is a party is not valid and binding on the parties thereto; or (iii) any
court, governmental authority or agency having jurisdiction over any of the parties to any of the Transaction Documents or any property thereof shall find or rule that any material provision of any of the Transaction Documents is not valid and
binding on the parties thereto; 
 (d) any of the Trust, AmeriCredit, the Company or AFS SenSub shall fail to perform or observe
any other covenant or agreement contained in any of the Transaction Documents (except for the obligations described under clause (c)(i) above or clause (m) below) and such failure shall continue for a period of 30 days after written notice
given to the Trust or AFS SenSub by Assured Guaranty (which notice shall be forwarded to AmeriCredit and the Company by the Trust or AFS SenSub, provided however, that, such forwarding shall not be a condition to the occurrence of an Event of
Default under this Section 5.1(d)), as the case may be; provided, however, that, if such failure shall be of a nature that it cannot be cured within 30 days, such failure shall not constitute an Event of

  

 38 

 
Default hereunder if within such 30-day period the Trust or AFS SenSub, as the case may be, shall have given notice to Assured Guaranty of corrective action it proposes to take, which corrective
action is agreed in writing by Assured Guaranty to be satisfactory and the Trust or AFS SenSub, as the case may be, shall thereafter pursue such corrective action diligently until such default is cured; 

(e) any of the Trust, AmeriCredit, the Company or AFS SenSub shall fail to pay its debts generally as they come due, or shall admit in
writing its inability to pay its debts generally, or shall make a general assignment for the benefit of creditors, or shall institute any proceeding seeking to adjudicate it insolvent or seeking a liquidation, or shall take advantage of any
insolvency act, or shall commence a case or other proceeding naming it as debtor under the United States Bankruptcy Code or similar law, domestic or foreign, or a case or other proceeding shall be commenced against any of the Trust, AmeriCredit, the
Company or AFS SenSub under the United States Bankruptcy Code or similar law, domestic or foreign, or any proceeding shall be instituted against any of the Trust, AmeriCredit, the Company or AFS SenSub seeking liquidation of their respective assets
and such Person shall fail to take appropriate action resulting in the withdrawal or dismissal of such proceeding within 30 days or there shall be appointed or any of the Trust, AmeriCredit, the Company or AFS SenSub shall consent to, or acquiesce
in, the appointment of a receiver, liquidator, conservator, trustee or similar official in respect of such Person or the whole or any substantial part of its respective properties or assets or such Person shall take any corporate action in
furtherance of any of the foregoing; 
 (f) on any Insured Distribution Date, after taking into account the application in
accordance with Section 5.7(a) of the Sale and Servicing Agreement on the related Distribution Date of the sum of Available Funds, any Deficiency Claim Amount Deposits and any Accelerated Payment Amount Shortfall Deposits with respect to such
related Distribution Date and the amounts available in the Series 2010-B Spread Account (prior to withdrawals therefrom in accordance with the terms of the Spread Account Agreement), any amounts payable on such related Distribution Date pursuant to
clauses (i), (ii), (iii) or (v) of Section 5.7(a) of the Sale and Servicing Agreement have not been paid in full; 

(g) as of (A) any May-October Determination Date, the arithmetic average of the Delinquency Ratio for such Determination Date and
the two immediately preceding Determination Dates is equal to or greater than 6.00%; provided, however, in the event that the OC Percentage is equal to or greater than the Target OC Percentage on any Determination Date occurring after
the twelfth Determination Date after the Closing Date, the percentage referred to in the previous clause for such May-October Determination Date and each Determination Date thereafter shall be deemed to be 6.50%; provided, further, in
the event that the OC Percentage is equal to or greater than the Target OC Percentage on any Determination Date occurring after the thirty-sixth Determination Date after the Closing Date, the percentage referred to in the previous clause for such
May-October Determination Date and each Determination Date thereafter shall be deemed to be 7.00%; or (B) any November-April Determination Date, the arithmetic average of the Delinquency Ratio for such Determination Date and the two immediately
preceding Determination Dates is equal to or greater than 6.25%; provided, 
  

 39 

 
however, in the event that the OC Percentage is equal to or greater than the Target OC Percentage on any Determination Date occurring after the twelfth Determination Date after the Closing
Date, the percentage referred to in the previous clause for such November-April Determination Date and each Determination Date thereafter shall be deemed to be 6.75%; provided, further, in the event that the OC Percentage is equal to
or greater than the Target OC Percentage on any Determination Date occurring after the thirty-sixth Determination Date after the Closing Date, the percentage referred to in the previous clause for such November-April Determination Date and each
Determination Date thereafter shall be deemed to be 7.25% (any event specified in this clause (g), a “Level 2 Delinquency Ratio Test Failure”); 

(h) the Cumulative Default Rate shall be equal to or greater than: 

(A) 3.83%, with respect to any Determination Date occurring before or during the third calendar month succeeding the Closing Date,
(B) 6.45%, with respect to any Determination Date occurring after the third, and before or during the 6th, calendar month succeeding the Closing Date, (C) 9.20%, with respect to any Determination Date occurring after the 6th, and before or
during the 9th, calendar month succeeding the Closing Date, (D) 10.14%, with respect to any Determination Date occurring after the 9th, and before or during the 12th, calendar month succeeding the Closing Date, (E) 11.76%, with respect to
any Determination Date occurring after the 12th, and before or during the 15th, calendar month succeeding the Closing Date, (F) 14.75%, with respect to any Determination Date occurring after the 15th, and before or during the 18th, calendar
month succeeding the Closing Date, (G) 17.52%, with respect to any Determination Date occurring after the 18th, and before or during the 21st, calendar month succeeding the Closing Date, (H) 20.75%, with respect to any Determination Date
occurring after the 21st, and before or during the 24th, calendar month succeeding the Closing Date, (I) 22.82%, with respect to any Determination Date occurring after the 24th, and before or during the 27th, calendar month succeeding the
Closing Date, (J) 24.67%, with respect to any Determination Date occurring after the 27th, and before or during the 30th, calendar month succeeding the Closing Date, (K) 26.05%, with respect to any Determination Date occurring after the
30th, and before or during the 33rd, calendar month succeeding the Closing Date, (L) 27.66% with respect to any Determination Date occurring after the 33rd, and before or during the 36th, calendar month succeeding the Closing Date,
(M) 29.05%, with respect to any Determination Date occurring after the 36th, and before or during the 39th, calendar month succeeding the Closing Date and (N) 29.51%, with respect to any Determination Date occurring after the 39th calendar
month succeeding the Closing Date (any event specified in this clause (h), a “Level 2 Cumulative Default Rate Test Failure”); 
  

 40 

 (i) the Cumulative Loss Rate shall be equal to or greater than: 

(A) 3.00%, with respect to any Determination Date occurring before or during the third calendar month succeeding the Closing Date,
(B) 3.94%, with respect to any Determination Date occurring after the third, and before or during the 6th, calendar month succeeding the Closing Date, (C) 5.32%, with respect to any Determination Date occurring after the 6th, and before or
during the 9th, calendar month succeeding the Closing Date, (D) 6.70%, with respect to any Determination Date occurring after the 9th, and before or during the 12th, calendar month succeeding the Closing Date, (E) 8.64%, with respect to
any Determination Date occurring after the 12th, and before or during the 15th, calendar month succeeding the Closing Date, (F) 10.56%, with respect to any Determination Date occurring after the 15th, and before or during the 18th, calendar
month succeeding the Closing Date, (G) 12.43%, with respect to any Determination Date occurring after the 18th, and before or during the 21st, calendar month succeeding the Closing Date, (H) 13.67%, with respect to any Determination Date
occurring after the 21st, and before or during the 24th, calendar month succeeding the Closing Date, (I) 14.86%, with respect to any Determination Date occurring after the 24th, and before or during the 27th, calendar month succeeding the
Closing Date, (J) 16.06%, with respect to any Determination Date occurring after the 27th, and before or during the 30th, calendar month succeeding the Closing Date, (K) 16.78%, with respect to any Determination Date occurring after the
30th, and before or during the 33rd, calendar month succeeding the Closing Date, (L) 17.74%, with respect to any Determination Date occurring after the 33rd, and before or during the 36th, calendar month succeeding the Closing Date and
(M) 18.46%, with respect to any Determination Date occurring after the 36th calendar month succeeding the Closing Date (any event specified in this clause (i), a “Level 2 Cumulative Net Loss Rate Test Failure”); 

(j) the occurrence of a Servicer Termination Event under the Sale and Servicing Agreement; 

(k) the Trust becomes taxable as an association (or publicly traded partnership) taxable as a corporation for federal or state income tax
purposes; 
 (l) any default in the observance or performance of any covenant or agreement of the Trust made in the Indenture
(other than a default in the payment of the interest or principal on any Note when due) or any representation or warranty of the Trust made in the Indenture or in any certificate or other writing delivered pursuant thereto or in connection therewith
proving to have been incorrect in any material respect as of the time when the same shall have been made, and such default shall continue or not be cured, or the circumstance or condition in respect of which such misrepresentation or warranty was
incorrect shall not have been eliminated or otherwise cured, for a period of 30 days after there shall have been given, by registered or certified mail, to the Trust and the Indenture Trustee by Assured Guaranty, a written notice specifying such
default or incorrect representation or warranty and requiring it to be remedied; 
  

 41 

 (m) to the extent applicable, the failure of the Company or AFS SenSub to comply with
Section 2.8(j) of this Insurance Agreement; and 
 (n) the Tangible Net Worth of AmeriCredit shall be less than the sum of
(a) $1,650,000,000 plus (b) 50% of the cumulative positive net income (without deduction for negative net income) of AmeriCredit for each fiscal quarter having been completed since December 31, 2006, as reported in each annual
report on Form 10-K and periodic report on Form 10-Q filed by AmeriCredit with the Commission plus (c) 75% of the net proceeds of any equity issued by AmeriCredit since December 31, 2006 (excluding any equity being issued pursuant
to equity incentive plans for employees and board members) minus (d) the lesser of (i) $200,000,000 and (ii) the purchase price for all common stock of AmeriCredit repurchased and the amount of any dividends paid, in each case
after December 31, 2006. 
 Section 5.2 Remedies; Waivers. 

(a) Upon the occurrence of an Event of Default, Assured Guaranty may exercise any one or more of the rights and remedies set forth below:

 (i) exercise any rights and remedies available under the Transaction Documents in its own capacity or in its
capacity as the Person entitled to exercise the rights of the Controlling Party under the Transaction Documents, including, without limitation, its right to accelerate the Notes or to terminate the Company and to appoint a successor Servicer; or

 (ii) take whatever action at law or in equity may appear necessary or desirable in its judgment to enforce
performance of any obligation of the Trust, AmeriCredit, the Company or AFS SenSub under the Transaction Documents. 
 (b)
Unless otherwise expressly provided, no remedy herein conferred upon or reserved is intended to be exclusive of any other available remedy, but each remedy shall be cumulative and shall be in addition to other remedies given under the Transaction
Documents or existing at law or in equity. No delay or failure to exercise any right or power accruing under any Transaction Document upon the occurrence of any Event of Default or otherwise shall impair any such right or power or shall be construed
to be a waiver thereof, but any such right and power may be exercised from time to time and as often as may be deemed expedient. In order to entitle Assured Guaranty to exercise any remedy reserved to Assured Guaranty in this Article, it shall not
be necessary to give any notice, other than such notice as may be expressly required in this Article. 
 (c) If any proceeding
has been commenced to enforce any right or remedy under this Insurance Agreement and such proceeding has been discontinued or abandoned for any reason, or has been determined adversely to Assured Guaranty, then and in every such case the parties
hereto shall, subject to any determination in such proceeding, be restored to their respective former positions hereunder, and, thereafter, all rights and remedies of Assured Guaranty shall continue as though no such proceeding had been instituted.

  

 42 

 (d) Assured Guaranty shall have the right, to be exercised in its complete discretion, to
waive any covenant, Default or Event of Default or collection of Premium Supplement by a writing setting forth the terms, conditions and extent of such waiver signed by Assured Guaranty and delivered to the Trust, AmeriCredit, the Company or AFS
SenSub, as the case may be. Any such waiver may only be effected in writing duly executed by Assured Guaranty, and no other course of conduct shall constitute a waiver of any provision hereof. Unless such writing expressly provides to the contrary,
any waiver so granted shall extend only to the specific event or occurrence so waived and not to any other similar event or occurrence. 

ARTICLE VI 

MISCELLANEOUS 

Section 6.1 Amendments, Etc. This Insurance Agreement may be amended, modified or terminated only by written instrument or
written instruments signed by the parties hereto, provided that the Rating Agencies shall be notified in writing by AFS SenSub of any such amendment, modification or termination in accordance with the notice provisions set forth in the Sale and
Servicing Agreement. No act or course of dealing shall be deemed to constitute an amendment, modification or termination hereof. 
  

 43 

 Section 6.2 Notices. All demands, notices and other communications to be given
hereunder shall be in writing (except as otherwise specifically provided herein) and shall be mailed by registered mail or personally delivered or telecopied to the recipient as follows: 

 

			
	 (a)    To Assured Guaranty:
	 	 Assured Guaranty Corp.
 31
West 52nd Street
 New York, NY 10019

Attention: Structured Surveillance
 Department

 Re:   Policy No. D-2010-78

Americredit Automobile Receivables

Trust 2010-B
  

Confirmation:    (212) 974-0100

Telecopy No.:    (212) 339-3518
  

(in each case in which notice or other communication to Assured Guaranty refers to a Default, an Event of Default, a claim on the Notes Policy or with
respect to which failure on the part of Assured Guaranty to respond shall be deemed to constitute consent or acceptance, then a copy of such notice or other communication should also be sent to the attention of each of the General Counsel of Assured
Guaranty, the General Counsel of AmeriCredit and to the Trustee and, in all cases, any original and each copy shall be marked “URGENT MATERIAL ENCLOSED.”)

		
	 (b)    To AmeriCredit:
	 	 AmeriCredit Corp.
 801
Cherry Street, Suite 3500
 Fort Worth, Texas 76102

Attention: Chief Financial Officer

		
	 (c)    To the Company:
	 	 AmeriCredit Financial Services, Inc.

801 Cherry Street, Suite 3500
 Fort Worth, Texas
76102
 Attention: Chief Financial Officer

		
	 (d)    To AFS SenSub:
	 	 AFS SenSub Corp.
 2265 B
Renaissance Drive, Suite 17
 Las Vegas, Nevada, 89119

Attention: Chief Financial Officer

		
	With a copy to:	 	 AmeriCredit Financial Services, Inc.

801 Cherry Street, Suite 3500
 Fort Worth, TX
76102
 Attention: Chief Financial Officer

 

 44 

			
	 (e)    To the Trust:
	 	 AmeriCredit Automobile Receivables

Trust 2010-B
 c/o Wilmington Trust
Company
 1100 North Market Street

Wilmington, Delaware 19890-0001
 Attention:
Corporate Trust Administration, as owner trustee

 A party may specify an additional or different address or
addresses by writing mailed or delivered to the other party as aforesaid. All such notices and other communications shall be effective upon receipt. 

Section 6.3 Payment Procedure. In the event of any payment by Assured Guaranty for which it is entitled to be reimbursed or
indemnified as provided above, each of the Trust, AmeriCredit, the Company and AFS SenSub agrees to accept the voucher or other evidence of payment as prima facie evidence of the propriety thereof and the liability therefor to Assured Guaranty. All
payments to be made to Assured Guaranty under this Insurance Agreement shall be made to Assured Guaranty in lawful currency of the United States of America in immediately available funds to the account number provided in the Premium Letter before
1:00 p.m. (New York, New York time) on the date when due or as Assured Guaranty shall otherwise direct by written notice to the Trust, AmeriCredit, the Company and AFS SenSub. In the event that the date of any payment to Assured Guaranty or the
expiration of any time period hereunder occurs on a day which is not a Business Day, then such payment or expiration of time period shall be made or occur on the next succeeding Business Day with the same force and effect as if such payment was made
or time period expired on the scheduled date of payment or expiration date. Payments to be made to Assured Guaranty under this Insurance Agreement shall bear interest at the Late Payment Rate from the date due to the date paid, and shall include
interest on overdue interest, compounded monthly. 
 Section 6.4 Severability. In the event that any provision of
this Insurance Agreement shall be held invalid or unenforceable by any court of competent jurisdiction, the parties hereto agree that such holding shall not invalidate or render unenforceable any other provision hereof. The parties hereto further
agree that the holding by any court of competent jurisdiction that any remedy pursued by any party hereto is unavailable or unenforceable shall not affect in any way the ability of such party to pursue any other remedy available to it. 

Section 6.5 Governing Law. THIS INSURANCE AGREEMENT SHALL BE CONSTRUED IN ACCORDANCE WITH, AND THIS INSURANCE AGREEMENT AND
ALL MATTERS ARISING OUT OF OR RELATING IN ANY WAY TO THIS INSURANCE AGREEMENT SHALL BE GOVERNED BY, THE LAW OF THE STATE OF NEW YORK. 
  

 45 

 Section 6.6 Consent to Jurisdiction. 

(a) THE PARTIES HERETO HEREBY IRREVOCABLY SUBMIT TO THE JURISDICTION OF THE UNITED STATES DISTRICT COURT FOR THE SOUTHERN DISTRICT OF NEW
YORK AND ANY COURT IN THE STATE OF NEW YORK LOCATED IN THE CITY AND COUNTY OF NEW YORK, AND ANY APPELLATE COURT FROM ANY THEREOF, IN ANY ACTION, SUIT OR PROCEEDING BROUGHT AGAINST IT AND TO OR IN CONNECTION WITH ANY OF THE TRANSACTION DOCUMENTS OR
THE TRANSACTIONS CONTEMPLATED THEREUNDER OR FOR RECOGNITION OR ENFORCEMENT OF ANY JUDGMENT, AND THE PARTIES HERETO HEREBY IRREVOCABLY AND UNCONDITIONALLY AGREE THAT ALL CLAIMS IN RESPECT OF ANY SUCH ACTION OR PROCEEDING MAY BE HEARD OR DETERMINED IN
SUCH NEW YORK STATE COURT OR, TO THE EXTENT PERMITTED BY LAW, IN SUCH FEDERAL COURT. THE PARTIES HERETO AGREE THAT A FINAL JUDGMENT IN ANY SUCH ACTION, SUIT OR PROCEEDING SHALL BE CONCLUSIVE AND MAY BE ENFORCED IN OTHER JURISDICTIONS BY SUIT ON THE
JUDGMENT OR IN ANY OTHER MANNER PROVIDED BY LAW. TO THE EXTENT PERMITTED BY APPLICABLE LAW, THE PARTIES HERETO HEREBY WAIVE AND AGREE NOT TO ASSERT BY WAY OF MOTION, AS A DEFENSE OR OTHERWISE IN ANY SUCH SUIT, ACTION OR PROCEEDING, ANY CLAIM THAT IT
IS NOT PERSONALLY SUBJECT TO THE JURISDICTION OF SUCH COURTS, THAT THE SUIT, ACTION OR PROCEEDING IS BROUGHT IN AN INCONVENIENT FORUM, THAT THE VENUE OF THE SUIT, ACTION OR PROCEEDING IS IMPROPER OR THAT THE TRANSACTION DOCUMENTS OR THE SUBJECT
MATTER THEREOF MAY NOT BE LITIGATED IN OR BY SUCH COURTS. 
 (b) To the extent permitted by applicable law, the parties hereto
shall not seek and hereby waive the right to any review of the judgment of any such court by any court of any other nation or jurisdiction which may be called upon to grant an enforcement of such judgment. 

(c) Each of AmeriCredit, the Company and AFS SenSub hereby irrevocably appoints and designates The Prentice-Hall Corporation System,
Inc., whose address is 15 Columbus Circle, New York, New York 10023-7773, as its true and lawful attorney and duly authorized agent for acceptance of service of legal process. Each of AmeriCredit, the Company, and AFS SenSub agrees that service of
such process upon such Person shall constitute personal service of such process upon it. 
 (d) Nothing contained in this
Insurance Agreement shall limit or affect Assured Guaranty’s right to serve process in any other manner permitted by law or to start legal proceedings relating to any of the Transaction Documents against AmeriCredit, the Company or AFS SenSub
or their property in the courts of any jurisdiction. 
 Section 6.7 Consent of Assured Guaranty. In the event that
Assured Guaranty’s consent is required under any of the Transaction Documents, the 
  

 46 

 
determination whether to grant or withhold such consent shall be made by Assured Guaranty in its sole discretion without any implied duty towards any other Person, except as otherwise expressly
provided therein. 
 Section 6.8 Counterparts. This Insurance Agreement may be executed in counterparts by the
parties hereto, and all such counterparts shall constitute one and the same instrument. 
 Section 6.9 Trial by Jury
Waived. EACH PARTY HERETO HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY LAW, ANY RIGHT TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION ARISING DIRECTLY OR INDIRECTLY OUT OF, UNDER OR IN CONNECTION WITH ANY OF THE TRANSACTION DOCUMENTS OR ANY
OF THE TRANSACTIONS CONTEMPLATED THEREUNDER. EACH PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY PARTY HERETO HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT IT WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE
THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT HAS BEEN INDUCED TO ENTER INTO THE TRANSACTION DOCUMENTS TO WHICH IT IS A PARTY BY, AMONG OTHER THINGS, THIS WAIVER. 

Section 6.10 Limited Liability. (a) No recourse under any Transaction Document shall be had against, and no personal
liability shall attach to, any officer, employee, director, affiliate or shareholder of any party hereto, as such, by the enforcement of any assessment or by any legal or equitable proceeding, by virtue of any statute or otherwise in respect of any
of the Transaction Documents, the Securities or the Notes Policy, it being expressly agreed and understood that each Transaction Document is solely a corporate obligation of each party hereto, and that any and all personal liability, either at
common law or in equity, or by statute or constitution, of every such officer, employee, director, affiliate or shareholder for breaches by any party hereto of any obligations under any Transaction Document is hereby expressly waived as a condition
of and in consideration for the execution and delivery of this Insurance Agreement. 
 (b) It is expressly understood and agreed
by the parties hereto that (a) this Insurance Agreement is executed and delivered by Wilmington Trust Company, not individually or personally but solely as trustee of the Trust, in the exercise of the powers and authority conferred and vested
in it under the Trust Agreement, (b) each of the representations, undertakings and agreements herein made on the part of the Trust is made and intended not as personal representations, undertakings and agreements by Wilmington Trust Company,
but is made and intended for the purpose of binding only the Trust and (c) under no circumstances shall Wilmington Trust Company be personally liable for the payment of any indebtedness or expenses of the Trust or be liable for the breach or
failure of any obligation, representation, warranty or covenant made or undertaken by the Trust under this Insurance Agreement or the other Transaction Documents. 

 

 47 

 Section 6.11 Entire Agreement. This Insurance Agreement, the Premium Letter and
the Notes Policy set forth the entire agreement between the parties with respect to the subject matter thereof, and this Insurance Agreement supersedes and replaces any agreement or understanding that may have existed between the parties prior to
the date hereof in respect of such subject matter. 
 Section 6.12 No Partnership. Nothing in this Insurance
Agreement or any other agreement entered into in connection with the Transaction shall be deemed to constitute Assured Guaranty a partner, co-venturer or joint owner of property with any other entity. 

 

 48 

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

					
	ASSURED GUARANTY CORP.
		
	By:	 	 /s/ Jorge Gana

		 	Name:	 	Jorge Gana
		 	Title:	 	Managing Director
	
	AMERICREDIT AUTOMOBILE RECEIVABLES TRUST 2010-B
		
		 	 by Wilmington Trust Company, not in its

individual capacity but solely as Owner
 Trustee

		
	By:	 	 /s/ Bethany J. Taylor

		 	Name:	 	Bethany J. Taylor
		 	Title:	 	Financial Services Officer
	
	AMERICREDIT FINANCIAL SERVICES, INC.
		
	By:	 	 /s/ Sheli D. Fitzgerald

		 	Name:	 	Sheli D. Fitzgerald
		 	Title:	 	Vice-President, Structured Finance
	
	AMERICREDIT CORP.
		
	By:	 	 /s/ Sheli D. Fitzgerald

		 	Name:	 	Sheli D. Fitzgerald
		 	Title:	 	Vice-President, Structured Finance

[Insurance Agreement Signature Page] 

					
	AFS SENSUB CORP.
		
	By:	 	 /s/ Susan B. Sheffield

		 	Name:	 	Susan B. Sheffield
		 	Title:	 	Executive Vice President, Structured Finance

  

			
	Acknowledged:
	
	WELLS FARGO BANK, NATIONAL ASSOCIATION
		
	By:	 	 /s/ Marianna C. Stershic

	Name:	 	Marianna C. Stershic
	Title:	 	Vice President

 [Insurance Agreement
Signature Page] 

 APPENDIX I 

DEFINITIONS 

“AmeriCredit” has the meaning set forth in the preamble to this Insurance Agreement. 

“AmeriCredit Parties” means each of AmeriCredit, the Company and AFS SenSub. 

“AFS SenSub” has the meaning set forth in the preamble to this Insurance Agreement. 

“AGL” means Assured Guaranty Ltd., a Bermuda corporation. 

“Assured Guaranty” has the meaning set forth in the preamble to this Insurance Agreement. 

“Assured Guaranty Financial Statements” means the unaudited financial statements (and any amendments thereto) of Assured
Guaranty for each of the March, June and September fiscal quarters and the audited financial statements (and any amendments thereto) for any fiscal year. 

“Business Day” means any day other than a Saturday, Sunday, legal holiday or other day on which the New York Stock Exchange,
the Federal Reserve Bank of New York, commercial banking institutions in Fort Worth, Texas, New York, New York, Wilmington, Delaware, Minneapolis, Minnesota, the State of Maryland or the principal place of business of any successor Servicer,
successor Indenture Trustee, successor Owner Trustee or successor Collateral Agent, are authorized or obligated by law, executive order or governmental decree to be closed. 

“Certificate” means the Certificate of Trust issued pursuant to the Trust Agreement. 

“Certificateholder” means the registered holder of the Certificate. 

“Code” means the Internal Revenue Code of 1986, including, unless the context otherwise requires, the rules and regulations
thereunder, as amended from time to time. 
 “Commission” means the Securities and Exchange Commission. 

“Commonly Controlled Entity” means AmeriCredit and each entity, whether or not incorporated, which is affiliated with
AmeriCredit pursuant to Section 414(b), (c), (m) or (o) of the Code. 
 “Company” has the meaning set
forth in the preamble to this Insurance Agreement. 
  

 I-1 

 “Date of Issuance” means the date on which the Notes Policy is issued as specified
therein. 
 “Default” means any event which results, or which with the giving of notice or the lapse of time or both
would result, in an Event of Default. 
 “ERISA” means the Employee Retirement Income Security Act of 1974, including,
unless the context otherwise requires, the rules and regulations thereunder, as amended from time to time. 
 “Event of
Default” means any event of default specified in Section 5.1 of the Insurance Agreement. 
 “Exchange Act”
means the Securities Exchange Act of 1934, as amended. 
 “Exchange Act Reports” means all Distribution Reports on
Form 10-D, Current Reports on Form 8-K and Annual Reports on Form 10-K that are required to be filed by AFS SenSub or the Trust with respect to the Notes pursuant to the Exchange Act. 

“Expiration Date” means the final date of the Term Of The Policy, as specified in the Notes Policy. 

“Final Prospectus Supplement” means the final Prospectus Supplement dated August 12, 2010 relating to the Securities.

 “Financial Statements” means with respect to AmeriCredit the consolidated balance sheets as of June 30, 2010
and the statements of income, shareholder’s equity and cash flows for the 12-month period then ended and the notes thereto and the consolidated balance sheets as of each September 30, December 31 and March 31 thereafter, and the
consolidated statements of income and cash flows for the fiscal quarter then ended. 
 “Fiscal Agent” means the Fiscal
Agent, if any, designated pursuant to the terms of the Notes Policy. 
 “Incorporation by Reference Conditions” means
the conditions set forth for incorporation by reference in Item 1100(c)(1)(i), (ii) and (iii) under Regulation AB. 

“Indemnification Agreement” means the Indemnification Agreement dated as of August 12, 2010, by and among Assured
Guaranty, AFS SenSub and the Representative, as the same may be amended from time to time. 
 “Indenture” means the
Indenture dated as of August 2, 2010, by and between the Trust and Wells Fargo, as Trustee and Trust Collateral Agent. 

“Indenture Trustee” means Wells Fargo, as trustee under the Indenture, and any successor thereto as trustee under the
Indenture. 
  

 I-2 

 “Insurance Agreement” means this Insurance and Indemnity Agreement dated as of the
date hereof, by and among Assured Guaranty, the Trust, AmeriCredit, the Company and AFS SenSub, as the same may be amended from time to time. 

“Insurance Agreement Event of Default” means any Event of Default specified in Section 5.1. 

“Insurance Agreement Indenture Cross Default” means an Event of Default specified in clauses (a), (e), (f), (k), (l) or
(m) of Section 5.1. 
 “Investment Company Act” means the Investment Company Act of 1940, including, unless
the context otherwise requires, the rules and regulations thereunder, as amended from time to time. 
 “IRS” means the
Internal Revenue Service. 
 “Late Payment Rate” means the lesser of (a) the greater of (i) the per annum
rate of interest, publicly announced from time to time by JPMorgan Chase Bank principal office in the City of New York as its prime or base lending rate (any change in such rate of interest to be effective on the date such change is announced by
JPMorgan Chase Bank plus 3%), and (ii) the then applicable highest rate of interest on the Securities and (b) the maximum rate permissible under applicable usury or similar laws limiting interest rates. The Late Payment Rate shall be
computed on the basis of the actual number of days elapsed over the actual number of days in the current calendar year. 

“Lien” means, as applied to the property or assets (or the income or profits therefrom) of any Person, in each case whether the
same is consensual or nonconsensual or arises by contract, operation of law, legal process or otherwise: (a) any mortgage, lien, pledge, attachment, charge, lease, conditional sale or other title retention agreement, or other security interest
or encumbrance of any kind or (b) any arrangement, express or implied, under which such property or assets are transferred, sequestered or otherwise identified for the purpose of subjecting or making available the same for the payment of debt
or performance of any other obligation in priority to the payment of the general, unsecured creditors of such Person. 

“Lockbox Agreements” means the Lockbox Agreements, as defined in the Sale and Servicing Agreement. 

“Material Adverse Change” means, (a) in respect of any Person, a material adverse change in (i) the business,
financial condition, results of operations or properties of such Person or any of its Subsidiaries or (ii) the ability of such Person to perform its obligations under any of the Transaction Documents to which it is a party and (b) in
respect of the Receivables, a material adverse change in (i) the value or marketability of the Receivables, taken as a whole, or (ii) the probability that amounts now or hereafter due in respect of a material portion of the Receivables
will be collected on a timely basis. 
 “Moody’s” means Moody’s Investors Service, a Delaware corporation,
and any successor thereto, and, if such corporation shall for any reason no longer perform the functions of a securities rating agency, “Moody’s” shall be deemed to refer to any other nationally recognized rating agency designated by
Assured Guaranty. 
  

 I-3 

 “Multiemployer Plan” means a multiemployer plan (within the meaning of
Section 4001(a)(3) of ERISA) in respect of which a Commonly Controlled Entity makes contributions or has liability. 

“Noteholders” means the registered holders of the Notes. 

“Notes” means the Trust’s $36,800,000 Class A-1 0.37690% Asset Backed Notes, $69,000,000 Class A-2 1.18% Asset
Backed Notes and $94,200,000 Class A-3 2.49% Asset Backed Notes. 
 “Notes Policy” means in the financial
guaranty insurance policy, including any endorsements thereto, issued by Assured Guaranty with respect to the Securities, substantially in the form attached as Annex I to the Insurance Agreement. 

“Notice of Claim” means, with respect to the Notes Policy, a Notice of Claim and Certificate in the form attached as Exhibit A
to Endorsement No. 1 to such Policy. 
 “Offering Document” means the Prospectus dated November 7, 2007 and
the Prospectus Supplement relating to the Securities and any amendment or supplement thereto and any other offering document in respect of the Securities that makes reference to the Notes Policy. 

“Owner Trustee” means Wilmington Trust Company as owner trustee under the Trust Agreement, and any successor thereto as owner
trustee under the Trust Agreement. 
 “PBGC” means the Pension Benefit Guaranty Corporation or any successor agency,
corporation or instrumentality of the United States to which the duties and powers of the Pension Benefit Guaranty Corporation are transferred. 

“Person” means an individual, joint stock company, trust, unincorporated association, joint venture, corporation, business or
owner trust, partnership or other organization or entity (whether governmental or private). 
 “Plan” means any
pension plan (other than a Multiemployer Plan) covered by Title IV of ERISA, which is maintained by a Commonly Controlled Entity or in respect of which a Commonly Controlled Entity has liability. 

“Policy” means the Notes Policy. 

“Preliminary Prospectus Supplement” means the preliminary Prospectus Supplement subject to completion dated August 9, 2010
relating to the Securities, together with the Free Writing Prospectus dated the same date and delivered in connection therewith. 
  

 I-4 

 “Premium” means the premium payable in accordance with Section 3.2 of this
Insurance Agreement and the Premium Supplement, if any. 
 “Premium Letter” means the letter between Assured Guaranty
and AmeriCredit dated the Date of Issuance in respect of the premium (including Premium Supplement) payable by AmeriCredit in consideration of the issuance of the Notes Policy. 

“Premium Supplement” means a non-refundable premium, in addition to the premium payable in accordance with Section 3.2 of
this Insurance Agreement, accruing to Assured Guaranty in monthly installments commencing on the date of the occurrence of an Event of Default whether or not an Event of Default shall have been declared and on each monthly anniversary thereof in
accordance with the terms set forth in the Premium Letter. 
 “Prospectus Supplement” means, collectively, the
Preliminary Prospectus Supplement and the Final Prospectus Supplement. 
 “Provided Documents” means the Transaction
Documents and any documents, agreements, instruments, schedules, certificates, statements, cash flow schedules, number runs or other writings or data furnished to Assured Guaranty by or on behalf of AmeriCredit, the Company or AFS SenSub with
respect to itself, its respective Subsidiaries, the Receivables or the Transaction. 
 “Purchase Agreement” means the
Purchase Agreement, dated as of August 2, 2010, by and between the Company and AFS SenSub. 
 “Receivable” has
the meaning provided in the Sale and Servicing Agreement. 
 “Release of Security Interests” means a release of all
security interests granted by AmeriCredit or any affiliate thereof in the Receivables prior to the date hereof and authorizing the filing of UCC financing statements to be filed in such locations as are required to evidence the release of the
security interest in such Receivables. 
 “Reportable Event” means any of the events set forth in Section 4043(b)
of ERISA or the regulations thereunder. 
 “Representative” means RBS Securities Inc., as representative of the
Underwriters. 
 “Restrictions on Transferability” means, as applied to the property or assets (or the income or
profits therefrom) of any Person, in each case whether the same is consensual or non-consensual or arises by contract, operation of law, legal process or otherwise, any material condition to, or restriction on, the ability of such Person or any
transferee therefrom to sell, assign, transfer or otherwise liquidate such property or assets in a commercially reasonable time and manner or which would otherwise materially deprive such Person or any transferee therefrom of the benefits of
ownership of such property or assets. 
  

 I-5 

 “Sale and Servicing Agreement” means the Sale and Servicing Agreement dated as of
August 2, 2010 among the Trust, AmeriCredit Financial Services, Inc., as Servicer, AFS SenSub and Wells Fargo, as Backup Servicer and Trust Collateral Agent. 

“Securities” means the Notes. 

“Securities Act” means the Securities Act of 1933, including, unless the context otherwise requires, the rules and regulations
thereunder, as amended from time to time. 
 “Securities Exchange Act” means the Securities Exchange Act of 1934,
including, unless the context otherwise requires, the rules and regulations thereunder, as amended from time to time. 

“Seller” has the meaning set forth in the preamble to this Insurance Agreement. 

“Servicer” means the Servicer, in its capacity as Servicer under the Sale and Servicing Agreement. 

“S&P” means Standard & Poor’s Ratings Services, a Standard & Poor’s Financial Services LLC
business, and any successor thereto, and, if such corporation shall for any reason no longer perform the functions of a securities rating agency, “S&P” shall be deemed to refer to any other nationally recognized rating agency
designated by Assured Guaranty. 
 “Special Event” means the occurrence of any one of the following: (a) an Event
of Default under this Insurance Agreement has occurred and is continuing, (b) a Cumulative Default Test Failure, Delinquency Test Failure or Cumulative Net Loss Test Failure (each as defined in the Spread Account Agreement) has occurred and is
continuing, (c) any legal proceeding or binding arbitration is instituted with respect to the Transaction, (d) any governmental or administrative investigation, action or proceeding is instituted that would, if adversely decided, result in
a Material Adverse Change in respect of AmeriCredit, the Company, AFS SenSub or the Receivables, or (e) Assured Guaranty pays a claim under the Notes Policy. 

“Spread Account Agreement” means the Spread Account Agreement, dated as of August 2, 2010, by and among Assured Guaranty,
the Trust, the Collateral Agent and the Trustee as the same may be amended, supplemented or otherwise modified in accordance with the terms thereof. 

“Subsidiary” means, with respect to any Person, any corporation of which a majority of the outstanding shares of capital stock
having ordinary voting power for the election of directors is at the time owned by such Person directly or through one or more Subsidiaries. 

“Tangible Net Worth” means, with respect to any Person, the net worth of such Person calculated in accordance with GAAP, after
subtracting therefrom the aggregate amount of such Person’s intangible assets, including, without limitation, goodwill, franchises, licenses, patents, trademarks, copyrights and service marks. 

 

 I-6 

 “Term of this Agreement” shall be determined as provided in Section 4.01 of
this Insurance Agreement. 
 “Term Of The Policy” has the meaning provided in the Notes Policy. 

“Time of Sale” means 11:35 am (New York time) on August 12, 2010. 

“Transaction” means the transactions contemplated by the Transaction Documents, including the transactions described in the
Offering Document. 
 “Transaction Documents” means this Insurance Agreement, the Trust Agreement, the Indenture, the
Sale and Servicing Agreement, the Underwriting Agreement, the Indemnification Agreement, the Purchase Agreement, the Custodian Agreement, the Premium Letter, the Lockbox Agreements and the Spread Account Agreement. 

“Trust” means AmeriCredit Automobile Receivables Trust 2010-B created by the Trust Agreement. 

“Trust Agreement” means the Trust Agreement dated as of July 28, 2010, as amended and restated as of August 2, 2010,
by and between AFS SenSub and Wilmington Trust Company as Owner Trustee. 
 “Trust Property” has the meaning provided
in the Sale and Servicing Agreement. 
 “Underfunded Plan” means any Plan that has an Underfunding. 

“Underfunding” means, with respect to any Plan, the excess, if any, of (a) the present value of all benefits under the
Plan (based on the assumptions used to fund the Plan pursuant to Section 412 of the Code) as of the most recent valuation date over (b) the fair market value of the assets of such Plan as of such valuation date. 

“Underwriters” means RBS Securities Inc., Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc., J.P. Morgan
Securities Inc. and UBS Securities LLC. 
 “Underwriting Agreement” means the Underwriting Agreement, dated as of
August 12, 2010, by and among the Seller, AmeriCredit Financial Services, Inc. and the Representative on its own behalf and as representative of the Underwriters. 

“Wells Fargo” means Wells Fargo Bank, National Association and any successors or assigns. 

 

 I-7 

 ANNEX I 

TO 
 INSURANCE
AND INDEMNITY AGREEMENT 
 FORM OF NOTES POLICY 

  

							
	
 

	 	 Assured Guaranty Corp.
 31 West
52nd Street
 New York, NY 10019

212-974-0100

www.assuredguaranty.com
	 		 	

  
  

Financial Guaranty Insurance Policy 
  

					
	 Insured Obligations: AmeriCredit Automobile Receivables Trust 2010-B

$36,800,000 Class A-1 0.37690% Asset Backed Notes, Series 2010-B

$69,000,000 Class A-2 1.18% Asset Backed Notes, Series 2010-B

$94,200,000 Class A-3 2.49% Asset Backed Notes, Series 2010-B
	 	 Policy No.: D-2010-78 
  

Effective Date: August 19, 2010

Assured Guaranty Corp., a Maryland-domiciled insurance company (“Assured Guaranty”), in consideration of the payment of the
premium and on the terms and subject to the conditions of this Policy (which includes each endorsement hereto), hereby unconditionally and irrevocably agrees to pay to the Trustee, for the benefit of the Holders of the Insured Obligations, that
portion of the Insured Amounts which shall become Due for Payment during the Term of the Policy but shall be unpaid by reason of Nonpayment. Capitalized terms used and not defined herein shall have the meanings ascribed thereto in the endorsement
attached hereto. 
 Assured Guaranty will make payment of any amount required to be paid under this Policy following receipt of
notice as described in the endorsement attached hereto. Such payments of principal and interest shall be made only upon presentation of an instrument of assignment in form and substance satisfactory to Assured Guaranty, transferring to Assured
Guaranty all rights under such Insured Obligations to receive the principal of and interest on the Insured Obligations, to the extent of such payments of principal and interest. Payment by Assured Guaranty to the Trustee for the benefit of the
Holders shall discharge the obligations of Assured Guaranty under this Policy to the extent of such payment. 
 In the event
that the Trustee for the Insured Obligations has notice that any payment of principal of or interest in an Insured Obligation which has become Due for Payment and which has been made to a Holder by or on behalf of the Trustee has been deemed a
preferential transfer and has been recovered from such Holder pursuant to the United States Bankruptcy Code in accordance with a final, nonappealable order of a court of competent jurisdiction, such Holder will be entitled to payment from Assured
Guaranty to the extent of such recovery if sufficient funds are not otherwise available (in accordance with the endorsement attached hereto). 

This Policy is non-cancelable for any reason. The premium on this Policy is not refundable for any reason. This Policy does not insure
against loss of any prepayment premium or other acceleration payment which at any time may become due in respect of any Insured Obligation, other than at the sole option of Assured Guaranty, nor against any risk other than Nonpayment, including the
failure of the Trustee to remit amounts received to the Holders of Insured Obligations and any shortfalls attributable to withholding or other taxes, including interest and penalties in respect of such liability. 

To the fullest extent permitted by applicable law, Assured Guaranty hereby waives, in each case for the benefit of the Holders only, all
rights and defenses of any kind (including, without limitation, the defense of fraud in the inducement or in fact or any other circumstance that would have the effect of discharging a surety, guarantor or any other Person in law or in equity) that
may be available to Assured Guaranty to deny or avoid payment of its obligations under this Policy in accordance with the express provisions hereof. Nothing in this paragraph will be construed (i) to waive, limit or otherwise impair, and
Assured Guaranty expressly reserves, Assured Guaranty’s rights and remedies, including, without limitation: its right to assert any claim or to pursue recoveries (based on contractual rights, securities law violations, fraud or other causes of
action) against any Person or entity, in each case, whether directly or acquired as a subrogee, assignee or otherwise, subsequent to making any payment to the Beneficiary in accordance with the express provisions hereof, and/or (ii) to require
payment by Assured Guaranty of any amounts that have been previously paid or that are not otherwise due in accordance with the express provisions of this Policy. Assured Guaranty does not waive its rights to seek payment of all amounts to which it
is entitled pursuant to the Operative Documents. 
 This Policy (which includes each endorsement hereto) sets forth in full the
undertaking of Assured Guaranty with respect to the subject matter hereof, and may not be modified, altered or affected by any other agreement or instrument, including, without limitation, any modification thereto or amendment thereof. 

This Policy shall be governed by, and shall be construed in accordance with, the laws of the State of New York. 

THIS POLICY IS NOT COVERED BY THE PROPERTY/CASUALTY INSURANCE SECURITY FUND SPECIFIED IN ARTICLE 76 OF THE NEW YORK INSURANCE LAW. IN
WITNESS WHEREOF, Assured Guaranty has caused this Policy to be affixed with its corporate seal, to be signed by its duly authorized officer and to become effective and binding upon Assured Guaranty by virtue of such signature. 

 

							
		 		 	ASSURED GUARANTY CORP.
	                [SEAL]	 		 	
				
		 		 	By:	 	 
		 		 	Name:	 	Jorge Gana
		 		 	Title:	 	Managing Director
			
		 		 	Signature attested to by:
			
		 		 	 
		 		 	Counsel

 ENDORSEMENT NO. 1 TO 

FINANCIAL GUARANTY INSURANCE POLICY 

(NOTES POLICY) 
  

					
	 Attached to and forming a part of

Financial Guaranty Insurance Policy No.: D-2010-78
	 	Effective Date: August 19, 2010

 Issued
To: Wells Fargo Bank, National Association, as Trust Collateral Agent 
 This Endorsement forms a part of the Policy referenced
above. To the extent the provisions of this Endorsement conflict with the provisions of the above-referenced Policy, the provisions of this Endorsement shall govern. 

ARTICLE I Definitions. For all purposes of this Policy, the terms specified below shall have the meanings or constructions
provided below. Capitalized terms used herein and not otherwise defined herein shall have the meanings provided in the Indenture or the Sale and Servicing Agreement, whether provided directly or through incorporation by reference, unless otherwise
specified. 
 “Assured Guaranty” means Assured Guaranty Corp., a Maryland-domiciled insurance company. 

“Business Day” means any day other than a Saturday, Sunday, legal holiday or other day on which the New York Stock Exchange, the Federal
Reserve Bank of New York, the commercial banking institutions in Wilmington, Delaware, Fort Worth, Texas, New York City, New York, Minneapolis, Minnesota, the State of Maryland, or the location of any successor Servicer, successor Owner Trustee or
successor Trust Collateral Agent, or the Insurer are authorized or obligated by law, executive order or governmental decree to be closed. 

“Date of Issuance” means the Effective Date. 

“Due for Payment” means (i) with respect to any amount payable hereunder in respect of Scheduled Payments, becoming payable on an
Insured Distribution Date in accordance with clause (i), (ii) or (iii), as applicable, of the definition of “Scheduled Payments” and (ii) with respect to any amount payable hereunder in respect of any Scheduled Payment avoided as
a preference payment, becoming payable on the date specified in Section 3. 
 “Effective Date” means August 19, 2010.

 “Holder” shall have the meaning set forth in the Indenture; provided, however that “Holder” shall
not include the Obligor, the Servicer, the Trustee, the Trust Collateral Agent or any affiliates or successors of the foregoing in the event the Obligor, or any such affiliate or successor, is a registered or beneficial owner of the Insured
Obligations. 
 “Indenture” means the Indenture, dated as of August 2, 2010, between the Obligor and Wells Fargo Bank,
National Association, as Trustee and Trust Collateral Agent, as amended from time to time with the written consent of Assured Guaranty. 

“Indenture Trustee” or “Trustee” means Wells Fargo Bank, National Association, in its capacity as Trustee under the
Indenture and any successor in such capacity. 
 “Insured Amounts” means the Scheduled Payments. 

“Insured Obligations” means the $36,800,000 Class A-1 0.37690% Asset Backed Notes, Series 2010-B, the $69,000,000 Class A-2
1.18% Asset Backed Notes, Series 2010-B and the $94,200,000 Class A-3 2.49% Asset Backed Notes, Series 2010-B, issued by the Obligor under the Indenture. 

“Nonpayment” means that an Insured Amount is Due for Payment but the funds, if any, remitted to the Trust Collateral Agent or the
Trustee for such payment pursuant to the Sale and Servicing Agreement or the Indenture are insufficient for payment in full of such Insured Amount. 

			
	Policy No.: D-2010-78	  	Date of Issuance: August 19, 2010

  

 “Notice of Claim” means a notice and certificate from the Trust Collateral Agent in the
form attached as Exhibit A to this Endorsement. 
 “Obligor” means AmeriCredit Automobile Receivables Trust 2010-B, a Delaware
statutory trust. 
 “Operative Documents” means the Basic Documents, as the same may be amended, supplemented, or otherwise
modified from time to time with the written consent of Assured Guaranty. 
 “Policy” means this Financial Guaranty Insurance
Policy and includes each endorsement thereto. 
 “Receipt” and “Received” mean actual delivery to Assured
Guaranty and to the Fiscal Agent (as defined below), if any, prior to 12:00 noon, New York City time, on a Business Day; delivery either on a day that is not a Business Day, or after 12:00 noon, New York City time, on a Business Day shall be deemed
to be receipt on the next succeeding Business Day. For the purposes of this definition, “actual delivery” to Assured Guaranty means (i) the delivery of the original Notice of Claim, together with each other notice or other applicable
documentation required by the terms of this Policy, to Assured Guaranty at its address set forth in paragraph 8, or (ii) facsimile transmission of the original Notice of Claim, together with each other notice or other applicable documentation
required by the terms of this Policy, to Assured Guaranty at its facsimile number set forth in paragraph 8. If presentation is made by facsimile, the Trust Collateral Agent, (x) promptly shall confirm transmission by telephone to Assured
Guaranty at its telephone number set forth in paragraph 8 and (y) as soon as is reasonably practicable, shall deliver the original Notice of Claim, together with each other notice or other applicable documentation required by the terms of this
Policy, to Assured Guaranty at its address set forth in paragraph 8. If any Notice of Claim or other notice or certificate given hereunder by the Trust Collateral Agent is not in proper form or is not properly completed, executed or delivered, or
contains any misstatement, it shall be deemed not to have been Received, and Assured Guaranty or its Fiscal Agent shall promptly so advise the Trust Collateral Agent and the Trust Collateral Agent may submit an amended notice. 

“Sale and Servicing Agreement” means the Sale and Servicing Agreement dated as of August 2, 2010 among the Obligor, AmeriCredit
Financial Services, Inc., as Servicer, AFS SenSub Corp., as Seller and Wells Fargo Bank, National Association, as Backup Servicer and Trust Collateral Agent, as such agreement may be amended, supplemented or otherwise modified from time to time with
the written consent of Assured Guaranty. 
 “Scheduled Payments” means, as to each Insured Distribution Date, payments that are
required to be made to Holders in accordance with the original terms of the Insured Obligations when issued and without regard to any subsequent amendment or modification of the Insured Obligations, the Indenture, the Sale and Servicing Agreement or
the Basic Documents, except amendments or modifications to which Assured Guaranty has given its prior written consent, which payments are (i) the Noteholders’ Interest Distributable Amount with respect to the related Distribution Date,
(ii) the Noteholders’ Remaining Parity Deficit Amount with respect to the related Distribution Date and (iii) with respect to the Final Scheduled Distribution Date for any class of Insured Obligations, the outstanding principal amount
of such class on such Final Scheduled Distribution Date, after taking into account reductions on such date of such outstanding principal amount from all sources other than this Policy. Scheduled Payments do not include payments that become due on an
accelerated basis as a result of (a) a default by the Obligor, (b) an election by the Obligor to pay principal on an accelerated basis, (c) the occurrence of an Event of Default under the Indenture or (d) any other cause, unless
Assured Guaranty elects, in its sole discretion, to pay in whole or in part such principal due upon acceleration, together with any accrued interest to the date of acceleration. In the event Assured Guaranty does not so elect, this Policy will
continue to guarantee payment on the Insured Obligations in accordance with their original terms. Scheduled Payments shall not include (x) any portion of a Noteholders’ Interest Distributable Amount or of a Noteholders’ Interest
Carryover Amount due to Holders because the appropriate notice and certificate for payment in proper form as required by paragraph 2 hereof was not timely Received by Assured Guaranty or (y) any portion of a Noteholders’ Interest
Distributable Amount due to Holders representing interest on any Noteholders’ Interest Carryover Amount accrued from and including the date of payment of the amount of such Noteholders’ Interest Carryover Amount, unless in each case,
Assured Guaranty elects, in its sole discretion, to pay such amount in whole or in part, pursuant hereto. Scheduled Payments shall not include any amounts due in respect of the Insured Obligations attributable to any increase in interest rate,
penalty or other sum payable by the Obligor by reason of any default or event of default in respect of the Insured Obligations, or by reason of any deterioration of the credit worthiness of the Obligor, nor shall Scheduled Payments include, nor
shall coverage be provided under this Policy in 
  

 3 

			
	Policy No.: D-2010-78	  	Date of Issuance: August 19, 2010

  

 
respect of, any taxes, withholding or other charge with respect to any Holder imposed by any governmental authority due in connection with the payment of any Scheduled Payment to a Holder.

 “Term of the Policy” means the period from and including the Date of Issuance to and including the date on which
(i) all Scheduled Payments have been paid or deemed to be paid within the meaning of Section 4.1 of the Indenture; (ii) any period during which any Scheduled Payment could have been avoided in whole or in part as a preference payment
under applicable bankruptcy, insolvency, receivership or similar law shall have expired and (iii) if any proceedings requisite to avoidance as a preference payment have been commenced prior to the occurrence of (i) and (ii), a final and
nonappealable order in resolution of each such proceeding has been entered. 
 “Trust Collateral Agent” means Wells Fargo Bank,
National Association, in its capacity as Trust Collateral Agent under the Indenture, acting as agent for the Indenture Trustee in accordance with the terms of the Indenture, and any successor in such capacity. 

ARTICLE II Notices and Conditions to Payment in Respect of Scheduled Payments. Following Receipt by Assured Guaranty of a Notice
of Claim, Assured Guaranty will pay any amount payable hereunder in respect of Scheduled Payments on the Insured Obligations out of the funds of Assured Guaranty on the later to occur of (a) 12:00 noon, New York City time, on the third Business
Day following such Receipt; and (b) 12:00 noon, New York City time, on the date on which such payment is due on the Insured Obligations. Payments due hereunder in respect of Scheduled Payments will be disbursed to the Trust Collateral Agent by
wire transfer of immediately available funds. 
 No claim may be made hereunder except by the Trust Collateral Agent.

 Assured Guaranty shall be entitled to pay any amount hereunder in respect of Scheduled Payments on the Insured Obligations, including any
amount due on the Insured Obligations on an accelerated basis, whether or not any notice and certificate shall have been Received by Assured Guaranty as provided above; provided, however, that by acceptance of this Policy the Indenture Trustee
(directly or acting through the Trust Collateral Agent, as agent for the Indenture Trustee) agrees to provide to Assured Guaranty, upon Assured Guaranty’s request to the Trust Collateral Agent, a notice and certificate in respect of any such
payments made by Assured Guaranty. Assured Guaranty shall be entitled to pay hereunder any amount that becomes due on the Insured Obligations on an accelerated basis at any time or from time to time after such amount becomes due, in whole or in
part, prior to the scheduled date of payment thereof; Scheduled Payments insured hereunder shall not include interest, in respect of principal paid hereunder on an accelerated basis, accruing from and after the date of such payment of principal.

 In the event that any amount shall be received by the Trust Collateral Agent, the Trustee or the Holder in respect of a Scheduled Payment
forming the basis of a claim specified in a Notice of Claim submitted hereunder, which amount had not been received when the Notice of Claim was prepared but which is received by the Trust Collateral Agent, the Trustee or the Holder prior to receipt
of payment from the Insurer as contemplated by this Policy (any such amount, a “Recovery”), the Trust Collateral Agent immediately shall so notify the Insurer (which notice shall include the amount of any such Recovery). The fact that a
Recovery has been received by the Beneficiary shall be deemed to be incorporated in the applicable Notice of Claim as of the date such Notice of Claim originally was prepared, without necessity of any action on the part of any Person, and the
Insurer shall pay the amount of the claim specified in the Notice of Claim as herein provided, net of the Recovery. 
 ARTICLE
III Notices and Conditions to Payment in Respect of Scheduled Payments Avoided as Preference Payments. If any Scheduled Payment is avoided as a preference payment under applicable bankruptcy, insolvency, receivership or similar law instituted
against the Obligor, Assured Guaranty will pay such amount out of the funds of Assured Guaranty on the later of (a) the date when due to be paid pursuant to the Order referred to below or (b) the first to occur of (i) the fourth
Business Day following Receipt by Assured Guaranty from the Trust Collateral Agent of (A) a certified copy of a final non-appealable order (the “Order”) of the court or other governmental body that exercised jurisdiction to the
effect that the Holder is required to return Scheduled Payments made with respect to the Insured Obligations during the Term of the Policy because such payments were avoidable as preference payments under applicable bankruptcy, insolvency,
receivership or similar law, (B) an opinion of counsel satisfactory to the Insurer that such order is final and not subject to appeal and (C) an assignment duly executed and delivered by the Holder, in such form as is reasonably required
by Assured Guaranty, and provided to the Holder by Assured Guaranty, irrevocably assigning to Assured Guaranty all rights and claims of the Holder relating to or arising under the 

 

 4 

			
	Policy No.: D-2010-78	  	Date of Issuance: August 19, 2010

  

 
Insured Obligations against the estate of the Obligor or otherwise with respect to such preference payment or (ii) the date of Receipt by Assured Guaranty from the Trust Collateral Agent of
the items referred to in clauses (A), (B) and (C) above if, at least four Business Days prior to such date of Receipt, Assured Guaranty shall have Received written notice from the Trust Collateral Agent that such items were to be
delivered on such date and such date was specified in such notice. Such payment shall be disbursed to the receiver, conservator, debtor-in-possession or trustee in bankruptcy named in the Order and not to the Trust Collateral Agent or any Holder
directly (unless a Holder has previously paid such amount to the receiver, conservator, debtor-in-possession or trustee in bankruptcy named in the Order, in which case such payment shall be disbursed to the Trust Collateral Agent for distribution to
such Holder upon proof of such payment reasonably satisfactory to Assured Guaranty). In connection with the foregoing, Assured Guaranty shall have the rights provided pursuant to Section 6.2 of the Sale and Servicing Agreement. 

Notwithstanding the foregoing paragraph, in no event shall the Insurer be obligated to make any payment pursuant to this paragraph 3
prior to the date the related Scheduled Payment is Due for Payment. 
 ARTICLE IV Governing Law. This Policy shall be
construed in accordance with, and this Policy and all matters arising out of or relating in any way to this Policy shall be governed by, the law of the state of New York. 

ARTICLE V Payments. Payments due hereunder in respect of Insured Amounts shall be disbursed to the Trust Collateral Agent by wire
transfer of immediately available funds to an account of the Trust Collateral Agent specified in the applicable Notice of Claim (or in the case of an Insured Amount becoming Due for Payment under Section 3 above, to the receiver, conservator,
administrator, debtor-in-possession or trustee in bankruptcy named in the Order as set forth in Section 3 above). Assured Guaranty’s obligations hereunder in respect of Insured Amounts shall be discharged to the extent that funds are
transferred to the Trust Collateral Agent as provided in the Notice of Claim (or to such receiver, conservator, administrator, debtor-in-possession or trustee in bankruptcy named in the Order as set forth in Section 3 above), whether or not
such funds are properly applied by the Indenture Trustee, the Trust Collateral Agent, or such other Person. In the event Assured Guaranty is required under law to deduct or withhold any tax or similar charge from or in respect of any amount payable
under or in respect of this Policy, Assured Guaranty will make all such deductions and withholdings and pay the full amount deducted or withheld to the relevant taxation authority in accordance with law, but Assured Guaranty will not
“gross-up” or otherwise pay additional amounts in respect of such taxes, and Assured Guaranty’s payments to the Trust Collateral Agent as provided in the Notice of Claim (or to such receiver, conservator, administrator,
debtor-in-possession or trustee in bankruptcy named in the Order as set forth in Section 3 above) will be amounts that are net of such deductions or withholdings. 

ARTICLE VI Fiscal Agent. At any time during the Term of the Policy, Assured Guaranty may appoint a fiscal agent (the
“Fiscal Agent”) for purposes of this Policy by written notice to the Trust Collateral Agent at the notice address specified in the Indenture specifying the name and notice address of the Fiscal Agent. From and after the date of
receipt of such notice by the Trust Collateral Agent, (i) copies of all notices and documents required to be delivered to Assured Guaranty pursuant to this Policy shall be simultaneously delivered to the Fiscal Agent and to Assured Guaranty and
shall not be deemed Received until Received by both, and (ii) all payments required to be made by Assured Guaranty under this Policy may be made directly by Assured Guaranty or by the Fiscal Agent on behalf of Assured Guaranty. The Fiscal Agent
is the agent of Assured Guaranty only and the Fiscal Agent shall in no event be liable to any Holder for any acts of the Fiscal Agent or any failure of Assured Guaranty to deposit, or cause to be deposited, sufficient funds to make payments due
under the Policy. 
 ARTICLE VII Waiver of Defenses. To the fullest extent permitted by applicable law, Assured Guaranty
agrees not to assert, and hereby waives, for the benefit of each Holder, all rights (whether by counterclaim, setoff or otherwise) and defenses (including, without limitation, the defense of fraud), whether acquired by subrogation, assignment or
otherwise, to the extent that such rights and defenses may be available to Assured Guaranty to avoid payment of its obligations under this Policy in accordance with the express provisions of this Policy. Nothing in this paragraph shall be construed
to limit or otherwise impair Assured Guaranty’s right to pursue recovery or claims (based on contractual rights, securities law violations, fraud or other causes of action) against any person or entity, or, except as provided in paragraph 3 of
this Endorsement, to require payment by Assured Guaranty of any amounts that have been previously paid or that are not otherwise due in accordance with the express provisions of this Policy or the Insured Obligations. Nothing in this Policy shall be
construed to require payment to the extent any force majeure event or governmental act prevents Assured Guaranty from performing its obligations under this Policy or 

 

 5 

			
	Policy No.: D-2010-78	  	Date of Issuance: August 19, 2010

  

 
such performance is otherwise rendered impossible, in which event Assured Guaranty agrees to (i) use commercially reasonable efforts to perform its obligations under this Policy
notwithstanding such force majeure event, governmental act or impossibility of performance and (ii) perform its obligations under this Policy promptly following cessation of such force majeure event, governmental act or impossibility of
performance. 
 ARTICLE VIII Notices. All notices to be given hereunder shall be in writing (except as otherwise
specifically provided herein) and shall be mailed by registered mail or personally delivered or telecopied to Assured Guaranty as follows: 

Assured Guaranty Corp. 

31 West 52nd Street 

New York, NY 10019 

Attention: Structured Surveillance 

	 	Re:	Policy No. D-2010-78 

	 	    	AmeriCredit Automobile Receivables Trust 2010-B 

Telecopy No.: (212) 339-3518 

Confirmation: (212) 974-0100 

With a copy to the General Counsel at the above address and telecopier number. 

Assured Guaranty may specify a different address or addresses by writing mailed or delivered to the Trust Collateral Agent. 

In each case in which a demand, notice or other communication to Assured Guaranty refers to a Default, an Event of Default, a claim on the Policy or an
event with respect to which failure on the part of Assured Guaranty to respond shall be deemed to constitute consent or acceptance, then a copy of such demand, notice or other communication shall also be sent to the attention of each of the General
Counsel of Assured Guaranty, the General Counsel of AmeriCredit at the address for notices specified in the Sale and Servicing Agreement and to the Indenture Trustee at the Corporate Trust Office and, in all cases, any original and each copy shall
be marked “URGENT MATERIAL ENCLOSED.”) 
 ARTICLE IX Subrogation. Upon and to the extent of any payment by
Assured Guaranty under this Policy, Assured Guaranty shall become the holder of the Insured Obligations and any appurtenant coupon thereto and right to payment of principal thereof and interest thereon, and shall be fully subrogated to the Indenture
Trustee’s, the Trust Collateral Agent’s and each Holder’s right, title and interest thereunder, including the right to receive payments in respect of the Insured Obligations. Any payment made by or on behalf of the Obligor to, and any
amounts received under the Operative Documents for the benefit of, the Indenture Trustee, the Trust Collateral Agent or the Holders in respect of any Insured Amount forming the basis of a claim hereunder (which claim shall have been paid by Assured
Guaranty) shall be received and held in trust for the benefit of Assured Guaranty and shall be paid over to Assured Guaranty in accordance with the Sale and Servicing Agreement, the Indenture and the Insurance Agreement. The Indenture Trustee, the
Trust Collateral Agent and each Holder shall cooperate in all reasonable respects, and at the expense of Assured Guaranty, with any request by Assured Guaranty for action to preserve or enforce Assured Guaranty’s rights and remedies in respect
of the Obligor under the Insured Obligations, any related security arrangements or otherwise, including, without limitation, any request (i) to institute or to participate in any suit, action or other proceeding, (ii) to enforce any
judgment obtained and to collect from the Obligor or the Trust Collateral Agent or the Indenture Trustee any amounts adjudged due or (iii) to transfer to Assured Guaranty, via absolute legal assignment, the Indenture Trustee’s, the Trust
Collateral Agent’s or such Holder’s rights in respect of any Insured Amount that may form the basis of a claim hereunder. 

ARTICLE X Assignment and Amendment. This Policy may not be assigned by the Indenture Trustee or the Trust Collateral Agent without
the prior written consent of Assured Guaranty. Except with the prior written consent of the Trust Collateral Agent and Assured Guaranty, the terms of this Policy may not be modified or altered by any other agreement. 

ARTICLE XI Premiums. The Obligor shall pay or cause to be paid to the Assured Guaranty in accordance with the Sale and Servicing
Agreement and the Insurance Agreement the premium payable to Assured Guaranty in respect of this Policy as set forth in the Premium Letter. 

ARTICLE XII No Waiver. No waiver of any rights or powers of Assured Guaranty or any consent by Assured Guaranty shall be valid
unless in writing and signed by an authorized officer or agent of Assured 
  

 6 

			
	Policy No.: D-2010-78	  	Date of Issuance: August 19, 2010

  

 
Guaranty. The waiver of any right by Assured Guaranty, or the failure promptly to exercise any such right, shall not be construed as a waiver of any other right to exercise the same at any time
thereafter. 
 ARTICLE XIII Termination. This Policy and the obligations of Assured Guaranty hereunder shall terminate
upon the expiration of the Term of the Policy 
 ARTICLE XIV Surrender of Policy. The Trust Collateral Agent shall
surrender this Policy to Assured Guaranty for cancellation upon expiration of the Term of the Policy. 
 IN WITNESS WHEREOF, ASSURED GUARANTY
CORP. has caused this Endorsement No. 1 to be executed by its Authorized Officer. 
  

			
	ASSURED GUARANTY CORP.
		
	By	 	 
		 	Authorized Officer
	
	Signature attested to by:
		
	By	 	 
		 	Counsel

  

 7 

 EXHIBIT A 

To Endorsement No. 1 

NOTICE OF CLAIM AND CERTIFICATE 

(Letterhead of Trust Collateral Agent) 

Assured Guaranty Corp. 
 31 West 52nd Street

 New York, NY 10019 
  

	 	Re:	AmeriCredit Automobile Receivables Trust 2010-B 

The undersigned, a duly authorized officer of Wells Fargo Bank, National Association (the “Trust Collateral Agent”), hereby certifies to
Assured Guaranty Corp. (“Assured Guaranty”), with reference to Assured Guaranty Policy No. D-2010-78 dated August 19, 2010, (the “Policy”) issued by Assured Guaranty in respect of the $36,800,000 Class A-1 0.37690%
Asset Backed Notes, $69,000,000 Class A-2 1.18% Asset Backed Notes and $94,200,000 Class A-3 2.49% Asset Backed Notes of the above-referenced Trust (the “Insured Obligations”), that: 

(i) The Trust Collateral Agent is the Trust Collateral Agent for the Holders under the Indenture. 

(ii) The amount determined under clause (i) of the definition of Deficiency Claim Amount for the related Insured Distribution Date is
$            . 
 (iii) The amount determined under clause
(ii) of the definition of Deficiency Claim Amount for the related Insured Distribution Date is $            . 

(iv) The amount determined under clause (iii) of the definition of Deficiency Claim Amount for the related Insured Distribution Date
is $            . 
 (v) The amount determined under paragraph
3 of Endorsement No. 1 to the Policy is $            . 

(vi) The sum of all amounts on deposit (or scheduled to be on deposit) in the Note Distribution Account and available for distribution to
the Holders pursuant to the Indenture will be $             less than the aggregate amount of the preceding clauses (ii), (iii), (iv) and (v) due on
                                 (such deficiency, the “Shortfall”).

 (vii) The Trust Collateral Agent is making a claim under the Policy for the Shortfall to be applied to the payment of
Scheduled Payments. 
 (viii) The Trust Collateral Agent agrees that, following receipt of funds from Assured Guaranty, it shall
(a) hold such amounts in trust and apply the same directly to the payment of Scheduled Payments on the Insured Obligations when due; (b) not apply such funds for any other purpose; (c) not commingle such funds with other funds held by
the Trust Collateral Agent and (d) maintain an accurate record of such payments with respect to each Insured Obligation and the corresponding claim on the Policy and proceeds thereof, and, if any Insured Obligation is required to be surrendered
or presented for such payment, shall stamp on each such Insured Obligation the legend “$[insert applicable amount] paid by Assured Guaranty and the balance hereof has been cancelled and reissued” and then shall deliver such Insured
Obligation to Assured Guaranty. 
 (ix) The Trust Collateral Agent, on behalf of the Holders and the Indenture Trustee, hereby
assigns to Assured Guaranty (a) all rights of the Holders and the Indenture Trustee with respect to the Insured Obligations to the extent of any payments under the Policy and (b) any claims in respect of amounts due to the Holders or the
Indenture Trustee in respect of securities law violations, fraud or other claims arising out of or relating to the offer and sale of the Insured Obligations. The foregoing assignments are in addition to, and not in limitation of, rights of
subrogation otherwise available to Assured Guaranty in respect 
  

 A-1 

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

(xi) Payment should be made by wire transfer directed to [ACCOUNT TO BE SPECIFIED]. 

Upon payment of the applicable Shortfall, the Insurer shall be subrogated to the rights of the Holder, the Indenture Trustee and the Trust
Collateral Agent with respect to such payment, to the extent set forth in Section 9 of the endorsement thereto. 
 This
Notice of Claim may be revoked at any time by written notice of such revocation by the Trust Collateral Agent to the Insurer. 

ANY PERSON WHO KNOWINGLY AND WITH INTENT TO DEFRAUD ANY INSURANCE COMPANY OR OTHER PERSON FILES AN APPLICATION FOR INSURANCE OR
STATEMENT OF CLAIM CONTAINING ANY MATERIALLY FALSE INFORMATION, OR CONCEALS FOR THE PURPOSE OF MISLEADING, INFORMATION CONCERNING ANY FACT MATERIAL THERETO, COMMITS A FRAUDULENT INSURANCE ACT, WHICH IS A CRIME AND SHALL ALSO BE SUBJECT TO A CIVIL
PENALTY NOT TO EXCEED FIVE THOUSAND DOLLARS AND THE STATED VALUE OF THE CLAIM FOR EACH SUCH VIOLATION. 
 Unless the context otherwise
requires, capitalized terms used in this Notice of Claim and Certificate and not defined herein shall have the meanings provided in the Policy. 
  

 A-2 

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

 

			
	 WELLS FARGO BANK, NATIONAL ASSOCIATION,

as Trust Collateral Agent

		
	By	 	 
	Title	 	

  
  

For Assured Guaranty or Fiscal Agent Use Only 

Wire transfer sent on                      By
                                 

Confirmation Number
                                     

 

 A-3 

 APPENDIX A 

TO INSURANCE AND INDEMNITY AGREEMENT 

CONDITIONS PRECEDENT TO ISSUANCE OF THE NOTES POLICY 

(a) Payment of Premium and Expenses; Premium Letter. Assured Guaranty shall have been paid, a nonrefundable Premium and shall have
been reimbursed, for other fees and expenses identified in Section 3.2 of this Insurance Agreement as payable at closing and Assured Guaranty shall have received a fully executed copy of the Premium Letter. 

(b) Transaction Documents. Assured Guaranty shall have received a copy of each of the Transaction Documents, in form and substance
satisfactory to Assured Guaranty, duly authorized, executed and delivered by each party thereto. Without limiting the foregoing, the provisions of the Sale and Servicing Agreement relating to the payment to Assured Guaranty of Premium due on the
Notes Policy and the reimbursement to Assured Guaranty of amounts paid under the Notes Policy shall be in form and substance acceptable to Assured Guaranty in its sole discretion. 

(c) Certified Documents and Resolutions. Assured Guaranty shall have received a copy of (i) the certificate of incorporation
and bylaws of each of AmeriCredit, the Company and AFS SenSub and (ii) the resolutions of the Board of Directors of each of AmeriCredit, the Company and AFS SenSub, authorizing the issuance of the Securities and the execution, delivery and
performance by AmeriCredit, the Company and AFS SenSub of the Transaction Documents and the transactions contemplated thereby, certified by the Secretary or an Assistant Secretary of AmeriCredit, the Company and AFS SenSub, as the case may be (which
certificate shall state that such certificate of incorporation, bylaws and resolutions are in full force and effect without modification on the Date of Issuance). 

(d) Incumbency Certificate. Assured Guaranty shall have received a certificate of the Authorized Officer, Secretary or an
Assistant Secretary, as the case may be, of each of the Owner Trustee, AmeriCredit, the Company, the Representative and AFS SenSub certifying the name and signatures of the officers of the Owner Trustee, AmeriCredit, the Company, the Representative
and AFS SenSub, as the case may be, authorized to execute and deliver the Transaction Documents and that shareholder consent to the execution and delivery of such documents is not necessary. 

(e) Representations and Warranties; Certificate. The representations and warranties of each of AmeriCredit, the Company and AFS
SenSub in this Insurance Agreement shall be true and correct as of the Date of Issuance with respect to such Person as if made on the Date of Issuance and Assured Guaranty shall have received a certificate of appropriate officers of the Owner
Trustee, AmeriCredit, the Company and AFS SenSub, as the case may be, to that effect. 
 (f) Opinions of Counsel. Assured
Guaranty shall have received opinions of counsel addressed to Assured Guaranty and S&P in respect of the Trust, the Owner 

 
Trustee, AmeriCredit, the Company, AFS SenSub, the other parties to the Transaction Documents and the Transaction in form and substance satisfactory to Assured Guaranty, addressing such matters
as Assured Guaranty may reasonably request, and the counsel providing each such opinion shall have been instructed by its client to deliver such opinion to the addressees thereof. 

(g) Approvals, Etc. Assured Guaranty shall have received true and correct copies of all approvals, licenses and consents, if any,
including, without limitation, the approval of the shareholders of AmeriCredit, AFS SenSub and the Company required in connection with the Transaction. 

(h) No Litigation, Etc. No suit, action or other proceeding, investigation, or injunction or final judgment relating thereto,
shall be pending or threatened before any court or governmental agency in which it is sought to restrain or prohibit or to obtain damages or other relief in connection with any of the Transaction Documents or the consummation of the Transaction.

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

(j) Satisfaction of Conditions of Underwriting Agreement. All conditions in the Underwriting Agreement to the Underwriters’
obligation to purchase the Securities shall have been satisfied. 
 (k) Issuance of Ratings. Assured Guaranty shall have
received confirmation that the risk covered by the Notes Policy constitutes at least the underlying ratings as set forth under the heading “Ratings” in the Free Writing Prospectus dated August 9, 2010 and that the Notes, when issued,
will be rated as set forth in the table under the heading “Ratings” in the Free Writing Prospectus dated August 9, 2010. 

(l) Maintenance of Receivable Files. Assured Guaranty shall have received evidence satisfactory to it that the Receivable Files
are being maintained by and held in the custody of the Company, as Custodian, pursuant to Section 3.3 of the Sale and Servicing Agreement. 

(m) Release of Security Interests. To the extent applicable, Assured Guaranty shall have received an executed copy of the Release
of Security Interest, in form and substance satisfactory to Assured Guaranty. 
 (n) Financing Statements. To the extent
applicable, the Trustee shall have received for filing, any amendments to, and/or terminations of, UCC financing statements to be filed in such locations as required to evidence the release of any Liens on the Receivables and other property.

 (o) No Default. No Default or Event of Default shall have occurred. 

 

 2 

 (p) Intentionally Omitted. 

(q) Additional Items. Assured Guaranty shall have received such other documents, instruments, approvals or opinions requested by
Assured Guaranty as may be reasonably necessary to effect the Transaction, including but not limited to evidence satisfactory to Assured Guaranty that all conditions precedent, if any, in the Transaction Documents have been satisfied. 

 

 3Premium Letter, dated August 19, 2010

 Exhibit 10.4 

PREMIUM LETTER 

August 19, 2010 
 Wells
Fargo Bank, National Association 
 Sixth and Marquette Avenue 

MAC N9311-161 
 Minneapolis, Minnesota 55479

 AFS SenSub Corp. 
 2265 Renaissance
Drive, Suite 17 
 Las Vegas, Nevada 89119 

AmeriCredit Corp. 
 801 Cherry Street, Suite
3500 
 Fort Worth, Texas 76102 
  

	 	Re:	AmeriCredit Automobile Receivables Trust 2010-B (the “Trust”) 

Ladies and Gentlemen: 
 This
letter will confirm the agreement of AmeriCredit Corp. (the “Company”), AFS SenSub Corp. (the “Seller”), Wells Fargo Bank, National Association, as Trust Collateral Agent (as defined below), the Trust and Assured Guaranty Corp.
(“Assured Guaranty”) that the following nonrefundable payments are to be made in connection with, and subject to, the closing of the above-described transaction and in consideration of the issuance by Assured Guaranty of its Financial
Guaranty Insurance Policy (the “Policy”) in respect thereof. The amounts payable hereunder or under the Sale and Servicing Agreement (as defined below) to Assured Guaranty or any other specified party shall be nonrefundable without regard
to whether Assured Guaranty makes any payment under the Policy or any other circumstances relating to $36,800,000 Class A-1 0.37690% Asset Backed Notes, $69,000,000 Class A-2 1.18% Asset Backed Notes and $94,200,000 Class A-3 2.49%
Asset Backed Notes (collectively, the “Notes”) of the Trust or provision being made for payments of the Notes prior to maturity. Although the Premium (as defined below) is fully earned by Assured Guaranty as of the Closing Date, the
Premium shall be payable in periodic installments as provided herein. Capitalized terms used herein but not defined herein shall have the meanings specified in the Sale and Servicing Agreement dated as of August 2, 2010 (the “Sale and
Servicing Agreement”), among the Seller, the Trust, the Servicer and Wells Fargo Bank, National Association, as Backup Servicer and Trust Collateral Agent (the “Trust Collateral Agent”). 

The payments payable pursuant to the terms hereof (except as otherwise noted) shall constitute the “Premium” referred to in
that certain Insurance and Indemnity Agreement dated as of August 2, 2010 (the “Insurance Agreement”), among the Trust, Assured Guaranty, AmeriCredit Financial Services, Inc., as Servicer (the “Servicer”), AFS SenSub Corp.,
as Seller (the “Seller”) and the Company. This letter is the Premium Letter referred to in the Insurance Agreement. The obligations of the Company and the Seller hereunder constitute obligations of the Company and the Seller under the
Insurance Agreement. Reference is also made to the Spread Account Agreement dated as of 

 
August 2, 2010 (the “Spread Account Agreement”), among the Trust, Assured Guaranty and Wells Fargo Bank, National Association, as Trustee and Collateral Agent, which contains
certain defined terms used herein. The obligations of the Trust Collateral Agent hereunder constitute the obligations of the Trust Collateral Agent under the Sale and Servicing Agreement. 

EXPECTED CLOSING DATE: August 19, 2010 
  

								
	 Payee
	  	 Amount
	  	 Type of Payment
	  	 Re:

				
	 Assured Guaranty
	  	$	50,000.00	  	Wire transfer	  	Premium
				
	 Assured Guaranty
	  	$	2,240.83	  	Wire transfer	  	Out-of-pocket Due Diligence Expenses
				
	 Assured Guaranty
	  	$	4,000.00	  	Wire transfer	  	Accountant’s Fees
				
	 Assured Guaranty
	  	$	46,046.36	  	Wire transfer	  	Legal Fees
				
	 Total:
	  	$	102,287.19	  		  	

 The Premium payable pursuant hereto shall be calculated and payable monthly in advance on the
Distribution Date (as defined in the Sale and Servicing Agreement) in each month, and the payment on each such Distribution Date shall be in an amount equal to 4.1667 basis points (50 basis points per annum or 0.041667% per month)
multiplied by the aggregate outstanding principal balance of the Notes outstanding on such date (after giving effect to payments of principal made on such date) (the “Note Balance” as of such date) provided that the initial payment
of Premium shall be an amount, covering the period from August 19, 2010 through but excluding September 7, 2010 that is equal to $50,000.00. Such initial payment of Premium, together with the Out-of-pocket Due Diligence Expenses of Assured
Guaranty, the Accountant’s Fees and the Legal Fees specified in the table above ($102,287.19 in the aggregate) shall be paid by the Company to Assured Guaranty on August 19, 2010 (the “Closing Date”). 

For the purposes of calculating the Premium (including the Premium Supplement, if any) the Note Balance shall have the respective
meanings specified above, except that the Note Balance shall not be reduced by distributions of principal made with proceeds of the Policy. 

If an Event of Default occurs and is continuing under the Insurance Agreement, Assured Guaranty will be entitled on each Distribution
Date to a Premium Supplement, in addition to the premium described in the second preceding paragraph, equal to 4.1667 basis points (50 basis points per annum or 0.041667% per month) multiplied by the Note Balance on such date (after giving
effect to payments of principal made on such date). 
  

					
		 	PREMIUM LETTER	 	
			
		 		 	2

 Payments of Premium (including any Premium Supplement) shall be made by Federal funds wire
transfers to Assured Guaranty with the following details specifically stated on the wire instructions, unless another account is designated to you in writing by a Managing Director of Assured Guaranty: 

Bank: JPMorgan Chase Bank, National Association 

ABA #: 021-000-021 

For the Account of: Assured Guaranty Corp. 

Account #: 910-2676450 

Re: AmeriCredit Automobile Receivables Trust 2010-B 

Policy Number: D-2010-78 
  

					
		 	PREMIUM LETTER	 	
			
		 		 	3

 This letter may be executed in any number of counterparts, each of which so executed shall
be deemed an original and all of which taken together shall constitute but one letter. 
  

			
	Very truly yours,
	
	ASSURED GUARANTY CORP.
		
	By:	 	 /s/ Jorge Gana

	Name:	 	Jorge Gana
	Title:	 	Managing Director

  

					
	Agreed to and accepted by:
	
	AMERICREDIT CORP.
		
	By:	 	 /s/ Sheli D. Fitzgerald

		 	Name:	 	Sheli D. Fitzgerald
		 	Title:	 	Vice-President, Structured Finance
	
	AFS SENSUB CORP.
		
	By:	 	 /s/ Susan B. Sheffield

		 	Name:	 	Susan B. Sheffield
		 	Title:	 	Executive Vice President, Structured Finance
	
	 WELLS FARGO BANK, NATIONAL ASSOCIATION,

not in its individual capacity but solely as Trust Collateral Agent

		
	By:	 	 /s/ Marianna C. Stershic

		 	Name:	 	Marianna C. Stershic
		 	Title:	 	Vice President

  

					
		 	PREMIUM LETTER	 	
			
		 		 	4

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

	Name:	 	Bethany J. Taylor
	Title:	 	Financial Services Officer

  

					
		 	PREMIUM LETTER	 	
			
		 		 	5

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