Document:

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                                                                    EXHIBIT 10.5

                       SEPARATION AGREEMENT AND RELEASE
                       --------------------------------

     This Separation Agreement and Mutual General Release ("Agreement") is made
and entered into and the 2nd day of May, 2001 (the "Effective Date," which is
defined as the date the Parties sign this Agreement), between Mannatech, Inc.
and its affiliates (defined as any entity which owns or controls, is owned or
controlled by, or is under common ownership or control with Mannatech)
(collectively as "Mannatech"), and Deanne Varner ("Varner"). Varner and
Mannatech are collectively referred to herein as the "Parties."

     WHEREAS the Parties desire to finally, fully and completely resolve all
disputes that now or may exist between them concerning Varner's hiring,
employment and termination from Mannatech, and all disputes over benefits and
compensation connected with such employment, and specifically, but not limited
to, any disputes arising from the terms of Varner's employment as set forth in
the Employment Agreements entered into between the Parties dated May 14, 1997
and September 28, 1998 ("Employment Agreements").

     NOW, THEREFORE, in consideration of the premises and mutual covenants and
agreements hereinafter set forth, and for other good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, the Parties hereto
agree as follows:

     1.   Varner hereby submits her resignation from employment with Mannatech
as General Counsel, Senior Vice-President and any other job or position held,
and acknowledges that her employment with Mannatech ends the 8th day after the
Effective

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Date of this Agreement, which shall be designated as the "Separation Date."
Varner also hereby resigns effective immediately from all positions (including
any positions as Officer or Director) with any Mannatech subsidiary or affiliate
companies. Except as expressly set forth in this Agreement, all benefits and
perquisites related to Varner's employment with Mannatech shall cease as of the
Separation Date. Varner agrees that from the Effective Date of this Agreement to
her Separation Date, she will be on administrative leave and shall not perform
any services or duties on behalf of Mannatech unless specifically directed to do
so by the President, Chief Executive Officer or Chairman of the Board. During
Varner's administrative leave, she shall receive her normal benefits and salary,
in accordance with Mannatech's regular salary payment schedule. Except as
otherwise required pursuant to this Agreement, no further salary, bonus,
benefits, payments, warrants, stock or options shall be due from or paid by
Mannatech to Varner, and Varner hereby waives and relinquishes all claims to
further employment, compensation, benefits, stock, warrants, options, or other
remuneration from Mannatech, except as specified in this Agreement. Varner
agrees that any remaining warrants or options which have not previously vested,
are forfeited. Varner agrees that this release is binding on her, her heirs,
legal representatives and assigns.

     2.   Any vested interest held by Varner in Mannatech's 401(k) Plans shall
be distributed in accordance with the terms of the plan (the "Plan") and
applicable law. Varner shall not be a participant in the Plan after the
Separation Date, and shall not be entitled to any further contribution for any
period of time after the Separation Date.

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Mannatech shall provide Varner under separate cover at her address for notice
("Address"), information necessary and as required by law to facilitate the
transfer or rollover of her 401(k) account.

     3.   Except as provided in paragraph 7 of this Agreement, within five (5)
days after the Effective Date, Varner shall return all equipment and property in
her possession which belongs to Mannatech, including all files and programs
stored electronically or otherwise, that relate or refer to Mannatech, and
within fifteen (15) days after the Effective Date, she shall also return all
original and copies of documents, notes, memoranda or any other written
materials that relate or refer to Mannatech, including any material that
constitutes "Confidential Information" as such term is currently defined in Rule
1.05 of the Texas Disciplinary Rules of Professional Conduct governing the
attorney-client relationship. In addition, Varner agrees to permit Mannatech to
electronically examine all computer equipment that she may have used in the
course of performing her job duties. Varner agrees and reaffirms her duties to
Mannatech pursuant to the Texas Disciplinary Rules of Professional Conduct
governing the attorney-client relationship, and Varner shall not disclose
"Confidential Information" pertaining to Mannatech except as permitted by the
Texas Disciplinary Rules of Professional Conduct. Varner shall also not
represent any existing or prior Associate of Mannatech, nor shall she represent
any future Associate of Mannatech with regard to any matter concerning Mannatech
irrespective of whether adverse to Mannatech. Varner shall not represent any
other person or entity in any matter adverse to Mannatech.

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     4.   In consideration for the release and covenants by Varner set forth in
this Agreement, Mannatech agrees to pay to Varner a total of $900,000 payable as
follows: (i) the first installment will be paid by Mannatech to Varner in the
amount of $400,000 on the Separation Date; (ii) the second installment will be
paid by Mannatech to Varner in the amount of $250,000 on April 30, 2002; and
(iii) the third and final installment will be paid by Mannatech to Varner
of $250,000 on April 30, 2003. Each such installment to be paid to Varner will
be made in good funds via wire transfer to the account specified by Varner,
hand-delivery, or certified U.S. mail at her address as instructed by Varner.
(If Varner hereafter elects to change the instructions set forth, she shall
provide written notice to Mannatech specifying the new instructions for delivery
of the funds at least fourteen (14) days in advance of the installment due
date). Until such further notice is given by Varner, the funds shall be
transferred to Bank One, Texas, N.A., No. 14255, 1000 S. Beltline Road, Coppell,
Texas, ABA Routing Number: 111000614, for further credit to account of Deanne
Varner, Account Number 1560292896 (with Bank One, Texas, N.A. being requested to
call customer at 214-521-3778 upon receipt of funds.) Varner shall have no duty
to find new employment following the Separation Date. Any salary or remuneration
received by Varner from a third party for the providing of personal services
(whether by employment or as an independent contractor) following the Separation
Date shall not reduce the obligations of Mannatech to make any payment(s) to
Varner pursuant to the terms of this Agreement, including pursuant to this
Paragraph 4. Varner hereby agrees that she is solely responsible for all tax
obligations, if any, including, but not limited to, all

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reporting and payment obligations, which may arise as a consequence of such
payments. Varner hereby agrees to hold Mannatech and the Mannatech Re1easees
(described in paragraph 13 of this Agreement) harmless from and against, and
agrees to reimburse and indemnify Mannatech and the Releasees for any taxes,
penalties, net loss, cost, damage or expense, including, without limitation,
attorneys fees, incurred by Mannatech or the Releasees arising out of the tax
treatment by Varner on her tax return(s) of any payments made to Varner pursuant
to this Agreement, and/or arising out of Mannatech's payment of such lump sums
to Varner.

     5.   Varner and her dependent shall have the right to choose at Mannatech's
cost, extension of applicable medical insurance coverage pursuant to COBRA for a
period of up to eighteen (18) months. Mannatech shall provide, under separate
cover to Varner at her home address, information regarding COBRA election, and
Mannatech agrees to reimburse Varner for any premiums paid by her for
continuation of health coverage for Varner and her dependent under Mannatech's
group health plan, if any, pursuant to its COBRA continuation of coverage
provisions, for a period not to exceed 18 months, the period during which each
such individual is covered under COBRA continuation of coverage provisions. The
right of Varner to receive reimbursement of COBRA coverage shall cease if Varner
obtains full-time employment (which she is not required to do), and becomes
eligible for equivalent health insurance from her new employer. Varner agrees to
immediately notify Mannatech when she obtains full-time employment and becomes
eligible for equivalent health insurance.

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     6.   As further consideration to Varner, Mannatech will provide Varner
Options pursuant to the 2000 Stock Option Plan to acquire unrestricted common
stock of Mannatech, for the respective number of shares and respective exercise
prices as follows:

          Exercise Price       Number of Shares
          --------------       ----------------

              $1.75                 42,500
              $2.00                 37,500
              $2.25                 33,333
              $4.00                 50,000

The provisions of this paragraph shall supercede the requirements of the
Employee Agreements regarding the conversion of stock options to warrants,
including those requirements of Paragraph 8.1(16) (iii) of the September 28,
1998, Employment Agreement. Except as set forth in this Agreement, including
this paragraph 6, all unexercised stock options and warrants previously granted
to Varner respecting stock in Mannatech and Internet Health Group, Inc., shall
terminate on the Separation Date, and shall be null and void and of no further
effect.

     7.   Mannatech agrees, on or before June 30, 2001, to transfer to Varner,
free and clear title to the ownership of the Mercedes 430E owned or leased by
Mannatech and currently used exclusively by Varner ("Title Transfer Date"). From
the Effective Date of this Agreement to the Title Transfer Date, Mannatech will
keep the lease payments current, pay for maintenance and repair, and keep the
vehicle insured for its full replacement cost. In the event the vehicle is
damaged between the Effective Date and Title Transfer Date, and the cost of
repairs would exceed the depreciated

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value of the vehicle, Mannatech shall provide Varner with a replacement vehicle
equal to the depreciated value of her current vehicle. Once title is
transferred, Varner shall have sole responsibility for ownership of said
vehicle, including responsibility to secure insurance, licenses, taxes and
maintenance. Effective as of the Separation Date, and subject to the provisions
of paragraph 3 of this Agreement, Mannatech, without further action, shall also
be deemed to have transferred to Varner, title to the Gateway Computer and
monitor, and title to the Hewlett Packard PC, both currently owned by Mannatech
and used by Varner.

     8.   On the Separation Date, Mannatech agrees to pay Varner an additional
lump sum amount equal to one hundred and twenty-eight (128) hours of her base
pay ($24,236.64), less required state and federal deductions. In addition,
on the Separation date, Mannatech shall make a lump sum payment to Varner of
$24,062.22, less required state and federal deductions, which is equal to the
amount of accrued, unused vacation benefit time available to Varner from January
1, 2001 to April 20, 2001.

     9.   In the event of Varner's death this Agreement shall operate in favor
of her estate ("Estate") and all payments, obligations and consideration as
contemplated hereby shall continue to be performed in favor of her Estate.

     10.  The Parties shall issue a press release regarding Varner's resignation
from Mannatech as General Counsel and Senior Vice President in the form set
forth on Attachment "A" hereto ("Press Release"). Such Press Release shall not
be issued prior to the Separation Date, and shall be the sole public
communication by Officers and Directors of Mannatech regarding the severance of
Varner.

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     11.  After the Separation Date and through the last Installment Date of
April 1, 2003 ("Installment Payment Period"), Varner shall be available upon
reasonable notice to assist Mannatech at the request of the Company's Chief
Financial Officer or higher-ranked Officer, in such matters, including, but not
limited to, testifying (and preparing to testify) as a witness in any proceeding
or otherwise providing information or reasonable assistance to Mannatech in
connection with any claim or suit. Varner agrees to cooperate with Mannatech
regarding any pending or subsequently-filed litigation, claims or other disputed
items involving Mannatech that relate to matters within the knowledge or
responsibility of Varner during her employment. Varner agrees (i) to meet with
Mannatech's representatives, its counsel or other designees at mutually
convenient times and places with respect to any items within the scope of this
provision; (ii) to provide truthful testimony regarding same to any court,
agency or other adjudicatory body; and (iii) to provide Mannatech with notice of
contact by any adverse party (known to Varner to be adverse to Mannatech or its
interests), and further agrees that she will not voluntarily assist any such
adverse party or such adverse party's representatives. Varner shall be entitled
to reimbursement from Mannatech for reasonable travel and lodging expenses, if
necessary, incurred by Varner by reason of the requests of Mannatech made
pursuant to this paragraph. Varner shall be available to attend, on or before
August 1, 2001, two (2) days of orientation meetings with the new General
Counsel of Mannatech, provided a replacement has been hired by that date. In the
event a new General Counsel is not hired until after August 1, 2001, or in the
event the above-referenced

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orientation meetings are not held before August 1, 2001, then Varner shall only
be required to be available to attend a full-day orientation meeting with the
new General Counsel. The Parties agree that Varner shall be available to
consult, provide information or assistance, or otherwise cooperate with
Mannatech as specified in this paragraph, two (2) hours per month (at no charge)
during the Installment Payment Period, as follows: two (2) hours per month
shall, if unused, carry over from month to month, up to a maximum of six (6)
hours in any month (at no charge to Mannatech) during the Installment Payment
Period ("Allotted Time"). The Allotted Time available in any month during the
Installment Payment Period may be used within that month or accrued as stated
and limited above. In the event Varner is requested to perform services on
behalf of Mannatech in excess of the Allotted Time in any month, she shall be
compensated by Mannatech at the rate of $150 per hour in excess of six (6) hours
in that particular month. Varner shall keep an accurate record of her time
expended in performing services for Mannatech and shall submit monthly time
records (and statements for services, if applicable) to the Chief Financial
Officer of Mannatech. The Parties acknowledge that after the Separation Date,
Varner may undertake other business activities which are not precluded by this
Agreement which may require devotion of her full time. Therefore, the Parties
agree that any request of Varner's time by Mannatech pursuant to this paragraph
shall take into consideration Varner's other previously-scheduled commitments or
employment (which may be full time), and both Parties shall attempt to
accommodate the scheduling needs and requirements of the other (which may be at
times and on days which are not ordinary business times

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for Mannatech) in connection with the provisions of this paragraph. Further, the
Parties agree that consultations with Varner shall be by telephone whenever
possible. Mannatech recognizes that such post-separation date services shall not
be deemed to constitute legal services or the practice of law by Varner, unless
otherwise agreed in writing by Varner, but instead shall be deemed to constitute
business consulting services.

     12.  Varner does not release any rights to indemnity as provided under the
Bylaws of Mannatech or as set forth in Paragraph 2.6 of the September 28, 1998
Employment Agreement, that Varner may have possessed in her capacity, and by
reason of her service as an employee or officer of Mannatech. Mannatech shall
continue to maintain Directors and Officers insurance coverage, and will not
seek any exclusion for past Directors and Officers, including Varner. At the
written request of Varner, Mannatech shall deliver a copy of its Directors and
Officers Insurance Policy to Varner.

     13.  In consideration of the premises, covenants and other valuable
consideration provided by Mannatech in this Agreement, and subject thereto,
Varner:

          a.   Hereby releases Mannatech and its employees, officers, agents,
directors, shareholders and affiliates, collectively referred to as "Releases,"
from any and all claims, causes of action, losses, obligations, liabilities,
damages, judgments, costs, expenses (including attorneys fees) of any kind
whatsoever, including, but not limited to, disputes or claims arising out of
Varner's hiring, employment or termination of such employment with Mannatech,
including, but not limited to, disputes arising

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under the May 14, 1997, Employment Agreement, or the September 28, 1998,
Employment Agreement, between the Parties, or arising out of any act committed
or omitted during or after the existence of such employment relationship,
including any disputes regarding compensation, bonus, stock, warrants or
options. This Release includes, but is not limited to, all claims, whether
arising in contract or allegations of tort, common law or assertion of federal
or state statutory rights, including, but not limited to, Title VII of the Civil
Rights Act of 1964, as amended, or the Age Discrimination in Employment Act,
encompassing claims of age discrimination, claims for wrongful discharge, breach
of express or implied contract or implied covenant of good faith and fair
dealing, as well as any expenses, costs or attorneys fees. Furthermore, Varner
agrees and hereby relinquishes any right to re-employment with Mannatech.
However, Varner does not release her right to enforce the terms of this
Agreement.

          b.   Agrees not to engage or participate, directly or indirectly,
either as an employee, employer, consultant, agent, principal, partner,
stockholder, officer, direct, shareholder, member, investor (except passive
investments to the extent of 1/2% or less in a publicly-traded Company) or any
other individual or representative capacity during the Installment Payment
Period referenced in paragraph 4 of this Agreement, and for a period of one (1)
year following the last such installment payment (April 2, 2003) to Varner by
Mannatech, in any geographical area or market where Mannatech has conducted any
business as of Varner's Separation Date or during the previous twelve (12)
months:

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          i.   in any business competitive with the business conducted by
               Mannatech;

          ii.  render advice or services to, or otherwise assist, any other
               person, association or entity who is engaged, directly or
               indirectly, in any business competitive with the business
               conducted by Mannatech with respect to such competitive business;
               [however, subject to this Agreement, Varner shall have the right
               to engage in the practice of law]; or

          iii. induce any employee of Mannatech or any of its affiliates to
               terminate his or her employment with Mannatech or such
               affiliates, or hire or assist in the hiring of any such employee
               by any person, association or entity not affiliated with
               Mannatech [Varner's potential hiring of Vincenza Calvey within
               the first twelve (12) months after the Separation Date is
               specifically exempted from this provision].

          c.   Agrees to return to Mannatech all information described in
paragraph 3 of this Agreement and all copies thereof.

          d.   Agrees that she will not, save and except as required by law or
judicial process, at any time, make any disclosure of business information
maintained in confidence by Mannatech, or of any trade secrets of Mannatech, or
otherwise knowingly make any use thereof. As a result of Varner's employment by
Mannatech, Varner may also from time to time have had access to, or knowledge
of, confidential business information or trade secrets of third parties, such as
customers, suppliers, partners, joint venturers, and the like, of Mannatech and
Varner shall have the same obligation with regard thereto.

     The Parties agree that Mannatech has a legitimate interest in protecting
the business and good will of Mannatech that has developed in the areas of
Mannatech's business and in the geographical areas of this covenant not-to-
compete as a result of

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the operations of Mannatech. The Parties agree that Mannatech is entitled to
protection of its interests in these areas. The Parties further agree that the
limitations as to time, geographical area and scope of activity to be restrained
do not impose a greater restraint upon Varner than is necessary to protect the
goodwill or other business interest of Mannatech. The Parties further agree that
in the event of a violation of the provisions of paragraphs 3 or 13(b) (i-iii),
(c) or (d) of this Agreement by Varner, that Mannatech shall be entitled to
recover damages and all consideration provided to Varner in this Agreement,
terminate any and all payment then owing to Varner, and seek an injunction
against Varner for the breach or violation or continued breach or violation of
this covenant. Such remedies shall not be deemed the exclusive remedies for a
breach of these paragraphs, but shall be in addition to all remedies available
at law or in equity to Mannatech. The Parties agree that if a court of competent
jurisdiction determines that the length of time or any other restriction or
portion thereof set forth in this paragraph is overly restrictive and
unenforceable, the court may reduce or so modify such restriction to those which
it deems reasonable, appropriate and enforceable under the circumstances.

     14.  In the event Mannatech believes that Varner has breached any material
term or provision of this Agreement (with the exception of Varner's
Confidentiality, Non-Competition and/or Non-Solicitation covenants in paragraphs
3 and 13(b) (i-iii), (c) and (d)), Mannatech shall provide written notice to
Varner identifying the provision that Mannatech asserts has been breached by
Varner and demanding cure and performance of such term or provision by Varner.
Varner shall have fifteen (15)

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calendar days after receipt of such notice to cure such breach and/or to perform
such term or provision, and in the event she fails to timely do so, all amounts
which otherwise would be payable by Mannatech to Varner under this Agreement
shall cease and Mannatech shall be excused and have no further obligation for
payment of any further amounts to Varner under this Agreement or the Employment
Agreements. Provided, however, that notwithstanding such cessation of
Mannatech's obligations, Varner's Confidentiality, Non-Competition and Non-
Solicitation covenants contained in paragraphs 3 and 13(b) (i-iii), (c) and (d)
shall continue in full force and effect as specified in this Agreement. In
addition to the remedies referenced above, Mannatech may bring suit in a court
of competent jurisdiction to enforce any material term or provision of this
Agreement, and in the event said court determines that Varner has breached
and/or failed to perform any material term or provision of this Agreement,
damages and injunctive relief may be issued against Varner and Varner shall be
obligated to pay reasonable attorneys fees, costs and expenses incurred by
Mannatech.

     15.  Should Mannatech default in timely payment on the due date of any
payment or amount due under this Agreement, Varner shall give written notice of
such default to the persons specified in or pursuant to this Agreement to
receive notice on behalf of Mannatech. Mannatech shall have fifteen (15)
calendar days after the receipt of such a notice of default to cure any payment
default. Should Mannatech fail to cure any payment default within fifteen (15)
calendar days after such a payment default notice is so received, the entire
balance remaining due and payable to Varner under this Agreement shall be
accelerated and all amounts remaining unpaid under

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this Agreement by Mannatech to Varner shall become immediately due and payable.
After the due date, whether by acceleration or otherwise, unpaid payments then
due and payable by Mannatech to Varner shall accrue interest at the highest
lawful rate chargeable in the State of Texas. In the event that Varner brings
suit in a court of competent jurisdiction to enforce this Agreement and, after
trial is deemed by the Court to be the prevailing party in such litigation, she
shall be entitled to recover such payments and benefits required under this
Agreement and recover as damages from Mannatech, reasonable attorneys fees,
costs and expenses incurred in connection with the pursuit of such legal process
and/or lawsuit.

     16.  Mannatech releases Varner from any and all claims, causes of action,
losses, obligations, liabilities, damages, judgments, costs, expenses (including
attorneys fees) which arise out of actions taken by Varner while serving
Mannatech and acting in good faith, and which she had no reasonable cause to
believe the conduct was unlawful or illegal, including, but not limited to,
claims under federal, state or local constitution, statute, law, ordinance, or
regulation. In this regard, Varner shall be deemed to have acted in good faith
and/or with reasonable cause to believe her conduct was lawful and legal if she
acted in reliance on the advice, counsel or opinion of outside counsel to
Mannatech. However, Mannatech does not release its right to enforce the terms of
this Agreement.

     17.  If Varner or anyone acting on her behalf brings suit against Mannatech
seeking to declare any term of this Agreement void or unenforceable, and if one
or more material terms of this Agreement are ruled by a court to be void or
unenforceable or

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subject to reduction or modification, Mannatech may choose to cancel all of the
remaining terms of this Agreement and recover from Varner (or Varner's
successors or assigns) the value of anything paid by Mannatech in exchange for
this Agreement. If the Agreement is not canceled by Mannatech, then the
remaining terms of this Agreement, including any modification or reduction by
the court, shall continue in full force and effect.

     18.  Varner and Mannatech agree that neither Varner nor any of its officers
or directors will disparage the other. In respect to any inquiries from
individuals who are not employed with Mannatech concerning the termination of
the employment relationship between Varner and Mannatech, the Parties will
respond to the effect that "Deanne Varner resigned to pursue other business
ventures."

     19.  The Parties acknowledge that this Agreement has been drafted,
prepared, negotiated and agreed to jointly, with advice of each Party's
respective counsel, and to the extent that any ambiguity should appear, now or
at any time in the future, latent or apparent, such ambiguity shall not be
resolved or construed against either Party.

     20.  This Agreement shall not in any way be construed as an admission by
either Party of any acts of wrongdoing, violation of any statute, law or legal
or contractual right. Rather, Mannatech and Varner are willing to enter into
this Agreement described herein to definitively resolve once and forever this
matter, and to avoid the cost, expense and delay of litigation.

     21.  Varner and Mannatech represent and agree that they have thoroughly
discussed all aspects of this Agreement and the effect of same with their
attorneys,

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that they have had a reasonable time to review the Agreement, that they fully
understand all the provisions of the Agreement and are voluntarily entering into
this Separation Agreement and the Mutual General Release. Varner further
represents that she has not transferred or assigned to any person or entity any
claim involving Mannatech or any portion thereof or interest therein.

     22.  Each of the Parties agree to keep confidential the specific terms of
this Agreement, and shall not disclose the terms of this Agreement to any person
except the financial, tax and legal advisors of Varner and Mannatech (and the
Board of Directors of Mannatech) unless required to disclose same to others by
legal process, in which event the Party so ordered shall to the extent practical
under the circumstances first give notice to the other Party in order that such
other party may have an opportunity to seek a protective order. The Parties
shall cooperate with each other, should either decide to seek a protective order
with all costs and expenses being borne by the party seeking such order. Both
Parties shall abide by the final order, judgment, or decree of any court of
competent jurisdiction, administration or regulatory body regarding such
application for protective order. This Agreement may be disclosed or appended as
an exhibit to any securities filing required to be made by the Company, however,
after having been so disclosed or appended, Varner shall have no further duty of
confidentiality concerning this Agreement, as set forth in this paragraph.
Further, Varner may at any time disclose a copy of paragraphs 3, 11 and 13(b) of
this Agreement.

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     23.  All notices and other communications hereunder will be in writing. Any
notice or other communication hereunder shall be deemed duly given if it is sent
by registered or certified mail, return receipt requested, postage prepaid, and
addressed to the intended recipient as set forth:

     If to Varner:

          Ms. Deanne Varner
          4100 St. John's Drive
          Dallas, Texas 75205

     With copy to:

          Mark Shank, Esq.
          Clark West Keller, L.L.P.
          4800 Renaissance Tower
          Dallas, Texas 75270

     If to Mannatech:

          Mr. Robert M. Henry
          Mannatech Incorporated
          600 S. Royal Lane, Suite 200
          Coppell, Texas 75019

     With copy to:

          Jonathan Wilson, Esq.
          Haynes and Boone, LLP
          901 Main Street
          Suite 3100
          Dallas, Texas 75202

Any party may send any notice or other communication hereunder to the intended
recipient at the address set forth using any other means (including personal
delivery, expedited courier, messenger services, telecopy, telex, ordinary mail
or electronic mail), but no such notice or other communication shall be deemed
to have been duly given

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unless and until it is actually received by the intended recipient. Any party
may change the address to which notices and other communications hereunder are
to be delivered by giving the other party notice in the manner set forth herein.

     24.  This Agreement may be executed in multiple counterparts, whether or
not all signatories appear on these counterparts, and each counterpart shall be
deemed an original for all purposes. This Agreement shall be deemed performable
by all Parties in Dallas County, Texas and the construction and enforcement of
this Agreement shall be governed by Texas law without regard to its conflicts of
law rules.

     25.  Varner has been given a period of 21 days from the Effective Date to
review and consider this Agreement before signing it. She may use as much of the
21-day period as she wishes before signing and she is encouraged to consult with
her attorney, Mark Shank, or any other attorney of her choosing, before signing
this Agreement. Varner understands that whether or not to consult with an
attorney is her decision. Varner may revoke this Agreement within 7 (seven) days
after signing it. Revocation is only effective if Varner delivers a written
notice of revocation to Mannatech, Inc. c/o Robert Henry, Chief Executive
Officer, 600 South Royal Lane, Suite 200, Coppell, Texas 75019, within seven (7)
days after signing the Agreement. This agreement is subject to review and
approval by the Board of Directors and its various committees.

     I ACKNOWLEDGE THAT I HAVE CAREFULLY READ THE FOREGOING AGREEMENT, THAT I
UNDERSTAND ALL OF ITS TERMS, AND THAT I AM ENTERING INTO IT VOLUNTARILY.

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     I FURTHER ACKNOWLEDGE THAT I AM AWARE OF MY RIGHTS TO REVIEW AND CONSIDER
THEIR AGREEMENT FOR 21 DAYS AND TO CONSULT WITH AN ATTORNEY ABOUT IT, AND STATE
THAT BEFORE SIGNING THEIR AGREEMENT, I EXERCISE THESE RIGHTS TO THE FULL EXTENT
THAT I DESIRED.

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AGREED TO:

/s/ DEANNE VARNER                      Date:   May 2, 2001
-----------------------------------         -----------------------------------
DEANNE VARNER

STATE OF Texas

COUNTY OF Dallas

This instrument was acknowledged before me on this 2nd day of May 2001, by
DEANNE VARNER.

[NOTARY SEAL]                          /s/ GILDA M. DANIEL
                                       ----------------------------------------
                                       Notary Public in and for the State of TX

                                    Page 21
<PAGE>

MANNATECH, INC.

By: /s/ ROBERT M. HENRY                Date: May 2, 2001
    ------------------------------          ------------------------------
Title: Chief Executive Officer
      ----------------------------

STATE OF TEXAS

COUNTY OF DALLAS

     Before me, a Notary Public, on this day personally appeared Robert M.
Henry, known to me to be the person and officer whose name is subscribed to the
foregoing instrument and acknowledged to me that the same was the act of Robert
M. Henry, and that he has executed the same on behalf of said corporation for
the purposes and consideration therein expressed, and in the capacity therein
stated.

     Given under my hand and seal of office this 2nd day of May, 2001.

[NOTARY SEAL]                        /S/ CAROLYN D. STUART
                                     ----------------------------------------
                                     Notary Public in and for the State of Texas

(PERSONALIZED SEAL)

                                    Page 22
<PAGE>

                                Attachment "A"

                            GENERAL COUNSEL RESIGNS

     Coppell, Texas - - Mannatech, Inc. has announced the resignation of Deanne
     Varner, Senior Vice President and General Counsel, effective April _______,
     2001.* Ms. Varner intends to pursue and develop private ventures.

     Mannatech, Inc. develops proprietary nutritional supplements and topical
     products, which it sells through a network marketing system through the
     United States and internationally.

*Reference Separation Date in paragraph 1 of this Agreement.<PAGE>

                                                                    Exhibit 10.1

            FOURTH AMENDMENT TO RECEIVABLES FINANCING AGREEMENT AND
            -------------------------------------------------------
                        THIRD AMENDMENT TO CSFB JOINDER
                        -------------------------------

     FOURTH AMENDMENT TO RECEIVABLES FINANCING AGREEMENT AND THIRD AMENDMENT
TO CSFB JOINDER (the "Amendment") is made and entered into as of March 27, 2001,
                      ---------
among AMERICREDIT WAREHOUSE TRUST, a Delaware business trust (the "Borrower"),
                                                                   -------
AMERICREDIT FINANCIAL SERVICES, INC., a Delaware corporation, individually
("AFS") and as initial Servicer and Custodian, AMERICREDIT FUNDING CORP., a
  ---
Delaware corporation ("AFC"), AMERICREDIT CORPORATION OF CALIFORNIA, a
                       ---
California corporation ("ACC"), CREDIT SUISSE FIRST BOSTON, NEW YORK BRANCH
                         ---
("CSFB"), as agent (the "Agent") for the Lenders (as defined in the Agreement
  ----                   -----
referred to below) and as Proposed Lender under the CSFB Joinder (as hereinafter
defined), and BANK ONE, N.A., a national banking association, as Backup Servicer
and Collateral Agent.

                             W I T N E S S E T H :
                             -------------------

        WHEREAS, the Borrower, AFS, individually and as Servicer and Custodian,
AFC, ACC, the Lenders, the Agent and Bank One, N.A., as Backup Servicer and
Collateral Agent, are parties to a certain Receivables Financing Agreement dated
as of March 31, 1999 (as amended by the First Amendment to Receivables Financing
Agreement dated as of April 30, 1999, the Second Amendment to Receivables
Financing Agreement and Amendment to CSFB Joinder (the "Second Amendment") dated
                                                        ----------------
as of June 24, 1999, and the Third Amendment to Receivables Financing Agreement
dated as of October 5, 2000, the "Agreement"); and
                                  ---------

     WHEREAS, the parties hereto desire to amend the Agreement and the
Joinder Supplement dated March 31, 1999 and executed by CSFB as Proposed Lender
(as amended by the Second Amendment and the Second Amendment to CSFB Joinder
dated as of June 30, 1999, the "CSFB Joinder") in the manner, and on the terms
                                ------------
and conditions herein provided.

     NOW, THEREFORE, in consideration of the mutual covenants herein contained,
and other good and valuable consideration, the receipt and adequacy of which are
hereby expressly acknowledged, the parties hereto agree as follows:

     1.   Definitions.  Unless otherwise defined herein, all terms used herein
          -----------
which are defined in the Agreement shall have the meanings assigned thereto in
the Agreement.

     2.   Amendments to Agreement. As of the Fourth Amendment Effective Date (as
          -----------------------
hereinafter defined), the Agreement shall be amended as follows:

          (a) The following definitions contained in Section 1.1 of the
Agreement shall be amended as set forth below:

          "Borrowing Base" - Clause (iii) of such definition shall be amended in
           --------------    -----------
          its entirety to read "(iii) (without duplication) the aggregate of the
          amount on deposit in the Lockbox Account and the Collection Account on
          such day which constitute
<PAGE>

          principal payments on the Transferred Receivables and which are
          available for distribution on such day pursuant to Section 3 of the
          Security Agreement;"

          "Clean-Up Period" - This definition shall be amended to read in its
           ---------------
          entirety as follows:

               "Clean-Up Period" shall mean the period commencing on the date of
                ---------------
               the initial Advance hereunder and ending on June 30, 1999, each
               calendar quarter thereafter through the calendar quarter ending
               March 31, 2001, and each six-month period thereafter, with the
               first such six-month period commencing on April 1, 2001.

          "Defaulted Receivable" - Delete the word "Transferred" where the same
           --------------------
          appears in the first line of such definition.

          "Deficiency Percentage" - the parenthetical "(rounded upward to the
           ---------------------
          nearest 1.0%)" shall be deleted; and "8.75%" contained in clause
                                                                    ------
          (a)(i) of such definition shall be changed to "8.5%."
          ------

          "Delinquency Ratio" - The term "Delinquent Receivables" appearing in
           -----------------
          clause (ii) of paragraph (a) of such definition shall be changed to
          -----------    -------------
          "Portfolio Delinquent Receivables."

          "Eligible Receivables" - This definition shall be amended to read in
           --------------------
          its entirety as set forth in Annex 1 hereto.
                                       -------

          "Facility Limit" - Clause (x) of such definition shall be changed to
           --------------    ----------
          read "(x) $400,000,000".

          "Maximum Interest Rate Cap Strike Price" - "8.75%" contained in clause
           --------------------------------------                         ------
          (b)(i) of such definition shall be changed to "8.5%".

          "Minimum Reserve Account Amount" - This definition shall be amended to
           ------------------------------
          read in its entirety as follows:

               "Minimum Reserve Account Amount" means, on any date, the greater
                ------------------------------
               of (a) $500,000 and (b) the product of 1.0% and the sum of (i)
               the aggregate unpaid principal amount of all Advances on such
               date plus (ii) the Required Holdback in effect on such date.
                    ----

          "Portfolio Trigger Event" - The date "April 1, 1998" appearing in such
           -----------------------
          definition shall be changed to "March 27, 1999".

                                      -2-
<PAGE>

          "Required Holdback" - This definition shall be amended to read in its
           -----------------
          entirety as follows:

               "Required Holdback" means, as of any date, the sum of (i) the
                -----------------
               product of (1) the Required Percentage and (2) the Aggregate
               Outstanding Principal Balance of Eligible Receivables in the
               Total Receivables Pool on such date; plus (ii) the Deficiency
               Amount for such date.

          "Required Percentage" - "12%" appearing in such definition shall be
           -------------------
          changed to "11%".

          "Servicer Delinquency Ratio" - The term " Delinquent Receivable"
           --------------------------
          appearing in clause (i) of such definition shall be changed to
                       ----------
          "Portfolio Delinquent Receivable".

          "Stated Percentage" - "4%" appearing in clause (a) of such definition
           -----------------
          shall be changed to "6%".

          (b)  The following new definition shall be added to Section 1.1 of
                                                              -----------
the Agreement in appropriate alphabetical order:

               "Portfolio Delinquent Receivable" means a Receivable with respect
                -------------------------------
               to which more than 5% of a Scheduled Payment is more than 60 days
               past due.

          (c)  Section 2.5(b) of the Agreement shall be amended by deleting
               --------------
"$375,000,000" where the same appears in such Section and inserting, in lieu
thereof, "$400,000,000".

          (d)  Section 11.8 of the Agreement shall be amended by adding at the
               ------------
end of such Section "though the calendar quarter ending March 31, 2001 and
thereafter once during each successive six-month period."

          (e)  Section 13.1(i) of the Agreement shall be amended by deleting
               ---------------
"15.5%" where the same appears in such Section and inserting, in lieu thereof,
"5.5%".

          (f)  Section 14.1(i) of the Agreement shall be amended by deleting
               ---------------
"2.5%" where the same appears in such Section and inserting, in lieu thereof,
"3.0%".

          (g)  Section 14.1(m) of the Agreement shall be amended by deleting
               ---------------
"215" where the same appears in such Section and inserting, in lieu thereof,
"224".

          (h)  Section 14.1(l) of the Agreement shall be amended by deleting the
               ---------------
ratings "B-" and "B1" each time they appear in such Section and inserting, in
lieu thereof, "BB-" and "Ba3", respectively.

                                      -3-
<PAGE>

          (i)  Section 14.1(p) of the Agreement shall be amended by adding at
               ---------------
the end of such Section "and such reduction or withdrawal shall remain in effect
for more than 15 days".

          (j)  Section 14.1(u) of the Agreement shall be amended by deleting
               ---------------
"$200,000,000" where the same appears in such Section and inserting, in lieu
thereof, "$700,000,000".

          (k)  A new Schedule 1 shall be added to the Agreement to read in its
                     ----------
entirety as set forth in Schedule 1 hereto.

          (l)  The parties hereto acknowledge that the Intercreditor Agreement
and the Wells Fargo Documents have terminated and, accordingly (i) all
references to such Intercreditor Agreement, to Wells Fargo in its capacity as
party thereto and to the Wells Fargo Documents in the Agreement shall be deemed
to be deleted and (ii) Section 7.3(j) of the Agreement shall be amended in its
                       --------------
entirety to read "(j) [Reserved]".
                       --------

     (3)  Amendment to CSFB Joinder. As of the Fourth Amendment Effective Date,
          -------------------------
the CSFB Joinder shall be amended by deleting "Commitment - $375,000,000" where
the same appears in Item 4 of Schedule 1 to the CSFB Joinder and inserting, in
lieu thereof, "Commitment - $400,000,000". Each of the Agent, AFS and the
Borrower consents to the aforesaid amendment to the CSFB Joinder pursuant to
Section 2.5(b) of the Agreement.
--------------

     4.   Limitations. The amendments set forth in Sections 2 and 3 above are
          -----------
limited precisely as written and shall not be deemed to (x) be a consent to any
waiver of, or modification of, any other term or condition of the Agreement, the
CSFB Joinder or any of the documents referred to therein or (y) prejudice any
right or rights which the Agent, CSFB or any Lender may now have or may have in
the future under or in connection with the Agreement, the CSFB Joinder or any of
the documents referred to therein. Except as expressly amended hereby, the terms
and provisions of the Agreement and the CSFB Joinder shall remain in full force
and effect .

     5.   Representations and Warranties. Each of the parties hereto severally
          ------------------------------
represents and warrants that all acts, filings and conditions required to be
done and performed and to have happened (including, without limitation, the
obtaining of necessary governmental approvals) precedent to the entering into of
this Amendment to constitute this Amendment and the Agreement and CSFB Joinder
as amended hereby the duly authorized, legal, valid and binding obligation of
such party, enforceable in accordance with its terms, have been done, performed
and have happened in due and strict compliance with all applicable laws.

     6.   Effectiveness. This Amendment shall become effective on the date (the
          -------------
"Fourth Amendment Effective Date") which is the later of (a) March 27, 2001 and
 -------------------------------
(b) the date when (i) each of the parties hereto shall have executed a
counterpart hereof and delivered the same to the Agent, and (ii) the Agent shall
have received (v) an amendment fee in the amount of $75,000, (w) the consent of
the related Noncommitted Lender to the amendment of the CSFB Joinder effected
hereby pursuant to Section 2.5(b) of the Agreement, (x) confirmation from each
                   --------------
of Moody's and S&P that the effectiveness of this Amendment will not adversely
affect its "A" rating of the Advances, (y) a Commitment Extension Agreement in
substantially the form of

                                      -4-
<PAGE>

Exhibit A hereto duly executed by each of the parties thereto, and each required
---------
consent thereto, and (z) a new Note in the principal amount of $400,000,000 duly
completed and executed by the Borrower in replacement of the Note delivered to
the Agent pursuant to the Second Amendment which new Note shall be the "Note"
for all purposes of the Agreement and the other Transaction Documents. Complete
sets of counterparts hereof shall be lodged with the Servicer and the Agent; and
the Servicer shall promptly furnish written notice of this Amendment to the
Rating Agencies.

     7    Governing Law. THIS AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED IN
          -------------
ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK.

     8    Counterparts. This Amendment may be executed in several counterparts,
          ------------
each of which shall be regarded as the original and all of which shall
constitute one and the same agreement.

                           [Signature Pages to Follow]

                                      -5-
<PAGE>

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

                                   AMERICREDIT WAREHOUSE TRUST
                                   By:  Bankers Trust (Delaware), not in its
                                        individual capacity but solely as
                                        Trustee

                                   By: ____________________________________
                                        Name:
                                        Title:

                                   AMERICREDIT FINANCIAL SERVICES, INC,
                                   individually and as Servicer and Custodian

                                   By: _____________________________________
                                        Name:
                                        Title:

                                   AMERICREDIT FUNDING CORP.

                                   By: _____________________________________
                                        Name:
                                        Title:

                                   AMERICREDIT CORPORATION OF CALIFORNIA

                                   By: _____________________________________
                                        Name:
                                        Title:

                                      -6-
<PAGE>

                                   CREDIT SUISSE FIRST BOSTON, NEW YORK
                                       BRANCH, as Agent, on behalf of itself and
                                       the Lenders; and as Proposed Lender under
                                       the CSFB Joinder

                                   By: _____________________________________
                                        Name:
                                        Title:

                                   By: ___________________________________
                                        Name:
                                        Title:

                                   BANK ONE, N.A., as Backup
                                      Servicer and Collateral Agent

                                   By: _____________________________________
                                        Name:
                                        Title:

                                      -7-
<PAGE>

                                                                         Annex 1
                                                                         -------

                       Definition of Eligible Receivable
                       ---------------------------------
                               (Changes marked)
                               ----------------

     "Eligible Receivable" means a Receivable that (i) was originated by AFS
with the consumer directly (a "Consumer Direct Receivable"), or was originated
------------------------------------------------------------------------------
by a Dealer in the ordinary course of such Dealer's business or by a third party
----------                            ------------------------------------------
lending institution listed on Schedule 1 hereto or otherwise reasonably
-----------------------------------------------------------------------
acceptable to the Agent (a "Third Party Lender" and a Receivable so originated,
------------------------------------------------------------------------------
a "TPL Receivable") in the ordinary course of its business, in each case, for
-----------------------------------------------------------------------------
the retail sale or refinancing of a Financed Vehicle and such Seller, Dealer or
-------------------------------------------------------------------------------
Third Party Lender had all necessary licenses and permits to originate
------------------
Receivables in the applicable state, and, if originated by a Dealer or Third
                                                                       -----
Party Lender, was purchased by AFS from such Dealer or Third Party Lender under
------------                       --------------------------------------------
an existing Dealer Agreement or, with respect to a Third Party Lender, an
-------------------------------------------------------------------------
existing purchase agreement with AFS (a "Third Party Purchase Agreement") and
-------------------------------------------------------------------------
was validly assigned by such Dealer or Third Party Lender to AFS, or, with
                                    ----------------------------
respect to any Receivable sold to the Borrower by AFC, was purchased by AFC from
AFS , (ii) has created or shall create a valid, subsisting and enforceable first
priority perfected security interest in favor of AFS in the related Financed
Vehicle (which security interest has been assigned to the Borrower and shall be
validly assignable by the Borrower to the Collateral Agent on behalf of the
Secured Parties), except as enforceability may be limited by bankruptcy,
insolvency, reorganization or similar laws affecting the enforcement of
creditors' rights generally, (iii) was fully and properly executed by the
parties thereto and contains customary and enforceable provisions such as to
render the rights and remedies of the holder thereof adequate for realization
against the collateral security, (iv) is a Simple Interest Receivable or
Pre-Computed Receivable which provides for level monthly payments (provided that
                                                                   --------
the payment in the first monthly period and the final monthly period of the life
of the Receivable may be minimally different from the level payment) which, if
made when due, shall fully amortize the Amount Financed over the original term,
(v) provides for, in the event that such contract is prepaid, a prepayment that
fully pays the principal balance and includes accrued but unpaid interest
through the date of prepayment in an amount at least equal to the Annual
Percentage Rate, and (vi) except to the extent permitted by this Agreement, has
not been amended, waived or rewritten or collections with respect thereto
deferred or waived; and

          (a) with respect to which 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 Magnuson-Moss Warranty Act, the Federal Reserve Board's
     Regulations "B" and "Z", the Soldiers' and Sailors' Civil Relief Act of
     1940, 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 such Receivable, the sale
     of the Financed Vehicle related thereto and the sale of credit
<PAGE>

life and credit accident and health insurance and any extended service
contracts, if any, in connection with such Receivable, have been complied with
in all material respects;

          (b)  that is a Dollar obligation of an Obligor domiciled in the United
States of America and that was originated and, if originated by a Dealer or
                                                                         --
Third Party Lender, was sold by the Dealer or Third Party Lender to AFS ,
-----------------
without any fraud or material misrepresentation on the part of such Dealer or
Third Party Lender or on the part of the related Obligor;
-----------------                        -------

          (c)  which 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 of the Soldiers' and Sailors' Civil Relief Act of 1940, as
amended; and all parties to such 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;

          (d)  which is not due from the United States of America or any State
or from any agency, department, subdivision or instrumentality thereof;

          (e)  with respect to which the information set forth in the Schedule
of Receivables has been produced from AFS's and, to the extent it maintains
separate computer records, AFC's electronic ledger and was true and correct in
all material respects, and is a complete and accurate description, on the
relevant Purchase Date, of the Receivables sold to the Borrower on such date;
and with respect to which, on or prior to the relevant Purchase Date, AFS and,
to the extent it maintains separate computer records, AFC has appropriately
marked its computer records to indicate the sale to the Borrower of the
Receivables sold on such date and with respect to which the Monthly Tape
delivered by the Servicer to the Backup Servicer from time to time was complete
and accurate as of the date delivered and consistent with the information set
forth in the Schedule of Receivables with respect to such Receivable;

          (f)  which (i) as of the related Advance Date, (A) had an original
maturity of at least 6 months but not more than 72 months, (B) had an original
Amount Financed of at least $1,000 and not more than $50,000, (C) had an Annual
Percentage Rate of at least 7.75% and not more than 27.0%, and (D) was not more
than 30 days past due; and (ii) with respect to which no funds have been
advanced with respect to such Receivable by the Borrower, a Seller, the
Servicer, any Dealer, any Third Party Lender or anyone acting on behalf of any
                      ----------------------
of them in order to cause such Receivable to qualify under subclause (i)(D) of
                                                           ----------------
this clause (f);
     ----------

                                      -2-
<PAGE>

     (g)  which has not been satisfied, subordinated or rescinded, and the
Financed Vehicle securing such Receivable has not been released from the Lien of
such Receivable in whole or in part;

     (h)  with respect to which no provision has been waived (except to the
extent permitted by this Agreement);

     (i)  as to which neither any Seller nor the Borrower has done anything to
convey any right to any Person that would result in such Person having a right
to payments due under such Receivable or otherwise to impair the rights of the
Collateral Agent on behalf of the Secured Parties in such Receivable or the
proceeds thereof;

     (j)  which has not been sold, transferred, assigned or pledged by the
Borrower to any Person other than hereunder; and no Dealer or Third Party Lender
                                                           ---------------------
has a participation in, or other right to receive, proceeds of such Receivable
and with respect to which neither any Seller nor the Borrower has taken any
                                  ----------
action to convey any right to any Person (other than hereunder) that would
result in such Person having a right to payments received under the related
Insurance Policy or the related Dealer Agreement , Dealer Assignment or Third
                                                                     --------
Party Purchase Agreement or to payments due under such Receivable;
------------------------
     (k)  which is not subject to any right of rescission, setoff counterclaim
or defense and no such right has been asserted or, to the knowledge of the
Borrower or of any Seller, threatened with respect thereto;

     (l)  with respect to which no liens or claims have been filed for
work,labor or materials relating to a Financed Vehicle that are liens prior to
or equal or coordinate with, the security interest in the Financed Vehicle
granted by such Receivable;

     (m)  with respect to which no default, breach, violation or event
permitting acceleration thereof has occurred, and none of the Borrower, the
Servicer or any Seller has waived any of the foregoing;

     (n)  at the time of the origination of which the related Financed Vehicle
was covered by a comprehensive and collision insurance policy (i) in an amount
at least equal to the lesser of (a) its maximum insurable value and (b) the
Amount Financed, (ii) naming AFS 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 and with respect to
which the Obligor is required to maintain physical loss and damage insurance,
naming AFS and its successors and assigns as an additional insured party, and
such Receivable permits the holder thereof to obtain Force-Placed Insurance at
the expense of the Obligor if the Obligor fails to do so unless otherwise
prohibited by the law of the state in which the related contract was entered
into;

                                      -3-
<PAGE>

     (o)  with respect to which, (i) immediately prior to the sale thereof to
the Borrower, the applicable Seller had, and has conveyed to the Borrower, good
and marketable title free and clear of all liens, encumbrances, security
interests and rights of others, and (ii) the sale and assignment thereof to the
Borrower has been perfected under the UCC;

     (p)  with respect to each of which a Receivable File is in the possession
of the Custodian and such Receivable File contains (i) the fully executed
original of such Receivable, (ii) a certificate of insurance, an application
form for insurance signed by the related Obligor, or a signed representation
letter from the Obligor named in such Receivable pursuant to which such Obligor
has agreed to obtain physical damage insurance for the related Financed Vehicle,
or copies thereof, or a documented verbal confirmation by an insurance agent for
such Obligor of a policy number for an insurance policy for the Financed
Vehicle, (iii) the original Lien Certificate (indicating AFS as first
lienholder) or application therefor or a letter from the applicable Dealer or
                                                                           --
Third Party Lender agreeing unconditionally to repurchase the related Receivable
------------------
if the certificate of title is not received by the Servicer within 180 days
(provided that the Lien Certificate is delivered to the Custodian within 180
 --------
days), and (iv) a credit application or file of credit information regarding the
Obligor, or a copy thereof; each of such documents (if any) which is required to
be signed by the Obligor has been signed by the Obligor in the appropriate
spaces; and all blanks on any form have been properly filled in and each form
has otherwise been correctly prepared;

     (q)  which was not originated in, or is subject to the laws of, any
jurisdiction the laws of which would make unlawful, void or voidable the sale,
pledge, transfer and assignment of such Receivable under this Agreement and with
respect to which a Seller has not entered into any agreement with any Obligor
                                                                      ------
that prohibits, restricts or conditions the assignment of any portion of such
Receivable;

     (r)  as to which all filings (including, without limitation, UCC filings
but subject to clause (p) above in the case of the applicable Lien Certificate)
               ----------
required to be made by any Person and actions required to be taken or performed
by any Person in any jurisdiction to give the Collateral Agent, on behalf of the
Secured Parties, a first priority perfected Lien on such Receivable and the
proceeds thereof and the other Collateral related thereto have been made, taken
or performed;

     (s)  of which there is only one original executed copy;

     (t)  which constitutes chattel paper within the meaning of the UCC;

     (u)  as to which no selection procedures adverse to the Investors have been
utilized in selecting such Receivable from all other similar Receivables owned
or originated by AFS and its Affiliates;

     (v)  with respect to which, by the related Advance Date and on each
relevant date thereafter, AFS or, to the extent it maintains such records, AFC
(as the case may be) will have caused the portions of its servicing and other
records relating to such
                                      -4-
<PAGE>

Receivable to be clearly and unambiguously marked to show that such Receivable
constitutes part of the Collateral and is subject to the Lien of the Collateral
Agent on behalf of the Secured Parties;

     (w)  which is not assumable by another Person in a manner which would
release the Obligor thereof from such Obligor's obligations to the Borrower with
respect to such Receivable;

     (x)  with respect to which the related Financed Vehicle had not been
repossessed;

     (y)  with respect to which the following is true:

          The Lien Certificate for the related 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
related Purchase Date and will show, AFS named as the original secured party
under such Receivable and, accordingly, AFS , will be 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, AFS has received written evidence from the related Dealer,
Third Party Lender or the Obligor that such
------------------
Lien Certificate showing such Seller as first lienholder has been applied for.
If the Receivable was originated in a state in which a filing or recording is
required of the secured party to perfect a security interest in motor vehicles,
such filings or recordings have been duly made to show AFS named as the original
secured party under the related Receivable;

     (z)  which is not a Defaulted Receivable;

     (aa) which is not a Delinquent Receivable;

     (bb) which is not secured by vehicles which are financed repossessions;

     (cc) which, if a Consumer Direct Receivable or a TPL Receivable, the
          ---------------------------------------------------------------
transfer of which to the Borrower does not result in the aggregate (by unpaid
-----------------------------------------------------------------------------
principal balance) of Consumer Direct Receivables and TPL Receivables in the
----------------------------------------------------------------------------
Total Receivable Pool exceeding 13% of the Total Receivables Pool; and
----------------------------------------------------------------------
     (dd)  which was originated in the United States of America and, at
      --
the time of origination and, with respect to any Receivables purchased by AFS
                        -----------------------------------------------------
from a Dealer or a Third Party Lender, at the time of said purchase by AFS,
--------------------------------------------------------------------------
materially conformed to all requirements of the Servicing Procedures and Credit
Manual applicable to such Receivable.

     For purposes of this Agreement (including the computation from time to time
of the Borrowing Base), the eligibility of Receivables will be determined from
time to time, such that a Receivable that was an Eligible Receivable at one time
but that subsequently fails to meet
                                      -5-
<PAGE>

all applicable eligibility requirements will no longer be an Eligible Receivable
(unless and until it again meets all applicable eligibility requirements).

                                      -6-

<PAGE>

                                                                      SCHEDULE 1
                                                                      ----------
                                                 Receivables Financing Agreement

                        AmeriCredit Third Party Lenders

E-Loan, Inc.
5875 Arnold Road
Dublin, CA  94568

PeopleFirst Finance, LLC
401 West A Street
Suite 1000
San Diego, CA 92101
<PAGE>

                                                                       Exhibit A
                                                                       ---------
                        COMMITMENT EXTENSION AGREEMENT
                        ------------------------------

     COMMITMENT EXTENSION AGREEMENT (the "Extension Agreement") is made and
                                     ------------------------
entered into as of March 27, 2001, among AMERICREDIT WAREHOUSE TRUST, a Delaware
business trust (the "Borrower"), AMERICREDIT FINANCIAL SERVICES, INC., a
                     --------
Delaware corporation, individually ("AFS") and as initial Servicer, and CREDIT
                                     ---
SUISSE FIRST BOSTON, NEW YORK BRANCH ("CSFB"), as agent (the "Agent") for the
                                       ----                   -----
Lenders (as defined in the Agreement referred to below).

                             W I T N E S S E T H :
                             - - - - - - - - - -

     WHEREAS, the Borrower, AFS, individually and as Servicer and Custodian,
AmeriCredit Funding Corp., AmeriCredit Corporation of California, the Lenders,
the Agent and Bank One, N.A., as Backup Servicer and Collateral Agent, are
parties to a certain Receivables Financing Agreement dated as of March 31, 1999
(as amended, the "Agreement"); and
                  ---------
     WHEREAS, the parties hereto desire to extend the Commitment Termination
Date set forth in the Agreement in the manner, and on the terms and conditions
herein provided.

     NOW, THEREFORE, in consideration of the mutual covenants herein
contained, and other good and valuable consideration, the receipt and adequacy
of which are hereby expressly acknowledged, the parties hereto agree as follows:

     1.   Definitions.  Unless otherwise defined herein, all terms used
          -----------
herein which are defined in the Agreement shall have the meanings assigned
thereto in the Agreement.

     2.   Extension.  As of the Extension Effective Date (as hereinafter
          ---------
defined), the Commitment Termination Date under the Agreement shall be extended
from March 27, 2001 to March 25, 2002.

     3.   Notice.  Promptly after the Extension Effective Date, written
          ------
notice of the extension of the Commitment Termination Date effected hereby shall
be furnished to the Rating Agencies and Bank One, N.A. by the Servicer.

     The modification set forth above is limited precisely as written and shall
not be deemed to (x) be a consent to any waiver of, or modification of, any
other term or condition of the Agreement or any of the documents referred to
therein or (y) prejudice any right or rights which the Agent or any Lender may
now have or may have in the future under or in connection with the Agreement or
any of the documents referred to therein. Except as expressly modified hereby,
the terms and provisions of this Agreement shall remain in full force and
effect.

     4.   Representations and Warranties. Each of the parties hereto severally
          ------------------------------
represents and warrants that all acts, filings and conditions required to be
done and performed and to have happened (including, without limitation, the
obtaining of necessary governmental approvals) precedent to the entering into of
this Extension
<PAGE>

Agreement to constitute this Extension Agreement and the Agreement as modified
hereby the duly authorized, legal, valid and binding obligation of such party,
enforceable in accordance with its terms, have been done, performed and have
happened in due and strict compliance with all applicable laws.

     5.   Effectiveness. This Extension Agreement shall become effective on the
          -------------
date (the "Extension Effective Date") which is the later of (a) March 27, 2001
           ------------------------
and (b) the date when (i) each of the parties hereto shall have executed a
counterpart hereof and delivered the same to the Agent and (ii) the Agent shall
have received the consent to the extension of the Commitment Termination Date
effected hereby from each of the Noncommitted Lender and Asset Guaranty
Insurance Company; provided that the Agent on behalf of itself and the Lenders
may revoke its agreement to this Extension Agreement at any time prior to March
27, 2001. Complete sets of counterparts hereof shall be lodged with the Servicer
and the Agent.

     6.   Governing Law. THIS EXTENSION AGREEMENT SHALL BE GOVERNED BY, AND
          -------------
CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK.

     7.   Counterparts. This Extension Agreement may be executed in several
          ------------
counterparts, each of which shall be regarded as the original and all of which
shall constitute one and the same agreement.

                           [Signature Pages to Follow]

                                      -2-
<PAGE>

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

                                      AMERICREDIT WAREHOUSE TRUST
                                      By: Bankers Trust (Delaware), not in its
                                          individual capacity but solely as
                                          Trustee

                                       By: ________________________________
                                             Name:
                                             Title:

                                      AMERICREDIT FINANCIAL SERVICES, INC,
                                      as Servicer

                                       By: ________________________________
                                             Name:
                                             Title:

                                      CREDIT SUISSE FIRST BOSTON, NEW
                                           YORK BRANCH, as Agent, on behalf of
                                           itself and the Lenders

                                       By: ________________________________
                                             Name:
                                             Title:

                                       By: ________________________________
                                             Name:
                                             Title:

                                      -3-

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