Document:

exv4w3

 

Exhibit 4.3

EXECUTION COPY

 

SALE AND SERVICING

AGREEMENT

among

AMERICREDIT AUTOMOBILE RECEIVABLES TRUST 2006-B-G,

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 September 18, 2006

 

 

 

TABLE OF CONTENTS

	 	 	 	 	 
	 	 	Page	 
	ARTICLE I Definitions
	 	 	1	 
	SECTION 1.1. Definitions
	 	 	1	 
	SECTION 1.2. Other Definitional Provisions
	 	 	24	 
	 
	 	 	 	 
	ARTICLE II Conveyance of Receivables
	 	 	25	 
	SECTION 2.1. Conveyance of Initial Receivables
	 	 	25	 
	SECTION 2.2. Conveyance of Subsequent Receivables
	 	 	25	 
	SECTION 2.3. Further Encumbrance of Trust Property
	 	 	29	 
	SECTION 2.4. Intention of the Parties
	 	 	29	 
	 
	 	 	 	 
	ARTICLE III The Receivables
	 	 	31	 
	SECTION 3.1. Representations and Warranties of Seller
	 	 	31	 
	SECTION 3.2. Repurchase upon Breach
	 	 	31	 
	SECTION 3.3. Custody of Receivable Files
	 	 	32	 
	 
	 	 	 	 
	ARTICLE IV Administration and Servicing of Receivables
	 	 	33	 
	SECTION 4.1. Duties of the Servicer
	 	 	33	 
	SECTION 4.2. Collection of Receivable Payments; Modifications of Receivables; Lockbox
Agreements
	 	 	34	 
	SECTION 4.3. Realization upon Receivables
	 	 	37	 
	SECTION 4.4. Insurance
	 	 	39	 
	SECTION 4.5. Maintenance of Security Interests in Vehicles
	 	 	40	 
	SECTION 4.6. Covenants, Representations, and Warranties of Servicer
	 	 	41	 
	SECTION 4.7. Purchase of Receivables Upon Breach of Covenant
	 	 	42	 
	SECTION 4.8. Total Servicing Fee; Payment of Certain Expenses by Servicer
	 	 	43	 
	SECTION 4.9. Preliminary Servicer’s Certificate and Servicer’s Certificate
	 	 	43	 
	SECTION 4.10. Annual Statement as to Compliance, Notice of Servicer Termination Event
	 	 	44	 
	SECTION 4.11. Annual Independent Accountants’ Report
	 	 	45	 
	SECTION 4.12. Access to Certain Documentation and Information Regarding Receivables
	 	 	46	 
	SECTION 4.13. Monthly Tape
	 	 	46	 
	 
	 	 	 	 
	ARTICLE V Trust Accounts; Distributions; Statements to Noteholders
	 	 	47	 
	SECTION 5.1. Establishment of Trust Accounts
	 	 	47	 
	SECTION 5.2. Capitalized Interest Account
	 	 	50	 
	SECTION 5.3. Certain Reimbursements to the Servicer
	 	 	50	 
	SECTION 5.4. Application of Collections
	 	 	51	 
	SECTION 5.5. Withdrawals from Spread Account
	 	 	51	 
	SECTION 5.6. Additional Deposits
	 	 	51	 
	SECTION 5.7. Distributions
	 	 	52	 
	SECTION 5.8. Note Distribution Account
	 	 	54	 
	SECTION 5.9. Pre-Funding Account
	 	 	55	 
	SECTION 5.10. Statements to Noteholders
	 	 	56	 

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	 	 	Page	 
	SECTION 5.11. Optional Deposits by the Insurer
	 	 	57	 
	SECTION 5.12. [Reserved]
	 	 	57	 
	 
	 	 	 	 
	ARTICLE VI The Note Policy
	 	 	57	 
	SECTION 6.1. Claims Under Note Policy
	 	 	57	 
	SECTION 6.2. Preference Claims Under Note Policy
	 	 	59	 
	SECTION 6.3. Surrender of Note Policy
	 	 	59	 
	 
	 	 	 	 
	ARTICLE VII The Seller
	 	 	60	 
	SECTION 7.1. Representations of Seller
	 	 	60	 
	SECTION 7.2. Corporate Existence
	 	 	61	 
	SECTION 7.3. Liability of Seller; Indemnities
	 	 	62	 
	SECTION 7.4. Merger or Consolidation of, or Assumption of the Obligations of, Seller
	 	 	63	 
	SECTION 7.5. Limitation on Liability of Seller and Others
	 	 	64	 
	SECTION 7.6. Ownership of the Certificates or Notes
	 	 	64	 
	 
	 	 	 	 
	ARTICLE VIII The Servicer
	 	 	64	 
	SECTION 8.1. Representations of Servicer
	 	 	64	 
	SECTION 8.2. Liability of Servicer; Indemnities
	 	 	65	 
	SECTION 8.3. Merger or Consolidation of, or Assumption of the Obligations of the
Servicer or Backup Servicer
	 	 	67	 
	SECTION 8.4. Limitation on Liability of Servicer, Backup Servicer and Others
	 	 	68	 
	SECTION 8.5. Delegation of Duties
	 	 	70	 
	SECTION 8.6. Servicer and Backup Servicer Not to Resign
	 	 	70	 
	 
	 	 	 	 
	ARTICLE IX Default
	 	 	71	 
	SECTION 9.1. Servicer Termination Event
	 	 	71	 
	SECTION 9.2. Consequences of a Servicer Termination Event
	 	 	72	 
	SECTION 9.3. Appointment of Successor
	 	 	73	 
	SECTION 9.4. Notification to Noteholders
	 	 	74	 
	SECTION 9.5. Waiver of Past Defaults
	 	 	74	 
	 
	 	 	 	 
	ARTICLE X Termination
	 	 	75	 
	SECTION 10.1. Optional Purchase of All Receivables
	 	 	75	 
	 
	 	 	 	 
	ARTICLE XI Administrative Duties of the Servicer
	 	 	75	 
	SECTION 11.1. Administrative Duties
	 	 	75	 
	SECTION 11.2. Records
	 	 	78	 
	SECTION 11.3. Additional Information to be Furnished to the Issuer
	 	 	78	 
	 
	 	 	 	 
	ARTICLE XII Miscellaneous Provisions
	 	 	78	 
	SECTION 12.1. Amendment
	 	 	78	 
	SECTION 12.2. Protection of Title to Trust
	 	 	79	 
	SECTION 12.3. Notices
	 	 	81	 
	SECTION 12.4. Assignment
	 	 	82	 
	SECTION 12.5. Limitations on Rights of Others
	 	 	82	 

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	 	 	Page	 
	SECTION 12.6. Severability
	 	 	82	 
	SECTION 12.7. Separate Counterparts
	 	 	82	 
	SECTION 12.8. Headings
	 	 	82	 
	SECTION 12.9. Governing Law
	 	 	82	 
	SECTION 12.10. Assignment to Trustee
	 	 	83	 
	SECTION 12.11. Nonpetition Covenants
	 	 	83	 
	SECTION 12.12. Limitation of Liability of Owner Trustee and Trustee
	 	 	83	 
	SECTION 12.13. Independence of the Servicer
	 	 	84	 
	SECTION 12.14. No Joint Venture
	 	 	84	 
	SECTION 12.15. State Business Licenses
	 	 	84	 
	 
	 	 	 	 
	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 September 18, 2006, among AMERICREDIT AUTOMOBILE
RECEIVABLES TRUST 2006-B-G, 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)(vi).

     “Accelerated Payment Amount Shortfall Deposit” means, with respect to any Distribution
Date, any amount withdrawn from the Spread Account as an Accelerated Payment Amount Shortfall and
deposited to the Collection Account pursuant to Sections 5.5(b) and 5.6.

 

 

          “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 (vi) 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 Deficiency 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.

2

 

     “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 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(a) hereof and (vi) the proceeds of any purchase or sale of the assets of
the Trust described in Section 10.1 hereof.

     “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 Underwriting Agreement, the Lockbox Agreement, the
Insurance Agreement, the Indemnification Agreement, the Custodian Agreement and other documents and
certificates delivered in connection therewith.

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

3

 

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

     “Capitalized Interest Account Initial Deposit” means $6,897,532.25 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 September 26, 2006.

     “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 September 18, 2006 and ending on the close of business on
September 30, 2006. 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.

4

 

     “Commission” means the United States Securities and Exchange Commission.

     “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 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
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, the Insurer 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).

5

 

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

          “Dealer Agreement” means any agreement between a Dealer and AmeriCredit relating to
the acquisition of Receivables from a Dealer by AmeriCredit.

          “Dealer Assignment” means, with respect to a Receivable, the executed assignment
executed by a Dealer conveying such Receivable to AmeriCredit.

          “Deficiency Amount” means, with respect to any Distribution Date, an amount, if any,
equal to the sum of:

          (1) the amount by which (A) the Noteholders’ Interest Distributable Amount (not including any
Noteholders’ Interest Carryover Amount that the Insurer has made Insured Payments in respect of on
a prior Distribution Date) exceeds (B) the sum of (i) the amount of Available Funds available to
make such payments with respect to such Distribution Date, (ii) the amount on deposit in the Spread
Account as of such Distribution Date and (iii) the amount of any Insurer Optional Deposit; and

          (2) the Noteholders’ Remaining Parity Deficit Amount, if any, and (ii) without duplication of
any amounts payable in the preceding clause (i), if such Distribution Date is a Final Scheduled
Distribution Date with respect to any Class of Notes, the amount by which (A) the outstanding
principal balance of such Class of Notes exceeds (B) the sum of (i) the amount of Available Funds
available to make such payments with respect to such Distribution Date, (ii) the amount on deposit
in the Spread Account as of such Distribution Date and (iii) the amount of any Insurer Optional
Deposit.

          “Deficiency Claim Amount” means, with respect to any Determination Date, to be
requested from the Spread Account, 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), (ii), (iii) and (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.

          “Deficiency Claim Amount Deposit” means, with respect to any Distribution Date, any
amount withdrawn from the Spread Account as a Deficiency Claim Amount and deposited to the
Collection Account pursuant to Sections 5.5(a) and 5.6.

          “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

6

 

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 “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.

7

 

          “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
Determination Date, October 4, 2006.

          “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 October 6, 2006. 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.

          “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;

8

 

     (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.

          “FDIC” means the Federal Deposit Insurance Corporation.

          “Final Scheduled Distribution Date” means with respect to (i) the Class A-1 Notes, the
October 9, 2007 Distribution Date, (ii) the Class A-2 Notes, the April 6, 2010 Distribution Date,
(iii) the Class A-3 Notes, the October 6, 2011 Distribution Date, and (iv) the Class A-4 Notes, the
September 6, 2013 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) February 28, 2007.

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          “Indenture” means the Indenture dated as of September 18, 2006, 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.

          “Independent Accountants” shall have the meaning set forth in Section 4.11(a)

          “Initial Cutoff Date” means September 18, 2006.

          “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 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 September 18, 2006,
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 “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.

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          “Insurer” means Financial Guaranty Insurance Company, a New York stock insurance
corporation, or any successor thereto, as issuer of the Note 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 a Deficiency Amount, 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 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 10
days for all Classes of Notes.

          “Interest Rate” means, with respect to (i) the Class A-1 Notes, 5.3484% 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, 5.37% per annum (computed on the basis of a 360-day
year consisting of twelve 30-day months), (iii) the Class A-3 Notes, 5.21% per annum (computed on
the basis of a 360-day year consisting of twelve 30-day months) and (iv) the Class A-4 Notes, 5.21%
per annum (computed on the basis of a 360-day year consisting of twelve 30-day months).

          “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.

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          “Issuer” means AmeriCredit Automobile Receivables Trust 2006-B-G.

          “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 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 for
which, as of the last day of the Collection Period (i) 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 Payment have become 210 or more days delinquent in the case of a
repossessed Financed Vehicle, (ii) the Servicer has determined in good faith that all amounts it
expects to recover have been received, (iii) 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), 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
September 18, 2006, by and among AmeriCredit, JPMorgan Chase Bank, N.A. 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.

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          “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 March 2007.

          “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 for 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 October 2006, November 2006, December 2006, January 2007, February 2007 and March
2007, an amount equal to the difference between (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 from and including the previous Distribution
Date to, but excluding the final Subsequent Transfer Date and the denominator of which is 360, (y)
the sum of the Premium Rate and the weighted average of each Interest Rate and (z) the Pre-Funded
Amount as of the prior Distribution Date, or in the case of the October 2006 Distribution Date as
of the Closing Date and (ii) 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.

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          “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
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’ Distributable Amount” means, with respect to any Distribution Date, the
sum of the Noteholders’ Principal Distributable Amount and the Noteholders’ Interest Distributable
Amount.

          “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 of Notes 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 shall be computed
on the basis of a 360-day year and the actual number of days

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elapsed in the applicable Interest Period. Interest on the Class A-2 Notes, Class A-3 Notes
and Class A-4 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 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) calculated (x) for the Class A-1 Notes on the basis of a 360-day year and the actual
number of days elapsed in the applicable Interest Period and (y) for the Class A-2 Notes, Class A-3
Notes and Class A-4 Notes on the basis of a 360-day year consisting of twelve 30-day months
(without adjustment for the actual number of business days elapsed in the applicable Interest
Period).

          “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 Spread Account 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 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 for such
Distribution Date; 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 and any outstanding Noteholders’
Principal Carryover 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).

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          “Noteholders’ Remaining Parity Deficit Amount” means, with respect to any Distribution
Date, the Noteholders’ Parity Deficit Amount for such Distribution Date minus any reduction in the
aggregate principal balance of the Notes made on such Distribution Date with funds withdrawn from
the Spread Account.

          “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.

          “Originating Affiliate” means an Affiliate of AmeriCredit that has originated
Receivables and assigned its full interest therein to AmeriCredit.

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

          “Overfunded Capitalized Interest Amount” means:

          With respect to the October 2006 Distribution Date, the excess of (a) 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) over (b) the product of (i) 1/360, (ii) the Premium Rate and the difference between
the weighted average of each Interest Rate and the lesser of (x) 1.75% and (y) the weighted
average interest rate on Eligible Investments, (iii) 150 and (iv) the amount on deposit in
the Pre-Funding Account (excluding Pre-Funding Earnings) at the close of business on
September 30, 2006.

          With respect to the November 2006 Distribution Date, the excess of (a) 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) over (b) the product of (i) 1/360, (ii) the Premium Rate and the difference between
the weighted average of each Interest Rate and the lesser of (x) 1.75% and (y) the weighted
average interest rate on Eligible Investments, (iii) 120 and (iv) the amount on deposit in
the Pre-Funding Account (excluding Pre-Funding Earnings) at the close of business on October
31, 2006.

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          With respect to the December 2006 Distribution Date, the excess of (a) 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) over (b) the product of (i) 1/360, (ii) Premium Rate and the difference between the
weighted average of each Interest Rate and the lesser of (x) 1.75% and (y) the weighted
average interest rate on Eligible Investments, (iii) 90 and (iv) the amount on deposit in
the Pre-Funding Account (excluding Pre-Funding Earnings) at the close of business on
November 30, 2006.

          With respect to the January 2007 Distribution Date, the excess of (a) 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) over (b) the product of (i) 1/360, (ii) the Premium Rate and the difference between
the weighted average of each Interest Rate and the lesser of (x) 1.75% and (y) the weighted
average interest rate on Eligible Investments, (iii) 60 and (iv) the amount on deposit in
the Pre-Funding Account (excluding Pre-Funding Earnings) at the close of business on
December 31, 2006.

          With respect to the February 2007 Distribution Date, the excess of (a) 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) over (b) the product of (i) 1/360, (ii) the Premium Rate and the difference between
the weighted average of each Interest Rate and the lesser of (x) 1.75% and (y) the weighted
average interest rate on Eligible Investments, (iii) 30 and (iv) the amount on deposit in
the Pre-Funding Account (excluding Pre-Funding Earnings) at the close of business on January
31, 2006.

          With respect to the March 2007 Distribution Date, 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.

          “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.

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          “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
$436,874,587.56.

          “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.

          “Premium Letter” means the Premium Letter dated as of September 18, 2006 among the
Insurer, the Servicer, the Issuer and the Trustee.

          “Premium Rate” has the meaning assigned thereto in the Premium Letter.

          “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 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.

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          “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 (iv) of Section 5.7(b) hereof minus the Pre-Funded
Amount.

          “Prospectus Supplement” means the prospectus supplement, dated September 14, 2006,
relating to the offering of the Notes, as filed with the Commission.

          “Purchase Agreement” means the Purchase Agreement between the Seller and AmeriCredit,
dated as of September 18, 2006, pursuant to which the Seller acquires the 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.

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

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          “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.

          “Regulation AB” means Subpart 229.1100—Asset Backed Securities (Regulation AB), 17
C.F.R. §§229.1100-229.1123, as such may be amended from time to time and subject to such
clarification and interpretation as have been provided by the Commission in the adopting release
(Asset-Backed Securities, Securities Act Release No. 33-8518.70 Fed. Reg. 1,506,1,531 (January 7,
2005)) or by the staff of the Commission, or as may be provided by the Commission or its staff from
time to time.

          “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 “OC Level”
(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 88%) and (y)
the Pool Balance as of the end of the prior calendar month .

          “Responsible Officer” means, with respect to any Person, any Executive Vice
President, Senior Vice President, Assistant Vice President, Treasurer, Assistant Treasurer,
Secretary, Assistant Secretary, or any other officer of such Person customarily performing
functions similar to those performed by any of the above designated officers 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.

          “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.

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          “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.

          “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” shall mean the Spread Account Agreement dated as of
September 18, 2006, 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 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 $16,500,008.92).

          “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

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

          “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.

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          “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 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.

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

          “Trust Agreement” means the Trust Agreement dated as of September 6, 2006, between the
Seller and the Owner Trustee, as amended and restated as of September 18, 2006, 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 Sections 2.1 and
2.2, together with certain monies paid on or after the Initial Cutoff Date in the case of the
Initial Receivables and related Subsequent Cutoff Date, in the case of the Subsequent Receivables,
the Note Policy, the Collection Account (including all Eligible Investments therein and all
proceeds therefrom), the Spread Account, the Lockbox Account, the Pre-Funding

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Account, the Capitalized Interest Account, the Note Distribution Account (including all
Eligible Investments therein and all proceeds therefrom), 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 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.

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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 and disability insurance policies covering Financed
Vehicles or Obligors and any proceeds from the liquidation of the Initial Receivables;

          (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).

          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

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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 hereinafter acquired:

          (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;

          (iii)   any proceeds and the right to receive proceeds with respect to such Subsequent
Receivables from claims on any physical damage, credit life and 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;

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          (ii)   the Seller shall have delivered to the Owner Trustee and the Trust Collateral
Agent a duly executed Subsequent Transfer Agreement and Subsequent Purchase 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) neither AmeriCredit nor the Seller
shall be insolvent and shall not become insolvent as a result of the transfer of Subsequent
Receivables on such Subsequent Transfer Date, (B) neither AmeriCredit nor the Seller shall
intend to incur or believe that it shall incur debts that would be beyond its ability to pay
as such debts mature, (C) such transfer shall not have been made with actual intent to
hinder, delay or defraud any Person and (D) the assets of AmeriCredit or the Seller, as the
case may be, shall not constitute unreasonably small capital to carry out its business as
conducted;

          (v)   the Funding Period shall not have terminated;

          (vi)   the Receivables transferred to the Trust pursuant hereto shall meet the
following criteria, as such information is provided to the Trust Collateral Agent by the
Servicer: (A) the remaining term of each such Receivable shall not be more than 72 months;
(B) the original term of each such Receivable shall not be more than 72 months; (C) each
such Receivable shall have a remaining Principal Balance of at least $250 and not more than
$80,000; (D) each such Receivable shall have an Annual Percentage Rate of at least 1% and
not more than 33%; (E) no such Receivable shall be more than 30 days past due; (F) no funds
shall have been advanced by AmeriCredit, any Originating Affiliate, any Dealer, any
Third-Party Lender, or anyone acting on behalf of any of them in order to cause any such
Receivable to qualify under clause (E), above; (G) the related Obligor of each such
Receivable shall have had a billing address in the United States as of the date of
origination of the related Receivable, shall be a natural person and shall not be an
Affiliate of any party to this Agreement; (H) each such Receivable shall be denominated in,
and the related Contract shall provide for payment in, United States dollars; (I) each such
Receivable shall be identified on the Servicer’s master servicing records as an automobile
installment sales contract or installment note; (J) each such Receivable shall arise 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; and (K) each such Receivable shall arise 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 shall have occurred. In addition, after giving effect to any transfer of Subsequent
Receivables on a Subsequent Transfer Date, all Receivables transferred to the Trust pursuant
hereto on or prior to that Subsequent Transfer Date 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

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information is
provided to the Trust Collateral Agent by the Servicer: (V) not more than 70% of such
Receivables (calculated by Aggregate Principal Balance) shall have an original term to
maturity of 72 months; (W) the weighted average APR of such Receivables shall not be less
than 16.75% 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; (X) not more than 35% of the Aggregate
Principal Balance shall have Obligors whose mailing addresses are in Texas and California;
(Y) not more than 2% of all Receivables which have been transferred to the Issuer including
the Initial Receivables as of the Initial Cutoff Date and all Subsequent Receivables
transferred to the Issuer as of such Subsequent Cutoff Date shall be “electronic chattel
paper” (as such term is defined in the UCC); and (Z) 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 Transfer Date, and the
Seller shall have performed all obligations to be performed by it hereunder on or prior to
such Subsequent Transfer Date and each of the conditions under the Subsequent Purchase
Agreement shall have been satisfied or waived as provided therein;

          (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)   for federal income tax purposes, the addition of any such Subsequent Receivables
shall not cause the Notes to fail to qualify as indebtedness or cause the Issuer to be
characterized as an association (or publicly traded partnership) taxable as a corporation;

          (xii)   the Seller shall have delivered to the Trust Collateral Agent and the Insurer
the Opinion of Counsel required by Section 12.2(h)(1);

          (xiii)   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

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fees
and expenses incurred by the Insurer in connection with the granting of such approval;

          (xiv)   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

          (xv)   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.

          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 and 2.2, 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 (other than the Spread Account) to
the Trust Collateral Agent and pursuant to the Spread Account Agreement, the Trust shall grant a
security interest in the Spread Account to the Collateral Agent, in each case 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.

          SECTION 2.4.   Intention of the Parties.

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          It is the intention of the Seller that the transfers and assignments contemplated by this
Agreement shall constitute a sale of Receivables and Other Conveyed Property pursuant to Section
2.1 and Section 2.2 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 following
property 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 (collectively, the “Sale and Servicing Agreement Collateral”):

          (i)   the Initial Receivables and all moneys received thereon after the Initial Cutoff
Date and the Subsequent Receivables and all moneys received thereon after the related
Subsequent Cutoff Date;

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

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

          (iv)   any proceeds from any 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 Receivables Files;

          (vii)   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 and each Subsequent Purchase
Agreement, including the Seller’s rights under the Purchase Agreement and each Subsequent
Purchase Agreement, and the delivery requirements, representations and warranties and the
cure and repurchase obligations of AmeriCredit under the Purchase Agreement and each
Subsequent Purchase Agreement.

          (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).

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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 the 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)   . (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 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.

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          (b)   Pursuant to Sections 2.1 and 2.2 of this Agreement, the Seller conveyed (or will convey)
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 and each Subsequent Purchase Agreement
including the Seller’s rights under the Purchase Agreement and each Subsequent 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 or will be valid, enforceable and effective to permit the Trust to enforce such
obligations of AmeriCredit under the Purchase Agreement and each Subsequent 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 September 18, 2006, 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 or control (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:

          (i)   The fully executed original (or with respect to “electronic chattel paper”, the
authoritative copy) of the Contract; and

          (ii)   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 an
Originating Affiliate or 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 an
Originating Affiliate 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

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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 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.

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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 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

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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 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.

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          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 at any time, an Obligor’s bank account
cannot be accessed 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, 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

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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 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

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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 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 sum of the number of
Initial Receivables and Subsequent Receivables 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

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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.

          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 (or an Originating Affiliate or a Titled
Third-Party Lender) 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

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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 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, an Originating Affiliate or a Titled Third-Party Lender,
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

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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 an Originating Affiliate 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
and is continuing, 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
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

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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, the Insurer 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

          (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

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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 1.0% of the Aggregate
Principal Balance as of the 180th day after the 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 1.0% 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, 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

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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 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 Trust Collateral
Agent to send the statements to Noteholders and the Insurer required by Section 5.10, and (iv) 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, Cumulative 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)   To the extent required by Section 1123 of Regulation AB, 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 March 31 of each year (regardless of whether the Seller has ceased
filing reports under the Exchange Act), beginning on March 31, 2007, an officer’s certificate
signed by any Responsible Officer of the Servicer, dated as of December 31 of the previous calendar
year, stating that (i) a review of the activities of the Servicer during the preceding calendar
year (or such other period as shall have elapsed from the Closing Date to the date of the first
such certificate) and of its performance under this Agreement has been made under such officer’s
supervision, and (ii) to such officer’s knowledge, based on such review, the Servicer has fulfilled
in all material respects all its obligations under this Agreement throughout such period, or, if
there has been a failure to fulfill any such obligation in any material respect, identifying each
such failure known to such officer and the nature and status of such failure.

          (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

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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.

          (c)   The Servicer will deliver to the Issuer and the Insurer, on or before March 31 of each
year, beginning on March 31, 2007, a report regarding the Servicer’s assessment of compliance with
certain minimum servicing criteria during the immediately preceding calendar year, as required
under Rules 13a-18 and 15d-18 of the Exchange Act and Item 1122 of Regulation AB.

          (d)   The Servicer will cause any affiliated servicer or any other party deemed to be
participating in the servicing function pursuant to Item 1122 of Regulation AB to provide to the
Issuer and the Insurer, on or before March 31 of each year, beginning on March 31, 2007, a report
regarding such party’s assessment of compliance with certain minimum servicing criteria during the
immediately preceding calendar year, as required under Rules 13a-18 and 15d-18 of the Exchange Act
and Item 1122 of Regulation AB.

          (e)   Wells Fargo Bank, National Association acknowledges, in its capacity as Backup Servicer
and Trust Collateral Agent under this Agreement and in its capacity as Trustee under the Basic
Documents, that to the extent it is deemed to be participating in the servicing function pursuant
to Item 1122 of Regulation AB, it will take any action reasonably requested by the Servicer to
ensure compliance with the requirements of Sections 4.10(d) and 4.11(b) hereof and with Item 1122
of Regulation AB. Such required documentation will be delivered to the Servicer by March 15 of
each calendar year.

          SECTION 4.11.   Annual Independent Accountants’ Report.

          (a)   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 its Affiliates, to deliver to the Trustee, the Owner Trustee, the Trust Collateral
Agent, the Collateral Agent, the Insurer, the Backup Servicer, on or before March 31 (or 90 days
after the end of the Issuer’s fiscal year, if other than December 31) of each year, beginning in
March 31, 2007, a report, dated as of December 31 of the preceding calendar year, addressed to the
board of directors of the Servicer, providing its attestation report on the servicing assessment
delivered pursuant to Section 4.10(c), including disclosure of any material instance of
non-compliance, as required by Rule 13a-18 and 15d-18 of the Exchange Act and Item 1122(b) of
Regulation AB. Such attestation will be in accordance with Rules 1-02(a)(3) and 2-02(g) of
Regulation S-X under the Securities Act and the Exchange Act.

          (b)   Each party required to deliver an assessment of compliance described in section 4.10(d)
shall cause Independent Accountants, who may also render other services to such party or its
Affiliates, to deliver to the Trustee, the Owner Trustee, the Trust Collateral Agent, the
Collateral Agent, the Insurer, the Backup Servicer and the Servicer, on or before March 31

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(or 90
days after the end of the Issuer’s fiscal year, if other than December 31) of each year, beginning
in March 31, 2007, a report, dated as of December 31 of the preceding calendar year, addressed to
the board of directors of such party, providing its attestation report on the servicing assessment
delivered pursuant to Section 4.10(d), including disclosure of any material instance of
non-compliance, as required by Rule 13a-18 and 15d-18 of the Exchange Act and Item 1122(b) of
Regulation AB. Such attestation will be in accordance with Rules 1-02(a)(3) and 2-02(g) of
Regulation S-X under the Securities Act and the Exchange Act.

          (c)   The Servicer shall cause a firm of Independent Accountants, who may also render other
services to the Servicer or to the Seller, (1) to 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, 2007, 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; and (2) upon request of the Trustee, the Owner Trustee, the Trust
Collateral Agent, the Backup Servicer or the Insurer, 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.

          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 confirm that such tape, diskette or other electronic
transmission is in readable form and confirm the Pool Balance. In addition, upon the

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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.

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 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

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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 or the Insurer, the
Servicer shall deliver to the Trust Collateral Agent and the Insurer an Opinion of Counsel,
acceptable to the Trust Collateral Agent and the Insurer, 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 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 is 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

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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;

     (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;

     (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; and

     (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

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for the purpose of
permitting the Servicer and the Trust Collateral Agent to carry out its respective duties
hereunder.

          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.

          (b)      (i) On the Distribution Dates occurring in October 2006, November 2006, December 2006,
January 2007, February 2007 and March 2007, 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 Dates occurring in October 2006, November 2006, December 2006,
January 2007 and February 2007, the Servicer shall instruct the Trust Collateral Agent in writing
to withdraw from the Capitalized Interest Account and pay the Seller on such Distribution Date an
amount equal to the Overfunded Capitalized Interest Amount for such Distribution Date. 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)(i) 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

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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).

          SECTION 5.5.   Withdrawals from Spread Account.

          (a)   In the event that the Preliminary Servicer’s Certificate with respect to any
Determination Date shall state that there is a Deficiency Claim Amount with respect to the related
Distribution Date, then 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, no
later than 2:00 p.m. Eastern time on the Business Day preceding such Distribution Date, a written
notice (a “Deficiency Notice”) specifying the Deficiency Claim Amount for such Distribution
Date. Such Deficiency Notice shall direct the Collateral Agent to remit such Deficiency 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.

          (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 no later than 2:00 p.m. Eastern time on the Business
Day preceding such 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, an Accelerated Payment Shortfall Notice. Such Accelerated Payment Shortfall Notice
shall direct the Collateral Agent to remit such Accelerated Payment Amount Shortfall (to the extent
of funds available to be distributed in the Spread Account) to the Trust Collateral Agent for
deposit in the Collection Account on the related 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 for application on the related
Distribution Date pursuant to Section 5.7.

          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

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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.

          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 and any Deficiency Claim Amount Deposits, to the
Servicer, (1) the Base Servicing Fee for the related Collection Period, (2) any Supplemental
Servicing Fees for the related Collection Period and (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;

          (ii)   from the Available Funds and any Deficiency Claim Amount Deposits, to each of
the Lockbox Banks, the Trustee, the Backup Servicer and the Owner Trustee, their respective
accrued and unpaid fees, expenses and indemnities and any accrued and unpaid fees, expenses
and indemnities of the Trust Collateral Agent (in each case, to the extent such fees,
expenses or indemnities 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);

          (iii)   from the Available Funds and any Deficiency Claim Amount Deposits, to the Note
Distribution Account, the Noteholders’ Interest Distributable Amount;

          (iv)   from the Available Funds and any Deficiency Claim Amount Deposits (other than
amounts relating to Deficiency Claim Amounts described in clause (i) of the definition
thereof), to the Note Distribution Account, the Noteholders’ Principal Distributable Amount
plus, on the Mandatory Redemption Date, the Note Prepayment Amount;

          (v)   from the Available Funds and any Deficiency Claim Amount Deposits to the Insurer,
the insurance premium and any amounts owing to the Insurer under the Insurance Agreement and
not paid;

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

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

          (viii)   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(v), 5.1(vi) or 5.1(vii) 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, if any, plus the Deficiency Amount, if any, in each case then on
deposit in the Collection Account, and in accordance with the priorities set forth in Section
5.7(b) and the Trust Collateral Agent shall deposit in the Note Distribution Account any excess of
the Insured Payments (as defined in the Note Policy) due on such Distribution Date over the amount
of all Available Funds, Deficiency Claim Amount Deposits and Accelerated Payment Amount Shortfall
Deposits previously deposited in the Note Distribution Account with respect to the related
Distribution Date, which amount shall be applied solely to the payment of amounts then due and
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.

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          (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.

          (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.

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          (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 $436,874,587.56 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 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.

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          (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 and the amount, if any, expected to be paid under 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, if any, and the change in those amounts from the preceding statement;

          (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;

          (x)   for Distribution Dates during the Funding Period, the remaining Pre-Funded Amount
and the amount remaining in the Capitalized Interest Account, if any;

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          (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) 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 and the
Insurer 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 and the Insurer 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.   [Reserved]

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 (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

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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” 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 p.m., New York time, on the later of (i) the second Business
Day following receipt on a Business Day of the Notice, 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 Collection Account for distribution to
Noteholders. Any and all Deficiency Amounts disbursed by the Trustee or 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
Noteholders’ Interest Distributable Amount or Noteholders’ Remaining Parity Deficit Amount and any
unpaid principal balance of the Notes on the Final Scheduled Distribution Date. 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 Collection 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.

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          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 Insured Payment (as defined in the Note Policy) 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. 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 Final Order (as defined in the Note Policy) 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 the expiration of such policy in accordance with the terms
thereof.

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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 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)   Schedule of Representations. The representations and warranties set forth on
the Schedule of Representations attached hereto as Schedule B 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 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.

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          (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 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.

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          (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);

          (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 or activities
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 or intangible 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 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.

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          (c)   The Seller shall indemnify, defend and hold harmless the Issuer, 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 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.

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          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
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

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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 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.

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          (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 or activities contemplated in this Agreement,
including, without limitation, any sales, gross receipts, general corporation, tangible or
intangible personal property, privilege or license taxes (but not including any 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;

          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 or activities contemplated in this Agreement, including, without limitation, any
sales, gross receipts, general corporation, tangible or intangible personal property, privilege or
license taxes (but not including any 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

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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, the 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 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

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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 has not been waived, (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 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

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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 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.

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          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 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

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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);

          (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

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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 Insurer, 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 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

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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 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 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 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

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compensation
as agreed to by the Insurer in writing, if no Insurer Default has occurred and is continuing, or if
an Insurer Default has occurred and is continuing, by a Note Majority, and the successor Servicer.
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.

          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 the Insurer 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.

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ARTICLE X

Termination

          SECTION 10.1.   Optional Purchase of All Receivables.

          (a)   Subject to Section 10.1(a) of the Indenture, 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,
premium if any, and interest then due and payable on the Notes. 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 (including Liquidated
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 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

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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 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 any necessary Schedule K-1s, as applicable, 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.

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          (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 or the Servicer.

          (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
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.

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          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 and the Trustee, adversely affect in any material respect the interests of any Noteholder;
provided further that if an Insurer Default has occurred and is continuing, such action shall not
materially adversely affect the interests of the Insurer; provided, however, that
with respect to tax matters, such action shall not be deemed to adversely affect in any
material respect the interests of any Noteholder if, for federal income tax purposes, the action
does not cause the issuing entity to be treated as an association or publicly traded partnership
taxable as a corporation, or the Notes that were characterized as debt at the time of issuance to
fail to qualify as debt.

          This Agreement may also be amended from time to time by the parties hereto, with the consent
of the Insurer (so long as no Insurer Default has occurred and is continuing), the consent of the
Trustee, and with the consent of the Holders of 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 if an Insurer Default has occurred and is continuing, such action shall not
materially adversely affect the interest of the Insurer.

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          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 (which shall also be delivered to the Insurer) 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, 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.

          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

79

 

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 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, the Backup
Servicer 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:

80

 

          (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 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; 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 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, 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
Financial Guaranty Insurance Company, 125 Park Avenue, New York 10017, Attention: Structure
Finance Surveillance (in each case in which notice or other communication to the Insurer refers to
a claim on the Note 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 Moody’s, to Moody’s Investors Service, Inc., ABS Monitoring
Department, 99 Church Street, New York, New York 10007; (g) 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 (h) 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

81

 

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 8.4 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, 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. 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) upon delivery of a written notice to the 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

82

 

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 and the Insurer 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) 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, 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

83

 

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.   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.]

84

 

          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 2006-B-G	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	WILMINGTON TRUST COMPANY, not in its individual
capacity but solely as Owner Trustee on behalf
of the Trust	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ J. Christopher Murphy	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Name: J. Christopher Murphy	 	 
	 

	 	 	 	Title: Financial Services Officer	 	 
	 
	 	 	 	 	 	 
	 	 	AFS SENSUB CORP., Seller,	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Susan B. Sheffield	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Name: Susan B. Sheffield	 	 
	 

	 	 	 	Title: Senior Vice-President, Structured Finance	 	 
	 
	 	 	 	 	 	 
	 	 	AMERICREDIT FINANCIAL SERVICES, INC., Servicer,	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Sheli D. Fitzgerald	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Name: Sheli D. Fitzgerald	 	 
	 

	 	 	 	Title: Vice-President, Structured Finance	 	 
	 
	 	 	 	 	 	 
	 

	 	 	 	[Sale and Servicing Agreement (1 of 2)]	 	 

 

 

	 	 	 	 	 	 	 
	 	 	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

	 	 	 	 	 
	By: 

Name:

	 	/s/ Marianna C. Stershic
 

Marianna C. Stershic
	 	 
	Title:

	 	Vice President	 	 

[Sale and Servicing Agreement (2 of 2)]

 

 

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 an Originating Affiliate and was validly assigned by such Originating
Affiliate to AmeriCredit, (iii) 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 (iv) 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 Originating Affiliate, such Dealer or such
Third-Party Lender for the retail sale of a Financed Vehicle in the ordinary course of
AmeriCredit’s, such Originating Affiliate’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 Originating Affiliate, each Dealer
and each Third-Party Lender had all necessary licenses and permits to originate Receivables in the
state where AmeriCredit, each such Originating Affiliate, 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. No Fraud or Misrepresentation. Each Receivable was originated (i) by AmeriCredit,
(ii) by an Originating Affiliate and was assigned by the Originating Affiliate to AmeriCredit,
(iii) by a Dealer and was sold by the Dealer to AmeriCredit or (iv) 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 Originating Affiliate, 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

Sch-B-1

 

the Financed Vehicle evidenced by each Receivable complied at the time it was originated or
made and now complies in all material respects with all applicable legal requirements.

     4. Origination. Each Receivable was originated in the United States.

     5. Binding Obligation. Each Receivable represents the genuine, legal, valid and
binding payment obligation of the Obligor thereon, enforceable by the holder thereof in accordance
with its terms, except (A) as enforceability may be limited by bankruptcy, insolvency,
reorganization or similar laws affecting the enforcement of creditors’ rights generally and by
equitable limitations on the availability of specific remedies, regardless of whether such
enforceability is considered in a proceeding in equity or at law and (B) as such Receivable may be
modified by the application after the 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. Each of AmeriCredit and the Seller has indicated in its files
that the Receivables have been sold to the Trust pursuant to the Sale and Servicing Agreement and
Granted to the Trust Collateral Agent pursuant to the Indenture. Further, AmeriCredit has indicated
in its computer files that the Receivables are owned by the Trust.

     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” or “electronic
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 (or with respect to
“electronic chattel paper”, one authoritative copy) of each Contract. With respect to Contracts

Sch-B-2

 

that are “electronic chattel paper”, each authoritative copy (a) is unique, identifiable and
unalterable (other than with the participation of the Trust Collateral Agent in the case of an
addition or amendment of an identified assignee and other than a revision that is readily
identifiable as an authorized or unauthorized revision), (b) has been marked with a legend to the
following effect: “Authoritative Copy” and (c) has been communicated to and is maintained by or on
behalf of the Custodian.

     14. Not an Authoritative Copy. With respect to Contracts that are “electronic chattel
paper”, the Seller has marked all copies of each such Contract other than an authoritative copy
with a legend to the following effect: “This is not an authoritative copy.”

     15. Revisions. With respect to Contracts that are “electronic chattel paper”, the
related Receivables have been established in a manner such that (a) all copies or revisions that
add or change an identified assignee of the authoritative copy of each such Contract must be made
with the participation of the Trust Collateral Agent and (b) all revisions of the authoritative
copy of each such Contract must be readily identifiable as an authorized or unauthorized revision.

     16. Pledge or Assignment. With respect to Contracts that are “electronic chattel
paper”, the authoritative copy of each Contract communicated to the Custodian has no marks or
notations indicating that it has been pledged, assigned or otherwise conveyed to any Person other
than the Trust Collateral Agent.

     17. Receivable Files Complete. There exists a Receivable File pertaining to each
Receivable and such Receivable File contains a fully executed original of the Contract and the
original Lien Certificate or a copy of the application therefor. Related documentation concerning
the Receivable, including any documentation regarding modifications of the Contract, will be
maintained electronically by the Servicer. 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.

     18. 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.

     19. Lawful Assignment. No Receivable was originated in, or is subject to the laws of,
any jurisdiction the laws of which would make unlawful, void or voidable the sale, transfer and
assignment of such Receivable under this Agreement or pursuant to transfers of the Notes.

     20. Good Title. Immediately prior to the conveyance of the Receivables to the Trust
pursuant to this Agreement or a 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

Sch-B-3

 

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.

     21. 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 an
Originating Affiliate 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 an Originating Affiliate 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 or the related Originating Affiliate has applied for or received written evidence from
the related Dealer or Third-Party Lender that such Lien Certificate showing AmeriCredit, an
Originating Affiliate, the Issuer or a Titled Third-Party Lender, as applicable, as first
lienholder has been applied for and the Originating Affiliate’s or Titled Third-Party Lender’s
security interest has been validly assigned by the Originating Affiliate or Titled Third-Party
Lender, as applicable, 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 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.

     22. 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.

     23. 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 Receivables or

Sch-B-4

 

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.

     24. 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.

     25. 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.

     26. 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.

     27. Insurance. At the time of an origination of a Receivable by AmeriCredit, an
Originating Affiliate, 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 (or an Originating Affiliate or a Titled
Third-Party Lender) 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, an Originating Affiliate or a Titled Third-Party Lender 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.

     28. Past Due. At the Initial Cutoff Date or the Subsequent Cutoff Date, as applicable,
no Receivable was more than 30 days past due.

     29. 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.

Sch-B-5

 

     30. Certain Characteristics of Receivables. 

     (A) Each Receivable had a remaining maturity, as of the Initial Cutoff Date or the
Subsequent Cutoff Date, as applicable, of not more than 72 months.

     (B) Each Receivable had an original maturity, as of the Initial Cutoff Date or the
Subsequent Cutoff Date, as applicable, of not more than 72 months.

     (C) Not more than 70% of the Initial Receivables (calculated by Aggregate Principal
Balance) had an original term to maturity of 72 months, and on each Subsequent Transfer
Date, not more than 70% of all Receivables (calculated by Aggregate Principal Balance) which
have been transferred to the Issuer including the Initial Receivables as of the Initial
Cutoff Date and all Subsequent Receivables transferred to the Issuer as of such Subsequent
Cutoff Date (calculated by Aggregate Principal Balance) had an original term to maturity of
72 months.

     (D) Each Receivable had a remaining Principal Balance as of the Initial Cutoff Date or
the Subsequent Cutoff Date, as applicable, of at least $250 and not more than $80,000.

     (E) Each Receivable had an Annual Percentage Rate as of the Initial Cutoff Date or the
Subsequent Cutoff Date, as applicable, of at least 1% and not more than 33%.

     (F) No Receivable was more than 30 days past due as of the Initial Cutoff Date or the
Subsequent Cutoff Date, as applicable.

     (G) No funds had been advanced by AmeriCredit, any Originating Affiliate, any Dealer,
any Third-Party Lender, or anyone acting on behalf of any of them in order to cause any
Receivable to qualify under clause (F) above.

     (H) Not more than 35% of the Obligors on the Initial Receivables as of the Initial
Cutoff Date resided in Texas and California (based on the Obligor’s mailing address as of
the Initial Cutoff Date) and on each Subsequent Transfer Date, not more than 35% of the
Obligors on all Receivables (calculated by Aggregate Principal Balance) which have been
transferred to the Issuer (including Subsequent Receivables transferred to the Issuer on
such Subsequent Cutoff Date) resided in Texas and California (based on the Obligor’s mailing
address as of the Initial Cutoff Date (with respect to the Initial Receivables) or as of the
Subsequent Cutoff Date for the related Receivable (with respect to the Subsequent
Receivables)).

     (I) Each Obligor had a billing address in the United States as of the date of
origination of the related Receivable, is a natural person and is not an Affiliate of any
party to this Agreement.

     (J) Each Receivable is denominated in, and each Contract provides for payment in,
United States dollars.

Sch-B-6

 

     (K) The weighted average Annual Percentage Rate of all Receivables which have been
transferred to the Issuer including the Initial Receivables as of the Initial Cutoff Date
and all Subsequent Receivables transferred to the Issuer as of such Subsequent Cutoff Date
is not less than 16.75%, 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.

     (L) Each Receivable is identified on the Servicer’s master servicing records as an
automobile installment sales contract or installment note.

     (M) Each Receivable arose 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 Receivable arose 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.

     (O) Not more than 2% of all Receivables (calculated by Aggregate Principal Balance)
which have been transferred to the Issuer including the Initial Receivables as of the
Initial Cutoff Date and all Subsequent Receivables transferred to the Issuer as of such
Subsequent Cutoff Date shall be “electronic chattel paper”, as such term is defined in the
UCC.

     31. 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.

     32. Lockbox Account. Each Obligor has been, or will be, directed to make all payments
on their related Receivable to the Lockbox Account.

     33. 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.

     34. 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.

     35. 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-7

 

     36. 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.

     37. 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.

     38. 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-8

 

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 September 18, 2006, among AMERICREDIT AUTOMOBILE RECEIVABLES TRUST 2006-B-G,
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 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 claims and the right to receive proceeds on any physical damage, credit life and 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
Purchase 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;

               (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) the proceeds of any and all of the foregoing.

          The execution and delivery of this Agreement shall constitute an acknowledgment by the Seller
and the Issuer that they intend that the assignment and transfer herein contemplated constitute a
sale and assignment outright, and not for security, of the Subsequent Receivables and the
Subsequent Other Conveyed Property, conveying good title thereto free and clear of any Liens, from
the Seller to the Issuer, and that the Subsequent Receivables and the Subsequent Other Conveyed
Property shall not be a part of the Seller’s estate in the event of the bankruptcy, reorganization,
arrangement, insolvency or liquidation proceeding, or other proceeding under any federal or state
bankruptcy or similar law, or the occurrence of another similar event, of, or with respect to the
Seller. In the event that such conveyance is determined to be made as security for a loan made by
the Issuer, the Noteholders or the Certificateholder to the Seller, the parties hereto intend that
the Seller shall have granted to the Issuer a security interest in all of the Seller’s right, title
and interest in and to the Subsequent Receivables and the Subsequent Other Conveyed Property
conveyed pursuant to this Section 3, and that this Agreement shall constitute a security agreement
under applicable law.

          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:

Ex-A-2

 

               (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 and the Seller has performed all obligations to
be performed by it under the Sale and Servicing Agreement.

               (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, is in good standing and has obtained all necessary licenses and approvals in all
jurisdictions where the failure to do so would materially and adversely affect 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.

               (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

Ex-A-3

 

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.

               (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 3.1 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.

Ex-A-4

 

          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-5

 

          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 2006-B-G	 	 
	 
	 	 	 	 	 	 
	 

	 	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:	 	 

Ex-A-6

 

Acknowledged and accepted by

WELLS FARGO BANK,

NATIONAL ASSOCIATION,

not in its individual capacity but solely

as Backup Servicer

	 	 	 	 	 
	By:
	 	 	 	 
	 

	 	 	 	 
	 

	 	Name:	 	 
	 

	 	Title:	 	 

Ex-A-7

 

SCHEDULE A

SCHEDULE OF RECEIVABLES

Ex-A-8

 

EXHIBIT B

SERVICER’S CERTIFICATE

AmeriCredit Automobile Receivables Trust 2006-B-G

Class A-1 5.3484% Asset Backed Notes

Class A-2 5.37% Asset Backed Notes

Class A-3 5.21% Asset Backed Notes

Class A-4 5.21% Asset Backed Notes

Servicer’s Certificate

This Servicer’s Certificate has been
prepared pursuant to Section 4.9 of the Sale and
Servicing Agreement among AmeriCredit Automobile Receivables Trust 2006-B-G, as Issuer, AmeriCredit
Financial Services, Inc., as Servicer, AFS SenSub Corp., as Depositor, and Wells Fargo Bank, N.A.,
as Trustee, Trust Collateral Agent, Collateral Agent and Backup Servicer, dated as of September 18,
2006. Defined terms have the meanings assigned to them in the Sale and Servicing Agreement or in
other Transaction Documents.

The undersigned hereby certifies
that no Trigger Event has occurred on the related Determination
Date.

Monthly Period Beginning:

Monthly Period Ending:

Prev. Distribution/Close Date:

Distribution Date:

Days of Interest for Period:

Days in Collection Period:

Months Seasoned:

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	I.	 	 	 	MONTHLY PERIOD NOTE BALANCE CALCULATION:
	 	 	 	Class A-1	 	Class A-2	 	Class A-3	 	Class A-4	 	TOTAL
	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	{1}	 	Original Note Balance
	 	{1}	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	{2}	 	Preliminary End of period Note Balance
	 	{2}	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	{3}	 	Deficiency Claim Amount
	 	{3}	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	{4}	 	End of period Note Balance
	 	{4}	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	{5}	 	Note Pool Factors {4}/{1}
	 	{5}	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 

 

	 	 	 	 	 	 	 
	II.	 	 	 	RECONCILIATION OF SPREAD ACCOUNT:
	 	 
	 	 	 	 	 
	 	 
	 	 	{6}	 	Preliminary End of period Spread Account balance
	 	{6}           
                  
           
	 	 	 	 	 
	 	 
	 	 	{7}	 	Priority First — Deficiency
Claim Amount from preliminary certificate
	 	{7}      
                  
                
	 	 	 	 	 
	 	 
	 	 	{8}	 	End of period Spread Account balance

	 	{8}            
                   
         

 

	 	 	 	 	 	 	 	 	 	 	 
	III.	 	 	 	MONTHLY PERIOD AND CUMULATIVE
NUMBER OF RECEIVABLES CALCULATION:
	 	 	 	 	 	 
	 	 	 	 	 
	 	 	 	Cumulative	 	Monthly
	 	 	 	 	 
	 	 	 	 	 	 
	 	 	{9}	 	Original Number of Receivables
	 	{9}	 	 	 	 
	 	 	{10}	 	Beginning of period number of Receivables
	 	{10}	 	 	 	 
	 	 	{11}
	 	Number of Subsequent Receivables Purchased
	 	{11}	 	 	 	 
	 	 	{12}	 	Number of Receivables becoming
Liquidated Receivables during period
	 	{12}	 	 	 	 
	 	 	{13}	 	Number of Receivables becoming
Purchased Receivables during period
	 	{13}	 	 	 	 
	 	 	{14}	 	Number of Receivables paid off during period
	 	{14}	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 	 
	 	 	{15}	 	End of period number of Receivables
	 	{15}	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 	 

 

	 	 	 	 	 	 	 	 	 	 	 	 	 
	IV.	 	 	 	STATISTICAL DATA: (CURRENT AND HISTORICAL)
	 	 	 	Original	 	Prev. Month	 	Current
	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	{16}	 	Weighted Average APR of the Receivables
	 	{16}	 	 	 	 	 	 
	 	 	{17}
	 	Weighted Average Remaining Term of the Receivables
	 	{17}	 	 	 	 	 	 
	 	 	{18}	 	Weighted Average Original Term of Receivables
	 	{18}	 	 	 	 	 	 
	 	 	{19}	 	Average Receivable Balance
	 	{19}	 	 	 	 	 	 
	 	 	{20}	 	Aggregate Realized Losses
	 	{20}	 	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 	 	 	 

 

	 	 	 	 	 	 	 	 	 	 	 	 	 
	V.
	 	 	 	DELINQUENCY:
	 	 	 	 	 	 	 	 
	 	 	 	 	Receivables with Scheduled Payment delinquent
	 	 	 	Units	 	Dollars	 	Percentage
	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	{21}	 	31-60 days
	 	{21}	 	 	 	 	 	 
	 	 	{22}	 	61-90 days
	 	{22}	 	 	 	 	 	 
	 	 	{23}	 	over 90 days
	 	{23}	 	 	 	 	 	 
	 	 	{24}	 	Receivables
with Scheduled
Payment delinquent
more than 30 days
at end of period
	 	{24}	 	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 
	 	 	 	 

Ex-B-1

 

 

	 	 	 	 	 	 	 	 	 	 	 
	VI.
	 	 	 	PERFORMANCE TESTS:
	 	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 	 
	 	Delinquency Ratio
	 	 	 	 	 	 
	 	 	{25}
	 	Receivables with Scheduled Payment delinquent more than 60
days at end of period ({22} + {23})

	 	{25}
	 	                                        	 	 
	 	 	{26}
	 	Beginning of period Principal Balance

	 	{26}
	 	                                        	 	 
	 	 	{27}
	 	Delinquency Ratio {25} divided by {27}

	 	{27}
	 	 	 	                                        
	 	 	{28}
	 	Previous Monthly Period Delinquency Ratio

	 	{28}
	 	 	 	                                        
	 	 	{29}
	 	Second previous Monthly Period Delinquency Ratio

	 	{29}
	 	 	 	                                        
	 	 	 	 	 
	 	 	 	 	 	 
	 	 	{30}
	 	Average Delinquency Ratio ({27} + {28} + {29})/3

	 	{30}
	 	 	 	                                        
	 	 	 	 	 
	 	 	 	 	 	 
	 	 	{31}
	 	Compliance (Delinquency Test Failure is a Delinquency
Ratio equal to or greater than 4.00%.)

	 	{31}
	 	 	 	                                        
	 
	 	Cumulative Default Rate
	 	 	 	 	 	 
	 	 	{32}
	 	Defaulted Receivables in Current Period

	 	{32}
	 	                                        	 	 
	 	 	{33}
	 	Cumulative Defaulted Receivables from last month

	 	{33}
	 	                                        	 	 
	 	 	{34}
	 	Cumulative Defaulted Receivables {32} + {33}

	 	{34}
	 	                                        	 	 
	 	 	{35}
	 	Original Pool Balance

	 	{35}
	 	                                        	 	 
	 	 	{36}
	 	Cumulative Default Rate {34} divided by {35}

	 	{36}
	 	 	 	                                        
	 	 	 	 	 
	 	 	 	 	 	 
	 	 	{37}
	 	Compliance (Default Test Failure is a Cumulative Default
Rate equal to or greater than 3.50%.)

	 	{37}
	 	 	 	                                        
	 
	 	Cumulative Net Loss Rate
	 	 	 	 	 	 
	 	 	{38}
	 	Receivables becoming Liquidated Receivables during period

	 	{38}
	 	                                        	 	 
	 	 	{39}
	 	Purchased Receivables with Scheduled Payment delinquent
more than 30 days at end of period

	 	{39}
	 	                                        	 	 
	 	 	{40}
	 	Liquidation Proceeds collected during period

	 	{40}
	 	                                        	 	 
	 	 	{41}
	 	Net Losses during period {38} + {39} + {40}

	 	{41}
	 	                                        	 	 
	 	 	{42}
	 	Net Losses since Initial Cut-off Date (Beginning of Period)

	 	{42}
	 	                                        	 	 
	 	 	{43}
	 	Cumulative Net Loss Rate before 50% of 90 Day
Delinquencies
({41} + {42}) / {45}

	 	{43}
	 	 	 	                                        
	 	 	{44}
	 	50% of Receivables with Scheduled Payment delinquent more
than 90 days at end of period

	 	{44}
	 	                                        	 	 
	 	 	{45}
	 	Original Aggregate Principal Balance

	 	{45}
	 	                                        	 	 
	 	 	{46}
	 	Cumulative Net Loss Rate ({41} + {42} + {44}) / {45}

	 	{46}
	 	 	 	                                        
	 	 	 	 	 
	 	 	 	 	 	 
	 	 	{47}
	 	Compliance (Net Loss Test Failure is a Net Loss Rate equal
to or greater than 2.00%.)

	 	{47}
	 	 	 	                                        
	 
	 	Extension Rate
	 	 	 	 	 	 
	 	 	{48}
	 	Principal Balance of Receivables extended during current
period

	 	{48}
	 	                                        	 	 
	 	 	{49}
	 	Beginning of Period Aggregate Principal Balance

	 	{49}
	 	                                        	 	 
	 	 	{50}
	 	Extension Rate {48} divided by {49}

	 	{50}
	 	 	 	                                        
	 	 	{51}
	 	Previous Monthly Extension Rate

	 	{51}
	 	 	 	                                        
	 	 	{52}
	 	Second previous Monthly Extension Rate

	 	{52}
	 	 	 	                                        
	 	 	 	 	 
	 	 	 	 	 	 
	 	 	{53}
	 	Average
Extension Rate ({50} + {51} + {52}) / 3

	 	{53}
	 	 	 	                                        
	 	 	 	 	 
	 	 	 	 	 	 
	 	 	{54}
	 	Compliance (Extension Test Failure is an Extension Rate
equal to or greater than 4.00%.)

	 	{54}
	 	 	 	                                        

	 	 	 
	By:
	 	                                        

	Name:
	 	                                        

	Title:
	 	                                        

	Date:
	 	                                        

Ex-B-2

 

EXHIBIT C

PRELIMINARY SERVICER’S CERTIFICATE

AmeriCredit Automobile Receivables Trust 2006-B-G

Class A-1 5.3484% Asset Backed Notes

Class A-2 5.37% Asset Backed Notes

Class A-3 5.21% Asset Backed Notes

Class A-4 5.21% Asset Backed Notes

Preliminary Servicer’s Certificate

This Servicer’s Certificate has been prepared pursuant to Section 4.9 of the Sale and
Servicing Agreement among AmeriCredit Automobile Receivables Trust 2006-B-G, as Issuer, AmeriCredit
Financial Services, Inc., as Servicer, AFS SenSub Corp., as Depositor, and Wells Fargo Bank, N.A.,
as Trustee, Trust Collateral Agent, Collateral Agent and Backup Servicer, dated as of September 18,
2006. Defined terms have the meanings assigned to them in the Sale and Servicing Agreement or in
other Transaction Documents.

The undersigned hereby certifies that no Trigger Event has occurred on the related Determination
Date.

	 	 	 	 	 	 	 	 	 	 	 	 	 
	Monthly Period Beginning:

Monthly Period Ending:

Prev. Distribution/Close Date:

Distribution Date:

Days of Interest for Period:

Days in Collection Period:

Months Seasoned:

	 	Purchases
Initial Purchase
Sub. Purchase #1

Sub. Purchase #2
	 	Units 
	 	Cut-off Date 
	 	Closing Date 
	 	Original
Pool Balance 	 	 
	 	 	 	 	 
	 

	 	Total	 	 	 	 	 	 	 	 	 	 

 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	I.	 	 	 	MONTHLY PERIOD RECEIVABLES PRINCIPAL BALANCE CALCULATION:	 	 	 	 	 	 	 	 
	 	 	{1}	 	Beginning of period Aggregate Principal Balance	 	 	 	 	 	{1}	 	                                        
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	{2}	 	Purchase of Subsequent Receivables	 	 	 	 	 	{2}	 	                                        
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	Monthly Principal Amounts	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	{3}
	 	Collections on Receivables outstanding at end of period

	 	{3}
	 	                                        	 	 	 	 
	 	 	 	 	{4}
	 	Collections on Receivables paid off during period

	 	{4}
	 	                                        	 	 	 	 
	 	 	 	 	{5}
	 	Receivables becoming Liquidated Receivables during period

	 	{5}
	 	                                        	 	 	 	 
	 	 	 	 	{6}
	 	Receivables becoming Purchased Receivables during period

	 	{6}
	 	                                        	 	 	 	 
	 	 	 	 	{7}
	 	Other Receivables adjustments

	 	{7}
	 	                                        	 	 	 	 
	 	 	 	 	{8}
	 	Less amounts allocable to Interest

	 	{8}
	 	                                        	 	 	 	 
	 	 	 	 	{9}
	 	Total Monthly Principal Amounts

	 	 	 	 	 	{9}
	 	                                        
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	{10}	 	End of period Aggregate Principal Balance	 	 	 	 	 	{10}	 	 
	 	 	 	 	 	 	 

	 	 	 	 	 	 	 	 
	 	 	{11}	 	Pool Factor ( {10} / Original Pool Balance)	 	 	 	 	 	{11}	 	 
	 	 	 	 	 	 	 

	 	 	 	 	 	 	 	 

 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	II.
	 	 	 	MONTHLY PERIOD NOTE BALANCE CALCULATION:

	 	 	 	Class A-1
	 	Class A-2
	 	Class A-3
	 	Class A-4
	 	TOTAL
	 	 	 	 	 

	 	 	 	 
	 	 
	 	 
	 	 
	 	 
	 	 	{12}
	 	Original Note Balance

	 	{12}	 	 	 	 	 	 	 	 	 	 
	 	 	{13}
	 	Beginning of period Note Balance

	 	{13}	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	{14}
	 	Noteholders’ Principal Distributable Amount

	 	{14}	 	 	 	 	 	 	 	 	 	 
	 	 	{15}
	 	Noteholders’ Accelerated Principal Amount

	 	{15}	 	 	 	 	 	 	 	 	 	 
	 	 	{16}
	 	Accelerated Payment Amount Shortfall

	 	{16}	 	 	 	 	 	 	 	 	 	 
	 	 	{17}
	 	Deficiency Claim Amount

	 	{17}	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	{18}
	 	End of period Note Balance

	 	{18}	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	{19}
	 	Note Pool Factors ( {18} / {12} )

	 	{19}	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 

Ex-C-1

 

 

	 	 	 	 	 	 	 	 	 	 	 
	III.
	 	 	 	RECONCILIATION OF PRE-FUNDING ACCOUNT:
	 	 	 	 	 	 
	 	 	{20}
	 	Beginning of period Pre-Funding Account balance

	 	{20}
	 	 	 	                                        
	 	 	{21}
	 	Purchase of Subsequent Receivables

	 	{21}
	 	                                        	 	 
	 	 	{22}
	 	Investment Earnings

	 	{22}
	 	                                        	 	 
	 	 	{23}
	 	Investment Earnings Transfer to Collections Account

	 	{23}
	 	                                        	 	 
	 	 	{24}
	 	Payment of Mandatory Prepayment Amount

	 	{24}
	 	                                        	 	 
	 	 	{25}
	 	Total Month Activity

	 	{25}
	 	 	 	                                        
	 	 	{26}
	 	End of period Pre-Funding Account balance

	 	{26}	 	 	 	 
	 	 	 	 	 

	 	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 	 

 

	 	 	 	 	 	 	 	 	 	 	 
	IV.	 	 	 	OVERCOLLATERALIZATION AMOUNT CALCULATION
	 	 	 	 	 	 
	 	 	{27}	 	Current Distribution Date Before March 2008?
	 	{27}	 	                                        	 	 
	 	 	{28}
	 	If {27} is Yes, then Overcollateralization Amount 12.0%

	 	 	 	 	 	                                        

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	{29}
	 	If {36} is No, then refer to the following table

	 	
OC Amount
	 	3mo Avg

Delinquency Ratio
	 	Cumulative

Net Loss Ratio
	 	
Default Ratio
	 	3mo Avg

Extension Ratio	 	 
	 	 	 	 	 

	 	 
	 	 
	 	 
	 	 
	 	 	 	 
	 	 	{30}
	 	Overcollateralization Amount per Table if applicable

	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	{31}	 	Overcollateralization Amount
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 
	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 
	 	 

	 	 	 	 	 	 	 	 	 	 	 	 

 

	 	 	 	 	 	 	 	 	 	 	 
	V.
	 	 	 	CALCULATION OF PRINCIPAL DISTRIBUTABLE AMOUNT
	 	 	 	 	 	 
	 	 	{32}
	 	Total Monthly Principal Amounts

	 	{32}
	 	 	 	                                        
	 	 	{33}
	 	Required Pro-forma Note Balance (the product of
100%-OC Level {31} and the Aggregate Principal Bal. {10})

	 	{33}
	 	                                        	 	 
	 	 	{34}
	 	Pro-forma Note Balance ({13} — {9} — {26})

	 	{34}
	 	                                        	 	 
	 	 	{35}
	 	Step-down Amount (Max of 0 or ({33} — {34}))

	 	{35}
	 	 	 	                                        
	 	 	{36}
	 	Principal Distributable Amount ({32} — {35})

	 	{36}	 	 	 	 
	 	 	 	 	 

	 	 	 	 	 	 

 

	 	 	 	 	 	 	 	 	 	 	 
	VI.
	 	 	 	RECONCILIATION OF CAPITALIZED INTEREST ACCOUNT:
	 	 	 	 	 	 
	 	 	{37}
	 	Beginning of period Capitalized Interest Account balance

	 	{37}
	 	 	 	                                        
	 	 	{38}
	 	Monthly Capitalized Interest Amount

	 	{38}
	 	                                        	 	 
	 	 	{39}
	 	Investment Earnings

	 	{39}
	 	                                        	 	 
	 	 	{40}
	 	Investment Earnings Transfer to Collections Account

	 	{40}
	 	                                        	 	 
	 	 	{41}
	 	Payment of Overfunded Capitalized Interest Amount

	 	{41}
	 	                                        	 	 
	 	 	{42}
	 	Payment of Remaining Capitalized Interest Account

	 	{42}
	 	                                        	 	 
	 	 	{43}
	 	Total Monthly Activity

	 	{43}
	 	 	 	                                        
	 	 	{44}
	 	End of period Capitalized Interest Account balance

	 	{44}	 	 	 	 
	 	 	 	 	 

	 	 	 	 	 	 

 

	 	 	 	 	 	 	 	 	 	 	 
	VII.	 	RECONCILIATION OF COLLECTION ACCOUNT:	 	 	 	 	 	 
	 	 	Available Funds:	 	 	 	 	 	 
	 	 	{45}
	 	Collections on Receivables during period (net of
Liquidation Proceeds and Fees)

	 	{45}
	 	                                        	 	 
	 	 	{46}
	 	Liquidation Proceeds collected during period

	 	{46}
	 	                                        	 	 
	 	 	{47}
	 	Purchase Amounts deposited in Collection

	 	{47}
	 	                                        	 	 
	 	 	{48}
	 	Investment Earnings — Collection Account

	 	{48}
	 	                                        	 	 
	 	 	{49}
	 	Investment Earnings — Transfer From Prefunding Account

	 	{49}
	 	                                        	 	 
	 	 	{50}
	 	Investment Earnings — Transfer From Capitalized
Interest Account

	 	{50}
	 	                                        	 	 
	 	 	{51}
	 	Collection of Supplemental Servicing — Extension Fees

	 	{51}
	 	                                        	 	 
	 	 	{52}
	 	Collection of Supplemental Servicing — Repo and Recovery Fees
Advanced

	 	{52}
	 	                                        	 	 
	 	 	{53}
	 	Collection of Supplemental Servicing — Late
Fees

	 	{53}
	 	                                        	 	 
	 	 	{54}
	 	Monthly Capitalized Interest Amount Mandatory Note

	 	{54}
	 	                                        	 	 
	 	 	{55}
	 	Prepayment Amount

	 	{55}
	 	                                        	 	 
	 	 	{56}
	 	Deficiency Claim Amount

	 	{56}
	 	                                        	 	 
	 	 	{57}
	 	Total Available Funds

	 	{57}
	 	 	 	                                        
	 	 	Distributions:	 	 	 	 	 	 
	 	 	{58}
	 	Base Servicing Fee —  to Servicer

	 	{58}
	 	                                        	 	 
	 	 	{59}
	 	Repo and Recovery Fees — reimbursed to Servicer

	 	{59}
	 	                                        	 	 
	 	 	{60}
	 	Bank Service Charges — reimbursed to Servicer

	 	{60}
	 	                                        	 	 
	 	 	{61}
	 	Late Fees — to Servicer

	 	{61}
	 	                                        	 	 
	 	 	{62}
	 	Backup Servicing Fees

	 	{62}
	 	                                        	 	 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	Noteholders’ Interest Distributable Amount	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	

Class

	 	Beginning

Note Balance
	 	
Interest

Carryover
	 	

Interest
Rate
	 	

Days
	 	
Days Basis
	 	
Calculated

Interest	 	 	 	 
	 	 	 	 	 

	 	 
	 	 
	 	 	 	 	 	 
	 	 	 	 	 	 
	 	 	{63}
	 	Class A — 1

	 	 	 	 	 	 	5.3484	%	 	 	 	 	 	Actual days/360
	 	 	 	{63}
	 	                                        
	 	 	{64}
	 	Class A — 2

	 	 	 	 	 	 	5.3700	%	 	 	30	 	 	30/360
	 	 	 	{64}
	 	                                        
	 	 	{65}
	 	Class A — 3

	 	 	 	 	 	 	5.2100	%	 	 	30	 	 	30/360
	 	 	 	{65}
	 	                                        
	 	 	{66}
	 	Class A — 4

	 	 	 	 	 	 	5.2100	%	 	 	30	 	 	30/360
	 	 	 	{66}
	 	                                        

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	Noteholders’ Principal Distributable Amount	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	

Class

	 	
Principal

Distributable
	 	
Principal

Carryover
	 	Excess

Principal Due
	 	Mandatory

Note Prepayment
	 	
Total

Principal	 	 	 	 
	 	 	 	 	 

	 	 
	 	 
	 	 
	 	 
	 	 	 	 	 	 
	 	 	{67}
	 	Class A — 1

	 	 	 	 	 	 	 	 	 	 	 	{67}
	 	                                        
	 	 	{68}
	 	Class A — 2

	 	 	 	 	 	 	 	 	 	 	 	{68}
	 	                                        
	 	 	{69}
	 	Class A — 3

	 	 	 	 	 	 	 	 	 	 	 	{69}
	 	                                        
	 	 	{70}
	 	Class A — 4

	 	 	 	 	 	 	 	 	 	 	 	{70}
	 	                                        

	 	 	 	 	 	 	 	 	 	 	 
	 
	 	{71}
	 	Security Insurer Premiums — to FGIC

	 	{71}
	 	                                        	 	 
	 
	 	{72}
	 	Total distributions

	 	{72}
	 	 	 	                                        
	 	 	{73}
	 	Excess Available Funds

	 	{73}
	 	 	 	                                        

EX-C-2

 

	 	 	 	 	 	 	 	 	 	 	 
	 	 	{74}
	 	Any Remaining Amounts owed to FGIC under the Insurance Agreement

	 	{74}
	 	 	 	                                        
	 	 	{75}
	 	Deposit to Spread Account to Increase to Required Level

	 	{75}
	 	 	 	                                        
	 	 	{76}
	 	Noteholders’ Accelerated Principal Amount

	 	{76}
	 	 	 	                                        
	 	 	{77}
	 	Deposit to Spread Account

	 	{77}
	 	 	 	                                        

EX-C-3

 

 

	 	 	 	 	 	 	 	 	 	 	 
	VIII.
	 	 	 	CALCULATION OF ACCELERATED PRINCIPAL AMOUNT
	 	 	 	 	 	 
	 	 	{78}
	 	Excess Available Funds After Amount to Increase Spread to Required Level ({77})

	 	{78}
	 	                                        	 	 
	 	 	{79}
	 	Pro-forma Note Balance ({13} — {9} — {26})

	 	{79}
	 	                                        	 	 
	 	 	{80}
	 	Required Pro-forma Note Balance (the product of 100%-OC Amount {31} and the
Aggregate Principal Bal. {10})

	 	{80}
	 	                                        	 	 
	 	 	{81}
	 	Excess of Pro Forma Balance over Required Balance ({79} — {80})

	 	{81}
	 	                                        	 	 
	 	 	{82}
	 	Accelerated Principal Amount (lesser of {78} or {81})

	 	{82}
	 	 	 	                                        

 

	 	 	 	 	 	 	 	 	 	 	 
	IX.
	 	 	 	CALCULATION OF ACCELERATED PAYMENT AMOUNT SHORTFALL
	 	 	 	 
	 	 	{83}
	 	Pro-forma Note Balance ({13} — {9} — {26})

	 	{83}
	 	                                        	 	 
	 	 	{84}
	 	Required Pro-forma Note Balance (the product of 100%-OC Amount {31} and the
Aggregate Principal Bal. {10})

	 	{84}
	 	                                        	 	 
	 	 	{85}
	 	Excess of Pro Forma Balance over Required Balance ({83} — {84})

	 	{85}
	 	                                        	 	 
	 	 	{86}
	 	Excess Available Funds After Amount to Increase Spread to Required Level

	 	{86}
	 	                                        	 	 
	 	 	{87}
	 	Accelerated Payment Amount Shortfall ({85} — {86})

	 	{87}
	 	 	 	                                        

 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	X.
	 	 	RECONCILIATION OF SPREAD ACCOUNT:
	 	 	 	 	 	 	 	 
	 	 	 	 	 

	 	Initial
	 	Sub #1
	 	Sub #2
	 	Sub #3
	 	Total
	 	 	 	 	 

	 	 
	 	 
	 	 
	 	 
	 	 
	 	 	{88}
	Initial or Subsequent Spread Account Deposits
	 	 	 	 	 	 	 	 	 	 

	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 
	 	 	{89}	 	Beginning of period Spread Account balance	 	{89}	 	 	 	                                        
	 	 	 	 	Additions to Spread Account	 	 	 	 	 	 
	 	 	 	 	{90}
	 	Deposits from Collections Account ({77})

	 	{90}
	 	                                        	 	 
	 	 	 	 	{91}
	 	Investment Earnings

	 	{91}
	 	                                        	 	 
	 	 	 	 	{92}
	 	Deposits Related to Subsequent Receivables Purchases

	 	{92}
	 	                                        	 	 
	 	 	 	 	{93}
	 	Total Additions

	 	{93}
	 	 	 	                                        
	 
	 	 	 	 	{94}
	 	Spread Account balance available for withdrawals

	 	{94}
	 	 	 	                                        
	 	 	 	 	 	 	Requisite Amount of Spread Account	 	 	 	 	 	 
	 	 	 	 	{95}
	 	Initial Pool Balance times 2.0%                       

	 	{95}
	 	                                        	 	 
	 	 	 	 	{96}
	 	If Level I Trigger exists then greater of 6.0% of Outstanding
Pool Balance and 4.0% of Original Pool Balance

	 	{96}
	 	                                        	 	 
	 	 	 	 	{97}
	 	If Level II Trigger exists then 100% of Outstanding Pool
Balance (as specified by FGIC)

	 	{97}
	 	                                        	 	 
	 	 	 	 	{98}
	 	Requisite Amount of Spread Account (If no Level I nor Level
II trigger exist, {98} )

	 	{98}
	 	 	 	                                        
	 	 	 	 	 	 	 
	 	 	 	 	 	 
	 	 	 	 	Withdrawals from Spread Account	 	 	 	 	 	 
	 	 	 	 	{99}
	 	Priority First — Deficiency Claim Amount

	 	{99}
	 	                                        	 	 
	 	 	 	 	{100}	 	Priority Second — Accelerated Payment Amount Shortfall                       

	 	{100}	 	                                        	 	 
	 	 	 	 	{101}	 	Priority Third — Indemnity payments pro-rata owed by the
Servicer to the Trustee, Lockbox Bank, Owner Trustee,
Custodian, Backup Servicer Administrator, Collateral Agent, Trust
Collateral Agent or other service provider.

	 	{101}	 	                                        	 	 
	 	 	 	 	{102}
	 	Priority Fourth — Expenses associated with maintaining
Security Interest in vehicles

	 	{102}
	 	                                        	 	 
	 	 	 	 	{103}
	 	Priority Fifth — to Certificateholder

	 	{103}
	 	                                        	 	 
	 	 	 	 	{104}
	 	Total withdrawals

	 	{104}
	 	 	 	                                        
	 	 	 	 	 	 	 
	 	 	 	 	 	 
	 	 	 	 	{105}
	 	End of period Spread Account balance

	 	{105}
	 	 	 	                                        

 

	 	 	 	 	 	 	 	 	 	 	 
	XI.
	 	 	 	CALCULATION OF OC LEVEL AND OC PERCENTAGE
	 	 	 	 	 	 
	 	 	{106}
	 	Aggregate Principal Balance

	 	{106}
	 	                                        	 	 
	 	 	{107}
	 	End of period Note Balance less Pre-Funding Account
Balance {26}

	 	{107}
	 	                                        	 	 
	 	 	{108}
	 	Line {106} less line {107}

	 	{108}
	 	                                        	 	 
	 	 	{109}
	 	OC level {108} / {106}

	 	{109}
	 	                                        	 	 
	 	 	{110}
	 	Ending Spread Balance as a percentage of Aggregate
Principal Balance ({105} / {106})

	 	{110}
	 	                                        	 	 
	 	 	{111}
	 	OC Percentage ({109} + {110})

	 	{111}
	 	 	 	                                        

	 	 	 
	By:
	 	                                        

	Name:
	 	                                        

	Title:
	 	                                        

	Date:
	 	                                        

EX-C-4exv10w1

 

Exhibit 10.1

EXECUTION COPY

PURCHASE AGREEMENT

between

AFS SENSUB CORP.

Purchaser

and

AMERICREDIT FINANCIAL SERVICES, INC.

Seller

Dated as of September 18, 2006

 

 

TABLE OF CONTENTS

	 	 	 	 	 	 	 
	 	 	 	 	Page	 
	ARTICLE I. DEFINITIONS	 	 	1	 
	 
	 	 	 	 	 	 
	SECTION 1.1
	 	General	 	 	1	 
	SECTION 1.2
	 	Specific Terms	 	 	1	 
	SECTION 1.3
	 	Usage of Terms	 	 	3	 
	SECTION 1.4
	 	[Reserved]	 	 	3	 
	SECTION 1.5
	 	No Recourse	 	 	3	 
	SECTION 1.6
	 	Action by or Consent of Noteholders and Certificateholder	 	 	3	 
	SECTION 1.7
	 	Material Adverse Effect	 	 	4	 
	 
	 	 	 	 	 	 
	ARTICLE II. CONVEYANCE OF THE RECEIVABLES AND THE OTHER CONVEYED PROPERTY	 	 	4	 
	 
	 	 	 	 	 	 
	SECTION 2.1
	 	Conveyance of the Initial Receivables and the Initial Other Conveyed Property	 	 	4	 
	SECTION 2.2
	 	Conveyance of the Subsequent Receivables and the Subsequent Other Conveyed Property	 	 	5	 
	 
	 	 	 	 	 	 
	ARTICLE III. REPRESENTATIONS AND WARRANTIES	 	 	5	 
	 
	 	 	 	 	 	 
	SECTION 3.1
	 	Representations and Warranties of Seller	 	 	5	 
	SECTION 3.2
	 	Representations and Warranties of Purchaser	 	 	7	 
	 
	 	 	 	 	 	 
	ARTICLE IV. COVENANTS OF SELLER	 	 	9	 
	 
	 	 	 	 	 	 
	SECTION 4.1
	 	Protection of Title of Purchaser	 	 	9	 
	SECTION 4.2
	 	Other Liens or Interests	 	 	11	 
	SECTION 4.3
	 	Costs and Expenses	 	 	11	 
	SECTION 4.4
	 	Indemnification	 	 	11	 
	 
	 	 	 	 	 	 
	ARTICLE V. REPURCHASES	 	 	13	 
	 
	 	 	 	 	 	 
	SECTION 5.1
	 	Repurchase of Receivables Upon Breach of Warranty	 	 	13	 
	SECTION 5.2
	 	Reassignment of Purchased Receivables	 	 	14	 
	SECTION 5.3
	 	Waivers	 	 	14	 
	 
	 	 	 	 	 	 
	ARTICLE VI. MISCELLANEOUS	 	 	14	 
	 
	 	 	 	 	 	 
	SECTION 6.1
	 	Liability of Seller	 	 	14	 
	SECTION 6.2
	 	Merger or Consolidation of Seller or Purchaser	 	 	14	 
	SECTION 6.3
	 	Limitation on Liability of Seller and Others	 	 	15	 
	SECTION 6.4
	 	Seller May Own Notes or the Certificate	 	 	15	 
	SECTION 6.5
	 	Amendment	 	 	15	 
	SECTION 6.6
	 	Notices	 	 	16	 
	SECTION 6.7
	 	Merger and Integration	 	 	17	 
	SECTION 6.8
	 	Severability of Provisions	 	 	17	 
	SECTION 6.9
	 	Intention of the Parties	 	 	17	 
	SECTION 6.10
	 	Governing Law	 	 	18	 
	SECTION 6.11
	 	Counterparts	 	 	18	 

i

 

	 	 	 	 	 	 	 
	 	 	 	 	Page	 
	SECTION 6.12
	 	Conveyance of the Receivables and the Other Conveyed Property to the Issuer	 	 	18	 
	SECTION 6.13
	 	Nonpetition Covenant	 	 	18	 
	SECTION 6.14
	 	Benefits of Purchase Agreement	 	 	19	 
	 
	 	 	 	 	 	 
	SCHEDULES
	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	Schedule A –
	 	Schedule of Initial Receivables	 	 	 	 
	Schedule B –
	 	Representations and Warranties from AFS as to the Receivables	 	 	 	 
	 
	 	 	 	 	 	 
	EXHIBITS
	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	Exhibit A –
	 	Form of Subsequent Purchase Agreement	 	 	 	 

ii

 

PURCHASE AGREEMENT

          THIS PURCHASE AGREEMENT, dated as of September 18, 2006, executed among AFS SenSub Corp., a
Nevada corporation, as purchaser (“Purchaser”) and AmeriCredit Financial Services, Inc., a
Delaware corporation, as Seller (“Seller”).

W
I T N E S S E
T H :

          WHEREAS, Purchaser has agreed to purchase from the Seller, and the Seller, pursuant to this
Agreement, is transferring to Purchaser the Initial Receivables and Initial Other Conveyed Property
and with respect to the Subsequent Receivables will transfer on the related Subsequent Transfer
Date the Subsequent Receivables and Subsequent Other Conveyed Property.

          NOW, THEREFORE, in consideration of the premises and the mutual agreements hereinafter
contained, and for other good and valuable consideration, the receipt of which is acknowledged,
Purchaser and the Seller, intending to be legally bound, hereby agree as follows:

ARTICLE I.

DEFINITIONS

          SECTION 1.1 General. The specific terms defined in this Article include the plural as well
as the singular. The words “herein,” “hereof” and “hereunder” and other words of similar import
refer to this Agreement as a whole and not to any particular Article, Section or other subdivision,
and Article, Section, Schedule and Exhibit references, unless otherwise specified, refer to
Articles and Sections of and Schedules and Exhibits to this Agreement. Capitalized terms used
herein without definition shall have the respective meanings assigned to such terms in the Sale and
Servicing Agreement dated as of September 18, 2006, by and among AFS SenSub Corp. (as Seller),
AmeriCredit Financial Services, Inc. (in its individual capacity and as Servicer), AmeriCredit
Automobile Receivables Trust 2006-B-G (as Issuer), Wells Fargo Bank, National Association (as
Backup Servicer and Trust Collateral Agent).

          SECTION 1.2 Specific Terms. Whenever used in this Agreement, the following words and
phrases, unless the context otherwise requires, shall have the following meanings:

          “Agreement” shall mean this Purchase Agreement and all amendments hereof and
supplements hereto.

          “Closing Date” means September 26, 2006.

          “Initial Other Conveyed Property” means all property conveyed by the Seller to the
Purchaser pursuant to Section 2.1(a)(2) through (8) of this Agreement.

          “Initial Receivables” means the Receivables listed on the Schedule of Initial
Receivables attached hereto.

 

 

          “Issuer” means AmeriCredit Automobile Receivables Trust 2006-B-G.

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

          “Owner Trustee” means Wilmington Trust Company, as Owner Trustee appointed and acting
pursuant to the Trust Agreement.

          “Purchase Agreement Collateral” has the meaning specified in Section 6.9 of this
Agreement.

          “Receivables” means the Initial Receivables and the Subsequent Receivables.

          “Related Documents” means the Notes, the Certificate, the Custodian Agreement, the
Sale and Servicing Agreement, the Indenture, the Trust Agreement, the Note Policy, the Spread
Account Agreement, the Insurance Agreement, the Indemnification Agreement, the Lockbox Agreement,
the Underwriting Agreement and, with respect to the Subsequent Receivables, each Subsequent
Purchase Agreement and each Subsequent Transfer Agreement. The Related Documents to be executed by
any party are referred to herein as “such party’s Related Documents,” “its Related
Documents” or by a similar expression.

          “Repurchase Event” means the occurrence of a breach of any of the Seller’s
representations and warranties hereunder or in any Subsequent Purchase Agreement or any other event
which requires the repurchase of a Receivable by the Seller under the Sale and Servicing Agreement.

          “Sale and Servicing Agreement” means the Sale and Servicing Agreement referred to in
Section 1.1 hereof.

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

          “Schedule of Initial Receivables” means the schedule of Initial Receivables sold and
transferred pursuant to this Agreement which is attached hereto as Schedule A.

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

          “Subsequent Other Conveyed Property” means all property conveyed by the Seller to the
Purchaser pursuant to Section 3(b) through (h) of the related Subsequent Purchase Agreement other
than the Subsequent Receivables.

          “Subsequent Purchase Agreement” means an agreement by and between the Seller and the
Purchaser pursuant to which the Purchaser will acquire Subsequent Receivables,
substantially in the form of Exhibit A hereunder.

          “Subsequent Receivables” means Receivables transferred to the Purchaser

2

 

pursuant to
Section 2.2 and the related Subsequent Purchase Agreement, which shall be listed on Schedule A to
the related Subsequent Purchase Agreement.

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

          “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 Purchaser pursuant to this Agreement, and a Subsequent
Purchase Agreement is executed and delivered.

          “Trust Collateral Agent” means Wells Fargo Bank, National Association, as trust
collateral agent and any successor trust collateral agent appointed and acting pursuant to the Sale
and Servicing Agreement.

          “Trustee” means Wells Fargo Bank, National Association, as trustee and any successor
trustee appointed and acting pursuant to the Indenture.

          SECTION 1.3 Usage of Terms. With respect to all terms used in this Agreement, the singular
includes the plural and the plural the singular; words importing any gender include the other
gender; references to “writing” include printing, typing, lithography, and other means of
reproducing words in a visible form; references to agreements and other contractual instruments
include all subsequent amendments thereto or changes therein entered into in accordance with their
respective terms and not prohibited by this Agreement or the Sale and Servicing Agreement;
references to Persons include their permitted successors and assigns; and the terms “include” or
“including” mean “include without limitation” or “including without limitation.”

          SECTION 1.4 [Reserved].

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

          SECTION 1.6 Action by or Consent of Noteholders and Certificateholder. Whenever any
provision of this Agreement refers to action to be taken, or consented to, by Noteholders or the
Certificateholder, such provision shall be deemed to refer to the
Certificateholder or Noteholder, as the case may be, of record as of the Record Date immediately
preceding the date on which such action is to be taken, or consent given, by Noteholders or the
Certificateholder. Solely for the purposes of any action to be taken, or consented to, by
Noteholders or the Certificateholder, any Note or Certificate registered in the name of the Seller
or any Affiliate thereof shall be deemed not to be outstanding; provided, however, that, solely for
the purpose of determining whether the Trustee or the Trust Collateral Agent is entitled to rely
upon any such action or consent, only Notes or Certificates which the Owner Trustee, the Trustee or
the Trust Collateral Agent, respectively, knows to be so owned shall be so disregarded.

3

 

          SECTION 1.7 Material Adverse Effect. Whenever a determination is to be made under this
Agreement as to whether a given event, action, course of conduct or set of facts or circumstances
could or would have a material adverse effect on the Noteholders (or any similar or analogous
determination), such determination shall be made without taking into account the funds available
from claims under the Note Policy.

ARTICLE II.

CONVEYANCE OF THE RECEIVABLES

AND THE OTHER CONVEYED PROPERTY

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

     (a) Subject to the terms and conditions of this Agreement, Seller hereby sells,
transfers, assigns, and otherwise conveys to Purchaser without recourse (but without
limitation of its obligations in this Agreement), and Purchaser hereby purchases, all right,
title and interest of Seller in and to the following described property:

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

          (2)   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;

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

          (4)   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;

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

          (6)   the related Receivable Files;

          (7)   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 (1) through (6); and

          (8)   all proceeds and investments with respect to items (1) through (7).

     It is the intention of Seller and Purchaser that the transfer and assignment contemplated

4

 

by
this Agreement shall constitute a sale of the Initial Receivables and the Initial Other
Conveyed Property from Seller to Purchaser, conveying good title thereto free and clear of
any liens, and the beneficial interest in and title to the Initial Receivables and the
Initial Other Conveyed Property shall not be part of Seller’s estate in the event of the
filing of a bankruptcy petition by or against Seller under any bankruptcy or similar law.

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

          SECTION 2.2 Conveyance of the Subsequent Receivables and the Subsequent Other Conveyed
Property.

     (a) On each Subsequent Transfer Date and simultaneously with the execution and delivery
of the related Subsequent Purchase Agreement, the Seller shall sell, transfer, assign, and
otherwise convey to Purchaser without recourse (but without limitation of its obligations in
this Agreement), and Purchaser shall purchase all right, title and interest of Seller in and
to the Subsequent Receivables and the Subsequent Other Conveyed Property. It is the
intention of Seller and Purchaser that the transfer and assignment contemplated by such
Subsequent Purchase Agreement shall constitute a sale of the Subsequent Receivables and the
Subsequent Other Conveyed Property from Seller to Purchaser, conveying good title thereto
free and clear of any liens, and the beneficial interest in and title to the Subsequent
Receivables and the Subsequent Other Conveyed Property shall not be part of Seller’s estate
in the event of the filing of a bankruptcy petition by or against Seller under any
bankruptcy or similar law.

     (b) Simultaneously with the conveyance of the Subsequent Receivables and the Subsequent
Other Conveyed Property to Purchaser, Purchaser shall pay or cause to be paid to or upon the
order of Seller the amount set forth in the related Subsequent Purchase Agreement.

ARTICLE III.

REPRESENTATIONS AND WARRANTIES

          SECTION 3.1 Representations and Warranties of Seller. Seller makes the following
representations and warranties as of the date hereof and as of the Subsequent Transfer Date, as the
case may be, on which Purchaser relies in purchasing the Receivables and the Other Conveyed
Property and in transferring the Receivables and the Other Conveyed Property to the Issuer under
the Sale and Servicing Agreement and any Subsequent Transfer Agreement and on which the Insurer
will rely in issuing the Note Policy. Such representations are made as of the execution and
delivery of this Agreement and as of the execution and delivery of any Subsequent Purchase
Agreement, but shall survive the sale, transfer and assignment of the Receivables and the Other
Conveyed Property hereunder and under any Subsequent Purchase Agreement, and the

5

 

sale, transfer and
assignment thereof by Purchaser to the Issuer under the Sale and Servicing Agreement and any
Subsequent Transfer Agreement. Seller and Purchaser agree that Purchaser will assign to Issuer all
Purchaser’s rights under this Agreement and under any Subsequent Purchase Agreement and that the
Trustee will thereafter be entitled to enforce this Agreement and any Subsequent Purchase Agreement
against Seller in the Trustee’s own name on behalf of the Noteholders.

     (a) Schedule of Representations. The representations and warranties set forth
on the Schedule of Representations with respect to the Initial Receivables as of the date
hereof, and with respect to the Subsequent Receivables as of the related Subsequent Transfer
Date, are true and correct.

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

     (c) Due Qualification. Seller is duly qualified to do business as a foreign
corporation in good standing, and has obtained all necessary licenses and approvals in all
jurisdictions in which the ownership or lease of its property or the conduct of its business
requires such qualification.

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

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

     (f) No Violation. The consummation of the transactions contemplated by this
Agreement and the Related Documents, and the fulfillment of the terms of this Agreement and
the Related Documents, shall not conflict with, result in any breach of

6

 

any of the terms and
provisions of, or constitute (with or without notice, lapse of time or both) a default
under, the articles of incorporation or bylaws of Seller, or any indenture, agreement,
mortgage, deed of trust or other instrument to which Seller is a party or by which it is
bound, or result in the creation or imposition of any Lien upon any of its properties
pursuant to the terms of any such indenture, agreement, mortgage, deed of trust or other
instrument, other than this Agreement, the Spread Account Agreement, the Sale and Servicing
Agreement and the Indenture, or violate any law, order, rule or regulation applicable to
Seller of any court or of any federal or state regulatory body, administrative agency or
other governmental instrumentality having jurisdiction over Seller or any of its properties.

     (g) No Proceedings. There are no proceedings or investigations pending or, to
Seller’s knowledge, threatened against Seller, before any court, regulatory body,
administrative agency or other tribunal or governmental instrumentality having jurisdiction
over Seller or its properties (i) asserting the invalidity of this Agreement or any of the
Related Documents, (ii) seeking to prevent the issuance of the Notes or the consummation of
any of the transactions contemplated by this Agreement or any of the Related Documents,
(iii) seeking any determination or ruling that might materially and adversely affect the
performance by Seller of its obligations under, or the validity or enforceability of, this
Agreement or any of the Related Documents or (iv) seeking to affect adversely the federal
income tax or other federal, state or local tax attributes of, or seeking to impose any
excise, franchise, transfer or similar tax upon, the transfer and acquisition of the
Receivables and the Other Conveyed Property hereunder or under the Sale and Servicing
Agreement.

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

     (i) Chief Executive Office. The chief executive office of Seller is located at
801 Cherry Street, Suite 3900, Fort Worth, Texas 76102.

          SECTION 3.2 Representations and Warranties of Purchaser. Purchaser makes the following representations and warranties, on which Seller relies in selling,
assigning, transferring and conveying the Receivables and the Other Conveyed Property to Purchaser
hereunder and under any Subsequent Purchase Agreement. Such representations are made as of the
execution and delivery of this Agreement and under any Subsequent Purchase Agreement, but shall
survive the sale, transfer and assignment of the Receivables and the Other Conveyed Property
hereunder and under any Subsequent Purchase Agreement and the sale, transfer and assignment thereof
by Purchaser to the Issuer under the Sale and Servicing Agreement.

     (a) Organization and Good Standing. Purchaser has been duly organized and is
validly existing and in good standing as a corporation under the laws of the State of
Nevada, with the power and authority to own its properties and to conduct its business as
such properties are currently owned and such business is currently conducted, and had at all
relevant times, and has, full power, authority and legal right to acquire and own the

7

 

Receivables and the Other Conveyed Property, and to transfer the Receivables and the Other
Conveyed Property to the Issuer pursuant to the Sale and Servicing Agreement.

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

     (c) Power and Authority. Purchaser has the power, authority and legal right to
execute and deliver this Agreement and to carry out the terms hereof and to acquire the
Receivables and the Other Conveyed Property hereunder; and the execution, delivery and
performance of this Agreement and all of the documents required pursuant hereto have been
duly authorized by Purchaser by all necessary corporate action.

     (d) No Consent Required. Purchaser is not required to obtain the consent of
any other Person, or any consent, license, approval or authorization or registration or
declaration with, any governmental authority, bureau or agency in connection with the
execution, delivery or performance of this Agreement and the Related Documents, except for
such as have been obtained, effected or made.

     (e) Binding Obligation. This Agreement constitutes a legal, valid and binding
obligation of Purchaser, enforceable against Purchaser in accordance with its terms,
subject, as to enforceability, to applicable bankruptcy, insolvency, reorganization,
conservatorship, receivership, liquidation and other similar laws and to general equitable
principles.

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

8

 

     (g) No Proceedings. There are no proceedings or investigations pending, or, to
the knowledge of Purchaser, threatened against Purchaser, before any court, regulatory body,
administrative agency, or other tribunal or governmental instrumentality having jurisdiction
over Purchaser or its properties: (i) asserting the invalidity of this Agreement or any of
the Related Documents, (ii) seeking to prevent the consummation of any of the transactions
contemplated by this Agreement or any of the Related Documents, (iii) seeking any
determination or ruling that might materially and adversely affect the performance by
Purchaser of its obligations under, or the validity or enforceability of, this Agreement or
any of the Related Documents or (iv) that may adversely affect the federal or state income
tax attributes of, or seeking to impose any excise, franchise, transfer or similar tax upon,
the transfer and acquisition of the Receivables and the Other Conveyed Property hereunder or
the transfer of the Receivables and the Other Conveyed Property to the Issuer pursuant to
the Sale and Servicing Agreement.

          In the event of any breach of a representation and warranty made by Purchaser hereunder,
Seller covenants and agrees that it will not take any action to pursue any remedy that it may have
hereunder, in law, in equity or otherwise, until a year and a day have passed since the date on
which all Notes, Certificates, pass-through certificates or other similar securities issued by
Purchaser, or a trust or similar vehicle formed by Purchaser, have been paid in full. Seller and
Purchaser agree that damages will not be an adequate remedy for such breach and that this covenant
may be specifically enforced by Purchaser, Issuer or by the Trustee on behalf of the Noteholders
and Owner Trustee on behalf of the Certificateholder.

ARTICLE IV.

COVENANTS OF SELLER

          SECTION 4.1 Protection of Title of Purchaser.

     (a) At or prior to the Closing Date, Seller shall have filed or caused to be filed a
UCC-1 financing statement, naming Seller as seller or debtor, naming Purchaser as purchaser
or secured party and describing the Initial Receivables and the Initial Other Conveyed
Property being sold by it to Purchaser as collateral, with the office of the
Secretary of State of the State of Delaware and in such other locations as Purchaser
shall have required. At or prior to any Subsequent Transfer Date, Seller shall file or
cause to be filed a UCC-1 financing statement naming Seller as seller or debtor, naming the
Purchaser as purchaser or secured party and describing the Subsequent Receivables and the
Subsequent Other Conveyed Property being sold by it to the Purchaser as collateral, with the
office of the Secretary of State of the State of Delaware and in such other locations as
Purchaser shall require. From time to time thereafter, Seller shall execute and file such
financing statements and cause to be executed and filed such continuation statements, all in
such manner and in such places as may be required by law fully to preserve, maintain and
protect the interest of Purchaser under this Agreement, of the Issuer under the Sale and
Servicing Agreement and of the Trust Collateral Agent under the Indenture in the Receivables
and the Other Conveyed Property and in the proceeds thereof. Seller shall deliver (or cause
to be delivered) to Purchaser, the Trust Collateral Agent and the Insurer file-stamped
copies of, or filing receipts for, any document filed as

9

 

provided above, as soon as
available following such filing. In the event that Seller fails to perform its obligations
under this subsection, Purchaser, Issuer or the Trust Collateral Agent may do so, at the
expense of such Seller. In furtherance of the foregoing, the Seller hereby authorizes the
Purchaser, the Issuer or the Trust Collateral Agent to file a record or records (as defined
in the applicable UCC), including, without limitation, financing statements, in all
jurisdictions and with all filing offices as each may determine, in its sole discretion, are
necessary or advisable to perfect the security interest granted to the Purchaser pursuant to
Section 6.9 of this Agreement. Such financing statements may describe the collateral in the
same manner as described herein or may contain an indication or description of collateral
that describes such property in any other manner as such party may determine, in its sole
discretion, is necessary, advisable or prudent to ensure the perfection of the security
interest in the collateral granted to the Purchaser herein.

     (b) Seller shall not change its name, identity, state of incorporation or corporate
structure in any manner that would, could or might make any financing statement or
continuation statement filed by Seller (or by Purchaser, Issuer or the Trust Collateral
Agent on behalf of Seller) in accordance with paragraph (a) above seriously misleading
within the meaning of §9-506 of the applicable UCC, unless they shall have given Purchaser,
Issuer, the Insurer and the Trust Collateral Agent at least 60 days’ prior written notice
thereof, and shall promptly file appropriate amendments to all previously filed financing
statements and continuation statements.

     (c) Seller shall give Purchaser, the Issuer, the Insurer (so long as an Insurer Default
shall not have occurred and be continuing) and the Trust Collateral Agent at least 60 days’
prior written notice of any relocation that would result in a change of the location of the
debtor within the meaning of Section 9-307 of the applicable UCC. Seller shall at all times
maintain (i) each office from which it services Receivables within the United States of
America or Canada and (ii) its principal executive office within the United States of
America.

     (d) Prior to the Closing Date and with respect to Subsequent Receivables, the
Subsequent Transfer Date, Seller has maintained accounts and records as to each
Receivable accurately and in sufficient detail to permit (i) the reader thereof to know
at any time as of or prior to the Closing Date and with respect to Subsequent Receivables,
the Subsequent Transfer Date, the status of such Receivable, including payments and
recoveries made and payments owing (and the nature of each) and (ii) reconciliation between
payments or recoveries on (or with respect to) each Receivable and the Principal Balance
with respect to the Initial Receivables as of the Initial Cutoff Date and with respect to
Subsequent Receivables, the Subsequent Cutoff Date. Seller shall maintain its computer
systems so that, from and after the time of sale under this Agreement of the Receivables to
Purchaser, and the conveyance of the Receivables by Purchaser to the Issuer, Seller’s master
computer records (including archives) that shall refer to a Receivable indicate clearly that
such Receivable has been sold to Purchaser and has been conveyed by Purchaser to the Issuer.
Indication of the Issuer’s ownership of a Receivable shall be deleted from or modified on
Seller’s computer systems when, and only when, the

10

 

Receivable shall become a Purchased
Receivable or a Sold Receivable or shall have been paid in full or pursuant to the terms of
the Sale and Servicing Agreement.

     (e) If at any time Seller shall propose to sell, grant a security interest in, or
otherwise transfer any interest in any motor vehicle receivables to any prospective
purchaser, lender or other transferee, Seller shall give to such prospective purchaser,
lender, or other transferee computer tapes, records, or print-outs (including any restored
from archives) that, if they shall refer in any manner whatsoever to any Receivable (other
than a Purchased Receivable or a Sold Receivable), shall indicate clearly that such
Receivable has been sold to Purchaser, sold by Purchaser to Issuer, and is owned by the
Issuer.

          SECTION 4.2 Other Liens or Interests. Except for the conveyances hereunder, Seller will
not sell, pledge, assign or transfer to any other Person, or grant, create, incur, assume or suffer
to exist any Lien on the Receivables or the Other Conveyed Property or any interest therein, and
Seller shall defend the right, title, and interest of Purchaser and the Issuer in and to the
Receivables and the Other Conveyed Property against all claims of third parties claiming through or
under Seller.

          SECTION 4.3 Costs and Expenses. Seller shall pay all reasonable costs and disbursements in
connection with the performance of its obligations hereunder and under its Related Documents.

          SECTION 4.4 Indemnification.

     (a) Seller shall defend, indemnify and hold harmless Purchaser, the Issuer, the Trust
Collateral Agent, the Trustee, the Backup Servicer, the Owner Trustee, the Insurer, the
Noteholders and the Certificateholder from and against any and all costs, expenses, losses,
damages, claims, and liabilities, arising out of or resulting from any breach of any of
Seller’s representations and warranties contained herein.

     (b) Seller shall defend, indemnify and hold harmless Purchaser, the Issuer, the Trust
Collateral Agent, the Trustee, the Backup Servicer, the Owner Trustee, the Insurer,
the Noteholders and the Certificateholder from and against any and all costs, expenses,
losses, damages, claims, and liabilities, arising out of or resulting from the use,
ownership or operation by Seller or any affiliate thereof of a Financed Vehicle.

     (c) Seller shall defend, indemnify and hold harmless Purchaser, the Issuer, the Trust
Collateral Agent, the Trustee, the Backup Servicer, the Owner Trustee, the Insurer, the
Noteholders and the Certificateholder from and against any and all costs, expenses, losses,
damages, claims and liabilities arising out of or resulting from any action taken, or failed
to be taken, by it in respect of any portion of the Receivables other than in accordance
with this Agreement or the Sale and Servicing Agreement.

     (d) Seller agrees to pay, and shall defend, indemnify and hold harmless Purchaser, the
Issuer, the Trust Collateral Agent, the Trustee, the Backup Servicer, the Owner Trustee, the
Insurer, the Noteholders and the Certificateholder from and against any taxes that may at
any time be asserted against Purchaser, the Issuer, the Trust

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Collateral Agent, the Trustee,
the Backup Servicer, the Owner Trustee, the Insurer, the Noteholders and the
Certificateholder with respect to the transactions contemplated in this Agreement,
including, without limitation, any sales, gross receipts, general corporation, tangible or
intangible personal property, privilege, or license taxes (but not including any taxes
asserted with respect to, and as of the date of, the sale, transfer and assignment of the
Receivables and the Other Conveyed Property to Purchaser and by Purchaser to the Issuer or
the issuance and original sale of the Notes or issuance of the Certificate, or asserted with
respect to ownership of the Receivables and Other Conveyed Property which shall be
indemnified by Seller pursuant to clause (e) below, or federal, state or other income taxes,
arising out of distributions on the Notes or the Certificate or transfer taxes arising in
connection with the transfer of the Notes or the Certificate) and costs and expenses in
defending against the same, arising by reason of the acts to be performed by Seller under
this Agreement or imposed against such Persons.

     (e) Seller agrees to pay, and to indemnify, defend and hold harmless Purchaser, the
Issuer, the Trust Collateral Agent, the Trustee, the Backup Servicer, the Owner Trustee, the
Insurer, the Noteholders and the Certificateholder from, any taxes which may at any time be
asserted against such Persons with respect to, and as of the date of, the conveyance or
ownership of the Receivables or the Other Conveyed Property hereunder and under any
Subsequent Purchase Agreement and the conveyance or ownership of the Receivables under the
Sale and Servicing Agreement and under any Subsequent Transfer Agreement or the issuance and
original sale of the Notes or the issuance of the Certificate, including, without
limitation, any sales, gross receipts, personal property, tangible or intangible personal
property, privilege or license taxes (but not including any federal or other income taxes,
including franchise taxes, arising out of the transactions contemplated hereby or transfer
taxes arising in connection with the transfer of the Notes or the Certificate) and costs and
expenses in defending against the same, arising by reason of the acts to be performed by
Seller under this Agreement or imposed against such Persons.

     (f) Seller shall defend, indemnify, and hold harmless Purchaser, the Issuer, the Trust
Collateral Agent, the Trustee, the Backup Servicer, the Owner Trustee, the
Insurer, the Noteholders and the Certificateholder from and against any and all costs,
expenses, losses, claims, damages, and liabilities to the extent that such cost, expense,
loss, claim, damage, or liability arose out of, or was imposed upon Purchaser, the Issuer,
the Trust Collateral Agent, the Trustee, the Backup Servicer, the Owner Trustee, the
Insurer, the Noteholders or the Certificateholder through the negligence, willful
misfeasance, or bad faith of Seller in the performance of its duties under this Agreement or
by reason of reckless disregard of Seller’s obligations and duties under this Agreement.

     (g) Seller shall indemnify, defend and hold harmless Purchaser, the Issuer, the Trust
Collateral Agent, the Trustee, the Backup Servicer, the Owner Trustee, the Insurer, the
Noteholders and the Certificateholder from and against any loss, liability or expense
incurred by reason of the violation by Seller of federal or state securities laws in
connection with the registration or the sale of the Notes.

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     (h) Seller shall indemnify, defend and hold harmless Purchaser, the Issuer, the Trust
Collateral Agent, the Trustee, the Backup Servicer, the Owner Trustee, the Insurer, the
Noteholders and the Certificateholder from and against any loss, liability or expense
imposed upon, or incurred by, Purchaser, the Issuer, the Trust Collateral Agent, the
Trustee, the Backup Servicer, the Owner Trustee, the Noteholders or the Certificateholder as
result of the failure of any Receivable, or the sale of the related Financed Vehicle, to
comply with all requirements of applicable law.

     (i) Seller shall defend, indemnify, and hold harmless Purchaser from and against all
costs, expenses, losses, claims, damages, and liabilities arising out of or incurred in
connection with the acceptance or performance of Seller’s trusts and duties as Servicer
under the Sale and Servicing Agreement, except to the extent that such cost, expense, loss,
claim, damage, or liability shall be due to the willful misfeasance, bad faith, or
negligence (except for errors in judgment) of Purchaser.

     (j) Seller shall indemnify the Owner Trustee and its officers, directors, successors,
assigns, agents and servants jointly and severally with the Purchaser pursuant to Section
7.2 of the Trust Agreement.

          Indemnification under this Section 4.4 shall include reasonable fees and expenses of counsel
and expenses of litigation and shall survive payment of the Notes and the Certificate. The
indemnity obligations hereunder shall be in addition to any obligation that Seller may otherwise
have.

ARTICLE V.

REPURCHASES

          SECTION 5.1 Repurchase of Receivables Upon Breach of Warranty. Upon the occurrence of a
Repurchase Event, Seller shall, unless the breach which is the subject of such Repurchase Event
shall have been cured in all material respects, repurchase the Receivable relating thereto from the
Issuer and, simultaneously with the repurchase of the Receivable, Seller shall deposit the Purchase
Amount in full, without deduction or offset, to the
Collection Account, pursuant to Section 3.2 of the Sale and Servicing Agreement. It is understood
and agreed that, except as set forth in Section 6.1 hereof, the obligation of Seller to repurchase
any Receivable, as to which a breach occurred and is continuing, shall, if such obligation is
fulfilled, constitute the sole remedy against Seller for such breach available to Purchaser, the
Issuer, the Insurer, the Backup Servicer, the Noteholders, the Certificateholder, the Trust
Collateral Agent on behalf of the Noteholders or the Owner Trustee on behalf of the
Certificateholder. The provisions of this Section 5.1 are intended to grant the Issuer, the
Insurer and the Trust Collateral Agent a direct right against Seller to demand performance
hereunder, and in connection therewith, Seller waives any requirement of prior demand against
Purchaser with respect to such repurchase obligation. Any such repurchase shall take place in the
manner specified in Section 3.2 of the Sale and Servicing Agreement. Notwithstanding any other
provision of this Agreement or the Sale and Servicing Agreement to the contrary, the obligation of
Seller under this Section shall not terminate upon a termination of Seller as Servicer under the
Sale and Servicing Agreement and shall be performed in accordance with the terms hereof
notwithstanding the failure of the

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Servicer or Purchaser to perform any of their respective
obligations with respect to such Receivable under the Sale and Servicing Agreement.

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

          SECTION 5.2 Reassignment of Purchased Receivables. Upon deposit in the Collection Account
of the Purchase Amount of any Receivable repurchased by Seller under Section 5.1 hereof, Purchaser
and the Issuer shall take such steps as may be reasonably requested by Seller in order to assign to
Seller all of Purchaser’s and the Issuer’s right, title and interest in and to such Receivable and
all security and documents and all Other Conveyed Property conveyed to Purchaser and the Issuer
directly relating thereto, without recourse, representation or warranty, except as to the absence
of Liens created by or arising as a result of actions of Purchaser or the Issuer. Such assignment
shall be a sale and assignment outright, and not for security. If, following the reassignment of a
Purchased Receivable, in any enforcement suit or legal proceeding, it is held that Seller may not
enforce any such Receivable on the ground that it shall not be a real party in interest or a holder
entitled to enforce the Receivable, Purchaser and the Issuer shall, at the expense of Seller, take
such steps as Seller deems reasonably necessary to enforce the Receivable, including bringing suit
in Purchaser’s or in the Issuer’s name.

          SECTION 5.3 Waivers. No failure or delay on the part of Purchaser, or the Issuer as
assignee of Purchaser, or the Trust Collateral Agent as assignee of the Issuer, in exercising any
power, right or remedy under this Agreement shall operate as a waiver thereof, nor shall any single
or partial exercise of any such power, right or remedy preclude any other or future exercise
thereof or the exercise of any other
power, right or remedy.

ARTICLE VI.

MISCELLANEOUS

          SECTION 6.1 Liability of Seller. Seller shall be liable in accordance herewith only to the
extent of the obligations in this Agreement specifically undertaken by Seller and the
representations and warranties of Seller.

          SECTION 6.2 Merger or Consolidation of Seller or Purchaser. Any corporation or other
entity (i) into which Seller or Purchaser may be merged or consolidated, (ii) resulting from any
merger or consolidation to which Seller or Purchaser is a party or (iii) succeeding to the business
of Seller or Purchaser, in the case of Purchaser, which corporation has a certificate of
incorporation containing provisions relating to limitations on business and other matters
substantively identical to those contained in Purchaser’s certificate of incorporation, provided
that in any of the foregoing cases such corporation shall execute an agreement of assumption to
perform every obligation of Seller or Purchaser, as the case may be, under this Agreement and,
whether or not such assumption agreement is executed, shall be the successor to

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Seller or
Purchaser, as the case may be, hereunder (without relieving Seller or Purchaser of their
responsibilities hereunder, if it survives such merger or consolidation) without the execution or
filing of any document or any further action by any of the parties to this Agreement.
Notwithstanding the foregoing, so long as an Insurer Default shall not have occurred and be
continuing, Purchaser shall not merge or consolidate with any other Person or permit any other
Person to become the successor to Purchaser’s business without the prior written consent of the
Insurer. Seller or Purchaser shall promptly inform the other party, the Issuer, the Trust
Collateral Agent, the Owner Trustee and, so long as an Insurer Default shall not have occurred and
be continuing, the Insurer of such merger, consolidation or purchase and assumption.
Notwithstanding the foregoing, as a condition to the consummation of the transactions referred to
in clauses (i), (ii) and (iii) above, (x) immediately after giving effect to such transaction, no
representation or warranty made pursuant to Sections 3.1 and 3.2 of this Agreement shall have been
breached (for purposes hereof, such representations and warranties shall speak as of the date of
the consummation of such transaction) and no event that, after notice or lapse of time, or both,
would become an event of default under the Insurance Agreement, shall have occurred and be
continuing, (y) Seller or Purchaser, as applicable, shall have delivered written notice of such
consolidation, merger or purchase and assumption to the Rating Agencies prior to the consummation
of such transaction and shall have delivered to the Issuer, the Insurer and the Trust Collateral
Agent an Officer’s Certificate of the Seller or a certificate signed by or on behalf of the
Purchaser, as applicable, and an Opinion of Counsel each stating that such consolidation, merger or
succession and such agreement of assumption comply with this Section 6.2 and that all conditions
precedent, if any, provided for in this Agreement relating to such transaction have been complied
with, and (z) Seller or Purchaser, as applicable, shall have delivered to the Issuer, the Insurer
and the Trust Collateral Agent an Opinion of Counsel, stating, in the opinion of such counsel,
either (A) all financing statements and continuation statements and amendments thereto have been
executed and filed that are necessary to preserve and protect the interest of the Issuer and the
Trust Collateral Agent in the Receivables and reciting the details
of the filings or (B) no such action shall be necessary to preserve and protect such interest.

          SECTION 6.3 Limitation on Liability of Seller and Others. Seller and any director,
officer, employee or agent thereof may rely in good faith on the advice of counsel or on any
document of any kind prima facie properly executed and submitted by any Person respecting any
matters arising under this Agreement. Seller shall not be under any obligation to appear in,
prosecute or defend any legal action that is not incidental to its obligations under this Agreement
or its Related Documents and that in its opinion may involve it in any expense or liability.

          SECTION 6.4 Seller May Own Notes or the Certificate. Subject to the provisions of the Sale
and Servicing Agreement, Seller and any Affiliate of Seller may in their individual or any other
capacity become the owner or pledgee of Notes or the Certificate with the same rights as they would
have if they were not Seller or an Affiliate thereof.

          SECTION 6.5 Amendment.

     (a) This Agreement may be amended by Seller and Purchaser with the prior written
consent of the Insurer (so long as an Insurer Default shall not have occurred and be
continuing) but without the consent of the Trust Collateral Agent, the Owner Trustee, the
Certificateholder or any of the Noteholders (i) to cure any ambiguity or (ii) to correct

15

 

any
provisions in this Agreement; provided, however, that such action shall not, as evidenced by
an Opinion of Counsel delivered to the Issuer, the Owner Trustee, the Insurer and the Trust
Collateral Agent, adversely affect in any material respect the interests of any
Certificateholder or Noteholder or, if an Insurer Default shall have occurred and be
continuing, the Insurer.

     (b) This Agreement may also be amended from time to time by Seller and Purchaser, with
the prior written consent of the Insurer (so long as an Insurer Default shall not have
occurred and be continuing) and with the consent of the Trust Collateral Agent and, if
required, the Certificateholder and the Noteholders, in accordance with the Sale and
Servicing Agreement, for the purpose of adding any provisions to or changing in any manner
or eliminating any of the provisions of this Agreement, or of modifying in any manner the
rights of the Certificateholder or Noteholders; provided, however, the
Seller provides the Trust Collateral Agent with an Opinion of Counsel, (which may be
provided by the Seller’s internal counsel) that no such amendment shall increase or reduce
in any manner the amount of, or accelerate or delay the timing of, collections of payments
on Receivables or distributions that shall be required to be made on any Note or
Certificate; provided further that if an Insurer Default has occurred and is continuing,
such amendment shall not materially adversely affect the interests of the Insurer.

     (c) Prior to the execution of any such amendment or consent, Seller shall have
furnished written notification of the substance of such amendment or consent to each Rating
Agency and the Insurer.

     (d) It shall not be necessary for the consent of Certificateholder or Noteholders
pursuant to this Section to approve the particular form of any proposed amendment or
consent, but it shall be sufficient if such consent shall approve the substance thereof.
The manner of obtaining such consents and of evidencing the authorization of the execution
thereof by Certificateholder or Noteholders shall be subject to such reasonable requirements
as the Trust Collateral Agent may prescribe, including the establishment of record dates.
The consent of a Holder of a Certificate or a Note given pursuant to this Section or
pursuant to any other provision of this Agreement shall be conclusive and binding on such
Holder and on all future Holders of such Certificate or Note and of any Certificate or Note
issued upon the transfer thereof or in exchange thereof or in lieu thereof whether or not
notation of such consent is made upon the Certificate or Note.

          SECTION 6.6 Notices. All demands, notices and communications to Seller or Purchaser
hereunder shall be in writing, personally delivered, or sent by telecopier (subsequently confirmed
in writing), reputable overnight courier or mailed by certified mail, return receipt requested, and
shall be deemed to have been given upon receipt (a) in the case of Seller, to AmeriCredit Financial
Services, Inc., 801 Cherry Street, Suite 3900, Fort Worth, Texas 76102, Attention: Chief Financial
Officer, or (b) in the case of Purchaser, to AFS SenSub Corp., 2265 B Renaissance Drive, Suite 17,
Las Vegas, Nevada 89119, Attention: Chief Financial Officer, or such other address as shall be
designated by a party in a written notice delivered to the other party or to the Issuer, Owner
Trustee, the Insurer or the Trust Collateral Agent, as applicable.

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          SECTION 6.7 Merger and Integration. Except as specifically stated otherwise herein, this
Agreement and Related Documents set forth the entire understanding of the parties relating to the
subject matter hereof, and all prior understandings, written or oral, are superseded by this
Agreement and the Related Documents. This Agreement may not be modified, amended, waived or
supplemented except as provided herein.

          SECTION 6.8 Severability of Provisions. If any one or more of the covenants, provisions or
terms of this Agreement shall be for any reason whatsoever held invalid, then such covenants,
provisions or terms shall be deemed severable from the remaining covenants, provisions or terms of
this Agreement and shall in no way affect the validity or enforceability of the other provisions of
this Agreement.

          SECTION 6.9 Intention of the Parties.  The execution and delivery of this Agreement shall
constitute an acknowledgment by Seller and Purchaser that they intend that the assignment and
transfer herein contemplated constitute a sale and assignment outright, and not for security, of
the Receivables and the Other Conveyed Property, conveying good title thereto free and clear of any
Liens, from Seller to Purchaser, and that the Receivables and the Other Conveyed Property shall not
be a part of Seller’s estate in the event of the bankruptcy, reorganization, arrangement,
insolvency or liquidation proceeding, or
other proceeding under any federal or state bankruptcy or similar law, or the occurrence of another
similar event, of, or with respect to Seller. In the event that such conveyance is determined to
be made as security for a loan made by Purchaser, the Issuer, the Noteholders or the
Certificateholder to Seller, the Seller hereby grants to Purchaser a security interest in all of
Seller’s right, title and interest in and to the following property, whether now owned or existing
or hereafter acquired or arising, and this Agreement shall constitute a security agreement under
applicable law (collectively, the “Purchase Agreement Collateral”):

          (1) the Initial Receivables and all moneys received thereon after the Initial Cutoff
Date and the Subsequent Receivables and all moneys received thereon after the applicable
Subsequent Cutoff Date;

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

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

          (4) any proceeds from any 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;

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

17

 

          (6) the related Receivable files;

          (7) 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 (1) through (6); and

          (8) all proceeds and investments with respect to items (1) through (7).

          SECTION 6.10 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 6.11 Counterparts. For the purpose of facilitating the execution of this Agreement
and for other purposes, this Agreement may be executed simultaneously in any number of
counterparts, each of which
counterparts shall be deemed to be an original, and all of which counterparts shall constitute but
one and the same instrument.

          SECTION 6.12 Conveyance of the Receivables and the Other Conveyed Property to the Issuer.
Seller acknowledges that Purchaser intends, pursuant to the Sale and Servicing Agreement, to convey
the Receivables and the Other Conveyed Property, together with its rights under this Agreement, to
the Issuer on the date hereof and on the Subsequent Transfer Date in the case of Subsequent
Receivables. Seller acknowledges and consents to such conveyance and pledge and waives any further
notice thereof and covenants and agrees that the representations and warranties of Seller contained
in this Agreement and any Subsequent Purchase Agreement and the rights of Purchaser hereunder are
intended to benefit the Insurer, the Issuer, the Owner Trustee, the Trust Collateral Agent, the
Noteholders and the Certificateholder. In furtherance of the foregoing, Seller covenants and
agrees to perform its duties and obligations hereunder, in accordance with the terms hereof for the
benefit of the Insurer, the Issuer, the Owner Trustee, the Trust Collateral Agent, the Noteholders
and the Certificateholder and that, notwithstanding anything to the contrary in this Agreement,
Seller shall be directly liable to the Issuer, the Owner Trustee, the Trust Collateral Agent, the
Noteholders, the Insurer and the Certificateholder (notwithstanding any failure by the Servicer,
the Backup Servicer or the Purchaser to perform its respective duties and obligations hereunder or
under Related Documents) and that the Trust Collateral Agent may enforce the duties and obligations
of Seller under this Agreement against Seller for the benefit of the Insurer, the Owner Trustee,
the Trust Collateral Agent, the Noteholders and the Certificateholder.

          SECTION 6.13 Nonpetition Covenant. Neither Purchaser nor Seller shall petition or
otherwise invoke the process of any court or government authority for the purpose of commencing or
sustaining a case against the Purchaser or the Issuer under any federal or state bankruptcy,
insolvency or similar law or appointing a receiver, liquidator, assignee, trustee, custodian,
sequestrator or other similar official of the Purchaser or the Issuer or any substantial part of
their respective property, or ordering the winding up or liquidation of the affairs of the
Purchaser or the Issuer.

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          SECTION 6.14 Benefits of Purchase Agreement. The Insurer and its successors and assigns
shall be a third-party beneficiary to the provisions of this Purchase Agreement and shall be
entitled to rely upon and directly enforce the provisions of this Purchase Agreement so long as no
Insurer Default shall have occurred and be continuing.

[Remainder of page intentionally left blank]

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

	 	 	 	 	 	 	 
	 	 	AFS SENSUB CORP., as Purchaser
	 
	 	 	 	 	 	 
	 	 	By	 	/s/ Susan B. Sheffield
	 	 	 	 	 
	 

	 	 	 	Name:
	 	Susan B. Sheffield
	 

	 	 	 	Title:
	 	Senior Vice-President, Structured Finance
	 
	 	 	 	 	 	 
	 	 	AMERICREDIT FINANCIAL SERVICES, INC., as Seller
	 
	 	 	 	 	 	 
	 	 	By	 	/s/ Sheli D. Fitzgerald
	 	 	 	 	 
	 

	 	 	 	Name:
	 	Sheli D. Fitzgerald
	 

	 	 	 	Title:
	 	Vice-President, Structured Finance

Accepted:

WELLS FARGO BANK, NATIONAL ASSOCIATION,

as Trustee and Trust Collateral Agent

	 	 	 	 	 
	By

	 	/s/ Marianna C. Stershic
 

	 	 
	 

	 	Name: Marianna C. Stershic	 	 
	 

	 	Title: Vice President	 	 

[Purchase Agreement]

 

 

SCHEDULE A

SCHEDULE OF INITIAL RECEIVABLES

[On File with AmeriCredit, the Trustee and Dewey Ballantine LLP]

 

 

SCHEDULE B

REPRESENTATIONS AND WARRANTIES OF

AMERICREDIT FINANCIAL SERVICES, INC. (“AMERICREDIT”)

     1. Characteristics of Receivables. Each Receivable (A) was originated (i) by
AmeriCredit, (ii) by an Originating Affiliate and was validly assigned by such Originating
Affiliate to AmeriCredit, (iii) 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 (iv) 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 Originating Affiliate, such Dealer or such
Third-Party Lender for the retail sale of a Financed Vehicle in the ordinary course of
AmeriCredit’s, such Originating Affiliate’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 Originating Affiliate, each Dealer
and each Third-Party Lender had all necessary licenses and permits to originate Receivables in the
state where AmeriCredit, each such Originating Affiliate, 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. No Fraud or Misrepresentation. Each Receivable was originated (i) by AmeriCredit,
(ii) by an Originating Affiliate and was assigned by the Originating Affiliate to AmeriCredit,
(iii) by a Dealer and was sold by the Dealer to AmeriCredit or (iv) by a Third-Party Lender and was
sold by the Third-Party Lender to AmeriCredit, and was sold by AmeriCredit to AFS SenSub Corp.
without any fraud or misrepresentation on the part of such Originating Affiliate, 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.

     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. Each of the Seller and AFS SenSub Corp. has indicated in its
files that the Receivables have been sold to the Trust pursuant to the Sale and Servicing Agreement
and Granted to the Trust Collateral Agent pursuant to the Indenture. Further, AmeriCredit has
indicated in its computer files that the Receivables are owned by the Trust.

     10. Computer Tape. The Computer Tape made available by AmeriCredit to AFS SenSub
Corp. and 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 AmeriCredit
which met the selection criteria contained in the Sale and Servicing Agreement.

     12. Chattel Paper. The Receivables constitute “tangible chattel paper” or “electronic
chattel paper” within the meaning of the UCC as in effect in the States of Texas, New York, Nevada
and Delaware.

B-2

 

     13. One Original. There is only one original executed copy (or with respect to
“electronic chattel paper”, one authoritative copy) of each Contract. With respect to Contracts
that are “electronic chattel paper”, each authoritative copy (a) is unique, identifiable and
unalterable (other than with the participation of the Trust Collateral Agent in the case of an
addition or amendment of an identified assignee and other than a revision that is readily
identifiable as an authorized or unauthorized revision), (b) has been marked with a legend to the
following effect: “Authoritative Copy” and (c) has been communicated to and is maintained by or on
behalf of the Custodian.

     14. Not an Authoritative Copy. With respect to Contracts that are “electronic chattel
paper”, the Seller has marked all copies of each such Contract other than an authoritative copy
with a legend to the following effect: “This is not an authoritative copy.”

     15. Revisions. With respect to Contracts that are “electronic chattel paper”, the
related Receivables have been established in a manner such that (a) all copies or revisions that
add or change an identified assignee of the authoritative copy of each such Contract must be made
with the participation of the Trust Collateral Agent and (b) all revisions of the authoritative
copy of each such Contract must be readily identifiable as an authorized or unauthorized revision.

     16. Pledge or Assignment. With respect to Contracts that are “electronic chattel
paper”, the authoritative copy of each Contract communicated to the Custodian has no marks or
notations indicating that it has been pledged, assigned or otherwise conveyed to any Person other
than the Trust Collateral Agent.

     17. Receivable Files Complete. There exists a Receivable File pertaining to each
Receivable and such Receivable File contains a fully executed original of the Contract and the
original Lien Certificate or a copy of the application therefor. Related documentation concerning
the Receivable, including any documentation regarding modifications of the Contract, will be
maintained electronically by the Servicer. 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.

     18. 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.

     19. Lawful Assignment. No Receivable was originated in, or is subject to the laws of,
any jurisdiction the laws of which would make unlawful, void or voidable the sale, transfer and
assignment of such Receivable under this Agreement or pursuant to transfers of the Notes.

     20. Good Title. Immediately prior to the conveyance of the Receivables to AFS SenSub
Corp. pursuant to this Agreement or a Subsequent Purchase Agreement, as applicable, AmeriCredit was
the sole owner thereof and had good and indefeasible title thereto, free of any

B-3

 

Lien and, upon execution and delivery of this Agreement by AmeriCredit, AFS SenSub Corp. shall
have good and indefeasible title to and will be the sole owner of such Receivables, free of any
Lien. No Dealer or Third-Party Lender has a participation in, or other right to receive, proceeds
of any Receivable. AmeriCredit has not taken any action to convey any right to any Person that
would result in such Person having a right to payments received under the related Insurance
Policies or the related Dealer Agreements, Auto Loan Purchase and Sale Agreements, Dealer
Assignments or Third-Party Lender Assignments or to payments due under such Receivables.

     21. 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 an
Originating Affiliate 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 an Originating Affiliate 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 or the related Originating Affiliate has applied for or received written evidence from
the related Dealer or Third-Party Lender that such Lien Certificate showing AmeriCredit, an
Originating Affiliate, the Issuer or a Titled Third-Party Lender, as applicable, as first
lienholder has been applied for and the Originating Affiliate’s or Titled Third-Party Lender’s
security interest has been validly assigned by the Originating Affiliate or Titled Third-Party
Lender, as applicable, to AmeriCredit and AmeriCredit’s security interest has been validly assigned
by AmeriCredit to AFS SenSub Corp. pursuant to this Agreement. This Agreement creates a valid and
continuing security interest (as defined in the UCC) in the Receivables in favor of the Purchaser,
which security interest is prior to all other Liens, and is enforceable as such as against
creditors of and purchasers from the Seller. Immediately after the sale, transfer and assignment
thereof by AmeriCredit to AFS SenSub Corp., each Receivable will be secured by an enforceable and
perfected first priority security interest in the Financed Vehicle in favor of AFS SenSub Corp. 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.

     22. All Filings Made. All filings (including, without limitation, UCC filings
(including, without limitation, the filing by the Seller of all appropriate financing statements in
the proper filing office in the State of Delaware under applicable law in order to perfect the
security interest in the Receivables granted to the Purchaser hereunder)) required to be made by
any Person and actions required to be taken or performed by any Person in any jurisdiction to give
the Trust and the Trust Collateral Agent a first priority perfected lien on, or ownership interest
in, the Receivables and the proceeds thereof and the Other Conveyed Property have been made, taken
or performed.

B-4

 

     23. No Impairment. AmeriCredit has not done anything to convey any right to any
Person that would result in such Person having a right to payments due under the Receivables or
otherwise to impair the rights of the Trust, the Insurer, the Trustee, the Trust Collateral Agent
and the Noteholders in any Receivable or the proceeds thereof. Other than the security interest
granted to the Purchaser pursuant to this Agreement and except any other security interests that
have been fully released and discharged as of the Closing Date, the Seller has not pledged,
assigned, sold, granted a security interest in, or otherwise conveyed any of the Receivables. The
Seller has not authorized the filing of and is not aware of any financing statements against the
Seller that include a description of collateral covering the Receivables other than any financing
statement relating to the security interest granted to the Purchaser hereunder or that has been
terminated. The Seller is not aware of any judgment or tax lien filings against it.

     24. 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.

     25. 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.

     26. 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.

     27. Insurance. At the time of an origination of a Receivable by AmeriCredit, an
Originating Affiliate, 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 (or an Originating Affiliate or a Titled
Third-Party Lender) 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, an Originating Affiliate or a Titled Third-Party Lender 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.

     28. Past Due. At the Initial Cutoff Date or the Subsequent Cutoff Date, as applicable,
no Receivable was more than 30 days past due.

B-5

 

     29. 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.

     30. Certain Characteristics of Receivables. 

     (A) Each Receivable had a remaining maturity, as of the Initial Cutoff Date or the
Subsequent Cutoff Date, as applicable, of not more than 72 months.

     (B) Each Receivable had an original maturity, as of the Initial Cutoff Date or the
Subsequent Cutoff Date, as applicable, of not more than 72 months.

     (C) Not more than 70% of the Initial Receivables (calculated by Aggregate Principal
Balance) had an original term to maturity of 72 months, and on each Subsequent Transfer
Date, not more than 70% of all Receivables (calculated by Aggregate Principal Balance) which
have been transferred to the Issuer including the Initial Receivables as of the Initial
Cutoff Date and all Subsequent Receivables transferred to the Issuer as of such Subsequent
Cutoff Date (calculated by Aggregate Principal Balance) had an original term to maturity of
72 months.

     (D) Each Receivable had a remaining Principal Balance as of the Initial Cutoff Date or
the Subsequent Cutoff Date, as applicable, of at least $250 and not more than $80,000.

     (E) Each Receivable had an Annual Percentage Rate as of the Initial Cutoff Date or the
Subsequent Cutoff Date, as applicable, of at least 1% and not more than 33%.

     (F) No Receivable was more than 30 days past due as of the Initial Cutoff Date or the
Subsequent Cutoff Date, as applicable.

     (G) No funds had been advanced by AmeriCredit, any Originating Affiliate, any Dealer,
any Third-Party Lender, or anyone acting on behalf of any of them in order to cause any
Receivable to qualify under clause (F) above.

     (H) Not more than 35% of the Obligors on the Initial Receivables as of the Initial
Cutoff Date resided in Texas and California (based on the Obligor’s mailing address as of
the Initial Cutoff Date) and on each Subsequent Transfer Date, not more than 35% of the
Obligors on all Receivables (calculated by Aggregate Principal Balance) which have been
transferred to the Issuer (including the Subsequent Receivables transferred to the Issuer on
such Subsequent Cutoff Date) resided in Texas and California (based on the Obligor’s mailing
address as of the Initial Cutoff Date (with respect to the Initial Receivables) or as of the
Subsequent Cutoff Date for the related Receivable (with respect to the Subsequent
Receivables)).

     (I) Each Obligor had a billing address in the United States as of the date of
origination of the related Receivable, is a natural person and is not an Affiliate of any
party to this Agreement.

B-6

 

     (J) Each Receivable is denominated in, and each Contract provides for payment in,
United States dollars.

     (K) The weighted average Annual Percentage Rate of all Receivables which have been
transferred to the Issuer including the Initial Receivables as of the Initial Cutoff Date
and all Subsequent Receivables transferred to the Issuer as of such Subsequent Cutoff Date
is not less than 16.75%, 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.

     (L) Each Receivable is identified on the Servicer’s master servicing records as an
automobile installment sales contract or installment note.

     (M) Each Receivable arose 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 Receivable arose 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.

     (O) Not more than 2% of all Receivables (calculated by Aggregate Principal Balance)
which have been transferred to the Issuer including the Initial Receivables as of the
Initial Cutoff Date and all Subsequent Receivables transferred to the Issuer as of such
Subsequent Cutoff Date shall be “electronic chattel paper” as such term is defined in the
UCC.

     31. 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.

     32. Lockbox Account. Each Obligor has been, or will be, directed to make all payments
on their related Receivable to the Lockbox Account.

     33. 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.

     34. 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.

     35. 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

B-7

 

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.

     36. 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.

     37. 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.

     38. 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.

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EXHIBIT A

SUBSEQUENT PURCHASE AGREEMENT

          Transfer No.                      of Subsequent Receivables, dated as of                           
              , 200_, pursuant
to a Purchase Agreement (the “Purchase Agreement”) dated as of September 18, 2006, between
AMERICREDIT FINANCIAL SERVICES, INC. a Delaware corporation (the “Seller”) and AFS SENSUB
CORP., a Nevada corporation (the “Purchaser”).

W I T N E S S E T H:

          WHEREAS pursuant to the Purchase Agreement, the Seller wishes to convey the Subsequent
Receivables to the Purchaser; and

          WHEREAS, the Purchaser is willing to accept such conveyance subject to the terms and
conditions hereof.

          NOW, THEREFORE, the Seller and the Purchaser hereby agree as follows:

          1. Defined Terms. Capitalized terms used herein shall have the meanings ascribed to
them in the Purchase 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 Purchase 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 Purchaser’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 Purchaser, without recourse (except as
expressly provided in the Purchase Agreement), all right, title and interest of the Seller in and
to:

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

     (b) the security interests in the Financed Vehicles granted by Obligors pursuant to the
respective 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 respective
Subsequent Receivables from claims and on any physical damage, credit life and disability
insurance policies covering the related Financed Vehicles or Obligors and any proceed from
the liquidation of such Subsequent Receivables;

Ex-A-1

 

     (d) 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;

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

     (f) the related Receivables Files;

     (g) 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 (f); and

     (h) all proceed and investments with respect to items (a) through (g).

          The execution and delivery of this Agreement shall constitute an acknowledgment by the Seller
and the Purchaser that they intend that the assignment and transfer herein contemplated constitute
a sale and assignment outright, and not for security, of the Subsequent Receivables and the
Subsequent Other Conveyed Property, conveying good title thereto free and clear of any Liens, from
the Seller to the Purchaser, and that the Subsequent Receivables and the Subsequent Other Conveyed
Property shall not be a part of the Seller’s estate in the event of the bankruptcy, reorganization,
arrangement, insolvency or liquidation proceeding, or other proceeding under any federal or state
bankruptcy or similar law, or the occurrence of another similar event, of, or with respect to the
Seller. In the event that such conveyance is determined to be made as security for a loan made by
the Purchaser, the Issuer, the Noteholders or the Certificateholder to the Seller, the parties
hereto intend that the Seller shall have granted to the Purchaser a security interest in all of the
Seller’s right, title and interest in and to the Subsequent Receivables and the Subsequent Other
Conveyed Property conveyed pursuant to this Section 3, and that this Agreement shall constitute a
security agreement under applicable law.

          4. Representations and Warranties of the Seller. The Seller hereby represents and
warrants to the Purchaser 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 Purchase Agreement are true and correct.

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

     (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

Ex-A-2

 

jurisdictions where the failure to do so would materially and adversely affect the
Seller’s ability to transfer the respective Subsequent Receivables and the Subsequent Other
Conveyed Property to the Purchaser pursuant to this Agreement, or the validity or
enforceability of the respective Subsequent Receivables and the Subsequent Other Conveyed
Property or to perform the Seller’s obligations hereunder and under the Seller’s Related
Documents.

     (d) Power and Authority. The Seller has the power and authority to execute and
deliver this Agreement and its Related Documents and to carry out its terms and their terms;
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
Purchaser by it and has duly authorized such sale and assignment to the Purchaser by all
necessary corporate action; and the execution, delivery and performance of this Agreement
and the Seller’s Related 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 respective 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 Related 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 Related Documents and the fulfillment of the terms of this Agreement and
the Related Documents shall not conflict with, result in any breach of any of the terms and
provisions of or constitute (with or without notice, lapse of time or both) a default under
the 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 their respective 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 Related Documents, (B) seeking to prevent the consummation of any of the transactions
contemplated by this Agreement or any of the Related Documents, (C) seeking any
determination or ruling that might materially and adversely affect the performance by the

Ex-A-3

 

Seller of its obligations under, or the validity or enforceability of, this Agreement
or any of the Related Documents, or (D) seeking to adversely affect the federal income tax
or other federal, state or local tax attributes of, or seeking to impose any excise,
franchise, transfer or similar tax upon, the transfer and acquisition of the respective
Subsequent Receivables and the Subsequent Other Conveyed Property hereunder.

     (h) Chief Executive Office. The chief executive office of the Seller is at 801
Cherry Street, Suite 3900, Fort Worth, Texas 76102.

     (i) Legal Name. The Seller’s exact legal name is, and at all times has been,
the name indicated for it on the signature page below.

     (j) Organization. The Seller is, and at all times has been, a corporation
organized exclusively under the laws of Delaware.

     (k) Principal Balance. The aggregate Principal Balance of the Subsequent
Receivables transferred by the Seller listed on Schedule A attached hereto and conveyed to
the Purchaser pursuant to this Agreement as of the Subsequent Cutoff Date is
$                                        .

     (l) 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. Representations and Warranties of the Purchaser. The Purchaser hereby represents
and warrants to the Seller as of the date of this Agreement and as of the Subsequent Transfer Date
that:

     (a) Organization and Good Standing. Purchaser has been duly organized and is
validly existing and in good standing as a corporation under the laws of the State of
Nevada, with the power and authority to own its properties and to conduct its business as
such properties are currently owned and such business is currently conducted, and had at all
relevant times, and has, full power, authority and legal right to acquire and own the
Subsequent Receivables and the Subsequent Other Conveyed Property, and to transfer the
Subsequent Receivables and the Subsequent Other Conveyed Property to the Issuer pursuant to
the Sale and Servicing Agreement.

     (b) Due Qualification. Purchaser is duly qualified to do business, is in good
standing, and has obtained all necessary licenses and approvals in all jurisdictions where
the failure to do so would materially and adversely affect Purchaser’s ability to acquire
the Subsequent Receivables or the Subsequent Other Conveyed Property, and to transfer the
Subsequent Receivables and the Subsequent Other Conveyed Property to the Issuer pursuant to
the Sale and Servicing Agreement, or the validity or enforceability of the Subsequent
Receivables and the Subsequent Other Conveyed Property or to perform Purchaser’s obligations
hereunder and under the Purchaser’s Related Documents.

     (c) Power and Authority. Purchaser has the power, authority and legal right to
execute and deliver this Agreement and to carry out the terms hereof and to acquire the

Ex-A-4

 

Subsequent Receivables and the Subsequent Other Conveyed Property hereunder; and the
execution, delivery and performance of this Agreement and all of the documents required
pursuant hereto have been duly authorized by Purchaser by all necessary action.

     (d) No Consent Required. Purchaser is not required to obtain the consent of
any other Person, or any consent, license, approval or authorization or registration or
declaration with, any governmental authority, bureau or agency in connection with the
execution, delivery or performance of this Agreement and the Related Documents, except for
such as have been obtained, effected or made.

     (e) Binding Obligation. This Agreement constitutes a legal, valid and binding
obligation of Purchaser, enforceable against Purchaser in accordance with its terms,
subject, as to enforceability, to applicable bankruptcy, insolvency, reorganization,
conservatorship, receivership, liquidation and other similar laws and to general equitable
principles.

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

     (g) No Proceedings. There are no proceedings or investigations pending, or, to
the knowledge of Purchaser, threatened against Purchaser, before any court, regulatory body,
administrative agency, or other tribunal or governmental instrumentality having jurisdiction
over Purchaser or its properties: (i) asserting the invalidity of this Agreement or any of
the Related Documents, (ii) seeking to prevent the consummation of any of the transactions
contemplated by this Agreement or any of the Related Documents, (iii) seeking any
determination or ruling that might materially and adversely affect the performance by
Purchaser of its obligations under, or the validity or enforceability of, this Agreement or
any of the Related Documents or (iv) that may adversely affect the federal or state income
tax attributes of, or seeking to impose any excise, franchise, transfer or similar tax upon,
the transfer and acquisition of the Subsequent Receivables and the Subsequent Other Conveyed
Property hereunder or the transfer of the Subsequent Receivables and the Subsequent Other
Conveyed Property to the Issuer pursuant to the Sale and Servicing Agreement.

     In the event of any breach of a representation and warranty made by Purchaser

Ex-A-5

 

hereunder, Seller covenants and agrees that it will not take any action to pursue any remedy
that it may have hereunder, in law, in equity or otherwise, until a year and a day have passed
since the date on which all Notes, Certificates, pass-through certificates or other similar
securities issued by Purchaser, or a trust or similar vehicle formed by Purchaser, have been paid
in full. Seller and Purchaser agree that damages will not be an adequate remedy for such breach
and that this covenant may be specifically enforced by Purchaser, Issuer or by the Trustee on
behalf of the Noteholders and Owner Trustee on behalf of the Certificateholder.

          6. Conditions Precedent. The obligation of the Purchaser 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 Sections 4 and 5 of this Agreement and in Sections 3.1 and 3.2 of the
Purchase Agreement shall be true and correct as of the date of this Agreement and as of the
Subsequent Transfer Date.

     (b) Conditions. Upon the resale of the Subsequent Receivables sold by the
Seller to the Purchaser hereunder and by the Purchaser to the Issuer pursuant to the Sale
and Servicing Agreement and any related Subsequent Transfer Agreement, the conditions
precedent to such sale, set forth in Section 2.2(b) of the Sale and Servicing Agreement
shall be satisfied.

     (c) Additional Information. The Seller shall have delivered to the Purchaser
such information as was reasonably requested by the Purchaser to satisfy itself as to (i)
the accuracy of the representations and warranties set forth in Section 4 of this Agreement
and in Sections 3.1 and 3.2 of the Purchase Agreement and (ii) the satisfaction of the
conditions set forth in this Section.

          7. Ratification of Agreement. As supplemented by this Agreement, the Purchase
Agreement is in all respects ratified and confirmed and the Purchase Agreement as so supplemented
by this Agreement shall be read, taken and construed as one and the same instrument.

          8. 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.

          9. Conveyance of the Subsequent Receivables and the Subsequent Other Conveyed Property to
the Issuer. The Seller acknowledges that Purchaser intends, pursuant to the Sale and Servicing
Agreement, to convey the Subsequent Receivables and the Subsequent Other Conveyed Property,
together with its rights under this Agreement, to the Issuer on the Subsequent Transfer Date. The
Seller acknowledges and consents to such conveyance and pledges and waives any further notice
thereof and covenants and agrees that the representations and warranties of the Seller contained in
this Agreement and the rights of Purchaser hereunder are intended to benefit the Insurer, the
Issuer, the Owner Trustee, the Trust Collateral Agent, the Noteholders and the Certificateholder.
In furtherance of the foregoing, the Seller covenants and agrees to perform its

Ex-A-6

 

duties and obligations hereunder, in accordance with the terms hereof for the benefit of the
Insurer, the Issuer, the Owner Trustee, the Trust Collateral Agent, the Noteholders and the
Certificateholder and that, notwithstanding anything to the contrary in this Agreement, the Seller
shall be directly liable to the Issuer, the Owner Trustee, the Trust Collateral Agent, the
Noteholders, the Insurer and the Certificateholder (notwithstanding any failure by the Servicer,
the Backup Servicer or the Purchaser to perform its duties and obligations hereunder or under
Related Documents) and that the Trust Collateral Agent may enforce the duties and obligations of
the Seller under this Agreement against the Seller for the benefit of the Insurer, the Owner
Trustee, the Trust Collateral Agent, the Noteholders and the Certificateholder.

          10. 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 THE 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-7

 

          IN WITNESS WHEREOF, the Seller and the Purchaser 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 FINANCIAL SERVICES, INC.
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 	 	 	 	 
	 

	 	 	 	Name:	 	 
	 

	 	 	 	Title:	 	 
	 
	 	 	 	 	 	 
	 	 	AFS SENSUB CORP., as Purchaser
	 
	 	 	 	 	 	 
	 

	 	By	 	 	 	 
	 	 	 	 	 
	 

	 	 	 	Name:	 	 
	 

	 	 	 	Title:	 	 

Acknowledged and Accepted:

WELLS FARGO BANK, NATIONAL ASSOCIATION,

not in its individual capacity but solely as Trust Collateral Agent

	 	 	 	 	 
	By:
	 	 	 	 
	 

	 	 

	 	 
	 

	 	Name:	 	 
	 

	 	Title:	 	 

Ex-A-8

 

SCHEDULE A

SCHEDULE OF SUBSEQUENT RECEIVABLES

Ex-A-9

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