Document:

exv4w2

 

Exhibit 4.2

EXECUTION COPY

 

 

AMENDED AND RESTATED

TRUST AGREEMENT

between

AFS SENSUB CORP.

Seller

and

WILMINGTON TRUST COMPANY

Owner Trustee

Dated as of May 25, 2005

 

 

 

 

TABLE OF CONTENTS

	 	 	 	 	 
	ARTICLE I. DEFINITIONS
	 	 	1	 
	 
	 	 	 	 
	SECTION 1.1. Capitalized Terms
	 	 	1	 
	SECTION 1.2. Other Definitional Provisions
	 	 	3	 
	 
	 	 	 	 
	ARTICLE II. ORGANIZATION
	 	 	4	 
	 
	 	 	 	 
	SECTION 2.1. Name
	 	 	4	 
	SECTION 2.2. Office
	 	 	4	 
	SECTION 2.3. Purposes and Powers
	 	 	4	 
	SECTION 2.4. Appointment of Owner Trustee
	 	 	5	 
	SECTION 2.5. Initial Capital Contribution of Trust Estate
	 	 	5	 
	SECTION 2.6. Declaration of Trust
	 	 	5	 
	SECTION 2.7. Title to Trust Property
	 	 	5	 
	SECTION 2.8. Situs of Trust
	 	 	6	 
	SECTION 2.9. Representations and Warranties of the Depositor
	 	 	6	 
	SECTION
2.10. Covenants of the Certificateholder
	 	 	7	 
	SECTION
2.11. Federal Income Tax Treatment of the Trust
	 	 	7	 
	SECTION
2.12. [Reserved]
	 	 	8	 
	 
	 	 	 	 
	ARTICLE III. ARTICLE III
	 	 	8	 
	 
	 	 	 	 
	CERTIFICATE AND TRANSFER OF INTEREST
	 	 	8	 
	 
	 	 	 	 
	SECTION 3.1. Initial Ownership
	 	 	8	 
	SECTION 3.2. The Certificate
	 	 	8	 
	SECTION 3.3. Authentication of Certificate
	 	 	8	 
	SECTION 3.4. Registration of Transfer and Exchange of Certificate
	 	 	9	 
	SECTION 3.5. Mutilated, Destroyed, Lost or Stolen Certificates
	 	 	9	 
	SECTION 3.6. Persons Deemed Certificateholders
	 	 	10	 
	SECTION 3.7. Maintenance of Office or Agency
	 	 	10	 
	SECTION 3.8. Disposition in Whole But Not in Part
	 	 	10	 
	SECTION 3.9. ERISA Restrictions
	 	 	10	 
	 
	 	 	 	 
	ARTICLE IV. VOTING RIGHTS AND OTHER ACTIONS
	 	 	11	 
	 
	 	 	 	 
	SECTION 4.1. Prior Notice to Holder with Respect to Certain Matters
	 	 	11	 
	SECTION 4.2. Action by Certificateholder with Respect to Certain
Matters
	 	 	11	 
	SECTION 4.3. Restrictions on Certificateholder’s Power
	 	 	11	 
	SECTION 4.4. Rights of Security Insurer
	 	 	12	 
	SECTION 4.5. Action with Respect to Bankruptcy Action
	 	 	12	 
	SECTION 4.6. Covenants and Restrictions on Conduct of Business
	 	 	13	 
	 
	 	 	 	 
	ARTICLE V. AUTHORITY AND DUTIES OF OWNER TRUSTEE
	 	 	14	 
	 
	SECTION 5.1. General Authority
	 	 	14	 
	SECTION 5.2. General Duties
	 	 	15	 
	SECTION 5.3. Action upon Instruction
	 	 	15	 

 

 

	 	 	 	 	 
	SECTION 5.4. No Duties Except as Specified in this Agreement or in
Instructions
	 	 	16	 
	SECTION 5.5. No Action Except under Specified Documents or Instructions
	 	 	17	 
	SECTION 5.6. Restrictions
	 	 	17	 
	 
	 	 	 	 
	ARTICLE VI. CONCERNING THE OWNER TRUSTEE
	 	 	17	 
	 
	 	 	 	 
	SECTION 6.1. Acceptance of Trusts and Duties
	 	 	17	 
	SECTION 6.2. Furnishing of Documents
	 	 	18	 
	SECTION 6.3. Representations and Warranties
	 	 	18	 
	SECTION 6.4. Reliance; Advice of Counsel
	 	 	19	 
	SECTION 6.5. Not Acting in Individual Capacity
	 	 	20	 
	SECTION 6.6. Owner Trustee Not Liable for Certificate or Receivables
	 	 	20	 
	SECTION 6.7. Owner Trustee May Own Notes
	 	 	20	 
	SECTION 6.8. Payments from Owner Trust Estate
	 	 	20	 
	SECTION 6.9. Doing Business in Other Jurisdictions
	 	 	20	 
	 
	 	 	 	 
	ARTICLE VII. COMPENSATION OF OWNER TRUSTEE
	 	 	21	 
	 
	 	 	 	 
	SECTION 7.1. Owner Trustee’s Fees and Expenses
	 	 	21	 
	SECTION 7.2. Indemnification
	 	 	21	 
	SECTION 7.3. Payments to the Owner Trustee
	 	 	21	 
	SECTION 7.4. Non-recourse Obligations
	 	 	22	 
	 
	 	 	 	 
	ARTICLE VIII. TERMINATION OF TRUST AGREEMENT
	 	 	22	 
	 
	 	 	 	 
	SECTION 8.1. Termination of Trust Agreement
	 	 	22	 
	 
	 	 	 	 
	ARTICLE IX. SUCCESSOR OWNER TRUSTEES AND ADDITIONAL OWNER TRUSTEES
	 	 	23	 
	 
	 	 	 	 
	SECTION 9.1. Eligibility Requirements for Owner Trustee
	 	 	23	 
	SECTION 9.2. Resignation or Removal of Owner Trustee
	 	 	23	 
	SECTION 9.3. Successor Owner Trustee
	 	 	24	 
	SECTION 9.4. Merger or Consolidation of Owner Trustee
	 	 	25	 
	SECTION 9.5. Appointment of Co-Trustee or Separate Trustee
	 	 	25	 
	 
	 	 	 	 
	ARTICLE X. MISCELLANEOUS
	 	 	26	 
	 
	 	 	 	 
	SECTION
10.1. Supplements and Amendments
	 	 	26	 
	SECTION
10.2. No Legal Title to Owner Trust Estate in Certificateholder
	 	 	27	 
	SECTION
10.3. Limitations on Rights of Others
	 	 	27	 
	SECTION
10.4. Notices.
	 	 	27	 
	SECTION
10.5. Severability
	 	 	28	 
	SECTION
10.6. Separate Counterparts
	 	 	28	 
	SECTION
10.7. Assignments; Security Insurer
	 	 	28	 
	SECTION
10.8. No Recourse
	 	 	28	 
	SECTION
10.9. Headings
	 	 	28	 
	SECTION 10.10. GOVERNING LAW
	 	 	28	 
	SECTION 10.11. Servicer
	 	 	29	 
	SECTION 10.12. Nonpetition Covenants
	 	 	29	 

ii

 

	 	 	 	 	 
	SECTION 10.13. Third Party Beneficiary
	 	 	29	 

EXHIBITS

	 	 	 
	Exhibit A

	 	Form of Certificate
	Exhibit B

	 	Form of Certificate of Trust

iii

 

               This AMENDED AND RESTATED TRUST AGREEMENT dated as of May 25, 2005 between AFS SENSUB CORP., a
Nevada corporation (the “Seller”), and WILMINGTON TRUST COMPANY, a Delaware banking
corporation, as Owner Trustee, amends and restates in its entirety that certain Trust Agreement
dated as of May 11, 2005 between the Seller and the Owner Trustee.

ARTICLE I.

Definitions

               SECTION 1.1. Capitalized Terms. For all purposes of this Agreement, the following
terms shall have the meanings set forth below:

               “AmeriCredit” shall mean AmeriCredit Financial Services, Inc.

               “Agreement” shall mean this Trust Agreement, as the same may be amended and
supplemented from time to time.

               “Basic Documents” shall mean this Agreement, the Certificate of Trust, the Sale and
Servicing Agreement, the Spread Account Agreement, the Insurance Agreement, the Indenture, the
Underwriting Agreement, the Lockbox Agreement, the Custodian Agreement, the Swap Agreement and the
other documents and certificates delivered in connection therewith.

               “Benefit Plan” shall have the meaning assigned to such term in Section 3.9.

               “Certificate” means a trust certificate evidencing the beneficial interest of a
Certificateholder in the Trust, substantially in the form of Exhibit A attached hereto.

               “Certificateholder” or “Holder” shall mean the person in whose name a
Certificate is registered on the Certificate Register, initially the Seller.

               “Certificate of Trust” shall mean the Certificate of Trust in the form of Exhibit B to
be filed for the Trust pursuant to Section 3810(a) of the Statutory Trust Statute.

               “Certificate Register” and “Certificate Registrar” shall mean the register
mentioned and the registrar appointed pursuant to Section 3.4.

               “Code” shall mean the Internal Revenue Code of 1986, as amended from time to time, and
Treasury Regulations promulgated thereunder.

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

               “Depositor” shall mean the Seller in its capacity as Depositor hereunder.

 

 

               “Distribution Date” shall have the meaning set forth in the Sale and Servicing
Agreement.

               “ERISA” shall have the meaning assigned to such term in Section 3.9.

               “Expenses” shall have the meaning assigned to such term in Section 7.2.

               “Indemnified Parties” shall have the meaning assigned to such term in Section 7.2.

               “Indenture” shall mean the Indenture dated as of May 25, 2005, among the Issuer and
Wells Fargo Bank, National Association, as Trust Collateral Agent and Trustee, as the same may be
amended and supplemented from time to time.

               “Owner Trust Estate” shall mean all right, title and interest of the Trust in and to
the property and rights assigned to the Trust pursuant to Article II of the Sale and Servicing
Agreement, all funds on deposit from time to time in the Trust Accounts and all other property of
the Trust from time to time, including any rights of the Owner Trustee and the Trust pursuant to
the Sale and Servicing Agreement and the Spread Account Agreement.

               “Owner Trustee” shall mean Wilmington Trust Company, a Delaware banking corporation,
not in its individual capacity but solely as owner trustee under this Agreement, and any successor
Owner Trustee hereunder.

               “Record Date” shall mean with respect to any Distribution Date, the close of business
on the last Business Day immediately preceding such Distribution Date.

               “Responsible Officer” shall mean, with respect to the Owner Trustee, any officer
within the Corporate Trust Administration office of the Owner Trustee with direct responsibility
for the administration of the Trust and also, with respect to a particular matter, any other
officer to whom such matter is referred because of such officer’s knowledge of and familiarity with
the particular subject.

               “Sale and Servicing Agreement” shall mean the Sale and Servicing Agreement dated as of
May 25, 2005, among the Trust, the Seller, AmeriCredit Financial Services, Inc. and the Trust
Collateral Agent, as the same may be amended and supplemented from time to time.

               “Secretary of State” shall mean the Secretary of State of the State of Delaware.

               “Security Insurer” shall mean MBIA Insurance Corporation, or its successor in
interest.

               “Spread Account” shall mean the Spread Account established and maintained pursuant to
the Spread Account Agreement.

               “Spread Account Agreement” shall mean the Spread Account Agreement dated as of May 25,
2005, among the Trust, the Security Insurer, the Collateral Agent, the Trustee and the

2

 

Trust
Collateral Agent, as the same may be amended, supplemented or otherwise modified in accordance with
the terms thereof.

               “Statutory Trust Statute” shall mean Chapter 38 of Title 12 of the Delaware Code, 12
Del. Code § 3801 et seq. as the same may be amended from time to time.

               “Swap Agreement” means the ISDA Master Agreement dated June 2, 2005 between the Trust
and the Swap Provider, including the Schedule thereto, the Credit Support Annex thereto, the
Confirmation relating to the Class A-4 Notes and together with any replacement swap agreement
thereafter approved by the Insurer; provided, that no additional swap agreement shall be a
“Swap Agreement” under the Basic Documents for so long as the Swap Agreement is outstanding without
the prior, written consent of the Swap Provider unless the Swap Agreement has terminated as a
result of an event of default or a termination event relating to the Swap Provider.

               “Swap Provider” means Lehman Brothers Special Financing Inc., together with any
replacement Swap Provider thereafter approved by the Insurer.

               “Treasury Regulations” shall mean regulations, including proposed or temporary
regulations, promulgated under the Code. References herein to specific provisions of proposed or
temporary regulations shall include analogous provisions of final Treasury Regulations or other
successor Treasury Regulations.

               “Trust” shall mean the trust established by this Agreement.

               “Trust Collateral Agent” shall mean, initially, Wells Fargo Bank, National
Association, in its capacity as collateral agent, including its successors in interest, until and
unless a successor Person shall have become the Trust Collateral Agent pursuant to the Sale and
Servicing Agreement, and thereafter “Trust Collateral Agent” shall mean such successor Person.

               SECTION 1.2. Other Definitional Provisions.

               (a) Capitalized terms used herein and not otherwise defined have the meanings assigned to them
in the Sale and Servicing Agreement or, if not defined therein, in the Spread Account Agreement or
in the Indenture.

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

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

3

 

the definitions contained in this Agreement or in any such certificate or other document shall
control.

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

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

ARTICLE II.

Organization

               SECTION 2.1. Name. There is hereby formed a trust to be known as “AmeriCredit
Automobile Receivables Trust 2005-B-M,” in which name the Owner Trustee may conduct the business of
the Trust, make and execute contracts and other instruments on behalf of the Trust and sue and be
sued.

               SECTION 2.2. Office. The office of the Trust shall be in care of the Owner Trustee at
the Corporate Trust Office or at such other address as the Owner Trustee may designate by written
notice to the Certificateholder.

               SECTION 2.3. Purposes and Powers.

               (a) The purpose of the Trust is, and the Trust shall have the power and authority, to engage
in the following activities:

          (i) to issue the Notes pursuant to the Indenture and the Certificate pursuant to this
Agreement, and to sell the Notes;

          (ii) with the proceeds of the sale of the Notes, to fund the Pre-Funding Account, the
Capitalized Interest Account and the Spread Account and to pay the organizational, start-up
and transactional expenses of the Trust and to pay the balance to the Depositor pursuant to
the Sale and Servicing Agreement;

          (iii) to acquire from time to time the Owner Trust Estate, to assign, grant, transfer,
pledge, mortgage and convey the Owner Trust Estate to the Trust Collateral Agent pursuant to
the Indenture for the benefit of the Security Insurer and the Indenture Trustee on behalf of the Noteholders and to hold, manage and distribute to the
Certificateholder pursuant to the terms of the Sale and Servicing Agreement any portion of
the Owner Trust Estate released from the Lien of, and remitted to the Trust pursuant to, the
Indenture;

          (iv) to enter into the Swap Agreement;

4

 

          (v) to enter into and perform its obligations under the Basic Documents to which it is
a party;

          (vi) to engage in those activities, including entering into agreements, that are
necessary, suitable or convenient to accomplish the foregoing or are incidental thereto or
connected therewith (including the sale, from time to time, of Receivables at the direction
of the Servicer pursuant to Section 4.3(c) of the Sale and Servicing Agreement) and the
filing of state business licenses (and any renewal thereof) as prepared and instructed by
the Certificateholder or Servicer without further consent or instruction from the
Instructing Party, including a Sales Finance Company Application (and any renewal thereof)
with the Pennsylvania Department of Banking, Licensing Division, and a Financial Regulation
Application (and any renewal thereof) with the Maryland Department of Labor, Licensing and
Regulation; and

          (vii) subject to compliance with the Basic Documents, to engage in such other
activities as may be required in connection with conservation of the Owner Trust Estate and
the making of distributions to the Certificateholder and the Noteholders.

The Trust is hereby authorized to engage in the foregoing activities. The Trust shall not engage
in any activity other than in connection with the foregoing or other than as required or authorized
by the terms of this Agreement or the Basic Documents.

               SECTION 2.4. Appointment of Owner Trustee. The Depositor hereby appoints the Owner
Trustee as trustee of the Trust effective as of the date hereof, to have all the rights, powers and
duties set forth herein. The Owner Trustee hereby accepts such appointment.

               SECTION 2.5. Initial Capital Contribution of Trust Estate. The Owner Trustee hereby
acknowledges receipt in trust from the Seller of the sum of $1,000 which contribution shall
constitute the initial Owner Trust Estate. The Seller acknowledges that such contribution has been
transferred to, and is being held by, Wells Fargo Bank, National Association, as agent for the
Trust in an account established by Wells Fargo Bank, National Association, on behalf of the Trust,
which contribution shall constitute the initial Trust Estate. The Depositor shall pay
organizational expenses of the Trust as they may arise.

               SECTION 2.6. Declaration of Trust. The Owner Trustee hereby declares that it will
hold the Owner Trust Estate in trust upon and subject to the conditions set forth herein for the
use and benefit of the Holder, subject to the obligations of the Trust under the Basic Documents. It is the intention of the
parties hereto that the Trust constitute a statutory trust under the Statutory Trust Statute and
that this Agreement constitute the governing instrument of such statutory trust. Effective as of
the date hereof, the Owner Trustee shall have all rights, powers and duties set forth herein and to
the extent not inconsistent herewith, in the Statutory Trust Statute with respect to accomplishing
the purposes of the Trust. The Owner Trustee shall file the Certificate of Trust with the
Secretary of State.

               The Holder shall not have any personal liability for any liability or obligation of the Trust.

               SECTION 2.7. Title to Trust Property.

5

 

               (a) Legal title to all the Owner Trust Estate shall be vested at all times in the Trust as a
separate legal entity except where applicable law in any jurisdiction requires title to any part of
the Owner Trust Estate to be vested in a trustee or trustees, in which case title shall be deemed
to be vested in the Owner Trustee, a co-trustee and/or a separate trustee, as the case may be.

               (b) The Holder shall not have legal title to any part of the Trust Property. The Holder shall
be entitled to receive distributions with respect to its undivided ownership interest therein only
in accordance with Article VIII. No transfer, by operation of law or otherwise, of any right,
title or interest by the Certificateholder of its ownership interest in the Owner Trust Estate
shall operate to terminate this Agreement or the trusts hereunder or entitle any transferee to an
accounting or to the transfer to it of legal title to any part of the Trust Property.

               SECTION 2.8. Situs of Trust. The Trust will be located and administered in the State of
Delaware. All bank accounts maintained by the Owner Trustee on behalf of the Trust shall be
located in the State of Delaware or the State of New York. Payments will be received by the Trust
only in Delaware or New York and payments will be made by the Trust only from Delaware or New York.
The Trust shall not have any employees in any state other than Delaware; provided,
however, that nothing herein shall restrict or prohibit the Owner Trustee, the Servicer or
any agent of the Trust from having employees within or without the State of Delaware. The only
office of the Trust will be at the Corporate Trust Office located in Delaware.

               SECTION 2.9. Representations and Warranties of the Depositor. The Depositor makes the
following representations and warranties on which the Owner Trustee relies in accepting the Owner
Trust Estate in trust and issuing the Certificate and upon which the Security Insurer relies in
issuing the Note Policy.

               (a) Organization and Good Standing. The Depositor is duly organized and validly
existing as a Nevada corporation with power and authority to own its properties and to conduct its
business as such properties are currently owned and such business is presently conducted and is
proposed to be conducted pursuant to this Agreement and the Basic Documents.

               (b) Due Qualification. It is duly qualified to do business as a foreign corporation in
good standing, and has obtained all necessary licenses and approvals, in all jurisdictions in which
the ownership or lease of its property, the conduct of its business and the performance of its
obligations under this Agreement and the Basic Documents requires such qualification.

               (c) Power and Authority. The Depositor has the corporate power and authority to
execute and deliver this Agreement and to carry out its terms; the Depositor has full power and
authority to sell and assign the property to be sold and assigned to and deposited with the Trust
and the Depositor has duly authorized such sale and assignment and deposit to the Trust by all
necessary corporate action; and the execution, delivery and performance of this Agreement has been
duly authorized by the Depositor by all necessary corporate action.

6

 

               (d) No Consent Required. No consent, license, approval or authorization or
registration or declaration with, any Person or with any governmental authority, bureau or agency
is required in connection with the execution, delivery or performance of this Agreement and the
Basic Documents, except for such as have been obtained, effected or made.

               (e) No Violation. The consummation of the transactions contemplated by this Agreement
and the fulfillment of the terms hereof do not conflict with, result in any breach of any of the
terms and provisions of, or constitute (with or without notice or lapse of time) a default under
the certificate of incorporation or by-laws of the Depositor, or any material indenture, agreement
or other instrument to which the Depositor is a party or by which it is bound; nor result in the
creation or imposition of any Lien upon any of its properties pursuant to the terms of any such
indenture, agreement or other instrument (other than pursuant to the Basic Documents); nor violate
any law or, to the best of the Depositor’s knowledge, any order, rule or regulation applicable to
the Depositor of any court or of any federal or state regulatory body, administrative agency or
other governmental instrumentality having jurisdiction over the Depositor or its properties.

               (f) No Proceedings. There are no proceedings or investigations pending or, to its
knowledge threatened against it before any court, regulatory body, administrative agency or other
tribunal or governmental instrumentality having jurisdiction over it or its properties (A)
asserting the invalidity of this Agreement or any of the Basic Documents, (B) seeking to prevent
the issuance of the Certificate or the Notes or the consummation of any of the transactions
contemplated by this Agreement or any of the Basic Documents, (C) seeking any determination or
ruling that might materially and adversely affect its performance of its obligations under, or the
validity or enforceability of, this Agreement or any of the Basic Documents, or (D) seeking to
adversely affect the federal income tax or other federal, state or local tax attributes of the
Certificate.

               SECTION 2.10. Covenants of the Certificateholder. The Certificateholder agrees:

               (a) to be bound by the terms and conditions of the Certificate of which the Holder is the
beneficial owner and of this Agreement, including any supplements or amendments hereto and to perform the obligations of a Holder as set forth therein or herein, in all
respects as if it were a signatory hereto. This undertaking is made for the benefit of the Trust,
the Owner Trustee and the Security Insurer; and

               (b) until the completion of the events specified in Section 8.1(d), not to, for any reason,
institute proceedings for the Trust to be adjudicated a bankrupt or insolvent, or consent to the
institution of bankruptcy or insolvency proceedings against the Trust, or file a petition seeking
or consenting to reorganization or relief under any applicable federal or state law relating to
bankruptcy, or consent to the appointment of a receiver, liquidator, assignee, trustee,
sequestrator (or other similar official) of the Trust or a substantial part of its property, or
cause or permit the Trust to make any assignment for the benefit of its creditors, or admit in
writing its inability to pay its debts generally as they become due, or declare or effect a
moratorium on its debt or take any action in furtherance of any such action.

7

 

               SECTION 2.11. Federal Income Tax Treatment of the Trust.

               (a) For so long as the Trust has a single owner for federal income tax purposes, it will,
pursuant to Treasury Regulations promulgated under section 7701 of the Code, be disregarded as an
entity distinct from the Certificateholder for all federal income tax purposes. Accordingly, for
federal income tax purposes, the Certificateholder will be treated as (i) owning all assets owned
by the Trust, (ii) having incurred all liabilities incurred by the Trust, and (iii) all
transactions between the Trust and the Certificateholder will be disregarded.

               (b) Neither the Owner Trustee nor any Certificateholder will, under any circumstances, and at
any time, make an election on IRS Form 8832 or otherwise, to classify the Trust as an association
taxable as a corporation for federal, state or any other applicable tax purpose.

               (c) In the event that the Trust has two or more equity owners for federal income tax purposes,
the Trust will be treated as a partnership. At any such time that the Trust has two or more equity
owners, this Agreement will be amended, in accordance with Section 10.1 herein, and appropriate
provisions will be added so as to provide for treatment of the Trust as a partnership.

SECTION 2.12. [Reserved]

ARTICLE III

Certificate and Transfer of Interest

               SECTION 3.1. Initial Ownership. Upon the formation of the Trust by the contribution
by the Depositor pursuant to Section 2.5 and until the issuance of the Certificate to the initial
Certificateholder, the Depositor shall be the sole beneficiary of the Trust.

               SECTION 3.2. The Certificate. The Certificate shall be executed on behalf of the
Trust by manual or facsimile signature of an authorized officer of the Owner Trustee. A
Certificate bearing the manual or facsimile signatures of individuals who were, at the time when
such signatures shall have been affixed, authorized to sign on behalf of the Trust, shall be
validly issued and entitled to the benefit of this Agreement, notwithstanding that such individuals
or any of them shall have ceased to be so authorized prior to the authentication and delivery of
such Certificate or did not hold such offices at the date of authentication and delivery of such
Certificate. A transferee of a Certificate shall become a Certificateholder, and shall be entitled
to the rights and subject to the obligations of a Certificateholder hereunder, upon due
registration of such Certificate in such transferee’s name pursuant to Section 3.4.

               SECTION 3.3. Authentication of Certificate. Concurrently with the sale of the
Receivables to the Trust pursuant to the Sale and Servicing Agreement, the Owner Trustee shall
cause the Certificate to be executed on behalf of the Trust, authenticated and delivered to or upon
the written order of the Depositor, signed by its chairman of the board, its president or any vice
president, its treasurer or any assistant treasurer without further corporate action by the
Depositor, in authorized denominations. No Certificate shall entitle its holder to any benefit
under this Agreement, or shall be valid for any purpose, unless there shall appear on such
Certificate a certificate of authentication substantially in the form set forth in Exhibit A,
executed

8

 

by the Owner Trustee or Wilmington Trust Company as the Owner Trustee’s authentication
agent, by manual signature; such authentication shall constitute conclusive evidence that such
Certificate shall have been duly authenticated and delivered hereunder. The Certificate shall be
dated the date of its authentication.

               SECTION 3.4. Registration of Transfer and Exchange of Certificate. The Certificate
Registrar shall keep or cause to be kept, at the office or agency maintained pursuant to Section
3.7, a Certificate Register in which, subject to such reasonable regulations as it may prescribe,
the Owner Trustee shall provide for the registration of the Certificate and of transfers and
exchanges of the Certificate as herein provided. Wilmington Trust Company shall be the initial
Certificate Registrar.

               The Certificate Registrar shall provide the Trust Collateral Agent with the name and address
of the Certificateholder on the Closing Date. Upon any transfers of the Certificate, the
Certificate Registrar shall notify the Trust Collateral Agent of the name and address of the
transferee in writing, by facsimile, on the day of such transfer.

               Upon surrender for registration of transfer of the Certificate at the office or agency
maintained pursuant to Section 3.7, the Owner Trustee shall execute, authenticate and deliver (or
shall cause Wilmington Trust Company as its authenticating agent to authenticate and deliver), in
the name of the designated transferee, a new Certificate dated the date of authentication by the
Owner Trustee or any authenticating agent.

               A Certificate presented or surrendered for registration of transfer or exchange shall be
accompanied by a written instrument of transfer in form satisfactory to the Owner Trustee and the Certificate Registrar duly executed by the Certificateholder or his attorney
duly authorized in writing, with such signature guaranteed by an “eligible guarantor institution”
meeting the requirements of the Certificate Registrar, which requirements include membership or
participation in the Securities Transfer Agent’s Medallion Program (“STAMP”) or such other
“signature guarantee program” as may be determined by the Certificate Registrar in addition to, or
in substitution for, STAMP, all in accordance with the Exchange Act. Each Certificate surrendered
for registration of transfer or exchange shall be canceled and subsequently disposed of by the
Owner Trustee in accordance with its customary practice.

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

               SECTION 3.5. Mutilated, Destroyed, Lost or Stolen Certificates. If (a) any mutilated
Certificate shall be surrendered to the Certificate Registrar, or if the Certificate Registrar
shall receive evidence to its satisfaction of the destruction, loss or theft of any Certificate and
(b) there shall be delivered to the Certificate Registrar, the Owner Trustee and (unless an Insurer
Default shall have occurred and be continuing) the Security Insurer, such security or indemnity as
may be required by them to save each of them harmless, then in the absence of notice that such
Certificate shall have been acquired by a bona fide purchaser, the Owner Trustee on behalf of the
Trust shall execute and the Owner Trustee, or Wilmington Trust

9

 

Company, as the Owner Trustee’s
authenticating agent, shall authenticate and deliver, in exchange for or in lieu of any such
mutilated, destroyed, lost or stolen Certificate, a new Certificate of like class, tenor and
denomination. In connection with the issuance of any new Certificate under this Section, the Owner
Trustee or the Certificate Registrar may require the payment of a sum sufficient to cover any tax
or other governmental charge that may be imposed in connection therewith. Any duplicate
Certificate issued pursuant to this Section shall constitute conclusive evidence of an ownership
interest in the Trust, as if originally issued, whether or not the lost, stolen or destroyed
Certificate shall be found at any time.

               SECTION 3.6. Persons Deemed Certificateholders. Every Person by virtue of becoming a
Certificateholder in accordance with this Agreement shall be deemed to be bound by the terms of
this Agreement. Prior to due presentation of the Certificate for registration of transfer, the
Owner Trustee, the Certificate Registrar and the Security Insurer and any agent of the Owner
Trustee, the Certificate Registrar and the Security Insurer, may treat the person in whose name any
Certificate shall be registered in the Certificate Register as the owner of such Certificate for
the purpose of receiving distributions pursuant to the Sale and Servicing Agreement and for all
other purposes whatsoever, and none of the Owner Trustee, the Certificate Registrar or the Security
Insurer nor any agent of the Owner Trustee, the Certificate Registrar or the Security Insurer shall
be bound by any notice to the contrary.

               SECTION 3.7. Maintenance of Office or Agency. The Owner Trustee shall maintain an office or offices or agency or agencies where the
Certificate may be surrendered for registration of transfer or exchange and where notices and
demands to or upon the Owner Trustee in respect of the Certificate and the Basic Documents may be
served. The Owner Trustee initially designates the Corporate Trust Office for such purposes. The
Owner Trustee shall give prompt written notice to the Depositor, the Certificateholder and (unless
an Insurer Default shall have occurred and be continuing) the Security Insurer of any change in the
location of the Certificate Register or any such office or agency.

               SECTION 3.8. Disposition in Whole But Not in Part. The Certificate may be transferred
in whole but not in part. Any attempted transfer of the Certificate that would divide the
ownership of the Owner Trust Estate shall be void. The Certificate is only transferable (i) to an
Affiliate of AmeriCredit Corp. whose stock has been pledged to the Security Insurer or (ii) to
another entity with the prior written consent of the Security Insurer in its sole discretion. The
Owner Trustee shall cause any Certificate issued to contain a legend stating “THIS CERTIFICATE IS
NOT TRANSFERABLE, EXCEPT UNDER THE LIMITED CONDITIONS SPECIFIED IN THE TRUST AGREEMENT.”

               SECTION 3.9. ERISA Restrictions. The Certificate may not be acquired by or for the account
of (i) an employee benefit plan (as defined in Section 3(3) of the Employee Retirement Income
Security Act of 1974, as amended (“ERISA”)) that is subject to the provisions of Title I of
ERISA, (ii) a plan (as defined in Section 4975(e)(1) of the Code) that is subject to Section 4975
of the Code, or (iii) any entity whose underlying assets include assets of a plan described in (i)
or (ii) above by reason of such plan’s investment in the entity (each, a “Benefit Plan”).
By accepting and holding its beneficial ownership interest in its Certificate, the Holder thereof
shall be deemed to have represented and warranted that it is not a Benefit Plan.

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ARTICLE IV.

Voting Rights and Other Actions

               SECTION 4.1. Prior Notice to Holder with Respect to Certain Matters. With respect to the
following matters, the Owner Trustee shall not take action unless at least 30 days before the
taking of such action, the Owner Trustee shall have notified the Certificateholder in writing of
the proposed action and the Certificateholder shall not have notified the Owner Trustee in writing
prior to the 30th day after such notice is given that the Certificateholder has withheld consent or
provided alternative direction:

               (a) the election by the Trust to file an amendment to the Certificate of Trust (unless such
amendment is required to be filed under the Statutory Trust Statute or unless such amendment would
not materially and adversely affect the interests of the Holder);

               (b) the amendment of the Indenture by a supplemental indenture in circumstances where the
consent of any Noteholder is required;

               (c) the amendment of the Indenture by a supplemental indenture in circumstances where the
consent of any Noteholder is not required and such amendment materially adversely affects the
interest of the Certificateholder; or

               (d) except pursuant to Section 12.1(b) of the Sale and Servicing Agreement, the amendment,
change or modification of the Sale and Servicing Agreement, except to cure any ambiguity or defect
or to amend or supplement any provision in a manner that would not materially adversely affect the
interests of the Certificateholder.

The Owner Trustee shall notify the Certificateholder in writing of any appointment of a successor
Note Registrar or Trust Collateral Agent within five Business Days after receipt of notice thereof.

               SECTION 4.2. Action by Certificateholder with Respect to Certain Matters. The Owner
Trustee shall not have the power, except upon the direction of the Certificateholder or the
Security Insurer in accordance with the Basic Documents, to (a) remove the Servicer under the Sale
and Servicing Agreement pursuant to Section 9.2 thereof or (b) except as expressly provided in the
Basic Documents, sell the Receivables after the termination of the Indenture. The Owner Trustee
shall take the actions referred to in the preceding sentence only upon written instructions signed
by the Certificateholder and the furnishing of indemnification satisfactory to the Owner Trustee by
the Certificateholder.

               SECTION 4.3. Restrictions on Certificateholder’s Power.

               (a) The Certificateholder shall not direct the Owner Trustee to take or refrain from taking
any action if such action or inaction would be contrary to any obligation of the Trust or the Owner
Trustee under this Agreement or any of the Basic Documents or would be contrary to Section 2.3 nor
shall the Owner Trustee be obligated to follow any such direction, if given.

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               (b) The Certificateholder shall not have any right by virtue or by availing itself of any
provisions of this Agreement to institute any suit, action, or proceeding in equity or at law upon
or under or with respect to this Agreement or any Basic Document, unless the Certificateholder is
the Instructing Party pursuant to Section 5.3 and unless the Certificateholder previously shall
have given to the Owner Trustee a written notice of default and of the continuance thereof, as
provided in this Agreement, and also unless the Certificateholder shall have made written request
upon the Owner Trustee to institute such action, suit or proceeding in its own name as Owner
Trustee under this Agreement and shall have offered to the Owner Trustee such reasonable indemnity
as it may require against the costs, expenses and liabilities to be incurred therein or thereby,
and the Owner Trustee, for 30 days after its receipt of such notice, request, and offer of
indemnity, shall have neglected or refused to institute any such action, suit, or proceeding, and
during such 30-day period no request or waiver inconsistent with such written request has been
given to the Owner Trustee pursuant to and in compliance with this Section or Section 5.3. For the
protection and enforcement of the provisions of this Section, the Certificateholder and the Owner
Trustee shall be entitled to such relief as can be given either at law or in equity.

               SECTION 4.4. Rights of Security Insurer. Notwithstanding anything to the contrary in the Basic Documents, without the prior written
consent of the Security Insurer (so long as no Insurer Default shall have occurred and be
continuing), the Owner Trustee shall not (i) remove the Servicer, (ii) initiate any claim, suit or
proceeding by the Trust or compromise any claim, suit or proceeding brought by or against the
Trust, other than with respect to the enforcement of any Receivable or any rights of the Trust
thereunder, (iii) authorize the merger or consolidation of the Trust with or into any other
statutory trust or other entity (other than in accordance with Section 3.10 of the Indenture) or
(iv) amend the Certificate of Trust (unless such amendment is required to be filed under the
Statutory Trust Statute).

               SECTION 4.5. Action with Respect to Bankruptcy Action

               (a) The Trust shall not, without the prior written consent of the Owner Trustee, (a) institute
any proceedings to adjudicate the Trust a bankrupt or insolvent, (b) consent to the institution of
bankruptcy or insolvency proceedings against the Trust, (c) file a petition seeking or consenting
to reorganization or relief under any applicable federal or state law relating to bankruptcy with
respect to the Trust, (d) consent to the appointment of a receiver, liquidator, assignee, trustee,
sequestrator (or other similar official) of the Trust or a substantial part of its property, (e)
make any assignment for the benefit of the Trust’s creditors; (f) cause the Trust to admit in
writing its inability to pay its debts generally as they become due; or (g) take any action in
furtherance of any of the foregoing (any of the above foregoing actions, a “Bankruptcy
Action”). In considering whether to give or withhold written consent to a Bankruptcy Action by
the Trust, the Owner Trustee, with the consent of the Certificateholders (hereby given, which
consent the Certificateholders believe to be in the best interests of the Certificateholders and
the Trust), shall consider the interest of the Noteholders and the Security Insurer in addition to
the interests of the Trust and whether the Trust is insolvent; provided, however,
that the Owner Trustee shall not be deemed to owe any fiduciary duty to the Noteholders or the
Security Insurer. The Owner Trustee shall have no duty to give such written consent to a
Bankruptcy Action by the Trust if the Owner Trustee shall not have been furnished (at the expense
of the Trust) or the Person that requested that such letter be furnished to the Owner Trustee) a
letter from an

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independent accounting firm of national reputation stating that in the opinion of
such firm the Trust is then insolvent. The Owner Trustee (as such and in its individual capacity)
shall not be personally liable to any Person on account of the Owner Trustee’s good faith reliance
on the provisions of this Section or in connection with the Owner Trustee’s giving prior written
consent to a Bankruptcy Action by the Trust in accordance herewith, or withholding such consent, in
good faith, and neither the Trust nor any Certificateholder shall have any claim for breach of
fiduciary duty or otherwise against the Owner Trustee (as such and in its individual capacity) for
giving or withholding its consent to any such Bankruptcy Action.

               (b) The parties hereto stipulate and agree that no Certificateholder has power to commence any
Bankruptcy Action on the part of the Trust or to direct the Owner Trustee to take any Bankruptcy
Action on the part of the Trust except as provided in Section 4.5(a). To the extent permitted by
applicable law, the consent of the Security Insurer and the Trust Collateral Agent shall be
obtained prior to taking any Bankruptcy Action by the Trust.

               (c) The provisions of this Section do not constitute an acknowledgement or admission by the
Trust, the Owner Trustee, any Certificateholder or any creditor of the Trust that the Trust is eligible to be a debtor, under the United States Bankruptcy Code, 11 U.S.C. §§
101 et seq., as amended.

               SECTION 4.6. Covenants and Restrictions on Conduct of Business.

               (a) The Owner Trustee on behalf of the Trust agrees to abide by the following restrictions:

          (i) other than as contemplated by the Basic Documents and related documentation, the
Trust shall not incur any indebtedness;

          (ii) other than as contemplated by the Basic Documents and related documentation, the
Trust shall not engage in any dissolution, liquidation, consolidation, merger or sale of
assets;

          (iii) the Trust shall not engage in any business activity in which it is not currently
engaged other than as contemplated by the Basic Documents and related documentation; and

          (iv) the Trust shall not form, or cause to be formed, any subsidiaries and shall not
own or acquire any asset other than as contemplated by the Basic Documents and related
documentation.

               (b) The Owner Trustee on behalf of the Trust shall:

          (i) maintain books and records separate from any other person or entity;

          (ii) maintain its office and bank accounts separate from any other person or entity;

          (iii) not commingle its assets with those of any other person or entity;

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          (iv) conduct its own business in its own name and use stationery or other business
forms under its own name and not that of any Certificateholder or any Affiliate;

          (v) other than as contemplated by the Basic Documents and related documentation, pay
its own liabilities and expenses only out of its own funds;

          (vi) observe all formalities required under the Statutory Trust Statute;

          (vii) not guarantee or become obligated for the debts of any other person or entity;

          (viii) not hold out its credit as being available to satisfy the obligation of any
other person or entity;

          (ix) not acquire the obligations or securities of its Certificateholders or its
Affiliates;

          (x) other than as contemplated by the Basic Documents and related documentation, not
make loans to any other person or entity or buy or hold evidence of indebtedness issued by
any other person or entity;

          (xi) other than as contemplated by the Basic Documents and related documentation, not
pledge its assets for the benefit of any other person or entity;

          (xii) hold itself out as a separate entity from each Certificateholder and not conduct
any business in the name of any Certificateholder;

          (xiii) correct any known misunderstanding regarding its separate identity;

          (xiv) not identify itself as a division of any other person or entity; and

          (xv) except as required or specifically provided in the Trust Agreement, the Trust will
conduct business with the Certificateholders or any Affiliate thereof on an arm’s length
basis.

               (c) So long as the Notes or any other amounts owed under the Indenture remain outstanding, the
Trust shall not amend this Section 4.6 unless the Rating Agency Condition has been satisfied and
without the prior written consent of the Security Insurer.

ARTICLE V.

Authority and Duties of Owner Trustee

               SECTION 5.1. General Authority.

               (a) The Owner Trustee is authorized and directed to execute and deliver the Basic Documents to
which the Trust is named as a party, each certificate or other document attached as an exhibit to
or contemplated by the Basic Documents to which the Trust is named as

14

 

a party and any amendment
thereto and on behalf of the Trust, each state business license (and any renewal thereof) prepared
by the Certificateholder or Servicer, including a Sales Finance Company Application (and any
renewal thereof) with the Pennsylvania Department of Banking, Licensing Division, and a Financial
Regulation Application (and any renewal thereof) with the Maryland Department of Labor, Licensing
and Regulation, in each case, in such form as the Depositor shall approve as evidenced conclusively
by the Owner Trustee’s execution thereof, and on behalf of the Trust, to direct the Indenture
Trustee to authenticate and deliver Class A-1 Notes in the aggregate principal amount of
$239,000,000, Class A-2 Notes in the aggregate principal amount of $375,000,000, Class A-3 Notes in
the aggregate principal amount of $430,000,000 and Class A-4 Notes in the aggregate principal
amount of $306,000,000. In addition to the foregoing, the Owner Trustee is authorized, but shall
not be obligated, to take all actions required of the Trust pursuant to the Basic Documents. The
Owner Trustee is further authorized from time to time to take such action as the Instructing Party
recommends with respect to the Basic Documents so long as such activities are consistent with the
terms of the Basic Documents.

               (b) The Owner Trustee shall sign on behalf of the Trust any applicable tax returns of the
Trust, unless applicable law requires a Certificateholder to sign such documents.

               SECTION 5.2. General Duties. It shall be the duty of the Owner Trustee to discharge
(or cause to be discharged) all of its responsibilities pursuant to the terms of this Agreement and
the Sale and Servicing Agreement and to administer the Trust in the interest of the Holder, subject
to the Basic Documents and in accordance with the provisions of this Agreement. Notwithstanding
the foregoing, the Owner Trustee shall be deemed to have discharged its duties and responsibilities
hereunder and under the Basic Documents to the extent the Servicer has agreed in the Sale and
Servicing Agreement to perform any act or to discharge any duty of the Trust or the Owner Trustee
hereunder or under any Basic Document, and the Owner Trustee shall not be liable for the default or
failure of the Servicer to carry out its obligations under the Sale and Servicing Agreement.

               SECTION 5.3. Action upon Instruction.

               (a) Subject to Article IV and the terms of the Spread Account Agreement, the Security Insurer
(so long as an Insurer Default shall not have occurred and be continuing) or the Certificateholder
(if an Insurer Default shall have occurred and be continuing) (the “Instructing Party”)
shall have the exclusive right to direct the actions of the Owner Trustee in the management of the
Trust, so long as such instructions are not inconsistent with the express terms set forth herein or
in any Basic Document, provided, however, that the Owner Trustee shall be permitted
to treat the Security Insurer as the Instructing Party until such time as the Owner Trustee has
received written notice that the Security Insurer is no longer the Instructing Party as a result of
the occurrence and continuance of an Insurer Default. The Instructing Party shall not instruct the
Owner Trustee in a manner inconsistent with this Agreement or the Basic Documents.

               (b) The Owner Trustee shall not be required to take any action hereunder or under any Basic
Document if the Owner Trustee shall have reasonably determined, or shall have been advised by
counsel, that such action is likely to result in liability on the part of the Owner

15

 

Trustee or is
contrary to the terms hereof or of any Basic Document or is otherwise contrary to law.

               (c) Whenever the Owner Trustee is unable to decide between alternative courses of action
permitted or required by the terms of this Agreement or any Basic Document, the Owner Trustee shall
promptly give notice (in such form as shall be appropriate under the circumstances) to the
Instructing Party requesting instruction as to the course of action to be adopted, and to the
extent the Owner Trustee acts in good faith in accordance with any written instruction of the
Instructing Party received, the Owner Trustee shall not be liable on account of such action to any
Person. If the Owner Trustee shall not have received appropriate instruction within ten days of
such notice (or within such shorter period of time as reasonably may be specified in such notice or
may be necessary under the circumstances) it may, but shall be under no duty to, take or refrain
from taking such action, not inconsistent with this Agreement or the Basic Documents, as it shall
deem to be in the best interests of the Certificateholder, and shall have no liability to any
Person for such action or inaction.

               (d) In the event that the Owner Trustee is unsure as to the application of any provision of
this Agreement or any Basic Document or any such provision is ambiguous as to its application, or
is, or appears to be, in conflict with any other applicable provision, or in the event that this
Agreement permits any determination by the Owner Trustee or is silent or is incomplete as to the
course of action that the Owner Trustee is required to take with respect to a particular set of
facts, the Owner Trustee may give notice (in such form as shall be appropriate under the
circumstances) to the Instructing Party requesting instruction and, to the extent that the Owner
Trustee acts or refrains from acting in good faith in accordance with any such instruction
received, the Owner Trustee shall not be liable, on account of such action or inaction, to any
Person. If the Owner Trustee shall not have received appropriate instruction within 10 days of
such notice (or within such shorter period of time as reasonably may be specified in such notice or
may be necessary under the circumstances) it may, but shall be under no duty to, take or refrain
from taking such action, not inconsistent with this Agreement or the Basic Documents, as it shall
deem to be in the best interests of the Certificateholder, and shall have no liability to any
Person for such action or inaction.

               SECTION 5.4. No Duties Except as Specified in this Agreement or in Instructions. The
Owner Trustee shall not have any duty or obligation to manage, make any payment with respect to,
register, record, sell, dispose of, or otherwise deal with the Owner Trust Estate, or to otherwise
take or refrain from taking any action under, or in connection with, any document contemplated
hereby to which the Owner Trustee is a party, except as expressly provided by the terms of this
Agreement or in any document or written instruction received by the Owner Trustee pursuant to
Section 5.3; and no implied duties or obligations shall be read into this Agreement or any Basic
Document against the Owner Trustee. The Owner Trustee shall have no responsibility for filing any
financing or continuation statement in any public office at any time or to otherwise perfect or
maintain the perfection of any security interest or lien granted to it hereunder or to prepare or
file any Commission filing (including any filings required pursuant to the Sarbanes-Oxley Act of
2002 or any rule or regulation promulgated thereunder) for the Trust or to record this Agreement or
any Basic Document. The Owner Trustee nevertheless agrees that it will, at its own cost and
expense, promptly take all action as may be necessary to discharge any Liens on any part of the
Owner Trust Estate that result from actions

16

 

by, or claims against, the Owner Trustee (solely in its
individual capacity) and that are not related to the ownership or the administration of the Owner
Trust Estate.

               SECTION 5.5. No Action Except under Specified Documents or Instructions. The Owner
Trustee shall not manage, control, use, sell, dispose of or otherwise deal with any part of the
Owner Trust Estate except (i) in accordance with the powers granted to and the authority conferred
upon the Owner Trustee pursuant to this Agreement, (ii) in accordance with the Basic Documents and
(iii) in accordance with any document or instruction delivered to the Owner Trustee pursuant to
Section 5.3.

               SECTION 5.6. Restrictions. The Owner Trustee shall not take any action (a) that is inconsistent with the purposes of
the Trust set forth in Section 2.3 or (b) that, to the actual knowledge of the Owner Trustee, would
result in the Trust’s becoming taxable as a corporation for federal income tax purposes. The
Certificateholder shall not direct the Owner Trustee to take action that would violate the
provisions of this Section.

ARTICLE VI.

Concerning the Owner Trustee

               SECTION 6.1. Acceptance of Trusts and Duties. The Owner Trustee accepts the trusts hereby
created and agrees to perform its duties hereunder with respect to such trusts but only upon the
terms of this Agreement. The Owner Trustee also agrees to disburse all moneys actually received by
it constituting part of the Owner Trust Estate upon the terms of the Basic Documents and this
Agreement. The Owner Trustee shall not be answerable or accountable hereunder or under any Basic
Document under any circumstances, except (i) for its own willful misconduct, bad faith or
negligence, (ii) in the case of the inaccuracy of any representation or warranty contained in
Section 6.3 expressly made by the Owner Trustee, (iii) for liabilities arising from the failure of
the Owner Trustee to perform obligations expressly undertaken by it in the last sentence of Section
5.4 hereof, (iv) for any investments issued by the Owner Trustee or any branch or affiliate thereof
in its commercial capacity or (v) for taxes, fees or other charges on, based on or measured by, any
fees, commissions or compensation received by the Owner Trustee. In particular, but not by way of
limitation (and subject to the exceptions set forth in the preceding sentence):

               (a) the Owner Trustee shall not be liable for any error of judgment made by a Responsible
Officer of the Owner Trustee (except in the case of willful misconduct, bad faith or negligence);

               (b) the Owner Trustee shall not be liable with respect to any action taken or omitted to be
taken by it in accordance with the instructions of the Instructing Party, the Servicer or the
Certificateholder;

               (c) no provision of this Agreement or any Basic Document shall require the Owner Trustee to
expend or risk funds or otherwise incur any financial liability in the performance of any of its
rights or powers hereunder or under any Basic Document if the Owner

17

 

Trustee shall have reasonable
grounds for believing that repayment of such funds or adequate indemnity against such risk or
liability is not reasonably assured or provided to it;

               (d) under no circumstances shall the Owner Trustee be liable for indebtedness evidenced by or
arising under any of the Basic Documents, including the principal of and interest on the Notes;

               (e) the Owner Trustee shall not be responsible for or in respect of the validity or
sufficiency of this Agreement or for the due execution hereof by the Depositor or for the form,
character, genuineness, sufficiency, value or validity of any of the Owner Trust Estate or for or
in respect of the validity or sufficiency of the Basic Documents, other than the certificate of authentication on the Certificate, and the Owner Trustee shall in no event assume or incur any
liability, duty or obligation to the Security Insurer, Trustee, Trust Collateral Agent, the
Collateral Agent, any Noteholder or to any Certificateholder, other than as expressly provided for
herein and in the Basic Documents;

               (f) the Owner Trustee shall not be liable for the default or misconduct of the Security
Insurer, the Trustee, the Trust Collateral Agent or the Servicer under any of the Basic Documents
or otherwise and the Owner Trustee shall have no obligation or liability to perform the obligations
under this Agreement or the Basic Documents that are required to be performed by the Trustee under
the Indenture or the Trust Collateral Agent or the Servicer under the Sale and Servicing Agreement;
and

               (g) the Owner Trustee shall be under no obligation to exercise any of the rights or powers
vested in it by this Agreement, or to institute, conduct or defend any litigation under this
Agreement or otherwise or in relation to this Agreement or any Basic Document, at the request,
order or direction of the Instructing Party or the Certificateholder, unless such Instructing Party
or Certificateholder has offered to the Owner Trustee security or indemnity satisfactory to it
against the costs, expenses and liabilities that may be incurred by the Owner Trustee therein or
thereby. The right of the Owner Trustee to perform any discretionary act enumerated in this
Agreement or in any Basic Document shall not be construed as a duty, and the Owner Trustee shall
not be answerable for other than its negligence, bad faith or willful misconduct in the performance
of any such act.

               SECTION 6.2. Furnishing of Documents. The Owner Trustee shall furnish to the
Certificateholder promptly upon receipt of a written request therefor, duplicates or copies of all
reports, notices, requests, demands, certificates, financial statements and any other instruments
furnished to the Owner Trustee under the Basic Documents.

               SECTION 6.3. Representations and Warranties. The Owner Trustee hereby represents and
warrants to the Depositor, the Holder and the Security Insurer (which shall have relied on such
representations and warranties in issuing the Note Policy), that:

               (a) It is a Delaware banking corporation, duly organized and validly existing in good standing
under the laws of the State of Delaware. It has all requisite corporate power and authority to
execute, deliver and perform its obligations under this Agreement.

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               (b) It has taken all corporate action necessary to authorize the execution and delivery by it
of this Agreement, and this Agreement will be executed and delivered by one of its officers who is
duly authorized to execute and deliver this Agreement on its behalf.

               (c) Neither the execution nor the delivery by it of this Agreement, nor the consummation by it
of the transactions contemplated hereby nor compliance by it with any of the terms or provisions
hereof will contravene any federal or Delaware state law, governmental rule or regulation governing
the banking or trust powers of the Owner Trustee or any judgment or order binding on it, or constitute any default under its charter documents or by-laws or any
indenture, mortgage, contract, agreement or instrument to which it is a party or by which any of
its properties may be bound.

               (d) The Agreement has been, or, when executed and delivered will have been, duly authorized,
validly executed and delivered by the Owner Trustee and constitutes, a valid and binding agreement
of the Owner Trustee, enforceable against the Owner Trustee in accordance with its terms, except to
the extent that enforceability may (A) be subject to insolvency, reorganization, moratorium, or
other similar laws, regulations or procedures of general applicability now or hereinafter in effect
relating to or affecting creditor’s rights generally and (B) be limited by general principles of
equity (whether considered in a proceeding at law or in equity).

               SECTION 6.4. Reliance; Advice of Counsel.

               (a) The Owner Trustee shall incur no liability to anyone in acting upon any signature,
instrument, notice, resolution, request, consent, order, certificate, report, opinion, bond or
other document or paper believed by it to be genuine and believed by it to be signed by the proper
party or parties. The Owner Trustee may accept a certified copy of a resolution of the board of
directors or other governing body of any corporate party as conclusive evidence that such
resolution has been duly adopted by such body and that the same is in full force and effect. As to
any fact or matter the method of the determination of which is not specifically prescribed herein,
the Owner Trustee may for all purposes hereof rely on a certificate, signed by the president or any
vice president or by the treasurer, secretary or other authorized officers of the relevant party,
as to such fact or matter, and such certificate shall constitute full protection to the Owner
Trustee for any action taken or omitted to be taken by it in good faith in reliance thereon.

               (b) In the exercise or administration of the trusts hereunder and in the performance of its
duties and obligations under this Agreement or the Basic Documents, the Owner Trustee (i) may act
directly or through its agents or attorneys pursuant to agreements entered into with any of them,
and the Owner Trustee shall not be liable for the conduct or misconduct of such agents or attorneys
if such agents or attorneys shall have been selected by the Owner Trustee with reasonable care, and
(ii) may consult with counsel, accountants and other skilled persons to be selected with reasonable
care and employed by it. The Owner Trustee shall not be liable for anything done, suffered or
omitted in good faith by it in accordance with the written opinion or advice of any such counsel,
accountants or other such persons and according to such opinion not contrary to this Agreement or
any Basic Document.

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               SECTION 6.5. Not Acting in Individual Capacity. Except as provided in this Article
VI, in accepting the trust hereby created Wilmington Trust Company acts solely as Owner Trustee
hereunder and not in its individual capacity and all Persons having any claim against the Owner
Trustee by reason of the transactions contemplated by this Agreement or any Basic Document shall
look only to the Owner Trust Estate for payment or satisfaction thereof.

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

               SECTION 6.7. Owner Trustee May Own Notes. The Owner Trustee in its individual or any
other capacity may become the owner or pledgee of the Notes and may deal with the Depositor, the
Trustee and the Servicer in banking transactions with the same rights as it would have if it were
not Owner Trustee.

               SECTION 6.8. Payments from Owner Trust Estate. All payments to be made by the Owner
Trustee under this Agreement or any of the Basic Documents to which the Trust or the Owner Trustee
is a party shall be made only from the income and proceeds of the Owner Trust Estate and only to
the extent that the Owner Trustee shall have received income or proceeds from the Owner Trust
Estate to make such payments in accordance with the terms hereof. Wilmington Trust Company, or any
successor thereto, in its individual capacity, shall not be liable for any amounts payable under
this Agreement or any of the Basic Documents to which the Trust or the Owner Trustee is a party.

               SECTION 6.9. Doing Business in Other Jurisdictions. Notwithstanding anything
contained herein to the contrary, neither Wilmington Trust Company or any successor thereto, nor
the Owner Trustee shall be required to take any action in any jurisdiction other than in the State
of Delaware if the taking of such action will, even after the appointment of a co-trustee or
separate trustee in accordance with Section 9.5 hereof, (i) require the consent or

20

 

approval or
authorization or order of or the giving of notice to, or the registration with or the taking of any
other action in respect of, any state or other governmental authority or agency of any jurisdiction
other than the State of Delaware; (ii) result in any fee, tax or other governmental charge under
the laws of the State of Delaware becoming payable by Wilmington Trust Company (or any successor thereto); or (iii) subject Wilmington
Trust Company (or any successor thereto) to personal jurisdiction in any jurisdiction other than
the State of Delaware for causes of action arising from acts unrelated to the consummation of the
transactions by Wilmington Trust Company (or any successor thereto) or the Owner Trustee, as the
case may be, contemplated hereby.

ARTICLE VII.

Compensation of Owner Trustee

               SECTION 7.1. Owner Trustee’s Fees and Expenses. The Owner Trustee shall receive as
compensation for its services hereunder such fees as have been separately agreed upon before the
date hereof between AmeriCredit and the Owner Trustee, and the Owner Trustee shall be entitled to
be reimbursed by the Depositor for its other reasonable expenses hereunder, including the
reasonable compensation, expenses and disbursements of such agents, representatives, experts and
counsel as the Owner Trustee may employ in connection with the exercise and performance of its
rights and its duties hereunder and under the Basic Documents. AmeriCredit Corp. shall be jointly
and severally liable for the fees and expenses owing to the Owner Trustee under this Section 7.1.

               SECTION 7.2. Indemnification. The Depositor shall be liable as primary obligor for,
and shall indemnify the Owner Trustee and its officers, directors, successors, assigns, agents and
servants (collectively, the “Indemnified Parties”) from and against, any and all
liabilities, obligations, losses, damages, taxes, claims, actions and suits, and any and all
reasonable costs, expenses and disbursements (including reasonable legal fees and expenses) of any
kind and nature whatsoever (collectively, “Expenses”) which may at any time be imposed on,
incurred by, or asserted against the Owner Trustee or any Indemnified Party in any way relating to
or arising out of this Agreement, the Basic Documents, the Owner Trust Estate, the administration
of the Owner Trust Estate or the action or inaction of the Owner Trustee hereunder, except only
that the Depositor shall not be liable for or required to indemnify the Owner Trustee from and
against Expenses arising or resulting from any of the matters described in the third sentence of
Section 6.1. The indemnities contained in this Section and the rights under Section 7.1 shall
survive the resignation or termination of the Owner Trustee or the termination of this Agreement.
In any event of any claim, action or proceeding for which indemnity will be sought pursuant to this
Section, the Owner Trustee’s choice of legal counsel shall be subject to the approval of the
Depositor which approval shall not be unreasonably withheld. AmeriCredit Corp. shall be jointly
and severally liable for the indemnification duties and obligations of the Depositor which are
described in this Section 7.2.

               SECTION 7.3. Payments to the Owner Trustee. Any amounts paid to the Owner Trustee
pursuant to this Article VII shall be deemed not to be a part of the Owner Trust Estate immediately
after such payment.

21

 

               SECTION 7.4. Non-recourse Obligations. Notwithstanding anything in this Agreement or any Basic Document, the Owner Trustee agrees
in its individual capacity and in its capacity as Owner Trustee for the Trust that all obligations
of the Trust to the Owner Trustee individually or as Owner Trustee for the Trust shall be with
recourse to the Owner Trust Estate only and specifically shall be without recourse to the assets of
the Holder.

ARTICLE VIII.

Termination of Trust Agreement

               SECTION 8.1. Termination of Trust Agreement.

               (a) This Agreement and the Trust shall terminate in accordance with Section 3808 of the
Statutory Trust Statute and be of no further force or effect upon the latest of (i) the maturity or
other liquidation of the last Receivable (including the purchase by the Servicer at its option or
by the Seller at its option of the corpus of the Trust as described in Section 10.1 of the Sale and
Servicing Agreement) and the subsequent distribution of amounts in respect of such Receivables as
provided in the Basic Documents, or (ii) the payment to the Certificateholder of all amounts
required to be paid to it pursuant to this Agreement and the payment to the Security Insurer of all
amounts payable or reimbursable to it pursuant to the Sale and Servicing Agreement or the Insurance
Agreement; provided, however, that the rights to indemnification under Section 7.2
and the rights under Section 7.1 shall survive the termination of the Trust. The Seller or the
Servicer shall promptly notify the Owner Trustee and the Security Insurer of any prospective
termination pursuant to this Section. The bankruptcy, liquidation, dissolution, death or
incapacity of the Certificateholder, shall not (x) operate to terminate this Agreement or the
Trust, nor (y) entitle the Certificateholder’s legal representatives or heirs to claim an
accounting or to take any action or proceeding in any court for a partition or winding up of all or
any part of the Trust or Owner Trust Estate nor (z) otherwise affect the rights, obligations and
liabilities of the parties hereto.

               (b) Neither the Depositor nor the Certificateholder shall be entitled to revoke or terminate
the Trust.

               (c) Notice of any termination of the Trust, specifying the Distribution Date upon which the
Certificateholder shall surrender the Certificate to the Trust Collateral Agent for payment of the
final distribution and cancellation, shall be given by the Owner Trustee by letter to the
Certificateholder mailed within five Business Days of receipt of notice of such termination from
the Servicer given pursuant to Section 10.1(c) of the Sale and Servicing Agreement, stating (i) the
Distribution Date upon or with respect to which final payment of the Certificate shall be made upon
presentation and surrender of the Certificate at the office of the Trust Collateral Agent therein
designated, (ii) the amount of any such final payment, (iii) that the Record Date otherwise
applicable to such Distribution Date is not applicable, payments being made only upon presentation
and surrender of the Certificate at the office of the Trust Collateral Agent therein specified and
(iv) interest will cease to accrue on the Certificate. The Owner Trustee shall give such notice to
the Trust Collateral Agent and the Security Insurer at the time such notice is given to the
Certificateholder. Upon presentation and surrender of the Certificate, the Trust Collateral

22

 

Agent shall cause to be distributed to the Certificateholder amounts distributable on such
Distribution Date pursuant to Section 5.7 of the Sale and Servicing Agreement.

               In the event that the Certificateholder shall not surrender the Certificate for cancellation
within six months after the date specified in the above mentioned written notice, the Owner Trustee
shall give a second written notice to the Certificateholder to surrender the Certificate for
cancellation and receive the final distribution with respect thereto. If within one year after the
second notice the Certificate shall not have been surrendered for cancellation, the Owner Trustee
may take appropriate steps, or may appoint an agent to take appropriate steps, to contact the
Certificateholder concerning surrender of its Certificate, and the cost thereof shall be paid out
of the funds and other assets that shall remain subject to this Agreement. Any funds remaining in
the Trust after exhaustion of such remedies shall be distributed, subject to applicable escheat
laws, by the Owner Trustee to the Holder.

               (d) Upon the completion of the winding up of the Trust in accordance with Section 3808 of the
Statutory Trust Statute and its termination, the Owner Trustee shall cause the Certificate of Trust
to be canceled by filing a certificate of cancellation with the Secretary of State in accordance
with the provisions of Section 3810 of the Statutory Trust Statute.

ARTICLE IX.

Successor Owner Trustees and Additional Owner Trustees

               SECTION 9.1. Eligibility Requirements for Owner Trustee. The Owner Trustee shall at
all times be a corporation (i) satisfying the provisions of Section 3807(a) of the Statutory Trust
Statute; (ii) authorized to exercise corporate trust powers; (iii) having a combined capital and
surplus of at least $50,000,000 and subject to supervision or examination by federal or state
authorities; and (iv) acceptable to the Security Insurer in its sole discretion, so long as an
Insurer Default shall not have occurred and be continuing. If such corporation shall publish
reports of condition at least annually, pursuant to law or to the requirements of the aforesaid
supervising or examining authority, then for the purpose of this Section, the combined capital and
surplus of such corporation shall be deemed to be its combined capital and surplus as set forth in
its most recent report of condition so published. In case at any time the Owner Trustee shall
cease to be eligible in accordance with the provisions of this Section, the Owner Trustee shall
resign immediately in the manner and with the effect specified in Section 9.2.

               SECTION 9.2. Resignation or Removal of Owner Trustee. The Owner Trustee may at any
time resign and be discharged from the trusts hereby created by giving written notice thereof to
the Depositor, the Security Insurer and the Servicer. Upon receiving such notice of resignation,
the Depositor shall promptly appoint a successor Owner Trustee by written instrument, in duplicate,
one copy of which instrument shall be delivered to the resigning Owner Trustee and one copy to the
successor Owner Trustee, provided that the Depositor shall have received written confirmation from
each of the Rating Agencies that the proposed appointment will not result in an increased capital
charge to the Security Insurer by either of the Rating Agencies. If no successor Owner Trustee shall have
been so appointed and have accepted appointment within 30 days after the giving of such notice of
resignation, the resigning Owner

23

 

Trustee or the Security Insurer may petition any court of
competent jurisdiction for the appointment of a successor Owner Trustee.

               If at any time the Owner Trustee shall cease to be eligible in accordance with the provisions
of Section 9.1 and shall fail to resign after written request therefor by the Depositor, or if at
any time the Owner Trustee shall be legally unable to act, or shall be adjudged bankrupt or
insolvent, or a receiver of the Owner Trustee or of its property shall be appointed, or any public
officer shall take charge or control of the Owner Trustee or of its property or affairs for the
purpose of rehabilitation, conservation or liquidation, then the Depositor with the consent of the
Security Insurer (so long as an Insurer Default shall not have occurred and be continuing) may
remove the Owner Trustee. If the Depositor shall remove the Owner Trustee under the authority of
the immediately preceding sentence, the Depositor shall promptly appoint a successor Owner Trustee
by written instrument, in duplicate, one copy of which instrument shall be delivered to the
outgoing Owner Trustee so removed, one copy to the Security Insurer and one copy to the successor
Owner Trustee and payment of all fees owed to the outgoing Owner Trustee.

               Any resignation or removal of the Owner Trustee and appointment of a successor Owner Trustee
pursuant to any of the provisions of this Section shall not become effective until acceptance of
appointment by the successor Owner Trustee pursuant to Section 9.3 and payment of all fees and
expenses owed to the outgoing Owner Trustee. The Depositor shall provide notice of such
resignation or removal of the Owner Trustee to each of the Rating Agencies.

               SECTION 9.3. Successor Owner Trustee. Any successor Owner Trustee appointed pursuant
to Section 9.2 shall execute, acknowledge and deliver to the Depositor, the Servicer, the Security
Insurer and to its predecessor Owner Trustee an instrument accepting such appointment under this
Agreement, and thereupon the resignation or removal of the predecessor Owner Trustee shall become
effective and such successor Owner Trustee, without any further act, deed or conveyance, shall
become fully vested with all the rights, powers, duties and obligations of its predecessor under
this Agreement, with like effect as if originally named as Owner Trustee. The predecessor Owner
Trustee shall upon payment of its fees and expenses deliver to the successor Owner Trustee all
documents and statements and monies held by it under this Agreement; and the Depositor and the
predecessor Owner Trustee shall execute and deliver such instruments and do such other things as
may reasonably be required for fully and certainly vesting and confirming in the successor Owner
Trustee all such rights, powers, duties and obligations.

               No successor Owner Trustee shall accept appointment as provided in this Section unless at the
time of such acceptance such successor Owner Trustee shall be eligible pursuant to Section 9.1.

               Upon acceptance of appointment by a successor Owner Trustee pursuant to this Section, the
Servicer shall mail notice of the successor of such Owner Trustee to the Certificateholder, the
Trustee, the Noteholders, the Security Insurer and the Rating Agencies. If the Servicer shall fail to mail such notice within 10 days after acceptance of appointment by
the successor Owner Trustee, the successor Owner Trustee shall cause such notice to be mailed at
the expense of the Servicer.

24

 

               SECTION 9.4. Merger or Consolidation of Owner Trustee. Any corporation into which the
Owner Trustee may be merged or converted or with which it may be consolidated, or any corporation
resulting from any merger, conversion or consolidation to which the Owner Trustee shall be a party,
or any corporation succeeding to all or substantially all of the corporate trust business of the
Owner Trustee, shall be the successor of the Owner Trustee hereunder, provided such corporation
shall be eligible pursuant to Section 9.1, without the execution or filing of any instrument or any
further act on the part of any of the parties hereto, anything herein to the contrary
notwithstanding; provided, further, that the Owner Trustee shall mail notice of
such merger or consolidation to the Rating Agencies and the Security Insurer.

               SECTION 9.5. Appointment of Co-Trustee or Separate Trustee. Notwithstanding any other
provisions of this Agreement, at any time, for the purpose of meeting any legal requirements of any
jurisdiction in which any part of the Owner Trust Estate or any Financed Vehicle may at the time be
located, the Servicer and the Owner Trustee acting jointly shall have the power and shall execute
and deliver all instruments to appoint one or more Persons approved by the Owner Trustee and the
Security Insurer to act as co-trustee, jointly with the Owner Trustee, or separate trustee or
separate trustees, of all or any part of the Owner Trust Estate, and to vest in such Person, in
such capacity, such title to the Trust, or any part thereof, and, subject to the other provisions
of this Section, such powers, duties, obligations, rights and trusts as the Servicer and the Owner
Trustee may consider necessary or desirable. If the Servicer shall not have joined in such
appointment within 15 days after the receipt by it of a request to do so, the Owner Trustee
subject, unless an Insurer Default shall have occurred and be continuing, to the approval of the
Security Insurer (which approval shall not be unreasonably withheld) shall have the power to make
such appointment. No co-trustee or separate trustee under this Agreement shall be required to meet
the terms of eligibility as a successor trustee pursuant to Section 9.1 and no notice of the
appointment of any co-trustee or separate trustee shall be required pursuant to Section 9.3.

               Each separate trustee and co-trustee shall, to the extent permitted by law, be appointed and
act subject to the following provisions and conditions:

          (i) all rights, powers, duties and obligations conferred or imposed upon the Owner
Trustee shall be conferred upon and exercised or performed by the Owner Trustee and such
separate trustee or co-trustee jointly (it being understood that such separate trustee or
co-trustee is not authorized to act separately without the Owner Trustee joining in such
act), except to the extent that under any law of any jurisdiction in which any particular
act or acts are to be performed, the Owner Trustee shall be incompetent or unqualified to
perform such act or acts, in which event such rights, powers, duties and obligations
(including the holding of title to the Trust or any portion thereof in any such jurisdiction) shall be exercised and performed singly by such separate trustee or
co-trustee, but solely at the direction of the Owner Trustee;

          (ii) no trustee under this Agreement shall be personally liable by reason of any act or
omission of any other trustee under this Agreement; and

          (iii) the Servicer and the Owner Trustee acting jointly may at any time accept the
resignation of or remove any separate trustee or co-trustee.

25

 

               Any notice, request or other writing given to the Owner Trustee shall be deemed to have been
given to each of the then separate trustees and co-trustees, as effectively as if given to each of
them. Every instrument appointing any separate trustee or co-trustee shall refer to this Agreement
and the conditions of this Article. Each separate trustee and co-trustee, upon its acceptance of
the trusts conferred, shall be vested with the estates or property specified in its instrument of
appointment, either jointly with the Owner Trustee or separately, as may be provided therein,
subject to all the provisions of this Agreement, specifically including every provision of this
Agreement relating to the conduct of, affecting the liability of, or affording protection to, the
Owner Trustee. Each such instrument shall be filed with the Owner Trustee and a copy thereof given
to the Servicer and the Security Insurer.

               Any separate trustee or co-trustee may at any time appoint the Owner Trustee, its agent or
attorney-in-fact with full power and authority, to the extent not prohibited by law, to do any
lawful act under or in respect of this Agreement on its behalf and in its name. If any separate
trustee or co-trustee shall die, become incapable of acting, resign or be removed, all of its
estates, properties, rights, remedies and trusts shall vest in and be exercised by the Owner
Trustee, to the extent permitted by law, without the appointment of a new or successor trustee.

ARTICLE X.

Miscellaneous

               SECTION 10.1. Supplements and Amendments.

               (a) This Agreement may be amended by the Depositor and the Owner Trustee, with the prior
written consent of the Security Insurer (so long as an Insurer Default shall not have occurred and
be continuing) and with prior written notice to the Rating Agencies, without the consent of any of
the Noteholders or the Certificateholder, (i) to cure any ambiguity or defect or (ii) to correct,
supplement or modify any provisions in this Agreement; provided, however, that such
action shall not, as evidenced by an Opinion of Counsel which may be based upon a certificate of
the Servicer, adversely affect in any material respect the interests of any Noteholder or
Certificateholder.

               (b) This Agreement may also be amended from time to time, with the prior written consent of
the Security Insurer (so long as an Insurer Default shall not have occurred and be continuing) by
the Depositor and the Owner Trustee, with prior written notice to the Rating Agencies, to the
extent such amendment materially and adversely affects the interests of the Noteholders, with the
consent of the Noteholders evidencing not less than a majority of the Outstanding Amount of the
Notes, and the consent of the Certificateholder (which consent of any Holder of a Certificate or Note given pursuant to this Section or pursuant to any other
provision of this Agreement shall be conclusive and binding on such Holder) for the purpose of
adding any provisions to or changing in any manner or eliminating any of the provisions of this
Agreement or of modifying in any manner the rights of the Noteholders or the Certificateholder;
provided, however, that subject to the express rights of the Security Insurer under
the Basic Documents, no such amendment shall (a) increase or reduce in any manner the amount of, or
accelerate or delay the timing of, collections of payments on Receivables or distributions that
shall be required to be made for the benefit of the Noteholders or the Certificateholder or (b)
reduce the aforesaid

26

 

percentage of the Outstanding Amount of the Notes and the Certificate Balance
required to consent to any such amendment, without the consent of the Holders of all the
outstanding Notes and the Certificateholder.

               Promptly after the execution of any such amendment or consent, the Owner Trustee shall furnish
written notification of the substance of such amendment or consent to the Certificateholder, the
Trustee and each of the Rating Agencies.

               It shall not be necessary for the consent of Certificateholder, the Noteholders or the Trustee
pursuant to this Section to approve the particular form of any proposed amendment or consent, but
it shall be sufficient if such consent shall approve the substance thereof. The manner of
obtaining such consents (and any other consents of the Certificateholder provided for in this
Agreement or in any other Basic Document) and of evidencing the authorization of the execution
thereof by Certificateholder shall be subject to such reasonable requirements as the Owner Trustee
may prescribe. Promptly after the execution of any amendment to the Certificate of Trust, the
Owner Trustee shall cause the filing of such amendment with the Secretary of State.

               Prior to the execution of any amendment to this Agreement or the Certificate of Trust, the
Owner Trustee shall be entitled to receive and rely upon an Opinion of Counsel stating that the
execution of such amendment is authorized or permitted by this Agreement and that all conditions
precedent to the execution and delivery of such amendment have been satisfied. The Owner Trustee
may, but shall not be obligated to, enter into any such amendment which affects the Owner Trustee’s
own rights, duties or immunities under this Agreement or otherwise.

               SECTION 10.2. No Legal Title to Owner Trust Estate in Certificateholder. The
Certificateholder shall not have legal title to any part of the Owner Trust Estate. The
Certificateholder shall be entitled to receive distributions in accordance with Article VIII. No
transfer, by operation of law or otherwise, of any right, title or interest of the
Certificateholder to and in its ownership interest in the Owner Trust Estate shall operate to
terminate this Agreement or the trust hereunder or entitle any transferee to an accounting or to
the transfer to it of legal title to any part of the Owner Trust Estate.

               SECTION 10.3. Limitations on Rights of Others. The provisions of this Agreement are
solely for the benefit of the Owner Trustee, the Depositor, the Certificateholder, the Servicer
and, to the extent expressly provided herein, the Security Insurer, the Trustee and the
Noteholders, and nothing in this Agreement, whether express or implied, shall be construed to give
to any other Person any legal or equitable right, remedy or claim in the Owner Trust Estate or under or in respect of this Agreement or
any covenants, conditions or provisions contained herein.

               SECTION 10.4. Notices.

               (a) Unless otherwise expressly specified or permitted by the terms hereof, all notices shall
be in writing and shall be deemed given upon receipt personally delivered, delivered by overnight
courier or mailed first class mail or certified mail, in each case return receipt requested, and
shall be deemed to have been duly given upon receipt, if to the Owner Trustee, addressed to the
Corporate Trust Office; if to the Depositor, addressed to AFS SenSub

27

 

Corp., 2265 B Renaissance
Drive, Suite 17, Las Vegas, Nevada 89119, Attention: Chief Financial Officer, with a copy to AFS
SenSub Corp., c/o AmeriCredit Financial Services, Inc., as Administrator, 801 Cherry Street, Suite
3900, Fort Worth, Texas 76102, Attention: Chief Financial Officer; if to the Security Insurer,
addressed to Security Insurer, MBIA Insurance Corporation, 113 King Street, Armonk, NY 10504,
Attention: Insured Portfolio Management–Structured Finance (AmeriCredit 2005-B-M), Facsimile No.:
(914) 765-3810, Confirmation: (914) 765-3781 (in each case in which notice or other communication
to MBIA refers to an Event of Default, a claim on the Note Policy or with respect to which failure
on the part of MBIA to respond shall be deemed to constitute consent or acceptance, then a copy of
such notice or other communication should also be sent to the attention of the General Counsel
“URGENT MATERIAL ENCLOSED”); or, as to each party, at such other address as shall be
designated by such party in a written notice to each other party.

               (b) Any notice required or permitted to be given to a Certificateholder shall be given by
first-class mail, postage prepaid, at the address of the Holder. Any notice so mailed within the
time prescribed in this Agreement shall be conclusively presumed to have been duly given, whether
or not the Certificateholder receives such notice.

               SECTION 10.5. Severability. Any provision of this Agreement that is prohibited or
unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of
such prohibition or unenforceability without invalidating the remaining provisions hereof, and any
such prohibition or unenforceability in any jurisdiction shall not invalidate or render
unenforceable such provision in any other jurisdiction.

               SECTION 10.6. Separate Counterparts. This Agreement may be executed by the parties
hereto in separate counterparts, each of which when so executed and delivered shall be an original,
but all such counterparts shall together constitute but one and the same instrument.

               SECTION 10.7. Assignments; Security Insurer. This Agreement shall inure to the
benefit of and be binding upon the parties hereto and the Security Insurer and their respective
successors and permitted assigns.

               SECTION 10.8. No Recourse. The Certificateholder by accepting a Certificate acknowledges that the Certificate
represents a beneficial interest in the Trust only and do not represent interests in or obligations
of the Seller, the Servicer, the Owner Trustee, the Trustee, the Security Insurer or any Affiliate
thereof and no recourse may be had against such parties or their assets, except as may be expressly
set forth or contemplated in this Agreement, the Certificate or the Basic Documents.

               SECTION 10.9. Headings. The headings of the various Articles and Sections herein are
for convenience of reference only and shall not define or limit any of the terms or provisions
hereof.

               SECTION 10.10. GOVERNING LAW. THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN
ACCORDANCE WITH, THE LAWS OF THE STATE OF DELAWARE, WITHOUT REFERENCE TO ITS CONFLICT OF LAW

28

 

PROVISIONS, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED
IN ACCORDANCE WITH SUCH LAWS.

               SECTION 10.11. Servicer. The Servicer is authorized to prepare, or cause to be
prepared, execute and deliver on behalf of the Trust the Swap Agreement and all such documents,
reports, filings, instruments, certificates and opinions as it shall be the duty of the Trust or
Owner Trustee to prepare, file or deliver pursuant to the Basic Documents. Upon written request,
the Owner Trustee shall execute and deliver to the Servicer a limited power of attorney appointing
the Servicer the Trust’s agent and attorney-in-fact to prepare, or cause to be prepared, execute
and deliver all such documents, reports, filings, instruments, certificates and opinions.

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

               SECTION 10.13. Third Party Beneficiary. The Security Insurer shall be an express
third party beneficiary of this Agreement, entitled to enforce the provisions hereof as if a party
hereto.

[Remainder of page intentionally left blank.]

29

 

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

	 	 	 	 	 
	 	WILMINGTON TRUST COMPANY,

as Owner Trustee

 	 
	 	By:  	     /s/ Joann A. Rozell
 	 
	 	 	Name:  	Joann A. Rozell 	 
	 	 	Title:  	Assistant Vice President 	 
	 

	 	 	 	 	 
	 	AFS SENSUB CORP.,

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

ACKNOWLEDGED AND AGREED TO:

AMERICREDIT CORP.,

Solely with respect to Sections 7.1 and 7.2

	 	 	 	 	 
	By:

	 	/s/ Susan B. Sheffield	 	 
	

	 	

	 	 
	

	 	Name: Susan B. Sheffield	 	 
	

	 	Title: Senior Vice President, Structured Finance	 	 

[Amended and Restated Trust Agreement]

 

 

EXHIBIT A

NUMBER

R-1

SEE REVERSE FOR CERTAIN DEFINITIONS

THIS CERTIFICATE IS NOT TRANSFERABLE,

EXCEPT UNDER THE LIMITED CONDITIONS

SPECIFIED IN THE TRUST AGREEMENT

ASSET BACKED CERTIFICATE

evidencing a beneficial ownership interest in certain distributions of the Trust, as defined below,
the property of which includes a pool of retail installment sale contracts secured by new or used
automobiles, vans or light duty trucks and sold to the Trust by AFS SenSub Corp.

(This Certificate does not represent an interest in or obligation of AFS SenSub Corp. or any of its
Affiliates, except to the extent described below.)

     THIS CERTIFIES THAT AFS SenSub Corp. is the registered owner of a nonassessable, fully-paid,
beneficial ownership interest in certain distributions of AmeriCredit Automobile Receivables Trust
2005-B-M (the “Trust”) formed by AFS SenSub Corp., a Nevada corporation (the
“Seller”).

OWNER TRUSTEE’S CERTIFICATE OF AUTHENTICATION

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

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

	 	by:	 	 	 	 
	

	 	 	 	

	 	 
	 
	 	 	 	 	 	 
	 	 	Authenticating Agent	 	 
	 
	 	 	 	 	 	 
	

	 	by:	 	 	 	 
	

	 	 	 	

	 	 

 

 

     The Trust was created pursuant to a Trust Agreement dated as of May 11, 2005, as amended and
restated as of May 25, 2005 (the “Trust Agreement”), between the Seller and Wilmington
Trust Company, as owner trustee (the “Owner Trustee”), a summary of certain of the
pertinent provisions of which is set forth below. To the extent not otherwise defined herein, the
capitalized terms used herein have the meanings assigned to them in the Trust Agreement.

     This is the duly authorized Certificate designated as “Asset Backed Certificate”
(herein called the “Certificate”). Also issued under the Indenture, dated as of May 25,
2005, among the Trust, Wells Fargo Bank, National Association, as trustee and indenture collateral
agent, are four classes of Notes designated as “Class A-1 3.301% Asset Backed Notes” (the
“Class A-1 Notes”), “Class A-2 3.78% Asset Backed Notes” (the “Class A-2
Notes”), “Class A-3 4.05% Asset Backed Notes” (the “Class A-3 Notes”) and
“Class A-4 Floating Rate Asset Backed Notes” (the “Class A-4 Notes” and together
with the Class A-1 Notes, the Class A-2 Notes and the Class A-3 Notes, the “Notes”). This
Certificate is issued under and is subject to the terms, provisions and conditions of the Trust
Agreement, to which Trust Agreement the holder of this Certificate by virtue of the acceptance
hereof assents and by which such holder is bound. The property of the Trust includes a pool of
retail installment sale contracts secured by new and used automobiles, vans or light duty trucks
(the “Receivables”), all monies due thereunder on or after the Initial Cutoff Date, in the
case of the Initial Receivables, and the Subsequent Cutoff Date, in the case of the Subsequent
Receivables, security interests in the vehicles financed thereby, certain bank accounts and the
proceeds thereof, proceeds from claims on certain insurance policies and certain other rights under
the Trust Agreement and the Sale and Servicing Agreement, all right, to and interest of the Seller
in and to the Purchase Agreement dated as of May 25, 2005 among AmeriCredit Financial Services,
Inc. and the Seller and all proceeds of the foregoing.

     The holder of this Certificate acknowledges and agrees that its rights to receive
distributions in respect of this Certificate are subordinated to the rights of the Noteholders as
described in the Sale and Servicing Agreement, the Indenture and the Trust Agreement, as
applicable.

     Distributions on this Certificate will be made as provided in the Trust Agreement by the Owner
Trustee by wire transfer or check mailed to the Certificateholder without the presentation or
surrender of this Certificate or the making of any notation hereon. Except as otherwise provided
in the Trust Agreement and notwithstanding the above, the final distribution on this Certificate
will be made after due notice by the Owner Trustee of the pendency of such distribution and only
upon presentation and surrender of this Certificate at the office or agency maintained for the
purpose by the Owner Trustee in the Corporate Trust Office.

     Reference is hereby made to the further provisions of this Certificate set forth on the
reverse hereof, which further provisions shall for all purposes have the same effect as if set
forth at this place.

     Unless the certificate of authentication hereon shall have been executed by an authorized
officer of the Owner Trustee, by manual signature, this Certificate shall not entitle the holder
hereof to any benefit under the Trust Agreement or the Sale and Servicing Agreement or be valid for
any purpose.

A-2

 

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

A-3

 

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

	 	 	 	 	 	 	 
	 	 	AMERICREDIT AUTOMOBILE RECEIVABLES

     TRUST 2005-B-M	 	 
	 
	 	 	 	 	 	 
	

	 	By:
	 	WILMINGTON TRUST COMPANY

not in its individual capacity but

solely as Owner Trustee	 	 
	 
	 	 	 	 	 	 
	Dated: June 2, 2005

	 	By:	 	 	 	 
	

	 	 	 	

	 	 

A-4

 

(Reverse of Certificate)

     The Certificate does not represent an obligation of, or an interest in, the Seller, the
Servicer, the Owner Trustee or any Affiliates of any of them and no recourse may be had against
such parties or their assets, except as may be expressly set forth or contemplated herein or in the
Trust Agreement, the Indenture or the Basic Documents. In addition, this Certificate is not
guaranteed by any governmental agency or instrumentality and is limited in right of payment to
certain collections with respect to the Receivables, all as more specifically set forth herein and
in the Sale and Servicing Agreement. A copy of each of the Sale and Servicing Agreement and the
Trust Agreement may be examined during normal business hours at the principal office of the Seller,
and at such other places, if any, designated by the Seller, by any Certificateholder upon written
request.

     The Trust Agreement permits, with certain exceptions therein provided, the amendment thereof
and the modification of the rights and obligations of the Seller under the Trust Agreement at any
time by the Seller and the Owner Trustee with the consent of the Note Majority and the
Certificateholder. Any such consent by the Holder of this Certificate shall be conclusive and
binding on such Holder and on all future Holders of this Certificate and of any Certificate issued
upon the transfer hereof or in exchange hereof or in lieu hereof whether or not notation of such
consent is made upon this Certificate. The Trust Agreement also permits the amendment thereof, in
certain limited circumstances, without the consent of the Certificateholder.

     As provided in the Trust Agreement and subject to certain limitations therein set forth, the
transfer of this Certificate is registrable in the Certificate Register upon surrender of this
Certificate for registration of transfer at the offices or agencies of the Certificate Registrar
maintained by the Owner Trustee in the Corporate Trust Office, accompanied by a written instrument
of transfer in form satisfactory to the Owner Trustee and the Certificate Registrar duly executed
by the holder hereof or such holder’s attorney duly authorized in writing, and thereupon a new
Certificate evidencing the same aggregate interest in the Trust will be issued to the designated
transferee. The initial Certificate Registrar appointed under the Trust Agreement is Wilmington
Trust Company. No service charge will be made for any such registration of transfer or exchange,
but the Owner Trustee or the Certificate Registrar may require payment of a sum sufficient to cover
any tax or governmental charge payable in connection therewith.

     The Owner Trustee, the Security Insurer and any agent of the Owner Trustee or the Security
Insurer may treat the person in whose name this Certificate is registered as the owner hereof for
all purposes, and none of the Owner Trustee, the Security Insurer nor any such agent shall be
affected by any notice to the contrary.

     The obligations and responsibilities created by the Trust Agreement and the Trust created
thereby shall terminate upon the payment to the Certificateholder of all amounts required to be
paid to it pursuant to the Trust Agreement and the Sale and Servicing Agreement and the disposition
of all property held as part of the Trust. The Seller or the Servicer of the Receivables may at
its option purchase the corpus of the Trust at a price specified in the Sale and Servicing
Agreement, and such purchase of the Receivables and other property of the Trust will effect early
retirement of the Certificate; however, such right of purchase is exercisable, subject to

A-5

 

certain restrictions, only as of the last day of any Collection Period as of which the Pool
Balance is 10% or less of the Original Pool Balance.

     The Certificate may not be acquired by (a) an employee benefit plan (as defined in Section
3(3) of ERISA) that is subject to the provisions of Title I of ERISA, (b) a plan (as defined in
Section 4975(e)(1) of the Code) that is subject to subject to Section 4975 or (c) any entity whose
underlying assets include assets of a plan described in (a) or (b) above by reason of such plan’s
investment in the entity (each, a “Benefit Plan”). By accepting and holding this
Certificate, the Holder hereof shall be deemed to have represented and warranted that it is not a
Benefit Plan.

     The recitals contained herein shall be taken as the statements of the Depositor or the
Servicer, as the case may be, and the Owner Trustee assumes no responsibility for the correctness
thereof. The Owner Trustee makes no representations as to the validity or sufficiency of this
Certificate or of any Receivable or related document.

Unless the certificate of authentication hereon shall have been executed by an authorized officer
of the Owner Trustee, by manual or facsimile signature, this Certificate shall not entitle the
Holder hereof to any benefit under the Trust Agreement or the Sale and Servicing Agreement or be
valid for any purpose.

A-6

 

ASSIGNMENT

     FOR VALUE RECEIVED the undersigned hereby sells, assigns and transfers unto

PLEASE INSERT SOCIAL SECURITY

OR OTHER IDENTIFYING NUMBER

OF ASSIGNEE

________________________________________________________________________

(Please print or type name and address, including postal zip code, of assignee)

________________________________________________________________________

the within Certificate, and all rights thereunder, hereby irrevocably constituting and appointing

______________________________ Attorney to transfer said Certificate on the books of the
Certificate Registrar, with full power of substitution in the premises.

	 	 	 	 	 
	Dated:

	 	 	 	*
	

	 	 	 	 
	

	 	Signature	 	 
	 
	 	 	 	 
	Guaranteed:

	 	 	 	*
	

	 	 	 	 

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

A-7

 

EXHIBIT B

FORM OF

CERTIFICATE OF TRUST

OF

AMERICREDIT AUTOMOBILE RECEIVABLES TRUST 2005-B-M

               THIS Certificate of Trust of AMERICREDIT AUTOMOBILE RECEIVABLES TRUST 2005-B-M (the
“Trust”) is being duly executed and filed on behalf of the Trust by the undersigned, as
trustee, to form a statutory trust under the Delaware Statutory Trust Act (12 Del. C. §
3801 et seq.) (the “Act”).

               1. Name. The name of the statutory trust formed by this Certificate of Trust is
“AmeriCredit Automobile Receivables Trust 2005-B-M.”

               2. Delaware Trustee. The name and business address of the trustee of the Trust in the
State of Delaware is Wilmington Trust Company, Rodney Square North, 1100 North Market Street,
Wilmington, Delaware 19890-0001.

               3. Effective Date. This Certificate of Trust shall be effective upon filing.

               IN WITNESS WHEREOF, the undersigned has duly executed this Certificate of Trust in accordance
with Section 3811(a)(1) of the Act.

	 	 	 	 	 	 	 
	 	 	WILMINGTON TRUST COMPANY, not in its

individual capacity but solely as trustee of the Trust	 	 
	 
	 	 	 	 	 	 
	

	 	By:	 	 	 	 
	

	 	 	 	

	 	 
	

	 	 	 	Name:	 	 
	

	 	 	 	Title:exv4w3

 

Exhibit 4.3

EXECUTION COPY

SALE AND SERVICING

AGREEMENT

among

AMERICREDIT AUTOMOBILE RECEIVABLES TRUST 2005-B-M,

Issuer,

AFS SENSUB CORP.,

Seller,

AMERICREDIT FINANCIAL SERVICES, INC.,

Servicer,

and

WELLS FARGO BANK, NATIONAL ASSOCIATION,

Backup Servicer and Trust Collateral Agent

Dated as of May 25, 2005

 

 

TABLE OF CONTENTS

	 	 	 	 	 	 	 
	 	 	 	 	Page	 
	ARTICLE I Definitions	 	 	1	 
	SECTION 1.1.
	 	Definitions	 	 	1	 
	SECTION 1.2.
	 	Other Definitional Provisions	 	 	22	 
	 
	 	 	 	 	 	 
	ARTICLE II Conveyance of Receivables	 	 	23	 
	SECTION 2.1.
	 	Conveyance of Initial Receivables	 	 	23	 
	SECTION 2.2.
	 	Conveyance of Subsequent Receivables	 	 	24	 
	SECTION 2.3.
	 	Further Encumbrance of Trust Property	 	 	27	 
	 
	 	 	 	 	 	 
	ARTICLE III The Receivables	 	 	28	 
	SECTION 3.1.
	 	Representations and Warranties of Seller	 	 	28	 
	SECTION 3.2.
	 	Repurchase upon Breach	 	 	28	 
	SECTION 3.3.
	 	Custody of Receivable Files	 	 	29	 
	 
	 	 	 	 	 	 
	ARTICLE IV Administration and Servicing of Receivables	 	 	30	 
	SECTION 4.1.
	 	Duties of the Servicer	 	 	30	 
	SECTION 4.2.
	 	Collection of Receivable Payments;
Modifications of Receivables; Lockbox Agreements	 	 	32	 
	SECTION 4.3.
	 	Realization upon Receivables	 	 	35	 
	SECTION 4.4.
	 	Insurance	 	 	37	 
	SECTION 4.5.
	 	Maintenance of Security Interests in Vehicles	 	 	38	 
	SECTION 4.6.
	 	Covenants, Representations, and Warranties of Servicer	 	 	39	 
	SECTION 4.7.
	 	Purchase of Receivables Upon Breach of Covenant	 	 	40	 
	SECTION 4.8.
	 	Total Servicing Fee; Payment of Certain Expenses by Servicer	 	 	41	 
	SECTION 4.9.
	 	Preliminary Servicer's Certificate and Servicer's Certificate	 	 	41	 
	SECTION 4.10.
	 	Annual Statement as to Compliance, Notice of Servicer Termination Event	 	 	42	 
	SECTION 4.11.
	 	Annual Independent Accountants' Report 	 	 	42	 
	SECTION 4.12.
	 	Access to Certain Documentation and Information Regarding Receivables	 	 	43	 
	SECTION 4.13.
	 	Monthly Tape	 	 	43	 
	SECTION 4.14.
	 	[Reserved]	 	 	44	 
	SECTION 4.15.
	 	Fidelity Bond and Errors and Omissions Policy	 	 	44	 
	 
	 	 	 	 	 	 
	ARTICLE V Trust Accounts; Distributions; Statements to Noteholders	 	 	44	 
	SECTION 5.1.
	 	Establishment of Trust Accounts	 	 	44	 
	SECTION 5.2.
	 	Capitalized Interest Account	 	 	47	 
	SECTION 5.3.
	 	Certain Reimbursements to the Servicer	 	 	48	 
	SECTION 5.4.
	 	Application of Collections	 	 	48	 
	SECTION 5.5.
	 	Withdrawals from Spread Account	 	 	49	 
	SECTION 5.6.
	 	Additional Deposits	 	 	49	 
	SECTION 5.7.
	 	Distributions	 	 	50	 
	SECTION 5.8.
	 	Note Distribution Account	 	 	52	 
	SECTION 5.9.
	 	Pre-Funding Account	 	 	53	 

i

 

	 	 	 	 	 	 	 
	 	 	 	 	Page	 
	SECTION 5.10.
	 	Statements to Noteholders	 	 	54	 
	SECTION 5.11.
	 	Optional Deposits by the Insurer	 	 	55	 
	SECTION 5.12.
	 	Determination of LIBOR	 	 	55	 
	 
	 	 	 	 	 	 
	ARTICLE VI The Note Policy	 	 	56	 
	SECTION 6.1.
	 	Claims Under Note Policy	 	 	56	 
	SECTION 6.2.
	 	Preference Claims Under Note Policy	 	 	57	 
	SECTION 6.3.
	 	Surrender of Note Policy	 	 	58	 
	 
	 	 	 	 	 	 
	ARTICLE VII The Seller	 	 	58	 
	SECTION 7.1.
	 	Representations of Seller	 	 	58	 
	SECTION 7.2.
	 	Corporate Existence	 	 	60	 
	SECTION 7.3.
	 	Liability of Seller; Indemnities	 	 	61	 
	SECTION 7.4.
	 	Merger or Consolidation of, or Assumption of the Obligations of, Seller	 	 	62	 
	SECTION 7.5.
	 	Limitation on Liability of Seller and Others	 	 	62	 
	SECTION 7.6.
	 	Ownership of the Certificates or Notes	 	 	62	 
	 
	ARTICLE VIII The Servicer
	 	 	63	 
	SECTION 8.1.
	 	Representations of Servicer	 	 	63	 
	SECTION 8.2.
	 	Liability of Servicer; Indemnities	 	 	64	 
	SECTION 8.3.
	 	Merger or Consolidation of, or
Assumption of the Obligations of the Servicer or Backup Servicer 	 	 	66	 
	SECTION 8.4.
	 	Limitation on Liability of Servicer, Backup Servicer and Others	 	 	67	 
	SECTION 8.5.
	 	Delegation of Duties	 	 	68	 
	SECTION 8.6.
	 	Servicer and Backup Servicer Not to Resign	 	 	68	 
	 
	 	 	 	 	 	 
	ARTICLE IX Default	 	 	69	 
	SECTION 9.1.
	 	Servicer Termination Event	 	 	69	 
	SECTION 9.2.
	 	Consequences of a Servicer Termination Event	 	 	70	 
	SECTION 9.3.
	 	Appointment of Successor	 	 	71	 
	SECTION 9.4.
	 	Notification to Noteholders	 	 	73	 
	SECTION 9.5.
	 	Waiver of Past Defaults	 	 	73	 
	 
	 	 	 	 	 	 
	ARTICLE X Termination	 	 	73	 
	SECTION 10.1.
	 	Optional Purchase of All Receivables	 	 	73	 
	 
	 	 	 	 	 	 
	ARTICLE XI Administrative Duties of the Servicer	 	 	74	 
	SECTION 11.1.
	 	Administrative Duties	 	 	74	 
	SECTION 11.2.
	 	Records	 	 	76	 
	SECTION 11.3.
	 	Additional Information to be Furnished to the Issuer	 	 	76	 
	 
	 	 	 	 	 	 
	ARTICLE XII Miscellaneous Provisions	 	 	76	 
	SECTION 12.1.
	 	Amendment	 	 	76	 
	SECTION 12.2.
	 	Protection of Title to Trust	 	 	78	 
	SECTION 12.3.
	 	Notices	 	 	79	 
	SECTION 12.4.
	 	Assignment	 	 	80	 

ii

 

	 	 	 	 	 	 	 
	 	 	 	 	Page	 
	SECTION 12.5.
	 	Limitations on Rights of Others	 	 	80	 
	SECTION 12.6.
	 	Severability	 	 	81	 
	SECTION 12.7.
	 	Separate Counterparts	 	 	81	 
	SECTION 12.8.
	 	Headings	 	 	81	 
	SECTION 12.9.
	 	Governing Law	 	 	81	 
	SECTION 12.10.
	 	Assignment to Trustee	 	 	81	 
	SECTION 12.11.
	 	Nonpetition Covenants	 	 	81	 
	SECTION 12.12.
	 	Limitation of Liability of Owner Trustee and Trustee	 	 	82	 
	SECTION 12.13.
	 	Independence of the Servicer	 	 	82	 
	SECTION 12.14.
	 	No Joint Venture	 	 	82	 
	SECTION 12.15.
	 	Replacement Swap Agreement	 	 	82	 
	SECTION 12.16.
	 	Benefits of Sale and Servicing Agreement	 	 	83	 
	SECTION 12.17.
	 	State Business Licenses	 	 	83	 

	 	 	 
	SCHEDULES
	 	 
	Schedule A

	 	Schedule of Receivables
	Schedule B

	 	Representations and Warranties of the Seller and the Servicer
	Schedule C

	 	Servicing Policies and Procedures
	 
	 	 
	EXHIBITS
	 	 
	Exhibit A

	 	Form of Subsequent Transfer Agreement
	Exhibit B

	 	Form of Servicer’s Certificate
	Exhibit C

	 	Form of Preliminary Servicer’s Certificate

iii

 

          SALE AND SERVICING AGREEMENT dated as of May 25, 2005, among AMERICREDIT AUTOMOBILE
RECEIVABLES TRUST 2005-B-M, a Delaware statutory trust (the “Issuer”), AFS SENSUB CORP., a
Nevada corporation (the “Seller”), AMERICREDIT FINANCIAL SERVICES, INC., a Delaware
corporation (the “Servicer”) and WELLS FARGO BANK, NATIONAL ASSOCIATION, a national banking
association, in its capacity as Backup Servicer and Trust Collateral Agent.

          WHEREAS the Issuer desires to purchase a portfolio of receivables arising in connection with
motor vehicle retail installment sale contracts made by AmeriCredit Financial Services, Inc. or
acquired by AmeriCredit Financial Services, Inc. through motor vehicle dealers and third party
lenders;

          WHEREAS the Seller has purchased such receivables from AmeriCredit Financial Services, Inc.
and is willing to sell such receivables to the Issuer;

          WHEREAS the Issuer desires to purchase additional receivables arising in connection with motor
vehicle retail installment sale contracts to be acquired by AmeriCredit Financial Services, Inc.;

          WHEREAS the Seller has an agreement to purchase such additional receivables from AmeriCredit
Financial Services, Inc. and is willing to sell such receivables to the Issuer;

          WHEREAS the Servicer is willing to service all such receivables;

          WHEREAS the Backup Servicer is willing to provide backup servicing for all such receivables;

          NOW, THEREFORE, in consideration of the premises and the mutual covenants herein contained,
the parties hereto agree as follows:

ARTICLE I

Definitions

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

          “Accelerated Payment Amount Shortfall” means, with respect to any Distribution Date,
the excess, if any, of (i) the excess, if any, on such Distribution Date of the Pro Forma Note
Balance for such Distribution Date over the Required Pro Forma Note Balance for such Distribution
Date over (ii) the excess of the amount of Available Funds on such Distribution Date over the
amounts payable on such Distribution Date pursuant to Section 5.7(b)(i) through (b)(vii).

          “Accelerated Payment Shortfall Notice” means, with respect to any Distribution Date, a
written notice specifying the Accelerated Payment Amount Shortfall for such Distribution Date.

 

 

          “Accelerated Principal Amount” for a Distribution Date will equal the lesser of

          (x) the sum of (i) the excess, if any, of the amount of the total Available Funds on
such Distribution Date over the amounts payable on such Distribution Date pursuant to
clauses (i) through (vii) of Section 5.7(b) hereof plus (ii) amounts, if any, available in
accordance with the terms of the Spread Account Agreement; and

          (y) the excess, if any, on such Distribution Date of (i) the Pro Forma Note Balance
for such Distribution Date over (ii) the Required Pro Forma Note Balance for such
Distribution Date.

          “Accountants’ Report” means the report of a firm of nationally recognized independent
accountants described in Section 4.11.

          “Accounting Date” means, with respect to any Collection Period the last day of such
Collection Period.

          “Addition Notice” means, with respect to any transfer of Subsequent Receivables to the
Trust pursuant to Section 2.2 of this Agreement, notice of the Seller’s election to transfer
Subsequent Receivables to the Trust, such notice to designate the related Subsequent Cutoff Date
and Subsequent Transfer Date and the approximate principal amount of Subsequent Receivables to be
transferred on such Subsequent Transfer Date.

          “Additional Funds Available” means, with respect to any Distribution Date, the sum of
(i) the Spread Account Claim Amount, if any, received by the Trust Collateral Agent with respect to
such Distribution Date plus (ii) the Insurer Optional Deposit, if any, received by the Trust
Collateral Agent with respect to such Distribution Date.

          “Affiliate” means, with respect to any specified Person, any other Person controlling
or controlled by or under common control with such specified Person. For the purposes of this
definition, “control” when used with respect to any Person means the power to direct the management
and policies of such Person, directly or indirectly, whether through the ownership of voting
securities, by contract or otherwise; and the terms “controlling” and “controlled” have meanings
correlative to the foregoing.

          “Aggregate Principal Balance” means, with respect to any date of determination, the
sum of the Principal Balances for all Receivables (other than (i) any Receivable that became a
Liquidated Receivable prior to the end of the related Collection Period and (ii) any Receivable
that became a Purchased Receivable prior to the end of the related Collection Period) as of the
date of determination.

          “Agreement” means this Sale and Servicing Agreement, as the same may be amended and
supplemented from time to time.

          “AmeriCredit” means AmeriCredit Financial Services, Inc.

          “Amount Financed” means, with respect to a Receivable, the aggregate amount advanced
under such Receivable toward the purchase price of the Financed Vehicle and any related costs,
including amounts advanced in respect of accessories, insurance premiums, service

2

 

contracts, car club and warranty contracts, other items customarily financed as part of motor vehicle retail
installment sale contracts or promissory notes, and related costs.

          “Annual Percentage Rate” or “APR” of a Receivable means the annual percentage
rate of finance charges or service charges, as stated in the related Contract.

          “Auto Loan Purchase and Sale Agreement” means any agreement between a Third-Party
Lender and AmeriCredit relating to the acquisition of Receivables from a Third Party Lender by
AmeriCredit.

          “Available Funds” means, with respect to any Distribution Date, the sum of (i) the
Collected Funds for the related Collection Period, (ii) all Purchase Amounts deposited in the
Collection Account during the related Collection Period, plus Investment Earnings with respect to
the Trust Accounts for the related Collection Period, (iii) the Monthly Capitalized Interest Amount
with respect to such Distribution Date, (iv) following the acceleration of the Notes pursuant to
Section 5.2 of the Indenture, the amount of money or property collected pursuant to Section 5.3 of
the Indenture since the preceding Distribution Date by the Trust Collateral Agent or Controlling
Party for distribution pursuant to Section 5.6 and Section 5.8 of the Indenture, (v) if the
Distribution Date which immediately follows such Collection Period is also the Mandatory Redemption
Date, any Pre-Funded Amount to be deposited into the Collection Account on such Distribution Date
pursuant to Section 5.7(b) hereof, (vi) the proceeds of any purchase or sale of the assets of the
Trust described in Section 10.1 hereof and (vii) any amounts received by the Trust Collateral Agent
pursuant to the Swap Agreement with respect to the Class A-4 Notes

          “Backup Servicer” means Wells Fargo Bank, National Association.

          “Base Servicing Fee” means, with respect to any Collection Period, the fee payable to
the Servicer for services rendered during such Collection Period, which shall be equal to the
product of the Servicing Fee Rate times the sum of (A) the product of (i) the aggregate Principal
Balance of the Receivables as of the opening of business on the first day of such Collection Period
multiplied by (ii) one twelfth plus (B) the product of (i) the aggregate Principal Balance of the
Subsequent Receivables sold to the Issuer during such Collection Period multiplied by (ii) the
number of days during that Collection Period that the Subsequent Receivables were owned by the
Issuer divided by 360.

          “Basic Documents” means this Agreement, the Certificate of Trust, the Trust Agreement,
the Indenture, the Spread Account Agreement, the Insurance Agreement, the Swap Agreement, the
Custodian Agreement, the Underwriting Agreement, the Lockbox Agreement and other documents and
certificates delivered in connection therewith.

          “Business Day” means any day other than (a) a Saturday or a Sunday, (b) a day on which
the Insurer is closed or (c) a day on which banking institutions in the states of Texas, Delaware,
Minnesota or New York are authorized or obligated by law or executive order to be closed.

          “Capitalized Interest Account” means the account designated as such, established and
maintained pursuant to Section 5.2.

3

 

          “Capitalized Interest Account Initial Deposit” means $2,333,706.76 deposited on the
Closing Date.

          “Certificate” means the trust certificate evidencing the beneficial interest of the
Certificateholder in the Trust.

          “Certificateholder” means the Person in whose name the Certificate is registered.

          “Class” means the Class A-1 Notes, the Class A-2 Notes, the Class A-3 Notes, or the
Class A-4 Notes, as the context requires.

          “Class A-1 Notes” has the meaning assigned to such term in the Indenture.

          “Class A-2 Notes” has the meaning assigned to such term in the Indenture.

          “Class A-3 Notes” has the meaning assigned to such term in the Indenture.

          “Class A-4 Notes” has the meaning assigned to such term in the Indenture.

          “Closing Date” means June 2, 2005.

          “Collateral Agent” means Wells Fargo Bank, National Association, in its capacity as
Collateral Agent under the Spread Account Agreement.

          “Collateral Insurance” shall have the meaning set forth in Section 4.4(a).

          “Collected Funds” means, with respect to any Collection Period, the amount of funds in
the Collection Account representing collections on the Receivables during such Collection Period,
including all Net Liquidation Proceeds collected during such Collection Period (but excluding any
Purchase Amounts).

          “Collection Account” means the account designated as such, established and maintained
pursuant to Section 5.1.

          “Collection Period” means, with respect to the first Distribution Date, the period
beginning on the close of business on May 25, 2005 and ending on the close of business on [June 30,
2005]. With respect to each subsequent Distribution Date, “Collection Period” means the period
beginning on the close of business on the last day of the second preceding calendar month and
ending on the close of business on the last day of the immediately preceding calendar month. Any
amount stated “as of the close of business of the last day of a Collection Period” shall give
effect to the following calculations as determined as of the end of the day on such last day: (i)
all applications of collections and (ii) all distributions.

          “Collection Records” means all manually prepared or computer generated records
relating to collection efforts or payment histories with respect to the Receivables.

          “Computer Tape” means the computer tapes or other electronic media furnished by the
Servicer to the Issuer and the Insurer and its assigns describing certain characteristics of

4

 

the Receivables as of the Initial Cutoff Date or the related Subsequent Cutoff Date, as appropriate.

          “Contract” means a motor vehicle retail installment sale contract or promissory note.

          “Controlling Party” means the Insurer, so long as no Insurer Default shall have
occurred and be continuing and the Trust Collateral Agent for the benefit of the Noteholders, in
the event an Insurer Default shall have occurred and be continuing.

          “Corporate Trust Office” means (i) with respect to the Owner Trustee, the principal
corporate trust office of the Owner Trustee, which at the time of execution of this agreement is
Rodney Square North, 1100 North Market Street, Wilmington, Delaware 19890-0001, Attention:
Corporate Trust Administration, and (ii) with respect to the Trustee, the Trust Collateral Agent,
the Backup Servicer and the Collateral Agent, the principal office thereof at which at any
particular time its corporate trust business shall be administered, which at the time of execution
of this agreement is Sixth Street and Marquette Avenue, MAC N9311-161, Minneapolis, Minnesota
55479, Attention: Corporate Trust Office.

          “Cram Down Loss” means, with respect to a Receivable that has not become a Liquidated
Receivable, if a court of appropriate jurisdiction in a proceeding related to an Insolvency Event
shall have issued an order reducing the amount owed on a Receivable or otherwise modifying or
restructuring the Scheduled Receivables Payments to be made on a Receivable, an amount equal to (i)
the excess of the Principal Balance of such Receivable immediately prior to such order over the
Principal Balance of such Receivable as so reduced and/or (ii) if such court shall have issued an
order reducing the effective rate of interest on such Receivable, the excess of the Principal
Balance of such Receivable immediately prior to such order over the net present value (using as the
discount rate the higher of the APR on such Receivable or the rate of interest, if any, specified
by the court in such order) of the Scheduled Receivables Payments as so modified or restructured.
A “Cram Down Loss” shall be deemed to have occurred on the date of issuance of such order.

          “Custodian” means AmeriCredit and any other Person named from time to time as
custodian in any Custodian Agreement acting as agent for the Trust Collateral Agent, which Person
must be acceptable to the Controlling Party (the Custodian as of the Closing Date is acceptable to
the Insurer as of the Closing Date).

          “Custodian Agreement” means any Custodian Agreement from time to time in effect
between the Custodian named therein and the Trust Collateral Agent, as the same may be amended,
supplemented or otherwise modified from time to time in accordance with the terms thereof, which
Custodian Agreement and any amendments, supplements or modifications thereto shall be acceptable to
the Controlling Party (the Custodian Agreement which is effective on the Closing Date is acceptable
to the Controlling Party).

          “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.

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          “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.

          “Deficiency Amount” means, for any Distribution Date, an amount equal to the excess,
if any of (a) the sum, without duplication, of (i) the Noteholders’ Interest Distributable Amount
(net of any interest shortfall resulting from the application of the Servicemembers Civil Relief
Act, as amended or any similar state regulation or legislation), (ii) the Noteholders’ Parity
Deficit Amount for the related Distribution Date and (iii), if such Distribution Date is the Final
Scheduled Distribution Date for any Class, the unpaid principal amount of such Class over (b) the
sum, without duplication, of (i) the amount actually deposited into the Note Distribution Account
on such related Distribution Date (excluding amounts to be drawn under the Note Policy) and (ii)
the Additional Funds Available, if any, for such Distribution Date.

          “Deficiency Notice” shall have the meaning set forth in Section 5.5.

          “Delivery” when used with respect to Trust Account Property means:

          (a) with respect to bankers’ acceptances, commercial paper, negotiable certificates of
deposit and other obligations that constitute “instruments” within the meaning of Section
9-102(a)(47) of the UCC and are susceptible of physical delivery, transfer thereof to the
Trust Collateral Agent by physical delivery to the Trust Collateral Agent endorsed to, or
registered in the name of, the Trust Collateral Agent or endorsed in blank, and, with
respect to a certificated security (as defined in Section 8-102(a)(4) of the UCC), transfer
thereof (i) by delivery thereof to the Trust Collateral Agent of such certificated security
endorsed to, or registered in the name of, the Trust Collateral Agent or (ii) by delivery
thereof to a “clearing corporation” (as defined in Section 8-102(a)(5) of the UCC) and the
making by such clearing corporation of appropriate entries on its books reducing the
appropriate securities account of the transferor and increasing the appropriate securities
account of the Trust Collateral Agent by the amount of such certificated security and the
identification by the clearing corporation of the certificated securities for the sole and
exclusive account of the Trust Collateral Agent (all of the foregoing, “Physical
Property”), and, in any event, any such Physical Property in registered form shall be in
the name of the Trust Collateral Agent or its nominee; and such additional or alternative
procedures as may hereafter become appropriate to effect the complete transfer of ownership
of any such Trust Account Property to the Trust Collateral Agent or its nominee or
custodian, consistent with changes in applicable law or regulations or the interpretation
thereof;

          (b) with respect to any security issued by the U.S. Treasury, the Federal Home Loan
Mortgage Corporation or by the Federal National Mortgage Association that is a book-entry
security held through the Federal Reserve System pursuant to federal book-entry regulations, the following procedures, all in accordance with applicable law,
including applicable Federal regulations and Articles 8 and 9 of the UCC: book-entry
registration of such Trust Account Property to an appropriate book-entry account maintained
with a Federal Reserve Bank by a securities intermediary that is also a

6

 

“depository” pursuant to applicable federal regulations; the making by such securities intermediary of
entries in its books and records crediting such Trust Account Property to the Trust
Collateral Agent’s securities account at the securities intermediary and identifying such
book-entry security held through the Federal Reserve System pursuant to federal book-entry
regulations as belonging to the Trust Collateral Agent; and such additional or alternative
procedures as may hereafter become appropriate to effect complete transfer of ownership of
any such Trust Account Property to the Trust Collateral Agent, consistent with changes in
applicable law or regulations or the interpretation thereof;

          (c) with respect to any item of Trust Account Property that is an uncertificated
security under Article 8 of the UCC and that is not governed by clause (b) above,
registration on the books and records of the issuer thereof in the name of the Trust
Collateral Agent or its nominee or custodian who either (i) becomes the registered owner on
behalf of the Trust Collateral Agent or (ii) having previously become the registered owner,
acknowledges that it holds for the Trust Collateral Agent; and

          (d) with respect to any item of Trust Account Property that is a financial asset under
Article 8 of the UCC and that is not governed by clause (b) above, causing the securities
intermediary to indicate on its books and records that such financial asset has been
credited to a securities account of the Trust Collateral Agent.

          “Depositor” shall mean the Seller in its capacity as Depositor under the Trust
Agreement.

          “Determination Date” means, with respect to any Collection Period the second Business
Day preceding the Distribution Date in the next calendar month and with respect to the first
Distribution Date, July 1, 2005.

          “Distribution Date” means, with respect to each Collection Period, the sixth day of
the following calendar month, or, if such day is not a Business Day, the immediately following
Business Day, commencing July 6, 2005. If AmeriCredit is no longer acting as Servicer, the
distribution date may be a different day of the month.

          “Draw Date” means, with respect to any Distribution Date, the second Business Day
immediately preceding such Distribution Date.

          “Electronic Ledger” means the electronic master record of the retail installment sales
contracts or installment loans of the Servicer.

          “Eligible Deposit Account” means a segregated trust account with the corporate trust
department of a depository institution acceptable to the 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 (i) any of the securities of such depository institution have
a credit rating from each Rating Agency in one of its generic rating categories which
signifies investment grade and (ii) such depository institutions’ deposits are insured by the FDIC.

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          “Eligible Investments” mean book-entry securities, negotiable instruments or
securities represented by instruments in bearer or registered form which evidence:

          (a) direct obligations of, and obligations fully guaranteed as to timely payment by,
the United States of America;

          (b) demand deposits, time deposits or certificates of deposit of any depository
institution or trust company incorporated under the laws of the United States of America or
any state thereof or the District of Columbia (or any domestic branch of a foreign bank) and
subject to supervision and examination by federal or state banking or depository institution
authorities (including depository receipts issued by any such institution or trust company
as custodian with respect to any obligation referred to in clause (a) above or portion of
such obligation for the benefit of the holders of such depository receipts); provided,
however, that at the time of the investment or contractual commitment to invest therein
(which shall be deemed to be made again each time funds are reinvested following each
Distribution Date), the commercial paper or other short-term senior unsecured debt
obligations (other than such obligations the rating of which is based on the credit of a
Person other than such depository institution or trust company) of such depository
institution or trust company shall have a credit rating from Standard & Poor’s of A-1+ and
from Moody’s of Prime-1;

          (c) commercial paper and demand notes investing solely in commercial paper having, at
the time of the investment or contractual commitment to invest therein, a rating from
Standard & Poor’s of A-1+ and from Moody’s of Prime-1;

          (d) investments in money market funds (including funds for which the Trust Collateral
Agent or the Owner Trustee in each of their individual capacities or any of their respective
Affiliates is investment manager, controlling party or advisor) having a rating from
Standard & Poor’s of AAA-m or AAAm-G and from Moody’s of Aaa and having been approved by the
Insurer;

          (e) bankers’ acceptances issued by any depository institution or trust company referred
to in clause (b) above;

          (f) repurchase obligations with respect to any security that is a direct obligation of,
or fully guaranteed by, the United States of America or any agency or instrumentality
thereof the obligations of which are backed by the full faith and credit of the United
States of America, in either case entered into with a depository institution or trust
company (acting as principal) referred to in clause (b) above;

          (g) any other investment which would satisfy the Rating Agency Condition and is
consistent with the ratings of the Securities and which, so long as no Insurer Default shall
have occurred and be continuing, has been approved by the Insurer, or any other investment
that by its terms converts to cash within a finite period, if the Rating Agency Condition is
satisfied with respect thereto; and

          (h) cash denominated in United States dollars.

          Any of the foregoing Eligible Investments may be purchased by or through the Owner Trustee or
the Trust Collateral Agent or any of their respective Affiliates.

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          “FDIC” means the Federal Deposit Insurance Corporation.

          “Final Scheduled Distribution Date” means with respect to (i) the Class A-1 Notes, the
June 6, 2006 Distribution Date, (ii) the Class A-2 Notes, the July 7, 2008 Distribution Date, (iii)
the Class A-3 Notes, the February 8, 2010 Distribution Date and (iv) the Class A-4 Notes, the May
7, 2012 Distribution Date.

          “Financed Vehicle” means an automobile or light-duty truck, van or minivan, together
with all accessions thereto, securing an Obligor’s indebtedness under the respective Receivable.

          “Fitch” means Fitch Inc., or its successor.

          “Force-Placed Insurance” has the meaning ascribed thereto in Section 4.4 hereof.

          “Funding Period” means the period beginning on and including the Closing Date and
ending on the first to occur of (a) the first date on which the amount on deposit in the
Pre-Funding Account (after giving effect to any transfers therefrom in connection with the transfer
of Subsequent Receivables to the Issuer on such date) is less than $100,000, (b) the date on which
an Event of Default or a Servicer Termination Event occurs and (c) August 31, 2005.

          “Indenture” means the Indenture dated as of May 25, 2005, between the Issuer and Wells
Fargo Bank, National Association, as Trust Collateral Agent and Trustee, as the same may be amended
and supplemented from time to time.

          “Initial Cutoff Date” means May 25, 2005.

          “Initial Other Conveyed Property” means all property conveyed by the Seller to the
Trust pursuant to Section 2.1(b) through (i) of this Agreement.

          “Initial Receivables” means the Receivables conveyed to the Trust on the Closing Date.

          “Insolvency Event” means, with respect to a specified Person, (a) the filing of a
petition against such Person or the entry of a decree or order for relief by a court having
jurisdiction in the premises in respect of such Person or any substantial part of its property in
an involuntary case under any applicable federal or state bankruptcy, insolvency or other similar
law now or hereafter in effect, or appointing a receiver, liquidator, assignee, custodian, trustee,
sequestrator, or similar official for such Person or for any substantial part of its property, or
ordering the winding-up or liquidation or such Person’s affairs, and such petition, decree or order
shall remain unstayed and in effect for a period of 60 consecutive days; or (b) the commencement by
such Person of a voluntary case under any applicable federal or state bankruptcy, insolvency or
other similar law now or hereafter in effect, or the consent by such Person to the entry of an
order for relief in an involuntary case under any such law, or the consent by such Person to the
appointment of or taking possession by, a receiver, liquidator, assignee, custodian, trustee, sequestrator, or similar official for such Person or for any
substantial part of its property, or the making by such Person of any general assignment for the
benefit of

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creditors, or the failure by such Person generally to pay its debts as such debts become
due, or the taking of action by such Person in furtherance of any of the foregoing.

          “Insurance Add-On Amount” means the premium charged to the Obligor in the event that
the Servicer obtains Force-Placed Insurance pursuant to Section 4.4.

          “Insurance Agreement” means the Insurance Agreement, dated as of May 25, 2005, among
the Insurer, the Trustee, the Trust Collateral Agent, the Collateral Agent, the Trust, the Seller,
the Servicer, the Custodian, the Backup Servicer and AmeriCredit, as the same may be amended or
supplemented from time to time.

          “Insurance Agreement Event of Default” means an “Insurance Agreement Event of Default”
as defined in the Insurance Agreement.

          “Insurance Policy” means, with respect to a Receivable, any insurance policy
(including the insurance policies described in Section 4.4 hereof) benefiting the holder of the
Receivable providing loss or physical damage, credit life, credit disability, theft, mechanical
breakdown or similar coverage with respect to the Financed Vehicle or the Obligor.

          “Insurer” means MBIA Insurance Corporation, a New York stock insurance company, or any
successor thereto, as issuer of the Note Policy and the Swap Policy.

          “Insurer Default” means the occurrence and continuance of any of the following events:

          (a) the Insurer shall have failed to make a payment required under the Note Policy in
accordance with its terms;

          (b) the 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 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 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 Insurer (or the taking of possession of all or
any material portion of the property of the Insurer).

     “Insurer Optional Deposit” means, with respect to any Distribution Date, an amount
delivered by the Insurer pursuant to Section 5.11, at its sole option, other than amounts in
respect of an Insured Payment (as defined in the Note Policy), to the Trust Collateral Agent
for deposit into the Collection Account for any of the following purposes: (i) to provide
funds in respect of the payment of fees or expenses of any provider of services to the Trust with
respect to

10

 

such Distribution Date; or (ii) to include such amount as part of the Additional Funds
Available for such Distribution Date to the extent that without such amount a draw would be
required to be made on the Note Policy.

          “Interest Period” means, with respect to any Distribution Date, the period from and
including the most recent Distribution Date on which interest has been paid (or in the case of the
first Distribution Date, from and including the Closing Date) to, but excluding, the following
Distribution Date. In the case of the first Distribution Date, the Interest Period shall be 34
days for all classes of Notes.

          “Interest Rate” means, with respect to (i) the Class A-1 Notes, 3.301% per annum
(computed on the basis of a 360-day year and the actual number of days elapsed in the applicable
Interest Period), (ii) the Class A-2 Notes, 3.78% per annum (computed on the basis of a 360-day
year consisting of twelve 30-day months), (iii) the Class A-3 Notes, 4.05% per annum (computed on
the basis of a 360-day year consisting of twelve 30-day months) and (iv) the Class A-4 Notes, LIBOR
plus 0.08% per annum (computed on the basis of a 360-day year and the actual number of days elapsed
in the applicable Interest Period).

          “Investment Earnings” means, with respect to any date of determination and Trust
Account, the investment earnings on amounts on deposit in such Trust Account on such date.

          “Issuer” means AmeriCredit Automobile Receivables Trust 2005-B-M.

          “Letter Agreement” means the Letter Agreement dated as of June 2, 2005, among the
Insurer, the Seller, the Trust, AmeriCredit, AmeriCredit Corp. and Wells Fargo Bank National
Association.

          “LIBOR” has the meaning set forth in Section 5.12 hereof.

          “Lien” means a security interest, lien, charge, pledge, equity, or encumbrance of any
kind, other than tax liens, mechanics’ liens and any liens that attach to the respective Receivable
by operation of law as a result of any act or omission by the related Obligor.

          “Lien Certificate” means, with respect to a Financed Vehicle, an original certificate
of title, certificate of lien or other notification issued by the Registrar of Titles of the
applicable state to a secured party which indicates that the lien of the secured party on the
Financed Vehicle is recorded on the original certificate of title. In any jurisdiction in which
the original certificate of title is required to be given to the Obligor, the term “Lien
Certificate” shall mean only a certificate or notification issued to a secured party. For Financed
Vehicles registered in states which only issue confirmation of the lienholder’s interest
electronically, the “Lien Certificate” may consist of notification of an electronic recordation, by
either a third party service provider or the relevant Registrar of Titles of the applicable state,
which indicates that the lien of the secured party on the Financed Vehicle is recorded on the
original certificate of title on the electronic lien and title system of the applicable state.

          “Liquidated Receivable” means, with respect to any Collection Period, a Receivable (i)
as to which 90 days have elapsed since the Servicer repossessed the Financed Vehicle provided,
however, that in no case shall 10% or more of a Scheduled Receivables

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Payment have become 210 or more days delinquent in the case of a repossessed Financed Vehicle, (ii) as to which the Servicer
has determined in good faith that all amounts it expects to recover have been received, (iii) as to

which 10% or more of a Scheduled Receivables Payment shall have become 120 or more days delinquent,
except in the case of a repossessed Financed Vehicle, or (iv) that is, without duplication, a Sold
Receivable.

          “Liquidation Proceeds” means, with respect to a Liquidated Receivable, all amounts
realized with respect to such Receivable (other than amounts withdrawn from the Spread Account and
drawings under the Note Policy or the Swap Policy), and, with respect to a Sold Receivable, the
related Sale Amount.

          “Lockbox Account” means an account maintained on behalf of the Trust Collateral Agent
by the Lockbox Bank pursuant to Section 4.2(d).

          “Lockbox Agreement” means the Tri-Party Remittance Processing Agreement, dated as of
May 25, 2005, by and among AmeriCredit, JPMorgan Chase Bank, NA and the Trust Collateral Agent, as
such agreement may be amended or supplemented from time to time, unless the Trust Collateral Agent
shall cease to be a party thereunder, or such agreement shall be terminated in accordance with its
terms, in which event “Lockbox Agreement” shall mean such other agreement, in form and substance
acceptable to the Controlling Party, among the Servicer, the Trust Collateral Agent and the Lockbox
Bank.

          “Lockbox Bank” means a depository institution named by the Servicer and acceptable to
the Controlling Party.

          “Mandatory Redemption Date” means the earlier of (i) the Distribution Date in the
month following the month in which the last day of the Funding Period occurs or (ii) the
Distribution Date in September 2005.

          “Minimum Sale Price” means (i) with respect to a Receivable (x) that has become 60 to
210 days delinquent or (y) that has become greater than 210 days delinquent and with respect to
which the related Financed Vehicle has been repossessed by the Servicer and has not yet been sold
at auction, the greater of (A) 55% multiplied by the Principal Balance of such Receivable and (B)
the product of the three month rolling average recovery rate (expressed as a percentage) for the
Servicer in its liquidation of all receivables for which it acts as servicer, either pursuant to
this Agreement or otherwise, multiplied by the Principal Balance of such Receivable or (ii) with
respect to a Receivable (x) with respect to which the related Financed Vehicle has been repossessed
by the Servicer and has been sold at auction and the Net Liquidation Proceeds which have been
deposited in the Collection Account, or (y) that has become greater than 210 days delinquent and
with respect to which the related Financed Vehicle has not been repossessed by the Servicer despite
the Servicer’s diligent efforts, consistent with its servicing obligations, to repossess the
Financed Vehicle, $1.

          “Monthly Capitalized Interest Amount” means in the case of the Distribution Dates
occurring in July 2005, August 2005 and September 2005, an amount equal to (i) the product of (x) a
fraction the numerator of which is the actual number of days elapsed in the related Interest Period
or in the case of the final Subsequent Transfer Date, the number of days

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from and including the previous Distribution Date to, but excluding the final Subsequent Transfer Date and the denominator
of which is 360, (y) the weighted average of each Interest Rate and (z) the Pre-Funded Amount as of
the prior Distribution Date, plus (ii) the Premium (as defined in the Insurance Agreement) paid to
the Insurer for such Distribution Date allocable to the Pre-Funded Amount as of the prior
Distribution Date, minus (iii) the sum of the Pre-Funding Earnings and Investment Earnings on
amounts on deposit in the Capitalized Interest Account for such Distribution Date.

          “Monthly Extension Rate” means, with respect to any Accounting Date, the fraction,
expressed as a percentage, the numerator of which is the aggregate Principal Balance of Receivables
whose payments are extended during the related Collection Period and the denominator of which is
the aggregate Principal Balance of Receivables as of the immediately preceding Accounting Date.

          “Monthly Records” means all records and data maintained by the Servicer with respect
to the Receivables, including the following with respect to each Receivable: the account number;
the originating Dealer; Obligor name; Obligor address; Obligor home phone number; Obligor business
phone number; original Principal Balance; original term; Annual Percentage Rate; current Principal
Balance; current remaining term; origination date; first payment date; final 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.

          “Moody’s” means Moody’s Investors Service, or its successor.

          “Net Liquidation Proceeds” means, with respect to a Liquidated Receivable Liquidation
Proceeds net of (i) reasonable expenses incurred by the Servicer in connection with the collection
of such Receivable and the repossession and disposition of the Financed Vehicle and (ii) amounts
that are required to be refunded to the Obligor on such Receivable; provided,
however, that the Net Liquidation Proceeds with respect to any Receivable shall in no event
be less than zero.

          “Note Distribution Account” means the account designated as such, established and
maintained pursuant to Section 5.1.

          “Note Majority” means a majority by principal amount of the Noteholders.

          “Note Policy” means the financial guaranty insurance policy issued by the Insurer to
the Trustee, for the benefit of the Noteholders.

          “Note Pool Factor” for each Class of Notes as of the close of business on any date of
determination means a seven-digit decimal figure equal to the outstanding principal amount of such
Class of Notes divided by the original outstanding principal amount of such Class of Notes.

          “Note Prepayment Amount” means, as of the Distribution Date on or immediately
following the last day of the Funding Period, after giving effect to any transfer of Subsequent
Receivables on such date, an amount equal to the Noteholders’ pro rata share (based on the

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respective current outstanding principal amount of each Class of Notes) of the Pre-Funded Amount as
of such Distribution Date; provided, that if the aggregate remaining amount in the
Pre-Funding Account is $100,000 or less, such amount will be applied exclusively to reduce the
outstanding principal amount of the Class of Notes then entitled to receive distributions of
principal.

          “Noteholders’ Accelerated Principal Amount” means, with respect to any Distribution
Date, the Noteholders’ Percentage of the Accelerated Principal Amount on such Distribution Date, if
any.

          “Noteholders’ Interest Carryover Amount” means, with respect to any Class of Notes and
any date of determination, all or any portion of the Noteholders’ Interest Distributable Amount for
the Class for the immediately preceding Distribution Date which remains unpaid as of such date of
determination, plus interest on such unpaid amount, to the extent permitted by law, at the
respective Interest Rate borne by the applicable Class of Notes from such immediately preceding
Distribution Date to but excluding such date of determination.

          “Noteholders’ Interest Distributable Amount” means, with respect to any Distribution
Date and Class of Notes, the sum of the Noteholders’ Monthly Interest Distributable Amount for such
Distribution Date and each Class of Notes and the Noteholders’ Interest Carryover Amount, if any
for such Distribution Date and each such Class. Interest on the Class A-1 Notes and Class A-4
Notes shall be computed on the basis of a 360-day year and the actual number of days elapsed in the
applicable Interest Period. Interest on the Class A-2 Notes and Class A-3 Notes shall be computed
on the basis of a 360-day year consisting of twelve 30-day months.

          “Noteholders’ Monthly Interest Distributable Amount” means, with respect to any
Distribution Date and any Class of Notes, interest accrued at the respective Interest Rate during
the applicable Interest Period, which interest shall accrue (i) on the principal amount of the
Notes of such Class outstanding as of the end of the prior Distribution Date (or, in the case of
the first Distribution Date, as of the Closing Date), and (ii) on either an “actual/360” basis
(with respect to the Class A-1 Notes and Class A-4 Notes) or a “30/360” basis (with respect to all
other notes).

          “Noteholders’ Monthly Principal Distributable Amount” means, with respect to any
Distribution Date, the Noteholders’ Percentage of the Principal Distributable Amount.

          “Noteholders’ Parity Deficit Amount” means, with respect to any Distribution Date, the
excess, if any, of (x) the aggregate remaining principal balance of the Notes outstanding on such
Distribution Date, after giving effect to all reductions in such aggregate principal balance from
sources other than (i) the Additional Funds Available and (ii) the Note Policy over (y) the sum of
the Pool Balance and the Pre-Funded Amount at the end of the prior calendar month.

          “Noteholders’ Percentage” means with respect to any Determination Date (i) relating to
a Distribution Date prior to the Distribution Date on which the principal amount of the Notes is
reduced to zero, 100%; (ii) relating to the Distribution Date on which the principal amount of the
Notes is reduced to zero, the percentage equivalent of a fraction, the numerator of

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which is the outstanding principal balance of the Notes that remain unpaid immediately prior to such
Distribution Date, and the denominator of which is the Principal Distributable Amount; and (iii)
relating to any other Distribution Date, 0%.

          “Noteholders’ Principal Carryover Amount” means, as of any date of determination, all
or any portion of the Noteholders’ Principal Distributable Amount from the preceding Distribution
Date which remains unpaid as of such date of determination.

          “Noteholders’ Principal Distributable Amount” means, with respect to any Distribution
Date, (other than the Final Scheduled Distribution Date for any Class of Notes), the sum of the
Noteholders’ Monthly Principal Distributable Amount for such Distribution Date and the Noteholders’
Principal Carryover Amount, if any, as of the close of the preceding Distribution Date. The
Noteholders’ Principal Distributable Amount on the Final Scheduled Distribution Date for any Class
of Notes will equal the sum of (i) the Noteholders’ Monthly Principal Distributable Amount for such
Distribution Date, (ii) the Noteholders’ Principal Carryover Amount as of such Distribution Date,
and (iii) the excess of the outstanding principal amount of such Class of Notes, if any, over the
amounts described in clauses (i) and (ii).

          “Obligor” on a Receivable means the purchaser or co-purchasers of the Financed Vehicle
and any other Person who owes payments under the Receivable.

          “Officers’ Certificate” means a certificate signed by the chief executive officer, the
president, any executive vice president, any senior vice president, any vice president, any
assistant vice president, any treasurer, any assistant treasurer, any secretary or any assistant
secretary of the Seller or the Servicer, as appropriate.

          “Opinion of Counsel” means a written opinion of counsel reasonably acceptable to the
Insurer, which opinion is satisfactory in form and substance to the Trust Collateral Agent and, if
such opinion or a copy thereof is required by the provisions of this Agreement to be delivered to
the Insurer, to the Insurer.

          “Original Pool Balance” means the sum, as of any date, of the Pool Balance as of the
Initial Cutoff Date, plus the aggregate Principal Balance of the Subsequent Receivables, if any,
sold to the Trust, as of their respective Subsequent Cutoff Dates.

          “Other Conveyed Property” means the Initial Other Conveyed Property and the Subsequent
Other Conveyed Property.

          “Overfunded Capitalized Interest Amount” means on the Distribution Date on or
following the end of the Funding Period, the amount on deposit in the Capitalized Interest Account
on such Distribution Date (after giving effect to the transfer of the Monthly Capitalized Interest
Amount to the Collection Account on such date).

          “Owner Trust Estate” has the meaning assigned to such term in the Trust Agreement.

15

 

          “Owner Trustee” means Wilmington Trust Company, not in its individual capacity but
solely as Owner Trustee under the Trust Agreement, its successors in interest or any successor
Owner Trustee under the Trust Agreement.

          “Person” means any individual, corporation, estate, partnership, joint venture,
association, joint stock company, trust (including any beneficiary thereof), unincorporated
organization or government or any agency or political subdivision thereof.

          “Physical Property” has the meaning assigned to such term in the definition of
“Delivery” above.

          “Pool Balance” means, as of any date of determination, the aggregate Principal Balance
of the Receivables (excluding Purchased Receivables and Liquidated Receivables) at the end of the
preceding calendar month.

          “Pre-Funded Amount” means, with respect to any date of determination, the amount on
deposit in the Pre-Funding Account, (exclusive of Pre-Funding Earnings) which initially shall be
$332,498,630.75

          “Pre-Funding Account” has the meaning specified in Section 5.1.

          “Pre-Funding Earnings” means any Investment Earnings on amounts on deposit in the
Pre-Funding Account.

          “Preliminary Servicer’s Certificate” means an Officers’ Certificate of the Servicer
delivered pursuant to Section 4.9(a), substantially in the form of Exhibit C.

          “Prepayment Amount” means the amount deposited in the Collection Account from the
Pre-Funding Account on the Mandatory Redemption Date pursuant to Section 5.7(a)(ii) hereof.

          “Principal Balance” means, with respect to any Receivable, as of any date, the sum of
(x) the Amount Financed minus (i) that portion of all amounts received on or prior to such date and
allocable to principal in accordance with the terms of the Receivable and (ii) any Cram Down Loss
in respect of such Receivable plus (y) the accrued and unpaid interest on such Receivable.

          “Principal Distributable Amount” means, with respect to any Distribution Date, the
amount equal to the excess, if any, of (x) the sum of (i) the principal portion of all Collected
Funds received during the immediately preceding Collection Period (other than Liquidated
Receivables and Purchased Receivables), (ii) the Principal Balance of all Receivables that became
Liquidated Receivables during the related Collection Period (other than Purchased Receivables),
(iii) the principal portion of the Purchase Amounts received with respect to all Receivables that
became Purchased Receivables during the related Collection Period, (iv) in the sole discretion of
the Insurer, the Principal Balance of all the Receivables that were required to be purchased pursuant to Sections 3.2 and 4.7, during such Collection Period but were not
purchased, (v) the aggregate amount of Cram Down Losses that shall have occurred during the related
Collection Period; and (vi) following the acceleration of the Notes pursuant to Section 5.2

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of the Indenture, the amount of money or property collected pursuant to Section 5.4 of the Indenture since
the preceding Determination Date by the Trust Collateral Agent or Controlling Party for
distribution pursuant to Section 5.7 hereof over (y) the Step-Down Amount, if any, for such
Distribution Date.

          “Pro Forma Note Balance” means, with respect to any Distribution Date, the aggregate
remaining principal amount of the Notes outstanding on such Distribution Date, after giving effect
to distributions pursuant to clauses (i) through (vi) of Section 5.7(b) hereof minus the Pre-Funded
Amount.

          “Purchase Agreement” means the Purchase Agreement between the Seller and AmeriCredit,
dated as of May 25, 2005, pursuant to which the Seller acquired the Initial Receivables, as such
Agreement may be amended from time to time.

          “Purchase Amount” means, with respect to a Purchased Receivable, the Principal Balance
and all accrued and unpaid interest on the Receivable, after giving effect to the receipt of any
moneys collected (from whatever source) on such Receivable, if any.

          “Purchased Receivable” means a Receivable purchased as of the close of business on the
last day of a Collection Period by the Servicer pursuant to Sections 4.2, 4.4(c), or 4.7 or
repurchased by the Seller or the Servicer pursuant to Section 3.2 or Section 10.1(a).

          “Rating Agency” means Moody’s, Standard & Poor’s and Fitch. If no such organization
or successor maintains a rating on the Securities, “Rating Agency” shall be a nationally
recognized statistical rating organization or other comparable Person designated by the Seller and
acceptable to the Insurer (so long as an Insurer Default shall not have occurred and be
continuing), notice of which designation shall be given to the Trust Collateral Agent, the Owner
Trustee and the Servicer.

          “Rating Agency Condition” means, with respect to any action, that each of Moody’s and
Standard & Poor’s shall have been given 10 days’ (or such shorter period as shall be acceptable to
each of Moody’s and Standard & Poor’s) prior notice thereof and that each of Moody’s and Standard &
Poor’s shall have notified the Seller, the Servicer, the Insurer, the Owner Trustee and the Trust
Collateral Agent in writing that such action will not result in a reduction or withdrawal of the
then current rating of any Class of Notes, without taking into account the presence of the Note
Policy.

          “Realized Losses” means, with respect to any Receivable that becomes a Liquidated
Receivable, the excess of the Principal Balance of such Liquidated Receivable over Net Liquidation
Proceeds to the extent allocable to principal.

          “Receivables” means the Initial Receivables listed on Schedule A attached hereto and
the Subsequent Receivables listed on Schedule A to each Subsequent Transfer Agreement (which
Schedules may be in the form of microfiche or a disk).

          “Receivable Files” means the documents specified in Section 3.3.

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          “Record Date” means, with respect to each Distribution Date, the Business Day
immediately preceding such Distribution Date, unless otherwise specified in the Agreement.

          “Registrar of Titles” means, with respect to any state, the governmental agency or
body responsible for the registration of, and the issuance of certificates of title relating to,
motor vehicles and liens thereon.

          “Required Pro Forma Note Balance” means, with respect to any Distribution Date, a
dollar amount equal to the product of (x) the difference between (i) 100% and (ii) the
“Overcollateralization Amount” (as defined in the Spread Account Agreement), as the same may
step down over time in accordance with the terms of the Spread Account Agreement (which difference
will initially equal 85.0%) and (y) the Pool Balance as of the end of the prior calendar
month .

          “Requisite Amount” has the meaning specified in the Spread Account Agreement.

          “Sale Amount” means, with respect to any Sold Receivable, the amount received from the
related third-party purchaser as payment for such Sold Receivable.

          “Schedule of Receivables” means the schedule of all motor vehicle retail installment
sales contracts and promissory notes originally held as part of the Trust which is attached as
Schedule A, as shall be amended to reflect the transfer of Subsequent Receivables to the Trust
(which Schedule may be in the form of microfiche or a disk).

          “Schedule of Representations” means the Schedule of Representations and Warranties
attached hereto as Schedule B.

          “Scheduled Receivables Payment” means, with respect to any Collection Period for any
Receivable, the amount set forth in such Receivable as required to be paid by the Obligor in such
Collection Period. If after the Closing Date, the Obligor’s obligation under a Receivable with
respect to a Collection Period has been modified so as to differ from the amount specified in such
Receivable as a result of (i) the order of a court in an insolvency proceeding involving the
Obligor, (ii) pursuant to the Servicemembers Civil Relief Act or (iii) modifications or extensions
of the Receivable permitted by Section 4.2(b), the Scheduled Receivables Payment with respect to
such Collection Period shall refer to the Obligor’s payment obligation with respect to such
Collection Period as so modified.

          “Seller” means AFS SenSub Corp., a Nevada corporation, and its successors in interest
to the extent permitted hereunder.

          “Service Contract” means, with respect to a Financed Vehicle, the agreement, if any,
financed under the related Receivable that provides for the repair of such Financed Vehicle.

          “Servicer” means AmeriCredit Financial Services, Inc., as the servicer of the
Receivables, and each successor servicer pursuant to Section 9.3.

          “Servicer Termination Event” means an event specified in Section 9.1.

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          “Servicer’s Certificate” means an Officers’ Certificate of the Servicer delivered
pursuant to Section 4.9(b), substantially in the form of Exhibit B.

          “Servicing Fee” has the meaning specified in Section 4.8.

          “Servicing Fee Rate” means 2.25% per annum.

          “Simple Interest Method” means the method of allocating a fixed level payment on an
obligation between principal and interest, pursuant to which the portion of such payment that is
allocated to interest is equal to the product of the fixed rate of interest on such obligation
multiplied by the period of time (expressed as a fraction of a year, based on the actual number of
days in the calendar month and 365 days in the calendar year) elapsed since the preceding payment
under the obligation was made.

          “Sold Receivable” means a Receivable that was more than 60 days delinquent and was
sold to an unaffiliated third party by the Issuer, at the Servicer’s direction, as of the close of
business on the last day of a Collection Period and in accordance with the provisions of Section
4.3(c) hereof.

          “Spread Account” means the account designated as such, established and maintained
pursuant to the Spread Account Agreement.

          “Spread Account Agreement” means the Spread Account Agreement dated as of May 25,
2005, among the Insurer, the Issuer, the Trustee, the Trust Collateral Agent and the Collateral
Agent, as the same may be modified, supplemented or otherwise amended in accordance with the terms
thereof.

          “Spread Account Claim Amount” means with respect to any Determination Date, after
taking into account the application on the related Distribution Date of the Available Funds for the
related Collection Period, an amount equal to the sum of, without duplication, (i) any shortfall in
the payment of the full amounts described in clauses (i) through (v) of Section 5.7(b) herein, (ii)
the Noteholders’ Parity Deficit Amount, if any, for such Distribution Date and (iii) if the related
Distribution Date is the Final Scheduled Distribution Date of any Class, any remaining outstanding
principal balance of such Class, to the extent that such amount is available on the related
Distribution Date in accordance with the terms of the Spread Account Agreement; provided, however,
that following an acceleration of the Notes pursuant to Section 5.2 of the Indenture, the Spread
Account Claim Amount shall equal the excess, if any, of (i) the amounts payable pursuant to
priorities First through Fourth of Section 5.6(a) of the Indenture on the Distribution Date over
(ii) the Available Funds for such Distribution Date, to the extent that such amounts are available
on the related Distribution Date in accordance with the terms of the Spread Account Agreement.

          “Spread Account Claim Date” means, with respect to any Distribution Date, the second
Business Day immediately preceding such Distribution Date.

          “Spread Account Initial Deposit” means an amount equal to 2.0% of the aggregate
principal balance of the Receivables on the Initial Cutoff Date (which is equal to $22,000,029.61).

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          “Standard & Poor’s” means Standard & Poor’s, a Division of The McGraw-Hill Companies,
Inc., or its successor.

          “Step-Down Amount” means, with respect to any Distribution Date, the excess, if any,
of (x) the Required Pro Forma Note Balance over (y) the Pro Forma Note Balance on such Distribution
Date, calculated for this purpose only without deduction for any Step-Down Amount (i.e., assuming
that the entire amount described in clause (x) of the definition of “Principal Distributable
Amount” is distributed as principal on the Notes).

          “Subsequent Cutoff Date” means the date specified in the related Subsequent Transfer
Agreement; provided, however, that such date shall be on or before the related
Subsequent Transfer Date.

          “Subsequent Other Conveyed Property” means all property conveyed by the Seller to the
Trust pursuant to Section 2.2(a)(ii) through (a)(ix) of this Agreement and the related Subsequent
Transfer Agreement.

          “Subsequent Purchase Agreement” means an agreement by and between the Seller and
AmeriCredit pursuant to which the Seller will acquire Receivables to be transferred by the Seller
to the Issuer as Subsequent Receivables.

          “Subsequent Receivables” means the Receivables transferred to the Issuer pursuant to
Section 2.2, which shall be listed on Schedule A to the related Subsequent Transfer Agreement.

          “Subsequent Spread Account Deposit” means, with respect to each Subsequent Transfer
Date, an amount equal to the lesser of (i) 2.0% of the aggregate principal balance of Subsequent
Receivables as of the related Subsequent Cutoff Date and (ii) the amount necessary to cause the
Requisite Amount to be on deposit in the Spread Account, in each case transferred to the Trust on
such Subsequent Transfer Date from amounts released from the Pre-Funding Account.

          “Subsequent Transfer Agreement” means the agreement among the Issuer, the Seller and
the Servicer, substantially in the form of Exhibit A.

          “Subsequent Transfer Date” means, with respect to Subsequent Receivables, any date,
occurring not more frequently than once a month, during the Funding Period on which Subsequent
Receivables are to be transferred to the Trust pursuant to this Agreement, and a Subsequent
Transfer Agreement is executed and delivered to the Trust.

          “Substitution of Collateral Criteria” means AmeriCredit’s written criteria for
substitution of collateral as delivered by AmeriCredit to the Insurer on or before the Closing
Date, as amended by revisions to such criteria as may be delivered by AmeriCredit to the Insurer
upon request.

          “Supplemental Servicing Fee” means, with respect to any Collection Period, all
administrative fees, expenses and charges paid by or on behalf of Obligors, including late fees,

20

 

prepayment fees and liquidation fees collected on the Receivables during such Collection Period but
excluding any fees or expenses related to extensions.

          “Swap Agreement” means the ISDA Master Agreement dated June 2, 2005 between the Issuer
and the Swap Provider, including the Schedule thereto, the Credit Support Annex thereto, the
Confirmation relating to the Class A-4 Notes and together with any replacement swap agreement
thereafter approved by the Insurer; provided, that no additional swap agreement shall be a
“Swap Agreement” under the Basic Documents for so long as the Swap Agreement is outstanding without
the prior, written consent of the Swap Provider, unless the Swap Agreement has terminated as a
result of an Event of Default or Termination Event relating to the Swap Provider.

          “Swap Policy” means the interest rate swap insurance policy issued by the Insurer to
the Swap Provider with respect to the Swap Agreement.

          “Swap Provider” means Lehman Brothers Special Financing Inc., with respect to the
Class A-4 Notes, together with any replacement Swap Provider thereafter approved by the Insurer.

          “Swap Termination Payment” means payments due to the applicable Swap Provider by the
Issuer, including interest that may accrue thereon, under the applicable Swap Agreement due to a
termination of the applicable Swap Agreement due to the occurrence of an “event of default” or a
“termination event” under the applicable Swap Agreement.

          “Third-Party Lender” means an entity that originated a loan to a consumer for the
purchase of a motor vehicle and sold the loan to AmeriCredit pursuant to an Auto Loan Purchase and
Sale Agreement.

          “Third-Party Lender Assignment” means, with respect to a Receivable, the executed
assignment executed by a Third-Party Lender conveying such Receivable to AmeriCredit.

          “Titled Third-Party Lender” means a Third-Party Lender having a short term debt rating
of at least A-1/P-1 from Standard & Poor’s and Moody’s, respectively, that has agreed to assist
AmeriCredit or any successor servicer, to the extent necessary, with any repossession or legal
action in respect of Financed Vehicles with respect to which such Third-Party Lender has assigned
its full interest therein to AmeriCredit and is listed as first lienholder or secured party on the
Lien Certificate relating to such Financed Vehicle.

          “Trigger Event” has the meaning assigned thereto in the Spread Account Agreement.

          “Trust” means the Issuer.

          “Trust Account Property” means the Trust Accounts, all amounts and investments held
from time to time in any Trust Account (whether in the form of deposit accounts, Physical
Property, book-entry securities, uncertificated securities or otherwise), and all proceeds of
the foregoing.

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          “Trust Accounts” has the meaning assigned thereto in Section 5.1.

          “Trust Agreement” means the Trust Agreement dated as of May 11, 2005, between the
Seller and the Owner Trustee, as amended and restated as of May 25, 2005, as the same may be
amended and supplemented from time to time.

          “Trust Collateral Agent” means the Person acting as Trust Collateral Agent hereunder,
its successors in interest and any successor Trust Collateral Agent hereunder.

          “Trust Officer” means, (i) in the case of the Trust Collateral Agent, the chairman or
vice-chairman of the board of directors, any managing director, the chairman or vice-chairman of
the executive committee of the board of directors, the president, any vice president, assistant
vice president, the secretary, any assistant secretary, the treasurer, any assistant treasurer, the
cashier, any assistant cashier, any trust officer or assistant trust officer, the controller and
any assistant controller or any other officer of the Trust Collateral Agent customarily performing
functions similar to those performed by any of the above designated officers and also means, with
respect to a particular corporate trust matter, any other officer to whom such matter is referred
because of such officer’s knowledge of and familiarity with the particular subject, and (ii) in the
case of the Owner Trustee, any officer in the corporate trust office of the Owner Trustee or any
agent of the Owner Trustee under a power of attorney with direct responsibility for the
administration of this Agreement or any of the Basic Documents on behalf of the Owner Trustee.

          “Trust Property” means the property and proceeds conveyed pursuant to Section 2.1,
together with certain monies paid on or after the Initial Cutoff Date, the Note Policy, the
Collection Account (including all Eligible Investments therein and proceeds therefrom), the Lockbox
Account, the Note Distribution Account (including all Eligible Investments therein and proceeds
therefrom), the Spread Account and certain other rights under this Agreement.

          “Trustee” means the Person acting as Trustee under the Indenture, its successors in
interest and any successor trustee under the Indenture.

          “UCC” means the Uniform Commercial Code as in effect in the relevant jurisdiction on
the date of the Agreement.

     SECTION 1.2.   Other Definitional Provisions.

          (a)   Capitalized terms used herein and not otherwise defined herein have meanings assigned to
them in the Indenture, or, if not defined therein, in the Trust Agreement.

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

          (c)   As used in this Agreement, in any instrument governed hereby and in any certificate or
other document made or delivered pursuant hereto or thereto, accounting terms not defined in this
Agreement or in any such instrument, certificate or other document, and accounting terms partly
defined in this Agreement or in any such instrument, certificate or other

22

 

document to the extent not defined, shall have the respective meanings given to them under generally accepted accounting
principles as in effect on the date of this Agreement or any such instrument, certificate or other
document, as applicable. To the extent that the definitions of accounting terms in this Agreement
or in any such instrument, certificate or other document are inconsistent with the meanings of such
terms under generally accepted accounting principles, the definitions contained in this Agreement
or in any such instrument, certificate or other document shall control.

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

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

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

ARTICLE II

Conveyance of Receivables

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

          (a)   the Initial Receivables and all moneys received thereon after the Initial Cutoff Date;

          (b)   the security interests in the Financed Vehicles granted by Obligors pursuant to the
Initial Receivables and any other interest of the Seller in such Financed Vehicles;

          (c)   any proceeds and the right to receive proceeds with respect to the Initial Receivables
from claims on any physical damage, credit life or disability insurance policies covering Financed
Vehicles or Obligors and any proceeds from the liquidation of the Initial Receivables;

23

 

          (d)   any proceeds from any Initial Receivable repurchased by a Dealer pursuant to a Dealer
Agreement or a Third-Party Lender pursuant to an Auto Loan Purchase and Sale Agreement as a result
of a breach of representation or warranty in the related Dealer Agreement or Auto Loan Purchase and
Sale Agreement;

          (e)   all rights under any Service Contracts on the related Financed Vehicles;

          (f)   the related Receivable Files;

          (g)   all of the Seller’s right, title and interest in its rights and benefits, but none of
its obligations or burdens, under the Purchase Agreement, including the Seller’s rights under the
Purchase Agreement, and the delivery requirements, representations and warranties and the cure and
repurchase obligations of AmeriCredit under the Purchase Agreement;

          (h)   all of the Seller’s (i) Accounts, (ii) Chattel Paper, (iii) Documents, (iv) Instruments
and (v) General Intangibles (as such terms are defined in the UCC) relating to the property
described in (a) through (g); and

          (i)   all proceeds and investments with respect to items (a) through (h).

          It is the intention of the Seller that the transfer and assignment contemplated by this
Agreement shall constitute a sale of the Receivables and Other Conveyed Property from the Seller to
the Issuer and the beneficial interest in and title to the Receivables and the Other Conveyed
Property shall not be part of the Seller’s estate in the event of the filing of a bankruptcy
petition by or against the Seller under any bankruptcy law. In the event that, notwithstanding the
intent of the Seller and the Issuer, the transfer and assignment contemplated hereby is held by a
court of competent jurisdiction not to be a sale, this Agreement shall constitute a grant of a
security interest by the Seller to the Issuer in the property referred to in this Section for the
benefit of the Noteholders and the Insurer, whether now owned or existing or hereafter acquired or
arising, and this Agreement shall constitute a security agreement under applicable law.

     SECTION 2.2. Conveyance of Subsequent Receivables.

          (a)   Subject to the conditions set forth in paragraph (b) below, in consideration of the
Issuer’s delivery on each related Subsequent Transfer Date to or upon the order of the Seller of
the amount described in Section 5.9(a) to be delivered to the Seller, the Seller does hereby sell,
transfer, assign, set over and otherwise convey to the Issuer without recourse (subject to the
obligations set forth herein), all right, title and interest of the Seller in and to:

          (i)   the Subsequent Receivables listed on Schedule A to the related Subsequent
Transfer Agreement and all moneys received thereon after the Subsequent Cutoff Date;

          (ii)   the security interests in the Financed Vehicles granted by Obligors pursuant to
such Subsequent Receivables and any other interest of the Seller in such Financed Vehicles;

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          (iii)   any proceeds and the right to receive proceeds with respect to such Subsequent
Receivables from claims on any physical damage, credit life or disability insurance policies
covering the related Financed Vehicles or Obligors and any proceeds from the liquidation of
such Subsequent Receivables;

          (iv)   any proceeds from any Subsequent Receivable repurchased by a Dealer pursuant to
a Dealer Agreement or a Third-Party Lender pursuant to an Auto Loan Purchase and Sale
Agreement as a result of a breach of representation or warranty in the related Dealer
Agreement or Auto Loan Purchase and Sale Agreement;

          (v)   all rights under any Service Contracts on the related Financed Vehicles:

          (vi)   the related Receivable Files;

          (vii)   all of the Seller’s right, title and interest in its rights and benefits, but
none of its obligations or burdens, under each of the Subsequent Purchase Agreements,
including the Seller’s rights under each of the Subsequent Purchase Agreements, and the
delivery requirements, representations and warranties and the cure and repurchase
obligations of AmeriCredit under each of the Subsequent Purchase Agreements, on or after the
related Subsequent Cutoff Date;

          (viii)   all of the Seller’s (a) Accounts, (b) Chattel Paper, (c) Documents, (d)
Instruments and (e) General Intangibles (as such terms are defined in the UCC) relating to
the property described in (i) through (vii); and

          (ix)   all proceeds and investments with respect to items (i) through (viii).

          (b)   The Seller shall transfer to the Issuer the Subsequent Receivables and the Subsequent
Other Conveyed Property only upon the satisfaction of each of the following conditions on or prior
to the related Subsequent Transfer Date:

          (i)   the Seller shall have provided the Trust Collateral Agent, the Owner Trustee, the
Insurer and the Rating Agencies with an Addition Notice not later than five days prior to
such Subsequent Transfer Date and shall have provided any information reasonably requested
by any of the foregoing with respect to the Subsequent Receivables;

          (ii)   the Seller shall have delivered to the Owner Trustee and the Trust Collateral
Agent a duly executed Subsequent Transfer Agreement which shall include supplements to
Schedule A, listing the Subsequent Receivables;

          (iii)   the Seller shall, to the extent required by Section 4.2, have deposited in the
Collection Account all collections in respect of the Subsequent Receivables;

          (iv)   as of each Subsequent Transfer Date, (A) the Seller shall not be insolvent and
shall not become insolvent as a result of the transfer of Subsequent Receivables on such
Subsequent Transfer Date, (B) the Seller shall not intend to incur or believe that it shall
incur debts that would be beyond its ability to pay as such debts

25

 

mature, (C) such transfer shall not have been made with actual intent to hinder, delay or defraud any Person and (D)
the assets of the Seller shall not constitute unreasonably small capital to carry out its
business as conducted;

          (v)   the Funding Period shall not have terminated;

          (vi)   after giving effect to any transfer of Subsequent Receivables on a Subsequent
Transfer Date, the Receivables transferred to the Trust pursuant hereto shall meet the
following criteria (based on the characteristics of the Initial Receivables on the Initial
Cutoff Date and the Subsequent Receivables on the related Subsequent Cutoff Dates) as such
information is provided to the Trust Collateral Agent by the Servicer: (A) the remaining
term of each Receivable transferred to the Trust shall not be greater than 72 months; (B)
the original term of each Receivable transferred to the Trust shall not be more than 72
months; (C) not more than 40% of the Receivables transferred to the Trust (calculated by
Aggregate Principal Balance) has an original term to maturity of 72 months; (D) each
Receivable had a remaining Principal Balance of at least $250 and not more than $80,000; (E)
each of the Receivables has an Annual Percentage Rate of at least 1% and not more than 33%;
(F) the weighted average APR of the Receivables transferred to the Trust shall not be less
than 16.65%, unless, with the prior consent of the Rating Agencies and the Insurer, the
Seller increases the Spread Account Initial Deposit with respect to the Subsequent
Receivables by the amount required by the Insurer; (G) none of the Receivables transferred
to the Trust was more than 30 days past due; (H) no funds have been advanced by AmeriCredit,
any Dealer, any Third-Party Lender, or anyone acting on behalf of any of them in order to
cause any Receivable transferred to the Trust to qualify under clause (G) above; (I) not
more than 35% of the Aggregate Principal Balance shall have Obligors whose mailing addresses
are in Texas and California; (J) each Obligor had a billing address in the United States as
of the date of origination of the Receivables transferred to the Trust, is a natural person
and is not an Affiliate of any party to this Agreement; (K) each Receivable transferred to
the Trust is denominated in, and each Contract provides for payment in, United States
dollars; (L) each Receivable transferred to the Trust is identified on the Servicer’s master
servicing records as an automobile installment sales contract or installment note; (M) each
Receivable transferred to the Trust arises under a Contract which is assignable without the
consent of, or notice to, the Obligor thereunder, and 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; (N) each
Receivable transferred to the Trust arises under a Contract with respect to which
AmeriCredit has performed all obligations required to be performed by it thereunder, and, in
the event such Contract is an installment sales contract, delivery of the Financed Vehicle
to the related Obligor has occurred and (O) any variation in the overall composition or characteristics of the Initial Receivables and the pool of Receivables
as a whole after giving effect to the transfer of the Subsequent Receivables on such
Subsequent Transfer Date shall not be material;

          (vii)   each of the representations and warranties made by the Seller pursuant to
Section 3.1 with respect to the Subsequent Receivables to be transferred on such Subsequent
Transfer Date shall be true and correct as of the related Subsequent

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Transfer Date, and the Seller shall have performed all obligations to be performed by it hereunder on or prior to
such Subsequent Transfer Date;

          (viii)   the Seller shall, at its own expense, on or prior to the Subsequent Transfer
Date indicate in its computer files that the Subsequent Receivables identified in the
Subsequent Transfer Agreement have been sold to the Trust pursuant to this Agreement;

          (ix)   the Seller shall have taken any action required to maintain the first priority
perfected ownership interest of the Trust in the Owner Trust Estate and the first priority
perfected security interest of the Trust Collateral Agent in the Collateral;

          (x)   no selection procedures adverse to the interests of the Noteholders or the
Insurer shall have been utilized in selecting the Subsequent Receivables;

          (xi)   the addition of any such Subsequent Receivables shall not result in a material
adverse tax consequence to the Trust or the Noteholders;

          (xii)   the Seller shall have delivered (A) to the Rating Agencies and the Insurer an
Opinion of Counsel with respect to the transfer of such Subsequent Receivables substantially
in the form of the Opinion of Counsel delivered to the Rating Agencies and the Insurer on
the Closing Date and (B) to the Trust Collateral Agent the Opinion of Counsel required by
Section 12.2(h)(1);

          (xiii)   Standard & Poor’s shall have confirmed in writing to the Trust Collateral
Agent that the rating on the Notes shall not be withdrawn or reduced as a result of the
transfer of such Subsequent Receivables to the Trust;

          (xiv)   the Insurer (so long as no Insurer Default shall have occurred and be
continuing), in its absolute and sole discretion, shall have approved the transfer of such
Subsequent Receivables to the Trust and the Insurer shall have been reimbursed for any fees
and expenses incurred by the Insurer in connection with the granting of such approval;

          (xv)   the Seller shall simultaneously transfer the Subsequent Spread Account Deposit
to the Trust Collateral Agent with respect to the Subsequent Receivables transferred on such
Subsequent Transfer Date; and

          (xvi)   the Seller shall have delivered to the Insurer and the Trust Collateral Agent
an Officers’ Certificate confirming the satisfaction of each condition precedent specified
in this paragraph (b).

          The Seller covenants that in the event any of the foregoing conditions precedent are not
satisfied with respect to any Subsequent Receivable on the date required as specified above, the
Seller will immediately repurchase such Subsequent Receivable from the Trust, at a price equal to
the Purchase Amount thereof, in the manner specified in Section 4.7.

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     SECTION 2.3.   Further Encumbrance of Trust Property.

          (a)   Immediately upon the conveyance to the Trust by the Seller of any item of the Trust
Property pursuant to Section 2.1, all right, title and interest of the Seller in and to such item
of Trust Property shall terminate, and all such right, title and interest shall vest in the Trust,
in accordance with the Trust Agreement and Sections 3802 and 3805 of the Statutory Trust Statute
(as defined in the Trust Agreement).

          (b)   Immediately upon the vesting of the Trust Property in the Trust, the Trust shall have
the sole right to pledge or otherwise encumber, such Trust Property. Pursuant to the Indenture,
the Trust shall grant a security interest in the Trust Property to the Trust Collateral Agent
securing the repayment of the Notes. The Certificates shall represent the beneficial ownership
interest in the Trust Property, and the Certificateholders shall be entitled to receive
distributions with respect thereto as set forth herein.

          (c)   Following the payment in full of the Notes and the release and discharge of the
Indenture, all covenants of the Issuer under Article III of the Indenture shall, until payment in
full of the Certificates, remain as covenants of the Issuer for the benefit of the
Certificateholders, enforceable by the Certificateholders to the same extent as such covenants were
enforceable by the Noteholders prior to the discharge of the Indenture. Any rights of the Trustee
under Article III of the Indenture, following the discharge of the Indenture, shall vest in
Certificateholders.

          (d)   The Trust Collateral Agent shall, at such time as there are no Notes or Certificates
outstanding and all sums due to (i) the Trustee pursuant to the Indenture, (ii) the Insurer
pursuant to the Insurance Agreement and (iii) the Trust Collateral Agent pursuant to this
Agreement, have been paid, release any remaining portion of the Trust Property to the Seller.

ARTICLE III

The Receivables

     SECTION 3.1.   Representations and Warranties of Seller. The Seller hereby represents and
warrants that each of the representations and warranties set forth on the Schedule of
Representations attached hereto as Schedule B is true and correct on which the Issuer is deemed to
have relied in acquiring the Receivables and upon which the Insurer shall be deemed to rely in
issuing the Note Policy. Such representations and warranties speak as of the execution and
delivery of this Agreement and as of the Closing Date, in the case of the Initial Receivables, and
as of the related Subsequent Transfer Date, in case of the Subsequent Receivables, but shall
survive the sale, transfer and assignment of the Receivables to the Issuer and the pledge thereof to the Trust Collateral Agent pursuant to the Indenture and shall
not be waived.

     SECTION 3.2.   Repurchase upon Breach. (a) The Seller, the Servicer, the Backup
Servicer, the Insurer, the Trust Collateral Agent or the Owner Trustee, as the case may be, shall
inform the other parties to this Agreement promptly, by notice in writing, upon the discovery of
any breach of the Seller’s representations and warranties made pursuant to Section 3.1. As of the
last day of the second (or, if the Seller so elects, the first) month following the discovery by
the Seller or receipt by the Seller of notice of such breach, unless such breach is cured by such
date, the Seller shall have an obligation to repurchase any Receivable in which the

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interests of the Noteholders or the Insurer are materially and adversely affected by any such breach as of such
date. The “second month” shall mean the month following the month in which discovery occurs or
notice is given, and the “first month” shall mean the month in which discovery occurs or notice is
given. In consideration of and simultaneously with the repurchase of the Receivable, the Seller
shall remit, or cause AmeriCredit to remit, to the Collection Account the Purchase Amount in the
manner specified in Section 5.6 and the Issuer shall execute such assignments and other documents
reasonably requested by such person in order to effect such repurchase. The sole remedy of the
Issuer, the Owner Trustee, the Trust Collateral Agent, the Trustee, the Backup Servicer or the
Noteholders with respect to a breach of representations and warranties pursuant to Section 3.1 and
the agreement contained in this Section shall be the repurchase of Receivables pursuant to this
Section, subject to the conditions contained herein or to enforce the obligation of AmeriCredit to
the Seller to repurchase such Receivables pursuant to the Purchase Agreement. Neither the Owner
Trustee, the Trust Collateral Agent nor the Trustee shall have a duty to conduct any affirmative
investigation as to the occurrence of any conditions requiring the repurchase of any Receivable
pursuant to this Section.

          In addition to the foregoing and notwithstanding whether the related Receivable shall have
been purchased by the Seller, the Seller shall indemnify the Trust, the Trustee, the Backup
Servicer, the Trust Collateral Agent, Collateral Agent and the officers, directors, agents and
employees thereof, the Insurer, and the Noteholders against all costs, expenses, losses, damages,
claims and liabilities, including reasonable fees and expenses of counsel, which may be asserted
against or incurred by any of them as a result of third party claims arising out of the events or
facts giving rise to such breach.

          (b)   Pursuant to Section 2.1 of this Agreement, the Seller conveyed to the Trust all of the
Seller’s right, title and interest in its rights and benefits, but none of its obligations or
burdens, under the Purchase Agreement including the Seller’s rights under the Purchase Agreement
and the delivery requirements, representations and warranties and the cure or repurchase
obligations of AmeriCredit thereunder. The Seller hereby represents and warrants to the Trust that
such assignment is valid, enforceable and effective to permit the Trust to enforce such obligations
of AmeriCredit under the Purchase Agreement. Any purchase by AmeriCredit pursuant to the Purchase
Agreement shall be deemed a purchase by the Seller pursuant to this Section 3.2 and the definition
of Purchased Receivable.

     SECTION 3.3.   Custody of Receivable Files.

          (a)   In connection with the sale, transfer and assignment of the Receivables and the Other
Conveyed Property to the Trust pursuant to this Agreement and simultaneously with the execution and
delivery of this Agreement, the Trust Collateral Agent shall enter into the Custodian Agreement
with the Custodian, dated as of May 25, 2005, pursuant to which the Trust Collateral Agent shall
revocably appoint the Custodian, and the Custodian shall accept such appointment, to act as the
agent of the Trust Collateral Agent as custodian of the following documents or instruments in its
possession (the “Receivable Files”) which shall be delivered to the Custodian as agent of
the Trust Collateral Agent on or before the Closing Date in the case of the Initial Receivables and
as of the Subsequent Transfer Date in the case of the Subsequent Receivables:

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          (i)   The fully executed original of the Receivable (together with any agreements
modifying the Receivable);

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

          (iii)   The Lien Certificate (when received) and otherwise such documents, if any, that
AmeriCredit keeps on file in accordance with its customary procedures indicating that the
Financed Vehicle is owned by the Obligor and subject to the interest of AmeriCredit (or a
Titled Third-Party Lender) as first lienholder or secured party (including any Lien
Certificate received by AmeriCredit), or, if such Lien Certificate has not yet been
received, a copy of the application therefor, showing AmeriCredit (or a Titled Third-Party
Lender) as secured party.

          (b)   If the Trust Collateral Agent is acting as the Custodian pursuant to Section 8 of the
Custodian Agreement, the Trust Collateral Agent shall be deemed to have assumed the obligations of
the Custodian (except for any liabilities incurred by the predecessor Custodian) specified in the
Custodian Agreement until such time as a successor Custodian has been appointed. Upon payment in
full of any Receivable, the Servicer will notify the Custodian pursuant to a certificate of an
officer of the Servicer (which certificate shall include a statement to the effect that all amounts
received in connection with such payments which are required to be deposited in the Collection
Account pursuant to Section 4.1 have been so deposited) and shall request delivery of the
Receivable and Receivable File to the Servicer. Upon the sale of any Receivable pursuant to
Section 4.3(c) hereof, the Servicer will notify the Custodian pursuant to a certificate of an
officer of the Servicer (which certificate shall include a statement to the effect that all amounts
received in connection with such sale which are required to be deposited in the Collection Account
pursuant to Section 4.3(c) have been so deposited) and shall request delivery of the Receivable and
Receivable File to the purchaser of such Receivable. From time to time as appropriate for
servicing and enforcing any Receivable, the Custodian shall, upon written request of an officer of
the Servicer and delivery to the Custodian of a receipt signed by such officer, cause the original
Receivable and the related Receivable File to be released to the Servicer. The Servicer’s receipt
of a Receivable and/or Receivable File shall obligate the Servicer to return the original Receivable and the related Receivable File to the Custodian when its need by the
Servicer has ceased unless the Receivable is repurchased as described in Section 3.2 , 4.2 or 4.7.

ARTICLE IV

Administration and Servicing of Receivables

          SECTION 4.1.   Duties of the Servicer.

     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

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exacting, the degree of skill and attention that the Servicer exercises from time to time with respect to all
comparable motor vehicle receivables that it services for itself or others. In performing such
duties, so long as AmeriCredit is the Servicer, it shall substantially comply with the policies and
procedures described on Schedule C, as such policies and procedures may be updated from time to
time. The Servicer’s duties shall include, without limitation, collection and posting of all
payments, responding to inquiries of Obligors on the Receivables, investigating delinquencies,
sending payment coupons to Obligors, reporting any required tax information to Obligors, monitoring
the collateral, complying with the terms of the Lockbox Agreement, accounting for collections and
furnishing monthly and annual statements to the Trust Collateral Agent, the Trustee and the Insurer
with respect to distributions, monitoring the status of Insurance Policies with respect to the
Financed Vehicles and performing the other duties specified herein.

          The Servicer, or if AmeriCredit is no longer the Servicer, AmeriCredit at the request of the
Servicer, shall also administer and enforce all rights and responsibilities of the holder of the
Receivables provided for in the Dealer Agreements and Auto Loan Purchase and Sale Agreements (and
shall maintain possession of the Dealer Agreements and Auto Loan Purchase and Sale Agreements, to
the extent it is necessary to do so), the Dealer Assignments, the Third-Party Lender Assignments
and the Insurance Policies, to the extent that such Dealer Agreements, Auto Loan Purchase and Sale
Agreements, Dealer Assignments, Third-Party Lender Assignments and Insurance Policies relate to the
Receivables, the Financed Vehicles or the Obligors. To the extent consistent with the standards,
policies and procedures otherwise required hereby, the Servicer shall follow its customary
standards, policies, and procedures and shall have full power and authority, acting alone, to do
any and all things in connection with such managing, servicing, administration and collection that
it may deem necessary or desirable. Without limiting the generality of the foregoing, the Servicer
is hereby authorized and empowered by the Trust to execute and deliver, on behalf of the Trust, any
and all instruments of satisfaction or cancellation, or of partial or full release or discharge,
and all other comparable instruments, with respect to the Receivables and with respect to the
Financed Vehicles; provided, however, that notwithstanding the foregoing, the
Servicer shall not, except pursuant to an order from a court of competent jurisdiction, release an
Obligor from payment of any unpaid amount under any Receivable or waive the right to collect the unpaid balance of any Receivable from
the Obligor except in accordance with the Servicer’s customary practices as reflected in the
Servicing Policies and Procedures attached hereto as Schedule C.

     The Servicer is hereby authorized to commence, in its own name or in the name of the Trust, a
legal proceeding to enforce a Receivable pursuant to Section 4.3 or to commence or participate in
any other legal proceeding (including, without limitation, a bankruptcy proceeding) relating to or
involving a Receivable, an Obligor or a Financed Vehicle. If the Servicer commences or
participates in such a legal proceeding in its own name, the Trust shall thereupon be deemed to
have automatically assigned such Receivable to the Servicer solely for purposes of commencing or
participating in any such proceeding as a party or claimant, and the Servicer is authorized and
empowered by the Trust to execute and deliver in the Servicer’s name any notices, demands, claims,
complaints, responses, affidavits or other documents or instruments in connection with any such
proceeding. The Trust Collateral Agent and the Owner Trustee shall furnish the Servicer with any
limited powers of attorney and other documents which the Servicer may reasonably request and which
the Servicer deems necessary or

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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 4.2.   Collection of Receivable Payments; Modifications of Receivables; Lockbox
Agreements. 

          (a)   Consistent with the standards, policies and procedures required by this Agreement, the
Servicer shall make reasonable efforts to collect all payments called for under the terms and
provisions of the Receivables as and when the same shall become due, and shall follow such
collection procedures as it follows with respect to all comparable automobile receivables that it
services for itself or others and otherwise act with respect to the Receivables, the Dealer
Agreements, the Dealer Assignments, the Auto Loan Purchase and Sale Agreements, the Third-Party
Lender Assignments, the Insurance Policies and the Other Conveyed Property in such manner as will,
in the reasonable judgment of the Servicer, maximize the amount to be received by the Trust with
respect thereto, including directing the Issuer to sell the Receivables pursuant to Section 4.3(c)
hereof. The Servicer is authorized in its discretion to waive any prepayment charge, late payment
charge or any other similar fees that may be collected in the ordinary course of servicing any
Receivable.

          (b)   The Servicer may (A) at any time agree to a modification or amendment of a Receivable in
order to (i) not more than once per year, change the Obligor’s regular monthly due date to a date
that shall in no event be later than 30 days after the original monthly due date of that Receivable
or (ii) re-amortize the Scheduled Receivables Payments on the Receivable (x) following a partial
prepayment of principal, in accordance with its customary procedures or (y) following the Obligor’s
reinstatement based on local laws or (B) may direct the Issuer to sell the Receivables pursuant to
Section 4.3 hereof, if the Servicer believes in good faith that such extension, modification,
amendment or sale is necessary to avoid a default on such Receivable, will maximize the amount to
be received by the Trust with respect to such Receivable, and is otherwise in the best interests of
the Trust.

          (c)   The Servicer may grant payment extensions on, or other modifications or amendments to, a
receivable (in addition to those modifications permitted by Section 4.2(b) hereof), in accordance
with its customary procedures if the Servicer believes in good faith that such extension,
modification or amendment is necessary to avoid a default on such Receivable, will maximize the
amount to be received by the Trust with respect to such Receivable, and is otherwise in the best
interests of the Trust; provided, however, that:

          (i)   The aggregate period of all extensions on a Receivable shall not exceed eight
months;

          (ii)   In no event may a Receivable be extended beyond the Collection Period
immediately preceding the latest Final Scheduled Distribution Date;

          (iii)   The average Monthly Extension Rate for any three consecutive calendar months
shall not exceed 4%; and

          (iv)   So long as an Insurer Default shall not have occurred and be continuing, the
Servicer shall not amend or modify a Receivable (except as provided in

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Section 4.2(b) and
this Section 4.2(c)) without the consent of the Insurer or a Note Majority (if an Insurer
Default shall have occurred and be continuing).

          With respect to clause (iii) of this Section 4.2(c), in the event the average of the Monthly
Extension Rates calculated with respect to three consecutive calendar months exceeds 4% (which
information shall be set forth in the related Servicer’s Certificate), the Servicer shall, on the
third such Accounting Date, purchase from the Trust the Receivables with respect to which payment
had been extended (starting with the Receivables most recently so extended) in an aggregate
Principal Balance equal to the product of (i) the difference between such average of Monthly
Extension Rates and 4% and (ii) the Aggregate Principal Balance, and pay the related Purchase
Amount on the related Determination Date; provided, however, that in the event the
Backup Servicer shall be acting as Servicer hereunder, the foregoing sentence shall apply only in
respect of Receivables as to which payments had been extended by such Backup Servicer.

          (d)   The Servicer shall use its best efforts to notify or direct Obligors to make all
payments on the Receivables, whether by check or by direct debit of the Obligor’s bank account, to
be made directly to one or more Lockbox Banks, acting as agent for the Trust pursuant to a Lockbox
Agreement. The Servicer shall use its best efforts to notify or direct any Lockbox Bank to deposit
all payments on the Receivables in the Lockbox Account no later than the Business Day after
receipt, and to cause all amounts credited to the Lockbox Account on account of such payments to be
transferred to the Collection Account no later than the second Business Day after receipt of such
payments. The Lockbox Account shall be a demand deposit account held by the Lockbox Bank, or at
the request of the Controlling Party, an Eligible Deposit Account.

          Prior to the Closing Date, the Servicer shall have notified each Obligor that makes its
payments on the Receivables by check to make such payments thereafter directly to the Lockbox Bank
(except in the case of Obligors that have already been making such payments to the Lockbox Bank),
and shall have provided each such Obligor with remittance invoices in order to enable such Obligors to make such payments directly to the Lockbox Bank for deposit into
the Lockbox Account, and the Servicer will continue, not less often than every three months, to so
notify those Obligors who have failed to make payments to the Lockbox Bank. If and to the extent
requested by the Controlling Party, the Servicer shall request each Obligor that makes payment on
the Receivables by direct debit of such Obligor’s bank account, to execute a new authorization for
automatic payment which in the judgment of the Controlling Party is sufficient to authorize direct
debit by the Lockbox Bank on behalf of the Trust. If at any time, the Lockbox Bank is unable to
directly debit an Obligor’s bank account that makes payment on the Receivables by direct debit and
if such inability is not cured within 15 days or cannot be cured by execution by the Obligor of a
new authorization for automatic payment, the Servicer shall notify such Obligor that it cannot make
payment by direct debit and must thereafter make payment by check.

          Notwithstanding any Lockbox Agreement, or any of the provisions of this Agreement relating to
the Lockbox Agreement, the Servicer shall remain obligated and liable to the Trust, the Trust
Collateral Agent, the Insurer and Noteholders for servicing and administering the Receivables and
the Other Conveyed Property in accordance with the provisions of this Agreement without diminution
of such obligation or liability by virtue thereof; provided,

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however, that the foregoing shall not apply to any Backup Servicer for so long as a Lockbox Bank is performing its
obligations pursuant to the terms of a Lockbox Agreement.

          In the event of a termination of the Servicer, the successor Servicer shall assume all of the
rights and obligations of the outgoing Servicer under the Lockbox Agreement subject to the terms
hereof. In such event, the successor Servicer shall be deemed to have assumed all of the outgoing
Servicer’s interest therein and to have replaced the outgoing Servicer as a party to each such
Lockbox Agreement to the same extent as if such Lockbox Agreement had been assigned to the
successor Servicer, except that the outgoing Servicer shall not thereby be relieved of any
liability or obligations on the part of the outgoing Servicer to the Lockbox Bank under such
Lockbox Agreement. The outgoing Servicer shall, upon request of the Trust Collateral Agent, but at
the expense of the outgoing Servicer, deliver to the successor Servicer all documents and records
relating to each such Lockbox Agreement and an accounting of amounts collected and held by the
Lockbox Bank and otherwise use its best efforts to effect the orderly and efficient transfer of any
Lockbox Agreement to the successor Servicer. In the event that the Insurer (so long as an Insurer
Default shall not have occurred and be continuing) or a Note Majority (if an Insurer Default shall
have occurred and be continuing) elects to change the identity of the Lockbox Bank, the outgoing
Servicer, at its expense, shall cause the Lockbox Bank to deliver, at the direction of the Insurer
(so long as an Insurer Default shall not have occurred and be continuing) or a Note Majority (if an
Insurer Default shall have occurred and be continuing) to the Trust Collateral Agent or a successor
Lockbox Bank, all documents and records relating to the Receivables and all amounts held (or
thereafter received) by the Lockbox Bank (together with an accounting of such amounts) and shall
otherwise use its best efforts to effect the orderly and efficient transfer of the lockbox
arrangements and the Servicer shall notify the Obligors to make payments to the Lockbox established
by the successor.

          (e)   The Servicer shall remit all payments by or on behalf of the Obligors received directly
by the Servicer to the Lockbox Bank as soon as practicable, but in no event later than the second
Business Day after receipt thereof, and such amounts shall be deposited into the Lockbox Account and transferred from the Lockbox Account to the Collection Account in
accordance with Section 4.2(d) hereof.

          (f)   AmeriCredit shall not cause or permit the substitution of the Financed Vehicle relating
to a Receivable unless: (i) the substitution is a replacement of the Financed Vehicle originally
financed under the related Receivable; (ii) the Financed Vehicle originally financed under the
related Receivable was either (x) insured under an Insurance Policy as required under Section
4.4(a) at the time of a casualty loss that is treated as a total loss under such Insurance Policy,
(y) deemed to be a “lemon” pursuant to applicable state law and repurchased by the related Dealer
or (z) is the subject of an order by a court of competent jurisdiction directing AmeriCredit to
substitute another vehicle under the related Receivable; (iii) the related Receivable is not more
than 30 days delinquent; (iv) the Obligor is deemed to be in “good standing” by the Servicer and is
not in breach of any requirement under the related Receivable; (v) the replacement Financed Vehicle
has a book value (N.A.D.A.) at least equal to the book value (N.A.D.A.) of the Financed Vehicle
that is being replaced, measured immediately before the casualty loss or replacement by the Dealer;
(vi) as of the date of such substitution, the replacement Financed Vehicle’s mileage is no greater
than the mileage on the Financed Vehicle that is being replaced and (vii) the substitution complies
with the Substitution of Collateral

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Criteria; provided, however, that if the substitution is made pursuant to clause (ii)(z), above, clauses (iii) through (v) inclusive, shall
not be applicable. So long as the Note Policy is outstanding, AmeriCredit shall not cause or
permit the substitution of Financed Vehicles relating to Receivables having an original aggregate
Principal Balance greater than two percent (2%) of the Original Pool Balance, (the
“Substitution Limit”). In the event that the Substitution Limit is exceeded for any
reason, AmeriCredit shall, on or before the next following Accounting Date, repurchase a sufficient
number of such Receivables to cause the aggregate original Principal Balances of such Receivables
to be less than the Substitution Limit.

     SECTION 4.3.   Realization upon Receivables.

          (a)   In addition to the Servicer’s ability to direct the Issuer to sell Receivables pursuant
to Section 4.3(c) hereof, and consistent with the standards, policies and procedures required by
this Agreement, the Servicer shall use its best efforts to repossess (or otherwise comparably
convert the ownership of) and liquidate any Financed Vehicle securing a Receivable with respect to
which the Servicer has determined that payments thereunder are not likely to be resumed, as soon as
is practicable after default on such Receivable but in no event later than the date on which all or
any portion of a Scheduled Receivables Payment has become 91 days delinquent; provided,
however, that the Servicer may elect not to repossess a Financed Vehicle within such time
period if in its good faith judgment it determines that the proceeds ultimately recoverable with
respect to such Receivable would be increased by forbearance or if it instead elects to direct the
Issuer to sell the Receivables pursuant to Section 4.3(c). The Servicer is authorized to follow
such customary practices and procedures as it shall deem necessary or advisable, consistent with
the standard of care required by Section 4.1, which practices and procedures may include reasonable
efforts to realize upon any recourse to Dealers and Third-Party Lenders, the sale of the related
Financed Vehicle at public or private sale, the submission of claims under an Insurance Policy and other actions by the Servicer in order to
realize upon such a Receivable. The foregoing is subject to the provision that, in any case in
which the Financed Vehicle shall have suffered damage, the Servicer shall not expend funds in
connection with any repair or towards the repossession of such Financed Vehicle unless it shall
determine in its discretion that such repair and/or repossession shall increase the proceeds of
liquidation of the related Receivable by an amount greater than the amount of such expenses. All
amounts received upon liquidation of a Financed Vehicle shall be remitted directly by the Servicer
to the Collection Account without deposit into any intervening account as soon as practicable, but
in no event later than the Business Day after receipt thereof. The Servicer shall be entitled to
recover all reasonable expenses incurred by it in the course of repossessing and liquidating a
Financed Vehicle into cash proceeds, but only out of the cash proceeds of such Financed Vehicle,
any deficiency obtained from the Obligor or any amounts received from the related Dealer or
Third-Party Lender, which amounts in reimbursement may be retained by the Servicer (and shall not
be required to be deposited as provided in Section 4.2(e)) to the extent of such expenses. The
Servicer shall pay on behalf of the Trust any personal property taxes assessed on repossessed
Financed Vehicles. The Servicer shall be entitled to reimbursement of any such tax from Net
Liquidation Proceeds with respect to such Receivable.

     (b)   If the Servicer, or if AmeriCredit is no longer the Servicer, AmeriCredit at the request
of the Servicer, elects to commence a legal proceeding to enforce a Dealer

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Agreement, Auto Loan Purchase and Sale Agreement, Dealer Assignment or Third-Party Lender Assignment, the act of
commencement shall be deemed to be an automatic assignment from the Trust to the Servicer, or to
AmeriCredit at the request of the Servicer, of the rights under such Dealer Agreement, Auto Loan
Purchase and Sale Agreement, Dealer Assignment or Third-Party Lender Assignment for purposes of
collection only. If, however, in any enforcement suit or legal proceeding it is held that the
Servicer or AmeriCredit, as appropriate, may not enforce a Dealer Agreement, Auto Loan Purchase and
Sale Agreement, Dealer Assignment or Third-Party Lender Assignment on the grounds that it is not a
real party in interest or a Person entitled to enforce the Dealer Agreement, Auto Loan Purchase and
Sale Agreement, Dealer Assignment or Third-Party Lender Assignment, the Owner Trustee and/or the
Trust Collateral Agent, at AmeriCredit’s expense, or the Seller, at the Seller’s expense, shall
take such steps as the Servicer deems reasonably necessary to enforce the Dealer Agreement, Auto
Loan Purchase and Sale Agreement, Dealer Assignment or Third-Party Lender Assignment, including
bringing suit in its name or the name of the Seller or of the Trust and the Owner Trustee and/or
the Trust Collateral Agent for the benefit of the Noteholders. All amounts recovered shall be
remitted directly by the Servicer as provided in Section 4.2(e).

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

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     SECTION 4.4.   Insurance.

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

          (b)   The Servicer may, if an Obligor fails to obtain or maintain a physical loss and damage
Insurance Policy, obtain insurance with respect to the related Financed Vehicle and advance on
behalf of such Obligor, as required under the terms of the insurance policy, the premiums for such
insurance (such insurance being referred to herein as “Force-Placed Insurance”). All
policies of Force-Placed Insurance shall be endorsed with clauses providing for loss payable to the
Servicer. Any cost incurred by the Servicer in maintaining such Force-Placed Insurance shall only
be recoverable out of premiums paid by the Obligors or Net Liquidation Proceeds with respect to the
Receivable, as provided in Section 4.4(c).

          (c)   In connection with any Force-Placed Insurance obtained hereunder, the Servicer may, in
the manner and to the extent permitted by applicable law, require the Obligors to repay the entire
premium to the Servicer. In no event shall the Servicer include the amount of the premium in the
Amount Financed under the Receivable. For all purposes of this Agreement, the Insurance Add-On
Amount with respect to any Receivable having Force-Placed Insurance will be treated as a separate
obligation of the Obligor and will not be added to the Principal Balance of such Receivable, and
amounts allocable thereto will not be available for distribution on the Notes and the Certificates.
The Servicer shall retain and separately administer the right to receive payments from Obligors
with respect to Insurance Add-On Amounts or rebates of Forced-Placed Insurance premiums. If an
Obligor makes a payment with respect to a Receivable having Force-Placed Insurance, but the
Servicer is unable to determine whether the payment is allocable to the Receivable or to the
Insurance Add-On Amount, the payment shall be applied first to any unpaid Scheduled Receivables
Payments and then to the Insurance Add-On Amount. Net Liquidation Proceeds on any Receivable will
be used first to pay the Principal Balance and accrued interest on such Receivable and then to pay
the related Insurance Add-On Amount. If an

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Obligor under a Receivable with respect to which the Servicer has placed Force-Placed Insurance fails to make scheduled payments of such Insurance
Add-On Amount as due, and the Servicer has determined that eventual payment of the Insurance Add-On
Amount is unlikely, the Servicer may, but shall not be required to, purchase such Receivable from
the Trust for the Purchase Amount on any subsequent Determination Date. Any such Receivable, and
any Receivable with respect to which the Servicer has placed Force-Placed Insurance which has been
paid in full (excluding any Insurance Add-On Amounts) will be assigned to the Servicer.

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

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

     SECTION 4.5.   Maintenance of Security Interests in Vehicles.

          (a)   Consistent with the policies and procedures required by this Agreement, the Servicer
shall take such steps on behalf of the Trust as are necessary to maintain perfection of the
security interest created by each Receivable in the related Financed Vehicle, including, but not
limited to, obtaining the execution by the Obligors and the recording, registering, filing,
re-recording, re-filing, and re-registering of all security agreements, financing statements and
continuation statements as are necessary to maintain the security interest granted by the
Obligors under the respective Receivables. The Trust Collateral Agent hereby authorizes the
Servicer, and the Servicer agrees, to take any and all steps necessary to re-perfect such security
interest on behalf of the Trust as necessary because of the relocation of a Financed Vehicle or for
any other reason. In the event that the assignment of a Receivable to the Trust is insufficient,
without a notation on the related Financed Vehicle’s certificate of title, or without fulfilling
any additional administrative requirements under the laws of the state in which the Financed
Vehicle is located, to perfect a security interest in the related Financed Vehicle in favor of the
Trust, the Servicer hereby agrees that the designation of AmeriCredit (or a Titled Third-Party
Lender) as the secured party on the Lien Certificate is in its capacity as Servicer as agent of the
Trust.

          (b)   Upon the occurrence of an Insurance Agreement Event of Default, the Insurer may (so long
as an Insurer Default shall not have occurred and be continuing) instruct the Trust Collateral
Agent and the Servicer to take or cause to be taken, or, if an Insurer Default shall have occurred,
upon the occurrence of a Servicer Termination Event, the Trust Collateral Agent and the Servicer
shall take or cause to be taken such action as may, in the opinion of counsel to the Controlling
Party, be necessary to perfect or re-perfect the security interests in the Financed

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Vehicles securing the Receivables in the name of the Trust by amending the title documents of such Financed
Vehicles or by such other reasonable means as may, in the opinion of counsel to the Controlling
Party, be necessary or prudent.

          AmeriCredit hereby agrees to pay all expenses related to such perfection or reperfection and
to take all action necessary therefor. In addition, prior to the occurrence of an Insurance
Agreement Event of Default, the Controlling Party may instruct the Trust Collateral Agent and the
Servicer to take or cause to be taken such action as may, in the opinion of counsel to the
Controlling Party, be necessary to perfect or re-perfect the security interest in the Financed
Vehicles underlying the Receivables in the name of the Trust, including by amending the title
documents of such Financed Vehicles or by such other reasonable means as may, in the opinion of
counsel to the Controlling Party, be necessary or prudent; provided, however, that
if the Controlling Party requests that the title documents be amended prior to the occurrence of an
Insurance Agreement Event of Default, the out-of-pocket expenses of the Servicer or the Trust
Collateral Agent in connection with such action shall be reimbursed to the Servicer or the Trust
Collateral Agent, as applicable, by the Controlling Party. AmeriCredit hereby appoints the Trust
Collateral Agent as its attorney-in-fact to take any and all steps required to be performed by
AmeriCredit pursuant to this Section 4.5(b) (it being understood that and agreed that the Trust
Collateral Agent shall have no obligation to take such steps with respect to all perfection or
reperfection, except as pursuant to the Basic Documents to which it is a party and to which
AmeriCredit has paid all expenses), including execution of Lien Certificates or any other documents
in the name and stead of AmeriCredit and the Trust Collateral Agent hereby accepts such
appointment.

     SECTION 4.6.   Covenants, Representations, and Warranties of Servicer. By its execution
and delivery of this Agreement, the Servicer makes the following representations, warranties and
covenants on which the Trust Collateral Agent relies in accepting the Receivables, on which the
Trustee relies in authenticating the Notes and on which the Insurer relies in issuing the Note
Policy.

          (a)   The Servicer covenants as follows:

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

          (ii)   No Impairment. The Servicer shall do nothing to impair the rights of
the Trust or the Noteholders in the Receivables, the Dealer Agreements, the Auto Loan
Purchase and Sale Agreements, the Dealer Assignments, the Third-Party Lender Assignments,
the Insurance Policies or the Other Conveyed Property except as otherwise expressly provided
herein;

          (iii)   No Amendments. The Servicer shall not extend or otherwise amend the
terms of any Receivable, except in accordance with Section 4.2; and

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          (iv)   Restrictions on Liens. The Servicer shall not (i) create, incur or
suffer to exist, or agree to create, incur or suffer to exist, or consent to cause or permit
in the future (upon the happening of a contingency or otherwise) the creation, incurrence or
existence of any Lien or restriction on transferability of the Receivables except for the
Lien in favor of the Trust Collateral Agent for the benefit of the Noteholders and Insurer,
the Lien imposed by the Spread Account Agreement in favor of the Collateral Agent for the
benefit of the Trust Collateral Agent and Insurer, and the restrictions on transferability
imposed by this Agreement or (ii) sign or file under the Uniform Commercial Code of any
jurisdiction any financing statement which names AmeriCredit or the Servicer as a debtor, or
sign any security agreement authorizing any secured party thereunder to file such financing
statement, with respect to the Receivables, except in each case any such instrument solely
securing the rights and preserving the Lien of the Trust Collateral Agent, for the benefit
of the Noteholders and the Insurer.

          (b)   The Servicer represents, warrants and covenants as of the Closing Date as to itself that
the representations and warranties set forth on the Schedule of Representations attached hereto as
Schedule B are true and correct, provided that such representations and warranties contained
therein and herein shall not apply to any entity other than AmeriCredit.

       SECTION 4.7.   Purchase of Receivables Upon Breach of Covenant. Upon discovery by any of
the Servicer, the Insurer, a Responsible Officer of the Trust Collateral Agent, the Owner Trustee
or a Responsible Officer of the Trustee of a breach of any of the covenants set forth in Sections
1, 2 or 3 of the Custodian Agreement or in Sections 4.5(a) or 4.6 hereof, the party discovering
such breach shall give prompt written notice to the others; provided, however, that
the failure to give any such notice shall not affect any obligation of AmeriCredit as Servicer
under this Section. As of the second Accounting Date following its discovery or receipt of notice
of any breach of any covenant set forth in Sections 4.5(a) or 4.6 which materially and adversely
affects the interests of the Noteholders or the Insurer in any Receivable (including any Liquidated
Receivable) (or, at AmeriCredit’s election, the first Accounting Date so following) or the related
Financed Vehicle, AmeriCredit shall, unless such breach shall have been cured in all material respects, purchase from the Trust the Receivable
affected by such breach and, on the related Determination Date, AmeriCredit shall pay the related
Purchase Amount. It is understood and agreed that the obligation of AmeriCredit to purchase any
Receivable (including any Liquidated Receivable) with respect to which such a breach has occurred
and is continuing shall, if such obligation is fulfilled, constitute the sole remedy against
AmeriCredit for such breach available to the Insurer, the Noteholders, the Owner Trustee, the
Backup Servicer or the Trust Collateral Agent; provided, however, that AmeriCredit
shall indemnify the Trust, the Backup Servicer, the Collateral Agent, the Insurer, the Owner
Trustee, the Trust Collateral Agent, the Trustee and the Noteholders from and against all costs,
expenses, losses, damages, claims and liabilities, including reasonable fees and expenses of
counsel, which may be asserted against or incurred by any of them as a result of third party claims
arising out of the events or facts giving rise to such breach. Notwithstanding anything to the
contrary contained herein, AmeriCredit will not be required to repurchase Receivables due solely to
the Servicer’s not having received Lien Certificates that have been properly applied for from the
Registrar of Titles in the applicable states for such Receivables unless (i) such Lien Certificates
shall not have been received with respect to Receivables with Principal Balances which total more
than 0.5% of the Aggregate Principal Balance as of the 180th day after the

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Closing Date or the Subsequent Transfer date as applicable, in which case AmeriCredit shall be required to
repurchase a sufficient number of such Receivables to cause the aggregate Principal Balances of the
remaining Receivables for which no such Lien Certificate shall have been received to be no greater
than 0.5% of the Aggregate Principal Balance as of such date or (ii) such Lien Certificates shall
not have been received as of the 240th day after the Closing Date or the Subsequent
Transfer Date as applicable. This section shall survive the termination of this Agreement and the
earlier removal or resignation of the Trustee and/or the Trust Collateral Agent and/or the Backup
Servicer.

     SECTION 4.8.   Total Servicing Fee; Payment of Certain Expenses by Servicer. On each
Distribution Date, the Servicer shall be entitled to receive out of the Collection Account the Base
Servicing Fee and any Supplemental Servicing Fee for the related Collection Period (together, the
“Servicing Fee”) pursuant to Section 5.7. The Servicer shall be required to pay all
expenses incurred by it in connection with its activities under this Agreement (including taxes
imposed on the Servicer, expenses incurred in connection with distributions and reports made by the
Servicer to Noteholders or the Insurer and all other fees and expenses of the Owner Trustee, the
Collateral Agent, the Backup Servicer, the Trust Collateral Agent or the Trustee, except taxes
levied or assessed against the Trust, and claims against the Trust in respect of indemnification,
which taxes and claims in respect of indemnification against the Trust are expressly stated to be
for the account of AmeriCredit). The Servicer shall be liable for the fees and expenses of the
Owner Trustee, the Backup Servicer, the Trust Collateral Agent, the Trustee, the Custodian, the
Collateral Agent, the Lockbox Bank (and any fees under the Lockbox Agreement) and the Independent
Accountants. Notwithstanding the foregoing, if the Servicer shall not be AmeriCredit, a successor
to AmeriCredit as Servicer including the Backup Servicer permitted by Section 9.3 shall not be
liable for taxes levied or assessed against the Trust or claims against the Trust in respect of
indemnification, or the fees and expenses referred to above.

     SECTION 4.9.   Preliminary Servicer’s Certificate and Servicer’s Certificate(a)   .
No later than noon Eastern time on each Determination Date, the Servicer shall deliver (facsimile
delivery being acceptable) to the Trustee, the Owner Trustee, the Trust Collateral Agent, the
Collateral Agent, the Backup Servicer, the Insurer, the Swap Provider and each Rating Agency a
Preliminary Servicer’s Certificate executed by a Responsible Officer of the Servicer containing
among other things, all information necessary to enable the Trust Collateral Agent to give any
notice required by Section 5.5(b) and to make the distributions required by Sections 5.7(a) and
5.7(b).

          (b)   No later than noon Eastern time on each Determination Date, the Servicer shall deliver
(facsimile delivery being acceptable) to the Trustee, the Owner Trustee, the Trust Collateral
Agent, the Collateral Agent, the Backup Servicer, the Insurer, the Swap Provider and each Rating
Agency a Servicer’s Certificate executed by a Responsible Officer of the Servicer containing among
other things, (i) all information necessary to enable the Trust Collateral Agent to make any
withdrawal and deposit required by Section 5.5 and to make the distributions required by Sections
5.7(a) and 5.7(b), (ii) a listing of all Purchased Receivables and Sold Receivables purchased by
the Servicer or sold by the Issuer as of the related Accounting Date, identifying the Receivables
so purchased by the Servicer or sold by the Issuer, (iii) all information necessary to enable the
Backup Servicer to verify the items specified in Section 4.13(iii) (as set forth in the Monthly
Tape delivered pursuant to Section 4.13), (iv) all

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information necessary to enable the Trust Collateral Agent to send the statements to Noteholders and the Insurer required by Section 5.10,
and (v) all information necessary to enable the Trust Collateral Agent to reconcile the aggregate
cash flows, the Collection Account for the related Collection Period and Distribution Date,
including the accounting required by Section 5.10. Receivables purchased by the Servicer or by the
Seller on the related Accounting Date and each Receivable which became a Liquidated Receivable or
which was paid in full during the related Collection Period shall be identified by account number
(as set forth in the Schedule of Receivables). In addition to the information set forth in the
preceding sentence, the Servicer’s Certificate shall also contain the following information: (a)
the Delinquency Ratio, Monthly Extension Rate, Gross Default Ratio and Cumulative Net Loss Ratio
(as such terms are defined herein or in the Spread Account Agreement) for the related Collection
Period; (b) whether any Trigger Event has occurred as of such Determination Date; (c) whether any
Trigger Event that may have occurred as of a prior Determination Date is deemed cured as of such
Determination Date; and (d) whether to the knowledge of the Servicer an Insurance Agreement Event
of Default has occurred.

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

          (a)   The Servicer shall deliver to the Trustee, the Owner Trustee, the Trust Collateral
Agent, the Backup Servicer, the 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, 2006, an officer’s certificate signed by any Responsible Officer of the Servicer, dated
as of June 30 (or other applicable date) of such year, stating that (i) a review of the activities
of the Servicer during the preceding 12-month period (or such other period as shall have elapsed
from the Closing Date to the date of the first such certificate (which period shall not be less than six months)) and of its performance under this Agreement has been made under such
officer’s supervision, and (ii) to such officer’s knowledge, based on such review, the Servicer has
fulfilled all its obligations under this Agreement throughout such period, or, if there has been a
default in the fulfillment of any such obligation, specifying each such default known to such
officer and the nature and status thereof.

          (b)   The Servicer shall deliver to the Trustee, the Owner Trustee, the Trust Collateral
Agent, the Backup Servicer, the Insurer, the Collateral Agent and each Rating Agency, promptly
after having obtained knowledge thereof, but in no event later than two (2) Business Days
thereafter, written notice in an officer’s certificate of any event which with the giving of notice
or lapse of time, or both, would become a Servicer Termination Event under Section 9.1(a). The
Seller or the Servicer shall deliver to the Trustee, the Owner Trustee, the Trust Collateral Agent,
the Backup Servicer, the Insurer, the Collateral Agent, the Servicer or the Seller (as applicable)
and each Rating Agency promptly after having obtained knowledge thereof, but in no event later than
two (2) Business Days thereafter, written notice in an officer’s certificate of any event which
with the giving of notice or lapse of time, or both, would become a Servicer Termination Event
under any other clause of Section 9.1.

     SECTION 4.11.   Annual Independent Accountants’ Report. The Servicer shall cause a
firm of nationally recognized independent certified public accountants (the “Independent
Accountants”), who may also render other services to the Servicer or to the Seller, (1) to
deliver

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to the Trustee, the Owner Trustee, the Trust Collateral Agent, the Backup Servicer, the
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, 2006, 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 copy of the Form 10-K filed with the United
States Securities and Exchange Commission for AmeriCredit Corp., which filing includes a statement
that 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) upon request of the Trustee, the Owner Trustee, the
Trust Collateral Agent or the Backup Servicer, to issue an acknowledgement 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 pursuant to item (1) of this section and that the
accounting firm is independent of the Seller and the Servicer within the meaning of the Code of
Professional Ethics of the American Institute of Certified Public Accountants; and (3) to deliver
to MBIA, upon the request of MBIA, such request not being more often than annually, 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.

     SECTION 4.12.   Access to Certain Documentation and Information Regarding Receivables. The Servicer shall provide to representatives of the Trustee, the Owner Trustee, the Trust
Collateral Agent, the Backup Servicer and the Insurer reasonable access to the documentation
regarding the Receivables. In each case, such access shall be afforded without charge but only
upon reasonable request and during normal business hours. Nothing in this Section shall affect the
obligation of the Servicer to observe any applicable law prohibiting disclosure of information
regarding the Obligors, and the failure of the Servicer to provide access as provided in this
Section as a result of such obligation shall not constitute a breach of this Section.

     SECTION 4.13.   Monthly Tape. No later than the second Business Day after each
Distribution Date, the Servicer will deliver to the Trust Collateral Agent, the Insurer and the
Backup Servicer a computer tape and a diskette (or any other electronic transmission acceptable to
the Trust Collateral Agent, the Insurer and the Backup Servicer) in a format acceptable to the
Trust Collateral Agent, the Insurer and the Backup Servicer containing the information with respect
to the Receivables as of the preceding Accounting Date necessary for preparation of the Servicer’s
Certificate relating to the immediately preceding Determination Date and necessary to review the
application of collections as provided in Section 5.4 (the “Monthly Tape”). The Backup
Servicer shall use such tape or diskette (or other electronic transmission acceptable to the Trust
Collateral Agent and the Backup Servicer) to (i) confirm that the Servicer’s Certificate is
complete on its face, (ii) confirm that such tape, diskette or other electronic transmission is in
readable form, (iii) calculate and confirm (A) the aggregate amount distributable as principal on
the related Distribution Date to each Class of Notes; (B) the aggregate amount distributable as
interest on the related Distribution Date to each Class of Notes; (C) any amounts distributable on
the related Distribution Date which are to be paid with funds (y) withdrawn from the Spread
Account, or (z) drawn under the Note Policy; (D) the outstanding principal amount of each Class

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of Notes after giving effect to all distributions made pursuant to clause (A), above; (E) the Note
Pool Factor for each Class of Notes after giving effect to all distributions made pursuant to
clause (A), above; (F) the aggregate Noteholders’ Principal Carryover Amount and the aggregate
Noteholders’ Interest Carryover Amount on such Distribution Date after giving effect to all
distributions made pursuant to clauses (A) and (B), above, respectively; (G) the Monthly Extension
Rate; (H) the Delinquency Ratio; (I) the Gross Default Ratio; and (J) the Cumulative Net Loss
Ratio. The Backup Servicer shall certify to the Controlling Party and to the Trustee that it has
verified the Servicer’s Certificate in accordance with this Section and shall notify the Servicer
and the Controlling Party of any discrepancies, in each case, on or before the fifth Business Day
following the Distribution Date. In the event that the Backup Servicer reports any discrepancies,
the Servicer and the Backup Servicer shall attempt to reconcile such discrepancies prior to the
next succeeding Distribution Date, but in the absence of a reconciliation, the Servicer’s
Certificate shall control for the purpose of calculations and distributions with respect to the
next succeeding Distribution Date. In the event that the Backup Servicer and the Servicer are
unable to reconcile discrepancies with respect to a Servicer’s Certificate by the next succeeding
Distribution Date, the Servicer shall cause the Independent Accountants, at the Servicer’s expense,
to audit the Servicer’s Certificate and, prior to the last day of the month after the month in
which such Servicer’s Certificate was delivered, reconcile the discrepancies. The effect, if any,
of such reconciliation shall be reflected in the Preliminary Servicer’s Certificate for the next
succeeding Distribution 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 Controlling Party, deliver to the Backup Servicer or any
successor Servicer its Collection Records and its Monthly Records within 15 days after demand
therefor and a computer tape containing as of the close of business on the date of demand all of
the data maintained by the Servicer in computer format in connection with servicing the
Receivables. Other than the duties specifically set forth in this Agreement, the Backup Servicer
shall have no obligations hereunder, including, without limitation, to supervise, verify, monitor
or administer the performance of the Servicer. The Backup Servicer shall have no liability for any
actions taken or omitted by the Servicer.

     SECTION 4.14.   [Reserved].

     SECTION 4.15.   Fidelity Bond and Errors and Omissions Policy. The Servicer has obtained,
and shall continue to maintain in full force and effect, a Fidelity Bond and Errors and Omissions
Policy of a type and in such amount as is customary for servicers engaged in the business of
servicing automobile receivables.

ARTICLE V

Trust Accounts; Distributions;

Statements to Noteholders

     SECTION 5.1.   Establishment of Trust Accounts.

          (a)   (i) The Trust Collateral Agent, on behalf of the Noteholders and the Insurer, shall
establish and maintain in its own name an Eligible Deposit Account (the “Collection
Account”), bearing a designation clearly indicating that the funds deposited therein

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are held for the benefit of the Trust Collateral Agent on behalf of the Noteholders and the Insurer. The
Collection Account shall initially be established with the Trust Collateral Agent.

               (ii) The Trust Collateral Agent, on behalf of the Noteholders, shall establish and maintain
in its own name an Eligible Deposit Account (the “Note Distribution Account”), bearing a
designation clearly indicating that the funds deposited therein are held for the benefit of the Trust Collateral Agent on behalf of the Noteholders and the Insurer. The Note Distribution Account
shall initially be established with the Trust Collateral Agent.

               (iii) The Trust Collateral Agent, on behalf of the Noteholders and the Insurer, shall
establish and maintain in its own name an Eligible Deposit Account (the “Pre-Funding
Account”), bearing a designation clearly indicating that the funds deposited therein are held
for the benefit of the Trust Collateral Agent on behalf of the Noteholders and the Insurer. The
Pre-Funding Account shall initially be established with the Trust Collateral Agent.

          (b)   Funds on deposit in the Collection Account, the Note Distribution Account, the
Pre-Funding Account and the Capitalized Interest Account (collectively, the “Trust 
Accounts”) and the Lockbox Accounts shall be invested by the Trust Collateral Agent
(or any custodian with respect to funds on deposit in any such account) in Eligible Investments
selected in writing by the Servicer (pursuant to standing instructions or otherwise). All such
Eligible Investments shall be held by or on behalf of the Trust Collateral Agent for the benefit of
the Noteholders and the Insurer, as applicable. Other than as permitted by the Rating Agencies and
the Insurer, funds on deposit in any Trust Account shall be invested in Eligible Investments that
will mature so that such funds will be available at the close of business on the Business Day
immediately preceding the following Distribution Date (except that if such Eligible Investments are
obligations of the institution that maintains such Trust Account or a fund for which such
institution or an Affiliate thereof serves as an investment advisor, administrator, shareholder
servicing agent, custodian and/or sub-custodian, then such Eligible Investment shall be permitted
to mature on the Distribution Date). Funds deposited in a Trust Account on the day immediately
preceding a Distribution Date upon the maturity of any Eligible Investments are required to be
invested overnight. All Eligible Investments will be held to maturity. Each institution at which
the relevant Trust Account is maintained shall invest the funds therein as directed in writing by
the Servicer in Eligible Investments.

          (c)   All investment earnings of moneys deposited in each Trust Account shall be deposited (or
caused to be deposited) on each Distribution Date by the Trust Collateral Agent in such Trust
Account, and any loss resulting from such investments shall be charged to such Trust Account. The
Servicer will not direct the Trust Collateral Agent to make any investment of any funds held in any
of the Trust Accounts unless the security interest granted and perfected in such account will
continue to be perfected in such investment, in either case without any further action by any
Person, and, in connection with any direction to the Trust Collateral Agent to make any such
investment, if requested by the Trust Collateral Agent, the Servicer shall deliver to the Trust
Collateral Agent an Opinion of Counsel, acceptable to the Trust Collateral Agent, to such effect.

          (d)   The Trust Collateral Agent shall not in any way be held liable by reason of any
insufficiency in any of the Trust Accounts resulting from any loss on any Eligible

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Investment included therein except for losses attributable to the Trust Collateral Agent’s negligence or bad
faith or its failure to make payments on such Eligible Investments issued by the Trust Collateral
Agent, in its commercial capacity as principal obligor and not as trustee, in accordance with their
terms.

          (e)   If (i) the Servicer shall have failed to give investment directions in writing for any
funds on deposit in the Trust Accounts to the Trust Collateral Agent by 1:00 p.m. Eastern Time (or
such other time as may be agreed by the Issuer and Trust Collateral Agent) on any Business Day; or
(ii) a Default or Event of Default shall have occurred and be continuing with respect to the Notes
but the Notes shall not have been declared due and payable, or, if such Notes shall have been
declared due and payable following an Event of Default, amounts collected or receivable from the
Trust Property are being applied as if there had not been such a declaration; then the Trust
Collateral Agent shall, to the fullest extent practicable, invest and reinvest funds in the Trust
Accounts in the investment described in clause (d) of the definition of Eligible Investments.

          (f)   (i) The Trust Collateral Agent shall possess all right, title and interest in all funds
on deposit from time to time in the Trust Accounts and in all proceeds thereof for the benefit of
the Noteholders and the Insurer and all such funds, investments, proceeds and income shall be part
of the Owner Trust Estate. Except as otherwise provided herein, the Trust Accounts shall be under
the sole dominion and control of the Trust Collateral Agent for the benefit of the Noteholders, as
the case may be, and the Insurer. If, at any time, any of the Trust Accounts ceases to be an
Eligible Deposit Account, the Trust Collateral Agent (or the Servicer on its behalf) shall within
five Business Days (or such longer period as to which each Rating Agency and the Insurer may
consent) establish a new Trust Account as an Eligible Deposit Account and shall transfer any cash
and/or any investments to such new Trust Account. In connection with the foregoing, the Servicer
agrees that, in the event that any of the Trust Accounts are not accounts with the Trust Collateral
Agent, the Servicer shall notify the Trust Collateral Agent in writing promptly upon any of such
Trust Accounts ceasing to be an Eligible Deposit Account.

                   (ii) With respect to the Trust Account Property, the Trust Collateral Agent agrees that:

     (A)   any Trust Account Property that is held in deposit accounts shall
be held solely in the Eligible Deposit Accounts; and, except as otherwise
provided herein, each such Eligible Deposit Account shall be subject to the
exclusive custody and control of the Trust Collateral Agent, and the Trust
Collateral Agent shall have sole signature authority with respect thereto;

     (B)   any Trust Account Property that constitutes Physical Property
shall be delivered to the Trust Collateral Agent in accordance with
paragraph (a) of the definition of “Delivery” and shall be held, pending
maturity or disposition, solely by the Trust Collateral Agent or a
securities intermediary (as such term is defined in Section 8-102(14) of the
UCC) acting solely for the Trust Collateral Agent;

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     (C)   the “securities intermediary’s jurisdiction” for purposes
of Section 8-110 of the UCC shall be the State of New York;

     (D)   any Trust Account Property that is a book-entry security held
through the Federal Reserve System pursuant to Federal book-entry
regulations shall be delivered in accordance with paragraph (b) of the
definition of “Delivery” and shall be maintained by the Trust Collateral
Agent, pending maturity or disposition, through continued book-entry
registration of such Trust Account Property as described in such paragraph;
and

     (E)   any Trust Account Property that is an “uncertificated
security” or a “security entitlement” under Article 8 of the UCC
and that is not governed by clause (D) above shall be delivered to the Trust
Collateral Agent in accordance with paragraph (c) or (d), if applicable, of
the definition of “Delivery” and shall be maintained by the Trust Collateral
Agent, pending maturity or disposition, through continued registration
of the Trust Collateral Agent’s (or its nominee’s) ownership of such
security.

     (F)   any cash that is Trust Account Property shall be considered a
“financial asset” under Article 8 of the UCC.

          (g)   The Servicer shall have the power, revocable by the Insurer or, with the consent of the
Insurer by the Trustee or by the Owner Trustee with the consent of the Trustee, to instruct the
Trust Collateral Agent to make withdrawals and payments from the Trust Accounts for the purpose of
permitting the Servicer and the Trust Collateral Agent to carry out its respective duties
hereunder.

          (h)   The Trust Collateral Agent acknowledges that, pursuant to the provisions of the Swap
Agreement, the Swap Provider may be required to post collateral with the Trust Collateral Agent to
secure the Swap Provider’s obligations under the Swap Agreement. The Trust Collateral Agent agrees
to establish and maintain an Eligible Deposit Account (the “Swap Account”) to hold such collateral,
if requested to do so by the Servicer or the Controlling Party. The Trust Collateral Agent further
agrees to follow such written instructions relating to the administration of, and transfers from
such account, as may be delivered by (i) the Servicer (with the consent of the Controlling Party)
or (ii) the Controlling Party.

     SECTION 5.2.   Capitalized Interest Account.

          (a)   The Servicer shall cause the Trust Collateral Agent to establish and maintain an
Eligible Deposit Account (the “Capitalized Interest Account”) with the Trust Collateral
Agent, bearing a designation clearly indicating that the funds deposited therein are held in trust
for the benefit of the Noteholders and the Insurer.

          On or prior to the Closing Date, the Seller shall deposit an amount equal to the Capitalized
Interest Account Initial Deposit into the Capitalized Interest Account.

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          (b)   (i) On the Distribution Dates occurring in July 2005, August 2005 and September 2005,
the Trust Collateral Agent shall withdraw at the written direction of the Servicer from the
Capitalized Interest Account the Monthly Capitalized Interest Amount for such Distribution Date and
deposit such amount in the Collection Account as further provided in Section 5.7.

                  (ii) On the Distribution Date on or immediately following the end of the Funding Period, the
Overfunded Capitalized Interest Amount shall be remitted by the Trust Collateral Agent to the
Seller. Upon any such distribution to the Seller, the Noteholders, the Certificateholders and the
Insurer will have no further rights in, or claims to, such amount.

     SECTION 5.3.   Certain Reimbursements to the Servicer. The Servicer will be entitled to be
reimbursed from amounts on deposit in the Collection Account with respect to a Collection Period
for amounts previously deposited in the Collection Account but later determined by the Servicer to have resulted from mistaken deposits or postings or
checks returned for insufficient funds. The amount to be reimbursed hereunder shall be paid to the
Servicer on the related Distribution Date pursuant to Section 5.7(b)(ii) upon certification by the
Servicer of such amounts and the provision of such information to the Trust Collateral Agent and
the Insurer as may be necessary in the opinion of the Insurer to verify the accuracy of such
certification; provided, however, that the Servicer must provide such clarification
within 12 months of such mistaken deposit, posting, or returned check. In the event that the
Insurer has not received evidence satisfactory to it of the Servicer’s entitlement to reimbursement
pursuant to this Section, the Insurer shall (unless an Insurer Default shall have occurred and be
continuing) give the Trust Collateral Agent notice in writing to such effect, following receipt of
which the Trust Collateral Agent shall not make a distribution to the Servicer in respect of such
amount pursuant to Section 5.7, or if the Servicer prior thereto has been reimbursed pursuant to
Section 5.7, the Trust Collateral Agent shall withhold such amounts from amounts otherwise
distributable to the Servicer on the next succeeding Distribution Date. The Servicer will
additionally be entitled to receive from amounts on deposit in the Collection Account with respect
to a Collection Period any amounts paid by Obligors that were collected in the Lockbox Account but
that do not relate to (i) principal and interest payments due on the Receivables and (ii) any fees
or expenses related to extensions due on the Receivables.

     SECTION 5.4.   Application of Collections. All collections for the Collection Period shall
be applied by the Servicer as follows:

          With respect to each Receivable (other than a Purchased Receivable or a Sold Receivable),
payments by or on behalf of the Obligor, (other than Supplemental Servicing Fees with respect to
such Receivable, to the extent collected) shall be applied to interest and principal in accordance
with the Simple Interest Method.

          All amounts collected that are payable to the Servicer as Supplemental Servicing Fees
hereunder shall be deposited in the Collection Account and paid to the Servicer in accordance with
Section 5.7(b).

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     SECTION 5.5.   Withdrawals from Spread Account.

          (a)   In the event that the Servicer’s Certificate with respect to any Determination Date
shall state that there is a Spread Account Claim Amount then on the Spread Account Claim Date
immediately preceding the related Distribution Date, the Trust Collateral Agent shall deliver to
the Collateral Agent, the Owner Trustee, the Trustee, the Insurer and the Servicer, by hand
delivery or facsimile transmission, a written notice (a “Deficiency Notice”) specifying the
Spread Account Claim Amount for such Distribution Date and the Deficiency Amount, if any. Such
Deficiency Notice shall direct the Collateral Agent to remit such Spread Account Claim Amount (to
the extent of the funds available to be distributed pursuant to the Spread Account Agreement) to
the Trust Collateral Agent for deposit in the Collection Account on the related Distribution Date.

          Any Deficiency Notice shall be delivered by 12:00 noon, Eastern time, on the second Business
Day preceding such Distribution Date.

          (b)   In the event that the Preliminary Servicer’s Certificate with respect to any
Determination Date shall state that there shall be an Accelerated Payment Amount Shortfall with
respect to the related Distribution Date, then on the Business Day preceding such Distribution
Date, the Trust Collateral Agent shall deliver to the Collateral Agent, the Insurer and the
Servicer, by hand delivery or facsimile transmission, an Accelerated Payment Shortfall Notice.
Such Accelerated Payment Shortfall Notice shall direct the Collateral Agent to remit such
Accelerated Payment Amount Shortfall to the Trust Collateral Agent (to the extent of funds
available to be distributed in the Spread Account) for deposit in the Note Distribution Account on
the related Distribution Date. Any Accelerated Payment Shortfall Notice shall be delivered by 2:00
p.m. Eastern time, on the Business Day preceding such Distribution Date.

          (c)   The amounts distributed by the Collateral Agent to the Trust Collateral Agent pursuant
to a Deficiency Notice or Accelerated Payment Shortfall Notice shall be deposited by the Trust
Collateral Agent into the Collection Account pursuant to Section 5.6.

     SECTION 5.6.   Additional Deposits.

          (a)   The Servicer and the Seller, as applicable, shall deposit or cause to be deposited in
the Collection Account on the Determination Date on which such obligations are due the aggregate
Purchase Amount with respect to Purchased Receivables and the aggregate Sale Amounts with respect
to Sold Receivables. On or before each Distribution Date, the Trust Collateral Agent shall remit
to the Collection Account any amounts delivered to the Trust Collateral Agent by the Collateral
Agent.

          (b)   The proceeds of any purchase or sale of the assets of the Trust described in Section
10.1 hereof shall be deposited in the Collection Account.

          (c)   Net payments from the Swap Provider, if any, shall be deposited by the Trust Collateral
Agent in the Collection Account.

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     SECTION 5.7.   Distributions.

          (a)   No later than 11:00 a.m. New York time on each Distribution Date, the Trust Collateral
Agent shall (based solely on the information contained in the Preliminary Servicer’s Certificate
delivered on the related Determination Date) cause to be made the following transfers and
distributions in the amounts set forth in the Preliminary Servicer’s Certificate for such
Distribution Date:

          (i)   During the Funding Period, from the Capitalized Interest Account to the
Collection Account, in immediately available funds, the Monthly Capitalized Interest Amount
for such Distribution Date; and

          (ii)   If such Distribution Date is the Mandatory Redemption Date, from the Pre-Funding
Account to the Collection Account, in immediately available funds, the Pre-Funded Amount
after giving effect to the purchase of Subsequent Receivables, if any, on the Mandatory
Redemption Date

          (b)   On each Distribution Date, the Trust Collateral Agent shall (based solely on the
information contained in the Preliminary Servicer’s Certificate delivered with respect to the
related Determination Date) distribute the following amounts from the Collection Account unless
otherwise specified, to the extent of the sources of funds stated to be available therefor, and in
the following order of priority:

          (i)   from the Available Funds, to the Swap Provider, net payments (excluding Swap
Termination Payments unless such Swap Termination Payment is insured under the Swap Policy)
due to it under the Swap Agreement; provided, that any payments made to a Swap
Provider under the Swap Policy on a Distribution Date shall be deemed to be payments made to
that Swap Provider pursuant to this clause (i) on such Distribution Date;

          (ii)   from the Available Funds, to the Servicer, (1) the Base Servicing Fee for the
related Collection Period, (2) any Supplemental Servicing Fees for the related Collection
Period, (3) any amounts specified in Section 5.3, to the extent the Servicer has not
reimbursed itself in respect of such amounts pursuant to Section 5.3 and to the extent not
retained by the Servicer and to pay to AmeriCredit any amounts paid by Obligors during the
preceding calendar month that did not relate to (x) principal and interest payments due on
the Receivables and (y) any fees or expenses related to extensions due on the Receivables
and, to any successor Servicer, transition fees not to exceed $200,000 (including boarding
fees) in the aggregate;

          (iii)   from the Available Funds, to each of the Lockbox Banks, the Trustee, the Backup
Servicer and the Owner Trustee, their respective accrued and unpaid fees and expenses and
any accrued and unpaid fees and expenses of the Trust Collateral
Agent (in each case, to the extent such fees or expenses have not been previously paid
by the Servicer and provided that such fees and expenses shall not exceed (w) $100,000 in
the aggregate in any calendar year to the Owner Trustee and (x) $200,000 in the

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aggregate in
any calendar year to the Lockbox Banks, the Trust Collateral Agent, the Backup Servicer and
the Trustee);

          (iv)   from the Available Funds to the Note Distribution Account, the Noteholders’
Interest Distributable Amount plus, on the Mandatory Redemption Date, the Note Prepayment
Amount;

          (v)   from the Available Funds, to the Insurer, the Premium (as defined in the
Insurance Agreement) and, so long as no Insurer Default has occurred and is continuing, to
the extent of any amounts owing to the Insurer under the Insurance Agreement and not paid;

          (vi)   from the Available Funds to the Note Distribution Account, the Noteholders’
Principal Distributable Amount;

          (vii)   from the Available Funds, to the Spread Account, an amount, if necessary,
required to increase the amount therein to its then required level;

          (viii)   from the Available Funds and other amounts, if any, received by the Trust
Collateral Agent in respect of the Accelerated Payment Amount Shortfall, to the Note
Distribution Account, the Noteholders’ Accelerated Principal Amount;

          (ix)   from the Available Funds, to the Swap Provider, any Swap Termination Payments to
the extent not already paid pursuant to clause (i) above;

          (x)   from the Available Funds, to the Insurer, so long as an Insurer Default has
occurred and is continuing, the amounts described in clause (v) above, excluding the
Premium, as defined in the Insurance Agreement; and

          (xi)   from the Available Funds, any remaining Available Funds to the Collateral Agent
for deposit in the Spread Account;

provided, however, that, (A) following an acceleration of the Notes pursuant to the
Indenture or, (B) if an Insurer Default shall have occurred and be continuing and an Event of
Default pursuant to Section 5.1(i), 5.1(ii), 5.1(iv), 5.1(v) or 5.1(vi) of the Indenture shall have
occurred and be continuing, or (C) the receipt of Insolvency Proceeds pursuant to Section 10.1(b),
amounts deposited in the Note Distribution Account (including any such Insolvency Proceeds) shall
be paid to the Noteholders, pursuant to Section 5.6 of the Indenture.

          (c)   On each Distribution Date, the Trust Collateral Agent shall (based solely on the
information contained in the Servicer’s Certificate delivered with respect to the related
Determination Date, unless the Insurer shall have notified the Trust Collateral Agent in writing of
any errors or deficiencies with respect thereto) distribute from the Collection Account the
Additional Funds Available in accordance with the priorities set forth in Section 5.7(b) or as may
be directed by the Insurer in writing with respect to that portion of the Additional Funds
Available constituting Insurer Optional Deposits and the Trustee shall deposit in the Note
Distribution Account any Insured Payments (as defined in the Note Policy) due on such Distribution
Date, which amount shall be applied solely to the payment of amounts then due and

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unpaid on the
Notes in accordance with the priorities set forth in Section 5.8(a) hereof or Section 5.6 of the
Indenture, as applicable.

          (d)   In the event that the Collection Account is maintained with an institution other than
the Trust Collateral Agent, the Servicer shall instruct and cause such institution to make all
deposits and distributions pursuant to Sections 5.7(b) and 5.7(c) on the related Distribution Date.

     SECTION 5.8.   Note Distribution Account.

          (a)   On each Distribution Date (based solely on the information contained in the Preliminary
Servicer’s Certificate) the Trust Collateral Agent shall distribute all amounts on deposit in the
Note Distribution Account to Noteholders in respect of the Notes to the extent of amounts due and
unpaid on the Notes for principal and interest in the following amounts and in the following order
of priority:

          (i)   accrued and unpaid interest on the Notes; provided that if there are not
sufficient funds in the Note Distribution Account to pay the entire amount of accrued and
unpaid interest then due on each Class of Notes, the amount in the Note Distribution Account
shall be applied to the payment of such interest on each Class of Notes pro rata on the
basis of the amount of accrued and unpaid interest due on each Class of Notes;

          (ii)   any amounts deposited in the Note Distribution Account with respect to the Note
Prepayment Amount, shall be distributed to the Holders of the Class A-1 Notes, the Class A-2
Notes, the Class A-3 Notes and the Class A-4 Notes based upon the pro rata share as
represented by the relative outstanding principal amount of each Class of Notes;
provided, that if the aggregate remaining amount in the Pre-Funding Account is
$100,000 or less, such amount will be applied exclusively to reduce the outstanding
principal amount of the Class of Notes then entitled to receive distributions of principal;

          (iii)   The Principal Distributable Amount shall be distributed as follows:

          (1) to the Holders of the Class A-1 Notes with the total amount paid out on
each Distribution Date until the outstanding principal balance of the Class A-1
Notes has been reduced to zero;

          (2) to the Holders of the Class A-2 Notes with the total amount paid out on
each Distribution Date until the outstanding principal balance of the Class A-2
Notes has been reduced to zero;

          (3) to the Holders of the Class A-3 Notes, with the total amount paid out on
each Distribution Date until the outstanding principal balance of the Class A-3
Notes has been reduced to zero; and

          (4) to the Holders of the Class A-4 Notes until the outstanding principal
balance of the Class A-4 Notes is reduced to zero.

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          (b)   On each Distribution Date, the Trust Collateral Agent shall send to each Noteholder the
statement provided to the Trust Collateral Agent by the Servicer pursuant to Section 5.10 hereof on
such Distribution Date.

          (c)   In the event that any withholding tax is imposed on the Trust’s payment (or allocations
of income) to a Noteholder, such tax shall reduce the amount otherwise distributable to the
Noteholder in accordance with this Section. The Trust Collateral Agent is hereby authorized and
directed to retain from amounts otherwise distributable to the Noteholders sufficient funds for the
payment of any tax attributable to the Trust (but such authorization shall not prevent the Trust
Collateral Agent from contesting any such tax in appropriate proceedings, and withholding payment
of such tax, if permitted by law, pending the outcome of such proceedings). The amount of any
withholding tax imposed with respect to a Noteholder shall be treated as cash distributed to such
Noteholder at the time it is withheld by the Trust and remitted to the appropriate taxing
authority. If there is a possibility that withholding tax is payable with respect to a
distribution (such as a distribution to a non-US Noteholder), the Trust Collateral Agent may in its
sole discretion withhold such amounts in accordance with this clause (c). In the event that a
Noteholder wishes to apply for a refund of any such withholding tax, the Trust Collateral Agent
shall reasonably cooperate with such Noteholder in making such claim so long as such Noteholder
agrees to reimburse the Trust Collateral Agent for any out-of-pocket expenses (including legal fees
and expenses) incurred.

          (d)   Distributions required to be made to Noteholders on any Distribution Date shall be made
to each Noteholder of record on the preceding Record Date either by (i) wire transfer, in
immediately available funds, to the account of such Holder at a bank or other entity having
appropriate facilities therefore, if such Noteholder shall have provided to the Note Registrar
appropriate written instructions at least five Business Days prior to such Distribution Date and
such Holder’s Notes in the aggregate evidence a denomination of not less than $1,000,000 or (ii) by
check mailed to such Noteholder at the address of such holder appearing in the Note Register.
Notwithstanding the foregoing, the final distribution in respect of any Note (whether on the Final
Scheduled Distribution Date or otherwise) will be payable only upon presentation and surrender of
such Note at the office or agency maintained for that purpose by the Note Registrar pursuant to
Section 2.4 of the Indenture.

          (e)   Subject to Section 5.1 and this section, monies received by the Trust Collateral Agent
hereunder need not be segregated in any manner except to the extent required by law and may be
deposited under such general conditions as may be prescribed by law, and the Trust Collateral Agent
shall not be liable for any interest thereon.

     SECTION 5.9.   Pre-Funding Account.

          (a)   On the Closing Date, the Trust Collateral Agent will deposit, on behalf of and at the
written direction of the Seller, in the Pre-Funding Account $332,498,630.75 from the proceeds of
the sale of the Notes.

          (b)   On each Subsequent Transfer Date, the Servicer shall instruct the Trust Collateral Agent
in writing to withdraw from the Pre-Funding Account an amount equal to 92.5% of the Principal
Balance of the Subsequent Receivables transferred to the Issuer on such

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Subsequent Transfer Date
and, upon satisfaction of the conditions set forth in this Agreement with respect to such transfer,
(i) to deposit in the Spread Account an amount equal to the related Subsequent Spread Account
Deposit and (ii) to distribute the balance of the amount withdrawn from the Pre-Funding Account to
or upon the order of the Seller.

          (c)   If the Pre-Funded Amount has not been reduced to zero on the date on which the Funding
Period ends after giving effect to any reductions in the Pre-Funded Amount on such date, the
Servicer shall instruct the Trust Collateral Agent in writing to withdraw from the Pre-Funding
Account on the Mandatory Redemption Date the Pre-Funded Amount (exclusive of any Pre-Funding
Earnings) and deposit an amount equal to the Note Prepayment Amount in the Note Distribution
Account.

     SECTION 5.10.   Statements to Noteholders.

          (a)   On or prior to each Distribution Date, the Trust Collateral Agent shall provide each
Noteholder of record (with a copy to the Insurer and the Rating Agencies) a statement setting forth
at least the following information as to the Notes to the extent applicable:

          (i)   the amount of such distribution allocable to principal of each Class of Notes;

          (ii)   the amount of such distribution allocable to interest on or with respect to each
Class of Notes;

          (iii)   the amount of such distribution payable out of amounts withdrawn from the
Spread Account or pursuant to a claim on the Note Policy;

          (iv)   the Pool Balance as of the close of business on the last day of the preceding
Collection Period;

          (v)   the aggregate outstanding principal amount of each Class of the Notes and the
Note Pool Factor for each such Class after giving effect to payments allocated to principal
reported under (i) above;

          (vi)   the amount of the Servicing Fee paid to the Servicer with respect to the related
Collection Period and/or due but unpaid with respect to such Collection Period or prior
Collection Periods, as the case may be;

          (vii)   the Noteholders’ Interest Carryover Amount and the Noteholders’ Principal
Carryover Amount;

          (viii)   the amount of the aggregate Realized Losses, if any, for the second preceding
Collection Period;

          (ix)   the aggregate Purchase Amounts for Receivables, if any, that were repurchased by
the Servicer in such period;

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          (x)   for Distribution Dates during the Funding Period, the remaining Pre-Funded
Amount, if any;

          (xi)   the aggregate Sale Amounts for Sold Receivables, if any, that were sold by the
Issuer in such period; and

          (xii)   for the final Subsequent Transfer Date, the amount of any remaining Pre-Funded
Amount that has not been used to fund the purchase of Subsequent Receivables and will be
passed through as principal to Noteholders.

Each amount set forth pursuant to paragraph (i), (ii), (iii), (vi) and (vii) above shall be
expressed as a dollar amount per $1,000 of the initial principal balance of the Notes (or Class
thereof).

          (b)   The Trust Collateral Agent will make available each month to each Noteholder the
statements referred to in Section 5.10(a) above (and certain other documents, reports and
information regarding the Receivables provided by the Servicer from time to time) via the Trust
Collateral Agent’s internet website with the use of a password provided by the Trust Collateral
Agent. The Trust Collateral Agent’s internet website will be located at www.CTSLink.com or at such
other address as the Trust Collateral Agent shall notify the Noteholders from time to time. For
assistance with regard to this service, Noteholders can call the Trust Collateral Agent’s Corporate
Trust Office at (301) 815-6600. The Trust Collateral Agent shall have the right to change the way
the statements referred to in Section 5.10(a) above are distributed in order to make such
distribution more convenient and/or more accessible to the parties entitled to receive such
statements. The Trust Collateral Agent shall provide notification of any such change to all
parties entitled to receive such statements in the manner described in Section 12.3 hereof, Section
11.4 of the Indenture or Section 11.5 of the Indenture, as appropriate.

     SECTION 5.11.   Optional Deposits by the Insurer. The Insurer shall at any time, and from
time to time, with respect to a Distribution Date, have the option (but shall not be required,
except in accordance with the terms of the Note Policy) to deliver amounts to the Trust Collateral
Agent for deposit into the Collection Account for any of the following purposes: (i) to provide
funds in respect of the payment of fees or expenses of any provider of services to the Trust with
respect to such Distribution Date, or (ii) to include such amount to the extent that without such
amount a draw would be required to be made on the Note Policy.

     SECTION 5.12.   Determination of LIBOR

          The Trust Collateral Agent will determine LIBOR for purposes of calculating the Interest Rate
for the Class A-4 Notes on May 31, 2005 for the period from the Closing Date to the first
Distribution Date, and for each given Interest Period thereafter, on the second London Business Day
preceding to the prior Distribution Date (each, a “LIBOR Determination Date”). For
purposes of calculating LIBOR, a “London Business Day” means a business day and a day on
which banking institutions in the City of London, England are not required or authorized by law to
be closed.

          “LIBOR” means, with respect to any Interest Period, the London interbank offered rate
for deposits in U.S. dollars having a maturity of one month commencing on the

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related LIBOR
Determination Date (the “Index Maturity”) which appears on Telerate Page 3750 as of 11:00
a.m., London time, on such LIBOR Determination Date. If the rates used to determine LIBOR do not
appear on the Telerate page 3750, the rates for that day will be determined on the basis of the
rates at which deposits in U.S. dollars, having the Index Maturity and in a principal amount of not
less than U.S. $1,000,000 are offered at approximately 11:00 a.m., London Time, on such LIBOR
Determination Date to prime banks in the London interbank market by the Reference Banks. The Trust
Collateral Agent will request the principal London office of each of such Reference Banks to
provide a quotation of its rate. If at least two such quotations are provided, the rate for that
day will be the arithmetic mean, rounded upward, if necessary, to the nearest 1/100,000 of 1%
(0.0000001), with five-one millionths of a percentage point rounded upward, of all such quotations.
If fewer than two such quotations are provided, the rate for that day will be the arithmetic mean,
rounded upward of necessary to the nearest 1/100,000 of 1% (0.0000001), with five-one millionths of
a percentage point rounded upward, of the offered per annum rates that one or more leading banks in
New York City, selected by the Trust Collateral Agent, are quoting as of approximately 11:00 a.m.,
Eastern time, on such LIBOR Determination Date to leading European banks for United States dollar
deposits for that Maturity; provided that if the banks selected as aforesaid are not
quoting as mentioned in this sentence, LIBOR in effect for the applicable Interest Period will be
LIBOR in effect for the previous Interest Period.

          “Telerate Page 3750” is the display page named on the Dow Jones Telerate Services (or
any other page that replaces that page on that service for the purpose of displaying comparable
name or rates).

          “Reference Banks” means the four major banks in the London interbank market selected
by the Trust Collateral Agent.

ARTICLE VI

The Note Policy

     SECTION 6.1.   Claims Under Note Policy.

          (a)   In the event that the Trust Collateral Agent has delivered a Deficiency Notice with
respect to any Determination Date pursuant to Section 5.5 hereof, the Trust Collateral Agent shall
on the related Draw Date determine the Deficiency Amount for the related Distribution Date. If the
Deficiency Amount for such Distribution Date is greater than zero, the Trustee shall furnish to the
Insurer no later than 12:00 noon Eastern time on the related Draw
Date a completed Notice of Claim (as defined in (b) below) in the amount of the Deficiency
Amount. Amounts paid by the Insurer pursuant to a claim submitted under this Section shall be
deposited by the Trustee into the Note Distribution Account for payment to Noteholders on the
related Distribution Date.

          (b)   Any notice delivered by the Trustee to the Insurer in the form attached as Exhibit A to
the Note Policy pursuant to subsection 6.1(a) shall specify the Deficiency Amount claimed under the
Note Policy and shall constitute a “Notice of Claim” under the Note Policy. In accordance
with the provisions of the Note Policy, the Insurer is required to pay to the Trustee the
Deficiency Amount properly claimed thereunder by 12:00 noon., New York time, on the later

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of (i)
the second Business Day following receipt on a Business Day of the Notice of Claim, and (ii) the
applicable Distribution Date. Any payment made by the Insurer under the Note Policy shall be
applied solely to the payment of the Notes, and for no other purpose.

          (c)   The Trustee shall (i) receive as attorney-in-fact of each Noteholder any Deficiency
Amount from the Insurer and (ii) deposit the same in the Note Distribution Account for distribution
to Noteholders. Any and all Deficiency Amounts disbursed by the Trustee or the Trust Collateral
Agent from claims made under the Note Policy shall not be considered payment by the Trust or from
the Spread Account with respect to such Notes, and shall not discharge the obligations of the Trust
with respect thereto. The Insurer shall, to the extent it makes any payment with respect to the
Notes, become subrogated to the rights of the recipients of such payments to the extent of such
payments. Subject to and conditioned upon any payment with respect to the Notes by or on behalf of
the Insurer, the Trustee shall assign to the Insurer all rights to the payment of interest or
principal with respect to the Notes which are then due for payment to the extent of all payments
made by the Insurer, and the Insurer may exercise any option, vote, right, power or the like with
respect to the Notes to the extent that it has made payment pursuant to the Note Policy. To
evidence such subrogation, the Note Registrar shall note the Insurer’s rights as subrogee upon the
register of Noteholders upon receipt from the Insurer of proof of payment by the Insurer of any
Deficiency Amount. The foregoing subrogation shall in all cases be subject to the rights of the
Noteholders to receive all Insured Payments (as defined in the Note Policy) in respect of the
Notes.

          (d)   The Trustee and the Trust Collateral Agent shall keep a complete and accurate record of
all funds deposited by the Trustee on behalf of the Insurer into the Note Distribution Account with
respect to the Note Policy and the allocation of such funds to payment of interest on and principal
paid in respect of any Note. The Insurer shall have the right to inspect such records at
reasonable times upon one Business Day’s prior notice to the Trust Collateral Agent or the Trustee.

          (e)   The Trustee shall be entitled to enforce on behalf of the Noteholders the obligations of
the Insurer under the Note Policy. Notwithstanding any other provision of this Agreement or any
Basic Document, the Noteholders are not entitled to institute proceedings directly against the
Insurer.

     SECTION 6.2.   Preference Claims Under Note Policy.

          (a)   In the event that the Trustee has received a certified copy of an order of the
appropriate court that any payment paid on a Note has been avoided in whole or in part as a
preference payment under applicable bankruptcy law pursuant to a final nonappealable order of a
court having competent jurisdiction, the Trustee shall so notify the Insurer, shall comply with the
provisions of the Note Policy to obtain payment by the Insurer of such avoided payment, and shall,
at the time it provides notice to the Insurer, notify Holders of the Notes by mail that, in the
event that any Noteholder’s payment is so recoverable, such Noteholder will be entitled to payment
pursuant to the terms of the Note Policy. The Trust Collateral Agent and the Trustee shall furnish
to the Insurer its records evidencing the payments of principal of and interest on Notes, if any,
which have been made by the Trust Collateral Agent or the Trustee and subsequently recovered from
Noteholders, and the dates on which such payments were made.

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Pursuant to the terms of the Note
Policy, the Insurer will make such payment on behalf of the Noteholder to the receiver,
conservator, debtor-in-possession or trustee in bankruptcy named in the order and not to the Trust
Collateral Agent, the Trustee or any Noteholder directly (unless a Noteholder has previously paid
such payment to the receiver, conservator, debtor-in-possession or trustee in bankruptcy, in which
case the Insurer will make such payment to the Trustee for distribution to such Noteholder upon
proof of such payment reasonably satisfactory to the Insurer).

          (b)   The Trust Collateral Agent or the Trustee shall promptly notify the Insurer of any
proceeding or the institution of any action (of which a Responsible Officer of the Trust Collateral
Agent has actual knowledge) seeking the avoidance as a preferential transfer under applicable
bankruptcy, insolvency, receivership, rehabilitation or similar law of any distribution made with
respect to the Notes (a “Note Preference Claim”). Each Noteholder, by its purchase of
Notes, the Trustee and the Trust Collateral Agent hereby agree that so long as an Insurer Default
shall not have occurred and be continuing, the Insurer may at any time during the continuation of
any proceeding relating to a Note Preference Claim direct all matters relating to such Note
Preference Claim, including, without limitation, (i) the direction of any appeal of any order
relating to any Note Preference Claim and (ii) the posting of any surety, supersedeas or
performance bond pending any such appeal at the expense of the Insurer, but subject to
reimbursement as provided in the Insurance Agreement. In addition, and without limitation of the
foregoing, as set forth in Section 6.1(c), the Insurer shall be subrogated to, and each Noteholder,
the Trustee and the Trust Collateral Agent hereby delegate and assign, to the fullest extent
permitted by law, the rights of the Trustee and each Noteholder in the conduct of any proceeding
with respect to a Note Preference Claim, including, without limitation, all rights of any party to
an adversary proceeding action with respect to any court order issued in connection with any such
Note Preference Claim.

     SECTION 6.3.   Surrender of Note Policy. The Trustee shall surrender the Note Policy to
the Insurer for cancellation upon payment in full of the Notes.

ARTICLE VII

The Seller

     SECTION 7.1.   Representations of Seller. The Seller makes the following representations
on which the Insurer shall be deemed to have relied in executing and delivering the Note Policy and
on which the Issuer is deemed to have relied in acquiring the Receivables and on which the Trustee,
Collateral Agent, Trust Collateral Agent and Backup Servicer may rely. The representations speak
as of the execution and delivery of this Agreement and as of the Closing Date, in the case of
Initial Receivables, and as of the applicable Subsequent Transfer Date, in the case of Subsequent
Receivables, and shall survive the sale of the Receivables to the Issuer and the pledge thereof to
the Trust Collateral Agent pursuant to the Indenture.

          (a)   Schedule of Representations. The representations and warranties set forth on
the Schedule of Representations attached hereto as Schedule B are true and correct.

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          (b)   Organization and Good Standing. The Seller has been duly organized and is
validly existing as a corporation in good standing under the laws of the State of Nevada, with
power and authority to own its properties and to conduct its business as such properties are
currently owned and such business is currently conducted, and had at all relevant times, and now
has, power, authority and legal right to acquire, own and sell the Receivables and the Other
Conveyed Property transferred to the Trust.

          (c)   Due Qualification. The Seller is duly qualified to do business as a foreign
corporation in good standing and has obtained all necessary licenses and approvals in all
jurisdictions where the failure to do so would materially and adversely affect Seller’s ability to
transfer the Receivables and the Other Conveyed Property to the Trust pursuant to this Agreement,
or the validity or enforceability of the Receivables and the Other Conveyed Property or to perform
Seller’s obligations hereunder and under the Seller’s Basic Documents.

          (d)   Power and Authority. The Seller has the power and authority to execute and
deliver this Agreement and its Basic Documents and to carry out its terms and their terms,
respectively; the Seller has full power and authority to sell and assign the Receivables and the
Other Conveyed Property to be sold and assigned to and deposited with the Trust by it and has duly
authorized such sale and assignment to the Trust by all necessary corporate action; and the
execution, delivery and performance of this Agreement and the Seller’s Basic Documents have been
duly authorized by the Seller by all necessary corporate action.

          (e)   Valid Sale, Binding Obligations. This Agreement effects a valid sale, transfer
and assignment of the Receivables and the Other Conveyed Property, enforceable against the Seller
and creditors of and purchasers from the Seller; and this Agreement and the Seller’s Basic
Documents, when duly executed and delivered, shall constitute legal, valid and binding obligations
of the Seller enforceable in accordance with their respective terms, except as enforceability may
be limited by bankruptcy, insolvency, reorganization or other similar laws affecting the
enforcement of creditors’ rights generally and by equitable limitations on the
availability of specific remedies, regardless of whether such enforceability is considered in
a proceeding in equity or at law.

          (f)   No Violation. The consummation of the transactions contemplated by this
Agreement and the Basic Documents and the fulfillment of the terms of this Agreement and the Basic
Documents shall not conflict with, result in any breach of any of the terms and provisions of or
constitute (with or without notice, lapse of time or both) a default under the certificate of
incorporation or by-laws of the Seller, or any indenture, agreement, mortgage, deed of trust or
other instrument to which the Seller is a party or by which it is bound, or result in the creation
or imposition of any Lien upon any of its properties pursuant to the terms of any such indenture,
agreement, mortgage, deed of trust or other instrument, other than this Agreement, or violate any
law, order, rule or regulation applicable to the Seller of any court or of any federal or state
regulatory body, administrative agency or other governmental instrumentality having jurisdiction
over the Seller or any of its properties.

          (g)   No Proceedings. There are no proceedings or investigations pending or, to the
Seller’s knowledge, threatened against the Seller, before any court, regulatory body,
administrative agency or other tribunal or governmental instrumentality having jurisdiction over

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the Seller or its properties (A) asserting the invalidity of this Agreement or any of the Basic
Documents, (B) seeking to prevent the issuance of the Notes or the consummation of any of the
transactions contemplated by this Agreement or any of the Basic Documents, (C) seeking any
determination or ruling that might materially and adversely affect the performance by the Seller of
its obligations under, or the validity or enforceability of, this Agreement or any of the Basic
Documents, or (D) seeking to adversely affect the federal income tax or other federal, state or
local tax attributes of the Notes.

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

          (i)   True Sale. The Receivables are being transferred with the intention of removing
them from the Seller’s estate pursuant to Section 541 of the Bankruptcy Code, as the same may be
amended from time to time.

          (j)   Chief Executive Office. The chief executive office of the Seller is at 2265 B
Renaissance Drive, Suite 17, Las Vegas, Nevada 89119.

     SECTION 7.2.   Corporate Existence.

          (a)   During the term of this Agreement, the Seller will keep in full force and effect its
existence, rights and franchises as a corporation under the laws of the jurisdiction of its
incorporation and will obtain and preserve its qualification to do business in each jurisdiction in
which such qualification is or shall be necessary to protect the validity and enforceability of
this Agreement, any Subsequent Transfer Agreement, the Basic Documents and each other
instrument or agreement necessary or appropriate to the proper administration of this
Agreement and the transactions contemplated hereby.

          (b)   During the term of this Agreement, the Seller shall observe the applicable legal
requirements for the recognition of the Seller as a legal entity separate and apart from its
Affiliates, including as follows:

          (i)   the Seller shall maintain corporate records and books of account separate from
those of its Affiliates;

          (ii)   except as otherwise provided in this Agreement, the Seller shall not commingle
its assets and funds with those of its Affiliates;

          (iii)   the Seller shall hold such appropriate meetings of its board of directors, or
adopt resolutions pursuant to a unanimous written consent of the board of directors, as are
necessary to authorize all the Seller’s corporate actions required by law to be authorized
by the board of directors, shall keep minutes of such meetings and of meetings of its
stockholder(s) and observe all other customary corporate formalities (and any successor
Seller not a corporation shall observe similar procedures in accordance with its governing
documents and applicable law);

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          (iv)   the Seller shall at all times hold itself out to the public under the Seller’s
own name as a legal entity separate and distinct from its Affiliates; and

          (v)   all transactions and dealings between the Seller and its Affiliates will be
conducted on an arm’s length basis.

     SECTION 7.3.   Liability of Seller; Indemnities. The Seller shall be liable in accordance
herewith only to the extent of the obligations specifically undertaken by the Seller under this
Agreement.

          (a)   The Seller shall indemnify, defend and hold harmless the Issuer, the Owner Trustee, the
Trust, the Insurer, the Trustee, Backup Servicer, the Collateral Agent and the Trust Collateral
Agent and its officers, directors, employees and agents from and against any taxes that may at any
time be asserted against any such Person with respect to the transactions contemplated in this
Agreement and any of the Basic Documents (except any income taxes arising out of fees paid to the
Owner Trustee, the Trust Collateral Agent, the Trustee and the Insurer and except any taxes to
which the Owner Trustee, the Trust Collateral Agent or the Trustee may otherwise be subject to,
without regard to the transactions contemplated hereby), including any sales, gross receipts,
general corporation, tangible personal property, privilege or license taxes (but, in the case of
the Issuer, not including any taxes asserted with respect to, federal or other income taxes arising
out of distributions on the Notes) and costs and expenses in defending against the same.

          (b)   The Seller shall indemnify, defend and hold harmless the Issuer, the Owner Trustee, the
Trustee, Backup Servicer, the Collateral Agent, the Insurer and the Trust Collateral Agent and the
officers, directors, employees and agents thereof and the Noteholders
from and against any loss, liability or expense incurred by reason of (i) the Seller’s willful
misfeasance, bad faith or negligence in the performance of its duties under this Agreement, or by
reason of reckless disregard of its obligations and duties under this Agreement and (ii) the
Seller’s or the Issuer’s violation of federal or state securities laws in connection with the
offering and sale of the Notes.

          (c)   The Seller shall indemnify, defend and hold harmless the Owner Trustee, Trustee, Trust
Collateral Agent, Collateral Agent and Backup Servicer and the officers, directors, employees and
agents thereof from and against any and all costs, expenses, losses, claims, damages and
liabilities arising out of, or incurred in connection with the acceptance or performance of the
trusts and duties set forth herein and in the Basic Documents except to the extent that such cost,
expense, loss, claim, damage or liability shall be due to the willful misfeasance, bad faith or
negligence (except for errors in judgment) of the Owner Trustee, Trustee, Trust Collateral Agent,
Collateral Agent and Backup Servicer respectively.

          Indemnification under this Section shall survive the resignation or removal of the Owner
Trustee, the Trustee, the Backup Servicer, the Collateral Agent or the Trust Collateral Agent and
the termination of this Agreement or the Indenture or the Trust Agreement, as applicable, and shall
include reasonable fees and expenses of counsel and other expenses of litigation. If the Seller
shall have made any indemnity payments pursuant to this Section and the Person to or on behalf of
whom such payments are made thereafter shall collect any of such

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amounts from others, such Person
shall promptly repay such amounts to the Seller, without interest.

     SECTION 7.4.   Merger or Consolidation of, or Assumption of the Obligations of, Seller.
Any Person (a) into which the Seller may be merged or consolidated, (b) which may result from any
merger or consolidation to which the Seller shall be a party or (c) which may succeed to the
properties and assets of the Seller substantially as a whole, which Person in any of the foregoing
cases executes an agreement of assumption to perform every obligation of the Seller under this
Agreement, shall be the successor to the Seller hereunder without the execution or filing of any
document or any further act by any of the parties to this Agreement; provided,
however, that (i) the Seller shall have received the written consent of the Insurer prior
to entering into any such transaction, (ii) immediately after giving effect to such transaction, no
representation or warranty made pursuant to Section 3.1 shall have been breached and no Servicer
Termination Event, and no event which, after notice or lapse of time, or both, would become a
Servicer Termination Event shall have happened and be continuing, (iii) the Seller shall have
delivered to the Owner Trustee, the Trust Collateral Agent, the Collateral Agent, the Trustee and
the Insurer an Officers’ 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, (iv) the Rating Agency Condition shall have been satisfied with respect to
such transaction and (v) the Seller shall have delivered to the Owner Trustee, the Trust Collateral
Agent, the Collateral Agent, the Trustee and the Insurer an Opinion of Counsel stating that, in the
opinion of such counsel, either (A) all financing statements and continuation statements and
amendments thereto have been executed and filed that are necessary fully to
preserve and protect the interest of the Trust Collateral Agent, the Owner Trustee and the Trustee,
respectively, in the Receivables and reciting the details of such filings or (B) no such action
shall be necessary to preserve and protect such interest. Notwithstanding anything herein to the
contrary, the execution of the foregoing agreement of assumption and compliance with clauses (i),
(ii), (iii), (iv) and (v) above shall be conditions to the consummation of the transactions
referred to in clauses (a), (b) or (c) above.

     SECTION 7.5.   Limitation on Liability of Seller and Others. The Seller and any director,
officer or employee or agent of the Seller may rely in good faith on the advice of counsel or on
any document of any kind, prima facie properly executed and submitted by any Person respecting any
matters arising under any Basic Document. The Seller shall not be under any obligation to appear
in, prosecute or defend any legal action that shall not be incidental to its obligations under this
Agreement, and that in its opinion may involve it in any expense or liability.

     SECTION 7.6.   Ownership of the Certificates or Notes. The Seller and any Affiliate
thereof may in its individual or any other capacity become the owner or pledgee of Certificates or
Notes with the same rights as it would have if it were not the Seller or an Affiliate thereof,
except as expressly provided herein or in any Basic Document. Notes or Certificates so owned by
the Seller or such Affiliate shall have an equal and proportionate benefit under the provisions of
the Basic Documents, without preference, priority, or distinction as among all of the Notes or
Certificates; provided, however, that any Notes or Certificates owned by the Seller
or any Affiliate thereof, during the time such Notes or Certificates are owned by them, shall be

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without voting rights for any purpose set forth in the Basic Documents and will not be entitled to
the benefits of the Note Policy. The Seller shall notify the Owner Trustee, the Trustee, the Trust
Collateral Agent and the Insurer with respect to any other transfer of any Certificate.

ARTICLE VIII

The Servicer

     SECTION 8.1.   Representations of Servicer . The Servicer makes the following
representations on which the Insurer shall be deemed to have relied in executing and delivering the
Note Policy and on which the Issuer is deemed to have relied in acquiring the Receivables. The
representations speak as of the execution and delivery of this Agreement and as of the Closing
Date, in the case of the Initial Receivables, and as of the applicable Subsequent Transfer Date, in
the case of the Subsequent Receivables, and shall survive the sale of the Receivables to the Issuer
and the pledge thereof to the Trust Collateral Agent pursuant to the Indenture.

          (a)   Representations and Warranties. The representations and warranties set forth on
the Schedule of Representations attached hereto as Schedule B are true and correct, provided that
such representations and warranties contained therein and herein shall not apply to any entity
other than AmeriCredit;

          (b)   Organization and Good Standing. The Servicer has been duly organized and is
validly existing and in good standing under the laws of its jurisdiction of organization, with
power, authority and legal right to own its properties and to conduct its business as such
properties are currently owned and such business is currently conducted, and had at all relevant
times, and now has, power, authority and legal right to enter into and perform its obligations
under this Agreement;

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

          (d)   Power and Authority. The Servicer has the power and authority to execute and
deliver this Agreement and its Basic Documents and to carry out its terms and their terms,
respectively, and the execution, delivery and performance of this Agreement and the Servicer’s
Basic Documents have been duly authorized by the Servicer by all necessary corporate action;

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

          (f)   No Violation. The consummation of the transactions contemplated by this
Agreement and the Servicer’s Basic Documents, and the fulfillment of the terms of this

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

          (g)   No Proceedings. There are no proceedings or investigations pending or, to the
Servicer’s knowledge, threatened against the Servicer, before any court, regulatory body,
administrative agency or other tribunal or governmental instrumentality having jurisdiction over
the Servicer or its properties (A) asserting the invalidity of this Agreement or any of the Basic
Documents, (B) seeking to prevent the issuance of the Notes or the consummation of any of the
transactions contemplated by this Agreement or any of the Basic Documents, or (C) seeking any
determination or ruling that might materially and adversely affect the performance by the Servicer
of its obligations under, or the validity or enforceability of, this Agreement or any of the Basic
Documents or (D) seeking to adversely affect the federal income tax or other federal, state or
local tax attributes of the Notes;

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

     SECTION 8.2.   Liability of Servicer; Indemnities. The Servicer (in its
capacity as such) shall be liable hereunder only to the extent of the obligations in this Agreement
specifically undertaken by the Servicer and the representations made by the Servicer.

          (a)   The Servicer shall defend, indemnify and hold harmless the Trust, the Trustee, the Trust
Collateral Agent, the Owner Trustee, the Backup Servicer, the Collateral Agent, the Insurer, their
respective officers, directors, agents and employees, and the Noteholders from and against any and
all costs, expenses, losses, damages, claims and liabilities, including reasonable fees and
expenses of counsel and expenses of litigation arising out of or resulting from the use, ownership
or operation by the Servicer or any Affiliate thereof of any Financed Vehicle;

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

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Other Conveyed
Property to the Trust or the issuance and original sale of the Notes) and costs and expenses in
defending against the same;

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

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

          (d)   AmeriCredit shall indemnify, defend and hold harmless the Trust, the Trustee, the Trust
Collateral Agent, the Owner Trustee, the Backup Servicer, the Collateral Agent, the Insurer, their
respective officers, directors, agents and employees and the Noteholders from and against any loss,
liability or expense incurred by reason of the violation by Servicer or Seller of federal or state
securities laws in connection with the registration or the sale of the Notes. This section shall
survive the termination of this Agreement, or the earlier removal or resignation of the Trustee,
Trust Collateral Agent, Backup Servicer or the Collateral Agent.

          (e)   AmeriCredit shall indemnify the Trustee, the Owner Trustee, the Trust Collateral Agent,
the Backup Servicer and the Collateral Agent, and the respective officers, directors, agents and
employees thereof against any and all loss, liability or expense, (other than overhead and expenses
incurred in the normal course of business) incurred by each of them in connection with the
acceptance or administration of the Trust and the performance of their duties under the Basic
Documents other than if such loss, liability or expense was incurred by the Trustee, the Owner
Trustee or the Trust Collateral Agent or the Collateral Agent as a result of any such entity’s
willful misconduct, bad faith or negligence.

          (f)   Indemnification under this Article shall include, without limitation, reasonable fees
and expenses of counsel and expenses of litigation. If the Servicer has made any indemnity
payments pursuant to this Article and the recipient thereafter collects any of such

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amounts from
others, the recipient shall promptly repay such amounts collected to the Servicer, without
interest. Notwithstanding anything contained herein to the contrary, any indemnification payable
by the Servicer to the Backup Servicer, to the extent not paid by the Servicer, shall be paid
solely from the Spread Account in accordance with the terms of the Spread Account Agreement.

          (g)   When the Trustee, the Trust Collateral Agent, the Collateral Agent or the Backup
Servicer incurs expenses after the occurrence of a Servicer Termination Event specified in Section
9.1(d) or (e) with respect to the Servicer, the expenses are intended to constitute expenses of
administration under Title 11 of the United States Code or any other applicable federal or state
bankruptcy, insolvency or similar law.

     SECTION 8.3.   Merger or Consolidation of, or Assumption of the Obligations of the
Servicer or Backup Servicer

          (a)   AmeriCredit shall not merge or consolidate with any other person, convey, transfer or
lease substantially all its assets as an entirety to another Person, or permit any other Person to
become the successor to AmeriCredit’s business unless, after the merger, consolidation, conveyance,
transfer, lease or succession, the successor or surviving entity shall be capable of
fulfilling the duties of AmeriCredit contained in this Agreement and shall be acceptable to
the Controlling Party, and, if an Insurer Default shall have occurred and be continuing, shall be
an eligible servicer. Any corporation (i) into which AmeriCredit may be merged or consolidated,
(ii) resulting from any merger or consolidation to which AmeriCredit shall be a party, (iii) which
acquires by conveyance, transfer, or lease substantially all of the assets of AmeriCredit, or (iv)
succeeding to the business of AmeriCredit, in any of the foregoing cases shall execute an agreement
of assumption to perform every obligation of AmeriCredit under this Agreement and, whether or not
such assumption agreement is executed, shall be the successor to AmeriCredit under this Agreement
without the execution or filing of any paper or any further act on the part of any of the parties
to this Agreement, anything in this Agreement to the contrary notwithstanding; provided,
however, that nothing contained herein shall be deemed to release AmeriCredit from any
obligation. AmeriCredit shall provide notice of any merger, consolidation or succession pursuant
to this Section to the Owner Trustee, the Trust Collateral Agent, the Noteholders, the Insurer and
each Rating Agency. Notwithstanding the foregoing, AmeriCredit shall not merge or consolidate with
any other Person or permit any other Person to become a successor to AmeriCredit’s business, unless
(x) immediately after giving effect to such transaction, no representation or warranty made
pursuant to Section 4.6 shall have been breached (for purposes hereof, such representations and
warranties shall speak as of the date of the consummation of such transaction) and no event that,
after notice or lapse of time, or both, would become an Insurance Agreement Event of Default shall
have occurred and be continuing, (y) AmeriCredit shall have delivered to the Owner Trustee, the
Trust Collateral Agent, Trustee, Backup Servicer and Collateral Agent, the Rating Agencies and the
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 Owner Trustee, the Trust Collateral
Agent, the Trustee, the Collateral Agent, the Rating Agencies and the Insurer an Opinion of
Counsel, stating in the

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opinion of such counsel, either (A) all financing statements and
continuation statements and amendments thereto have been executed and filed that are necessary to
preserve and protect the interest of the Trust in the Receivables and the Other Conveyed Property
and reciting the details of the filings or (B) no such action shall be necessary to preserve and
protect such interest.

          (b)   Any corporation (i) into which the Backup Servicer may be merged or consolidated, (ii)
resulting from any merger or consolidation to which the Backup Servicer shall be a party, (iii)
which acquires by conveyance, transfer or lease substantially all of the assets of the Backup
Servicer, or (iv) succeeding to the business of the Backup Servicer, in any of the foregoing cases
shall execute an agreement of assumption to perform every obligation of the Backup Servicer under
this Agreement and, whether or not such assumption agreement is executed, shall be the successor to
the Backup Servicer under this Agreement without the execution or filing of any paper or any
further act on the part of any of the parties to this Agreement, anything in this Agreement to the
contrary notwithstanding; provided, however, that nothing contained herein shall be deemed to
release the Backup Servicer from any obligation.

     SECTION 8.4.   Limitation on Liability of Servicer, Backup Servicer and Others.

          (a)   Neither AmeriCredit, the Backup Servicer nor any of the directors or officers or
employees or agents of AmeriCredit or Backup Servicer shall be under any liability to the Trust or
the Noteholders, except as provided in this Agreement, for any action taken or for refraining from
the taking of any action pursuant to this Agreement; provided, however, that this
provision shall not protect AmeriCredit, the Backup Servicer or any such person against any
liability that would otherwise be imposed by reason of a breach of this Agreement or willful
misfeasance, bad faith or negligence (excluding errors in judgment) in the performance of duties;
provided further that this provision shall not affect any liability to indemnify the Trust
Collateral Agent and the Owner Trustee for costs, taxes, expenses, claims, liabilities, losses or
damages paid by the Trust Collateral Agent and the Owner Trustee, in their individual capacities.
AmeriCredit, the Backup Servicer and any director, officer, employee or agent of AmeriCredit or
Backup Servicer may rely in good faith on the written advice of counsel or on any document of any
kind prima facie properly executed and submitted by any Person respecting any matters arising under
this Agreement.

          (b)   The Backup Servicer shall not be liable for any obligation of the Servicer contained in
this Agreement or for any errors of the Servicer contained in any computer tape, certificate or
other data or document delivered to the Backup Servicer hereunder or on which the Backup Servicer
must rely in order to perform its obligations hereunder, and the Owner Trustee, the Trustee, the
Trust Collateral Agent, the Collateral Agent, the Backup Servicer, the Seller and the Insurer and
the Noteholders shall look only to the Servicer to perform such obligations. The Backup Servicer,
Trust Collateral Agent, the Collateral Agent, the Trustee, the Owner Trustee and the Custodian
shall have no responsibility and shall not be in default hereunder or incur any liability for any
failure, error, malfunction or any delay in carrying out any of their respective duties under this
Agreement if such failure or delay results from the Backup Servicer acting in accordance with
information prepared or supplied by a Person other than the Backup Servicer (or contractual agents)
or the failure of any such other Person to prepare or provide such information. The Backup
Servicer shall have no responsibility, shall not be in default and shall incur no liability for (i)
any act or failure to act of any third party (other than its contractual

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agents), including the
Servicer or the Controlling Party, (ii) any inaccuracy or omission in a notice or communication
received by the Backup Servicer from any third party (other than its contractual agents), (iii) the
invalidity or unenforceability of any Receivable under applicable law, (iv) the breach or
inaccuracy of any representation or warranty made with respect to any Receivable, or (v) the acts
or omissions of any successor Backup Servicer.

          (c)   The parties expressly acknowledge and consent to Wells Fargo Bank, National Association,
acting in the possible dual capacity of Backup Servicer or successor Servicer and in the capacity
as Trust Collateral Agent. Wells Fargo Bank, National Association, may, in such dual or other
capacity, discharge its separate functions fully, without hindrance or regard to conflict of
interest principles, duty of loyalty principles or other breach of fiduciary duties to the extent
that any such conflict or breach arises from the performance by Wells Fargo Bank, National
Association, of express duties set forth in this Agreement in any of such capacities, all of which
defenses, claims or assertions are hereby expressly waived by the other parties hereto and the
Noteholders except in the case of gross negligence and willful misconduct by Wells Fargo Bank,
National Association.

     SECTION 8.5.   Delegation of Duties. The Servicer may delegate duties under this Agreement to an Affiliate of AmeriCredit with the
prior written consent of the Insurer (unless an Insurer Default shall have occurred and be
continuing), the Trust Collateral Agent, the Owner Trustee and the Backup Servicer. The Servicer
also may at any time perform through sub-contractors the specific duties of (i) repossession of
Financed Vehicles, (ii) tracking Financed Vehicles’ insurance and (iii) pursuing the collection of
deficiency balances on certain Liquidated Receivables, in each case, without the consent of the
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 Insurer;
provided, however that no such delegation or sub-contracting duties by the Servicer shall
relieve the Servicer of its responsibility with respect to such duties. So long as no Insurer
Default shall have occurred and be continuing neither AmeriCredit or any party acting as Servicer
hereunder shall appoint any subservicer hereunder without the prior written consent of the Insurer
and the Trust Collateral Agent. Notwithstanding the foregoing AmeriCredit, as Servicer, may
delegate its duties hereunder and under any other Basic Document with respect to the servicing of
and collections on certain Receivables to AmeriCredit Financial Services of Canada Ltd. without
first obtaining the consent of any person. No delegation or sub-contracting by the Servicer of its
duties herein in the manner described in this Section 8.5 shall relieve the Servicer of its
responsibility with respect to such duties.

     SECTION 8.6.   Servicer and Backup Servicer Not to Resign. Subject to the provisions of
Section 8.3, neither the Servicer nor the Backup Servicer shall resign from the obligations and
duties imposed on it by this Agreement as Servicer or Backup Servicer except upon a determination
that by reason of a change in legal requirements the performance of its duties under this Agreement
would cause it to be in violation of such legal requirements in a manner which would have a
material adverse effect on the Servicer or the Backup Servicer, as the case may be, and the Insurer
(so long as an Insurer Default shall not have occurred and be continuing) or a Note Majority (if an
Insurer Default shall have occurred and be continuing) does not elect to waive the obligations of
the Servicer or the Backup Servicer, as the case may be, to perform the duties which render it
legally unable to act or to delegate those duties to another

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Person. Any such determination
permitting the resignation of the Servicer or Backup Servicer shall be evidenced by an Opinion of
Counsel to such effect delivered and acceptable to the Trust Collateral Agent, the Owner Trustee
and the Insurer (unless an Insurer Default shall have occurred and be continuing). No resignation
of the Servicer shall become effective until, so long as no Insurer Default shall have occurred and
be continuing the Backup Servicer or an entity acceptable to the Insurer shall have assumed the
responsibilities and obligations of the Servicer or, if an Insurer Default shall have occurred and
be continuing, the Backup Servicer or a successor Servicer that is an eligible servicer shall have
assumed the responsibilities and obligations of the Servicer. No resignation of the Backup
Servicer shall become effective until, so long as no Insurer Default shall have occurred and be
continuing, an entity acceptable to the Insurer shall have assumed the responsibilities and
obligations of the Backup Servicer or, if an Insurer Default shall have occurred and be continuing
a Person that is an eligible servicer shall have assumed the responsibilities and obligations of
the Backup Servicer; provided, however, that (i) in the event a successor Backup
Servicer is not appointed within 60 days after the Backup Servicer has given notice of its
resignation and has provided the Opinion of Counsel required by this Section, the Backup Servicer
may petition a court for its removal, (ii) the Backup Servicer may resign with the written consent
of the Insurer, and (iii) if Wells Fargo Bank, National Association, resigns as Trustee under the Indenture it will no longer be
the Backup Servicer.

ARTICLE IX

Default

     SECTION 9.1.   Servicer Termination Event. For purposes of this Agreement, each of the
following shall constitute a “Servicer Termination Event”:

          (a)   Any failure by the Servicer to deliver to the Trust Collateral Agent for distribution to
Noteholders any proceeds or payment required to be so delivered under the terms of this Agreement
that continues unremedied for a period of two Business Days (one Business Day with respect to
payment of Purchase Amounts) after written notice is received by the Servicer from the Trust
Collateral Agent or (unless an Insurer Default shall have occurred and be continuing) the Insurer
or after discovery of such failure by a Responsible Officer of the Servicer;

          (b)   Failure by the Servicer to deliver to the Trust Collateral Agent and (so long as an
Insurer Default shall not have occurred and be continuing) the Insurer the Servicer’s Certificate
by the first Business Day prior to the Distribution Date, or failure on the part of the Servicer to
observe its covenants and agreements set forth in Section 8.3(a);

          (c)   Failure on the part of the Servicer duly to observe or perform any other covenants or
agreements of the Servicer set forth in this Agreement, which failure (i) materially and adversely
affects the rights of Noteholders (determined without regard to the availability of funds under the
Note Policy), or of the Insurer (unless an Insurer Default shall have occurred and be continuing),
and (ii) continues unremedied for a period of 30 days after knowledge thereof by the Servicer or
after the date on which written notice of such failure, requiring the same to be remedied, shall
have been given to the Servicer by the Trust Collateral Agent or the Insurer (or, if an Insurer
Default shall have occurred and be continuing by any Noteholder);

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          (d)   The entry of a decree or order for relief by a court or regulatory authority having
jurisdiction in respect of the Servicer in an involuntary case under the federal bankruptcy laws,
as now or hereafter in effect, or another present or future, federal bankruptcy, insolvency or
similar law, or appointing a receiver, liquidator, assignee, trustee, custodian, sequestrator or
other similar official of the Servicer, or of any substantial part of its property or ordering the
winding up or liquidation of the affairs of the Servicer and the continuance of any such decree or
order unstayed and in effect for a period of 60 consecutive days or the commencement of an
involuntary case under the federal bankruptcy laws, as now or hereinafter in effect, or another
present or future federal or state bankruptcy, insolvency or similar law and such case is not
dismissed within 60 days; or

          (e)   The commencement by the Servicer of a voluntary case under the federal bankruptcy laws,
as now or hereafter in effect, or any other present or future, federal or state, bankruptcy,
insolvency or similar law, or the consent by the Servicer to the appointment of or
taking possession by a receiver, liquidator, assignee, trustee, custodian, sequestrator or
other similar official of the Servicer, or of any substantial part of its property or the making by
the Servicer of an assignment for the benefit of creditors or the failure by the Servicer generally
to pay its debts as such debts become due or the taking of corporate action by the Servicer in
furtherance of any of the foregoing; or

          (f)   Any representation, warranty or statement of the Servicer made in this Agreement or any
certificate, report or other writing delivered pursuant hereto shall prove to be incorrect in any
material respect as of the time when the same shall have been made, and the incorrectness of such
representation, warranty or statement has a material adverse effect on the Trust or the Noteholders
and, within 30 days after knowledge thereof by the Servicer or after written notice thereof shall
have been given to the Servicer by the Trust Collateral Agent or the Insurer (or, if an Insurer
Default shall have occurred and be continuing, a Noteholder), the circumstances or condition in
respect of which such representation, warranty or statement was incorrect shall not have been
eliminated or otherwise cured; or

          (g)   So long as an Insurer Default shall not have occurred and be continuing, an Insurance
Agreement Event of Default occurs; or

          (h)   A claim is made under the Note Policy.

     SECTION 9.2.   Consequences of a Servicer Termination Event. If a Servicer Termination
Event shall occur and be continuing, the Insurer (or, if an Insurer Default shall have occurred and
be continuing either the Trust Collateral Agent (to the extent it has knowledge thereof) or a Note
Majority), by notice given in writing to the Servicer (and to the Trust Collateral Agent if given
by the Insurer or the Noteholders) may terminate all of the rights and obligations of the Servicer
under this Agreement. On or after the receipt by the Servicer of such written notice or upon
termination of the term of the Servicer, all authority, power, obligations and responsibilities of
the Servicer under this Agreement, whether with respect to the Notes, the Certificates or the Other
Conveyed Property or otherwise, automatically shall pass to, be vested in and become obligations
and responsibilities of the Backup Servicer (or such other successor Servicer appointed by the
Controlling Party); provided, however, that the successor Servicer shall have no
liability with respect to any obligation which was required to be performed by the

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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
Controlling Party, the successor Servicer shall terminate the Lockbox Agreement and direct the
Obligors to make all payments under the Receivables directly to the successor Servicer (in which
event the successor Servicer shall process such payments in accordance with Section 4.2(e)), or to
a lockbox established by the successor Servicer at the direction of the Controlling Party, at the
successor Servicer’s expense. The terminated Servicer shall grant the Trust Collateral Agent, the
successor Servicer and the Controlling Party reasonable access to the terminated Servicer’s
premises at the terminated Servicer’s expense.

     SECTION 9.3.   Appointment of Successor.

          (a)   On and after the time the Servicer receives a notice of termination pursuant to Section
9.2 or upon the resignation of the Servicer pursuant to Section 8.6; (i) the Backup Servicer
(unless the Controlling Party shall have exercised its option pursuant to Section 9.3(b) to appoint
an alternate successor Servicer) shall be the successor in all respects to the Servicer, in its
capacity as servicer under this Agreement and the Insurance Agreement and the transactions set
forth or provided for in this Agreement, and shall be subject to all the rights, responsibilities,
restrictions, duties, liabilities and termination provisions relating thereto placed on the
Servicer by the terms and provisions of this Agreement or the Insurance Agreement except as
otherwise stated herein. The Trust Collateral Agent and such successor shall take such action,
consistent with this Agreement, as shall be necessary to effectuate any such succession. If a
successor Servicer is acting as Servicer hereunder, it shall be subject to termination under
Section 9.2 upon the occurrence of any Servicer Termination Event applicable to it as Servicer.

          (b)   The Controlling Party may exercise at any time its right to appoint as Backup Servicer
or as successor to the Servicer a Person other than the Person serving as Backup Servicer at the
time, and (without limiting its obligations under the Note Policy) shall have no liability to the
Trust Collateral Agent, AmeriCredit, the Seller, the Person then serving as Backup Servicer, any
Noteholders or any other Person if it does so. Notwithstanding the above, if the Backup Servicer
shall be legally unable or unwilling to act as Servicer, and an Insurer Default shall have occurred
and be continuing, the Backup Servicer, the Trust Collateral Agent or a Note

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Majority may petition
a court of competent jurisdiction to appoint any eligible servicer as the successor to the
Servicer. Pending appointment pursuant to the preceding sentence, the Backup Servicer shall act as
successor Servicer unless it is legally unable to do so, in which event the outgoing Servicer shall
continue to act as Servicer until a successor has been appointed and accepted such appointment.
Subject to Section 8.6, no provision of this Agreement shall be construed as relieving the Backup
Servicer of its obligation to succeed as successor Servicer upon the termination of the Servicer
pursuant to Section 9.2 or the resignation of the Servicer pursuant to Section 8.6. If upon the
termination of the Servicer pursuant to Section 9.2 or the resignation of the Servicer pursuant to
Section 8.6, the Controlling Party appoints a successor Servicer other than the Backup Servicer,
the Backup Servicer shall not be relieved of its duties as Backup Servicer hereunder.

          (c)   Any successor Servicer shall be entitled to such compensation (whether payable out of
the Collection Account or otherwise) as the Servicer would have been entitled to under this
Agreement if the Servicer had not resigned or been terminated hereunder or such other compensation
as agreed to by the Insurer in writing. If any successor Servicer is appointed as a result of the
Backup Servicer’s refusal (in breach of the terms of this Agreement) to act as Servicer although it
is legally able to do so, the Insurer and such successor Servicer may agree on reasonable
additional compensation to be paid to such successor Servicer; provided, however,
it being understood and agreed that the Insurer shall give prior notice to the Backup Servicer with
respect to the appointment of such successor and the payment of additional compensation, if any.
If, any successor Servicer is appointed for any reason other than the Backup Servicer’s refusal to
act as Servicer although legally able to do so, the Backup Servicer shall not be liable for any
Servicing Fee, additional compensation or other amounts to be paid to such successor Servicer in
connection with its assumption and performance of the servicing duties described herein.

          (d)   Notwithstanding anything contained in this Agreement to the contrary, the Backup
Servicer is authorized to accept and rely on all of the accounting records (including computer
records) and work of the prior Servicer relating to the Receivables (collectively, the “Predecessor
Servicer Work Product”) without any audit or other examination thereof, and the Backup Servicer
shall have no duty, responsibility, obligation or liability for the acts and omissions of the prior
Servicer. If any error, inaccuracy, omission or incorrect or non-standard practice or procedure
(collectively, “Errors”) exist in any Predecessor Servicer Work Product and such Errors make it
materially more difficult to service or should cause or materially contribute to the Backup
Servicer making or continuing any Errors (collectively, “Continuing Errors”), the Backup Servicer
shall have no duty, responsibility, obligation or liability for such Continuing Errors;
provided, however, that the Backup Servicer agrees to use its best efforts to
prevent further Continuing Errors. In the event that the Backup Servicer becomes aware of Errors
or Continuing Errors, it shall, with the prior consent of the Controlling Party use its best
efforts to reconstruct and reconcile such data as is commercially reasonable to correct such Errors
and Continuing Errors and to prevent future Continuing Errors. The Backup Servicer shall be
entitled to recover its costs thereby expended in accordance with Section 3.03 of the Spread
Account Agreement.

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     SECTION 9.4.   Notification to Noteholders. Upon any termination of, or appointment of a
successor to, the Servicer, the Trust Collateral Agent shall give prompt written notice thereof to
each Noteholder and to the Rating Agencies.

     SECTION 9.5.   Waiver of Past Defaults. So long as no Insurer Default shall have occurred
and be continuing, the Insurer (or, if an Insurer Default shall have occurred and be continuing,
the Note Majority) may, on behalf of all Noteholders, 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 and the Basic Documents.
No such waiver shall extend to any subsequent or other default or impair any right consequent
thereto.

ARTICLE X

Termination

     SECTION 10.1.   Optional Purchase of All Receivables.

          (a)   On the last day of any Collection Period as of which the Pool Balance shall be less than
or equal to 10% of the Original Pool Balance, the Servicer and the Seller each shall have the
option to purchase the Owner Trust Estate, other than the Trust Accounts (with the consent of the
Insurer if such purchase would result in a claim on the Note Policy or would result in any amount
owing to the 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 and interest then due and payable
on the Notes, amounts due and unpaid under the Swap Agreement and amounts due and unpaid to the
Insurer under the Insurance Agreement. To exercise such option, the Servicer or the Seller, as the
case may be, shall deposit pursuant to Section 5.6 in the Collection Account an amount equal to the
aggregate Purchase Amount for the Receivables, plus the appraised value of any other property held
by the Trust, such value to be determined by an appraiser mutually agreed upon by the Servicer, the
Insurer and the Trust Collateral Agent, and shall succeed to all interests in and to the Trust.

          (b)   Upon any sale of the assets of the Trust pursuant to Section 8.1 of the Trust Agreement,
the Servicer shall instruct the Trust Collateral Agent to deposit the proceeds from such sale after
all payments and reserves therefrom (including the expenses of such sale) have been made (the
“Insolvency Proceeds”) in the Collection Account.

          (c)   Notice of any termination of the Trust shall be given by the Servicer to the Owner
Trustee, the Trustee, the Backup Servicer, the Trust Collateral Agent, the Collateral Agent, the
Insurer and the Rating Agencies as soon as practicable after the Servicer has received notice
thereof.

          (d)   Following the satisfaction and discharge of the Indenture and the payment in full of the
principal of and interest on the Notes, the Certificateholders will succeed to the

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rights of the
Noteholders hereunder and the Owner Trustee will succeed to the rights of, and assume the
obligations of, the Trust Collateral Agent pursuant to this Agreement.

ARTICLE XI

Administrative Duties of the Servicer

     SECTION 11.1.   Administrative Duties. 

          (a)   Duties with Respect to the Indenture. The Servicer shall perform all its
duties and the duties of the Issuer under the Indenture. In addition, the Servicer shall consult
with the Owner Trustee as the Servicer deems appropriate regarding the duties of the Issuer
under the Indenture. The Servicer shall monitor the performance of the Issuer and shall advise
the Owner Trustee when action is necessary to comply with the Issuer’s duties under the Indenture.
The Servicer shall prepare for execution by the Issuer or shall cause the preparation by other
appropriate Persons of all such documents, reports, filings, instruments, certificates and
opinions as it shall be the duty of the Issuer to prepare, file or deliver pursuant to the
Indenture. In furtherance of the foregoing, the Servicer shall take all necessary action that is
the duty of the Issuer to take pursuant to the Indenture, including, without limitation, pursuant
to Sections 2.7, 3.5, 3.6, 3.7, 3.9, 3.10, 3.17, 5.1, 5.4, 7.3, 8.3, 9.2, 9.3, 11.1 and 11.15 of
the Indenture.

          (b)   Duties with Respect to the Issuer.

          (i)   In addition to the duties of the Servicer set forth in this Agreement or any of
the Basic Documents, the Servicer shall perform such calculations and shall prepare for
execution by the Issuer or the Owner Trustee or shall cause the preparation by other
appropriate Persons of all such documents, reports, filings, instruments, certificates and
opinions as it shall be the duty of the Issuer or the Owner Trustee to prepare, file or
deliver pursuant to this Agreement or any of the Basic Documents or under state and federal
tax and securities laws (including any filings required pursuant to the Sarbanes-Oxley Act
of 2002 or any rule or regulation promulgated thereunder), and at the request of the Owner
Trustee shall take all appropriate action that it is the duty of the Issuer to take pursuant
to this Agreement or any of the Basic Documents, including, without limitation, pursuant to
Sections 2.6 and 2.11 of the Trust Agreement. In accordance with the directions of the
Issuer or the Owner Trustee, the Servicer shall administer, perform or supervise the
performance of such other activities in connection with the Collateral (including the Basic
Documents) as are not covered by any of the foregoing provisions and as are expressly
requested by the Issuer or the Owner Trustee and are reasonably within the capability of the
Servicer. The Servicer shall monitor the activities of the Issuer to ensure the Issuer’s
compliance with Section 4.6 of the Trust Agreement and shall take all action necessary to
ensure that the Issuer is operated in accordance with the provisions of such section.

          (ii)   Notwithstanding anything in this Agreement or any of the Basic Documents to the
contrary, the Servicer shall be responsible for promptly notifying the Owner Trustee and the
Trust Collateral Agent in the event that any withholding tax is imposed on the Issuer’s
payments (or allocations of income) to an Owner (as defined in

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the Trust Agreement) as
contemplated by this Agreement. Any such notice shall be in writing and specify the amount
of any withholding tax required to be withheld by the Owner Trustee or the Trust Collateral
Agent pursuant to such provision.

          (iii)   Notwithstanding anything in this Agreement or the Basic Documents to the
contrary, the Servicer shall be responsible for performance of the duties of the Issuer set
forth in Section 5.1(a) and (b) of the Trust Agreement with respect to, among other things,
accounting and reports to Owners (as defined in the Trust Agreement); provided,
however, that once prepared by the Servicer the Owner Trustee shall retain
responsibility for the distribution of the Schedule K-1s necessary to enable the
Certificateholder to prepare its federal and state income tax returns.

          (iv)   The Servicer shall perform the duties of the Servicer specified in Section 9.2
of the Trust Agreement required to be performed in connection with the resignation or
removal of the Owner Trustee, and any other duties expressly required to be performed by the
Servicer under this Agreement or any of the Basic Documents.

          (v)   In carrying out the foregoing duties or any of its other obligations under this
Agreement, the Servicer may enter into transactions with or otherwise deal with any of its
Affiliates; provided, however, that the terms of any such transactions or
dealings shall be in accordance with any directions received from the Issuer and shall be,
in the Servicer’s opinion, no less favorable to the Issuer in any material respect.

          (c)   Tax Matters. The Servicer shall prepare and file, on behalf of the Seller, all
tax returns, tax elections, financial statements and such annual or other reports attributable to
the activities engaged in by the Issuer as are necessary for preparation of tax reports, including
without limitation forms 1099. All tax returns will be signed by the Seller.

          (d)   Non-Ministerial Matters. With respect to matters that in the reasonable
judgment of the Servicer are non-ministerial, the Servicer shall not take any action pursuant to
this Article unless within a reasonable time before the taking of such action, the Servicer shall
have notified the Owner Trustee and the Trustee of the proposed action and the Owner Trustee and,
with respect to items (A), (B), (C) and (D) below, the Trustee shall not have withheld consent or
provided an alternative direction. For the purpose of the preceding sentence, “non-ministerial
matters” shall include:

           (A)   the amendment of or any supplement to the Indenture;

           (B)   the initiation of any claim or lawsuit by the Issuer and the
compromise of any action, claim or lawsuit brought by or against the Issuer
(other than in connection with the collection of the Receivables);

           (C)   the amendment, change or modification of this Agreement or any of
the Basic Documents;

           (D)   the appointment of successor Note Registrars, successor Paying
Agents and successor Trustees pursuant to the Indenture or the appointment
of successor Servicers or the consent to the assignment by the

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Note Registrar, Paying Agent or Trustee of its obligations under the Indenture;
and

           (E)   the removal of the Trustee or the Trust Collateral Agent.

          (e)   Exceptions. Notwithstanding anything to the contrary in this Agreement, except
as expressly provided herein or in the other Basic Documents, the Servicer, in its capacity
hereunder, shall not be obligated to, and shall not, (1) make any payments to the Noteholders or
Certificateholders under the Basic Documents, (2) sell the Trust Property pursuant to Section 5.5
of the Indenture, (3) take any other action that the Issuer directs the Servicer not to take on its
behalf or (4) in connection with its duties hereunder assume any indemnification obligation of any
other Person.

          (f)   The Backup Servicer or any successor Servicer shall not be responsible for any
obligations or duties of the Servicer under this Section 11.1. Notwithstanding the foregoing or
any other provision of this Agreement, AmeriCredit shall continue to perform the obligations of the
Servicer under this Section 11.1.

     SECTION 11.2.   Records. The Servicer shall maintain appropriate books of account and
records relating to services performed under this Agreement, which books of account and records
shall be accessible for inspection by the Issuer and the Insurer at any time during normal business
hours.

     SECTION 11.3.   Additional Information to be Furnished to the Issuer. The Servicer shall
furnish to the Issuer and the Insurer from time to time such additional information regarding the
Collateral as the Issuer and the Insurer shall reasonably request.

ARTICLE XII

Miscellaneous Provisions

     SECTION 12.1.   Amendment.

          (a)   This Agreement may be amended from time to time by the parties hereto, with the consent
of the Trustee (which consent may not be unreasonably withheld), with the prior written consent of
the Insurer (so long as no Insurer Default has occurred and is continuing) but without the consent
of any of the Noteholders, to cure any ambiguity, to correct or supplement any provisions in this
Agreement, to comply with any changes in the Code, or to make any other provisions with respect to
matters or questions arising under this Agreement which shall not be inconsistent with the
provisions of this Agreement or the Insurance Agreement; provided, however, that
such action shall not, as evidenced by an Opinion of Counsel delivered to Owner Trustee, the
Insurer, the Swap Provider and the Trustee, adversely affect in any material respect the interests
of any Noteholder or the Swap Provider; provided further that if an Insurer Default has occurred
and is continuing, such action shall not materially adversely affect the interests of the Insurer.

          This Agreement may also be amended from time to time by the parties hereto, with the consent
of the Insurer, the consent of the Trustee, and with the consent of the Holders of

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Notes evidencing
not less than a majority of the outstanding principal amount of the Notes for the purpose of adding
any provisions to or changing in any manner or eliminating any of the provisions of this Agreement
or of modifying in any manner the rights of the Noteholders; provided, however,
that no such amendment shall (a) increase or reduce in any manner the amount of, or accelerate or
delay the timing of, collections of payments on Receivables or distributions that shall be required
to be made for the benefit of the Noteholders or (b) reduce the aforesaid percentage of the
outstanding principal amount of the Notes, the Holders of which are required to consent to any such
amendment, without the consent of the Holders of all the outstanding Notes of each class affected
thereby; provided, further, that (i) if an Insurer Default
has not occurred and is continuing, such action shall not materially adversely affect the
interest of the Insurer and (ii) the consent of the Swap Provider shall also be required if such
action will adversely affect in any material respect the interests of the Swap Provider.

          Promptly after the execution of any such amendment or consent, the Trust Collateral Agent
shall furnish written notification of the substance of such amendment or consent to each Noteholder
and the Rating Agencies.

          It shall not be necessary for the consent of Noteholders pursuant to this Section to approve
the particular form of any proposed amendment or consent, but it shall be sufficient if such
consent shall approve the substance thereof. The manner of obtaining such consents (and any other
consents of Noteholders provided for in this Agreement) and of evidencing the authorization of any
action by Noteholders shall be subject to such reasonable requirements as the Trustee or the Owner
Trustee, as applicable, may prescribe.

          Prior to the execution of any amendment to this Agreement, the Owner Trustee and the Trustee,
Trust Collateral Agent, Collateral Agent and Backup Servicer 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 the Opinion of Counsel referred to in Section
12.2(h)(1) has been delivered. The Owner Trustee, the Trust Collateral Agent, the Backup Servicer
and the Trustee may, but shall not be obligated to, enter into any such amendment which affects the
Issuer’s, the Owner Trustee’s, the Trust Collateral Agent’s, the Backup Servicer’s or the
Trustee’s, as applicable, own rights, duties or immunities under this Agreement or otherwise.

          (b)   Notwithstanding anything to the contrary contained in Section 12.1(a) above, the
provisions of the Agreement relating to (i) the Spread Account Agreement, the Spread Account, the
Specified Spread Account Requirement, a Trigger Event or any component definition of a Trigger
Event and (ii) any additional sources of funds which may be added to the Spread Account or uses of
funds on deposit in the Spread Account may be amended in any respect by the Seller, the Servicer,
the Insurer and the Collateral Agent (the consent of which shall not be withheld or delayed with
respect to any amendment that does not adversely affect the Collateral Agent) without the consent
of, or notice to, the Noteholders.

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     SECTION 12.2.   Protection of Title to Trust.

          (a)   The Seller shall execute and file such financing statements and cause to be executed and
filed such continuation statements, all in such manner and in such places as may be required by law
fully to preserve, maintain and protect the interest of the Issuer and the interests of the Trust
Collateral Agent in the Receivables and in the proceeds thereof. The Seller shall deliver (or
cause to be delivered) to the Insurer, the Owner Trustee and the Trust Collateral Agent
file-stamped copies of, or filing receipts for, any document filed as provided above, as soon as
available following such filing.

          (b)   Neither the Seller nor the Servicer shall change its name, identity or corporate
structure in any manner that would, could or might make any financing statement or
continuation statement filed in accordance with paragraph (a) above seriously misleading
within the meaning of 9-506 of the UCC, unless it shall have given the Insurer, the Owner Trustee,
the Trust Collateral Agent, the Backup Servicer and the Trustee at least five days’ prior written
notice thereof and shall have promptly filed appropriate amendments to all previously filed
financing statements or continuation statements. Promptly upon such filing, the Seller or the
Servicer, as the case may be, shall deliver an Opinion of Counsel in form and substance reasonably
satisfactory to the Insurer, stating either (A) all financing statements and continuation
statements have been executed and filed that are necessary fully to preserve and protect the
interest of the Trust and the Trust Collateral Agent in the Receivables, and reciting the details
of such filings or referring to prior Opinions of Counsel in which such details are given, or (B)
no such action shall be necessary to preserve and protect such interest.

          (c)   Each of the Seller and the Servicer shall have an obligation to give the Insurer, the
Owner Trustee, the Trust Collateral Agent and the Trustee at least 60 days’ prior written notice of
any relocation of its principal executive office or jurisdiction of organization if, as a result of
such relocation, the applicable provisions of the UCC would require the filing of any amendment of
any previously filed financing or continuation statement or of any new financing statement and
shall promptly file any such amendment or new financing statement. The Servicer shall at all times
maintain (i) each office from which it shall service Receivables within the United States of
America or Canada, and (ii) its principal executive office within the United States of America.

          (d)   The Servicer shall maintain accounts and records as to each Receivable accurately and in
sufficient detail to permit (i) the reader thereof to know at any time the status of such
Receivable, including payments and recoveries made and payments owing (and the nature of each) and
(ii) reconciliation between payments or recoveries on (or with respect to) each Receivable and the
amounts from time to time deposited in the Collection Account in respect of such Receivable.

          (e)   The Servicer shall maintain its computer systems so that, from and after the time of
sale under this Agreement of the Receivables to the Issuer, the Servicer’s master computer records
(including any backup archives) that refer to a Receivable shall indicate clearly the interest of
the Trust in such Receivable and that such Receivable is owned by the Trust. Indication of the
Trust’s interest in a Receivable shall be deleted from or modified on the

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Servicer’s computer
systems when, and only when, the related Receivable shall have been paid in full or repurchased or
sold pursuant to this Agreement.

          (f)   If at any time the Seller or the Servicer shall propose to sell, grant a security
interest in or otherwise transfer any interest in automotive receivables to any prospective
purchaser, lender or other transferee, the Servicer shall give to such prospective purchaser,
lender or other transferee computer tapes, records or printouts (including any restored from backup
archives) that, if they shall refer in any manner whatsoever to any Receivable, shall indicate
clearly that such Receivable has been sold and is owned by the Trust.

          (g)   Upon request, the Servicer shall furnish to the Insurer, the Owner Trustee or to the
Trustee, within five Business Days, a list of all Receivables (by contract number and name of
Obligor) then held as part of the Trust, together with a reconciliation of such list to the
Schedule of Receivables and to each of the Servicer’s Certificates furnished before such
request indicating removal of Receivables from the Trust.

          (h)   The Servicer shall deliver to the Insurer, the Backup Servicer, the Owner Trustee and
the Trustee:

          (1) promptly after the execution and delivery of the Agreement and, if required
pursuant to Section 12.1, of each amendment, an Opinion of Counsel stating that, in the
opinion of such Counsel, in form and substance reasonably satisfactory to the Insurer,
either (A) all financing statements and continuation statements have been executed and filed
that are necessary fully to preserve and protect the interest of the Trust and the Trustee
in the Receivables, and reciting the details of such filings or referring to prior Opinions
of Counsel in which such details are given, or (B) no such action shall be necessary to
preserve and protect such interest; and

          (2) within 90 days after the beginning of each calendar year beginning with the first
calendar year beginning more than three months after the Initial Cutoff Date, an Opinion of
Counsel, dated as of a date during such 90-day period, stating that, in the opinion of such
counsel, either (A) all financing statements and continuation statements have been executed
and filed that are necessary fully to preserve and protect the interest of the Trust and the
Trustee in the Receivables, and reciting the details of such filings or referring to prior
Opinions of Counsel in which such details are given, or (B) no such action shall be
necessary to preserve and protect such interest.

          Each Opinion of Counsel referred to in clause (1) or (2) above shall specify any action
necessary (as of the date of such opinion) to be taken in the following year to preserve and
protect such interest.

     SECTION 12.3.   Notices. All demands, notices and communications upon or to the Seller,
the Servicer, the Owner Trustee, the Trustee or the Rating Agencies under this Agreement shall be
in writing, personally delivered, electronically delivered or mailed by certified mail, return
receipt requested, federal express or similar overnight courier service, and shall be deemed to
have been duly given upon receipt (a) in the case of the Seller to AFS SenSub Corp., 2265 B
Renaissance Drive, Suite 17, Las Vegas, Nevada, 89119, Attention: Chief Financial Officer, (b) in
the case of the Servicer to AmeriCredit Financial Services, Inc., 801

79

 

Cherry Street, Suite 3900,
Fort Worth, Texas 76102, Attention: Chief Financial Officer, (c) in the case of the Issuer or the
Owner Trustee, at the Corporate Trust Office of the Owner Trustee, Wilmington Trust Company, Rodney
Square North, 1100 North Market Street, Wilmington, Delaware 19890-0001, Attention: Corporate Trust
Administration (d) in the case of the Trustee, the Collateral Agent or the Trust Collateral Agent,
at the Corporate Trust Office, (e) in the case of the Insurer, to MBIA Insurance Corporation., 113
King Street, Armonk, New York 10504; Attention: Insured Portfolio Management-Structured Finance
(AmeriCredit 2005-B-M) (in each case in which notice or other communication to the Insurer refers
to a claim on the Note Policy, a claim on the Swap Policy, a Deficiency Notice pursuant to Section
5.5 of this Agreement or with respect to which failure on the part of the Insurer to respond shall
be deemed to constitute consent or acceptance, then a copy of such notice or other communication
should also be sent to the attention of each of the General
Counsel and shall be marked to indicate “URGENT MATERIAL ENCLOSED”), (f) in the case of the Swap
Provider, to Lehman Brothers Special Financing Inc., c/o Lehman Brothers Inc., Transaction
Management, 745 Seventh Avenue, 28th Floor, New York, New York 10019, Attention: Documentation
Manager, (g) in the case of Moody’s, to Moody’s Investors Service, Inc., ABS Monitoring Department,
99 Church Street, New York, New York 10007; (h) in the case of Standard & Poor’s, via electronic
delivery to Servicer_reports@sandp.com, or, for any information not available in electronic format,
to Standard & Poor’s Ratings Services, 55 Water Street, 41st Floor, New York, New York 10041-0003,
Attention: ABS Surveillance Group and (i) in the case of Fitch, to One State Street Plaza, New
York, New York 10004. Any notice required or permitted to be mailed to a Noteholder shall be given
by first class mail, postage prepaid, at the address of such Holder as shown in the Note Register.
Any notice so mailed within the time prescribed in the Agreement shall be conclusively presumed to
have been duly given, whether or not the Noteholder shall receive such notice.

     SECTION 12.4.   Assignment. This Agreement shall inure to the benefit of and be binding
upon the parties hereto and their respective successors and permitted assigns. Notwithstanding
anything to the contrary contained herein, except as provided in Sections 7.4 and 8.5 and as
provided in the provisions of this Agreement concerning the resignation of the Servicer, this
Agreement may not be assigned by the Seller or the Servicer without the prior written consent of
the Owner Trustee, the Trust Collateral Agent, the Backup Servicer, the Trustee and the Insurer (or
if an Insurer Default shall have occurred and be continuing the Holders of Notes evidencing not
less than 66-2/3% of the principal amount of the outstanding Notes).

     SECTION 12.5.   Limitations on Rights of Others. The provisions of this Agreement are
solely for the benefit of the parties hereto, the Trustee, the Insurer, the Swap Provider and the
Noteholders, as third-party beneficiaries. The Insurer and its successors and assigns shall be a
third-party beneficiary to the provisions of this Agreement, and shall be entitled to rely upon and
directly enforce such provisions of this Agreement so long as no Insurer Default shall have
occurred and be continuing. The Swap Provider shall be third-party beneficiaries to the provisions
of this Agreement. Except as expressly stated otherwise herein, any right of the Insurer to
direct, appoint, consent to, approve of, or take any action under this Agreement, shall be a right
exercised by the Insurer in its sole and absolute discretion. The Insurer may disclaim any of its
rights and powers under this Agreement (but not its duties and obligations under the Note Policy or
the Swap Policy) upon delivery of a written notice to the

80

 

Owner Trustee. Nothing in this
Agreement, whether express or implied, shall be construed to give to any other Person any legal or
equitable right, remedy or claim in the Owner Trust Estate or under or in respect of this Agreement
or any covenants, conditions or provisions contained herein.

     SECTION 12.6.   Severability. Any provision of this Agreement that is prohibited or
unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of
such prohibition or unenforceability without
invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any
jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction.

     SECTION 12.7.   Separate Counterparts. This Agreement may be executed by the parties
hereto in separate counterparts, each of which when so executed and delivered shall be an original,
but all such counterparts shall together constitute but one and the same instrument.

     SECTION 12.8.   Headings. The headings of the various Articles and Sections herein are for
convenience of reference only and shall not define or limit any of the terms or provisions hereof.

     SECTION 12.9.   Governing Law. THIS AGREEMENT SHALL BE CONSTRUED IN ACCORDANCE WITH, AND
THIS AGREEMENT AND ALL MATTERS ARISING OUT OF OR RELATING IN ANY WAY TO THIS AGREEMENT SHALL BE,
GOVERNED BY, THE LAW OF THE STATE OF NEW YORK, WITHOUT GIVING EFFECT TO ITS CONFLICT OF LAW
PROVISIONS (OTHER THAN SECTIONS 5-1401 AND 5-1402 OF THE NEW YORK GENERAL OBLIGATIONS LAW).

     SECTION 12.10.   Assignment to Trustee. The Seller hereby acknowledges and consents to any
mortgage, pledge, assignment and grant of a security interest by the Issuer to the Trust Collateral
Agent pursuant to the Indenture for the benefit of the Noteholders of all right, title and interest
of the Issuer in, to and under the Receivables listed in Schedule A hereto and/or the assignment of
any or all of the Issuer’s rights and obligations hereunder to the Trust Collateral Agent.

     SECTION 12.11.   Nonpetition Covenants(a)   . (a) Notwithstanding any prior
termination of this Agreement, the Servicer and the Seller shall not, prior to the date which is
one year and one day after the termination of this Agreement with respect to the Issuer, acquiesce,
petition or otherwise invoke or cause the Issuer to invoke the process of any court or government
authority for the purpose of commencing or sustaining a case against the Issuer under any federal
or state bankruptcy, insolvency or similar law or appointing a receiver, liquidator, assignee,
trustee, custodian, sequestrator or other similar official of the Issuer or any substantial part of
its property, or ordering the winding up or liquidation of the affairs of the Issuer.

          (b)   Notwithstanding any prior termination of this Agreement, the Servicer shall not, prior
to the date that is one year and one day after the termination of this Agreement with respect to
the Seller, acquiesce to, petition or otherwise invoke or cause the Seller to invoke the process of
any court or government authority for the purpose of commencing or sustaining a case against the
Seller under any federal or state bankruptcy, insolvency or similar law,

81

 

appointing a receiver,
liquidator, assignee, trustee, custodian, sequestrator, or other similar
official of the Seller or any substantial part of its property, or ordering the winding up or
liquidation of the affairs of the Seller.

     SECTION 12.12.   Limitation of Liability of Owner Trustee and Trustee.

          (a)   Notwithstanding anything contained herein to the contrary, this Agreement has been
countersigned by Wilmington Trust Company not in its individual capacity but solely in its capacity
as Owner Trustee of the Issuer and in no event shall Wilmington Trust Company in its individual
capacity or, except as expressly provided in the Trust Agreement, as Owner Trustee have any
liability for the representations, warranties, covenants, agreements or other obligations of the
Issuer hereunder or in any of the certificates, notices or agreements delivered pursuant hereto, as
to all of which recourse shall be had solely to the assets of the Issuer. For all purposes of this
Agreement, in the performance of its duties or obligations hereunder or in the performance of any
duties or obligations of the Issuer hereunder, the Owner Trustee shall be subject to, and entitled
to the benefits of, the terms and provisions of Articles V, VI and VII of the Trust Agreement.

          (b)   Notwithstanding anything contained herein to the contrary, this Agreement has been
executed and delivered by Wells Fargo Bank, National Association, not in its individual capacity
but solely as Trust Collateral Agent and Backup Servicer and in no event shall Wells Fargo Bank,
National Association, have any liability for the representations, warranties, covenants, agreements
or other obligations of the Issuer hereunder or in any of the certificates, notices or agreements
delivered pursuant hereto, as to all of which recourse shall be had solely to the assets of the
Issuer.

          (c)   In no event shall Wells Fargo Bank, National Association, in any of its capacities
hereunder, be deemed to have assumed any duties of the Owner Trustee under the Delaware Statutory
Trust Statute, common law, or the Trust Agreement.

     SECTION 12.13.   Independence of the Servicer. For all purposes of this Agreement, the
Servicer shall be an independent contractor and shall not be subject to the supervision of the
Issuer, the Trust Collateral Agent and Backup Servicer or the Owner Trustee with respect to the
manner in which it accomplishes the performance of its obligations hereunder. Unless expressly
authorized by this Agreement, the Servicer shall have no authority to act for or represent the
Issuer or the Owner Trustee in any way and shall not otherwise be deemed an agent of the Issuer or
the Owner Trustee.

     SECTION 12.14.   No Joint Venture. Nothing contained in this Agreement (i) shall
constitute the Servicer and either of the Issuer or the Owner Trustee as members of any
partnership, joint venture, association, syndicate, unincorporated business or other separate
entity, (ii) shall be construed to impose any liability as such on any of them or (iii) shall be
deemed to confer on any of them any express, implied or apparent authority to incur any obligation
or liability on behalf of the others.

     SECTION 12.15.   Replacement Swap Agreement. Upon a request by the Insurer pursuant to
Section 4.10 of the Insurance Agreement, the Issuer shall enter into a Replacement

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Swap Agreement
(as such term is defined in Section 4.10 of the Insurance Agreement) with a replacement Swap
Provider or replacement Swap Providers in form and substance satisfactory to the Insurer.

     SECTION 12.16.   Benefits of Sale and Servicing Agreement. The Insurer and its successors
and assigns shall be a third-party beneficiary to the provisions of this Sale and Servicing
Agreement, and shall be entitled to rely upon and directly enforce such provisions of this Sale and
Servicing Agreement so long as no Insurer Default shall have occurred and be continuing.

     SECTION 12.17.   State Business Licenses. The Servicer or the Certificateholder shall
prepare and instruct the Trust to file each state business license (and any renewal thereof)
required to be filed under applicable state law without further consent or instruction from the
Instructing Party (as defined in the Trust Agreement), including a Sales Finance Company
Application (and any renewal thereof) with the Pennsylvania Department of Banking, Licensing
Division, and a Financial Regulation Application (and any renewal thereof) with the Maryland
Department of Labor, Licensing and Regulation.

[Remainder of page intentionally left blank.]

83

 

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

	 	 	 	 	 	 	 
	 	 	AMERICREDIT AUTOMOBILE RECEIVABLES

TRUST 2005-B-M	 	 
	 
	 	 	 	 	 	 
	

	 	By:
	 	WILMINGTON TRUST COMPANY, not in

its individual capacity but solely as Owner

Trustee on behalf of the Trust.	 	 
	 
	 	 	 	 	 	 
	

	 	By:
	 	   /s/ Joann A. Rozell
	 	 
	

	 	 	 	 	 	 
	

	 	 	 	Name: Joann A. Rozell
	 	 
	

	 	 	 	Title: Assistant Vice President	 	 
	 
	 	 	 	 	 	 
	 	 	AFS SENSUB CORP., Seller,	 	 
	 
	 	 	 	 	 	 
	

	 	By:
	 	   /s/ Sheli Fitzgerald	 	 
	

	 	 	 	 	 	 
	

	 	 	 	Name: Sheli Fitzgerald	 	 
	

	 	 	 	Title: Assistant Vice President, Structured

Finance	 	 
	 
	 	 	 	 	 	 
	 	 	AMERICREDIT FINANCIAL SERVICES, INC., Servicer,	 	 
	 
	 	 	 	 	 	 
	

	 	By:
	 	   /s/ Susan B. Sheffield	 	 
	

	 	 	 	 	 	 
	

	 	 	 	Name: Susan B. Sheffield	 	 
	

	 	 	 	Title: Senior Vice President, Structured Finance	 	 

 

 

	 	 	 	 	 	 	 
	 	 	WELLS FARGO BANK,

NATIONAL ASSOCIATION,

not in its individual capacity but solely as Backup

Servicer	 	 
	 
	 	 	 	 	 	 
	

	 	By:
	 	   /s/ Marianna C. Stershic	 	 
	

	 	 	 	 	 	 
	

	 	 	 	Name: Marianna C. Stershic	 	 
	

	 	 	 	Title: Vice President	 	 

Acknowledged and accepted by

WELLS FARGO BANK,

NATIONAL ASSOCIATION,

not in its individual capacity but solely

as Trust Collateral Agent and as Trustee

	 	 	 	 	 
	By:

	 	/s/ Marianna C. Stershic

	 	 
	

	 	 	 	 
	

	 	Name: Marianna C. Stershic
	 	 
	

	 	Title: Vice President	 	 

[Sale and Servicing Agreement]

 

 

SCHEDULE A

SCHEDULE OF RECEIVABLES

[On file with AmeriCredit, the Trustee and Dewey Ballantine LLP]

Sch-A-1

 

SCHEDULE B

REPRESENTATIONS AND WARRANTIES OF THE SELLER AND THE SERVICER

          1. Characteristics of Receivables. Each Receivable (A) was originated (i) by
AmeriCredit, (ii) by a Dealer and purchased by AmeriCredit from such Dealer under an existing
Dealer Agreement or pursuant to a Dealer Assignment with AmeriCredit and was validly assigned by
such Dealer to AmeriCredit pursuant to a Dealer Assignment or (iii) by a Third-Party Lender and
purchased by AmeriCredit from such Third-Party Lender under an existing Auto Loan Purchase and Sale
Agreement or pursuant to a Third-Party Lender Assignment with AmeriCredit and was validly assigned
by such Third-Party Lender to AmeriCredit pursuant to a Third-Party Lender Assignment (B) was
originated by AmeriCredit, such Dealer or such Third-Party Lender for the retail sale of a Financed
Vehicle in the ordinary course of AmeriCredit’s, the Dealer’s or the Third-Party Lender’s business,
in each case was originated in accordance with AmeriCredit’s credit policies and was fully and
properly executed by the parties thereto, and AmeriCredit, each Dealer and each Third-Party Lender
had all necessary licenses and permits to originate Receivables in the state where AmeriCredit,
each such Dealer or each such Third-Party Lender was located, (C) contains customary and
enforceable provisions such as to render the rights and remedies of the holder thereof adequate for
realization against the collateral security, (D) is a Receivable which provides for level monthly
payments (provided that the period in the first Collection Period and the payment in the
final Collection Period of the Receivable may be minimally different from the normal period and
level payment) which, if made when due, shall fully amortize the Amount Financed over the original
term and (E) has not been amended or collections with respect to which waived, other than as
evidenced in the Receivable File or the Servicer’s electronic records relating thereto.

          2. Fraud or Misrepresentation. Each Receivable was originated (i) by AmeriCredit,
(ii) by a Dealer and was sold by the Dealer to AmeriCredit, or (iii) by a Third-Party Lender and
was sold by the Third-Party Lender to AmeriCredit, and was sold by AmeriCredit to the Seller
without any fraud or misrepresentation on the part of such Dealer or Third-Party Lender or
AmeriCredit in any case.

          3. Compliance with Law. All requirements of applicable federal, state and local laws,
and regulations thereunder (including, without limitation, usury laws, the Federal Truth-in-Lending
Act, the Equal Credit Opportunity Act, the Fair Credit Billing Act, the Fair Credit Reporting Act,
the Fair Debt Collection Practices Act, the Federal Trade Commission Act, the Moss-Magnuson
Warranty Act, the Federal Reserve Board’s Regulations “B” and “Z” (including amendments to the
Federal Reserve’s Official Staff Commentary to Regulation Z, effective October 1, 1998, concerning
negative equity loans), the Servicemembers Civil Relief Act, each applicable state Motor Vehicle
Retail Installment Sales Act, and state adaptations of the National Consumer Act and of the Uniform
Consumer Credit Code and other consumer credit laws and equal credit opportunity and disclosure
laws) in respect of the Receivables and the Financed Vehicles, have been complied with in all
material respects, and each Receivable and the sale of the Financed Vehicle evidenced by each
Receivable complied at the time it was originated or made and now complies in all material respects
with all applicable legal requirements.

Sch-B-1

 

          4. Origination. Each Receivable was originated in the United States.

          5. Binding Obligation. Each Receivable represents the genuine, legal, valid and
binding payment obligation of the Obligor thereon, enforceable by the holder thereof in accordance
with its terms, except (A) as enforceability may be limited by bankruptcy, insolvency,
reorganization or similar laws affecting the enforcement of creditors’ rights generally and by
equitable limitations on the availability of specific remedies, regardless of whether such
enforceability is considered in a proceeding in equity or at law and (B) as such Receivable may be
modified by the application after the Initial Cutoff Date or the Subsequent Cutoff Date, as
applicable, of the Servicemembers Civil Relief Act, as amended; and all parties to each Receivable
had full legal capacity to execute and deliver such Receivable and all other documents related
thereto and to grant the security interest purported to be granted thereby.

          6. No Government Obligor. No Obligor is the United States of America or any State or
any agency, department, subdivision or instrumentality thereof.

          7. Obligor Bankruptcy. At the Initial Cutoff Date or the Subsequent Cutoff Date, as
applicable, no Obligor had been identified on the records of AmeriCredit as being the subject of a
current bankruptcy proceeding.

          8. Schedules of Receivables. The information set forth in the Schedules of
Receivables has been produced from the Electronic Ledger and was true and correct in all material
respects as of the close of business on the Initial Cutoff Date or the Subsequent Cutoff Date, as
applicable.

          9. Marking Records. By the Closing Date or Subsequent Transfer Date, as applicable,
the Seller will have caused the portions of the Electronic Ledger relating to the Receivables to be
clearly and unambiguously marked to show that the Receivables have been sold to the Seller by the
Servicer and resold by the Seller to the Trust in accordance with the terms of the Sale and
Servicing Agreement.

          10. Computer Tape. The Computer Tape made available by the Seller to the Trust on the
Closing Date was complete and accurate as of the Initial Cutoff Date or the Subsequent Cutoff Date,
as applicable, and includes a description of the same Receivables that are described in the
Schedule of Receivables.

          11. Adverse Selection. No selection procedures adverse to the Noteholders or the
Insurer were utilized in selecting the Receivables from those receivables owned by the Seller which
met the selection criteria contained in the Sale and Servicing Agreement.

          12. Chattel Paper. The Receivables constitute “tangible chattel paper” within the
meaning of the UCC as in effect in the States of Texas, New York, Delaware and Nevada.

          13. One Original. There is only one original executed copy of each Receivable.

          14. Receivable Files Complete. There exists a Receivable File pertaining to each
Receivable and such Receivable File contains (a) a fully executed original of the

Sch-B-2

 

Receivable, (b) the original executed credit application, or a paper or electronic copy
thereof and (c) the original Lien Certificate or a copy of the application therefor. Each of such
documents which is required to be signed by the Obligor has been signed by the Obligor in the
appropriate spaces. All blanks on any form have been properly filled in and each form has
otherwise been correctly prepared. The complete Receivable File for each Receivable currently is
in the possession of the Custodian.

          15. Receivables in Force. No Receivable has been satisfied, subordinated or
rescinded, and the Financed Vehicle securing each such Receivable has not been released from the
lien of the related Receivable in whole or in part. No terms of any Receivable have been waived,
altered or modified in any respect since its origination, except by instruments or documents
identified in the Receivable File or the Servicer’s electronic records.

          16. Lawful Assignment. No Receivable was originated in, or is subject to the laws of,
any jurisdiction the laws of which would make unlawful, void or voidable the sale, transfer and
assignment of such Receivable under this Agreement or pursuant to transfers of the Securities.

          17. Good Title. Immediately prior to the conveyance of the Receivables to the Trust
pursuant to this Agreement or Subsequent Transfer Agreement, as applicable, the Seller was the sole
owner thereof and had good and indefeasible title thereto, free of any Lien and, upon execution and
delivery of this Agreement by the Seller, the Trust shall have good and indefeasible title to and
will be the sole owner of such Receivables, free of any Lien. No Dealer or Third-Party Lender has
a participation in, or other right to receive, proceeds of any Receivable. The Seller has not
taken any action to convey any right to any Person that would result in such Person having a right
to payments received under the related Insurance Policies or the related Dealer Agreements, Auto
Loan Purchase and Sale Agreements, Dealer Assignments or Third-Party Lender Assignments or to
payments due under such Receivables.

          18. Security Interest in Financed Vehicle. Each Receivable created or shall create a
valid, binding and enforceable first priority security interest in favor of AmeriCredit (or a
Titled Third-Party Lender which first priority security interest has been assigned to AmeriCredit)
in the Financed Vehicle. The Lien Certificate for each Financed Vehicle shows, or if a new or
replacement Lien Certificate is being applied for with respect to such Financed Vehicle the Lien
Certificate will be received within 180 days of the Closing Date or Subsequent Transfer Date, as
applicable, and will show AmeriCredit (or a Titled Third-Party Lender) named as the original
secured party under each Receivable as the holder of a first priority security interest in such
Financed Vehicle. With respect to each Receivable for which the Lien Certificate has not yet been
returned from the Registrar of Titles, AmeriCredit has applied for or received written evidence
from the related Dealer or Third-Party Lender that such Lien Certificate showing AmeriCredit, the
Issuer or a Titled Third-Party Lender, as applicable, as first lienholder has been applied for and
any Titled Third-Party Lender’s security interest has been validly assigned by the Titled
Third-Party Lender to AmeriCredit and AmeriCredit’s security interest (assigned by AmeriCredit to
the Seller pursuant to the Purchase Agreement) has been validly assigned by the Seller to the Trust
pursuant to this Agreement. This Agreement creates a valid and continuing security interest (as
defined in the UCC) in the Receivables in favor of the Trust, which security interest is prior to
all other Liens, and is enforceable as such as against

Sch-B-3

 

creditors of and purchasers from the Seller. Immediately after the sale, transfer and
assignment by the Seller to the Trust, each Receivable will be secured by an enforceable and
perfected first priority security interest in the Financed Vehicle in favor of the Trust Collateral
Agent as secured party, which security interest is prior to all other Liens upon and security
interests in such Financed Vehicle which now exist or may hereafter arise or be created (except, as
to priority, for any lien for taxes, labor or materials affecting a Financed Vehicle). As of the
Initial Cutoff Date or the Subsequent Cutoff Date, as applicable, there were no Liens or claims for
taxes, work, labor or materials affecting a Financed Vehicle which are or may be Liens prior or
equal to the Liens of the related Receivable.

          19. All Filings Made. All filings (including, without limitation, UCC filings
(including, without limitation, the filing by the Seller of all appropriate financing statements in
the proper filing office in the State of Nevada under applicable law in order to perfect the
security interest in the Receivables granted to the Trust hereunder)) required to be made by any
Person and actions required to be taken or performed by any Person in any jurisdiction to give the
Trust and the Trust Collateral Agent a first priority perfected lien on, or ownership interest in,
the Receivables and the proceeds thereof and the Other Conveyed Property have been made, taken or
performed.

          20. No Impairment. The Seller has not done anything to convey any right to any Person
that would result in such Person having a right to payments due under the Receivable or otherwise
to impair the rights of the Trust, the Insurer, the Trustee, the Trust Collateral Agent and the
Noteholders in any Receivable or the proceeds thereof. Other than the security interest granted to
the Trust pursuant to this Agreement and except any other security interests that have been fully
released and discharged as of the Closing Date, the Seller has not pledged, assigned, sold, granted
a security interest in, or otherwise conveyed any of the Receivables. The Seller has not authorized
the filing of and is not aware of any financing statements against the Seller that include a
description of collateral covering the Receivables other than any financing statement relating to
the security interest granted to the Trust hereunder or that has been terminated. The Seller is not
aware of any judgment or tax lien filings against it.

          21. Receivable Not Assumable. No Receivable is assumable by another Person in a
manner which would release the Obligor thereof from such Obligor’s obligations to AmeriCredit with
respect to such Receivable.

          22. No Defenses. No Receivable is subject to any right of rescission, setoff,
counterclaim or defense and no such right has been asserted or threatened with respect to any
Receivable.

          23. No Default. There has been no default, breach, violation or event permitting
acceleration under the terms of any Receivable (other than payment delinquencies of not more than
30 days), and no condition exists or event has occurred and is continuing that with notice, the
lapse of time or both would constitute a default, breach, violation or event permitting
acceleration under the terms of any Receivable, and there has been no waiver of any of the
foregoing. As of the Initial Cutoff Date or the Subsequent Cutoff Date, as applicable, no Financed
Vehicle had been repossessed.

Sch-B-4

 

          24. Insurance. At the time of an origination of a Receivable by AmeriCredit or a
purchase of a Receivable by AmeriCredit from a Dealer or Third-Party Lender, each Financed Vehicle
is required to be covered by a comprehensive and collision insurance policy (i) in an amount at
least equal to the lesser of (a) its maximum insurable value or (b) the principal amount due from
the Obligor under the related Receivable, (ii) naming AmeriCredit as loss payee and (iii) insuring
against loss and damage due to fire, theft, transportation, collision and other risks generally
covered by comprehensive and collision coverage. Each Receivable requires the Obligor to maintain
physical loss and damage insurance, naming AmeriCredit and its successors and assigns as additional
insured parties, and each Receivable permits the holder thereof to obtain physical loss and damage
insurance at the expense of the Obligor if the Obligor fails to do so. No Financed Vehicle is
insured under a policy of Force-Placed Insurance on the Initial Cutoff Date or the Subsequent
Cutoff Date, as applicable.

          25. Past Due. At the Initial Cutoff Date or the Subsequent Cutoff Date, as
applicable, no Receivable was more than 30 days past due.

          26. Remaining Principal Balance. At the Initial Cutoff Date or the Subsequent Cutoff
Date, as applicable, the Principal Balance of each Receivable set forth in the Schedules of
Receivables is true and accurate in all material respects.

          27. Certain Characteristics of Initial Receivables.

     (A) Each Initial Receivable had a remaining maturity, as of the Initial Cutoff Date, of
not more than 72 months.

     (B) Each Initial Receivable had an original maturity, as of the Initial Cutoff Date, of
not more than 72 months.

     (C) Not more than 40% of the Initial Receivables (calculated by Aggregate Principal
Balance) has an original term to maturity of 72 months. The original term to maturity of 72
month Receivables in the Trust is 35.73% as of the Initial Cutoff Date.

     (D) Each Initial Receivable had a remaining Principal Balance as of the Initial Cutoff
Date of at least $250 and not more than $80,000.

     (E) Each Initial Receivable has an Annual Percentage Rate of at least 1% and not more
than 33%.

     (F) The Initial Receivables’ weighted average Annual Percentage Rate is not less than
16.65%. The weighted average Annual Percentage Rate of the Initial Receivables in the Trust
is 16.73% as of the Initial Cutoff Date.

     (G) No Initial Receivable was more than 30 days past due as of the Initial Cutoff Date.

     (H) No funds have been advanced by AmeriCredit, any Dealer, any Third-Party Lender, or
anyone acting on behalf of any of them in order to cause any Initial Receivable to qualify
under clause (G) above.

Sch-B-5

 

     (I) Not more than 35% of the Obligors reside in Texas and California (based on the
Obligor’s mailing address). As of the Initial Cutoff Date, 22.37% of the Obligors (based in
the Obligor’s mailing address) reside in Texas and California.

     (J) Each Obligor had a billing address in the United States as of the date of
origination of the Initial Receivables, is a natural person and is not an Affiliate of any
party to this Agreement.

     (K) Each Initial Receivable is denominated in, and each Contract provides for payment
in, United States dollars.

     (L) Each Initial Receivable is identified on the Servicer’s master servicing records as
an automobile installment sales contract or installment note.

     (M) Each Initial Receivable arises under a Contract which is assignable without the
consent of, or notice to, the Obligor thereunder, and does not contain a confidentiality
provision that purports to restrict the ability of the Servicer to exercise its rights under
the Sale and Servicing Agreement, including, without limitation, its right to review the
Contract.

     (N) Each Initial Receivable arises under a Contract with respect to which AmeriCredit
has performed all obligations required to be performed by it thereunder, and, in the event
such Contract is an installment sales contract, delivery of the Financed Vehicle to the
related Obligor has occurred.

          28. Interest Calculation. Each Contract provides for the calculation of interest
payable thereunder under either the “simple interest” method, the “Rule of 78’s” method or the
“precomputed interest” method.

          29. Lockbox Account. Each Obligor has been, or will be, directed to make all payments
on their related Receivable to the Lockbox Account.

          30. Lien Enforcement. Each Receivable provides for enforcement of the lien or the
clear legal right of repossession, as applicable, on the Financed Vehicle securing such Receivable.

          31. Prospectus Supplement Description. Each Receivable conforms, and all Receivables
in the aggregate conform, in all material respects to the description thereof set forth in the
Prospectus Supplement.

          32. Risk of Loss. Each Contract contains provisions requiring the Obligor to assume
all risk of loss or malfunction on the related Financed Vehicle, requiring the Obligor to pay all
sales, use, property, excise and other similar taxes imposed on or with respect to the Financed
Vehicle and making the Obligor liable for all payments required to be made thereunder, without any
setoff, counterclaim or defense for any reason whatsoever, subject only to the Obligor’s right of
quiet enjoyment.

Sch-B-6

 

          33. Leasing Business. To the best of the Seller’s and the Servicer’s knowledge, as
appropriate, no Obligor is a Person involved in the business of leasing or selling equipment of a
type similar to the Obligor’s related Financed Vehicle.

          34. Consumer Leases. No Receivable constitutes a “consumer lease” under either (a)
the UCC as in effect in the jurisdiction the law of which governs the Receivable or (b) the
Consumer Leasing Act, 15 USC 1667.

          35. Perfection. The Seller has taken all steps necessary to perfect its security
interest against the related Obligors in the property securing the Receivables and will take all
necessary steps on behalf of the Trust to maintain the Trust’s perfection of the security interest
created by each Receivable in the related Financed Vehicle.

Sch-B-7

 

SCHEDULE C

SERVICING POLICIES AND PROCEDURES

Note: Applicable Time Periods Will Vary by State

Compliance with state collection laws is required of all AmeriCredit Collection Personnel.
Additionally, AmeriCredit has chosen to follow the guidelines of the Federal Fair Debt Collection
Practices Act (FDCPA).

The Collection Process

AmeriCredit mails each customer a monthly billing statement 16 to 20 days before payment is due.

	A.  	All accounts are issued to the Computer Assisted Collection System (CACS) at 5 days
delinquent or at such other dates of delinquency as determined by historical payment patterns
of the account.
	 
	B.  	The CACS segregates accounts into two major groups: loans 5-45 days delinquent and those
over 45 days delinquent.
	 
	C.  	Loans delinquent up to 45 days are then further segregated into two groups: accounts that
have good phone numbers and those that do not.
	 
	D.  	Loans up to 45 days delinquent are transferred to the Concerto system (AmeriCredit’s
predictive dialing system). The system automatically dials the phone number related to a
delinquent account for all accounts that have good phone numbers. When a connection is made,
the account is then routed to the next available account representative.
	 
	E.  	Loans without good phone numbers are called manually, through the CACS system, or in a
preview dialer campaign.
	 
	F.  	All reasonable collection efforts are made in an attempt to prevent these accounts from
becoming 30+ days delinquent – this includes the use of collection letters. Collection
letters may be utilized between 5th and 25th days of delinquency.
	 
	G.  	When an account reaches 31 days delinquent, a collector determines if any default
notification is required in the state where the debtor lives.
	 
	H.  	When an account exceeds 45 days delinquent, the loan is assigned to a 46+ collection team
which will continue the collection effort until resolution. If the account cannot be resolved
through normal collection efforts (i.e., satisfactory payment arrangements) then the account
may be submitted for repossession approval. An officer must approve all repossession
requests.
	 
	I.  	CACS allows each collector to accurately document and update each customer file when contact
(verbal or written) is made.

Sch-C-1

 

Repossessions

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

	A.  	Proper authorities are notified (if applicable).
	 
	B.  	An inventory of all personal property is taken and a condition report is prepared on the
vehicle.
	 
	C.  	Written notification, as required by state law, is sent to the customer(s) stating their
rights of redemption or reinstatement along with information on how to obtain any personal
property that was in the vehicle at the time of repossession.
	 
	D.  	Written request to the originating dealer for all refunds due for dealer adds is made.
	 
	E.  	Collateral disposition through public or private sale, (dictated by state law), in a
commercially reasonable manner, through a third-party auto auction.
	 
	F.  	After the collateral is liquidated, the debtor(s) is notified in writing of the deficiency
balance owed, if any.

Use of Due Date Changes

Due dates may be changed subject to the following conditions:

	A.  	The account is contractually current or will be brought current with the due date change.
	 
	B.  	Due date changes cannot exceed the total of 30 days over the life of the contract.
	 
	C.  	The first installment payment has been paid in full.
	 
	D.  	Only one due date change in a twelve month period.

An Officer must approve any exceptions to the above stated policy.

Use of Payment Deferments

A payment deferral is offered to customers who have the desire and capacity to make future payments
but who have encountered temporary financial difficulties, with management approval.

	A.  	Without prior approval, minimum of six payments have been made on the account and a minimum
of six payments have been made since the most recent deferment (if any).
	 
	B.  	The account will be brought current with the deferment, but not paid ahead, without
management approval.
	 
	C.  	A deferment fee is collected on all transactions.

Sch-C-2

 

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

An Officer must approve any exceptions to the above stated policy.

Charge-Offs

It is AmeriCredit’s policy that any account that is not successfully recovered by 120 days
delinquent is submitted to an Officer for approval and charge-off.

It is AmeriCredit’s policy to carry all Chapter 13 bankruptcy accounts until 120 days delinquent.
A partial charge-off is taken for the unsecured portion of the account. On fully reaffirmed
Chapter 7 bankruptcy accounts, the accounts can be deferred current at the time of discharge.

Deficiency Collections

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

Sch-C-3

 

EXHIBIT A

SUBSEQUENT TRANSFER AGREEMENT

          Transfer No. ___of Subsequent Receivables pursuant to a Sale and Servicing
Agreement dated as of May 25, 2005, among AMERICREDIT AUTOMOBILE RECEIVABLES TRUST 2005-B-M, a
Delaware statutory trust (the “Issuer”), AFS SENSUB CORP., a Nevada corporation (the
“Seller”), AMERICREDIT FINANCIAL SERVICES, INC. a Delaware corporation (the
“Servicer”) and WELLS FARGO BANK, NATIONAL ASSOCIATION, a national banking association (the
“Trust Collateral Agent”), in its capacity as the backup servicer (the “Backup
Servicer”).

W I T N E S S E T H:

          WHEREAS pursuant to the Sale and Servicing Agreement, the Seller wishes to convey the
Subsequent Receivables to the Issuer; and

          WHEREAS, the Issuer is willing to accept such conveyance subject to the terms and conditions
hereof.

          NOW, THEREFORE, the Issuer, the Seller and the Servicer hereby agree as follows:

          1. Defined Terms. Capitalized terms used herein shall have the meanings ascribed to
them in the Sale and Servicing Agreement unless otherwise defined herein.

               “Subsequent Cutoff Date” shall mean, with respect to the Subsequent Receivables
conveyed hereby, ___, 200_.

               “Subsequent Transfer Date” shall mean, with respect to the Subsequent Receivables
conveyed hereby, ___, 200_.

          2. Schedule of Receivables. Attached hereto as Schedule A is a supplement to Schedule
A to the Sale and Servicing Agreement listing the Receivables that constitute the Subsequent
Receivables to be conveyed pursuant to this Agreement on the Subsequent Transfer Date.

          3. Conveyance of Subsequent Receivables. In consideration of the Issuer’s delivery to
or upon the order of the Seller of $___the Seller does hereby sell, transfer, assign, set
over and otherwise convey to the Issuer, without recourse (except as expressly provided in the Sale
and Servicing Agreement), all right, title and interest of the Seller in and to:

               (a) the Subsequent Receivables and all moneys received thereon, on and after the Subsequent
Cutoff Date;

Ex-A-1

 

               (b) the security interests in the Financed Vehicles granted by Obligors pursuant to the
Subsequent Receivables and any other interest of the Seller in such Financed Vehicles;

               (c) any proceeds and the right to receive proceeds with respect to the Subsequent Receivables
from claim and the right to receive proceeds on any physical damage, credit life or disability
insurance policies covering Financed Vehicles or Obligors and any proceeds from the liquidation of
such Subsequent Receivables;

               (d) any proceeds with respect to the Subsequent Receivables repurchased by a Dealer pursuant
to a Dealer Agreement or a Third-Party Lender pursuant to an Auto Loan Purchase and Sale Agreement
as a result of a breach of representation or warranty in the related Dealer Agreement or Auto Loan
Agreement and Sale Agreement;

               (e) all rights under any Service Contracts on the related Finance Vehicles;

               (f) the related Receivable Files;

               (g) all of the Seller’s rights, title and interests, but none of its obligations or burdens,
under the Subsequent Transfer Agreement, including the delivery requirements, representations and
warranties and the cure and repurchase obligations of Seller under the Subsequent Purchase
Agreement, on or after the Subsequent Cutoff Date; and

               (h) the proceeds of any and all of the foregoing.

          4. Representations and Warranties of the Seller. The Seller hereby represents and
warrants to the Issuer as of the date of this Agreement and as of the Subsequent Transfer Date
that:

               (a) Schedule of Representations. The representations and warranties relating to the
Subsequent Receivables set forth on the Schedule of Representations attached as Schedule B to the
Sale and Servicing Agreement are true and correct.

               (b) Organization and Good Standing. The Seller has been duly organized and is validly
existing as a corporation in good standing under the laws of the State of Nevada, with power and
authority to own its properties and to conduct its business as such properties are currently owned
and such business is currently conducted, and had at all relevant times, and now has, power,
authority and legal right to acquire, own and sell the Receivables and the Other Conveyed Property
transferred to the Trust.

               (c) Due Qualification. The Seller is duly qualified to do business as a foreign
corporation in good standing and has obtained all necessary licenses and approvals in all
jurisdictions where the failure to do so would materially and adversely affect Seller’s ability to
transfer the Subsequent Receivables and the Subsequent Other Conveyed Property to the Trust
pursuant to this Agreement, or the validity or enforceability of the Subsequent Receivables and the
Subsequent Other Conveyed Property or to perform Seller’s obligations hereunder and under the
Seller’s Basic Documents.

Ex-A-2

 

               (d) Power and Authority. The Seller has the power and authority to execute and
deliver this Agreement and its Basic Documents and to carry out its terms and their terms,
respectively; the Seller has full power and authority to sell and assign the Subsequent Receivables
and the Subsequent Other Conveyed Property to be sold and assigned to and deposited with the Trust
by it and has duly authorized such sale and assignment to the Trust by all necessary corporate
action; and the execution, delivery and performance of this Agreement and the Seller’s Basic
Documents have been duly authorized by the Seller by all necessary corporate action.

               (e) Valid Sale, Binding Obligations. This Agreement effects a valid sale, transfer
and assignment of the Subsequent Receivables and the Subsequent Other Conveyed Property,
enforceable against the Seller and creditors of and purchasers from the Seller; and this Agreement
and the Seller’s Basic Documents, when duly executed and delivered, shall constitute legal, valid
and binding obligations of the Seller enforceable in accordance with their respective terms, except
as enforceability may be limited by bankruptcy, insolvency, reorganization or other similar laws
affecting the enforcement of creditors’ rights generally and by equitable limitations on the
availability of specific remedies, regardless of whether such enforceability is considered in a
proceeding in equity or at law.

               (f) No Violation. The consummation of the transactions contemplated by this Agreement
and the Basic Documents and the fulfillment of the terms of this Agreement and the Basic Documents
shall not conflict with, result in any breach of any of the terms and provisions of or constitute
(with or without notice, lapse of time or both) a default under the certificate of incorporation or
by-laws of the Seller, or any indenture, agreement, mortgage, deed of trust or other instrument to
which the Seller is a party or by which it is bound, or result in the creation or imposition of any
Lien upon any of its properties pursuant to the terms of any such indenture, agreement, mortgage,
deed of trust or other instrument, other than this Agreement, or violate any law, order, rule or
regulation applicable to the Seller of any court or of any federal or state regulatory body,
administrative agency or other governmental instrumentality having jurisdiction over the Seller or
any of its properties.

               (g) No Proceedings. There are no proceedings or investigations pending or, to the
Seller’s knowledge, threatened against the Seller, before any court, regulatory body,
administrative agency or other tribunal or governmental instrumentality having jurisdiction over
the Seller or its properties (A) asserting the invalidity of this Agreement or any of the Basic
Documents, (B) seeking to prevent the issuance of the Securities or the consummation of any of the
transactions contemplated by this Agreement or any of the Basic Documents, (C) seeking any
determination or ruling that might materially and adversely affect the performance by the Seller of
its obligations under, or the validity or enforceability of, this Agreement or any of the Basic
Documents, or (D) seeking to adversely affect the federal income tax or other federal, state or
local tax attributes of the Securities.

               (h) Chief Executive Office. The chief executive office of the Seller is at 2265 B
Renaissance Drive, Suite 17, Las Vegas, Nevada, 89119.

Ex-A-3

 

               (i) Principal Balance. The aggregate Principal Balance of the Subsequent Receivables
listed on Schedule A annexed hereto and conveyed to the Issuer pursuant to this Agreement as of the
Subsequent Cutoff Date is $___.

               (j) Seller’s Intention. The Subsequent Receivables are being transferred with the
intention of removing them from the Seller’s estate pursuant to Section 541 of the United States
Bankruptcy Code, as the same may be amended from time to time.

          5. Conditions Precedent. The obligation of the Issuer to acquire the Subsequent
Receivables hereunder is subject to the satisfaction, on or prior to the Subsequent Transfer Date,
of the following conditions precedent:

               (a) Representations and Warranties. Each of the representations and warranties made
by the Seller in Section 4 of this Agreement and in Section 6.1 of the Sale and Servicing Agreement
shall be true and correct as of the date of this Agreement and as of the Subsequent Transfer Date.

               (b) Sale and Servicing Agreement Conditions. Each of the conditions set forth in
Section 2.2(b) to the Sale and Servicing Agreement shall have been satisfied.

               (c) Additional Information. The Seller shall have delivered to the Issuer such
information as was reasonably requested by the Issuer to satisfy itself as to (i) the accuracy of
the representations and warranties set forth in Section 4 of this Agreement and in Section 6.1 of
the Sale and Servicing Agreement and (ii) the satisfaction of the conditions set forth in this
Section 5.

          6. Ratification of Agreement. As supplemented by this Agreement, the Sale and
Servicing Agreement is in all respects ratified and confirmed and the Sale and Servicing Agreement
as so supplemented by this Agreement shall be read, taken and construed as one and the same
instrument.

          7. Counterparts. This Agreement may be executed in two or more counterparts (and by
different parties in separate counterparts), each of which shall be an original but all of which
together shall constitute one and the same instrument.

          GOVERNING LAW. THIS AGREEMENT SHALL BE CONSTRUED IN ACCORDANCE WITH AND THIS
AGREEMENT AND ALL MATTERS ARISING OUT OF OR RELATING IN ANY WAY TO THIS AGREEMENT SHALL BE,
GOVERNED BY, THE LAW OF THE STATE OF NEW YORK, WITHOUT GIVING EFFECT TO ITS CONFLICT OF LAW
PROVISIONS (OTHER THAN SECTIONS 5-1401 AND 5-1402 OF THE NEW YORK GENERAL OBLIGATIONS LAW).

Ex-A-4

 

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

	 	 	 	 	 	 	 
	 	 	AMERICREDIT AUTOMOBILE RECEIVABLES

TRUST 2005-B-M	 	 
	 
	 	 	 	 	 	 
	

	 	By:
	 	WILMINGTON TRUST COMPANY, not in

its individual capacity but solely as Owner

Trustee on behalf of the Trust.	 	 
	 
	 	 	 	 	 	 
	

	 	By:	 	 	 	 
	

	 	 	 	 	 	 
	

	 	 	 	Name:
	 	 
	

	 	 	 	Title:	 	 
	 
	 	 	 	 	 	 
	 	 	AFS SENSUB CORP., Seller,	 	 
	 
	 	 	 	 	 	 
	

	 	By:	 	 	 	 
	

	 	 	 	 	 	 
	

	 	 	 	Name:	 	 
	

	 	 	 	Title:	 	 
	 
	 	 	 	 	 	 
	 	 	AMERICREDIT FINANCIAL SERVICES, INC.,
Servicer,	 	 
	 
	 	 	 	 	 	 
	

	 	By:	 	 	 	 
	

	 	 	 	 	 	 
	

	 	 	 	Name:	 	 
	

	 	 	 	Title:	 	 

Acknowledged and accepted by

WELLS FARGO BANK,

NATIONAL ASSOCIATION,

not in its individual capacity but solely

as Trust Collateral Agent

	 	 	 	 	 
	By:
	 	 	 	 
	

	 	 	 	 
	

	 	Name:
	 	 
	

	 	Title:	 	 

 

 

Acknowledged and accepted by

WELLS FARGO BANK,

NATIONAL ASSOCIATION,

not in its individual capacity but solely

as Backup Servicer

	 	 	 	 	 
	By:
	 	 	 	 
	

	 	 	 	 
	

	 	Name:
	 	 
	

	 	Title:	 	 

 

 

SCHEDULE A

SCHEDULE OF RECEIVABLES

 

 

EXHIBIT B

SERVICER’S CERTIFICATE

 

 

EXHIBIT C

PRELIMINARY SERVICER’S CERTIFICATE

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