Document:

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                                  SERVICING AND
                               CUSTODIAN AGREEMENT

                                      among

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

                       AMERICREDIT MTN RECEIVABLES TRUST,
                                   as Debtor,

                                       and

                            THE CHASE MANHATTAN BANK,
                               as Collateral Agent

                                   dated as of
                                December 18, 2000

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                                        TABLE OF CONTENTS

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<S>                                                                                                       <C>
ARTICLE I DEFINITIONS......................................................................................2

     Section 1.1.   Definitions............................................................................2
     Section 1.2.   Other Definitional Provisions..........................................................5

ARTICLE II ADMINISTRATION AND SERVICING OF RECEIVABLES.....................................................6

     Section 2.1.   Duties of the Servicer.................................................................6
     Section 2.2.   Collection of Receivable Payments; Modifications of Receivables; Lock-Box Agreements...7
     Section 2.3.   Realization upon Receivables...........................................................9
     Section 2.4.   Insurance.............................................................................10
     Section 2.5.   Maintenance of Security Interests in Vehicles.........................................11
     Section 2.6.   Covenants, Representations, and Warranties of Servicer................................12
     Section 2.7.   Purchase of Receivables Upon Breach of Covenant or Representation and Warranty........14
     Section 2.8.   Total Servicing Fee; Payment of Certain Expenses by Servicer..........................15
     Section 2.9.   Servicer's Certificate................................................................15
     Section 2.10.  Annual Statement as to Compliance, Notice of Servicer Termination Event...............15
     Section 2.11.  Access to Certain Documentation and Information Regarding Receivables.................16
     Section 2.12.  Monthly Tape..........................................................................16
     Section 2.13.  Fidelity Bond and Errors and Omissions Policy.........................................17

ARTICLE III THE SERVICER..................................................................................17

     Section 3.1.   Liability of Servicer; Indemnities....................................................17
     Section 3.2.   Merger or Consolidation of, or Assumption of the Obligations of the Servicer..........18
     Section 3.3.   Limitation on Liability of Servicer and Others........................................19
     Section 3.4.   Delegation of Duties..................................................................19
     Section 3.5.   Servicer Not to Resign................................................................20
     Section 3.6.   Administrative Duties of Servicer.....................................................20

ARTICLE IV SERVICER TERMINATION...........................................................................21

     Section 4.1.   Servicer Termination Event............................................................21
     Section 4.2.   Consequences of a Servicer Termination Event..........................................22
     Section 4.3.   Appointment of Successor..............................................................23
     Section 4.4.   Notification to Secured Parties.......................................................23
     Section 4.5.   Waiver of Past Defaults...............................................................23

ARTICLE V THE CUSTODIAN...................................................................................23

     Section 5.1.   Appointment of Custodian; Acknowledgment of Receipt...................................23
     Section 5.2.   Maintenance of Records at Office......................................................24

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     Section 5.3.   Duties of Custodian...................................................................24
     Section 5.4.   Instructions; Authority to Act........................................................25
     Section 5.5.   Custodian Fee.........................................................................25
     Section 5.6.   Indemnification by the Custodian......................................................25
     Section 5.7.   Advice of Counsel.....................................................................26
     Section 5.8.   Effective Period, Termination, and Amendment; Interpretive and Additional Provisions..26
     Section 5.9.   Representations, Warranties and Covenants of Custodian................................26

ARTICLE VI MISCELLANEOUS..................................................................................28

     Section 6.1.   Governing Law.........................................................................28
     Section 6.2.   Notices...............................................................................28
     Section 6.3.   Binding Effect........................................................................29
     Section 6.4.   Severability..........................................................................29
     Section 6.5.   Separate Counterparts.................................................................30
     Section 6.6.   Limitation of Liability of Trustee....................................................30

EXHIBITS AND SCHEDULES

Exhibit A     -  Form of Servicer's Certificate
Exhibit B        Form of Monthly Exception Report

Schedule A  -  Form of Custodian's Acknowledgment

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                  THIS SERVICING AND CUSTODIAN AGREEMENT, dated as of December
18, 2000, is between AmeriCredit Financial Services, Inc. ("AMERICREDIT"), as
Servicer (in such capacity, the "SERVICER") and as Custodian (in such capacity,
the "CUSTODIAN"), AmeriCredit MTN Receivables Trust (the "TRUST") and The Chase
Manhattan Bank as Collateral Agent (in such capacity, the "COLLATERAL AGENT").

                               W I T N E S S E T H

                  WHEREAS, AmeriCredit MTN Receivables Trust (the "TRUST"),
AmeriCredit, MBIA Insurance Corporation, as Administrative Agent, and Meridian
Funding Company, LLC ("MERIDIAN") have entered into a Note Purchase Agreement,
dated as of the date hereof (the "NOTE PURCHASE AGREEMENT");

                  WHEREAS, the Trust, AmeriCredit, AmeriCredit MTN Corp.
("AMTN") and the Collateral Agent have entered into a Security Agreement dated
as of the date hereof (the "SECURITY AGREEMENT");

                  WHEREAS, AmeriCredit, AmeriCredit MTN Corp., the Collateral
Agent, and the Trust have entered into a Master Receivables Purchase Agreement,
dated as of the date hereof (the "RECEIVABLES PURCHASE AGREEMENT"), pursuant to
which the Sellers (as defined in the Receivables Purchase Agreement) agree to
sell, transfer and assign to the Trust all of their right, title and interest in
and to the Receivables described in the Schedules of Receivables attached to the
Supplements (as defined below);

                  WHEREAS, pursuant to the Receivables Purchase Agreement, the
Sellers and the Trust will enter into Supplements to the Receivables Purchase
Agreement from time to time (each a "SUPPLEMENT"), whereby the Sellers will
sell, transfer and assign to the Trust on the applicable Receivables Transfer
Date (as defined in the Receivables Purchase Agreement) all of their right,
title and interest in and to Receivables listed on the Schedules of Receivables
attached to such Supplements;

                  WHEREAS, pursuant to the Security Agreement, the Trust will
pledge to the Collateral Agent for the benefit of the Secured Parties all of its
right, title and interest in the Collateral, including, but not limited to, the
Receivables and the Other Conveyed Property (as defined in the Receivables
Purchase Agreement);

                  WHEREAS, the Servicer is willing to service the Receivables;
and

                  WHEREAS, the Collateral Agent wishes to appoint the Custodian
to hold the Receivable Files as the custodian on behalf of the Collateral Agent.

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

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                                   ARTICLE I

                                  DEFINITIONS

                  Section 1.1. DEFINITIONS. Whenever used in this Agreement, the
following words and phrases shall have the following meanings:

                  "ACCOUNTING DATE" means, with respect to any Settlement Period
the last day of such Settlement Period.

                  "AGREEMENT" means this Agreement, as the same may be amended
and supplemented from time to time.

                  "AMERICREDIT" means AmeriCredit Financial Services, Inc.

                  "AMOUNT FINANCED" means, with respect to a Receivable, the
aggregate amount advanced under such Receivable toward the purchase price of the
Financed Vehicle and any related costs, including amounts advanced in respect of
accessories, insurance premiums, service and warranty contracts, other items
customarily financed as part of retail automobile installment sale contracts or
promissory notes, and related costs.

                  "ANNUAL PERCENTAGE RATE" of a Receivable means the annual
percentage rate of finance charges or service charges, as stated in the related
Contract.

                  "COLLATERAL AGENT" means The Chase Manhattan Bank, in its
capacity as Collateral Agent under the Security Agreement.

                  "COLLATERAL INSURANCE" shall have the meaning set forth in
Section 2.4(a).

                  "COLLECTION RECORDS" means all manually prepared or computer
generated records relating to collection efforts or payment histories with
respect to the Receivables.

                  "CRAM DOWN LOSS" means, with respect to a Receivable, if a
court of appropriate jurisdiction in a proceeding related to an Insolvency Event
shall have issued an order reducing the amount owed on a Receivable or otherwise
modifying or restructuring the Scheduled Receivables Payments to be made on a
Receivable, an amount equal to (i) the excess of the Outstanding Balance of such
Receivable immediately prior to such order over the Outstanding Balance of such
Receivable as so reduced and/or (ii) if such court shall have issued an order
reducing the effective rate of interest on such Receivable, the excess of the
Outstanding Balance of such Receivable immediately prior to such order over the
net present value (using as the discount rate the higher of the Annual
Percentage Rate on such Receivable or the rate of interest, if any, specified by
the court in such order) of the Scheduled Receivables Payments as so modified or
restructured. A "Cram Down Loss" shall be deemed to have occurred on the date of
issuance of such order.

                  "CUSTODIAN" means AmeriCredit acting as agent for the
Collateral Agent and any successor Custodian selected pursuant to Section 4.3(a)
hereof.

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                  "CUSTODIAN'S ACKNOWLEDGMENT" means an acknowledgment from the
Custodian substantially in the form of Schedule A.

                  "DEALER" means a dealer who sold a Financed Vehicle and who
originated and assigned the respective Receivable to AmeriCredit under a Dealer
Agreement or pursuant to a Dealer Assignment.

                  "DEALER AGREEMENT" means any agreement between a Dealer and
AmeriCredit relating to the acquisition of Receivables from a Dealer by
AmeriCredit.

                  "DEALER ASSIGNMENT" means, with respect to a Receivable, the
executed assignment executed by a Dealer conveying such Receivable to
AmeriCredit.

                  "DEALER UNDERWRITING GUIDE" means the underwriting manual used
by AmeriCredit in the purchase of Receivables as amended from time to time.

                  "FORCE-PLACED INSURANCE" has the meaning ascribed thereto in
Section 2.4 hereof.

                  "INDEPENDENT ACCOUNTANTS" means a firm of nationally
recognized independent certified public accountants.

                  "INSOLVENCY EVENT" means, with respect to a specified Person,
(a) the filing of a petition against such Person or the entry of a decree or
order for relief by a court having jurisdiction in the premises in respect of
such Person or any substantial part of its property in an involuntary case under
any applicable federal or state bankruptcy, insolvency or other similar law now
or hereafter in effect, or appointing a receiver, liquidator, assignee,
custodian, trustee, sequestrator, or similar official for such Person or for any
substantial part of its property, or ordering the winding-up or liquidation of
such Person's affairs, and such petition, decree or order shall remain unstayed
and in effect for a period of 60 consecutive days; or (b) the commencement by
such Person of a voluntary case under any applicable federal or state
bankruptcy, insolvency or other similar law now or hereafter in effect, or the
consent by such Person to the entry of an order for relief in an involuntary
case under any such law, or the consent by such Person to the appointment of or
taking possession by, a receiver, liquidator, assignee, custodian, trustee,
sequestrator, or similar official for such Person or for any substantial part of
its property, or the making by such Person of any general assignment for the
benefit of creditors, or the failure by such Person generally to pay its debts
as such debts become due, or the taking of action by such Person in furtherance
of any of the foregoing.

                  "INSURANCE ADD-ON AMOUNT" means the premium charged to the
Obligor in the event that the Servicer obtains Force-Placed Insurance pursuant
to Section 2.4.

                  "INSURANCE POLICY" means, with respect to a Receivable, any
insurance policy (including the insurance policies described in Section 2.4
hereof) benefiting the holder of the Receivable providing loss or physical
damage, credit life, credit disability, theft, mechanical breakdown or similar
coverage with respect to the Financed Vehicle or the Obligor.

                  "LIEN CERTIFICATE" means, with respect to a Financed Vehicle,
an original certificate of title, certificate of lien or other notification
issued by the Registrar of Titles of the

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applicable state to a secured party which indicates that the lien of the
secured party on the Financed Vehicle is recorded on the original certificate
of title. In any jurisdiction in which the original certificate of title is
required to be given to the Obligor, the term "Lien Certificate" shall mean
only a certificate or notification issued to a secured party.

                  "MONTHLY RECORDS" means all records and data maintained by the
Servicer with respect to the Receivables, including the following with respect
to each Receivable: the account number; the originating Dealer; Obligor name;
Obligor address; Obligor home phone number; Obligor business phone number;
original Outstanding Balance; original term; Annual Percentage Rate; current
Outstanding Balance; current remaining term; origination date; first payment
date; final scheduled payment date; next payment due date; date of most recent
payment; new/used classification; collateral description; days currently
delinquent; number of contract extensions (months) to date; amount of Scheduled
Receivables Payment; current Insurance Policy expiration date; and past due late
charges.

                  "NET LIQUIDATION PROCEEDS" means, with respect to a Defaulted
Receivable, all amounts realized with respect to such Receivable net of (i)
reasonable expenses incurred by the Servicer in connection with the collection
of such Receivable and the repossession and disposition of the Financed Vehicle
and (ii) amounts that are required to be refunded to the Obligor on such
Receivable; PROVIDED, HOWEVER, that the Net Liquidation Proceeds with respect to
any Receivable shall in no event be less than zero.

                  "NOTE INSURER" means MBIA Insurance Corporation

                  "OPINION OF COUNSEL" means a written opinion of counsel
addressed to and acceptable to the Note Insurer.

                  "PURCHASE AMOUNT" means, with respect to a Receivable, the
Outstanding Balance and all accrued and unpaid interest on the Receivable, after
giving effect to the receipt of any moneys collected (from whatever source) on
such Receivable, if any.

                  "PURCHASED RECEIVABLE" means a Receivable purchased as of the
close of business on the last day of a Settlement Period by AmeriCredit pursuant
to Section 2.7.

                  "RATING AGENCY" means Moody's and Standard & Poor's.

                  "RECEIVABLE FILES" means the following documents:

                  (i) the fully executed original of the retail installment
contract, promissory note, security agreement, or similar document evidencing
such Receivable (together with any agreements modifying the Receivable,
including without limitation any extension agreements);

                  (ii) the original credit application, or a copy thereof, of
each Obligor, fully executed by each such Obligor on AmeriCredit's customary
form, or on a form approved by AmeriCredit, for such application; and

                  (iii) the original certificate of title (when received) and
otherwise such documents, if any, that AmeriCredit keeps on file in accordance
with its customary procedures

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indicating that the Financed Vehicle is owned by the Obligor and subject to
the interest of AmeriCredit as first lienholder or secured party (including
any Lien Certificate received by AmeriCredit), or, if such original
certificate of title has not yet been received, a copy of the application
therefor, showing AmeriCredit as secured party.

                  "REGISTRAR OF TITLES" means, with respect to any state, the
governmental agency or body responsible for the registration of, and the
issuance of certificates of title relating to, motor vehicles and liens thereon.

                  "RESPONSIBLE OFFICER" means any officer in the corporate trust
office of the Trustee or any agent of the Trustee under a power of attorney with
direct responsibility for the administration of this Agreement or any of the
other Transaction Documents on behalf of the Trustee.

                  "SCHEDULED RECEIVABLES PAYMENT" means, with respect to any
Settlement Period for any Receivable, the amount set forth in such Receivable as
required to be paid by the Obligor in such Settlement Period. If after the
Closing Date, the Obligor's obligation under a Receivable with respect to a
Settlement Period has been modified so as to differ from the amount specified in
such Receivable as a result of (i) the order of a court in an insolvency
proceeding involving the Obligor, (ii) pursuant to the Soldiers' and Sailors'
Civil Relief Act of 1940 or (iii) modifications or extensions of the Receivable
permitted by Section 2.2(b), the Scheduled Receivables Payment with respect to
such Settlement Period shall refer to the Obligor's payment obligation with
respect to such Settlement Period as so modified.

                  "SERVICER" means AmeriCredit Financial Services, Inc., as the
servicer of the Receivables, and each successor Servicer pursuant to Section
4.3.

                  "SERVICER TERMINATION EVENT" means an event specified in
Section 4.1.

                  "SERVICER'S CERTIFICATE" means an Officers' Certificate of the
Servicer delivered pursuant to Section 2.9, substantially in the form of Exhibit
A.

                  Section 1.2. OTHER DEFINITIONAL PROVISIONS.

                  (a) Capitalized terms used herein and not otherwise defined
herein have meanings assigned to them in the Security Agreement or the Note
Purchase Agreement.

                  (b) All terms defined in this Agreement shall have the defined
meanings when used in any instrument governed hereby and in any certificate or
other document made or delivered pursuant hereto unless otherwise defined
therein.

                  (c) As used in this Agreement, in any instrument governed
hereby and in any certificate or other document made or delivered pursuant
hereto or thereto, accounting terms not defined in this Agreement or in any such
instrument, certificate or other document, and accounting terms partly defined
in this Agreement or in any such instrument, certificate or other document to
the extent not defined, shall have the respective meanings given to them under
generally accepted accounting principles as in effect on the date of this
Agreement or any such instrument, certificate or other document, as applicable.
To the extent that the definitions of

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accounting terms in this Agreement or in any such instrument, certificate or
other document are inconsistent with the meanings of such terms under
generally accepted accounting principles, the definitions contained in this
Agreement or in any such instrument, certificate or other document shall
control.

                  (d) The words "hereof," "herein," "hereunder" and words of
similar import when used in this Agreement shall refer to this Agreement as a
whole and not to any particular provision of this Agreement; Section, Schedule
and Exhibit references contained in this Agreement are references to Sections,
Schedules and Exhibits in or to this Agreement unless otherwise specified; and
the term "including" shall mean "including without limitation."

                  (e) The definitions contained in this Agreement are applicable
to the singular as well as the plural forms of such terms and to the masculine
as well as to the feminine and neuter genders of such terms.

                  (f) Any agreement, instrument or statute defined or referred
to herein or in any instrument or certificate delivered in connection herewith
means such agreement, instrument or statute as from time to time amended,
modified or supplemented and includes (in the case of agreements or instruments)
references to all attachments thereto and instruments incorporated therein;
references to a Person are also to its permitted successors and assigns.

                                   ARTICLE II

                   ADMINISTRATION AND SERVICING OF RECEIVABLES

                  Section 2.1. DUTIES OF THE SERVICER.  (a) The Servicer is
hereby authorized to act as agent for the Trust and in such capacity shall
manage, service, administer and make collections on the Receivables, and perform
the other actions required by the Servicer under this Agreement. The Servicer
agrees that its servicing of the Receivables shall be carried out in accordance
with customary and usual procedures of institutions which service motor vehicle
retail installment sales contracts and, to the extent more exacting, the degree
of skill and attention that the Servicer exercises from time to time with
respect to all comparable motor vehicle receivables that it services for itself
or others. The Servicer's duties shall include, without limitation, collection
and posting of all payments, responding to inquiries of Obligors on the
Receivables, investigating delinquencies, sending payment coupons to Obligors,
reporting any required tax information to Obligors, monitoring the collateral,
complying with the terms of the Lock-Box Agreement, accounting for collections
and furnishing monthly and annual statements to the Collateral Agent with
respect to distributions, monitoring the status of Insurance Policies with
respect to the Financed Vehicles and performing the other duties specified
herein.

                  (b) The Servicer shall also administer and enforce all rights
and responsibilities of the holder of the Receivables provided for in the Dealer
Agreements and Third Party Loan Purchase Agreements (and shall maintain
possession of the Dealer Agreements and Third Party Loan Purchase Agreements, to
the extent it is necessary to do so), the Dealer Assignments, Third Party Lender
Assignments and the Insurance Policies, to the extent that such Dealer
Agreements, Third Party Loan Purchase Agreements, Dealer Assignments, Third
Party Lender Assignments

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and Insurance Policies relate to the Receivables, the Financed Vehicles or the
Obligors. The Servicer shall follow its customary standards, policies, and
procedures and shall have full power and authority, acting alone, to do any and
all things in connection with such managing, servicing, administration and
collection that it may deem necessary or desirable. Without limiting the
generality of the foregoing, the Servicer is hereby authorized and empowered by
the Trust to execute and deliver, on behalf of the Trust, any and all
instruments of satisfaction or cancellation, or of partial or full release or
discharge, and all other comparable instruments, with respect to the
Receivables and with respect to the Financed Vehicles; provided, however, that
notwithstanding the foregoing, the Servicer shall not, except pursuant to an
order from a court of competent jurisdiction, release an Obligor from payment
of any unpaid amount under any Receivable or waive the right to collect the
unpaid balance of any Receivable from the Obligor.

                  (c) The Servicer is hereby authorized to commence, in it's
own name or in the name of the Trust, a legal proceeding to enforce a
Receivable pursuant to Section 2.3 or to commence or participate in any other
legal proceeding (including, without limitation, a bankruptcy proceeding)
relating to or involving a Receivable, an Obligor or a Financed Vehicle. If the
Servicer commences or participates in such a legal proceeding in its own name,
the Trust shall thereupon be deemed to have automatically assigned such
Receivable to the Servicer solely for purposes of commencing or participating
in any such proceeding as a party or claimant, and the Servicer is authorized
and empowered by the Trust to execute and deliver in the Servicer's name any
notices, demands, claims, complaints, responses, affidavits or other documents
or instruments in connection with any such proceeding. The Collateral Agent
shall, in its reasonable discretion, furnish the Servicer with any limited
powers of attorney and other documents which the Servicer may reasonably
request and which the Servicer deems necessary or appropriate and take any
other steps which the Servicer may deem necessary or appropriate to enable the
Servicer to carry out its servicing and administrative duties under this
Agreement.

                  Section 2.2. COLLECTION OF RECEIVABLE PAYMENTS; MODIFICATIONS
OF RECEIVABLES; LOCK-BOX AGREEMENTS.

                  (a) Consistent with the standards, policies and procedures
required by this Agreement and the Credit and Collection Policy, the Servicer
shall make reasonable efforts to collect all payments called for under the
terms and provisions of the Receivables as and when the same shall become due,
and shall follow such collection procedures as it follows with respect to all
comparable automobile receivables that it services for itself or others and
otherwise act with respect to the Receivables, the Dealer Agreements, the
Dealer Assignments, the Third Party Loan Purchase Agreements, the Third Party
Lender Assignments, the Insurance Policies and the Other Conveyed Property in
such manner as will, in the reasonable judgment of the Servicer, maximize the
amount to be received by the Trust with respect thereto. The Servicer is
authorized in its discretion to waive any prepayment charge, late payment
charge or any other similar fees that may be collected in the ordinary course
of servicing any Receivable.

                  (b) So long as no Servicer Termination Event shall have
occurred and be continuing, and in accordance with the Credit and Collection
Policy, the Servicer may at any time agree to a modification or amendment of a
Receivable in order to (i) change the Obligor's regular due date to a date
within the Settlement Period in which such due date occurs or (ii) re-amortize
the Scheduled Receivables Payments on the Receivable following a partial
prepayment

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of principal, in accordance with its customary procedures if the Servicer
believes in good faith that such extension, modification or amendment is
necessary to avoid a default on such Receivable, will maximize Collections with
respect to such Receivable, and is otherwise in the best interests of the Trust.

                  (c) So long as no Servicer Termination Event shall have
occurred and be continuing, and in accordance with the Credit and Collection
Policy, the Servicer may grant payment extensions on, or other modifications or
amendments to, a Receivable (in addition to those modifications permitted by
Section 2.2(b)) in accordance with its customary procedures if the Servicer
believes in good faith that such extension, modification or amendment is
necessary to avoid a default on such Receivable, will maximize Collections with
respect to such Receivable, and is otherwise in the best interests of the Trust;

PROVIDED, THAT any such amendment, modification or extension shall be delivered
by the Servicer to the Custodian promptly after execution thereof.

                  The Servicer shall use its best efforts to notify or direct
Obligors to make all payments on the Receivables, whether by check or by direct
debit of the Obligor's bank account, to be made directly to one or more
Lock-Box Banks, acting as agent for the Collateral Agent, on behalf of the
Secured Parties pursuant to a Lock-Box Agreement. The Servicer shall use its
best efforts to notify or direct any Lock-Box Bank to deposit all payments on
the Receivables in the Lock-Box Account no later than the Business Day after
receipt, and to cause all amounts credited to the Lock-Box Account on account
of such payments to be transferred to the Collection Account no later than the
second Business Day after receipt of such payments. The Lock-Box Account shall
be a demand deposit account held by the Lock-Box Bank, or at the request of the
Note Insurer, an Eligible Deposit Account.

                  Notwithstanding any Lock-Box Agreement, or any of the
provisions of this Agreement relating to the Lock-Box Agreement, the Servicer
shall remain obligated and liable to the Trust, the Collateral Agent and
Secured Parties for servicing and administering the Receivables and the Other
Conveyed Property in accordance with the provisions of this Agreement without
diminution of such obligation or liability by virtue thereof.

                  In the event of a termination of the Servicer, the successor
Servicer shall assume all of the rights and obligations of the outgoing
Servicer under the Lock-Box Agreement subject to the terms hereof. In such
event, the successor Servicer shall be deemed to have assumed all of the
outgoing Servicer's interest therein and to have replaced the outgoing Servicer
as a party to each such Lock-Box Agreement to the same extent as if such
Lock-Box Agreement had been assigned to the successor Servicer, except that the
outgoing Servicer shall not thereby be relieved of any liability or obligations
on the part of the outgoing Servicer to the Lock-Box Bank under such Lock-Box
Agreement. The outgoing Servicer shall, upon request of the Collateral Agent,
but at the expense of the outgoing Servicer, deliver to the successor Servicer
all documents and records relating to each such Lock-Box Agreement and an
accounting of amounts collected and held by the Lock-Box Bank and otherwise use
its best efforts to effect the orderly and efficient transfer of any Lock-Box
Agreement to the successor Servicer. In the event that the Note Insurer elects
to change the identity of the Lock-Box Bank, the outgoing Servicer, at its
expense, shall cause the Lock-Box Bank to deliver, at the direction of the Note
Insurer to the Collateral Agent

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or a successor Lock-Box Bank, all documents and records relating to the
Receivables and all amounts held (or thereafter received) by the Lock-Box Bank
(together with an accounting of such amounts) and shall otherwise use its best
efforts to effect the orderly and efficient transfer of the Lock-Box
arrangements and the Servicer shall notify the Obligors to make payments to the
Lock-Box established by the successor.

                  (d) The Servicer shall remit all payments by or on behalf of
the Obligors received directly by the Servicer to the Lock-Box Bank for deposit
into the Lock-Box Account and for transfer to the Collection Account in
accordance with Section 2.2(c) here of, in either case, without deposit into
any intervening account and as soon as practicable, but in no event later than
the Business Day after receipt thereof.

                  Section 2.3. REALIZATION UPON RECEIVABLES.

                  (a) Consistent with the standards, policies and procedures
required by this Agreement and the Credit and Collection Policy, the Servicer
shall use its best efforts to repossess (or otherwise comparably convert the
ownership of) and liquidate any Financed Vehicle securing a Receivable with
respect to which the Servicer has determined that payments thereunder are not
likely to be resumed, as soon as is practicable after default on such
Receivable but in no event later than the date on which all or any portion of a
Scheduled Receivables Payment has become 91 days delinquent; PROVIDED, HOWEVER,
that the Servicer may elect not to repossess a Financed Vehicle within such
time period if in its good faith judgment it determines that the proceeds
ultimately recoverable with respect to such Receivable would be increased by
forbearance. The Servicer is authorized to follow such customary practices and
procedures as it shall deem necessary or advisable, consistent with the
standard of care required by Section 2.1, which practices and procedures may
include reasonable efforts to realize upon any recourse to Dealers and Third
Party Lenders, the sale of the related Financed Vehicle at public or private
sale, the submission of claims under an Insurance Policy and other actions by
the Servicer in order to realize upon such a Receivable. The foregoing is
subject to the provision that, in any case in which the Financed Vehicle shall
have suffered damage, the Servicer shall not expend funds in connection with
any repair or towards the repossession of such Financed Vehicle unless it shall
determine in its reasonable discretion that such repair and/or repossession
shall increase the proceeds of liquidation of the related Receivable by an
amount greater than the amount of such expenses. All amounts received upon
liquidation of a Financed Vehicle shall be remitted by the Servicer to the
Collection Account as soon as practicable, but in no event later than the
Business Day after receipt thereof. The Servicer shall be entitled to recover
all reasonable expenses incurred by it in the course of repossessing and
liquidating a Financed Vehicle into cash proceeds, but only out of the cash
proceeds of such Financed Vehicle, any deficiency obtained from the Obligor
with respect to such Financed Vehicle or any amounts received from the related
Dealer and Third Party Lender with respect to such Financed Vehicle, which
amounts in reimbursement may be retained by the Servicer to the extent of such
expenses. The Servicer shall pay on behalf of the Trust any personal property
taxes assessed on repossessed Financed Vehicles.

                  (b) If the Servicer elects to commence a legal proceeding to
enforce a Dealer Agreement, Third Party Loan Purchase Agreement, Dealer
Assignment or Third Party Lender Assignment, the act of commencement shall be
deemed to be an automatic assignment from the

                                       9
<PAGE>

Trust to the Servicer of the rights under such Dealer Agreement, Third Party
Loan Purchase Agreement, Dealer Assignment and Third Party Lender Assignment
for purposes of collection only. If, however, in any enforcement suit or legal
proceeding it is held that the Servicer may not enforce a Dealer Agreement,
Third Party Loan Purchase Agreement, Dealer Assignment or Third Party Lender
Assignment on the grounds that it is not a real party in interest or a Person
entitled to enforce the Dealer Agreement, Third Party Loan Purchase Agreement,
Dealer Assignment or Third Party Lender Assignment, the Sellers, at the
Sellers' expense, shall take such steps as the Servicer deems reasonably
necessary to enforce the Dealer Agreement, Third Party Loan Purchase Agreement,
Dealer Assignment or Third Party Lender Assignment, including bringing suit in
its name or the name of the Sellers or of the Trust. All amounts recovered in
any legal proceeding shall be remitted directly by the Servicer to the Lock-Box
Bank as provided in Section 2.2(d). Notwithstanding anything to the contrary
contained herein, (i) the Note Insurer may, in its reasonable discretion,
direct the Servicer (whether the Servicer is AmeriCredit or any other Person)
to commence or settle any legal action to enforce collection of any Receivable
or to foreclose upon or repossess any Related Security and (ii) the Servicer
shall not make the Collateral Agent or the Secured Parties a party to any
litigation without the prior written consent of such Person; provided, however,
that in the case of subsection (i) of this sentence, the Servicer may decline
or refuse to act on instructions provided by the Note Insurer if, in the
reasonable determination of the Servicer, such action is not consistent with
any Requirements of Law (as defined in the Note Purchase Agreement) or the
Credit and Collection Policy (as defined in the Security Agreement), or could
result in legal or regulatory action against the Servicer.

                  Section 2.4. INSURANCE.

                  (a) The Servicer shall require, in accordance with its
customary servicing policies and procedures, that each Financed Vehicle be
insured by the related Obligor under the Insurance Policies and shall monitor
the status of such physical loss and damage insurance coverage thereafter, in
accordance with its customary servicing procedures. Each Receivable requires
the Obligor to maintain such physical loss and damage insurance, naming
AmeriCredit and its successors and assigns as additional insureds, and permits
the holder of such Receivable to obtain physical loss and damage insurance at
the expense of the Obligor if the Obligor fails to maintain such insurance. If
the Servicer shall determine that an Obligor has failed to obtain or maintain a
physical loss and damage Insurance Policy covering the related Financed Vehicle
(including, without limitation, during the repossession of such Financed
Vehicle) the Servicer may enforce the rights of the holder of the Receivable
under the Receivable to require the Obligor to obtain such physical loss and
damage insurance in accordance with its customary servicing policies and
procedures. The Servicer may maintain a vendor's single interest or other
collateral protection insurance policy with respect to all Financed Vehicles
("COLLATERAL INSURANCE") which policy shall by its terms insure against
physical loss and damage in the event any Obligor fails to maintain physical
loss and damage insurance with respect to the related Financed Vehicle. All
policies of Collateral Insurance shall be endorsed with clauses providing for
loss payable to the Servicer. Costs incurred by the Servicer in maintaining
such Collateral Insurance shall be paid by the Servicer. The Servicer will
administer the filing of claims under the Insurance Policies.

                  (b) The Servicer may, if an Obligor fails to obtain or
maintain a physical loss

                                      10
<PAGE>

and damage Insurance Policy, obtain insurance with respect to the related
Financed Vehicle and advance on behalf of such Obligor, as required under the
terms of the insurance policy, the premiums for such insurance (such insurance
being referred to herein as "FORCE-PLACED INSURANCE"). All policies of
Force-Placed Insurance shall be endorsed with clauses providing for loss
payable to the Servicer. Any cost incurred by the Servicer in maintaining such
Force-Placed Insurance shall only be recoverable out of premiums paid by the
Obligors or Net Liquidation Proceeds with respect to the Receivable, as
provided in Section 2.4(c).

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

                  (d) The Servicer may sue to enforce or collect upon the
Insurance Policies, in its own name, if possible, or as agent of the Trust. If
the Servicer elects to commence a legal proceeding to enforce an Insurance
Policy, the act of commencement shall be deemed to be an automatic assignment
of the rights of the Trust under such Insurance Policy to the Servicer for
purposes of collection only. If, however, in any enforcement suit or legal
proceeding it is held that the Servicer may not enforce an Insurance Policy on
the grounds that it is not a real party in interest or a holder entitled to
enforce the Insurance Policy, the Sellers, at the Sellers' expense, shall take
such steps as the Servicer deems necessary to enforce such Insurance Policy,
including bringing suit in its name or the name of the Trust.

                  (e) The Servicer will cause itself and may cause the
Collateral Agent on behalf of the Secured Parties to be named as named insured
under all policies of Collateral Insurance.

                  Section 2.5. MAINTENANCE OF SECURITY INTERESTS IN VEHICLES.

                  (a) Consistent with the policies and procedures required by
this Agreement, the

                                      11
<PAGE>

Servicer shall take such steps on behalf of the Trust as are necessary to
maintain perfection of the security interest created by each Contract in the
related Financed Vehicle with respect to each Receivable, including, but not
limited to, obtaining the execution by the Obligors and the recording,
registering, filing, re-recording, re-filing, and re-registering of all
security agreements, financing statements and continuation statements as are
necessary to maintain the security interest granted by the Obligors under the
respective Contracts. The Servicer shall take all action required under Section
2.1 and 2.6 of the Security Agreement with respect to the notation of Contracts
and the marking of records of the Trust. The Collateral Agent hereby authorizes
the Servicer, and the Servicer agrees, to take any and all steps necessary to
re-perfect such security interest on behalf of the Trust as necessary because
of the relocation of a Financed Vehicle or for any other reason. In the event
that the assignment of a Receivable to the Trust is insufficient, without a
notation on the related Financed Vehicle's certificate of title, or without
fulfilling any additional administrative requirements under the laws of the
state in which the Financed Vehicle is located, to perfect a security interest
in the related Financed Vehicle in favor of the Trust, the Servicer hereby
agrees that AmeriCredit's designation as the secured party on the certificate
of title is in its capacity as Servicer as agent of the Trust.

                  (b) Upon the occurrence of a Termination and Amortization
Event, the Note Insurer may instruct the Collateral Agent and the Servicer to
take or cause to be taken such action as may, in the discretion of the Note
Insurer, be necessary to perfect or re-perfect the security interests in the
Financed Vehicles securing the Receivables in the name of the Trust by amending
the title documents of such Financed Vehicles to name the Collateral Agent on
behalf of the Secured Parties as lienholder or by such other reasonable means
as may, in the opinion of counsel to the Note Insurer, be necessary or prudent.
Any costs associated with such retitling shall be paid by the Servicer and to
the extent not so paid, the Note Insurer shall have the option to pay such
costs and shall be entitled to reimbursement therefor pursuant to Section
2.3(a)(ix) of the Security Agreement and the Collateral Agent shall not be
responsible for any such costs.

                  Section 2.6. COVENANTS, REPRESENTATIONS, AND WARRANTIES OF
SERVICER.

                  (a) The Servicer covenants as follows:

                  (i) LIENS IN FORCE. The Financed Vehicle securing each
         Receivable shall not be released in whole or in part from the security
         interest granted by the related Contract, except upon payment in full
         of the Receivable or as otherwise contemplated herein;

                  (ii) NO IMPAIRMENT. The Servicer shall do nothing to impair
         the rights of the Trust or the Secured Parties in the Receivables, the
         Dealer Agreements, the Third Party Loan Purchase Agreements, the Dealer
         Assignments, the Third Party Lender Assignments, the Insurance Policies
         or the Other Conveyed Property except as otherwise expressly provided
         herein;

                  (iii) NO AMENDMENTS. The Servicer shall not extend or
         otherwise amend the terms of any Receivable, except in accordance with
         Section 2.2; and

                  (iv) RESTRICTIONS ON LIENS. The Servicer shall not (i) create,
         incur or suffer to exist, or agree to create, incur or suffer to exist,
         or consent to cause or permit in the future

                                      12
<PAGE>

         (upon the happening of a contingency or otherwise) the creation,
         incurrence or existence of any Lien or restriction on transferability
         of the Receivables except for the Lien in favor of the Collateral
         Agent for the benefit of the Secured Parties and the restrictions on
         transferability imposed by this Agreement or (ii) sign or file under
         the Uniform Commercial Code of any jurisdiction any financing
         statement which names AmeriCredit or the Servicer as a debtor, or sign
         any security agreement authorizing any secured party thereunder to
         file such financing statement, with respect to the Receivables, except
         in each case any such instrument solely securing the rights and
         preserving the Lien of the Collateral Agent, for the benefit of the
         Secured Parties.

                  (b) The Servicer represents and warrants as follows:

                  (i) REPRESENTATIONS AND WARRANTIES. Each Receivable is an
         Eligible Receivable;

                  (ii) ORGANIZATION AND GOOD STANDING. The Servicer has been
         duly organized and is validly existing and in good standing under the
         laws of its jurisdiction of organization, with power, authority and
         legal right to own its properties and to conduct its business as such
         properties are currently owned and such business is currently
         conducted, and had at all relevant times, and now has, all power,
         authority and legal right required to enter into and perform its
         obligations under this Agreement and each of the other Transaction
         Documents to which it is a party;

                  (iii) DUE QUALIFICATION. The Servicer is duly qualified to do
         business as a foreign corporation, is in good standing and has obtained
         all necessary licenses and approvals, in all jurisdictions in which the
         ownership or lease of property or the conduct of its business
         (including the servicing of the Receivables as required by this
         Agreement) requires or shall require such qualification;

                  (iv) POWER AND AUTHORITY. The Servicer has the full power and
         authority to execute and deliver this Agreement and the other
         Transaction Documents to which it is a party and to carry out its terms
         and their terms, respectively, and the execution, delivery and
         performance of this Agreement and the other Transaction Documents to
         which it is a party have been duly authorized by the Servicer by all
         necessary corporate action;

                  (v) BINDING OBLIGATION. This Agreement and the other
         Transaction Documents to which the Servicer is a party shall constitute
         legal, valid and binding obligations of the Servicer enforceable in
         accordance with their respective terms, except as enforceability may be
         limited by bankruptcy, insolvency, reorganization, or other similar
         laws affecting the enforcement of creditors' rights generally and by
         equitable limitations on the availability of specific remedies,
         regardless of whether such enforceability is considered in a proceeding
         in equity or at law;

                  (vi) NO VIOLATION. The consummation of the transactions
         contemplated by this Agreement and the other Transaction Documents to
         which the Servicer is a party, and the fulfillment of the terms of this
         Agreement and the Transaction Documents to which the Servicer is a
         party, shall not conflict with, result in any breach of any of the
         terms and

                                      13
<PAGE>

         provisions of, or constitute (with or without notice or lapse of time)
         a default under, the articles of incorporation or bylaws of the
         Servicer, or any indenture, agreement, mortgage, deed of trust or
         other instrument to which the Servicer is a party or by which it is
         bound, or result in the creation or imposition of any Lien upon any of
         its properties pursuant to the terms of any such indenture, agreement,
         mortgage, deed of trust or other instrument, other than this
         Agreement, or violate any law, order, rule or regulation applicable to
         the Servicer of any court or of any federal or state regulatory body,
         administrative agency or other governmental instrumentality having
         jurisdiction over the Servicer or any of its properties and do not
         require any action by or require the consent of or the filing of any
         notice with any Official Body or other Person;

                  (vii) NO PROCEEDINGS. There are no proceedings or
         investigations pending or, to the Servicer's knowledge, threatened
         against the Servicer, before any court, regulatory body, administrative
         agency or other tribunal or governmental instrumentality having
         jurisdiction over the Servicer or its properties (A) asserting the
         invalidity of this Agreement or any of the Transaction Documents, (B)
         seeking to prevent the consummation of any of the transactions
         contemplated by this Agreement or any of the Transaction Documents, or
         (C) seeking any determination or ruling that might materially and
         adversely affect the performance by the Servicer of its obligations
         under, or the validity or enforceability of, this Agreement or any of
         the Transaction Documents or (D) that could have a Material Adverse
         Effect on the Receivables; and

                  (viii) NO CONSENTS. The Servicer is not required to obtain the
         consent of any other party or any consent, license, approval or
         authorization, or registration or declaration with, any governmental
         authority, bureau or agency in connection with the execution, delivery,
         performance, validity or enforceability of this Agreement which has not
         already been obtained.

                  Section 2.7. PURCHASE OF RECEIVABLES UPON BREACH OF COVENANT
OR REPRESENTATION AND WARRANTY. Upon discovery by either of the Servicer or a
Responsible Officer of the Note Insurer of a breach of any of the covenants set
forth in Sections 2.5(a), 2.6(a), 5.1, 5.2, 5.3 or 5.9, the party discovering
such breach shall give prompt written notice to all of the parties hereto;
PROVIDED, HOWEVER, that the failure to give any such notice shall not affect
any obligation of AmeriCredit as Servicer under this Section. As of the second
Accounting Date following its discovery or receipt of notice of any breach of
any covenant set forth in Sections 2.5(a), 2.6(a), 5.1, 5.2, 5.3 or 5.9 which
materially and adversely affects the interests of the Secured Parties in any
Receivable (including any Defaulted Receivable) (or, at AmeriCredit's election,
the first Accounting Date so following) or the related Financed Vehicle,
AmeriCredit shall, unless such breach shall have been cured in all material
respects by the last day of the second Settlement Period after such breach,
purchase from the Trust the Receivable affected by such breach and, on the
related Determination Date, AmeriCredit shall pay the related Purchase Amount
to the Trust. It is understood and agreed that the obligation of AmeriCredit to
purchase any Receivable (including any Defaulted Receivable) with respect to
which such a breach has occurred and is continuing shall, if such obligation is
fulfilled, constitute the sole remedy against AmeriCredit for such breach
available to the Secured Parties or the Collateral Agent except as otherwise
provided in the Insurance Agreement; PROVIDED, HOWEVER, that AmeriCredit shall
indemnify the Trust, the Collateral Agent and the Secured Parties from and
against all costs,

                                      14
<PAGE>

expenses, losses, damages, claims and liabilities, including reasonable fees
and expenses of counsel, which may be asserted against or incurred by any of
them as a result of third party claims arising out of the events or facts
giving rise to such breach.

                  Section 2.8. TOTAL SERVICING FEE; PAYMENT OF CERTAIN EXPENSES
BY SERVICER. On each Remittance Date, the Servicer shall to the extent provided
in Section 2.3(a) of the Security Agreement be entitled to receive out of the
Collection Account the Servicing Fee for the related Settlement Period. The
Servicer shall be required to pay all expenses incurred by it in connection
with its activities under this Agreement (including taxes imposed on the
Servicer, expenses incurred in connection with distributions and reports made
by the Servicer to Secured Parties and all other fees and expenses of the
Collateral Agent (to the extent such fees and expenses are not paid pursuant to
Section 2.3(a) of the Security Agreement), except taxes levied or assessed
against the Trust, and claims against the Trust in respect of indemnification,
which taxes and claims in respect of indemnification against the Trust are
expressly stated to be for the account of AmeriCredit). The Servicer shall be
liable for the fees and expenses of the Custodian, the Collateral Agent, the
Lock-Box Bank (and any fees under the Lock-Box Agreement) and the Independent
Accountants.

                  Section 2.9. SERVICER'S CERTIFICATE. No later than 5 p.m.
Eastern time on each Determination Date, the Servicer shall deliver (facsimile
delivery being acceptable) to the Trust, the Note Insurer and the Collateral
Agent a Servicer's Certificate executed by a Responsible Officer of the
Servicer in the form attached hereto as Exhibit A. Receivables purchased by the
Servicer or by the Sellers on the related Accounting Date and each Receivable
which became a Defaulted Receivable or which was paid in full during the
related Settlement Period shall be identified by account number (as set forth
in the Schedule of Receivables). In addition to the information set forth in
the preceding sentence, the Servicer's Certificate shall also state whether to
the knowledge of the Servicer a Termination and Amortization Event or Potential
Termination and Amortization Event has occurred.

                  Section 2.10. ANNUAL STATEMENT AS TO COMPLIANCE, NOTICE OF
SERVICER TERMINATION EVENT.

                  (a) The Servicer shall deliver to the Note Insurer, the
Trust, and the Collateral Agent, on or before September 30 (or 90 days after
the end of the Servicer's fiscal year, if other than June 30) of each year,
beginning on September 30, 2001, an officer's certificate signed by any
Responsible Officer of the Servicer, dated as of June 30 (or other applicable
date) of such year, stating that (i) a review of the activities of the Servicer
during the preceding 12-month period (or such other period as shall have
elapsed from the Closing Date to the date of the first such certificate) and of
its performance under this Agreement has been made under such officer's
supervision, and (ii) to such officer's knowledge, based on such review, the
Servicer has fulfilled all its obligations under this Agreement throughout such
period, or, if there has been a default in the fulfillment of any such
obligation, specifying each such default known to such officer and the nature
and status thereof.

                  (b) The Servicer shall deliver to the Trust, the Note Insurer
and the Collateral Agent, promptly after having obtained knowledge thereof, but
in no event later than two (2) Business Days thereafter, written notice in an
officer's certificate of any event which with the

                                      15
<PAGE>

giving of notice or lapse of time, or both, would become a Servicer Termination
Event under Section 4.1(a). The Servicer shall, and shall cause the Sellers to,
deliver to the Note Insurer, the Collateral Agent and the Servicer promptly
after having obtained knowledge thereof, but in no event later than two (2)
Business Days thereafter, written notice in an Officer's Certificate of any
event which with the giving of notice or lapse of time, or both, would become a
Servicer Termination Event under any other clause of Section 4.1.

                  The Servicer shall cause a firm of nationally recognized
independent certified public accountants (the "INDEPENDENT ACCOUNTANTS"), who
may also render other services to the Servicer, to deliver to the Trustee, the
Collateral Agent, the Note Insurer and each Rating Agency, on or before October
31 (or 120 days after the end of the Servicer's fiscal year, if other than June
30) of each year, beginning on October 31, 2001, with respect to the twelve
months ended the immediately preceding June 30 (or other applicable date) (or
such other period as shall have elapsed from the Closing Date to the date of
such certificate (which period shall not be less than six months)), a statement
(the "ACCOUNTANTS' REPORT") addressed to the Board of Directors of the
Servicer, to the Trustee, the Collateral Agent, and to the Note Insurer, to the
effect that such firm has audited the books and records of AmeriCredit Corp.,
in which the Servicer is included as a consolidated subsidiary, and issued its
report thereon in connection with the audit report on the consolidated
financial statements of AmeriCredit Corp. and that (1) such audit was made in
accordance with generally accepted auditing standards, and accordingly included
such tests of the accounting records and such other auditing procedures as such
firm considered necessary in the circumstances; (2) the firm is independent of
the Servicer within the meaning of the Code of Professional Ethics of the
American Institute of Certified Public Accountants, and (3) includes a report
on the application of agreed upon procedures to three randomly selected
Servicer's Certificates including the delinquency, default and loss statistics
required to be specified therein noting whether any exceptions or errors in the
Servicer's Certificates were found. Without otherwise limiting the scope of the
examination, the Note Insurer may, using generally accepted audit procedures,
verify the status of each Receivable and review the Receivable Files and
records relating thereto for conformity to the Servicer's Certificates prepared
pursuant to Section 2.09 hereof, conformity with the Dealer Underwriting Guide
and with the Credit and Collection Policy and compliance with the servicing
standards and the Credit and Collection Policy pursuant to this Agreement.

                  Section 2.12. ACCESS TO CERTAIN DOCUMENTATION AND INFORMATION
REGARDING RECEIVABLES. The Servicer shall provide to representatives of the
Collateral Agent and the Note Insurer reasonable access to the documentation
regarding the Receivables. In each case, such access shall be afforded without
charge and, provided no Servicer Termination Event or Potential Termination and
Amortization Event shall have occurred, only upon reasonable request and during
normal business hours. Nothing in this Section shall affect the obligation of
the Servicer to observe any applicable law prohibiting disclosure of
information regarding the Obligors, and the failure of the Servicer to provide
access as provided in this Section as a result of such obligation shall not
constitute a breach of this Section.

                  Section 2.13. MONTHLY TAPE. On or before the Remittance Date,
the Servicer will deliver to the Collateral Agent and the Note Insurer a
computer tape or a diskette (or any other electronic transmission acceptable to
the Collateral Agent) in a format acceptable to the Collateral Agent containing
the information with respect to the Receivables as of the preceding

                                      16
<PAGE>

Accounting Date necessary for preparation of the Servicer's Certificate
relating to the immediately preceding Determination Date and necessary to
review the application of collections. The Collateral Agent shall use such tape
or diskette (or other electronic transmission acceptable to the Collateral
Agent) to (i) confirm that the Servicer's Certificate is complete, (ii) confirm
that such tape, diskette or other electronic transmission is in readable form,
(iii) verify the mathematical accuracy of all calculations contained within the
Servicer's Certificate and (iv) calculate and confirm any amounts distributed.
The Collateral Agent shall certify to the Note Insurer that it has verified the
Servicer's Certificate in accordance with this Section and shall notify the
Servicer and the Note Insurer of any discrepancies, in each case, on or before
the second Business Day following the Remittance Date. In the event that the
Collateral Agent reports any discrepancies, the Servicer and the Collateral
Agent shall attempt to reconcile such discrepancies prior to the next
succeeding Remittance Date, but in the absence of a reconciliation, the
Servicer's Certificate shall control for the purpose of calculations and
distributions with respect to the next succeeding Remittance Date. In the event
that the Collateral Agent and the Servicer are unable to reconcile
discrepancies with respect to a Servicer's Certificate by the next succeeding
Remittance Date, the Servicer shall cause the Independent Accountants, at the
Servicer's expense, to audit the Servicer's Certificate and, prior to the last
day of the month after the month in which such Servicer's Certificate was
delivered, reconcile the discrepancies. The effect, if any, of such
reconciliation shall be reflected in the Servicer's Certificate for the next
succeeding Remittance Date, and/or the Servicer's Certificate for such next
succeeding Determination Date. In addition, upon the occurrence of a Servicer
Termination Event the Servicer shall, if so requested by the Note Insurer,
deliver to the Collateral Agent its Collection Records and its Monthly Records
within 15 days after demand therefor and a computer tape containing as of the
close of business on the date of demand all of the data maintained by the
Servicer in computer format in connection with servicing the Receivables. Other
than the duties specifically set forth in this Agreement, the Collateral Agent
shall have no obligations hereunder, including, without limitation, to
supervise, verify, monitor or administer the performance of the Servicer. The
Collateral Agent shall have no liability for any actions taken or omitted by
the Servicer.

                  Section 2.14. FIDELITY BOND AND ERRORS AND OMISSIONS POLICY.
The Servicer has obtained, and shall continue to maintain in full force and
effect, a fidelity bond and errors and omissions policy of a type and in such
amount as is customary for servicers engaged in the business of servicing
automobile receivables.

                                  ARTICLE III

                                  THE SERVICER

                  Section 3.1. LIABILITY OF SERVICER; INDEMNITIES.

                  (a) The Servicer (in its capacity as such) shall be liable
hereunder only to the extent of the obligations in this Agreement and the
Security Agreement specifically undertaken by the Servicer and the
representations made by the Servicer herein and therein.

                  (b) The Servicer shall defend, indemnify and hold harmless
the Trust, the Trustee, the Collateral Agent, the Note Insurer, the Secured
Parties and their respective officers,

                                      17
<PAGE>

directors, agents and employees, from and against any and all costs, expenses,
losses, damages, claims and liabilities, including reasonable fees and expenses
of counsel and expenses of litigation arising out of or resulting from the use,
ownership or operation by the Servicer or any Affiliate thereof of any Financed
Vehicle;

                  AmeriCredit shall indemnify, defend and hold harmless the
Trust, the Trustee, the Collateral Agent, the Note Insurer, the Secured Parties
and their respective officers, directors, agents and employees from and against
any taxes that may at any time be asserted against any of such parties with
respect to the transactions contemplated in this Agreement, including, without
limitation, any sales, gross receipts, tangible or intangible personal
property, privilege or license taxes (but not including any federal or other
income taxes, including franchise taxes asserted with respect to, and as of the
date of, the sale of the Receivables and the Other Conveyed Property to the
Trust) and costs and expenses in defending against the same;

                  (c) The Servicer shall indemnify, defend and hold harmless
the Trust, the Trustee, and the Collateral Agent, the Secured Parties and their
respective officers, directors, agents and employees from and against any and
all costs, expenses, losses, claims, damages, and liabilities to the extent
that such cost, expense, loss, claim, damage, or liability arose out of, or was
imposed upon the Trust, the Trustee, the Collateral Agent or the Secured
Parties by reason of the breach of this Agreement by the Servicer, the
negligence, misfeasance, or bad faith of the Servicer in the performance of its
duties under this Agreement or by reason of reckless disregard of its
obligations and duties under this Agreement;

                  (d) AmeriCredit shall indemnify the Collateral Agent, the
Trustee and their officers, directors, agents and employees thereof against any
and all loss, liability or expense, (other than overhead and expenses incurred
in the normal course of business) incurred by each of them in connection with
the acceptance or administration of the Trust and the performance of their
duties under the Transaction Documents other than if such loss, liability or
expense is conclusively determined by a judicial proceeding to have been
incurred by the Collateral Agent as a result of any such entity's willful
misconduct, bad faith or negligence; and

                  (e) Indemnification under this Article shall survive the
termination of the Transaction Documents or the resignation and removal of the
Trustee and the Collateral Agent and shall include, without limitation,
reasonable fees and expenses of counsel and expenses of litigation. If the
Servicer has made any indemnity payments pursuant to this Article and the
recipient thereafter collects any of such amounts from others, the recipient
shall promptly repay such amounts collected to the Servicer, without interest.

                  Section 3.2. MERGER OR CONSOLIDATION OF, OR ASSUMPTION OF THE
OBLIGATIONS OF THE SERVICER. AmeriCredit shall not merge or consolidate with
any other person, convey, transfer or lease substantially all its assets as an
entirety to another Person, or permit any other Person to become the successor
to AmeriCredit's business unless, after the merger, consolidation, conveyance,
transfer, lease or succession, the successor or surviving entity shall be
capable of fulfilling the duties of AmeriCredit contained in this Agreement and
shall be acceptable to the Note Insurer in the Note Insurer's sole discretion.
Any corporation (i) into which AmeriCredit may be merged or consolidated, (ii)
resulting from any merger or consolidation to which AmeriCredit shall be a
party, (iii) which acquires by conveyance, transfer, or lease substantially

                                      18
<PAGE>

all of the assets of AmeriCredit, or (iv) succeeding to the business of
AmeriCredit, in any of the foregoing cases shall execute an agreement of
assumption to perform every obligation of AmeriCredit under this Agreement and,
whether or not such assumption agreement is executed, shall be the successor to
AmeriCredit under this Agreement without the execution or filing of any paper
or any further act on the part of any of the parties to this Agreement,
anything in this Agreement to the contrary notwithstanding; provided, however,
that nothing contained herein shall be deemed to release AmeriCredit from any
obligation. AmeriCredit shall provide notice of any merger, consolidation or
succession pursuant to this Section to the Collateral Agent and the Secured
Parties. Notwithstanding the foregoing, AmeriCredit shall not merge or
consolidate with any other Person or permit any other Person to become a
successor to AmeriCredit's business, unless (x) immediately after giving effect
to such transaction, no representation or warranty made pursuant to Section 2.6
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 Termination and Amortization Event or Potential Termination and
Amortization Event shall have occurred and be continuing, (y) AmeriCredit shall
have delivered to the Collateral Agent and the Note Insurer an Officer's
Certificate and an Opinion of Counsel each stating that such consolidation,
merger or succession and such agreement of assumption comply with this Section
and that all conditions precedent, if any, provided for in this Agreement
relating to such transaction have been complied with, and (z) AmeriCredit shall
have delivered to the Collateral Agent and the Note Insurer an Opinion of
Counsel, stating in the opinion of such counsel, either (A) all financing
statements and continuation statements and amendments thereto have been
executed and filed that are necessary to preserve and protect the interest of
the Trust in the Receivables and the Other Conveyed Property and reciting the
details of the filings or (B) no such action shall be necessary to preserve and
protect such interest.

                  Section 3.3. LIMITATION ON LIABILITY OF SERVICER AND OTHERS.
None of AmeriCredit nor any of the directors or officers or employees or agents
of AmeriCredit shall be under any liability to the Trust or the Secured
Parties, except as provided in this Agreement, for any action taken or for
refraining from the taking of any action pursuant to this Agreement; provided,
however, that this provision shall not protect AmeriCredit or any such person
against any liability that would otherwise be imposed by reason of a breach of
this Agreement or willful misfeasance, bad faith or negligence in the
performance of duties; provided further that this provision shall not affect
any liability to indemnify the Collateral Agent for costs, taxes, expenses,
claims, liabilities, losses or damages paid by the Collateral Agent, in its
individual capacity. AmeriCredit and any director, officer, employee or agent
of AmeriCredit may rely in good faith on the written advice of counsel selected
by it with due care or on any document of any kind prima facie properly
executed and submitted by any Person respecting any matters arising under this
Agreement.

                  Section 3.4. DELEGATION OF DUTIES. The Servicer may delegate
duties under this Agreement to an Affiliate of AmeriCredit with the prior
written consent of the Note Insurer. The Servicer also may at any time perform
through sub-contractors the specific duties of (i) repossession of Financed
Vehicles, (ii) tracking Financed Vehicles' insurance and (iii) pursuing the
collection of deficiency balances on certain Defaulted Receivables, in each
case, without the consent of the Note Insurer and may perform other specific
duties through such sub-contractors in accordance with Servicer's customary
servicing policies and procedures, with the prior consent of the Note Insurer;
PROVIDED, HOWEVER, that no such delegation or sub-contracting duties by the

                                      19
<PAGE>

Servicer shall relieve the Servicer of its responsibility with respect to such
duties. Neither AmeriCredit or any party acting as Servicer hereunder shall
appoint any subservicer hereunder without the prior written consent of the Note
Insurer.

                  Section 3.5. SERVICER NOT TO RESIGN. Subject to the
provisions of Section 3.2, the Servicer shall not resign from the obligations
and duties imposed on it by this Agreement as Servicer except upon a
determination that by reason of a change in legal requirements the performance
of its duties under this Agreement would cause it to be in violation of such
legal requirements in a manner which would have a material adverse effect on
the Servicer and the Note Insurer does not elect to waive the obligations of
the Servicer to perform the duties which render it legally unable to act or to
delegate those duties to another Person. Any such determination permitting the
resignation of the Servicer shall be evidenced by an Opinion of Counsel to such
effect delivered and acceptable to the Note Insurer. No resignation of the
Servicer shall become effective until a successor Servicer that is an eligible
servicer as approved by the Note Insurer, shall have assumed the
responsibilities and obligations of the Servicer.

                  Section 3.6. ADMINISTRATIVE DUTIES OF SERVICER. (a) DUTIES
WITH RESPECT TO THE TRANSACTION DOCUMENTS. The Servicer shall perform the
duties of the Debtor under the Transaction Documents. In furtherance of the
foregoing, the Servicer shall consult with the Trustee as the Servicer deems
appropriate regarding the duties of the Debtor under the Transaction Documents.
The Servicer shall monitor the performance of the Debtor and shall advise the
Trustee when action is necessary to comply with the Debtor's duties under the
Transaction Documents. The Servicer shall prepare for execution by the Trustee
or shall cause the preparation by other appropriate Persons of all such
documents, reports, filings, instruments, certificates and opinions as it shall
be the duty of the Debtor or the Trustee to prepare, file or deliver pursuant
to the Transaction Documents.

                  (b) DUTIES WITH RESPECT TO THE DEBTOR.

                  (i) In addition to the duties of the Servicer set forth in
this Agreement or any of the Transaction Documents, the Servicer shall perform
such calculations and shall prepare, or shall cause the preparation, for
execution by the Trustee or other appropriate Persons of all such documents,
reports, filings, instruments, certificates and opinions as it shall be the
duty of the Debtor to prepare, file or deliver pursuant to state and federal
tax and securities laws. The Servicer shall administer, perform or supervise
the performance of such other activities in connection with the Debtor as are
not covered by any of the foregoing provisions and as are expressly requested
by the Trustee and are reasonably within the capability of the Servicer.

                  (ii) Notwithstanding anything in this Agreement or any of the
Transaction Documents to the contrary, the Servicer shall be responsible for
promptly notifying the Trustee in the event that any withholding tax is imposed
on the Debtor's payments (or allocations of income) to a Certificateholder. Any
such notice shall be in writing and specify the amount of any withholding tax
required to be withheld by the Trustee pursuant to such provision.

                  (c) RECORDS. The Servicer shall maintain appropriate books of
account and records relating to services performed under this Agreement and as
required by the Transaction

                                      20
<PAGE>

Documents, which books of account and records shall be accessible for
inspection by the Trustee and the Note Insurer at any time during normal
business hours.

                  (d) ADDITIONAL INFORMATION TO BE FURNISHED TO THE TRUSTEE AND
THE NOTE INSURER. The Servicer shall furnish to the Trustee from time to time
such additional information regarding the Debtor or the Transaction Documents
as the Trustee and the Note Insurer shall reasonably request.

                                   ARTICLE IV

                              SERVICER TERMINATION

                  Section 4.1. SERVICER TERMINATION EVENT. For purposes of this
Agreement, each of the following shall constitute a "Servicer Termination
Event":

                  (a) Any failure by the Servicer to deliver to the Collateral
Agent for distribution to Secured Parties payment required to be so delivered
under the terms of the Transaction Documents;

                  (b) Failure on the part of the Servicer duly to observe or
perform in any material respect any covenant or agreement set forth in this
Agreement or any other Transaction Document to which it is a party, which
failure continues unremedied for a period of 10 days;

                  (c) Any representation, warranty, certification or statement
made by the Servicer (including AmeriCredit, if it is the Servicer) or the
Trust, any Seller or any Affiliate of the Trust or any Seller (in the event
that the Trust, any Seller or such Affiliate is then acting as the Servicer) in
this Agreement, the Receivables Purchase Agreement or in any of the other
Transaction Documents or in any certificate or report delivered by it pursuant
to any of the foregoing shall prove to have been incorrect in any material
respect when made or deemed made;

                  (d) The Servicer shall materially modify the Credit and
Collection Policy, unless it has given the Note Insurer prompt notification of
such modification and the Note Insurer has determined in its reasonable
discretion that such modification is not a material adverse change;

                  (e) The occurrence of a Termination and Amortization Event
listed in Section 6.1 of the Security Agreement;

                  (f) Any Event of Bankruptcy shall occur with respect to the
Servicer or any of its Subsidiaries or Affiliates;

                  (g) There shall have occurred a Material Adverse Effect with
respect to the Servicer since the end of the last fiscal year ending prior to
the date of its appointment as Servicer hereunder or any other event shall have
occurred which, in the commercially reasonable judgment of the Note Insurer,
materially and adversely affects the Servicer's ability to either collect the
Receivables or to perform under this Agreement; and

                  (h) Failure of the Servicer or any Subsidiary of the Servicer
to pay when due

                                      21
<PAGE>

any amounts due under any agreement to which any such Person is a party and
under which any Indebtedness greater than $5,000,000, in the case of
AmeriCredit or any Subsidiary of AmeriCredit (other than the Debtor), is
governed; or the default by the Servicer or any Subsidiary of the Servicer in
the performance of any term, provision or condition contained in any agreement
to which any such Person is a party and under which any Indebtedness owing by
the Servicer or any Subsidiary of the Servicer greater than such respective
amounts was created or is governed, regardless of whether such event is an
"event of default" or "default" under any such agreement; or any Indebtedness
owing by the Servicer or any Subsidiary of the Servicer greater than such
respective amounts shall be declared to be due and payable or required to be
prepaid (other than by a regularly scheduled payment) prior to the date of
maturity thereof.

                  Section 4.2. CONSEQUENCES OF A SERVICER TERMINATION EVENT. If
a Servicer Termination Event shall occur and be continuing, the Collateral
Agent, with the consent of the Note Insurer, by notice given in writing to the
Servicer may, or at the direction of the Note Insurer shall, terminate all of
the rights and obligations of the Servicer under this Agreement. On or after
the receipt by the Servicer of such written notice or upon termination of the
term of the Servicer, all authority, power, obligations and responsibilities of
the Servicer under this Agreement, whether with respect to the Receivables or
the Other Conveyed Property (as defined in the Master Receivables Purchase
Agreement) or otherwise, automatically shall pass to, be vested in and become
obligations and responsibilities of a successor Servicer acceptable to the Note
Insurer); PROVIDED, HOWEVER, that the successor Servicer shall have no
liability with respect to any obligation which was required to be performed by
the terminated Servicer prior to the date that the successor Servicer becomes
the Servicer or any claim of a third party based on any alleged action or
inaction of the terminated Servicer. The successor Servicer is authorized and
empowered by this Agreement to execute and deliver, on behalf of the terminated
Servicer, as attorney-in-fact or otherwise, any and all documents and other
instruments and to do or accomplish all other acts or things necessary or
appropriate to effect the purposes of such notice of termination, whether to
complete the transfer and endorsement of the Receivables and the Other Conveyed
Property and related documents to show the Trust as lienholder or secured party
on the related Lien Certificates, or otherwise. The terminated Servicer agrees
to cooperate with the successor Servicer in effecting the termination of the
responsibilities and rights of the terminated Servicer under this Agreement,
including, without limitation, the transfer to the successor Servicer for
administration by it of all cash amounts that shall at the time be held by the
terminated Servicer for deposit, or have been deposited by the terminated
Servicer, in the Collection Account or thereafter received with respect to the
Receivables and the delivery to the successor Servicer of all Receivable Files,
Monthly Records and Collection Records and a computer tape in readable form as
of the most recent Business Day containing all information necessary to enable
the successor Servicer or a successor Servicer to service the Receivables and
the Other Conveyed Property. If requested by the Note Insurer, the successor
Servicer shall terminate the Lock-Box Agreement and direct the Obligors to make
all payments under the Receivables directly to the successor Servicer (in which
event the successor Servicer shall process such payments in accordance with
Section 2.2(d)), or to a Lock-Box Account established by the successor Servicer
at the direction of the Note Insurer, at the successor Servicer's expense. The
terminated Servicer shall grant the Collateral Agent, the successor Servicer
and the Note Insurer reasonable access to the terminated Servicer's premises at
the terminated Servicer's expense.

                                      22
<PAGE>

                  Section 4.3. APPOINTMENT OF SUCCESSOR.

                  (a) On and after the time the Servicer receives a notice of
termination pursuant to Section 4.2, or upon the resignation of the Servicer,
the Collateral Agent shall appoint an alternate successor Servicer upon written
direction from the Note Insurer, provided that any successor Servicer may not
be an Affiliate (as defined in the Security Agreement) of the Note Insurer, who
shall be subject to all the rights, responsibilities, restrictions, duties,
liabilities and termination provisions relating thereto placed on the Servicer
by the terms and provisions of this Agreement except as otherwise stated
herein. The Collateral Agent and such successor shall take such action,
consistent with this Agreement, as shall be necessary to effectuate any such
succession. If a successor Servicer is acting as Servicer hereunder, it shall
be subject to termination under Section 4.2 upon the occurrence of any Servicer
Termination Event applicable to it as Servicer.

                  (b) Any successor Servicer shall be entitled to such
compensation (whether payable out of the Collection Account or otherwise) as
the Servicer would have been entitled to under this Agreement if the Servicer
had not resigned or been terminated hereunder. The Collateral Agent and such
successor Servicer may agree on additional reasonable compensation to be paid
to such successor Servicer. In addition, any successor Servicer shall be
entitled to reasonable transition expenses incurred in acting as successor
Servicer.

                  Section 4.4. NOTIFICATION TO SECURED PARTIES. Upon any
termination of, or appointment of a successor to, the Servicer, the Collateral
Agent shall give prompt written notice thereof to each Secured Party.

                  Section 4.5. WAIVER OF PAST DEFAULTS. The Agent may, on
behalf of all Secured Parties, waive any default by the Servicer in the
performance of its obligations hereunder and its consequences. Upon any such
waiver of a past default, such default shall cease to exist, and any Servicer
Termination Event arising therefrom shall be deemed to have been remedied for
every purpose of this Agreement. No such waiver shall extend to any subsequent
or other default or impair any right consequent thereto.

                                    ARTICLE V

                                  THE CUSTODIAN

                  Section 5.1. APPOINTMENT OF CUSTODIAN; ACKNOWLEDGMENT OF
RECEIPT; MONTHLY EXCEPTION REPORTS. Subject to the terms and conditions hereof,
the Collateral Agent hereby revocably appoints the Custodian and the Custodian
hereby accepts such appointment, as custodian and bailee on behalf of the
Collateral Agent (for the benefit of the Secured Parties) to maintain exclusive
custody of the Receivable Files relating to the Receivables from time to time
held as part of the Collateral; PROVIDED, HOWEVER, that neither the Collateral
Agent nor any Secured Party shall be responsible for the acts or omissions of
the Custodian. In performing its duties hereunder, the Custodian agrees to act
with that degree of care, skill and attention that a commercial bank acting in
the capacity of a custodian would exercise with respect to files relating to
comparable automotive or other receivables that it services or holds for itself
or others, and, in any event, to exercise at least that degree of care, skill
and attention that it

                                      23
<PAGE>

exercises with respect to its own assets. The Custodian, as of each Receivables
Transfer Date with respect to the Receivables sold on such date, hereby
acknowledges receipt of the Receivable File for each Receivable listed in the
Schedules of Receivables attached to the related Supplement, subject to any
exceptions noted on the applicable Custodian's Acknowledgment. As evidence of
its acknowledgement of such receipt of such Records, the Custodian shall
execute and deliver to the Collateral Agent and the Note Insurer on each
Receivables Transfer Date with respect to the Receivables sold on such date,
the Custodian's Acknowledgement in the form attached hereto as Schedule A. In
addition, the Custodian shall deliver to the Collateral Agent and the Note
Insurer a monthly exception report in the form attached as Exhibit B hereto.
AmeriCredit shall be required to repurchase the Receivables listed on the
monthly exception report pursuant to Section 2.7 hereof, in the event that the
related Lien Certificates are indicated as not having been received by the
181st day following the date of origination of the related Receivables.

                  Section 5.2. MAINTENANCE OF RECORDS AT OFFICE. The Custodian
agrees to maintain the Receivable Files at 4001 Embarcadero Drive, Arlington,
Texas 76014 or at such other office as shall from time to time be identified to
the Collateral Agent and the Note Insurer, and the Custodian will hold the
Receivable Files in such office on behalf of the Collateral Agent (for the
benefit of the Secured Parties), clearly identified on its records as being
separate from any other instruments and files, including other instruments and
files held by the Custodian, and in compliance with Section 5.3(b) hereof.

                  Section 5.3. DUTIES OF CUSTODIAN.

                  (a) SAFEKEEPING. (i) The Custodian shall hold the Receivable
Files on behalf of the Collateral Agent (for the benefit of the Secured
Parties) clearly identified as being separate from all other files or records
maintained by the Custodian, whether at the same or any other location, and
shall maintain such accurate and complete accounts, records or computer systems
pertaining to each Receivable File as are required to comply with the terms and
conditions of the Note Purchase Agreement. Each Contract shall be stamped on
both of the first page and the signature page (if different) in accordance with
the requirements of any Opinion of Counsel or as otherwise is deemed necessary
or desirable by the Collateral Agent and the Note Insurer. Each Receivable
shall be identified on the books and records of the Custodian in an manner that
(x) is consistent with the practices of a commercial bank acting in the
capacity of custodian with respect to similar receivables, (y) indicates that
the Receivables are held by the Custodian on behalf of the Collateral Agent and
(z) is otherwise necessary, as reasonably determined by the Custodian, to
comply with the terms of this Agreement. The Custodian shall conduct, or cause
to be conducted, periodic physical inspections of the Receivable Files held by
it under this Agreement, and of the related accounts, records and computer
systems, in such a manner as shall enable the Collateral Agent, the Note
Insurer and the Custodian to verify the accuracy of the Custodian's inventory
and recordkeeping. Such inspections shall be conducted at such times, in such
manner and by such persons, including, without limitation, independent
accountants, as the Collateral Agent and the Note Insurer may request and the
cost of such inspections shall be borne by the Custodian. The Custodian shall
promptly report to the Collateral Agent and the Note Insurer any failure on the
Custodian's part to hold the Receivable Files and maintain its accounts,
records and computer systems as herein provided and the Custodian shall
promptly take appropriate action to remedy any such failure.

                                      24
<PAGE>

                  (ii) Notwithstanding the above paragraph (i), upon a Servicer
Termination Event, at the direction of the Note Insurer, the Custodian shall
deliver the Receivable Files within 30 days of such notice to the Collateral
Agent and the Collateral Agent shall hold such Receivable Files on behalf of
the Secured Parties. Subject to Section 5.3(c) hereof and the preceding
sentence, the Custodian shall at all times maintain the original of the fully
executed original retail installment sales contract or promissory note and of
the Lien Certificate or application therefore, if no such Lien Certificate has
yet been issued, relating to each Receivable in a fire resistant vault.

                  (b) ACCESS TO RECORDS. The Custodian shall, subject only to
the Custodian's security requirements applicable to its own employees having
access to similar records held by the Custodian, which requirements shall be
consistent with the practices of a commercial bank acting in the capacity of
custodian with respect to similar files or records, and at such times as may be
reasonably imposed by the Custodian, permit only the Secured Parties and the
Collateral Agent or their duly authorized representatives, attorneys or
auditors to inspect the Receivable Files and the related accounts, records, and
computer systems maintained by the Custodian pursuant hereto at such times as
any of the Secured Parties or the Collateral Agent may reasonably request.

                  (c) RELEASE OF DOCUMENTS. The Custodian shall release such
Receivable Files to the Servicer only (1) upon payment in full of such
Receivable or (2) as required from time to time as appropriate for servicing
and enforcing any Receivable but, in the case of clause (1) or (2), only as is
consistent with the terms of the Note Purchase Agreement and the Security
Agreement.

                  (d) ADMINISTRATION; REPORTS. The Custodian shall, in general,
attend to all ministerial matters in connection with maintaining custody of the
Receivable Files on behalf of the Collateral Agent. In addition, the Custodian
shall assist the Collateral Agent or the Servicer, as the case may be, in the
preparation of any routine reports to Secured Parties or to regulatory bodies,
to the extent necessitated by the Custodian's custody of the Receivable Files.

                  Section 5.4. INSTRUCTIONS; AUTHORITY TO ACT. The Custodian
shall be deemed to have received proper instructions with respect to the
Receivable Files upon its receipt of written instructions signed by a
Responsible Officer of the Collateral Agent. Such instructions may be general
or specific in terms.

                  Section 5.5. CUSTODIAN FEE. For its services under this
Agreement, the Custodian shall be entitled to reasonable compensation to be
paid by the Servicer.

                  Section 5.6. INDEMNIFICATION BY THE CUSTODIAN. The Custodian
agrees to indemnify the Secured Parties, the Trust, the Note Insurer, the
Trustee and the Collateral Agent for any and all liabilities, obligations,
losses, damage, payments, costs or expenses of any kind whatsoever (including
the fees and expenses of counsel) that may be imposed on, incurred or asserted
against any of the Secured Parties, the Trust, the Note Insurer and/or the
Collateral Agent as the result of any act or omission in any way relating to
the maintenance and custody by the Custodian of the Receivable Files or any
default by the Custodian of its obligations hereunder; PROVIDED, HOWEVER, that
the Custodian shall not be liable to any party indemnified

                                      25
<PAGE>

hereunder for any portion of any such liabilities, obligations, losses,
damages, payments or costs or expenses as are due to the willful misfeasance,
bad faith or gross negligence of such indemnified party.

                  Section 5.7. ADVICE OF COUNSEL. The Custodian shall be
entitled to rely and act upon advice of counsel selected by it with due care
with respect to its performance hereunder as custodian and shall be without
liability for any action reasonably taken in good faith pursuant to such advice,
provided that such action is not in violation of applicable federal or state
law.

                  Section 5.8. EFFECTIVE PERIOD, TERMINATION, AND AMENDMENT;
INTERPRETIVE AND ADDITIONAL PROVISIONS. This Agreement shall become effective as
of the date hereof and shall continue in full force and effect until terminated
as hereinafter provided. This Agreement may be amended at any time by agreement
of the Collateral Agent, the Note Insurer and the Custodian and the rights and
obligations of the Servicer and the Custodian may be terminated by the Note
Insurer following a Termination and Amortization Event; PROVIDED so long as
AmeriCredit is Custodian, the Custodian shall not resign from the obligations
and duties imposed on it by this Agreement, except upon a determination that by
reason of a change in legal requirements, the performance of its duties under
this Agreement would cause it to be in violation of such legal requirements in a
manner which would have a material adverse effect on it and the Note Insurer
does not elect to waive the obligations of the Custodian to perform the duties
which render it legally unable to act or to delegate those duties to another
Person; PROVIDED, FURTHER, that any such determination permitting the
resignation of the Custodian shall be evidenced by an Opinion of Counsel to such
effect delivered to the Note Insurer and the Collateral Agent that is acceptable
to the Note Insurer. So long as AmeriCredit is serving as Custodian, any
termination of AmeriCredit as Servicer under the Note Purchase Agreement or the
Security Agreement shall terminate AmeriCredit as Custodian under this
Agreement. Immediately after receipt of notice of termination of this Agreement,
the Custodian shall deliver the Receivable Files to the Collateral Agent on
behalf of the Secured Parties, at such place or places as the Collateral Agent
may designate, and the Collateral Agent, or its agent, as the case may be, shall
act as custodian for such Records on behalf of the Secured Parties until such
times as a successor custodian acceptable to the Note Insurer has been appointed
by the Collateral Agent. (For the avoidance of doubt, during any such period,
the Collateral Agent shall be acting in its capacity as Collateral Agent,
including the standard of care and liability in such capacity, and not as a
successor "CUSTODIAN" hereunder.) If, within 30 days after the termination of
this Agreement, the Custodian has not delivered the Receivable Files in
accordance with the preceding sentence, the Collateral Agent may enter the
premises of the Custodian and remove the Receivable Files from such premises. In
connection with the administration of this Agreement, the parties may agree from
time to time upon the interpretation of the provisions of this Agreement as may
in their joint opinion be consistent with the general tenor and purposes of this
Agreement, any such interpretation to be signed by all parties and annexed
hereto.

                  Section 5.9. REPRESENTATIONS, WARRANTIES AND COVENANTS OF
CUSTODIAN.

                  (a) The Custodian hereby represents and warrants to, and
covenants with, the Collateral Agent and the Secured Parties that as of the date
hereof and as of each Receivables Transfer Date:

                                      26

<PAGE>

                  (i)   The Custodian is duly organized, validly existing and in
         good standing under the laws of the state of its incorporation;

                  (ii)  The Custodian has the full power and authority to hold
         each Receivable File on behalf of the Collateral Agent, and to execute,
         deliver and perform, and to enter into and consummate all transactions
         contemplated by this Agreement, has duly authorized the execution,
         delivery and performance of this Agreement, has duly executed and
         delivered this Agreement, and this Agreement constitutes a legal, valid
         and binding obligation of the Custodian, enforceable against it in
         accordance with its terms, except as enforcement of such terms may be
         limited by bankruptcy, insolvency or similar laws affecting the
         enforcement of creditors' rights generally and by the availability of
         equitable remedies;

                  (iii) The consummation of the transactions contemplated by
         this Agreement and the Transaction Documents to which the Custodian is
         a Party, and the fulfillment of the terms of this Agreement and the
         Transaction Documents to which the Custodian is a Party, shall not
         conflict with, result in any breach of any of the terms and provisions
         of, or constitute (with or without notice or lapse of time) a default
         under, the articles of incorporation or bylaws of the Custodian, or any
         indenture, agreement, mortgage, deed of trust or other instrument to
         which the Custodian is a party or by which it is bound, or result in
         the creation or imposition of any Lien upon any of its properties
         pursuant to the terms of any such indenture, agreement, mortgage, deed
         of trust or other instrument, other than this Agreement, or violate any
         law, order, rule or regulation applicable to the Custodian of any court
         or of any federal or state regulatory body, administrative agency or
         other governmental instrumentality having jurisdiction over the
         Custodian or any of its properties and do not require any action by or
         require the consent of or the filing of any notice with any Official
         Body or other Person;

                  (iv)  There is no litigation pending or, to the Custodian's
         knowledge, threatened, which if determined adversely to the Custodian,
         would adversely affect the execution, delivery or enforceability of
         this Agreement, or any of the duties or obligations of the Custodian
         thereunder, or which would have a material adverse effect on the
         financial condition of the Custodian;

                  (v)   No consent, approval, authorization or order of any
         court or governmental agency or body is required for the execution,
         delivery and performance by the Custodian of or compliance by the
         Custodian with this Agreement or the consummation of the transactions
         contemplated hereby or thereby;

                  (vi)  Upon written request of the Collateral Agent or the Note
         Insurer, the Custodian shall take such steps as requested by the
         Collateral Agent or the Note Insurer to protect or maintain any
         interest in any Receivable; and

                  (vii) The Custodian has not been notified by any party that
         any third party claims an interest in the Receivables or is requesting
         the Custodian to act as a bailee with respect to the Records, except
         such interests that are created under the Master Receivables Purchase
         Agreement, the Security Agreement, the Note Purchase Agreement

                                      27

<PAGE>

         and any Supplement.

                  (b) The Custodian covenants and warrants to the Collateral
Agent and each of the Secured Parties that as of the date of each Custodian's
Acknowledgment: (i) it holds no adverse interest, by way of security or
otherwise, in any Receivable or Receivable File; and (ii) the execution of this
Agreement and the creation of the custodial relationship hereunder does not
create any interest, by way of security or otherwise, of the Custodian in or to
any Receivable or Receivable File, other than the Custodian's rights as
custodian hereunder.

                  (c) The Custodian shall, at its own expense, maintain at all
times during the existence of this Agreement and keep in full force and effect,
a fidelity bond and errors and omissions policy of a type and in such amount as
is customary for custodians engaged in the business of acting as custodian of
automobile receivables and shall maintain any other similar insurance policies
that are customarily maintained by custodians engaged in the business of acting
as custodian of automobile receivables. A certificate of the respective insurer
as to each such policy or a blanket policy for such coverage shall be furnished
to the Collateral Agent and the Note Insurer containing the insurer's statement
or endorsement that such insurance shall not terminate prior to receipt by such
party, by certified mail, of 10 days advance notice thereof.

                                   ARTICLE VI

                                  MISCELLANEOUS

                  Section 6.1. GOVERNING LAW. This Agreement shall be governed
by and construed in accordance with the laws of the State of New York without
giving effect to the conflict of law provisions thereof.

                  Section 6.2. NOTICES. All demands, notices and communications
hereunder shall be in writing (including bank wire, telex, telecopy or
electronic facsimile transmission or similar writing) and shall be given to the
other party at its address or telecopy number set forth below or at such other
address or telecopy number as such party may hereafter specify for the purposes
of notice to such party. Each such notice or other communication shall be
effective (i) if given by telecopy, when such telecopy is transmitted to the
telecopy number specified in this Section and confirmation is received, (ii) if
given by mail three (3) Business Days following such posting, if postage
prepaid, or if sent via U.S. certified or registered mail, (iii) if given by
overnight courier, one (1) Business Day after deposit thereof with a national
overnight courier service, or (iv) if given by any other means, when received at
the address specified in this Section.

                  If to the Trust:

                  AmeriCredit MTN Receivables Trust
                  c/o Bankers Trust (Delaware)
                  E.A. Delle Donne Corporate Center
                  Montgomery Building
                  1011 Centre Road, Suite 200
                  Wilmington, Delaware  19805

                                      28

<PAGE>

                  Attention:  Corporate Trust Administration

                  Telephone:  (302) 636-3305
                  Telecopy:  (302) 636-3222

                  with a copy to:
                  Bankers Trust Company
                  4 Albany Street
                  New York, New York  10006
                  Attention:  Asset Backed Finance Unit

                  If to the Servicer or the Custodian:

                  AmeriCredit Financial Services, Inc.
                  801 Cherry Street
                  Suite 3900
                  Fort Worth, Texas  76102

                  Telephone:  (817) 302-7022
                  Telecopy:  (817) 302-7942

                  If to the Note Insurer:

                  MBIA Insurance Corporation
                  113 King Street
                  Armonk, NY 10504
                  Telephone:  (914) 273-4545
                  Telecopy:  (914) 765-3810

                  If to the Collateral Agent:

                  The Chase Manhattan Bank
                  450 W. 33rd Street
                  New York, NY 10001
                  Attention:  AmeriCredit MTN Receivables Trust
                  Telephone:  (212) 946-3651
                  Telecopy:   (212) 946 8302

                  Section 6.3. BINDING EFFECT. This Agreement shall be binding
upon and shall inure to the benefit of the parties hereto and their respective
successors and assigns. In addition, each of the Secured Parties shall be an
express third party beneficiary hereof entitled to enforce the terms hereof as
if it were a party hereto. Concurrently with the appointment of a successor
Collateral Agent under the Security Agreement, the parties hereto shall amend
this Agreement to make said Collateral Agent, the successor to the Collateral
Agent hereunder.

                  Section 6.4. SEVERABILITY. Any provision of this Agreement
that is prohibited or unenforceable in any jurisdiction shall, as to such
jurisdiction, be ineffective to the extent of such prohibition or
unenforceability without invalidating the remaining provisions hereof, and any

                                      29

<PAGE>

such prohibition or unenforceability in any jurisdiction shall not invalidate
or render unenforceable such provision in any other jurisdiction.

                  Section 6.5. SEPARATE COUNTERPARTS. This Agreement may be
executed by the parties hereto in separate counterparts, each of which when so
executed and delivered shall be an original, but all such counterparts shall
together constitute but one and the same instrument.

                  Section 6.6. LIMITATION OF LIABILITY OF TRUSTEE. It is
expressly understood and agreed by the parties hereto that (a) this Agreement is
executed and delivered by Bankers Trust (Delaware), not individually or
personally but solely as Trustee of the Trust, in the exercise of the powers and
authority conferred and vested in it, (b) each of the representations,
undertakings and agreements herein made on the part of the Trust is made and
intended not as personal representations, undertakings and agreements by Bankers
Trust (Delaware) but is made and intended for the purpose for binding only the
Trust, (c) nothing herein contained shall be construed as creating any liability
on Bankers Trust (Delaware), individually or personally, to perform any covenant
either expressed or implied contained herein, all such liability, if any, being
expressly waived by the parties hereto and by any Person claiming by, through or
under the parties hereto and (d) under no circumstances shall Bankers Trust
(Delaware) be personally liable for the payment of any indebtedness or expenses
of the Trust or be liable for the breach or failure of any obligation,
representation, warranty or covenant made or undertaken by the Trust under this
Agreement or any other Transaction Documents; provided, however, that no
provision of this Agreement shall be construed to relieve the Trustee from
liability for its own negligent action, its own negligent failure to act, its
action in bad faith or its own willful misconduct.

                  Section 6.7. WAIVERS; AMENDMENT

                  (a) No failure or delay on the part of the Collateral Agent,
the Note Insurer, the Note Insurer or any of the Secured Parties 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 further exercise thereof or the exercise of any other
power, right or remedy. The rights and remedies herein provided shall be
cumulative and nonexclusive of any rights or remedies provided by law.

                  (b) Any provision of this Agreement or any of the Transaction
Documents may be amended or waived if, but only if, such amendment is in writing
and is signed by the Debtor, the Collateral Agent, the Custodian, the Servicer
and the Purchaser and the Note Insurer.

                  Section 6.8. NONPETITION COVENANTS. None of the parties shall
petition or otherwise invoke the process of any court or government authority
for the purpose of commencing or sustaining a case against the Debtor, AMTN or
Purchaser 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 Debtor, AMTN or the Purchaser (as defined in the
Note Purchase Agreement) or any substantial part of their respective property,
or ordering the winding up or liquidation of the affairs of the Debtor, AMTN and
the Purchaser. This Section 6.8 shall be continuing and shall survive any
termination of this Agreement.

                  Notwithstanding anything else herein to the contrary, in no
event shall the

                                      30

<PAGE>

Collateral Agent be liable for any servicing fee or for any differential in
the amount of the servicing fee paid hereunder and the amount necessary to
induce any successor Servicer to act as successor Servicer under this
Agreement and the transactions set forth or provided for herein.

                                      31

<PAGE>

                  IN WITNESS WHEREOF, each of the parties hereto has caused this
Agreement to be executed in its name and on its behalf by a duly authorized
officer on the day and year first above written.

                                    THE CHASE MANHATTAN BANK
                                      solely in its capacity as Collateral Agent

                                    By:
                                        ----------------------------------------
                                    Name:
                                    Title:

                                    AMERICREDIT FINANCIAL SERVICES, INC.,
                                      as Servicer and Custodian

                                    By:
                                        ----------------------------------------
                                    Name:
                                    Title:

                                    AMERICREDIT MTN RECEIVABLES TRUST
                                    By:  BANKERS TRUST (DELAWARE),
                                          not in its individual capacity but
                                          solely as Trustee

                                    By:
                                        ----------------------------------------
                                    Name:
                                    Title:

                       [Servicing and Custodian Agreement]

                                      32

<PAGE>

                                                                     SCHEDULE A

                       FORM OF CUSTODIAN'S ACKNOWLEDGMENT

                  AmeriCredit Financial Services, Inc. (the "CUSTODIAN"), acting
as Custodian under a Servicing and Custodian Agreement, dated as of December 18,
2000 (the "Servicing and Custodian Agreement"), between the Custodian,
AmeriCredit MTN Receivables Trust, as Debtor, and The Chase Manhattan Bank, as
Collateral Agent, pursuant to which the Custodian holds on behalf of the Secured
Parties certain Receivable Files (as defined in the Servicing and Custodian
Agreement), hereby acknowledges receipt of the Receivable File for each
Receivable listed in the Schedules of Receivables attached as Exhibits to the
Supplements to the Receivables Purchase Agreement, dated [INSERT DATE OF THE
RELEVANT SUPPLEMENT], except as noted in the Exception List attached as Schedule
I hereto.

                  IN WITNESS WHEREOF, AmeriCredit Financial Services, Inc., has
caused this acknowledgment to be executed by its duly authorized officer as of
this [____] day of [___________], [_____].

                                    AMERICREDIT FINANCIAL SERVICES, INC.
                                    as Custodian

                                    By:
                                        ----------------------------------------
                                    Name:
                                    Title:

                                       i<PAGE>

================================================================================

                               SECURITY AGREEMENT

                                      among

                       AMERICREDIT MTN RECEIVABLES TRUST,

                                  as the Debtor

                      AMERICREDIT FINANCIAL SERVICES, INC.,

                        Individually and as the Servicer

                             AMERICREDIT MTN CORP.,

                                  Individually

                                       and

                            THE CHASE MANHATTAN BANK

           as the Collateral Agent and as the Securities Intermediary

                                   Dated as of
                                December 18, 2000

================================================================================

<PAGE>

                                TABLE OF CONTENTS

<TABLE>
<CAPTION>
                                                                                                            Page
                                                                                                            ----
<S>                                                                                                         <C>
ARTICLE I DEFINITIONS; THE NOTE................................................................................1

   SECTION 1.1.    Certain Defined Terms.......................................................................1
   SECTION 1.2.    Other Terms................................................................................30
   SECTION 1.3.    Computation of Time Periods................................................................30
   SECTION 1.4.    Form of Notes..............................................................................30
   SECTION 1.5.    Execution, Authentication and Delivery.....................................................30
   SECTION 1.6.    Registration; Registration of Transfer and Exchange........................................31
   SECTION 1.7.    Mutilated, Destroyed, Lost or Stolen Notes.................................................32
   SECTION 1.8.    Persons Deemed Owner.......................................................................33
   SECTION 1.9.    Cancellation...............................................................................33
   SECTION 1.10.   Maintenance of Office or Agency............................................................33

ARTICLE II GRANT OF SECURITY INTEREST AND SETTLEMENTS.........................................................34

   SECTION 2.1.    Grant of Security Interest.................................................................34
   SECTION 2.2.    Note Interest, Premium Amounts, Fees and Other Costs and Expenses..........................34
   SECTION 2.3.    Monthly Flow of Funds......................................................................35
   SECTION 2.4.    Prepayments.  On each Payment Date the Collateral Agent shall apply an amount on
                   deposit in the Collection Account, to the extent of the Prepayment Amount, as
                   directed by the Servicer as follows:.......................................................37
   SECTION 2.5.    Liquidation Settlement Procedures..........................................................37
   SECTION 2.6.    Protection of Interest of the Collateral Agent.............................................37
   SECTION 2.7.    Deemed Collections; Application of Payments................................................39
   SECTION 2.8.    Payments and Computations, Etc.............................................................39
   SECTION 2.9.    Reports....................................................................................40
   SECTION 2.10.   Collection Account.........................................................................40
   SECTION 2.11.   Funding Account............................................................................41
   SECTION 2.12.   Yield Supplement Account; Withdrawals; Releases............................................43
   SECTION 2.13.   [Intentionally Omitted]....................................................................45
   SECTION 2.14.   [Intentionally Omitted]....................................................................45
   SECTION 2.15.   Reserve Account; Withdrawals; Releases.....................................................45
   SECTION 2.16.   Optional Release...........................................................................46
   SECTION 2.17.   Delivery of Collateral.  With respect to the Collateral, the Debtor and the
                   Collateral Agent hereby agree that:........................................................47

ARTICLE III REPRESENTATIONS AND WARRANTIES....................................................................48

   SECTION 3.1.    Representations and Warranties of the Debtor, AmeriCredit and AMTN.........................48
   SECTION 3.2.    Representations and Warranties of the Servicer.............................................51

ARTICLE IV CONDITIONS PRECEDENT...............................................................................53

   SECTION 4.1.    Conditions to Closing......................................................................53

ARTICLE V COVENANTS ..........................................................................................56

   SECTION 5.1.    Affirmative Covenants of the Debtor and AmeriCredit........................................56
   SECTION 5.2.    Negative Covenants of Debtor, AMTN and AmeriCredit.........................................60
   SECTION 5.3.    Hedging Arrangements.......................................................................63
   SECTION 5.4.    Affirmative Covenants of the Servicer......................................................64
   SECTION 5.5.    Negative Covenants of the Servicer.........................................................65

ARTICLE VI TERMINATION AND AMORTIZATION EVENTS; OPTIONAL TERMINATION..........................................66

   SECTION 6.1.    Termination and Amortization Events........................................................66

                                       i
<PAGE>

   SECTION 6.2.    Termination................................................................................70
   SECTION 6.3.    Optional Redemption of Note................................................................70
   SECTION 6.4.    Optional Purchase of All Receivables.......................................................70
   SECTION 6.5.    Proceeds...................................................................................71

ARTICLE VII THE COLLATERAL AGENT..............................................................................71

   SECTION 7.1.    Duties of the Collateral Agent.............................................................71
   SECTION 7.2.    Compensation and Indemnification of Collateral Agent.......................................72
   SECTION 7.3.    [Intentionally Omitted]....................................................................72
   SECTION 7.4.    Liability of the Collateral Agent..........................................................72
   SECTION 7.5.    [Intentionally Omitted]....................................................................75
   SECTION 7.6.    Limitation on Liability of the Collateral Agent and Others.................................75

ARTICLE VIII THE SECURITIES INTERMEDIARY......................................................................75

   SECTION 8.1.    Duties of the Securities Intermediary......................................................75
   SECTION 8.2.    Representations, Warranties and Covenants of the Securities Intermediary...................75
   SECTION 8.3.    Governing Law for Certain Securities Intermediary Matters..................................76

ARTICLE IX MISCELLANEOUS......................................................................................77

   SECTION 9.1.    Term of Agreement..........................................................................77
   SECTION 9.2.    Waivers; Amendments........................................................................77
   SECTION 9.3.    Notices....................................................................................77
   SECTION 9.4.    Governing Law; Submission to Jurisdiction; Waiver of Jury Trial; Integration;
                   Appointment of Agent for Service of Process................................................80
   SECTION 9.5.    Counterparts; Severability.................................................................80
   SECTION 9.6.    Successors and Assigns.....................................................................81
   SECTION 9.7.    Waiver of Confidentiality..................................................................81
   SECTION 9.8.    Confidentiality Agreement..................................................................81
   SECTION 9.9.    No Bankruptcy Petition Against the Purchaser, AMTN, or the Debtor..........................81
   SECTION 9.10.   Further Assurances.........................................................................81
   SECTION 9.11.   Characterization of the Transactions Contemplated by the Agreement; Tax Treatment..........82
   SECTION 9.12.   Responsibilities of the Debtor.............................................................82
   SECTION 9.13.   Headings...................................................................................82
   SECTION 9.14.   Limitation on Liability....................................................................82
   SECTION 9.15.   Binding Effect.............................................................................83
   SECTION 9.16.   Effect of Note Insurer Default.............................................................83
</TABLE>

                                      ii
<PAGE>

                                 EXHIBITS

EXHIBIT A          List of Lock-Box Banks and Lock-Box Accounts
EXHIBIT B          Form of Lock-Box Agreement
EXHIBIT C          Form of Note
EXHIBIT D          Form of Investor Representation Letter
EXHIBIT E          List of Actions and Suits
EXHIBIT F          Schedule of Locations of Records
EXHIBIT G          List of Subsidiaries, Divisions and Tradenames
EXHIBIT H          Intentionally Omitted
EXHIBIT I          Form of Secretary's Certificate
EXHIBIT J          [Intentionally Omitted]
EXHIBIT K          Form of Take-Out Notice
EXHIBIT L          Form of Delivery Notice
EXHIBIT M          Cumulative Net Loss Ratio Table
EXHIBIT N          Delinquency Ratio Table
EXHIBIT O          Default Ratio Table
EXHIBIT P          Collateral Agent's Fee Schedule
EXHIBIT Q          Trustee's Fee Schedule

                                     iii

<PAGE>

                               SECURITY AGREEMENT

                  SECURITY AGREEMENT (as amended, supplemented or otherwise
modified from time to time, this "AGREEMENT"), dated as of December 18, 2000, by
and among AMERICREDIT MTN RECEIVABLES TRUST, a Delaware business trust, as
debtor (in such capacity, the "DEBTOR"), AMERICREDIT FINANCIAL SERVICES, INC., a
Delaware corporation ("AMERICREDIT"), individually and in its capacity as
Servicer (in such capacity, the "SERVICER"), AMERICREDIT MTN CORP., a Delaware
limited liability company ("AMTN"), individually, and THE CHASE MANHATTAN BANK,
a New York banking corporation ("The Chase Manhattan Bank"), individually and as
collateral agent for the Secured Parties (in such capacity, the "COLLATERAL
AGENT") and as securities intermediary (in such capacity, the "SECURITIES
INTERMEDIARY").

                             PRELIMINARY STATEMENTS

                  WHEREAS, subject to the terms and conditions of this
Agreement, the Debtor desires to grant a security interest in and to the
Receivables and related property including the Debtor's interest in certain
retail automotive installment sales contracts and loans or promissory notes
secured by automobiles;

                  WHEREAS, pursuant to the Note Purchase Agreement, the Debtor
has issued the Note to the Purchaser and will be obligated to the holder of the
Note to pay the principal of and interest on the Note in accordance with the
terms thereof;

                  MBIA Insurance Corporation (the "NOTE INSURER"), a New York
stock insurance company, has issued and delivered a note guaranty insurance
policy, dated the Closing Date (with endorsements and exhibits, the "NOTE
POLICY"), pursuant to which the Note Insurer guarantees Insured Payments, as
defined in the Note Policy.

                  As an inducement to the Note Insurer to issue and deliver the
Note Policy, the Debtor and the Note Insurer have executed and delivered the
Insurance Agreement, dated as of December 18, 2000 (as amended from time to
time, the "INSURANCE AGREEMENT"), among the Note Insurer, the Debtor,
AmeriCredit, the Servicer, the Collateral Agent and AMTN.

                  As an additional inducement to the Note Insurer to issue the
Note Policy, and as security for the performance by the Debtor of its
obligations hereunder the Debtor has agreed to assign the Collateral (as defined
below) as collateral to the Collateral Agent for the benefit of the Secured
Parties, as their respective interests may appear.

                  NOW, THEREFORE, the parties hereto hereby agree as follows:

                                    ARTICLE I

                              DEFINITIONS; THE NOTE

         SECTION 1.1. CERTAIN DEFINED TERMS. As used in this Agreement, the
following terms shall have the following meanings:

<PAGE>

                  "ABS" means the assumed rate of prepayments on the Receivables
for each Settlement Period based upon the "Absolute Prepayment Model", applied
in accordance with current market standards.

                  "ACCOUNT(S)" means, singularly, each of the Lock-Box Account,
the Collection Account, the Funding Account, the Reserve Account and the Yield
Supplement Account, and, collectively, all such Accounts.

                  "ACCRUAL PERIOD" means, with respect to each MTN Payment Date
other than the first MTN Payment Date, the period commencing on the prior MTN
Payment Date and ending on the day immediately preceding such MTN Payment Date
and, with respect to the first MTN Payment Date, the period commencing on the
Closing Date and ending on the day immediately preceding such first MTN Payment
Date.

                  "ADJUSTED EBITDA" means, with respect to AmeriCredit Corp.,
earnings before interest, taxes, depreciation, and amortization, plus cash
distributions from the trusts created in connection with securitizations
sponsored by AmeriCredit (i.e., residual interest income) minus any non-cash
gain on the sale of receivables.

                  "ADMINISTRATIVE AGENT" means MBIA, as agent for the Purchaser,
and any successor thereto appointed pursuant to the Note Purchase Agreement.

                  "ADVERSE CLAIM" means a lien, security interest, charge or
encumbrance, or other right or claim in, of or on any Person's assets or
properties in favor of any other Person (including any UCC financing statement
or any similar instrument filed against such Person's assets or properties).

                  "AFFECTED ASSETS" means, collectively, the Receivables and the
Related Security, Collections and Proceeds relating thereto.

                  "AFFILIATE" means, with respect to any Person, any other
Person directly or indirectly controlling, controlled by, or under direct or
indirect common control with, such Person. A Person shall be deemed to control
another Person if the controlling Person possesses, directly or indirectly, the
power to direct or cause the direction of the management or policies of the
controlled Person, whether through ownership of voting stock, by contract or
otherwise.

                  "AGGREGATE OUTSTANDING BALANCE" means, with respect to any
group of Receivables as of any date, the sum of the Outstanding Balances of all
such Receivables as of the close of business on the immediately preceding date.

                  "AMTN" means AmeriCredit MTN Corp., a Delaware corporation,
and its successors and assigns.

                  "AMERICREDIT" means AmeriCredit Financial Services, Inc., a
Delaware corporation, and its successors and assigns.

                  "AMERICREDIT CORP." means AmeriCredit Corp., a Texas
corporation, and its successors and assigns.

                                       2

<PAGE>

                  "AMERICREDIT SCORE" means, with respect to a Receivable, the
credit score for the related Obligor, determined in accordance with the Credit
and Collection Policy.

                  "AMORTIZATION PERIOD" means the period commencing on the
earlier to occur of (i) the date on which the Regular Amortization Period
commences or (ii) the date on which the Rapid Amortization Period commences and
ending on the later of (x) the date on which the Net Investment is reduced to
zero and there are no amounts outstanding to the Note Insurer and (y) the Final
Maturity Date.

                  "AMORTIZATION PERIOD RESERVE PERCENTAGE" means,

                  (x)       with respect to any date of determination which
                            occurs after the commencement of the Amortization
                            Period and prior to the seventh (7th) Remittance
                            Date during the Amortization Period:

                            (i)       7.0% if the Portfolio Net Loss Ratio
                                      calculated as of the most recent
                                      Determination Date is less than 5.00%.

                            (ii)      8.0%, if the Portfolio Net Loss Ratio
                                      calculated as of the most recent
                                      Determination Date is greater than or
                                      equal to 5.00% but less than 6.00%.

                            (iii)     9.0%, if the Portfolio Net Loss Ratio
                                      calculated as of the most recent
                                      Determination Date is greater than or
                                      equal to 6.00% but less than 7.00%.

                            (iv)      10.0%, if the Portfolio Net Loss Ratio
                                      calculated as of the most recent
                                      Determination Date is greater than or
                                      equal to 7.00% but less than 7.50%.

                            (v)       11.0%, if the Portfolio Net Loss Ratio
                                      calculated as of the most recent
                                      Determination Date is greater than or
                                      equal to 7.50%; and

                  (y)       with respect to any date of determination occurring
                            on and after the seventh (7th) Remittance Date
                            during the Amortization Period, the applicable
                            percentage set forth in the numbered clauses (i)
                            through (v) in paragraph (x) above calculated with
                            respect to the (6th) Remittance Date.

                  "AMOUNT FINANCED" means, with respect to a Receivable, the
aggregate amount of credit extended under the Contract related to such
Receivable to pay, or to refinance, the purchase price of or outstanding balance
with respect to the Financed Vehicle and related costs, including amounts
advanced in respect of accessories, insurance premiums, service and warranty
contracts, other items customarily financed as part of retail automobile
installment sales contracts or promissory notes, and related costs.

                  "ANNUALIZED NET LOSS RATIO" means, as of any date of
determination, the ratio (expressed as a percentage), computed by dividing "A"
by "B", and then multiplying the result by "C" where:

                                       3

<PAGE>

                  "A" is equal to the Monthly Net Losses for all Receivables
                  held as Collateral which have occurred during six Settlement
                  Periods immediately preceding such date divided by the average
                  Aggregate Outstanding Balance of all Receivables held as
                  Collateral during such six-month period;

                  "B" is equal to the actual number of days in such six-month
                  period; and

                  "C" is equal to the actual number of days in the Servicer's
                  fiscal year in which the most recently-ended Settlement Period
                  occurred.

                  "ANNUAL PERCENTAGE RATE" or "APR" means, with respect to a
Receivable, the rate per annum of finance charges stated in the Contract related
to such Receivable as the "annual percentage rate" (within the meaning of the
Federal Truth-in-Lending Act). If, after the applicable Delivery Date, the rate
per annum with respect to a Receivable as of such Delivery Date is reduced as a
result of (a) an insolvency proceeding involving the related Obligor or (b)
pursuant to the Soldiers' and Sailors' Civil Relief Act of 1940, "Annual
Percentage Rate" or "APR" shall refer to such reduced rate.

                  "AUTHORIZED OFFICER" means, with respect to the Debtor, any
officer, or agent acting pursuant to a power of attorney of the Debtor, who is
authorized to act for the Debtor, in matters relating to the Debtor and who is
identified on the list of Authorized Officers delivered by the Debtor to the
Collateral Agent on the Closing Date (as such list may be modified or
supplemented from time to time thereafter).

                  "AVAILABLE FUNDS" means, with respect to any Remittance Date,
the aggregate amount then on deposit in the Collection Account which represents
the amounts described in clause (i), (ii), (iii) and (iv) of Section 2.10(a)
hereof on such Remittance Date.

                  "BANKRUPTCY CODE" means the Bankruptcy Reform Act of 1978 (11
U.S.C.) Section 101 et seq., as amended.

                  "BENEFIT PLAN" means any employee benefit plan as defined in
Section 3(3) of ERISA in respect of which the Debtor, AmeriCredit, AMTN or any
ERISA Affiliate of the Debtor, AmeriCredit or AMTN is, or at any time during the
immediately preceding six years was, an "employer" as defined in Section 3(5) of
ERISA.

                  "BORROWING BASE" means, as of any Borrowing Base Determination
Date, the sum of (x) the product of (i) 95% and (ii) the Net Receivables Balance
as of the close of business on such Borrowing Base Determination Date after
taking into account all Facility Activity on such Borrowing Base Determination
Date plus (y) the amount on deposit in the Funding Account at the close of
business on such Borrowing Base Determination Date after taking into account all
Facility Activity on such Borrowing Base Determination Date plus (z) the amount
on deposit in the Collection Account with respect to principal at the close of
business on such Borrowing Base Determination Date after taking into account all
Facility Activity on such Borrowing Base Determination Date.

                                       4

<PAGE>

                  "BORROWING BASE DETERMINATION DATE" means each of the
following dates: (i) the last day of each Settlement Period, (ii) each Take-Out
Date and (iii) each Receivables Delivery Date.

                  "BUSINESS DAY" means any day excluding Saturday, Sunday and
any day on which banks in New York, New York, Fort Worth, Texas or London
England are authorized or required by law to close.

                  "CAPITALIZED LEASE" of a Person means any lease of property by
such Person as lessee which would be capitalized on a balance sheet of such
Person prepared in accordance with GAAP.

                  "CERTIFICATEHOLDERS" means the holders of the Class A
Certificates and the Class B Certificates issued under the Trust Agreement. The
Debtor shall inform the Collateral Agent and the Note Insurer in writing of the
identity of the Certificateholders.

                  "CLASS A CERTIFICATES" means the Class A Certificates issued
under the Trust Agreement.

                  "CLASS B CERTIFICATES" means the Class B Certificates issued
under the Trust Agreement.

                  "CLOSING DATE" means December 18, 2000.

                  "CODE" means the Internal Revenue Code of 1986, as amended.

                  "COLLATERAL" has the meaning specified in Section 2.1 hereof.

                  "COLLATERAL AGENT" means The Chase Manhattan Bank, as
collateral agent for the Secured Parties, and its successors and assigns.

                  "COLLATERAL AGENT ACCOUNTS" has the meaning described in
Section 8.2(i) hereof.

                  "COLLECTION ACCOUNT" means the account established by the
Collateral Agent, for the benefit of the Secured Parties, pursuant to Section
2.10.

                  "COLLECTIONS" means, with respect to any Receivable, all cash
collections and other cash proceeds (including liquidation proceeds) of such
Receivable, including, without limitation, all Finance Charges, if any, and any
refunded portion of extended warranty protection plan costs or of insurance
costs (for example, physical damage, credit life or disability) included in the
original amount financed under such Receivable, and cash proceeds of Related
Security with respect to such Receivable.

                  "CONTRACT" means any and all retail installment sales
contracts or installment notes and security agreements relating to the sale or
refinancing of a new or used automobile, light duty truck, van or minivan and
other writings related thereto now existing and hereafter created or acquired by
AmeriCredit or AMTN and assigned from time to time to the Debtor pursuant to the
Master Receivables Purchase Agreement.

                                       5

<PAGE>

                  "CRAM DOWN LOSS" has the meaning given such term in the
Servicing and Custodian Agreement.

                  "CREDIT AND COLLECTION POLICY" means the Servicer's credit and
collection policy or policies and practices relating to automobile installment
sales contracts, existing on the date hereof and in effect from time to time in
compliance with Section 5.2(d).

                  "CREDIT SCORE BASED RESERVE PERCENTAGE" means, with respect to
the Amortization Period, the applicable percentage set forth in the numbered
clauses (i) through (v) below:

                  (i) 7% if the Weighted Average AmeriCredit Score of all
       Eligible Receivables as of the commencement of the Amortization Period,
       after taking into account all Facility Activity on such date is greater
       than or equal to 227.00; or

                  (ii) 8%, if the Weighted Average AmeriCredit Score of all
       Eligible Receivables as of the commencement of the Amortization Period,
       after taking into account all Facility Activity on such date is greater
       than or equal to 226.00 but less than 227.00; or

                  (iii) 9%, if the Weighted Average AmeriCredit Score of all
       Eligible Receivables as of the commencement of the Amortization Period,
       after taking into account all Facility Activity on such date is greater
       than or equal to 224.00 but less than 226.00; or

                  (iv) 10%, if the Weighted Average AmeriCredit Score of all
       Eligible Receivables as of the commencement of the Amortization Period,
       after taking into account all Facility Activity on such date is greater
       than or equal to 222.00 but less than 224.00; or

                  (v) 11%, if the Weighted Average AmeriCredit Score of all
       Eligible Receivables as of the commencement of the Amortization Period,
       after taking into account all Facility Activity on such date is less than
       222.00.

                  "CUMULATIVE NET LOSS" means, for any Receivables Pool or the
Regular Amortization Receivables Pool, as appropriate, the positive difference
between (i) the sum of (A) the Aggregate Outstanding Balance of all Liquidated
Receivables plus (B) aggregate Cram Down Losses minus (ii) Liquidation Proceeds
received with respect to the Receivables described in clause (i).

                  "CUMULATIVE NET LOSS RATIO" means, for any Receivables Pool,
the ratio, expressed as a percentage, computed by dividing:

                  (a) the sum (without duplication) of (i) Cumulative Net Losses
                  and (ii) the product of (x) 0.50 and (y) the Aggregate
                  Outstanding Balance of all Receivables which are more than
                  ninety (90) days past due as of the end of the related
                  Settlement Period;

                  BY

                  (b) the aggregate initial principal balance for the related
                  Receivables Pool.

                                       6

<PAGE>

                  "DEBTOR" means AmeriCredit MTN Receivables Trust, a Delaware
business trust, and its successors and permitted assigns.

                  "DEBTOR ORDER" means a written order or request signed in the
name of the Debtor by any one of its Authorized Officers and delivered to the
Collateral Agent.

                  "DEFAULTED RECEIVABLE" means a Receivable with respect to
which (i) all or any portion in excess of 5% of a Scheduled Payment is more than
90 days past due, (ii) the Servicer has repossessed the related Financed Vehicle
(and any applicable redemption period has expired), or (iii) such Receivable is
in default and the Servicer has charged-off such Receivable in accordance with
the Credit and Collection Policy or otherwise has determined in good faith that
payments thereunder are not likely to be resumed.

                  "DEFAULT RATIO" means a fraction, expressed as a percentage,
the numerator of which is the Aggregate Outstanding Balance of all Defaulted
Receivables since the commencement of the Regular Amortization Period and the
denominator of which is the Initial Regular Amortization Receivables Pool
Balance.

                  "DEFICIENCY AMOUNT" has the meaning specified in the Note
Policy.

                  "DELINQUENCY RATIO" means, the ratio (expressed as a
percentage) computed by dividing:

                  (a) the Aggregate Outstanding Balance of all Receivables which
                  were Delinquent Receivables as of the close of business on the
                  last day of the related Settlement Period.

                  BY

                  (b) the sum of the Aggregate Outstanding Balance of all
                  Receivables as of the close of business on the first day of
                  the related Settlement Period.

                  "DELINQUENT RECEIVABLE" means a Receivable with respect to
which 5% or more of a scheduled payment is more than sixty (60) days past due
(excluding (i) Receivables which the Servicer has repossessed the related
Financed Vehicle and (ii) Receivables which have become Liquidated Receivables).

                  "DELIVERY" when used with respect to Collateral means:

                  (a)      with respect to bankers' acceptances, commercial
                  paper, negotiable certificates of deposit and other
                  obligations that constitute instruments and are susceptible
                  of physical delivery ("Physical Property"):

                           (i)      transfer of possession thereof to the
                                    Collateral Agent, endorsed to, or registered
                                    in the name of, the Collateral Agent or its
                                    nominee or endorsed in blank;

                  (b)      with respect to a certificated security:

                                       7

<PAGE>

                           (i)      delivery thereof in bearer form to the
                                    Collateral Agent; or

                           (ii)     delivery thereof in registered form to the
                                    Collateral Agent; and

                                    (A) the certificate is endorsed to the
                                    Collateral Agent or in blank by effective
                                    endorsement; or

                                    (B) the certificate is registered in the
                                    name of the Collateral Agent, upon original
                                    issue or registration of transfer by the
                                    issuer;

                  (c)      with respect to an uncertificated security:

                           (i)      the delivery of the uncertificated security
                           to the Collateral Agent; or

                           (ii)     the issuer has agreed that it will comply
                           with instructions originated by the Collateral Agent
                           without further consent by the registered owner;

                  (d)      with respect to any security issued by the U.S.
                  Treasury that is a book-entry security held through the
                  Federal Reserve System pursuant to Federal book-entry
                  regulations:

                           (i)      a Federal Reserve Bank by book entry credits
                           the book-entry security to the securities account (as
                           defined in 31 CFR Part 357) of a participant (as
                           defined in 31 CFR Part 357) which is also a
                           Securities Intermediary; and

                           (ii)     the participant indicates by book entry that
                           the book-entry security has been credited to the
                           Collateral Agent's securities account;

                  (e)      with respect to a security entitlement:

                           (i)      the Collateral Agent becomes the entitlement
                           holder; or

                           (ii)     the Securities Intermediary has agreed that
                           it will comply with entitlement orders originated by
                           the Collateral Agent without further consent by the
                           entitlement holder;

                  (f)      for the purpose of clauses (b) and (c) hereof
                           "delivery" means:

                           (i)      with respect to a certificated security:

                                    (A) the Collateral Agent acquires possession
                                    thereof;

                                    (B) another person (other than a Securities
                                    Intermediary) either acquires possession
                                    thereof on behalf of the Collateral Agent
                                    or, having previously acquired possession
                                    thereof, acknowledges that it holds for the
                                    Collateral Agent; or

                                       8

<PAGE>

                                    (C) a Securities Intermediary acting on
                                    behalf of the Collateral Agent acquires
                                    possession of thereof, only if the
                                    certificate is in registered form and has
                                    been specially endorsed to the Collateral
                                    Agent by an effective endorsement;

                           (ii)     with respect to an uncertificated security:

                                    (A) the issuer registers the Collateral
                                    Agent as the registered owner, upon original
                                    issue or registration of transfer; or

                                    (B) another person (other than a Securities
                                    Intermediary) either becomes the registered
                                    owner thereof on behalf of the Collateral
                                    Agent or, having previously become the
                                    registered owner, acknowledges that it holds
                                    for the Collateral Agent;

                  (g)      for purposes of this definition, except as otherwise
                  indicated, the following terms shall have the meaning assigned
                  to each such term in the UCC:

                           (i)      "certificated security";

                           (ii)     "effective endorsement";

                           (iii)    "entitlement holder";

                           (iv)     "instrument";

                           (v)      "securities account";

                           (vi)     "securities entitlement";

                           (vii)    "Securities Intermediary"; and

                           (viii)   "uncertificated security";

                  (h)      in each case of Delivery contemplated herein, the
                  Collateral Agent shall make appropriate notations on its
                  records, and shall cause the same to be made on the records of
                  its nominees, indicating that securities are held in trust
                  pursuant to and as provided in this Agreement.

                  "DELIVERY DATE" means the date on which a Receivables Delivery
occurs.

                  "DELIVERY NOTICE" means the notice, substantially in the form
attached hereto as Exhibit L, furnished by the Debtor in accordance with Section
2.11(b)(1).

                  "DEPOSITARY" has the meaning set forth in 31 C.F.R. 306.118 or
similar federal regulations governing the transfer of securities issued by the
United States Treasury which are maintained in book-entry form.

                                       9

<PAGE>

                  "DETERMINATION DATE" means, with respect to each Remittance
Date, the second Business Day preceding such Remittance Date, notwithstanding
anything else to the contrary herein, the Determination Date for any month in
which any repayment of principal is to be made by the Debtor (currently expected
to begin in December 2003) shall be the 11th Business Day prior to the MTN
Payment Date in such month.

                  "ELIGIBLE COLLATERAL" means, collectively, Eligible
Receivables, Eligible Investments credited to the Funding Account, and Eligible
Investments credited to the Collection Account.

                  "ELIGIBLE DEPOSIT ACCOUNT" means a segregated trust account
with the corporate trust department of a depository institution acceptable to
the Note Insurer organized under the laws of the United States of America or any
one of the states thereof or the District of Columbia (or any domestic branch of
a foreign bank), having corporate trust powers and acting as trustee for funds
deposited in such account, so long as any of the securities of such depository
institution have a long term unsecured debt rating of "AA" or higher from S&P
and "Aa2" or higher by Moody's and in the highest short-term rating category by
S&P and Moody's or is otherwise acceptable to the Note Insurer. Each Eligible
Deposit Account created hereunder shall be established as follows: "[name of
account], The Chase Manhattan Bank, as Collateral Agent".

                  "ELIGIBLE INVESTMENTS" means any of the following (a)
negotiable instruments or securities represented by instruments in bearer or
registered or in book-entry form which evidence (i) obligations fully guaranteed
by the United States; (ii) time deposits in, or bankers acceptances issued by,
any depository institution or trust company incorporated under the laws of the
United States or any state thereof and subject to supervision and examination by
Federal or state banking or depository institution authorities; PROVIDED,
HOWEVER, that at the time of investment or contractual commitment to invest
therein, the certificates of deposit or short-term deposits, if any, or
long-term unsecured debt obligations (other than such obligation whose rating is
based on collateral or on the credit of a Person other than such institution or
trust company) of such depository institution or trust company has a credit
rating from Moody's and S&P of at least "P-1" and "A-1", respectively, in the
case of the certificates of deposit or short-term deposits, or a rating not
lower than one of the two highest investment categories granted by Moody's and
by S&P; (iii) certificates of deposit having, at the time of investment or
contractual commitment to invest therein, a rating from Moody's and S&P of at
least "P-1" and "A-1", respectively; or (iv) investments in money market funds
rated in the highest investment category or otherwise approved in writing by the
applicable rating agencies; (b) demand deposits in any depository institution or
trust company referred to in (a)(ii) above; (c) commercial paper (having
original or remaining maturities of no more than 31 days) having, at the time of
investment or contractual commitment to invest therein, a credit rating from
Moody's and S&P of at least "P-1" and "A-1", respectively; (d) Eurodollar time
deposits having a credit rating from Moody's and S&P of at least "P-1" and
"A-1", respectively; and (e) repurchase agreements involving any of the Eligible
Investments described in clauses (a)(i), (a)(iii) and (d) hereof, so long as the
other party to the repurchase agreement has at the time of investment therein, a
rating from Moody's and S&P of at least "P-1" and "A-1", respectively.

                                      10

<PAGE>

                  "ELIGIBLE RECEIVABLE" means, at any time, any Receivable:

                           (i) (A) which shall have been originated by
AmeriCredit directly with an Obligor or through an automobile dealer or Third
Party Lender approved in accordance with AmeriCredit's standard operating
procedures and which has been acquired from a Dealer by means of a Dealer
Agreement or a Dealer Assignment (as defined in the Servicing Agreement), which
dealer shall be located in the United States and which, together with the
Contract related thereto, if originated by a dealer, shall have been validly
assigned by such dealer to AmeriCredit and which assignment, if part of a bulk
sale by such dealer to AmeriCredit, shall have been approved in writing by the
Note Insurer, or pursuant to the terms of such Contract, for the retail sale or
refinancing of the related Financed Vehicle in the ordinary course of its
business, shall have been fully and properly executed by the parties thereto,
and shall have been advanced directly to or for the benefit of the Obligor for
the purchase or refinancing of the related Financed Vehicle, (B) which shall
have been sold by AmeriCredit or AMTN to the Debtor pursuant to the Master
Receivables Purchase Agreement, and to which the Debtor has good and marketable
title thereto, free and clear of all Adverse Claims, and (C) the Contract
related to which contains customary and enforceable provisions such that the
rights and remedies of the holder thereof shall be adequate for the realization
against the collateral of the benefits of the security provided thereby;

                           (ii) which (together with the Collections and
Related Security related thereto) has been the subject of the grant of a first
priority perfected security interest therein (and in the Collections and
Related Security related thereto) to the Collateral Agent for the benefit of
the Secured Parties, effective until the termination of this Agreement;

                           (iii) the Obligor of which (A) is a United States
resident and is recorded in the Servicer's records as having a United States
billing address or is a member of the U.S. military and is recorded in the
Servicer's records as having an overseas U.S. military base address, (B) is a
natural person, (C) is not an Affiliate of any of the parties hereto, and (D)
is not a government or a governmental subdivision or agency or any other
governmental entity;

                           (iv) which is not a Defaulted Receivable at the time
of the related Receivables Delivery hereunder;

                           (v) (A) during the Revolving Period with respect to
which 5% or more of a scheduled payment is not more than thirty (30) days past
due and (B) during the Amortization Period, with respect to which 5% or more of
a scheduled payment is not more than 30 days past due as of the date the
Amortization Period commences;

                           (vi) the Contract related to which provides for
level monthly payments (PROVIDED that the payment in the first or last month in
the life of the Receivable may be minimally different from such level payment)
that fully amortizes the Amount Financed over the original term and yields
interest at the related APR;

                           (vii) the Contract related to which provides for the
calculation of interest payable thereunder under either the "simple interest"
or "Rule of 78's" or the "sum of the periodic time balances" method;

                                      11
<PAGE>

                           (viii) the Contract related to which provides for no
more than 72 monthly payments;

                           (ix) which is an "eligible asset" as defined in Rule
3a-7 under the Investment Company Act of 1940, as amended;

                           (x) which is "chattel paper" within the meaning of
Article 9 of the UCC of all applicable jurisdictions and, which is secured by a
first priority perfected lien on the related Financed Vehicle, free and clear
of any Adverse Claim or for which all necessary steps to result in such a first
priority perfected lien shall have been taken as of the Delivery Date;

                           (xi) which is denominated and payable only in United
States dollars in the United States;

                           (xii) which arises under a Contract that, together
with the Receivable related thereto, is in full force and effect and
constitutes the legal, valid and binding obligation of the related Obligor
enforceable against such Obligor in accordance with its terms, is the complete,
accurate and entire financing agreement with the Obligor relating to the
Financed Vehicle, is not subject to any litigation, dispute, offset,
counterclaim or other defense and the provisions of which have not been
extended, waived or modified except in accordance with the Credit and
Collection Policy or upon the written instructions of the Note Insurer;

                           (xiii) which, together with the Contract related
thereto, does not contravene in any material respect any laws, rules or
regulations applicable thereto (including, without limitation, laws, rules and
regulations relating to usury, truth in lending, fair credit billing, fair
credit reporting, equal credit opportunity, fair debt collection practices and
privacy) and with respect to which no part of the Contract related thereto is
in violation of any such law, rule or regulation in any material respect;

                           (xiv) which (A) satisfies all applicable
requirements of the Credit and Collection Policy and is identified on the
Servicer's master servicing records as a automobile installment sales contract
or installment note, (B) arises under a Contract which is assignable without
the consent of, or notice to, the Obligor thereunder, and which does not
contain a confidentiality provision that purports to restrict the ability of
the Servicer to exercise its rights under this Agreement, including, without
limitation, its right to review the Contract, and (C) arises under a Contract
with respect to which AmeriCredit, AMTN and the Debtor have each performed all
obligations required to be performed by them thereunder, and, in the event such
Contract is an installment sales contract, delivery of the Financed Vehicle to
the related Obligor has occurred;

                           (xv) which was generated in the ordinary course of
AmeriCredit's business;

                           (xvi) the assignment of which under the Master
Receivables Purchase Agreement by AmeriCredit or AMTN to the Debtor and the
grant of a security interest with respect thereto hereunder by the Debtor to
the Collateral Agent does not violate, conflict or contravene any applicable
laws, rules, regulations, orders or writs or any contractual or other
restriction, limitation or encumbrance;

                                      12
<PAGE>

                           (xvii) with respect to which AmeriCredit or any
Affiliate thereof has not advanced any funds to or for the benefit of the
related Obligor in order to make such Receivable an "Eligible Receivable";

                           (xviii) the Obligor of which has been or will be
directed to make all payments to a specified account of the Servicer with
respect to which there shall be a Lock-Box Agreement in effect;

                           (xix) with respect to which there is only one
original Contract which original Contract has been delivered to the Custodian;

                           (xx) with respect to which the Amount Financed does
not exceed $60,000;

                           (xxi) the APR of which is no less than 8.0%;

                           (xxii) the Contract related to which provides that
any prepayment in full of such Receivable fully pays all remaining principal
and all interest due at the applicable APR as of such date of prepayment, in
each case with respect to such Receivable;

                           (xxiii) which is not, at the time of an initial
creation of an interest therein hereunder, subject to any right of rescission,
cancellation, set-off, claim, counterclaim or defense (including the defense of
usury) of the Obligor;

                           (xxiv) which is secured by a valid, existing and
enforceable first priority perfected security interest in favor of the
Receivable's originator in the related Financed Vehicle, which security
interest has been validly assigned by the originator to AmeriCredit (if such
Receivable is not originated by, or the security interest is not initially
perfected in favor of, AmeriCredit) and either (A) by AmeriCredit to the Debtor
or (B) by AmeriCredit to AMTN and by AMTN to the Debtor, and by the Debtor to
the Collateral Agent;

                           (xxv) the Contract related to which requires it to
be insured by an individual physical damage insurance policy; and

                           (xxvi) provides for enforcement of the lien or the
clear legal right of repossession as applicable on the Financed Vehicle
securing such Receivable, and the certificate of title names the Servicer as
the secured party, or an application for a certificate of title naming the
Servicer as secured party has been filed with the relevant jurisdiction.

                  "ENTITLEMENT ORDER" shall have the meaning given such term in
Section 8-102(a)(8) of the UCC.

                  "ERISA" means the Employee Retirement Income Security Act of
1974, as amended from time to time, and the regulations promulgated thereunder.

                  "ERISA AFFILIATE" means, with respect to any Person, (i) any
corporation which is a member of the same controlled group of corporations
(within the meaning of Section 414(b) of the Code) as such Person; (ii) a trade
or business (whether or not incorporated) under common

                                      13
<PAGE>

control (within the meaning of Section 414(c) of the Code) with such Person; or
(iii) a member of the same affiliated service group (within the meaning of
Section 414(n) of the Code) as such Person, any corporation described in clause
(i) above or any trade or business described in clause (ii) above.

                  "EVENT OF BANKRUPTCY" means, with respect to any Person, (i)
that such Person (a) shall generally not pay its debts as such debts become due
or (b) shall admit in writing its inability to pay its debts generally or (c)
shall make a general assignment for the benefit of creditors; (ii) any
proceeding shall be instituted by or against such Person seeking to adjudicate
it as bankrupt or insolvent, or seeking liquidation, winding up,
reorganization, arrangement, adjustment, protection, relief or composition of
it or its debts under any law relating to bankruptcy, insolvency or
reorganization or relief of debtors, or seeking the entry of an order for
relief or the appointment of a receiver, trustee or other similar official for
it or any substantial part of its property or (iii) if such Person is a
corporation, such Person or any Subsidiary shall take any corporate action to
authorize any of the actions set forth in the preceding clauses (i) or (ii).

                  "EXCHANGE ACT" means the Securities Exchange Act of 1934, as
amended.

                  "EXECUTIVE OFFICER" means, with respect to any corporation,
the Chief Executive Officer, Chief Operating Officer, Chief Financial Officer,
President, any Executive Vice President, any Vice President, the Secretary or
the Treasurer of such corporation; and with respect to any partnership, any
general partner thereof.

                  "FACILITY ACTIVITY" means, with respect to any calculation as
of a specified date or time after taking into account all Facility Activity,
adjusting (x) all Accounts for any withdrawals, transfers and deposits on such
date and prior to such time, (y) for any Receivables Delivery or any Take-Out
which occurs on such date and prior to such time and (z) any amortization of
Receivables and the Net Investment on such date and prior to such time.

                  "FINAL MATURITY DATE" means the Remittance Date in December
2010.

                  "FINANCE CHARGES" means, with respect to a Contract, any
finance, interest or similar charges owing by an Obligor or another Person
pursuant to such Contract.

                  "FINANCED VEHICLE" means, with respect to a Receivable, any
new or used automobile, light-duty truck, van or minivan, together with all
accessories thereto, securing the related Obligor's indebtedness thereunder.

                  "FUNDING ACCOUNT" has the meaning specified in Section 2.11
hereof.

                  "GUARANTY" means, with respect to any Person any agreement by
which such Person assumes, guarantees, endorses, contingently agrees to
purchase or provide funds for the payment of, or otherwise becomes liable upon,
the obligation of any other Person, or agrees to maintain the net worth or
working capital or other financial condition of any other Person or otherwise
assures any other creditor of such other Person against loss, including,
without limitation, any comfort letter, operating agreement or take-or-pay
contract and shall include,

                                      14
<PAGE>

without limitation, the contingent liability of such Person in connection with
any application for a letter of credit.

                  "HEDGING ARRANGEMENT" means any financial arrangement
obtained by the Debtor from a counterparty rated "A" or better by S&P and "A2"
or better by Moody's satisfying the requirements of Section 5.3 hereof and
otherwise in form and substance reasonably satisfactory to the Purchaser and
the Note Insurer, the benefits of which are in favor of the Debtor and pledged
to the Collateral Agent for the benefit of the Secured Parties.

                  "INDEBTEDNESS" means, with respect to any Person such
Person's (i) obligations for borrowed money, (ii) obligations representing the
deferred purchase price of property other than accounts payable arising in the
ordinary course of such Person's business on terms customary in the trade,
(iii) obligations, whether or not assumed, secured by liens or payable out of
the proceeds or products of property now or hereafter owned or acquired by such
Person, (iv) obligations which are evidenced by notes, acceptances, or other
instruments, (v) Capitalized Lease obligations and (vi) obligations for which
such Person is obligated pursuant to a Guaranty.

                  "INITIAL REGULAR AMORTIZATION RECEIVABLES POOL BALANCE" means
the Aggregate Outstanding Balance of all Receivables held as Collateral at the
commencement of the Regular Amortization Period.

                  "INITIAL RESERVE PERCENTAGE" means, with respect to any
Delivery Date:

                  (i)      1.5% if BOTH

                           (a)      the Weighted Average AmeriCredit Score of
                                    all Eligible Receivables (including the
                                    Receivables to be delivered on such
                                    Receivables Delivery Date) is greater than
                                    or equal to 227.00; and

                           (b)      the most-recently calculated Portfolio Net
                                    Loss Ratio is less than 5.00%.

                  (ii)     2.5%, if EITHER

                           (a)      the Weighted Average AmeriCredit Score of
                                    all Eligible Receivables (including the
                                    Receivables to be delivered on such
                                    Receivables Delivery Date) is greater than
                                    or equal to 226.00 but less than 227.00; or

                           (b)      the most-recently calculated Portfolio Net
                                    Loss Ratio is greater than or equal to 5.00%
                                    but less than 6.00%.

                  (iii)    3.5%, if EITHER

                           (a)      the Weighted Average AmeriCredit Score of
                                    all Eligible Receivables (including the
                                    Receivables to be delivered on such
                                    Receivables

                                      15
<PAGE>

                                    Delivery Date) is greater than or equal to
                                    224.00 but less than 226.00; or

                           (b)      the most-recently calculated Portfolio Net
                                    Loss Ratio is greater than or equal to 6.00%
                                    but less than 7.00%.

                  (iv)     4.5%, if EITHER

                           (a)      the Weighted Average AmeriCredit Score of
                                    all Eligible Receivables (including the
                                    Receivables to be delivered on such
                                    Receivables Delivery Date) is greater than
                                    or equal to 222.00 but less than 224.00; or

                           (b)      the most-recently calculated Portfolio Net
                                    Loss Ratio is greater than or equal to 7.00%
                                    but less than 7.50%.

                  (v)      5.5%, if EITHER

                           (a)      the Weighted Average AmeriCredit Score of
                                    all Eligible Receivables (including the
                                    Receivables to be delivered on such
                                    Receivables Delivery Date) is less than
                                    222.00; or

                           (b)      the most-recently calculated Portfolio Net
                                    Loss Ratio is greater than or equal to
                                    7.50%.

                  "INSURANCE AGREEMENT" has the meaning specified in the
Recitals hereto.

                  "INSURANCE TERMINATION DATE" means the date on which the Net
Investment has been reduced to zero, and there are no amounts outstanding to
the Note Insurer.

                  "INTEREST EXPENSE" means with respect to AmeriCredit Corp.
and for any period, AmeriCredit Corp.'s interest expense during such period for
money borrowed (exclusive of any such interest expense on any "off-balance
sheet" securitizations or warehouse facilities), calculated in accordance with
GAAP.

                  "LATE PAYMENT RATE" has the meaning specified in the
Insurance Agreement.

                  "LAW" means any law (including common law), constitution,
statute, treaty, regulation, rule, ordinance, order, injunction, writ, decree
or award of any Official Body.

                  "LIBOR" means, with respect to any LIBOR Determination Date,
the rate for deposits in U.S. dollars for one month which appears on Telerate
Page 3750 as of 11:00 a.m., London time, on the LIBOR Determination Date. If
such rate does not appear on the Telerate Page 3750, the rate will be
determined on the basis of the rates at which deposits for U.S. dollars are
offered by four major banks in the London interbank market at approximately
11:00 a.m., London time, on the LIBOR Determination Date to prime banks in the
London interbank market

                                      16
<PAGE>

for one month commencing on the first day of the Accrual Period. The Collateral
Agent will request the principal London office of each such banks to provide a
quotation of its rate. If at least two such quotations are provided, the LIBOR
rate for that Accrual Period will be the arithmetic mean of the quotations. If
fewer than two quotations are provided, the rate will be the arithmetic mean of
the rates quoted by major banks in New York City, selected by the Collateral
Agent, at approximately 11:00 a.m., New York City time, on the LIBOR
Determination Date for loans in the U.S. dollars to leading European banks for
one month commencing on the first day of the related Accrual Period.

                  "LIBOR DETERMINATION DATE" means, with respect to any Accrual
Period, the second London Business Day preceding such Accrual Period.

                  "LIEN" means any mortgage, deed of trust, pledge,
hypothecation, assignment, deposit arrangement, encumbrance, lien (statutory or
other), preference, priority or other security agreement or preferential
arrangement of any kind or nature whatsoever, including, without limitation,
any conditional sale or other title retention agreement, any financing lease
having substantially the same economic effect as any of the foregoing and the
filing of any financing statement under the UCC (other than any such financing
statement filed for informational purposes only) or comparable law of any
jurisdiction to evidence any of the foregoing.

                  "LIQUIDATED RECEIVABLE" means with respect to any Settlement
Period, a Receivable (i) as to which 90 days have elapsed since the related
Financed Vehicle was repossessed by the Servicer, (ii) as to which (A) 210 days
or more have elapsed since 5% or more of any Scheduled Payment became due,
which amount remains unpaid, and (B) the related Financed Vehicle has been
repossessed by the Servicer, (iii) other than a Receivable falling under clause
(i) or (ii) as to which 120 days or more have elapsed since 5% or more of any
Scheduled Payment became due, which amount remains unpaid or (iv) as to which
the Servicer has in good faith determined that it has allocated all amounts
that it expects to collect with respect to such Receivable.

                  "LIQUIDATION PROCEEDS" means, with respect to a Liquidated
Receivable, all amounts realized with respect to such Receivable.

                  "LOCK-BOX ACCOUNT" means an account or accounts maintained by
the Servicer at a Lock-Box Bank for the purpose of receiving Collections from
Receivables.

                  "LOCK-BOX AGREEMENT" means an agreement between the Servicer,
the Collateral Agent and a Lock-Box Bank in substantially the form of Exhibit B
hereto.

                  "LOCK-BOX BANK" means each of the banks set forth in Exhibit
A hereto and such banks as may be added thereto or deleted therefrom pursuant
to Section 2.6 hereof.

                  "LONDON BUSINESS DAY" means any day which is a Business Day
and also is a day on which commercial banks are open for international business
(including dealings in U.S. Dollar deposits) in London.

                  "MASTER RECEIVABLES PURCHASE AGREEMENT" means the Master
Receivables Purchase Agreement, dated as of the date hereof, among the Debtor,
AmeriCredit, AMTN and

                                      17
<PAGE>

the Collateral Agent, as such agreement may be amended, supplemented, or
otherwise modified from time to time.

                  "MATERIAL ADVERSE EFFECT" means any event or condition which
would have a material adverse effect on (i) the collectibility of the
Receivables, (ii) the condition (financial or otherwise), businesses or
properties of the Debtor, the Servicer, AmeriCredit or AMTN, (iii) the ability
of the Debtor, the Servicer, AmeriCredit or AMTN to perform its respective
obligations under the Transaction Documents to which it is a party, or (iv) the
interests of the Note Insurer, the Collateral Agent or the Secured Parties
under the Transaction Documents.

                  "MBIA" means MBIA Insurance Corporation.

                  "MONTHLY ADMINISTRATIVE FEE" means, with respect to any
Remittance Date, the product of (x) one twelfth, (y) 0.10% per annum and (z)
the Net Investment outstanding immediately prior to such Remittance Date. The
Monthly Administrative Fee is included in the calculation of the Note Rate.

                  "MONTHLY EXTENSION RATIO" means, with respect to any
Determination Date, the fraction expressed as a percentage, the numerator of
which is the Aggregate Outstanding Balance of all Receivables in the Servicing
Portfolio whose payments are extended during the related Settlement Period and
the denominator of which is the Aggregate Outstanding Balance of all
Receivables in the Servicing Portfolio as of the close of business on the last
day of the Settlement Period immediately preceding such related Settlement
Period.

                  "MONTHLY NET LOSSES" means the positive difference, if any,
of (i) the sum of (A) the Aggregate Outstanding Balance of all Receivables that
became Liquidated Receivables during the related Settlement Period plus (B) all
Cram Down Losses incurred during the related Settlement Period minus (ii) all
Liquidation Proceeds received during the related Settlement Period.

                  "MONTHLY PRINCIPAL AMOUNT" means, as of any Remittance Date:

                  (A) during the Revolving Period, the amount equal to the
excess, if any, of (x) the sum of (i) the principal portion of all Collections
received during the related Settlement Period (other than Collections with
respect to Liquidated Receivables and Purchased Receivables) and (ii) the
principal portion of the Purchase Amounts received with respect to all
Receivables that became Purchased Receivables during the related Settlement
Period over (y) the Step-Down Amount, if any, for such Remittance Date; and

                  (B) during the Amortization Period, the amount equal to the
excess, if any, of (x) the sum of (i) the principal portion of all Collections
received during the related Settlement Period (other than Collections with
respect to Liquidated Receivables and Purchased Receivables), (ii) the
principal portion of the Purchase Amounts received with respect to all
Receivables that became Purchased Receivables during the related Settlement
Period, (iii) the Aggregate Outstanding Balance of all Receivables that became
Liquidated Receivables during the related Settlement Period (other than
Purchased Receivables), (iv) in the sole discretion of the Note Insurer, the
Principal Balance of all the Receivables that were required to be become
Purchased Receivables during such Settlement Period but were not purchased, (v)
the aggregate

                                      18
<PAGE>

amount of Cram Down Losses that occurred during the related Settlement Period
and (vi) if such Remittance Date is the first Remittance Date to occur during
the Amortization Period, the amount transferred from the Funding Account to the
Collection Account in accordance with Section 2.11(e) hereof over (y) the
Step-Down Amount, if any, for such Remittance Date.

                  "MOODY'S" means Moody's Investors Service, Inc.

                  "MTN PAYMENT DATE" means the 22nd day of each month or next
succeeding Business Day unless such day falls in the next calendar month, in
which case it shall be the Business Day immediately preceding the 22nd,
commencing February 22, 2001.

                  "MULTIEMPLOYER PLAN" means a "multiemployer plan" as defined
in Section 4001(a)(3) of ERISA which is or was at any time during the current
year or the immediately preceding five years contributed to by the Debtor,
AmeriCredit, AMTN or any ERISA Affiliate of the Debtor, AmeriCredit or AMTN on
behalf of its employees.

                  "NET INVESTMENT" means (i) $500,000,000 minus (ii) the
aggregate amount applied to reduce such Net Investment pursuant to Section 2.3
hereof.

                  "NET RECEIVABLES BALANCE" means at any time the Aggregate
Outstanding Balance of all Eligible Receivables at such time.

                  "NET SPREAD DEFICIENCY" means, as of any Borrowing Base
Determination Date, the positive difference, if any, of (i) the sum of (A)
8.25% plus (B) the Servicing Fee, expressed as a percentage of the Net
Receivables Balance plus (C) the lesser of (x) one-month LIBOR plus (I) from
the Closing Date up to and including the thirty-fifth (35th) Remittance Date,
0.7205% and (II) after the thirty-fifth (35th) Remittance Date, 1.8505% and (y)
the weighted average strike price under the Hedging Arrangements then in
effect, minus (ii) the weighted average APR of all Eligible Receivables then
held as Collateral.

                  "NOTE" means the Debtor's note issued and delivered pursuant
to Section 1.5 hereof, in substantially the form set forth as Exhibit C hereto.

                  "NOTEHOLDER" or "HOLDER" means the Person in whose name a
Note is registered on the Note Register.

                  "NOTE INSURER" means MBIA, as Note Insurer, and its
successors and assigns.

                  "NOTE INSURER DEFAULT" means any one of the following events
shall have occurred and be continuing:

                           (a) the Note Insurer shall have failed to make a
payment required under the Note Policy;

                           (b) the Note Insurer shall have (i) filed a petition
or commenced any case or proceeding under any provision or chapter of the
United States Bankruptcy Code or any other similar Federal or state law
relating to insolvency, bankruptcy, rehabilitation, liquidation or
reorganization, (ii) made a general assignment for the benefit of its
creditors, or (iii) had an order

                                      19
<PAGE>

for relief entered against it under the United States Bankruptcy Code or any
other similar Federal or state law relating to insolvency, bankruptcy,
rehabilitation, liquidation or reorganization which is final and nonappealable;
or

                           (c) a court of competent jurisdiction, the New York
Department of Insurance, or other competent regulatory authority shall have
entered a final and nonappealable order, judgment or decree (i) appointing a
custodian, trustee, agent or receiver for the Note Insurer or for all or any
material portion of its property or (ii) authorizing the taking of possession
by a custodian, trustee, agent or receiver of the Note Insurer (or the taking
of possession of all or any material portion of the property of the Note
Insurer).

                  "NOTE INTEREST" means, with respect to each Remittance Date,
the product of (x) the Note Rate in effect with respect to such Remittance
Date, (y) the Net Investment outstanding immediately prior to such Remittance
Date and (z) a fraction, the numerator of which is the actual number of days in
the related Accrual Period and the denominator of which is 360. The Note
Interest shall be reduced by the interest portion of any Prepayment Amount
applied since the preceding Remittance Date.

                  "NOTE POLICY" means the note guaranty insurance policy No.
33871(1), issued by the Note Insurer.

                  "NOTE PURCHASE AGREEMENT" means that certain Note Purchase
Agreement, dated as of December 12, 2000, among the Debtor, AmeriCredit, the
Purchaser and the Administrative Agent.

                  "NOTE RATE" means, (i) with respect to each Accrual Period
relating to a Remittance Date prior to the Remittance Date in December 2003,
LIBOR as of the related LIBOR Determination Date plus 0.4455% per annum and
(ii) with respect to each Accrual Period thereafter, LIBOR as of the related
LIBOR Determination Date plus 1.5755% per annum; PROVIDED, that with respect to
the first Accrual Period, the Note Rate shall be 7.05675% per annum.

                  "OBLIGOR" means a Person obligated to make payments pursuant
to a Contract.

                  "OFFICER'S CERTIFICATE" means, with respect to any Person
which is not an individual, a certificate signed by the President, the Chief
Financial Officer, the Treasurer, any Assistant Treasurer, any Senior Vice
President, or any Vice President of such Person.

                  "OFFICIAL BODY" means any government or political subdivision
or any agency, authority, bureau, central bank, commission, department or
instrumentality of any such government or political subdivision, or any court,
tribunal, grand jury or arbitrator, in each case whether foreign or domestic.

                  "OUTSTANDING BALANCE" means, with respect to any Receivable,
as of any date, the sum of the Amount Financed MINUS that portion of all
amounts received by the Servicer with respect to such Receivable on or prior to
such date and allocable to principal in accordance with the terms of the
Contract related to such Receivable MINUS any Cram Down Loss in respect of such
Receivable PLUS the accrued and unpaid interest on such Receivable.

                                      20
<PAGE>

                  "OWNER" has the meaning specified in the Note Purchase
Agreement.

                  "PERSON" means any corporation, limited liability company,
natural person, firm, joint venture, partnership, trust, unincorporated
organization, enterprise, government or any department or agency of any
government.

                  "PORTFOLIO DELINQUENCY RATIO" means as of any date of
determination a fraction, expressed as a percentage, equal to (i) the Aggregate
Outstanding Balance of all Receivables included in the Servicing Portfolio which
are Delinquent Receivables on the last day of the related Settlement Period
divided by (ii) the average Aggregate Outstanding Balance of the Servicing
Portfolio during the related Settlement Period.

                  "PORTFOLIO NET LOSS RATIO" means, as of any date of
determination, the ratio (expressed as a percentage), computed by dividing "A"
by "B", and then multiplying the result by "C" where:

                  "A" is equal to the Monthly Net Losses for the Servicing
                  Portfolio which have occurred during the six Settlement
                  Periods immediately preceding such date divided by (ii) the
                  average Aggregate Outstanding Balance of the Servicing
                  Portfolio during such six-month period;

                  "B" is equal to the actual number of days in such six-month
                  period; and

                  "C" is equal to the actual number of days in the Servicer's
                  fiscal year in which the most recently-ended Settlement Period
                  occurred.

                  "PORTFOLIO REPOSSESSION RATIO" means as of any date of
determination a fraction, expressed as a percentage, equal to (i) the Aggregate
Outstanding Balance of all repossessed Receivables included in the Servicing
Portfolio as of the last Business Day of the related Settlement Period divided
by (ii) the Servicing Portfolio as of the end of the related Settlement Period.

                  "POTENTIAL TERMINATION AND AMORTIZATION EVENT" means an event
which but for the lapse of time or the giving of notice, or both, would
constitute a Termination and Amortization Event.

                  "PREMIUM AMOUNT" shall have the meaning set forth in the
Premium Side Letter.

                  "PREMIUM SIDE LETTER" means the letter agreement dated the
date hereof between AmeriCredit and the Note Insurer, as amended, modified or
otherwise supplemented from time to time.

                  "PREPAYMENT AMOUNT" means, with respect to any Prepayment
Date, the sum of (i) the amount deposited in the Collection Account in
accordance with Section 6.5 hereof on account of principal and not previously
applied as a principal reduction of the Net Investment and (ii) accrued
interest at the Note Rate on the amount described in clause (i).

                                      21

<PAGE>

                  "PREPAYMENT DATE" means each date on which a Prepayment Amount
is applied, which date shall be a Remittance Date.

                  "PROCEEDS" means "proceeds" as defined in Section 9-306(1) of
the UCC of the states set forth in Section 2.6 hereof.

                  "PURCHASE AMOUNT" has the meaning given such term in the
Master Receivables Purchase Agreement.

                  "PURCHASED RECEIVABLES" means a Receivable purchased from the
Debtor pursuant to Article V of the Master Receivables Purchase Agreement or
Section 2.7 of the Servicing Agreement.

                  "PURCHASER" means Meridian Funding Company, LLC, a Delaware
limited liability company.

                  "RAPID AMORTIZATION PERIOD" means the period commencing on the
close of business on the Business Day immediately preceding the day on which a
Termination and Amortization Event occurs or is deemed to have occurred and
ending on the later of (i) the date on which the Net Investment is reduced to
zero and there are no amounts outstanding to the Note Insurer and (ii) the Final
Maturity Date.

                  "RECEIVABLE" means indebtedness owed to the Debtor by an
Obligor (without giving effect to any transfer hereunder) under a Contract,
whether constituting an account, chattel paper, instrument or general
intangible, arising out of or in connection with the sale, refinancing or loan
made or purchased by AmeriCredit with respect to new or used automobiles,
light-duty trucks, vans or minivans or the rendering of services by the
originating dealer in connection therewith, and includes the right of payment of
any Finance Charges and other obligations of the Obligor with respect thereto.
Notwithstanding the foregoing, once the Collateral Agent has released its
security interest in a Receivable and the related Contract pursuant to Section
2.4, 2.7 or Section 2.15 hereof, it shall no longer constitute a Receivable
hereunder.

                  "RECEIVABLES DELIVERY" means the delivery by the Debtor of
Eligible Receivables hereunder (x) in exchange for a release of cash from the
Funding Account or (y) for any other reason pursuant to this Agreement or the
other Transaction Documents.

                  "RECEIVABLES DELIVERY PAYMENT AMOUNT" has the meaning
specified in Section 2.11(c)(ii) hereof.

                  "RECEIVABLES POOL" means each receivables pool supporting an
asset-backed securitization sponsored by AmeriCredit on and after September 30,
2000 (excluding any Receivables held as part of any warehouse arrangement), or,
if the initial Aggregate Outstanding Balance of any such asset-backed
securitization is less than $500,000,000, the Aggregate Outstanding Balance of
all Receivables originated or purchased by AmeriCredit in each calendar quarter,
on or after September 30, 2000.

                                      22

<PAGE>

                  "RECEIVABLES SYSTEMS" means, with respect to any Person, all
computer applications of such Person (including, but not limited to, those of
any suppliers, vendors, customers and any third party Servicers of such Person),
which are related to or involved in the origination, collection, management or
servicing of the Receivables.

                  "RECORDS" means all Contracts and other documents, books,
records and other information (including, without limitation, computer programs,
tapes, discs, punch cards, data processing software and related property and
rights) maintained with respect to Receivables and the related Obligors.

                  "REGULAR AMORTIZATION PERIOD" means the period commencing on
the thirty-fifth (35th) Remittance Date and ending on the earlier of (i) a
Termination and Amortization Event occurs and (ii) the later of (A) the date on
which the Net Investment is reduced to zero and there are no amounts outstanding
to the Note Insurer and (B) the Final Maturity Date.

                  "REGULAR AMORTIZATION PERIOD CUMULATIVE NET LOSS RATIO" means
the ratio, expressed as a percentage, computed by dividing:

                  (a) the sum (without duplication) of (i) Cumulative Net Losses
                  for the Regular Amortization Receivables Pool and (ii) the
                  product of (x) 0.50 multiplied by (y) the Aggregate
                  Outstanding Balance of all Receivables which are more than
                  ninety (90) days past due as of the end of the related
                  Settlement Period

                  BY

                  (b) the Initial Regular Amortization Receivables Pool Balance.

                  "REGULAR AMORTIZATION RECEIVABLES POOL" means all Eligible
Receivables held as Collateral during the Regular Amortization Period.

                  "REGULATION D" means Regulation D of the Board of Governors of
the Federal Reserve System, as the same may be amended, supplemented or
otherwise modified and in effect from time to time.

                  "REIMBURSEMENT AMOUNT" means, with respect to any Remittance
Date, the sum of (i) any draws under the Note Policy paid by the Note Insurer to
the Collateral Agent which was not previously repaid to the Note Insurer
pursuant to Section 2.3(a)(ix) hereof plus (ii) any other amounts then due and
owing to the Note Insurer pursuant to the Insurance Agreement and (iii) interest
accrued on each such amount described in (i) or (ii) above which was not
previously repaid, calculated from the date the Trust Collateral Agent received
the related amount, at the Late Payment Rate applicable to such Remittance Date.
On each Determination Date, the Note Insurer shall notify the Collateral Agent
and the Servicer of the amount of any Reimbursement Amount due on the related
Remittance Date if such amount is greater than zero.

                  "RELATED SECURITY" means with respect to any Receivable:

                           (i)    all of the Debtor's interest in the Financed
Vehicles (including repossessed vehicles) or in any document or writing
evidencing any security interest in any

                                     23

<PAGE>

Financed Vehicle and all of the Debtor's interest in all rights to payment
under all insurance contracts with respect to a Financed Vehicle, including,
without limitation, any monies collected from whatever source in connection
with any default of an Obligor with respect to a Financed Vehicle and any
proceeds from claims or refunds of premiums on any physical damage, lender's
single interest, credit life, disability and hospitalization insurance
policies covering Financed Vehicles or Obligors;

                           (ii)   all of the Debtor's interest in all other
security interests or liens and property subject thereto from time to time, if
any, purporting to secure payment of such Receivable, whether pursuant to the
Contract related thereto or otherwise, together with all financing statements
signed by an Obligor and security agreements describing any collateral
securing such Contract;

                           (iii)  all of the Debtor's interest in all
guaranties, indemnities, warranties, insurance (and proceeds and premium
refunds thereof) and other agreements or arrangements of whatever character
from time to time supporting or securing payment of such Receivable, whether
pursuant to the Contract related to such Receivable or otherwise;

                           (iv)   all of the Debtor's interest in all rights
to payment under all service contracts and other contracts and agreements
associated with such Receivables and all of the Debtor's interest in all
recourse rights against the dealers (excluding any rights in any dealer
reserve);

                           (v)    all of the Debtor's interest in all Records,
documents and writings evidencing or related to such Receivables or the
Contracts;

                           (vi)   all of the Debtor's interest in all rights
and remedies of the Debtor under the Master Receivables Purchase Agreement,
together with all financing statements filed by the Debtor against each of
AmeriCredit and AMTN in connection therewith;

                           (vii)  all of the Debtor's interest in all Lock-Box
Accounts and Lock-Box Agreements;

                           (viii) all of the Debtor's interest in the Hedging
Agreements; and

                           (ix)   all Proceeds of the foregoing.

                  "REMITTANCE DATE" means, for each Settlement Period, the third
Business Day prior to the MTN Payment Date, commencing in February, 2001.

                  "REPOSSESSIONS" means Financed Vehicles the Servicer has
voluntarily or involuntarily taken possession of and has not yet disposed of at
auction or otherwise.

                  "RESERVE ACCOUNT" has the meaning specified in Section 2.15
hereof.

                  "RESERVE ACCOUNT DEPOSIT AMOUNT" has the meaning specified in
Section 2.11(c)(i) hereof.

                                      24

<PAGE>

                  "RESERVE ACCOUNT REQUIRED AMOUNT" means,

                  (x) as of any Borrowing Base Determination Date during the
       Revolving Period, the product of (i) the applicable Revolving Period
       Reserve Percentage and (ii) the Net Receivables Balance as of such
       Borrowing Base Determination Date; and

                  (y) as of any date of determination during the Amortization
       Period, the lesser of:

                           (i)  the greatest of:

                                             (A) 1.5% of the Aggregate
                                    Outstanding Balance of all Receivables as of
                                    the commencement of the Amortization Period;

                                             (B) the product of (I) the
                                    applicable Amortization Period Reserve
                                    Percentage and (II) the Aggregate
                                    Outstanding Balance of all Receivables as of
                                    such date of determination; and

                                             (C) the product of (I) the Credit
                                    Score Based Reserve Percentage applicable to
                                    the Amortization Period and (II) the
                                    Aggregate Outstanding Balance of all
                                    Receivables as of such date of
                                    determination; and

                           (ii) the Net Investment as of such date of
                                determination.

                  "RESERVE ACCOUNT SHORTFALL" means, as of any Delivery Date,
that the amount on deposit in the Reserve Account on such Determination Date
is less than the Reserve Account Deposit Amount for such Delivery Date.

                  "REVOLVING PERIOD" means the period commencing on the Closing
Date and ending on the commencement of the earlier of (i) the date on which the
Regular Amortization Period commences and (ii) the date on which the Rapid
Amortization Period commences.

                  "REVOLVING PERIOD RESERVE PERCENTAGE" means, with respect to
any Borrowing Base Determination Date during the Revolving Period, the sum of
(x) if, and only if, the Weighted Average Age of the Eligible Receivables then
exceeds 180.00 days, 3%, plus (y) the applicable percentage set forth in the
numbered clauses (i) through (v) below:

                  (i)   3.5% if BOTH

                           (a)      the Weighted Average AmeriCredit Score of
                                    all Eligible Receivables as of such date of
                                    determination, after taking into account all
                                    Facility Activity on such date is greater
                                    than or equal to 227.00; and

                           (b)      the most-recently calculated Portfolio Net
                                    Loss Ratio is less than 5.00%.

                  (ii)  4.5%, if EITHER

                                      25

<PAGE>

                           (a)      the Weighted Average AmeriCredit Score of
                                    all Eligible Receivables as of such date of
                                    determination, after taking into account all
                                    Facility Activity on such date is greater
                                    than or equal to 226.00 but less than
                                    227.00; or

                           (b)      the most-recently calculated Portfolio Net
                                    Loss Ratio is greater than or equal to 5.00%
                                    but less than 6.00%.

                  (iii) 5.5%, if EITHER

                           (a)      the Weighted Average AmeriCredit Score of
                                    all Eligible Receivables as of such date of
                                    determination, after taking into account all
                                    Facility Activity on such date is greater
                                    than or equal to 224.00 but less than
                                    226.00; or

                           (b)      the most-recently calculated Portfolio Net
                                    Loss Ratio is greater than or equal to 6.00%
                                    but less than 7.00%.

                  (iv)  6.5%, if EITHER

                           (a)      the Weighted Average AmeriCredit Score of
                                    all Eligible Receivables as of such date of
                                    determination, after taking into account all
                                    Facility Activity on such date is greater
                                    than or equal to 222.00 but less than
                                    224.00; or

                           (b)      the most-recently calculated Portfolio Net
                                    Loss Ratio is greater than or equal to 7.00%
                                    but less than 7.50%.

                  (v)   7.5%, if EITHER

                           (a)      the Weighted Average AmeriCredit Score of
                                    all Eligible Receivables as of such date of
                                    determination, after taking into account all
                                    Facility Activity on such date is less than
                                    222.00; or

                           (b)      the most-recently calculated Portfolio Net
                                    Loss Ratio is greater than or equal to
                                    7.50%.

                  "S&P" or "STANDARD & POOR'S" means Standard & Poor's Ratings
Services, a Division of the McGraw-Hill Companies.

                  "SCHEDULE OF RECEIVABLES" means the schedule of all retail
installment sales contracts and promissory notes originally held as part of the
Trust.

                  "SECURED OBLIGATIONS" means, at any time, collectively but
without duplication, all of the following: the Net Investment then outstanding,
any accrued and unpaid Note Interest,

                                      26

<PAGE>

any accrued and unpaid Premiums and Reimbursement Amounts, the Monthly
Administration Fee, all amounts due to the Trustee and to the Collateral
Agent, all amounts due to the Note Insurer, and all other amounts due from the
Debtor hereunder or under any other Transaction Document.

                  "SECURED PARTIES" means, collectively, the Purchaser and the
Note Insurer.

                  "SECURITIES ACCOUNT" shall have the meaning given such term in
Section 8-501(a) of the UCC.

                  "SECURITY ENTITLEMENT" shall have the meaning given such term
in Section 8-102(a)(17) of the UCC.

                  "SECURITIES INTERMEDIARY" has the meaning specified in Article
VIII hereto.

                  "SECURITIZATION ASSETS" means the sum of (i) restricted cash
deposits under securitizations sponsored by AmeriCredit, (ii) investments in
trust receivables from securitzations sponsored by AmeriCredit and (iii) the
interest-only receivables from the trusts created in connection with
securitizations sponsored by AmeriCredit.

                  "SERVICER" means at any time the Person then authorized
pursuant to Section 2.1 of the Servicing Agreement to service, administer and
collect Receivables.

                  "SERVICER'S CERTIFICATE" has the meaning specified in the
Servicing Agreement.

                  "SERVICING AGREEMENT" means the Servicing and Custodian
Agreement, dated as of the date hereof, among the Servicer, the Custodian, the
Debtor and the Collateral Agent, as such agreement may be amended, supplemented
or otherwise modified from time to time.

                  "SERVICING FEE" means, for any Settlement Period, the fee
payable to the Servicer from Collections pursuant to Section 2.3(b) hereof on
the related Remittance Date, in an amount equal to 2.25% per annum on the amount
of the Aggregate Outstanding Balance of the Receivables as of the first day of
such Settlement Period.

                  "SERVICING PORTFOLIO" means, as of any date, the Aggregate
Outstanding Balance of all Receivables (whether or not thereafter sold or
disposed of) relating to retail installment sales contracts or installment notes
and security agreements relating to the sale or refinancing of new or used
automobiles, light-duty trucks, vans, or minivans that are serviced by the
Servicer or any of its Affiliates as of such date, calculated in a manner
consistent with the components of "managed receivables" in the most recent
reports on Form 10-K or Form 10-Q filed by AmeriCredit Corp.

                  "SETTLEMENT PERIOD" means any calendar month, provided that
the initial Settlement Period shall commence on the Closing Date and end on
January 31, 2000.

                  "STEP-DOWN AMOUNT" means zero for any Remittance Date
occurring during the Revolving Period or during the Rapid Amortization Period;
for any Remittance Date occurring during the Regular Amortization Period, the
excess, if any, of (x) the excess of (i) the Aggregate

                                      27

<PAGE>

Outstanding Balance of all Receivables held as Collateral as of the end of the
related Settlement Period over (ii) the Net Investment outstanding on such
Remittance Date, assuming that 100% of the Monthly Principal Amount (without
deduction for any Step-Down Amount) were applied in reduction of the Net
Investment on such Remittance Date over (y) 5% of the Aggregate Outstanding
Balance of all Receivables held as Collateral as of the end of the related
Settlement Period.

                  "SUBSIDIARY" of a Person means any corporation more than 50%
of the outstanding voting securities of which, and any partnership more than 50%
of the partnership interests of which, shall at any time be owned or controlled,
directly or indirectly, by such Person or by one or more Subsidiaries of such
Person or any similar business organization which is so owned or controlled.

                  "TAKE-OUT" means the release, pursuant to Section 2.16 hereof,
by the Collateral Agent of Receivables and the Contracts related thereto.

                  "TAKE-OUT DATE" means the date on which a Take-Out occurs.

                  "TAKE-OUT NOTICE" means the notice, substantially in the form
attached hereto as Exhibit K, furnished by the Debtor to the Collateral Agent
and the Note Insurer in accordance with Section 2.15.

                  "TANGIBLE NET WORTH" means, with respect to any Person, the
net worth of such Person calculated in accordance with GAAP, after subtracting
therefrom the aggregate amount of such Person's intangible assets, including,
without limitation, goodwill, franchises, licenses, patents, trademarks,
copyrights and service marks.

                  "TARGET YIELD SUPPLEMENT ACCOUNT AMOUNT" means as of any
Borrowing Base Determination Date the product of (i) the amount credited to the
Funding Account at the close of business on such Determination Date multiplied
by (ii)(A) from the first until the fifth Determination Dates after the Closing
Date, 1.75%, (B) from the sixth until the eleventh Determination Dates after the
Closing Date, 1.20%, and (C) thereafter, 0.70%.

                  "TERMINATION AND AMORTIZATION EVENT" means an event described
in Section 6.1 hereof.

                  "THIRD PARTY LENDER" means a lender other than the Sellers
that has originated a Receivable in connection with the sale of a Financed
Vehicle and has sold such Receivable to AmeriCredit under a Third Party Loan
Purchase Agreement or pursuant to a Third Party Lender Assignment and (i) which
has been approved by AmeriCredit in accordance with comparable procedures as
Dealers are approved, (ii) which will be monitored by AmeriCredit in accordance
with comparable procedures as Dealers are monitored, (iii) whose motor vehicle
installment sale contracts or installment loan contracts are underwritten in
accordance with AmeriCredit's underwriting standards, and (iv) whose motor
vehicle installment sales contracts or installment loan contracts are serviced
in accordance with the Servicer's servicing standards.

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<PAGE>

                  "THIRD PARTY LENDER ASSIGNMENT" means, with respect to a
Receivable, the executed assignment executed by a Third Party Lender conveying
such Receivable to AmeriCredit, as the same may be amended, supplemented or
otherwise modified and in effect.

                  "THIRD PARTY LOAN PURCHASE AGREEMENT" means any agreement
between a Third Party Lender and AmeriCredit relating to the acquisition of
Receivables from a Third Party Lender by AmeriCredit, as the same may be
amended, supplemented or otherwise modified and in effect.

                  "TOTAL AVAILABLE FUNDS" means, with respect to any Remittance
Date, the sum of (x) the Available Funds for such Remittance Date and (y) the
amounts, if any, withdrawn from the Yield Supplement Account and from the
Reserve Account on such Remittance Date and deposited to the Collection Account
pursuant to Section 2.3(b) hereof.

                  "TRANSACTION DOCUMENTS" means this Agreement, the Note
Purchase Agreement, the Note, the Master Receivables Purchase Agreement, the
Servicing Agreement, the Insurance Agreement, the Trust Agreement, the Premium
Side Letter, each Hedging Arrangement and all other agreements, documents and
instruments delivered pursuant thereto or in connection therewith.

                  "TRUST AGREEMENT" means the Amended and Restated Trust
Agreement, dated as of the date hereof, among AmeriCredit, AMTN and the Trustee,
together with all permitted amendments, modifications and supplements thereto.

                  "TRUSTEE" means the Trustee under the Trust Agreement.

                  "UCC" means, with respect to any state, the Uniform Commercial
Code as from time to time in effect in such state.

                  "U.S." or "UNITED STATES" means the United States of America.

                  "WEIGHTED AVERAGE AGE" means, with respect to any group of
Eligible Receivables, the quotient equal to (x) the product of (i) the number of
days each Receivable in such group has been included as Collateral multiplied by
(ii) the Outstanding Balance of the related Receivable divided by (y) the
Aggregate Outstanding Balance of all such Receivables.

                  "WEIGHTED AVERAGE AMERICREDIT SCORE" means, with respect to
any group of Eligible Receivables, the quotient equal to (x) the product of (i)
the AmeriCredit Score for each Receivable in such group multiplied by (ii) the
Outstanding Balance of the related Receivable divided by (y) the Aggregate
Outstanding Balance of all such Receivables.

                  "YIELD SUPPLEMENT ACCOUNT" has the meaning specified in
Section 2.12 hereof.

                  "YIELD SUPPLEMENT ACCOUNT SHORTFALL" means, as of any
Determination Date, that the amount on deposit in the Yield Supplement Account
on such Determination Date is less than the required Yield Supplement Account
Amount for such Determination Date.

                                      29

<PAGE>

         SECTION 1.2.  OTHER TERMS. Unless the context otherwise requires, all
capitalized terms used herein and not otherwise defined herein shall have the
meanings specified in the Note Purchase Agreement, and shall include in the
singular number the plural and in the plural number the singular. All
accounting terms not specifically defined herein shall be construed in
accordance with GAAP. All terms used in Article 9 of the UCC in the State of
New York, and not specifically defined herein, are used herein as defined in
such Article 9.

         SECTION 1.3.  COMPUTATION OF TIME PERIODS. Unless otherwise stated in
this Agreement, in the computation of a period of time from a specified date
to a later specified date, the word "from" means "from and including," the
words "to" and "until" each means "to but excluding," and the word "within"
means "from and excluding a specified date and to and including a later
specified date."

         SECTION 1.4.  FORM OF NOTES. The Notes, in each case together with
the Collateral Agent's certificate of authentication, shall be in
substantially the form set forth in Exhibit C, with such appropriate
insertions, omissions, substitutions and other variations as are required or
permitted by this Security Agreement and may have such letters, numbers or
other marks of identification and such legends or endorsements placed thereon
as may, consistently herewith, be determined by the officers executing such
Note, as evidenced by their execution of the Notes. Any portion of the text of
such Note may be set forth on the reverse thereof, with an appropriate
reference thereto on the face of the Note.

         The Notes shall be typewritten, printed, lithographed or engraved or
produced by any combination of these methods (with or without steel engraved
borders), all as determined by the officers executing such Notes, as evidenced
by their execution of such Notes.

         Each Note shall be dated the date of its authentication.

         SECTION 1.5.  EXECUTION, AUTHENTICATION AND DELIVERY. The Notes shall
be executed on behalf of the Debtor by any of its Authorized Officers. The
signature of any such Authorized Officer on the Notes may be manual or
facsimile.

         Notes bearing the manual or facsimile signature of individuals who were
at any time Authorized Officers of the Debtor shall bind the Debtor,
notwithstanding that such individuals or any of them have ceased to hold such
offices prior to the authentication and delivery of such Notes or did not hold
such offices at the date of such Notes.

         The Collateral Agent shall, upon receipt of the Debtor Order,
authenticate and deliver Notes for original issue in an aggregate principal
amount of $500,000,000.

         The Notes shall be issuable as registered Notes in the minimum
denomination of $1,000,000 and in integral multiples thereof (except for one
Note which may be issued in a denomination other than an integral multiple of
$1,000,000).

         No Note shall be entitled to any benefit under this Security Agreement
or be valid or obligatory for any purpose, unless there appears on such Note a
certificate of authentication substantially in the form provided for herein
executed by the Collateral Agent by the manual signature of one of its
authorized signatories, and such certificate upon any Note shall be

                                      30

<PAGE>

conclusive evidence, and the only evidence, that such Note has been duly
authenticated and delivered hereunder.

         SECTION 1.6. REGISTRATION; REGISTRATION OF TRANSFER AND EXCHANGE. The
Debtor shall cause to be kept a register (the "NOTE REGISTER") in which, subject
to such reasonable regulations as it may prescribe, the Debtor shall provide for
the registration of Notes and the registration of transfers of Notes. The
Collateral Agent shall be "NOTE REGISTRAR" for the purpose of registering Notes
and transfers of Notes as herein provided. Upon any resignation of any Note
Registrar, the Debtor shall promptly appoint a successor or, if it elects not to
make such an appointment, assume the duties of Note Registrar.

         If a Person other than the Collateral Agent is appointed by the Debtor
as Note Registrar, the Debtor will give the Collateral Agent prompt written
notice of the appointment of such Note Registrar and of the location, and any
change in the location, of the Note Register, and the Collateral Agent shall
have the right to inspect the Note Register at all reasonable times and to
obtain copies thereof, and the Collateral Agent shall have the right to
conclusively rely upon a certificate executed on behalf of the Note Registrar by
an Executive Officer thereof as to the names and addresses of the Noteholders of
the Notes and the principal amounts and number of such Notes.

         Upon surrender for registration of transfer of any Note at the office
or agency of the Debtor to be maintained as provided in Section 1.10 hereof, if
the requirements of Section 8-401(1) of the UCC are met the Issuer shall execute
and upon its request the Collateral Agent shall authenticate and the Noteholder
shall obtain from the Collateral Agent, in the name of the designated transferee
or transferees, one or more new Notes, in any authorized denominations, of the
same class and a like aggregate principal amount.

         At the option of the Noteholder, Notes may be exchanged for other Notes
in any authorized denominations, of the same class and a like aggregate
principal amount, upon surrender of the Notes to be exchanged at such office or
agency. Whenever any Notes are so surrendered for exchange, if the requirements
of Section 8-401(1) of the UCC are met the Debtor shall execute and upon its
request the Collateral Agent shall authenticate and the Noteholder shall obtain
from the Collateral Agent, the Notes which the Noteholder making the exchange is
entitled to receive.

         All Notes issued upon any registration of transfer or exchange of Notes
shall be the valid obligations of the Debtor, evidencing the same debt, and
entitled to the same benefits under this Security Agreement, as the Notes
surrendered upon such registration of transfer or exchange.

         Every Note presented or surrendered for registration of transfer or
exchange shall be (i) duly endorsed by, or be accompanied by a written
instrument of transfer in the form attached to Exhibit C duly executed by the
Holder thereof or such Holder's attorney duly authorized in writing, with such
signature guaranteed by an "eligible guarantor institution" meeting the
requirements of the Note Registrar which requirements include membership or
participation in Securities Transfer Agents Medallion Program ("STAMP") or such
other "signature guarantee program" as may be determined by the Note Registrar
in addition to, or in substitution for, Stamp, all in accordance with the
Exchange Act, and (ii) accompanied by an investor representation letter in
substantially the form of Exhibit D hereto or, in lieu thereof, a legal

                                   31
<PAGE>

opinion to the effect that such transfer or exchange constitutes an exempt
transaction under Section 4(2) of the Securities Act of 1933, as amended.

         Notwithstanding the foregoing, in the case of any sale or other
transfer of a Note, the transferor of such Note shall be required to represent
and warrant in writing that the prospective transferee either (a) is not (i) an
employee benefit plan (as defined in section 3(3) of the Employee Retirement
Income Security Act of 1974, as amended ("ERISA")), which is subject to the
provisions of Title I of ERISA, (ii) a plan (as defined in section 4975(e)(1) of
the Code), which is subject to Section 4975 of the Code, or (iii) an entity
whose underlying assets are deemed to be assets of a plan described in (i) or
(ii) above by reason of such plan's investment in the entity (any such entity
described in clauses (i) through (iii), a "BENEFIT PLAN ENTITY") or (b) is a
Benefit Plan Entity and the acquisition and holding of the Definitive Note by
such prospective transferee is covered by a Department of Labor Prohibited
Transaction Class Exemption. Each transferee of a Book Entry Note that is a
Benefit Plan Entity shall be deemed to represent that its acquisition and
holding of the Book Entry Note is covered by a Department of Labor Prohibited
Transaction Class Exemption.

         Notwithstanding the foregoing, the transferor of such Note shall be
further required to represent and warrant in writing that it reasonably
believes, after due inquiry, that the prospective transferee is not a Benefit
Plan Entity. Each transferee of such Note shall be deemed to represent that it
is not a Benefit Plan Entity.

         No service charge shall be made to a Noteholder for any registration of
transfer or exchange of Notes, but the Note Registrar may require payment of a
sum sufficient to cover any tax or other governmental charge that may be imposed
in connection with any registration of transfer or exchange of Notes.

         The preceding provisions of this section notwithstanding, the Debtor
shall not be required to make and the Note Registrar shall not register
transfers or exchanges of Notes selected for redemption or of any Note for a
period of 15 days preceding the due date for any payment with respect to the
Note.

         SECTION 1.7. MUTILATED, DESTROYED, LOST OR STOLEN NOTES. If (i) any
mutilated Note is surrendered to the Collateral Agent, or the Collateral Agent
receives evidence to its satisfaction of the destruction, loss or theft of any
Note, and (ii) there is delivered to the Collateral Agent such security or
indemnity as may be required by it to hold the Debtor and the Collateral Agent
harmless, then, in the absence of notice to the Debtor, the Note Registrar or
the Collateral Agent that such Note has been acquired by a bona fide purchaser,
and provided that the requirements of Section 8-405 of the UCC are met, the
Debtor shall execute and upon its request the Collateral Agent shall
authenticate and deliver, in exchange for or in lieu of any such mutilated,
destroyed, lost or stolen Note, a replacement Note; PROVIDED, HOWEVER, that if
any such destroyed, lost or stolen Note, but not a mutilated Note, shall have
become or within seven days shall be due and payable, instead of issuing a
replacement Note, the Debtor may direct the Collateral Agent, in writing, to pay
such destroyed, lost or stolen Note when so due or payable without surrender
thereof. If, after the delivery of such replacement Note or payment of a
destroyed, lost or stolen Note pursuant to the proviso to the preceding
sentence, a bona fide purchaser of the original Note in lieu of which such
replacement Note was issued presents for

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<PAGE>

payment such original Note, the Debtor and the Collateral Agent shall be
entitled to recover such replacement Note (or such payment) from the Person
to whom it was delivered or any Person taking such replacement Note from such
Person to whom such replacement Note was delivered or any assignee of such
Person, except a bona fide purchaser, and shall be entitled to recover upon
the security or indemnity provided therefor to the extent of any loss,
damage, cost or expense incurred by the Debtor or the Collateral Agent in
connection therewith.

         Upon the issuance of any replacement Note under this Section 1.7, the
Debtor may require the payment by the Holder of such Note of a sum sufficient to
cover any tax or other governmental charge that may be imposed in relation
thereto and any other reasonable expenses (including the fees and expenses of
the Collateral Agent) connected therewith.

         Every replacement Note issued pursuant to this Section 1.7 in
replacement of any mutilated, destroyed, lost or stolen Note shall constitute an
original additional contractual obligation of the Debtor, whether or not the
mutilated, destroyed, lost or stolen Note shall be at any time enforceable by
anyone, and shall be entitled to all the benefits of this Security Agreement
equally and proportionately with any and all other Notes duly issued hereunder.

         The provisions of this Section 1.7 are exclusive and shall preclude (to
the extent lawful) all other rights and remedies with respect to the replacement
or payment of mutilated, destroyed, lost or stolen Notes.

         SECTION 1.8. PERSONS DEEMED OWNER. Prior to due presentment for
registration of transfer of any Note, the Debtor, the Collateral Agent and any
agent of the Debtor or the Collateral Agent may treat the Person in whose name
any Note is registered as the owner of such Note for the purpose of receiving
payments of principal of and interest, if any on such Note and for all other
purposes whatsoever, whether or not such Note be overdue, and none of the
Debtor, the Collateral Agent nor any agent of the Debtor or the Collateral Agent
shall be affected by notice to the contrary.

         SECTION 1.9. CANCELLATION. All Notes surrendered for payment,
registration of transfer, exchange or redemption shall, if surrendered to any
Person other than the Collateral Agent, be delivered to the Collateral Agent and
shall be promptly canceled by the Collateral Agent. The Debtor may at any time
deliver to the Collateral Agent for cancellation any Notes previously
authenticated and delivered hereunder which the Debtor may have acquired in any
manner whatsoever, and all Notes so delivered shall be promptly canceled by the
Collateral Agent. No Notes shall be authenticated in lieu of or in exchange for
any Notes canceled as provided in this Section 1.9, except as expressly
permitted by this Security Agreement. All canceled Notes may be held or disposed
of by the Collateral Agent in accordance with its standard retention or disposal
policy as in effect at the time unless the Debtor shall timely direct by a
Debtor Order that they be destroyed or returned to it; provided that such Debtor
Order is timely and the Notes have not been previously disposed of by the
Collateral Agent.

         SECTION 1.10. MAINTENANCE OF OFFICE OR AGENCY. The Debtor will maintain
in New York, New York, an office or agency where Notes may be surrendered for
registration of transfer or exchange, and where notices and demands to or upon
the Debtor in respect of the Notes and this Security Agreement may be served.
The Debtor hereby initially appoints the Collateral

                                     33
<PAGE>

Agent to serve as its agent for the foregoing purposes. The Debtor will give
prompt written notice to the Collateral Agent of the location, and of any
change in the location, of any such office or agency. If at any time the
Debtor shall fail to maintain any such office or agency or shall fail to
furnish the Collateral Agent with the address thereof, such surrenders,
notices and demands may be made or served at the Collateral Agent's office,
and the Debtor hereby appoints the Collateral Agent as its agent to receive
all such surrenders, notices and demands.

                                   ARTICLE II

                   GRANT OF SECURITY INTEREST AND SETTLEMENTS

         SECTION 2.1. GRANT OF SECURITY INTEREST. As security for the prompt and
complete payment of the Note and the performance of all of the Debtor's
obligations under the Transaction Documents, the Debtor hereby grants to the
Collateral Agent, for the benefit of the Secured Parties, without recourse
except as provided herein, a security interest in and continuing Lien on all of
the Debtor's property, in existence on the Closing Date or thereafter acquired
and wherever located, including, without limitation, all of its right, title and
interest in, to and under all accounts, contract rights, general intangibles,
chattel paper, instruments, documents, money, cash, deposit accounts,
certificates of deposit, goods, letters of credit, securities, investment
property, financial assets or security entitlements (all of the foregoing,
collectively, the "COLLATERAL"); PROVIDED, that once the Secured Parties have
released their interest in a Receivable and the related Contract pursuant to
Section 2.7 or 2.15 hereof, such Receivable and related Contract shall no longer
be part of the Collateral.

                  In connection with such grant, the Debtor agrees to record and
file, at its own expense, financing statements with respect to the Collateral
now existing and hereafter created meeting the requirements of applicable state
law in such manner and in such jurisdictions as are necessary to perfect the
first priority security interest of the Collateral Agent in the Collateral, and
to deliver a file-stamped copy of such financing statements or other evidence of
such filing (which may, for purposes of this Section 2.1, consist of telephone
confirmation of such filing) to the Collateral Agent on or prior to the Closing
Date. In addition, in order to show that the Collateral, including that portion
of the Collateral consisting of the Receivables and the related Contracts, have
been pledged to the Collateral Agent hereunder, the Debtor and the Servicer
agree (i) to clearly and unambiguously mark their respective general ledgers and
all accounting records and documents and all computer tapes and records and (ii)
to stamp all Contracts and related files with the following legend:

              All right, title and interest in the foregoing finance
              contract has been assigned to a financial institution
              in its capacity as agent or collateral agent for the
              secured parties in connection with a credit facility.

         SECTION 2.2. NOTE INTEREST, PREMIUM AMOUNTS, FEES AND OTHER COSTS AND
EXPENSES. Notwithstanding the limitation on recourse under Section 2.1 hereof,
the Debtor shall pay, as and when due in accordance with this Agreement, all
Note Interest, all Reimbursement Amounts, the Monthly Administration Fee, all
amounts payable pursuant to Article VII hereof, if any, all

                                      34
<PAGE>

Premium Amounts, and the Servicing Fee. Nothing in this Agreement shall limit
in any way the obligations of the Debtor to pay the amounts set forth in this
Section 2.2.

         SECTION 2.3. MONTHLY FLOW OF FUNDS.

                           (a) On each Remittance Date, the Available Funds or
the Total Available Funds, as applicable, plus, in the case of priorities (v)
and (vi), the amount of any draws made under the Note Policy by the Collateral
Agent shall be applied, without duplication, by the Collateral Agent as follows:

                           (i) FIRST, from the Total Available Funds, (x) to pay
any regularly scheduled amounts due under any Hedging Arrangement and (y) to
pay, with the prior consent of the Note Insurer, any other amounts then due to
the counterparty under any such Hedging Agreements;

                           (ii) SECOND, from the Total Available Funds, to pay
the Servicer, the Servicing Fee for such Settlement Period;

                           (iii) THIRD, from the Total Available Funds, to the
extent available, to pay to AmeriCredit Financial Services, Inc., any amounts on
deposit in the Collection Account with respect to a Settlement Period for
amounts previously deposited in the Collection Account but later determined to
have resulted from mistaken deposits or postings or checks returned for
insufficient funds, together with amounts paid by Obligors that were collected
during the related Settlement Period and which do not relate to principal and
interest payments due on the Receivables;

                           (iv) FOURTH, from the Total Available Funds, to pay
to the Collateral Agent all fees and expenses due pursuant to Section 7.2
hereof, but not, for any single Remittance Date, in excess of 1/12 of the annual
amount set forth on the fee schedule attached as Exhibit P hereto, and to the
Trustee, its fees and expenses (to the extent not paid by the Servicer), but
not, for any single Remittance Date, in excess of the monthly amount set forth
in part III of the fee schedule attached as Exhibit Q hereto;

                           (v) FIFTH, from the Total Available Funds, to pay the
Purchaser an amount equal to all accrued and unpaid Note Interest in respect of
such Settlement Period and with respect to any previous Settlement Period to the
extent not previously paid;

                           (vi) SIXTH, from the Total Available Funds, the
Monthly Principal Amount shall be paid (x) if such Remittance Date occurs during
the Revolving Period, to the Funding Account, or (y) if such Remittance Date
occurs during the Amortization Period, to the Purchaser, in reduction of the Net
Investment;

                           (vii) SEVENTH, from the Total Available Funds, to the
extent of any remaining Total Available Funds, to pay the Note Insurer, the
Premium Amount then due and any accrued and unpaid Premium Amount with interest
at the Late Payment Rate;

                           (viii) EIGHTH, from the Total Available Funds, to the
Note Insurer, the Reimbursement Amount, if any, then due to it;

                                       35
<PAGE>

                           (ix) NINTH, from the Total Available Funds, to the
successor Servicer, if any, expenses incurred in connection with transition of
servicing, and any fees owed to the successor Servicer not paid in (ii) above;

                           (x) TENTH, from the Available Funds, to the Reserve
Account, the amount, if any, by which the Reserve Account Required Amount, after
taking into account any Receivables Delivery which occurs on such Remittance
Date, then exceeds the amount then on deposit in the Reserve Account, after
taking into account all other deposits to, and all withdrawals and transfers
from, the Reserve Account on such Remittance Date;

                           (xi) ELEVENTH, from the Available Funds, to the Yield
Supplement Account, the amount, if any, by which the Target Yield Supplement
Account Amount then exceeds the amount on deposit in the Yield Supplement
Account, after taking into account all other deposits to, and all withdrawals
and transfers from, the Yield Supplement Account on such Remittance Date;

                           (xii) TWELFTH, from the Available Funds, any amounts
owed to the Collateral Agent and the Trustee not paid in (iv) above;

                           (xiii) THIRTEENTH, from the Available Funds, an
amount equal to the positive excess, if any, of (x) the Net Investment on such
Remittance Date, after taking into account all other Facility Activity on such
Remittance Date over (y) the Borrowing Base as of such Remittance Date, after
taking into account all other Facility Activity on such Remittance Date, which
amount shall be paid (a) if such Remittance Date occurs during the Revolving
Period, to the Funding Account, or (b) if such Remittance Date occurs during the
Amortization Period, to the Purchaser, in reduction of the Net Investment; and

                           (xiv) FOURTEENTH, from the Available Funds, all
remaining Available Funds shall be paid (x) if the Rapid Amortization Period is
then in effect unless the Note Insurer otherwise directs, to the Purchaser, as a
reduction in the Net Investment until the Net Investment has been reduced to
zero or (y) if the Rapid Amortization Period is not then in effect, to the
holders of the Class A Certificates.

                           (b) (i) In the event that, on any Remittance Date,
the Available Funds are insufficient, after following the priority of payments
as enumerated in paragraph (a) above, to fund in full the amounts described in
clauses (i), (ii), (iii), (iv) and (v) of paragraph (a) above on such Remittance
Date, the Collateral Agent shall transfer the amount of the insufficiency to the
Collection Account (x) first, from the Yield Supplement Account, until the
amount on deposit therein has been reduced to zero and (y) second, and to the
extent of any remaining insufficiency once the amount on deposit in the Yield
Supplement Account has been reduced to zero, from the Reserve Account.

                           (ii) In the event that, on any Remittance Date, the
Available Funds are insufficient after following the payment priorities
enumerated in paragraph (a) above, to fund in full the amounts described in
clauses (vi), (vii), (viii) and (ix) of paragraph (a) above on such Remittance
Date, the Collateral Agent shall transfer the amount of such insufficiency to
the

                                   36
<PAGE>

Collection Account from the Reserve Account, to the extent of amounts then
on deposit therein and after taking into account any withdrawal therefrom
pursuant to clause (b)(i)(y) above.

                           (c) In the event that, on any Determination Date, the
Collateral Agent determines that, after application of the Total Available Funds
on such Remittance Date, a Deficiency Amount then exists, the Collateral Agent
shall, submit a claim under the Note Policy pursuant to the terms thereof
demanding that the Note Insurer pay to the Collateral Agent for deposit in the
Collection Account the amount of such Deficiency Amount, in immediately
available funds pursuant to the terms of the Note Policy.

         SECTION 2.4. PREPAYMENTS. On each Payment Date the Collateral Agent
shall apply an amount on deposit in the Collection Account, to the extent of the
Prepayment Amount, as directed by the Servicer as follows:

                             (a)    an amount equal to the amount described in
                                    clause (i) of the definition of Prepayment
                                    Amount shall be paid to the Purchaser, in
                                    reduction of the Net Investment; and

                             (b)    an amount equal to the amount described in
                                    clause (ii) of the definition of Prepayment
                                    Amount shall be paid to the Purchaser on
                                    account of accrued interest on the Note,
                                    through the Prepayment Date.

         SECTION 2.5. LIQUIDATION SETTLEMENT PROCEDURES.

                  Following any date after the date on which all Secured
Obligations have been paid in full in cash, (i) the Collateral Agent shall be
considered to have released its security interest in and continuing Lien on the
Collateral, including all of the Receivables and Related Security, (ii) the
Servicer shall pay to the Debtor any remaining Collections set aside and held by
the Servicer, and (iii) the Collateral Agent shall, at the written request of
the Debtor, execute and deliver to the Debtor, at the Debtor's expense, such
documents or instruments as are necessary to terminate the Collateral Agent's
security interest in the Collateral, including all of the Receivables and
Related Security and Collections with respect thereto. Any such documents shall
be prepared by or on behalf of the Debtor at the expense of the Debtor. After
giving effect to any such liquidation, any amounts remaining in the Reserve
Account, the Yield Supplement Account and in the Funding Account shall be paid
to the holders of the Class A Certificates.

         SECTION 2.6. PROTECTION OF INTEREST OF THE COLLATERAL AGENT.

                           (a) AmeriCredit and AMTN agree that they shall, and
shall cause the Debtor to, from time to time, at its expense, promptly execute
and deliver all instruments and documents and take all actions as may be
necessary or as the Collateral Agent may reasonably request in order to perfect
or protect the Collateral or to enable the Collateral Agent or any Secured Party
to exercise or enforce any of its rights hereunder. Nothing contained herein
shall imply a duty of the Collateral Agent to initiate the preparation of
documents or the taking of action to perfect or protect the Collateral beyond
the duties specifically enumerated herein and contained in the Transaction
Documents. Without limiting the foregoing, AmeriCredit and

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<PAGE>

AMTN shall, and shall cause the Debtor to, in order to accurately reflect the
security interest of the Collateral Agent for the benefit of the Secured
Parties in the Collateral, (i) stamp (or cause to be stamped) all Contracts
and related files with the legend set forth in Section 2.1 hereof and (ii)
upon the request of any Secured Party, execute and file such financing or
continuation statements or amendments thereto or assignments thereof as may
be requested by such Secured Party and mark its master data processing
records and other documents (or to cause such records or other documents to
be marked) so as to indicate the Collateral Agent's security interest in the
portion of the Collateral consisting of Receivables, the related Contracts,
the Collections and the Related Security with respect thereto. AmeriCredit
and AMTN agree that they shall take all actions necessary to cause the Debtor
to similarly mark its records to reflect the sale of the Receivables and the
Contracts to the Debtor and the Collateral Agent's security interest in the
Receivables, the related Contracts, the Collections and the Related Security
with respect thereto. AmeriCredit and AMTN shall, and shall cause the Debtor
to, at their own expense, upon request of any Secured Party, obtain such
additional search reports as any such Secured Party shall request. To the
fullest extent permitted by applicable law, the Collateral Agent shall be
permitted to sign and file continuation statements and amendments thereto and
assignments thereof in respect of security interests created under this
Agreement without the Debtor's, AmeriCredit's or AMTN's signature. Carbon,
photographic or other reproduction of this Agreement or any financing
statement shall be sufficient as a financing statement. The Debtor shall not,
and shall not permit AmeriCredit or AMTN to, change its name, identity or
corporate structure (within the meaning of Section 9-402(7) of the UCC as in
effect in the State of New York, Delaware and Texas) or relocate its chief
executive office or any office where Records are kept unless it shall have:
(i) given the Collateral Agent and the Note Insurer at least thirty (30)
days' prior notice thereof and (ii) prepared at the Debtor's expense and
delivered to the Collateral Agent all financing statements, instruments and
other documents necessary to preserve and protect the Collateral or requested
by the Collateral Agent or any Secured Party in connection with such change
or relocation. Any filings under the UCC or otherwise that are occasioned by
such change in name or location shall be made at the expense of the Debtor.
On the Closing Date, the Debtor shall deliver to the Collateral Agent and the
Note Insurer a listing by account number of the Contracts as of the Closing
Date, which listing shall constitute Schedule A hereto and is hereby
incorporated herein by reference. On each Remittance Date, the Debtor shall
deliver to the Collateral Agent and the Note Insurer an updated listing by
account number of the Contracts as of the last day of such Settlement Period
(giving effect to any releases by the Purchaser pursuant to Section 2.15
hereof) and such updated list shall thereupon constitute Schedule A hereto
and is hereby incorporated by reference herein.

                           (b) The Servicer shall instruct all Obligors to cause
all Collections to be deposited directly with a Lock-Box Bank, acting as agent
for the Collateral Agent, on behalf of the Secured Parties, pursuant to a
Lock-Box Agreement. Amounts received by a Lock-Box Bank in respect of
Receivables may initially be deposited into a Lock-Box Account maintained by the
Lock-Box Bank as agent for the Collateral Agent, on behalf of the Secured
Parties, and for other owners of automobile Receivables serviced by the
Servicer. The Servicer shall be permitted to give instructions to the Lock-Box
Banks for so long as neither a Potential Termination and Amortization Event nor
any Termination and Amortization Event has occurred hereunder. The Servicer
shall not add any bank as a Lock-Box Bank to those listed on Exhibit A attached
hereto unless such bank has entered into a Lock-Box Agreement. The Servicer
shall not terminate any bank as a Lock-Box Bank unless the Collateral Agent and
the Note Insurer shall

                                      38
<PAGE>

have received fifteen (15) days' prior notice of such termination. The
Servicer shall use its best efforts to cause the Lock-Box Bank, pursuant to
the Lock-Box Agreement, to deposit all payments on the Receivables in the
Lock-Box Account not later than the Business Day after receipt thereof and,
within two (2) Business Days of receipt of Collections into the Lock-Box
Account, the Servicer shall cause such Collections to be remitted into the
Collection Account. If the Debtor, AmeriCredit, AMTN or the Servicer receives
any Collections, the Debtor, AmeriCredit, AMTN or the Servicer, as
applicable, shall immediately, but in any event within two (2) Business Days
of receipt, remit (and shall cause AmeriCredit and AMTN to remit) such
Collections to the Collection Account.

         SECTION 2.7. DEEMED COLLECTIONS; APPLICATION OF PAYMENTS.

                           (a) If on any day the Outstanding Balance of a
Receivable is either (x) reduced as a result of any defective, rejected or
returned merchandise or services, any discount, credit, rebate, dispute,
warranty claim, repossessed or returned goods, charge-back, allowance, any
billing adjustment, dilutive factor or other adjustment or (y) reduced or
canceled as a result of a setoff or offset in respect of any claim by any Person
(whether such claim arises out of the same or a related transaction or an
unrelated transaction), the Debtor shall be deemed to have received on such day
a Collection of such Receivable in the amount of such reduction or cancellation
and the Debtor shall pay to the Servicer an amount equal to such reduction or
cancellation and such amount shall be deposited into the Collection Account and
applied by the Servicer as a Collection in accordance with Section 2.3 or 2.4
hereof, as applicable.

                           (b) If on any day any of the representations or
warranties in Article III was or becomes untrue with respect to a Receivable
(whether on or after the date of any transfer of an interest therein to the
Collateral Agent, for the benefit of the Secured Parties, as contemplated
hereunder), the Debtor shall be deemed to have received on such day a Collection
of such Receivable in full and the Debtor shall on such day pay to the Servicer
an amount equal to the Outstanding Balance of such Receivable and such amount
shall be deposited into the Collection Account and allocated and applied by the
Servicer as a Collection on account of such Receivable.

                           (c) Any payment by an Obligor in respect of any
indebtedness owed by it to the Debtor, AmeriCredit or AMTN shall, except as
otherwise specified by such Obligor or otherwise required by contract or law and
unless otherwise instructed by the Note Insurer, be applied as a Collection of
any Receivable of such Obligor included in the Net Investment (starting with the
oldest such Receivable) to the extent of any amounts then due and payable
thereunder before being applied to any other receivable or other indebtedness of
such Obligor.

         SECTION 2.8. PAYMENTS AND COMPUTATIONS, ETC. All amounts to be paid or
deposited by the Debtor or the Servicer hereunder shall be paid or deposited in
accordance with the terms hereof no later than 1:00 p.m. (New York City time) on
the day when due in immediately available funds; if such amounts are payable to
the Note Insurer (whether on behalf of the Purchaser or any other Owners or
otherwise), they shall be paid or deposited in the Note Insurer's account
indicated in Section 9.3 hereof, until otherwise notified by the Note Insurer,
the Purchaser or any other Owners. The Debtor shall, to the extent permitted by
law, pay to the applicable Secured Parties upon demand, interest on all amounts
not paid or deposited when due

                                    39
<PAGE>

to the Secured Parties hereunder at a rate equal to 2% per annum plus LIBOR
as of the most recent LIBOR Determination Date. All computations of Note
Interest, Premium Amount, the Monthly Administration Fee, the Late Payment
Rate and the Servicing Fee hereunder shall be made on the basis of a year of
360 days for the actual number of days (including the first but excluding the
last day) elapsed. Any computations by the Note Insurer of amounts payable by
the Debtor hereunder shall be binding upon the Debtor absent manifest error.

         SECTION 2.9. REPORTS. On or before each Determination Date, the
Servicer shall prepare and forward to the Collateral Agent and the Note Insurer,
(i) a Servicer's Certificate as of the end of the preceding Settlement Period,
(ii) if requested by the Collateral Agent or the Note Insurer, a computer tape
listing by Obligor all Receivables, together with an aging of such Receivables,
and (iii) such other information as the Collateral Agent, the Note Insurer or
any Secured Party may reasonably request. The Note Insurer shall provide to the
Debtor, the Servicer and to the Collateral Agent, within three (3) Business Days
of each LIBOR Determination Date indicating LIBOR as it applies to the
Purchaser's medium term notes with respect to the upcoming MTN Payment Date. The
Collateral Agent will determine LIBOR as it applies to the Note, on each LIBOR
Determination Date, and will forward such determination to the Debtor and to the
Servicer within three (3) Business Days. The Servicer will compare the two LIBOR
rates, and will promptly contact the Purchaser, the Collateral Agent and the
Note Insurer if such rates do not reconcile.

         SECTION 2.10. COLLECTION ACCOUNT.

                           (a) There shall be established on or prior to the
Closing Date and maintained, for the benefit of the Secured Parties, with the
Collateral Agent, an Eligible Deposit Account (the "COLLECTION ACCOUNT"),
bearing a designation clearly indicating that the funds deposited therein are
held in the name of the Collateral Agent, for the benefit of the Secured
Parties. The Collection Account shall be under the exclusive ownership and
control of the Collateral Agent, for the benefit of the Secured Parties. Subject
to the terms hereof, the Collateral Agent shall possess all right, title and
interest in and to all funds deposited from time to time in the Collection
Account.

                  There shall be deposited in the Collection Account:

                           (i) by the Servicer, on a daily basis and from the
Lock-Box Account, all Collections on account of the Receivables, within two (2)
Business Days upon receipt or such Collections in the Lock-Box Account;

                           (ii) amounts representing net investment earnings (a)
on the Funding Account, as provided in Section 2.11(h), (b) on the Yield
Supplement Account as provided in Section 2.12(a)(iii) and (c) on the Reserve
Account, as provided in Section 2.15(a)(iii), in each case, upon the Collateral
Agent's receipt of any such net investment earnings;

                           (iii) amounts received under any Hedging Arrangement;

                           (iv) amounts transferred from the Funding Account to
the Collection Account pursuant to Section 2.11(e), and from the Yield
Supplement Account to the Collection

                                        40
<PAGE>

Account pursuant to Section 2.12(a)(vi), in each case in connection with the
commencement of the Amortization Period;

                           (v) amounts transferred from the Reserve Account and
from the Yield Supplement Account pursuant to Section 2.3(b) hereof;

                           (vi) the proceeds of each draw under the Note
Policy; and

                           (vii) the amount deposited in the Collection Account
as provided in Section 6.5 hereof.

                  On the date on which Secured Obligations have been paid in
full, any funds remaining on deposit in the Collection Account shall be paid to
the Debtor.

                           (b) Subject to subsection (d) below, funds on
deposit in the Collection Account shall be invested in Eligible Investments by
the Collateral Agent at the written direction of the Servicer, provided that if
such Eligible Investments are not available or a Termination and Amortization
Event shall have occurred, such investments shall be made in the investment
described in subclause (iv) of the definition of Eligible Investments. Any such
written directions shall specify the particular investment to be made and shall
certify that such investment is an Eligible Investment and is permitted to be
made under this Agreement.

                           (c) The Servicer shall provide the Collateral Agent
on or prior to the Closing Date and from time to time an incumbency certificate
or the substantial equivalent with respect to each officer of the Servicer that
is authorized to provide instructions relating to investments in Eligible
Investments in the Collection Account.

                           (d) Funds on deposit in the Collection Account shall
be invested by the Collateral Agent, in the name of the Collateral Agent, in
Eligible Investments that will mature so that such funds will be available so
as to permit amounts in the Collection Account to be paid and applied on the
Remittance Date and otherwise in accordance with the provisions of Sections 2.3
and 2.4 hereof. Realized losses, if any, on amounts invested in such Eligible
Investments shall be charged against investment earnings on amounts on deposit
in the Collection Account.

         SECTION 2.11. FUNDING ACCOUNT.

                           (a) There shall be established on or prior to the
Closing Date and maintained, for the benefit of the Secured Parties, with the
Collateral Agent, an Eligible Deposit Account (the "FUNDING Account"), bearing
a designation clearly indicating that the funds deposited therein are held in
the name of the Collateral Agent, for the benefit of the Secured Parties. The
Funding Account shall be under the exclusive ownership and control of the
Collateral Agent, for the benefit of the Secured Parties. Subject to the terms
hereof, the Collateral Agent shall possess all right, title and interest in and
to all funds deposited from time to time in the Funding Account.

                  There shall be deposited in the Funding Account:

                                      41
<PAGE>

                           (i) on the Closing Date, $500,000,000;

                           (ii) on each Remittance Date, the amounts, if any,
described in Sections 2.3(a)(vi) and 2.3(a)(xiii) hereof with respect to such
Remittance Date;

                           (iii) on each Take-Out Date, the amount, if any,
specified in the related Take-Out Notice which is to be deposited in the
Funding Account in connection with the related Take-Out; and

                           (iv) any amounts delivered to the Collateral Agent
by the Debtor and designated by the Debtor for deposit in the Funding Account.

All interest and earnings (net of losses and investment expenses) on funds on
deposit in the Funding Account shall be deposited upon receipt in the
Collection Account. On the date on which the Net Investment is zero and all
Secured Obligations have been paid in full, any funds remaining on deposit in
the Funding Account shall be paid to the holders of the Class A Certificates.

                           (b) On any Business Day during the Revolving Period,
amounts on deposit in the Funding Account may be released therefrom and paid to
the Debtor in exchange for a Receivables Delivery on such Business Day,
PROVIDED THAT:

                           (i) the Collateral Agent, the Purchaser and the Note
Insurer shall have received an executed copy of the related Delivery Notice not
later than 10:30 a.m. Eastern Standard Time on the related Delivery Date; and

                           (ii) the Debtor shall have timely delivered an
Officer's Certificate regarding Hedging Arrangements, as required pursuant to
Section 5.3 hereof.

                           (c) The amount to be released from the Funding
Account in connection with a Receivables Delivery shall be comprised of two
components:

                           (i) the "RESERVE ACCOUNT DEPOSIT AMOUNT", which shall
         equal the product of (x) the applicable Initial Reserve Percentage and
         (y) the aggregate Net Receivable Balance of all Receivables comprising
         the Receivables Delivery, but in no event an amount which would
         increase the amount on deposit in the Reserve Account to a level above
         the then Reserve Account Required Amount; and

                           (ii) the "RECEIVABLES DELIVERY PAYMENT AMOUNT", which
         shall be equal to the excess of (A) the product of (x) 95% and (y) the
         Aggregate Outstanding Balance of the Receivables comprising the
         Receivables Delivery over (B) the Reserve Account Deposit Amount
         related to such Receivables Delivery.

                  On the related Delivery Date, the Collateral Agent shall
transfer the related Reserve Account Deposit Amount from the Funding Account to
the Reserve Account, and shall

                                      42
<PAGE>

pay the Receivables Delivery Payment Amount to the accounts designated by the
Debtor on behalf of the holders of the Class A Certificates in the related
Delivery Notice.

                           (d) On any Business Day on which the Borrowing Base
exceeds the Net Investment, the amount of such excess, to the extent then on
deposit in the Funding Account may be paid by the Collateral Agent to the
accounts designated by the Debtor on behalf of the holders of the Class A
Certificates, if the Debtor so requests. If, after taking into account the
payment to the Debtor of any such amount from the Funding Account, the
Borrowing Base still exceeds the Net Investment, the Debtor may deliver a
Take-Out Notice and request the release to it of Receivables designated by the
Debtor such that, when so released, the Net Investment would equal the
Borrowing Base, provided that no Termination and Amortization Event would
result from such release. The provisions of this paragraph (d) shall be
inoperative following the occurrence of a Termination and Amortization Event.

                           (e) On the first Remittance Date occurring during
the Amortization Period, the Collateral Agent shall transfer all amounts then
on deposit in the Funding Account to the Collection Account for application in
accordance with Section 2.3(a) hereof.

                           (f) Subject to subsection (h) below, funds on
deposit in the Funding Account shall be invested in Eligible Investments by the
Collateral Agent at the written direction of the Servicer, provided that if
such Eligible Investments are not available or a Termination and Amortization
Event shall have occurred, such investments shall be made in the investment
described in subclause (iv) of the definition of Eligible Investments. Any such
written directions shall specify the particular investment to be made and shall
certify that such investment is an Eligible Investment and is permitted to be
made under this Agreement.

                           (g) The Servicer shall provide the Collateral Agent
on or prior to the Closing Date and from time to time an incumbency certificate
or the substantial equivalent with respect to each officer of the Servicer that
is authorized to provide instructions relating to investments in Eligible
Investments in the Funding Account.

                           (h) Funds on deposit in the Funding Account shall be
invested by the Collateral Agent, in the name of the Collateral Agent, in
Eligible Investments that will mature so that such funds will be available so
as to permit amounts in the Collection Account to be paid and applied on each
Remittance Date and otherwise in accordance with the provisions of this Section
2.11. Investment earnings on amounts on deposit in the Funding Account shall be
deposited into the Collection Account immediately following receipt thereof.
Realized losses, if any, on amounts invested in such Eligible Investments shall
be charged against investment earnings on amounts on deposit in the Collection
Account.

         SECTION 2.12. YIELD SUPPLEMENT ACCOUNT; WITHDRAWALS; RELEASES.

                           (a) (i) There shall be established on the Closing
Date and maintained, for the benefit of the Secured Parties, with the
Collateral Agent, an Eligible Deposit Account (the "YIELD SUPPLEMENT ACCOUNT"),
bearing a designation clearly indicating that the funds deposited therein are
held in the name of the Collateral Agent, for the benefit of the Secured
Parties. Subject to the terms hereof, the Collateral Agent shall possess all
right, title and interest in and to

                                      43
<PAGE>

all funds deposited from time to time in the Yield Supplement Account,
including all Eligible Investments in which such funds are invested.

                           (ii) There shall be deposited in the Yield
Supplement Account: (x) by the Debtor, on any Take-Out Date, the amount, if
any, by which the Target Yield Supplement Account Amount then exceeds the
amount on deposit in the Yield Supplement Account; (y) any amounts delivered to
the Collateral Agent by the Debtor and designated by the Debtor for deposit to
the Yield Supplement Account; and (z) on each Remittance Date, the amount, if
any, described in Section 2.3(a)(xii) hereof with respect to such Remittance
Date.

                           (iii) Funds on deposit in the Yield Supplement
Account (other than investment earnings) shall be invested by the Collateral
Agent (in the name of the Collateral Agent on behalf of the Secured Parties) in
Eligible Investments that will mature so that such funds will be available on
the Remittance Date following such investment. Investment earnings on amounts
on deposit in the Yield Supplement Account shall be deposited into the
Collection Account immediately following receipt thereof.

                           (iv) Subject to clause (iii) above, funds on deposit
in the Yield Supplement Account shall be invested in Eligible Investments by or
at the written direction of the Servicer, provided that if such Eligible
Investments are not available or a Termination and Amortization Event shall
have occurred, such investments shall be made in the investment described in
subclause (iv) of the definition of Eligible Investments. Any such written
directions shall specify the particular investment to be made and shall certify
that such investment is an Eligible Investment and is permitted to be made
under this Agreement.

                           (v) The Servicer shall provide the Collateral Agent
on the date hereof and from time to time an incumbency certificate or the
substantial equivalent with respect to each officer of the Servicer that is
authorized to provide instructions relating to investments in Eligible
Investments in the Yield Supplement Account.

                           (vi) On the first Remittance Date occurring during
the Amortization Period, the Collateral Agent shall withdraw all amounts on
deposit in the Yield Supplement Account and deposit such amounts into the
Collection Account. Realized losses, if any, on amounts invested in such
Eligible Investments shall be charged against investment earnings on amounts on
deposit in the Yield Supplement Account, as applicable.

                           (b) In the event that on any Borrowing Base
Determination Date, after giving effect to the amounts required to be
distributed pursuant to Section 2.3(a) hereof and any amounts to be withdrawn
pursuant to clause Section 2.3(b), the amount on deposit in the Yield
Supplement Account exceeds the Target Yield Supplement Account Amount, the
Collateral Agent shall, if no Termination and Amortization Event or Potential
Termination and Amortization Event shall have occurred, release to the Debtor
an amount equal to the excess of the amount on deposit in the Yield Supplement
Account over the Target Yield Supplement Account Amount.

                                      44
<PAGE>

                           (c) On the day on which the Secured Obligations
shall have been paid in full, in cash, the Collateral Agent shall release to
the Debtor all amounts on deposit in the Yield Supplement Account.

         SECTION 2.13. [INTENTIONALLY OMITTED].

         SECTION 2.14. [INTENTIONALLY OMITTED].

         SECTION 2.15. RESERVE ACCOUNT; WITHDRAWALS; RELEASES.

                           (a) (i) There shall be established on the Closing
Date and maintained, for the benefit of the Secured Parties, with the
Collateral Agent, an Eligible Deposit Account (the "RESERVE ACCOUNT"), bearing
a designation clearly indicating that the funds deposited therein are held in
the name of the Collateral Agent, for the benefit of the Secured Parties.
Subject to the terms hereof, the Collateral Agent shall possess all right,
title and interest in and to all funds deposited from time to time in the
Reserve Account.

                           (ii) There shall be deposited in the Reserve Account
(x) on each Receivables Delivery Date, the related Reserve Account Deposit
Amount transferred from the Funding Account, or if not so available from the
Funding Account, then from the Servicer as described in Section 2.11(c)(i)
hereof and (y) on each Remittance Date, the amount, if any, described in
Section 2.3(a)(xi) hereof on such Remittance Date.

                           (iii) Funds on deposit in the Reserve Account (other
than investment earnings) shall be invested by the Collateral Agent (in the
name of the Collateral Agent on behalf of the Secured Parties) in Eligible
Investments that will mature so that such funds will be available on the
Remittance Date following such investment. Investment earnings on amounts on
deposit in the Reserve Account shall be deposited into the Collection Account
immediately following receipt thereof.

                           (iv) Subject to clause (iii) above, funds on deposit
in the Reserve Account shall be invested in Eligible Investments by or at the
written direction of the Servicer, provided that if such Eligible Investments
are not available or a Termination and Amortization Event shall have occurred,
such investments shall be made in the investment described in subclause (iv) of
the definition of Eligible Investments. Any such written directions shall
specify the particular investment to be made and shall certify that such
investment is an Eligible Investment and is permitted to be made under this
Agreement.

                           (v) The Servicer shall provide the Collateral Agent
on the date hereof and from time to time an incumbency certificate or the
substantial equivalent with respect to each officer of the Servicer that is
authorized to provide instructions relating to investments in Eligible
Investments in the Reserve Account.

                           (vi) Realized losses, if any, on amounts invested in
such Eligible Investments shall be charged against investment earnings on
amounts on deposit in the Reserve Account, as applicable.

                                      45
<PAGE>

                           (b) In the event that on any Borrowing Base
Determination Date or on any Remittance Date, after taking into account all
other Facility Activity on such date, the amount on deposit in the Reserve
Account exceeds the Reserve Account Required Amount, the Collateral Agent
shall, if no Termination and Amortization Event or Potential Termination and
Amortization Event shall have occurred, release to the holders of the Class A
Certificates an amount equal to the excess of the amount on deposit in the
Reserve Account over the Reserve Account Required Amount.

                           (c) On the day on which the Secured Obligations
shall have been paid in full, in cash, the Collateral Agent shall release to
the holders of the Class A Certificates all amounts on deposit in the Reserve
Account.

         SECTION 2.16. OPTIONAL RELEASE.

                  On any Business Day, the Debtor shall have the right, upon
delivery to the Collateral Agent of a Take-Out Notice substantially in the form
of Exhibit K hereto, to require the Collateral Agent to release its security
interest in and its Lien on all or part of the Contracts and the related
Receivables on the terms and conditions set forth herein. It shall be a
condition precedent to any such release that (i) the Debtor shall pay to the
Collateral Agent for deposit in the Funding Account an amount equal to the
amount necessary to maintain the Borrowing Base at a level at least equal to
the Net Investment (calculated after giving effect to such proposed release of
Receivables and by including in the Net Receivables Balance only those
Receivables that as of such date satisfy (as if determined on such date) the
definition of Eligible Receivable provided that no Delinquent Receivable shall
be classified as an Eligible Receivable on such day) (ii) the Debtor shall have
given the Note Insurer and the Collateral Agent irrevocable prior written
notice by not later than 10:30 a.m. Eastern Standard Time on the day of such
release of (x) its intention to request a release with respect to such
Contracts and Receivables and (y) the proposed date of such release, (iii) the
Debtor shall provide to the Note Insurer and the Collateral Agent an Officer's
Certificate certifying that as of the date of such release all non-released
Receivables satisfy the definition of Eligible Receivable (and are not
Delinquent Receivables or Defaulted Receivables) set forth herein, (iv) after
giving effect to such release the amount on deposit in the Reserve Account
shall be at least equal to the Reserve Account Required Amount, (v) the Debtor
shall not have applied any adverse selection criteria to the Contracts and the
Receivables being released on such date and (vi) AmeriCredit shall pay any
breakage costs incurred in connection with such release under any Hedging
Arrangement. Nothing above shall imply a duty of the Collateral Agent to
determine whether such above-referenced conditions precedent have been
satisfied. The Debtor shall pay to the Note Insurer, for the benefit of the
Purchaser, such amounts as are required under this Section on the date of such
release.

                  The Debtor shall be obligated to pay all reasonable legal
fees, expenses or other costs of the Note Insurer, the Collateral Agent, and
the Secured Parties arising in connection with any such assignment.

                  Upon the deposit of all required amounts and the payment by
the Debtor of the amounts described in this Section, the Collateral Agent shall
execute and deliver to the Debtor, at the Debtor's expense, such documents or
instruments as are necessary to terminate the Collateral Agent's security
interest in the released Receivables and the Contracts related thereto. Any
such

                                      46
<PAGE>

documents shall be prepared by or on behalf of the Debtor in form and substance
satisfactory to the Collateral Agent.

         SECTION 2.17. DELIVERY OF COLLATERAL. With respect to the Collateral,
the Debtor and the Collateral Agent hereby agree that:

                                   (i) Any Collateral that is held in deposit
                 accounts shall be held in the Collection Account and shall be
                 subject to the exclusive dominion and control of the Collateral
                 Agent, and the Collateral Agent shall have sole signature
                 authority with respect thereto;

                                   (ii) Any Collateral that is Physical Property
                 (as defined under the definition of "Delivery") shall be
                 delivered to the Collateral Agent in accordance with paragraph
                 (a) of the definition of "Delivery" and shall be held, pending
                 maturity or disposition, solely by the Collateral Agent or a
                 Securities Intermediary (as such term is defined in Section
                 8-102(a)(14) of the UCC;

                                   (iii) Any Collateral that is a "certificated
                 security" under Article 8 of the UCC shall be delivered to the
                 Collateral Agent in accordance with paragraph (b) of the
                 definition of "Delivery" and shall be held, pending maturity or
                 disposition, solely by the Collateral Agent or a Securities
                 Intermediary (as such term is defined in Section 8-102(a)(14)
                 of the UCC);

                                   (iv) Any Collateral that is an
                 "uncertificated security" under Article 8 of the UCC shall be
                 delivered to the Collateral Agent in accordance with paragraph
                 (c) of the definition of "Delivery" and shall be maintained by
                 the Collateral Agent, pending maturity or disposition, through
                 continued registration on the books and records of the issuer
                 thereof of the ownership of such security by the Collateral
                 Agent (or its nominee) or a Securities Intermediary (as such
                 term is defined in Section 8-102(a)(14) of the UCC);

                                   (v) Any Collateral that is a book-entry
                 security held through the Federal Reserve System pursuant to
                 Federal book-entry regulations shall be delivered to the
                 Collateral Agent in accordance with paragraph (d) of the
                 definition of "Delivery" and shall be maintained by the
                 Collateral Agent, pending maturity or disposition, through
                 continued book-entry registration of such Collateral in the
                 name of the Collateral Agent or a Securities Intermediary (as
                 such term is defined in Section 8-102(a)(14) of the UCC; and

                                   (vi) Any Collateral held through a Securities
                 Intermediary (as such term is defined in Section 8-102(a)(14)
                 of the UCC) shall be held in a securities account (as such term
                 is defined in Section 8-501(a) of the UCC) that is established
                 by such Securities Intermediary in the name of the Collateral
                 Agent for which the Collateral Agent is the sole entitlement
                 holder (as defined in Section 8-102(a)(7) of the UCC).

                           Effective upon Delivery of any Collateral in the
form of Physical Property, book-entry securities or uncertificated securities,
the Collateral Agent shall be deemed to have

                                      47
<PAGE>

purchased such Collateral for value, in good faith and without notice of any
adverse claim thereto.

                                   ARTICLE III

                         REPRESENTATIONS AND WARRANTIES

         SECTION 3.1. REPRESENTATIONS AND WARRANTIES OF THE DEBTOR, AMERICREDIT
AND AMTN. On the Closing Date and on each Determination Date, Remittance Date
and Delivery Date, the Debtor, AmeriCredit and AMTN represent and warrant to
the Note Insurer, the Collateral Agent and the Secured Parties that:

                           (a) EXISTENCE AND POWER. The Debtor is a business
trust duly organized, validly existing and in good standing under the laws of
the State of Delaware and has all power and all material governmental licenses,
authorizations, consents and approvals required to carry on its business in
each jurisdiction in which its business is now conducted. The Debtor is duly
qualified to do business in, and is in good standing in, every other
jurisdiction in which the nature of its business requires it to be so qualified.

                           (b) AUTHORIZATION; CONTRAVENTION. The execution,
delivery and performance by the Debtor of this Agreement and the other
Transaction Documents are within the Debtor's trust powers, have been duly
authorized by all necessary trust action, require no action by or in respect
of, or require the consent or approval of, or the filing of any notice or other
documentation with, any Official Body or other Person (except as contemplated
by Section 2.6 hereof), and do not contravene, or constitute a default under,
any provision of applicable law or regulation or of the Trust Agreement of the
Debtor or of any agreement, judgment, injunction, order, decree or other
instrument binding upon the Debtor or result in the creation or imposition of
any Adverse Claim on the assets of the Debtor or any of its Subsidiaries
(except as contemplated by Section 2.6 hereof).

                           (c) BINDING EFFECT. Each of this Agreement and the
other Transaction Documents has been duly executed and delivered and
constitutes the legal, valid and binding obligation of the Debtor, enforceable
in accordance with its terms, subject to applicable bankruptcy, insolvency,
moratorium or other similar laws affecting the rights of creditors generally.

                           (d) PERFECTION. Immediately preceding each
Receivables Delivery, the Debtor shall be the legal and beneficial owner of all
of the Receivables, Related Security and Collections, free and clear of all
Adverse Claims. On or prior to each Funding and each day on which a Receivable
is sold to the Debtor by AmeriCredit or AMTN, as the case may be, pursuant to
the Master Receivables Purchase Agreement, all financing statements and other
documents required to be recorded or filed in order to perfect and protect (i)
the Debtor's interest in the Receivables, the Contracts related thereto, the
Related Security with respect thereto and all Proceeds thereof against all
creditors of and purchasers from AmeriCredit or AMTN, as applicable and (ii)
the interest of the Collateral Agent on behalf of the Purchaser and the other

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<PAGE>

Owners in the Collateral against all creditors of and purchasers from
AmeriCredit, AMTN and the Debtor will have been duly filed in each filing
office necessary for such purpose, and all filing fees and taxes, if any,
payable in connection with such filings shall have been paid in full.

                           (e) ACCURACY OF INFORMATION. All information
heretofore furnished by the Debtor (including without limitation, the
Servicer's Certificate, any reports delivered pursuant to Section 2.9 hereof
and AmeriCredit Corp.'s financial statements) to the Collateral Agent, the
Secured Parties, the Note Insurer or any of the other Persons party hereto for
purposes of or in connection with this Agreement or any transaction
contemplated hereby is, and all such information hereafter furnished by the
Debtor to any such Person will be, true and accurate in every material respect,
and the Debtor has not omitted to disclose any information which is material to
the transaction on the date such information is furnished.

                           (f) TAX STATUS. All tax returns (federal, state and
local) required to be filed with respect to the Debtor have been filed (which
filings may be made by an Affiliate of the Debtor on a consolidated basis
covering the Debtor and other Persons) and there has been paid or adequate
provision made for the payment of all taxes, assessments and other governmental
charges in respect of the Debtor (or in the event consolidated returns have
been filed, with respect to the Persons subject to such returns).

                           (g) ACTION, SUITS. There are no actions, suits or
proceedings pending, or to the knowledge of the Debtor threatened, against or
affecting (x) the Debtor or its properties and (y) except as set forth in
Exhibit E hereto, against any Affiliate of the Debtor or their respective
properties, in or before any court, arbitrator or other body which in the case
of clause (y), individually or in the aggregate, could reasonably be expected
to have a Material Adverse Effect if determined adversely to such Affiliate.
The Debtor is not in violation of any order of any Official Body.

                           (h) USE OF PROCEEDS. The proceeds of any Receivables
Delivery Payment Amount will be used by the Debtor to (a) acquire the
Receivables, the Contracts related thereto and the Related Security with
respect thereto from AmeriCredit or AMTN, as the case may be, pursuant to the
Master Receivables Purchase Agreement, (b) to pay down debt in connection with
the purchase of the Receivables and Contracts pursuant to the Master
Receivables Purchase Agreement, or (c) to make distributions constituting a
return of capital. No proceeds of any Receivables Delivery Payment Amount will
be used by the Debtor to acquire any security in any transaction which is
subject to Section 12 of the Securities Exchange Act of 1934, as amended or for
any purpose that violates any applicable law, rule or regulation, including
Regulation U of the Federal Reserve Board.

                           (i) PLACE OF BUSINESS. The principal place of
business and chief executive office (as such terms are defined in the UCC) of
the Debtor are located at the address of the Debtor indicated in Section 9.3
hereof and the offices where the Debtor keeps all its Records, are located at
the address(es) described on Exhibit F or such other locations notified to the
Purchaser in accordance with Section 2.6 hereof in jurisdictions where all
action required by Section 2.6 hereof has been taken and completed.

                                      49
<PAGE>

                           (j) GOOD TITLE. Upon each Receivables Delivery and
on each day on which a Receivable and related Contract is sold to the Debtor by
AmeriCredit or AMTN, as the case may be, pursuant to the Master Receivables
Purchase Agreement, the Collateral Agent shall acquire a valid and perfected
first priority security interest in each Receivable and related Contract that
exists on the date of such Funding and sale and in the Related Security and
Collections with respect thereto free and clear of any Adverse Claim.

                           (k) TRADENAMES, ETC. As of the date hereof: (i) the
Debtor has only the subsidiaries and divisions listed on Exhibit G hereto; and
(ii) the Debtor has not operated under any tradenames and has not changed its
name, merged with or into or consolidated with any other corporation or been
the subject of any proceeding under Title 11, United States Code (Bankruptcy).

                           (l) NATURE OF RECEIVABLES. Each Receivable (x)
represented by the Debtor or the Servicer to be an Eligible Receivable
(including in any report, document or instrument delivered hereunder or in
connection with the other Transaction Documents) or (y) included in the
calculation of the Net Receivables Balance, satisfies at the time of such
representation or inclusion the definition of "Eligible Receivable" set forth
herein and, in the case of clause (y) above is not a Defaulted Receivable.

                           (m) CREDIT AND COLLECTION POLICY. Since September
30, 2000, there have been no material changes in the Credit and Collection
Policy other than as permitted hereunder. Since such date, no material adverse
change has occurred in the overall rate of collection of the Receivables.

                           (n) COLLECTION AND SERVICING; MATERIAL ADVERSE
EFFECT. Since September 30, 2000, there has not been any material adverse
change in the ability of the Servicer (to the extent it is AmeriCredit, the
Debtor or any Subsidiary or Affiliate of any of the foregoing) to service and
collect the Receivables or other Material Adverse Effect.

                           (o) NO TERMINATION AND AMORTIZATION EVENT. No event
has occurred and is continuing and no condition exists which constitutes a
Termination and Amortization Event or a Potential Termination and Amortization
Event.

                           (p) NOT AN INVESTMENT COMPANY OR A HOLDING COMPANY.
The Debtor is not, and is not controlled by, an "investment company" within the
meaning of the Investment Company Act of 1940, as amended, or is exempt from
all provisions of such Act. The Debtor is not a "holding company," or a
subsidiary or affiliate of a "holding company," within the meaning of the
Public Utility Holding Company Act of 1935, as amended.

                           (q) ERISA. Each of the Debtor and its ERISA
Affiliates is in compliance in all material respects with ERISA and no lien
exists in favor of the Pension Benefit Guaranty Corporation on any of the
Receivables.

                           (r) LOCK-BOX ACCOUNT. The name and address of the
Lock-Box Bank, together with the account number of the Lock-Box Account at such
Lock-Box Bank, are specified in Exhibit A hereto (or at such other Lock-Box
Banks and/or with such other Lock-Box Accounts as have been notified to the
Collateral Agent and for which Lock-Box Agreements

                                      50
<PAGE>

have been executed in accordance with Section 2.6(b) hereof and delivered to
the Collateral Agent). All Obligors have been instructed (or will be
instructed on their next billing statement) to make payment to a Lock-Box
Account.

                           (s)    BULK SALES. No transaction contemplated
hereby or by the Note Purchase Agreement or the Master Receivables Purchase
Agreement requires compliance with any bulk sales act or similar law.

                           (t)    TRANSFERS UNDER MASTER RECEIVABLES PURCHASE
AGREEMENT. Each Receivable which has been transferred to the Debtor by
AmeriCredit or AMTN has been purchased by the Debtor from AmeriCredit or AMTN,
as the case may be, pursuant to, and in accordance with, the terms of the
Master Receivables Purchase Agreement.

                           (u)    PREFERENCE; VOIDABILITY. With respect to
each transfer of Receivables and Related Security from AmeriCredit or AMTN, as
the case may be, to the Debtor, the Debtor has given reasonably equivalent
value to AmeriCredit or AMTN, as applicable, in consideration for such
transfer of Receivables and Related Security, and each such transfer has not
been made for or on account of an antecedent debt owed by AmeriCredit or AMTN
to the Debtor and no such transfer is or may be voidable under any Section of
the Bankruptcy Code.

                           (v)    INSURANCE POLICIES. At the time of the sale
of each Receivable and related Contract by AmeriCredit or AMTN to the Debtor
pursuant to the Master Receivables Purchase Agreement, each Financed Vehicle
is required to be covered by physical damage and liability insurance obtained
by the related Obligor at least in the amount required by the related
Contract, and each such required insurance policy is required to name
AmeriCredit or AMTN, as loss payee and is required to be in full force and
effect.

                           (w)    REPRESENTATIONS AND WARRANTIES OF
AMERICREDIT AND AMTN. Each of the representations and warranties of
AmeriCredit and AMTN set forth in Sections 3.1 and 3.3, respectively, of the
Master Receivables Purchase Agreement are true and correct in all material
respects and each of AmeriCredit and AMTN hereby remakes all such
representations and warranties for the benefit of the Note Insurer, the
Collateral Agent, the Purchaser and the Note Insurer.

                  Any document, instrument, certificate or notice delivered
hereunder by the Debtor to the Note Insurer, the Collateral Agent or the Secured
Parties shall be deemed a representation and warranty by the Debtor.

         SECTION 3.2.  REPRESENTATIONS AND WARRANTIES OF THE SERVICER. On the
Closing Date and on each Determination Date, Remittance Date and Delivery
Date, the Servicer represents and warrants to the Note Insurer, the Collateral
Agent and the Secured Parties that:

                           (a)    CORPORATE EXISTENCE AND POWER. The Servicer
is a corporation duly organized, validly existing and in good standing under
the laws of its jurisdiction of incorporation and has all corporate power and
all material governmental licenses, authorizations, consents and approvals
required to carry on its business in each jurisdiction in which its business

                                      51

<PAGE>

is now conducted. The Servicer is duly qualified to do business in and is in
good standing in every other jurisdiction in which the nature of its business
requires it to be so qualified.

                           (b)    CORPORATE AND GOVERNMENTAL AUTHORIZATION;
CONTRAVENTION. The execution, delivery and performance by the Servicer of this
Agreement and the other Transaction Documents are within the Servicer's
corporate powers, have been duly authorized by all necessary corporate action,
require no action by or in respect of, or require the consent or approval of,
or the filing of any notice or other documentation with, any Official Body
(except as contemplated by Section 2.6 hereof), and do not contravene, or
constitute a default under, any provision of applicable law or regulation or
of the certificate of incorporation or bylaws of the Servicer or of any
agreement, judgment, injunction, order, decree or other instrument binding
upon the Servicer or result in the creation or imposition of any Adverse Claim
on assets of the Servicer or any of its Subsidiaries (except as contemplated
by Section 2.6 hereof).

                           (c)    BINDING EFFECT. This Agreement has been duly
executed and delivered and constitutes the legal, valid and binding obligation
of the Servicer, enforceable in accordance with its terms, subject to
applicable bankruptcy, insolvency, moratorium or other similar laws affecting
the rights of creditors generally.

                           (d)    ACCURACY OF INFORMATION. All information
heretofore furnished by the Servicer to the Collateral Agent, the Secured
Parties, the Note Insurer or any of the other Persons party hereto for
purposes of or in connection with this Agreement or any transaction
contemplated hereby is, and all such information hereafter furnished by the
Servicer to the Collateral Agent, the Secured Parties or the Note Insurer will
be, true and accurate in every material respect, and the Servicer has not
omitted , and will not omit, to disclose any information which is material to
the transactions contemplated by this Agreement on the date such information
was or is furnished.

                           (e)    ACTION, SUITS. There are no actions, suits
or proceedings pending, or to the knowledge of the Servicer threatened,
against or affecting the Servicer or any Affiliate of the Servicer or their
respective properties, in or before any court, arbitrator or other body,
which, individually or in the aggregate, could reasonably be expected to cause
a Material Adverse Effect. The Servicer is not in violation of any order of
any Official Body.

                           (f)    NATURE OF RECEIVABLES. Each Receivable
included in the calculation of the Net Receivables Balance satisfies at such
time the definition of "Eligible Receivable" and is not a Defaulted Receivable.

                           (g)    CREDIT AND COLLECTION POLICY. Since
September 30, 2000, there have been no material changes in the Credit and
Collection Policy other than as permitted hereunder. Since such date, no
material adverse change has occurred in the overall rate of collection of the
Receivables.

                           (h)    COLLECTIONS AND SERVICING; MATERIAL ADVERSE
EFFECT. Since September 30, 2000, there has not been any material adverse
change in the ability of the Servicer to service and collect the Receivables
or other Material Adverse Effect relating to the Servicer.

                                      52

<PAGE>

                           (i)    NOT AN INVESTMENT COMPANY OR A HOLDING
COMPANY. The Servicer is not, and is not controlled by, an "investment
company" within the meaning of the Investment Company Act of 1940, as amended,
or is exempt from all provisions of such Act. The Servicer is not a "holding
company," or a subsidiary or affiliate of a "holding company," within the
meaning of the Public Utility Holding Company Act of 1935, as amended.

                           (j)    LOCK-BOX ACCOUNT. The name and address of
the Lock-Box Bank, together with the account number of the Lock-Box Account at
such Lock-Box Bank, are specified in Exhibit A (or at such other Lock-Box
Banks and/or with such other Lock-Box Accounts as have been notified to the
Debtor and the Collateral Agent and for which Lock-Box Agreements have been
executed in accordance with Section 2.6(b) hereof and delivered to the
Collateral Agent). All Obligors have been instructed (or will be instructed on
their next billing statement) to make payment to a Lock-Box Account.

                                   ARTICLE IV

                              CONDITIONS PRECEDENT

         SECTION 4.1.  CONDITIONS TO CLOSING. The obligation of the Purchaser
to pay for the Note upon initial issuance is subject to (i) satisfaction of
the conditions precedent set forth in Section 4.01 of the Note Purchase
Agreement and (ii) receipt by the Note Insurer of the following documents,
instruments and fees, all of which shall be in a form and substance acceptable
to the Note Insurer:

                           (a)    An executed copy of this Agreement, the
Master Receivables Purchase Agreement, the Premium Side Letter and each of the
other Transaction Documents (other than Hedging Arrangements not then
executed, which shall be subject to the review and approval procedures of
Section 5.3 hereof).

                           (b)    Any other fees or amounts due and payable on
the Closing Date in accordance with the Premium Side Letter.

                           (c)    Such other documents, approvals, consents,
instruments, certificates or opinions as the Collateral Agent or the Secured
Parties shall reasonably request.

                           (d)    A copy of the resolutions of the Board of
Directors of AmeriCredit, certified by its Secretary approving the execution,
delivery and performance by it (and the Debtor) of this Agreement, the Master
Receivables Purchase Agreement, the Trust Agreement and the other Transactions
Documents to be delivered by it (and the Debtor) hereunder or thereunder and
all other documents evidencing necessary corporate action (including
shareholders consents) and government approvals, if any.

                           (e)    A copy of the resolutions of the Board of
Directors of AMTN, certified by its Secretary approving the execution,
delivery and performance by it of this Agreement, the Master Receivables
Purchase Agreement, the Trust Agreement and the other Transactions Documents
to be delivered by it hereunder or thereunder and all other documents

                                      53

<PAGE>

evidencing necessary corporate action (including shareholders consents, if
any) and government approvals, if any.

                           (f)    The certificate of trust of the Debtor
certified by the Secretary of State of the State of Delaware dated a date
reasonably prior to the Closing Date.

                           (g)    The certificate of incorporation of
AmeriCredit certified by the Secretary of State of the State of Delaware dated
a date reasonably prior to the Closing Date.

                           (h)    The certificate of incorporation of AMTN
certified by the Secretary of State of the State of Delaware dated a date
reasonably prior to the Closing Date.

                           (i)    (i) The articles of incorporation of the
Trustee certified by an officer of the Trustee dated a date reasonably prior
to the Closing Date and (ii) a power of attorney granted by the Trust in favor
of Bankers Trust (Delaware).

                           (j)    A Good Standing Certificate for the Debtor
issued by the Secretary of State of the State of Delaware and certificates of
qualification as a foreign trust issued by the Secretary of State or other
similar official of each jurisdiction where such qualification is material to
the transactions contemplated by this Agreement, the Master Receivables
Purchase Agreement and the other Transaction Documents, in each case, dated a
date reasonably prior to the Closing Date.

                           (k)    A Good Standing Certificate for AmeriCredit
issued by the Secretary of State of the State of Delaware and certificates of
qualification as a foreign corporation issued by the Secretary of State or
other similar official of Texas and California, in each case, dated a date
reasonably prior to the Closing Date.

                           (l)    A Good Standing Certificate for AMTN issued
by the Secretary of State of the State of Delaware and certificates of
qualification as a foreign corporation issued by the Secretary of State or
other similar official of each jurisdiction where such qualification is
material to the transactions contemplated by this Agreement, the Master
Receivables Purchase Agreement and the other Transaction Documents, in each
case, dated a date reasonably prior to the Closing Date.

                           (m)    A Good Standing Certificate for the Trustee
issued by the Secretary of State of the State of Delaware, dated a date
reasonably prior to the Closing Date.

                           (n)    [Intentionally Omitted].

                           (o)    A Certificate of the Secretary of
AmeriCredit substantially in the form of Exhibit I hereto.

                           (p)    A Certificate of the Secretary of AMTN
substantially in the form of Exhibit I hereto.

                           (q)    A Certificate of the Secretary of the
Trustee substantially in the form of Exhibit I hereto.

                                      54

<PAGE>

                           (r)    Acknowledgement copies of proper financing
statements (Form UCC-1), naming AmeriCredit as the debtor/seller in favor of
the Debtor as secured party/purchaser and the Collateral Agent, for the
benefit of the Secured Parties, as assignee of the secured party/purchaser or
other similar instruments or documents as may be necessary or in the
reasonable opinion of the Collateral Agent desirable under the UCC of all
appropriate jurisdictions or any comparable law to perfect the Debtor's
interest in the Receivables, Related Security and Collections, free and clear
of any Adverse Claim.

                           (s)    Acknowledgement copies of proper financing
statements (Form UCC-1), naming AMTN as the debtor/seller in favor of the
Debtor as secured party/purchaser and the Collateral Agent, for the benefit of
the Secured Parties, as assignee of the secured party/purchaser or other
similar instruments or documents as may be necessary or in the reasonable
opinion of the Collateral Agent desirable under the UCC of all appropriate
jurisdictions or any comparable law to perfect the Debtor's interest in the
Receivables, Related Security and Collections, free and clear of any Adverse
Claim.

                           (t)    Acknowledgement copies of proper financing
statements (Form UCC-1), naming the Debtor as the debtor in favor of the
Collateral Agent, for the benefit of the Secured Parties, or other similar
instruments or documents as may be necessary or in the reasonable opinion of
the Collateral Agent desirable under the UCC of all appropriate jurisdictions
or any comparable law to perfect the Collateral Agent's security interest in
the Collateral, including all Receivables, Related Security and Collections,
free and clear of any Adverse Claim.

                           (u)    Copies of proper financing statements (Form
UCC-3), if any, necessary to terminate all security interests and other rights
of any person in the Receivables, Related Security and Collections, previously
granted by AmeriCredit.

                           (v)    Copies of proper financing statements (Form
UCC-3), if any, necessary to terminate all security interests and other rights
of any person in the Receivables, Related Security and Collections, previously
granted by AMTN.

                           (w)    Copies of proper financing statements (Form
UCC-3), if any, necessary to terminate all security interests and other rights
of any person in the Collateral, including the Receivables, Related Security
and Collections, previously granted by the Debtor.

                           (x)    Certified copies of request for information
or copies (Form UCC-11) (or a similar search report certified by parties
acceptable to the Collateral Agent) dated a date reasonably near the date of
the Initial Funding listing all effective financing statements which name the
Debtor, AmeriCredit or AMTN (under its present name and any previous name) as
debtor and which are filed in jurisdictions in which the filings were made
pursuant to items (p), (q) and (r) above together with copies of such
financing statements with respect to AMTN and the Debtor, and, with respect to
AmeriCredit, as may be requested by the Note Insurer or its counsel (none of
which shall cover any Receivables or Contracts).

                           (y)    Executed copies of the Lock-Box Agreement
relating to the Lock-Box Account.

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<PAGE>

                           (z)    An opinion of Dewey Ballantine LLP, special
counsel to the Debtor, AmeriCredit and AMTN, in form and substance
satisfactory to the Note Insurer and the Note Insurer's counsel.

                           (aa)   An opinion of Dewey Ballantine LLP, special
counsel to the Debtor, AmeriCredit and AMTN, covering certain bankruptcy and
insolvency matters (i.e. "true sale" and non-consolidation) in form and
substance satisfactory to the Note Insurer and the Note Insurer's counsel.

                           (bb)   The Note, duly executed by the Debtor and
appropriately completed.

                           (cc)   Executed copies of the documentation
relating to any Hedging Arrangement.

                           (dd)   Such other documents, approvals, consents,
instruments, certificates or opinions as the Collateral Agent or the Secured
Parties shall reasonably request.

                                    ARTICLE V

                                    COVENANTS

         SECTION 5.1.  AFFIRMATIVE COVENANTS OF THE DEBTOR AND AMERICREDIT. At
all times from the date hereof to the date on which all Secured Obligations
have been paid in full in cash, unless the Collateral Agent and the Secured
Parties shall otherwise consent in writing:

                           (a)    FINANCIAL REPORTING AND OTHER INFORMATION.
AmeriCredit and AMTN shall, and shall cause the Debtor and each of the
Debtor's, AmeriCredit's and AMTN's Subsidiaries to, maintain, for itself and
each of its respective Subsidiaries, a system of accounting established and
administered in accordance with GAAP, and furnish to the Note Insurer and the
Collateral Agent:

                           (i)    ANNUAL REPORTING. As soon as available and
in any event within 90 days (or the next succeeding Business Day if the last
day of such period is not a Business Day) after the end of each fiscal year, a
copy of the audited consolidated financial statements for such year for
AmeriCredit Corp. and its consolidated Subsidiaries prepared in accordance
with GAAP and any management letter (which letter shall be furnished as soon
as available) prepared by independent certified public accountants acceptable
to the Note Insurer, certified, without qualification by such accountants and
each other report or statement sent to shareholders or publicly filed by
AmeriCredit Corp. or the Debtor.

                           (ii)   QUARTERLY REPORTING. As soon as available
and in any event within 45 days (or the next succeeding Business Day if the
last day of such period is not a Business Day) after the end of each of the
first three quarters of each fiscal year of AmeriCredit Corp., a consolidated
balance sheet of AmeriCredit Corp. and its consolidated Subsidiaries as of the
end of such quarter and including the prior comparable period, and a
consolidated statement of income of AmeriCredit Corp. and its consolidated
Subsidiaries for such quarter and for the

                                      56

<PAGE>

period commencing at the end of the previous fiscal year and ending with the
end of such quarter, certified by the chief financial officer or chief
accounting officer of AmeriCredit Corp. identifying such documents as being
the documents described in this Section 5.1(a)(ii) and stating that the
information set forth therein fairly presents the financial condition of
AmeriCredit Corp. and its consolidated Subsidiaries as of and for the periods
then ended, subject to year-end adjustments consisting only of normal,
recurring accruals.

                           (iii)  COMPLIANCE CERTIFICATE. Together with the
financial statements required pursuant to clauses (i) and (ii) above, a
compliance certificate signed by AmeriCredit Corp.'s chief financial officer,
treasurer or authorized officer who shall hold the office of a Vice President
or above, stating that (x) the attached financial statements have been
prepared in accordance with GAAP and accurately reflect the financial
condition of the Debtor or AmeriCredit Corp. as applicable and (y) to the best
of such Person's knowledge, no Termination and Amortization Event or Potential
Termination and Amortization Event exists, or if any Termination and
Amortization Event or Potential Termination and Amortization Event exists,
stating the nature and status thereof and showing the computation of, and
showing compliance with, each of the financial ratios and restrictions set
forth in Section 6.1(x), (y) and (z) hereof.

                           (iv)   SHAREHOLDERS STATEMENTS AND REPORTS.
Promptly upon the furnishing thereof to the shareholders of AmeriCredit Corp.,
copies of all financial statements, reports and proxy statements so furnished.

                           (v)    S.E.C. FILINGS. Promptly upon the filing
thereof, copies of all registration statements and annual, quarterly, monthly
or other regular reports which AmeriCredit Corp. or any Subsidiary files with
the Securities and Exchange Commission, other than any reports on Form 8-K
filed with respect to securitizations unrelated to this Agreement or the
transactions contemplated hereby.

                           (vi)   NOTICE OF TERMINATION AND AMORTIZATION
EVENTS OR POTENTIAL TERMINATION AND AMORTIZATION EVENTS, ETC. (A) As soon as
possible and in any event within two (2) days after the occurrence of each
Termination and Amortization Event or each Potential Termination and
Amortization Event, a statement of the chief financial officer, chief
accounting officer or treasurer of the Servicer setting forth details of such
Termination and Amortization Event or Potential Termination and Amortization
Event and the action which the Debtor proposes to take with respect thereto,
which information shall be updated promptly from time to time; (B) promptly
after the Debtor obtains knowledge thereof, notice of any Termination and
Amortization Event, litigation, investigation or proceeding that may exist at
any time between the Servicer and any Person that may result in a Material
Adverse Effect or any litigation or proceeding relating to any Transaction
Document; and (C) promptly after the occurrence thereof, notice of any
Material Adverse Effect.

                           (vii)  CHANGE IN CREDIT AND COLLECTION POLICY AND
DEBT RATINGS. Within ten (10) days after the date any material change in or
amendment to the Credit and Collection Policy is made, a copy of the Credit
and Collection Policy then in effect indicating such change or amendment.
Within five (5) days after the date of any change in AmeriCredit's or
AmeriCredit Corp.'s public or private debt ratings, if any, a written
certification of AmeriCredit's or AmeriCredit Corp.'s public and private debt
ratings after giving effect to any such change.

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                           (viii) ERISA. Promptly after the filing or receiving
thereof, copies of all reports and notices with respect to any Reportable Event
(as defined in Article IV of ERISA) which the Debtor, AmeriCredit, AMTN or any
ERISA Affiliate of the Debtor, AmeriCredit or AMTN files under ERISA with the
Internal Revenue Service, the Pension Benefit Guaranty Corporation or the U.S.
Department of Labor or which the Debtor, AmeriCredit, AMTN or any ERISA
Affiliates of the Debtor, AmeriCredit or AMTN receives from the Internal Revenue
Service, the Pension Benefit Guaranty Corporation or the U.S. Department of
Labor.

                           (ix)   CHANGE IN ACCOUNTANTS OR ACCOUNTING POLICY.
Promptly, notice of any change in the accountants or material change in
accounting policy of either the Debtor, AmeriCredit Corp., AmeriCredit or AMTN.

                           (x)    OTHER INFORMATION. Such other information
(including non-financial information) with respect to the Debtor, AmeriCredit
Corp., AmeriCredit, AMTN or any of their respective Subsidiaries as the Note
Insurer, the Collateral Agent or any Secured Party may from time to time
reasonably request.

                           (b)    CONDUCT OF BUSINESS. (i) AmeriCredit and
AMTN shall cause the Debtor and each of the Debtor's, AmeriCredit's and AMTN's
Subsidiaries to, carry on and conduct its business in substantially the same
manner and in substantially the same fields of enterprise as it is presently
conducted and do all things necessary to remain duly organized, validly
existing and in good standing as a domestic corporation in its jurisdiction of
organization and maintain all requisite authority to conduct its business in
each jurisdiction in which its business is conducted and (ii) the Debtor and
AMTN shall at all times be a wholly-owned Subsidiary of AmeriCredit.

                           (c)    COMPLIANCE WITH LAWS. AmeriCredit or AMTN
shall, and shall cause the Debtor and each of the Debtor's, AmeriCredit's and
AMTN's Subsidiaries to, comply with all laws, rules, regulations, orders,
writs, judgments, injunctions, decrees or awards to which it or its respective
properties may be subject.

                           (d)    FURNISHING OF INFORMATION AND INSPECTION OF
RECORDS. AmeriCredit or AMTN shall, and shall cause the Debtor to, furnish to
the Note Insurer from time to time such information with respect to the
Receivables as the Note Insurer may reasonably request, including, without
limitation, listings identifying the Obligor and the outstanding balance for
each Receivable. AmeriCredit or AMTN shall, and shall cause the Debtor to, at
any time and from time to time, during regular business hours and, provided
that a Termination and Amortization Event or Potential Termination and
Amortization Event shall not have occurred and be continuing, upon reasonable
prior notice, permit the Collateral Agent or any Secured Party, or their
agents or representatives, (i) to examine and make copies of and take
abstracts from all Records and (ii) to visit the offices and properties of the
Debtor, AmeriCredit or AMTN, as applicable, for the purpose of examining such
Records, and to discuss matters relating to Receivables or the Debtor's,
AmeriCredit's or AMTN's performance hereunder and under the other Transaction
Documents to which such Person is a party with any of the officers, directors,
employees or independent public accountants of the Debtor, AmeriCredit or
AMTN, as applicable, having knowledge of such matters.

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                           (e)    OFFICES, RECORDS AND BOOKS OF ACCOUNT. The
Debtor (i) shall keep its principal place of business and chief executive
office (as such terms or similar terms are used in the UCC) and the office
where it keeps its records concerning the Receivables at the address of the
Debtor set forth in Section 9.3 hereof or at any other locations in
jurisdictions where all actions requested by the Secured Parties to protect
and perfect the interest of the Collateral Agent, for the benefit of the
Secured Parties, in the Collateral have been taken and completed and (ii)
shall provide the Collateral Agent with at least 30 days' written notice
before making any change in the Debtor's name or making any other change in
the Debtor's identity or corporate structure that could render any UCC
financing statement filed in connection with this Agreement seriously
misleading as such term (or similar term) is used in the UCC. Each notice to
the Collateral Agent pursuant to the foregoing sentence shall set forth the
applicable change and the effective date thereof. AmeriCredit or AMTN shall,
and shall cause the Debtor to, maintain and implement administrative and
operating procedures (including, without limitation, an ability to recreate
records evidencing Receivables in the event of the destruction of the
originals thereof), and keep and maintain, all documents, books, records and
other information reasonably necessary or advisable for the collection of all
Receivables (including, without limitation, records adequate to permit the
daily identification of each new Receivable and all Collections of and
adjustments to each existing Receivable). AmeriCredit or AMTN shall, and shall
cause the Debtor to, give the Note Insurer notice of any material change in
the administrative and operating procedures of the Debtor, AmeriCredit or
AMTN, as applicable, referred to in the previous sentence.

                           (f)    PERFORMANCE AND COMPLIANCE WITH CONTRACTS
RELATED TO THE RECEIVABLES. AmeriCredit or AMTN, at their expense, shall, and
shall cause the Debtor to, timely and fully perform and comply with all
material provisions, covenants and other promises required to be observed by
the Debtor, AmeriCredit or AMTN under the Contracts related to the Receivables.

                           (g)    CREDIT AND COLLECTION POLICIES. AmeriCredit
or AMTN shall, and shall cause the Debtor to, comply in all material respects
with the Credit and Collection Policy in regard to each Receivable and the
related Contract.

                           (h)    COLLECTIONS. AmeriCredit or AMTN shall, and
shall cause the Debtor to, instruct all Obligors to cause all Collections to
be deposited directly to a Lock-Box Account.

                           (i)    COLLECTIONS RECEIVED. AmeriCredit or AMTN
shall, and shall cause the Debtor to, hold in trust, and deposit, immediately,
but in any event not later than forty-eight (48) hours of its receipt thereof,
to the Collection Account all Collections received from time to time by the
Debtor, AmeriCredit or AMTN, as the case may be.

                           (j)    CONTRIBUTION TREATMENT. AmeriCredit or AMTN
shall not, and shall not permit the Debtor to, account for (including for
accounting and tax purposes), or otherwise treat, the transactions
contemplated by the Master Receivables Purchase Agreement in any manner other
than as a contribution of Receivables by AmeriCredit or AMTN, as applicable,
to the Debtor. In addition, AmeriCredit or AMTN shall, and shall cause the
Debtor to, disclose (in a footnote or otherwise) in all of its respective
financial statements (including any such

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financial statements consolidated with any other Persons' financial
statements) the existence and nature of the transactions contemplated by the
Master Receivables Purchase Agreement and the interest of the Debtor (in the
case of AmeriCredit's or AMTN's financial statements) in the Affected Assets.

                           (k)    SEPARATE BUSINESS. (a) The Debtor shall be a
limited purpose entity whose primary activities are restricted in the Trust
Agreement to (i) purchasing or otherwise acquiring from AmeriCredit or AMTN,
owning, holding, granting security interests or selling interests in Affected
Assets, (ii) entering into agreements for the selling, financing and servicing
of the Affected Assets, and (iii) conducting such other activities as it deems
necessary or appropriate to carry out its primary activities. The Debtor shall
not create any Subsidiaries or divisions. The Debtor shall not engage in any
business other than the transactions contemplated by the Transaction
Documents. The Debtor shall at all times (a) to the extent the Debtor's office
is located in the offices of AmeriCredit, AMTN or any Affiliate of AmeriCredit
or AMTN, pay fair market rent for its executive office space located in such
offices, (b) maintain the Debtor's books, financial statements, accounting
records and other trust documents and records separate from those of
AmeriCredit, AMTN or any other entity, (c) not commingle the Debtor's assets
with those of AmeriCredit, AMTN or any other entity, (d) act solely in its own
name and through its own authorized officers and agents, (e) make investments
directly or by brokers engaged and paid by the Debtor or its agents (PROVIDED
that if any such agent is an Affiliate of the Debtor it shall be compensated
at a fair market rate for its services), (f) separately manage its liabilities
from those of AmeriCredit, AMTN or any Affiliates of AmeriCredit or AMTN and
pay its own liabilities, including all administrative expenses, from its own
separate assets, except that AmeriCredit may pay the organizational expenses
of the Debtor, and (g) pay from the Debtor's assets all obligations and
indebtedness of any kind incurred by the Debtor. The Debtor shall abide by all
trust formalities, and the Debtor shall cause its financial statements to be
prepared in accordance with GAAP in a manner that indicates the separate
existence of the Debtor and its assets and liabilities. The Debtor shall (i)
pay all its liabilities, (ii) not assume the liabilities of AmeriCredit, AMTN
or any Affiliate of AmeriCredit or AMTN, (iii) not lend funds or extend credit
to AmeriCredit, AMTN or any Affiliate of AmeriCredit or AMTN and (iv) not
guarantee the liabilities of AmeriCredit, AMTN or any Affiliates of
AmeriCredit or AMTN. The officers of the Debtor (as appropriate) shall make
decisions with respect to the business and daily operations of the Debtor
independent of and not dictated by any controlling entity. The Debtor shall
not engage in any business not permitted by the Trust Agreement as in effect
on the Closing Date.

                           (l)    TRUST AGREEMENT. The Debtor shall only
amend, alter, change or repeal the Trust Agreement with the prior written
consent of the Collateral Agent and the Note Insurer.

         SECTION 5.2.  NEGATIVE COVENANTS OF DEBTOR, AMTN AND AMERICREDIT. At
all times from the date hereof to the date on which all Secured Obligations
shall have been paid in full in cash, unless the Collateral Agent and the
Secured Parties shall otherwise consent in writing:

                           (a)    NO SALES, LIENS, ETC. Except as otherwise
provided herein and in the Master Receivables Purchase Agreement, AmeriCredit
and AMTN shall not, and shall not permit the Debtor to, sell, assign (by
operation of law or otherwise) or otherwise dispose of, or

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create or suffer to exist any Adverse Claim (or the filing of any financing
statement) upon or with respect to any of the Affected Assets, or any account
which concentrates in a Lock-Box Bank to which any Collections of any
Receivable are sent, or assign any right to receive income in respect thereof.

                           (b) EXTENSIONS AND AMENDMENTS OF RECEIVABLES.
AmeriCredit or AMTN shall not, and shall not permit the Debtor to, extend, amend
or otherwise modify the terms of any Receivable, or amend, modify or waive any
term or condition of any Contract related thereto, except in accordance with the
Terms of Section 2.2(c) of the Servicing Agreement.

                           (c) NO AMENDMENT OF MASTER RECEIVABLES PURCHASE
AGREEMENT. AmeriCredit or AMTN shall not, and shall not permit the Debtor to,
amend, supplement or otherwise modify the Master Receivables Purchase Agreement
or waive any provision thereof, in each case except with the prior written
consent of the Collateral Agent and the Secured Parties; nor shall AmeriCredit
or AMTN take, or permit the Debtor to take, any other action under the Master
Receivables Purchase Agreement that could have a material adverse effect on the
Note Insurer, the Purchaser or any other Owner or which is inconsistent with the
terms of this Agreement.

                           (d) NO CHANGE IN BUSINESS OR CREDIT AND COLLECTION
POLICY. AmeriCredit or AMTN shall not, and shall not permit the Debtor to, make
any change in the character of its business or in the Credit and Collection
Policy, which change would, in either case (i) impair the collectibility of any
Receivable or (ii) otherwise have a Material Adverse Effect.

                           (e) NO MERGERS, SALE OF ASSETS, ETC. AmeriCredit or
AMTN shall not, and shall not permit the Debtor to, (i) consolidate or merge
with or into any other Person, or (ii) sell, lease or transfer all or
substantially all of its assets to any other Person; PROVIDED, HOWEVER, that no
such sale shall be deemed to occur solely as a result of a Take-Out or solely as
a result of the sale of Contracts and related Receivables which are released to
the Debtor pursuant to Section 2.16 hereof.

                           (f) CHANGE IN PAYMENT INSTRUCTIONS TO OBLIGORS.
AmeriCredit or AMTN shall not, and shall not permit the Debtor or the Servicer
to, add or terminate any bank as a Lock-Box Bank or any account as a Lock-Box
Account to or from those listed in Exhibit A hereto or make any change in its
instructions to Obligors regarding payments to be made to any Lock-Box Account,
unless (i) such instructions are to deposit such payments to another existing
Lock-Box Account or (ii) the Collateral Agent and the Note Insurer shall have
received written notice of such addition, termination or change at least 30 days
prior thereto and the Collateral Agent and the Note Insurer shall have received
a Lock-Box Agreement executed by each new Lock-Box Bank or existing Lock-Box
Bank, as applicable, with respect to each new Lock-Box Account.

                           (g) CHANGE OF NAME, ETC. AmeriCredit or AMTN shall
not, and shall not permit the Debtor to, change its name, identity or structure
or the location of its chief executive office, unless at least 30 days prior to
the effective date of any such change the Debtor,

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AmeriCredit or AMTN, as applicable, delivers to the Collateral Agent (i) such
documents, instruments or agreements, executed by the Debtor or the
Collateral Agent, as applicable, as are necessary to reflect such change and
to continue the perfection of the Collateral Agent's security interest in the
Collateral and (ii) new or revised Lock-Box Agreements executed by the
Lock-Box Banks which reflect such change and enable the Note Insurer to
continue to exercise its rights contained in Section 2.6 hereof.

                           (h) CONTRIBUTION TREATMENT. AmeriCredit or AMTN shall
not, and shall not permit the Debtor to account for (including for accounting
and tax purposes), or otherwise treat, the transactions contemplated by the
Master Receivables Purchase Agreement in any manner other than as a contribution
of Receivables by AmeriCredit or AMTN, as applicable, to the Debtor.

                           (i) OTHER DEBT. Except as provided for herein, the
Debtor shall not create, incur, assume or suffer to exist any indebtedness
whether current or funded, or any other liability other than indebtedness of the
Debtor representing fees, expenses and indemnities arising hereunder or under
the Master Receivables Purchase Agreement for the purchase price of the
Receivables under the Master Receivables Purchase Agreement.

                           (j) ERISA MATTERS. The Servicer shall not, and shall
not permit AmeriCredit, AMTN or the Debtor to, (i) engage or permit any of its
respective ERISA Affiliates to engage in any prohibited transaction (as defined
in Section 4975 of the Code and Section 406 of ERISA) for which an exemption is
not available or has not previously been obtained from the U.S. Department of
Labor; (ii) permit to exist any accumulated funding deficiency (as defined in
Section 302(a) of ERISA and Section 412(a) of the Code) or funding deficiency
with respect to any Benefit Plan other than a Multiemployer Plan; (iii) fail to
make any payments to any Multiemployer Plan that the Debtor, AmeriCredit, AMTN
or any ERISA Affiliate of the Debtor, AmeriCredit or AMTN is required to make
under the agreement relating to such Multiemployer Plan or any law pertaining
thereto; (iv) terminate any Benefit Plan so as to result in any liability; (v)
permit to exist any occurrence of any reportable event described in Title IV of
ERISA which represents a material risk of a liability to the Debtor,
AmeriCredit, AMTN or any ERISA Affiliate of the Debtor, AmeriCredit or AMTN
under ERISA or the Code; or (vi) take any action or fail to take any action
which shall give rise to a lien under Section 302(f) of ERISA or cause the
Internal Revenue Service to indicate its intention in writing or to file a
notice of lien asserting a claim or claims pursuant to the Code with regard to
any assets of the Debtor, AmeriCredit, AMTN or any ERISA Affiliate or cause the
Pension Benefit Guaranty Corporation to indicate its intention in writing to
file a notice of lien asserting a claim pursuant to ERISA with regard to any
assets of the Debtor, AmeriCredit, AMTN or any ERISA Affiliate or to terminate
any Benefit Plan, or to take any steps to terminate any Benefit Plan, if such
prohibited transactions, accumulated funding deficiencies, payments,
terminations, reportable events and actions or inactions occurring within any
fiscal year of the Debtor, AmeriCredit and AMTN, in the aggregate, involve a
payment of money or an incurrence of liability by the Debtor, AmeriCredit, AMTN
or any ERISA Affiliate of the Debtor, AmeriCredit or AMTN, in an amount in
excess of $10,000.

                           (k) PAYMENT TO AMERICREDIT AND AMTN. With respect to
any Receivable sold by AmeriCredit or AMTN to the Debtor, AmeriCredit or AMTN
shall, and shall

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cause the Debtor to, effect such sale under, and pursuant to the terms of,
the Master Receivables Purchase Agreement, including, without limitation, the
payment by the Debtor in cash to AmeriCredit or AMTN, as the case may be, an
amount equal to the purchase price for such Receivable as required by the
terms of the Master Receivables Purchase Agreement.

                           (l) the Debtor shall not engage in any business or
activity other than set forth in its organizational documents;

                           (m) the Debtor shall not, without the affirmative
vote of 100% of the its Certificateholders, institute proceedings to be
adjudicated bankrupt or insolvent, or consent to the institution of bankruptcy
or insolvency proceedings against it, or file a petition seeking or consent to
reorganization or relief under any applicable federal or state law relating to
bankruptcy, or consent to the appointment of a receiver, liquidator, assignee,
trustee, sequestrator of the corporation or substantial part of its property, or
make any assignment for the benefit of creditors, or admit in writing its
inability to pay its debts generally as they become due, or take corporate
action in furtherance of any such action.

                           (n) the Debtor shall not amend, change or repeal its
Certificate of Incorporation as in effect on the date hereof with the prior
written consent of the Collateral Agent and the Note Insurer.

         SECTION 5.3. HEDGING ARRANGEMENTS. The Debtor shall (a) at or prior to
the time of any Receivables Delivery, provide to the Note Insurer, and the
Collateral Agent an Officer's Certificate stating that the Servicer has Hedging
Arrangements in place satisfying the conditions of this Section 5.3 as set forth
below, and (b) in connection with any Servicer's Certificate provided hereunder
and to the extent not previously provided, provide an executed copy of all
existing Hedging Arrangements, which Hedging Arrangements shall be satisfactory
to the Collateral Agent, and with respect to which the Debtor shall be the
beneficiary, in respect of an aggregate notional amount equal to the lesser of
(i) the Net Investment and (ii) the Net Receivables Balance, and if such Hedging
Arrangement is a swap, not greater than the Net Investment related to such swap.

                  On each Delivery Date, the notional balance of the Hedging
Arrangement shall be in an amount equal to the lesser of (i) the Net Investment
and (ii) the Net Receivables Balance and, in the case of a swap, not exceeding
the Net Receivables Balance (including any Receivables to be added in connection
with such Funding). The form, structure and counterparty to each Hedging
Arrangement shall be acceptable to the Note Insurer and the Collateral Agent
(and which, unless such Hedging Agreement is a cap agreement, shall be submitted
to the Note Insurer and the Collateral Agent for their prior review) and must be
in full force and effect at all times during which the Net Receivables Balance
is greater than zero (however such required amount may be reduced for the period
of time between the pricing and the funding of a structured financing utilizing
receivables released to the Debtor pursuant to Section 2.16 hereof by the
Aggregate Outstanding Balance of such Receivables). Any counterparty to a
Hedging Arrangement shall have a long-term unsecured debt rating from Moody's
and S&P of at least "A2" and "A", respectively.

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                  With respect to any Hedging Arrangement, (i) on and after the
occurrence of a Termination and Amortization Event or Potential Termination and
Amortization Event, the Note Insurer shall have the right, in its sole
discretion, to direct the Debtor's actions with respect thereto and (ii) the
related amortization schedule shall be approved by the Note Insurer.

                  Any Hedging Arrangement relating to a Receivables Delivery
which is an interest rate cap agreement shall consist of the following
requirements (each interest rate cap agreement meeting the following
requirements, an "Interest Rate Cap" and collectively, the "Interest Rate
Caps"): (i) any such counterparty thereto not rated at least "A" by S&P or "A2"
by Moody's shall be approved in writing by the Note Insurer, Moody's and S&P;
(ii) each Interest Rate Cap shall be documented in form and substance reasonably
acceptable to the Note Insurer; (iii) the strike rate of any Interest Rate Cap
shall be set at a level that will not result in a Net Spread Deficiency; (iv)
all amounts payable by the counterparty thereunder shall be required to be paid
by such counterparty directly to the Collection Account; (v) the notional amount
thereunder shall amortize according to the scheduled amortization of the
Receivables funded on such Receivables Delivery Date assuming zero prepayments
and zero defaults with respect to such Receivables; (vi) the Interest Rate Cap
shall cover at least 100% of the lesser of (a) the Net Investment and (b) the
Net Receivables Balance and must be in effect for at least as long as the latest
maturing Receivables securing the Net Investment; and (vii) the Effective Date
shall be no later than the Receivables Delivery Date.

         SECTION 5.4.  AFFIRMATIVE COVENANTS OF THE SERVICER. At all times from
the date hereof to the date on which all Secured Obligations have been paid in
full in cash, unless the Collateral Agent and the Secured Parties shall
otherwise consent in writing:

                     (a)  CONDUCT OF BUSINESS. The Servicer shall, and
shall cause each of its Subsidiaries to, carry on and conduct its business in
substantially the same manner and in substantially the same fields of enterprise
as it is presently conducted and do all things necessary to remain duly
incorporated, validly existing and in good standing as a domestic corporation in
its jurisdiction of incorporation and maintain all requisite authority to
conduct its business in each jurisdiction in which its business is conducted.

                     (b)  COMPLIANCE WITH LAWS. The Servicer shall, and shall
cause each of its Subsidiaries to, comply with all laws, rules, regulations,
orders, writs, judgments, injunctions, decrees or awards to which it or its
respective properties may be subject.

                     (c)  FURNISHING OF INFORMATION AND INSPECTION OF
RECORDS. The Servicer shall furnish to the Note Insurer and the Collateral
Agent from time to time such information with respect to the Receivables as
the Note Insurer or the Collateral Agent may reasonably request (at the
Servicer's expense), including, without limitation, listings identifying the
Obligor and the outstanding balance for each Receivable. The Servicer shall,
at any time and from time to time during regular business hours and, provided
that a Termination and Amortization Event or Potential Termination and
Amortization Event shall not have occurred and be continuing, upon reasonable
prior notice, permit the Collateral Agent or any Secured Party, or their
agents or representatives, (i) to examine and make copies of and take
abstracts from all Records and (ii) to visit the offices and properties of
the Servicer for the purpose of examining such Records, and to discuss
matters relating to Receivables or its performance

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hereunder and under the other Transaction Documents to which it is a party
with any of the officers, directors, employees or independent public
accountants of the Servicer having knowledge of such matters.

                     (d)  KEEPING OF RECORDS AND BOOKS OF ACCOUNT. The
Servicer shall maintain and implement administrative and operating procedures
(including, without limitation, an ability to recreate records evidencing
Receivables in the event of the destruction of the originals thereof), and
keep and maintain, all documents, books, records and other information
reasonably necessary or advisable for the collection of all Receivables
(including, without limitation, records adequate to permit the daily
identification of each new Receivable and all Collections of and adjustments
to each existing Receivable). The Servicer shall give the Note Insurer notice
of any material change in its administrative and operating procedures
referred to in the previous sentence.

                     (e)  NOTICE OF COLLATERAL AGENT'S INTEREST. In the event
that the Debtor, AmeriCredit or AMTN shall sell or otherwise transfer any
interest in accounts receivable, the Servicer shall disclose on any computer
tapes or other documents or instruments provided by the Servicer in
connection with any such sale or transfer the Debtor's ownership of the
Receivables and the Servicer's interest therein.

                     (f)  CREDIT AND COLLECTION POLICIES. The Servicer shall
comply in all material respects with the Credit and Collection Policy with
respect to each Receivable and the related Contract.

                     (g)  COLLECTIONS. The Servicer shall instruct all
Obligors to cause all Collections to be deposited directly to a Lock-Box
Account.

                     (h)  COLLECTIONS RECEIVED. The Servicer shall hold in
trust, and deposit, immediately, but in any event not later than forty-eight
(48) hours of its receipt thereof, to a Lock-Box Account all Collections
received by it from time to time.

                     (i)  CHANGE IN ACCOUNTANTS OR ACCOUNTING POLICIES. The
Servicer shall promptly notify the Note Insurer of any change in its accountants
or material change in its accounting policy.

         SECTION 5.5. NEGATIVE COVENANTS OF THE SERVICER. At all times from the
date hereof to the date on which all Secured Obligations shall have been paid in
full in cash, unless the Collateral Agent and the Secured Parties shall
otherwise consent in writing:

                     (a)  EXTENSIONS OR AMENDMENTS OF RECEIVABLES. The
Servicer shall not extend, amend or otherwise modify the terms of any
Receivable, or amend, modify or waive any term or condition of any Contract
related thereto, except in accordance with the Terms of Section 2.2(c) of the
Servicing Agreement.

                     (b)  NO CHANGE IN BUSINESS OR CREDIT AND COLLECTION
POLICY. The Servicer shall not make any change in the character of its
business or in the Credit and Collection Policy, which change would, in
either case, impair the collectibility of any Receivable or otherwise have a
Material Adverse Effect.

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                     (c)  NO MERGERS, ETC. The Servicer shall not (i)
consolidate or merge with or into any other Person or (ii) sell, lease or
transfer all or substantially all of its assets to any other Person.

                     (d)  CHANGE IN PAYMENT INSTRUCTIONS TO OBLIGORS. The
Servicer shall not add or terminate any bank as a Lock-Box Bank or any
account as a Lock-Box Account to or from those listed in Exhibit A hereto or
make any change in its instructions to Obligors regarding payments to be made
to any Lock-Box Account, unless (i) such instructions are to deposit such
payments to another existing Lock-Box Account or (ii) the Note Insurer shall
have received written notice of such addition, termination or change at least
30 days prior thereto and the Collateral Agent shall have received a Lock-Box
Agreement executed by each new Lock-Box Bank or existing Lock-Box Bank, as
applicable, with respect to each new Lock-Box Account.

                                   ARTICLE VI

            TERMINATION AND AMORTIZATION EVENTS; OPTIONAL TERMINATION

         SECTION 6.1. TERMINATION AND AMORTIZATION EVENTS. The occurrence of any
one or more of the following events shall constitute a Termination and
Amortization Event:

                     (a)  any representation or warranty made by AmeriCredit
or AMTN in this Agreement, the Master Receivables Purchase Agreement (other
than the representations and warranties relating to the Receivables) or in
any other Transaction Document shall prove to have been incorrect in any
material respect when made or deemed made, or AmeriCredit or AMTN shall fail
to perform any covenant in this Agreement or any other Transaction Document;
or

                     (b)  AmeriCredit or AMTN shall fail to make any payment
or deposit to be made by it hereunder or under the Note Purchase Agreement,
the Servicing and Custodian Agreement or the Insurance Agreement when due
hereunder or thereunder; or

                     (c)  any Event of Bankruptcy shall occur with respect
to the Debtor, AmeriCredit or AMTN; or

                     (d)  an "Event of Default" shall have occurred and be
continuing under the Insurance Agreement; or

                     (e)  the Debtor shall at any time not be in compliance
with the requirements of Section 5.3 hereof and such noncompliance shall
continue for five (5) days; or

                     (f)  any event of default by the Debtor under the
Hedge Agreement, as defined by the ISDA guidelines with respect to the related
hedge type; or

                     (g)  the long-term debt rating of any hedge counterparty
under a Hedge Agreement is either A-/A3 or below or withdrawn or suspended
(unless a new hedge counterparty reasonably acceptable to the Note Insurer
replaces such hedge counterparty within 10 business days or Collateral
acceptable to the Note Insurer is transferred by the hedge

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<PAGE>

counterparty to the Debtor pursuant to a Collateral Agreement (as defined in
the Hedge Agreement) within 10 business days); or

                     (h)  the Collateral Agent, on behalf of the Secured
Parties, shall, for any reason, fail to have a valid and perfected security
interest in the Collateral, including, without limitation, the Receivables and
Related Security and Collections with respect thereto, free and clear of any
Adverse Claim; or

                     (i)  there shall have occurred any material adverse
change in the operations of AmeriCredit since the Closing Date which materially
adversely affects AmeriCredit's ability to service the Receivables or to perform
under the Servicing Agreement (or any other agreement pursuant to which it is
then servicing the Receivables), the Insurance Agreement, the Master Receivables
Purchase Agreement or any other Transaction Document; or

                     (j)  a final judgment for the payment of money in
excess of $10,000,000 shall have been rendered against AmeriCredit or AMTN by a
court of competent jurisdiction and AmeriCredit or AMTN shall not have either
(1) discharged or provided for the discharge of such judgment in accordance with
its terms, or (2) perfected a timely appeal of such judgment and caused the
execution thereof to be stayed (by supercedes or otherwise) pending such appeal
or (ii) AmeriCredit or AMTN shall have made payments of amounts in excess of
$15,000,000 in settlement of any litigation unless covered by insurance; or

                     (k)  a claim shall have been made under the Note Policy; or

                     (l)  during the Revolving Period only, a Yield
Supplement Account Shortfall exists, and continues for a period of five (5)
Business Days; or

                     (m)  a Reserve Account Shortfall exists at the close of
business on any Delivery Date, and remains uncured at the close of business
on the fifth (5th) Business Day following such Delivery Date; or

                     (n)  an unwaived event of default by AmeriCredit or AMTN
which continues for 10 or more days under any material agreement for borrowed
money exceeding $5,000,000 to which any such Person is a party; or the
default by the Debtor, AmeriCredit, AMTN or any Subsidiary of the Debtor or
AmeriCredit in the performance of any term, provision or condition contained
in any agreement to which any such Person is a party and under which any
Indebtedness owing by the Debtor, AmeriCredit, AMTN or any Subsidiary of the
Debtor, AmeriCredit or AMTN greater than such respective amounts was created
or is governed, regardless of whether such event is an "event of default" or
"default" under any such agreement; or any Indebtedness owing by the Debtor,
AmeriCredit, AMTN or any Subsidiary of the Debtor, AmeriCredit or AMTN
greater than such respective amounts shall be declared to be due and payable
or required to be prepaid (other than by a regularly scheduled payment) prior
to the date of maturity thereof; or

                     (o)  the Portfolio Delinquency Ratio averaged for the
three most recent Determination Dates shall exceed 5.50%; or

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<PAGE>

                     (p)  the Portfolio Net Loss Ratio for any Determination
Date shall exceed 8.00%; or

                     (q)  the Portfolio Repossession Ratio, as measured on a
3-month rolling average basis, is greater than 1.5%; or

                     (r)  the Cumulative Net Loss Ratio exceeds the amount
specified for the related Determination Date in Exhibit M hereto; or

                     (s)  the weighted average AmeriCredit Score for all
Receivables shall at any time be less than 220 or more than 5.00% of the
Receivables shall have an AmeriCredit Score below 200; or

                     (t)  the average Monthly Extension Ratios for the three
most recent Determination Dates shall exceed 2.50%; or

                     (u)  the weighted average remaining maturity of the
Receivables shall exceed 65 months; or

                     (v)  during the Revolving Period only, the Net
Investment exceeds the Borrowing Base, for five (5) consecutive days
following any Borrowing Base Determination Date; or

                     (w)  a Net Spread Deficiency exists, and such deficiency
continues for a period of more than five (5) Business Days; or

                     (x)  the Tangible Net Worth of AmeriCredit Corp. shall
be less than $600,000,000 for any period of twenty (20) consecutive days; or

                     (y)  the ratio of AmeriCredit Corp.'s Securitization
Assets to its Tangible Net Worth exceeds 2.5x; or

                     (z)  the ratio (on a rolling two quarter average
basis) of AmeriCredit Corp.'s Adjusted EBITDA for the two most recent financial
quarters to its Interest Expense for the two most recent financial quarters
shall be less than 1.2x; or

                     (aa) the Servicer or the Note Insurer shall have been
informed in writing by either Rating Agency that the risk covered by the Note
Policy shall no longer carry a shadow rating of at least BBB from S&P or Baa2
from Moody's and the failure to maintain either such shadow rating shall
continue for a period of five (5) days from the date that such notice is
provided; or

                     (bb) one or more courts of competent jurisdiction have
issued final, non-appealable orders to the effect that the Collateral Agent
is not the secured party with respect to Financed Vehicles financed under
Receivables with an Aggregate Outstanding Balance (i.e., as of the date upon
which such Receivables were originated), equal to 5.00% or more of the
Aggregate Outstanding Balance of all Receivables owned by the Debtor; or

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<PAGE>

                     (cc) AmeriCredit shall enter into any transaction or
merger whereby it is not the surviving entity (other than internal
re-organization), or AMTN or the Debtor shall enter into any merger
regardless of the surviving entity; or

                     (dd) the periodic due diligence by the Note Insurer (or
its designee) as permitted by the Transaction Documents, reveals that
Receivables representing more than 10% of the sample reviewed (which sample
must be of a reasonably statistically significant size) displays material
non-compliance with the standards described in the Credit and Collection
Policy; or

                     (ee) except as permitted by the transaction documents,
any assignment by AmeriCredit of its rights and obligations under the
Transaction Documents without the prior written consent of the Note Insurer;
or

                     (ff) the Trust becomes an "investment company" within
the meaning of the Investment Company Act of 1940; or

                     (gg) AMTN fails to repurchase Receivables in connection
with a breach of representation or warranty relating to the Receivables or
due to an incomplete or defective Receivable File, or as a result of the
related Lien Certificate not having been received by the Custodian by the
181st day following the origination date of the related Receivable; or

                     (hh) AmeriCredit is removed as servicer or is provided
with notice of servicer non-renewal on any outstanding term asset-backed
transaction; or

                     (ii) Eligible Receivables averaging less than 50% of the
Eligible Collateral during any calendar quarter, commencing with the first
quarter of 2001; or

                     (jj) more than 30% of the Eligible Receivables held as
Collateral have Contracts which provide for 72 monthly payments; or

                     (kk) the Weighted Average AmeriCredit Score for all of
the Eligible Receivables held as Collateral which have Contracts which
provide for 72 monthly payments is less than 230; or

                     (ll) a Servicer Termination Event occurs.

               In addition to the Termination and Amortization Events listed
above, the following Termination and Amortization Events apply only during the
Regular Amortization Period and only with respect to the Regular Amortization
Receivables Pool:

                     (a)  on any Determination Date, the Regular Amortization
Period Cumulative Net Loss Ratio exceeds the amount (based on weighted
average pool seasoning in months) specified for the related Determination
Date in Exhibit M hereto; or

                     (b)  on any Determination Date during the Regular
Amortization Period, the Delinquency Ratio, averaged for the 3 most recent
Determination Dates, exceeds the level specified for such Determination Date
in Exhibit N hereto; or

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<PAGE>

                     (c)  on any Determination Date during the Regular
Amortization Period, the Default Ratio exceeds the level specified for such
Determination Date in Exhibit O hereto; or

                     (d)  (i) on any of the sixth through eighth
Determination Dates during the Regular Amortization Period, the Annualized
Net Loss Ratio for Receivables held as Collateral, exceeds 9%; (ii) on any of
the ninth through twelfth Determination Dates during the Regular Amortization
Period, the Annualized Net Loss Ratio for Receivables held as Collateral,
exceeds 10%; (i) on any Determination Dates during the Regular Amortization
Period thereafter, the Annualized Net Loss Ratio for Receivables held as
Collateral, exceeds 11%.

         SECTION 6.2. TERMINATION. Upon the occurrence of any Termination and
Amortization Event hereunder, the Rapid Amortization Period shall commence,
unless the Note Insurer otherwise waives in writing such Termination and
Amortization Event. No waiver of any Termination and Amortization Event
hereunder shall be effective without the prior written consent of the Note
Insurer.

               The Debtor and the Servicer agree that they shall take all
actions (including reliening of the certificates of title or other title
documents in the name of the Collateral Agent on behalf of the Secured Parties)
and execute all documents as may be necessary or requested by the Collateral
Agent or the Note Insurer to perfect its interest in the Collateral, including,
without limitation, to perfect the Collateral Agent's security interest in the
Financed Vehicles. Each of the Debtor, AmeriCredit and AMTN hereby grant to the
Collateral Agent, on behalf of the Secured Parties, a power of attorney to act
in its place and stead to take all actions as may be necessary to perfect the
Collateral Agent's security interest in the Financed Vehicles. Each of
AmeriCredit, AMTN and the Debtor acknowledge that such power of attorney is
irrevocable and is coupled with an interest. In connection with any sale of the
Receivables by the Collateral Agent after the occurrence of a Termination and
Amortization Event, the Debtor shall have, for a period of five (5) Business
Days after notice of such proposed sale from or on behalf of the Secured
Parties, the right to repurchase the Receivables and related Contracts for a
price, payable in immediately available funds, in an amount equal to the then
outstanding Secured Obligations.

         SECTION 6.3. OPTIONAL REDEMPTION OF NOTE. On any Remittance Date (i)
following the occurrence of a Termination and Amortization Event (which
Termination and Amortization Event itself occurs on or after the eleventh
(11th) Remittance Date), the Note Insurer, on not fewer than fifteen (15)
prior Business Days' written notice delivered to the Debtor, the Servicer,
the Collateral Agent and the Purchaser may, or (ii) on or after the
twenty-third (23rd Remittance Date, the Debtor not fewer than fifteen (15)
prior Business Day's written notice delivered to the Note Insurer, the
Purchaser and the Collateral Agent, may, redeem the Note, in whole or in
part, on, in each case for a purchase price equal to the Net Investment then
outstanding, plus all accrued and unpaid Note Interest, to the date of
payment; and provided that all amounts, if any, then due and owing to the
Note Insurer, the Collateral Agent and the Servicer are paid in full in cash.
The purchase price shall be applied as set forth in Section 6.5 hereof.

         SECTION 6.4. OPTIONAL PURCHASE OF ALL RECEIVABLES. (a) On the last day
of any Settlement Period during the Amortization Period as of which the
Aggregate Outstanding Balance of all Receivables shall be less than or equal to
10% of the Aggregate Outstanding

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<PAGE>

Balance of all Receivables as of the beginning of the Amortization Period,
the Servicer and AMTN each shall have the option to purchase the Trust
Estate, other than the Accounts (with the consent of the Note Insurer if such
purchase would result in a claim on the Note Policy or would result in any
amount owing to the Note Insurer under the Insurance Agreement remaining
unpaid); provided, however, that the amount to be paid for such purchase (as
set forth in the following sentence) shall be sufficient to pay the full
amount of principal, premium, if any, and interest then due and payable on
the Notes and the Certificates and any amount then due and owed to the Note
Insurer. To exercise such option, the Servicer or AMTN, as the case may be,
shall deposit in the Collection Account an amount equal to the aggregate
Purchase Amount for the Receivables (including Liquidated Receivables), plus
the appraised value of any other property held by the Trust and any amount
then due and owed to the Note Insurer, such value to be determined by an
appraiser mutually agreed upon by the Servicer, the Note Insurer and the
Collateral Agent, and shall succeed to all interests in and to the Trust.

                     (b)  Notice of any termination of the Trust shall be
given to the Trustee, the Collateral Agent, the Note Insurer and the Rating
Agencies as soon as practicable after the Servicer has received notice
thereof.

                     (c)  All amounts deposited in the Collection Account
pursuant to this Section 6.4 shall be applied as set forth in Section 6.5
hereof.

         SECTION 6.5. PROCEEDS. The proceeds from the sale, disposition or
liquidation of the Receivables pursuant to Section 6.2 hereof, in connection
with any optional redemption of the Note pursuant to Section 6.3 hereof, or in
connection with the optional purchase of all Receivables pursuant to Section 6.4
hereof, shall be treated as Prepayment Amounts and applied pursuant to Section
2.4 hereof.

                                   ARTICLE VII

                              THE COLLATERAL AGENT

         SECTION 7.1. DUTIES OF THE COLLATERAL AGENT. The Secured Parties hereby
appoint The Chase Manhattan Bank to act solely on their behalf as Collateral
Agent hereunder, and The Chase Manhattan Bank hereby accepts such appointment.
The Collateral Agent, both prior to the occurrence of a Termination and
Amortization Event hereunder and after a Termination and Amortization Event
shall have been cured or waived, shall undertake to perform such duties and only
such duties as are specifically set forth in this Agreement. The Collateral
Agent shall at all times after the occurrence of a Termination and Amortization
Event which has not been cured or waived exercise such of the rights and powers
vested in it pursuant to this Agreement using the same degree of care and skill
as a prudent person would exercise or use in the conduct of his or her own
affairs.

               All Collections received by the Collateral Agent from the
Servicer or otherwise will, pending remittance to the Secured Parties entitled
thereto, be held in trust by the Collateral Agent for the benefit of the Secured
Parties and together with all other payment obligations of

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<PAGE>

the Debtor hereunder owing to the Secured Parties shall be payable to the
Secured Parties in accordance with the provisions of Article III hereof.

         SECTION 7.2. COMPENSATION AND INDEMNIFICATION OF COLLATERAL AGENT. The
Collateral Agent shall be compensated for its activities hereunder and
reimbursed for reasonable out-of-pocket expenses (including, but not limited to,
(i) securities transaction charges not waived due to the Collateral Agent's
receipt of a payment from a financial institution with respect to certain
Eligible Investments and (ii) the compensation and expenses of its counsel and
agents) pursuant to a separate letter agreement between the Collateral Agent and
the Debtor. All such amounts shall be payable from funds available therefor in
accordance with Section 2.3(a)(iv) and (xiii) hereof. Notwithstanding any other
provisions in this Agreement, the Collateral Agent shall not be liable for any
liabilities, costs or expenses of the Debtor arising under any tax law,
including without limitation any Federal, state or local income or franchise
taxes or any other tax imposed on or measured by income (or any interest or
penalties with respect thereto or from a failure to comply therewith).

                     (a)  Each of the Debtor and AmeriCredit shall, jointly
and severally, indemnify the Collateral Agent, its officers, directors,
employees and agents for, and hold it harmless against any loss, liability or
expense incurred without willful misconduct, gross negligence or bad faith on
its part, arising out of or in connection with (i) the acceptance or
administration of this Agreement, including the costs and expenses of
defending itself against any claim or liability in connection with the
exercise or performance of any of its powers or duties under this Agreement
and (ii) the negligence, willful misconduct or bad faith of the Debtor in the
performance of its duties hereunder. All such amounts shall be payable in
accordance with Section 2.3(a)(iv) and (xiii) hereof. The provisions of this
Section 7.2 shall survive the termination of this Agreement or the earlier
resignation or removal of the Collateral Agent.

         SECTION 7.3.  [INTENTIONALLY OMITTED].

         SECTION 7.4.  LIABILITY OF THE COLLATERAL AGENT.

                     (a)  The Collateral Agent shall be liable in accordance
herewith only to the extent of the obligations specifically undertaken by the
Collateral Agent in such capacity herein. No implied covenants or obligations
shall be read into this Agreement against the Collateral Agent and, in the
absence of bad faith on the part of the Collateral Agent, the Collateral
Agent may conclusively rely on the truth of the statements and the correctness
of the opinions expressed in any certificates or opinions furnished to the
Collateral Agent and conforming to the requirements of this Agreement.

                     (b)  The Collateral Agent shall not be liable for an
error of judgment made in good faith by an authorized officer, unless it
shall be conclusively proved in a judicial proceeding that the Collateral
Agent shall have been negligent in ascertaining the pertinent facts of which
the Collateral Agent is required by the terms of this Agreement or any other
Transaction Documents to make itself aware.

                     (c)  The Collateral Agent shall not be liable with
respect to any action taken, suffered or omitted to be taken in good faith in
accordance with this Agreement or at the

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<PAGE>

direction of a Secured Party relating to the exercise of any power conferred
upon the Collateral Agent under this Agreement.

                     (d)  The Collateral Agent shall not be charged with
knowledge of any Termination and Amortization Event unless an authorized
officer obtains actual knowledge of such event or the Collateral Agent
receives written notice of such event from the Debtor, the Purchaser, any
other Owner, any other Secured Party or the Note Insurer, as the case may be.

                     (e)  Without limiting the generality of this Section
7.4, the Collateral Agent shall have no duty (i) to see to any recording,
filing or depositing of this Agreement or any other Transaction Document or
any financing statement or continuation statement evidencing a security
interest in the Receivables or the Financed Vehicles, or to see to the
maintenance of any such recording or filing or depositing or to any
recording, refiling or redepositing of any thereof, (ii) to see to any
insurance of the Financed Vehicles or Obligors or to effect or maintain any
such insurance, (iii) to see to the payment or discharge of any tax,
assessment or other governmental charge or any Lien or encumbrance of any
kind owing with respect to, assessed or levied against, any part of the
Receivables, (iv) to confirm or verify the contents of any reports or
certificates of the Servicer or the Debtor delivered to the Collateral Agent
pursuant to this Agreement believed by the Collateral Agent to be genuine and
to have been signed or presented by the proper party or parties or (v) to
inspect the Financed Vehicles at any time or ascertain or inquire as to the
performance or observance of any of the Debtor's or the Servicer's
representations, warranties or covenants or the Servicer's duties and
obligations as Servicer and as custodian of books, records, files and
computer records relating to the Receivables.

                     (f)  The Collateral Agent shall not be required to
expend or risk its own funds or otherwise incur financial liability in the
performance of any of its duties hereunder, or in the exercise of any of its
rights or powers, if there shall be reasonable ground for believing that the
repayment of such funds or indemnity satisfactory to it against such risk or
liability shall not be assured to it, and none of the provisions contained in
this Agreement shall in any event require the Collateral Agent to perform, or
be responsible for the manner of performance of, any of the obligations of
the Servicer under this Agreement.

                     (g)  The Collateral Agent may conclusively rely and
shall be fully protected in acting or refraining from acting upon any
resolution, officer's certificate, any Servicer's Certificate, certificate of
auditors, or any other certificate, statement, instrument, opinion, report,
notice, request, consent, order, appraisal, bond or other paper or document
reasonably believed by it to be genuine and to have been signed or presented
by the proper party or parties.

                     (h)  The Collateral Agent may consult with counsel and
any opinion of such counsel shall be full and complete authorization and
protection in respect of any action taken or suffered or omitted by it under
this Agreement in good faith and in accordance with such opinion of counsel.

                     (i)  The Collateral Agent shall be under no obligation
to exercise any of the rights or powers vested in it by this Agreement or to
institute, conduct or defend any litigation under this Agreement or in
relation to this Agreement, at the request, order or direction

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<PAGE>

of the Note Insurer pursuant to the provisions of this Agreement, unless the
Note Insurer shall have offered to the Collateral Agent reasonable security
or indemnity against the costs, expenses and liabilities that may be incurred
therein or thereby; nothing contained in this Agreement, however, shall
relieve the Collateral Agent of its obligations, upon the occurrence of a
Termination and Amortization Event (that shall not have been cured or waived),
to exercise such of the rights and powers vested in it by this Agreement, and
to use the same degree of care and skill in their exercise as a prudent person
would exercise or use under the circumstances in the conduct of his or her own
affairs.

                     (j)  The Collateral Agent shall not be liable for any
action taken, suffered or omitted by it in good faith and believed by it to
be authorized or within the discretion or rights or powers conferred upon it
by this Agreement.

                     (k)  Prior to the occurrence of a Termination and
Amortization Event and before the Collateral Agent has received notice of
such Termination and Amortization Event and after the waiver of any
Termination and Amortization Event that may have occurred, the Collateral
Agent shall not be bound to make any investigation into the facts of matters
stated in any resolution, certificate, statement, instrument, opinion,
report, notice, request, consent, order, approval, bond or other paper or
document, unless requested in writing so to do by a Secured Party; PROVIDED,
HOWEVER, that if the payment within a reasonable time to the Collateral Agent
of the costs, expenses or liabilities likely to be incurred by it in the
making of such investigation shall be, in the opinion of the Collateral
Agent, not reasonably assured by the Debtor, the Collateral Agent may require
reasonable indemnity against such cost, expense or liability as a condition
to so proceeding. The reasonable expense of every such examination shall be
paid by the Debtor or, if paid by the Collateral Agent, shall be reimbursed
by the Debtor upon demand.

                     (l)  The Collateral Agent may execute any of the trusts
or powers hereunder or perform any duties under this Agreement either
directly or by or through agents or attorneys or a custodian. The Collateral
Agent shall not be responsible for any misconduct or negligence of any such
Agent or custodian appointed with due care by it hereunder.

                     (m)  The Collateral Agent shall have no obligation to
invest and reinvest any cash held in the applicable Eligible Deposit Account
in the absence of timely and specific written investment direction of the
Servicer. In no event shall the Collateral Agent be liable for the selection
of investments or for investment losses incurred thereon by reason of
investment performance, nor shall the Collateral Agent shall have any
liability in respect of losses incurred as a result of the liquidation of any
investment prior to its stated maturity or the failure to be provided with
timely written investment direction from the Servicer.

                     (n)  The Collateral Agent may at any time resign by
giving 30 days written notice of resignation to the Debtor, the Servicer,
AMTN and the Note Insurer. Upon receiving such notice of resignation, the
Servicer, with the consent of the Note Insurer, shall promptly appoint a
successor and, upon the acceptance by the successor of such appointment,
release the resigning Collateral Agent from its obligations hereunder by
written instrument, a copy of which instrument shall be delivered to each of
the Debtor, the Servicer, AMTN and the Note Insurer, the resigning Collateral
Agent and the successor. If no successor shall have been so appointed and
have accepted appointment within 45 days after the giving of such notice of

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<PAGE>

resignation, the resigning Collateral Agent may petition any court of
competent jurisdiction for the appointment of a successor.

         SECTION 7.5. [INTENTIONALLY OMITTED].

         SECTION 7.6. LIMITATION ON LIABILITY OF THE COLLATERAL AGENT AND
OTHERS. The directors, officers, employees or agents of the Collateral Agent
shall not be under any liability to the Note Insurer, any Secured Party or any
other Person hereunder or pursuant to any document delivered hereunder, it being
expressly understood that all such liability is expressly waived and released as
a condition of, and as consideration for, the execution of this Agreement;
PROVIDED, HOWEVER, that this provision shall not protect the directors,
officers, employees and agents of the Collateral Agent against any liability
which would otherwise be imposed by reason of willful misfeasance, bad faith or
gross negligence in the performance of duties or by reason of reckless disregard
of obligations and duties hereunder. Except as provided in Section 7.4 hereof,
the Collateral Agent shall not be under any liability to any Secured Party or
any other Person for any action taken or for refraining from the taking of any
action in its capacity as Collateral Agent pursuant to this Agreement whether
arising from express or implied duties under this Agreement; PROVIDED, HOWEVER,
that this provision shall not protect the Collateral Agent against any liability
which would otherwise be imposed by reason of willful misfeasance, bad faith or
gross negligence in the performance of duties or by reason of reckless disregard
of obligations and duties hereunder. The Collateral Agent may rely in good faith
on any document of any kind PRIMA FACIE properly executed and submitted by any
Person respecting any matters arising hereunder. The Collateral Agent shall not
be under any obligation to appear in, prosecute or defend any legal action which
is not incidental to its duties to administer the Collections and the Collection
Account in accordance with this Agreement which in its reasonable opinion may
involve it in any expense or liability.

                                  ARTICLE VIII

                           THE SECURITIES INTERMEDIARY

         SECTION 8.1. DUTIES OF THE SECURITIES INTERMEDIARY. The Chase Manhattan
Bank, in its capacity as Securities Intermediary hereunder, hereby undertakes
and agrees to act as "security intermediary" (as such term is defined in Section
8-501 of the Uniform Commercial Code as in effect in the State of New York (the
"NEW YORK UCC")) in connection with the securities accounts hereinafter referred
to in this Article 8 and all securities, security entitlements, cash and other
property held from time to time in such securities accounts). In such capacity,
the Securities Intermediary will establish each of the Collection Account, the
Reserve Account, the Funding Account and the Yield Supplement Account as an
Eligible Account.

         SECTION 8.2. REPRESENTATIONS, WARRANTIES AND COVENANTS OF THE
SECURITIES INTERMEDIARY. The Securities Intermediary represents, warrants and
covenants that:

                     (i)  It shall not change the name or account number of
the Collection Account, the Funding Account, the Yield Supplement Account or the
Reserve Account

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<PAGE>

(collectively, the "COLLATERAL AGENT ACCOUNTS") without the prior written
consent of the Collateral Agent and the Note Insurer;

                     (ii)  All securities or other property comprising any
financial assets deposited in or credited to the Collateral Agent Accounts shall
be registered in the name of the Securities Intermediary or the Collateral Agent
or in blank or shall be credited to another securities account or accounts
maintained in the name of the Securities Intermediary, and in no case shall any
financial asset deposited in or credited to any such account be registered in
the name of the Debtor, payable to the order of the Debtor or specially endorsed
to the Debtor, except to the extent the foregoing have been specifically
endorsed to the Securities Intermediary or in blank;

                     (iii) All property delivered to the Securities
Intermediary pursuant to this Agreement for deposit in or credit to the
Collateral Agent Accounts shall be promptly credited to such account;

                     (iv)  Each of the Collateral Agent Accounts is and shall
remain a "securities account" as such term is defined in Section 8-501(a) of
the New York UCC, and the Securities Intermediary agrees that each item of
property (whether investment property, financial asset, security, instrument
or cash) deposited in or credited to each such account shall be treated as a
"financial asset" within the meaning of Section 8-102(a)(9) of the New York
UCC and that, subject to the terms of this Agreement, the Securities
Intermediary will treat the Collateral Agent as the holder of a security
entitlement in and as entitled to exercise the rights that comprise any
financial asset deposited in or credited to such account;

                     (v)   The Chase Manhattan Bank, in the ordinary course
of its business maintains securities accounts for others and is acting in that
capacity in exercising its rights and discharging its duties hereunder; and

                     (vi)  If at any time the Securities Intermediary shall
receive any notification from the Collateral Agent directing transfer or
redemption of any financial asset relating to the Collateral Agent Accounts, the
Securities Intermediary shall comply with such entitlement order without further
consent by the Debtor or any other person.

         SECTION 8.3. GOVERNING LAW FOR CERTAIN SECURITIES INTERMEDIARY MATTERS.
Without limiting the generality of Section 9.4 of this Agreement, the parties
agree that both this Agreement, the Collateral Agent Accounts shall be governed
by the laws of the State of New York. Regardless of any provision in any other
agreement, for purposes of the New York UCC, New York shall be deemed to be the
Securities Intermediary's jurisdiction and the Collateral Agent Accounts (as
well as all of the securities entitlements related thereto) shall be governed by
the laws of the State of New York.

                                      76
<PAGE>

                                   ARTICLE IX

                                  MISCELLANEOUS

         SECTION 9.1. TERM OF AGREEMENT. This Agreement shall terminate on the
date immediately following the date upon which all Secured Obligations have been
paid in full in cash; PROVIDED, HOWEVER, that (i) the rights and remedies of the
Collateral Agent, the Note Insurer, and the Secured Parties with respect to any
representation and warranty made or deemed to be made by the Debtor,
AmeriCredit, AMTN or the Servicer pursuant to this Agreement, (ii) the
indemnification and payment provisions of Article VII, and (iii) the agreement
set forth in Section 9.9 hereof, shall be continuing and shall survive any
termination of this Agreement.

         SECTION 9.2. WAIVERS; AMENDMENTS.

                     (a)  No failure or delay on the part of the Collateral
Agent, the Note Insurer or any of the Secured Parties 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 further exercise thereof or the exercise of any other power, right or
remedy. The rights and remedies herein provided shall be cumulative and
nonexclusive of any rights or remedies provided by law.

                     (b)  Any provision of this Agreement or any of the
Transaction Documents may be amended or waived if, but only if, such
amendment is in writing and is signed by the Debtor, the Servicer and the
Purchaser and the Note Insurer (and, if the Servicing and Custodian Agreement
or the rights or duties of the Collateral Agent are affected thereby, by the
Collateral Agent).

               Prior to the execution of any amendment to this Agreement, the
Collateral Agent shall be entitled to receive and conclusively rely upon an
Opinion of Counsel stating that the execution of such amendment is authorized or
permitted by this Agreement and that all conditions precedent to such execution
and delivery have been satisfied. The Collateral Agent may, but shall not be
obligated to enter into any such amendment which affects the Collateral Agent's
own rights, duties or immunities under this Agreement.

         SECTION 9.3. NOTICES. Except as provided below, all communications and
notices provided for hereunder shall be in writing (including bank wire, telex,
telecopy or electronic facsimile transmission or similar writing) and shall be
given to the other party at its address or telecopy number set forth below or at
such other address or telecopy number as such party may hereafter specify for
the purposes of notice to such party. Each such notice or other communication
shall be effective (i) if given by telecopy, when such telecopy is transmitted
to the telecopy number specified in this Section 9.3 and confirmation is
received, (ii) if given by mail three (3) Business Days following such posting,
if postage prepaid, or if sent via U.S. certified or registered mail, (iii) if
given by overnight courier, one (1) Business Day after deposit thereof with a
national overnight courier service, or (iv) if given by any other means, when
received at the address specified in this Section 9.3. However, the absence of
such confirmation shall not affect the validity of such notice. If the written
confirmation differs in any material

                                      77
<PAGE>

respect from the action taken by the Purchaser, the records of the Purchaser
shall govern absent manifest error.

               If to the Purchaser:

                       Meridian Funding Company, LLC
                       c/o MBIA Insurance Corporation
                       113 King Street
                       Armonk, NY 10504
                       Attention: Group Managing Directors-Conduits
                       Telephone: 914-273-4545
                       Telecopy: 914-765-3979
                       (with a copy to the Note Insurer)

               If to the Debtor:

                       AmeriCredit MTN Receivables Trust
                       c/o Bankers Trust (Delaware)
                       E.A. Delle Donne Corporate Center
                       Montgomery Building
                       1011Centre Road, Suite 200
                       Wilmington, Delaware 19805
                       Attention: Corporate Trust Administration

                       with a  copy to:

                       Bankers Trust Company
                       4 Albany Street
                       New York, New York 10006
                       Attention: Asset Backed Finance Unit

                       and a copy to:

                       AmeriCredit Financial Services, Inc.
                       801 Cherry Street
                       Suite 3900
                       Fort Worth, Texas 76102
                       Attention: Treasury Department
                       Telephone: (817) 302-7022
                       Telecopy: (817) 302-7942

                                      78
<PAGE>

               If to the Trustee:

                       Bankers Trust Company
                       4 Albany Street
                       New York, New York 10006
                       Attention: Asset Backed Finance Unit

               If to AmeriCredit or the Servicer:

                       AmeriCredit Financial Services, Inc.
                       801 Cherry Street
                       Suite 3900
                       Fort Worth, Texas 76102
                       Attention: Treasury Department
                       Telephone: (817) 302-7022
                       Telecopy: (817) 302-7942

               If to AMTN:

                       AmeriCredit MTN Corp.
                       801 Cherry Street
                       Suite 4000
                       Fort Worth, Texas 76102
                       Attention: Treasury Department
                       Telephone: (817) 302-7082
                       Telecopy: (817) 302-7915

               If to the Note Insurer:

                       MBIA Insurance Corporation
                       113 King Street
                       Armonk, NY 10504
                       Attention: Insured Portfolio Management - SF
                       Telephone: 914-273-4545
                       Telecopy: 914-765-3810

               If to the Collateral Agent or the Securities Intermediary:

                       The Chase Manhattan Bank
                       450 W. 33rd Street
                       New York, NY 10001
                       Attention: AmeriCredit MTN Receivables Trust
                       Telephone: 212-946-3651
                       Telecopy: 212-946-8302

                                      79
<PAGE>

         SECTION 9.4. GOVERNING LAW; SUBMISSION TO JURISDICTION; WAIVER OF JURY
TRIAL; INTEGRATION; APPOINTMENT OF AGENT FOR SERVICE OF PROCESS.

                     (a) THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED
IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO THE
CONFLICTS OF LAW PROVISIONS THEREOF. EACH OF THE DEBTOR, AMERICREDIT, AMTN AND
THE SERVICER HEREBY SUBMITS TO THE NONEXCLUSIVE JURISDICTION OF THE UNITED
STATES DISTRICT COURT FOR THE SOUTHERN DISTRICT OF NEW YORK AND OF ANY NEW YORK
STATE COURT SITTING IN THE CITY OF NEW YORK FOR PURPOSES OF ALL LEGAL
PROCEEDINGS ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS
CONTEMPLATED HEREBY. Each of the Debtor, AmeriCredit, AMTN and the Servicer
hereby irrevocably waives, to the fullest extent it may effectively do so, any
objection which it may now or hereafter have to the laying of the venue of any
such proceeding brought in such a court and any claim that any such proceeding
brought in such a court has been brought in an inconvenient forum. Nothing in
this Section 9.4 shall affect the right of the Purchaser to bring any action or
proceeding against the Debtor, AmeriCredit, AMTN or the Servicer or their
respective properties in the courts of other jurisdictions.

                     (b)  EACH OF THE PARTIES HERETO HEREBY WAIVES ANY RIGHT
TO HAVE A JURY PARTICIPATE IN RESOLVING ANY DISPUTE, WHETHER SOUNDING IN
CONTRACT, TORT OR OTHERWISE AMONG ANY OF THEM ARISING OUT OF, CONNECTED WITH,
RELATING TO OR INCIDENTAL TO THE RELATIONSHIP BETWEEN THEM IN CONNECTION WITH
THIS AGREEMENT OR THE OTHER TRANSACTION DOCUMENTS.

                     (c)  This Agreement contains the final and complete
integration of all prior expressions by the parties hereto with respect to
the subject matter hereof and shall constitute the entire Agreement between
the parties hereto with respect to the subject matter hereof superseding all
prior oral or written understandings.

                     (d)  The Debtor, AmeriCredit, AMTN and the Servicer each
hereby appoint Corporation Servicing Company, located at 80 State Street,
Albany, New York 12207-2543, as the authorized agent upon whom process may be
served in any action arising out of or based upon this Agreement, the other
Transaction Documents to which such Person is a party or the transactions
contemplated hereby or thereby that may be instituted in the United States
District Court for the Southern District of New York and of any New York
State court sitting in the City of New York by the Purchaser, the Note
Insurer, any other Owner, the Collateral Agent or any assignee of any of them.

         SECTION 9.5. COUNTERPARTS; SEVERABILITY. This Agreement may be executed
in any number of counterparts and by different parties hereto in separate
counterparts, each of which when so executed shall be deemed to be an original
and all of which when taken together shall constitute one and the same
Agreement. Any provisions of this Agreement which are prohibited or
unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective
to the extent of such prohibition or unenforceability without invalidating the
remaining provisions hereof, and

                                      80

<PAGE>

and any such prohibition or unenforceability in any jurisdiction shall not
invalidate or render unenforceable such provision in any other jurisdiction.

         SECTION 9.6. SUCCESSORS AND ASSIGNS.

                           (a)    This Agreement shall be binding on the
parties hereto and their respective successors and assigns; PROVIDED, HOWEVER,
that none of the Debtor, AmeriCredit, AMTN or the Servicer may assign any of
its rights or delegate any of its duties hereunder or under the Master
Receivables Purchase Agreement or under any of the other Transaction Documents
without the prior written consent of the Collateral Agent. No provision of
this Agreement shall in any manner restrict the ability of the Collateral
Agent to assign, participate, grant security interests in, or otherwise
transfer any portion of the Collateral.

                           (b)    Each of the Debtor, AmeriCredit, AMTN and
the Servicer hereby consents to and acknowledges the assignment by the
Purchaser of all of its rights under, interest in and title to this Agreement,
the Note and the Collateral to the Note Insurer.

         SECTION 9.7.  WAIVER OF CONFIDENTIALITY. Each of the Debtor,
AmeriCredit, AMTN and the Servicer hereby consents to the disclosure of any
non-public information with respect to it received by any Secured Party, the
Collateral Agent or the Note Insurer to any of the Purchaser, any nationally
recognized rating agency rating the Purchaser's medium term notes, the Note
Insurer or any Secured Party, in relation to this Agreement.

         SECTION 9.8.  CONFIDENTIALITY AGREEMENT. Each of the Debtor,
AmeriCredit and AMTN hereby agrees that it shall not disclose the contents of
this Agreement or any other proprietary or confidential information of any of
the Secured Parties, the Collateral Agent or the Note Insurer to any other
Person except (i) its auditors and attorneys, employees or financial advisors
(other than any commercial bank) and any nationally recognized rating agency;
PROVIDED such auditors, attorneys, employees, financial advisors or rating
agencies are informed of the highly confidential nature of such information or
(ii) as otherwise required (x) by applicable law, (y) under the Securities
Exchange Act of 1934, as amended, in connection with an offering of securities
issued by the Debtor or an Affiliate thereof, or (z) by order of a court of
competent jurisdiction (PROVIDED, HOWEVER, that in the case of this clause
(ii) no such disclosure shall occur without the prior review by the Note
Insurer of the material to be disclosed).

         SECTION 9.9.  NO BANKRUPTCY PETITION AGAINST THE PURCHASER, AMTN, OR
THE DEBTOR. Each of the Debtor, AmeriCredit, AMTN and the Servicer hereby
covenants and agrees that, prior to the date which is one year and one day
after the payment in full of all outstanding indebtedness of the Purchaser, it
shall not institute against, or join any other Person in instituting against,
the Purchaser, AMTN or the Debtor or any bankruptcy, reorganization,
arrangement, insolvency or liquidation proceedings or other similar proceeding
under the laws of the United States or any state of the United States.

         SECTION 9.10. FURTHER ASSURANCES. The Debtor agrees to do such
further acts and things and to execute and deliver to the Secured Parties, the
Note Insurer or the Collateral Agent such additional assignments, agreements,
powers and instruments as are required by each of

                                      81

<PAGE>

them to carry into effect the purposes of this Agreement or to better
assure and confirm unto each of them their rights, powers and remedies
hereunder.

         SECTION 9.11. CHARACTERIZATION OF THE TRANSACTIONS CONTEMPLATED BY THE
AGREEMENT; TAX TREATMENT. The parties hereto agree that this Agreement shall
constitute a security agreement under applicable law. The Debtor hereby assigns
to the Collateral Agent, for the benefit of the Secured Parties, all of its
rights and remedies under (i) the Master Receivables Purchase Agreement with
respect to the Receivables and with respect to any obligations thereunder of
each of AmeriCredit and AMTN with respect to the Receivables and (ii) under or
in connection with any Hedging Arrangement. The Collateral Agent agrees that
upon any release of a Receivable or Contract to the Debtor, the Collateral Agent
shall be deemed to have released its security interest therein and reassigned to
the Debtor all of the Collateral Agent's rights under the Master Receivables
Purchase Agreement with respect to such Receivable or Contract. The Debtor
agrees that neither it nor the Servicer shall give any consent or waiver
required or permitted to be given under the Master Receivables Purchase
Agreement with respect to the Receivables or the Contracts without the prior
consent of the Collateral Agent and the Note Insurer.

                           (b)    Each of the parties hereto agrees to treat
the transactions contemplated by this Agreement as a financing for federal
income tax purposes and further agree to file on a timely basis all federal
and other income tax returns consistent with such treatment.

         SECTION 9.12. RESPONSIBILITIES OF THE DEBTOR. Anything herein to the
contrary notwithstanding, the Debtor shall (i) perform all of its obligations
under the Contracts related to the Receivables to the same extent as if
interests in such Receivables had not been pledged hereunder and the exercise by
the Collateral Agent or any Secured Party of their rights hereunder shall not
relieve the Debtor from such obligations and (ii) pay when due any taxes,
including, without limitation, any sales taxes payable in connection with the
Receivables and their creation and satisfaction. Neither the Collateral Agent
nor any Secured Party shall have any obligation or liability with respect to any
Receivable or related Contracts, nor shall any of them be obligated to perform
any of the obligations of the Debtor thereunder.

         SECTION 9.13. HEADINGS. Section headings used in this Agreement are for
convenience of reference only and shall not affect the construction or
interpretation of this Agreement.

         SECTION 9.14. LIMITATION ON LIABILITY. It is expressly understood and
agreed by the parties hereto that (a) this Agreement is executed and delivered
by Bankers Trust (Delaware), not individually or personally but solely as
Trustee of the Debtor, in the exercise of the powers and authority conferred and
vested in it, (b) each of the representations, undertakings and agreements
herein made on the part of the Debtor is made and intended not as a personal
representation, undertaking and agreement by Bankers Trust (Delaware) but is
made and intended for the purpose for binding only the Debtor, (c) nothing
herein contained shall be construed as creating any liability on Bankers Trust
(Delaware), individually or personally, to perform any covenant either expressed
or implied contained herein, all such liability, if any, being expressly waived
by the parties hereto and by any Person claiming by, through or under the
parties hereto and (d) under no circumstances shall Bankers Trust (Delaware) be
personally liable for the payment

                                      82

<PAGE>

of any indebtedness or expenses of the Debtor or be liable for the breach or
failure of any obligation, representation, warranty or covenant made or
undertaken by the Debtor under this Agreement or any other related documents;
PROVIDED, HOWEVER, that no provision of this Agreement shall be construed to
relieve the Trustee from liability for its own negligent action, its own
negligent failure to act, its action in bad faith or its own willful
misconduct.

         SECTION 9.15. BINDING EFFECT. This Agreement shall be binding upon and
shall inure to the benefit of the parties hereto and their respective successors
and assigns. In addition, each of the Secured Parties shall be an express third
party beneficiary hereof entitled to enforce the terms hereof as if it were a
party hereto. Concurrently with the appointment of a successor Collateral Agent
under the Security Agreement, the parties hereto shall amend this Agreement to
make said Collateral Agent, the successor to the Collateral Agent hereunder.

         SECTION 9.16. EFFECT OF NOTE INSURER DEFAULT. Upon the occurrence of a
Note Insurer Default, and for so long as such Note Insurer Default continues,
all rights of the Note Insurer shall vest in the Purchaser; provided, however,
that all rights of the Note Insurer shall be immediately reinstated upon cure of
such Note Insurer Default.

                                      83

<PAGE>

                  IN WITNESS WHEREOF, the parties hereto have executed and
delivered this Agreement as of the date first written above.

                            AMERICREDIT MTN RECEIVABLES TRUST,
                                as Debtor

                            By: BANKERS TRUST (DELAWARE), not in its
                              individual capacity but solely as Trustee

                                 By:
                                     ------------------------------------------
                                     Name:
                                     Title:

                            AMERICREDIT FINANCIAL SERVICES, INC.,
                              individually and as Servicer

                            By:
                                -------------------------------------
                                Name:
                                Title:

                            AMERICREDIT MTN CORP.,
                              individually

                            By:
                                -------------------------------------
                                Name:
                                Title:

                                      84

<PAGE>

                            THE CHASE MANHATTAN BANK,
                             as Collateral Agent and as Securities Intermediary

                            By:
                                -------------------------------------
                                Name:
                                Title:

                                      85

<PAGE>

                                    EXHIBIT A

                  LIST OF LOCK-BOX BANKS AND LOCK-BOX ACCOUNTS

<PAGE>

                                    EXHIBIT B

                           FORM OF LOCK-BOX AGREEMENT

<PAGE>

                                    EXHIBIT C

                              [[[[FORM OF NOTE]]]]

<PAGE>

                                    EXHIBIT D

                          [[[[INTENTIONALLY OMITTED]]]]

<PAGE>

                                    EXHIBIT E

                            LIST OF ACTIONS AND SUITS

<PAGE>

                                    EXHIBIT F

                        SCHEDULE OF LOCATIONS OF RECORDS

<PAGE>

                                    EXHIBIT G

                 LIST OF SUBSIDIARIES, DIVISIONS AND TRADENAMES

<PAGE>

                                    EXHIBIT H

                         [[[[INTENTIONALLY OMITTED.]]]]

<PAGE>

                                    EXHIBIT I

                         FORM OF SECRETARY'S CERTIFICATE

<PAGE>

                                    EXHIBIT J

                          [[[[INTENTIONALLY OMITTED]]]]

<PAGE>

                                    EXHIBIT K

                             FORM OF TAKE-OUT NOTICE

<PAGE>

                                    EXHIBIT L

                             FORM OF DELIVERY NOTICE

<PAGE>

                                    EXHIBIT M

                            CUMULATIVE NET LOSS TABLE

---------------- -----------------
 Seasoning in      Trigger Rate
   Months
---------------- -----------------
  3                  0.50%
---------------- -----------------
  6                  2.50%
---------------- -----------------
  9                  5.20%
---------------- -----------------
  12                 7.10%
---------------- -----------------
  15                 9.00%
---------------- -----------------
  18                10.90%
---------------- -----------------
  21                12.60%
---------------- -----------------
  24                13.60%
---------------- -----------------
  27                14.60%
---------------- -----------------
  30                15.60%
---------------- -----------------
  33                16.20%
---------------- -----------------
  36                16.60%
---------------- -----------------
  39                16.90%
---------------- -----------------
  42                17.10%
---------------- -----------------

<PAGE>

                                    EXHIBIT N

                             DELINQUENCY RATIO TABLE

--------------------------- --------------------
   Weighted Average            Trigger Rate
  Seasoning of Pool
--------------------------- --------------------
  1 - 12 months               5.00%
--------------------------- --------------------
  13 - 24 months              5.50%
--------------------------- --------------------
  25 - 48 months              6.50%
--------------------------- --------------------
  49 - 72 months              7.00%
--------------------------- --------------------

<PAGE>

                                    EXHIBIT O

                               DEFAULT RATIO TABLE

-------------------------- -------------------------
    Weighted Average
    Seasoning of Pool        Default Rate Trigger
-------------------------- -------------------------
       1-3 months                   4.15%
-------------------------- -------------------------
       4-6 months                   7.00%
-------------------------- -------------------------
       7-9 months                   9.98%
-------------------------- -------------------------
      10-12 months                  13.36%
-------------------------- -------------------------
      13-15 months                  16.50%
-------------------------- -------------------------
      16-18 months                  17.83%
-------------------------- -------------------------
      19-21 months                  19.78%
-------------------------- -------------------------
      22-24 months                  21.29%
-------------------------- -------------------------
      25-27 months                  22.44%
-------------------------- -------------------------
      28-30 months                  23.27%
-------------------------- -------------------------
      31-33 months                  23.85%
-------------------------- -------------------------
      34-36 months                  24.23%
-------------------------- -------------------------
      37-39 months                  24.47%
-------------------------- -------------------------
      40-42 months                  24.59%
-------------------------- -------------------------
      43-45 months                  24.64%
-------------------------- -------------------------
      46-48 months                  24.66%
-------------------------- -------------------------
      49-51 months                  24.67%
-------------------------- -------------------------
      52-54 months                  24.68%
-------------------------- -------------------------
      55-57 months                  24.69%
-------------------------- -------------------------
      58-60 months                  24.70%
-------------------------- -------------------------
      61-63 months                  24.70%
-------------------------- -------------------------
      64-66 months                  24.70%
-------------------------- -------------------------
      67-69 months                  24.70%
-------------------------- -------------------------
      70-72 months                  24.70%
-------------------------- -------------------------

<PAGE>

                                    EXHIBIT P

                         COLLATERAL AGENT'S FEE SCHEDULE

<PAGE>

                                    EXHIBIT Q

                             TRUSTEE'S FEE SCHEDULE

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