Document:

exv10w6

 

Exhibit 10.6

Financial Guaranty Insurance Company

125 Park Avenue

New York, New York 10017

(212) 312-3000

(800) 352-0001

Financial Guaranty Insurance Policy

	 	 	 
	Issuer: AmeriCredit Automobile Receivables Trust 2006-B-G

	 	Policy Number: 06030109
	 

	 	Control Number: 0010001

Insured Obligations:

	 	 	 
	$1,200,000,000 in aggregate note principal balance of
AmeriCredit Automobile Receivables Trust 2006-B-G
Asset Backed Notes, Class A-l Notes, Class A-2
Notes, Class A-3 Notes, Class A-4 Notes (collectively,
the “Notes”)

	 	 

Trustee: Wells Fargo Bank, National Association.

Financial Guaranty Insurance Company (“Financial Guaranty”), a New York stock insurance
company, in consideration of the right of Financial Guaranty to receive monthly premiums
pursuant to the Sale and Servicing Agreement (as defined below) and the Insurance Agreement
referred to therein, and subject to the terms of this Financial Guaranty Insurance Policy (this
“Policy”), hereby unconditionally and irrevocably agrees to pay each Insured Payment, to the
extent set forth in the Sale and Servicing Agreement, to the Trustee named above or its
successor, as trustee for the Holders of the Notes, except as otherwise provided herein with
respect to Preference Amounts. Capitalized terms used and not otherwise defined herein shall
have the respective meanings assigned to such terms in the Sale and Servicing Agreement and
the Indenture (as defined below) as in effect and executed on the date hereof, without giving
effect to any subsequent amendments or modifications thereto unless such amendments or
modifications have been approved in writing by Financial Guaranty.

The term “Insured Payment” means (1) with respect to any Distribution Date, any Deficiency
Amount for such Distribution Date and the Notes and (2) with respect to any day, any Preference
Amount to be paid pursuant to the terms of this Policy in respect of the Notes.

The term “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 Financial
Guaranty 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

Form 9133

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Financial Guaranty Insurance Company

125 Park Avenue

New York, New York 10017

(212) 312-3000

(800) 352-0001

Financial Guaranty Insurance Policy

	 	(2)	 	(i) 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 Amount shall be determined in accordance with the original terms of the Notes when
issued and without regard to any subsequent amendment or modification of the Notes that has
not been consented to in writing by Financial Guaranty.

The term “Final Scheduled Distribution Date” for each Class of the Notes means the Distribution
Date occurring in October 2007 for the Class A-l Notes, April 2010 for the Class A-2 Notes,
October 2011 for the Class A-3 Notes and September 2013 for the Class A-4 Notes.

Financial Guaranty will pay a Deficiency Amount with respect to the Notes by 12:00 noon (New
York City time) by wire transfer in immediately available funds to the Trustee on the later of (i)
the second Business Day following the Business Day on which Financial Guaranty shall have
received Notice that a Deficiency Amount is due in respect of the Notes and (ii) the Distribution
Date on which the related Deficiency Amount is payable to the Holders of the Notes pursuant to
the Sale and Servicing Agreement, for disbursement to the Holders of the Notes in the same
manner as other payments with respect to the Notes are required to be made. Any Notice
received by Financial Guaranty after 12:00 noon New York City time on a given Business Day
or on any day that is not a Business Day shall be deemed to have been received by Financial
Guaranty on the next succeeding Business Day.

Upon the payment of any Insured Payment hereunder, Financial Guaranty shall be fully
subrogated to the rights of the Holders of the Notes to receive the amount so paid. Financial
Guaranty’s obligations with respect to the Notes hereunder with respect to each Distribution
Date shall be discharged to the extent funds consisting of the related Deficiency Amount are
received by the Trustee on behalf of the Holders of the Notes for payment to such Holders, as
provided in the Sale and Servicing Agreement and herein, whether or not such funds are properly
applied by the Trustee.

If any portion or all of any amount that is insured hereunder that was previously paid to a Holder
of Notes is recoverable and sought to be recovered from such Holder as a voidable preference by
a trustee in bankruptcy pursuant to the U.S. Bankruptcy Code, pursuant to a final non-appealable
order of a court exercising proper jurisdiction in an insolvency proceeding (a “Final Order”)
(such recovered amount, a “Preference Amount”), Financial Guaranty will pay on the guarantee

Form 9133

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Financial Guaranty Insurance Company

125 Park Avenue

New York, New York 10017

(212) 312-3000

(800) 352-0001

Financial Guaranty Insurance Policy

described in the first paragraph hereof, an amount equal to each such Preference Amount by
12:00 noon on the fourth Business Day following receipt by Financial Guaranty on a Business
Day of (w) a certified copy of the Final Order, (x) an opinion of counsel satisfactory to Financial
Guaranty that the order is final and not subject to appeal, (y) an assignment, in form reasonably
satisfactory to Financial Guaranty, irrevocably assigning to Financial Guaranty all rights and
claims of the Trustee and/or such Holder of the Notes relating to or arising under such Preference
Amount and constituting an appropriate instrument, in form satisfactory to Financial Guaranty,
appointing Financial Guaranty as the agent of the Trustee and/or such Holder in respect of such
Preference Amount, including without limitation in any legal proceeding related to such
Preference Amount, and (z) a Notice appropriately completed and executed by the Trustee or
such Holder, as the case may be. Such payment shall be made to the receiver, conservator,
debtor-in-possession or trustee in bankruptcy named in the Final Order and not to the Trustee or
Holder of the Notes directly (unless the Holder has previously paid such amount to such receiver,
conservator, debtor-in-possession or trustee in bankruptcy named in such Final Order in which
case payment shall be made to the Trustee for payment to the Holder upon delivery of proof of
such payment reasonably satisfactory to Financial Guaranty).

Notwithstanding the foregoing, in no event shall Financial Guaranty be (i) required to make any
payment under this Policy in respect of any Preference Amount to the extent such Preference
Amount is comprised of amounts previously paid by Financial Guaranty hereunder, or (ii)
obligated to make any payment in respect of any Preference Amount, which payment represents
a payment of the principal amount of any Notes, prior to the time Financial Guaranty otherwise
would have been required to make a payment in respect of such principal, in which case
Financial Guaranty shall pay the balance of the Preference Amount when such amount otherwise
would have been required.

Any of the documents required under clauses (w) through (z) of the preceding paragraph that are
received by Financial Guaranty after 12:00 noon New York City time on a given Business Day
or on any day that is not a Business Day shall be deemed to have been received by Financial
Guaranty on the next succeeding Business Day. If any Notice received by Financial Guaranty is
not in proper form or is otherwise insufficient for the purpose of making a claim under this
Policy, it will be deemed not to have been received by Financial Guaranty, and Financial
Guaranty will promptly so advise the Trustee, and the Trustee may submit an amended Notice.
All payments made by Financial Guaranty hereunder in respect of Preference Amounts will be
made with Financial Guaranty’s own funds.

This Policy is non-cancelable for any reason, including nonpayment of any premium. The
premium on this Policy is not refundable for any reason, including the payment of any Notes
prior to their respective maturities. This Policy shall expire and terminate without any action on
the part of Financial Guaranty or any other Person on the date that is the later of (i) the date
that
is one year and one day following the date on which the Notes shall have been paid in full and

Form 9133

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Financial Guaranty Insurance Company

125 Park Avenue

New York, New York 10017

(212) 312-3000

(800) 352-0001

Financial Guaranty Insurance Policy

(ii) if any proceeding referenced in the third preceding paragraph has been commenced on or
prior to the date specified in clause (i) above, the 30th day after the entry of a final, non-
appealable order in resolution or settlement of such proceeding.

This Policy does not guarantee to the Holders of the Notes any particular rate of principal
payment. In addition, this Policy does not cover shortfalls, if any, attributable to the liability
of
the Issuer or the Trustee for withholding taxes, if any (including interest and penalties in
respect
of any liability for withholding taxes). This Policy also does not cover the failure of the Trustee
to make any payment required under the Sale and Servicing Agreement or the Indenture to the
Holder of a Note.

A monthly premium shall be due and payable in arrears as provided in the Sale and Servicing
Agreement and the Insurance Agreement.

This Policy is subject to and shall be governed by the laws of the State of New York, without
giving effect to the conflicts of laws principles thereof. The proper venue for any action or
proceeding on this Policy shall be the County of New York, State of New York.

THE INSURANCE PROVIDED BY THIS POLICY IS NOT COVERED BY THE NEW
YORK PROPERTY/CASUALTY INSURANCE SECURITY FUND (NEW YORK
INSURANCE CODE, ARTICLE 76).

To the fullest extent permitted by applicable law, Financial Guaranty hereby waives and
agrees
not to assert, solely for the benefit of Holders of the Notes, all defenses, set-offs and
counterclaims of any kind (including, without limitation, the defense of fraud in inducement or
fact, any defense based on any duty claimed to arise from the doctrine of “utmost good faith” or
any similar or related doctrine or any other circumstances that would have the effect of
discharging a surety, guarantor or any other person in law or in equity) that Financial Guaranty
otherwise might have asserted as a defense to its obligation to pay in full any amounts that have
become due and payable in accordance with the terms and conditions of this Policy. Nothing in
this paragraph, however, shall be deemed to constitute a waiver of any rights, remedies, claims
or counterclaims that Financial Guaranty may have with respect to the Issuer, AFS SenSub
Corp., AmeriCredit Financial Services, Inc., AmeriCredit Corp. or any of their respective
affiliates, whether acquired by subrogation, assignment or otherwise.

“Notice” means a written notice in the form of Exhibit A to this Policy by registered or
certified
mail or telephonic or telegraphic notice, subsequently confirmed by written notice delivered via
telecopy, telex or hand delivery from the Trustee to Financial Guaranty specifying the
information set forth therein. “Holder” means, as to a particular Note, the person, other than the
Issuer, the Seller, the Depositor, the Servicer or any subservicer, who, on the applicable
Distribution Date, is entitled under the terms of such Note to a payment thereon. “Sale and
Servicing Agreement” means the Sale and Servicing Agreement, dated as of September 18,

Form 9133

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Financial Guaranty Insurance Company

125 Park Avenue

New York, New York 10017

(212) 312-3000

(800) 352-0001

Financial Guaranty Insurance Policy

2006, among the Seller, the Issuer, the Servicer and the Trustee, as backup servicer and trust
collateral agent. “Indenture” means the Indenture, dated as of September 18, 2006, between the
Issuer and the Trustee, as trustee and trust collateral agent. “Insurance Agreement” means the
Insurance Agreement, dated as of September 18, 2006, among Financial Guaranty, the Seller, the
Issuer, AmeriCredit Financial Services, Inc. and the Trustee.

In the event that payments under any Note are accelerated, nothing herein contained shall
obligate Financial Guaranty to make any payment of principal or interest on such Note on an
accelerated basis, unless such acceleration of payment by Financial Guaranty is at the sole option
of Financial Guaranty; it being understood that a redemption of any Notes pursuant to the
Indenture does not constitute acceleration for the purposes hereof.

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

Form 9133

Page 5 of 6

 

 

Financial Guaranty Insurance Company

125 Park Avenue

New York, New York 10017

(212) 312-3000

(800) 352-0001

Financial Guaranty Insurance Policy

IN WITNESS WHEREOF, Financial Guaranty has caused this Policy to be affixed with its
corporate seal and to be signed by its duly authorized officer in facsimile to become effective and
binding upon Financial Guaranty by virtue of the countersignature of its duly authorized
representative.

	 	 	 	 	 	 	 	 	 
	President	 	 	 	Authorized Representative
	 
	 	 	 	 	 	 	 	 
	/s/ Howard Pfeffer	 	 	 	/s/ Martin Joyce
	 	 	 	 	 
	Name:

	 	Howard Pfeffer
	 	 	 	Name:
	 	Martin Joyce
	Title:

	 	President
	 	 	 	Title:
	 	Authorized Representative

Effective Date: September 26, 2006

Form 9133

Page 6 of 6

 

 

EXHIBIT A

NOTICE OF NONPAYMENT

AND DEMAND FOR PAYMENT OF INSURED PAYMENTS

	 	 	 	 	 
	To:

	 	Financial Guaranty Insurance Company

125 Park Avenue

New York, New York 10017

(212) 312-3000

Attention: Structured Finance Surveillance	 	 
	 
	 	 	 	 
	 

	 	Telephone: (212) 312-3000

Telecopier: (212) 312-3220	 	 
	 
	 	 	 	 
	Re:

	 	$1,200,000,000 in aggregate note principal balance of
AmeriCredit Automobile Receivables Trust 2006-B-G
Asset Backed Notes, Class A-l Notes, Class A-2
Notes, Class A-3 Notes and Class A-4 Notes
(collectively, the “Notes”)
	 	 
	 
	 	 	 	 
	 

	 	Policy No. 06030109 (the “Policy”)	 	 

Distribution
Date:                                                             

We refer to that certain Sale and Servicing Agreement, dated as of September 18, 2006 (the
“Sale and Servicing Agreement”), among AmeriCredit Automobile Receivables Trust 2006-B-G,
as issuer, AFS SenSub Corp., as seller, AmeriCredit Financial Services, Inc., as servicer, and
Wells Fargo Bank, National Association, as backup servicer and trust collateral agent, relating to
the above referenced Notes. All capitalized terms not otherwise defined herein or in the Policy
shall have the same respective meanings assigned to such terms in the Sale and Servicing
Agreement.

     The Trustee has determined under the Sale and Servicing Agreement that the Deficiency
Amount for the Distribution Date occurring in                      is equal to $                    .
This Deficiency Amount constitutes an Insured Payment payable by Financial Guaranty under
the Policy.

[In addition, attached hereto is a copy of the Final Order in connection with a Preference Amount
in the amount set forth therein, together with an assignment of rights and appointment of agent
and other documents required by the Policy in respect of Preference Amounts. The amount of
the Preference Amount is $                    . This Preference Amount constitutes an Insured
Payment payable by Financial Guaranty under the Policy.]

Accordingly, pursuant to the Sale and Servicing Agreement, this statement constitutes a notice
for payment of an Insured Payment by Financial Guaranty in the amount of $                    
under the Policy.

A - 1

 

	(b)	 	No payment claimed hereunder is in excess of the amount payable under the
Policy.
	 
	 	 	The amount requested in this Notice should be paid to: [Payment Instructions]

Any person who knowingly and with intent to defraud any insurance company or other
person files an application for insurance or statement of claim containing any materially
false information or conceals for the purpose of misleading, information concerning any
fact material thereto, commits a fraudulent insurance act, which is a crime, and shall also
be subject to a civil penalty not to exceed Five Thousand Dollars ($5,000.00) and the stated
value of the claim for each such violation.

          IN WITNESS WHEREOF, the Trustee has executed and delivered this Notice of
Nonpayment and Demand for Payment of Insured Payments this
                    
day of                                         .

	 	 	 	 	 
	 	 	 
	 	 	as Trustee
	 
	 	 	 	 
	 

	 	By:	 	 
	 

	 	 	 	 
	 
	 	 	 	 
	 

	 	Title:	 	 
	 

	 	 	 	 

A - 2exv10w8

 

Exhibit 10.8

EXECUTION COPY

CUSTODIAN AGREEMENT

among

AMERICREDIT FINANCIAL SERVICES, INC.,

as Custodian,

FINANCIAL GUARANTY INSURANCE COMPANY,

as Insurer

and

WELLS FARGO BANK, NATIONAL ASSOCIATION,

as Trust Collateral Agent

Dated as of September 18, 2006

 

 

          THIS CUSTODIAN AGREEMENT, dated as of September 18, 2006, is made with respect to the issuance
of Notes and a Certificate by AmeriCredit Automobile Receivables Trust 2006-B-G (the
“Issuer”), and is between AMERICREDIT FINANCIAL SERVICES, INC., as custodian (in such
capacity, the “Custodian”), FINANCIAL GUARANTY INSURANCE COMPANY (the “Insurer”)
and WELLS FARGO BANK, NATIONAL ASSOCIATION, a national banking association, as Trust Collateral
Agent (the “Trustee”). Capitalized terms used herein which are not defined herein shall
have the meanings set forth in the Sale and Servicing Agreement as hereinafter defined.

W
I T N E S S E
T H:

          WHEREAS, AmeriCredit Financial Services, Inc. (“AFS”) and AFS SenSub Corp. (“AFS
SenSub”) have entered into a Purchase Agreement dated as of September 18, 2006 (the
“Purchase Agreement”), pursuant to which AFS has sold, transferred and assigned to AFS
SenSub all of its right, title and interest in and to the Initial Receivables and will sell,
transfer and assign to AFS SenSub on the applicable Subsequent Transfer Date all of its right,
title and interest in and to the related Subsequent Receivables;

          WHEREAS, the Issuer, AFS, as Servicer (the “Servicer”), AFS SenSub and Wells Fargo
Bank, National Association, as Trust Collateral Agent and as Backup Servicer, have entered into a
Sale and Servicing Agreement, dated as of September 18, 2006 (the “Sale and Servicing
Agreement”), pursuant to which AFS SenSub has sold, transferred and assigned to the Issuer all
of AFS SenSub’s right, title and interest in and to the Initial Receivables and will sell, transfer
and assign to the Issuer on the applicable Subsequent Transfer Date all of AFS SenSub’s right,
title and interest in and to the related Subsequent Receivables;

          WHEREAS, in connection with such sales, transfers and assignments, AFS and AFS SenSub have
made certain representations and warranties regarding the Receivable Files, upon which the Insurer
has relied in issuing the Note Policy; and

          WHEREAS, the Trust Collateral Agent wishes to appoint the Custodian to hold the Receivable
Files as the custodian on behalf of the Issuer and the Trust Collateral Agent;

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

          1.   Appointment of Custodian; Acknowledgement of Receipt. Subject to the terms and
conditions hereof, the Trust Collateral Agent hereby revocably appoints the Custodian, but shall
not be responsible for the acts or omissions of the Custodian, and the Custodian hereby accepts
such appointment, as custodian and bailee on behalf of the Issuer and the Trust Collateral Agent,
to maintain exclusive custody of the Receivable Files relating to the Receivables from time to time
pledged to the Trust Collateral Agent as part of the Other Conveyed Property. In performing its
duties hereunder, the Custodian agrees to act with reasonable care, using that degree of skill and
attention that a commercial bank acting in the capacity of a custodian would exercise with respect
to files relating to comparable automotive or other receivables that it services or holds for
itself or others. The Custodian hereby, as of the Closing Date, and, with

 

 

respect to any Subsequent Receivables as of the applicable Subsequent Transfer Date,
acknowledges receipt of the Receivable File for each Receivable listed in the Schedule of
Receivables attached as Schedule A to the Sale and Servicing Agreement subject to any exceptions
noted on the Custodian’s Acknowledgement (as defined below). As evidence of its acknowledgement of
such receipt of such Receivables, the Custodian shall execute and deliver on the Closing Date, and
with respect to any Subsequent Receivables, the applicable Subsequent Transfer Date, the
Custodian’s Acknowledgement attached hereto as Exhibit A-1 or Exhibit A-2 with respect to any
Subsequent Receivable (the “Custodian’s Acknowledgement”).

          2.   Maintenance of Receivables Files at Office. The Custodian agrees to maintain the
Receivable Files at its office located at 4001 Embarcadero, Suite 200, Arlington, Texas 76014 or,
subject to the prior written consent of the Insurer (so long as no Insurer Default shall have
occurred and be continuing), at such other office as shall from time to time be identified to the
Trust Collateral Agent and the Insurer, and the Custodian will hold the Receivable Files in such
office on behalf of the Issuer and the Trust Collateral Agent, clearly identified as being separate
from any other instruments and files on its records, including other instruments and files held by
the Custodian and in compliance with Section 3(b) hereof.

          3.   Duties of Custodian.

          (a)   Safekeeping. The Custodian shall hold the Receivable Files on behalf of the
Trust Collateral Agent clearly identified as being separate from all other files or records
maintained by the Custodian at the same location and shall maintain such accurate and complete
accounts, records and computer systems pertaining to each Receivable File as will enable the Trust
Collateral Agent to comply with the terms and conditions of the Sale and Servicing Agreement. Each
Receivable shall be stamped on both of the first page and the signature page (if different) in
accordance with the instructions from time to time provided by the Insurer, and the form and
content of the stamp shall be acceptable to the Insurer. Each Receivable shall be identified on
the books and records of the Custodian in a manner that (i) is consistent with the practices of a
commercial bank acting in the capacity of custodian with respect to similar receivables, (ii)
indicates that the Receivables are held by the Custodian on behalf of the Trust Collateral Agent
and (iii) is otherwise necessary, as reasonably determined by the Custodian, to comply with the
terms of this Custodian Agreement. The Custodian shall conduct, or cause to be conducted, periodic
physical inspections of the Receivable Files held by it under this Custodian Agreement, and of the
related accounts, records and computer systems, in such a manner as shall enable the Trust
Collateral Agent, the Insurer and the Custodian to verify the accuracy of the Custodian’s inventory
and recordkeeping. Such inspections shall be conducted at such times, in such manner and by such
persons including, without limitation, independent accountants, as the Insurer or the Trust
Collateral Agent may request and the cost of such inspections shall be borne directly by the
Custodian and not by the Trust Collateral Agent. The Custodian shall promptly report to the
Insurer and the Trust Collateral Agent any failure on its part to hold the Receivable Files and
maintain its accounts, records and computer systems as herein provided and promptly take
appropriate action to remedy any such failure. Upon request, the Custodian shall make copies or
other electronic file records (e.g., diskettes, CD’s, etc.) (the “Copies”) of the
Receivable Files and shall deliver such Copies to the Trust Collateral Agent and the Trust
Collateral Agent shall hold such Copies on behalf of the Noteholders and the Insurer. Subject to
Section 3(c) hereof, the Custodian shall at all times maintain the original of the (i) fully
executed original

2

 

retail installment sales contract or promissory note (or with respect to “electronic chattel
paper”, as such term is defined in the UCC, an authoritative copy) and (ii) Lien Certificate or
application therefore (if no such Lien Certificate has yet been issued), in each case relating to
each Receivable in a fireproof vault; provided, however, the Lien Certificate may
be maintained electronically by the Registrar of Titles of the applicable state pursuant to
applicable state laws, with confirmation thereof maintained by the Custodian or a third-party
service provider.

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

          (c)   Release of Documents. Consistent with the practices of a commercial bank acting
in the capacity of custodian with respect to similar files or records, the Custodian may release
any Receivable in the Receivable Files to the Servicer, if appropriate, under the circumstances
provided in Section 3.3(b) of the Sale and Servicing Agreement.

          (d)   Administration; Reports. The Custodian shall, in general, attend to all
non-discretionary details in connection with maintaining custody of the Receivable Files on behalf
of the Trust Collateral Agent. In addition, the Custodian shall assist the Trust Collateral Agent
generally in the preparation of any routine reports to Noteholders and the Insurer or to regulatory
bodies, to the extent necessitated by the Custodian’s custody of the Receivable Files.

          (e)   Review of Lien Certificates. On or before the Closing Date, and on or before
the applicable Subsequent Transfer Date in the case of any Subsequent Receivables, the Custodian
shall deliver to the Trust Collateral Agent a listing in the form attached hereto as Schedule II of
Exhibit A-1, or Schedule II of Exhibit A-2 with respect to any Subsequent Receivables, of all
Receivables with respect to which a Lien Certificate, showing AFS (or an Originating Affiliate or
Titled Third-Party Lender) as secured party, was not included in the related Receivable File as of
such date. In addition, the Custodian shall deliver to the Trust Collateral Agent and the Insurer
an exception report in the form attached hereto as Schedule II of Exhibit A-1, or Schedule II of
Exhibit A-2 with respect to any Subsequent Receivables (i) no later than the last Business Day of
the calendar month during which the 90th day after the Closing Date (or, with respect to
Subsequent Receivables, the 90th day after the applicable Subsequent Transfer Date)
occurred, (ii) no later than the last Business Day of the calendar month during which the
180th day after the Closing Date (or, with respect to Subsequent Receivables, the
180th day after the applicable Subsequent Transfer Date) occurred and (iii) no later
than the last Business Day of the calendar month during which the 240th day after the
Closing Date (or, with respect to Subsequent Receivables, the 240th day after the
applicable Subsequent Transfer Date) occurred.

3

 

          4.   Instructions; Authority to Act. The Custodian shall be deemed to have received
proper instructions with respect to the Receivable Files upon its receipt of written instructions
signed by a Responsible Officer of the Trust Collateral Agent. Such instructions may be general or
specific in terms. A copy of any such instructions shall be furnished by the Trust Collateral
Agent to the Trustee, the Issuer and the Insurer.

          5.   Custodian Fee. For its services under this Agreement, the Custodian shall be
entitled to reasonable compensation to be paid by the Servicer.

          6.   Indemnification by the Custodian. The Custodian agrees to indemnify the Issuer,
the Owner Trustee, the Trust Collateral Agent, the Backup Servicer, the Insurer and the Trustee for
any and all liabilities, obligations, losses, damage, payments, costs or expenses of any kind
whatsoever (including the fees and expenses of counsel) that may be imposed on, incurred or
asserted against the Issuer, the Owner Trustee, the Trust Collateral Agent, the Backup Servicer and
the Insurer and the Trustee and their respective officers, directors, employees, agents, attorneys
and successors and assigns as the result of any act or omission in any way relating to the
maintenance and custody by the Custodian of the Receivable Files; provided,
however, that the Custodian shall not be liable for any portion of any such liabilities,
obligations, losses, damages, payments or costs or expenses due to the willful misfeasance, bad
faith or gross negligence of the Issuer, the Owner Trustee, the Trust Collateral Agent, the
Collateral Agent, the Backup Servicer, the Insurer or the Trustee or the officers, directors,
employees and agents thereof. In no event shall the Custodian be liable to any third party for
acts or omissions of the Custodian.

          7.   Advice of Counsel. The Custodian and the Trust Collateral Agent further agree
that the Custodian shall be entitled to rely and act upon advice of counsel with respect to its
performance hereunder as custodian and shall be without liability for any action reasonably taken
pursuant to such advice, provided that such action is not in violation of applicable Federal or
state law.

          8.   Effective Period, Termination, and Amendment; Interpretive and Additional
Provisions. This Custodian Agreement shall become effective as of the date hereof and shall
continue in full force and effect until terminated as hereinafter provided. Prior to an Insurer
Default, this Custodian Agreement may be amended at any time by mutual agreement of the Insurer,
the Trust Collateral Agent and the Custodian and may be terminated by either the Insurer or the
Custodian by giving written notice to the other parties, such termination to take effect no sooner
than thirty (30) days after the date of such notice; provided, however, that the
Insurer may terminate this Custodian Agreement at any time in its sole discretion and any
termination by the Insurer shall take effect immediately. So long as AFS is serving as Custodian,
any termination of AFS as Servicer under the Sale and Servicing Agreement shall terminate AFS as
Custodian under this Agreement. If an Insurer Default shall have occurred and be continuing, with
the prior written consent of the Note Majority, this Custodian Agreement may be amended at any time
by mutual agreement of the parties hereto and may be terminated by any party by giving written
notice to the other parties, such termination to take effect no sooner than thirty (30) days after
the date of such notice; provided, however, that if an Insurer Default has occurred and is
continuing such action shall not materially adversely affect the interest of the Insurer. Upon any
termination or amendment of this Custodian Agreement, the Trust Collateral Agent, in the case of

4

 

amendments, and the party seeking termination, in the case of terminations, shall give written
notice to the Insurer, Standard & Poor’s, a division of the McGraw-Hill Companies, Inc.
(“Standard & Poor’s”), Moody’s Investors Service (“Moody’s”) and Fitch Inc.
(“Fitch”) (collectively, the “Rating Agencies”). Immediately after receipt of
notice of termination of this Custodian Agreement, the Custodian shall deliver the Receivable Files
to the Trust Collateral Agent on behalf of the Noteholders and the Insurer, and at the Custodian’s
expense, at such place or places as the Trust Collateral Agent, or the Insurer in the case of a
termination by the Insurer, may designate, and the Trust Collateral Agent, or its agent, as the
case may be, shall act as custodian for such Receivables Files on behalf of the Noteholders and the
Insurer until such time as a successor custodian, approved by the Insurer, has been appointed. If,
within seventy-two (72) hours after the termination of this Custodian Agreement, the Custodian has
not delivered the Receivable Files in accordance with the preceding sentence, the Insurer or, if an
Insurer Default shall have occurred and be continuing, the Trust Collateral Agent, may enter the
premises of the Custodian and remove the Receivable Files from such premises. In connection with
the administration of this Agreement, the parties may agree from time to time upon the
interpretation of the provisions of this Agreement as may in their joint opinion be consistent with
the general tenor and purposes of this Agreement, any such interpretation to be signed by all
parties and annexed hereto.

          9.   Governing Law. This Custodian Agreement shall be governed by and construed in
accordance with the laws of the State of New York without regard to the conflict of law provisions
thereof (other than Sections 5-1401 and 5-1402 of the New York General Obligations Law).

          10.   Notices. All demands, notices and communications hereunder shall be in writing,
electronically delivered, delivered or mailed, and shall be deemed to have been duly given upon
receipt (a) in the case of the Custodian, at the following address: AmeriCredit Financial Services,
Inc., 801 Cherry Street, Suite 3900, Fort Worth, Texas 76102, Attention: Chief Financial Officer,
(b) in the case of the Trust Collateral Agent, at the following address: Wells Fargo Bank, National
Association, Sixth and Marquette Avenue, MAC N9311–161, Minneapolis, Minnesota 55479 (facsimile
number (612) 667-3464), Attention: Corporate Trust Services/Asset Backed Administration, (c) in the
case of the Insurer, at the following address: Financial Guaranty Insurance Company, 125 Park
Avenue, New York, New York 10017, Attention: Structured Finance Surveillance, (d) in the case of
Moody’s, at the following address: 99 Church Street, New York, New York 10007, (e) in the case of
Fitch, at the following address: One State Street Plaza, New York, New York 10004 and (f) in the
case of Standard and Poor’s via electronic delivery to Servicer_reports@sandp.com; for any
information not available in electronic format, hard copies should be sent to the following
address: 55 Water Street, 41st floor, New York, New York 10041-0003, Attention: ABS Surveillance
Group, or at such other address as shall be designated by such party in a written notice to the
other parties.

          11.   Binding Effect. This Custodian Agreement shall be binding upon and shall inure
to the benefit of the parties hereto and their respective successors and assigns. Concurrently
with the appointment of a successor trustee under the Sale and Servicing Agreement, the parties
hereto shall amend this Custodian Agreement to make said successor trustee, the successor to the
Trust Collateral Agent hereunder.

5

 

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

	 	 	 	 	 
	 	WELLS FARGO BANK, NATIONAL ASSOCIATION,

as Trust Collateral Agent

 	 
	 	By:  	/s/ Marianna C. Stershic
 	 
	 	 	Name:  	Marianna C. Stershic 	 
	 	 	Title:  	Vice President 	 
	 
	 	AMERICREDIT FINANCIAL SERVICES, INC.,

as Custodian

 	 
	 	By:  	/s/ Sheli D. Fitzgerald
 	 
	 	 	Name:  	Sheli D. Fitzgerald 	 
	 	 	Title:  	Vice-President, Structured Finance 	 
	 
	 	FINANCIAL GUARANTY INSURANCE COMPANY

 	 
	 	By:  	/s/ Matthew Fanelli
 	 
	 	 	Name:  	Matthew Fanelli 	 
	 	 	Title:  	Vice President 	 
	 

The foregoing Custodian Agreement

is hereby confirmed and accepted

as of the date first above written.

	 	 	 	 	 
	AMERICREDIT AUTOMOBILE RECEIVABLES TRUST 2006-B-G,	 	 
	 as Issuer	 	 
	 
	 	 	 	 
	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	 	 

[Custodian Agreement]

6

 

EXHIBIT A-1

CUSTODIAN’S ACKNOWLEDGEMENT

          AmeriCredit Financial Services, Inc. (the “Custodian”), acting as Custodian under a
Custodian Agreement, dated as of September 18, 2006, among the Custodian, Wells Fargo Bank,
National Association, as Trust Collateral Agent and Financial Guaranty Insurance Company, pursuant
to which the Custodian holds on behalf of the Trust Collateral Agent for the benefit of the
Noteholders and the Insurer certain “Receivable Files,” as defined in the Sale and
Servicing Agreement, dated as of September 18, 2006 (the “Sale and Servicing Agreement”),
among AmeriCredit Automobile Receivables Trust 2006-B-G, as Issuer, AFS SenSub Corp., as Seller,
AmeriCredit Financial Services, Inc., as Servicer, and Wells Fargo Bank, National Association, as
Trust Collateral Agent and Backup Servicer, hereby acknowledges receipt of the Receivable File for
each Receivable listed in the Schedule of Receivables attached as Schedule A to said Sale and
Servicing Agreement except as noted in the Exception List attached as Schedule I and the Lien
Perfection Exception List attached as Schedule II hereto.

          IN WITNESS WHEREOF, AmeriCredit Financial Services, Inc. has caused this acknowledgement to be
executed by its duly authorized officer as of this 26th day of September, 2006.

	 	 	 	 	 
	 	AMERICREDIT FINANCIAL SERVICES, INC.,
as Custodian

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 

 

 

	 	 	 	 	 

SCHEDULE I

Custodian Exception List

1

 

SCHEDULE II

Lien Perfection Exception List

2

 

EXHIBIT A-2

CUSTODIAN’S ACKNOWLEDGEMENT

          AmeriCredit Financial Services, Inc. (the “Custodian”), acting as Custodian under a
Custodian Agreement, dated as of September 18, 2006, among the Custodian, Wells Fargo Bank,
National Association, as Trust Collateral Agent and Financial Guaranty Insurance Company, pursuant
to which the Custodian holds on behalf of the Noteholders and the Insurer certain “Receivable
Files,” as defined in the Sale and Servicing Agreement, dated as of September 18, 2006, among
AmeriCredit Automobile Receivables Trust 2006-B-G, AFS SenSub Corp., as Seller, AmeriCredit
Financial Services, Inc., as Servicer, and Wells Fargo Bank, National Association, as Trust
Collateral Agent and as Backup Servicer, hereby acknowledges receipt of the Receivable File for
each Receivable listed in Schedule A to the Subsequent Transfer Agreement dated as of                     ,
20___, among AmeriCredit Automobile Receivables Trust 2006-B-G, as Issuer, AFS SenSub Corp., as
Seller, AmeriCredit Financial Services, Inc., as Servicer, Wells Fargo Bank, National Association,
as Trust Collateral Agent and as Backup Servicer, except as noted in the Exception List attached as
Schedule I and the Lien Perfection Exception List attached as Schedule II hereto.

          IN WITNESS WHEREOF, AmeriCredit Financial Services, Inc. has caused this acknowledgement to be
executed by its duly authorized officer as of this ___th day of                     , 20___.

	 	 	 	 	 
	 	AMERICREDIT FINANCIAL SERVICES, INC.,
as Custodian

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 

 

 

	 	 	 	 	 

SCHEDULE I

Custodian Exception List

1

 

SCHEDULE II

Lien Perfection Exception List

2

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