Document:

Financial Guaranty Insurance Policy

 Exhibit 4.4 
  

	FINANCIAL
SECURITY
ASSURANCE	  	                                      
          FINANCIAL
GUARANTY
                                      
          INSURANCE POLICY
		
	 OBLIGOR: AmeriCredit Automobile Receivables Trust 2003-C-F
	  	Policy No.: 51450-N
		
	 OBLIGATIONS: As described in Endorsement No. 1 hereto
	  	 Date of Issuance:
 September 18, 2003

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

	FINANCIAL SECURITY ASSURANCE INC.
	 By:
	 	 /s/ [Authorized Officer]

	 	 	 Authorized Officer

  

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

 ENDORSEMENT NO. 1 TO 
 FINANCIAL GUARANTY INSURANCE POLICY 
  

	 FINANCIAL SECURITY
	  	350 Park Avenue
	 ASSURANCE INC.
	  	New York, New York 10022

  
  

	OBLIGOR:	  	 AmeriCredit Automobile Receivables Trust 2003-C-F

		
	OBLIGATIONS:	  	 $195,000,000 Class A-1 1.12563% Asset Backed Notes

	 	  	 $326,000,000 Class A-2 1.74% Asset Backed Notes

	 	  	 $188,000,000 Class A-3 2.75% Asset Backed Notes

	 	  	 $206,000,000 Class A-4 3.48% Asset Backed Notes

		
	Policy No.:	  	 51450-N

		
	Date of Issuance:	  	 September 18, 2003

  
 1. Definitions.
For all purposes of this Policy, the terms specified below shall have the meanings or constructions provided below. Capitalized terms used herein and not otherwise defined herein shall have the meanings provided in the Indenture or the Sale and
Servicing Agreement unless otherwise specified. 
  
 “Business Day” means any day other than a Saturday, Sunday, legal holiday or other day on which commercial banking institutions in Wilmington, Delaware, Minneapolis, Minnesota, Fort Worth, Texas, New York City, New York or
any other location of any successor Servicer, successor Owner Trustee or successor Trust Collateral Agent are authorized or obligated by law, executive order or governmental decree to be closed. 
  
 “Holder” shall have the meaning set forth in the Indenture;
provided, however that “Holder” shall not include the Obligor or any affiliates or successors thereof in the event the Obligor, or any such affiliate or successor, is a registered or beneficial owner of the Obligation.

  
 “Indenture” means the Indenture, dated as of
September 10, 2003, between the Obligor and Wells Fargo Bank Minnesota, National Association, as Trustee and Trust Collateral Agent, as amended from time to time with the consent of Financial Security. 
  
 “Indenture Trustee” means Wells Fargo Bank Minnesota,
National Association, in its capacity as Trustee under the Indenture and any successor in such capacity. 
  
 “Policy” means this Financial Guaranty Insurance Policy and includes each endorsement thereto. 
  
 “Receipt” and “Received” mean actual
delivery to Financial Security and to the Fiscal Agent (as defined below), if any, prior to 12:00 noon, New York City time, on a Business Day; delivery either on a day that is not a Business Day, or after 12:00 noon, 

	 Policy No.: 51450-N
	 	 Date of Issuance: September 18,
2003                

  

 
New York City time, shall be deemed to be receipt on the next succeeding Business Day. If any notice or certificate given hereunder by the Trust Collateral
Agent is not in proper form or is not properly completed, executed or delivered, it shall be deemed not to have been Received, and Financial Security or its Fiscal Agent shall promptly so advise the Trust Collateral Agent and the Trust Collateral
Agent may submit an amended notice. 
  
 “Sale and
Servicing Agreement” means the Sale and Servicing Agreement dated as of September 10, 2003 among the Obligor, AmeriCredit Financial Services, Inc., as Servicer, AFS Funding Trust, as Seller and Wells Fargo Bank Minnesota, National
Association, as Backup Servicer and Trust Collateral Agent, as such agreement may be amended, supplemented or otherwise modified from time to time in accordance with the terms thereof. 
  
 “Scheduled Payments” means, as to each Insured Distribution Date, payments which are required to be made to
Holders in accordance with the original terms of the Obligations when issued and without regard to any subsequent amendment or modification of the Obligations or of the Indenture except amendments or modifications to which Financial Security has
given its prior written consent, which payments are (i) the Noteholders’ Interest Distributable Amount with respect to the related Distribution Date, (ii) the Noteholders’ Remaining Parity Deficit Amount with respect to the related
Distribution Date and (iii) with respect to the Final Scheduled Distribution Date for any class of Obligations, the outstanding principal amount of such class on such Final Scheduled Distribution Date, after taking into account reductions on such
Date of such outstanding principal amount from all sources other than this Policy. Scheduled Payments do not include payments which become due on an accelerated basis as a result of (a) a default by the Obligor, (b) an election by the Obligor to pay
principal on an accelerated basis, (c) the occurrence of an Event of Default under the Indenture or (d) any other cause, unless Financial Security elects, in its sole discretion, to pay in whole or in part such principal due upon acceleration,
together with any accrued interest to the date of acceleration. In the event Financial Security does not so elect, this Policy will continue to guarantee payment on the Obligations in accordance with their original terms. Scheduled Payments shall
not include (x) any portion of a Noteholders’ Interest Distributable Amount due to Holders because the appropriate notice and certificate for payment in proper form as required by paragraph 2 hereof was not timely Received by Financial
Security, (y) any portion of a Noteholders’ Interest Distributable Amount due to Holders representing interest on any Noteholders’ Interest Carryover Amount accrued from and including the date of payment of the amount of such
Noteholders’ Interest Carryover Amount pursuant hereto or (z) any Note Prepayment Amounts, unless Financial Security elects, in its sole discretion, to pay such amount in whole or in part. Scheduled Payments shall not include any amounts due in
respect of the Obligations attributable to any increase in interest rate, penalty or other sum payable by the Obligor by reason of any default or event of default in respect of the Obligations, or by reason of any deterioration of the credit
worthiness of the Obligor, nor shall Scheduled Payments include, nor shall coverage be provided under this Policy in respect of, any taxes, withholding or other charge with respect to any Holder imposed by any governmental authority due in
connection with the payment of any Scheduled Payment to a Holder. 
  

 3 

	 Policy No.: 51450-N
	 	 Date of Issuance: September 18,
2003                

  

 “Term Of This Policy” means the period from and including the Date of Issuance to
and including the date on which (i) all Scheduled Payments have been paid or deemed to be paid within the meaning of Section 4.1 of the Indenture; (ii) any period during which any Scheduled Payment could have been avoided in whole or in part as a
preference payment under applicable bankruptcy, insolvency, receivership or similar law shall have expired and (iii) if any proceedings 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 Minnesota, 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. 
  
 2. Notices and Conditions to Payment in Respect of Scheduled Payments. Following Receipt by Financial Security of a notice and certificate from the Trust Collateral Agent in the form attached as Exhibit A to this Endorsement,
Financial Security will pay any amount payable hereunder in respect of Scheduled Payments on the Obligations out of the funds of Financial Security on the later to occur of (a) 12:00 noon, New York City time, on the third Business Day following such
Receipt; and (b) 12:00 noon, New York City time, on the date on which such payment is due on the Obligations. Payments due hereunder in respect of Scheduled Payments will be disbursed to the Trust Collateral Agent by wire transfer of immediately
available funds. 
  
 Financial Security shall be entitled to pay
any amount hereunder in respect of Scheduled Payments on the Obligations, including any amount due on the Obligations on an accelerated basis, whether or not any notice and certificate shall have been Received by Financial Security as provided
above; provided, however, that by acceptance of this Policy the Trust Collateral Agent agrees to provide to Financial Security, upon Financial Security’s request to the Trust Collateral Agent, a notice and certificate in respect of any such
payments made by Financial Security. Financial Security shall be entitled to pay hereunder any amount that becomes due on the Obligations on an accelerated basis at any time or from time to time after such amount becomes due, in whole or in part,
prior to the scheduled date of payment thereof; Scheduled Payments insured hereunder shall not include interest, in respect of principal paid hereunder on an accelerated basis, accruing from and after the date of such payment of principal. Financial
Security’s obligations hereunder in respect of Scheduled Payments shall be discharged to the extent funds are disbursed by Financial Security as provided herein whether or not such funds are properly applied by the Trust Collateral Agent.

  
 3. Notices and Conditions to Payment in Respect of
Scheduled Payments Avoided as Preference Payments. If any Scheduled Payment is avoided as a preference payment under applicable bankruptcy, insolvency, receivership or similar law, Financial Security will pay such amount out of the funds of
Financial Security on the later of (a) the date when due to be paid pursuant to the Order referred to below or (b) the first to occur of (i) the fourth Business Day following Receipt by Financial Security from the Trust Collateral Agent of (A) a
certified copy of the order (the “Order”) of the court or 

  

 4 

	 Policy No.: 51450-N
	 	 Date of Issuance: September 18,
2003                

  

 
other governmental body that exercised jurisdiction to the effect that the Holder is required to return Scheduled Payments made with respect to the
Obligations during the Term Of This Policy because such payments were avoidable as preference payments under applicable bankruptcy law, (B) a certificate of the Holder that the Order has been entered and is not subject to any stay and (C) an
assignment duly executed and delivered by the Holder, in such form as is reasonably required by Financial Security, and provided to the Holder by Financial Security, irrevocably assigning to Financial Security all rights and claims of the Holder
relating to or arising under the Obligations against the estate of the Obligor or otherwise with respect to such preference payment or (ii) the date of Receipt by Financial Security from the Trust Collateral Agent of the items referred to in clauses
(A), (B) and (C) above if, at least four Business Days prior to such date of Receipt, Financial Security shall have Received written notice from the Trust Collateral Agent that such items were to be delivered on such date and such date was specified
in such notice. Such payment shall be disbursed to the receiver, conservator, debtor-in-possession or trustee in bankruptcy named in the Order and not to the Trust Collateral Agent or any Holder directly (unless a Holder has previously paid such
amount to the receiver, conservator, debtor-in-possession or trustee in bankruptcy named in the Order, in which case such payment shall be disbursed to the Trust Collateral Agent for distribution to such Holder upon proof of such payment reasonably
satisfactory to Financial Security). In connection with the foregoing, Financial Security shall have the rights provided pursuant to Section 6.2 of the Sale and Servicing Agreement. 
  
 4. Governing Law. This Policy shall be 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. 
  
 5. Fiscal Agent. At any time during the Term Of This Policy, Financial Security may appoint a fiscal agent (the “Fiscal Agent”) for purposes of this Policy by written notice to the Trust
Collateral Agent at the notice address specified in the Indenture specifying the name and notice address of the Fiscal Agent. From and after the date of receipt of such notice by the Trust Collateral Agent, (i) copies of all notices and documents
required to be delivered to Financial Security pursuant to this Policy shall be simultaneously delivered to the Fiscal Agent and to Financial Security and shall not be deemed Received until Received by both, and (ii) all payments required to be made
by Financial Security under this Policy may be made directly by Financial Security or by the Fiscal Agent on behalf of Financial Security. The Fiscal Agent is the agent of Financial Security only and the Fiscal Agent shall in no event be liable to
any Holder for any acts of the Fiscal Agent or any failure of Financial Security to deposit, or cause to be deposited, sufficient funds to make payments due under the Policy. 
  
 6. Waiver of Defenses. To the fullest extent permitted by applicable law, Financial Security agrees not to assert,
and hereby waives, for the benefit of each Holder, all rights (whether by counterclaim, setoff or otherwise) and defenses (including, without limitation, the defense of fraud), whether acquired by subrogation, assignment or otherwise, to the extent
that such rights and defenses may be available to Financial Security to avoid payment of its obligations under this Policy in accordance with the express provisions of this Policy. Nothing in this paragraph shall be construed to limit or 

  

 5 

	 Policy No.: 51450-N
	 	 Date of Issuance: September 18,
2003                

  

 
otherwise impair Financial Security’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 to require payment by Financial Security 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 Obligations. Nothing in
this Policy shall be construed to require payment to the extent any force majeure event or governmental act prevents Financial Security from performing its obligations under this Policy or such performance is otherwise rendered impossible, in which
event Financial Security 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. 
  
 7. Notices. All notices to be given hereunder shall be in writing (except as otherwise specifically provided herein) and shall be mailed by
registered mail or personally delivered or telecopied to Financial Security as follows: 
  
 Financial Security Assurance Inc. 
 350 Park Avenue 
 New York, NY 10022 
 Attention: Managing Director—Transaction Oversight Department 
 Re: AmeriCredit Automobile Receivables Trust 2003-C-F 
 Policy No.: 51450-N 
 Telecopy No.: (212) 339-3518 
 Confirmation: (212) 826-0100 
  
 Financial Security may specify a different address or addresses by writing
mailed or delivered to the Trust Collateral Agent. 
  
 8.
Priorities. In the event that any term or provision of the face of this Policy is inconsistent with the provisions of this Endorsement, the provisions of this Endorsement shall take precedence and shall be binding. 
  
 9. Exclusions From Insurance Guaranty Funds. This Policy is not
covered by the Property/Casualty Insurance Security Fund specified in Article 76 of the New York Insurance Law. This Policy is not covered by the Florida Insurance Guaranty Association created under Part II of Chapter 631 of the Florida Insurance
Code. In the event that Financial Security were to become insolvent, any claims arising under this Policy are excluded from coverage by the California Insurance Guaranty Association, established pursuant to Article 14.2 of Chapter 1 of Part 2 of
Division 1 of the California Insurance Code. 
  
 10. Surrender
of Policy. The Trust Collateral Agent shall surrender this Policy to Financial Security for cancellation upon expiration of the Term Of This Policy. 
  

 6 

	 Policy No.: 51450-N
	 	 Date of Issuance: September 18,
2003                

  

 IN WITNESS WHEREOF, FINANCIAL SECURITY ASSURANCE INC. has caused this Endorsement No. 1 to be
executed by its Authorized Officer. 
  

	 FINANCIAL SECURITY ASSURANCE INC.

		
	 By
	 	 /s/ Authorized Officer

	 	 	Authorized Officer

  

 7 

	 Policy No.: 51450-N
	 	 Date of Issuance: September 18,
2003                

  

 EXHIBIT A 
 To Endorsement No. 1 
  
 NOTICE OF
CLAIM AND CERTIFICATE 
  
 (Letterhead of Trust Collateral Agent)

  
 Financial Security Assurance Inc. 

350 Park Avenue 
 New York, NY 10022 
  
 Re: AmeriCredit Automobile
Receivables Trust 2003-C-F 
  
 The undersigned, a duly
authorized officer of Wells Fargo Bank Minnesota, National Association (the “Trust Collateral Agent”), hereby certifies to Financial Security Assurance Inc. (“Financial Security”), with reference to Financial Guaranty Insurance
Policy No. 51450-N dated September 18, 2003 (the “Policy”) issued by Financial Security in respect of the $195,000,000 Class A-1 1.12563% Asset Backed Notes, $326,000,000 Class A-2 1.74% Asset Backed Notes, $188,000,000 Class A-3 2.75%
Asset Backed Notes and $206,000,000 Class A-4 3.48% Asset Backed Notes of the above-referenced Trust (the “Obligations”), that: 
  
 The Trust Collateral Agent is the Trust Collateral Agent for the Holders under the Indenture. 
  
 The sum of all amounts on deposit (or scheduled to be on deposit) in the Note
Distribution Account and available for distribution to the Holders pursuant to the Indenture will be $             (the “Shortfall”) less than the aggregate amount of
Scheduled Payments due on                     . 
  
 The Trust Collateral Agent is making a claim under the Policy for the Shortfall to be applied to the payment of Scheduled Payments. 
  
 The Trust Collateral Agent agrees that, following receipt of funds from
Financial Security, it shall (a) hold such amounts in trust and apply the same directly to the payment of Scheduled Payments on the Obligations when due; (b) not apply such funds for any other purpose; (c) not commingle such funds with other funds
held by the Trust Collateral Agent and (d) maintain an accurate record of such payments with respect to each Obligation and the corresponding claim on the Policy and proceeds thereof, and, if the Obligation is required to be surrendered or presented
for such payment, shall stamp on each such Obligation the legend “$[insert applicable amount] paid by Financial Security and the balance hereof has been cancelled and reissued” and then shall deliver such Obligation to Financial Security.

  
 The Trust Collateral Agent, on behalf of the Holders, hereby
assigns to Financial Security the rights of the Holders with respect to the Obligations to the extent of any payments under the Policy, including, without limitation, any amounts due to the Holders in respect of securities law violations arising
from the offer and sale of the Obligations. The foregoing assignment is in addition to, and not in limitation of, rights of subrogation otherwise available to Financial Security 

  

 1-1 

	 Policy No.: 51450-N
	 	 Date of Issuance: September 18,
2003                

  

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

  
 Unless the context otherwise requires, capitalized terms used
in this Notice of Claim and Certificate and not defined herein shall have the meanings provided in the Policy. 
  

 A-2 

	 Policy No.: 51450-N
	 	 Date of Issuance: September 18,
2003                

  

 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 MINNESOTA, NATIONAL
ASSOCIATION,
	 as Trust Collateral Agent

	
	 By                                      
                                  

	 Title                                     
                               

  

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

 A-3Purchase Agreement, dated as of September 10, 2003

 Exhibit 10.1 
 EXECUTION COPY 
  
 PURCHASE AGREEMENT 
  
 between 

 
 AFS FUNDING TRUST 
 Purchaser 
  
 and 
  
 AMERICREDIT FINANCIAL SERVICES, INC. 
 Seller 
  
 Dated as of September 10, 2003 

 TABLE OF CONTENTS 
  

	 	  	 	  	Page

	 ARTICLE I. DEFINITIONS
	  	 1

			
	     SECTION 1.1
	  	 General
	  	 1

	     SECTION 1.2
	  	 Specific Terms
	  	 1

	     SECTION 1.3
	  	 Usage of Terms
	  	 2

	     SECTION 1.4
	  	 [Reserved]
	  	 2

	     SECTION 1.5
	  	 No Recourse
	  	 2

	     SECTION 1.6
	  	 Action by or Consent of Noteholders and Certificateholder
	  	 3

	     SECTION 1.7
	  	 Material Adverse Effect
	  	 3

		
	 ARTICLE II. CONVEYANCE OF THE RECEIVABLES AND THE OTHER CONVEYED PROPERTY
	  	 3

			
	     SECTION 2.1
	  	 Conveyance of the Receivables and the Other Conveyed Property.
	  	 3

	     SECTION 2.2
	  	 [Reserved]
	  	 4

		
	 ARTICLE III. REPRESENTATIONS AND WARRANTIES
	  	 4

			
	     SECTION 3.1
	  	 Representations and Warranties of Seller
	  	 4

	     SECTION 3.2
	  	 Representations and Warranties of Purchaser
	  	 5

		
	 ARTICLE IV. COVENANTS OF SELLER
	  	 7

			
	     SECTION 4.1
	  	 Protection of Title of Purchaser
	  	 7

	     SECTION 4.2
	  	 Other Liens or Interests
	  	 9

	     SECTION 4.3
	  	 Costs and Expenses
	  	 9

	     SECTION 4.4
	  	 Indemnification
	  	 9

		
	 ARTICLE V. REPURCHASES
	  	 11

			
	     SECTION 5.1
	  	 Repurchase of Receivables Upon Breach of Warranty
	  	 11

	     SECTION 5.2
	  	 Reassignment of Purchased Receivables
	  	 12

	     SECTION 5.3
	  	 Waivers
	  	 12

		
	 ARTICLE VI. MISCELLANEOUS
	  	 12

			
	     SECTION 6.1
	  	 Liability of Seller
	  	 12

	     SECTION 6.2
	  	 Merger or Consolidation of Seller or Purchaser
	  	 12

	     SECTION 6.3
	  	 Limitation on Liability of Seller and Others
	  	 13

	     SECTION 6.4
	  	 Seller May Own Notes or the Certificate
	  	 13

	     SECTION 6.5
	  	 Amendment
	  	 13

	     SECTION 6.6
	  	 Notices
	  	 14

	     SECTION 6.7
	  	 Merger and Integration
	  	 14

	     SECTION 6.8
	  	 Severability of Provisions
	  	 15

	     SECTION 6.9
	  	 Intention of the Parties
	  	 15

	     SECTION 6.10
	  	 Governing Law
	  	 16

	     SECTION 6.11
	  	 Counterparts
	  	 16

	     SECTION 6.12
	  	 Conveyance of the Receivables and the Other Conveyed Property to the Issuer
	  	 16

	     SECTION 6.13
	  	 Nonpetition Covenant
	  	 16

  

 i 

	     SECTION 6.14
	  	 Benefits of Purchase Agreement
	  	 16

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

  

 ii 

 PURCHASE AGREEMENT 
  
 THIS PURCHASE AGREEMENT, dated as of September 10, 2003, executed among AFS Funding Trust, a Delaware statutory trust, as
purchaser (“Purchaser”) and AmeriCredit Financial Services, Inc., a Delaware corporation, as Seller (“Seller”). 
  
 W I T N E S S E T H : 
  
 WHEREAS, Purchaser has agreed to purchase from the Seller, and the Seller, pursuant to this Agreement, is transferring to
Purchaser the Receivables and Other Conveyed Property. 
  
 NOW,
THEREFORE, in consideration of the premises and the mutual agreements hereinafter contained, and for other good and valuable consideration, the receipt of which is acknowledged, Purchaser and the Seller, intending to be legally bound, hereby agree
as follows: 
  
 ARTICLE I. 
  
 DEFINITIONS 
  
 SECTION 1.1 General. The specific terms defined in this Article
include the plural as well as the singular. The words “herein,” “hereof” and “hereunder” and other words of similar import refer to this Agreement as a whole and not to any particular Article, Section or other
subdivision, and Article, Section, Schedule and Exhibit references, unless otherwise specified, refer to Articles and Sections of and Schedules and Exhibits to this Agreement. Capitalized terms used herein without definition shall have the
respective meanings assigned to such terms in the Sale and Servicing Agreement dated as of September 10, 2003, by and among AFS Funding Trust (as Seller), AmeriCredit Financial Services, Inc. (in its individual capacity and as Servicer), AmeriCredit
Automobile Receivables Trust 2003-C-F (as Issuer) and Wells Fargo Bank Minnesota, National Association, as Backup Servicer and Trust Collateral Agent. 
  
 SECTION 1.2 Specific Terms. Whenever used in this Agreement, the following words and phrases, unless the context otherwise requires, shall have the
following meanings: 
  
 “Agreement” shall mean
this Purchase Agreement and all amendments hereof and supplements hereto. 
  
 “Closing Date” means September 18, 2003. 
  
 “Issuer” means AmeriCredit Automobile Receivables Trust 2003-C-F. 
  
 “Other Conveyed Property” means all property conveyed by the Seller to the Purchaser pursuant to this Agreement and by the Purchaser to
the Trust pursuant to Sections 2.1(b),(c),(d),(e),(f), (h), (i) and (j) of the Sale and Servicing Agreement. 
  
 “Owner Trustee” means Wilmington Trust Company, as Owner Trustee appointed 

 
and acting pursuant to the Trust Agreement. 
  
 “Receivables” means the Receivables listed on the Schedules of Receivables attached hereto. 
  
 “Related Documents” means, the Notes, the Certificate, the
Custodian Agreement, the Sale and Servicing Agreement, the Indenture, the Trust Agreement, the Note Policy, the Spread Account Agreement, the Spread Account Agreement Supplement, the Insurance Agreement, the Lockbox Agreement and the Underwriting
Agreement. The Related Documents to be executed by any party are referred to herein as “such party’s Related Documents,” “its Related Documents” or by a similar expression. 
  
 “Repurchase Event” means the occurrence of a breach of any
of the Seller’s representations and warranties hereunder or any other event which requires the repurchase of a Receivable by the Seller under the Sale and Servicing Agreement. 
  
 “Sale and Servicing Agreement” means the Sale and Servicing Agreement referred to in Section 1.1 hereof.

  
 “Schedule of Representations” means the
Schedule of Representations and Warranties attached hereto as Schedule B. 
  
 “Schedules of Receivables” means the schedule of Receivables sold and transferred pursuant to this Agreement which is attached hereto as Schedule A. 
  
 “Trust Collateral Agent” means Wells Fargo Bank Minnesota,
National Association, as trust collateral agent and any successor trust collateral agent appointed and acting pursuant to the Sale and Servicing Agreement. 
  
 “Trustee” means Wells Fargo Bank Minnesota, National Association, as trustee and any successor Trustee appointed and acting pursuant to
the Indenture. 
  
 SECTION 1.3 Usage of Terms. With respect
to all terms used in this Agreement, the singular includes the plural and the plural the singular; words importing any gender include the other gender; references to “writing” include printing, typing, lithography, and other means of
reproducing words in a visible form; references to agreements and other contractual instruments include all subsequent amendments thereto or changes therein entered into in accordance with their respective terms and not prohibited by this Agreement
or the Sale and Servicing Agreement; references to Persons include their permitted successors and assigns; and the terms “include” or “including” mean “include without limitation” or “including without
limitation.” 
  
 SECTION 1.4 [Reserved]. 

 
 SECTION 1.5 No Recourse. Without limiting the obligations of
Seller hereunder, no recourse may be taken, directly or indirectly, under this Agreement or any certificate or other writing delivered in connection herewith or therewith, against any stockholder, officer or director, as such, of Seller, or of any
predecessor or successor of Seller. 
  

 2 

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

  
 (b) Simultaneously with the conveyance of the Receivables and
the Other Conveyed Property to Purchaser, Purchaser has paid or caused to be paid to or upon the order of Seller an amount equal to the book value of the Receivables sold by Seller, as set forth on the books and records of Seller, by wire transfer
of immediately available funds and the remainder as a contribution to the capital of the Purchaser (a wholly-owned subsidiary of Seller). 
  

 3 

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

  

 4 

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

  

 5 

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

  

 6 

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

  

 7 

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

  
 (e) If at any time Seller shall propose to
sell, grant a security interest in, or otherwise transfer any interest in any motor vehicle receivables to any prospective 

  

 8 

 
purchaser, lender or other transferee, Seller shall give to such prospective purchaser, lender, or other transferee computer tapes, records, or print-outs
(including any restored from archives) that, if they shall refer in any manner whatsoever to any Receivable (other than a Purchased Receivable), shall indicate clearly that such Receivable has been sold to Purchaser, sold by Purchaser to Issuer, and
is owned by the Issuer. 
  
 SECTION 4.2 Other Liens or
Interests. Except for the conveyances hereunder, Seller will not sell, pledge, assign or transfer to any other Person, or grant, create, incur, assume or suffer to exist any Lien on the Receivables or the Other Conveyed Property or any interest
therein, and Seller shall defend the right, title, and interest of Purchaser and the Issuer in and to the Receivables and the Other Conveyed Property against all claims of third parties claiming through or under Seller. 
  
 SECTION 4.3 Costs and Expenses. Seller shall pay all reasonable costs
and disbursements in connection with the performance of its obligations hereunder and under its Related Documents. 
  
 SECTION 4.4 Indemnification. 
  
 (a) Seller shall defend, indemnify and hold harmless Purchaser, the Issuer, the Trust Collateral Agent, the Trustee, the Backup Servicer,
the Owner Trustee, the Noteholders and the Certificateholder from and against any and all costs, expenses, losses, damages, claims, and liabilities, arising out of or resulting from any breach of any of Seller’s representations and warranties
contained herein. 
  
 (b) Seller shall defend,
indemnify and hold harmless Purchaser, the Issuer, the Trust Collateral Agent, the Trustee, the Backup Servicer, the Owner Trustee, the Noteholders and the Certificateholder from and against any and all costs, expenses, losses, damages, claims, and
liabilities, arising out of or resulting from the use, ownership or operation by Seller or any affiliate thereof of a Financed Vehicle. 
  
 (c) Seller shall defend, indemnify and hold harmless Purchaser, the Issuer, the Trust Collateral Agent, the Trustee, the Backup Servicer,
the Owner Trustee, the Noteholders and the Certificateholder from and against any and all costs, expenses, losses, damages, claims and liabilities arising out of or resulting from any action taken, or failed to be taken, by it in respect of any
portion of the Receivables other than in accordance with this Agreement or the Sale and Servicing Agreement. 
  
 (d) Seller agrees to pay, and shall defend, indemnify and hold harmless Purchaser, the Issuer, the Trust Collateral Agent, the Trustee,
the Backup Servicer, the Owner Trustee, the Noteholders and the Certificateholder from and against any taxes that may at any time be asserted against Purchaser, the Issuer, the Trust Collateral Agent, the Trustee, the Backup Servicer, the Owner
Trustee, the Noteholders and the Certificateholder with respect to the transactions contemplated in this Agreement, including, without limitation, any sales, gross receipts, general corporation, tangible or intangible personal property, privilege,
or license taxes (but not including any taxes asserted with respect to, and as of the date of, the sale, transfer and assignment of the 

  

 9 

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

 10 

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

  

 11 

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

  

 12 

 
Insurer of such merger, consolidation or purchase and assumption. Notwithstanding the foregoing, as a condition to the consummation of the transactions
referred to in clauses (i), (ii) and (iii) above, (x) immediately after giving effect to such transaction, no representation or warranty made pursuant to Sections 3.1 and 3.2 of this Agreement shall have been breached (for purposes hereof, such
representations and warranties shall speak as of the date of the consummation of such transaction) and no event that, after notice or lapse of time, or both, would become an event of default under the Insurance Agreement, shall have occurred and be
continuing, (y) Seller or Purchaser, as applicable, shall have delivered written notice of such consolidation, merger or purchase and assumption to the Rating Agencies prior to the consummation of such transaction and shall have delivered to the
Issuer, the Insurer and the Trust Collateral Agent an Officer’s Certificate of the Seller or a certificate signed by or on behalf of the Purchaser, as applicable, and an Opinion of Counsel each stating that such consolidation, merger or
succession and such agreement of assumption comply with this Section 6.2 and that all conditions precedent, if any, provided for in this Agreement relating to such transaction have been complied with, and (z) Seller or Purchaser, as applicable,
shall have delivered to the Issuer, the Insurer and the Trust Collateral Agent an Opinion of Counsel, stating, in the opinion of such counsel, either (A) all financing statements and continuation statements and amendments thereto have been executed
and filed that are necessary to preserve and protect the interest of the Issuer and the Trust Collateral Agent in the Receivables and reciting the details of the filings or (B) no such action shall be necessary to preserve and protect such interest.

  
 SECTION 6.3 Limitation on Liability of Seller and
Others. Seller and any director, officer, employee or agent thereof may rely in good faith on the advice of counsel or on any document of any kind prima facie properly executed and submitted by any Person respecting any matters arising under
this Agreement. Seller shall not be under any obligation to appear in, prosecute or defend any legal action that is not incidental to its obligations under this Agreement or its Related Documents and that in its opinion may involve it in any expense
or liability. 
  
 SECTION 6.4 Seller May Own Notes or the
Certificate. Subject to the provisions of the Sale and Servicing Agreement, Seller and any Affiliate of Seller may in their individual or any other capacity become the owner or pledgee of Notes or the Certificate with the same rights as they
would have if they were not Seller or an Affiliate thereof. 
  
 SECTION 6.5 Amendment. 
  
 (a)
This Agreement may be amended by Seller and Purchaser with the prior written consent of the Insurer (so long as an Insurer Default shall not have occurred and be continuing) but without the consent of the Trust Collateral Agent, the Owner Trustee,
the Certificateholder or any of the Noteholders (i) to cure any ambiguity or (ii) to correct any provisions in this Agreement; provided, however, that such action shall not, as evidenced by an Opinion of Counsel delivered to the Issuer, the Owner
Trustee, the Insurer and the Trust Collateral Agent, adversely affect in any material respect the interests of any Certificateholder or Noteholder or, if an Insurer Default shall have occurred and be continuing, the Insurer. 
  
 (b) This Agreement may also be amended from time to time by
Seller and Purchaser, with the prior written consent of the Insurer (so long as an Insurer Default 

  

 13 

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

  
 SECTION 6.7 Merger and Integration. Except as
specifically stated otherwise herein, this Agreement and Related Documents set forth the entire understanding of the parties relating to the subject matter hereof, and all prior understandings, written or oral, are superseded 

  

 14 

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

 15 

 (4) all proceeds and investments with respect to items (1), (2), and (3) above.

  
 (b) This Agreement shall constitute a
security agreement under applicable law. 
  
 SECTION 6.10
Governing Law. This Agreement shall be construed in accordance with and governed by the law of the State of New York, without giving effect to its conflict of law provisions (other than Sections 5-1401 and 5-1402 of the New York General
Obligations Law). 
  
 SECTION 6.11 Counterparts. For the
purpose of facilitating the execution of this Agreement and for other purposes, this Agreement may be executed simultaneously in any number of counterparts, each of which counterparts shall be deemed to be an original, and all of which counterparts
shall constitute but one and the same instrument. 
  
 SECTION 6.12
Conveyance of the Receivables and the Other Conveyed Property to the Issuer. Seller acknowledge that Purchaser intends, pursuant to the Sale and Servicing Agreement, to convey the Receivables and the Other Conveyed Property, together with its
rights under this Agreement, to the Issuer on the date hereof. Seller acknowledges and consents to such conveyance and pledge and waives any further notice thereof and covenants and agrees that the representations and warranties of Seller contained
in this Agreement and the rights of Purchaser hereunder are intended to benefit the Insurer, the Issuer, the Owner Trustee, the Trust Collateral Agent, the Noteholders and the Certificateholder. In furtherance of the foregoing, Seller covenants and
agrees to perform its duties and obligations hereunder, in accordance with the terms hereof for the benefit of the Insurer, the Issuer, the Owner Trustee, the Trust Collateral Agent, the Noteholders and the Certificateholder and that,
notwithstanding anything to the contrary in this Agreement, Seller shall be directly liable to the Issuer, the Owner Trustee, the Trust Collateral Agent, the Noteholders and the Certificateholder (notwithstanding any failure by the Servicer, the
Backup Servicer or the Purchaser to perform its respective duties and obligations hereunder or under Related Documents) and that the Trust Collateral Agent may enforce the duties and obligations of Seller under this Agreement against Seller for the
benefit of the Insurer, the Owner Trustee, the Trust Collateral Agent, the Noteholders and the Certificateholder. 
  
 SECTION 6.13 Nonpetition Covenant. Neither Purchaser nor Seller shall petition or otherwise invoke the process of any court or government authority
for the purpose of commencing or sustaining a case against the Purchaser or the Issuer under any federal or state bankruptcy, insolvency or similar law or appointing a receiver, liquidator, assignee, trustee, custodian, sequestrator or other similar
official of the Purchaser or the Issuer or any substantial part of their respective property, or ordering the winding up or liquidation of the affairs of the Purchaser or the Issuer. 
  
 SECTION 6.14 Benefits of Purchase Agreement. The Insurer and its successors and assigns shall be a third-party
beneficiary to the provisions of this Purchase Agreement and shall be entitled to rely upon and directly enforce the provisions of this Purchase Agreement so long as no Insurer Default shall have occurred and be continuing. 
  

 16 

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

	 AFS FUNDING TRUST, as Purchaser

		
	 By:
	 	 AMERICREDIT FINANCIAL SERVICES, INC.,
 as Administrator

		
	 By
	 	 /s/ Susan Sheffield

	 	 	 Name:   Susan Sheffield

	 	 	 Title:     Vice President, Structured Finance

	
	 AMERICREDIT FINANCIAL SERVICES,
INC., as Seller

		
	 By
	 	 /s/ Beth Sorensen

	 	 	 Name:   Beth Sorensen

	 	 	 Title:     Senior Vice President, Finance

  
  
 Accepted: 
  
 WELLS FARGO BANK MINNESOTA, NATIONAL ASSOCIATION, 
 as Trustee and Trust Collateral Agent 
  

	 By
	 	 /s/ Marianna C. Stershic

	 	 	 Name: Marianna C. Stershic

	 	 	 Title: Vice President

  
 [Purchase Agreement]

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

 SCHEDULE B 
  
 REPRESENTATIONS AND WARRANTIES OF 
  
 AMERICREDIT FINANCIAL SERVICES, INC. (“AMERICREDIT”) 
  
 1. Characteristics of Receivables. Each Receivable (A) was originated (i) by AmeriCredit, (ii) by a Dealer and
purchased by AmeriCredit from such Dealer under an existing Dealer Agreement or pursuant to a Dealer Assignment with AmeriCredit and was validly assigned by such Dealer to AmeriCredit pursuant to a Dealer Assignment or (iii) by a Third-Party Lender
and purchased by AmeriCredit from such Third-Party Lender under an existing Auto Loan Purchase and Sale Agreement or pursuant to a Third-Party Lender Assignment with AmeriCredit and was validly assigned by such Third-Party Lender to AmeriCredit
pursuant to a Third-Party Lender Assignment (B) was originated by AmeriCredit, such Dealer or such Third-Party Lender for the retail sale of a Financed Vehicle in the ordinary course of AmeriCredit’s, the Dealer’s or the Third-Party
Lender’s business, in each case was originated in accordance with AmeriCredit’s credit policies and was fully and properly executed by the parties thereto, and AmeriCredit, each Dealer and each Third-Party Lender had all necessary licenses
and permits to originate Receivables in the state where AmeriCredit, each such Dealer or each such Third-Party Lender was located, (C) contains customary and enforceable provisions such as to render the rights and remedies of the holder thereof
adequate for realization against the collateral security, (D) is a Receivable which provides for level monthly payments (provided that the period in the first Collection Period and the payment in the final Collection Period of the Receivable may be
minimally different from the normal period and level payment) which, if made when due, shall fully amortize the Amount Financed over the original term and (E) has not been amended or collections with respect to which waived, other than as evidenced
in the Receivable File relating thereto. 
  
 2. No Fraud or
Misrepresentation. Each Receivable was originated (i) by AmeriCredit, (ii) by a Dealer and was sold by the Dealer to AmeriCredit, or (iii) by a Third-Party Lender and was sold by the Third-Party Lender to AmeriCredit, and was sold by AmeriCredit
to AFS Funding Trust without any fraud or misrepresentation on the part of such Dealer or Third-Party Lender in any case. 
  
 3. Compliance with Law. All requirements of applicable federal, state and local laws, and regulations thereunder (including, without limitation,
usury laws, the Federal Truth-in-Lending Act, the Equal Credit Opportunity Act, the Fair Credit Billing Act, the Fair Credit Reporting Act, the Fair Debt Collection Practices Act, the Federal Trade Commission Act, the Moss-Magnuson Warranty Act, the
Federal Reserve Board’s Regulations “B” and “Z” (including amendments to the Federal Reserve’s Official Staff Commentary to Regulation Z, effective October 1, 1998, concerning negative equity loans), the Soldiers’
and Sailors’ Civil Relief Act of 1940, each applicable state Motor Vehicle Retail Installment Sales Act, and state adaptations of the National Consumer Act and of the Uniform Consumer Credit Code and other consumer credit laws and equal credit
opportunity and disclosure laws) in respect of the Receivables and the Financed Vehicles, have been complied with in all material respects, and each Receivable and the sale of the Financed Vehicle evidenced by each Receivable complied at the time it
was 

 
originated or made and now complies in all material respects with all applicable legal requirements. 
  
 4. Origination. Each Receivable was originated in the United States.

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

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

  

 B-2 

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

  

 B-3 

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

  

 B-4 

 
Obligor to maintain physical loss and damage insurance, naming AmeriCredit and its successors and assigns as additional insured parties, and each Receivable
permits the holder thereof to obtain physical loss and damage insurance at the expense of the Obligor if the Obligor fails to do so. No Financed Vehicle is insured under a policy of Force-Placed Insurance on the Cutoff Date. 
  
 25. Past Due. At the Cutoff Date no Receivable was more than 30 days
past due. 
  
 26. Remaining Principal Balance. At the
Cutoff Date the Principal Balance of each Receivable set forth in the Schedules of Receivables is true and accurate in all material respect. 
  
 27. Certain Characteristics of Receivables. (A) Each Receivable had a remaining maturity, as of the Cutoff Date, of not more than 72 months; (B)
each Receivable had an original maturity of not more than 72 months; (C) not more than 40% of Receivables (calculated by Aggregate Principal Balance) shall have an original term to maturity of 72 months; (D) each Receivable had a remaining Principal
Balance as of the Cutoff Date of at least $250 and not more than $80,000; (E) each Receivable has an Annual Percentage Rate of at least 6% and not more than 33%; (F) no Receivable was more than 30 days past due as of the Cutoff Date; and (G) no
funds have been advanced by AmeriCredit, any Dealer, any Third-Party Lender, or anyone acting on behalf of any of them in order to cause any Receivable to qualify under clause (F) above. 
  
 28. The Servicer has taken all steps necessary to perfect its security interest against the related Obligors in the property
securing the Receivables and will take all necessary steps on behalf of the Trust to maintain the Trust’s perfection of the security interest created by each Receivable in the related Financed Vehicle. 
  
 29. The Servicer has in its possession all original copies of the contracts
that constitute or evidence the Receivables. 
  

 B-5

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