-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, JBHEzYYGfWHTlwhJz+KgYndRWBB7bqzOWk/Pmw56DNljkj6n56oQAv9BJZDOuXiO jsKVDmAUCVmsnwVDSSqJUw== 0001193125-10-077212.txt : 20100406 0001193125-10-077212.hdr.sgml : 20100406 20100406112917 ACCESSION NUMBER: 0001193125-10-077212 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 21 CONFORMED PERIOD OF REPORT: 20100331 ITEM INFORMATION: Entry into a Material Definitive Agreement ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20100406 DATE AS OF CHANGE: 20100406 FILER: COMPANY DATA: COMPANY CONFORMED NAME: AFS SenSub Corp. CENTRAL INDEX KEY: 0001347185 STANDARD INDUSTRIAL CLASSIFICATION: ASSET-BACKED SECURITIES [6189] IRS NUMBER: 880475154 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 333-140931 FILM NUMBER: 10733521 BUSINESS ADDRESS: STREET 1: 2265B RENAISSANCE DRIVE, SUITE 17 CITY: LAS VEGAS STATE: NV ZIP: 89119 BUSINESS PHONE: 702-932-4914 MAIL ADDRESS: STREET 1: 2265B RENAISSANCE DRIVE, SUITE 17 CITY: LAS VEGAS STATE: NV ZIP: 89119 FILER: COMPANY DATA: COMPANY CONFORMED NAME: AmeriCredit Automobile Receivables Trust 2010-A CENTRAL INDEX KEY: 0001488112 STANDARD INDUSTRIAL CLASSIFICATION: ASSET-BACKED SECURITIES [6189] FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 333-146701-06 FILM NUMBER: 10733522 BUSINESS ADDRESS: STREET 1: 2265B RENAISSANCE DRIVE, SUITE 17 CITY: LAS VEGAS STATE: NV ZIP: 89119 BUSINESS PHONE: 702-932-4914 MAIL ADDRESS: STREET 1: 2265B RENAISSANCE DRIVE, SUITE 17 CITY: LAS VEGAS STATE: NV ZIP: 89119 8-K 1 d8k.htm FORM 8-K Form 8-K

 

 

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

Form 8-K

 

 

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

Date of Report (Date of earliest event reported)

March 31, 2010

 

 

AmeriCredit Automobile Receivables Trust 2010-A

(Exact name of registrant as specified in its charter)

AFS SenSub Corp.

(Exact name of depositor as specified in its charter)

AmeriCredit Financial Services, Inc.

(Exact name of sponsor as specified in its charter)

 

 

 

Delaware   333-146701-06   27-6496109
(State or Other Jurisdiction
of Incorporation)
  (Commission
File Number)
  (I.R.S. Employer
Identification No.)

c/o AmeriCredit Financial Services, Inc.

Attention: J. Michael May, Esq.

801 Cherry Street, Suite 3500

Fort Worth, Texas

    76102
(Address of Principal Executive Offices)     (Zip Code)

Registrant’s telephone number including area code - (817) 302-7000

 

(Former name or former address, if changed since last report)

 

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

 

 


Item 1.01. Entry into a Material Definitive Agreement.

AFS SenSub Corp. (“AFS SenSub”), as depositor, and AmeriCredit Financial Services, Inc. (“AmeriCredit”), as sponsor, have caused a newly formed issuing entity, AmeriCredit Automobile Receivables Trust 2010-A (the “Issuing Entity”), to issue $36,000,000 Class A-1 0.31327% Asset Backed Notes, $71,000,000 Class A-2 1.46% Asset Backed Notes and $93,000,000 Class A-3 3.51% Asset Backed Notes (collectively, the “Notes”) and an Asset Backed Certificate (the “Certificate”), on March 31, 2010 (the “Closing Date”). The Notes are registered under the Registration Statement. This Current Report on Form 8-K is being filed to satisfy an undertaking to file copies of certain agreements executed in connection with the issuance of the Notes, the forms of which were filed as Exhibits to the Registration Statement.

The Issuing Entity was formed, and the Certificate was issued, pursuant to the Trust Agreement, attached hereto as Exhibit 4.2, dated as of March 5, 2010, as amended and restated as of March 25, 2010 (the “Trust Agreement”), between AFS SenSub and Wilmington Trust Company (“WTC”), as Owner Trustee. The Notes were issued pursuant to the Indenture, attached hereto as Exhibit 4.1, dated as of March 25, 2010 (the “Indenture”), between the Issuing Entity and Wells Fargo Bank, National Association (“Wells Fargo”), as Trustee and Trust Collateral Agent. The Notes were sold to Credit Suisse Securities (USA) LLC and RBS Securities Inc. (the “Underwriters”), pursuant to the Underwriting Agreement attached hereto as Exhibit 1.1, dated as of March 26, 2010 (the “Underwriting Agreement”), among AmeriCredit, AFS SenSub, and the Underwriters.

The Notes evidence indebtedness of the Issuing Entity, the assets of which consist primarily of “sub-prime” automobile loan contracts (the “Receivables”) secured by new and used automobiles, light duty trucks and vans. AFS SenSub purchased the Receivables from AmeriCredit pursuant to the Purchase Agreement, attached hereto as Exhibit 10.1, dated as of March 25, 2010 (the “Purchase Agreement”), between AmeriCredit and AFS SenSub. The Issuing Entity purchased the Receivables from AFS SenSub pursuant to the Sale and Servicing Agreement, attached hereto as Exhibit 4.3, dated as of March 25, 2010 (the “Sale and Servicing Agreement”), among the Issuing Entity, AFS SenSub, AmeriCredit and Wells Fargo, as Backup Servicer and Trust Collateral Agent.

AmeriCredit, as Servicer, has agreed to perform servicing duties with regard to the Receivables pursuant to the Sale and Servicing Agreement and has also agreed to serve as custodian of the Receivables pursuant to the Custodian Agreement, attached hereto as Exhibit 10.3, dated as of March 25, 2010 (the “Custodian Agreement”), among AmeriCredit, Assured Guaranty Corp. (the “Insurer”) and Wells Fargo. AmeriCredit Financial Services of Canada Ltd. (“AFS of Canada”) will also service a portion of the Receivables on behalf of the Issuing Entity pursuant to the Second Amended and Restated Servicing Agreement, attached hereto as Exhibit 10.7, dated as of January 1, 2006, between AmeriCredit and AFS of Canada. JPMorgan Chase Bank, N.A. (“JPMorgan Chase”) has agreed to provide its banking services for the deposit of remittances related to the Receivables pursuant to the Lockbox Account Agreement, attached hereto as Exhibit 10.9, dated as of March 25, 2010 (the “Lockbox Account Agreement”), among Wells Fargo, as Trustee, AmeriCredit and JPMorgan Chase, as Processor. Regulus Group II LLC (“Regulus”) has agreed to collect and deposit remittances related to the Receivables into the lockbox account pursuant to the Lockbox Processing Agreement, attached hereto as Exhibit 10.10, dated March 25, 2010 (the “Lockbox Processing Agreement”), among Wells Fargo, as Trustee, AmeriCredit and Regulus.

 

2


As of March 1, 2010 (the “Statistical Calculation Date”), the Receivables had the characteristics described in the Prospectus Supplement dated March 26, 2010 (the “Prospectus Supplement”), filed with the Commission pursuant to Rule 424(b)(5) of the Act on March 29, 2010. As of March 25, 2010 (the “Cutoff Date”), the Receivables had the characteristics set forth in Exhibit 99.1.

On the Closing Date, the Insurer issued the Financial Guaranty Insurance Policy, attached hereto as Exhibit 10.6 dated as of March 31, 2010 (the “Policy”), pursuant to which it unconditionally and irrevocably guarantees the payments of interest and certain payments of principal due on the notes during the term of the Policy. The Policy was issued pursuant to the terms of the Insurance and Indemnity Agreement, attached hereto as Exhibit 10.3, dated as of March 25, 2010 (the “Insurance Agreement”), among the Insurer, the Issuing Entity, AFS SenSub, AmeriCredit and AmeriCredit Corp. The Insurance Agreement specifies the conditions precedent to the issuance of the Policy, the premium payable in respect thereof and certain indemnification obligations of the AmeriCredit Corp., AFS SenSub and AmeriCredit to the Insurer. The method of calculating the premium payments that are due to the Insurer pursuant to the Insurance Agreement is set forth in the Premium Letter, attached hereto as Exhibit 10.4, dated as of March 25, 2010 (the “Premium Letter”), among the Insurer, the Issuing Entity, AFS SenSub, AmeriCredit and Wells Fargo, as Trust Collateral Agent.

A spread account (“Spread Account”) was established on the Closing Date, for the benefit of the Insurer and the Noteholders, to hold a reserve of cash that is available to pay certain amounts that are payable by the Issuing Entity that otherwise would remain unpaid after application of collections on the Receivables. The Spread Account was established pursuant to the Spread Account Agreement, attached hereto as Exhibit 10.5, dated as of March 25, 2010 (the “Spread Account Agreement”), among the Insurer, the Issuing Entity and Wells Fargo, as Trustee and Collateral Agent.

Pursuant to the Indemnification Agreement, attached hereto as Exhibit 10.2, dated as of March 26, 2010 (the “Indemnification Agreement”), among the Insurer, AFS SenSub and the Underwriters, the Insurer agreed to indemnify AFS SenSub and the Underwriters and the Underwriters agreed to indemnify the Insurer, in each case with respect to certain disclosure in the Prospectus Supplement. Pursuant to the Insurance Agreement, AmeriCredit and AFS SenSub agreed to indemnify the Insurer with respect to certain disclosure in the Prospectus Supplement. Pursuant to the Underwriting Agreement, AmeriCredit and the Underwriters agreed to indemnify each other with respect to certain disclosure in the Prospectus Supplement.

 

Item 9.01. Financial Statements, Pro Forma Financial Information and Exhibits.

 

(a) Not applicable.

 

(b) Not applicable.

 

(c) Not applicable.

 

(d) Exhibits:

1.1 Underwriting Agreement, dated as of March 25, 2010, among AmeriCredit, as Sponsor, AFS SenSub, as Seller, and the Underwriters (see Exhibit 1.1 to Form 8-K filed on March 30, 2010, in connection with Registration Statement No. 333-146701, which is incorporated by reference herein).

 

3


4.1 Indenture, dated as of March 25, 2010, between the Issuing Entity and Wells Fargo, as Trustee and Trust Collateral Agent.

4.2 Amended and Restated Trust Agreement, dated as of March 25, 2010, between AFS SenSub and WTC, as Owner Trustee.

4.3 Sale and Servicing Agreement, dated as of March 25, 2010, among the Issuing Entity, AmeriCredit, as Servicer, AFS SenSub and Wells Fargo, as Backup Servicer and Trust Collateral Agent.

5.1 Opinion of Dewey & LeBoeuf LLP with respect to validity (see Exhibit 5.1 to Form 8-K filed on March 31, 2010, in connection with Registration Statement Nos. 333-146701 and 333-146701-06, which is incorporated by reference herein).

8.1 Opinion of Dewey & LeBoeuf LLP with respect to tax matters (see Exhibit 8.1 to Form 8-K filed on March 31, 2010, in connection with Registration Statement Nos. 333-146701 and 333-146701-06, which is incorporated by reference herein).

10.1 Purchase Agreement, dated as of March 25, 2010, between AmeriCredit, as Seller, and AFS SenSub, as Purchaser.

10.2 Indemnification Agreement, dated as of March 26, 2010, among the Insurer, AFS SenSub and the Underwriters.

10.3 Insurance and Indemnity Agreement, dated as of March 25, 2010, among the Insurer, the Issuing Entity, AFS SenSub, AmeriCredit and AmeriCredit Corp.

10.4 Premium Letter, dated March 25, 2010, among the Insurer, the Issuing Entity, AFS SenSub, AmeriCredit and Wells Fargo, as Trust Collateral Agent.

10.5 Spread Account Agreement, dated as of March 25, 2010, among the Insurer, the Issuing Entity and Wells Fargo, as Trustee and Collateral Agent.

10.6 Financial Guaranty Insurance Policy, dated as of March 31, 2010 and delivered by the Insurer.

10.7 Second Amended and Restated Servicing Agreement, dated as of January 1, 2006, between AmeriCredit and AFS of Canada (see Exhibit 4.4 to Form 8-K filed on March 8, 2006, in connection with Registration Statement No. 333-121120-06, which is incorporated by reference herein).

10.8 Custodian Agreement, dated as of March 25, 2010, among AmeriCredit, as Custodian, the Insurer, and Wells Fargo.

10.9 Lockbox Account Agreement, dated as of March 25, 2010, among AmeriCredit, Wells Fargo, as Trustee, and JPMorgan Chase Bank, N.A., as Processor.

 

4


10.10 Lockbox Processing Agreement, dated March 25, 2010, among AmeriCredit, Wells Fargo, as Trustee and Regulus Group II LLC, as Processor.

23.1 Consent of PricewaterhouseCoopers LLP, Independent Registered Public Accounting Firm.

23.2 Consent of PricewaterhouseCoopers LLP, Independent Registered Public Accounting Firm.

99.1 Statistical information for the receivables as of the Cutoff Date.

 

5


SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

AMERICREDIT AUTOMOBILE RECEIVABLES TRUST 2010-A
By:   AmeriCredit Financial Services, Inc., as Servicer
By:  

/S/    J. MICHAEL MAY        

Name:   J. Michael May
Title:   Executive Vice President, Chief Legal Officer and Secretary

Dated: April 6, 2010

 

6


EXHIBIT INDEX

 

Exhibit No.

  

Description

  1.1

   Underwriting Agreement, dated as of March 25, 2010, among AmeriCredit Financial Services, Inc., as Sponsor, AFS SenSub Corp., as Seller and Credit Suisse Securities (USA) LLC and RBS Securities Inc., as the Underwriters (the “Underwriters”) (see Exhibit 1.1 to Form 8-K filed on March 30, 2010, in connection with Registration Statement No. 333-146701, which is incorporated by reference herein).

  4.1

   Indenture, dated as of March 25, 2010, between AmeriCredit Automobile Receivables Trust 2010-A, as Issuing Entity, and Wells Fargo Bank, National Association, as Trustee and Trust Collateral Agent.

  4.2

   Amended and Restated Trust Agreement, dated as of March 25, 2010, between AFS SenSub Corp., as Seller, and Wilmington Trust Company, as Owner Trustee.

  4.3

   Sale and Servicing Agreement, dated as of March 25, 2010, among AmeriCredit Financial Services, Inc., as Servicer, AFS SenSub Corp., as Seller, and Wells Fargo Bank, National Association, as Backup Servicer and Trust Collateral Agent.

  5.1

   Opinion of Dewey & LeBoeuf LLP with respect to validity (see Exhibit 5.1 to Form 8-K filed on March 31, 2010, in connection with Registration Statement Nos. 333-146701 and 333-146701-06, which is incorporated by reference herein).

  8.1

   Opinion of Dewey & LeBoeuf LLP with respect to tax matters (see Exhibit 8.1 to Form 8-K filed on March 31, 2010, in connection with Registration Statement Nos. 333-146701 and 333-146701-06, which is incorporated by reference herein).

10.1

   Purchase Agreement, dated as of March 25, 2010, between AmeriCredit Financial Services, Inc., as Seller, and AFS SenSub Corp., as Purchaser.

10.2

   Indemnification Agreement, dated as of March 25, 2010, among the Insurer, AFS SenSub Corp. and the Underwriters.

10.3

   Insurance and Indemnity Agreement, dated as of March 26, 2010, among the Insurer, the Issuing Entity, AFS SenSub Corp., as Seller, AmeriCredit Financial Services, Inc. and AmeriCredit Corp.

10.4

   Premium Letter, dated March 25, 2010, among the Insurer, the Issuing Entity, AFS SenSub Corp., AmeriCredit Financial Services, Inc. and Wells Fargo Bank, National Association, as Trust Collateral Agent.

10.5

   Spread Account Agreement, dated as of March 25, 2010, among the Insurer, the Issuing Entity and Wells Fargo Bank, National Association, as Trustee and Collateral Agent.

 

7


10.6

   Financial Guaranty Insurance Policy, dated as of March 31, 2010 and delivered by Assured Guaranty Corp. (the “Insurer”).

10.7

   Second Amended and Restated Servicing Agreement, dated as of January 1, 2006 between AmeriCredit Financial Services of Canada Ltd. and AmeriCredit Financial Services, Inc. (see Exhibit 4.4 to Form 8-K filed on March 8, 2006, in connection with Registration Statement No. 333-121120-06, which is incorporated by reference herein).

10.8

   Custodian Agreement, dated as of March 25, 2010, among AmeriCredit Financial Services, Inc., as Custodian, the Insurer, and Wells Fargo Bank, National Association, as Trust Collateral Agent.

10.9

   Lockbox Account Agreement, dated as of March 25, 2010, among AmeriCredit Financial Services, Inc., Wells Fargo Bank, National Association, as Trustee, and JPMorgan Chase Bank, N.A., as Processor.

10.10

   Lockbox Processing Agreement, dated as of March 25, 2010, among AmeriCredit Financial Services, Inc., Wells Fargo Bank, National Association, as Trustee, and Regulus Group II LLC, as Processor.

23.1

   Consent of PricewaterhouseCoopers LLP, Independent Registered Public Accounting Firm.

23.2

   Consent of PricewaterhouseCoopers LLP, Independent Registered Public Accounting Firm.

99.1

   Statistical information for the receivables as of the Cutoff Date.

 

8

EX-4.1 2 dex41.htm INDENTURE, DATED AS OF MARCH 25, 2010 Indenture, dated as of March 25, 2010

Exhibit 4.1

 

 

 

AMERICREDIT AUTOMOBILE RECEIVABLES TRUST 2010-A

Class A-1 0.31327% Asset Backed Notes

Class A-2 1.46% Asset Backed Notes

Class A-3 3.51% Asset Backed Notes

 

 

INDENTURE

Dated as of March 25, 2010

 

 

WELLS FARGO BANK, NATIONAL ASSOCIATION

Trustee and Trust Collateral Agent

 

 

 


TABLE OF CONTENTS

 

     Page

ARTICLE I DEFINITIONS AND INCORPORATION BY REFERENCE

   3

SECTION 1.1

  Definitions    3

SECTION 1.2

  Incorporation by Reference of Trust Indenture Act    10

SECTION 1.3

  Rules of Construction    11

ARTICLE II THE NOTES

   11

SECTION 2.1

  Form    11

SECTION 2.2

  Execution, Authentication and Delivery    11

SECTION 2.3

  Temporary Notes    12

SECTION 2.4

  Registration; Registration of Transfer and Exchange    12

SECTION 2.5

  Mutilated, Destroyed, Lost or Stolen Notes    14

SECTION 2.6

  Persons Deemed Owner    15

SECTION 2.7

  Payment of Principal and Interest; Defaulted Interest    15

SECTION 2.8

  Cancellation    16

SECTION 2.9

  Release of Collateral    16

SECTION 2.10

  Book-Entry Notes    17

SECTION 2.11

  Notices to Clearing Agency    17

SECTION 2.12

  Definitive Notes    18

ARTICLE III COVENANTS

   18

SECTION 3.1

  Payment of Principal and Interest    18

SECTION 3.2

  Maintenance of Office or Agency    18

SECTION 3.3

  Money for Payments to be Held in Trust    18

SECTION 3.4

  Existence    20

SECTION 3.5

  Protection of Trust Estate    20

SECTION 3.6

  Opinions as to Trust Estate    21

SECTION 3.7

  Performance of Obligations; Servicing of Receivables    21

SECTION 3.8

  Negative Covenants    22

SECTION 3.9

  Annual Statement as to Compliance    23

SECTION 3.10

  Issuer May Consolidate, Etc. Only on Certain Terms    23

SECTION 3.11

  Successor or Transferee    25

SECTION 3.12

  No Other Business    25

SECTION 3.13

  No Borrowing    26

SECTION 3.14

  Servicer’s Obligations    26

SECTION 3.15

  Guarantees, Loans, Advances and Other Liabilities    26

SECTION 3.16

  Capital Expenditures    26

SECTION 3.17

  Compliance with Laws    26

SECTION 3.18

  Restricted Payments    26

SECTION 3.19

  Notice of Events of Default    26

SECTION 3.20

  Further Instruments and Acts    27

SECTION 3.21

  Amendments of Sale and Servicing Agreement and Trust Agreement    27

SECTION 3.22

  Income Tax Characterization    27

ARTICLE IV SATISFACTION AND DISCHARGE

   27

SECTION 4.1

  Satisfaction and Discharge of Indenture    27

SECTION 4.2

  Application of Trust Money    28

SECTION 4.3

  Repayment of Moneys Held by Note Paying Agent    28

ARTICLE V REMEDIES

   29

SECTION 5.1

  Events of Default    29

SECTION 5.2

  Rights Upon Event of Default    30

 

i


SECTION 5.3

  Collection of Indebtedness and Suits for Enforcement by Trustee    32

SECTION 5.4

  Remedies    34

SECTION 5.5

  Optional Preservation of the Receivables    35

SECTION 5.6

  Priorities    36

SECTION 5.7

  Limitation of Suits    36

SECTION 5.8

  Unconditional Rights of Noteholders To Receive Principal and Interest    37

SECTION 5.9

  Restoration of Rights and Remedies    37

SECTION 5.10

  Rights and Remedies Cumulative    37

SECTION 5.11

  Delay or Omission Not a Waiver    37

SECTION 5.12

  Control by Noteholders    38

SECTION 5.13

  Waiver of Past Defaults    38

SECTION 5.14

  Undertaking for Costs    39

SECTION 5.15

  Waiver of Stay or Extension Laws    39

SECTION 5.16

  Action on Notes    39

SECTION 5.17

  Performance and Enforcement of Certain Obligations    39

ARTICLE VI THE TRUSTEE AND THE TRUST COLLATERAL AGENT

   40

SECTION 6.1

  Duties of Trustee    40

SECTION 6.2

  Rights of Trustee    42

SECTION 6.3

  Individual Rights of Trustee    43

SECTION 6.4

  Trustee’s Disclaimer    43

SECTION 6.5

  Notice of Defaults    43

SECTION 6.6

  Reports by Trustee to Holders    43

SECTION 6.7

  Compensation and Indemnity    44

SECTION 6.8

  Replacement of Trustee    44

SECTION 6.9

  Successor Trustee by Merger    46

SECTION 6.10

  Appointment of Co-Trustee or Separate Trustee    46

SECTION 6.11

  Eligibility: Disqualification    47

SECTION 6.12

  Preferential Collection of Claims Against Issuer    47

SECTION 6.13

  Appointment and Powers    48

SECTION 6.14

  Performance of Duties    48

SECTION 6.15

  Limitation on Liability    48

SECTION 6.16

  Reliance Upon Documents    49

SECTION 6.17

  Successor Trust Collateral Agent    49

SECTION 6.18

  Compensation    50

SECTION 6.19

  Representations and Warranties of the Trust Collateral Agent and the Issuer    50

SECTION 6.20

  Waiver of Setoffs    51

SECTION 6.21

  Control by the Controlling Party    51

ARTICLE VII NOTEHOLDERS’ LISTS AND REPORTS

   52

SECTION 7.1

  Issuer To Furnish To Trustee Names and Addresses of Noteholders    52

SECTION 7.2

  Preservation of Information; Communications to Noteholders    52

SECTION 7.3

  Reports by Issuer    52

SECTION 7.4

  Reports by Trustee    53

ARTICLE VIII ACCOUNTS, DISBURSEMENTS AND RELEASES

   53

SECTION 8.1

  Collection of Money    53

SECTION 8.2

  Release of Trust Estate    53

SECTION 8.3

  Opinion of Counsel    54

ARTICLE IX SUPPLEMENTAL INDENTURES

   54

SECTION 9.1

  Supplemental Indentures Without Consent of Noteholders    54

SECTION 9.2

  Supplemental Indentures with Consent of Noteholders    55

SECTION 9.3

  Execution of Supplemental Indentures    57

SECTION 9.4

  Effect of Supplemental Indenture    57

SECTION 9.5

  Conformity With Trust Indenture Act    57

 

ii


SECTION 9.6

   Reference in Notes to Supplemental Indentures    57
ARTICLE X REDEMPTION OF NOTES    58

SECTION 10.1

   Redemption    58

SECTION 10.2

   Form of Redemption    58

SECTION 10.3

   Notes Payable on Redemption Date    59
ARTICLE XI MISCELLANEOUS    59

SECTION 11.1

   Compliance Certificates and Opinions, etc.    59

SECTION 11.2

   Form of Documents Delivered to Trustee    61

SECTION 11.3

   Acts of Noteholders    61

SECTION 11.4

   Notices, etc., to Trustee, Issuer, Insurer and Rating Agencies    62

SECTION 11.5

   Notices to Noteholders; Waiver    63

SECTION 11.6

   [Reserved]    64

SECTION 11.7

   Conflict with Trust Indenture Act    64

SECTION 11.8

   Effect of Headings and Table of Contents    64

SECTION 11.9

   Successors and Assigns    64

SECTION 11.10

   Separability    64

SECTION 11.11

   Benefits of Indenture    64

SECTION 11.12

   Legal Holidays    65

SECTION 11.13

   GOVERNING LAW    65

SECTION 11.14

   Counterparts    65

SECTION 11.15

   Recording of Indenture    65

SECTION 11.16

   Trust Obligation    65

SECTION 11.17

   No Petition    66

SECTION 11.18

   Inspection    66

EXHIBITS

EXHIBIT A-1 Form of Class A-1 Note

EXHIBIT A-2 Form of Class A-2 Note

EXHIBIT A-3 Form of Class A-3 Note

SCHEDULES

SCHEDULE A Representations and Warranties of the Issuer

SCHEDULE B Insurance Agreement Indenture Cross Defaults

 

iii


INDENTURE dated as of March 25, 2010, between AMERICREDIT AUTOMOBILE RECEIVABLES TRUST 2010-A, a Delaware statutory trust (the “Issuer”), and WELLS FARGO BANK, NATIONAL ASSOCIATION, a national banking association, as trustee (the “Trustee”) and Trust Collateral Agent (as defined below).

Each party agrees as follows for the benefit of the other party and for the equal and ratable benefit of the Holders of the Issuer’s Class A-1 0.31327% Asset Backed Notes (the “Class A-1 Notes”), the Class A-2 1.46% Asset Backed Notes (the “Class A-2 Notes”) and the Class A-3 3.51% Asset Backed Notes (the “Class A-3 Notes” and together with the Class A-1 Notes and the Class A-2 Notes, the “Notes”).

As security for the payment and performance by the Issuer of its obligations under this Indenture and the Notes, the Issuer has agreed to assign the Collateral (as defined below) as collateral to the Trust Collateral Agent for the benefit of the Trustee on behalf of the Noteholders.

Assured Guaranty Corp. (the “Insurer”) has issued and delivered a financial guaranty insurance policy, dated the Closing Date (with endorsements, the “Note Policy”), pursuant to which the Insurer guarantees Scheduled Payments, as defined in the Insurance Agreement.

As an inducement to the Insurer to issue and deliver the Note Policy, the Issuer and the Insurer have executed and delivered the Insurance and Indemnity Agreement, dated as of March 25, 2010 (as amended from time to time, the “Insurance Agreement”), among the Insurer, the Issuer, AmeriCredit Financial Services, Inc., AmeriCredit Corp. and AFS SenSub Corp.

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

 

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GRANTING CLAUSE

The Issuer hereby Grants to the Trust Collateral Agent at the Closing Date, for the benefit of the Issuer Secured Parties, all of the Issuer’s right, title and interest in and to the following property, whether now existing or hereafter acquired or arising (a) the Receivables and all moneys received thereon after the Cutoff Date; (b) the security interests in the Financed Vehicles granted by Obligors pursuant to the Receivables and any other interest of the Issuer in the Financed Vehicles; (c) any proceeds with respect to the Receivables repurchased by a Dealer, pursuant to a Dealer Agreement, as a result of a breach of representation or warranty in the related Dealer Agreement or repurchased by 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 Auto Loan Purchase and Sale Agreement; (d) all rights under any Service Contracts on the related Financed Vehicles; (e) any 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 the Receivables; (f) the Trust Accounts and the Lockbox Account and all funds on deposit from time to time in the Trust Accounts and the Lockbox Account, and in all investments and proceeds thereof and all rights of the Issuer therein (including all income thereon); (g) the Issuer’s rights and benefits, but none of its obligations or burdens, under the Purchase Agreement, including the delivery requirements, representations and warranties and the cure and repurchase obligations of AmeriCredit under the Purchase Agreement; (h) all items contained in the Receivable Files and any and all other documents that AmeriCredit keeps on file in accordance with its customary procedures relating to the Receivables, the Obligors or the Financed Vehicles; (i) the Issuer’s rights and benefits, but none of its obligations or burdens, under the Sale and Servicing Agreement (including all rights of the Seller under the Purchase Agreement assigned to the Issuer pursuant to the Sale and Servicing Agreement); (j) all of the Issuer’s (i) Accounts, (ii) Chattel Paper, (iii) Documents, (iv) Instruments and (v) General Intangibles (as such terms are defined in the UCC) relative to the property described in (a) through (i); and (k) all present and future claims, demands, causes and choses of action in respect of any or all of the foregoing and all payments on or under and all proceeds of every kind and nature whatsoever in respect of any or all of the foregoing, including all proceeds of the conversion, voluntary or involuntary, into cash or other liquid property, all cash proceeds, accounts, accounts receivable, notes, drafts, acceptances, chattel paper, checks, deposit accounts, insurance proceeds, condemnation awards, rights to payment of any and every kind and other forms of obligations and receivables, instruments and other property which at any time constitute all or part of or are included in the proceeds of any of the foregoing (collectively, the “Collateral”). The Spread Account, amounts on deposit therein and the proceeds thereof do not constitute Collateral and are not subject to this Grant.

The foregoing Grant is made in trust to the Trust Collateral Agent, for the benefit of the Trustee on behalf of the Noteholders and for the benefit of the Insurer. The Trust Collateral Agent hereby acknowledges such Grant, accepts the trusts under this Indenture in accordance with the provisions of this Indenture and agrees to perform its duties required in this Indenture to the end that the interests of such parties, recognizing the priorities of their respective interests may be adequately and effectively protected.

 

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ARTICLE I

Definitions and Incorporation by Reference

SECTION 1.1 Definitions. Except as otherwise specified herein, the following terms have the respective meanings set forth below for all purposes of this Indenture.

Act” has the meaning specified in Section 11.3(a).

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 specified 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. A Person shall not be deemed to be an Affiliate of any person solely because such other Person has the contractual right or obligation to manage such Person unless such other Person controls such Person through equity ownership or otherwise.

Authorized Officer” means, with respect to the Issuer and the Servicer, any officer or agent acting pursuant to a power of attorney of the Owner Trustee or the Servicer, as applicable, who is authorized to act for the Owner Trustee or the Servicer, as applicable, in matters relating to the Issuer and who is identified on the list of Authorized Officers delivered by each of the Owner Trustee and the Servicer to the Trustee on the Closing Date (as such list may be modified or supplemented from time to time thereafter).

Basic Documents” means this Indenture, the Certificate of Trust, the Trust Agreement, as amended, the Sale and Servicing Agreement, the Spread Account Agreement, the Underwriting Agreement, the Lockbox Account Agreement, the Lockbox Processing Agreement, the Insurance Agreement, the Indemnification Agreement, the Custodian Agreement and other documents and certificates delivered in connection therewith.

Benefit Plan Entity” has the meaning specified in Section 2.4.

Book Entry Notes” means a beneficial interest in the Notes, ownership and transfers of which shall be made through book entries by a Clearing Agency as described in Section 2.10.

Business Day” means any day other than a Saturday, a Sunday, a legal holiday or other day on which the New York Stock Exchange, the Federal Reserve Bank of New York, commercial banking institutions located in Wilmington, Delaware, Fort Worth, Texas, New York, New York, Minneapolis, Minnesota, the State of Maryland 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.

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

 

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Certificateholder” means the Person in whose name a Certificate is registered on the Certificate Register.

Certificate of Trust” means the certificate of trust of the Issuer substantially in the form of Exhibit B to the Trust Agreement.

Class A-1 Interest Rate” means 0.31327% per annum (computed on the basis of a 360-day year and the actual number of days in the related Interest Period).

Class A-1 Notes” means the Class A-1 0.31327% Asset Backed Notes, substantially in the form of Exhibit A-1.

Class A-2 Interest Rate” means 1.46% per annum (computed on the basis of a 360-day year consisting of twelve 30-day months).

Class A-2 Notes” means the Class A-2 1.46% Asset Backed Notes, substantially in the form of Exhibit A-2.

Class A-3 Interest Rate” means 3.51% per annum (computed on the basis of a 360-day year consisting of twelve 30-day months).

Class A-3 Notes” means the Class A-3 3.51% Asset Backed Notes, substantially in the form of Exhibit A-3.

Clearing Agency” means an organization registered as a “clearing agency” pursuant to Section 17A of the Exchange Act.

Clearing Agency Participant” means a broker, dealer, bank, other financial institution or other Person for whom from time to time a Clearing Agency effects book-entry transfers and pledges of securities deposited with the Clearing Agency.

Closing Date” means March 31, 2010.

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

Collateral” has the meaning specified in the Granting Clause of this Indenture.

Controlling Party” means the Insurer, so long as no Insurer Default shall have occurred and be continuing, and the Trust Collateral Agent, acting on behalf of the Noteholders, for so long as an Insurer Default shall have occurred and be continuing.

Corporate Trust Office” means the principal office of the Trustee at which at any particular time its corporate trust business shall be administered which office at date of the execution of this Indenture is located at Sixth Street and Marquette Avenue, MAC N9311-161, Minneapolis, Minnesota 55479 (facsimile number (612) 667-3464), Attention: Corporate Trust Office, or at such other address as the Trustee may designate from time to time by notice to the Noteholders, the Insurer, the Servicer and the Issuer, or the principal corporate trust office of any successor Trustee (the address of which the successor Trustee will notify the Noteholders and the Issuer).

 

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Default” means any occurrence that is, or with notice or the lapse of time or both would become, an Event of Default.

Definitive Notes” has the meaning specified in Section 2.10.

Distribution Date” has the meaning specified in the Sale and Servicing Agreement.

ERISA” has the meaning specified in Section 2.4.

Event of Default” has the meaning specified in Section 5.1.

Exchange Act” means the Securities Exchange Act of 1934, as amended.

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

Final Scheduled Distribution Date” means with respect to (i) the Class A-1 Notes, the March 7, 2011 Distribution Date, (ii) the Class A-2 Notes, the November 6, 2013 Distribution Date and (iii) the Class A-3 Notes, the July 6, 2017 Distribution Date.

Grant” means mortgage, pledge, bargain, warrant, alienate, remise, release, convey, assign, transfer, create, grant a lien upon and a security interest in and right of set-off against, deposit, set over and confirm pursuant to this Indenture. A Grant of the Collateral or of any other agreement or instrument shall include all rights, powers and options (but none of the obligations) of the Granting party thereunder, including the immediate and continuing right to claim for, collect, receive and give receipt for principal and interest payments in respect of the Collateral and all other moneys payable thereunder, to give and receive notices and other communications, to make waivers or other agreements, to exercise all rights and options, to bring proceedings in the name of the Granting party or otherwise and generally to do and receive anything that the Granting party is or may be entitled to do or receive thereunder or with respect thereto.

Holder” or “Noteholder” means the Person in whose name a Note is registered on the Note Register.

Indebtedness” means, with respect to any Person at any time, (a) indebtedness or liability of such Person for borrowed money whether or not evidenced by bonds, debentures, notes or other instruments, or for the deferred purchase price of property or services (including trade obligations); (b) obligations of such Person as lessee under leases which should have been or should be, in accordance with generally accepted accounting principles, recorded as capital leases; (c) current liabilities of such Person in respect of unfunded vested benefits under plans covered by Title IV of ERISA; (d) obligations issued for or liabilities incurred on the account of such Person; (e) obligations or liabilities of such Person arising under acceptance facilities; (f) obligations of such Person under any guarantees, endorsements (other than for collection or deposit in the ordinary course of business) and other contingent obligations to purchase, to provide funds for payment, to supply funds to invest in any Person or otherwise to assure a creditor against loss; (g) obligations of such Person secured by any lien on property or assets of such Person, whether or not the obligations have been assumed by such Person; or (h) obligations of such Person under any interest rate or currency exchange agreement.

 

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Indenture” means this Indenture as amended and supplemented from time to time.

Independent” means, when used with respect to any specified Person, that the Person (a) is in fact independent of the Issuer, any other obligor upon the Notes, the Seller and any Affiliate of any of the foregoing Persons, (b) does not have any direct financial interest or any material indirect financial interest in the Issuer, any such other obligor, the Seller or any Affiliate of any of the foregoing Persons and (c) is not connected with the Issuer, any such other obligor, the Seller or any Affiliate of any of the foregoing Persons as an officer, employee, promoter, underwriter, trustee, partner, director or Person performing similar functions.

Independent Certificate” means a certificate or opinion to be delivered to the Trust Collateral Agent under the circumstances described in, and otherwise complying with, the applicable requirements of Section 11.1, prepared by an Independent appraiser or other expert appointed by an Issuer Order and approved by the Trust Collateral Agent in the exercise of reasonable care, and such opinion or certificate shall state that the signer has read the definition of “Independent” in this Indenture and that the signer is Independent within the meaning thereof.

Insurance Agreement Indenture Cross Default” has the meaning specified therefor in the Insurance Agreement. As of the Closing Date, the Insurance Agreement Events of Default that constitute Insurance Agreement Indenture Cross Defaults are listed in Schedule B hereto.

Insured Distribution Date” has the meaning specified in the Sale and Servicing Agreement.

Insurer Issuer Secured Obligations” means all amounts and obligations which the Issuer may at any time owe to or on behalf of the Insurer under this Indenture, the Insurance Agreement or any other Basic Document.

Interest Rate” means, with respect to the (i) Class A-1 Notes, the Class A-1 Interest Rate, (ii) Class A-2 Notes, the Class A-2 Interest Rate and (iii) Class A-3 Notes, the Class A-3 Interest Rate.

Issuer” means the party named as such in this Indenture until a successor replaces it and, thereafter, means the successor and, for purposes of any provision contained herein and required by the TIA, each other obligor on the Notes.

Issuer Order” and “Issuer Request” means a written order or request signed in the name of the Issuer by any one of its Authorized Officers and delivered to the Trustee.

 

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Issuer Secured Obligations” means the Insurer Issuer Secured Obligations and the Trustee Issuer Secured Obligations.

Issuer Secured Parties” means each of the Trustee in respect of the Trustee Issuer Secured Obligations and the Insurer in respect of the Insurer Issuer Secured Obligations.

Note” means a Class A-1 Note, a Class A-2 Note or a Class A-3 Note.

Note Owner” means, with respect to a Book-Entry Note, the person who is the owner of such Book-Entry Note, as reflected on the books of the Clearing Agency, or on the books of a Person maintaining an account with such Clearing Agency (directly as a Clearing Agency Participant or as an indirect participant, in each case in accordance with the rules of such Clearing Agency).

Note Paying Agent” means the Trustee or any other Person that meets the eligibility standards for the Trustee specified in Section 6.11 and is authorized by the Issuer to make the payments to and distributions from the Collection Account and the Note Distribution Account, including payment of principal of or interest on the Notes on behalf of the Issuer.

Note Policy” means the insurance policy issued by the Insurer with respect to the Notes, including any endorsements thereto.

Note Register” and “Note Registrar” have the respective meanings specified in Section 2.4.

Notice of Default” has the meaning set forth in Section 5.1 hereof.

Officer’s Certificate” means a certificate signed by any Authorized Officer of the Owner Trustee, under the circumstances described in, and otherwise complying with, the applicable requirements of Section 11.1 and TIA § 314, and delivered to the Trustee. Unless otherwise specified, any reference in this Indenture to an Officer’s Certificate shall be to an Officer’s Certificate of any Authorized Officer of the Issuer.

Opinion of Counsel” means one or more written opinions of counsel who may, except as otherwise expressly provided in this Indenture, be employees of or counsel to the Issuer and who shall be satisfactory to the Trustee and, if addressed to the Insurer, satisfactory to the Insurer, and which shall comply with any applicable requirements of Section 11.1, and shall be in form and substance satisfactory to the Trustee, and if addressed to the Insurer, satisfactory to the Insurer.

Outstanding” means, as of the date of determination, all Notes theretofore authenticated and delivered under this Indenture except:

(i) Notes theretofore canceled by the Note Registrar or delivered to the Note Registrar for cancellation;

 

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(ii) Notes or portions thereof the payment for which money in the necessary amount has been theretofore deposited with the Trustee or any Note Paying Agent in trust for the Noteholders (provided, however, that if such Notes are to be redeemed, notice of such redemption has been duly given pursuant to this Indenture or provision therefor, satisfactory to the Trustee); and

(iii) Notes in exchange for or in lieu of other Notes which have been authenticated and delivered pursuant to this Indenture unless proof satisfactory to the Trustee is presented that any such Notes are held by a bona fide purchaser;

provided, however, that Notes which have been paid with proceeds of the Note Policy shall continue to remain Outstanding for purposes of this Indenture until the Insurer has been paid as subrogee hereunder or reimbursed pursuant to the Insurance Agreement as evidenced by a written notice from the Insurer delivered to the Trustee, and the Insurer shall be deemed to be the Holder thereof to the extent of any payments thereon made by the Insurer; provided, further, that in determining whether the Holders of the requisite Outstanding Amount of the Notes have given any request, demand, authorization, direction, notice, consent or waiver hereunder or under any Basic Document, Notes owned by the Issuer, any other obligor upon the Notes, the Seller or any Affiliate of any of the foregoing Persons shall be disregarded and deemed not to be Outstanding, except that, in determining whether the Trustee shall be protected in relying upon any such request, demand, authorization, direction, notice, consent or waiver, only Notes that a Responsible Officer of the Trustee either actually knows to be so owned or has received written notice thereof shall be so disregarded. Notes so owned that have been pledged in good faith may be regarded as Outstanding if the pledgee establishes to the satisfaction of the Trustee the pledgee’s right so to act with respect to such Notes and that the pledgee is not the Issuer, any other obligor upon the Notes, the Seller or any Affiliate of any of the foregoing Persons.

Outstanding Amount” means the aggregate principal amount of all Notes, or class of Notes, as applicable, Outstanding at the date of determination.

Predecessor Note” means, with respect to any particular Note, every previous Note evidencing all or a portion of the same debt as that evidenced by such particular Note; and, for the purpose of this definition, any Note authenticated and delivered under Section 2.5 in lieu of a mutilated, lost, destroyed or stolen Note shall be deemed to evidence the same debt as the mutilated, lost, destroyed or stolen Note.

Proceeding” means any suit in equity, action at law or other judicial or administrative proceeding.

Prohibited Transaction Class Exemption” means U.S. Department of Labor prohibited transaction class exemption 84-14, 90-1, 91-38, 95-60 or 96-23, or any similar prohibited transaction class exemption issued by the U.S. Department of Labor.

Rating Agency” means each of Moody’s and Standard & Poor’s, so long as such Persons maintain a rating on the Notes; and if any of Moody’s or Standard & Poor’s no longer maintains a rating on the Notes, such other nationally recognized statistical rating organization selected by the Seller and (so long as an Insurer Default shall not have occurred and be continuing) acceptable to the Insurer.

 

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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 Rating Agency) prior notice thereof and that (a) with respect to Standard & Poor’s, such Rating Agency has notified the Seller, the Servicer, the Insurer, the Trustee, the Owner Trustee and the Issuer 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, and (b) with respect to Moody’s, such Rating Agency has not notified the Seller, the Servicer, the Insurer, the Trustee, the Owner Trustee or the Issuer in writing that such action will result in a reduction or withdrawal of the then current rating of any Class of Notes.

Record Date” means, with respect to a Distribution Date or Redemption Date, the close of business on the Business Day immediately preceding such Distribution Date or Redemption Date.

Redemption Date” means in the case of a redemption of the Notes pursuant to Section 10.1(a) or a payment to Noteholders pursuant to Section 10.1(b), the Distribution Date specified by the Servicer or the Issuer pursuant to Section 10.1(a) or 10.1(b) as applicable.

Redemption Price” means (a) in the case of a redemption of the Notes pursuant to Section 10.1(a), an amount equal to the unpaid principal amount of the then outstanding principal amount of each class of Notes being redeemed plus accrued and unpaid interest thereon to but excluding the Redemption Date, or (b) in the case of a payment made to Noteholders pursuant to Section 10.1(b), the amount on deposit in the Note Distribution Account, but not in excess of the amount specified in clause (a) above.

Responsible Officer” means, with respect to the Trustee or the Trust Collateral Agent, any officer within the Corporate Trust Office of the Trustee, including any Executive Vice President, Senior Vice President, Vice President, Assistant Vice President, Assistant Treasurer, Assistant Secretary, or any other officer of the Trustee or the Trust Collateral Agent 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.

Sale and Servicing Agreement” means the Sale and Servicing Agreement dated as of March 25, 2010, among the Issuer, the Seller, the Servicer, the Trustee, the Trust Collateral Agent and the Backup Servicer, as the same may be amended or supplemented from time to time in accordance with its terms.

Scheduled Payments” has the meaning specified in the Note Policy.

Similar Law” has the meaning specified in Section 2.4.

State” means any one of the 50 states of the United States of America or the District of Columbia.

Statutory Exemption” means the statutory exemption under Section 408(b)(17) of ERISA and Section 4975(d)(20) of the Code.

 

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Termination Date” means the latest of (i) the expiration of the Note Policy and the return of the Note Policy to the Insurer for cancellation, (ii) the date on which the Insurer shall have received payment and performance of all Insurer Issuer Secured Obligations and (iii) the date on which the Trustee shall have received payment and performance of all Trustee Issuer Secured Obligations.

Trust Collateral Agent” means, initially, Wells Fargo Bank, National Association, in its capacity as collateral agent on behalf of the Issuer Secured Parties, including its successors-in-interest, until and unless a successor Person shall have become the Trust Collateral Agent pursuant to Section 6.17 hereof, and thereafter “Trust Collateral Agent” shall mean such successor Person.

Trust Estate” means all money, instruments, rights and other property that are subject or intended to be subject to the lien and security interest of this Indenture for the benefit of the Noteholders (including all property and interests Granted to the Trust Collateral Agent), including all proceeds thereof.

Trust Indenture Act” or “TIA” means the Trust Indenture Act of 1939, as amended and as in force on the date hereof, unless otherwise specifically provided.

Trustee” means Wells Fargo Bank, National Association, a national banking association, not in its individual capacity but as trustee under this Indenture, or any successor trustee under this Indenture.

Trustee Issuer Secured Obligations” means all amounts and obligations which the Issuer may at any time owe to or on behalf of the Trustee for the benefit of the Noteholders under this Indenture, the Notes or any Basic Document.

UCC” means, unless the context otherwise requires, the Uniform Commercial Code, as in effect in the relevant jurisdiction, as amended from time to time.

Capitalized terms used herein and not otherwise defined herein shall have the meanings assigned to them in the Sale and Servicing Agreement or the Trust Agreement.

SECTION 1.2 Incorporation by Reference of Trust Indenture Act. Whenever this Indenture refers to a provision of the TIA, the provision is incorporated by reference in and made a part of this Indenture. The following TIA terms used in this Indenture have the following meanings:

“Commission” means the Securities and Exchange Commission.

“indenture securities” means the Notes.

“indenture security holder” means a Noteholder.

“indenture to be qualified” means this Indenture.

“indenture trustee” or “institutional trustee” means the Trustee.

 

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“obligor” on the indenture securities means the Issuer.

All other TIA terms used in this Indenture that are defined by the TIA, defined by TIA reference to another statute or defined by Commission rule have the meaning assigned to them by such definitions.

SECTION 1.3 Rules of Construction. Unless the context otherwise requires:

(i) a term has the meaning assigned to it;

(ii) an accounting term not otherwise defined has the meaning assigned to it in accordance with generally accepted accounting principles as in effect from time to time;

(iii) “or” is not exclusive;

(iv) “including” means including without limitation; and

(v) words in the singular include the plural and words in the plural include the singular.

ARTICLE II

The Notes

SECTION 2.1 Form. The Class A-1 Notes, the Class A-2 Notes and the Class A-3 Notes, in each case together with the Trustee’s certificate of authentication, shall be in substantially the form set forth in Exhibits A-1, A-2 and A-3, respectively, with such appropriate insertions, omissions, substitutions and other variations as are required or permitted by this Indenture and may have such letters, numbers or other marks of identification and such legends or endorsements placed thereon as may, consistently herewith, be determined by the officers executing such Notes, as evidenced by their execution of the Notes. Any portion of the text of any Note may be set forth on the reverse thereof, with an appropriate reference thereto on the face of the Note.

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

Each Note shall be dated the date of its authentication. The terms of the Notes set forth in Exhibits A-1, A-2 and A-3 are part of the terms of this Indenture.

SECTION 2.2 Execution, Authentication and Delivery. The Notes shall be executed on behalf of the Issuer by any of its Authorized Officers. The signature of any such Authorized Officer on the Notes may be manual or facsimile.

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

 

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The Trustee shall, upon receipt of the Note Policy and Issuer Order, authenticate and deliver Class A-1 Notes for original issue in an aggregate principal amount of $36,000,000, Class A-2 Notes for original issue in the aggregate principal amount of $71,000,000 and Class A-3 Notes for original issue in the aggregate principal amount of $93,000,000. The Class A-1 Notes, Class A-2 Notes and Class A-3 Notes outstanding at any time may not exceed such amounts except as provided in Section 2.5.

The Class A-1 Notes, the Class A-2 Notes and the Class A-3 Notes shall be issuable as registered Notes in the minimum denomination of $1,000 and in integral multiples thereof (except for one Note of each class which may be issued in a denomination other than an integral multiple of $1,000).

No Note shall be entitled to any benefit under this Indenture or be valid or obligatory for any purpose, unless there appears on such Note a certificate of authentication substantially in the form provided for herein executed by the Trustee by the manual signature of one of its authorized signatories, and such certificate upon any Note shall be conclusive evidence, and the only evidence, that such Note has been duly authenticated and delivered hereunder.

SECTION 2.3 Temporary Notes. Pending the preparation of Definitive Notes, the Issuer may execute, and upon receipt of an Issuer Order the Trustee shall authenticate and deliver, temporary Notes which are printed, lithographed, typewritten, mimeographed or otherwise produced, of the tenor of the Definitive Notes in lieu of which they are issued and with such variations not inconsistent with the terms of this Indenture as the officers executing such Notes may determine, as evidenced by their execution of such Notes.

If temporary Notes are issued, the Issuer will cause Definitive Notes to be prepared without unreasonable delay. After the preparation of Definitive Notes, the temporary Notes shall be exchangeable for Definitive Notes upon surrender of the temporary Notes at the office or agency of the Issuer to be maintained as provided in Section 3.2, without charge to the Noteholder. Upon surrender for cancellation of any one or more temporary Notes, the Issuer shall execute and the Trustee shall authenticate and deliver in exchange therefor a like principal amount of Definitive Notes of authorized denominations. Until so exchanged, the temporary Notes shall in all respects be entitled to the same benefits under this Indenture as Definitive Notes.

SECTION 2.4 Registration; Registration of Transfer and Exchange. The Issuer shall cause to be kept a register (the “Note Register”) in which, subject to such reasonable regulations as it may prescribe, the Issuer shall provide for the registration of Notes and the registration of transfers of Notes. The Trustee shall be “Note Registrar” for the purpose of registering Notes and transfers of Notes as herein provided. Upon any resignation of any Note Registrar, the Issuer shall promptly appoint a successor or, if it elects not to make such an appointment, assume the duties of Note Registrar.

 

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

Subject to Sections 2.10 and 2.12 hereof, upon surrender for registration of transfer of any Note at the office or agency of the Issuer to be maintained as provided in Section 3.2, if the requirements of Section 8-401(1) of the UCC are met the Issuer shall execute and upon its request the Trustee shall authenticate and the Noteholder shall obtain from the Trustee, in the name of the designated transferee or transferees, one or more new Notes, in any authorized denominations, of the same class and a like aggregate principal amount.

At the option of the Noteholder, Notes may be exchanged for other Notes in any authorized denominations, of the same class and a like aggregate principal amount, upon surrender of the Notes to be exchanged at such office or agency. Whenever any Notes are so surrendered for exchange, subject to Sections 2.10 and 2.12 hereof, if the requirements of Section 8-401(1) of the UCC are met the Issuer shall execute and upon its request the Trustee shall authenticate and the Noteholder shall obtain from the Trustee, the Notes which the Noteholder making the exchange is entitled to receive.

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

Every Note presented or surrendered for registration of transfer or exchange shall be (i) duly endorsed by, or be accompanied by a written instrument of transfer in the form attached to Exhibits A-1, A-2 and A-3 duly executed by, the Holder thereof or such Holder’s attorney duly authorized in writing, with such signature guaranteed by an “eligible guarantor institution” meeting the requirements of the Note Registrar which requirements include membership or participation in Securities Transfer Agents Medallion Program (“STAMP”) or such other “signature guarantee program” as may be determined by the Note Registrar in addition to, or in substitution for, STAMP, all in accordance with the Exchange Act, and (ii) accompanied by such other documents as the Trustee may require.

Notwithstanding the foregoing, in the case of any sale or other transfer of a Definitive Note, the prospective transferee of such Definitive Note shall be required to represent and warrant in writing to the Note Registrar that either (a) it is not (i) an employee benefit plan (as defined in section 3(3) of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”)), which is subject to the provisions of Title I of ERISA, (ii) a plan (as defined in section 4975(e)(1) of the Code), which is subject to Section 4975 of the Code, (iii) an entity whose underlying assets are deemed to be assets of a plan described in (i) or (ii) above by reason of such plan’s investment in the entity or (iv) an employee benefit plan subject to any federal, state, local or non-U.S. laws or regulations substantially similar to Title I of ERISA or Section 4975 of the Code (“Similar Law”) (any such entity described in clauses (i) through (iv), a “Benefit Plan Entity”) or (b) it is a Benefit Plan Entity and the acquisition and holding of the Definitive Note by such prospective transferee is covered by a Prohibited Transaction Class Exemption or the Statutory Exemption (or, if it is subject to any Similar Law, such acquisition and holding will not violate such Similar Law). Each transferee of a Book Entry Note that is a Benefit Plan Entity shall be deemed to represent that its acquisition and holding of the Book Entry Note is covered by a Prohibited Transaction Class Exemption or the Statutory Exemption (or, if it is subject to any Similar Law, such acquisition and holding will not violate such Similar Law).

 

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No service charge shall be made to a Noteholder for any registration of transfer or exchange of Notes, but the Note Registrar may require payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in connection with any registration of transfer or exchange of Notes, other than exchanges pursuant to Section 2.3 or 9.6 not involving any transfer.

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

SECTION 2.5 Mutilated, Destroyed, Lost or Stolen Notes. If (i) any mutilated Note is surrendered to the Trustee, or the Trustee receives evidence to its satisfaction of the destruction, loss or theft of any Note, and (ii) there is delivered to the Trustee and the Insurer (unless an Insurer Default shall have occurred and be continuing) such security or indemnity as may be required by it to hold the Issuer, the Trustee and the Insurer harmless, then, in the absence of notice to the Issuer, the Note Registrar or the Trustee that such Note has been acquired by a bona fide purchaser, and provided that the requirements of Section 8-405 of the UCC are met, the Issuer shall execute and upon its request the Trustee shall authenticate and deliver, in exchange for or in lieu of any such mutilated, destroyed, lost or stolen Note, a replacement Note; provided, however, that if any such destroyed, lost or stolen Note, but not a mutilated Note, shall have become or within seven days shall be due and payable, or shall have been called for redemption, instead of issuing a replacement Note, the Issuer may direct the Trustee, in writing, to pay such destroyed, lost or stolen Note when so due or payable or upon the Redemption Date, without surrender thereof. If, after the delivery of such replacement Note or payment of a destroyed, lost or stolen Note pursuant to the proviso to the preceding sentence, a bona fide purchaser of the original Note in lieu of which such replacement Note was issued presents for payment such original Note, the Issuer, the Trustee and the Insurer shall be entitled to recover such replacement Note (or such payment) from the Person to whom it was delivered or any Person taking such replacement Note from such Person to whom such replacement Note was delivered or any assignee of such Person, except a bona fide purchaser, and shall be entitled to recover upon the security or indemnity provided therefor to the extent of any loss, damage, cost or expense incurred by the Issuer or the Trustee in connection therewith.

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

 

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

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

SECTION 2.6 Persons Deemed Owner. Prior to due presentment for registration of transfer of any Note, the Issuer, the Trustee and any agent of the Issuer or the Trustee, or the Insurer may treat the Person in whose name any Note is registered (as of the Record Date) as the owner of such Note for the purpose of receiving payments of principal of and interest, if any on such Note and for all other purposes whatsoever, whether or not such Note be overdue, and none of the Issuer, the Insurer, the Trustee nor any agent of the Issuer or the Trustee shall be affected by notice to the contrary.

SECTION 2.7 Payment of Principal and Interest; Defaulted Interest.

(a) The Notes shall accrue interest as provided in the forms of the Class A-1 Note, the Class A-2 Note and the Class A-3 Note set forth in Exhibits A-1, A-2 and A-3, respectively, and such interest shall be due and payable on each Distribution Date and each Insured Distribution Date, as specified therein. Any installment of interest or principal, if any, payable on any Note which is punctually paid or duly provided for by the Issuer on the applicable Distribution Date or Insured Distribution Date shall be paid to the Person in whose name such Note (or one or more Predecessor Notes) is registered on the Record Date, by check mailed first-class, postage prepaid, to such Person’s address as it appears on the Note Register on such Record Date, except that, unless Definitive Notes have been issued pursuant to Section 2.12, with respect to Notes registered on the Record Date in the name of the nominee of the Clearing Agency (initially, such nominee to be Cede & Co.), payment will be made by wire transfer in immediately available funds to the account designated by such nominee and except for the final installment of principal payable with respect to such Note on a Distribution Date or Insured Distribution Date or on the Final Scheduled Distribution Date (and except for the Redemption Price for any Note called for redemption pursuant to Section 10.1(a)) which shall be payable as provided below. The funds represented by any such checks returned undelivered shall be held in accordance with Section 3.3.

(b) The principal of each Note shall be payable in installments on each Distribution Date or Insured Distribution Date, as applicable, as provided in the forms of the Class A-1 Note, the Class A-2 Note and the Class A-3 Note set forth in Exhibits A-1, A-2 and A-3, respectively. Notwithstanding the foregoing, the entire unpaid principal amount of the Notes shall be due and payable, if not previously paid, (i) on the date on which an Event of Default shall have occurred and be continuing if no Insurer Default has occurred or (ii) if an Insurer Default has occurred and is continuing, if the Trustee or the Noteholders representing not less than a majority of the Outstanding Amount of the Notes have declared the Notes to be immediately due and payable in the manner provided in Section 5.2. All principal payments on each class of Notes shall be made pro rata to the Noteholders of such class entitled thereto. Upon written notice from the Issuer, the Trustee shall notify the Person in whose name a Note is registered at the close of business on the Record Date preceding the Distribution Date on which the Issuer expects that the final installment of principal of and interest on such Note will be paid. Such notice shall be mailed or transmitted by facsimile prior to such final Distribution Date and shall specify that such final installment will be payable only upon presentation and surrender of such Note and shall specify the place where such Note may be presented and surrendered for payment of such installment. Notices in connection with redemptions of Notes shall be mailed to Noteholders as provided in Section 10.2.

 

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(c) If the Issuer defaults in a payment of interest on the Notes, and such default is waived by the Controlling Party, the Issuer shall pay defaulted interest (plus interest on such defaulted interest to the extent lawful) at the applicable Interest Rate in any lawful manner. The Issuer may pay such defaulted interest to the Persons who are Noteholders on the immediately following Insured Distribution Date, and, if such amount is not paid on such following Insured Distribution Date, then on a subsequent special record date, which date shall be at least five Business Days prior to the payment date. The Issuer shall fix or cause to be fixed any such special record date and payment date, and, at least 15 days before any such special record date, the Issuer shall mail to each Noteholder and the Trustee a notice that states the special record date, the payment date and the amount of defaulted interest to be paid.

(d) Promptly following the date on which all principal of and interest on the Notes has been paid in full and the Notes have been surrendered to the Trustee, the Trustee shall, if the Insurer has paid any amount in respect of the Notes under the Note Policy or otherwise which has not been reimbursed to it, deliver such surrendered Notes to the Insurer.

SECTION 2.8 Cancellation. Subject to Section 2.7(d), all Notes surrendered for payment, registration of transfer, exchange or redemption shall, if surrendered to any Person other than the Trustee, be delivered to the Trustee and shall be promptly canceled by the Trustee. Subject to Section 2.7(d), the Issuer may at any time deliver to the Trustee for cancellation of any Notes previously authenticated and delivered hereunder which the Issuer may have acquired in any manner whatsoever, and all Notes so delivered shall be promptly canceled by the Trustee. No Notes shall be authenticated in lieu of or in exchange for any Notes canceled as provided in this Section, except as expressly permitted by this Indenture. Subject to Section 2.7(d), all canceled Notes may be held or disposed of by the Trustee in accordance with its standard retention or disposal policy as in effect at the time unless the Issuer shall timely direct by an Issuer Order that they be destroyed or returned to it; provided that such Issuer Order is timely and the Notes have not been previously disposed of by the Trustee.

SECTION 2.9 Release of Collateral. The Trust Collateral Agent shall, on the earlier of (i) the Termination Date or (ii) the Redemption Date (if the Notes are redeemed in full on such date), release any remaining portion of the Trust Estate from the lien created by this Indenture and deposit in the Collection Account any funds then on deposit in any other Trust Account.

 

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SECTION 2.10 Book-Entry Notes. The Class A-1 Notes, the Class A-2 Notes and the Class A-3 Notes, upon original issuance, will be issued in the form of typewritten Notes representing the Book-Entry Notes, to be delivered to The Depository Trust Company, the initial Clearing Agency, by, or on behalf of, the Issuer. Such Notes shall initially be registered on the Note Register in the name of Cede & Co., the nominee of the initial Clearing Agency, and no Note Owner will receive a Definitive Note representing such Note Owner’s interest in such Note, except as provided in Section 2.12. Unless and until definitive, fully registered Notes (the “Definitive Notes”) have been issued to Note Owners pursuant to Section 2.12:

(i) the provisions of this Section shall be in full force and effect;

(ii) the Note Registrar and the Trustee shall be entitled to deal with the Clearing Agency for all purposes of this Indenture (including the payment of principal of and interest on the Notes and the giving of instructions or directions hereunder) as the sole Holder of the Notes, and shall have no obligation to the Note Owners;

(iii) to the extent that the provisions of this Section conflict with any other provisions of this Indenture, the provisions of this Section shall control;

(iv) the rights of Note Owners shall be exercised only through the Clearing Agency and shall be limited to those established by law and agreements between such Note Owners and the Clearing Agency and/or the Clearing Agency Participants. Unless and until Definitive Notes are issued pursuant to Section 2.12, the initial Clearing Agency will make book-entry transfers among the Clearing Agency Participants and receive and transmit payments of principal of and interest on the Notes to such Clearing Agency Participants;

(v) whenever this Indenture requires or permits actions to be taken based upon instructions or directions of Noteholders evidencing a specified percentage of the Outstanding Amount of the Notes, the Clearing Agency shall be deemed to represent such percentage only to the extent that it has received instructions to such effect from Note Owners and/or Clearing Agency Participants owning or representing, respectively, such required percentage of the beneficial interest in the Notes and has delivered such instructions to the Trustee; and

(vi) Note Owners may receive copies of any reports sent to Noteholders pursuant to this Indenture, upon written request, together with a certification that they are Note Owners and payment of reproduction and postage expenses associated with the distribution of such reports, from the Trustee at the Corporate Trust Office.

SECTION 2.11 Notices to Clearing Agency. Whenever a notice or other communication to the Noteholders is required under this Indenture, unless and until Definitive Notes shall have been issued to Note Owners pursuant to Section 2.12, the Trustee shall give all such notices and communications specified herein to be given to the Noteholders to the Clearing Agency, and shall have no obligation to the Note Owners.

 

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SECTION 2.12 Definitive Notes. If (i) the Servicer advises the Trustee in writing that the Clearing Agency is no longer willing or able to properly discharge its responsibilities with respect to the Notes, and the Servicer is unable to locate a qualified successor or (ii) after the occurrence of an Event of Default, Note Owners representing beneficial interests aggregating at least a majority of the Outstanding Amount of the Notes advise the Trustee through the Clearing Agency in writing that the continuation of a book entry system through the Clearing Agency is no longer in the best interests of the Note Owners, then the Clearing Agency shall notify all Note Owners and the Trustee of the occurrence of any such event and of the availability of Definitive Notes to Note Owners requesting the same. Upon surrender to the Trustee of the typewritten Note or Notes representing the Book-Entry Notes by the Clearing Agency, accompanied by registration instructions, the Issuer shall execute and the Trustee shall authenticate the Definitive Notes in accordance with the instructions of the Clearing Agency. None of the Issuer, the Note Registrar or the Trustee shall be liable for any delay in delivery of such instructions and may conclusively rely on, and shall be fully protected in relying on, such instructions. Upon the issuance of Definitive Notes, the Trustee shall recognize the Holders of the Definitive Notes as Noteholders.

ARTICLE III

Covenants

SECTION 3.1 Payment of Principal and Interest. The Issuer will duly and punctually pay the principal of and interest on the Notes in accordance with the terms of the Notes and this Indenture. Without limiting the foregoing, the Issuer will cause to be distributed all amounts on deposit in the Note Distribution Account on a Distribution Date deposited therein pursuant to the Sale and Servicing Agreement (i) for the benefit of the Class A-l Notes, to Class A-1 Noteholders, (ii) for the benefit of the Class A-2 Notes, to Class A-2 Noteholders and (iii) for the benefit of the Class A-3 Notes, to Class A-3 Noteholders. Amounts properly withheld under the Code by any Person from a payment to any Noteholder of interest and/or principal shall be considered as having been paid by the Issuer to such Noteholder for all purposes of this Indenture.

SECTION 3.2 Maintenance of Office or Agency. The Issuer will maintain in New York, New York, an office or agency where Notes may be surrendered for registration of transfer or exchange, and where notices and demands to or upon the Issuer in respect of the Notes and this Indenture may be served. The Issuer hereby initially appoints the Trustee to serve as its agent for the foregoing purposes. The Issuer will give prompt written notice to the Trustee of the location, and of any change in the location, of any such office or agency. If at any time the Issuer shall fail to maintain any such office or agency or shall fail to furnish the Trustee with the address thereof, such surrenders, notices and demands may be made or served at the Corporate Trust Office, and the Issuer hereby appoints the Trustee as its agent to receive all such surrenders, notices and demands.

SECTION 3.3 Money for Payments to be Held in Trust. On or before each Distribution Date, Insured Distribution Date and Redemption Date, the Issuer shall deposit or cause to be deposited in the Note Distribution Account from the Collection Account an aggregate sum sufficient to pay the amounts then becoming due under the Notes, such sum to be held in trust for the benefit of the Persons entitled thereto and (unless the Note Paying Agent is the Trustee) shall promptly notify the Trustee of its action or failure so to act.

 

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The Issuer will cause each Note Paying Agent other than the Trustee to execute and deliver to the Trustee and the Insurer an instrument in which such Note Paying Agent shall agree with the Trustee (and if the Trustee acts as Note Paying Agent, it hereby so agrees), subject to the provisions of this Section, that such Note Paying Agent will:

(i) hold all sums held by it for the payment of amounts due with respect to the Notes in trust for the benefit of the Persons entitled thereto until such sums shall be paid to such Persons or otherwise disposed of as herein provided and pay such sums to such Persons as herein provided;

(ii) give the Trustee notice of any default by the Issuer (or any other obligor upon the Notes) of which it has actual knowledge in the making of any payment required to be made with respect to the Notes;

(iii) at any time during the continuance of any such default, upon the written request of the Trustee, forthwith pay to the Trustee all sums so held in trust by such Note Paying Agent;

(iv) immediately resign as a Note Paying Agent and forthwith pay to the Trustee all sums held by it in trust for the payment of Notes if at any time it ceases to meet the standards required to be met by a Note Paying Agent at the time of its appointment; and

(v) comply with all requirements of the Code with respect to the withholding from any payments made by it on any Notes of any applicable withholding taxes imposed thereon and with respect to any applicable reporting requirements in connection therewith.

The Issuer may at any time, for the purpose of obtaining the satisfaction and discharge of this Indenture or for any other purpose, by Issuer Order direct any Note Paying Agent to pay to the Trustee all sums held in trust by such Note Paying Agent, such sums to be held by the Trustee upon the same trusts as those upon which the sums were held by such Note Paying Agent; and upon such a payment by any Note Paying Agent to the Trustee, such Note Paying Agent shall be released from all further liability with respect to such money.

Subject to applicable laws with respect to the escheat of funds, any money held by the Trustee or any Note Paying Agent in trust for the payment of any amount due with respect to any Note and remaining unclaimed for two years after such amount has become due and payable shall be discharged from such trust and be paid to the Issuer on Issuer Request with the consent of the Insurer (unless an Insurer Default shall have occurred and be continuing) and shall be deposited by the Trustee in the Collection Account; and the Holder of such Note shall thereafter, as an unsecured general creditor, look only to the Issuer for payment thereof (but only to the extent of the amounts so paid to the Issuer), and all liability of the Trustee or such Note Paying Agent with respect to such trust money shall thereupon cease; provided, however, that if such money or any portion thereof had been previously deposited by the Insurer or the Trust Collateral Agent with the Trustee for the payment of principal or interest on the Notes, to the extent any amounts are owing to the Insurer, such amounts shall be paid promptly to the Insurer upon the Trustee’s receipt of a written request by the Insurer to such effect; and provided, further, that the Trustee or such Note Paying Agent, before being required to make any such repayment, shall at the expense of the Issuer cause to be published once, in a newspaper published in the English language, customarily published on each Business Day and of general circulation in New York, New York, notice that such money remains unclaimed and that, after a date specified therein, which shall not be less than 30 days from the date of such publication, any unclaimed balance of such money then remaining will be repaid to the Issuer. The Trustee shall also adopt and employ, at the expense of the Issuer, any other reasonable means of notification of such repayment (including, but not limited to, mailing notice of such repayment to Holders whose Notes have been called but have not been surrendered for redemption or whose right to or interest in moneys due and payable but not claimed is determinable from the records of the Trustee or of any Note Paying Agent, at the last address of record for each such Holder).

 

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SECTION 3.4 Existence. Except as otherwise permitted by the provisions of Section 3.10, the Issuer will keep in full effect its existence, rights and franchises as a statutory trust under the laws of the State of Delaware (unless it becomes, or any successor Issuer hereunder is or becomes, organized under the laws of any other state or of the United States of America, in which case the Issuer will keep in full effect its existence, rights and franchises under the laws of such other jurisdiction) 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 Indenture, the Notes, the Collateral and each other instrument or agreement included in the Trust Estate.

SECTION 3.5 Protection of Trust Estate. The Issuer intends the security interest Granted pursuant to this Indenture in favor of the Issuer Secured Parties to be prior to all other liens in respect of the Trust Estate, and the Issuer shall take all actions necessary to obtain and maintain, in favor of the Trust Collateral Agent, for the benefit of the Issuer Secured Parties, a first lien on and a first priority, perfected security interest in the Trust Estate. The Issuer will from time to time prepare (or shall cause to be prepared), execute and deliver all such supplements and amendments hereto and all such financing statements, continuation statements, instruments of further assurance and other instruments, and will take such other action necessary or advisable to:

(i) Grant more effectively all or any portion of the Trust Estate;

(ii) maintain or preserve the lien and security interest (and the priority thereof) in favor of the Trust Collateral Agent for the benefit of the Issuer Secured Parties created by this Indenture or carry out more effectively the purposes hereof;

(iii) perfect, publish notice of or protect the validity of any Grant made or to be made by this Indenture;

(iv) enforce any of the Collateral;

(v) preserve and defend title to the Trust Estate and the rights of the Trust Collateral Agent in such Trust Estate against the claims of all persons and parties; and

 

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(vi) pay all taxes or assessments levied or assessed upon the Trust Estate when due.

The Issuer hereby designates the Trust Collateral Agent its agent and attorney-in-fact to execute any financing statement, continuation statement or other instrument required by the Trust Collateral Agent pursuant to this Section.

SECTION 3.6 Opinions as to Trust Estate.

(a) On the Closing Date, the Issuer shall furnish to the Trustee, the Trust Collateral Agent, the Backup Servicer and the Insurer an Opinion of Counsel either stating that, in the opinion of such counsel, such action has been taken with respect to the recording and filing of this Indenture, any indentures supplemental hereto, and any other requisite documents, and with respect to the execution and filing of any financing statements and continuation statements, as are necessary to perfect and make effective the first priority lien and security interest in favor of the Trust Collateral Agent, for the benefit of the Issuer Secured Parties, created by this Indenture and reciting the details of such action, or stating that, in the opinion of such counsel, no such action is necessary to make such lien and security interest effective.

(b) Within 120 days after the beginning of each calendar year, beginning with the first calendar year beginning more than six months after the Closing Date, the Issuer shall furnish to the Trustee, the Trust Collateral Agent, the Backup Servicer and the Insurer an Opinion of Counsel either stating that, in the opinion of such counsel, such action has been taken with respect to the recording, filing, re-recording and refiling of this Indenture, any indentures supplemental hereto and any other requisite documents and with respect to the execution and filing of any financing statements and continuation statements as are necessary to maintain the lien and security interest created by this Indenture and reciting the details of such action or stating that in the opinion of such counsel no such action is necessary to maintain such lien and security interest. Such Opinion of Counsel shall also describe the recording, filing, re-recording and refiling of this Indenture, any indentures supplemental hereto and any other requisite documents and the execution and filing of any financing statements and continuation statements that will, in the opinion of such counsel, be required to maintain the lien and security interest of this Indenture until January 31 in the following calendar year.

SECTION 3.7 Performance of Obligations; Servicing of Receivables.

(a) The Issuer will not take any action and will use its best efforts not to permit any action to be taken by others that would release any Person from any of such Person’s material covenants or obligations under any instrument or agreement included in the Trust Estate or that would result in the amendment, hypothecation, subordination, termination or discharge of, or impair the validity or effectiveness of, any such instrument or agreement, except as ordered by any bankruptcy or other court or as expressly provided in this Indenture, the Basic Documents or such other instrument or agreement.

(b) The Issuer may contract with other Persons acceptable to the Insurer (so long as no Insurer Default shall have occurred and be continuing) to assist it in performing its duties under this Indenture, and any performance of such duties by a Person identified to the Trustee and the Insurer in an Officer’s Certificate of the Issuer shall be deemed to be action taken by the Issuer. Initially, the Issuer has contracted with the Servicer to assist the Issuer in performing its duties under this Indenture.

 

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(c) The Issuer will punctually perform and observe all of its obligations and agreements contained in this Indenture, the Basic Documents and in the instruments and agreements included in the Trust Estate, including, but not limited to, preparing (or causing to prepared) and filing (or causing to be filed) all UCC financing statements and continuation statements required to be filed by the terms of this Indenture and the Sale and Servicing Agreement in accordance with and within the time periods provided for herein and therein. Except as otherwise expressly provided therein, the Issuer shall not waive, amend, modify, supplement or terminate any Basic Document or any provision thereof without the consent of the Trustee, the Insurer and the Holders of at least a majority of the Outstanding Amount of the Notes.

(d) If a responsible officer of the Owner Trustee shall have actual knowledge of the occurrence of a Servicer Termination Event under the Sale and Servicing Agreement, the Issuer shall promptly notify the Trustee, the Insurer and the Rating Agencies thereof in accordance with Section 11.4, and shall specify in such notice the action, if any, the Issuer is taking in respect of such default. If a Servicer Termination Event shall arise from the failure of the Servicer to perform any of its duties or obligations under the Sale and Servicing Agreement with respect to the Receivables, the Issuer shall take all reasonable steps available to it to remedy such failure.

(e) The Issuer agrees that it will not waive timely performance or observance by the Servicer, AmeriCredit or the Seller of their respective duties under the Basic Documents (x) without the prior consent of the Insurer (unless an Insurer Default shall have occurred and be continuing) or (y) if the effect thereof would adversely affect the Holders of the Notes.

SECTION 3.8 Negative Covenants. So long as any Notes are Outstanding, the Issuer shall not:

(i) except as expressly permitted by this Indenture or the Basic Documents, sell, transfer, exchange or otherwise dispose of any of the properties or assets of the Issuer, including those included in the Trust Estate, unless directed to do so by the Controlling Party;

(ii) claim any credit on, or make any deduction from the principal or interest payable in respect of, the Notes (other than amounts properly withheld from such payments under the Code) or assert any claim against any present or former Noteholder by reason of the payment of the taxes levied or assessed upon any part of the Trust Estate; or

 

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(iii) (A) permit the validity or effectiveness of this Indenture to be impaired, or permit the lien in favor of the Trust Collateral Agent created by this Indenture to be amended, hypothecated, subordinated, terminated or discharged, or permit any Person to be released from any covenants or obligations with respect to the Notes under this Indenture except as may be expressly permitted hereby, (B) permit any lien, charge, excise, claim, security interest, mortgage or other encumbrance (other than the lien of this Indenture) to be created on or extend to or otherwise arise upon or burden the Trust Estate or any part thereof or any interest therein or the proceeds thereof (other than tax liens, mechanics’ liens and other liens that arise by operation of law, in each case on a Financed Vehicle and arising solely as a result of an action or omission of the related Obligor), (C) permit the lien of this Indenture not to constitute a valid first priority (other than with respect to any such tax, mechanics’ or other lien) security interest in the Trust Estate, or (D) amend, modify or fail to comply with the provisions of the Basic Documents without the prior written consent of the Controlling Party.

SECTION 3.9 Annual Statement as to Compliance. The Issuer will deliver to the Trustee, the Trust Collateral Agent and the Insurer, within 120 days after the end of each fiscal year of the Issuer (commencing with the fiscal year ended December 31, 2010), and otherwise in compliance with the requirements of TIA Section 314(a)(4) an Officer’s Certificate stating, as to the Authorized Officer signing such Officer’s Certificate, that

(i) a review of the activities of the Issuer during such year and of performance under this Indenture has been made under such Authorized Officer’s supervision; and

(ii) to the best of such Authorized Officer’s knowledge, based on such review, the Issuer has complied with all conditions and covenants under this Indenture and the other Basic Documents throughout such year, or, if there has been a default in the compliance of any such condition or covenant, specifying each such default known to such Authorized Officer and the nature and status thereof.

SECTION 3.10 Issuer May Consolidate, Etc. Only on Certain Terms.

(a) The Issuer shall not consolidate or merge with or into any other Person, unless

(i) the Person (if other than the Issuer) formed by or surviving such consolidation or merger shall be a Person organized and existing under the laws of the United States of America or any state and shall expressly assume, by an indenture supplemental hereto, executed and delivered to the Trustee, in form satisfactory to the Trustee and the Insurer (so long as no Insurer Default shall have occurred and be continuing), the due and punctual payment of the principal of and interest on all Notes and the performance or observance of every agreement and covenant of this Indenture on the part of the Issuer to be performed or observed, all as provided herein;

(ii) immediately after giving effect to such transaction, no Default or Event of Default shall have occurred and be continuing;

(iii) the Rating Agency Condition shall have been satisfied with respect to such transaction;

 

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(iv) the Issuer shall have received an Opinion of Counsel (and shall have delivered copies thereof to the Trustee and the Insurer (so long as no Insurer Default shall have occurred and be continuing)) to the effect that such transaction will not for federal income tax purposes, cause the Issuer to be treated as an association (or publicly traded partnership) taxable as a corporation, create a reissuance of the Notes or cause the Notes that were characterized as debt at the time of their issuance to fail to qualify as debt;

(v) any action as is necessary to maintain the lien and security interest created by this Indenture shall have been taken;

(vi) the Issuer shall have delivered to the Trustee and the Insurer an Officers’ Certificate and an Opinion of Counsel each stating that such consolidation or merger and such supplemental indenture comply with this Article III and that all conditions precedent herein provided for relating to such transaction have been complied with (including any filing required by the Exchange Act); and

(vii) so long as no Insurer Default shall have occurred and be continuing, the Issuer shall have given the Insurer written notice of such consolidation or merger at least 20 Business Days prior to the consummation of such action and shall have received the prior written approval of the Insurer of such consolidation or merger and the Issuer or the Person (if other than the Issuer) formed by or surviving such consolidation or merger has a net worth, immediately after such consolidation or merger, that is (a) greater than zero and (b) not less than the net worth of the Issuer immediately prior to giving effect to such consolidation or merger.

(b) The Issuer shall not convey or transfer all or substantially all of its properties or assets, including those included in the Trust Estate, to any Person, unless

(i) the Person that acquires by conveyance or transfer the properties and assets of the Issuer the conveyance or transfer of which is hereby restricted shall (A) be a United States citizen or a Person organized and existing under the laws of the United States of America or any state, (B) expressly assume, by an indenture supplemental hereto, executed and delivered to the Trustee, in form satisfactory to the Trustee and the Insurer (so long as no Insurer Default shall have occurred and be continuing), the due and punctual payment of the principal of and interest on all Notes and the performance or observance of every agreement and covenant of this Indenture and each of the Basic Documents on the part of the Issuer to be performed or observed, all as provided herein, (C) expressly agree by means of such supplemental indenture that all right, title and interest so conveyed or transferred shall be subject and subordinate to the rights of the Issuer Secured Parties, (D) unless otherwise provided in such supplemental indenture, expressly agree to indemnify, defend and hold harmless the Issuer against and from any loss, liability or expense arising under or related to this Indenture and the Notes and (E) expressly agree by means of such supplemental indenture that such Person (or if a group of persons, then one specified Person) shall prepare (or cause to be prepared) and make all filings with the Commission (and any other appropriate Person) required by the Exchange Act in connection with the Notes;

 

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(ii) immediately after giving effect to such transaction, no Default or Event of Default shall have occurred and be continuing;

(iii) the Rating Agency Condition shall have been satisfied with respect to such transaction;

(iv) the Issuer shall have received an Opinion of Counsel (and shall have delivered copies thereof to the Trustee and the Insurer (so long as no Insurer Default shall have occurred and be continuing)) to the effect that such transaction will not for federal income tax purposes, cause the Issuer to be treated as an association (or publicly traded partnership) taxable as a corporation, create a reissuance of the Notes or cause the Notes that were characterized as debt at the time of their issuance to fail to qualify as debt;

(v) any action as is necessary to maintain the lien and security interest created by this Indenture shall have been taken;

(vi) the Issuer shall have delivered to the Trustee and the Insurer an Officers’ Certificate and an Opinion of Counsel each stating that such conveyance or transfer and such supplemental indenture comply with this Article III and that all conditions precedent herein provided for relating to such transaction have been complied with (including any filing required by the Exchange Act); and

(vii) so long as no Insurer Default shall have occurred and be continuing, the Issuer shall have given the Insurer written notice of such conveyance or transfer at least 20 Business Days prior to the consummation of such action and shall have received the prior written approval of the Insurer of such conveyance or transfer and the Issuer or the Person (if other than the Issuer) formed by or surviving such conveyance or transfer has a net worth, immediately after such conveyance or transfer, that is (a) greater than zero and (b) not less than the net worth of the Issuer immediately prior to giving effect to such conveyance or transfer.

SECTION 3.11 Successor or Transferee.

(a) Upon any consolidation or merger of the Issuer in accordance with Section 3.10(a), the Person formed by or surviving such consolidation or merger (if other than the Issuer) shall succeed to, and be substituted for, and may exercise every right and power of, the Issuer under this Indenture with the same effect as if such Person had been named as the Issuer herein.

(b) Upon a conveyance or transfer of all the assets and properties of the Issuer pursuant to Section 3.10(b), AmeriCredit Automobile Receivables Trust 2010-A will be released from every covenant and agreement of this Indenture to be observed or performed on the part of the Issuer with respect to the Notes immediately upon the delivery of written notice to the Trustee stating that AmeriCredit Automobile Receivables Trust 2010-A is to be so released.

SECTION 3.12 No Other Business. The Issuer shall not engage in any business other than financing, purchasing, owning, selling and managing the Receivables in the manner contemplated by this Indenture and the Basic Documents and activities incidental thereto.

 

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SECTION 3.13 No Borrowing. The Issuer shall not issue, incur, assume, guarantee or otherwise become liable, directly or indirectly, for any Indebtedness except for (i) the Notes, (ii) obligations owing from time to time to the Insurer under the Insurance Agreement and (iii) any other Indebtedness permitted by or arising under the Basic Documents. The proceeds of the Notes shall be used exclusively to fund the Issuer’s purchase of the Receivables and the other assets specified in the Sale and Servicing Agreement, to fund the Spread Account and to pay the Issuer’s organizational, transactional and start-up expenses.

SECTION 3.14 Servicer’s Obligations. The Issuer shall cause the Servicer to comply with Sections 4.9, 4.10 and 4.11 of the Sale and Servicing Agreement.

SECTION 3.15 Guarantees, Loans, Advances and Other Liabilities. Except as contemplated by the Sale and Servicing Agreement or this Indenture, the Issuer shall not make any loan or advance or credit to, or guarantee (directly or indirectly or by an instrument having the effect of assuring another’s payment or performance on any obligation or capability of so doing or otherwise), endorse or otherwise become contingently liable, directly or indirectly, in connection with the obligations, stocks or dividends of, or own, purchase, repurchase or acquire (or agree contingently to do so) any stock, obligations, assets or securities of, or any other interest in, or make any capital contribution to, any other Person.

SECTION 3.16 Capital Expenditures. The Issuer shall not make any expenditure (by long-term or operating lease or otherwise) for capital assets (either realty or personality).

SECTION 3.17 Compliance with Laws. The Issuer shall comply with the requirements of all applicable laws, the non-compliance with which would, individually or in the aggregate, materially and adversely affect the ability of the Issuer to perform its obligations under the Notes, this Indenture or any Basic Document.

SECTION 3.18 Restricted Payments. The Issuer shall not, directly or indirectly, (i) pay any dividend or make any distribution (by reduction of capital or otherwise), whether in cash, property, securities or a combination thereof, to the Owner Trustee or any owner of a beneficial interest in the Issuer or otherwise with respect to any ownership or equity interest or security in or of the Issuer or to the Servicer, (ii) redeem, purchase, retire or otherwise acquire for value any such ownership or equity interest or security or (iii) set aside or otherwise segregate any amounts for any such purpose; provided, however, that the Issuer may make, or cause to be made, distributions to the Servicer, the Owner Trustee, the Trustee and the Certificateholders as permitted by, and to the extent funds are available for such purpose under, the Sale and Servicing Agreement or Trust Agreement. The Issuer will not, directly or indirectly, make payments to or distributions from the Collection Account except in accordance with this Indenture and the Basic Documents.

SECTION 3.19 Notice of Events of Default. Upon a responsible officer of the Owner Trustee having actual knowledge thereof, the Issuer agrees to give the Trustee, the Insurer and the Rating Agencies prompt written notice of each Event of Default hereunder and each default on the part of the Servicer or the Seller of its obligations under the Sale and Servicing Agreement.

 

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SECTION 3.20 Further Instruments and Acts. Upon request of the Trustee or the Insurer, the Issuer will execute and deliver such further instruments and do such further acts as may be reasonably necessary or proper to carry out more effectively the purpose of this Indenture.

SECTION 3.21 Amendments of Sale and Servicing Agreement and Trust Agreement. The Issuer shall not agree to any amendment to Section 12.1 of the Sale and Servicing Agreement or Section 10.1 of the Trust Agreement to eliminate the requirements thereunder that the Trustee or the Holders of the Notes consent to amendments thereto as provided therein.

SECTION 3.22 Income Tax Characterization. For purposes of federal income, state and local income and franchise and any other income taxes, the Issuer will treat the Notes that are owned or beneficially owned by a Person other than the Seller or its Affiliates as indebtedness and hereby instructs the Trustee, and each Noteholder (or beneficial Note Owner) shall be deemed, by virtue of acquisition of an interest in such Note, to have agreed, to treat the Notes as indebtedness for all applicable tax reporting purposes.

ARTICLE IV

Satisfaction and Discharge

SECTION 4.1 Satisfaction and Discharge of Indenture. This Indenture shall cease to be of further effect with respect to the Notes except as to (i) rights of registration of transfer and exchange, (ii) substitution of mutilated, destroyed, lost or stolen Notes, (iii) rights of Noteholders to receive payments of principal thereof and interest thereon, (iv) Sections 3.3, 3.4, 3.5, 3.8, 3.10, 3.12, 3.13, 3.20, 3.21 and 3.22, (v) the rights, obligations and immunities of the Trustee hereunder (including the rights of the Trustee under Section 6.7 and the obligations of the Trustee under Section 4.2) and (vi) the rights of Noteholders as beneficiaries hereof with respect to the property so deposited with the Trustee payable to all or any of them, and the Trustee, on demand of and at the expense of the Issuer, shall execute proper instruments acknowledging satisfaction and discharge of this Indenture with respect to the Notes, when

(A) either

(1) all Notes theretofore authenticated and delivered (other than (i) Notes that have been destroyed, lost or stolen and that have been replaced or paid as provided in Section 2.5 and (ii) Notes for whose payment money has theretofore been deposited in trust or segregated and held in trust by the Issuer and thereafter repaid to the Issuer or discharged from such trust, as provided in Section 3.3) have been delivered to the Trustee for cancellation and the Note Policy has expired and been returned to the Insurer for cancellation; or

(2) all Notes not theretofore delivered to the Trustee for cancellation

(i) have become due and payable,

 

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(ii) will become due and payable at their respective Final Scheduled Distribution Dates within one year, or

(iii) are to be called for redemption within one year under arrangements satisfactory to the Trustee for the giving of notice of redemption by the Trustee in the name, and at the expense, of the Issuer,

and the Issuer, in the case of (i), (ii) or (iii) above, has irrevocably deposited or caused to be irrevocably deposited with the Trust Collateral Agent cash or direct obligations of or obligations guaranteed by the United States of America (which will mature prior to the date such amounts are payable), in trust for such purpose, in an amount sufficient to pay and discharge the entire indebtedness on such Notes not theretofore delivered to the Trustee for cancellation when due to the Final Scheduled Distribution Date or Redemption Date (if Notes shall have been called for redemption pursuant to Section 10.1(a)) as the case may be; and

(B) the Issuer has paid or caused to be paid all Insurer Issuer Secured Obligations and all Trustee Issuer Secured Obligations.

(C) the Issuer has delivered to the Insurer, the Trustee and the Trust Collateral Agent an Officer’s Certificate, an Opinion of Counsel and if required by the TIA, the Trustee or the Trust Collateral Agent an Independent Certificate from a firm of certified public accountants, each meeting the applicable requirements of Section 11.1(a) and each stating that all conditions precedent herein provided for relating to the satisfaction and discharge of this Indenture have been complied with. If the Indenture has been satisfied and discharged in accordance with the provisions of Section 4.1(A)(2) then such Opinion of Counsel shall also include an opinion that amounts deposited by the Issuer in accordance with Section 4.1(A)(2) would not be characterized as a voidable preference.

SECTION 4.2 Application of Trust Money. All moneys deposited with the Trustee pursuant to Section 4.1 hereof shall be held in trust and applied by it, in accordance with the provisions of the Notes, this Indenture and the other Basic Documents, to the payment, either directly or through any Note Paying Agent, as the Trustee may determine, to the Holders of the particular Notes for the payment or redemption of which such moneys have been deposited with the Trustee, of all sums due and to become due thereon for principal and interest; but such moneys need not be segregated from other funds except to the extent required herein or in the Sale and Servicing Agreement or required by law.

SECTION 4.3 Repayment of Moneys Held by Note Paying Agent. In connection with the satisfaction and discharge of this Indenture with respect to the Notes, all moneys then held by any Note Paying Agent other than the Trustee under the provisions of this Indenture with respect to such Notes shall, upon demand of the Issuer, be paid to the Trustee to be held and applied according to Section 3.3 and thereupon such Note Paying Agent shall be released from all further liability with respect to such moneys.

 

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ARTICLE V

Remedies

SECTION 5.1 Events of Default. “Event of Default,” wherever used herein, means any one of the following events (whatever the reason for such Event of Default and whether it shall be voluntary or involuntary or be effected by operation of law or pursuant to any judgment, decree or order of any court or any order, rule or regulation of any administrative or governmental body):

(i) default in the payment of any interest on any Note when the same becomes due and payable, and such default shall continue for a period of five days (solely for purposes of this clause, (x) a payment due on a Distribution Date shall not be considered “due” until the immediately following Insured Distribution Date and (y) a payment on the Notes funded by the Insurer or by the Collateral Agent pursuant to the Spread Account Agreement shall be deemed to be a payment made by the Issuer); or

(ii) default in the payment of the principal of or any installment of the principal of any Note when the same becomes due and payable (solely for purposes of this clause, (x) a payment due on a Distribution Date shall not be considered “due” until the immediately following Insured Distribution Date and (y) a payment on the Notes funded by the Insurer or by the Collateral Agent pursuant to the Spread Account Agreement, shall be deemed to be a payment made by the Issuer); or

(iii) so long as an Insurer Default shall not have occurred and be continuing, an Insurance Agreement Indenture Cross Default shall have occurred; provided, however, that the occurrence of an Insurance Agreement Indenture Cross Default may not form the basis of an Event of Default unless the Insurer shall, upon prior written notice to the Rating Agencies, have delivered to the Issuer and the Trustee and not rescinded a written notice specifying that such Insurance Agreement Indenture Cross Default constitutes an Event of Default under the Indenture; or

(iv) so long as an Insurer Default shall have occurred and be continuing, default in the observance or performance of any covenant or agreement of the Issuer made in this Indenture (other than a covenant or agreement, a default in the observance or performance of which is elsewhere in this Section specifically dealt with), or any representation or warranty of the Issuer made in this Indenture, in any Basic Document or in any certificate or any other writing delivered pursuant hereto or in connection herewith proving to have been incorrect in any material respect as of the time when the same shall have been made, and such default shall continue or not be cured, or the circumstance or condition in respect of which such misrepresentation or warranty was incorrect shall not have been eliminated or otherwise cured, for a period of 30 days (or for such longer period, not in excess of 90 days, as may be reasonably necessary to remedy such default; provided that such default is capable of remedy within 90 days or less and the Servicer on behalf of the Owner Trustee delivers an Officer’s Certificate to the Trustee to the effect that such default is capable of remedy within 90 days or less and that the Issuer has commenced, or will promptly commence and diligently pursue, all reasonable efforts to remedy such default) after there shall have been given, by registered or certified mail, to the Issuer by the Trustee or to the Issuer and the Trustee by the Holders of at least 25% of the Outstanding Amount of the Notes, a written notice specifying such default or incorrect representation or warranty and requiring it to be remedied and stating that such notice is a “Notice of Default” hereunder; or

 

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(v) so long as an Insurer Default shall have occurred and be continuing, the filing of a decree or order for relief by a court having jurisdiction in the premises in respect of the Issuer or any substantial part of the Trust Estate 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 of the Issuer or for any substantial part of the Trust Estate, or ordering the winding-up or liquidation of the Issuer’s affairs, and such decree or order shall remain unstayed and in effect for a period of 60 consecutive days; or

(vi) so long as an Insurer Default shall have occurred and be continuing, the commencement by the Issuer 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 the Issuer to the entry of an order for relief in an involuntary case under any such law, or the consent by the Issuer to the appointment or taking possession by a receiver, liquidator, assignee, custodian, trustee, sequestrator or similar official of the Issuer or for any substantial part of the Trust Estate, or the making by the Issuer of any general assignment for the benefit of creditors, or the failure by the Issuer generally to pay its debts as such debts become due, or the taking of action by the Issuer in furtherance of any of the foregoing; or

(vii) the Issuer becoming taxable as an association or a publicly traded partnership taxable as a corporation for federal or state income tax purposes.

The Issuer shall deliver to the Trustee and the Insurer, within five days after the occurrence thereof, written notice in the form of an Officer’s Certificate of any event which with the giving of notice and the lapse of time would become an Event of Default under clause (iii), its status and what action the Issuer is taking or proposes to take with respect thereto.

SECTION 5.2 Rights Upon Event of Default.

(a) If an Insurer Default shall not have occurred and be continuing and an Event of Default shall have occurred and be continuing, the Trustee shall, at the written direction of the Insurer declare that the Notes shall become immediately due and payable at par, together with accrued interest thereon. If an Event of Default shall have occurred and be continuing, the Controlling Party may exercise any of the remedies specified in Section 5.4(a). In the event of any acceleration of any Notes by operation of this Section 5.2, the Trustee shall continue to be entitled to make claims under the Note Policy pursuant to the Sale and Servicing Agreement for Scheduled Payments on the Notes. Payments under the Note Policy following acceleration of any Notes shall be applied by the Trustee:

 

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FIRST: to Noteholders for amounts due and unpaid on the Notes for interest, ratably, without preference or priority of any kind, according to the amounts due and payable on the Notes for interest; and

SECOND: first, to the Noteholders of the Class A-1 Notes for principal until paid off and, second, ratably and without preference or priority, to the Noteholders of the Class A-2 Notes and the Class A-3 Notes for principal until paid off; provided that payments that are made under the Note Policy to pay a Class’s principal in full on the Insured Distribution Date immediately following its Final Scheduled Distribution Date shall be paid only to the Noteholders of such Class.

(b) In the event any Notes are accelerated due to an Event of Default, the Insurer shall have the right (in addition to its obligation to pay Scheduled Payments on the Notes in accordance with the Note Policy), but not the obligation, to make payments under the Note Policy or otherwise of interest and principal due on such Notes, in whole or in part, on any date or dates following such acceleration as the Insurer, in its sole discretion, shall elect.

(c) If an Insurer Default shall have occurred and be continuing and an Event of Default shall have occurred and be continuing, the Trustee in its discretion may, or, if so requested in writing by Holders holding Notes representing not less than a majority of the Outstanding Amount of the Notes, shall declare by written notice to the Issuer that the Notes become, whereupon they shall become, immediately due and payable at par, together with accrued interest thereon.

(d) At any time after such declaration of acceleration of maturity has been made and before a judgment or decree for payment of the money due has been obtained by the Trustee as hereinafter in this Article V provided, then the Insurer in its sole discretion, or if an Insurer Default has occurred and is continuing, the Noteholders representing a majority of the Outstanding Amount of the Notes, by written notice to the Issuer and the Trustee, may rescind and annul such declaration and its consequences if:

(i) the Issuer has paid or deposited with the Trustee a sum sufficient to pay:

(A) all payments of principal of and interest on all Notes and all other amounts that would then be due hereunder or upon such Notes if the Event of Default giving rise to such acceleration had not occurred; and

(B) all sums paid or advanced by the Trustee hereunder and the reasonable compensation, expenses, disbursements and advances of the Trustee and its agents and counsel; and

(ii) all Events of Default, other than the nonpayment of the principal of the Notes that has become due solely by such acceleration, have been cured or waived as provided in Section 5.13.

No such rescission shall affect any subsequent default or impair any right consequent thereto.

 

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SECTION 5.3 Collection of Indebtedness and Suits for Enforcement by Trustee.

(a) The Issuer covenants that if (i) default is made in the payment of any interest on any Note when the same becomes due and payable, and such default continues for a period of five days, or (ii) default is made in the payment of the principal of or any installment of the principal of any Note when the same becomes due and payable, the Issuer will pay to the Trustee, for the benefit of the Holders of the Notes, the whole amount then due and payable on such Notes for principal and interest, with interest upon the overdue principal, and, to the extent payment at such rate of interest shall be legally enforceable, upon overdue installments of interest, at the applicable Interest Rate and in addition thereto such further amount as shall be sufficient to cover the costs and expenses of collection, including the reasonable compensation, expenses, disbursements and advances of the Trustee and its agents and counsel.

(b) Each Issuer Secured Party hereby irrevocably and unconditionally appoints the Controlling Party as the true and lawful attorney-in-fact of such Issuer Secured Party for so long as such Issuer Secured Party is not the Controlling Party, with full power of substitution, to execute, acknowledge and deliver any notice, document, certificate, paper, pleading or instrument and to do in the name of the Controlling Party as well as in the name, place and stead of such Issuer Secured Party such acts, things and deeds for or on behalf of and in the name of such Issuer Secured Party under this Indenture (including specifically under Section 5.4) and under the Basic Documents which such Issuer Secured Party could or might do or which may be necessary, desirable or convenient in such Controlling Party’s sole discretion to effect the purposes contemplated hereunder and under the Basic Documents and, without limitation, following the occurrence of an Event of Default, exercise full right, power and authority to take, or defer from taking, any and all acts with respect to the administration, maintenance or disposition of the Trust Estate.

(c) If an Event of Default occurs and is continuing, the Trustee may in its discretion but with the consent of the Controlling Party and shall, at the direction of the Controlling Party, proceed to protect and enforce its rights and the rights of the Noteholders by such appropriate Proceedings as the Trustee or the Controlling Party shall deem most effective to protect and enforce any such rights, whether for the specific enforcement of any covenant or agreement in this Indenture or in aid of the exercise of any power granted herein, or to enforce any other proper remedy or legal or equitable right vested in the Trustee by this Indenture or by law.

(d) Notwithstanding anything to the contrary contained in this Indenture (including, without limitation, Sections 5.4(a), 5.12, 5.13 and 5.17), if the Issuer fails to perform its obligations under Section 10.1(b) hereof when and as due, the Trustee shall, at the written direction of the Controlling Party, or if an Insurer Default shall have occurred and be continuing, at the written direction of a majority of the Noteholders, proceed to protect and enforce its rights and the rights of the Noteholders by such appropriate Proceedings as the Controlling Party or the Noteholders shall deem most effective to protect and enforce any such rights, whether for specific performance of any covenant or agreement in this Indenture or in aid of the exercise of any power granted herein, or to enforce any other proper remedy or legal or equitable right vested in the Trustee by this Indenture or by law.

 

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(e) In case there shall be pending, relative to the Issuer or any other obligor upon the Notes or any Person having or claiming an ownership interest in the Trust Estate, proceedings under Title 11 of the United States Code or any other applicable federal or state bankruptcy, insolvency or other similar law, or in case a receiver, assignee or trustee in bankruptcy or reorganization, liquidator, sequestrator or similar official shall have been appointed for or taken possession of the Issuer or its property or such other obligor or Person, or in case of any other comparable Proceedings relative to the Issuer or other obligor upon the Notes, or to the creditors or property of the Issuer or such other obligor, the Trustee, irrespective of whether the principal of any Notes shall then be due and payable as therein expressed or by declaration or otherwise and irrespective of whether the Trustee shall have made any demand pursuant to the provisions of this Section, shall be entitled and empowered, by intervention in such proceedings or otherwise:

(i) to file and prove a claim or claims for the whole amount of principal and interest owing and unpaid in respect of the Notes and to file such other papers or documents as may be necessary or advisable in order to have the claims of the Trustee (including any claim for reasonable compensation to the Trustee and each predecessor Trustee, and their respective agents, attorneys and counsel, and for reimbursement of all expenses and liabilities incurred, and all advances made, by the Trustee and each predecessor Trustee, except as a result of negligence, bad faith or willful misconduct) and of the Noteholders allowed in such Proceedings;

(ii) unless prohibited by applicable law and regulations, to vote on behalf of the Noteholders in any election of a trustee, a standby trustee or person performing similar functions in any such Proceedings;

(iii) to collect and receive any moneys or other property payable or deliverable on any such claims and to distribute all amounts received with respect to the claims of the Noteholders and of the Trustee on their behalf; and

(iv) to file such proofs of claim and other papers or documents as may be necessary or advisable in order to have the claims of the Trustee or the Noteholders allowed in any Proceedings relative to the Issuer, its creditors and its property;

and any trustee, receiver, liquidator, custodian or other similar official in any such Proceeding is hereby authorized by each of such Noteholders to make payments to the Trustee, and, in the event that the Trustee shall consent to the making of payments directly to such Noteholders, to pay to the Trustee such amounts as shall be sufficient to cover reasonable compensation to the Trustee, each predecessor Trustee and their respective agents, attorneys and counsel, and all other expenses and liabilities incurred, and all advances made, by the Trustee and each predecessor Trustee except as a result of negligence or bad faith.

(f) Nothing herein contained shall be deemed to authorize the Trustee to authorize or consent to or vote for or accept or adopt on behalf of any Noteholder any plan of reorganization, arrangement, adjustment or composition affecting the Notes or the rights of any Holder thereof or to authorize the Trustee to vote in respect of the claim of any Noteholder in any such Proceeding except, as aforesaid, to vote for the election of a trustee in bankruptcy or similar person.

 

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(g) All rights of action and of asserting claims under this Indenture, the Spread Account Agreement or under any of the Notes, may be enforced by the Trustee without the possession of any of the Notes or the production thereof in any trial or other proceedings relative thereto, and any such action or Proceedings instituted by the Trustee shall be brought in its own name as trustee of an express trust, and any recovery of judgment, subject to the payment of the expenses, disbursements and compensation of the Trustee, each predecessor Trustee and their respective agents and attorneys, shall be for the ratable benefit of the Holders of the Notes.

(h) In any Proceedings brought by the Trustee (and also any Proceedings involving the interpretation of any provision of this Indenture or the Spread Account Agreement), the Trustee shall be held to represent all the Holders of the Notes, and it shall not be necessary to make any Noteholder a party to any such proceedings.

SECTION 5.4 Remedies.

(a) If an Event of Default shall have occurred and be continuing, the Controlling Party may do one or more of the following (subject to Section 5.5):

(i) institute Proceedings in its own name and as trustee of an express trust for the collection of all amounts then payable on the Notes or under this Indenture with respect thereto, whether by declaration or otherwise, enforce any judgment obtained, and collect from the Issuer and any other obligor upon such moneys adjudged due;

(ii) institute Proceedings from time to time for the complete or partial foreclosure of this Indenture with respect to the Trust Estate;

(iii) exercise any remedies of a secured party under the UCC and take any other appropriate action to protect and enforce the rights and remedies of the Trustee and the Holders of the Notes; and

(iv) direct the Trust Collateral Agent to sell the Trust Estate or any portion thereof or rights or interest therein, at one or more public or private sales called and conducted in any manner permitted by law; provided, however, that

(A) if the Insurer is the Controlling Party, the Insurer may not sell or otherwise liquidate the Trust Estate following an Insurance Agreement Indenture Cross Default unless:

(I) such Insurance Agreement Indenture Cross Default arises from a claim being made on the Note Policy or from the bankruptcy, insolvency, receivership or liquidation of the Trust or the Seller, or

(II) the proceeds of such sale or liquidation distributable to the Noteholders are sufficient to discharge in full all amounts then due and unpaid upon such Notes for principal and interest; or

 

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(B) if the Trust Collateral Agent is the Controlling Party, the Trustee may not sell or otherwise liquidate the Trust Estate following an Event of Default unless

(I) such Event of Default is of the type described in Section 5.1(i) or (ii); or

(II) either

(x) the Holders of 100% of the Outstanding Amount of the Notes consent thereto, or

(y) the proceeds of such sale or liquidation distributable to the Noteholders are sufficient to discharge in full all amounts then due and unpaid upon such Notes for principal and interest and amounts due to the Insurer, or

(z) the Trustee determines that the Trust Estate will not continue to provide sufficient funds for the payment of principal of and interest on the Notes as they would have become due if the Notes had not been declared due and payable, and the Trustee provides prior written notice to the Rating Agencies and obtains the consent of Holders of 66-2/3% of the Outstanding Amount of the Notes.

In determining such sufficiency or insufficiency with respect to clauses (y) and (z), the Trustee may, but need not, obtain and conclusively rely upon an opinion of an Independent investment banking or accounting firm of national reputation as to the feasibility of such proposed action and as to the sufficiency of the Trust Estate for such purpose.

SECTION 5.5 Optional Preservation of the Receivables. If the Trust Collateral Agent is the Controlling Party and if the Notes have been declared to be due and payable under Section 5.2 following an Event of Default and such declaration and its consequences have not been rescinded and annulled, the Trustee may, but need not, elect to direct the Trust Collateral Agent to maintain possession of the Trust Estate. It is the desire of the parties hereto and the Noteholders that there be at all times sufficient funds for the payment of principal of and interest on the Notes and amounts due to the Insurer, and the Trustee shall take such desire into account when determining whether or not to direct the Trust Collateral Agent to maintain possession of the Trust Estate. In determining whether to direct the Trust Collateral Agent to maintain possession of the Trust Estate, the Trustee may, but need not, obtain and conclusively rely upon an opinion of an Independent investment banking or accounting firm of national reputation as to the feasibility of such proposed action and as to the sufficiency of the Trust Estate for such purpose.

 

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SECTION 5.6 Priorities.

(a) Following (1) the acceleration of the Notes pursuant to Section 5.2 or (2) if an Insurer Default shall have occurred and be continuing, the occurrence of an Event of Default pursuant to Sections 5.1(i), 5.1(ii), 5.1(v), 5.1(vi) or 5.1(vii) of this Indenture or (3) the receipt of Insolvency Proceeds pursuant to Section 10.1(b) of the Sale and Servicing Agreement, the Available Funds, including any money or property collected pursuant to Section 5.4 of this Indenture and any such Insolvency Proceeds, shall be applied by the Trust Collateral Agent on the related Distribution Date in the following order of priority:

FIRST: amounts due and owing and required to be distributed to the Servicer (provided there is no Servicer Termination Event), the Lockbox Bank, the Lockbox Processor, the Owner Trustee, the Trustee, the Trust Collateral Agent and the Backup Servicer, respectively, pursuant to clauses (i) and (ii) of Section 5.7(a) of the Sale and Servicing Agreement and not previously distributed, ratably and without preference or priority of any kind without regard to any caps set forth in clauses (i) and (ii) of Section 5.7(a) of the Sale and Servicing Agreement;

SECOND: to Noteholders for amounts due and unpaid on the Notes for interest, ratably, without preference or priority of any kind, according to the amounts due and payable on the Notes for interest;

THIRD: to Noteholders for amounts due and unpaid on the Notes for principal, first, to the Noteholders of the Class A-1 Notes until paid off and, second, ratably without preference or priority, to the Noteholders of the Class A-2 Notes and the Class A-3 Notes until paid off, according to the amounts due and payable on the Notes for principal;

FOURTH: to the Insurer, the Premium and any amounts due and owing to the Insurer pursuant to the Insurance Agreement and not paid;

FIFTH: to the Collateral Agent to be applied as provided in the Spread Account Agreement.

(b) The Trustee may fix a record date and payment date for any payment to Noteholders pursuant to this Section 5.6. At least 15 days before such record date the Issuer shall mail to each Noteholder and the Trustee a notice that states the record date, the payment date and the amount to be paid.

SECTION 5.7 Limitation of Suits. No Holder of any Note shall have any right to institute any proceeding, judicial or otherwise, with respect to this Indenture, or for the appointment of a receiver or trustee, or for any other remedy hereunder, unless:

(i) such Holder has previously given written notice to the Trustee of a continuing Event of Default;

(ii) the Holders of not less than 25% of the Outstanding Amount of the Notes have made written request to the Trustee to institute such Proceeding in respect of such Event of Default in its own name as Trustee hereunder;

 

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(iii) such Holder or Holders have offered to the Trustee indemnity reasonably satisfactory to it against the costs, expenses and liabilities to be incurred in complying with such request;

(iv) the Trustee for 60 days after its receipt of such notice, request and offer of indemnity has failed to institute such Proceedings;

(v) no direction inconsistent with such written request has been given to the Trustee during such 60-day period by the Holders of a majority of the Outstanding Amount of the Notes; and

(vi) an Insurer Default shall have occurred and be continuing;

it being understood and intended that no one or more Noteholders shall have any right in any manner whatever by virtue of, or by availing of, any provision of this Indenture to affect, disturb or prejudice the rights of any other Noteholders or to obtain or to seek to obtain priority or preference over any other Holders or to enforce any right under this Indenture, except in the manner herein provided.

SECTION 5.8 Unconditional Rights of Noteholders To Receive Principal and Interest. Notwithstanding any other provisions in this Indenture, the Holder of any Note shall have the right, which is absolute and unconditional, to receive payment of the principal of and interest, if any, on such Note on or after the respective due dates thereof expressed in such Note or in this Indenture (or, in the case of redemption, on or after the Redemption Date) and to institute suit for the enforcement of any such payment, and such right shall not be impaired without the consent of such Holder.

SECTION 5.9 Restoration of Rights and Remedies. If the Controlling Party or any Noteholder has instituted any Proceeding to enforce any right or remedy under this Indenture and such proceeding has been discontinued or abandoned for any reason or has been determined adversely to the Trustee or to such Noteholder, then and in every such case the Issuer, the Trustee and the Noteholders shall, subject to any determination in such Proceeding, be restored severally and respectively to their former positions hereunder, and thereafter all rights and remedies of the Trustee and the Noteholders shall continue as though no such Proceeding had been instituted.

SECTION 5.10 Rights and Remedies Cumulative. No right or remedy herein conferred upon or reserved to the Controlling Party or to the Noteholders is intended to be exclusive of any other right or remedy, and every right and remedy shall, to the extent permitted by law, be cumulative and in addition to every other right and remedy given hereunder or now or hereafter existing at law or in equity or otherwise. The assertion or employment of any right or remedy hereunder, or otherwise, shall not prevent the concurrent assertion or employment of any other appropriate right or remedy.

SECTION 5.11 Delay or Omission Not a Waiver. No delay or omission of the Trustee, the Controlling Party, the Insurer or any Holder of any Note to exercise any right or remedy accruing upon any Default or Event of Default shall impair any such right or remedy or constitute a waiver of any such Default or Event of Default or an acquiescence therein. Every right and remedy given by this Article V or by law to the Trustee or to the Noteholders may be exercised from time to time, and as often as may be deemed expedient, by the Trustee or by the Noteholders, as the case may be.

 

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SECTION 5.12 Control by Noteholders. If the Trust Collateral Agent is the Controlling Party, the Holders of a majority of the Outstanding Amount of the Notes shall have the right to direct the time, method and place of conducting any Proceeding for any remedy available to the Trust Collateral Agent, as Controlling Party, or the Trustee, as applicable, with respect to the Notes or exercising any trust or power conferred on the Controlling Party or the Trustee; provided that

(i) such direction shall not be in conflict with any rule of law or with this Indenture;

(ii) subject to the express terms of Section 5.4, any direction to the Trustee to sell or liquidate the Trust Estate shall be by the Noteholders representing not less than 100% of the Outstanding Amount of the Notes;

(iii) if the conditions set forth in Section 5.5 have been satisfied and the Trustee elects to retain the Trust Estate pursuant to such Section, then any direction to the Trustee by Noteholders representing less than 100% of the Outstanding Amount of the Notes to sell or liquidate the Trust Estate shall be of no force and effect; and

(iv) the Trustee may take any other action deemed proper by the Trustee that is not inconsistent with such direction;

provided, however, that, subject to Article VI, the Trustee need not take any action that it determines might involve it in liability, financial or otherwise, without receiving indemnity satisfactory to it, or might materially adversely affect the rights of any Noteholders not consenting to such action.

SECTION 5.13 Waiver of Past Defaults. Prior to the declaration of the acceleration of the maturity of the Notes as provided in Section 5.4, the Insurer or, if an Insurer Default shall have occurred and be continuing, the Noteholders of not less than a majority of the Outstanding Amount of the Notes may waive any past Default or Event of Default and its consequences except a Default (a) in payment of principal of or interest on any of the Notes or (b) in respect of a covenant or provision hereof which cannot be modified or amended without the consent of the Holder of each Note. In the case of any such waiver, the Issuer, the Trustee and the Holders of the Notes shall be restored to their former positions and rights hereunder, respectively; but no such waiver shall extend to any subsequent or other Default or impair any right consequent thereto.

Upon any such waiver, such Default shall cease to exist and be deemed to have been cured and not to have occurred, and any Event of Default arising therefrom shall be deemed to have been cured and not to have occurred, for every purpose of this Indenture; but no such waiver shall extend to any subsequent or other Default or Event of Default or impair any right consequent thereto.

 

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SECTION 5.14 Undertaking for Costs. All parties to this Indenture agree, and each Holder of any Note by such Holder’s acceptance thereof shall be deemed to have agreed, that any court may in its discretion require, in any suit for the enforcement of any right or remedy under this Indenture, or in any suit against the Trustee for any action taken, suffered or omitted by it as Trustee, the filing by any party litigant in such suit of an undertaking to pay the costs of such suit, and that such court may in its discretion assess reasonable costs and expenses, including reasonable attorneys’ fees and expenses, against any party litigant in such suit, having due regard to the merits and good faith of the claims or defenses made by such party litigant; but the provisions of this Section shall not apply to (a) any suit instituted by the Trustee, (b) any suit instituted by any Noteholder, or group of Noteholders, in each case holding in the aggregate more than 10% of the Outstanding Amount of the Notes or (c) any suit instituted by any Noteholder for the enforcement of the payment of principal of or interest on any Note on or after the respective due dates expressed in such Note and in this Indenture (or, in the case of redemption, on or after the Redemption Date).

SECTION 5.15 Waiver of Stay or Extension Laws. The Issuer covenants (to the extent that it may lawfully do so) that it will not at any time insist upon, or plead or in any manner whatsoever, claim or take the benefit or advantage of, any stay or extension law wherever enacted, now or at any time hereafter in force, that may affect the covenants or the performance of this Indenture; and the Issuer (to the extent that it may lawfully do so) hereby expressly waives all benefit or advantage of any such law, and covenants that it will not hinder, delay or impede the execution of any power herein granted to the Trustee, but will suffer and permit the execution of every such power as though no such law had been enacted.

SECTION 5.16 Action on Notes. The Trustee’s right to seek and recover judgment on the Notes or under this Indenture shall not be affected by the seeking, obtaining or application of any other relief under or with respect to this Indenture. Neither the lien of this Indenture nor any rights or remedies of the Trustee or the Noteholders shall be impaired by the recovery of any judgment by the Trustee against the Issuer or by the levy of any execution under such judgment upon any portion of the Trust Estate or upon any of the assets of the Issuer.

SECTION 5.17 Performance and Enforcement of Certain Obligations.

(a) Promptly following a request from the Trustee to do so and at the Servicer’s expense, the Issuer agrees to take all such lawful action as the Trustee may request to compel or secure the performance and observance by the Seller and the Servicer, as applicable, of each of their obligations to the Issuer under or in connection with the Sale and Servicing Agreement in accordance with the terms thereof, and to exercise any and all rights, remedies, powers and privileges lawfully available to the Issuer under or in connection with the Sale and Servicing Agreement to the extent and in the manner directed by the Trustee, including the transmission of notices of default on the part of the Seller or the Servicer thereunder and the institution of legal or administrative actions or Proceedings to compel or secure performance by the Seller or the Servicer of each of their obligations under the Sale and Servicing Agreement.

(b) If the Trust Collateral Agent is the Controlling Party and if an Event of Default has occurred and is continuing, the Controlling Party may, and, at the written direction of the Holders of 66-2/3% of the Outstanding Amount of the Notes shall, subject to Article VI, exercise all rights, remedies, powers, privileges and claims of the Issuer against the Seller or the Servicer under or in connection with the Sale and Servicing Agreement, including the right or power to take any action to compel or secure performance or observance by the Seller or the Servicer of each of their obligations to the Issuer thereunder and to give any consent, request, notice, direction, approval, extension or waiver under the Sale and Servicing Agreement, and any right of the Issuer to take such action shall be suspended.

 

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ARTICLE VI

The Trustee and the Trust Collateral Agent

SECTION 6.1 Duties of Trustee.

(a) If an Event of Default has occurred and is continuing, the Trustee shall exercise the rights and powers vested in it by this Indenture and the Basic Documents to which it is a Party and use the same degree of care and skill in its exercise as a prudent person would exercise or use under the circumstances in the conduct of such person’s own affairs.

(b) Except during the continuance of an Event of Default:

(i) the Trustee undertakes to perform such duties and only such duties as are specifically set forth in this Indenture and no implied covenants or obligations shall be read into this Indenture against the Trustee; and

(ii) in the absence of bad faith on its part, the Trustee may conclusively rely, as to the truth of the statements and the correctness of the opinions expressed therein, upon certificates or opinions furnished to the Trustee and conforming to the requirements of this Indenture; however, the Trustee shall examine the certificates and opinions to determine whether or not they conform on their face to the requirements of this Indenture.

(c) The Trustee may not be relieved from liability for its own negligent action, its own negligent failure to act or its own willful misconduct, except that:

(i) this paragraph does not limit the effect of paragraph (b) of this Section;

(ii) the Trustee shall not be liable for any error of judgment made in good faith by a Responsible Officer unless it is proved that the Trustee was negligent in ascertaining the pertinent facts; and

(iii) the Trustee shall not be liable with respect to any action it takes or omits to take in good faith in accordance with a direction received by it pursuant to Section 5.12.

(d) The Trustee shall not be liable for interest on any money received by it except as the Trustee may agree in writing with the Issuer.

 

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(e) Money held in trust by the Trustee need not be segregated from other funds except to the extent required by law or the terms of this Indenture or the Sale and Servicing Agreement.

(f) No provision of this Indenture shall require the Trustee to expend or risk its own funds or otherwise incur financial liability in the performance of any of its duties hereunder or in the exercise of any of its rights or powers, if it shall have reasonable grounds to believe that repayment of such funds or indemnity reasonably satisfactory to it against such risk or liability is not assured to it.

(g) Every provision of this Indenture relating to the conduct or affecting the liability of or affording protection to the Trustee shall be subject to the provisions of this Section 6.1 and to the provisions of the TIA.

(h) The Trustee shall, upon two Business Days’ prior notice to the Trustee, permit any representative of the Insurer at the expense of the Trust, during the Trustee’s normal business hours, to examine all books of account, records, reports and other papers of the Trustee relating to the Notes, to make copies and extracts therefrom and to discuss the Trustee’s affairs and actions, as such affairs and actions relate to the Trustee’s duties with respect to the Notes, with the Trustee’s officers and employees responsible for carrying out the Trustee’s duties with respect to the Notes.

(i) The Trustee shall, and hereby agrees that it will, perform all of the obligations and duties required of it under the Sale and Servicing Agreement.

(j) The Trustee shall, and hereby agrees that it will, hold the Note Policy in trust, and will hold any proceeds of any claim on the Note Policy in trust solely for the use and benefit of the Noteholders.

(k) Without limiting the generality of this Section 6.1, the Trustee shall have no duty (i) to see to any recording, filing or depositing of this Indenture or any agreement referred to herein or any financing statement evidencing a security interest in the Financed Vehicles, or to see to the maintenance of any such recording or filing or depositing or to any recording, refiling or redepositing of any thereof, (ii) to see to any insurance of the Financed Vehicles or Obligors or to effect or maintain any such insurance, (iii) to see to the payment or discharge of any tax, assessment or other governmental charge or any Lien or encumbrance of any kind owing with respect to, assessed or levied against any part of the Trust, (iv) to confirm or verify the contents of any reports or certificates delivered to the Trustee pursuant to this Indenture or the Sale and Servicing Agreement believed by the Trustee to be genuine and to have been signed or presented by the proper party or parties, or (v) to inspect the Financed Vehicles at any time or ascertain or inquire as to the performance of observance of any of the Issuer’s, the Seller’s or the Servicer’s representations, warranties or covenants or the Servicer’s duties and obligations as Servicer and as custodian of the Receivable Files under the Sale and Servicing Agreement.

 

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(l) 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 6.2 Rights of Trustee.

(a) The Trustee may conclusively rely on any document believed by it to be genuine and to have been signed or presented by the proper person. The Trustee need not investigate any fact or matter stated in the document.

(b) Before the Trustee acts or refrains from acting, it may require an Officer’s Certificate or an Opinion of Counsel. The Trustee shall not be liable for any action it takes or omits to take in good faith in reliance on the Officer’s Certificate or Opinion of Counsel.

(c) The Trustee may execute any of the trusts or powers hereunder or perform any duties hereunder either directly or by or through agents or attorneys or a custodian or nominee, and the Trustee shall not be responsible for any misconduct or negligence on the part of, or for the supervision of, AmeriCredit Financial Services, Inc., or any other such agent, attorney, custodian or nominee appointed with due care by it hereunder.

(d) The Trustee shall not be liable for any action it takes or omits to take in good faith which it believes to be authorized or within its rights or powers; provided, however, that the Trustee’s conduct does not constitute willful misconduct, negligence or bad faith.

(e) The Trustee may consult with counsel, and the advice or opinion of counsel with respect to legal matters relating to this Indenture and the Notes shall be full and complete authorization and protection from liability in respect to any action taken, omitted or suffered by it hereunder in good faith and in accordance with the advice or opinion of such counsel.

(f) The Trustee shall be under no obligation to institute, conduct or defend any litigation under this Indenture or in relation to this Indenture, at the request, order or direction of any of the Noteholders or the Controlling Party, pursuant to the provisions of this Indenture, unless such Noteholders or the Controlling Party shall have offered to the Trustee reasonable security or indemnity against the costs, expenses and liabilities that may be incurred therein or thereby; provided, however, that the Trustee shall, upon the occurrence of an Event of Default (that has not been cured), exercise the rights and powers vested in it by this Indenture with reasonable care and skill.

(g) The Trustee shall not be bound to make any investigation into the facts or matters stated in any resolution, certificate, statement, instrument, opinion, report, notice, request, consent, order, approval, bond or other paper or document, unless requested in writing to do so by the Insurer (so long as no Insurer Default shall have occurred and be continuing) or (if an Insurer Default shall have occurred and be continuing) by the Noteholders evidencing not less than 25% of the Outstanding Amount thereof; provided, however, that if the payment within a reasonable time to the Trustee of the costs, expenses or liabilities likely to be incurred by it in the making of such investigation is, in the opinion of the Trustee, not reasonably assured to the Trustee by the security afforded to it by the terms of this Indenture or the Sale and Servicing Agreement, the Trustee may require reasonable indemnity against such cost, expense or liability as a condition to so proceeding; the reasonable expense of every such examination shall be paid by the Person making such request, or, if paid by the Trustee, shall be reimbursed by the Person making such request upon demand.

 

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(h) The Trustee shall not be liable for any losses on investments except for losses resulting from the failure of the Trustee to make an investment in accordance with instructions given in accordance hereunder. If the Trustee acts as the Note Paying Agent or Note Registrar, the rights and protections afforded to the Trustee shall be afforded to the Note Paying Agent and Note Registrar.

SECTION 6.3 Individual Rights of Trustee. The Trustee in its individual or any other capacity may become the owner or pledgee of Notes and may otherwise deal with the Issuer or its Affiliates with the same rights it would have if it were not Trustee. Any Note Paying Agent, Note Registrar, co-registrar or co-Note Paying Agent may do the same with like rights. However, the Trustee must comply with Sections 6.11 and 6.12.

SECTION 6.4 Trustee’s Disclaimer. The Trustee shall not be responsible for and makes no representation as to the validity or adequacy of this Indenture, the Trust Estate or the Notes, it shall not be accountable for the Issuer’s use of the proceeds from the Notes, and it shall not be responsible for any statement of the Issuer in this Indenture or in any document issued in connection with the sale of the Notes or in the Notes other than the Trustee’s certificate of authentication.

SECTION 6.5 Notice of Defaults. If an Event of Default occurs and is continuing and if it is either known by, or written notice of the existence thereof has been delivered to, a Responsible Officer of the Trustee, the Trustee shall mail to each Noteholder notice of the Default within 90 days after such knowledge or notice occurs. Except in the case of a Default in payment of principal of or interest on any Note (including payments pursuant to the mandatory redemption provisions of such Note), the Trustee may withhold the notice to the Noteholder if and so long as it in good faith determines that withholding the notice is in the interests of Noteholders.

SECTION 6.6 Reports by Trustee to Holders. At the end of each calendar year, the Trustee shall deliver to each person who at any time during the calendar year was a Noteholder a statement as to the aggregate amounts of interest and principal paid to the Noteholder, to the extent required by the Code, and any other information as may be reasonably required to enable such Holder to prepare its federal and state income tax returns.

 

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SECTION 6.7 Compensation and Indemnity.

(a) Pursuant to Section 5.7(a) of the Sale and Servicing Agreement, the Issuer shall, or shall cause the Servicer to, pay to the Trustee, the Trust Collateral Agent and the Backup Servicer (subject to any applicable caps) from time to time compensation for its services. The Trustee’s compensation shall not be limited by any law on compensation of a trustee of an express trust. The Issuer shall cause the Servicer to reimburse the Trustee, the Trust Collateral Agent and the Backup Servicer (subject to any applicable caps) for all reasonable out-of-pocket expenses incurred or made by it, including costs of collection, in addition to the compensation for its services. Such expenses shall include the reasonable compensation and expenses, disbursements and advances of the Trustee’s, the Trust Collateral Agent’s and the Backup Servicer’s agents, counsel, accountants and experts. The Issuer shall cause the Servicer to indemnify the Trustee, the Trust Collateral Agent, the Backup Servicer and their respective officers, directors, employees and agents against any and all loss, liability or expense (including attorneys’ fees and expenses) incurred by each of them in connection with the acceptance or the administration of this Trust and the performance of its duties hereunder. The Trustee, the Trust Collateral Agent or the Backup Servicer shall notify the Issuer and the Servicer promptly of any claim for which it may seek indemnity. Failure by the Trustee, the Collateral Agent, the Trust Collateral Agent or the Backup Servicer to so notify the Issuer and the Servicer shall not relieve the Issuer of its obligations hereunder or the Servicer of its obligations under Article XI of the Sale and Servicing Agreement. The Issuer shall cause the Servicer to defend the claim, and the Trustee, the Trust Collateral Agent or the Backup Servicer may have separate counsel and the Issuer shall cause the Servicer to pay the fees and expenses of such counsel. Neither the Issuer nor the Servicer need to reimburse any expense or indemnify against any loss, liability or expense incurred by the Trustee, the Trust Collateral Agent or the Backup Servicer through the Trustee’s, the Trust Collateral Agent’s or the Backup Servicer’s own willful misconduct, negligence or bad faith.

(b) The Issuer’s payment obligations to the Trustee, the Trust Collateral Agent or the Backup Servicer pursuant to this Section shall survive the discharge of this Indenture or the earlier resignation or removal of the Trustee or the Trust Collateral Agent or the Backup Servicer. When the Trustee, the Collateral Agent, the Trust Collateral Agent or the Backup Servicer incurs expenses after the occurrence of a Default specified in Section 5.1(v) or (vi) with respect to the Issuer, 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. Notwithstanding anything else set forth in this Indenture or the Basic Documents, the Trustee agrees that the obligations of the Issuer (but not the Servicer) to the Trustee hereunder and under the Basic Documents shall be recourse to the Trust Estate only and specifically shall not be recourse to the assets of the Certificateholder or any Noteholder. In addition, the Trustee agrees that its recourse to the Issuer, the Trust Estate, the Seller and amounts held pursuant to the Spread Account Agreement shall be limited to the right to receive the distributions referred to in Section 5.7(a) of the Sale and Servicing Agreement.

SECTION 6.8 Replacement of Trustee. The Trustee may resign at any time by so notifying the Issuer and the Insurer. The Issuer may and, at the request of the Insurer (unless an Insurer Default shall have occurred and be continuing) shall, remove the Trustee, if:

(i) the Trustee fails to comply with Section 6.11;

(ii) a court having jurisdiction in the premises in respect of the Trustee in an involuntary case or proceeding under federal or State banking or bankruptcy laws, as now or hereafter constituted, or any other applicable federal or State bankruptcy, insolvency or other similar law, shall have entered a decree or order granting relief or appointing a receiver, liquidator, assignee, custodian, trustee, conservator, sequestrator (or similar official) for the Trustee or for any substantial part of the Trustee’s property, or ordering the winding-up or liquidation of the Trustee’s affairs;

 

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(iii) an involuntary case under the federal bankruptcy laws, as now or hereafter in effect, or another present or future federal or State bankruptcy, insolvency or similar law is commenced with respect to the Trustee and such case is not dismissed within 60 days;

(iv) the Trustee commences a voluntary case under any federal or state banking or bankruptcy laws, as now or hereafter constituted, or any other applicable federal or State bankruptcy, insolvency or other similar law, or consents to the appointment of or taking possession by a receiver, liquidator, assignee, custodian, trustee, conservator, sequestrator (or other similar official) for the Trustee or for any substantial part of the Trustee’s property, or makes any assignment for the benefit of creditors or fails generally to pay its debts as such debts become due or takes any action in furtherance of any of the foregoing; or

(v) the Trustee otherwise becomes incapable of acting.

If the Trustee resigns or is removed or if a vacancy exists in the office of Trustee for any reason (the Trustee in such event being referred to herein as the retiring Trustee), the Issuer shall promptly appoint a successor Trustee acceptable to the Insurer (so long as an Insurer Default shall not have occurred and be continuing). If the Issuer fails to appoint such a successor Trustee, the Insurer may appoint a successor Trustee.

A successor Trustee shall deliver a written acceptance of its appointment to the retiring Trustee, the Insurer and to the Issuer. Thereupon the resignation or removal of the retiring Trustee shall become effective, and the successor Trustee shall have all the rights, powers and duties of the retiring Trustee under this Indenture subject to satisfaction of the Rating Agency Condition. The successor Trustee shall mail a notice of its succession to the Noteholders. The retiring Trustee shall promptly transfer all property held by it as Trustee to the successor Trustee.

If a successor Trustee does not take office within 60 days after the retiring Trustee resigns or is removed, the retiring Trustee, the Issuer, the Insurer or the Holders of a majority in Outstanding Amount of the Notes may petition any court of competent jurisdiction for the appointment of a successor Trustee.

If the Trustee fails to comply with Section 6.11, any Noteholder (with the prior written consent of the Insurer, so long as an Insurer Default shall not have occurred and be continuing) may petition any court of competent jurisdiction for the removal of the Trustee and the appointment of a successor Trustee.

Any resignation or removal of the Trustee and appointment of a successor Trustee pursuant to any of the provisions of this Section shall not become effective until acceptance of appointment by the successor Trustee pursuant to Section 6.8 and payment of all fees and expenses owed to the outgoing Trustee.

 

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Notwithstanding the replacement of the Trustee pursuant to this Section, the Issuer’s and the Servicer’s obligations under Section 6.7 shall continue for the benefit of the retiring Trustee.

SECTION 6.9 Successor Trustee by Merger. If the Trustee consolidates with, merges or converts into, or transfers all or substantially all its corporate trust business or assets to, another corporation or banking association, the resulting, surviving or transferee corporation or banking association without any further act shall be the successor Trustee. The Trustee shall provide the Rating Agencies and the Insurer prior written notice of any such transaction.

In case at the time such successor or successors by merger, conversion or consolidation to the Trustee shall succeed to the trusts created by this Indenture any of the Notes shall have been authenticated but not delivered, any such successor to the Trustee may adopt the certificate of authentication of any predecessor trustee, and deliver such Notes so authenticated; and in case at that time any of the Notes shall not have been authenticated, any successor to the Trustee may authenticate such Notes either in the name of any predecessor hereunder or in the name of the successor to the Trustee; and in all such cases such certificates shall have the full force which it is anywhere in the Notes or in this Indenture provided that the certificate of the Trustee shall have.

SECTION 6.10 Appointment of Co-Trustee or Separate Trustee.

(a) Notwithstanding any other provisions of this Indenture, at any time, for the purpose of meeting any legal requirement of any jurisdiction in which any part of the Trust Estate may at the time be located, the Trustee with the consent of the Insurer (so long as an Insurer Default shall not have occurred and be continuing) shall have the power and may execute and deliver all instruments to appoint one or more Persons to act as a co-trustee or co-trustees, or separate trustee or separate trustees, of all or any part of the Trust Estate, and to vest in such Person or Persons, in such capacity and for the benefit of the Noteholders, such title to the Trust Estate, or any part hereof, and, subject to the other provisions of this Section, such powers, duties, obligations, rights and trusts as the Trustee may consider necessary or desirable. No co-trustee or separate trustee hereunder shall be required to meet the terms of eligibility as a successor trustee under Section 6.11 and no notice to Noteholders of the appointment of any co-trustee or separate trustee shall be required under Section 6.8 hereof.

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

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

 

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(ii) no trustee hereunder shall be personally liable by reason of any act or omission of any other trustee hereunder, including acts or omissions of predecessor or successor trustees; and

(iii) the Trustee may at any time accept the resignation of or remove any separate trustee or co-trustee.

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

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

(e) Any and all amounts relating to the fees and expenses of the co-trustee or separate trustee will be borne by the Trust Estate.

SECTION 6.11 Eligibility: Disqualification. The Trustee shall at all times satisfy the requirements of TIA § 310(a). The Trustee shall have a combined capital and surplus of at least $50,000,000 as set forth in its most recent published annual report of condition and it shall have a long-term debt rating of BBB-, or an equivalent rating, or better by the Rating Agencies. The Trustee shall provide copies of such reports to the Insurer upon request. The Trustee shall comply with TIA § 310(b), including the optional provision permitted by the second sentence of TIA § 310(b)(9); provided, however, that there shall be excluded from the operation of TIA § 310(b)(1) any indenture or indentures under which other securities of the Issuer are outstanding if the requirements for such exclusion set forth in TIA § 310(b)(1) are met.

SECTION 6.12 Preferential Collection of Claims Against Issuer. The Trustee shall comply with TIA § 311(a), excluding any creditor relationship listed in TIA § 311(b). A Trustee who has resigned or been removed shall be subject to TIA § 311(a) to the extent indicated.

 

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SECTION 6.13 Appointment and Powers. Subject to the terms and conditions hereof, each of the Issuer Secured Parties hereby appoints Wells Fargo Bank, National Association, as the Trust Collateral Agent with respect to the Collateral, and Wells Fargo Bank, National Association hereby accepts such appointment and agrees to act as Trust Collateral Agent with respect to the Collateral for the Issuer Secured Parties, to maintain custody and possession of such Collateral (except as otherwise provided hereunder) and to perform the other duties of the Trust Collateral Agent in accordance with the provisions of this Indenture and the other Basic Documents. Each Issuer Secured Party hereby authorizes the Trust Collateral Agent to take such action on its behalf, and to exercise such rights, remedies, powers and privileges hereunder, as the Controlling Party may direct and as are specifically authorized to be exercised by the Trust Collateral Agent by the terms hereof, together with such actions, rights, remedies, powers and privileges as are reasonably incidental thereto, including, but not limited to, the execution of any powers of attorney. The Trust Collateral Agent shall act upon and in compliance with the written instructions of the Controlling Party delivered pursuant to this Indenture promptly following receipt of such written instructions; provided that neither the Trustee nor the Trust Collateral Agent shall act upon its own accord or in accordance with any instructions (i) if such actions are not authorized by, or in violation of the provisions of, this Indenture, (ii) if such actions are in violation of any applicable law, rule or regulation or (iii) with respect to actions for which the Trustee has been directed to act but for which the Trustee has not received reasonable indemnity. Receipt of such instructions shall not be a condition to the exercise by the Trust Collateral Agent of its express duties hereunder, except where this Indenture provides that the Trust Collateral Agent is permitted to act only following and in accordance with such instructions.

SECTION 6.14 Performance of Duties. The Trust Collateral Agent shall have no duties or responsibilities except those expressly set forth in this Indenture and the other Basic Documents to which the Trust Collateral Agent is a party or as directed by the Controlling Party in accordance with this Indenture. The Trust Collateral Agent shall not be required to take any discretionary actions hereunder except at the written direction and with reasonable security and indemnity satisfactory to the Trust Collateral Agent. The Trust Collateral Agent shall, and hereby agrees that it will, subject to this Article, perform all of the duties and obligations required of it under the Sale and Servicing Agreement.

SECTION 6.15 Limitation on Liability. Neither the Trust Collateral Agent nor any of its directors, officers or employees shall be liable for any action taken or omitted to be taken by it or them hereunder, or in connection herewith, except that the Trust Collateral Agent shall be liable for its negligence, bad faith or willful misconduct; nor shall the Trust Collateral Agent be responsible for the validity, effectiveness, value, sufficiency or enforceability against the Issuer of this Indenture or any of the Collateral (or any part thereof). Notwithstanding any term or provision of this Indenture, the Trust Collateral Agent shall incur no liability to the Issuer or the Issuer Secured Parties for any action taken or omitted by the Trust Collateral Agent in connection with the Collateral, except for the negligence, bad faith or willful misconduct on the part of the Trust Collateral Agent, and, further, shall incur no liability to the Issuer Secured Parties except for negligence, bad faith or willful misconduct in carrying out its duties to the Issuer Secured Parties. The Trust Collateral Agent shall be protected and shall incur no liability to any such party in relying upon the accuracy, acting in reliance upon the contents, and assuming the genuineness of any notice, demand, certificate, signature, instrument or other document reasonably believed by the Trust Collateral Agent to be genuine and to have been duly executed by the appropriate signatory, and (absent actual knowledge to the contrary by a Responsible Officer of the Trust Collateral Agent) the Trust Collateral Agent shall not be required to make any independent investigation with respect thereto. The Trust Collateral Agent shall at all times be free independently to establish to its reasonable satisfaction, but shall have no duty to independently verify, the existence or nonexistence of facts that are a condition to the exercise or enforcement of any right or remedy hereunder or under any of the Basic Documents. The Trust Collateral Agent may consult with counsel, and shall not be liable for any action taken or omitted to be taken by it hereunder in good faith and in accordance with the advice of such counsel. The Trust Collateral Agent shall not be under any obligation to exercise any of the remedial rights or powers vested in it by this Indenture or to follow any direction from the Controlling Party or risk its own funds or otherwise incur financial liability in the performance of any of its duties hereunder unless it shall have received reasonable security or indemnity satisfactory to the Trust Collateral Agent against the costs, expenses and liabilities which might be incurred by it.

 

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SECTION 6.16 Reliance Upon Documents. In the absence of negligence, bad faith or willful misconduct on its part, the Trust Collateral Agent shall be entitled to conclusively rely on any communication, instrument, paper or other document reasonably believed by it to be genuine and correct and to have been signed or sent by the proper Person or Persons and shall have no liability in acting, or omitting to act, where such action or omission to act is in reasonable reliance upon any statement or opinion contained in any such document or instrument.

SECTION 6.17 Successor Trust Collateral Agent.

(a) Merger. Any Person into which the Trust Collateral Agent may be converted or merged, or with which it may be consolidated, or to which it may sell or transfer its trust business and assets as a whole or substantially as a whole, or any Person resulting from any such conversion, merger, consolidation, sale or transfer to which the Trust Collateral Agent is a party, shall (provided it is otherwise qualified to serve as the Trust Collateral Agent hereunder) be and become a successor Trust Collateral Agent hereunder and be vested with all of the title to and interest in the Collateral and all of the trusts, powers, discretions, immunities, privileges and other matters as was its predecessor without the execution or filing of any instrument or any further act, deed or conveyance on the part of any of the parties hereto, anything herein to the contrary notwithstanding, except to the extent, if any, that any such action is necessary to perfect, or continue the perfection of, the security interest of the Issuer Secured Parties in the Collateral; provided that any such successor shall also be the successor Trustee under Section 6.9.

(b) Resignation. The Trust Collateral Agent and any successor Trust Collateral Agent may resign at any time by so notifying the Issuer and the Insurer; provided that the Trust Collateral Agent shall not so resign unless it shall also resign as Trustee hereunder.

(c) Removal. The Trust Collateral Agent may be removed by the Controlling Party at any time (and should be removed at any time that the Trustee has been removed), with or without cause, by an instrument or concurrent instruments in writing delivered to the Trust Collateral Agent, the other Issuer Secured Party and the Issuer. A temporary successor may be removed at any time to allow a successor Trust Collateral Agent to be appointed pursuant to subsection (d) below. Any removal pursuant to the provisions of this subsection (c) shall take effect only upon the date which is the latest of (i) the effective date of the appointment of a successor Trust Collateral Agent and the acceptance in writing by such successor Trust Collateral Agent of such appointment and of its obligation to perform its duties hereunder in accordance with the provisions hereof, and (ii) receipt by the Controlling Party of an Opinion of Counsel to the effect described in Section 3.6.

 

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(d) Acceptance by Successor. The Controlling Party shall have the sole right to appoint each successor Trust Collateral Agent. Every temporary or permanent successor Trust Collateral Agent appointed hereunder shall execute, acknowledge and deliver to its predecessor and to the Trustee, each Issuer Secured Party and the Issuer an instrument in writing accepting such appointment hereunder and the relevant predecessor shall execute, acknowledge and deliver such other documents and instruments as will effectuate the delivery of all Collateral to the successor Trust Collateral Agent, whereupon such successor, without any further act, deed or conveyance, shall become fully vested with all the estates, properties, rights, powers, duties and obligations of its predecessor. Such predecessor shall, nevertheless, on the written request of either Issuer Secured Party or the Issuer, execute and deliver an instrument transferring to such successor all the estates, properties, rights and powers of such predecessor hereunder. In the event that any instrument in writing from the Issuer or an Issuer Secured Party is reasonably required by a successor Trust Collateral Agent to more fully and certainly vest in such successor the estates, properties, rights, powers, duties and obligations vested or intended to be vested hereunder in the Trust Collateral Agent, any and all such written instruments shall, at the request of the temporary or permanent successor Trust Collateral Agent, be forthwith executed, acknowledged and delivered by the Trustee or the Issuer, as the case may be. The designation of any successor Trust Collateral Agent and the instrument or instruments removing any Trust Collateral Agent and appointing a successor hereunder, together with all other instruments provided for herein, shall be maintained with the records relating to the Collateral and, to the extent required by applicable law, filed or recorded by the successor Trust Collateral Agent in each place where such filing or recording is necessary to effect the transfer of the Collateral to the successor Trust Collateral Agent or to protect or continue the perfection of the security interests granted hereunder.

SECTION 6.18 Compensation. The Trust Collateral Agent shall not be entitled to any compensation for the performance of its duties hereunder other than the compensation it is entitled to receive in its capacity as Trustee.

SECTION 6.19 Representations and Warranties of the Trust Collateral Agent and the Issuer. (a) The Trust Collateral Agent represents and warrants to the Issuer and to each Issuer Secured Party as follows:

(i) Due Organization. The Trust Collateral Agent is a national banking association and is duly authorized and licensed under applicable law to conduct its business as presently conducted.

(ii) Corporate Power. The Trust Collateral Agent has all requisite right, power and authority to execute and deliver this Indenture and to perform all of its duties as Trust Collateral Agent hereunder.

 

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(iii) Due Authorization. The execution and delivery by the Trust Collateral Agent of this Indenture and the other Transaction Documents to which it is a party, and the performance by the Trust Collateral Agent of its duties hereunder and thereunder, have been duly authorized by all necessary corporate proceedings and no further approvals or filings, including any governmental approvals, are required for the valid execution and delivery by the Trust Collateral Agent, or the performance by the Trust Collateral Agent, of this Indenture and such other Basic Documents.

(iv) Valid and Binding Indenture. The Trust Collateral Agent has duly executed and delivered this Indenture and each other Basic Document to which it is a party, and each of this Indenture and each such other Basic Document constitutes the legal, valid and binding obligation of the Trust Collateral Agent, enforceable against the Trust Collateral Agent in accordance with its terms, except as (i) such enforceability may be limited by bankruptcy, insolvency, reorganization and similar laws relating to or affecting the enforcement of creditors’ rights generally and (ii) the availability of equitable remedies may be limited by equitable principles of general applicability.

(v) No Conflicts. The execution and delivery of each Basic Document to which it is a party by the Trust Collateral Agent and the performance by the Trust Collateral Agent of its obligations thereunder, in its capacity as Trust Collateral Agent or otherwise, do not conflict with or result in any violation of (i) any law or regulation of the United States of America governing the banking or trust powers of the Trust Collateral Agent or (ii) the articles of incorporation and by-laws of the Trust Collateral Agent.

(vi) No Actions. To the best of the Trust Collateral Agent’s knowledge, there are no actions, proceedings or investigations known to the Trust Collateral Agent, either pending or threatened in writing, before any court, regulatory body, administrative agency or other tribunal or governmental instrumentality which would, if adversely determined, affect in any material respect the consummation, validity or enforceability against the Trust Collateral Agent, in its capacity as Trust Collateral Agent or otherwise, of any Basic Document.

(b) The Issuer hereby represents and warrants that each of the representations and warranties set forth on the Schedule of Representations attached hereto as Schedule A is true and correct. Such representations and warranties speak as of the execution and delivery of this Indenture and as of the Closing Date, but shall survive the pledge of the Receivables to the Trust Collateral Agent and shall not be waived.

SECTION 6.20 Waiver of Setoffs. The Trust Collateral Agent hereby expressly waives any and all rights of setoff that the Trust Collateral Agent may otherwise at any time have under applicable law with respect to any Trust Account and agrees that amounts in the Trust Accounts shall at all times be held and applied solely in accordance with the provisions hereof and the Sale and Servicing Agreement.

SECTION 6.21 Control by the Controlling Party. The Trust Collateral Agent shall comply with notices and instructions given by the Issuer only if accompanied by the written consent of the Controlling Party, except that if any Event of Default shall have occurred and be continuing, the Trust Collateral Agent shall act upon and comply with notices and instructions given by the Controlling Party alone in the place and stead of the Issuer.

 

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ARTICLE VII

Noteholders’ Lists and Reports

SECTION 7.1 Issuer to Furnish to Trustee Names and Addresses of Noteholders. The Issuer will furnish or cause to be furnished to the Trustee (a) not more than five days after the earlier of (i) each Record Date and (ii) three months after the last Record Date, a list, in such form as the Trustee may reasonably require, of the names and addresses of the Holders as of such Record Date, (b) at such other times as the Trustee may request in writing, within 30 days after receipt by the Issuer of any such request, a list of similar form and content as of a date not more than 10 days prior to the time such list is furnished; provided, however, that so long as the Trustee is the Note Registrar, no such list shall be required to be furnished. If Definitive Notes have been issued pursuant to Section 2.12, the Trustee or, if the Trustee is not the Note Registrar, the Issuer shall furnish to the Insurer in writing on an annual basis on each June 30 and at such other times as the Insurer may request a copy of the list.

SECTION 7.2 Preservation of Information; Communications to Noteholders.

(a) The Trustee shall preserve, in as current a form as is reasonably practicable, the names and addresses of the Holders contained in the most recent list furnished to the Trustee as provided in Section 7.1 and the names and addresses of Holders received by the Trustee in its capacity as Note Registrar. The Trustee may destroy any list furnished to it as provided in such Section 7.1 upon receipt of a new list so furnished.

(b) Noteholders may communicate pursuant to TIA § 312(b) with other Noteholders with respect to their rights under this Indenture or under the Notes.

(c) The Issuer, the Trustee and the Note Registrar shall have the protection of TIA § 312(c).

SECTION 7.3 Reports by Issuer.

(a) The Issuer shall:

(i) file with the Trustee, within 15 days after the Issuer is required to file the same with the Commission, copies of the annual reports and of the information, documents and other reports (or copies of such portions of any of the foregoing as the Commission may from time to time by rules and regulations prescribe) which the Issuer may be required to file with the Commission pursuant to Section 13 or 15(d) of the Exchange Act;

(ii) file with the Trustee and the Commission in accordance with rules and regulations prescribed from time to time by the Commission such additional information, documents and reports with respect to compliance by the Issuer with the conditions and covenants of this Indenture as may be required from time to time by such rules and regulations; and

 

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(iii) supply to the Trustee (and the Trustee shall transmit by mail to all Noteholders described in TIA § 313(c)) such summaries of any information, documents and reports required to be filed by the Issuer pursuant to clauses (i) and (ii) of this Section 7.3(a) as may be required by rules and regulations prescribed from time to time by the Commission.

(b) Unless the Issuer otherwise determines, the fiscal year of the Issuer shall end on December 31 of each year.

SECTION 7.4 Reports by Trustee. If required by TIA § 313(a), within 60 days after each May 31, beginning with May 31, 2010, the Trustee shall mail to each Noteholder as required by TIA § 313(c) a brief report dated as of such date that complies with TIA § 313(a). The Trustee also shall comply with TIA § 313(b).

A copy of each report at the time of its mailing to Noteholders shall be filed by the Trustee with the Commission and each stock exchange, if any, on which the Notes are listed. The Issuer shall notify the Trustee if and when the Notes are listed on any stock exchange.

ARTICLE VIII

Accounts, Disbursements and Releases

SECTION 8.1 Collection of Money. Except as otherwise expressly provided herein, the Trustee may demand payment or delivery of, and shall receive and collect, directly and without intervention or assistance of any fiscal agent or other intermediary, all money and other property payable to or receivable by the Trust Collateral Agent pursuant to this Indenture and the Sale and Servicing Agreement. The Trustee shall apply all such money received by it, or cause the Trust Collateral Agent to apply all money received by it as provided in this Indenture and the Sale and Servicing Agreement. Except as otherwise expressly provided in this Indenture or in the Sale and Servicing Agreement, if any default occurs in the making of any payment or performance under any agreement or instrument that is part of the Trust Estate, the Trustee may take such action as may be appropriate to enforce such payment or performance, including the institution and prosecution of appropriate proceedings. Any such action shall be without prejudice to any right to claim a Default or Event of Default under this Indenture and any right to proceed thereafter as provided in Article V.

SECTION 8.2 Release of Trust Estate.

(a) Subject to the payment of its fees and expenses and other amounts pursuant to Section 6.7 and all amounts due to the Insurer under the Basic Documents, the Trust Collateral Agent may, and when required by the provisions of this Indenture shall, execute instruments to release property from the lien of this Indenture, in a manner and under circumstances that are not inconsistent with the provisions of this Indenture. No party relying upon an instrument executed by the Trust Collateral Agent as provided in this Article VIII shall be bound to ascertain the Trust Collateral Agent’s authority, inquire into the satisfaction of any conditions precedent or see to the application of any moneys.

 

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(b) The Trust Collateral Agent shall, at such time as there are no Notes outstanding and all sums due the Trustee pursuant to Section 6.7 have been paid, release any remaining portion of the Trust Estate that secured the Notes from the lien of this Indenture and release to the Issuer or any other Person entitled thereto any funds then on deposit in the Trust Accounts.

SECTION 8.3 Opinion of Counsel. The Trust Collateral Agent shall receive at least seven days’ notice when requested by the Issuer to take any action pursuant to Section 8.2(a), accompanied by copies of any instruments involved, and the Trustee shall also require as a condition to such action, an Opinion of Counsel in form and substance satisfactory to the Trustee and the Insurer and addressed to the Trustee and the Insurer, stating the legal effect of any such action, outlining the steps required to complete the same, and concluding that all conditions precedent to the taking of such action have been complied with. Counsel rendering any such opinion may rely, without independent investigation, on the accuracy and validity of any certificate or other instrument delivered to the Trustee in connection with any such action.

ARTICLE IX

Supplemental Indentures

SECTION 9.1 Supplemental Indentures Without Consent of Noteholders.

(a) Without the consent of the Holders of any Notes but with the written consent of the Insurer (unless an Insurer Default shall have occurred and be continuing) and with prior notice to the Rating Agencies by the Issuer, as evidenced to the Trustee, the Issuer and the Trustee, when authorized by an Issuer Order, at any time and from time to time, may enter into one or more indentures supplemental hereto (which shall conform to the provisions of the Trust Indenture Act as in force at the date of the execution thereof), in form satisfactory to the Trustee, for any of the following purposes:

(i) to correct or amplify the description of any property at any time subject to the lien of this Indenture, or better to assure, convey and confirm unto the Trust Collateral Agent any property subject or required to be subjected to the lien of this Indenture, or to subject to the lien of this Indenture additional property;

(ii) to evidence the succession, in compliance with the applicable provisions hereof, of another person to the Issuer, and the assumption by any such successor of the covenants of the Issuer herein and in the Notes contained;

(iii) to add to the covenants of the Issuer, for the benefit of the Holders of the Notes, or to surrender any right or power herein conferred upon the Issuer;

(iv) to convey, transfer, assign, mortgage or pledge any property to or with the Trust Collateral Agent;

 

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(v) to cure any ambiguity, to correct or supplement any provision herein or in any supplemental indenture which may be inconsistent with any other provision herein or in any supplemental indenture or to make any other provisions with respect to matters or questions arising under this Indenture or in any supplemental indenture; provided that such action shall not adversely affect the interests of the Holders of the Notes;

(vi) to eliminate or conform the Insurance Agreement Events of Default that constitute Insurance Agreement Indenture Cross Defaults listed in Schedule B hereto to the definition of “Insurance Agreement Indenture Cross Default” in the Insurance Agreement, as such definition may amended or supplemented from time to time;

(vii) to evidence and provide for the acceptance of the appointment hereunder by a successor trustee with respect to the Notes and to add to or change any of the provisions of this Indenture as shall be necessary to facilitate the administration of the trusts hereunder by more than one trustee, pursuant to the requirements of Article VI; or

(viii) to modify, eliminate or add to the provisions of this Indenture to such extent as shall be necessary to effect the qualification of this Indenture under the TIA or under any similar federal statute hereafter enacted and to add to this Indenture such other provisions as may be expressly required by the TIA.

The Trustee is hereby authorized to join in the execution of any such supplemental indenture and to make any further appropriate agreements and stipulations that may be therein contained.

(b) The Issuer and the Trustee, when authorized by an Issuer Order, may, also without the consent of any of the Holders of the Notes but with prior notice to the Rating Agencies by the Issuer and with the prior written consent of the Insurer (unless an Insurer Default shall have occurred and be continuing), as evidenced to the Trustee, enter into an indenture or indentures supplemental hereto for the purpose of adding any provisions to, or changing in any manner or eliminating any of the provisions of, this Indenture or of modifying in any manner the rights of the Holders of the Notes under this Indenture; provided, however, that such action shall not, as evidenced by an Opinion of Counsel delivered to the Trustee and the Insurer, adversely affect in any material respect the interests of any Noteholder.

(c) Notwithstanding the foregoing, if an Insurer Default has occurred and is continuing, no amendment under Section 9.1 or 9.2 shall materially adversely affect the Insurer without the Insurer’s prior written consent.

SECTION 9.2 Supplemental Indentures with Consent of Noteholders. The Issuer and the Trustee, when authorized by an Issuer Order, also may, with prior notice to the Rating Agencies, with the written consent of the Insurer (unless an Insurer Default shall have occurred and be continuing), and with the consent of the Holders of not less than a majority of the Outstanding Amount of the Notes, by Act of such Holders delivered to the Issuer and the Trustee, enter into an indenture or indentures supplemental hereto for the purpose of adding any provisions to, or changing in any manner or eliminating any of the provisions of, this Indenture or of modifying in any manner the rights of the Holders of the Notes under this Indenture; provided however, that if an Insurer Default has occurred and is continuing, such supplemental indenture will not materially and adversely affect the interest of the Insurer; provided further, that, subject to the express rights of the Insurer under the Basic Documents, no such supplemental indenture shall, without the consent of the Holder of each Outstanding Note affected thereby:

(i) change the date of payment of any installment of principal of or interest on any Note, or reduce the principal amount thereof, the interest rate thereon or the Redemption Price with respect thereto, change the provision of this Indenture relating to the application of collections on, or the proceeds of the sale of, the Trust Estate to payment of principal of or interest on the Notes, or change any place of payment where, or the coin or currency in which, any Note or the interest thereon is payable;

 

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(ii) impair the right to institute suit for the enforcement of the provisions of this Indenture requiring the application of funds available therefor, as provided in Article V, to the payment of any such amount due on the Notes on or after the respective due dates thereof (or, in the case of redemption, on or after the Redemption Date);

(iii) reduce the percentage of the Outstanding Amount of the Notes, the consent of the Holders of which is required for any such supplemental indenture, or the consent of the Holders of which is required for any waiver of compliance with certain provisions of this Indenture or certain defaults hereunder and their consequences provided for in this Indenture;

(iv) modify or alter the provisions of the proviso to the definition of the term “Outstanding”;

(v) reduce the percentage of the Outstanding Amount of the Notes required to direct the Trustee to direct the Issuer to sell or liquidate the Trust Estate pursuant to Section 5.4;

(vi) modify any provision of this Section except to increase any percentage specified herein or to provide that certain additional provisions of this Indenture or the Basic Documents cannot be modified or waived without the consent of the Holder of each Outstanding Note affected thereby;

(vii) modify any of the provisions of this Indenture in such manner as to affect the calculation of the amount of any payment of interest or principal due on any Note on any Distribution Date or any Insured Distribution Date (including the calculation of any of the individual components of such calculation) or to affect the rights of the Noteholders to the benefit of any provisions for the mandatory redemption of the Notes contained herein; or

(viii) permit the creation of any lien ranking prior to or on a parity with the lien of this Indenture with respect to any part of the Trust Estate or, except as otherwise permitted or contemplated herein or in any of the Basic Documents, terminate the lien of this Indenture on any property at any time subject hereto or deprive the Holder of any Note of the security provided by the lien of this Indenture.

 

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The Trustee may determine whether or not any Notes would be affected by any supplemental indenture and any such determination shall be conclusive upon the Holders of all Notes, whether theretofore or thereafter authenticated and delivered hereunder. The Trustee shall not be liable for any such determination made in good faith.

It shall not be necessary for any Act of Noteholders under this Section to approve the particular form of any proposed supplemental indenture, but it shall be sufficient if such Act shall approve the substance thereof.

Promptly after the execution by the Issuer and the Trustee of any supplemental indenture pursuant to this Section, the Trustee shall mail to the Holders of the Notes to which such amendment or supplemental indenture relates a notice setting forth in general terms the substance of such supplemental indenture. Any failure of the Trustee to mail such notice, or any defect therein, shall not, however, in any way impair or affect the validity of any such supplemental indenture.

SECTION 9.3 Execution of Supplemental Indentures. In executing, or permitting the additional trusts created by, any supplemental indenture permitted by this Article IX or the amendments or modifications thereby of the trusts created by this Indenture, the Trustee shall be entitled to receive and shall be fully protected in relying upon, an Opinion of Counsel (a copy of which shall be delivered to the Insurer) stating that the execution of such supplemental indenture is authorized or permitted by this Indenture. The Trustee may, but shall not be obligated to, enter into any such supplemental indenture that affects the Trustee’s own rights, duties, liabilities or immunities under this Indenture or otherwise.

SECTION 9.4 Effect of Supplemental Indenture. Upon the execution of any supplemental indenture pursuant to the provisions hereof, this Indenture shall be and be deemed to be modified and amended in accordance therewith with respect to the Notes affected thereby, and the respective rights, limitations of rights, obligations, duties, liabilities and immunities under this Indenture of the Trustee, the Issuer and the Holders of the Notes shall thereafter be determined, exercised and enforced hereunder subject in all respects to such modifications and amendments, and all the terms and conditions of any such supplemental indenture shall be and be deemed to be part of the terms and conditions of this Indenture for any and all purposes.

SECTION 9.5 Conformity With Trust Indenture Act. Every amendment of this Indenture and every supplemental indenture executed pursuant to this Article IX shall conform to the requirements of the Trust Indenture Act as then in effect so long as this Indenture shall then be qualified under the Trust Indenture Act.

SECTION 9.6 Reference in Notes to Supplemental Indentures. Notes authenticated and delivered after the execution of any supplemental indenture pursuant to this Article IX may, and if required by the Trustee shall, bear a notation in form approved by the Trustee as to any matter provided for in such supplemental indenture. If the Issuer or the Trustee shall so determine, new Notes so modified as to conform, in the opinion of the Trustee and the Issuer, to any such supplemental indenture may be prepared and executed by the Issuer and authenticated and delivered by the Trustee in exchange for Outstanding Notes.

 

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ARTICLE X

Redemption of Notes

SECTION 10.1 Redemption.

(a) The Notes shall be redeemed in whole, but not in part, on any Distribution Date on which the Servicer or Seller exercises its option to purchase the Trust Estate pursuant to Section 10.1(a) of the Sale and Servicing Agreement, for a purchase price equal to the Redemption Price; provided, however, that no such redemption may be effected unless the Issuer has available funds sufficient to pay the Redemption Price plus all amounts due and payable to the Insurer under the Insurance Agreement on such Distribution Date. The Servicer or the Issuer shall furnish the Insurer and the Rating Agencies notice of such redemption. If the Notes are to be redeemed pursuant to this Section 10.1(a), the Servicer or the Issuer shall furnish notice of such election to the Trustee not later than 25 days prior to the Redemption Date and the Issuer shall deposit with the Trustee in the Collection Account the amount required to be so deposited pursuant to Section 10.1(a) of the Sale and Servicing Agreement, whereupon all outstanding Notes shall be due and payable on the Redemption Date subject to the furnishing of a notice complying with Section 10.2 to each Holder of Notes.

(b) In the event that the assets of the Trust are distributed pursuant to Section 8.1 of the Trust Agreement, all amounts on deposit in the Note Distribution Account shall be paid to the Noteholders up to the Outstanding Amount of the Notes and all accrued and unpaid interest thereon. If amounts are to be paid to Noteholders pursuant to this Section 10.1(b), the Servicer or the Issuer shall, to the extent practicable, furnish notice of such event to the Trustee not later than 45 days prior to the Redemption Date, whereupon all such amounts shall be payable on the Redemption Date.

SECTION 10.2 Form of Redemption.

(a) Notice of redemption under Section 10.1(a) shall be given by the Trustee by facsimile or by first-class mail, postage prepaid, transmitted or mailed prior to the applicable Redemption Date to each Holder of Notes, as of the close of business on the Record Date preceding the applicable Redemption Date, at such Holder’s address appearing in the Note Register.

All notices of redemption shall state:

(i) the Redemption Date;

(ii) the Redemption Price;

(iii) that the Record Date otherwise applicable to such Redemption Date is not applicable and that payments shall be made only upon presentation and surrender of such Notes and the place where such Notes are to be surrendered for payment of the Redemption Price (which shall be the office or agency of the Issuer to be maintained as provided in Section 3.2); and

 

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(iv) that interest on the Notes shall cease to accrue on the Redemption Date.

(b) Notice of redemption of the Notes shall be given by the Trustee in the name and at the expense of the Issuer. Failure to give notice of redemption, or any defect therein, to any Holder of any Note shall not impair or affect the validity of the redemption of any other Note.

(c) Prior notice of redemption under Section 10.1(b) is not required to be given to the Noteholders.

SECTION 10.3 Notes Payable on Redemption Date. The Notes to be redeemed shall, following notice of redemption, as required by Section 10.2 (in the case of redemption pursuant to Section 10.1(a)), on the Redemption Date, become due and payable at the Redemption Price, and (unless the Issuer shall default in the payment of the Redemption Price) no interest shall accrue on the Redemption Price for any period after the date to which accrued interest is calculated for purposes of calculating the Redemption Price.

ARTICLE XI

Miscellaneous

SECTION 11.1 Compliance Certificates and Opinions, etc. Upon any application or request by the Issuer to the Trustee or the Trust Collateral Agent to take any action under any provision of this Indenture, the Issuer shall furnish to the Trustee or the Trust Collateral Agent, as the case may be, and to the Insurer (i) an Officer’s Certificate stating that all conditions precedent, if any, provided for in this Indenture relating to the proposed action have been complied with, (ii) an Opinion of Counsel stating that in the opinion of such counsel all such conditions precedent, if any, have been complied with and (iii) (if required by the TIA) an Independent Certificate from a firm of certified public accountants meeting the applicable requirements of this Section, except that, in the case of any such application or request as to which the furnishing of such documents is specifically required by any provision of this Indenture, no additional certificate or opinion need be furnished.

Every certificate or opinion with respect to compliance with a condition or covenant provided for in this Indenture shall include:

(i) a statement that each signatory of such certificate or opinion has read or has caused to be read such covenant or condition and the definitions herein relating thereto;

(ii) a brief statement as to the nature and scope of the examination or investigation upon which the statements or opinions contained in such certificate or opinion are based;

(iii) a statement that, in the opinion of each such signatory, such signatory has made such examination or investigation as is necessary to enable such signatory to express an informed opinion as to whether or not such covenant or condition has been complied with; and

 

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(iv) a statement as to whether, in the opinion of each such signatory such condition or covenant has been complied with.

(b) (i) Prior to the deposit of any Collateral or other property or securities with the Trust Collateral Agent that is to be made the basis for the release of any property or securities subject to the lien of this Indenture, the Issuer shall, in addition to any obligation imposed in Section 11.1(a) or elsewhere in this Indenture, furnish to the Trust Collateral Agent and the Insurer an Officer’s Certificate certifying or stating the opinion of each person signing such certificate as to the fair value (within 90 days of such deposit) to the Issuer of the Collateral or other property or securities to be so deposited.

(ii) Whenever the Issuer is required to furnish to the Trust Collateral Agent and the Insurer an Officer’s Certificate certifying or stating the opinion of any signer thereof as to the matters described in clause (i) above, the Issuer shall also deliver to the Trust Collateral Agent and the Insurer an Independent Certificate as to the same matters, if the fair value to the Issuer of the securities to be so deposited and of all other such securities made the basis of any such withdrawal or release since the commencement of the then-current fiscal year of the Issuer, as set forth in the certificates delivered pursuant to clause (i) above and this clause (ii), is 10% or more of the Outstanding Amount of the Notes, but such a certificate need not be furnished with respect to any securities so deposited, if the fair value thereof to the Issuer as set forth in the related Officer’s Certificate is less than $25,000 or less than 1% percent of the Outstanding Amount of the Notes.

(iii) Other than with respect to the release of any Purchased Receivables, Sold Receivables or Liquidated Receivables, whenever any property or securities are to be released from the lien of this Indenture, the Issuer shall also furnish to the Trust Collateral Agent and the Insurer an Officer’s Certificate certifying or stating the opinion of each person signing such certificate as to the fair value (within 90 days of such release) of the property or securities proposed to be released and stating that in the opinion of such person the proposed release will not impair the security under this Indenture in contravention of the provisions hereof.

(iv) Whenever the Issuer is required to furnish to the Trustee and the Insurer an Officer’s Certificate certifying or stating the opinion of any signer thereof as to the matters described in clause (iii) above, the Issuer shall also furnish to the Trust Collateral Agent and the Insurer an Independent Certificate as to the same matters if the fair value of the property or securities and of all other property other than Purchased Receivables, Sold Receivables and Defaulted Receivables, or securities released from the lien of this Indenture since the commencement of the then current calendar year, as set forth in the certificates required by clause (iii) above and this clause (iv), equals 10% or more of the Outstanding Amount of the Notes, but such certificate need not be furnished in the case of any release of property or securities if the fair value thereof as set forth in the related Officer’s Certificate is less than $25,000 or less than 1 percent of the then Outstanding Amount of the Notes.

 

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(v) Notwithstanding Section 2.9 or any other provision of this Section, the Issuer may (A) collect, liquidate, sell or otherwise dispose of Receivables as and to the extent permitted or required by the Basic Documents and (B) make cash payments out of the Trust Accounts as and to the extent permitted or required by the Basic Documents.

SECTION 11.2 Form of Documents Delivered to Trustee. In any case where several matters are required to be certified by, or covered by an opinion of, any specified Person, it is not necessary that all such matters be certified by, or covered by the opinion of, only one such Person, or that they be so certified or covered by only one document, but one such Person may certify or give an opinion with respect to some matters and one or more other such Persons as to other matters, and any such Person may certify or give an opinion as to such matters in one or several documents.

Any certificate or opinion of an Authorized Officer of the Issuer may be based, insofar as it relates to legal matters, upon a certificate or opinion of, or representations by, counsel, unless such officer knows, or in the exercise of reasonable care should know, that the certificate or opinion or representations with respect to the matters upon which his or her certificate or opinion is based are erroneous. Any such certificate of an Authorized Officer or Opinion of Counsel may be based, insofar as it relates to factual matters, upon a certificate or opinion of, or representations by, an officer or officers of the Servicer, the Seller or the Issuer, stating that the information with respect to such factual matters is in the possession of the Servicer, the Seller or the Issuer, unless such counsel knows, or in the exercise of reasonable care should know, that the certificate or opinion or representations with respect to such matters are erroneous.

Where any Person is required to make, give or execute two or more applications, requests, consents, certificates, statements, opinions or other instruments under this Indenture, they may, but need not, be consolidated and form one instrument.

Whenever in this Indenture, in connection with any application or certificate or report to the Trustee, it is provided that the Issuer shall deliver any document as a condition of the granting of such application, or as evidence of the Issuer’s compliance with any term hereof, it is intended that the truth and accuracy, at the time of the granting of such application or at the effective date of such certificate or report (as the case may be), of the facts and opinions stated in such document shall in such case be conditions precedent to the right of the Issuer to have such application granted or to the sufficiency of such certificate or report. The foregoing shall not, however, be construed to affect the Trustee’s right to rely upon the truth and accuracy of any statement or opinion contained in any such document as provided in Article VI.

SECTION 11.3 Acts of Noteholders.

(a) Any request, demand, authorization, direction, notice, consent, waiver or other action provided by this Indenture to be given or taken by Noteholders may be embodied in and evidenced by one or more instruments of substantially similar tenor signed by such Noteholders in person or by agents duly appointed in writing; and except as herein otherwise expressly provided such action shall become effective when such instrument or instruments are delivered to the Trustee, and, where it is hereby expressly required, to the Issuer. Such instrument or instruments (and the action embodied therein and evidenced thereby) are herein sometimes referred to as the “Act” of the Noteholders signing such instrument or instruments. Proof of execution of any such instrument or of a writing appointing any such agent shall be sufficient for any purpose of this Indenture and (subject to Section 6.1) conclusive in favor of the Trustee and the Issuer, if made in the manner provided in this Section. In the event the Trustee shall receive conflicting or inconsistent requests and indemnity from two or more groups of Noteholders, each representing less than a majority of the Outstanding Amount of the Notes, the Trustee in its sole discretion may determine what action, if any, shall be taken, notwithstanding any other provisions of this Indenture.

 

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(b) The fact and date of the execution by any person of any such instrument or writing may be proved in any customary manner of the Trustee.

(c) The ownership of Notes shall be proved by the Note Register.

(d) Any request, demand, authorization, direction, notice, consent, waiver or other action by the Holder of any Notes shall bind the Holder of every Note issued upon the registration thereof or in exchange therefor or in lieu thereof, in respect of anything done, omitted or suffered to be done by the Trustee or the Issuer in reliance thereon, whether or not notation of such action is made upon such Note.

SECTION 11.4 Notices, etc., to Trustee, Issuer, Insurer and Rating Agencies. Any request, demand, authorization, direction, notice, consent, waiver or Act of Noteholders or other documents provided or permitted by this Indenture to be made upon, given or furnished to or filed with:

(a) The Trustee by any Noteholder or by the Issuer shall be sufficient for every purpose hereunder if personally delivered, delivered by overnight courier or mailed certified mail, return receipt requested and shall be deemed to have been duly given upon receipt to the Trustee at its Corporate Trust Office, or

(b) The Issuer by the Trustee or by any Noteholder shall be sufficient for every purpose hereunder if personally delivered, delivered by overnight courier or mailed certified mail, return receipt requested and shall deemed to have been duly given upon receipt to the Issuer addressed to: AmeriCredit Automobile Receivables Trust 2010-A, in care of Wilmington Trust Company, Rodney Square North, 1100 North Market Street, Wilmington, Delaware 19890-0001, Attention: Corporate Trust Administration, or at any other address previously furnished in writing to the Trustee by Issuer. The Issuer shall promptly transmit any notice received by it from the Noteholders to the Trustee.

(c) The Insurer by the Issuer or the Trustee shall be sufficient for any purpose hereunder if in writing and mailed by registered mail or personally delivered or telexed or telecopied to the recipient as follows:

 

To the Insurer:    Assured Guaranty Corp.
   31 West 52nd Street
   New York, NY 10019
   Attention: Transaction Oversight Department

 

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   Re: AmeriCredit Receivables-Backed Notes Series 2010-A, Policy No. D-2010-66
   Confirmation:    (212) 974-0100
   Telecopy No.:    (212) 339-3518

(In each case in which notice or other communication to the Insurer refers to an Event of Default, a claim on the Note Policy 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 the General Counsel and the Head—Financial Guaranty Group “URGENT MATERIAL ENCLOSED.”)

Notices required to be given to the Rating Agencies by the Issuer, the Trustee or the Owner Trustee shall be in writing, personally delivered, electronically delivered, delivered by overnight courier or mailed certified mail, return receipt requested to (i) in the case of Moody’s, at the following address: Moody’s Investors Service, Inc., 7 World Trade Center at 250 Greenwich Street, Asset Finance Group – 24th Floor, New York, New York 10007 and (ii) in the case of Standard & Poor’s, via electronic delivery to Servicer_reports@sandp.com; for any information not available in electronic format, send hard copies to: Standard & Poor’s Ratings Services, a Standard & Poor’s Financial Services LLC business, 55 Water Street, 42nd floor, New York, New York 10041, Attention: ABS Surveillance Group; or as to each of the foregoing, at such other address as shall be designated by written notice to the other parties.

SECTION 11.5 Notices to Noteholders; Waiver. Where this Indenture provides for notice to Noteholders of any event, such notice shall be sufficiently given (unless otherwise herein expressly provided) if in writing and mailed, first-class, postage prepaid to each Noteholder affected by such event, at his address as it appears on the Note Register, not later than the latest date, and not earlier than the earliest date, prescribed for the giving of such notice. In any case where notice to Noteholders is given by mail, neither the failure to mail such notice nor any defect in any notice so mailed to any particular Noteholder shall affect the sufficiency of such notice with respect to other Noteholders, and any notice that is mailed in the manner here in provided shall conclusively be presumed to have been duly given.

Where this Indenture provides for notice in any manner, such notice may be waived in writing by any Person entitled to receive such notice, either before or after the event, and such waiver shall be the equivalent of such notice. Waivers of notice by Noteholders shall be filed with the Trustee but such filing shall not be a condition precedent to the validity of any action taken in reliance upon such a waiver.

In case, by reason of the suspension of regular mail service as a result of a strike, work stoppage or similar activity, it shall be impractical to mail notice of any event to Noteholders when such notice is required to be given pursuant to any provision of this Indenture, then any manner of giving such notice as shall be satisfactory to the Trustee shall be deemed to be a sufficient giving of such notice.

 

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Where this Indenture provides for notice to the Rating Agencies, failure to give such notice shall not affect any other rights or obligations created hereunder, and shall not under any circumstance constitute a Default or Event of Default.

SECTION 11.6 [Reserved].

SECTION 11.7 Conflict with Trust Indenture Act. If any provision hereof limits, qualifies or conflicts with another provision hereof that is required to be included in this Indenture by any of the provisions of the Trust Indenture Act, such required provision shall control.

The provisions of TIA §§ 310 through 317 that impose duties on any person (including the provisions automatically deemed included herein unless expressly excluded by this Indenture) are a part of and govern this Indenture, whether or not physically contained herein.

SECTION 11.8 Effect of Headings and Table of Contents. The Article and Section headings herein and the Table of Contents are for convenience only and shall not affect the construction hereof.

SECTION 11.9 Successors and Assigns. All covenants and agreements in this Indenture and the Notes by the Issuer shall bind its successors and assigns, whether so expressed or not. All agreements of the Trustee in this Indenture shall bind its successors. All agreements of the Trust Collateral Agent in this Indenture shall bind its successors.

SECTION 11.10 Separability. In case any provision in this Indenture or in the Notes shall be invalid, illegal or unenforceable, the validity, legality, and enforceability of the remaining provisions shall not in any way be affected or impaired thereby.

SECTION 11.11 Benefits of Indenture. The Insurer and its successors and assigns shall be a third-party beneficiary to the provisions of this Indenture, and shall be entitled to rely upon and directly to enforce such provisions of this Indenture so long as no Insurer Default shall have occurred and be continuing; provided, however, that any right or benefit expressly granted to the Insurer under this Indenture shall survive and the Insurer shall remain a third-party beneficiary hereunder to enforce such right or obtain such benefit, notwithstanding the occurrence and continuance of an Insurer Default, unless such right or benefit is expressly conditioned upon no Insurer Default having occurred and be continuing. Nothing in this Indenture or in the Notes, express or implied, shall give to any Person, other than the parties hereto and their successors hereunder and the Noteholders, and any other party secured hereunder, and any other person with an Ownership interest in any part of the Trust Estate, any benefit or any legal or equitable right, remedy or claim under this Indenture. The Insurer may disclaim any of its rights and powers under this Indenture (in which case the Trustee may exercise such right or power hereunder), but not its duties and obligations under the Note Policy, upon delivery of a written notice to the Trustee.

 

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In exercising any of its voting rights, rights to direct or consent or any other rights as the Insurer under this Indenture or any other Basic Document, subject to the terms and conditions of this Indenture, the Insurer shall not have any obligation or duty to any Person to consider or take into account the interests of any Person and shall not be liable to any Person for any action taken by it or at its discretion or any failure by it to act or to direct that any action be taken, without regard to whether such inaction or action benefits or adversely affects any Noteholder, the Issuer or any other Person.

SECTION 11.12 Legal Holidays. In any case where the date on which any payment is due shall not be a Business Day, then (notwithstanding any other provision of the Notes or this Indenture) payment need not be made on such date, but may be made on the next succeeding Business Day with the same force and effect as if made on the date on which nominally due, and no interest shall accrue for the period from and after any such nominal date.

SECTION 11.13 GOVERNING LAW. THIS INDENTURE SHALL BE CONSTRUED IN ACCORDANCE WITH, AND THIS INDENTURE AND ALL MATTERS ARISING OUT OF OR RELATING IN ANY WAY TO THIS INDENTURE 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 11.14 Counterparts. This Indenture may be executed in any number of counterparts, each of which so executed shall be deemed to be an original, but all such counterparts shall together constitute but one and the same instrument.

SECTION 11.15 Recording of Indenture. If this Indenture is subject to recording in any appropriate public recording offices, such recording is to be effected by the Issuer and at its expense accompanied by an Opinion of Counsel (which may be counsel to the Trustee or any other counsel reasonably acceptable to the Trustee and the Insurer) to the effect that such recording is necessary either for the protection of the Noteholders or any other person secured hereunder or for the enforcement of any right or remedy granted to the Trustee or the Trust Collateral Agent under this Indenture or the Collateral Agent under the Spread Account Agreement.

SECTION 11.16 Trust Obligation. No recourse may be taken, directly or indirectly, with respect to the obligations of the Issuer, the Seller, the Servicer, the Backup Servicer, the Owner Trustee, the Trust Collateral Agent or the Trustee on the Notes or under this Indenture, any other Basic Document or any certificate or other writing delivered in connection herewith or therewith, against (i) the Seller, the Servicer, the Backup Servicer, the Trustee, the Trust Collateral Agent or the Owner Trustee in its individual capacity, (ii) any owner of a beneficial interest in the Issuer or (iii) any partner, owner, beneficiary, agent, officer, director, employee or agent of the Seller, the Servicer, the Backup Servicer, the Trustee, the Trust Collateral Agent or the Owner Trustee in its individual capacity, any holder of a beneficial interest in the Issuer, the Seller, the Servicer, the Backup Servicer, the Owner Trustee, the Trust Collateral Agent or the Trustee or of any successor or assign of the Seller, the Servicer, the Backup Servicer, the Trustee, the Trust Collateral Agent or the Owner Trustee in its individual capacity, except as any such Person may have expressly agreed (it being understood that the Trustee, the Trust Collateral Agent, the Backup Servicer and the Owner Trustee have no such obligations in their individual capacity) and except that any such partner, owner or beneficiary shall be fully liable, to the extent provided by applicable law, for any unpaid consideration for stock, unpaid capital contribution or failure to pay any installment or call owing to such entity. For all purposes of this Indenture, 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 Article VI, VII and VIII of the Trust Agreement.

 

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SECTION 11.17 No Petition. The Trustee and the Trust Collateral Agent, by entering into this Indenture, and each Noteholder, by accepting a Note, hereby covenant and agree that they will not at any time institute against the Seller, or the Issuer, or join in any institution against the Seller, or the Issuer of, any bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings, or other proceedings under any United States federal or State bankruptcy or similar law in connection with any obligations relating to the Notes, this Indenture or any of the Basic Documents.

SECTION 11.18 Inspection. The Issuer agrees that, on reasonable prior notice, it will permit any representative of the Trustee or of the Insurer, during the Issuer’s normal business hours, to examine all the books of account, records, reports, and other papers of the Issuer, to make copies and extracts therefrom, to cause such books to be audited by independent certified public accountants, and to discuss the Issuer’s affairs, finances and accounts with the Issuer’s officers, employees, and independent certified public accountants, all at such reasonable times and as often as may be reasonably requested. Notwithstanding anything herein to the contrary, the foregoing shall not be construed to prohibit (i) disclosure of any and all information that is or becomes publicly known, (ii) disclosure of any and all information (A) if required to do so by any applicable statute, law, rule or regulation, (B) to any government agency or regulatory body having or claiming authority to regulate or oversee any respects of the Trustee’s business or that of its affiliates, (C) pursuant to any subpoena, civil investigative demand or similar demand or request of any court, regulatory authority, arbitrator or arbitration to which the Trustee or an affiliate or an officer, director, employer or shareholder thereof is a party, (D) in any preliminary or final offering circular, registration statement or contract or other document pertaining to the transactions contemplated by the Indenture approved in advance by the Servicer or the Issuer or (E) to any independent or internal auditor, agent, employee or attorney of the Trustee having a need to know the same, provided that the Trustee advises such recipient of the confidential nature of the information being disclosed, or (iii) any other disclosure authorized by the Servicer or the Issuer.

[SIGNATURE PAGE FOLLOWS]

 

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IN WITNESS WHEREOF, the Issuer and the Trustee have caused this Indenture to be duly executed by their respective officers, hereunto duly authorized, all as of the day and year first above written.

 

AMERICREDIT AUTOMOBILE RECEIVABLES TRUST 2010-A,
By:   WILMINGTON TRUST COMPANY, not in its individual capacity but solely as Owner Trustee
By:  

/s/ Bethany J. Taylor

  Name:   Bethany J. Taylor
  Title:   Financial Services Officer
WELLS FARGO BANK, NATIONAL ASSOCIATION,

not in its individual capacity but solely as Trustee

and Trust Collateral Agent

By:  

/s/ Marianna C. Stershic

  Name:   Marianna C. Stershic
  Title:   Vice President

[Indenture]


EXHIBIT A-1

 

REGISTERED

  $36,000,000

No. RB-A-1

SEE REVERSE FOR CERTAIN DEFINITIONS

CUSIP NO. 03061L AA1

Unless this Note is presented by an authorized representative of The Depository Trust Company, a New York corporation (“DTC”), to the Issuer or its agent for registration of transfer, exchange or payment, and any Note issued is registered in the name of Cede & Co. or in such other name as is requested by an authorized representative of DTC (and any payment is made to Cede & Co. or to such other entity as is requested by an authorized representative of DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the registered owner hereof, Cede & Co., has an interest herein.

THE PRINCIPAL OF THIS NOTE IS PAYABLE IN INSTALLMENTS AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING PRINCIPAL AMOUNT OF THIS NOTE AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ON THE FACE HEREOF.

AMERICREDIT AUTOMOBILE RECEIVABLES TRUST 2010-A

CLASS A-1 0.31327% ASSET BACKED NOTE

AmeriCredit Automobile Receivables Trust 2010-A, a statutory trust organized and existing under the laws of the State of Delaware (herein referred to as the “Issuer”), for value received, hereby promises to pay to CEDE & CO., or registered assigns, the principal sum of THIRTY-SIX MILLION DOLLARS payable on each Distribution Date in an amount equal to the result obtained by multiplying (i) a fraction the numerator of which is $36,000,000 and the denominator of which is $36,000,000 by (ii) the aggregate amount, if any, payable from the Note Distribution Account and Collection Account in respect of principal on the Class A-1 Notes pursuant to the Indenture; provided, however, that the entire unpaid principal amount of this Note shall be due and payable on the March 7, 2011 Distribution Date (the “Final Scheduled Distribution Date”). The Issuer will pay interest on this Note at the rate per annum shown above on each Distribution Date until the principal of this Note is paid or made available for payment. Interest on this Note will accrue for each Distribution Date from the most recent Distribution Date on which interest has been paid to but excluding such Distribution Date or, if no interest has yet been paid, from March 31, 2010. Interest will be computed on the basis of a 360-day year and the actual number of days in the related Interest Period. Such principal of and interest on this Note shall be paid in the manner specified on the reverse hereof.

 

A-1-1


The principal of and interest on this Note are payable in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts. All payments made by the Issuer with respect to this Note shall be applied first to interest due and payable on this Note as provided above and then to the unpaid principal of this Note.

The Notes are entitled to the benefits of a financial guaranty insurance policy (the “Note Policy”) issued by Assured Guaranty Corp. (the “Insurer”), pursuant to which the Insurer has unconditionally guaranteed payments with respect to each Distribution Date will be paid on or prior to the related Insured Distribution Date, all as more fully set forth in the Indenture and the Sale and Servicing Agreement. The Record Date applicable to any Insured Distribution Date is the Record Date applicable to the related Distribution Date.

Reference is made to the further provisions of this Note set forth on the reverse hereof, which shall have the same effect as though fully set forth on the face of this Note.

Unless the certificate of authentication hereon has been executed by the Trustee whose name appears below by manual signature, this Note shall not be entitled to any benefit under the Indenture referred to on the reverse hereof, or be valid or obligatory for any purpose.

 

A-1-2


IN WITNESS WHEREOF, the Issuer has caused this instrument to be signed, manually or in facsimile, by its Authorized Officer as of the date set forth below.

 

AMERICREDIT AUTOMOBILE RECEIVABLES TRUST 2010-A
By:   WILMINGTON TRUST COMPANY, not in its individual capacity but solely as Owner Trustee under the Trust Agreement
By:  

 

  Name:
  Title:

TRUSTEE’S CERTIFICATE OF AUTHENTICATION

This is one of the Notes designated above and referred to in the within-mentioned Indenture.

 

Date: March 31, 2010     WELLS FARGO BANK, NATIONAL ASSOCIATION, not in its individual capacity but solely as Trustee
    By:  

 

      Authorized Signer

 

A-1-3


[REVERSE OF NOTE]

This Note is one of a duly authorized issue of Notes of the Issuer, designated as its Class A-1 0.31327% Asset Backed Notes (herein called the “Class A-1 Notes”), all issued under an Indenture dated as of March 25, 2010 (such indenture, as supplemented or amended, is herein called the “Indenture”), between the Issuer and Wells Fargo Bank, National Association, as trustee (the “Trustee,” which term includes any successor Trustee under the Indenture) and as trust collateral agent (the “Trust Collateral Agent”), which term includes any successor Trust Collateral Agent) to which Indenture and all indentures supplemental thereto reference is hereby made for a statement of the respective rights and obligations thereunder of the Issuer, the Trustee and the Holders of the Notes. The Notes are subject to all terms of the Indenture. All terms used in this Note that are defined in the Indenture, as supplemented or amended, shall have the meanings assigned to them in or pursuant to the Indenture, as so supplemented or amended.

The Class A-1 Notes, the Class A-2 Notes and the Class A-3 Notes (together, the “Notes”) are and will be equally and ratably secured by the collateral pledged as security therefor as provided in the Indenture.

Principal of the Class A-1 Notes will be payable on each Distribution Date in an amount described on the face hereof. “Distribution Date” means the sixth day of each month, or, if any such date is not a Business Day, the next succeeding Business Day, commencing May 6, 2010. If AmeriCredit is no longer acting as Servicer, the distribution date may be a different day of the month. The term “Distribution Date,” shall be deemed to include the Final Scheduled Distribution Date.

As described above, the entire unpaid principal amount of this Note shall be due and payable on the earlier of the Final Scheduled Distribution Date and the Redemption Date, if any, pursuant to the Indenture. As described above, a portion of the unpaid principal balance of this Note shall be due and payable on the Redemption Date, if any. Notwithstanding the foregoing, the entire unpaid principal amount of the Notes shall be due and payable (i) on the date on which an Event of Default shall have occurred and be continuing if the Insurer has declared the Notes to be immediately due and payable in the manner provided in the Indenture, so long as an Insurer Default shall not have occurred and be continuing or (ii) if an Insurer Default shall have occurred and be continuing, on the date on which an Event of Default shall have occurred and be continuing and the Trustee or the Holders of the Notes representing not less than a majority of the Outstanding Amount of the Notes have declared the Notes to be immediately due and payable in the manner provided in the Indenture. All principal payments on the Class A-1 Notes shall be made pro rata to the Class A-1 Noteholders entitled thereto.

 

A-1-4


Payments of interest on this Note due and payable on each Distribution Date, together with the installment of principal, if any, to the extent not in full payment of this Note, shall be made by check mailed to the Person whose name appears as the Holder of this Note (or one or more Predecessor Notes) on the Note Register as of the close of business on each Record Date, except that with respect to Notes registered on the Record Date in the name of the nominee of the Clearing Agency (initially, such nominee to be Cede & Co.), payments will be made by wire transfer in immediately available funds to the account designated by such nominee. Such checks shall be mailed to the Person entitled thereto at the address of such Person as it appears on the Note Register as of the applicable Record Date without requiring that this Note be submitted for notation of payment. Any reduction in the principal amount of this Note (or any one or more Predecessor Notes) effected by any payments made on any Distribution Date shall be binding upon all future Holders of this Note and of any Note issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof, whether or not noted hereon. If funds are expected to be available, as provided in the Indenture, for payment in full of the then remaining unpaid principal amount of this Note on a Distribution Date, then the Trustee, in the name of and on behalf of the Issuer, will notify the Person who was the Holder hereof as of the Record Date preceding such Distribution Date by notice mailed prior to such Distribution Date and the amount then due and payable shall be payable only upon presentation and surrender of this Note at the Trustee’s principal Corporate Trust Office or at the office of the Trustee’s agent appointed for such purposes located in Minneapolis, Minnesota.

The Issuer shall pay interest on overdue installments of interest at the Class A-1 Interest Rate to the extent lawful.

As provided in the Indenture and subject to certain limitations set forth therein, the transfer of this Note may be registered on the Note Register upon surrender of this Note for registration of transfer at the office or agency designated by the Issuer pursuant to the Indenture, (i) duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Trustee duly executed by, the Holder hereof or his attorney duly authorized in writing, with such signature guaranteed by an “eligible guarantor institution” meeting the requirements of the Note Registrar which requirements include membership or participation in Securities Transfer Agents Medallion Program (“STAMP”) or such other “signature guarantee program” as may be determined by the Note Registrar in addition to, or in substitution for, STAMP, all in accordance with the Exchange Act, and (ii) accompanied by such other documents as the Trustee may require, and thereupon one or more new Notes of authorized denominations and in the same aggregate principal amount will be issued to the designated transferee or transferees. No service charge will be charged for any registration of transfer or exchange of this Note, but the transferor may be required to pay a sum sufficient to cover any tax or other governmental charge that may be imposed in connection with any such registration of transfer or exchange.

If this Note has been issued as a Definitive Note, the Note Registrar shall not register the transfer of this Note unless the prospective transferee has represented and warranted in writing that either (a) it is not a Benefit Plan Entity or (b) it is a Benefit Plan Entity and its acquisition and holding of this Note is covered by a Prohibited Transaction Class Exemption or the Statutory Exemption (or, if it is subject to any Similar Law, such acquisition and holding will not violate such Similar Law). If this Note has been issued as a Book Entry Note, each transferee of this Note or any beneficial interest herein that is a Benefit Plan Entity shall be deemed to represent that its acquisition and holding of this Note or any beneficial interest herein is covered by a Prohibited Transaction Class Exemption or the Statutory Exemption (or, if it is subject to any Similar Law, such acquisition and holding will not violate such Similar Law).

 

A-1-5


Each Noteholder or Note Owner, by acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note covenants and agrees (i) that no recourse may be taken, directly or indirectly, with respect to the obligations of the Issuer, the Owner Trustee or the Trustee on the Notes or under the Indenture or any certificate or other writing delivered in connection therewith, against (a) the Seller, the Servicer, the Trustee or the Owner Trustee in its individual capacity, (b) any owner of a beneficial interest in the Issuer or (c) any partner, owner, beneficiary, agent, officer, director or employee of the Seller, the Servicer, the Trustee or the Owner Trustee in its individual capacity, any holder of a beneficial interest in the Issuer, the Seller, the Servicer, the Owner Trustee or the Trustee or of any successor or assign of the Seller, the Servicer, the Trustee or the Owner Trustee in its individual capacity, except as any such Person may have expressly agreed (it being understood that the Trustee and the Owner Trustee have no such obligations in their individual capacity) and except that any such partner, owner or beneficiary shall be fully liable, to the extent provided by applicable law, for any unpaid consideration for stock, unpaid capital contribution or failure to pay any installment or call owing to such entity, and (ii) to treat the Notes that are owned or beneficially owned by a Person other than AFS SenSub Corp., or its Affiliates, as indebtedness for purposes of federal income, state and local income and franchise and any other income taxes.

Prior to the due presentment for registration of transfer of this Note, the Issuer, the Trustee and the Insurer and any agent of the Issuer, the Trustee or the Insurer may treat the Person in whose name this Note (as of the day of determination or as of such other date as may be specified in the Indenture) is registered as the owner hereof for all purposes, whether or not this Note be overdue, and neither the Issuer, the Trustee nor any such agent shall be affected by notice to the contrary.

The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of the Issuer and the rights of the Holders of the Notes under the Indenture at any time by the Issuer with the consent of the Insurer and of the Noteholders representing a majority of the Outstanding Amount of all Notes at the time Outstanding. The Indenture also contains provisions permitting the Noteholders representing specified percentages of the Outstanding Amount of the Notes, on behalf of the Holders of all the Notes, to waive compliance by the Issuer with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences. Any such consent or waiver by the Holder of this Note (or any one of more Predecessor Notes) shall be conclusive and binding upon such Holder and upon all future Holders of this Note and of any Note issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof whether or not notation of such consent or waiver is made upon this Note. The Indenture also permits the Trustee to amend or waive certain terms and conditions set forth in the Indenture without the consent of Holders of the Notes issued thereunder.

The term “Issuer” as used in this Note includes any successor to the Issuer under the Indenture.

The Issuer is permitted by the Indenture, under certain circumstances, to merge or consolidate, subject to the rights of the Trustee and the Noteholders under the Indenture.

The Notes are issuable only in registered form in denominations as provided in the Indenture, subject to certain limitations therein set forth.

This Note and the Indenture shall be construed in accordance with the laws of the State of New York, without reference to its conflict of law provisions, and the obligations, rights and remedies of the parties hereunder and thereunder shall be determined in accordance with such laws.

 

A-1-6


No reference herein to the Indenture and no provision of this Note or of the Indenture shall alter or impair the obligation of the Issuer, which is absolute and unconditional, to pay the principal of and interest on this Note at the times, place, and rate, and in the coin or currency herein prescribed.

Anything herein to the contrary notwithstanding, except as expressly provided in the Indenture or the Basic Documents, neither Wilmington Trust Company in its individual capacity, any owner of a beneficial interest in the Issuer, nor any of their respective partners, beneficiaries, agents, officers, directors, employees or successors or assigns shall be personally liable for, nor shall recourse be had to any of them for, the payment of principal of or interest on, or performance of, or omission to perform, any of the covenants, obligations or indemnifications contained in this Note or the Indenture, it being expressly understood that said covenants, obligations and indemnifications have been made by the Owner Trustee for the sole purposes of binding the interests of the Owner Trustee in the assets of the Issuer. The Holder of this Note by the acceptance hereof agrees that except as expressly provided in the Indenture or the Basic Documents, in the case of an Event of Default under the Indenture, the Holder shall have no claim against any of the foregoing for any deficiency, loss or claim therefrom; provided, however, that nothing contained herein shall be taken to prevent recourse to, and enforcement against, the assets of the Issuer for any and all liabilities, obligations and undertakings contained in the Indenture or in this Note.

 

A-1-7


ASSIGNMENT

Social Security or taxpayer I.D. or other identifying number of assignee

 

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

(name and address of assignee)                                                     

the within Note and all rights thereunder, and hereby irrevocably constitutes and appoints, attorney, to transfer said Note on the books kept for registration thereof, with full power of substitution in the premises.

 

Dated                                                                                                              1

                                                                                                                                 
   

 

Signature Guaranteed:

                                                                                                                           

   

 

                                                                                                                           

 

1

NOTE: The signature to this assignment must correspond with the name of the registered owner as it appears on the face of the within Note in every particular, without alteration, enlargement or any change whatsoever.

 

A-1-8


EXHIBIT A-2

 

REGISTERED

   $ 71,000,000

No. RB-A-2

SEE REVERSE FOR CERTAIN DEFINITIONS

CUSIP NO. 03061L AB9

Unless this Note is presented by an authorized representative of The Depository Trust Company, a New York corporation (“DTC”), to the Issuer or its agent for registration of transfer, exchange or payment, and any Note issued is registered in the name of Cede & Co. or in such other name as is requested by an authorized representative of DTC (and any payment is made to Cede & Co. or to such other entity as is requested by an authorized representative of DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the registered owner hereof, Cede & Co., has an interest herein.

THE PRINCIPAL OF THIS NOTE IS PAYABLE IN INSTALLMENTS AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING PRINCIPAL AMOUNT OF THIS NOTE AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ON THE FACE HEREOF.

AMERICREDIT AUTOMOBILE RECEIVABLES TRUST 2010-A

CLASS A-2 1.46% ASSET BACKED NOTE

AmeriCredit Automobile Receivables Trust 2010-A, a statutory trust organized and existing under the laws of the State of Delaware (herein referred to as the “Issuer”), for value received, hereby promises to pay to CEDE & CO., or registered assigns, the principal sum of SEVENTY-ONE MILLION DOLLARS payable on each Distribution Date in an amount equal to the result obtained by multiplying (i) a fraction the numerator of which is $71,000,000 and the denominator of which is $71,000,000 by (ii) the aggregate amount, if any, payable from the Note Distribution Account and Collection Account in respect of principal on the Class A-2 Notes pursuant to the Indenture; provided, however, that the entire unpaid principal amount of this Note shall be due and payable on the November 6, 2013 Distribution Date (the “Final Scheduled Distribution Date”). The Issuer will pay interest on this Note at the rate per annum shown above on each Distribution Date until the principal of this Note is paid or made available for payment. Interest on this Note will accrue for each Distribution Date from the most recent Distribution Date on which interest has been paid to but excluding such Distribution Date or, if no interest has yet been paid, from March 31, 2010. Interest will be computed on the basis of a 360 day year consisting of twelve 30-day months. Such principal of and interest on this Note shall be paid in the manner specified on the reverse hereof.

 

A-2-1


The principal of and interest on this Note are payable in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts. All payments made by the Issuer with respect to this Note shall be applied first to interest due and payable on this Note as provided above and then to the unpaid principal of this Note.

The Notes are entitled to the benefits of a financial guaranty insurance policy (the “Note Policy”) issued by Assured Guaranty Corp. (the “Insurer”), pursuant to which the Insurer has unconditionally guaranteed payments with respect to each Distribution Date will be paid on or prior to the related Insured Distribution Date, all as more fully set forth in the Indenture and the Sale and Servicing Agreement. The Record Date applicable to any Insured Distribution Date is the Record Date applicable to the related Distribution Date.

Reference is made to the further provisions of this Note set forth on the reverse hereof, which shall have the same effect as though fully set forth on the face of this Note.

Unless the certificate of authentication hereon has been executed by the Trustee whose name appears below by manual signature, this Note shall not be entitled to any benefit under the Indenture referred to on the reverse hereof, or be valid or obligatory for any purpose.

 

A-2-2


IN WITNESS WHEREOF, the Issuer has caused this instrument to be signed, manually or in facsimile, by its Authorized Officer as of the date set forth below.

 

AMERICREDIT AUTOMOBILE RECEIVABLES TRUST 2010-A
By:   WILMINGTON TRUST COMPANY, not in its individual capacity but solely as Owner Trustee under the Trust Agreement

By:

 

 

 

Name:

 

Title:

TRUSTEE’S CERTIFICATE OF AUTHENTICATION

This is one of the Notes designated above and referred to in the within-mentioned Indenture.

 

Date: March 31, 2010     WELLS FARGO BANK, NATIONAL ASSOCIATION, not in its individual capacity but solely as Trustee
    By:  

 

      Authorized Signer

 

A-2-3


[REVERSE OF NOTE]

This Note is one of a duly authorized issue of Notes of the Issuer, designated as its Class A-2 1.46% Asset Backed Notes (herein called the “Class A-2 Notes”), all issued under an Indenture dated as of March 25, 2010 (such indenture, as supplemented or amended, is herein called the “Indenture”), between the Issuer and Wells Fargo Bank, National Association, as trustee (the “Trustee,” which term includes any successor Trustee under the Indenture) and as trust collateral agent (the “Trust Collateral Agent”), which term includes any successor Trust Collateral Agent) to which Indenture and all indentures supplemental thereto reference is hereby made for a statement of the respective rights and obligations thereunder of the Issuer, the Trustee and the Holders of the Notes. The Notes are subject to all terms of the Indenture. All terms used in this Note that are defined in the Indenture, as supplemented or amended, shall have the meanings assigned to them in or pursuant to the Indenture, as so supplemented or amended.

The Class A-1 Notes, the Class A-2 Notes and the Class A-3 Notes (together, the “Notes”) are and will be equally and ratably secured by the collateral pledged as security therefor as provided in the Indenture.

Principal of the Class A-2 Notes will be payable on each Distribution Date in an amount described on the face hereof. “Distribution Date” means the sixth day of each month, or, if any such date is not a Business Day, the next succeeding Business Day, commencing May 6, 2010. If AmeriCredit is no longer acting as Servicer, the distribution date may be a different day of the month. The term “Distribution Date,” shall be deemed to include the Final Scheduled Distribution Date.

As described above, the entire unpaid principal amount of this Note shall be due and payable on the earlier of the Final Scheduled Distribution Date and the Redemption Date, if any, pursuant to the Indenture. As described above, a portion of the unpaid principal balance of this Note shall be due and payable on the Redemption Date, if any. Notwithstanding the foregoing, the entire unpaid principal amount of the Notes shall be due and payable (i) on the date on which an Event of Default shall have occurred and be continuing if the Insurer has declared the Notes to be immediately due and payable in the manner provided in the Indenture, so long as an Insurer Default shall not have occurred and be continuing or (ii) if an Insurer Default shall have occurred and be continuing, on the date on which an Event of Default shall have occurred and be continuing and the Trustee or the Holders of the Notes representing not less than a majority of the Outstanding Amount of the Notes have declared the Notes to be immediately due and payable in the manner provided in the Indenture. All principal payments on the Class A-2 Notes shall be made pro rata to the Class A-2 Noteholders entitled thereto.

 

A-2-4


Payments of interest on this Note due and payable on each Distribution Date, together with the installment of principal, if any, to the extent not in full payment of this Note, shall be made by check mailed to the Person whose name appears as the Holder of this Note (or one or more Predecessor Notes) on the Note Register as of the close of business on each Record Date, except that with respect to Notes registered on the Record Date in the name of the nominee of the Clearing Agency (initially, such nominee to be Cede & Co.), payments will be made by wire transfer in immediately available funds to the account designated by such nominee. Such checks shall be mailed to the Person entitled thereto at the address of such Person as it appears on the Note Register as of the applicable Record Date without requiring that this Note be submitted for notation of payment. Any reduction in the principal amount of this Note (or any one or more Predecessor Notes) effected by any payments made on any Distribution Date shall be binding upon all future Holders of this Note and of any Note issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof, whether or not noted hereon. If funds are expected to be available, as provided in the Indenture, for payment in full of the then remaining unpaid principal amount of this Note on a Distribution Date, then the Trustee, in the name of and on behalf of the Issuer, will notify the Person who was the Holder hereof as of the Record Date preceding such Distribution Date by notice mailed prior to such Distribution Date and the amount then due and payable shall be payable only upon presentation and surrender of this Note at the Trustee’s principal Corporate Trust Office or at the office of the Trustee’s agent appointed for such purposes located in Minneapolis, Minnesota.

The Issuer shall pay interest on overdue installments of interest at the Class A-2 Interest Rate to the extent lawful.

As provided in the Indenture and subject to certain limitations set forth therein, the transfer of this Note may be registered on the Note Register upon surrender of this Note for registration of transfer at the office or agency designated by the Issuer pursuant to the Indenture, (i) duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Trustee duly executed by, the Holder hereof or his attorney duly authorized in writing, with such signature guaranteed by an “eligible guarantor institution” meeting the requirements of the Note Registrar which requirements include membership or participation in Securities Transfer Agents Medallion Program (“STAMP”) or such other “signature guarantee program” as may be determined by the Note Registrar in addition to, or in substitution for, STAMP, all in accordance with the Exchange Act, and (ii) accompanied by such other documents as the Trustee may require, and thereupon one or more new Notes of authorized denominations and in the same aggregate principal amount will be issued to the designated transferee or transferees. No service charge will be charged for any registration of transfer or exchange of this Note, but the transferor may be required to pay a sum sufficient to cover any tax or other governmental charge that may be imposed in connection with any such registration of transfer or exchange.

If this Note has been issued as a Definitive Note, the Note Registrar shall not register the transfer of this Note unless the prospective transferee has represented and warranted in writing that either (a) it is not a Benefit Plan Entity or (b) it is a Benefit Plan Entity and its acquisition and holding of this Note is covered by a Prohibited Transaction Class Exemption or the Statutory Exemption (or, if it is subject to any Similar Law, such acquisition and holding will not violate such Similar Law). If this Note has been issued as a Book Entry Note, each transferee of this Note or any beneficial interest herein that is a Benefit Plan Entity shall be deemed to represent that its acquisition and holding of this Note or any beneficial interest herein is covered by a Prohibited Transaction Class Exemption or the Statutory Exemption (or, if it is subject to any Similar Law, such acquisition and holding will not violate such Similar Law).

 

A-2-5


Each Noteholder or Note Owner, by acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note covenants and agrees (i) that no recourse may be taken, directly or indirectly, with respect to the obligations of the Issuer, the Owner Trustee or the Trustee on the Notes or under the Indenture or any certificate or other writing delivered in connection therewith, against (a) the Seller, the Servicer, the Trustee or the Owner Trustee in its individual capacity, (b) any owner of a beneficial interest in the Issuer or (c) any partner, owner, beneficiary, agent, officer, director or employee of the Seller, the Servicer, the Trustee or the Owner Trustee in its individual capacity, any holder of a beneficial interest in the Issuer, the Seller, the Servicer, the Owner Trustee or the Trustee or of any successor or assign of the Seller, the Servicer, the Trustee or the Owner Trustee in its individual capacity, except as any such Person may have expressly agreed (it being understood that the Trustee and the Owner Trustee have no such obligations in their individual capacity) and except that any such partner, owner or beneficiary shall be fully liable, to the extent provided by applicable law, for any unpaid consideration for stock, unpaid capital contribution or failure to pay any installment or call owing to such entity, and (ii) to treat the Notes that are owned or beneficially owned by a Person other than AFS SenSub Corp., or its Affiliates, as indebtedness for purposes of federal income, state and local income and franchise and any other income taxes.

Prior to the due presentment for registration of transfer of this Note, the Issuer, the Trustee and the Insurer and any agent of the Issuer, the Trustee or the Insurer may treat the Person in whose name this Note (as of the day of determination or as of such other date as may be specified in the Indenture) is registered as the owner hereof for all purposes, whether or not this Note be overdue, and neither the Issuer, the Trustee nor any such agent shall be affected by notice to the contrary.

The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of the Issuer and the rights of the Holders of the Notes under the Indenture at any time by the Issuer with the consent of the Insurer and of the Noteholders representing a majority of the Outstanding Amount of all Notes at the time Outstanding. The Indenture also contains provisions permitting the Noteholders representing specified percentages of the Outstanding Amount of the Notes, on behalf of the Holders of all the Notes, to waive compliance by the Issuer with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences. Any such consent or waiver by the Holder of this Note (or any one of more Predecessor Notes) shall be conclusive and binding upon such Holder and upon all future Holders of this Note and of any Note issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof whether or not notation of such consent or waiver is made upon this Note. The Indenture also permits the Trustee to amend or waive certain terms and conditions set forth in the Indenture without the consent of Holders of the Notes issued thereunder.

The term “Issuer” as used in this Note includes any successor to the Issuer under the Indenture.

The Issuer is permitted by the Indenture, under certain circumstances, to merge or consolidate, subject to the rights of the Trustee and the Noteholders under the Indenture.

The Notes are issuable only in registered form in denominations as provided in the Indenture, subject to certain limitations therein set forth.

This Note and the Indenture shall be construed in accordance with the laws of the State of New York, without reference to its conflict of law provisions, and the obligations, rights and remedies of the parties hereunder and thereunder shall be determined in accordance with such laws.

 

A-2-6


No reference herein to the Indenture and no provision of this Note or of the Indenture shall alter or impair the obligation of the Issuer, which is absolute and unconditional, to pay the principal of and interest on this Note at the times, place, and rate, and in the coin or currency herein prescribed.

Anything herein to the contrary notwithstanding, except as expressly provided in the Indenture or the Basic Documents, neither Wilmington Trust Company in its individual capacity, any owner of a beneficial interest in the Issuer, nor any of their respective partners, beneficiaries, agents, officers, directors, employees or successors or assigns shall be personally liable for, nor shall recourse be had to any of them for, the payment of principal of or interest on, or performance of, or omission to perform, any of the covenants, obligations or indemnifications contained in this Note or the Indenture, it being expressly understood that said covenants, obligations and indemnifications have been made by the Owner Trustee for the sole purposes of binding the interests of the Owner Trustee in the assets of the Issuer. The Holder of this Note by the acceptance hereof agrees that except as expressly provided in the Indenture or the Basic Documents, in the case of an Event of Default under the Indenture, the Holder shall have no claim against any of the foregoing for any deficiency, loss or claim therefrom; provided, however, that nothing contained herein shall be taken to prevent recourse to, and enforcement against, the assets of the Issuer for any and all liabilities, obligations and undertakings contained in the Indenture or in this Note.

 

A-2-7


ASSIGNMENT

Social Security or taxpayer I.D. or other identifying number of assignee

 

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

(name and address of assignee)                                                     

the within Note and all rights thereunder, and hereby irrevocably constitutes and appoints, attorney, to transfer said Note on the books kept for registration thereof, with full power of substitution in the premises.

 

Dated                                                                                                              1

                                                                                                                               
   

 

Signature Guaranteed:

                                                                                                                           

   

 

 

                                                                                                                           

 

1

NOTE: The signature to this assignment must correspond with the name of the registered owner as it appears on the face of the within Note in every particular, without alteration, enlargement or any change whatsoever.

 

A-2-8


EXHIBIT A-3

 

REGISTERED

   $ 93,000,000

No. RB-A-3

SEE REVERSE FOR CERTAIN DEFINITIONS

CUSIP NO. 03061L AC7

Unless this Note is presented by an authorized representative of The Depository Trust Company, a New York corporation (“DTC”), to the Issuer or its agent for registration of transfer, exchange or payment, and any Note issued is registered in the name of Cede & Co. or in such other name as is requested by an authorized representative of DTC (and any payment is made to Cede & Co. or to such other entity as is requested by an authorized representative of DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the registered owner hereof, Cede & Co., has an interest herein.

THE PRINCIPAL OF THIS NOTE IS PAYABLE IN INSTALLMENTS AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING PRINCIPAL AMOUNT OF THIS NOTE AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ON THE FACE HEREOF.

AMERICREDIT AUTOMOBILE RECEIVABLES TRUST 2010-A

CLASS A-3 3.51% ASSET BACKED NOTE

AmeriCredit Automobile Receivables Trust 2010-A, a statutory trust organized and existing under the laws of the State of Delaware (herein referred to as the “Issuer”), for value received, hereby promises to pay to CEDE & CO., or registered assigns, the principal sum of NINETY-THREE MILLION DOLLARS payable on each Distribution Date in an amount equal to the result obtained by multiplying (i) a fraction the numerator of which is $93,000,000 and the denominator of which is $93,000,000 by (ii) the aggregate amount, if any, payable from the Note Distribution Account and Collection Account in respect of principal on the Class A-3 Notes pursuant to the Indenture; provided, however, that the entire unpaid principal amount of this Note shall be due and payable on the July 6, 2017 Distribution Date (the “Final Scheduled Distribution Date”). The Issuer will pay interest on this Note at the rate per annum shown above on each Distribution Date until the principal of this Note is paid or made available for payment. Interest on this Note will accrue for each Distribution Date from the most recent Distribution Date on which interest has been paid to but excluding such Distribution Date or, if no interest has yet been paid, from March 31, 2010. Interest will be computed on the basis of a 360 day year consisting of twelve 30-day months. Such principal of and interest on this Note shall be paid in the manner specified on the reverse hereof.

 

A-3-1


The principal of and interest on this Note are payable in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts. All payments made by the Issuer with respect to this Note shall be applied first to interest due and payable on this Note as provided above and then to the unpaid principal of this Note.

The Notes are entitled to the benefits of a financial guaranty insurance policy (the “Note Policy”) issued by Assured Guaranty Corp. (the “Insurer”), pursuant to which the Insurer has unconditionally guaranteed payments with respect to each Distribution Date will be paid on or prior to the related Insured Distribution Date, all as more fully set forth in the Indenture and the Sale and Servicing Agreement. The Record Date applicable to any Insured Distribution Date is the Record Date applicable to the related Distribution Date.

Reference is made to the further provisions of this Note set forth on the reverse hereof, which shall have the same effect as though fully set forth on the face of this Note.

Unless the certificate of authentication hereon has been executed by the Trustee whose name appears below by manual signature, this Note shall not be entitled to any benefit under the Indenture referred to on the reverse hereof, or be valid or obligatory for any purpose.

 

A-3-2


 

IN WITNESS WHEREOF, the Issuer has caused this instrument to be signed, manually or in facsimile, by its Authorized Officer as of the date set forth below.

 

       AMERICREDIT AUTOMOBILE RECEIVABLES TRUST 2010-A
       By:    WILMINGTON TRUST COMPANY, not in its individual capacity but solely as Owner Trustee under the Trust Agreement
       By:     
          Name:
          Title:

 

TRUSTEE’S CERTIFICATE OF AUTHENTICATION

 

This is one of the Notes designated above and referred to in the within-mentioned Indenture.

 

Date: March 31, 2010        WELLS FARGO BANK, NATIONAL ASSOCIATION, not in its individual capacity but solely as Trustee
       By:     
          Authorized Signer

 

A-3-3


[REVERSE OF NOTE]

This Note is one of a duly authorized issue of Notes of the Issuer, designated as its Class A-3 3.51% Asset Backed Notes (herein called the “Class A-3 Notes”), all issued under an Indenture dated as of March 25, 2010 (such indenture, as supplemented or amended, is herein called the “Indenture”), between the Issuer and Wells Fargo Bank, National Association, as trustee (the “Trustee,” which term includes any successor Trustee under the Indenture) and as trust collateral agent (the “Trust Collateral Agent”), which term includes any successor Trust Collateral Agent) to which Indenture and all indentures supplemental thereto reference is hereby made for a statement of the respective rights and obligations thereunder of the Issuer, the Trustee and the Holders of the Notes. The Notes are subject to all terms of the Indenture. All terms used in this Note that are defined in the Indenture, as supplemented or amended, shall have the meanings assigned to them in or pursuant to the Indenture, as so supplemented or amended.

The Class A-1 Notes, the Class A-2 Notes and the Class A-3 Notes (together, the “Notes”) are and will be equally and ratably secured by the collateral pledged as security therefor as provided in the Indenture.

Principal of the Class A-3 Notes will be payable on each Distribution Date in an amount described on the face hereof. “Distribution Date” means the sixth day of each month, or, if any such date is not a Business Day, the next succeeding Business Day, commencing May 6, 2010. If AmeriCredit is no longer acting as Servicer, the distribution date may be a different day of the month. The term “Distribution Date,” shall be deemed to include the Final Scheduled Distribution Date.

As described above, the entire unpaid principal amount of this Note shall be due and payable on the earlier of the Final Scheduled Distribution Date and the Redemption Date, if any, pursuant to the Indenture. As described above, a portion of the unpaid principal balance of this Note shall be due and payable on the Redemption Date, if any. Notwithstanding the foregoing, the entire unpaid principal amount of the Notes shall be due and payable (i) on the date on which an Event of Default shall have occurred and be continuing if the Insurer has declared the Notes to be immediately due and payable in the manner provided in the Indenture, so long as an Insurer Default shall not have occurred and be continuing or (ii) if an Insurer Default shall have occurred and be continuing, on the date on which an Event of Default shall have occurred and be continuing and the Trustee or the Holders of the Notes representing not less than a majority of the Outstanding Amount of the Notes have declared the Notes to be immediately due and payable in the manner provided in the Indenture. All principal payments on the Class A-3 Notes shall be made pro rata to the Class A-3 Noteholders entitled thereto.

 

A-3-4


Payments of interest on this Note due and payable on each Distribution Date, together with the installment of principal, if any, to the extent not in full payment of this Note, shall be made by check mailed to the Person whose name appears as the Holder of this Note (or one or more Predecessor Notes) on the Note Register as of the close of business on each Record Date, except that with respect to Notes registered on the Record Date in the name of the nominee of the Clearing Agency (initially, such nominee to be Cede & Co.), payments will be made by wire transfer in immediately available funds to the account designated by such nominee. Such checks shall be mailed to the Person entitled thereto at the address of such Person as it appears on the Note Register as of the applicable Record Date without requiring that this Note be submitted for notation of payment. Any reduction in the principal amount of this Note (or any one or more Predecessor Notes) effected by any payments made on any Distribution Date shall be binding upon all future Holders of this Note and of any Note issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof, whether or not noted hereon. If funds are expected to be available, as provided in the Indenture, for payment in full of the then remaining unpaid principal amount of this Note on a Distribution Date, then the Trustee, in the name of and on behalf of the Issuer, will notify the Person who was the Holder hereof as of the Record Date preceding such Distribution Date by notice mailed prior to such Distribution Date and the amount then due and payable shall be payable only upon presentation and surrender of this Note at the Trustee’s principal Corporate Trust Office or at the office of the Trustee’s agent appointed for such purposes located in Minneapolis, Minnesota.

The Issuer shall pay interest on overdue installments of interest at the Class A-3 Interest Rate to the extent lawful.

As provided in the Indenture and subject to certain limitations set forth therein, the transfer of this Note may be registered on the Note Register upon surrender of this Note for registration of transfer at the office or agency designated by the Issuer pursuant to the Indenture, (i) duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Trustee duly executed by, the Holder hereof or his attorney duly authorized in writing, with such signature guaranteed by an “eligible guarantor institution” meeting the requirements of the Note Registrar which requirements include membership or participation in Securities Transfer Agents Medallion Program (“STAMP”) or such other “signature guarantee program” as may be determined by the Note Registrar in addition to, or in substitution for, STAMP, all in accordance with the Exchange Act, and (ii) accompanied by such other documents as the Trustee may require, and thereupon one or more new Notes of authorized denominations and in the same aggregate principal amount will be issued to the designated transferee or transferees. No service charge will be charged for any registration of transfer or exchange of this Note, but the transferor may be required to pay a sum sufficient to cover any tax or other governmental charge that may be imposed in connection with any such registration of transfer or exchange.

If this Note has been issued as a Definitive Note, the Note Registrar shall not register the transfer of this Note unless the prospective transferee has represented and warranted in writing that either (a) it is not a Benefit Plan Entity or (b) it is a Benefit Plan Entity and its acquisition and holding of this Note is covered by a Prohibited Transaction Class Exemption or the Statutory Exemption (or, if it is subject to any Similar Law, such acquisition and holding will not violate such Similar Law). If this Note has been issued as a Book Entry Note, each transferee of this Note or any beneficial interest herein that is a Benefit Plan Entity shall be deemed to represent that its acquisition and holding of this Note or any beneficial interest herein is covered by a Prohibited Transaction Class Exemption or the Statutory Exemption (or, if it is subject to any Similar Law, such acquisition and holding will not violate such Similar Law).

 

A-3-5


Each Noteholder or Note Owner, by acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note covenants and agrees (i) that no recourse may be taken, directly or indirectly, with respect to the obligations of the Issuer, the Owner Trustee or the Trustee on the Notes or under the Indenture or any certificate or other writing delivered in connection therewith, against (a) the Seller, the Servicer, the Trustee or the Owner Trustee in its individual capacity, (b) any owner of a beneficial interest in the Issuer or (c) any partner, owner, beneficiary, agent, officer, director or employee of the Seller, the Servicer, the Trustee or the Owner Trustee in its individual capacity, any holder of a beneficial interest in the Issuer, the Seller, the Servicer, the Owner Trustee or the Trustee or of any successor or assign of the Seller, the Servicer, the Trustee or the Owner Trustee in its individual capacity, except as any such Person may have expressly agreed (it being understood that the Trustee and the Owner Trustee have no such obligations in their individual capacity) and except that any such partner, owner or beneficiary shall be fully liable, to the extent provided by applicable law, for any unpaid consideration for stock, unpaid capital contribution or failure to pay any installment or call owing to such entity, and (ii) to treat the Notes that are owned or beneficially owned by a Person other than AFS SenSub Corp., or its Affiliates, as indebtedness for purposes of federal income, state and local income and franchise and any other income taxes.

Prior to the due presentment for registration of transfer of this Note, the Issuer, the Trustee and the Insurer and any agent of the Issuer, the Trustee or the Insurer may treat the Person in whose name this Note (as of the day of determination or as of such other date as may be specified in the Indenture) is registered as the owner hereof for all purposes, whether or not this Note be overdue, and neither the Issuer, the Trustee nor any such agent shall be affected by notice to the contrary.

The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of the Issuer and the rights of the Holders of the Notes under the Indenture at any time by the Issuer with the consent of the Insurer and of the Noteholders representing a majority of the Outstanding Amount of all Notes at the time Outstanding. The Indenture also contains provisions permitting the Noteholders representing specified percentages of the Outstanding Amount of the Notes, on behalf of the Holders of all the Notes, to waive compliance by the Issuer with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences. Any such consent or waiver by the Holder of this Note (or any one of more Predecessor Notes) shall be conclusive and binding upon such Holder and upon all future Holders of this Note and of any Note issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof whether or not notation of such consent or waiver is made upon this Note. The Indenture also permits the Trustee to amend or waive certain terms and conditions set forth in the Indenture without the consent of Holders of the Notes issued thereunder.

The term “Issuer” as used in this Note includes any successor to the Issuer under the Indenture.

The Issuer is permitted by the Indenture, under certain circumstances, to merge or consolidate, subject to the rights of the Trustee and the Noteholders under the Indenture.

The Notes are issuable only in registered form in denominations as provided in the Indenture, subject to certain limitations therein set forth.

This Note and the Indenture shall be construed in accordance with the laws of the State of New York, without reference to its conflict of law provisions, and the obligations, rights and remedies of the parties hereunder and thereunder shall be determined in accordance with such laws.

 

A-3-6


No reference herein to the Indenture and no provision of this Note or of the Indenture shall alter or impair the obligation of the Issuer, which is absolute and unconditional, to pay the principal of and interest on this Note at the times, place, and rate, and in the coin or currency herein prescribed.

Anything herein to the contrary notwithstanding, except as expressly provided in the Indenture or the Basic Documents, neither Wilmington Trust Company in its individual capacity, any owner of a beneficial interest in the Issuer, nor any of their respective partners, beneficiaries, agents, officers, directors, employees or successors or assigns shall be personally liable for, nor shall recourse be had to any of them for, the payment of principal of or interest on, or performance of, or omission to perform, any of the covenants, obligations or indemnifications contained in this Note or the Indenture, it being expressly understood that said covenants, obligations and indemnifications have been made by the Owner Trustee for the sole purposes of binding the interests of the Owner Trustee in the assets of the Issuer. The Holder of this Note by the acceptance hereof agrees that except as expressly provided in the Indenture or the Basic Documents, in the case of an Event of Default under the Indenture, the Holder shall have no claim against any of the foregoing for any deficiency, loss or claim therefrom; provided, however, that nothing contained herein shall be taken to prevent recourse to, and enforcement against, the assets of the Issuer for any and all liabilities, obligations and undertakings contained in the Indenture or in this Note.

 

A-3-7


ASSIGNMENT

Social Security or taxpayer I.D. or other identifying number of assignee

 

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

(name and address of assignee)                        

the within Note and all rights thereunder, and hereby irrevocably constitutes and appoints, attorney, to transfer said Note on the books kept for registration thereof, with full power of substitution in the premises.

 

Dated                                                                                                                      1

  

 

  

 

Signature Guaranteed:

                                                                                                                                    

  

 

 

 

1

NOTE: The signature to this assignment must correspond with the name of the registered owner as it appears on the face of the within Note in every particular, without alteration, enlargement or any change whatsoever.

 

A-3-8


SCHEDULE A

REPRESENTATIONS AND WARRANTIES OF THE ISSUER

Representations and Warranties Regarding the Receivables:

1. Security Interest in Financed Vehicle. This Indenture creates a valid and continuing Security Interest (as defined in the applicable UCC) in the Receivables in favor of the Trust Collateral Agent, which Security Interest is prior to all other Liens, and is enforceable as such as against creditors of and purchasers from the Seller. The Issuer owns and has good and marketable title to the Receivables free and clear of any Lien (other than the Lien in favor of the Trust Collateral Agent), claim or encumbrance of any Person.

2. All Filings Made. The Issuer has taken all steps necessary to perfect the Trust Collateral Agent’s security interest in the property securing the Receivables, provided that, if not done as of the Closing Date, the Issuer will cause, within ten days of the Closing Date, the filing 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 Trust Collateral Agent hereunder. All financing statements filed or to be filed against the Issuer in favor of the Trust Collateral Agent in connection herewith describing the Receivables contain a statement to the following effect: “A purchase of or a security interest in any collateral described in this financing statement will violate the rights of the Trust Collateral Agent.”

3. No Impairment. The Issuer has not done anything to convey any right to any Person that would result in such Person having a right to payments due under the Receivable or otherwise to impair the rights of the 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 Collateral Agent pursuant to this Indenture, the Issuer has not pledged, assigned, sold, granted a security interest in, or otherwise conveyed any of the Receivables. The Issuer has not authorized the filing of and is not aware of any financing statements against the Issuer that include a description of collateral covering the Receivables other than any financing statement relating to the security interest granted to the Trust Collateral Agent hereunder or that has been terminated. The Issuer is not aware of any judgment or tax lien filings against it.

4. 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.

5. Good Title. Immediately prior to the pledge of the Receivables to the Trust Collateral Agent pursuant to this Indenture, the Issuer was the sole owner thereof and had good and indefeasible title thereto, free of any Lien and, upon execution and delivery of this Agreement, the Trust shall have good and indefeasible title to and will be the sole owner of such Receivables, free of any Lien. No Dealer or Third-Party Lender has a participation in, or other right to receive, proceeds of any Receivable. The Issuer 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.

 

Sched. A-1


6. Possession of Original Copy. The Servicer, as Custodian on behalf of the Issuer, has in its possession or control the original contract (or with respect to “electronic chattel paper”, the authoritative copy) that constitutes or evidences the Receivable.

7. 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.

8. 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.”

9. 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.

10. 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.

 

Sched. A-2


SCHEDULE B

INSURANCE AGREEMENT INDENTURE CROSS DEFAULTS

As of the Closing Date, the following Insurance Agreement Events of Default shall constitute Insurance Agreement Indenture Cross Defaults, so long as no Insurer Default shall have occurred and be continuing and so long as the Insurance Agreement has not been terminated. This Schedule may be waived, terminated or amended from time to time without the consent of the Noteholders to conform to the Insurance Agreement should such Insurance Agreement Indenture Cross Defaults be amended pursuant to the terms of the Insurance Agreement. Terms used in this Schedule B shall have the meanings assigned to such terms in the Insurance Agreement.

 

1. A demand for payment shall be made under the Notes Policy;

 

2. Any of the Trust, AmeriCredit, the Company or AFS SenSub shall fail to pay its debts generally as they come due, or shall admit in writing its inability to pay its debts generally, or shall make a general assignment for the benefit of creditors, or shall institute any proceeding seeking to adjudicate it insolvent or seeking a liquidation, or shall take advantage of any insolvency act, or shall commence a case or other proceeding naming it as debtor under the United States Bankruptcy Code or similar law, domestic or foreign, or a case or other proceeding shall be commenced against any of the Trust, AmeriCredit, the Company or AFS SenSub under the United States Bankruptcy Code or similar law, domestic or foreign, or any proceeding shall be instituted against any of the Trust, AmeriCredit, the Company or AFS SenSub seeking liquidation of their respective assets and such Person shall fail to take appropriate action resulting in the withdrawal or dismissal of such proceeding within 30 days or there shall be appointed or any of the Trust, AmeriCredit, the Company or AFS SenSub shall consent to, or acquiesce in, the appointment of a receiver, liquidator, conservator, trustee or similar official in respect of such Person or the whole or any substantial part of its respective properties or assets or such Person shall take any corporate action in furtherance of any of the foregoing;

 

3. On any Insured Distribution Date, after taking into account the application in accordance with Section 5.7(a) of the Sale and Servicing Agreement on the related Distribution Date of the sum of Available Funds, any Deficiency Claim Amount Deposits and any Accelerated Payment Amount Shortfall Deposits with respect to such related Distribution Date and the amounts available in the Series 2010-A Spread Account (prior to withdrawals therefrom in accordance with the terms of the Spread Account Agreement), any amounts payable on such related Distribution Date pursuant to clauses (i), (ii), (iii) or (v) of Section 5.7(a) of the Sale and Servicing Agreement have not been paid in full;

 

4. The Trust becomes taxable as an association (or publicly traded partnership) taxable as a corporation for federal or state income tax purposes;

 

Sched. B-1


5. Any default in the observance or performance of any covenant or agreement of the Trust made in the Indenture (other than a default in the payment of the interest or principal on any Note when due) or any representation or warranty of the Trust made in the Indenture or in any certificate or other writing delivered pursuant thereto or in connection therewith proving to have been incorrect in any material respect as of the time when the same shall have been made, and such default shall continue or not be cured, or the circumstance or condition in respect of which such misrepresentation or warranty was incorrect shall not have been eliminated or otherwise cured, for a period of 30 days after there shall have been given, by registered or certified mail, to the Trust and the Indenture Trustee by Assured Guaranty, a written notice specifying such default or incorrect representation or warranty and requiring it to be remedied;

 

6. To the extent applicable, the failure of the Company or AFS SenSub to comply with Section 2.8(j) of the Insurance Agreement.

 

Sched. B-2

EX-4.2 3 dex42.htm AMENDED AND RESTATED TRUST AGREEMENT, DATED AS OF MARCH 25, 2010 Amended and Restated Trust Agreement, dated as of March 25, 2010

Exhibit 4.2

 

 

 

AMENDED AND RESTATED

TRUST AGREEMENT

between

AFS SENSUB CORP.

Seller

and

WILMINGTON TRUST COMPANY

Owner Trustee

Dated as of March 25, 2010

 

 

 


TABLE OF CONTENTS

 

ARTICLE I. DEFINITIONS

   1

SECTION 1.1.

  

Capitalized Terms

   1

SECTION 1.2.

  

Other Definitional Provisions

   3

ARTICLE II. ORGANIZATION

   4

SECTION 2.1.

  

Name

   4

SECTION 2.2.

  

Office

   4

SECTION 2.3.

  

Purposes and Powers

   4

SECTION 2.4.

  

Appointment of Owner Trustee

   5

SECTION 2.5.

  

Initial Capital Contribution of Trust Estate

   5

SECTION 2.6.

  

Declaration of Trust

   5

SECTION 2.7.

  

Title to Trust Property

   6

SECTION 2.8.

  

Situs of Trust

   6

SECTION 2.9.

  

Representations and Warranties of the Depositor

   6

SECTION 2.10.

  

Covenants of the Certificateholder

   7

SECTION 2.11.

  

Federal Income Tax Treatment of the Trust

   8

SECTION 2.12.

  

Derivative Contracts

   8

ARTICLE III. CERTIFICATE AND TRANSFER OF INTEREST

   9

SECTION 3.1.

  

Initial Ownership

   9

SECTION 3.2.

  

The Certificate

   9

SECTION 3.3.

  

Authentication of Certificate

   10

SECTION 3.4.

  

Registration of Transfer and Exchange of Certificate

   10

SECTION 3.5.

  

Mutilated, Destroyed, Lost or Stolen Certificates

   11

SECTION 3.6.

  

Persons Deemed Certificateholders

   11

SECTION 3.7.

  

Maintenance of Office or Agency

   12

SECTION 3.8.

  

Disposition in Whole But Not in Part

   12

SECTION 3.9.

  

ERISA Restrictions

   12

ARTICLE IV. VOTING RIGHTS AND OTHER ACTIONS

   12

SECTION 4.1.

  

Prior Notice to Holder with Respect to Certain Matters

   12

SECTION 4.2.

  

Action by Certificateholder with Respect to Certain Matters

   13

SECTION 4.3.

  

Restrictions on Certificateholder’s Power

   13

SECTION 4.4.

  

Rights of Insurer

   13

SECTION 4.5.

  

Action with Respect to Bankruptcy Action

   14

SECTION 4.6.

  

Covenants and Restrictions on Conduct of Business

   15

ARTICLE V. AUTHORITY AND DUTIES OF OWNER TRUSTEE

   16

SECTION 5.1.

  

General Authority

   16

SECTION 5.2.

  

General Duties

   17

SECTION 5.3.

  

Action upon Instruction

   17

SECTION 5.4.

  

No Duties Except as Specified in this Agreement or in Instructions

   18

 

i


SECTION 5.5.

  

No Action Except under Specified Documents or Instructions

   18

SECTION 5.6.

  

Restrictions

   18

ARTICLE VI. CONCERNING THE OWNER TRUSTEE

   19

SECTION 6.1.

  

Acceptance of Trusts and Duties

   19

SECTION 6.2.

  

Furnishing of Documents

   20

SECTION 6.3.

  

Representations and Warranties

   20

SECTION 6.4.

  

Reliance; Advice of Counsel

   21

SECTION 6.5.

  

Not Acting in Individual Capacity

   21

SECTION 6.6.

  

Owner Trustee Not Liable for Certificate or Receivables

   21

SECTION 6.7.

  

Owner Trustee May Own Notes

   22

SECTION 6.8.

  

Payments from Owner Trust Estate

   22

SECTION 6.9.

  

Doing Business in Other Jurisdictions

   22

ARTICLE VII. COMPENSATION OF OWNER TRUSTEE

   22

SECTION 7.1.

  

Owner Trustee’s Fees and Expenses

   22

SECTION 7.2.

  

Indemnification

   23

SECTION 7.3.

  

Payments to the Owner Trustee

   23

SECTION 7.4.

  

Non-recourse Obligations

   23

ARTICLE VIII. TERMINATION OF TRUST AGREEMENT

   23

SECTION 8.1.

  

Termination of Trust Agreement

   23

ARTICLE IX. SUCCESSOR OWNER TRUSTEES AND ADDITIONAL OWNER TRUSTEES

   25

SECTION 9.1.

  

Eligibility Requirements for Owner Trustee

   25

SECTION 9.2.

  

Resignation or Removal of Owner Trustee

   25

SECTION 9.3.

  

Successor Owner Trustee

   26

SECTION 9.4.

  

Merger or Consolidation of Owner Trustee

   26

SECTION 9.5.

  

Appointment of Co-Trustee or Separate Trustee

   26

ARTICLE X. MISCELLANEOUS

   28

SECTION 10.1.

  

Supplements and Amendments

   28

SECTION 10.2.

  

No Legal Title to Owner Trust Estate in Certificateholder

   29

SECTION 10.3.

  

Limitations on Rights of Others

   29

SECTION 10.4.

  

Notices

   29

SECTION 10.5.

  

Severability

   30

SECTION 10.6.

  

Separate Counterparts

   30

SECTION 10.7.

  

Assignments; Insurer

   30

SECTION 10.8.

  

No Recourse

   30

SECTION 10.9.

  

Headings

   30

SECTION 10.10.

  

GOVERNING LAW

   30

SECTION 10.11.

  

Servicer

   30

SECTION 10.12.

  

Nonpetition Covenants

   31

SECTION 10.13.

  

Third Party Beneficiary

   31

SECTION 10.14.

  

Regulation AB

   31

 

ii


EXHIBITS

 

EXHIBIT A   FORM OF CERTIFICATE
EXHIBIT B   FORM OF CERTIFICATE OF TRUST

 

iii


This AMENDED AND RESTATED TRUST AGREEMENT, dated as of March 25, 2010 between AFS SENSUB CORP., a Nevada corporation, as depositor (the “Seller”), and WILMINGTON TRUST COMPANY, a Delaware banking corporation, as Owner Trustee, amends and restates in its entirety that certain Trust Agreement dated as of March 5, 2010 between the Seller and the Owner Trustee.

ARTICLE I.

Definitions

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

AmeriCredit” shall mean AmeriCredit Financial Services, Inc.

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

Bankruptcy Action” shall have the meaning assigned to such term in Section 4.5(a).

Basic Documents” shall mean this Agreement, the Certificate of Trust, the Sale and Servicing Agreement, the Indenture, the Spread Account Agreement, the Underwriting Agreement, the Lockbox Account Agreement, the Lockbox Processing Agreement, the Insurance Agreement, the Indemnification Agreement, the Premium Letter, the Custodian Agreement and the other documents and certificates delivered in connection therewith, as the same may be amended, restated or supplemented from time to time in accordance with their terms.

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

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

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

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

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

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

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

 

1


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

Derivative Contract” means any ISDA Master Agreement, together with the related Schedule and Confirmation, entered into by the Trust and a Derivative Counterparty in accordance with Section 2.12, as the same may be amended, restated or supplemented from time to time.

Derivative Contract Collection Account” has the meaning specified in Section 2.12.

Derivative Counterparty” means any counterparty to a Derivative Contract as provided in Section 2.12.

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

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

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

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

Indenture” shall mean the Indenture dated as of March 25, 2010, between the Trust and Wells Fargo Bank, National Association, as Trust Collateral Agent and Trustee, as the same may be amended and supplemented from time to time.

Instructing Party” shall have the meaning assigned to such term in Section 5.3.

Insurer” shall mean Assured Guaranty Corp., or its successor in interest.

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

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

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

 

2


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

Sale and Servicing Agreement” shall mean the Sale and Servicing Agreement dated as of March 25, 2010, among the Trust, the Seller, AmeriCredit Financial Services, Inc. and Wells Fargo Bank, National Association, as Backup Servicer and Trust Collateral Agent, as the same may be amended and supplemented from time to time in accordance with its terms.

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

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

Spread Account Agreement” shall mean the Spread Account Agreement dated as March 25, 2010 among the Insurer, the Seller and the Collateral Agent, as the same may be amended, supplemented or otherwise modified in accordance with the terms thereof.

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

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

Trust” shall mean the trust established by this Agreement.

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

SECTION 1.2. Other Definitional Provisions.

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

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

 

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

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

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

ARTICLE II.

Organization

SECTION 2.1. Name. There is hereby continued a Delaware statutory trust to be known as “AmeriCredit Automobile Receivables Trust 2010-A,” in which name the Owner Trustee may conduct the business of the Trust, make and execute contracts and other instruments on behalf of the Trust and sue and be sued.

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

SECTION 2.3. Purposes and Powers.

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

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

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

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

 

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(iv) at the direction of the Seller and subject to the requirements set forth in Section 2.12 hereof, to enter into Derivative Contracts for the benefit of the Certificateholder;

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

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

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

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

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

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

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

 

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

SECTION 2.7. Title to Trust Property.

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

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

SECTION 2.8. Situs of Trust. The Trust will be located and administered in the State of Delaware. All bank accounts maintained by the Owner Trustee on behalf of the Trust shall be located in the State of Delaware or the State of New York. Payments will be received by the Trust only in Delaware or New York and payments will be made by the Trust only from Delaware or New York. The Trust shall not have any employees in any state other than Delaware; provided, however, that nothing herein shall restrict or prohibit the Owner Trustee, the Servicer or any agent of the Trust from having employees within or outside the State of Delaware. The only office of the Trust will be at the Corporate Trust Office located in Delaware.

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

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

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

 

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

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

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

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

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

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

 

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

SECTION 2.11. Federal Income Tax Treatment of the Trust.

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

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

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

SECTION 2.12. Derivative Contracts.

(a) The Trust, at the direction of the Seller, shall execute and deliver Derivative Contracts in such form as the Seller shall approve, as evidenced conclusively by the Trust’s execution thereof, such Derivative Contracts being solely for the benefit of the Certificateholder; provided, however, that neither the execution and delivery of any such Derivative Contract nor the consummation of any transaction contemplated thereunder shall give rise to a non-exempt prohibited transaction described in Section 406 of ERISA or 4975(c)(1) of the Code. Any such Derivative Contract shall constitute a fully prepaid agreement. Any acquisition of a Derivative Contract shall be accompanied by (i) an Opinion of Counsel addressed to the Insurer provided by, and at the expense of, the Seller to the effect that the existence of the Derivative Contract will not cause the Trust to be characterized as an association (or publicly traded partnership) taxable as a corporation for federal income tax purposes, (ii) the prior written consent of the Insurer to the acquisition of such Derivative Contract, such consent not to be unreasonably withheld; provided that such consent shall not be deemed to be unreasonably withheld if the proposed Derivative Contract does not satisfy the requirements set forth in clauses (b) and (c) below and (iii) confirmation from the Rating Agencies that the then-current rating of the Notes, and the rating of the Notes without taking into account the existence of the Policy, will not be qualified, reduced or withdrawn as a result of the acquisition of such Derivative Contract. Prior to the acquisition of any Derivative Contracts by the Trust, the Trust at the direction and expense of the Seller, shall establish and maintain in its own name an Eligible Deposit Account (the “Derivative Contract Collection Account”), bearing a designation clearly indicating that the funds deposited therein are held for the benefit of the Trust on behalf of the Certificateholder. All collections, proceeds and other amounts in respect of the Derivative Contracts payable by the Derivative Counterparty shall be deposited into the Derivative Contract Collection Account for distribution to the Certificateholder on the Distribution Date following receipt thereof by the Trust in accordance with Section 5.7(a) of the Sale and Servicing Agreement.

 

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(b) No Derivative Contract shall provide for any payment obligation on the part of the Trust. Each Derivative Contract must (i) contain a non-petition covenant from the Derivative Counterparty, (ii) limit payment dates thereunder to Payment Dates and (iii) contain a provision limiting any cash payments due to the Derivative Counterparty under such Derivative Contract solely to payments made upon the execution of the Derivative Contract in accordance with subclause (a) above that are paid from amounts on deposit in the Collection Account that are available to make payments to the Certificateholder on such Payment Date in accordance with Section 5.7(a) of the Sale and Servicing Agreement.

(c) In addition to the requirements contained in subclause (a) above, each Derivative Contract must (i) provide for the direct payment of any amounts by the Derivative Counterparty thereunder to the Collection Account at least one Business Day prior to the related Payment Date, (ii) provide that in the event of the occurrence of an Event of Default, such Derivative Contract shall terminate upon the direction of a majority percentage interest of the Certificateholders, (iii) prohibit the Derivative Counterparty from “setting-off” or “netting” other obligations of the Trust and its Affiliates against such Derivative Counterparty’s payment obligations thereunder and (iv) satisfy the Rating Agency Condition.

ARTICLE III.

Certificate and Transfer of Interest

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

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

 

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SECTION 3.3. Authentication of Certificate. Concurrently with the sale of the Receivables to the Trust pursuant to the Sale and Servicing Agreement, the Owner Trustee shall cause the Certificate to be executed on behalf of the Trust, authenticated and delivered to or upon the written order of the Depositor, signed by its chairman of the board, its president or any vice president, its treasurer or any assistant treasurer without further corporate action by the Depositor, in authorized denominations. Notwithstanding the foregoing and without any additional action, the Depositor hereby directs that a Certificate representing all the beneficial interest in the Trust be issued in the name of, and delivered to, AFS SenSub Corp., as initial Certificateholder. No Certificate shall entitle its holder to any benefit under this Agreement, or shall be valid for any purpose, unless there shall appear on such Certificate a certificate of authentication substantially in the form set forth in Exhibit A, executed by the Owner Trustee or the Owner Trustee’s authentication agent, by manual signature; such authentication shall constitute conclusive evidence that such Certificate shall have been duly authenticated and delivered hereunder. The Certificate shall be dated the date of its authentication.

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

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

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

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

 

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

Notwithstanding the foregoing, no sale or transfer of a Certificate shall be permitted (including, without limitation, by pledge or hypothecation), and no such sale or transfer shall be registered by the Certificate Registrar to be effective hereunder, if the sale or transfer thereof increases the number of Certificateholders to more than ninety-nine (99). For purposes of determining the total number of Certificateholders, a beneficial owner of an interest in a partnership, grantor trust, S corporation or other flow-through entity that owns, directly or through other flow-through entities, a Certificate is treated as a holder of a Certificate if (i) substantially all of the value of the beneficial owner’s interest (directly or indirectly) in the flow-through entity is attributed to the flow-through entity’s interest in the Certificate and (ii) a principal purpose of the use of the flow-through entity to hold the Certificate is to satisfy the 99 holder limitation set out above.

SECTION 3.5. Mutilated, Destroyed, Lost or Stolen Certificates. If (a) any mutilated Certificate shall be surrendered to the Certificate Registrar, or if the Certificate Registrar shall receive evidence to its satisfaction of the destruction, loss or theft of any Certificate and (b) there shall be delivered to the Certificate Registrar, the Owner Trustee and (unless an Insurer Default shall have occurred and be continuing) the Insurer, such security or indemnity as may be required by them to save each of them harmless, then in the absence of notice that such Certificate shall have been acquired by a bona fide purchaser, the Owner Trustee on behalf of the Trust shall execute and the Owner Trustee, or Wilmington Trust Company, as the Owner Trustee’s authenticating agent, shall authenticate and deliver, in exchange for or in lieu of any such mutilated, destroyed, lost or stolen Certificate, a new Certificate of like class, tenor and denomination. In connection with the issuance of any new Certificate under this Section, the Owner Trustee or the Certificate Registrar may require the payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in connection therewith. Any duplicate Certificate issued pursuant to this Section shall constitute conclusive evidence of an ownership interest in the Trust, as if originally issued, whether or not the lost, stolen or destroyed Certificate shall be found at any time.

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

 

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

SECTION 3.8. Disposition in Whole But Not in Part. The Certificate may be transferred in whole but not in part. Any attempted transfer of the Certificate that would divide the ownership of the Owner Trust Estate shall be void. The Owner Trustee shall cause any Certificate issued to contain a legend stating “THIS CERTIFICATE IS NOT TRANSFERABLE, EXCEPT UNDER THE LIMITED CONDITIONS SPECIFIED IN THE TRUST AGREEMENT.”

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

ARTICLE IV.

Voting Rights and Other Actions

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

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

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

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

 

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

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

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

SECTION 4.3. Restrictions on Certificateholder’s Power.

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

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

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

 

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SECTION 4.5. Action with Respect to Bankruptcy Action

(a) The Trust shall not, without the prior written consent of the Owner Trustee, (a) institute any proceedings to adjudicate the Trust a bankrupt or insolvent, (b) consent to the institution of bankruptcy or insolvency proceedings against the Trust, (c) file a petition seeking or consenting to reorganization or relief under any applicable federal or state law relating to bankruptcy with respect to the Trust, (d) consent to the appointment of a receiver, liquidator, assignee, trustee, sequestrator (or other similar official) of the Trust or a substantial part of its property, (e) make any assignment for the benefit of the Trust’s creditors; (f) cause the Trust to admit in writing its inability to pay its debts generally as they become due; or (g) take any action in furtherance of any of the foregoing (any of the above foregoing actions, a “Bankruptcy Action”). In considering whether to give or withhold written consent to a Bankruptcy Action by the Trust, the Owner Trustee, with the consent of the Certificateholders (hereby given, which consent the Certificateholders believe to be in the best interests of the Certificateholders and the Trust), shall consider the interest of the Noteholders and the Insurer in addition to the interests of the Trust and whether the Trust is insolvent; provided, however, that the Owner Trustee shall not be deemed to owe any fiduciary duty to the Noteholders or the Insurer. The Owner Trustee shall have no duty to give such written consent to a Bankruptcy Action by the Trust if the Owner Trustee shall not have been furnished (at the expense of the Trust or the Person that requested that such letter be furnished to the Owner Trustee) with a letter from an independent accounting firm of national reputation stating that in the opinion of such firm the Trust is then insolvent. The Owner Trustee (as such and in its individual capacity) shall not be personally liable to any Person on account of the Owner Trustee’s good faith reliance on the provisions of this Section or in connection with the Owner Trustee’s giving prior written consent to a Bankruptcy Action by the Trust in accordance herewith, or withholding such consent, in good faith, and neither the Trust nor any Certificateholder shall have any claim for breach of fiduciary duty or otherwise against the Owner Trustee (as such and in its individual capacity) for giving or withholding its consent to any such Bankruptcy Action.

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

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

 

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SECTION 4.6. Covenants and Restrictions on Conduct of Business.

(a) The Trust agrees to abide by the following restrictions:

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

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

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

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

(b) The Trust shall:

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

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

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

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

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

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

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

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

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

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

 

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

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

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

(xiv) not identify itself as a division (other than for tax reporting purposes) of any other person or entity; and

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

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

ARTICLE V.

Authority and Duties of Owner Trustee

SECTION 5.1. General Authority.

(a) The Owner Trustee is authorized and directed to execute and deliver the Basic Documents to which the Trust is named as a party, each certificate or other document attached as an exhibit to or contemplated by the Basic Documents to which the Trust is named as a party and any amendment thereto and on behalf of the Trust, each state business license (and any renewal thereof) prepared by the Certificateholder or Servicer, including a Sales Finance Company Application (and any renewal thereof) with the Pennsylvania Department of Banking, Licensing Division, and a Financial Regulation Application (and any renewal thereof) with the Maryland Department of Labor, Licensing and Regulation, in each case, in such form as the Depositor shall approve as evidenced conclusively by the Owner Trustee’s execution thereof, and on behalf of the Trust, to direct the Indenture Trustee to authenticate and deliver Class A-1 Notes in the aggregate principal amount of $36,000,000, Class A-2 Notes in the aggregate principal amount of $71,000,000 and Class A-3 Notes in the aggregate principal amount of $93,000,000. In addition to the foregoing, the Owner Trustee is authorized, but shall not be obligated, to take all actions required of the Trust pursuant to the Basic Documents. The Owner Trustee is further authorized from time to time to take such action as the Instructing Party recommends with respect to the Basic Documents so long as such activities are consistent with the terms of the Basic Documents.

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

 

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

SECTION 5.3. Action upon Instruction.

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

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

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

 

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

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

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

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

 

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ARTICLE VI.

Concerning the Owner Trustee

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

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

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

(c) no provision of this Agreement or any Basic Document shall require the Owner Trustee to expend or risk funds or otherwise incur any financial liability in the performance of any of its rights or powers hereunder or under any Basic Document if the Owner Trustee shall have reasonable grounds for believing that repayment of such funds or adequate indemnity against such risk or liability is not reasonably assured or provided to it;

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

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

 

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

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

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

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

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

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

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

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

 

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SECTION 6.4. Reliance; Advice of Counsel.

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

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

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

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

 

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

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

SECTION 6.9. Doing Business in Other Jurisdictions. Notwithstanding anything contained herein to the contrary, neither Wilmington Trust Company or any successor thereto, nor the Owner Trustee shall be required to take any action in any jurisdiction other than in the State of Delaware if the taking of such action will, even after the appointment of a co-trustee or separate trustee in accordance with Section 9.5 hereof, (i) require the consent or approval or authorization or order of or the giving of notice to, or the registration with or the taking of any other action in respect of, any state or other governmental authority or agency of any jurisdiction other than the State of Delaware; (ii) result in any fee, tax or other governmental charge under the laws of the State of Delaware becoming payable by Wilmington Trust Company (or any successor thereto); or (iii) subject Wilmington Trust Company (or any successor thereto) to personal jurisdiction in any jurisdiction other than the State of Delaware for causes of action arising from acts unrelated to the consummation of the transactions by Wilmington Trust Company (or any successor thereto) or the Owner Trustee, as the case may be, contemplated hereby.

ARTICLE VII.

Compensation of Owner Trustee

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

 

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

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

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

ARTICLE VIII.

Termination of Trust Agreement

SECTION 8.1. Termination of Trust Agreement.

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

 

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

(c) Notice of any termination of the Trust, specifying the Distribution Date upon which the Certificateholder shall surrender the Certificate to the Trust Collateral Agent for payment of the final distribution and cancellation, shall be given by the Owner Trustee by letter to the Certificateholder mailed within five Business Days of receipt of notice of such termination from the Servicer given pursuant to Section 10.1(c) of the Sale and Servicing Agreement, stating (i) the Distribution Date upon or with respect to which final payment of the Certificate shall be made upon presentation and surrender of the Certificate at the office of the Trust Collateral Agent therein designated, (ii) the amount of any such final payment, (iii) that the Record Date otherwise applicable to such Distribution Date is not applicable, payments being made only upon presentation and surrender of the Certificate at the office of the Trust Collateral Agent therein specified and (iv) interest will cease to accrue on the Certificate. The Owner Trustee shall give such notice to the Trust Collateral Agent and the Insurer at the time such notice is given to the Certificateholder. Upon presentation and surrender of the Certificate, the Trust Collateral Agent shall cause to be distributed to the Certificateholder amounts distributable on such Distribution Date pursuant to Section 5.7 of the Sale and Servicing Agreement.

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

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

 

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ARTICLE IX.

Successor Owner Trustees and Additional Owner Trustees

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

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

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

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

 

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

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

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

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

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

 

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

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

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

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

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

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

 

27


ARTICLE X.

Miscellaneous

SECTION 10.1. Supplements and Amendments.

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

(b) This Agreement may also be amended from time to time, with the prior written consent of the Insurer (so long as an Insurer Default shall not have occurred and be continuing) by the Depositor and the Owner Trustee, with prior written notice to the Rating Agencies, to the extent such amendment materially and adversely affects the interests of the Noteholders, with the consent of the Noteholders evidencing not less than a majority of the Outstanding Amount of the Notes, and the consent of the Certificateholder (which consent of any Holder of a Certificate or Note given pursuant to this Section or pursuant to any other provision of this Agreement shall be conclusive and binding on such Holder) for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of this Agreement or of modifying in any manner the rights of the Noteholders or the Certificateholder; provided, however, that subject to the express rights of the Insurer under the Basic Documents, no such amendment shall (a) increase or reduce in any manner the amount of, or accelerate or delay the timing of, collections of payments on Receivables or distributions that shall be required to be made for the benefit of the Noteholders or the Certificateholder or (b) reduce the aforesaid percentage of the Outstanding Amount of the Notes and the Certificate Balance required to consent to any such amendment, without the consent of the Holders of all the outstanding Notes and the Certificateholder.

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

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

 

28


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

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

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

SECTION 10.4. Notices.

(a) Unless otherwise expressly specified or permitted by the terms hereof, all notices shall be in writing and shall be deemed given upon receipt personally delivered, delivered by overnight courier or mailed first class mail or certified mail, in each case return receipt requested, and shall be deemed to have been duly given upon receipt, if to the Owner Trustee, addressed to the Corporate Trust Office; if to the Depositor, addressed to AFS SenSub Corp., 2265 B Renaissance Drive, Suite 17, Las Vegas, Nevada 89119, Attention: Chief Financial Officer, with a copy to AFS SenSub Corp., c/o AmeriCredit Financial Services, Inc., 801 Cherry Street, Suite 3500, Fort Worth, Texas 76102, Attention: Chief Financial Officer; if to the Insurer, addressed to Insurer, Assured Guaranty Corp., 31 West 52nd Street, New York, NY 10019, Attention: Risk Management Department, Confirmation: (212) 974-0100, Telecopy No.: (212) 339-3518 (in each case in which notice or other communication to the Insurer refers to an Event of Default, a claim on the Note Policy 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 the General Counsel of Assured Guaranty and, in all cases, any original and each copy shall be marked “URGENT MATERIAL ENCLOSED”); or, as to each party, at such other address as shall be designated by such party in a written notice to each other party.

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

 

29


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

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

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

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

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

SECTION 10.10. GOVERNING LAW. THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF DELAWARE, WITHOUT REFERENCE TO ITS CONFLICT OF LAW PROVISIONS, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS.

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

 

30


SECTION 10.12. Nonpetition Covenants.

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

(b) To the fullest extent permitted by applicable law, notwithstanding any prior termination of this Agreement, but subject to the provisions of Section 4.5, the Owner Trustee shall not, prior to the date which is one year and one day after the termination of this Agreement, with respect to the Trust, acquiesce, petition or otherwise invoke or cause the Trust to invoke the process of any court or government authority for the purpose of commencing or sustaining an involuntary case against the Trust under any federal or state bankruptcy, insolvency or similar law or appointing a receiver, liquidator, assignee, trustee, custodian, sequestrator or other similar official of the Trust or any substantial part of its property, or ordering the winding up or liquidation of the affairs of the Trust.

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

SECTION 10.14. Regulation AB. The Owner Trustee acknowledges and agrees that the purpose of this Section 10.14 is to facilitate compliance by the Trust with the provisions of Regulation AB and related rules and regulations of the Commission. The Owner Trustee acknowledges that interpretations of the requirements of Regulation AB may change over time, whether due to interpretive guidance provided by the Commission or its staff, consensus among participants in the asset-backed securities markets, advice of counsel, or otherwise, and agrees hereby to comply with reasonable requests made by the Servicer in good faith for delivery of information under these provisions on the basis of evolving interpretations of Regulation AB. The Owner Trustee shall cooperate fully with the Servicer and the Trust to deliver to the Servicer and the Trust any and all statements, reports, certifications, records and any other information necessary in the good faith determination of the Servicer to permit the Servicer and the Trust to comply with the provisions of Regulation AB, together with such disclosures relating to the Owner Trustee reasonably believed by the Servicer to be necessary in order to effect such compliance.

[Remainder of page intentionally left blank]

 

31


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

 

WILMINGTON TRUST COMPANY,
as Owner Trustee

By:  

/s/ Bethany J. Taylor

  Name:   Bethany J. Taylor
  Title:   Financial Services Officer

AFS SENSUB CORP.,
as Seller

By:  

/s/ Sheli D. Fitzgerald

  Name:   Sheli D. Fitzgerald
  Title:   Vice President, Structured Finance

ACKNOWLEDGED AND AGREED TO:

 

AMERICREDIT CORP.,
Solely with respect to Sections 7.1 and 7.2
By:  

/s/ Susan B. Sheffield

  Name:   Susan B. Sheffield
  Title:   Executive Vice President, Structured Finance

[Amended and Restated Trust Agreement]


EXHIBIT A

NUMBER

R-1

SEE REVERSE FOR CERTAIN DEFINITIONS

THIS CERTIFICATE IS NOT TRANSFERABLE,

EXCEPT UNDER THE LIMITED CONDITIONS

SPECIFIED IN THE TRUST AGREEMENT

 

 

ASSET BACKED CERTIFICATE

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

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

THIS CERTIFIES THAT AFS SenSub Corp. is the registered owner of a nonassessable, fully-paid, beneficial ownership interest in certain distributions of AmeriCredit Automobile Receivables Trust 2010-A (the “Trust”) formed by AFS SenSub Corp., a Nevada corporation (the “Seller”).

The Trust was created pursuant to a Trust Agreement dated as of March 5, 2010, as amended and restated as of March 25, 2010 (the “Trust Agreement”), between the Seller and Wilmington Trust Company, as owner trustee (the “Owner Trustee”), a summary of certain of the pertinent provisions of which is set forth below. To the extent not otherwise defined herein, the capitalized terms used herein have the meanings assigned to them in the Trust Agreement.

This is the duly authorized Certificate designated as “Asset Backed Certificate” (herein called the “Certificate”). Also issued under the Indenture, dated as of March 25, 2010, between the Trust and Wells Fargo Bank, National Association, as trustee and trust collateral agent, are three classes of Notes designated as “Class A-1 0.31327% Asset Backed Notes” (the “Class A-1 Notes”), “Class A-2 1.46% Asset Backed Notes” (the “Class A-2 Notes”) and “Class A-3 3.51% Asset Backed Notes” (the “Class A-3 Notes” and together with the Class A-1 Notes and the Class A-2 Notes, the “Notes”). This Certificate is issued under and is subject to the terms, provisions and conditions of the Trust Agreement, to which Trust Agreement the holder of this Certificate by virtue of the acceptance hereof assents and by which such holder is bound. The property of the Trust includes a pool of retail installment sale contracts secured by new and used automobiles, vans or light duty trucks (the “Receivables”), all monies due thereunder on or after the Cutoff Date, security interests in the vehicles financed thereby, certain bank accounts and the proceeds thereof, proceeds from claims on certain insurance policies and certain other rights under the Trust Agreement and the Sale and Servicing Agreement, all right, to and interest of the Seller in and to the Purchase Agreement dated as of March 25, 2010 between AmeriCredit Financial Services, Inc. and the Seller and all proceeds of the foregoing.


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

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

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

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

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

 

A-2


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

 

 

AMERICREDIT AUTOMOBILE RECEIVABLES
TRUST 2010-A

  By:   WILMINGTON TRUST COMPANY
    not in its individual capacity but
    solely as Owner Trustee
Dated: March 31, 2010   By:  

 

    Name:  
    Title:  

OWNER TRUSTEE’S CERTIFICATE OF AUTHENTICATION

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

 

WILMINGTON TRUST COMPANY

not in its individual capacity but solely as

Owner Trustee
By:  

 

  Name:
  Title:

 

A-3


(Reverse of Certificate)

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

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

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

No sale or transfer of a Trust Certificate shall be permitted (including, without limitation, by pledge or hypothecation), and no such sale or transfer shall be registered by the Certificate Registrar or be effective hereunder, if the sale or transfer thereof increases to more than 99 the sum of the number of Certificateholders.

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

 

A-4


The obligations and responsibilities created by the Trust Agreement and the Trust created thereby shall terminate upon the payment to the Certificateholder of all amounts required to be paid to it pursuant to the Trust Agreement and the Sale and Servicing Agreement and the disposition of all property held as part of the Trust. The Seller or the Servicer of the Receivables may at its option purchase the corpus of the Trust at a price specified in the Sale and Servicing Agreement, and such purchase of the Receivables and other property of the Trust will effect early retirement of the Certificate; however, such right of purchase is exercisable, subject to certain restrictions, only as of the last day of any Collection Period as of which the Pool Balance is 10% or less of the Original Pool Balance.

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

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

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

 

A-5


ASSIGNMENT

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

PLEASE INSERT SOCIAL SECURITY

OR OTHER IDENTIFYING NUMBER

OF ASSIGNEE

 

 

 

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

 

 

 

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

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

 

Dated:  

 

  *
  Signature  
Guaranteed:  

 

  *

 

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

 

A-6


EXHIBIT B

FORM OF

CERTIFICATE OF TRUST

OF

AMERICREDIT AUTOMOBILE RECEIVABLES TRUST 2010-A

THIS Certificate of Trust of AMERICREDIT AUTOMOBILE RECEIVABLES TRUST 2010-A (the “Trust”) is being duly executed and filed on behalf of the Trust by the undersigned, as trustee, to form a statutory trust under the Delaware Statutory Trust Act (12 Del. C. § 3801 et seq.) (the “Act”).

1. Name. The name of the statutory trust formed by this Certificate of Trust is “AmeriCredit Automobile Receivables Trust 2010-A.”

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

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

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

 

WILMINGTON TRUST COMPANY, not in its individual capacity but solely as trustee of the Trust
By:  

 

  Name:
  Title:
EX-4.3 4 dex43.htm SALE AND SERVICING AGREEMENT, DATED AS OF MARCH 25, 2010 Sale and Servicing Agreement, dated as of March 25, 2010

Exhibit 4.3

 

 

SALE AND SERVICING

AGREEMENT

among

AMERICREDIT AUTOMOBILE RECEIVABLES TRUST 2010-A,

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 March 25, 2010

 

 

 


TABLE OF CONTENTS

 

          Page

ARTICLE I Definitions

   1

SECTION 1.1.

   Definitions    1

SECTION 1.2.

   Other Definitional Provisions    21

ARTICLE II Conveyance of Receivables

   22

SECTION 2.1.

   Conveyance of Receivables    22

SECTION 2.2.

   [Reserved]    23

SECTION 2.3.

   Further Encumbrance of Trust Property    23

SECTION 2.4.

   Intention of the Parties.    23

ARTICLE III The Receivables

   24

SECTION 3.1.

   Representations and Warranties of Seller    24

SECTION 3.2.

   Repurchase upon Breach    25

SECTION 3.3.

   Custody of Receivable Files    26

ARTICLE IV Administration and Servicing of Receivables

   27

SECTION 4.1.

   Duties of the Servicer and the Backup Servicer    27

SECTION 4.2.

   Collection of Receivable Payments; Modifications of Receivables; Lockbox Agreements    28

SECTION 4.3.

   Realization upon Receivables    31

SECTION 4.4.

   Insurance    33

SECTION 4.5.

   Maintenance of Security Interests in Vehicles    35

SECTION 4.6.

   Covenants, Representations, and Warranties of Servicer    36

SECTION 4.7.

   Purchase of Receivables Upon Breach of Covenant    36

SECTION 4.8.

   Total Servicing Fee; Payment of Certain Expenses by Servicer    37

SECTION 4.9.

   Preliminary Servicer’s Certificate and Servicer’s Certificate    38

SECTION 4.10.

   Annual Statement as to Compliance, Notice of Servicer Termination Event    38

SECTION 4.11.

   Annual Independent Public Accountants’ Report    39

SECTION 4.12.

   Access to Certain Documentation and Information Regarding Receivables    40

SECTION 4.13.

   Monthly Tape    41

ARTICLE V Trust Accounts; Distributions; Statements to Noteholders

   42

SECTION 5.1.

   Establishment of Trust Accounts    42

SECTION 5.2.

   [Reserved]    44

SECTION 5.3.

   Certain Reimbursements to the Servicer    44

SECTION 5.4.

   Application of Collections    45

SECTION 5.5.

   Withdrawals from Spread Account    45

SECTION 5.6.

   Additional Deposits    46

SECTION 5.7.

   Distributions    46

SECTION 5.8.

   Note Distribution Account    48

SECTION 5.9.

   [Reserved]    49

SECTION 5.10.

   Statements to Noteholders    49

 

i


SECTION 5.11.

   Optional Deposits by the Insurer    50

ARTICLE VI The Note Policy

   51

SECTION 6.1.

   Claims Under Note Policy    51

SECTION 6.2.

   Preference Claims Under Note Policy    52

SECTION 6.3.

   Surrender of Note Policy    53

ARTICLE VII The Seller

   53

SECTION 7.1.

   Representations of Seller    53

SECTION 7.2.

   Corporate Existence    55

SECTION 7.3.

   Liability of Seller; Indemnities    55

SECTION 7.4.

   Merger or Consolidation of, or Assumption of the Obligations of, Seller    56

SECTION 7.5.

   Limitation on Liability of Seller and Others    57

SECTION 7.6.

   Ownership of the Certificates or Notes    57

ARTICLE VIII The Servicer and the Backup Servicer

   57

SECTION 8.1.

   Representations of Servicer    57

SECTION 8.2.

   Representations of Backup Servicer    59

SECTION 8.3.

   Liability of Servicer and Backup Servicer; Indemnities    60

SECTION 8.4.

   Merger or Consolidation of, or Assumption of the Obligations of the Servicer or Backup Servicer    62

SECTION 8.5.

   Limitation on Liability of Servicer, Backup Servicer and Others    63

SECTION 8.6.

   Delegation of Duties    64

SECTION 8.7.

   Servicer and Backup Servicer Not to Resign    65

ARTICLE IX Default

   66

SECTION 9.1.

   Servicer Termination Event    66

SECTION 9.2.

   Consequences of a Servicer Termination Event    67

SECTION 9.3.

   Appointment of Successor    68

SECTION 9.4.

   Notification to Noteholders    69

SECTION 9.5.

   Waiver of Past Defaults    70

SECTION 9.6.

   Backup Servicer Termination    70

ARTICLE X

   70

Termination

   70

SECTION 10.1.

   Optional Purchase of All Receivables    70

ARTICLE XI Administrative Duties of the Servicer

   71

SECTION 11.1.

   Administrative Duties    71

SECTION 11.2.

   Records    73

SECTION 11.3.

   Additional Information to be Furnished to the Issuer    73

ARTICLE XII Miscellaneous Provisions

   73

SECTION 12.1.

  

Amendment

   73

SECTION 12.2.

   Protection of Title to Trust    75

SECTION 12.3.

   Notices    77

 

ii


SECTION 12.4.

   Assignment    77

SECTION 12.5.

   Limitations on Rights of Others    78

SECTION 12.6.

   Severability    78

SECTION 12.7.

   Separate Counterparts    78

SECTION 12.8.

   Headings    78

SECTION 12.9.

   Governing Law    78

SECTION 12.10.

   Assignment to Trust Collateral Agent    78

SECTION 12.11.

   Nonpetition Covenants    79

SECTION 12.12.

   Limitation of Liability of Owner Trustee and Trust Collateral Agent    79

SECTION 12.13.

   Independence of the Servicer    79

SECTION 12.14.

   No Joint Venture    80

SECTION 12.15.

   State Business Licenses    80

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 Servicer’s Certificate   

Exhibit B

   Form of Preliminary Servicer’s Certificate   

 

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SALE AND SERVICING AGREEMENT dated as of March 25, 2010, among AMERICREDIT AUTOMOBILE RECEIVABLES TRUST 2010-A, 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 an Originating Affiliate or acquired by AmeriCredit Financial Services, Inc. or an Originating Affiliate 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 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(a)(i) through (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(a) 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.

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

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

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

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

AmeriCredit” means AmeriCredit Financial Services, Inc.

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

 

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

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 Trust Accounts during the related Collection Period, plus Investment Earnings with respect to the Trust Accounts and the Spread Account for the related Collection Period, (iii) 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 and (iv) 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 so long as it is the Trustee hereunder, or any successor backup servicer appointed in accordance with Section 8.7.

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 (i) the Servicing Fee Rate times (ii) the aggregate Principal Balance of the Receivables as of the opening of business on the first day of such Collection Period (or in the case of the first Distribution Date, March 26, 2010) times (iii) one-twelfth (or in the case of the first Distribution Date, the actual number of days during the Collection Period 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 Account Agreement, the Lockbox Processing Agreement, the Insurance Agreement, the Indemnification Agreement, the Custodian Agreement, the Purchase Agreement and other documents and certificates delivered in connection therewith.

Business Day” means any day other than a Saturday, a Sunday, a legal holiday or other day on which the New York Stock Exchange, the Federal Reserve Bank of New York, commercial banking institutions located in Wilmington, Delaware, Fort Worth, Texas, New York, New York, Minneapolis, Minnesota, the State of Maryland 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.

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 or the Class A-3 Notes, as the context requires.

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

 

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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.

Closing Date” means March 31, 2010.

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 as of the close of business on March 25, 2010, and ending as of the close of business on April 30, 2010. With respect to each subsequent Distribution Date, “Collection Period” means the period beginning as of the close of business on the last day of the second preceding calendar month and ending as of the close of business on the last day of the immediately preceding calendar month. Any amount stated “as of the close of business” shall give effect to the following calculations as determined as of the end of the day on such 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.

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 Cutoff Date.

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

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

Corporate Trust Office” means (i) with respect to the Owner Trustee, the principal corporate trust office of the Owner Trustee, which at the time of execution of this agreement is Rodney Square North, 1100 North Market Street, Wilmington, Delaware 19890-0001, Attention: Corporate Trust Administration, and (ii) with respect to the Trustee, the Trust

 

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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 Controlling Party 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).

Cutoff Date” means March 25, 2010.

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

Dealer Agreement” means any agreement between a Dealer and AmeriCredit or an Originating Affiliate relating to the acquisition of Receivables from a Dealer by AmeriCredit or an Originating Affiliate.

Dealer Assignment” means, with respect to a Receivable, the executed assignment executed by a Dealer conveying such Receivable to AmeriCredit or an Originating Affiliate.

Deficiency Claim Amount” means, with respect to any Determination Date, after taking into account the application on the related Distribution Date of the Available Funds for the related Collection Period, an amount equal to the sum of, without duplication (i) any shortfall in the payment of the full amounts described in clauses (i), (ii), (iii) and (v) of Section 5.7(a)

 

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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 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;

 

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(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.

Determination Date” means, with respect to any Collection Period the earlier of (i) the second Business Day preceding the Distribution Date in the next calendar month, and (ii) the fourth Business Day preceding the Insured Distribution Date in the next calendar month.

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 May 6, 2010. 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 Insured Distribution Date, the third Business Day immediately preceding such Insured 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

 

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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+, from Moody’s of Prime-1 and from Fitch of F1+ (if rated by Fitch);

(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+, from Moody’s of Prime-1 and from Fitch of F1+ (if rated by Fitch);

(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, from Moody’s of Aaa and from Fitch of AAA/V1+ (if rated by Fitch) 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 (any investment identified to the Rating Agencies prior to the Closing Date and made on the Closing Date, or as soon after the Closing Date as is reasonably practicable, shall be deemed to satisfy the Rating Agency Condition and to be consistent with the ratings of the Securities, upon the assignment of initial ratings of the Securities by the Rating Agencies on the Closing Date) 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.

Exchange Act” means the Securities Exchange Act of 1934, as amended.

FDIC” means the Federal Deposit Insurance Corporation.

 

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Final Scheduled Distribution Date” means with respect to (i) the Class A-1 Notes, the March 7, 2011 Distribution Date, (ii) the Class A-2 Notes, the November 6, 2013 Distribution Date and (iii) the Class A-3 Notes, the July 6, 2017 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.

Indemnification Agreement” means the Indemnification Agreement dated as of March 25, 2010, among the Insurer, the Seller and Credit Suisse Securities (USA) LLC and RBS Securities Inc., as the Underwriters.

Indenture” means the Indenture dated as of March 25, 2010, 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).

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 and Indemnity Agreement, dated as of March 25, 2010, among the Insurer, the Trust, the Seller, AmeriCredit Corp. 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.

 

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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.

Insured Distribution Date” means the twelfth day of each month, or, if such twelfth day is not a Business Day, the next following Business Day. In the event that, on any Distribution Date, the Noteholders did not receive the full amount of the Scheduled Payment (as defined in the Note Policy) then due to them, such shortfall (together with, in the case of an interest shortfall, interest thereon at the related Interest Rate) shall be due and payable and shall be funded on the Insured Distribution Date either from the Spread Account (if any amounts remain available to be drawn therefrom following application of amounts on deposit therein on the related Distribution Date) or from the proceeds of a drawing under the Note Policy. The Record Date applicable to an Insured Distribution Date shall be the Record Date applicable to the related Distribution Date.

Insurer” means Assured Guaranty Corp., a Maryland domiciled insurance company, 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 based on actual or threatened insolvency, 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 based on actual or threatened insolvency, liquidation or reorganization which is final and nonappealable; or

(c) a court of competent jurisdiction, the Maryland Insurance Administration 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 Insured Distribution Date, an amount delivered by the Insurer pursuant to Section 5.11, at its sole option, other than amounts in respect of a Note Policy Claim 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 Insured Distribution Date; or (ii) to include such amount as part of the Additional Funds Available for such Insured Distribution Date to the extent that without such amount a draw would be required to be made on the Note Policy.

 

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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 36 days for the Class A-1 Notes, the Class A-2 Notes and the Class A-3 Notes.

Interest Rate” means, with respect to (i) the Class A-1 Notes, 0.31327% 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, 1.46% per annum (computed on the basis of a 360-day year consisting of twelve 30-day months and (iii) the Class A-3 Notes, 3.51% per annum (computed on the basis of a 360-day year consisting of twelve 30-day months.

Investment Company Act” means the Investment Company Act of 1940.

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

Issuer” means AmeriCredit Automobile Receivables Trust 2010-A.

Issuer Secured Parties” means each of the Trustee in respect of the Trustee Issuer Secured Obligations and the Insurer in respect of the Insurer Issuer Secured Obligations.

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.

 

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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 Account Agreement” means the Lockbox Account Agreement, dated as of March 25, 2010, 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 Account Agreement” shall mean any replacement agreement, in form and substance acceptable to the Controlling Party, among the Servicer, the Trust Collateral Agent and the Lockbox Bank.

Lockbox Agreements” means collectively, the Lockbox Account Agreement and the Lockbox Processing Agreement.

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

Lockbox Processing Agreement” means the Lockbox Processing Agreement, dated as of March 25, 2010, by and among the Lockbox Processor, the Servicer and the Trust Collateral Agent, as such agreement may be amended or supplemented from time to time in accordance with its terms.

Lockbox Processor” means Regulus Group II LLC, or its successors or assigns.

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 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.

 

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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.

Monthly Tape” has the meaning set forth in Section 4.13 hereof.

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

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

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

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

Note Policy” means the financial guaranty insurance policy issued by the Insurer to the Trust Collateral Agent, as agent for the Trustee, for the benefit of the Noteholders.

Note Policy Claim Amount” means, for any Insured Distribution Date, the sum of (x) the excess, if any (without duplication) of (i) the sum of the Noteholders’ Interest Distributable Amount and the Noteholders’ Remaining Parity Deficit Amount for the related Distribution Date (excluding any portion of a Noteholders’ Interest Distributable Amount due to Noteholders representing interest on any Noteholders’ Interest Carryover Amount accrued from and including the date of payment of the amount of such Noteholders’ Interest Carryover Amount, unless the Insurer elects, in its sole discretion, to pay such amounts in whole or in part, pursuant to the Note Policy), together with, if such related Distribution Date was the Final Scheduled Distribution Date for any Class, the unpaid principal balance of such Class over (ii) the sum of (a) the amount actually deposited into the Note Distribution Account on such related Distribution Date (without duplication of any Deficiency Claim Amount received by the Trustee and included in Additional Funds Available) and (b) the Additional Funds Available, if any, for such Insured Distribution Date plus (y) the Noteholders’ Interest Carryover Amount, if any, which has accrued since the related Distribution Date.

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.

 

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

Noteholders’ Interest Carryover Amount” means, with respect to any Class of Notes and any date of determination, all or any portion of the Noteholders’ Interest Distributable Amount for the Class 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 elapsed in the applicable Interest Period. Interest on the Class A-2 Notes and the Class A-3 Notes shall be computed on the basis of a 360-day year consisting of twelve 30-day months, except with respect to the first Interest Period when it will be calculated on the basis of a 360-day year and the actual number of days elapsed in the first Interest Period.

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); provided, that if such principal balance is further reduced by a payment of principal on the Insured Distribution Date which immediately follows such prior Distribution Date, then such interest shall accrue (i) from and including such prior Distribution Date to, but excluding, such related Insured Distribution Date, on the principal balance outstanding as of the end of the prior Distribution Date (or, in the case of the first Distribution Date, as of the Closing Date) and (ii) from and including such Insured Distribution Date, to, but excluding, the following Distribution Date, on the principal balance outstanding as of the end of such Insured Distribution 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 and the Class A-3 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), except with respect to the first 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 Pool Balance at the end of the prior calendar month.

 

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Noteholders’ Percentage” means with respect to any Determination Date (i) relating to a Distribution Date prior to the Distribution Date on which the combined principal amount of the Class A-3 Notes is reduced to zero, 100%; (ii) relating to the Distribution Date on which the combined principal amount of the Class A-3 Notes is scheduled to be reduced to zero, the percentage equivalent of a fraction, the numerator of which is the combined outstanding principal balance of the Class A-3 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 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 business on 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).

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 Pool Balance as of the Cutoff Date.

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

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

 

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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.

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.

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

Premium” has the meaning assigned to such term in the Insurance Agreement.

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.

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(a) hereof.

 

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Prospectus Supplement” means the prospectus supplement, dated as of March 26, 2010, 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 March 25, 2010, 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 and Standard & Poor’s. 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 Rating Agency) prior notice thereof and that (a) with respect to Standard & Poor’s, such Rating Agency has 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, and (b) with respect to Moody’s, such Rating Agency has not notified the Seller, the Servicer, the Insurer, the Owner Trustee or the Trust Collateral Agent in writing that such action will result in a reduction or withdrawal of the then current rating of any Class of Notes.

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 Contracts listed on Schedule A attached hereto (which Schedule 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. The “Record Date” for any Insured Distribution Date shall be the “Record Date” applicable to the related Distribution Date.

 

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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), which may step down over time in accordance with the terms of the Spread Account Agreement (which difference will initially equal 77.0%) and (y) the Pool Balance as of the end of the prior calendar month.

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

Responsible Officer” means, with respect to any Person, any Executive Vice President, Senior Vice President, 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.

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

Sale and Servicing Agreement Collateral” has the meaning specified in Section 2.4 hereof.

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 (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 A.

Servicing Fee” has the meaning specified in Section 4.8.

Servicing Fee Rate” means 2.25% per annum.

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

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

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

Spread Account Agreement” means the Spread Account Agreement dated as of March 25, 2010, among the Insurer, the Issuer 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 Cutoff Date (which is equal to $4,761,997.16).

Standard & Poor’s” means Standard & Poor’s Ratings Services, a Standard & Poor’s Financial Services LLC business, or its successor.

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

 

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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 or an Originating Affiliate pursuant to an Auto Loan Purchase and Sale Agreement.

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

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 or an Originating Affiliate 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 March 5, 2010, between the Seller and the Owner Trustee, as amended and restated as of March 25, 2010, 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

 

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assistant controller or any other officer of the Trust Collateral Agent customarily performing functions similar to those performed by any of the above designated officers and also means, with respect to a particular corporate trust matter, any other officer to whom such matter is referred because of such officer’s knowledge of and familiarity with the particular subject, and (ii) in the case of the Owner Trustee, any officer in the corporate trust office of the Owner Trustee or any agent of the Owner Trustee under a power of attorney with direct responsibility for the administration of this Agreement or any of the Basic Documents on behalf of the Owner Trustee.

Trust Property” means the property and proceeds conveyed pursuant to Section 2.1, together with certain monies paid on or after the Cutoff Date, the Collection Account (including all Eligible Investments therein and all proceeds therefrom), the Spread Account, the Lockbox 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.”

 

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

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

ARTICLE II

Conveyance of Receivables

SECTION 2.1. Conveyance of 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 Seller’s obligations set forth herein) and the Issuer hereby purchases, all right, title and interest of the Seller in and to the following property, whether now owned or existing or hereafter acquired or arising:

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

(b) 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;

(c) 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 the Receivables;

(d) 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;

(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, and the delivery requirements, representations and warranties and the cure and repurchase obligations of AmeriCredit under the Purchase Agreement;

 

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(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. [Reserved].

SECTION 2.3. Further Encumbrance of Trust Property.

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

(b) Immediately upon the vesting of the Trust Property in the Trust, the Trust shall have the sole right to pledge or otherwise encumber, such Trust Property. Pursuant to the Indenture, the Trust shall grant a security interest in the Trust Property (other than to 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.

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 Receivables and Other Conveyed Property, for non-tax purposes, conveying good title thereto free and clear of any Liens, from the Seller to the Issuer, and that the Receivables and the Other Conveyed Property shall not be a part of the Seller’s estate in the event of a 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

 

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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 Seller hereby grants to the Issuer a security interest in all of the Seller’s right, title and interest in and to the following property for the benefit of the Issuer Secured Parties, 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 Receivables and all moneys received thereon after the 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 the 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 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 the Purchase Agreement, and the delivery requirements, representations and warranties and the cure and repurchase obligations of AmeriCredit under the 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).

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

 

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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, but shall survive the sale, transfer and assignment of the Receivables to the Issuer and the pledge thereof to the Trust Collateral Agent pursuant to the Indenture and shall not be waived.

SECTION 3.2. Repurchase upon Breach. (a) The Seller, the Servicer, the Backup Servicer, the Insurer, the Trust Collateral Agent or the Owner Trustee, as the case may be, shall inform the other parties to this Agreement promptly, by notice in writing, upon the discovery of any breach of the Seller’s representations and warranties made pursuant to Section 3.1. As of the last day of the second (or, if the Seller so elects, the first) month following the discovery by the Seller or receipt by the Seller of notice of such breach, unless such breach is cured by such date, the Seller shall have an obligation to repurchase any Receivable in which the 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 (including any Receivable that is or was a Liquidated Receivable and is required to be repurchased) pursuant to this Section, subject to the conditions contained herein or to enforce the obligation of AmeriCredit to the Seller to repurchase such Receivables pursuant to the Purchase Agreement. Neither the Owner Trustee, the Trust Collateral Agent nor the Trustee shall have a duty to conduct any affirmative investigation as to the occurrence of any conditions requiring the repurchase of any Receivable pursuant to this Section.

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

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

 

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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 March 25, 2010, 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 (with respect to each Receivable):

(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 a Titled Third-Party Lender) as first lienholder or secured party (including any Lien Certificate received by AmeriCredit), or, if such Lien Certificate has not yet been received, a copy of the application therefor, showing AmeriCredit (or 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 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.

 

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ARTICLE IV

Administration and Servicing of Receivables

SECTION 4.1. Duties of the Servicer and the Backup Servicer.

(a) The Servicer is hereby authorized to act as agent for the Trust and in such capacity shall manage, service, administer and make collections on the Receivables, and perform the other actions required by the Servicer under this Agreement. The Servicer agrees that its servicing of the Receivables shall be carried out in accordance with customary and usual procedures of institutions which service motor vehicle retail installment sales contracts and, to the extent more exacting, the degree of skill and attention that the Servicer exercises from time to time with respect to all comparable motor vehicle receivables that it services for itself or others. 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 Agreements, accounting for collections and furnishing monthly and annual statements to the Trust Collateral Agent, the Trustee and the Insurer with respect to distributions, monitoring the status of Insurance Policies with respect to the Financed Vehicles and performing the other duties specified herein.

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

 

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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.

As set forth in Section 9.3, in the event the Servicer fails to perform its obligations hereunder, the Backup Servicer shall be responsible for the Servicer’s duties in this Agreement as if it were the Servicer, provided that the Backup Servicer shall not be liable for the Servicer’s breach of its obligations.

(b) The Backup Servicer shall have the following duties: (i) prior to the Closing Date, the Backup Servicer shall have conducted an on-site visit of the Servicer’s operations in connection with this or similar Agreements, (ii) the Backup Servicer shall conduct on-site visits once every 12 months to meet with appropriate operations personnel to discuss any changes in processes and procedures that have occurred since the last visit, (iii) prior to the Closing Date, the Backup Servicer shall have completed all data-mapping, and (iv) not more than once per year, the Backup Servicer shall update or amend the data-mapping by effecting a data-map refresh upon receipt of written notice from the Servicer specifying updated or amended fields, if any, in (a) fields in the Monthly Tape or (b) fields confirmed in the original data-mapping referred to in clause (iii) above. Each on-site visit shall be at the cost of AmeriCredit.

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.

 

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

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

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

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

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

(iv) So long as an Insurer Default shall not have occurred and be continuing, the Servicer shall not amend or modify a Receivable (except as provided in 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, acting as agent for the Trust pursuant to a Lockbox Account Agreement, 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 or to the post office box established by the Lockbox

 

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Processor pursuant to the Lockbox Processing Agreement. The Servicer shall use its best efforts to notify or direct each Lockbox Bank and the Lockbox Processor to deposit all payments on the Receivables in the Lockbox Account no later than the Business Day after receipt, and to cause all amounts credited to the Lockbox Account on account of such payments to be transferred to the Collection Account no later than the second Business Day after receipt of such payments. The Lockbox Account shall be a demand deposit account held by the Lockbox Bank, or at the request of the Controlling Party, an Eligible Deposit Account.

Prior to the Closing Date, the Servicer shall have notified each Obligor that makes its payments on the Receivables by check to make such payments thereafter directly to the post office box established by the Lockbox Processor pursuant to the Lockbox Processing Agreement (except in the case of Obligors that have already been making such payments to such post office box), and shall have provided each such Obligor with remittance invoices in order to enable such Obligors to make such payments directly to such post office box 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 such post office box. If and to the extent requested by the Controlling Party, the Servicer shall request each Obligor that makes payment on the Receivables by direct debit of such Obligor’s bank account, to execute a new authorization for automatic payment which in the judgment of the Controlling Party is sufficient to authorize direct debit by the Lockbox Bank on behalf of the Trust. If at any time, the Lockbox Bank is unable to directly debit an Obligor’s bank account that makes payment on the Receivables by direct debit and if such inability is not cured within 15 days or cannot be cured by execution by the Obligor of a new authorization for automatic payment, the Servicer shall notify such Obligor that it cannot make payment by direct debit and must thereafter make payment by check.

Notwithstanding any Lockbox Agreement, or any of the provisions of this Agreement relating to the Lockbox Agreements, 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 to the extent that a Lockbox Bank and the Lockbox Processor are performing their respective obligations pursuant to the terms of the Lockbox Agreements.

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 Agreements 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 Agreements 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 or the Lockbox Processor under such Lockbox Agreements. 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 the Lockbox Processor and otherwise use its best efforts to effect the orderly and efficient transfer of the Lockbox Agreements to the successor Servicer. In the event that the Insurer (so long as an Insurer Default

 

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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 or Lockbox Processor, the outgoing Servicer, at its expense, shall cause the Lockbox Bank or Lockbox Processor 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 or Lockbox Processor, all documents and records relating to the Receivables and all amounts held (or thereafter received) by the Lockbox Bank or the Lockbox Processor (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 arrangements established by the successor.

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

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

 

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(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; provided, however, that the Servicer may elect not to repossess a Financed Vehicle if in its good faith judgment it determines that the proceeds ultimately recoverable with respect to such Receivable would be increased by forbearance or if it instead elects to direct the Issuer to sell the Receivables pursuant to Section 4.3(c). The Servicer is authorized to follow such customary practices and procedures as it shall deem necessary or advisable, consistent with the standard of care required by Section 4.1, which practices and procedures may include reasonable efforts to realize upon any recourse to Dealers and Third-Party Lenders, the sale of the related Financed Vehicle at public or private sale, the submission of claims under an Insurance Policy and other actions by the Servicer in order to realize upon such a Receivable. The foregoing is subject to the provision that, in any case in which the Financed Vehicle shall have suffered damage, the Servicer shall not expend funds in connection with any repair or towards the repossession of such Financed Vehicle unless it expects, in its sole 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).

 

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(c) Consistent with the standards, policies and procedures required by this Agreement, the Servicer may use its best efforts to locate a third party purchaser that is not affiliated with the Servicer, the Seller or the Issuer to purchase from the Issuer any Receivable that has become more than 60 days delinquent, and shall have the right to direct the Issuer to sell any such Receivable to the third-party purchaser; provided, that no more than 20% of the number of Receivables in the pool as of the Cutoff Date may be sold by the Issuer pursuant to this Section 4.3(c) in the aggregate; provided further, that the Servicer may elect to not direct the Issuer to sell a Receivable that has become more than 60 days delinquent if in its good faith judgment the Servicer determines that the proceeds ultimately recoverable with respect to such Receivable would be increased by forbearance. In selecting Receivables to be sold to a third party purchaser pursuant to this Section 4.3(c), the Servicer shall use commercially reasonable efforts to locate purchasers for the most delinquent Receivables first. In any event, the Servicer shall not use any procedure in selecting Receivables to be sold to third party purchasers which is materially adverse to the interest of the Noteholders or the Insurer. The Issuer shall sell each Sold Receivable for the greatest market price possible; provided, however, that aggregate Sale Amounts received by the Issuer for all Receivables sold to a single third-party purchaser on a single date must be at least equal to the sum of the Minimum Sale Prices for all such Receivables. The Servicer shall remit or cause the third-party purchaser to remit all sale proceeds from the sale of Receivables 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 27 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 27 (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. The Servicer shall 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. Costs incurred by the Servicer in maintaining such Collateral Insurance shall be paid by the Servicer.

 

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

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

 

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SECTION 4.5. Maintenance of Security Interests in Vehicles.

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

 

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

(a) The Servicer covenants as follows:

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

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

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

(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, a Responsible Officer of the Backup Servicer 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

 

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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 Section 3(b) of the Custodian Agreement or Sections 4.5(a) or 4.6 hereof which materially and adversely affects the interests of the Noteholders or the Insurer in any Receivable (including any Receivable that is or was a 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 Receivable that is or was a Liquidated Receivable) with respect to which such a breach has occurred and is continuing shall, if such obligation is fulfilled, constitute the sole remedy against AmeriCredit for such breach available to the Insurer, the Noteholders, the Owner Trustee, the Backup Servicer or the Trust Collateral Agent; provided, however, that AmeriCredit shall indemnify the Trust, the Backup Servicer, the Collateral Agent, the Insurer, the Owner Trustee, the Trust Collateral Agent, the Trustee and the Noteholders from and against all costs, expenses, losses, damages, claims and liabilities, including reasonable fees and expenses of counsel, which may be asserted against or incurred by any of them as a result of third party claims arising out of the events or facts giving rise to such breach. Notwithstanding anything to the contrary contained herein, AmeriCredit will not be required to repurchase Receivables due solely to the Servicer’s not having received Lien Certificates that have been properly applied for from the Registrar of Titles in the applicable states for such Receivables unless (i) such Lien Certificates shall not have been received with respect to Receivables with Principal Balances which total more than 1.0% of the Aggregate Principal Balance as of the 180th day after the Closing Date, 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. 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 the 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 Account Agreement), the Lockbox Processor (and any fees under the Lockbox Processing

 

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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 notice required by Section 5.5(b) and to make the distributions required by Section 5.7(a).

(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 Section 5.7(a), (ii) a listing of all Purchased Receivables and Sold Receivables purchased by the Servicer or sold by the Issuer as of the related Accounting Date, identifying the Receivables so purchased by the Servicer or sold by the Issuer, (iii) all information necessary to enable the Backup Servicer to verify the items specified in Section 4.13(ii) (as set forth in the Monthly Tape delivered pursuant to Section 4.13); (iv) all information necessary to enable the Trust Collateral Agent to send the statements to Noteholders and the Insurer required by Section 5.10, and (v) all information necessary to enable the Trust Collateral Agent to reconcile the aggregate cash flows, the Collection Account for the related Collection Period and Distribution Date, including the accounting required by Section 5.10. Receivables purchased by the Servicer or by the Seller on the related Accounting Date and each Receivable which became a Liquidated Receivable or which was paid in full during the related Collection Period shall be identified by account number (as set forth in the Schedule of Receivables). In addition to the information set forth in the preceding sentence, the Servicer’s Certificate shall also contain the following information: (a) the Delinquency Ratio, Monthly Extension Rate, 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, 2011, an

 

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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 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, on or before March 31 of each year, beginning on March 31, 2011, 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) To the extent required by Regulation AB, 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, on or before March 31 of each year, beginning on March 31, 2011, 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 Indenture 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 Section 4.10(d) and Section 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 Public 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

 

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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, 2011, 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 (or 90 days after the end of the Issuer’s fiscal year, if other than December 31) of each year, beginning in March 31, 2011, 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, 2010, with respect to the twelve months ended the immediately preceding June 30 (or other applicable date) (or such other period as shall have elapsed from the Closing Date to the date of such certificate (which period shall not be less than six months)), a copy of the Form 10-K filed with the United States Securities and Exchange Commission for AmeriCredit Corp., which filing includes a statement that such audit was made in accordance with generally accepted auditing standards, and accordingly included such tests of the accounting records and such other auditing procedures as such firm considered necessary in the circumstances; (2) upon request of the Trustee, the Owner Trustee, the Trust Collateral Agent, 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; and (3) to deliver to the Insurer, upon the request of the Insurer, such request not being more often than annually, a report on the application of agreed upon procedures to three randomly selected Servicer’s Certificates including the delinquency, default and loss statistics required to be specified therein noting whether any exceptions or errors in the Servicer’s Certificates were found.

SECTION 4.12. Access to Certain Documentation and Information Regarding Receivables. The Servicer shall provide to representatives of the Trustee, the Owner Trustee, the Trust Collateral Agent, the Backup Servicer and the Insurer reasonable access to the documentation regarding the Receivables. In each case, such access shall be afforded without charge but only upon reasonable request and during normal business hours. Nothing in this

 

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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 (but at least four Business Days prior to the related Insured Distribution Date), the Servicer will deliver to the Trust Collateral Agent, the Insurer and the Backup Servicer a computer tape and a diskette (or any other electronic transmission acceptable to the Trust Collateral Agent, the Insurer and the Backup Servicer) in a format acceptable to the Trust Collateral Agent, the Insurer and the Backup Servicer containing the information with respect to the Receivables as of the preceding Accounting Date necessary for preparation of the Servicer’s Certificate relating to the immediately preceding Determination Date and necessary to review the application of collections as provided in Section 5.4 (the “Monthly Tape”). The Backup Servicer shall use such tape or diskette (or other electronic transmission acceptable to the Trust Collateral Agent and the Backup Servicer) to (i) confirm that such tape, diskette or other electronic transmission is in readable form, and (ii) calculate and confirm (A) the aggregate amount distributable as principal on the related Distribution Date to each Class of Notes, (B) the aggregate amount distributable as interest on the related Distribution Date to each Class of Notes, (C) any amounts distributable on the related Distribution Date which are to be paid with funds withdrawn from the Spread Account, (D) any payments required to be made by the Insurer under the Note Policy, (E) the outstanding principal amount of each Class of Notes after giving effect to all distributions made pursuant to clause (A), above, (F) the Note Pool Factor for each Class of Notes after giving effect to all distributions made pursuant to clause (A), above, and (G) the aggregate Noteholders’ Principal Carryover Amount and the aggregate Noteholders’ Interest Carryover Amount on such Distribution Date after giving effect to all distributions made pursuant to clauses (A) and (B), above, respectively. The Backup Servicer shall certify to the Trustee that it has verified the Servicer’s Certificate in accordance with this Section and shall notify the Servicer and the Trustee of any discrepancies, in each case, on or before the fifth Business Day following the Distribution Date. In the event that the Backup Servicer reports any discrepancies, the Servicer and the Backup Servicer shall attempt to reconcile such discrepancies prior to the next succeeding Distribution Date, but in the absence of a reconciliation, the Servicer’s Certificate shall control for the purpose of calculations and distributions with respect to the next succeeding Distribution Date. In the event that the Backup Servicer and the Servicer are unable to reconcile discrepancies with respect to a Servicer’s Certificate by the next succeeding Distribution Date, the Servicer shall cause the Independent Accountants, at the Servicer’s expense, to audit the Servicer’s Certificate and, prior to the last day of the month after the month in which such Servicer’s Certificate was delivered, reconcile the discrepancies. The effect, if any, of such reconciliation shall be reflected in the Servicer’s Certificate for such next succeeding Determination Date. In addition, upon the occurrence of a Servicer Termination Event the Servicer shall, if so requested by the Controlling Party, deliver to the Backup Servicer or any successor Servicer its Collection Records and its Monthly Records within 15 days after demand therefor and a computer tape containing as of the close of business on the date of demand all of the data maintained by the Servicer in computer format in connection with servicing the Receivables. Other than the duties specifically set forth in this Agreement, the Backup Servicer shall have no obligations hereunder, including, without limitation, to supervise, verify, monitor or administer the performance of the Servicer. The Backup Servicer shall have no liability for any actions taken or omitted by the Servicer.

 

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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.

(b) Funds on deposit in the Collection Account and the Note Distribution Account (together, 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 or, if earlier, at the close of business on the Business Day immediately preceding the following Insured Distribution Date (except that if such Eligible Investments are obligations of the institution that maintains such Trust Account or a fund for which such institution or an Affiliate thereof serves as an investment advisor, administrator, shareholder servicing agent, custodian and/or sub-custodian, then such Eligible Investment shall be permitted to mature on the Distribution Date). Funds deposited in a Trust Account on the day immediately preceding a Distribution Date or an Insured 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) in the Collection Account on each Distribution Date by the Trust Collateral Agent and applied as Available Funds on such Distribution Date, 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

 

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Trust Accounts unless the security interest granted and perfected in such account will continue to be perfected in such investment, in either case without any further action by any Person, and, in connection with any direction to the Trust Collateral Agent to make any such investment, if requested by the Trust Collateral Agent, the Servicer shall deliver to the Trust Collateral Agent an Opinion of Counsel, acceptable to the Trust Collateral Agent, to such effect.

(d) The Trust Collateral Agent shall not in any way be held liable by reason of any insufficiency in any of the Trust Accounts resulting from any loss on any Eligible 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 received from the Trust Property are being applied as if there had not been such a declaration; then the Trust Collateral Agent shall, to the fullest extent practicable, invest and reinvest funds in the Trust Accounts in the investment described in clause (d) of the definition of Eligible Investments.

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

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

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

 

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

SECTION 5.2. [Reserved].

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(a)(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

 

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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 deposited in the Lockbox Account but that do not relate to (i) principal and interest payments due on the Receivables and (ii) any fees or expenses related to extensions due on the Receivables.

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

(a) 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.

(b) 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(a).

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, (1) 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 and (2) no later than 12:00 noon Eastern time on the fourth Business Day immediately preceding the related Insured Distribution Date, the Note Policy Claim Amount, if any. 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.

 

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(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 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) 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, (3) any amounts specified in Section 5.3, (4) 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 (5) 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 Bank, the Lockbox Processor, the Trustee, the Trust Collateral Agent, the Backup Servicer (in its capacity as either Backup Servicer or successor Servicer) and the Owner Trustee, their respective accrued and unpaid fees, expenses and indemnities (in each case, to the extent such fees, expenses or indemnities have not been previously paid by the Servicer, and provided that such fees, expenses and indemnities shall not exceed (x) $100,000 in the aggregate in any calendar year to the Owner Trustee and (y) $200,000 in the aggregate in any calendar year to the Lockbox Banks, the Lockbox Processor, the Trust Collateral Agent, the Backup Servicer (in its capacity as either Backup Servicer or successor Servicer) and the Trustee;

 

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(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 and the Noteholders’ Parity Deficit Amount;

(v) from the Available Funds and any Deficiency Claim Amount Deposits to the Insurer, the 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;

(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) upon 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.

(b) On each Insured 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, then on deposit in the Collection Account, and in accordance with the priorities set forth in Section 5.7(a) and the Trust Collateral Agent shall deposit in the Note Distribution Account the lesser of (i) the amount received from the Insurer as proceeds of a draw on the Note Policy and (ii) any excess of the Scheduled Payments (as defined in the Note Policy) due on such Insured 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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(c) 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(a) and 5.7(b) on the related Distribution Date and the related Insured Distribution Date, as applicable.

SECTION 5.8. Note Distribution Account.

(a) On each Distribution Date (based solely on the information contained in the Preliminary Servicer’s Certificate) and each Insured Distribution Date (based solely on the information in the 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) outstanding principal on the Notes, such amounts to be paid in accordance with the following priority:

(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; and

(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.

(b) On each Insured 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 Insured Distribution Date.

(c) In the event that any withholding tax is imposed on the Trust’s payment (or allocations of income) to a Noteholder, such tax shall reduce the amount otherwise distributable to the Noteholder in accordance with this Section. The Trust Collateral Agent is hereby authorized and directed to retain from amounts otherwise distributable to the Noteholders sufficient funds for the payment of any tax attributable to the Trust (but such authorization shall not prevent the Trust Collateral Agent from contesting any such tax in appropriate proceedings, and withholding payment of such tax, if permitted by law, pending the outcome of such proceedings). The amount of any withholding tax imposed with respect to a Noteholder shall be treated as cash distributed to such Noteholder at the time it is withheld by the Trust and remitted

 

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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 or any Insured 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. [Reserved].

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 on the related Insured Distribution Date;

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

 

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(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 or the Seller in such period; and

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

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 the statements referred to in Section 5.10(a) above (and certain other documents, reports and information regarding the Receivables provided by the Servicer from time to time) via the Trust Collateral Agent’s internet website with the use of a password provided by the Trust Collateral Agent. The Trust Collateral Agent’s internet website will be located at www.CTSLink.com or at such other address as the Trust Collateral Agent shall notify the Noteholders from time to time. For assistance with regard to this service, Noteholders can call the Trust Collateral Agent’s Corporate Trust Office at (866) 846-4526. 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 so long as such statements are only provided to the then current Noteholders. 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 an Insured 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 Insured 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.

 

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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 Note Policy Claim Amount for the related Insured Distribution Date. If the Note Policy Claim Amount for such Insured Distribution Date is greater than zero, the Trust Collateral Agent shall furnish to the Insurer no later than 12:00 noon Eastern time on the related Draw Date a completed Notice of Claim (as defined in (b) below) in the amount of the Note Policy Claim Amount. Amounts paid by the Insurer pursuant to a claim submitted under this Section shall (to the extent provided in Section 5.7(b)) be deposited by the Trust Collateral Agent into the Note Distribution Account for payment to Noteholders on the related Insured Distribution Date.

(b) Any notice delivered by the Trust Collateral Agent to the Insurer shall be in the form attached as Exhibit A to the Note Policy pursuant to subsection 6.1(a), shall specify the Note Policy Claim Amount claimed under the Note Policy and shall constitute a “Notice of Claim” under the Note Policy. In accordance with the provisions of the Note Policy, the Insurer is required to pay to the Trust Collateral Agent the Note Policy Claim Amount properly claimed thereunder by 10:00 a.m., New York time, on the later of (i) the third Business Day following receipt on a Business Day of the Notice of Claim, and (ii) the applicable Insured 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 Trust Collateral Agent shall (i) receive as attorney-in-fact of the Trustee and each Noteholder any Note Policy Claim Amount from the Insurer and (ii) deposit the same in the Note Distribution Account for distribution to Noteholders. Any and all Note Policy Claim 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 and the Trust Collateral Agent 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, without limiting any rights of the Insurer, 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. The foregoing subrogation shall in all cases be subject to the rights of the Noteholders to receive all Scheduled Payments (as defined in the Note Policy) in respect of the Notes.

 

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(d) The Trustee and the Trust Collateral Agent shall keep a complete and accurate record of all funds deposited by the Trustee or the Trust Collateral Agent 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.

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 Scheduled 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 Trust Collateral Agent and the Insurer, and the Trust Collateral Agent shall comply with the provisions of the Note Policy to obtain payment by the Insurer of such avoided payment. The Trustee 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. Each of 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 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

 

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Noteholder, the Trustee and the Trust Collateral Agent hereby delegate and assign, to the fullest extent permitted by law, the rights of the Trustee, the Trust Collateral Agent 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 (or cause the Trust Collateral Agent to surrender) the Note Policy to the Insurer for cancellation upon the expiration of such policy in accordance with the terms thereof.

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, 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, 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 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.

 

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

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

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

 

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(k) Investment Company Act. Neither the Seller nor the Issuer is an “investment company” or a company “controlled by an investment company” within the meaning of the Investment Company Act.

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, the Basic Documents and each other instrument or agreement necessary or appropriate to the proper administration of this Agreement and the transactions contemplated hereby.

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

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

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

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

(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;

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

(vi) the Seller shall pay from its assets all obligations and indebtedness of any kind incurred by the Seller.

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 Insurer, the Trustee, the Backup Servicer, the Collateral Agent and the Trust Collateral Agent and its officers, directors, employees and agents from and against any taxes that

 

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

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

 

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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 Backup Servicer, 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 Backup Servicer, the Trustee and the Insurer an Opinion of Counsel stating that, in the opinion of such counsel, either (A) all financing statements and continuation statements and amendments thereto have been executed and filed that are necessary fully to preserve and protect the interest of the Trust Collateral Agent, the Owner Trustee and the Trustee, respectively, in the Receivables and reciting the details of such filings or (B) no such action shall be necessary to preserve and protect such interest. Notwithstanding anything herein to the contrary, the execution of the foregoing agreement of assumption and compliance with clauses (i), (ii), (iii), (iv) and (v) above shall be conditions to the consummation of the transactions referred to in clauses (a), (b) or (c) above.

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

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

 

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(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, is in good standing and has obtained all necessary licenses and approvals, in all jurisdictions in which the ownership or lease of property or the conduct of its business (including the servicing of the Receivables as required by this Agreement) requires or shall require such qualification;

(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,

 

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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, (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. Representations of Backup Servicer. The Backup Servicer makes the following representations 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, 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) Organization and Good Standing. The Backup 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;

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

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

(d) Binding Obligation. This Agreement and the other Basic Documents to which the Backup Servicer is a party shall constitute the legal, valid and binding obligations of the Backup 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;

 

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(e) No Violation. The consummation of the transactions contemplated by this Agreement and the other Basic Documents to which the Backup Servicer is a party, and the fulfillment of the terms of this Agreement and the other Basic Documents to which the Backup Servicer is a party, shall not conflict with, result in any breach of any of the terms and provisions of, or constitute (with or without notice or lapse of time) a default under, the articles of incorporation or bylaws of the Backup Servicer, or any indenture, agreement, mortgage, deed of trust or other instrument to which the Backup 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 Backup Servicer of any court or of any federal or state regulatory body, administrative agency or other governmental instrumentality having jurisdiction over the Backup Servicer or any of its properties;

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

(g) No Consents. The Backup 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 8.3. Liability of Servicer and Backup 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.

(b) 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.

(c) 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

 

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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.

(d) 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.

(e) 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.

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

(g) The Backup Servicer shall defend, indemnify and hold harmless the Trust, the Trustee, the Trust Collateral Agent, the Owner Trustee, the Servicer, the Insurer, their respective officers, directors, agents and employees and the Noteholders from and against: (i) 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 Backup Servicer or any Affiliate thereof of any Financed Vehicle; and (ii) any and all costs, expenses, losses, claims, damages, and liabilities to the extent that such cost,

 

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expense, loss, claim, damage, or liability arose out of, or was imposed upon the Trust, the Owner Trustee, the Trustee, the Servicer, the Insurer or the Noteholders by reason of, the breach of this Agreement by the Backup Servicer, the violation of federal or state securities laws by the Backup Servicer, the negligence, misfeasance, or bad faith of the Backup Servicer in the performance of its duties under this Agreement or by reason of reckless disregard of its obligations and duties under this Agreement.

(h) 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.

(i) 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.

(j) 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 8.4. 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

 

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of any of the parties to this Agreement, anything in this Agreement to the contrary notwithstanding; provided, however, that nothing contained herein shall be deemed to release AmeriCredit from any obligation. AmeriCredit shall provide notice of any merger, consolidation or succession pursuant to this Section to the Owner Trustee, the Trust Collateral Agent, the Noteholders, the Insurer and each Rating Agency. Notwithstanding the foregoing, AmeriCredit shall not merge or consolidate with any other Person or permit any other Person to become a successor to AmeriCredit’s business, unless (x) immediately after giving effect to such transaction, no representation or warranty made pursuant to Section 4.6 shall have been breached (for purposes hereof, such representations and warranties shall speak as of the date of the consummation of such transaction) and no event that, after notice or lapse of time, or both, would become an Insurance Agreement Event of Default shall have occurred and has not been waived, (y) AmeriCredit shall have delivered to the Owner Trustee, the Trust Collateral Agent, Trustee, the Backup Servicer and the 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 Backup Servicer, 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 8.5. 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

 

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damages paid by the Trust Collateral Agent and the Owner Trustee, in their individual capacities. AmeriCredit, the Backup Servicer and any director, officer, employee or agent of AmeriCredit or Backup Servicer may rely in good faith on the written advice of counsel or on any document of any kind prima facie properly executed and submitted by any Person respecting any matters arising under this Agreement.

(b) The Backup Servicer shall not be liable for any obligation of the Servicer contained in this Agreement or for any errors of the Servicer contained in any computer tape, certificate or other data or document delivered to the Backup Servicer hereunder or on which the Backup Servicer must rely in order to perform its obligations hereunder, and the Owner Trustee, the Trustee, the Trust Collateral Agent, the Collateral Agent, the Backup Servicer, the Seller and the Insurer and the Noteholders shall look only to the Servicer to perform such obligations. The Backup Servicer, the 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.

SECTION 8.6. 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) but without first obtaining the consent of any other Person. 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, the Trust Collateral Agent, the Owner Trustee or the Backup Servicer 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

 

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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 8.6 shall relieve the Servicer of its responsibility with respect to such duties.

SECTION 8.7. Servicer and Backup Servicer Not to Resign. Subject to the provisions of Section 8.4, 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 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.

 

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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; or

(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 8.4(a); or

(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); or

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

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

 

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(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 an Event of Default under any other Insurance and Indemnity Agreement relating to any other securitization sponsored by AmeriCredit, or an Affiliate of AmeriCredit, and insured by the Insurer, or an Affiliate of the Insurer, shall have occurred; 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,

 

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Monthly Records and Collection Records and a computer tape in readable form as of the most recent Business Day containing all information necessary to enable the successor Servicer to service the Receivables and the Other Conveyed Property. If requested by the Controlling Party, the successor Servicer shall terminate the Lockbox Agreements 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 8.7; (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 8.7, 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 8.7. If upon the termination of the Servicer pursuant to Section 9.2 or the resignation of the Servicer pursuant to Section 8.7, 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. In the event any successor Servicer is terminated pursuant to Section 9.2 hereof, the Controlling Party may appoint an eligible servicer as successor Servicer or may petition a court of competent jurisdiction to appoint a Person that it determines is competent to perform the duties of the Servicer hereunder as successor Servicer. Pending appointment pursuant to the preceding sentence, the outgoing Servicer shall continue to act as Servicer until a successor has been appointed and accepted such appointment.

 

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(c) Any successor Servicer shall be entitled to such compensation (whether payable out of the Collection Account or otherwise) as the Servicer would have been entitled to under this Agreement if the Servicer had not resigned or been terminated hereunder or such other compensation as agreed to by the Insurer in writing, if 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 Insurer, so long as no Insurer Default has occurred and is continuing, or if an Insurer Default has occurred and is continuing, a Note Majority and such successor Servicer may agree on additional compensation to be paid to such successor Servicer, which additional compensation shall in no event exceed $150,000 per annum in the aggregate. The Backup Servicer shall 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 if, and only if, such successor Servicer is appointed due to the Backup Servicer’s refusal to act as Servicer although legally able to do so, which additional compensation and other amounts shall in no event exceed $150,000 per annum in the aggregate.

(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 or Backup Servicer, the Trust Collateral Agent shall give prompt written notice thereof to each Noteholder and the Insurer and to the Rating Agencies.

 

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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.

SECTION 9.6. Backup Servicer Termination. Prior to an appointment as successor Servicer, the Controlling Party may, in its sole discretion, with the consent of the Servicer, not to be unreasonably withheld, so long as no Servicer Termination Event shall have occurred or be continuing, (a) terminate all of the rights and obligations of the Backup Servicer under this Agreement in the event of a breach of any of the representations or warranties, covenants or obligations of the Backup Servicer contained in this Agreement or (b) with or without cause upon not less than 30 days’ notice, terminate the rights and obligations of the Backup Servicer. The terminated Backup Servicer agrees to cooperate with any successor Backup Servicer appointed by the Controlling Party in effecting the termination of the responsibilities and rights of the terminated Backup Servicer under this Agreement, including, without limitation, the delivery to the successor Backup Servicer of all documents, records and electronic information related to the Receivables in the possession of the Backup Servicer. Expenses incurred by the Backup Servicer in respect of the foregoing sentence shall be reimbursed in accordance with Section 5.7(a).

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 in any amount due to the Insurer under the Insurance Agreement remaining unpaid); provided, however, that the amount to be paid for such purchase (as set forth in the following sentence) shall be sufficient to pay the full amount of principal, and interest then due and payable on the Notes. 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 greater of (i) the amount necessary to pay the full amount of principal, premium if any, and interest then due and payable on the Notes and all amounts due and unpaid to the Insurer under the Insurance Agreement and (ii) 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 the Servicer or, if the Insurer reasonably believes or the Trust Collateral Agent has received written notice that there is a material error in the Servicer’s calculation, 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.

 

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(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 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

 

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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 Sections 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.

(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. For the purpose of the preceding sentence, “non-ministerial matters” shall include:

 

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(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.

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.

 

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(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 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, create a reissuance of the Notes or cause 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 prior written 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.

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 the 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, the Trust Collateral Agent, the Collateral Agent and the 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

 

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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 this 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 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, the Backup Servicer 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.

 

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(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:

(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 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 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.

 

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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, the Collateral Agent, the Backup Servicer, the Trust Collateral Agent, the Insurer or the Rating Agencies under this Agreement shall be in writing, personally delivered, electronically delivered, 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 3500, Fort Worth, Texas 76102, Attention: Chief Financial Officer, (c) in the case of the Issuer or the Owner Trustee, at the Corporate Trust Office of the Owner Trustee, Wilmington Trust Company, Rodney Square North, 1100 North Market Street, Wilmington, Delaware 19890-0001, Attention: Corporate Trust Administration (d) in the case of the Trustee, the Collateral Agent, the Backup Servicer or the Trust Collateral Agent, Wells Fargo Bank, National Association Sixth Street and Marquette Avenue, MAC N9311-161, Minneapolis, Minnesota 55479, Attention: Corporate Trust Office, (e) in the case of the Insurer, to Assured Guaranty Corp., 31 West 52nd Street, New York, New York 10019; Attention: Senior Vice President, Surveillance (in each case in which notice or other communication to the Insurer refers to a Servicer Termination Event, 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 the General Counsel of Assured Guaranty and, in all cases, any original and each copy shall be marked to indicate “URGENT MATERIAL ENCLOSED”); (f) in the case of Moody’s, to Moody’s Investors Service, Inc., ABS Monitoring Department, 7 World Trade Center at 250 Greenwich Street, Asset Finance Group— 24th Floor, New York, New York 10007; and (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, a Standard & Poor’s Financial Services LLC business, 55 Water Street, 41st Floor, New York, New York 10041-0003, Attention: ABS Surveillance Group. Any notice required or permitted to be mailed to a Noteholder shall be given by first class mail, postage prepaid, at the address of such Holder as shown in the Note Register. Any notice so mailed within the time prescribed in the Agreement shall be conclusively presumed to have been duly given, whether or not the Noteholder shall receive such notice.

SECTION 12.4. Assignment. This Agreement shall inure to the benefit of and be binding upon the parties hereto and their respective successors and permitted assigns. Notwithstanding anything to the contrary contained herein, except as provided in Sections 7.4 and 8.4 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).

 

77


SECTION 12.5. Limitations on Rights of Others. The provisions of this Agreement are solely for the benefit of the parties hereto, and of the Trustee, the Insurer and the Noteholders, as third-party beneficiaries. The Insurer and each of 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; provided, however, that any right or benefit expressly granted to the Insurer under this Agreement shall survive and the Insurer shall remain a third-party beneficiary hereunder to enforce such right or obtain such benefit, notwithstanding the occurrence and continuance of an Insurer Default, unless such right or benefit is expressly conditioned upon no Insurer Default having 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 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 Trust Collateral Agent. The Seller hereby acknowledges and consents to any mortgage, pledge, assignment and grant of a security interest by the Issuer to the Trust Collateral Agent pursuant to the Indenture for the benefit of the Noteholders of all right, title and interest of the Issuer in, to and under the Receivables listed in Schedule A hereto and/or the assignment of any or all of the Issuer’s rights and obligations hereunder to the Trust Collateral Agent.

 

78


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 Trust Collateral Agent.

(a) Notwithstanding anything contained herein to the contrary, this Agreement has been countersigned by Wilmington Trust Company not in its individual capacity but solely in its capacity as Owner Trustee of the Issuer and in no event shall Wilmington Trust Company in its individual capacity or, except as expressly provided in the Trust Agreement, as Owner Trustee have any liability for the representations, warranties, covenants, agreements or other obligations of the Issuer hereunder or in any of the certificates, notices or agreements delivered pursuant hereto, as to all of which recourse shall be had solely to the assets of the Issuer. For all purposes of this Agreement, in the performance of its duties or obligations hereunder or in the performance of any duties or obligations of the Issuer hereunder, the Owner Trustee shall be subject to, and entitled to the benefits of, the terms and provisions of Articles V, VI and VII of the Trust Agreement.

(b) Notwithstanding anything contained herein to the contrary, this Agreement has been executed and delivered by Wells Fargo Bank, National Association, not in its individual capacity but solely as Trust Collateral Agent and Backup Servicer and in no event shall Wells Fargo Bank, National Association, have any liability for the representations, warranties, covenants, agreements or other obligations of the Issuer hereunder or in any of the certificates, notices or agreements delivered pursuant hereto, as to all of which recourse shall be had solely to the assets of the Issuer.

(c) In no event shall Wells Fargo Bank, National Association, in any of its capacities hereunder, be deemed to have assumed any duties of the Owner Trustee under the Delaware Statutory Trust Statute, common law, or the Trust Agreement.

SECTION 12.13. Independence of the Servicer. For all purposes of this Agreement, the Servicer shall be an independent contractor and shall not be subject to the

 

79


supervision of the Issuer, the Trust Collateral Agent and the 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]

 

80


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 2010-A
By:   WILMINGTON TRUST COMPANY, not in its individual capacity but solely as Owner Trustee on behalf of the Trust
By:   /s/ Bethany J. Taylor
  Name: Bethany J. Taylor
  Title:   Financial Services Officer
AFS SENSUB CORP., Seller,
By:   /s/ Sheli D. Fitzgerald
  Name: Sheli D. Fitzgerald
  Title:   Vice President, Structured Finance
AMERICREDIT FINANCIAL SERVICES, INC., Servicer,
By:   /s/ Susan B. Sheffield
  Name: Susan B. Sheffield
  Title:   Executive Vice President, Structured Finance

 

 

[Sale and Servicing Agreement]


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:   /s/ Marianna C. Stershic
  Name: Marianna C. Stershic
  Title:   Vice President

 

 

 

 

[Sale and Servicing Agreement]


SCHEDULE A

SCHEDULE OF RECEIVABLES

 

Sch-A-1


UCC-12010-A 3-31-10

 

Loan
Number
  Loan
Number
  Loan
Number
  Loan
Number
  Loan
Number
  Loan
Number
  Loan
Number
  Loan
Number
  Loan
Number
  Loan
Number
  Loan
Number
  Loan
Number
  Loan
Number
  Loan
Number
  Loan
Number
  Loan
Number
  Loan
Number
  Loan
Number
  Loan
Number
  Loan
Number
421852211   424878353   442224408   443027479   443035746   443043054   443050422   443057757   443065198   443072509   443079835   443087127   443094461   443101787   443109095   443116314   443123542   443130786   443137997   443145255
422078311   424879286   442228185   443027487   443035753   443043062   443050430   443057765   443065206   443072517   443079843   443087135   443094479   443101795   443109103   443116322   443123559   443130794   443138003   443145263
422126540   424882256   442228334   443027495   443035761   443043070   443050448   443057781   443065214   443072525   443079850   443087143   443094487   443101803   443109111   443116330   443123567   443130802   443138011   443145271
422178723   424882868   442228680   443027529   443035779   443043088   443050455   443057799   443065222   443072533   443079868   443087150   443094495   443101811   443109129   443116348   443123575   443130810   443138029   443145289
422232694   424883312   442229191   443027545   443035787   443043096   443050463   443057807   443065230   443072541   443079876   443087168   443094503   443101829   443109137   443116355   443123583   443130828   443138037   443145297
422245704   424885317   442229308   443027552   443035795   443043104   443050471   443057815   443065248   443072558   443079884   443087176   443094511   443101837   443109145   443116363   443123591   443130836   443138052   443145305
422344366   424885523   442230793   443027586   443035803   443043112   443050489   443057823   443065255   443072566   443079892   443087184   443094529   443101845   443109152   443116371   443123609   443130844   443138060   443145313
422357855   424886216   442232112   443027594   443035811   443043120   443050497   443057831   443065263   443072582   443079900   443087192   443094537   443101852   443109160   443116389   443123617   443130851   443138078   443145321
422358424   424886307   442232153   443027602   443035829   443043138   443050505   443057849   443065271   443072590   443079918   443087200   443094545   443101860   443109178   443116397   443123625   443130869   443138086   443145339
422416354   424887487   442232740   443027628   443035837   443043146   443050513   443057856   443065289   443072608   443079926   443087218   443094552   443101878   443109186   443116405   443123633   443130877   443138094   443145347
422544031   424887602   442233029   443027636   443035845   443043153   443050521   443057864   443065305   443072616   443079934   443087226   443094560   443101886   443109194   443116413   443123641   443130885   443138102   443145354
422561852   424887933   442235594   443027644   443035852   443043161   443050539   443057872   443065313   443072624   443079942   443087234   443094578   443101894   443109202   443116421   443123658   443130893   443138110   443145362
422581777   424888857   442235925   443027651   443035860   443043179   443050547   443057880   443065321   443072632   443079959   443087242   443094586   443101902   443109210   443116439   443123666   443130901   443138128   443145370
422590661   424889343   442235958   443027669   443035878   443043187   443050554   443057898   443065339   443072640   443079967   443087259   443094594   443101910   443109228   443116447   443123674   443130919   443138136   443145388
422679829   424891265   442237327   443027677   443035886   443043195   443050562   443057906   443065347   443072657   443079975   443087267   443094602   443101928   443109236   443116454   443123682   443130927   443138144   443145396
422706374   424891455   442237418   443027685   443035894   443043203   443050570   443057914   443065354   443072665   443079983   443087275   443094610   443101936   443109244   443116462   443123690   443130935   443138151   443145404
422775197   424894525   442242426   443027693   443035902   443043211   443050588   443057922   443065362   443072673   443079991   443087291   443094628   443101944   443109251   443116470   443123708   443130943   443138169   443145412
422784132   424895704   442244224   443027719   443035910   443043229   443050596   443057930   443065370   443072681   443080007   443087309   443094644   443101951   443109269   443116488   443123716   443130950   443138177   443145420
422851998   424897502   442245627   443027727   443035928   443043237   443050604   443057948   443065388   443072699   443080015   443087317   443094651   443101969   443109277   443116496   443123724   443130968   443138185   443145438
422855080   424898195   442245650   443027750   443035936   443043245   443050612   443057955   443065396   443072707   443080023   443087325   443094669   443101977   443109285   443116504   443123732   443130976   443138193   443145446
422868398   424899300   442246211   443027768   443035944   443043252   443050620   443057963   443065404   443072715   443080031   443087333   443094677   443101985   443109293   443116512   443123740   443130984   443138201   443145453
423008010   424907202   442247565   443027776   443035951   443043278   443050638   443057971   443065412   443072723   443080049   443087341   443094685   443101993   443109301   443116520   443123757   443130992   443138219   443145461
423071539   424907525   442249439   443027792   443035969   443043286   443050646   443057989   443065420   443072731   443080056   443087358   443094693   443102009   443109319   443116538   443123765   443131008   443138227   443145479
423081256   424908291   442249801   443027818   443035977   443043294   443050653   443057997   443065438   443072749   443080064   443087366   443094701   443102017   443109327   443116546   443123773   443131016   443138235   443145487
423082098   424911287   442252292   443027826   443035985   443043302   443050679   443058003   443065446   443072756   443080072   443087374   443094719   443102025   443109335   443116553   443123781   443131024   443138243   443145495
423141993   424911477   442252565   443027834   443035993   443043310   443050687   443058011   443065453   443072764   443080080   443087382   443094727   443102041   443109343   443116561   443123799   443131032   443138250   443145503
423166388   424912129   442256806   443027842   443036009   443043328   443050695   443058029   443065461   443072772   443080098   443087390   443094735   443102058   443109350   443116579   443123807   443131040   443138268   443145511
423173202   424912137   442257051   443027867   443036017   443043336   443050703   443058045   443065479   443072780   443080106   443087408   443094743   443102066   443109368   443116587   443123815   443131057   443138276   443145529
423197896   424912558   442261608   443027891   443036025   443043344   443050711   443058052   443065487   443072798   443080114   443087416   443094750   443102074   443109376   443116595   443123823   443131065   443138284   443145537
423206069   424912574   442262952   443027909   443036033   443043351   443050729   443058060   443065495   443072806   443080122   443087424   443094768   443102108   443109384   443116603   443123831   443131073   443138292   443145545
423247592   424913507   442263091   443027917   443036041   443043369   443050737   443058078   443065503   443072814   443080130   443087432   443094776   443102116   443109392   443116611   443123849   443131081   443138300   443145552
423296516   424913531   442266698   443027925   443036058   443043377   443050745   443058086   443065511   443072822   443080148   443087457   443094784   443102132   443109400   443116629   443123856   443131099   443138318   443145560
423297886   424915270   442267514   443027933   443036066   443043385   443050752   443058094   443065529   443072830   443080155   443087465   443094792   443102140   443109418   443116637   443123864   443131107   443138326   443145578
423339407   424916104   442267753   443027941   443036074   443043393   443050760   443058102   443065537   443072848   443080163   443087473   443094800   443102157   443109426   443116645   443123872   443131115   443138334   443145586
423367440   424916187   442267886   443027958   443036082   443043401   443050778   443058110   443065552   443072855   443080171   443087481   443094818   443102165   443109434   443116652   443123880   443131123   443138342   443145594
423385004   424917284   442271268   443027966   443036090   443043419   443050786   443058128   443065560   443072863   443080189   443087499   443094826   443102173   443109442   443116660   443123898   443131131   443138359   443145602
423412030   424917979   442271581   443027974   443036108   443043427   443050794   443058136   443065578   443072871   443080197   443087507   443094834   443102181   443109459   443116678   443123906   443131149   443138367   443145610
423428697   424918290   442271847   443027982   443036116   443043435   443050802   443058144   443065586   443072889   443080205   443087515   443094842   443102199   443109467   443116686   443123914   443131156   443138375   443145628
423506021   424918555   442274452   443027990   443036124   443043443   443050810   443058151   443065594   443072897   443080213   443087523   443094859   443102207   443109475   443116694   443123922   443131164   443138383   443145636
423511252   424921583   442274767   443028006   443036132   443043450   443050828   443058169   443065602   443072905   443080221   443087531   443094867   443102215   443109483   443116702   443123930   443131172   443138391   443145644
423556877   424925915   442277117   443028014   443036140   443043468   443050836   443058177   443065610   443072913   443080239   443087549   443094875   443102223   443109491   443116710   443123948   443131180   443138409   443145651
423565357   424925949   442278271   443028030   443036157   443043476   443050844   443058185   443065628   443072921   443080247   443087556   443094883   443102231   443109509   443116728   443123955   443131198   443138417   443145669
423611284   424926681   442280020   443028055   443036165   443043484   443050851   443058193   443065636   443072939   443080254   443087564   443094891   443102249   443109517   443116736   443123963   443131206   443138425   443145677
423708577   424927630   442282034   443028063   443036173   443043492   443050869   443058201   443065644   443072947   443080262   443087572   443094909   443102256   443109525   443116744   443123971   443131214   443138433   443145685
423715754   424927663   442283297   443028089   443036181   443043500   443050877   443058219   443065651   443072954   443080270   443087580   443094917   443102264   443109533   443116751   443123989   443131222   443138441   443145693
423716489   424927713   442283867   443028097   443036199   443043518   443050885   443058227   443065669   443072962   443080288   443087598   443094925   443102272   443109541   443116769   443123997   443131230   443138458   443145701
423728203   424929537   442284964   443028105   443036207   443043526   443050893   443058235   443065677   443072970   443080296   443087606   443094933   443102280   443109558   443116777   443124003   443131248   443138466   443145719
423747369   424929685   442288270   443028113   443036215   443043534   443050901   443058243   443065685   443072988   443080304   443087614   443094941   443102298   443109566   443116785   443124011   443131255   443138474   443145727
423756295   424929750   442288767   443028121   443036223   443043542   443050919   443058250   443065693   443072996   443080312   443087622   443094958   443102306   443109574   443116793   443124029   443131271   443138482   443145735
423784636   424930287   442289468   443028139   443036231   443043559   443050927   443058268   443065701   443073002   443080320   443087630   443094966   443102314   443109582   443116801   443124037   443131289   443138490   443145743
423791219   424930584   442289542   443028162   443036249   443043567   443050935   443058276   443065719   443073010   443080338   443087648   443094974   443102322   443109590   443116819   443124045   443131297   443138508   443145750
423792837   424931301   442289583   443028170   443036256   443043575   443050943   443058284   443065727   443073028   443080346   443087655   443094982   443102330   443109608   443116827   443124052   443131305   443138516   443145768
423817113   424931467   442289872   443028188   443036264   443043583   443050950   443058292   443065735   443073036   443080361   443087663   443094990   443102348   443109616   443116835   443124060   443131313   443138524   443145776
423820422   424932713   442289971   443028196   443036272   443043591   443050968   443058300   443065743   443073044   443080379   443087671   443095005   443102355   443109624   443116843   443124078   443131321   443138532   443145784
423821594   424933315   442291357   443028204   443036280   443043609   443050976   443058318   443065750   443073051   443080387   443087697   443095013   443102363   443109632   443116850   443124086   443131339   443138540   443145792
423830868   424933794   442292603   443028212   443036298   443043617   443050984   443058326   443065768   443073069   443080395   443087705   443095021   443102371   443109640   443116868   443124094   443131347   443138557   443145800
423832609   424934610   442293015   443028220   443036306   443043625   443050992   443058334   443065776   443073077   443080403   443087713   443095039   443102389   443109657   443116876   443124102   443131354   443138565   443145818
423868728   424935070   442293627   443028238   443036314   443043633   443051008   443058342   443065784   443073085   443080411   443087721   443095047   443102397   443109665   443116884   443124110   443131362   443138573   443145826
423892330   424936250   442294013   443028246   443036322   443043641   443051016   443058359   443065792   443073093   443080429   443087739   443095054   443102405   443109673   443116892   443124128   443131370   443138581   443145834
423900968   424937043   442297966   443028253   443036330   443043658   443051024   443058367   443065800   443073101   443080437   443087747   443095062   443102413   443109681   443116900   443124136   443131388   443138599   443145842
423943448   424938645   442299160   443028279   443036348   443043666   443051032   443058375   443065818   443073127   443080445   443087754   443095070   443102421   443109699   443116918   443124144   443131396   443138607   443145859
423971167   424939148   442300125   443028287   443036355   443043674   443051040   443058383   443065826   443073135   443080452   443087762   443095088   443102439   443109707   443116934   443124151   443131404   443138615   443145867
423974260   424940088   442301891   443028295   443036363   443043682   443051057   443058391   443065834   443073143   443080460   443087770   443095096   443102447   443109715   443116942   443124169   443131412   443138623   443145875
423978899   424943256   442306643   443028303   443036371   443043690   443051065   443058409   443065842   443073150   443080478   443087788   443095104   443102454   443109723   443116959   443124177   443131420   443138631   443145883
423987320   424943611   442307047   443028311   443036389   443043708   443051073   443058417   443065859   443073176   443080486   443087796   443095112   443102462   443109731   443116967   443124185   443131438   443138649   443145891
423997543   424944023   442307963   443028329   443036397   443043716   443051081   443058425   443065867   443073184   443080494   443087804   443095120   443102470   443109749   443116975   443124193   443131446   443138656   443145909
423998681   424946051   442308409   443028337   443036405   443043724   443051099   443058433   443065875   443073192   443080502   443087812   443095138   443102488   443109756   443116983   443124201   443131453   443138664   443145917
424027274   424947786   442309837   443028345   443036413   443043732   443051107   443058441   443065883   443073200   443080510   443087820   443095146   443102496   443109764   443116991   443124219   443131461   443138672   443145925
424039212   424948743   442310538   443028352   443036421   443043740   443051115   443058458   443065891   443073218   443080528   443087838   443095153   443102504   443109772   443117007   443124227   443131479   443138680   443145933
424051993   424948750   442311494   443028360   443036447   443043757   443051131   443058466   443065909   443073226   443080536   443087846   443095161   443102512   443109780   443117015   443124235   443131487   443138698   443145941
424058766   424948933   442311585   443028378   443036454   443043765   443051149   443058474   443065917   443073234   443080544   443087853   443095179   443102520   443109798   443117023   443124243   443131495   443138706   443145958
424072130   424950178   442312138   443028386   443036462   443043773   443051156   443058482   443065925   443073242   443080551   443087861   443095187   443102538   443109806   443117031   443124250   443131503   443138714   443145966
424074383   424951358   442313201   443028394   443036470   443043781   443051164   443058490   443065933   443073259   443080569   443087879   443095195   443102546   443109814   443117049   443124268   443131511   443138722   443145974

2010-A Final Cut Legal Schedule of Receivables

 

Sch-A-2


UCC-12010-A 3-31-10

 

Loan
Number
  Loan
Number
  Loan
Number
  Loan
Number
  Loan
Number
  Loan
Number
  Loan
Number
  Loan
Number
  Loan
Number
  Loan
Number
  Loan
Number
  Loan
Number
  Loan
Number
  Loan
Number
  Loan
Number
  Loan
Number
  Loan
Number
  Loan
Number
  Loan
Number
  Loan
Number
424109114   424951457   442315230   443028410   443036488   443043799   443051172   443058508   443065941   443073267   443080577   443087887   443095203   443102553   443109822   443117056   443124276   443131529   443138730   443145982
424112308   424951564   442316329   443028444   443036496   443043807   443051180   443058516   443065958   443073275   443080585   443087895   443095211   443102561   443109830   443117064   443124284   443131537   443138748   443145990
424124931   424952620   442317517   443028451   443036504   443043815   443051198   443058524   443065966   443073283   443080593   443087903   443095229   443102579   443109848   443117072   443124292   443131545   443138755   443146006
424138410   424953545   442319059   443028469   443036512   443043823   443051206   443058532   443065974   443073291   443080601   443087911   443095237   443102587   443109855   443117080   443124300   443131552   443138763   443146014
424141653   424953982   442319695   443028477   443036520   443043831   443051214   443058540   443065982   443073309   443080619   443087929   443095245   443102595   443109863   443117098   443124318   443131560   443138771   443146022
424141893   424954972   442321931   443028501   443036538   443043849   443051222   443058557   443065990   443073317   443080627   443087937   443095252   443102603   443109871   443117106   443124326   443131578   443138789   443146030
424144244   424958973   442322400   443028519   443036546   443043856   443051230   443058565   443066006   443073325   443080635   443087945   443095260   443102611   443109889   443117114   443124334   443131586   443138797   443146048
424145605   424959914   442322574   443028527   443036553   443043864   443051248   443058573   443066014   443073333   443080643   443087952   443095278   443102629   443109897   443117122   443124342   443131594   443138805   443146055
424147254   424960425   442323200   443028535   443036561   443043872   443051255   443058581   443066022   443073341   443080650   443087960   443095286   443102637   443109905   443117130   443124359   443131602   443138813   443146063
424147783   424960953   442323739   443028543   443036579   443043880   443051263   443058599   443066030   443073358   443080668   443087978   443095294   443102645   443109913   443117148   443124375   443131610   443138821   443146071
424150860   424962082   442323986   443028550   443036595   443043898   443051271   443058607   443066048   443073366   443080676   443087986   443095302   443102652   443109921   443117155   443124383   443131628   443138839   443146089
424154862   424962587   442324513   443028568   443036603   443043906   443051289   443058615   443066055   443073374   443080684   443087994   443095310   443102660   443109939   443117163   443124391   443131636   443138847   443146097
424155893   424963676   442325221   443028576   443036611   443043914   443051297   443058623   443066063   443073390   443080692   443088000   443095328   443102678   443109947   443117171   443124409   443131644   443138854   443146105
424157766   424964278   442325296   443028584   443036629   443043922   443051305   443058631   443066071   443073408   443080700   443088018   443095336   443102686   443109954   443117189   443124417   443131651   443138862   443146113
424158020   424964344   442325551   443028592   443036637   443043930   443051313   443058649   443066089   443073416   443080718   443088034   443095344   443102694   443109962   443117197   443124425   443131669   443138870   443146121
424158723   424966059   442327862   443028600   443036645   443043948   443051321   443058656   443066097   443073424   443080726   443088042   443095351   443102702   443109970   443117205   443124433   443131677   443138888   443146139
424159176   424966422   442328241   443028618   443036652   443043955   443051339   443058664   443066105   443073432   443080734   443088059   443095369   443102710   443109988   443117213   443124441   443131685   443138896   443146147
424160497   424967974   442329306   443028626   443036660   443043963   443051347   443058672   443066113   443073440   443080742   443088067   443095377   443102728   443109996   443117221   443124458   443131693   443138904   443146154
424162279   424968014   442329330   443028659   443036678   443043971   443051354   443058680   443066121   443073457   443080759   443088075   443095385   443102736   443110002   443117239   443124466   443131701   443138912   443146162
424164770   424968113   442329728   443028667   443036686   443043989   443051362   443058698   443066139   443073465   443080767   443088083   443095393   443102744   443110010   443117247   443124474   443131719   443138920   443146170
424168565   424968840   442330114   443028675   443036694   443043997   443051370   443058706   443066147   443073473   443080775   443088091   443095401   443102769   443110028   443117254   443124482   443131727   443138938   443146188
424171775   424970556   442332417   443028709   443036702   443044003   443051388   443058714   443066154   443073481   443080783   443088109   443095419   443102777   443110036   443117262   443124490   443131735   443138946   443146196
424174209   424971877   442333894   443028725   443036710   443044011   443051396   443058722   443066162   443073499   443080791   443088117   443095427   443102785   443110044   443117270   443124508   443131743   443138953   443146204
424177715   424971885   442335709   443028733   443036728   443044029   443051404   443058748   443066170   443073507   443080809   443088125   443095435   443102793   443110051   443117288   443124516   443131750   443138961   443146212
424179596   424972099   442336921   443028741   443036736   443044037   443051412   443058755   443066188   443073515   443080817   443088133   443095443   443102801   443110069   443117296   443124524   443131768   443138979   443146220
424180271   424974087   442336962   443028766   443036744   443044045   443051420   443058763   443066196   443073523   443080825   443088141   443095450   443102819   443110077   443117304   443124532   443131776   443138987   443146238
424180958   424975449   442337887   443028774   443036751   443044052   443051446   443058771   443066204   443073531   443080833   443088158   443095468   443102827   443110085   443117312   443124540   443131784   443138995   443146246
424182491   424975480   442338281   443028782   443036769   443044060   443051453   443058789   443066212   443073549   443080841   443088166   443095476   443102835   443110093   443117320   443124557   443131792   443139001   443146253
424183002   424975845   442339842   443028808   443036777   443044078   443051461   443058797   443066220   443073556   443080858   443088174   443095484   443102843   443110101   443117338   443124565   443131800   443139019   443146261
424184893   424976959   442340410   443028816   443036785   443044086   443051479   443058805   443066238   443073564   443080866   443088182   443095492   443102868   443110119   443117346   443124573   443131818   443139027   443146279
424185429   424977916   442340535   443028824   443036793   443044094   443051487   443058813   443066246   443073572   443080874   443088190   443095500   443102876   443110127   443117353   443124581   443131826   443139035   443146287
424185916   424979086   442340642   443028832   443036801   443044102   443051495   443058821   443066253   443073580   443080882   443088208   443095518   443102884   443110135   443117361   443124599   443131834   443139043   443146295
424187995   424979128   442341178   443028865   443036819   443044110   443051503   443058839   443066261   443073598   443080890   443088216   443095526   443102892   443110143   443117379   443124607   443131842   443139050   443146303
424190254   424980233   442346433   443028873   443036827   443044128   443051511   443058847   443066279   443073606   443080908   443088224   443095534   443102900   443110150   443117387   443124615   443131859   443139068   443146329
424191435   424980530   442347365   443028881   443036835   443044136   443051529   443058854   443066287   443073614   443080916   443088232   443095542   443102918   443110168   443117403   443124623   443131867   443139076   443146337
424191591   424980795   442349395   443028899   443036843   443044144   443051537   443058870   443066295   443073622   443080924   443088257   443095559   443102926   443110176   443117411   443124631   443131875   443139084   443146345
424191757   424982197   442350575   443028915   443036850   443044151   443051545   443058888   443066303   443073630   443080932   443088265   443095567   443102934   443110184   443117429   443124649   443131883   443139092   443146352
424192821   424982866   442351771   443028923   443036868   443044169   443051552   443058896   443066311   443073648   443080940   443088273   443095575   443102942   443110192   443117437   443124656   443131891   443139100   443146360
424194009   424982890   442352456   443028931   443036876   443044177   443051560   443058904   443066329   443073655   443080957   443088281   443095583   443102959   443110200   443117445   443124664   443131909   443139118   443146378
424194215   424984706   442354999   443028964   443036884   443044185   443051578   443058912   443066337   443073671   443080965   443088299   443095591   443102967   443110218   443117452   443124672   443131917   443139126   443146386
424194579   424986867   442357026   443028972   443036892   443044193   443051586   443058920   443066345   443073689   443080973   443088307   443095609   443102975   443110226   443117460   443124680   443131925   443139134   443146394
424194900   424987519   442358875   443028980   443036900   443044201   443051594   443058938   443066352   443073697   443080981   443088315   443095617   443102983   443110234   443117478   443124698   443131933   443139142   443146402
424196251   424987618   442360103   443028998   443036918   443044219   443051602   443058946   443066360   443073705   443080999   443088323   443095625   443102991   443110242   443117486   443124706   443131941   443139159   443146410
424197176   424987907   442360707   443029004   443036926   443044227   443051610   443058953   443066378   443073713   443081005   443088331   443095633   443103007   443110259   443117494   443124714   443131958   443139167   443146428
424198422   424988004   442361804   443029012   443036934   443044235   443051628   443058961   443066386   443073721   443081013   443088349   443095641   443103015   443110267   443117502   443124722   443131966   443139175   443146436
424199818   424988574   442361812   443029038   443036942   443044243   443051636   443058979   443066394   443073739   443081021   443088356   443095658   443103023   443110275   443117510   443124730   443131974   443139183   443146444
424200129   424988582   442362232   443029046   443036959   443044268   443051644   443058987   443066402   443073747   443081039   443088364   443095666   443103031   443110283   443117528   443124748   443131982   443139191   443146451
424200889   424989606   442363156   443029061   443036967   443044276   443051651   443058995   443066410   443073754   443081047   443088372   443095674   443103049   443110291   443117536   443124755   443131990   443139209   443146469
424202174   424990273   442367082   443029079   443036975   443044284   443051669   443059001   443066428   443073762   443081054   443088380   443095682   443103056   443110309   443117544   443124763   443132006   443139217   443146477
424203289   424990687   442368346   443029087   443036983   443044292   443051677   443059019   443066436   443073770   443081062   443088398   443095690   443103064   443110317   443117551   443124771   443132014   443139225   443146485
424207181   424990992   442371548   443029095   443036991   443044300   443051685   443059027   443066444   443073788   443081070   443088406   443095708   443103072   443110325   443117569   443124789   443132022   443139233   443146493
424208577   424991008   442372314   443029103   443037007   443044318   443051693   443059035   443066451   443073796   443081088   443088414   443095716   443103080   443110333   443117577   443124797   443132030   443139241   443146501
424209674   424991610   442374856   443029111   443037015   443044334   443051701   443059043   443066469   443073804   443081096   443088422   443095724   443103098   443110341   443117585   443124805   443132048   443139258   443146519
424210003   424993103   442375127   443029137   443037023   443044342   443051719   443059050   443066477   443073812   443081104   443088430   443095732   443103106   443110358   443117593   443124813   443132055   443139266   443146527
424211530   424993764   442378659   443029145   443037031   443044359   443051727   443059068   443066485   443073820   443081112   443088448   443095740   443103114   443110366   443117601   443124821   443132063   443139274   443146535
424214161   424993954   442381075   443029152   443037049   443044367   443051735   443059076   443066493   443073838   443081120   443088455   443095757   443103122   443110374   443117619   443124839   443132071   443139282   443146543
424214179   424994465   442381356   443029160   443037056   443044375   443051743   443059084   443066501   443073846   443081138   443088463   443095765   443103130   443110382   443117627   443124847   443132089   443139290   443146550
424214740   424994713   442382370   443029178   443037064   443044383   443051768   443059092   443066519   443073853   443081146   443088471   443095773   443103148   443110390   443117635   443124854   443132097   443139308   443146568
424216174   424996395   442383089   443029194   443037072   443044391   443051776   443059100   443066527   443073861   443081153   443088489   443095781   443103155   443110408   443117643   443124862   443132105   443139316   443146576
424219491   425000072   442383147   443029202   443037080   443044409   443051784   443059118   443066535   443073879   443081161   443088497   443095799   443103171   443110416   443117650   443124870   443132113   443139324   443146584
424219814   425002425   442384673   443029228   443037098   443044417   443051792   443059126   443066543   443073887   443081179   443088505   443095807   443103189   443110424   443117668   443124888   443132121   443139332   443146592
424221265   425003050   442385373   443029236   443037106   443044425   443051800   443059134   443066550   443073895   443081187   443088513   443095815   443103197   443110432   443117676   443124896   443132139   443139340   443146600
424222313   425003837   442389672   443029244   443037114   443044433   443051818   443059142   443066568   443073903   443081195   443088521   443095823   443103205   443110440   443117684   443124904   443132147   443139357   443146618
424224210   425003944   442390464   443029269   443037122   443044441   443051826   443059159   443066576   443073911   443081203   443088539   443095831   443103213   443110457   443117692   443124912   443132154   443139365   443146626
424225878   425005295   442393625   443029343   443037130   443044458   443051834   443059167   443066584   443073929   443081229   443088547   443095849   443103221   443110465   443117700   443124920   443132162   443139373   443146634
424229326   425005865   442395000   443029376   443037148   443044466   443051842   443059175   443066592   443073937   443081237   443088554   443095856   443103239   443110473   443117718   443124938   443132170   443139381   443146642
424231983   425005931   442400412   443029384   443037155   443044474   443051859   443059183   443066600   443073945   443081245   443088562   443095864   443103254   443110481   443117726   443124946   443132188   443139399   443146659
424235927   425007366   442402632   443029392   443037163   443044482   443051867   443059191   443066618   443073952   443081252   443088570   443095872   443103262   443110499   443117734   443124953   443132196   443139407   443146667
424237527   425007820   442406526   443029442   443037171   443044490   443051875   443059209   443066626   443073960   443081260   443088588   443095880   443103270   443110507   443117742   443124961   443132204   443139415   443146675
424239697   425009545   442407961   443029459   443037189   443044508   443051883   443059217   443066634   443073978   443081278   443088596   443095898   443103288   443110515   443117759   443124979   443132212   443139423   443146683
424239788   425012002   442413423   443029467   443037197   443044516   443051891   443059225   443066642   443073986   443081286   443088604   443095906   443103296   443110523   443117767   443124987   443132220   443139431   443146691
424243715   425012309   442414678   443029483   443037205   443044524   443051909   443059233   443066659   443073994   443081294   443088612   443095914   443103304   443110531   443117775   443124995   443132238   443139449   443146709
424244531   425012473   442415618   443029491   443037213   443044532   443051917   443059241   443066667   443074000   443081302   443088620   443095922   443103312   443110549   443117783   443125000   443132246   443139456   443146717

2010-A Final Cut Legal Schedule of Receivables

 

Sch-A-3


UCC-12010-A 3-31-10

 

Loan
Number
  Loan
Number
  Loan
Number
  Loan
Number
  Loan
Number
  Loan
Number
  Loan
Number
  Loan
Number
  Loan
Number
  Loan
Number
  Loan
Number
  Loan
Number
  Loan
Number
  Loan
Number
  Loan
Number
  Loan
Number
  Loan
Number
  Loan
Number
  Loan
Number
  Loan
Number
424245033   425012697   442416301   443029509   443037221   443044540   443051925   443059258   443066675   443074018   443081310   443088638   443095930   443103320   443110556   443117791   443125018   443132253   443139464   443146725
424245355   425012796   442417762   443029533   443037239   443044557   443051933   443059266   443066683   443074026   443081328   443088646   443095948   443103338   443110564   443117809   443125026   443132261   443139472   443146733
424246494   425013182   442417820   443029541   443037247   443044565   443051941   443059274   443066691   443074034   443081336   443088653   443095955   443103346   443110572   443117817   443125034   443132279   443139480   443146741
424247096   425013711   442419255   443029558   443037254   443044573   443051958   443059282   443066709   443074042   443081344   443088661   443095963   443103353   443110580   443117825   443125042   443132287   443139498   443146758
424249175   425015252   442421111   443029566   443037262   443044581   443051966   443059290   443066717   443074059   443081351   443088679   443095971   443103361   443110598   443117833   443125059   443132295   443139506   443146766
424250280   425015435   442421467   443029574   443037270   443044599   443051974   443059308   443066725   443074067   443081369   443088687   443095989   443103379   443110606   443117841   443125075   443132303   443139514   443146774
424250967   425015948   442421723   443029582   443037288   443044607   443051982   443059316   443066733   443074075   443081377   443088695   443095997   443103387   443110614   443117858   443125083   443132311   443139522   443146782
424251494   425016086   442421855   443029590   443037296   443044615   443051990   443059324   443066741   443074083   443081385   443088703   443096003   443103395   443110622   443117866   443125091   443132329   443139530   443146790
424251700   425017118   442421988   443029608   443037304   443044623   443052006   443059340   443066758   443074091   443081393   443088711   443096011   443103403   443110630   443117874   443125109   443132337   443139548   443146808
424252948   425018587   442422432   443029616   443037312   443044631   443052014   443059357   443066766   443074109   443081401   443088737   443096029   443103411   443110648   443117882   443125117   443132345   443139555   443146816
424255099   425018751   442422879   443029632   443037320   443044649   443052022   443059365   443066774   443074117   443081419   443088752   443096037   443103429   443110655   443117890   443125125   443132352   443139563   443146824
424255628   425022381   442423794   443029640   443037338   443044656   443052048   443059373   443066790   443074125   443081427   443088760   443096045   443103437   443110663   443117908   443125133   443132360   443139571   443146832
424257863   425023017   442429890   443029657   443037346   443044664   443052055   443059399   443066808   443074133   443081435   443088778   443096052   443103445   443110671   443117916   443125141   443132378   443139589   443146840
424258309   425024429   442430468   443029665   443037353   443044672   443052063   443059407   443066816   443074141   443081443   443088786   443096060   443103452   443110689   443117924   443125158   443132386   443139597   443146857
424262079   425025814   442431961   443029673   443037361   443044680   443052071   443059415   443066824   443074158   443081450   443088794   443096078   443103460   443110697   443117932   443125166   443132394   443139605   443146865
424262319   425026739   442432118   443029681   443037379   443044698   443052089   443059423   443066832   443074166   443081468   443088802   443096086   443103478   443110705   443117940   443125182   443132402   443139613   443146873
424264299   425027240   442433322   443029699   443037387   443044706   443052097   443059431   443066840   443074174   443081476   443088810   443096094   443103486   443110713   443117957   443125190   443132410   443139621   443146881
424265999   425030475   442435343   443029707   443037395   443044714   443052105   443059449   443066857   443074182   443081484   443088828   443096102   443103494   443110721   443117965   443125208   443132428   443139639   443146899
424266542   425030624   442435459   443029715   443037403   443044722   443052113   443059456   443066865   443074190   443081492   443088836   443096110   443103502   443110739   443117973   443125216   443132436   443139647   443146907
424266625   425030905   442438339   443029723   443037411   443044730   443052121   443059464   443066873   443074208   443081500   443088844   443096128   443103510   443110747   443117981   443125224   443132451   443139654   443146915
424266815   425030970   442438982   443029764   443037429   443044748   443052139   443059472   443066881   443074216   443081518   443088851   443096136   443103528   443110754   443117999   443125232   443132469   443139662   443146923
424266930   425031887   442439030   443029798   443037437   443044755   443052147   443059480   443066899   443074224   443081526   443088869   443096144   443103536   443110762   443118005   443125240   443132477   443139670   443146931
424269603   425035862   442441135   443029806   443037445   443044771   443052154   443059498   443066907   443074232   443081534   443088877   443096151   443103544   443110770   443118013   443125257   443132485   443139688   443146949
424270569   425035888   442442208   443029814   443037452   443044789   443052162   443059506   443066915   443074240   443081542   443088885   443096169   443103551   443110788   443118021   443125265   443132493   443139696   443146956
424273118   425036092   442443685   443029822   443037460   443044797   443052170   443059514   443066923   443074257   443081559   443088893   443096177   443103569   443110796   443118039   443125273   443132501   443139704   443146964
424276814   425038023   442445318   443029830   443037478   443044805   443052188   443059522   443066931   443074265   443081567   443088901   443096185   443103577   443110804   443118047   443125281   443132519   443139712   443146972
424278786   425038973   442445870   443029848   443037486   443044813   443052196   443059530   443066949   443074273   443081575   443088919   443096193   443103585   443110812   443118054   443125299   443132527   443139720   443146980
424279701   425039864   442449369   443029855   443037494   443044821   443052204   443059548   443066956   443074281   443081583   443088927   443096201   443103593   443110820   443118062   443125307   443132535   443139738   443146998
424281566   425040003   442449401   443029863   443037502   443044839   443052212   443059555   443066964   443074299   443081591   443088935   443096219   443103601   443110838   443118070   443125315   443132543   443139746   443147004
424281756   425040516   442450300   443029871   443037510   443044847   443052220   443059563   443066972   443074307   443081609   443088943   443096227   443103619   443110846   443118088   443125323   443132550   443139753   443147012
424281830   425041217   442456240   443029889   443037536   443044854   443052238   443059571   443066980   443074315   443081617   443088950   443096235   443103627   443110853   443118096   443125331   443132568   443139761   443147020
424282549   425041514   442461356   443029897   443037544   443044862   443052246   443059589   443066998   443074323   443081625   443088968   443096243   443103635   443110861   443118104   443125349   443132576   443139779   443147038
424282622   425041654   442463121   443029905   443037551   443044870   443052253   443059597   443067004   443074331   443081633   443088976   443096250   443103643   443110879   443118112   443125356   443132584   443139787   443147046
424283232   425044005   442464665   443029913   443037569   443044888   443052261   443059605   443067012   443074349   443081641   443088984   443096268   443103650   443110887   443118120   443125364   443132592   443139795   443147053
424283687   425048683   442465969   443029939   443037577   443044896   443052279   443059613   443067020   443074356   443081658   443088992   443096276   443103668   443110895   443118138   443125372   443132600   443139803   443147061
424283752   425049145   442466801   443029962   443037585   443044904   443052287   443059621   443067038   443074364   443081666   443089008   443096284   443103676   443110903   443118146   443125380   443132618   443139811   443147079
424287522   425050465   442472841   443029996   443037593   443044912   443052295   443059639   443067046   443074372   443081674   443089016   443096292   443103684   443110911   443118153   443125398   443132626   443139829   443147087
424287589   425050770   442475539   443030010   443037601   443044920   443052303   443059647   443067053   443074380   443081682   443089024   443096300   443103692   443110929   443118161   443125406   443132634   443139837   443147095
424291151   425051067   442476610   443030028   443037619   443044938   443052311   443059654   443067061   443074398   443081690   443089032   443096318   443103700   443110937   443118179   443125414   443132642   443139845   443147103
424292654   425051109   442480646   443030044   443037627   443044946   443052329   443059662   443067079   443074406   443081708   443089040   443096326   443103718   443110945   443118187   443125422   443132659   443139852   443147111
424293611   425053584   442482014   443030051   443037635   443044953   443052337   443059670   443067087   443074414   443081716   443089057   443096334   443103726   443110952   443118195   443125430   443132667   443139860   443147129
424298024   425054202   442482485   443030069   443037643   443044961   443052345   443059688   443067103   443074422   443081724   443089065   443096342   443103734   443110960   443118203   443125448   443132675   443139878   443147137
424298701   425054210   442483962   443030085   443037650   443044979   443052352   443059696   443067129   443074430   443081732   443089073   443096359   443103742   443110978   443118211   443125455   443132683   443139886   443147145
424300796   425055282   442485173   443030093   443037668   443044987   443052360   443059704   443067137   443074448   443081740   443089081   443096367   443103759   443110986   443118229   443125463   443132691   443139894   443147152
424304244   425057015   442485264   443030101   443037676   443044995   443052378   443059712   443067145   443074455   443081757   443089099   443096375   443103767   443110994   443118237   443125471   443132709   443139902   443147160
424305647   425057510   442488946   443030119   443037684   443045000   443052386   443059720   443067152   443074463   443081765   443089107   443096383   443103775   443111000   443118245   443125489   443132717   443139910   443147178
424305936   425058526   442489555   443030127   443037692   443045018   443052394   443059738   443067160   443074471   443081773   443089115   443096391   443103783   443111018   443118252   443125497   443132725   443139928   443147186
424307775   425058617   442494373   443030143   443037718   443045026   443052402   443059746   443067178   443074489   443081781   443089123   443096409   443103791   443111026   443118260   443125505   443132733   443139936   443147194
424310100   425059821   442495818   443030150   443037726   443045034   443052410   443059753   443067186   443074497   443081799   443089131   443096425   443103809   443111034   443118278   443125513   443132741   443139944   443147202
424310290   425059920   442498986   443030192   443037734   443045042   443052428   443059761   443067194   443074505   443081807   443089149   443096433   443103817   443111042   443118286   443125521   443132758   443139951   443147210
424311769   425060399   442499455   443030200   443037742   443045059   443052436   443059779   443067202   443074513   443081815   443089156   443096441   443103825   443111059   443118294   443125539   443132766   443139969   443147228
424311850   425060423   442500526   443030218   443037759   443045067   443052444   443059787   443067210   443074521   443081823   443089164   443096458   443103833   443111067   443118302   443125547   443132774   443139977   443147236
424312759   425060480   442501003   443030226   443037775   443045075   443052451   443059795   443067228   443074539   443081831   443089172   443096466   443103841   443111075   443118310   443125554   443132782   443139985   443147244
424316669   425060704   442501656   443030234   443037783   443045083   443052469   443059803   443067236   443074547   443081849   443089180   443096474   443103858   443111083   443118328   443125562   443132790   443139993   443147251
424318095   425060852   442506242   443030259   443037791   443045091   443052477   443059811   443067244   443074554   443081856   443089198   443096482   443103866   443111091   443118336   443125570   443132808   443140009   443147269
424319218   425062874   442507604   443030267   443037809   443045109   443052485   443059829   443067251   443074562   443081864   443089206   443096490   443103874   443111109   443118344   443125588   443132816   443140017   443147277
424320232   425063245   442513016   443030275   443037817   443045117   443052493   443059837   443067269   443074570   443081872   443089214   443096508   443103908   443111117   443118351   443125596   443132824   443140025   443147285
424321032   425063815   442513743   443030291   443037825   443045125   443052501   443059845   443067277   443074588   443081880   443089222   443096516   443103916   443111125   443118369   443125604   443132832   443140033   443147293
424321610   425064243   442515094   443030309   443037833   443045133   443052519   443059852   443067285   443074596   443081898   443089230   443096524   443103924   443111133   443118377   443125612   443132840   443140041   443147301
424323566   425064482   442527198   443030333   443037841   443045158   443052527   443059860   443067293   443074604   443081906   443089248   443096532   443103932   443111141   443118385   443125620   443132857   443140058   443147319
424324150   425066099   442528121   443030341   443037858   443045166   443052535   443059878   443067301   443074612   443081914   443089255   443096540   443103940   443111158   443118393   443125638   443132865   443140066   443147327
424324275   425066511   442531414   443030358   443037866   443045174   443052543   443059886   443067319   443074620   443081922   443089263   443096557   443103957   443111166   443118401   443125653   443132873   443140074   443147335
424325306   425066974   442531836   443030374   443037874   443045182   443052550   443059894   443067327   443074638   443081930   443089271   443096565   443103965   443111174   443118419   443125661   443132881   443140082   443147343
424326254   425068491   442534384   443030390   443037882   443045190   443052568   443059902   443067335   443074646   443081948   443089289   443096573   443103973   443111182   443118427   443125679   443132899   443140090   443147350
424326684   425068541   442534665   443030408   443037890   443045208   443052576   443059910   443067343   443074653   443081955   443089297   443096581   443103981   443111190   443118435   443125687   443132907   443140108   443147368
424329555   425068855   442535605   443030416   443037908   443045216   443052584   443059928   443067350   443074661   443081963   443089305   443096599   443103999   443111208   443118443   443125695   443132915   443140116   443147376
424330835   425069622   442539920   443030424   443037916   443045224   443052592   443059936   443067368   443074679   443081971   443089313   443096607   443104005   443111216   443118450   443125703   443132923   443140124   443147384
424330884   425070091   442540282   443030432   443037924   443045232   443052600   443059944   443067384   443074687   443081989   443089321   443096615   443104013   443111224   443118468   443125711   443132931   443140132   443147392
424331361   425070174   442540290   443030440   443037932   443045240   443052618   443059951   443067392   443074695   443081997   443089339   443096623   443104021   443111232   443118476   443125729   443132949   443140140   443147400
424331510   425072766   442541058   443030457   443037940   443045257   443052626   443059977   443067400   443074703   443082003   443089347   443096631   443104039   443111240   443118484   443125737   443132956   443140157   443147418
424333326   425073079   442546701   443030465   443037957   443045265   443052634   443059985   443067418   443074711   443082011   443089354   443096649   443104047   443111257   443118492   443125745   443132964   443140165   443147426
424334043   425073202   442547188   443030473   443037965   443045273   443052642   443059993   443067426   443074729   443082029   443089362   443096656   443104054   443111265   443118500   443125752   443132972   443140173   443147434
424334381   425073400   442548665   443030481   443037973   443045281   443052659   443060009   443067434   443074737   443082037   443089370   443096664   443104062   443111273   443118518   443125760   443132980   443140181   443147442

2010-A Final Cut Legal Schedule of Receivables

 

Sch-A-4


UCC-12010-A 3-31-10

 

Loan
Number
  Loan
Number
  Loan
Number
  Loan
Number
  Loan
Number
  Loan
Number
  Loan
Number
  Loan
Number
  Loan
Number
  Loan
Number
  Loan
Number
  Loan
Number
  Loan
Number
  Loan
Number
  Loan
Number
  Loan
Number
  Loan
Number
  Loan
Number
  Loan
Number
  Loan
Number
424335008   425073475   442551164   443030499   443037999   443045299   443052667   443060025   443067442   443074745   443082045   443089388   443096672   443104070   443111281   443118526   443125778   443132998   443140199   443147459
424335057   425074374   442556569   443030507   443038005   443045307   443052675   443060033   443067459   443074752   443082052   443089396   443096680   443104088   443111299   443118534   443125786   443133004   443140207   443147467
424336303   425075652   442556999   443030523   443038013   443045315   443052683   443060041   443067467   443074760   443082060   443089404   443096698   443104096   443111307   443118542   443125794   443133012   443140215   443147475
424336386   425076502   442569067   443030531   443038021   443045323   443052691   443060058   443067475   443074778   443082078   443089412   443096706   443104104   443111315   443118559   443125802   443133020   443140223   443147483
424337723   425077088   442574075   443030549   443038039   443045331   443052709   443060066   443067483   443074786   443082086   443089420   443096714   443104112   443111331   443118567   443125810   443133038   443140231   443147491
424338044   425078078   442580742   443030556   443038047   443045349   443052717   443060074   443067491   443074794   443082094   443089438   443096722   443104120   443111349   443118575   443125828   443133046   443140249   443147509
424338382   425079225   442582094   443030564   443038054   443045356   443052725   443060082   443067509   443074802   443082102   443089446   443096730   443104138   443111356   443118583   443125836   443133053   443140256   443147517
424340131   425079290   442585675   443030572   443038062   443045364   443052733   443060090   443067517   443074810   443082110   443089453   443096748   443104146   443111364   443118591   443125844   443133061   443140264   443147525
424341618   425080355   442586210   443030580   443038070   443045372   443052741   443060108   443067525   443074828   443082128   443089461   443096755   443104153   443111372   443118609   443125851   443133079   443140272   443147541
424341998   425081197   442588448   443030598   443038088   443045380   443052758   443060116   443067533   443074836   443082136   443089479   443096763   443104161   443111380   443118617   443125869   443133087   443140280   443147558
424342202   425082195   442589529   443030606   443038096   443045398   443052766   443060124   443067541   443074844   443082144   443089487   443096771   443104179   443111398   443118625   443125877   443133095   443140298   443147566
424342566   425086287   442589925   443030614   443038104   443045406   443052774   443060132   443067558   443074851   443082151   443089495   443096789   443104187   443111406   443118633   443125885   443133103   443140306   443147574
424343127   425086949   442591871   443030622   443038112   443045414   443052782   443060157   443067566   443074869   443082169   443089503   443096797   443104195   443111414   443118641   443125893   443133111   443140314   443147582
424344265   425087699   442598827   443030630   443038120   443045422   443052790   443060165   443067574   443074877   443082177   443089511   443096805   443104203   443111422   443118666   443125901   443133129   443140322   443147590
424344844   425087830   442599098   443030648   443038138   443045430   443052808   443060173   443067582   443074885   443082185   443089529   443096813   443104211   443111430   443118674   443125919   443133137   443140330   443147608
424346138   425088242   442599171   443030655   443038146   443045448   443052816   443060181   443067590   443074893   443082193   443089537   443096821   443104229   443111448   443118682   443125927   443133145   443140348   443147616
424346328   425088259   442599569   443030663   443038153   443045455   443052824   443060199   443067608   443074901   443082201   443089545   443096839   443104237   443111455   443118690   443125935   443133152   443140355   443147624
424346583   425088416   442602124   443030713   443038161   443045463   443052832   443060207   443067616   443074919   443082219   443089552   443096847   443104245   443111463   443118708   443125943   443133160   443140363   443147632
424346740   425089240   442602652   443030721   443038179   443045471   443052840   443060215   443067624   443074927   443082227   443089560   443096854   443104252   443111471   443118716   443125950   443133178   443140371   443147640
424349736   425089323   442607768   443030739   443038187   443045489   443052857   443060223   443067632   443074935   443082235   443089578   443096862   443104260   443111489   443118724   443125968   443133186   443140389   443147657
424350767   425090552   442610747   443030747   443038195   443045497   443052865   443060231   443067640   443074943   443082243   443089586   443096870   443104278   443111497   443118732   443125976   443133194   443140397   443147665
424352565   425091212   442613816   443030762   443038203   443045505   443052873   443060249   443067657   443074950   443082250   443089594   443096888   443104286   443111505   443118740   443125984   443133202   443140405   443147673
424352623   425091634   442617635   443030770   443038211   443045513   443052881   443060256   443067665   443074968   443082268   443089602   443096896   443104294   443111513   443118757   443125992   443133210   443140413   443147681
424353480   425091980   442619888   443030788   443038229   443045521   443052899   443060264   443067673   443074976   443082276   443089610   443096904   443104302   443111521   443118765   443126008   443133228   443140421   443147707
424353589   425093283   442622247   443030796   443038237   443045539   443052907   443060272   443067681   443074984   443082284   443089628   443096912   443104328   443111539   443118773   443126016   443133236   443140439   443147715
424356418   425093465   442624086   443030804   443038245   443045547   443052915   443060280   443067699   443074992   443082292   443089636   443096920   443104336   443111547   443118781   443126024   443133244   443140447   443147723
424356483   425093580   442624631   443030838   443038252   443045554   443052923   443060298   443067707   443075007   443082300   443089644   443096938   443104344   443111554   443118807   443126032   443133251   443140454   443147731
424357432   425094562   442625455   443030853   443038260   443045562   443052931   443060306   443067715   443075015   443082318   443089651   443096946   443104351   443111562   443118815   443126040   443133269   443140462   443147749
424358117   425097102   442628053   443030879   443038278   443045570   443052949   443060314   443067723   443075023   443082326   443089669   443096953   443104369   443111570   443118823   443126057   443133277   443140470   443147756
424359354   425097458   442629903   443030887   443038286   443045588   443052956   443060322   443067731   443075031   443082334   443089677   443096961   443104377   443111588   443118831   443126065   443133285   443140488   443147764
424360188   425098142   442630968   443030903   443038294   443045596   443052964   443060330   443067749   443075049   443082342   443089685   443096979   443104385   443111596   443118849   443126073   443133293   443140496   443147772
424370336   425101003   442632527   443030911   443038302   443045604   443052972   443060355   443067756   443075056   443082359   443089693   443096987   443104393   443111604   443118856   443126081   443133301   443140504   443147780
424370781   425101698   442633830   443030937   443038310   443045612   443052980   443060363   443067764   443075064   443082367   443089701   443096995   443104401   443111612   443118864   443126099   443133319   443140512   443147798
424372506   425101862   442635843   443030945   443038328   443045620   443052998   443060389   443067772   443075072   443082375   443089719   443097001   443104419   443111620   443118872   443126107   443133327   443140520   443147806
424372886   425102605   442636437   443030978   443038336   443045638   443053004   443060397   443067780   443075080   443082383   443089727   443097019   443104427   443111638   443118880   443126115   443133335   443140538   443147814
424375251   425103710   442639670   443030986   443038344   443045653   443053012   443060405   443067798   443075098   443082391   443089735   443097027   443104435   443111646   443118898   443126123   443133343   443140546   443147822
424379600   425104064   442643235   443030994   443038351   443045661   443053020   443060413   443067806   443075106   443082409   443089750   443097035   443104443   443111653   443118906   443126131   443133350   443140553   443147830
424384063   425104569   442643391   443031018   443038369   443045679   443053038   443060421   443067814   443075114   443082417   443089768   443097043   443104450   443111661   443118914   443126149   443133368   443140561   443147848
424388668   425106788   442644563   443031042   443038377   443045687   443053046   443060439   443067822   443075122   443082425   443089776   443097050   443104468   443111679   443118922   443126156   443133376   443140579   443147863
424390300   425107166   442645123   443031067   443038385   443045695   443053053   443060447   443067830   443075130   443082433   443089784   443097076   443104476   443111687   443118930   443126164   443133384   443140587   443147871
424391100   425107893   442648283   443031075   443038393   443045703   443053061   443060454   443067848   443075148   443082441   443089792   443097084   443104484   443111695   443118948   443126172   443133392   443140595   443147889
424391498   425110152   442648671   443031083   443038401   443045711   443053079   443060470   443067855   443075155   443082458   443089800   443097092   443104492   443111703   443118955   443126180   443133400   443140603   443147897
424392595   425110830   442649836   443031117   443038419   443045729   443053087   443060504   443067863   443075163   443082466   443089818   443097100   443104500   443111711   443118963   443126198   443133418   443140611   443147905
424393064   425110996   442651931   443031133   443038427   443045737   443053095   443060512   443067871   443075171   443082474   443089826   443097118   443104518   443111729   443118971   443126206   443133426   443140629   443147913
424393635   425111754   442652665   443031141   443038435   443045745   443053103   443060520   443067897   443075189   443082482   443089834   443097126   443104526   443111737   443118989   443126214   443133434   443140637   443147921
424394245   425112703   442653739   443031158   443038443   443045752   443053111   443060538   443067905   443075197   443082490   443089842   443097134   443104534   443111752   443118997   443126222   443133442   443140645   443147939
424396737   425114766   442655841   443031166   443038450   443045760   443053129   443060546   443067913   443075205   443082508   443089859   443097159   443104542   443111760   443119003   443126230   443133459   443140652   443147947
424398139   425115995   442656146   443031174   443038468   443045778   443053137   443060553   443067921   443075213   443082516   443089867   443097167   443104559   443111778   443119011   443126248   443133467   443140660   443147954
424398675   425116555   442656336   443031182   443038476   443045786   443053145   443060561   443067939   443075221   443082532   443089875   443097175   443104567   443111786   443119029   443126255   443133475   443140678   443147962
424399111   425117520   442659900   443031190   443038484   443045794   443053152   443060579   443067947   443075239   443082540   443089883   443097191   443104575   443111794   443119037   443126263   443133483   443140686   443147970
424400448   425118254   442660726   443031208   443038492   443045802   443053160   443060587   443067954   443075247   443082557   443089891   443097209   443104583   443111802   443119045   443126271   443133491   443140694   443147988
424400729   425118676   442662839   443031216   443038500   443045810   443053178   443060595   443067962   443075262   443082565   443089909   443097217   443104591   443111810   443119052   443126289   443133509   443140702   443147996
424401297   425120144   442663209   443031224   443038518   443045828   443053186   443060603   443067970   443075270   443082573   443089917   443097225   443104609   443111828   443119060   443126297   443133517   443140710   443148002
424401917   425120649   442663340   443031232   443038526   443045836   443053194   443060611   443067988   443075288   443082581   443089925   443097233   443104617   443111836   443119078   443126305   443133525   443140728   443148010
424402360   425120805   442663480   443031240   443038534   443045844   443053202   443060629   443067996   443075296   443082599   443089933   443097241   443104625   443111844   443119086   443126313   443133533   443140736   443148028
424404416   425121142   442663852   443031257   443038542   443045851   443053210   443060637   443068002   443075304   443082607   443089941   443097258   443104633   443111851   443119094   443126339   443133541   443140744   443148036
424404929   425121860   442664298   443031265   443038559   443045869   443053228   443060645   443068010   443075312   443082615   443089958   443097266   443104641   443111869   443119102   443126347   443133558   443140751   443148044
424405223   425122314   442664330   443031273   443038567   443045877   443053236   443060652   443068028   443075320   443082623   443089966   443097274   443104658   443111877   443119110   443126354   443133566   443140769   443148051
424405967   425124518   442664777   443031281   443038575   443045885   443053244   443060660   443068036   443075338   443082631   443089974   443097282   443104666   443111885   443119128   443126362   443133574   443140777   443148069
424408037   425125028   442665204   443031299   443038583   443045893   443053251   443060678   443068044   443075346   443082649   443089982   443097290   443104674   443111893   443119136   443126370   443133582   443140785   443148077
424408771   425125911   442665477   443031307   443038591   443045901   443053269   443060686   443068051   443075353   443082656   443089990   443097308   443104682   443111901   443119144   443126388   443133590   443140793   443148085
424411593   425126091   442666319   443031315   443038609   443045919   443053277   443060694   443068069   443075361   443082664   443090006   443097316   443104690   443111919   443119151   443126396   443133608   443140801   443148093
424417897   425126836   442666335   443031323   443038617   443045927   443053285   443060702   443068085   443075379   443082672   443090014   443097324   443104708   443111927   443119169   443126404   443133616   443140819   443148101
424422087   425127958   442666483   443031331   443038625   443045935   443053293   443060710   443068093   443075387   443082680   443090022   443097332   443104716   443111935   443119177   443126412   443133624   443140827   443148119
424422780   425128998   442666616   443031349   443038633   443045943   443053301   443060728   443068101   443075395   443082698   443090030   443097340   443104724   443111943   443119185   443126420   443133632   443140835   443148127
424423531   425129764   442666889   443031356   443038641   443045950   443053319   443060736   443068119   443075403   443082706   443090048   443097357   443104732   443111950   443119193   443126438   443133640   443140843   443148135
424424182   425130481   442667093   443031364   443038658   443045968   443053327   443060744   443068127   443075411   443082714   443090055   443097365   443104740   443111968   443119201   443126446   443133657   443140850   443148143
424427086   425131067   442667150   443031372   443038666   443045976   443053335   443060751   443068135   443075429   443082722   443090063   443097373   443104757   443111976   443119219   443126453   443133665   443140868   443148150
424427862   425131331   442668547   443031380   443038674   443045984   443053343   443060769   443068143   443075437   443082730   443090071   443097381   443104765   443111984   443119227   443126461   443133673   443140876   443148168
424428365   425131349   442669669   443031398   443038682   443045992   443053350   443060777   443068150   443075445   443082748   443090089   443097399   443104773   443111992   443119235   443126479   443133681   443140884   443148176
424429447   425132263   442669768   443031406   443038690   443046008   443053368   443060785   443068168   443075452   443082755   443090097   443097407   443104781   443112008   443119243   443126487   443133699   443140892   443148184
424429546   425132610   442670147   443031414   443038708   443046016   443053376   443060793   443068176   443075460   443082763   443090105   443097415   443104799   443112016   443119250   443126495   443133707   443140900   443148192
424429744   425132636   442670279   443031422   443038716   443046024   443053384   443060801   443068184   443075478   443082771   443090113   443097423   443104807   443112024   443119268   443126503   443133715   443140918   443148200

2010-A Final Cut Legal Schedule of Receivables

 

Sch-A-5


UCC-12010-A 3-31-10

 

Loan
Number
  Loan
Number
  Loan
Number
  Loan
Number
  Loan
Number
  Loan
Number
  Loan
Number
  Loan
Number
  Loan
Number
  Loan
Number
  Loan
Number
  Loan
Number
  Loan
Number
  Loan
Number
  Loan
Number
  Loan
Number
  Loan
Number
  Loan
Number
  Loan
Number
  Loan
Number
424429843   425133659   442670634   443031430   443038724   443046032   443053392   443060819   443068192   443075486   443082789   443090121   443097431   443104815   443112032   443119276   443126511   443133723   443140926   443148218
424429876   425133915   442671251   443031448   443038732   443046040   443053400   443060835   443068200   443075494   443082797   443090139   443097449   443104823   443112040   443119284   443126529   443133731   443140934   443148226
424432284   425135134   442671780   443031455   443038740   443046057   443053418   443060843   443068218   443075502   443082805   443090147   443097456   443104831   443112057   443119292   443126537   443133749   443140942   443148234
424434256   425135886   442672549   443031463   443038757   443046065   443053426   443060850   443068226   443075510   443082813   443090154   443097464   443104849   443112065   443119300   443126545   443133756   443140959   443148242
424436145   425137767   442673372   443031471   443038765   443046073   443053434   443060868   443068234   443075528   443082821   443090162   443097472   443104856   443112073   443119318   443126552   443133764   443140967   443148259
424439321   425137833   442673554   443031489   443038773   443046081   443053442   443060876   443068242   443075536   443082839   443090170   443097480   443104864   443112081   443119326   443126560   443133772   443140975   443148267
424441111   425138526   442674164   443031497   443038781   443046099   443053459   443060884   443068259   443075544   443082847   443090188   443097498   443104872   443112099   443119334   443126578   443133780   443140983   443148275
424441673   425138591   442674602   443031505   443038799   443046107   443053467   443060892   443068267   443075551   443082854   443090196   443097506   443104880   443112107   443119342   443126586   443133798   443140991   443148283
424442416   425140027   442675344   443031513   443038807   443046115   443053475   443060900   443068275   443075569   443082862   443090204   443097514   443104898   443112115   443119359   443126594   443133806   443141007   443148291
424445666   425140282   442675427   443031521   443038815   443046123   443053483   443060926   443068283   443075577   443082870   443090212   443097522   443104906   443112123   443119367   443126602   443133814   443141015   443148309
424447084   425140993   442675823   443031539   443038823   443046131   443053491   443060934   443068291   443075585   443082888   443090220   443097530   443104922   443112131   443119375   443126610   443133822   443141023   443148317
424450583   425141348   442676953   443031547   443038831   443046149   443053509   443060942   443068309   443075593   443082896   443090238   443097548   443104930   443112149   443119383   443126628   443133830   443141031   443148325
424451680   425141884   442677175   443031554   443038849   443046164   443053517   443060959   443068317   443075601   443082904   443090246   443097555   443104948   443112156   443119391   443126636   443133848   443141049   443148333
424455178   425142734   442677449   443031562   443038856   443046180   443053525   443060967   443068325   443075619   443082912   443090253   443097563   443104955   443112164   443119409   443126644   443133855   443141056   443148341
424455434   425143260   442677498   443031570   443038864   443046198   443053533   443060975   443068333   443075627   443082920   443090261   443097571   443104963   443112172   443119417   443126651   443133863   443141064   443148358
424456085   425145059   442677688   443031588   443038872   443046206   443053541   443060983   443068341   443075635   443082938   443090279   443097589   443104971   443112180   443119425   443126669   443133871   443141072   443148366
424456606   425146966   442677811   443031596   443038880   443046214   443053558   443060991   443068358   443075643   443082946   443090287   443097605   443104989   443112198   443119433   443126677   443133889   443141080   443148374
424456697   425148913   442678926   443031604   443038898   443046222   443053566   443061007   443068366   443075650   443082953   443090295   443097613   443104997   443112206   443119441   443126685   443133897   443141098   443148382
424456788   425149242   442679122   443031612   443038906   443046230   443053574   443061015   443068374   443075668   443082961   443090303   443097621   443105002   443112214   443119458   443126693   443133905   443141106   443148390
424457943   425149572   442679429   443031620   443038914   443046248   443053582   443061023   443068382   443075676   443082979   443090311   443097639   443105010   443112222   443119466   443126701   443133913   443141114   443148408
424460491   425152618   442679981   443031638   443038922   443046255   443053590   443061049   443068390   443075684   443082987   443090329   443097647   443105028   443112230   443119474   443126719   443133921   443141122   443148416
424460608   425157997   442680088   443031646   443038948   443046263   443053608   443061056   443068408   443075692   443082995   443090337   443097654   443105036   443112248   443119482   443126727   443133939   443141130   443148424
424462695   425158722   442680195   443031653   443038955   443046271   443053616   443061064   443068416   443075700   443083001   443090345   443097662   443105044   443112255   443119490   443126735   443133947   443141148   443148432
424463172   425158987   442680674   443031661   443038963   443046289   443053624   443061080   443068424   443075718   443083019   443090352   443097670   443105051   443112263   443119508   443126743   443133954   443141155   443148440
424464147   425160660   442680716   443031679   443038971   443046297   443053632   443061098   443068432   443075726   443083027   443090360   443097688   443105069   443112271   443119516   443126750   443133962   443141163   443148457
424464576   425162633   442681516   443031687   443038989   443046313   443053640   443061106   443068440   443075734   443083035   443090378   443097696   443105077   443112289   443119524   443126768   443133970   443141171   443148465
424466746   425163672   442681862   443031695   443038997   443046321   443053657   443061114   443068457   443075742   443083043   443090386   443097704   443105085   443112297   443119532   443126776   443133988   443141197   443148473
424467462   425163995   442681987   443031703   443039003   443046339   443053665   443061122   443068465   443075759   443083050   443090394   443097712   443105093   443112305   443119540   443126784   443133996   443141205   443148481
424467819   425164423   442682639   443031711   443039011   443046347   443053673   443061130   443068481   443075767   443083068   443090402   443097720   443105101   443112313   443119557   443126792   443134002   443141213   443148499
424469088   425164563   442682993   443031729   443039029   443046354   443053681   443061148   443068499   443075775   443083076   443090410   443097738   443105119   443112321   443119565   443126800   443134010   443141221   443148507
424470375   425166022   442683363   443031737   443039037   443046362   443053699   443061155   443068507   443075783   443083084   443090428   443097746   443105127   443112339   443119573   443126818   443134028   443141239   443148515
424470664   425166030   442683447   443031745   443039045   443046388   443053707   443061163   443068515   443075791   443083092   443090436   443097753   443105135   443112347   443119581   443126826   443134036   443141247   443148523
424473080   425166485   442683504   443031752   443039052   443046396   443053715   443061171   443068523   443075809   443083100   443090444   443097761   443105143   443112354   443119599   443126834   443134044   443141254   443148531
424473932   425168887   442683710   443031760   443039060   443046404   443053723   443061189   443068531   443075817   443083118   443090451   443097779   443105150   443112362   443119607   443126842   443134051   443141262   443148549
424474336   425171378   442683850   443031778   443039078   443046412   443053731   443061197   443068549   443075825   443083126   443090469   443097787   443105168   443112370   443119615   443126859   443134069   443141270   443148556
424475341   425171733   442684205   443031786   443039086   443046420   443053749   443061205   443068556   443075833   443083134   443090477   443097795   443105176   443112388   443119623   443126867   443134077   443141288   443148564
424475465   425172400   442684957   443031794   443039094   443046438   443053756   443061213   443068564   443075841   443083142   443090485   443097803   443105184   443112396   443119631   443126875   443134085   443141296   443148572
424475598   425173036   442686424   443031802   443039102   443046446   443053764   443061221   443068572   443075858   443083159   443090493   443097811   443105192   443112404   443119649   443126883   443134101   443141304   443148580
424482602   425173366   442686663   443031810   443039110   443046453   443053772   443061239   443068580   443075866   443083167   443090501   443097829   443105200   443112412   443119656   443126891   443134119   443141312   443148598
424482719   425173424   442687489   443031828   443039128   443046461   443053780   443061247   443068598   443075874   443083175   443090519   443097837   443105218   443112420   443119664   443126909   443134127   443141320   443148606
424483196   425173879   442688206   443031836   443039136   443046479   443053798   443061254   443068606   443075882   443083183   443090527   443097845   443105226   443112438   443119672   443126917   443134135   443141338   443148614
424483592   425174265   442688222   443031844   443039144   443046487   443053806   443061262   443068614   443075890   443083191   443090535   443097860   443105234   443112446   443119680   443126925   443134143   443141346   443148622
424485605   425174885   442688321   443031851   443039151   443046495   443053814   443061288   443068622   443075908   443083209   443090543   443097878   443105242   443112453   443119698   443126933   443134150   443141353   443148630
424487478   425175924   442688859   443031869   443039169   443046503   443053822   443061296   443068630   443075916   443083217   443090550   443097886   443105259   443112461   443119706   443126941   443134168   443141379   443148648
424489276   425176807   442689626   443031877   443039177   443046511   443053830   443061304   443068648   443075924   443083225   443090568   443097894   443105267   443112479   443119714   443126958   443134176   443141387   443148655
424491389   425176989   442689816   443031885   443039185   443046529   443053848   443061312   443068655   443075932   443083233   443090576   443097902   443105275   443112487   443119722   443126966   443134184   443141395   443148663
424492973   425177342   442690319   443031893   443039193   443046537   443053855   443061320   443068663   443075940   443083241   443090584   443097910   443105283   443112495   443119730   443126974   443134192   443141403   443148671
424493963   425177946   442690483   443031901   443039201   443046545   443053863   443061338   443068671   443075957   443083258   443090592   443097928   443105291   443112503   443119748   443126982   443134200   443141411   443148689
424495836   425182193   442690723   443031919   443039219   443046552   443053871   443061346   443068689   443075965   443083266   443090600   443097936   443105309   443112511   443119755   443126990   443134218   443141429   443148697
424495844   425183605   442691036   443031927   443039227   443046560   443053889   443061353   443068697   443075973   443083274   443090618   443097944   443105317   443112529   443119763   443127006   443134226   443141437   443148705
424496529   425183712   442691929   443031935   443039235   443046578   443053897   443061361   443068705   443075981   443083282   443090626   443097951   443105325   443112537   443119771   443127014   443134234   443141445   443148713
424497253   425184355   442692216   443031943   443039243   443046586   443053905   443061387   443068713   443075999   443083290   443090634   443097969   443105333   443112545   443119789   443127022   443134242   443141452   443148721
424497709   425186723   442692307   443031950   443039250   443046594   443053913   443061395   443068721   443076005   443083316   443090642   443097977   443105341   443112552   443119797   443127030   443134259   443141460   443148739
424498459   425188125   442692331   443031968   443039268   443046602   443053921   443061403   443068739   443076013   443083324   443090659   443097985   443105358   443112560   443119805   443127048   443134267   443141478   443148747
424499861   425188828   442693024   443031976   443039276   443046610   443053939   443061411   443068747   443076021   443083340   443090667   443097993   443105366   443112578   443119813   443127055   443134275   443141486   443148754
424504405   425189271   442693446   443031984   443039284   443046628   443053947   443061429   443068754   443076039   443083357   443090675   443098009   443105374   443112586   443119821   443127063   443134283   443141494   443148762
424504553   425189867   442694758   443031992   443039292   443046636   443053954   443061437   443068762   443076047   443083365   443090683   443098017   443105382   443112594   443119839   443127071   443134291   443141502   443148770
424505568   425190527   442694832   443032008   443039300   443046644   443053962   443061445   443068770   443076062   443083373   443090691   443098025   443105390   443112602   443119847   443127089   443134309   443141510   443148788
424507440   425193125   442695490   443032016   443039318   443046651   443053970   443061452   443068788   443076070   443083381   443090709   443098033   443105408   443112610   443119854   443127097   443134317   443141528   443148796
424507499   425193265   442695771   443032024   443039326   443046669   443053988   443061460   443068796   443076088   443083399   443090717   443098041   443105416   443112628   443119862   443127105   443134325   443141536   443148804
424509586   425193919   442695912   443032032   443039334   443046677   443053996   443061478   443068804   443076096   443083407   443090725   443098058   443105424   443112636   443119870   443127113   443134333   443141544   443148812
424510634   425194057   442696019   443032040   443039342   443046685   443054002   443061486   443068812   443076104   443083415   443090733   443098066   443105432   443112644   443119888   443127121   443134341   443141551   443148820
424510709   425194610   442697710   443032057   443039359   443046693   443054010   443061494   443068820   443076112   443083423   443090741   443098074   443105440   443112651   443119896   443127139   443134358   443141569   443148838
424511301   425194875   442698726   443032065   443039367   443046701   443054028   443061502   443068838   443076120   443083431   443090758   443098082   443105457   443112669   443119904   443127147   443134366   443141577   443148846
424512333   425195575   442698866   443032073   443039375   443046719   443054036   443061510   443068846   443076138   443083449   443090766   443098090   443105465   443112677   443119912   443127154   443134374   443141585   443148853
424512465   425196672   442699393   443032081   443039383   443046727   443054044   443061528   443068853   443076146   443083456   443090774   443098108   443105473   443112685   443119920   443127162   443134382   443141593   443148861
424513034   425199767   442699476   443032099   443039391   443046735   443054051   443061536   443068861   443076153   443083464   443090782   443098116   443105481   443112693   443119938   443127170   443134390   443141601   443148879
424516540   425200268   442702213   443032107   443039409   443046743   443054069   443061544   443068879   443076161   443083472   443090790   443098124   443105499   443112701   443119946   443127188   443134408   443141619   443148887
424518660   425208048   442702304   443032115   443039417   443046750   443054077   443061551   443068887   443076179   443083480   443090808   443098132   443105507   443112719   443119953   443127196   443134416   443141627   443148895
424519478   426055307   442702726   443032123   443039425   443046768   443054085   443061569   443068895   443076187   443083498   443090816   443098140   443105515   443112727   443119961   443127204   443134424   443141635   443148903
424521045   427337563   442702916   443032131   443039433   443046776   443054093   443061577   443068903   443076195   443083506   443090824   443098157   443105523   443112735   443119979   443127212   443134432   443141643   443148911
424521946   427345889   442703815   443032149   443039441   443046784   443054101   443061585   443068911   443076203   443083514   443090832   443098165   443105531   443112743   443119987   443127220   443134440   443141650   443148929
424522886   431847359   442703856   443032156   443039458   443046792   443054119   443061593   443068929   443076211   443083522   443090840   443098181   443105549   443112750   443119995   443127238   443134457   443141668   443148937

2010-A Final Cut Legal Schedule of Receivables

 

Sch-A-6


UCC-12010-A 3-31-10

 

Loan
Number
  Loan
Number
  Loan
Number
  Loan
Number
  Loan
Number
  Loan
Number
  Loan
Number
  Loan
Number
  Loan
Number
  Loan
Number
  Loan
Number
  Loan
Number
  Loan
Number
  Loan
Number
  Loan
Number
  Loan
Number
  Loan
Number
  Loan
Number
  Loan
Number
  Loan
Number
424523801   432872851   442703872   443032164   443039466   443046800   443054127   443061601   443068937   443076229   443083530   443090857   443098199   443105556   443112768   443120001   443127246   443134465   443141676   443148945
424524049   432924462   442704292   443032172   443039474   443046818   443054135   443061619   443068945   443076237   443083548   443090865   443098207   443105564   443112776   443120019   443127253   443134473   443141684   443148952
424524536   432951333   442704599   443032180   443039482   443046826   443054143   443061627   443068952   443076245   443083555   443090873   443098215   443105572   443112784   443120027   443127261   443134481   443141692   443148960
424526838   433448289   442705091   443032198   443039490   443046834   443054150   443061635   443068960   443076252   443083563   443090881   443098223   443105580   443112792   443120035   443127279   443134499   443141700   443148978
424527844   433595667   442705505   443032206   443039508   443046842   443054168   443061643   443068978   443076260   443083571   443090899   443098231   443105598   443112800   443120043   443127287   443134507   443141718   443148986
424528180   433620994   442706255   443032214   443039516   443046859   443054184   443061650   443068986   443076278   443083589   443090907   443098249   443105606   443112818   443120050   443127295   443134515   443141726   443148994
424528677   433666765   442706446   443032222   443039524   443046867   443054192   443061668   443068994   443076294   443083597   443090915   443098256   443105614   443112826   443120068   443127303   443134523   443141734   443149000
424530046   433746617   442706495   443032230   443039532   443046875   443054200   443061676   443069000   443076302   443083605   443090931   443098264   443105622   443112834   443120076   443127311   443134531   443141742   443149018
424530137   433777745   442707923   443032248   443039540   443046883   443054218   443061684   443069018   443076310   443083613   443090949   443098272   443105630   443112842   443120084   443127329   443134549   443141759   443149026
424530335   433784451   442708053   443032255   443039557   443046891   443054226   443061692   443069026   443076328   443083621   443090956   443098280   443105648   443112859   443120092   443127337   443134556   443141767   443149034
424530418   433785342   442708715   443032263   443039565   443046909   443054234   443061700   443069034   443076336   443083639   443090964   443098298   443105655   443112867   443120100   443127345   443134564   443141775   443149042
424530848   433807567   442709408   443032271   443039573   443046917   443054242   443061718   443069042   443076344   443083647   443090972   443098306   443105663   443112875   443120118   443127352   443134572   443141783   443149059
424531572   433815800   442709713   443032289   443039581   443046925   443054259   443061726   443069059   443076351   443083654   443090980   443098314   443105671   443112883   443120126   443127360   443134580   443141791   443149067
424533032   433833605   442709952   443032297   443039599   443046933   443054267   443061734   443069067   443076369   443083662   443090998   443098322   443105689   443112891   443120134   443127378   443134598   443141809   443149075
424533495   433849288   442710984   443032305   443039607   443046941   443054275   443061742   443069075   443076377   443083670   443091004   443098330   443105697   443112909   443120142   443127386   443134606   443141817   443149083
424534808   433876935   442711016   443032313   443039615   443046958   443054283   443061759   443069083   443076385   443083688   443091038   443098348   443105705   443112917   443120159   443127394   443134614   443141825   443149091
424536225   433891843   442711271   443032321   443039623   443046966   443054291   443061767   443069091   443076393   443083696   443091046   443098355   443105713   443112925   443120167   443127402   443134622   443141833   443149109
424537553   433914199   442713442   443032339   443039631   443046974   443054309   443061775   443069109   443076401   443083704   443091053   443098363   443105721   443112933   443120175   443127410   443134630   443141841   443149117
424538130   433934015   442714424   443032347   443039649   443046982   443054317   443061783   443069117   443076419   443083712   443091079   443098371   443105739   443112941   443120183   443127428   443134648   443141858   443149125
424538262   433935202   442714895   443032354   443039656   443047006   443054325   443061791   443069125   443076427   443083720   443091087   443098389   443105747   443112958   443120191   443127436   443134655   443141866   443149133
424538916   433944089   442714945   443032362   443039664   443047014   443054333   443061809   443069133   443076435   443083738   443091095   443098397   443105754   443112966   443120209   443127444   443134663   443141874   443149141
424540680   433946001   442715421   443032370   443039672   443047022   443054341   443061817   443069141   443076443   443083746   443091103   443098405   443105762   443112974   443120217   443127451   443134671   443141882   443149158
424545341   433953726   442715991   443032388   443039680   443047030   443054358   443061825   443069158   443076450   443083753   443091111   443098413   443105770   443112982   443120225   443127469   443134689   443141890   443149166
424546299   433984440   442716650   443032396   443039698   443047055   443054366   443061833   443069166   443076468   443083761   443091129   443098421   443105788   443112990   443120233   443127477   443134697   443141908   443149174
424548261   434001186   442717013   443032404   443039706   443047063   443054374   443061841   443069174   443076476   443083779   443091137   443098439   443105796   443113006   443120241   443127485   443134705   443141916   443149182
424549822   434042990   442717088   443032412   443039714   443047071   443054382   443061858   443069182   443076484   443083787   443091145   443098447   443105804   443113014   443120258   443127493   443134713   443141924   443149190
424549871   434056768   442717906   443032420   443039722   443047089   443054390   443061866   443069190   443076492   443083795   443091152   443098454   443105812   443113022   443120266   443127501   443134721   443141932   443149208
424553873   434060950   442717963   443032438   443039730   443047097   443054408   443061874   443069208   443076500   443083803   443091160   443098462   443105820   443113030   443120274   443127519   443134739   443141940   443149216
424554020   434184115   442718151   443032446   443039748   443047105   443054416   443061882   443069216   443076518   443083811   443091178   443098470   443105838   443113048   443120282   443127527   443134747   443141957   443149224
424554350   434188546   442719217   443032453   443039755   443047113   443054424   443061890   443069224   443076526   443083829   443091186   443098488   443105846   443113055   443120290   443127535   443134754   443141965   443149232
424555076   434248274   442719647   443032461   443039763   443047121   443054432   443061908   443069232   443076534   443083837   443091194   443098496   443105853   443113063   443120308   443127543   443134762   443141973   443149240
424555233   434447918   442719662   443032479   443039771   443047139   443054440   443061916   443069240   443076542   443083845   443091202   443098504   443105861   443113071   443120316   443127550   443134770   443141981   443149257
424556512   435827738   442720165   443032487   443039789   443047147   443054457   443061924   443069265   443076559   443083852   443091210   443098512   443105879   443113089   443120324   443127568   443134788   443141999   443149265
424557825   435978986   442720769   443032495   443039797   443047154   443054465   443061932   443069273   443076567   443083860   443091228   443098520   443105887   443113097   443120332   443127576   443134796   443142005   443149273
424558906   436050017   442721395   443032503   443039805   443047162   443054473   443061940   443069299   443076575   443083878   443091236   443098538   443105895   443113105   443120340   443127584   443134804   443142013   443149281
424558948   436073639   442722070   443032511   443039821   443047170   443054481   443061957   443069307   443076583   443083886   443091244   443098553   443105903   443113113   443120357   443127600   443134812   443142021   443149299
424559060   436075295   442722229   443032529   443039839   443047188   443054507   443061965   443069315   443076591   443083894   443091251   443098561   443105911   443113121   443120365   443127618   443134820   443142039   443149307
424559425   436087449   442722252   443032537   443039847   443047196   443054515   443061973   443069323   443076609   443083902   443091269   443098579   443105929   443113139   443120373   443127626   443134838   443142047   443149315
424560506   436118228   442722971   443032545   443039854   443047204   443054523   443061981   443069331   443076617   443083910   443091277   443098587   443105937   443113147   443120381   443127634   443134846   443142054   443149323
424561983   436118574   442723458   443032552   443039862   443047212   443054531   443061999   443069349   443076625   443083928   443091285   443098595   443105945   443113154   443120399   443127642   443134853   443142062   443149331
424565547   436127880   442723524   443032560   443039870   443047220   443054549   443062005   443069356   443076633   443083936   443091293   443098603   443105952   443113162   443120407   443127659   443134861   443142070   443149349
424571875   436133094   442724316   443032578   443039888   443047238   443054556   443062013   443069364   443076641   443083944   443091301   443098611   443105960   443113170   443120415   443127667   443134879   443142088   443149356
424572162   436180327   442724969   443032586   443039896   443047246   443054564   443062021   443069372   443076658   443083951   443091319   443098629   443105978   443113188   443120423   443127675   443134887   443142096   443149364
424573426   436186613   442726444   443032594   443039904   443047253   443054572   443062039   443069380   443076666   443083969   443091327   443098637   443105986   443113196   443120431   443127683   443134895   443142104   443149372
424573764   436186894   442726956   443032602   443039912   443047261   443054598   443062047   443069398   443076674   443083977   443091335   443098645   443105994   443113204   443120449   443127691   443134903   443142112   443149398
424575561   436206932   442727699   443032610   443039920   443047279   443054606   443062054   443069406   443076682   443083985   443091343   443098652   443106000   443113212   443120456   443127709   443134911   443142120   443149406
424577799   436223523   442728879   443032628   443039938   443047287   443054614   443062062   443069414   443076690   443083993   443091350   443098660   443106018   443113220   443120464   443127717   443134929   443142138   443149422
424578243   436246003   442728960   443032636   443039946   443047295   443054622   443062070   443069422   443076708   443084009   443091368   443098678   443106026   443113238   443120472   443127725   443134937   443142146   443149430
424578912   436247142   442730024   443032644   443039953   443047303   443054630   443062088   443069448   443076716   443084017   443091376   443098686   443106034   443113246   443120480   443127733   443134945   443142153   443149448
424581163   436264543   442730131   443032651   443039961   443047311   443054648   443062096   443069455   443076724   443084025   443091384   443098694   443106042   443113253   443120498   443127741   443134952   443142161   443149455
424581486   436312516   442730164   443032669   443039979   443047329   443054655   443062104   443069463   443076732   443084033   443091392   443098702   443106059   443113261   443120506   443127758   443134960   443142179   443149463
424583557   436340400   442731691   443032677   443039987   443047337   443054663   443062112   443069471   443076740   443084041   443091400   443098710   443106067   443113279   443120514   443127766   443134978   443142187   443149471
424583664   436366694   442732335   443032685   443039995   443047345   443054671   443062120   443069489   443076757   443084058   443091418   443098728   443106075   443113287   443120522   443127774   443134986   443142195   443149489
424584019   436411847   442732400   443032693   443040001   443047352   443054689   443062138   443069497   443076765   443084066   443091426   443098744   443106083   443113295   443120530   443127782   443134994   443142203   443149497
424584431   436412258   442732566   443032701   443040019   443047360   443054697   443062146   443069505   443076781   443084074   443091434   443098751   443106091   443113303   443120548   443127790   443135009   443142211   443149505
424588036   436422653   442732806   443032719   443040027   443047378   443054705   443062161   443069513   443076799   443084082   443091442   443098769   443106109   443113311   443120555   443127808   443135017   443142229   443149513
424590966   436466122   442734000   443032727   443040035   443047386   443054713   443062179   443069521   443076807   443084090   443091459   443098777   443106117   443113329   443120563   443127816   443135025   443142237   443149521
424593424   436474142   442734216   443032735   443040043   443047394   443054721   443062187   443069539   443076815   443084108   443091467   443098785   443106125   443113337   443120571   443127824   443135033   443142245   443149539
424594745   436487839   442734984   443032750   443040050   443047402   443054739   443062195   443069547   443076823   443084124   443091475   443098793   443106133   443113345   443120589   443127832   443135041   443142252   443149547
424595098   436515894   442735338   443032768   443040076   443047410   443054747   443062203   443069554   443076831   443084140   443091483   443098801   443106141   443113352   443120597   443127840   443135058   443142260   443149554
424596716   436521884   442735411   443032776   443040084   443047428   443054754   443062211   443069570   443076849   443084165   443091491   443098819   443106158   443113360   443120605   443127857   443135066   443142278   443149562
424596989   436523765   442739959   443032784   443040092   443047436   443054762   443062229   443069588   443076856   443084173   443091509   443098827   443106166   443113378   443120613   443127865   443135074   443142286   443149570
424600484   436548648   442740452   443032792   443040100   443047444   443054770   443062237   443069596   443076864   443084181   443091517   443098835   443106174   443113386   443120621   443127873   443135082   443142294   443149588
424601730   436556674   442740932   443032800   443040118   443047451   443054788   443062245   443069604   443076872   443084199   443091525   443098843   443106182   443113394   443120639   443127881   443135090   443142302   443149596
424603728   436571400   442741922   443032818   443040126   443047469   443054796   443062252   443069612   443076880   443084207   443091533   443098850   443106190   443113402   443120647   443127899   443135108   443142310   443149604
424604361   436572788   442743266   443032826   443040134   443047477   443054804   443062260   443069620   443076898   443084215   443091541   443098868   443106208   443113410   443120654   443127907   443135116   443142328   443149612
424605640   436578215   442743670   443032834   443040142   443047485   443054812   443062278   443069638   443076906   443084223   443091558   443098876   443106216   443113428   443120662   443127915   443135124   443142336   443149620
424605657   436585137   442744959   443032842   443040159   443047493   443054820   443062286   443069646   443076914   443084231   443091566   443098884   443106224   443113436   443120670   443127923   443135132   443142344   443149638
424605673   436586283   442745568   443032859   443040167   443047501   443054838   443062294   443069661   443076922   443084249   443091582   443098892   443106232   443113444   443120688   443127931   443135140   443142351   443149646
424606556   436647580   442746095   443032867   443040175   443047519   443054846   443062302   443069679   443076930   443084256   443091590   443098900   443106240   443113451   443120696   443127949   443135157   443142369   443149653
424607018   436663751   442746459   443032875   443040183   443047527   443054853   443062310   443069687   443076948   443084264   443091608   443098918   443106257   443113469   443120704   443127956   443135165   443142377   443149661
424607463   436663827   442748505   443032883   443040191   443047535   443054861   443062328   443069695   443076955   443084272   443091616   443098926   443106265   443113477   443120712   443127964   443135173   443142385   443149679
424608289   436676647   442749263   443032891   443040209   443047543   443054879   443062336   443069703   443076963   443084280   443091624   443098934   443106273   443113485   443120720   443127972   443135181   443142393   443149695

2010-A Final Cut Legal Schedule of Receivables

 

Sch-A-7


UCC-12010-A 3-31-10

 

Loan
Number
  Loan
Number
  Loan
Number
  Loan
Number
  Loan
Number
  Loan
Number
  Loan
Number
  Loan
Number
  Loan
Number
  Loan
Number
  Loan
Number
  Loan
Number
  Loan
Number
  Loan
Number
  Loan
Number
  Loan
Number
  Loan
Number
  Loan
Number
  Loan
Number
  Loan
Number
424612406   436680797   442753075   443032909   443040217   443047550   443054887   443062344   443069711   443076971   443084298   443091632   443098942   443106281   443113493   443120738   443127980   443135199   443142401   443149703
424615664   436708473   442753638   443032917   443040225   443047568   443054895   443062351   443069729   443076989   443084306   443091640   443098959   443106299   443113501   443120746   443127998   443135207   443142419   443149711
424615797   436763874   442754867   443032925   443040233   443047576   443054911   443062369   443069737   443076997   443084314   443091657   443098967   443106307   443113519   443120753   443128004   443135215   443142427   443149729
424616407   436771554   442755831   443032933   443040241   443047584   443054929   443062377   443069745   443077003   443084322   443091665   443098975   443106315   443113527   443120761   443128012   443135223   443142435   443149737
424617488   436814768   442759916   443032941   443040258   443047592   443054937   443062385   443069752   443077011   443084330   443091673   443098983   443106323   443113535   443120779   443128020   443135231   443142443   443149745
424618601   436815567   442760377   443032958   443040266   443047600   443054945   443062393   443069760   443077029   443084348   443091681   443098991   443106331   443113543   443120787   443128038   443135249   443142450   443149752
424618791   436823520   442760989   443032966   443040274   443047618   443054952   443062401   443069778   443077037   443084363   443091699   443099007   443106349   443113550   443120795   443128046   443135256   443142468   443149760
424619203   436845820   442762084   443032974   443040282   443047634   443054960   443062419   443069786   443077045   443084371   443091707   443099015   443106356   443113576   443120803   443128053   443135264   443142476   443149778
424619716   436856405   442763413   443032982   443040290   443047642   443054978   443062427   443069794   443077052   443084389   443091715   443099023   443106364   443113584   443120811   443128061   443135272   443142484   443149786
424620870   436876874   442763710   443032990   443040308   443047659   443054986   443062435   443069802   443077060   443084397   443091723   443099031   443106372   443113592   443120829   443128079   443135280   443142492   443149794
424621035   436885875   442764288   443033006   443040316   443047667   443054994   443062443   443069810   443077086   443084405   443091731   443099049   443106380   443113600   443120837   443128087   443135298   443142500   443149802
424622041   436886386   442765319   443033014   443040324   443047675   443055009   443062450   443069828   443077094   443084413   443091749   443099056   443106398   443113618   443120845   443128095   443135306   443142518   443149810
424622363   436909980   442765582   443033022   443040332   443047683   443055017   443062468   443069836   443077102   443084421   443091756   443099064   443106406   443113626   443120852   443128103   443135314   443142526   443149828
424622660   436920805   442766895   443033048   443040340   443047691   443055025   443062476   443069844   443077110   443084439   443091764   443099080   443106414   443113634   443120860   443128111   443135322   443142534   443149836
424626984   436929178   442768149   443033055   443040357   443047709   443055033   443062484   443069851   443077128   443084447   443091772   443099098   443106422   443113642   443120878   443128129   443135330   443142542   443149851
424628311   436941173   442769733   443033063   443040365   443047717   443055041   443062492   443069869   443077136   443084454   443091780   443099106   443106430   443113659   443120886   443128137   443135348   443142559   443149869
424631653   436979934   442770608   443033071   443040373   443047725   443055058   443062500   443069877   443077144   443084462   443091798   443099114   443106448   443113667   443120894   443128145   443135355   443142567   443149877
424631877   436986137   442771101   443033089   443040381   443047733   443055066   443062518   443069885   443077151   443084470   443091806   443099122   443106455   443113683   443120902   443128152   443135363   443142575   443149885
424632032   436989842   442772786   443033097   443040399   443047741   443055074   443062526   443069893   443077169   443084488   443091814   443099130   443106463   443113691   443120910   443128160   443135371   443142583   443149893
424632172   437029168   442773800   443033105   443040415   443047758   443055082   443062534   443069901   443077177   443084496   443091822   443099148   443106471   443113709   443120928   443128178   443135389   443142591   443149901
424634665   437032428   442774634   443033113   443040423   443047766   443055090   443062542   443069919   443077185   443084504   443091830   443099155   443106489   443113717   443120936   443128186   443135397   443142609   443149919
424634855   437032436   442774857   443033121   443040431   443047774   443055108   443062559   443069927   443077193   443084512   443091848   443099163   443106497   443113725   443120944   443128194   443135405   443142617   443149927
424635605   437101090   442775094   443033139   443040449   443047782   443055116   443062567   443069935   443077201   443084520   443091855   443099171   443106505   443113733   443120951   443128202   443135413   443142633   443149935
424636181   437123268   442775524   443033147   443040456   443047790   443055124   443062575   443069943   443077219   443084538   443091863   443099189   443106513   443113741   443120969   443128210   443135421   443142641   443149943
424636926   437171523   442776456   443033154   443040464   443047808   443055132   443062583   443069950   443077227   443084546   443091871   443099197   443106521   443113758   443120977   443128228   443135439   443142658   443149950
424639185   437172885   442776753   443033162   443040472   443047816   443055140   443062591   443069968   443077235   443084553   443091889   443099205   443106539   443113766   443120985   443128236   443135447   443142666   443149968
424640233   437176266   442777553   443033170   443040480   443047824   443055157   443062609   443069976   443077243   443084561   443091897   443099213   443106547   443113774   443120993   443128244   443135454   443142674   443149976
424640431   440876514   442779419   443033188   443040498   443047832   443055165   443062617   443069984   443077250   443084579   443091905   443099221   443106554   443113782   443121009   443128251   443135462   443142682   443149984
424641058   440877140   442780227   443033196   443040506   443047840   443055173   443062625   443069992   443077268   443084587   443091913   443099239   443106562   443113790   443121017   443128269   443135470   443142690   443149992
424641777   440881183   442780706   443033204   443040514   443047857   443055181   443062633   443070008   443077276   443084595   443091921   443099247   443106570   443113808   443121025   443128277   443135488   443142708   443150008
424642031   440890564   442781001   443033212   443040522   443047865   443055199   443062641   443070016   443077284   443084603   443091939   443099254   443106588   443113816   443121033   443128285   443135496   443142716   443150016
424642346   440913945   442781167   443033220   443040530   443047873   443055207   443062658   443070024   443077292   443084611   443091947   443099262   443106596   443113824   443121041   443128293   443135504   443142724   443150024
424642866   440942209   442782512   443033238   443040548   443047881   443055215   443062666   443070032   443077300   443084629   443091954   443099270   443106604   443113832   443121058   443128301   443135512   443142732   443150032
424645976   440944643   442782603   443033246   443040555   443047899   443055223   443062674   443070040   443077318   443084645   443091962   443099288   443106612   443113840   443121066   443128319   443135520   443142740   443150040
424648707   440944874   442783031   443033253   443040563   443047907   443055231   443062682   443070057   443077326   443084652   443091970   443099296   443106620   443113857   443121074   443128327   443135538   443142757   443150057
424648764   440949881   442783973   443033261   443040571   443047915   443055249   443062690   443070065   443077334   443084660   443091988   443099304   443106638   443113865   443121082   443128335   443135546   443142765   443150065
424649150   440963502   442784617   443033279   443040589   443047923   443055256   443062708   443070073   443077342   443084686   443091996   443099312   443106646   443113873   443121090   443128343   443135553   443142773   443150073
424650232   440998961   442784765   443033287   443040597   443047931   443055264   443062716   443070081   443077359   443084694   443092002   443099320   443106653   443113881   443121108   443128350   443135561   443142781   443150081
424650562   441000965   442785135   443033295   443040605   443047949   443055272   443062724   443070099   443077367   443084702   443092010   443099338   443106661   443113899   443121116   443128368   443135579   443142807   443150099
424652964   441018637   442786018   443033303   443040613   443047956   443055280   443062732   443070107   443077375   443084710   443092028   443099346   443106679   443113907   443121124   443128376   443135587   443142815   443150107
424655645   441020104   442786091   443033311   443040621   443047964   443055298   443062740   443070115   443077383   443084728   443092036   443099353   443106687   443113915   443121132   443128384   443135603   443142823   443150115
424657419   441036696   442786208   443033337   443040639   443047972   443055306   443062757   443070123   443077391   443084736   443092044   443099361   443106695   443113923   443121140   443128392   443135611   443142831   443150123
424657757   441056611   442786315   443033345   443040647   443047980   443055314   443062765   443070131   443077409   443084744   443092051   443099379   443106703   443113931   443121157   443128400   443135629   443142849   443150131
424659126   441065851   442788162   443033352   443040654   443047998   443055322   443062773   443070149   443077417   443084751   443092069   443099387   443106711   443113949   443121165   443128418   443135637   443142856   443150149
424659597   441082294   442788220   443033360   443040662   443048004   443055330   443062781   443070156   443077425   443084769   443092077   443099395   443106729   443113956   443121173   443128426   443135645   443142864   443150156
424661775   441093630   442789079   443033378   443040670   443048012   443055348   443062799   443070164   443077433   443084777   443092085   443099403   443106737   443113964   443121181   443128434   443135652   443142872   443150164
424665883   441121241   442792057   443033386   443040688   443048020   443055355   443062807   443070172   443077441   443084785   443092093   443099411   443106745   443113972   443121199   443128442   443135660   443142880   443150172
424668432   441121910   442792115   443033394   443040696   443048038   443055363   443062815   443070180   443077458   443084793   443092101   443099429   443106752   443113980   443121207   443128459   443135678   443142898   443150180
424668820   441130069   442794889   443033402   443040712   443048046   443055371   443062823   443070198   443077466   443084801   443092119   443099437   443106760   443113998   443121215   443128467   443135686   443142906   443150198
424668952   441139151   442797825   443033410   443040720   443048053   443055389   443062849   443070206   443077474   443084819   443092127   443099445   443106778   443114004   443121223   443128475   443135694   443142914   443150206
424669158   441163219   442799474   443033428   443040738   443048061   443055397   443062856   443070214   443077482   443084827   443092135   443099452   443106786   443114012   443121231   443128483   443135702   443142922   443150214
424670446   441172632   442800025   443033436   443040746   443048079   443055405   443062864   443070222   443077490   443084835   443092143   443099460   443106794   443114020   443121249   443128491   443135710   443142930   443150222
424670552   441175528   442800538   443033444   443040753   443048087   443055413   443062872   443070230   443077508   443084843   443092150   443099478   443106802   443114038   443121256   443128509   443135728   443142948   443150230
424674414   441176237   442801247   443033451   443040761   443048095   443055421   443062880   443070248   443077516   443084850   443092184   443099486   443106810   443114046   443121264   443128517   443135736   443142955   443150248
424676856   441188166   442803219   443033469   443040779   443048103   443055439   443062898   443070255   443077524   443084868   443092192   443099494   443106828   443114053   443121272   443128525   443135744   443142963   443150255
424677128   441195666   442803706   443033477   443040787   443048111   443055447   443062906   443070263   443077532   443084876   443092200   443099502   443106836   443114061   443121280   443128533   443135751   443142971   443150263
424677615   441198710   442805321   443033485   443040795   443048129   443055454   443062914   443070271   443077540   443084884   443092218   443099510   443106844   443114079   443121298   443128541   443135769   443142989   443150271
424677912   441234416   442805594   443033493   443040803   443048137   443055462   443062922   443070289   443077557   443084892   443092226   443099528   443106851   443114087   443121306   443128558   443135777   443142997   443150289
424677946   441274701   442805701   443033501   443040811   443048145   443055488   443062930   443070297   443077565   443084900   443092234   443099536   443106869   443114095   443121314   443128566   443135785   443143003   443150297
424678431   441282423   442806055   443033519   443040829   443048152   443055496   443062948   443070305   443077573   443084918   443092242   443099544   443106877   443114103   443121322   443128574   443135793   443143011   443150305
424679090   441291523   442806691   443033527   443040837   443048160   443055504   443062955   443070313   443077581   443084926   443092259   443099551   443106885   443114111   443121330   443128582   443135801   443143029   443150313
424679827   441296324   442808838   443033535   443040845   443048178   443055512   443062963   443070321   443077599   443084942   443092267   443099569   443106893   443114129   443121348   443128608   443135819   443143037   443150321
424681633   441297314   442809877   443033543   443040852   443048186   443055546   443062971   443070339   443077607   443084959   443092275   443099577   443106901   443114137   443121355   443128616   443135827   443143045   443150339
424681716   441328986   442810370   443033550   443040860   443048194   443055553   443062989   443070347   443077615   443084967   443092283   443099585   443106919   443114145   443121363   443128624   443135835   443143052   443150347
424683340   441352499   442811063   443033568   443040878   443048202   443055561   443062997   443070354   443077623   443084975   443092291   443099593   443106927   443114152   443121371   443128632   443135843   443143060   443150354
424683589   441357522   442812152   443033576   443040886   443048210   443055579   443063003   443070362   443077631   443084983   443092309   443099601   443106935   443114160   443121389   443128640   443135850   443143078   443150362
424683738   441357795   442813242   443033584   443040894   443048228   443055587   443063011   443070370   443077649   443084991   443092317   443099619   443106943   443114178   443121397   443128657   443135868   443143086   443150370
424684272   441357944   442817797   443033592   443040902   443048236   443055595   443063029   443070388   443077656   443085006   443092325   443099627   443106950   443114194   443121405   443128665   443135876   443143094   443150388
424685345   441367737   442818613   443033600   443040910   443048244   443055629   443063037   443070396   443077664   443085014   443092333   443099635   443106968   443114202   443121413   443128673   443135884   443143102   443150396
424687143   441399490   442818753   443033618   443040928   443048251   443055637   443063045   443070404   443077672   443085022   443092341   443099643   443106976   443114210   443121421   443128681   443135892   443143110   443150404
424689909   441425345   442819728   443033626   443040944   443048269   443055645   443063052   443070412   443077680   443085030   443092358   443099650   443106984   443114228   443121439   443128699   443135900   443143128   443150412
424690857   441434859   442821567   443033634   443040951   443048277   443055652   443063060   443070420   443077698   443085048   443092366   443099668   443106992   443114236   443121447   443128707   443135918   443143136   443150420
424691053   441440138   442821666   443033642   443040969   443048285   443055660   443063078   443070438   443077706   443085055   443092374   443099676   443107008   443114244   443121454   443128715   443135926   443143144   443150438

2010-A Final Cut Legal Schedule of Receivables

 

Sch-A-8


UCC-12010-A 3-31-10

 

Loan
Number
  Loan
Number
  Loan
Number
  Loan
Number
  Loan
Number
  Loan
Number
  Loan
Number
  Loan
Number
  Loan
Number
  Loan
Number
  Loan
Number
  Loan
Number
  Loan
Number
  Loan
Number
  Loan
Number
  Loan
Number
  Loan
Number
  Loan
Number
  Loan
Number
  Loan
Number
424691145   441441219   442821971   443033659   443040977   443048293   443055678   443063086   443070446   443077714   443085063   443092382   443099684   443107016   443114251   443121462   443128723   443135934   443143151   443150446
424691509   441448222   442822193   443033667   443040985   443048301   443055686   443063102   443070453   443077722   443085071   443092390   443099692   443107024   443114269   443121470   443128731   443135942   443143169   443150453
424692515   441452570   442822870   443033675   443040993   443048319   443055694   443063110   443070461   443077730   443085089   443092408   443099700   443107032   443114277   443121488   443128749   443135959   443143177   443150461
424695476   441454576   442824348   443033683   443041009   443048327   443055710   443063128   443070479   443077748   443085097   443092416   443099718   443107040   443114285   443121496   443128756   443135967   443143185   443150479
424695567   441460052   442825931   443033691   443041017   443048335   443055728   443063136   443070487   443077755   443085105   443092424   443099726   443107057   443114293   443121504   443128764   443135975   443143193   443150487
424697233   441469335   442826392   443033709   443041025   443048343   443055736   443063144   443070495   443077763   443085113   443092432   443099734   443107065   443114301   443121512   443128772   443135983   443143201   443150495
424701720   441470366   442826830   443033717   443041033   443048350   443055744   443063151   443070503   443077771   443085121   443092440   443099742   443107073   443114319   443121520   443128780   443135991   443143219   443150503
424702157   441470440   442826855   443033725   443041041   443048368   443055751   443063169   443070511   443077789   443085139   443092457   443099759   443107081   443114327   443121546   443128798   443136007   443143227   443150511
424702330   441473261   442826939   443033733   443041058   443048384   443055769   443063177   443070529   443077797   443085147   443092465   443099767   443107099   443114335   443121553   443128806   443136015   443143235   443150529
424702348   441485026   442827549   443033741   443041066   443048392   443055777   443063185   443070537   443077805   443085154   443092473   443099775   443107107   443114343   443121561   443128814   443136023   443143243   443150537
424703155   441490067   442828349   443033758   443041074   443048400   443055785   443063193   443070545   443077813   443085162   443092481   443099783   443107115   443114350   443121579   443128822   443136031   443143250   443150545
424703163   441495355   442830006   443033766   443041082   443048418   443055793   443063201   443070552   443077821   443085170   443092499   443099791   443107123   443114368   443121587   443128830   443136049   443143268   443150552
424704294   441505799   442831509   443033774   443041090   443048426   443055801   443063219   443070560   443077839   443085188   443092507   443099809   443107131   443114376   443121595   443128848   443136056   443143276   443150560
424705200   441507118   442832150   443033782   443041108   443048434   443055819   443063227   443070578   443077847   443085196   443092515   443099817   443107149   443114384   443121603   443128855   443136064   443143284   443150578
424705655   441516424   442834289   443033790   443041116   443048442   443055827   443063235   443070586   443077854   443085204   443092523   443099825   443107156   443114392   443121611   443128863   443136072   443143292   443150586
424707602   441519790   442834917   443033824   443041124   443048459   443055835   443063243   443070594   443077862   443085212   443092531   443099833   443107164   443114400   443121629   443128871   443136080   443143300   443150594
424708717   441532934   442836953   443033832   443041132   443048467   443055843   443063250   443070602   443077870   443085220   443092549   443099841   443107172   443114418   443121637   443128889   443136106   443143318   443150602
424709137   441542438   442837894   443033840   443041140   443048475   443055850   443063268   443070610   443077888   443085238   443092556   443099858   443107180   443114426   443121645   443128897   443136114   443143326   443150610
424709186   441544319   442837985   443033857   443041157   443048483   443055868   443063284   443070628   443077896   443085246   443092564   443099866   443107198   443114434   443121652   443128905   443136122   443143334   443150628
424709285   441563699   442841342   443033865   443041165   443048491   443055876   443063292   443070636   443077904   443085253   443092572   443099874   443107206   443114442   443121660   443128913   443136130   443143359   443150636
424710176   441579786   442841706   443033873   443041173   443048509   443055884   443063300   443070644   443077912   443085261   443092580   443099882   443107214   443114459   443121678   443128921   443136148   443143367   443150644
424711927   441581063   442841953   443033881   443041181   443048517   443055892   443063318   443070651   443077920   443085279   443092598   443099890   443107222   443114467   443121686   443128939   443136155   443143375   443150651
424712701   441587508   442842134   443033899   443041199   443048525   443055900   443063326   443070669   443077938   443085287   443092606   443099916   443107230   443114475   443121694   443128947   443136163   443143383   443150669
424712990   441591773   442842902   443033907   443041215   443048533   443055918   443063334   443070677   443077946   443085295   443092614   443099924   443107248   443114483   443121702   443128954   443136171   443143391   443150677
424713238   441594165   442843389   443033915   443041223   443048558   443055926   443063342   443070685   443077953   443085303   443092622   443099932   443107255   443114491   443121710   443128962   443136189   443143409   443150685
424713469   441595550   442843959   443033923   443041231   443048566   443055934   443063359   443070693   443077961   443085311   443092630   443099940   443107263   443114509   443121728   443128970   443136197   443143417   443150693
424715092   441596897   442846234   443033931   443041249   443048574   443055942   443063367   443070701   443077979   443085329   443092648   443099957   443107271   443114517   443121736   443128988   443136205   443143425   443150701
424715225   441604717   442848248   443033949   443041256   443048582   443055959   443063375   443070719   443077987   443085337   443092655   443099965   443107289   443114525   443121744   443128996   443136213   443143433   443150719
424715894   441609211   442849683   443033956   443041264   443048590   443055967   443063383   443070727   443077995   443085345   443092663   443099973   443107297   443114533   443121751   443129002   443136221   443143441   443150727
424715977   441624194   442849717   443033964   443041272   443048608   443055975   443063391   443070735   443078019   443085352   443092671   443099981   443107305   443114541   443121769   443129010   443136239   443143458   443150735
424716165   441624483   442849758   443033972   443041298   443048616   443055983   443063409   443070743   443078027   443085360   443092689   443099999   443107313   443114558   443121777   443129028   443136247   443143466   443150743
424716561   441629383   442850830   443033980   443041306   443048624   443055991   443063417   443070750   443078035   443085378   443092697   443100003   443107321   443114566   443121785   443129036   443136254   443143474   443150750
424717031   441630233   442853511   443033998   443041314   443048632   443056007   443063425   443070768   443078043   443085394   443092705   443100011   443107339   443114574   443121793   443129044   443136262   443143482   443150768
424722320   441641008   442854329   443034004   443041322   443048640   443056015   443063433   443070776   443078050   443085402   443092713   443100029   443107347   443114582   443121801   443129051   443136270   443143490   443150776
424722858   441647294   442854477   443034012   443041330   443048657   443056023   443063441   443070784   443078068   443085410   443092721   443100037   443107354   443114590   443121819   443129069   443136288   443143508   443150784
424723344   441653490   442855409   443034020   443041348   443048665   443056031   443063458   443070792   443078076   443085428   443092739   443100045   443107362   443114608   443121827   443129077   443136296   443143516   443150792
424726222   441656592   442858304   443034038   443041355   443048673   443056049   443063466   443070800   443078084   443085436   443092747   443100052   443107370   443114616   443121835   443129085   443136304   443143524   443150800
424726818   441656733   442858940   443034046   443041363   443048681   443056056   443063482   443070818   443078092   443085444   443092754   443100060   443107388   443114624   443121843   443129093   443136312   443143532   443150818
424727014   441657509   442859922   443034053   443041371   443048699   443056064   443063490   443070826   443078100   443085451   443092762   443100078   443107396   443114632   443121850   443129101   443136320   443143540   443150826
424729028   441666054   442860904   443034061   443041389   443048707   443056072   443063508   443070834   443078118   443085477   443092770   443100086   443107404   443114640   443121868   443129119   443136338   443143557   443150834
424729713   441668399   442861175   443034079   443041405   443048715   443056080   443063516   443070842   443078126   443085485   443092788   443100094   443107412   443114657   443121876   443129127   443136346   443143565   443150842
424730638   441670692   442861498   443034087   443041413   443048723   443056098   443063524   443070859   443078134   443085493   443092796   443100102   443107420   443114665   443121884   443129135   443136353   443143573   443150859
424731479   441672466   442863296   443034095   443041421   443048731   443056106   443063532   443070867   443078142   443085501   443092804   443100110   443107438   443114673   443121892   443129143   443136361   443143581   443150867
424732840   441673332   442863544   443034103   443041439   443048749   443056114   443063540   443070875   443078159   443085519   443092812   443100128   443107446   443114681   443121900   443129150   443136379   443143599   443150875
424734283   441679289   442864864   443034111   443041447   443048756   443056122   443063557   443070883   443078167   443085527   443092820   443100136   443107453   443114699   443121918   443129168   443136387   443143607   443150883
424734432   441682523   442865374   443034129   443041454   443048764   443056130   443063565   443070891   443078175   443085535   443092838   443100144   443107461   443114707   443121926   443129176   443136395   443143615   443150891
424735173   441686896   442868493   443034137   443041462   443048772   443056148   443063573   443070909   443078183   443085543   443092846   443100151   443107479   443114715   443121934   443129184   443136403   443143623   443150909
424735207   441687084   442875779   443034145   443041470   443048780   443056155   443063581   443070917   443078191   443085550   443092853   443100169   443107487   443114723   443121942   443129192   443136411   443143631   443150917
424736072   441687621   442877007   443034152   443041488   443048798   443056163   443063599   443070925   443078209   443085568   443092861   443100177   443107495   443114731   443121959   443129200   443136429   443143649   443150925
424736155   441688041   442877163   443034160   443041496   443048806   443056171   443063607   443070933   443078217   443085576   443092879   443100185   443107503   443114749   443121967   443129218   443136437   443143656   443150933
424736510   441688280   442877304   443034178   443041504   443048814   443056189   443063615   443070941   443078225   443085584   443092887   443100193   443107511   443114756   443121975   443129226   443136445   443143672   443150941
424737294   441693017   442878229   443034186   443041512   443048822   443056197   443063623   443070958   443078233   443085592   443092895   443100201   443107529   443114772   443121983   443129234   443136452   443143680   443150958
424737542   441699154   442879078   443034194   443041520   443048830   443056205   443063631   443070966   443078241   443085600   443092911   443100219   443107537   443114780   443121991   443129259   443136460   443143698   443150966
424738243   441701364   442879987   443034202   443041538   443048848   443056213   443063649   443070974   443078258   443085618   443092929   443100227   443107545   443114798   443122007   443129267   443136478   443143706   443150974
424738268   441713930   442880530   443034210   443041546   443048855   443056221   443063656   443070982   443078266   443085626   443092937   443100235   443107552   443114806   443122015   443129275   443136486   443143714   443150982
424738466   441716974   442880845   443034228   443041553   443048863   443056239   443063664   443070990   443078274   443085634   443092945   443100243   443107560   443114814   443122023   443129283   443136494   443143722   443150990
424741155   441719937   442882874   443034236   443041561   443048871   443056247   443063672   443071006   443078282   443085642   443092952   443100250   443107578   443114822   443122031   443129291   443136502   443143730   443151006
424743896   441721040   442883617   443034244   443041579   443048889   443056254   443063680   443071014   443078290   443085659   443092960   443100268   443107586   443114830   443122049   443129309   443136510   443143748   443151014
424745644   441732708   442884508   443034251   443041587   443048897   443056262   443063698   443071022   443078308   443085667   443092978   443100276   443107602   443114848   443122056   443129317   443136528   443143755   443151022
424746568   441733151   442884854   443034269   443041595   443048905   443056270   443063706   443071030   443078316   443085675   443092986   443100284   443107610   443114855   443122064   443129325   443136536   443143763   443151030
424747616   441734381   442885026   443034277   443041603   443048913   443056288   443063714   443071048   443078332   443085683   443092994   443100292   443107628   443114863   443122072   443129333   443136544   443143771   443151048
424747889   441735180   442885042   443034285   443041611   443048921   443056296   443063722   443071055   443078340   443085691   443093000   443100300   443107636   443114871   443122080   443129341   443136551   443143789   443151055
424749273   441742095   442885257   443034293   443041629   443048939   443056304   443063730   443071063   443078357   443085709   443093018   443100318   443107644   443114889   443122098   443129358   443136569   443143797   443151063
424749489   441749124   442885315   443034301   443041637   443048947   443056312   443063755   443071071   443078365   443085717   443093026   443100326   443107651   443114897   443122106   443129366   443136577   443143805   443151071
424749760   441765856   442890414   443034319   443041645   443048954   443056320   443063763   443071089   443078373   443085725   443093034   443100334   443107669   443114905   443122114   443129374   443136585   443143813   443151089
424749786   441773702   442890547   443034327   443041652   443048962   443056338   443063771   443071097   443078381   443085733   443093042   443100359   443107677   443114913   443122122   443129382   443136593   443143821   443151097
424750297   441775392   442890653   443034335   443041660   443048970   443056346   443063789   443071105   443078399   443085741   443093067   443100367   443107685   443114921   443122130   443129390   443136601   443143839   443151105
424752236   441777166   442890703   443034343   443041678   443048988   443056353   443063797   443071113   443078407   443085758   443093075   443100375   443107693   443114939   443122148   443129408   443136619   443143847   443151113
424753101   441777976   442891289   443034350   443041686   443048996   443056361   443063805   443071121   443078415   443085766   443093083   443100383   443107701   443114947   443122155   443129416   443136627   443143854   443151121
424753895   441785060   442893426   443034368   443041694   443049002   443056379   443063813   443071139   443078423   443085774   443093091   443100391   443107719   443114954   443122163   443129424   443136635   443143862   443151139
424755668   441798477   442898185   443034376   443041702   443049010   443056387   443063821   443071147   443078431   443085782   443093109   443100409   443107727   443114962   443122171   443129432   443136643   443143870   443151147
424756047   441801495   442898383   443034384   443041710   443049028   443056395   443063839   443071154   443078449   443085790   443093117   443100417   443107735   443114970   443122189   443129440   443136650   443143888   443151154
424757672   441808805   442899076   443034392   443041728   443049036   443056403   443063847   443071162   443078456   443085808   443093125   443100425   443107743   443114988   443122197   443129457   443136668   443143896   443151162

2010-A Final Cut Legal Schedule of Receivables

 

Sch-A-9


UCC-12010-A 3-31-10

 

Loan
Number
  Loan
Number
  Loan
Number
  Loan
Number
  Loan
Number
  Loan
Number
  Loan
Number
  Loan
Number
  Loan
Number
  Loan
Number
  Loan
Number
  Loan
Number
  Loan
Number
  Loan
Number
  Loan
Number
  Loan
Number
  Loan
Number
  Loan
Number
  Loan
Number
  Loan
Number
424757698   441810512   442900593   443034400   443041736   443049044   443056411   443063854   443071170   443078464   443085816   443093133   443100441   443107750   443114996   443122205   443129465   443136676   443143904   443151170
424757854   441813409   442900999   443034418   443041744   443049051   443056429   443063862   443071188   443078472   443085824   443093141   443100458   443107768   443115001   443122213   443129473   443136684   443143912   443151188
424759561   441815156   442901948   443034426   443041751   443049069   443056437   443063870   443071196   443078480   443085832   443093158   443100466   443107776   443115019   443122221   443129481   443136692   443143920   443151196
424761625   441818283   442902276   443034434   443041769   443049077   443056445   443063888   443071204   443078498   443085840   443093166   443100474   443107784   443115027   443122239   443129499   443136700   443143946   443151204
424763076   441819083   442902599   443034442   443041777   443049085   443056452   443063896   443071212   443078506   443085857   443093174   443100482   443107792   443115035   443122247   443129507   443136718   443143953   443151212
424764439   441822061   442907135   443034459   443041785   443049093   443056460   443063904   443071220   443078514   443085865   443093182   443100490   443107800   443115043   443122254   443129515   443136726   443143961   443151220
424764959   441830981   442907671   443034467   443041793   443049101   443056478   443063912   443071238   443078522   443085873   443093190   443100508   443107818   443115050   443122262   443129523   443136734   443143979   443151238
424765436   441831484   442907812   443034475   443041801   443049119   443056486   443063920   443071246   443078530   443085881   443093208   443100516   443107826   443115068   443122270   443129531   443136742   443143987   443151246
424768141   441831757   442908851   443034483   443041819   443049127   443056494   443063938   443071253   443078548   443085899   443093216   443100524   443107834   443115076   443122288   443129549   443136759   443143995   443151253
424768232   441838943   442911889   443034491   443041835   443049135   443056502   443063946   443071261   443078555   443085907   443093224   443100532   443107842   443115084   443122296   443129556   443136767   443144001   443151261
424771848   441839610   442912440   443034509   443041843   443049143   443056510   443063953   443071279   443078563   443085915   443093232   443100540   443107859   443115092   443122304   443129564   443136775   443144019   443151279
424772770   441840089   442912507   443034517   443041850   443049150   443056528   443063961   443071287   443078571   443085923   443093257   443100557   443107867   443115100   443122312   443129572   443136783   443144027   443151287
424772929   441840493   442914586   443034525   443041868   443049168   443056536   443063979   443071295   443078589   443085931   443093265   443100565   443107875   443115118   443122320   443129598   443136791   443144035   443151295
424773778   441844453   442917399   443034533   443041876   443049176   443056544   443063987   443071303   443078597   443085949   443093273   443100573   443107883   443115126   443122338   443129606   443136809   443144043   443151303
424776789   441845385   442917993   443034541   443041884   443049184   443056551   443063995   443071311   443078605   443085956   443093281   443100581   443107891   443115134   443122346   443129614   443136817   443144050   443151311
424777092   441858743   442918629   443034558   443041892   443049192   443056569   443064001   443071329   443078613   443085964   443093299   443100599   443107909   443115142   443122353   443129622   443136825   443144068   443151329
424777621   441865532   442919007   443034566   443041900   443049218   443056577   443064019   443071337   443078621   443085972   443093307   443100607   443107917   443115159   443122361   443129630   443136833   443144076   443151337
424777860   441865946   442921045   443034574   443041918   443049226   443056585   443064035   443071345   443078639   443085980   443093315   443100615   443107925   443115167   443122379   443129648   443136841   443144084   443151345
424778405   441867595   442922100   443034582   443041926   443049234   443056593   443064043   443071352   443078647   443085998   443093323   443100623   443107933   443115175   443122387   443129655   443136858   443144092   443151352
424778462   441877370   442922720   443034590   443041934   443049242   443056601   443064050   443071360   443078654   443086004   443093331   443100631   443107941   443115183   443122395   443129663   443136866   443144100   443151360
424778934   441882057   442923025   443034608   443041942   443049259   443056619   443064068   443071378   443078662   443086012   443093349   443100649   443107958   443115191   443122403   443129671   443136874   443144118   443151378
424779239   441884160   442925277   443034616   443041959   443049267   443056627   443064076   443071386   443078670   443086020   443093356   443100656   443107966   443115209   443122411   443129689   443136882   443144126   443151386
424781706   441887601   442926275   443034624   443041967   443049275   443056635   443064084   443071402   443078688   443086038   443093364   443100664   443107974   443115217   443122429   443129697   443136890   443144134   443151394
424782597   441888286   442926531   443034632   443041975   443049283   443056643   443064092   443071410   443078696   443086046   443093372   443100672   443107982   443115225   443122437   443129705   443136908   443144142   443151402
424782639   441889094   442927984   443034640   443041983   443049291   443056650   443064100   443071428   443078704   443086053   443093380   443100680   443107990   443115233   443122445   443129713   443136916   443144159   443151410
424783439   441895018   442928057   443034657   443041991   443049309   443056668   443064118   443071436   443078712   443086061   443093398   443100698   443108006   443115241   443122452   443129721   443136924   443144175   443151428
424784072   441896248   442930582   443034665   443042007   443049317   443056676   443064126   443071444   443078720   443086079   443093406   443100706   443108014   443115258   443122460   443129739   443136932   443144183   443151436
424784841   441896859   442931838   443034673   443042015   443049325   443056684   443064134   443071451   443078738   443086087   443093414   443100714   443108022   443115266   443122478   443129747   443136940   443144191   443151444
424785525   441897477   442933164   443034681   443042023   443049333   443056692   443064142   443071469   443078746   443086095   443093422   443100722   443108030   443115274   443122486   443129754   443136957   443144209   443151451
424785640   441907607   442934782   443034715   443042031   443049341   443056700   443064159   443071477   443078753   443086103   443093430   443100730   443108048   443115282   443122494   443129762   443136965   443144217   443151469
424786911   441913860   442934873   443034723   443042049   443049358   443056718   443064167   443071485   443078761   443086111   443093448   443100748   443108055   443115290   443122502   443129770   443136973   443144225   443151477
424786952   441914199   442935714   443034731   443042056   443049366   443056726   443064175   443071493   443078779   443086129   443093455   443100755   443108063   443115308   443122510   443129788   443136981   443144233   443151485
424787539   441921772   442936886   443034749   443042064   443049374   443056734   443064183   443071501   443078787   443086137   443093463   443100763   443108071   443115316   443122528   443129796   443136999   443144241   443151493
424788487   441922978   442940284   443034756   443042072   443049382   443056742   443064191   443071519   443078795   443086145   443093471   443100771   443108089   443115324   443122536   443129804   443137005   443144258   443151501
424790111   441925658   442941381   443034764   443042080   443049390   443056759   443064209   443071527   443078811   443086152   443093489   443100789   443108097   443115332   443122544   443129812   443137013   443144266   443151519
424793164   441929056   442942447   443034772   443042098   443049424   443056767   443064217   443071535   443078829   443086160   443093497   443100797   443108105   443115340   443122551   443129820   443137021   443144274   443151527
424793503   441930922   442948840   443034780   443042106   443049432   443056775   443064225   443071543   443078837   443086178   443093505   443100805   443108113   443115357   443122569   443129838   443137039   443144282   443151535
424793610   441949583   442950010   443034798   443042114   443049440   443056783   443064233   443071550   443078845   443086186   443093513   443100813   443108121   443115365   443122577   443129846   443137047   443144290   443151543
424793776   441952322   442951091   443034806   443042122   443049457   443056791   443064241   443071568   443078852   443086194   443093521   443100821   443108139   443115373   443122585   443129853   443137054   443144308   443151550
424794428   441953809   442951885   443034814   443042130   443049465   443056817   443064258   443071576   443078860   443086202   443093539   443100839   443108147   443115381   443122593   443129861   443137062   443144316   443151568
424795912   441964889   442952446   443034822   443042148   443049473   443056825   443064266   443071584   443078878   443086210   443093547   443100847   443108154   443115399   443122601   443129879   443137070   443144324   443151576
424796670   441968815   442953816   443034830   443042155   443049481   443056833   443064274   443071592   443078886   443086228   443093554   443100854   443108162   443115407   443122619   443129887   443137088   443144332   443151584
424797975   441969987   442955654   443034848   443042163   443049499   443056841   443064282   443071600   443078902   443086236   443093562   443100862   443108170   443115415   443122627   443129895   443137096   443144340   443151592
424798965   441970811   442955738   443034855   443042171   443049507   443056858   443064290   443071618   443078910   443086244   443093570   443100870   443108188   443115423   443122635   443129903   443137104   443144357   443151600
424799567   441973153   442957643   443034863   443042189   443049515   443056866   443064316   443071626   443078928   443086251   443093588   443100888   443108196   443115431   443122643   443129911   443137112   443144365   443151618
424800761   441980513   442959870   443034871   443042197   443049523   443056874   443064324   443071634   443078936   443086269   443093596   443100896   443108204   443115449   443122650   443129929   443137120   443144373   443151626
424801611   441982766   442960183   443034889   443042205   443049531   443056882   443064332   443071642   443078944   443086277   443093604   443100904   443108212   443115456   443122668   443129937   443137138   443144381   443151733
424802528   441995339   442966917   443034897   443042213   443049549   443056890   443064340   443071659   443078951   443086285   443093612   443100912   443108220   443115464   443122676   443129945   443137146   443144399   443151741
424803682   441999018   442971297   443034905   443042221   443049556   443056908   443064357   443071667   443078969   443086293   443093620   443100920   443108238   443115472   443122692   443129952   443137153   443144407   443151782
424805943   442006763   442972113   443034913   443042239   443049564   443056916   443064365   443071675   443078977   443086301   443093638   443100938   443108246   443115480   443122700   443129960   443137161   443144415   443151832
424806081   442012522   442976775   443034921   443042247   443049572   443056924   443064373   443071683   443078993   443086319   443093646   443100946   443108253   443115498   443122718   443129978   443137179   443144423   443152103
424806362   442018230   442980868   443034939   443042254   443049580   443056932   443064381   443071691   443079009   443086327   443093653   443100953   443108261   443115506   443122726   443129986   443137187   443144431   443152277
424807394   442019881   442982872   443034947   443042262   443049598   443056940   443064399   443071709   443079017   443086335   443093661   443100961   443108279   443115514   443122742   443129994   443137195   443144449   443152418
424807550   442026522   442991170   443034954   443042270   443049614   443056957   443064407   443071717   443079025   443086343   443093679   443100979   443108287   443115522   443122759   443130000   443137203   443144456   443152681
424807865   442039061   442994364   443034962   443042288   443049622   443056965   443064415   443071725   443079041   443086350   443093687   443100987   443108295   443115530   443122767   443130018   443137211   443144464   443152707
424809010   442043972   442996567   443034970   443042296   443049630   443056973   443064423   443071733   443079058   443086368   443093695   443100995   443108303   443115548   443122775   443130026   443137229   443144472   443152848
424809580   442048492   443011374   443034988   443042304   443049648   443056981   443064431   443071741   443079066   443086376   443093703   443101001   443108311   443115555   443122783   443130034   443137237   443144480   443152855
424810158   442048922   443016779   443034996   443042312   443049655   443056999   443064449   443071758   443079074   443086384   443093711   443101019   443108329   443115563   443122791   443130042   443137245   443144498   443152939
424811362   442050886   443022025   443035001   443042320   443049663   443057005   443064456   443071766   443079082   443086392   443093729   443101027   443108337   443115571   443122809   443130059   443137252   443144506   443152947
424811370   442051058   443026463   443035019   443042338   443049671   443057021   443064464   443071774   443079108   443086400   443093737   443101035   443108345   443115589   443122817   443130067   443137260   443144514   443153036
424813392   442052858   443026471   443035027   443042346   443049689   443057039   443064472   443071782   443079116   443086418   443093745   443101043   443108352   443115597   443122825   443130075   443137278   443144522   443153085
424815157   442053229   443026497   443035035   443042353   443049697   443057047   443064480   443071790   443079124   443086426   443093752   443101050   443108360   443115605   443122833   443130083   443137286   443144530   443153234
424815793   442063327   443026505   443035043   443042361   443049705   443057054   443064498   443071808   443079132   443086434   443093760   443101068   443108378   443115613   443122841   443130091   443137294   443144548   443153309
424815843   442069506   443026513   443035050   443042379   443049713   443057062   443064506   443071816   443079140   443086442   443093778   443101076   443108386   443115621   443122858   443130109   443137302   443144555   443153341
424817773   442083176   443026521   443035068   443042387   443049721   443057070   443064514   443071824   443079157   443086459   443093786   443101084   443108394   443115639   443122866   443130117   443137310   443144563   443153358
424818102   442102935   443026562   443035076   443042395   443049739   443057096   443064522   443071832   443079165   443086467   443093794   443101092   443108402   443115647   443122874   443130125   443137328   443144589   443153366
424818250   442103669   443026570   443035084   443042403   443049747   443057104   443064530   443071840   443079173   443086475   443093802   443101100   443108410   443115654   443122882   443130133   443137336   443144597   443153382
424818540   442109278   443026588   443035092   443042411   443049754   443057112   443064548   443071857   443079181   443086483   443093810   443101118   443108428   443115662   443122890   443130141   443137344   443144605   443153440
424818573   442111415   443026596   443035100   443042429   443049762   443057120   443064555   443071865   443079199   443086491   443093828   443101126   443108436   443115670   443122908   443130158   443137351   443144613   443153457
424819571   442118196   443026604   443035118   443042437   443049770   443057138   443064563   443071873   443079207   443086509   443093836   443101134   443108444   443115688   443122916   443130166   443137369   443144621   443153499
424822773   442120309   443026612   443035126   443042445   443049788   443057146   443064571   443071881   443079215   443086517   443093851   443101142   443108451   443115696   443122924   443130174   443137377   443144639   443153523
424822864   442129268   443026620   443035134   443042452   443049796   443057153   443064589   443071899   443079223   443086525   443093869   443101159   443108469   443115704   443122932   443130182   443137385   443144647   443153556
424823110   442145496   443026646   443035142   443042460   443049804   443057161   443064597   443071907   443079231   443086533   443093877   443101167   443108477   443115712   443122940   443130190   443137393   443144654   443153580

2010-A Final Cut Legal Schedule of Receivables

 

Sch-A-10


UCC-12010-A 3-31-10

 

Loan
Number
  Loan
Number
  Loan
Number
  Loan
Number
  Loan
Number
  Loan
Number
  Loan
Number
  Loan
Number
  Loan
Number
  Loan
Number
  Loan
Number
  Loan
Number
  Loan
Number
  Loan
Number
  Loan
Number
  Loan
Number
  Loan
Number
  Loan
Number
  Loan
Number
  Loan
Number
424823532   442154423   443026653   443035159   443042478   443049812   443057179   443064605   443071915   443079249   443086541   443093885   443101175   443108485   443115720   443122957   443130208   443137419   443144662   443153622
424823862   442156345   443026661   443035167   443042486   443049820   443057187   443064613   443071923   443079256   443086558   443093893   443101183   443108493   443115738   443122965   443130216   443137427   443144670   443153697
424824910   442156766   443026679   443035175   443042494   443049838   443057195   443064621   443071931   443079264   443086566   443093901   443101191   443108501   443115746   443122973   443130224   443137435   443144688   443153796
424825115   442156873   443026695   443035183   443042502   443049846   443057203   443064639   443071956   443079272   443086574   443093919   443101209   443108519   443115753   443122981   443130232   443137443   443144696   443153861
424829406   442159745   443026703   443035191   443042510   443049853   443057211   443064647   443071964   443079280   443086582   443093927   443101225   443108527   443115761   443122999   443130240   443137450   443144704   443153895
424831535   442160859   443026737   443035209   443042528   443049861   443057229   443064654   443071972   443079298   443086590   443093935   443101233   443108535   443115779   443123005   443130257   443137468   443144712   443153937
424834240   442161592   443026752   443035217   443042536   443049879   443057237   443064662   443071980   443079306   443086608   443093943   443101241   443108543   443115787   443123013   443130265   443137476   443144720   443153945
424834919   442163168   443026760   443035225   443042544   443049887   443057245   443064670   443071998   443079314   443086616   443093950   443101258   443108550   443115795   443123021   443130273   443137484   443144738   443153960
424836047   442165122   443026794   443035233   443042551   443049895   443057252   443064688   443072004   443079322   443086624   443093968   443101266   443108568   443115803   443123039   443130281   443137492   443144746   443154026
424836112   442168449   443026802   443035241   443042569   443049903   443057260   443064696   443072012   443079330   443086632   443093976   443101274   443108576   443115811   443123047   443130299   443137500   443144753   443154109
424836294   442168811   443026810   443035258   443042577   443049911   443057278   443064704   443072020   443079348   443086640   443093984   443101282   443108584   443115829   443123054   443130307   443137518   443144761   443154182
424836518   442168845   443026836   443035266   443042585   443049937   443057286   443064712   443072038   443079355   443086657   443093992   443101290   443108600   443115837   443123062   443130315   443137526   443144779   443154190
424837193   442170437   443026844   443035274   443042593   443049945   443057294   443064720   443072046   443079363   443086665   443094008   443101308   443108618   443115845   443123070   443130323   443137534   443144787   443154380
424837755   442172573   443026851   443035282   443042601   443049952   443057302   443064738   443072053   443079371   443086673   443094016   443101316   443108626   443115852   443123088   443130331   443137542   443144795   443154489
424839306   442173225   443026869   443035290   443042619   443049960   443057310   443064746   443072061   443079389   443086681   443094024   443101324   443108634   443115860   443123096   443130349   443137559   443144803   443154539
424840452   442175691   443026901   443035308   443042627   443049978   443057328   443064753   443072079   443079397   443086699   443094032   443101332   443108642   443115878   443123104   443130356   443137567   443144811   443154596
424840809   442176368   443026927   443035316   443042635   443049986   443057336   443064761   443072087   443079405   443086707   443094040   443101340   443108659   443115886   443123112   443130364   443137575   443144829   443154687
424841500   442176749   443026935   443035324   443042643   443049994   443057344   443064779   443072095   443079413   443086715   443094057   443101357   443108667   443115894   443123120   443130372   443137583   443144837   443154752
424843373   442176772   443026943   443035332   443042650   443050000   443057351   443064787   443072103   443079421   443086723   443094065   443101365   443108675   443115902   443123138   443130380   443137591   443144845   443154828
424843514   442176897   443026950   443035340   443042668   443050018   443057369   443064795   443072111   443079439   443086731   443094073   443101373   443108683   443115910   443123146   443130398   443137609   443144852   443154943
424844751   442179255   443026976   443035357   443042676   443050026   443057377   443064803   443072129   443079447   443086749   443094081   443101381   443108691   443115928   443123153   443130406   443137617   443144860   443155205
424845857   442180808   443026984   443035365   443042684   443050034   443057385   443064811   443072137   443079454   443086756   443094099   443101399   443108709   443115936   443123161   443130414   443137625   443144878   443155262
424846954   442184388   443026992   443035373   443042692   443050042   443057393   443064829   443072145   443079462   443086764   443094107   443101407   443108717   443115944   443123179   443130422   443137633   443144886   443155296
424847903   442184644   443027016   443035381   443042700   443050059   443057401   443064837   443072152   443079470   443086772   443094115   443101415   443108725   443115951   443123187   443130430   443137641   443144894   443155353
424850915   442184768   443027024   443035399   443042718   443050067   443057419   443064845   443072160   443079488   443086780   443094123   443101423   443108733   443115969   443123195   443130448   443137658   443144902   443155452
424852937   442184800   443027032   443035407   443042726   443050075   443057427   443064852   443072178   443079496   443086798   443094131   443101431   443108741   443115985   443123203   443130455   443137666   443144910   443155460
424853513   442186235   443027040   443035415   443042734   443050083   443057435   443064860   443072186   443079504   443086806   443094149   443101449   443108758   443115993   443123229   443130463   443137674   443144928   443155494
424853695   442186862   443027057   443035423   443042742   443050091   443057443   443064878   443072194   443079512   443086814   443094156   443101456   443108766   443116009   443123237   443130471   443137682   443144936   443155676
424853950   442186920   443027065   443035431   443042759   443050109   443057450   443064886   443072202   443079520   443086822   443094164   443101464   443108774   443116017   443123245   443130489   443137690   443144944  
424855625   442187555   443027073   443035449   443042767   443050117   443057468   443064894   443072210   443079538   443086830   443094172   443101472   443108782   443116025   443123252   443130497   443137708   443144951  
424856201   442189528   443027099   443035456   443042775   443050133   443057476   443064902   443072228   443079546   443086848   443094180   443101480   443108790   443116033   443123260   443130505   443137716   443144969  
424857084   442189585   443027107   443035464   443042783   443050141   443057484   443064910   443072236   443079553   443086855   443094198   443101498   443108808   443116041   443123278   443130513   443137724   443144977  
424857407   442190039   443027115   443035472   443042791   443050158   443057492   443064928   443072244   443079561   443086863   443094206   443101506   443108816   443116058   443123286   443130521   443137732   443144985  
424858652   442192597   443027156   443035480   443042809   443050166   443057500   443064936   443072251   443079579   443086871   443094214   443101514   443108824   443116066   443123294   443130539   443137740   443144993  
424861060   442192746   443027164   443035498   443042817   443050174   443057518   443064944   443072269   443079587   443086889   443094222   443101522   443108832   443116074   443123302   443130547   443137757   443145008  
424862506   442194296   443027172   443035506   443042825   443050182   443057526   443064951   443072277   443079595   443086897   443094230   443101530   443108840   443116082   443123310   443130554   443137765   443145016  
424863884   442194361   443027180   443035514   443042833   443050190   443057534   443064969   443072285   443079603   443086905   443094248   443101548   443108857   443116090   443123328   443130562   443137773   443145024  
424864064   442195574   443027198   443035522   443042841   443050208   443057542   443064977   443072293   443079611   443086913   443094255   443101555   443108865   443116108   443123336   443130570   443137781   443145032  
424866721   442199568   443027206   443035530   443042858   443050216   443057559   443064985   443072301   443079629   443086921   443094263   443101563   443108873   443116116   443123344   443130588   443137799   443145040  
424867000   442199758   443027248   443035548   443042866   443050224   443057567   443064993   443072319   443079637   443086939   443094271   443101571   443108881   443116124   443123351   443130596   443137807   443145057  
424867059   442202800   443027255   443035555   443042874   443050232   443057575   443065008   443072327   443079645   443086947   443094289   443101589   443108899   443116132   443123369   443130604   443137815   443145065  
424867471   442203683   443027263   443035563   443042882   443050240   443057583   443065016   443072335   443079652   443086954   443094297   443101597   443108907   443116140   443123377   443130612   443137823   443145073  
424868008   442206256   443027271   443035571   443042890   443050257   443057591   443065024   443072343   443079660   443086962   443094305   443101605   443108923   443116157   443123385   443130620   443137831   443145081  
424869436   442207965   443027289   443035589   443042908   443050265   443057609   443065032   443072350   443079678   443086970   443094313   443101613   443108931   443116165   443123393   443130638   443137849   443145099  
424869725   442208252   443027297   443035597   443042916   443050273   443057617   443065040   443072368   443079694   443086988   443094321   443101621   443108949   443116173   443123401   443130646   443137856   443145107  
424870111   442208898   443027321   443035605   443042924   443050281   443057625   443065065   443072376   443079702   443086996   443094339   443101639   443108956   443116181   443123419   443130653   443137864   443145115  
424870210   442210167   443027339   443035613   443042932   443050299   443057633   443065073   443072384   443079710   443087002   443094347   443101647   443108964   443116199   443123427   443130661   443137872   443145123  
424870285   442211496   443027347   443035621   443042940   443050307   443057641   443065081   443072392   443079728   443087010   443094354   443101654   443108972   443116207   443123435   443130679   443137880   443145131  
424870921   442212742   443027354   443035639   443042957   443050315   443057658   443065099   443072400   443079736   443087028   443094362   443101670   443108980   443116215   443123443   443130687   443137898   443145149  
424871432   442213575   443027388   443035654   443042965   443050331   443057666   443065107   443072418   443079744   443087036   443094370   443101688   443108998   443116223   443123450   443130695   443137906   443145156  
424872893   442213864   443027396   443035662   443042973   443050349   443057674   443065115   443072426   443079751   443087044   443094388   443101696   443109004   443116231   443123468   443130703   443137914   443145164  
424873966   442214219   443027404   443035670   443042981   443050356   443057682   443065123   443072434   443079769   443087051   443094396   443101704   443109012   443116249   443123476   443130711   443137922   443145172  
424874352   442214268   443027412   443035688   443042999   443050364   443057690   443065131   443072442   443079777   443087069   443094404   443101712   443109020   443116256   443123484   443130729   443137930   443145180  
424874998   442215034   443027420   443035696   443043005   443050372   443057708   443065149   443072459   443079785   443087077   443094412   443101720   443109038   443116264   443123492   443130737   443137948   443145206  
424875482   442219929   443027438   443035704   443043013   443050380   443057716   443065156   443072467   443079793   443087085   443094420   443101746   443109046   443116272   443123500   443130745   443137955   443145214  
424876183   442221586   443027446   443035712   443043021   443050398   443057724   443065164   443072475   443079801   443087093   443094438   443101753   443109053   443116280   443123518   443130752   443137963   443145222  
424876209   442221776   443027453   443035720   443043039   443050406   443057732   443065172   443072483   443079819   443087101   443094446   443101761   443109079   443116298   443123526   443130760   443137971   443145230  
424876258   442222758   443027461   443035738   443043047   443050414   443057740   443065180   443072491   443079827   443087119   443094453   443101779   443109087   443116306   443123534   443130778   443137989   443145248  

2010-A Final Cut Legal Schedule of Receivables

 

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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 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.

 

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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 Cutoff Date 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 Cutoff Date no Obligor had been identified on the records of AmeriCredit as being the subject of a current bankruptcy proceeding.

8. Schedule of Receivables. The information set forth in the Schedule 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 Cutoff Date.

9. Marking Records. Each of AmeriCredit and the Seller has indicated in its files that the Receivables have been sold to the Issuer 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 Issuer.

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 Cutoff Date 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 set forth in clauses (A) through (O) of number 30 of this Schedule B.

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 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

 

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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 are 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 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 in accordance with customary policies and procedures. 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. With respect to any Receivables that are tangible chattel paper, the complete Receivable File, including a fully executed original of the Contract, 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, the Seller was the sole owner thereof and had good and indefeasible title thereto, free of any Lien and, upon execution and delivery of this Agreement by the Seller, the Trust shall have good and indefeasible title to and will be the sole owner of such Receivables, free of any Lien. No Dealer or Third-Party Lender has a participation in, or other right to receive, proceeds of any Receivable. The Seller has not taken any action to convey any right to

 

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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 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 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 Cutoff Date, 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 otherwise to impair the rights of the Issuer, the Insurer, the Trustee, the Trust Collateral Agent and the Noteholders in any Receivable or the proceeds thereof. Other than the security interest

 

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granted to the Issuer 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 the owner thereof 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 Cutoff Date, 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 related Cutoff Date.

28. Past Due. At the Cutoff Date, no Receivable was more than 30 days past due.

29. Remaining Principal Balance. At the Cutoff Date, the Principal Balance of each Receivable set forth in the Schedule of Receivables is true and accurate in all material respects.

30. Certain Characteristics of the Receivables.

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

 

Sch-B-5


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

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

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

(E) No Receivable was more than 30 days past due as of the Cutoff Date.

(F) 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 (E) above.

(G) Not more than 35% of the Obligors on the Receivables as of the Cutoff Date resided in Texas and California (based on the Obligor’s mailing address as of the Cutoff Date).

(H) 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 the Basic Documents.

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

(J) Each Receivable is identified on the Servicer’s master servicing records as a retail automobile installment sales contract.

(K) Each Receivable arose under a Contract that 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.

(L) Each Receivable arose under a Contract that 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.

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

(N) No automobile related to a Receivable was held in repossession inventory as of the Cutoff Date.

(O) No Obligor was in bankruptcy as of the Cutoff Date.

 

Sch-B-6


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 post office box established by the Lockbox Processor pursuant to the Lockbox Processing Agreement for deposit into 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.

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 AmeriCredit’s security interest against the related Obligors in the property securing the Receivables and will take all necessary steps on behalf of the Issuer to maintain the Issuer’s perfection of the security interest created by each Receivable in the related Financed Vehicle.

 

Sch-B-7


SCHEDULE C

SERVICING POLICIES AND PROCEDURES

Note: Applicable Time Periods Will Vary by State

Compliance with state collection laws is required of all AmeriCredit Collection Personnel. Additionally, AmeriCredit has chosen to follow the guidelines of the Federal Fair Debt Collection Practices Act (FDCPA).

The Collection Process

AmeriCredit mails each customer a monthly billing statement 16 to 20 days before payment is due.

 

A. All accounts are issued to the Computer Assisted Collection System (CACS) at 5 days delinquent or at such other dates of delinquency as determined by historical payment patterns of the account.

 

B. The CACS segregates accounts into two major groups: loans 5-45 days delinquent and those over 45 days delinquent.

 

C. Loans delinquent up to 45 days are then further segregated into two groups: accounts that have good phone numbers and those that do not.

 

D. Loans up to 45 days delinquent are transferred to 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.

Any exceptions to the above stated policy must be approved by the appropriate level of authority.

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.

 

A. A 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.

 

C. A deferment fee is collected on all transactions.

 

D. No more than eight total payments may be deferred over the life of the loan.

 

Sch-C-2


Any exceptions to the above stated policy must be approved by the appropriate level of authority.

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

SERVICER’S CERTIFICATE

 

Ex-A-1


AmeriCredit Automobile Receivables Trust 2010-A

Class A-1 0.31327% Asset Backed Notes

Class A-2 1.46% Asset Backed Notes

Class A-3 3.51% 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 2010-A, as Issuer, AmeriCredit Financial Services, Inc., as Servicer, AFS SenSub Corp., as Seller, and Wells Fargo Bank, N.A., as Trust Collateral Agent and Backup Servicer, dated as of March 25, 2010. 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 and that, to the knowledge of the Servicer, no Insurance Agreement Event of Default has occurred.

 

Monthly Period Beginning:

Monthly Period Ending:

Prev. Distribution/Close Date:

Distribution Date:

Days of Interest for Period:

Days in Collection Period:

Seasoning/Months Since Closing:

 

I.

  MONTHLY PERIOD NOTE BALANCE CALCULATION:         Class A-1      Class A-2      Class A-3         TOTAL

   {1}

  Original Note Balance    {1}     

      {2}

  Preliminary End of period Note Balance    {2}     

      {3}

  Deficiency 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}

  Spread Account 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}           

    {21}

  ABS Prepay Speed          {21}               
                   

 

V.

  DELINQUENCY:                              
                   
  Receivables with Scheduled Payment delinquent             Units    Dollars    Percentage
      {22} 31-60 days          {22}           
      {23} 61-90 days          {23}           
      {24} over 90 days          {24}           
      {25} Receivables with Scheduled Payment delinquent more than 30 days at end of period          {25}               


   VI.        PERFORMANCE TESTS:
              
         Delinquency Ratio     
           {26}    Receivables and Purchased Receivables with Scheduled Payment delinquent more than 60 days ({23} + {24})    {26}                                
           {27}    Beginning of Period Aggregate Principal Balance    {27}                                
           {28}    Delinquency Ratio {26} divided by {27}    {28}                                
           {29}    Previous Monthly Period Delinquency Ratio    {29}                                
           {30}    Second previous Monthly Period Delinquency Ratio    {30}                                
   
           {31}    Average Delinquency Ratio ({28} + {29} + {30}) / 3    {31}                                
   
           {32}    Compliance (Delinquency Test Failure is a Delinquency Ratio greater than         % )    {32}                                
                    
              
         Cumulative Default Rate     
           {33}    Defaulted Receivables in Current Period    {33}                                
           {34}    Cumulative Defaulted Receivables from last month    {34}                                
           {35}    Cumulative Defaulted Receivables {33} + {34}    {35}                                
           {36}    Original Pool Balance    {36}                                
           {37}    Cumulative Default Rate {35} divided by {36}    {37}                                
   
           {38}    Compliance (Default Test Failure is a Cumulative Default Rate greater than         %.)    {38}                                
                    
              
         Cumulative Net Loss Rate     
           {39}    Receivables becoming Liquidated Receivables during period    {39}                                
           {40}    Purchased Receivables with Scheduled Payment delinquent more than 30 days at end of period    {40}                                
           {41}    Liquidation Proceeds collected during period    {41}                                
           {42}    Net Losses during period {39} + {40} + {41}    {42}                                
           {43}    Net Losses since Initial Cut-off Date (Beginning of Period)    {43}                                
           {44}    Cumulative Net Loss Rate before 50% of 90 Day Delinquencies ({42} + {43}) / {46}    {44}                                
           {45}    50% of Receivables with Scheduled Payment delinquent more than 90 days at end of period    {45}                                
           {46}    Original Pool Balance    {46}                                
           {47}    Cumulative Net Loss Rate ({42} + {43} + {45}) / {46}    {47}                                
   
           {48}    Compliance (Net Loss Test Failure is a Net Loss Rate greater than         %.)    {48}                                
                    
              
         Extension Rate     
           {49}    Principal Balance of Receivables extended during current period    {49}                                
           {50}    Beginning of Period Aggregate Principal Balance    {50}                                
           {51}    Extension Rate {49} divided by {50}    {51}                                
           {52}    Previous Monthly Extension Rate    {52}                                
           {53}    Second previous Monthly Extension Rate    {53}                                
   
           {54}    Average Extension Rate ({51} +{52} +{53}) / 3    {54}                                
   
           {55}    Compliance (Extension Test Failure is an Extension Rate greater than         %.)    {55}                                
                    

 

By:                    

 

Name:               

 

Title:                 

 

Date:                 

 


EXHIBIT B

PRELIMINARY SERVICER’S CERTIFICATE

 

Ex-B-1


AmeriCredit Automobile Receivables Trust 2010-A

Class A-1 0.31327% Asset Backed Notes

Class A-2 1.46% Asset Backed Notes

Class A-3 3.51% 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 2010-A, as Issuer, AmeriCredit Financial Services, Inc., as Servicer, AFS SenSub Corp., as Seller, and Wells Fargo Bank, N.A., as Trust Collateral Agent and Backup Servicer, dated as of March 25, 2010. 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 and that, to the knowledge of the Servicer, no Insurance Agreement Event of Default has occurred.

 

Monthly Period Beginning:                                   Original
Monthly Period Ending:                       Purchases    Units    Cut-off Date    Closing Date    Pool Balance
Prev. Distribution/Close Date:               Initial Purchase                                  
Distribution Date:                              
Days of Interest for Period:                              
Days in Collection Period:                                    
Seasoning/Months Since Closing:               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

   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}                    


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 September 2011?                          

  {28}

   If {27} is Yes, then Overcollateralization Amount 23%                          

  {29}

   If {27} 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%-Overcollateralization Amount {32} and the Aggregate Principal Balance {10})    {33}                       

  {34}

   Pro Forma Note Balance ({13} - {9})    {34}                       

  {35}

   Step-down Amount ( {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 Month 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 Account

   {47}                       
  

{48}    Investment Earnings - Collection Account

   {48}                       
  

{49}    Investment Earnings - Transfer From Spread Account

   {49}                       
  

{50}    Investment Earnings - Transfer From Prefunding Account

   {50}                       
  

{51}    Investment Earnings - Transfer From Capitalized Interest Account

   {51}                       
  

{52}    Collection of Supplemental Servicing - Extension Fees

   {52}                       
  

{53}    Collection of Supplemental Servicing - Repo and Recovery Fees Advanced

   {53}                       
  

{54}     Late Fees & Prepayment Penalty Fees - to Servicer

   {54}                       
  

{55}    Monthly Capitalized Interest Amount

   {55}                       
  

{56}    Mandatory Note Prepayment Amount

   {56}                       
  

{57}    Deficency Claim

   {57}                       
  

{58}    Total Available Funds

   {58}                       
           
   Distributions:         
  

{59}    Base Servicing Fee - to Servicer

   {59}                       
  

{60}    Repo and Recovery Fees - reimbursed to Servicer

   {60}                       
  

{61}    Bank Service Charges - reimbursed to Servicer

   {61}                       
  

{62}    Late Fees & Prepayment Penalty Fees - to Servicer

   {62}                       
  

{63}    Trustee Administrative Fees and Backup Servicing Fees

   {63}                       
           

Noteholders’ Interest Distributable Amount

                                                                 
     Class    Beginning
Note Balance
   Interest
Carryover
   Interest
Rate
    Days    Days Basis    Calculated
Interest
                                                 

  {64}

   Class A-1          0.31327      Actual days/360            {64}                                

  {65}

   Class A-2          1.46000      30/360            {65}                                

  {66}

   Class A-3              3.51000        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}

   Security Insurer Premiums - to AGM    {70}                       

  {71}

   Total distributions    {71}                       

  {72}

   Excess Available Funds    {72}                       

  {73}

   Any Remaining Amounts owed to AGM under the Insurance Agreement    {73}                       

  {74}

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

  {75}

   Noteholders’ Accelerated Principal Amount    {75}                       

  {76}

   Deposit to Spread Account    {76}                       


VlII.

   CALCULATION OF ACCELERATED PRINCIPAL AMOUNT         

    {77}

   Excess Available Funds After Amount to Increase Spread to Required Level ({72} - {73} - {74})    {77}                      

    {78}

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

    {79}

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

    {80}

   Excess of Pro Forma Balance over Required Balance ({78} - {79})    {80}                      

    {81}

   Accelerated Principal Amount (lesser of {77} or {80})    {81}                       _________
       

IX.

   CALCULATION OF ACCELERATED PAYMENT AMOUNT SHORTFALL         

    {82}

   Pro-forma Note Balance ({13} - {9})    {82}                      

    {83}

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

    {84}

   Excess of Pro Forma Balance over Required Balance ({82} - {83})    {84}                      

    {85}

   Excess Available Funds After Amount to Increase Spread to Required Level ({71} - {72})    {85}                      

    {86}

   Accelerated Payment Amount Shortfall ({84} - {85})    {86}                       __________

 

X.

   RECONCILIATION OF SPREAD ACCOUNT:                                                                      
          Initial                              Total

    {87}

   Initial or Subsequent Spread Account Deposits                              

 

{88}

   Beginning of period Spread Account balance                      {88}                        __________
                          
   Additions to Spread Account                        
     {89}    Deposits from Collections Account ({74} + {76})                      {89}                       
     {90}    Investment Earnings                   {90}                          
     {91}    Investment Earnings - transferred to Collection Account Available Funds                   {91}                          
     {92}    Investment Earnings remaining                      {92}                       
     {93}    Deposits Related to Subsequent Receivables Purchases or Amendment                      {93}                       
     {94}    Deposit From Other AGM Series Spread Accounts                      {94}                       
     {95}    Total Additions                      {95}                        __________
                          

{96}

   Spread Account balance available for withdrawals                      {96}                        __________
                          
   Requisite Amount of Spread Account                        
               Floor Amount (Calculation Below) =              
  

  {97} (Max of (1.) $100,000 or (2.) Lesser of Note Balance and 2.00% Original Pool Balance)

                     {97}                       
  

  {98} If Trigger Event exists then 2% of Original Pool Balance + 6% of the Aggregate Principal Balance

           {98}                       
  

  {99} If an Insurance Agreement Event of Default exists then the Pool Balance

                     {99}                       
  

  {100}Requisite Amount of Spread Account

                     {100}                        __________
                          
   Withdrawals from Spread Account                        
     {101}    Priority First - Deficiency Claim Amount                      {101}                       
     {102}    Priority Second - Accelerated Payment Amount Shortfall            {102}                       
  

  {103}        - Indmenity payments pro-rata owed by the Servicer to the Trustee, Lockbox Bank, Owner Trustee, Custodian, Backup Servicer, Collateral Agent, Trust Collateral Agent or other service provider.

                     {103}                       
  

  {104}        -Expenses associated with maintaining Security Interest in vehicles

                     {104}                       
     {105}        - Pro rata Total Enhancement Shortfall                      {105}                       
     {106}        - to Certificateholder                      {106}                       
     {107}    Total withdrawals                      {107}                        __________
                          

{108}

   End of period Spread Account balance                      {108}                        __________
                          

XI.

   CALCULATION OF OC LEVEL AND OC PERCENTAGE                                        
  

{109}    AggregatePrincipal Balance

                     {109}                       
  

{110}    Endof period Note Balance

                     {110}                       
  

{111}    Line{109} less line {110} (During Funding Period amount equal to zero)

                     {111}                       
   {112}    OC level {111} / {109}                      {112}                       
  

{113}    EndingSpread Balance as a percentage of Aggregate Principal Balance ({108}/{109})

                     {113}                       
   {114}    OC Percentage ({112} + {113})                      {114}                        __________

 

By:                                           

Name:                                      

Title:                                         

Date:                                         

EX-10.1 5 dex101.htm PURCHASE AGREEMENT, DATED AS OF MARCH 25, 2010 Purchase Agreement, dated as of March 25, 2010

Exhibit 10.1

PURCHASE AGREEMENT

between

AFS SENSUB CORP.

Purchaser

and

AMERICREDIT FINANCIAL SERVICES, INC.

Seller

Dated as of March 25, 2010


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

   2

SECTION 1.4

  

[Reserved]

   2

SECTION 1.5

  

No Recourse

   2

SECTION 1.6

  

Action by or Consent of Noteholders and Certificateholder

   3

SECTION 1.7

  

Material Adverse Effect

   3
ARTICLE II.    CONVEYANCE OF THE RECEIVABLES AND THE OTHER CONVEYED PROPERTY    3

SECTION 2.1

  

Conveyance of the Receivables and the Other Conveyed Property

   3
ARTICLE III.    REPRESENTATIONS AND WARRANTIES    4

SECTION 3.1

  

Representations and Warranties of Seller

   4

SECTION 3.2

  

Representations and Warranties of Purchaser

   6
ARTICLE IV.    COVENANTS OF SELLER    8

SECTION 4.1

  

Protection of Title of Purchaser

   8

SECTION 4.2

  

Other Liens or Interests

   9

SECTION 4.3

  

Costs and Expenses

   10

SECTION 4.4

  

Indemnification

   10
ARTICLE V.    REPURCHASES    12

SECTION 5.1

  

Repurchase of Receivables Upon Breach of Warranty

   12

SECTION 5.2

  

Reassignment of Purchased Receivables

   12

SECTION 5.3

  

Waivers

   13
ARTICLE VI.    MISCELLANEOUS    13

SECTION 6.1

  

Liability of Seller

   13

SECTION 6.2

  

Merger or Consolidation of Seller or Purchaser

   13

SECTION 6.3

  

Limitation on Liability of Seller and Others

   14

SECTION 6.4

  

Seller May Own Notes or the Certificate

   14

SECTION 6.5

  

Amendment

   14

SECTION 6.6

  

Notices

   15

SECTION 6.7

  

Merger and Integration

   15

SECTION 6.8

  

Severability of Provisions

   15

SECTION 6.9

  

Intention of the Parties

   16

SECTION 6.10

  

Governing Law

   16

SECTION 6.11

  

Counterparts

   16


SECTION 6.12

  

Conveyance of the Receivables and the Other Conveyed Property to the Issuer

   17

SECTION 6.13

  

Nonpetition Covenant

   17

SECTION 6.14

  

Benefits of Purchase Agreement

   17

SCHEDULES

Schedule A — Schedule of Receivables

Schedule B — Representations and Warranties from the Seller as to the Receivables

 

ii


PURCHASE AGREEMENT

THIS PURCHASE AGREEMENT, dated as of March 25, 2010, executed between 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 Receivables and 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 March 25, 2010, by and among AFS SenSub Corp. (as Seller), AmeriCredit Financial Services, Inc. (in its individual capacity and as Servicer), AmeriCredit Automobile Receivables Trust 2010-A (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 March 31, 2010.

Issuer” means AmeriCredit Automobile Receivables Trust 2010-A.

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.

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” has the meaning assigned in the Sale and Servicing Agreement.

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 Account Agreement, the Lockbox Processing Agreement and the Underwriting 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 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 Receivables” means the Schedule of Receivables sold and transferred pursuant to this Agreement which is attached hereto as Schedule A.

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

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.

 

2


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.

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 Receivables and the 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 (collectively, the “Receivables and the Other Conveyed Property”):

(1) the Receivables and all moneys received thereon after the 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 or 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;

 

3


(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 by this Agreement shall constitute a sale of the Receivables and the 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 Receivables and the 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 Receivables and the 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 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).

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 Closing Date 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 on which the Insurer will rely in issuing the Note Policy. Such representations are made as of the execution and delivery of this Agreement, but shall survive the sale, transfer and assignment of the Receivables and the Other Conveyed Property hereunder, and the sale, transfer and assignment thereof by Purchaser to the Issuer under the Sale and Servicing Agreement. Seller and Purchaser agree that Purchaser will assign to Issuer all Purchaser’s rights under this Agreement and that the Trustee will thereafter be entitled to enforce this 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 Receivables as of the date hereof, and as of the Closing Date, are true and correct.

 

4


(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, is 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 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.

 

5


(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 3500, 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. Such representations are made as of the execution and delivery of this Agreement, but shall survive the sale, transfer and assignment of the Receivables and the Other Conveyed Property hereunder 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 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.

 

6


(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 bylaws 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 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.

 

7


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 Receivables and the 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. 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 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 the 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.

 

8


(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, 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, 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 as of the 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 Receivable shall become a Purchased Receivable or a Sold Receivable or shall have been paid in full or sold 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.

 

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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 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.

 

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(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 the conveyance or ownership of the Receivables under the Sale and Servicing 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.

(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.

 

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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, if and only if the interests of the Noteholders or the Insurer therein are materially and adversely affected by any such breach 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 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.

 

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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 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.

 

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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 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.

 

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(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.

(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 3500, 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.

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.

 

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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 Receivables and all moneys received thereon after the 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 or 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;

(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.

 

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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 Closing Date. 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 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 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.

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; provided, however, that any right or benefit expressly granted to the Insurer under this Agreement shall survive and the Insurer shall remain a third-party beneficiary hereunder to enforce such right or obtain such benefit, notwithstanding the occurrence and continuance of an Insurer Default, unless such right or benefit is expressly conditioned upon no Insurer Default having occurred and be continuing.

[Remainder of page intentionally left blank]

 

17


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/ Sheli D. Fitzgerald

Name:   Sheli D. Fitzgerald
Title:   Vice President, Structured Finance

AMERICREDIT FINANCIAL SERVICES, INC.,

as Seller

By  

/s/ Susan B. Sheffield

Name:   Susan B. Sheffield
Title:   Executive 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 RECEIVABLES

 

Sch. A


UCC-1 2010-A 3-31-10

 

Loan
Number
  Loan
Number
  Loan
Number
  Loan
Number
  Loan
Number
  Loan
Number
  Loan
Number
  Loan
Number
  Loan
Number
  Loan
Number
  Loan
Number
  Loan
Number
  Loan
Number
  Loan
Number
  Loan
Number
  Loan
Number
  Loan
Number
  Loan
Number
421852211   424878353   442224408   443027479   443035746   443043054   443050422   443057757   443065198   443072509   443079835   443087127   443094461   443101787   443109095   443116314   443123542   443130786
422078311   424879286   442228185   443027487   443035753   443043062   443050430   443057765   443065206   443072517   443079843   443087135   443094479   443101795   443109103   443116322   443123559   443130794
422126540   424882256   442228334   443027495   443035761   443043070   443050448   443057781   443065214   443072525   443079850   443087143   443094487   443101803   443109111   443116330   443123567   443130802
422178723   424882868   442228680   443027529   443035779   443043088   443050455   443057799   443065222   443072533   443079868   443087150   443094495   443101811   443109129   443116348   443123575   443130810
422232694   424883312   442229191   443027545   443035787   443043096   443050463   443057807   443065230   443072541   443079876   443087168   443094503   443101829   443109137   443116355   443123583   443130828
422245704   424885317   442229308   443027552   443035795   443043104   443050471   443057815   443065248   443072558   443079884   443087176   443094511   443101837   443109145   443116363   443123591   443130836
422344366   424885523   442230793   443027586   443035803   443043112   443050489   443057823   443065255   443072566   443079892   443087184   443094529   443101845   443109152   443116371   443123609   443130844
422357855   424886216   442232112   443027594   443035811   443043120   443050497   443057831   443065263   443072582   443079900   443087192   443094537   443101852   443109160   443116389   443123617   443130851
422358424   424886307   442232153   443027602   443035829   443043138   443050505   443057849   443065271   443072590   443079918   443087200   443094545   443101860   443109178   443116397   443123625   443130869
422416354   424887487   442232740   443027628   443035837   443043146   443050513   443057856   443065289   443072608   443079926   443087218   443094552   443101878   443109186   443116405   443123633   443130877
422544031   424887602   442233029   443027636   443035845   443043153   443050521   443057864   443065305   443072616   443079934   443087226   443094560   443101886   443109194   443116413   443123641   443130885
422561852   424887933   442235594   443027644   443035852   443043161   443050539   443057872   443065313   443072624   443079942   443087234   443094578   443101894   443109202   443116421   443123658   443130893
422581777   424888857   442235925   443027651   443035860   443043179   443050547   443057880   443065321   443072632   443079959   443087242   443094586   443101902   443109210   443116439   443123666   443130901
422590661   424889343   442235958   443027669   443035878   443043187   443050554   443057898   443065339   443072640   443079967   443087259   443094594   443101910   443109228   443116447   443123674   443130919
422679829   424891265   442237327   443027677   443035886   443043195   443050562   443057906   443065347   443072657   443079975   443087267   443094602   443101928   443109236   443116454   443123682   443130927
422706374   424891455   442237418   443027685   443035894   443043203   443050570   443057914   443065354   443072665   443079983   443087275   443094610   443101936   443109244   443116462   443123690   443130935
422775197   424894525   442242426   443027693   443035902   443043211   443050588   443057922   443065362   443072673   443079991   443087291   443094628   443101944   443109251   443116470   443123708   443130943
422784132   424895704   442244224   443027719   443035910   443043229   443050596   443057930   443065370   443072681   443080007   443087309   443094644   443101951   443109269   443116488   443123716   443130950
422851998   424897502   442245627   443027727   443035928   443043237   443050604   443057948   443065388   443072699   443080015   443087317   443094651   443101969   443109277   443116496   443123724   443130968
422855080   424898195   442245650   443027750   443035936   443043245   443050612   443057955   443065396   443072707   443080023   443087325   443094669   443101977   443109285   443116504   443123732   443130976
422868398   424899300   442246211   443027768   443035944   443043252   443050620   443057963   443065404   443072715   443080031   443087333   443094677   443101985   443109293   443116512   443123740   443130984
423008010   424907202   442247565   443027776   443035951   443043278   443050638   443057971   443065412   443072723   443080049   443087341   443094685   443101993   443109301   443116520   443123757   443130992
423071539   424907525   442249439   443027792   443035969   443043286   443050646   443057989   443065420   443072731   443080056   443087358   443094693   443102009   443109319   443116538   443123765   443131008
423081256   424908291   442249801   443027818   443035977   443043294   443050653   443057997   443065438   443072749   443080064   443087366   443094701   443102017   443109327   443116546   443123773   443131016
423082098   424911287   442252292   443027826   443035985   443043302   443050679   443058003   443065446   443072756   443080072   443087374   443094719   443102025   443109335   443116553   443123781   443131024
423141993   424911477   442252565   443027834   443035993   443043310   443050687   443058011   443065453   443072764   443080080   443087382   443094727   443102041   443109343   443116561   443123799   443131032
423166388   424912129   442256806   443027842   443036009   443043328   443050695   443058029   443065461   443072772   443080098   443087390   443094735   443102058   443109350   443116579   443123807   443131040
423173202   424912137   442257051   443027867   443036017   443043336   443050703   443058045   443065479   443072780   443080106   443087408   443094743   443102066   443109368   443116587   443123815   443131057
423197896   424912558   442261608   443027891   443036025   443043344   443050711   443058052   443065487   443072798   443080114   443087416   443094750   443102074   443109376   443116595   443123823   443131065
423206069   424912574   442262952   443027909   443036033   443043351   443050729   443058060   443065495   443072806   443080122   443087424   443094768   443102108   443109384   443116603   443123831   443131073
423247592   424913507   442263091   443027917   443036041   443043369   443050737   443058078   443065503   443072814   443080130   443087432   443094776   443102116   443109392   443116611   443123849   443131081
423296516   424913531   442266698   443027925   443036058   443043377   443050745   443058086   443065511   443072822   443080148   443087457   443094784   443102132   443109400   443116629   443123856   443131099
423297886   424915270   442267514   443027933   443036066   443043385   443050752   443058094   443065529   443072830   443080155   443087465   443094792   443102140   443109418   443116637   443123864   443131107
423339407   424916104   442267753   443027941   443036074   443043393   443050760   443058102   443065537   443072848   443080163   443087473   443094800   443102157   443109426   443116645   443123872   443131115
423367440   424916187   442267886   443027958   443036082   443043401   443050778   443058110   443065552   443072855   443080171   443087481   443094818   443102165   443109434   443116652   443123880   443131123
423385004   424917284   442271268   443027966   443036090   443043419   443050786   443058128   443065560   443072863   443080189   443087499   443094826   443102173   443109442   443116660   443123898   443131131
423412030   424917979   442271581   443027974   443036108   443043427   443050794   443058136   443065578   443072871   443080197   443087507   443094834   443102181   443109459   443116678   443123906   443131149
423428697   424918290   442271847   443027982   443036116   443043435   443050802   443058144   443065586   443072889   443080205   443087515   443094842   443102199   443109467   443116686   443123914   443131156
423506021   424918555   442274452   443027990   443036124   443043443   443050810   443058151   443065594   443072897   443080213   443087523   443094859   443102207   443109475   443116694   443123922   443131164
423511252   424921583   442274767   443028006   443036132   443043450   443050828   443058169   443065602   443072905   443080221   443087531   443094867   443102215   443109483   443116702   443123930   443131172
423556877   424925915   442277117   443028014   443036140   443043468   443050836   443058177   443065610   443072913   443080239   443087549   443094875   443102223   443109491   443116710   443123948   443131180
423565357   424925949   442278271   443028030   443036157   443043476   443050844   443058185   443065628   443072921   443080247   443087556   443094883   443102231   443109509   443116728   443123955   443131198
423611284   424926681   442280020   443028055   443036165   443043484   443050851   443058193   443065636   443072939   443080254   443087564   443094891   443102249   443109517   443116736   443123963   443131206
423708577   424927630   442282034   443028063   443036173   443043492   443050869   443058201   443065644   443072947   443080262   443087572   443094909   443102256   443109525   443116744   443123971   443131214
423715754   424927663   442283297   443028089   443036181   443043500   443050877   443058219   443065651   443072954   443080270   443087580   443094917   443102264   443109533   443116751   443123989   443131222
423716489   424927713   442283867   443028097   443036199   443043518   443050885   443058227   443065669   443072962   443080288   443087598   443094925   443102272   443109541   443116769   443123997   443131230
423728203   424929537   442284964   443028105   443036207   443043526   443050893   443058235   443065677   443072970   443080296   443087606   443094933   443102280   443109558   443116777   443124003   443131248
423747369   424929685   442288270   443028113   443036215   443043534   443050901   443058243   443065685   443072988   443080304   443087614   443094941   443102298   443109566   443116785   443124011   443131255
423756295   424929750   442288767   443028121   443036223   443043542   443050919   443058250   443065693   443072996   443080312   443087622   443094958   443102306   443109574   443116793   443124029   443131271
423784636   424930287   442289468   443028139   443036231   443043559   443050927   443058268   443065701   443073002   443080320   443087630   443094966   443102314   443109582   443116801   443124037   443131289
423791219   424930584   442289542   443028162   443036249   443043567   443050935   443058276   443065719   443073010   443080338   443087648   443094974   443102322   443109590   443116819   443124045   443131297
423792837   424931301   442289583   443028170   443036256   443043575   443050943   443058284   443065727   443073028   443080346   443087655   443094982   443102330   443109608   443116827   443124052   443131305
423817113   424931467   442289872   443028188   443036264   443043583   443050950   443058292   443065735   443073036   443080361   443087663   443094990   443102348   443109616   443116835   443124060   443131313
423820422   424932713   442289971   443028196   443036272   443043591   443050968   443058300   443065743   443073044   443080379   443087671   443095005   443102355   443109624   443116843   443124078   443131321
423821594   424933315   442291357   443028204   443036280   443043609   443050976   443058318   443065750   443073051   443080387   443087697   443095013   443102363   443109632   443116850   443124086   443131339
423830868   424933794   442292603   443028212   443036298   443043617   443050984   443058326   443065768   443073069   443080395   443087705   443095021   443102371   443109640   443116868   443124094   443131347
423832609   424934610   442293015   443028220   443036306   443043625   443050992   443058334   443065776   443073077   443080403   443087713   443095039   443102389   443109657   443116876   443124102   443131354
423868728   424935070   442293627   443028238   443036314   443043633   443051008   443058342   443065784   443073085   443080411   443087721   443095047   443102397   443109665   443116884   443124110   443131362
423892330   424936250   442294013   443028246   443036322   443043641   443051016   443058359   443065792   443073093   443080429   443087739   443095054   443102405   443109673   443116892   443124128   443131370
423900968   424937043   442297966   443028253   443036330   443043658   443051024   443058367   443065800   443073101   443080437   443087747   443095062   443102413   443109681   443116900   443124136   443131388
423943448   424938645   442299160   443028279   443036348   443043666   443051032   443058375   443065818   443073127   443080445   443087754   443095070   443102421   443109699   443116918   443124144   443131396
423971167   424939148   442300125   443028287   443036355   443043674   443051040   443058383   443065826   443073135   443080452   443087762   443095088   443102439   443109707   443116934   443124151   443131404
423974260   424940088   442301891   443028295   443036363   443043682   443051057   443058391   443065834   443073143   443080460   443087770   443095096   443102447   443109715   443116942   443124169   443131412
423978899   424943256   442306643   443028303   443036371   443043690   443051065   443058409   443065842   443073150   443080478   443087788   443095104   443102454   443109723   443116959   443124177   443131420
423987320   424943611   442307047   443028311   443036389   443043708   443051073   443058417   443065859   443073176   443080486   443087796   443095112   443102462   443109731   443116967   443124185   443131438
423997543   424944023   442307963   443028329   443036397   443043716   443051081   443058425   443065867   443073184   443080494   443087804   443095120   443102470   443109749   443116975   443124193   443131446
423998681   424946051   442308409   443028337   443036405   443043724   443051099   443058433   443065875   443073192   443080502   443087812   443095138   443102488   443109756   443116983   443124201   443131453
424027274   424947786   442309837   443028345   443036413   443043732   443051107   443058441   443065883   443073200   443080510   443087820   443095146   443102496   443109764   443116991   443124219   443131461
424039212   424948743   442310538   443028352   443036421   443043740   443051115   443058458   443065891   443073218   443080528   443087838   443095153   443102504   443109772   443117007   443124227   443131479
424051993   424948750   442311494   443028360   443036447   443043757   443051131   443058466   443065909   443073226   443080536   443087846   443095161   443102512   443109780   443117015   443124235   443131487
424058766   424948933   442311585   443028378   443036454   443043765   443051149   443058474   443065917   443073234   443080544   443087853   443095179   443102520   443109798   443117023   443124243   443131495
424072130   424950178   442312138   443028386   443036462   443043773   443051156   443058482   443065925   443073242   443080551   443087861   443095187   443102538   443109806   443117031   443124250   443131503
424074383   424951358   442313201   443028394   443036470   443043781   443051164   443058490   443065933   443073259   443080569   443087879   443095195   443102546   443109814   443117049   443124268   443131511

 

Loan
Number
  Loan
Number
                                                               
443137997   443145255                                
443138003   443145263                                
443138011   443145271                                
443138029   443145289                                
443138037   443145297                                
443138052   443145305                                
443138060   443145313                                
443138078   443145321                                
443138086   443145339                                
443138094   443145347                                
443138102   443145354                                
443138110   443145362                                
443138128   443145370                                
443138136   443145388                                
443138144   443145396                                
443138151   443145404                                
443138169   443145412                                
443138177   443145420                                
443138185   443145438                                
443138193   443145446                                
443138201   443145453                                
443138219   443145461                                
443138227   443145479                                
443138235   443145487                                
443138243   443145495                                
443138250   443145503                                
443138268   443145511                                
443138276   443145529                                
443138284   443145537                                
443138292   443145545                                
443138300   443145552                                
443138318   443145560                                
443138326   443145578                                
443138334   443145586                                
443138342   443145594                                
443138359   443145602                                
443138367   443145610                                
443138375   443145628                                
443138383   443145636                                
443138391   443145644                                
443138409   443145651                                
443138417   443145669                                
443138425   443145677                                
443138433   443145685                                
443138441   443145693                                
443138458   443145701                                
443138466   443145719                                
443138474   443145727                                
443138482   443145735                                
443138490   443145743                                
443138508   443145750                                
443138516   443145768                                
443138524   443145776                                
443138532   443145784                                
443138540   443145792                                
443138557   443145800                                
443138565   443145818                                
443138573   443145826                                
443138581   443145834                                
443138599   443145842                                
443138607   443145859                                
443138615   443145867                                
443138623   443145875                                
443138631   443145883                                
443138649   443145891                                
443138656   443145909                                
443138664   443145917                                
443138672   443145925                                
443138680   443145933                                
443138698   443145941                                
443138706   443145958                                
443138714   443145966                                
443138722   443145974                                

 

2010-A Final Cut Legal Schedule of Receivables


UCC-1 2010-A 3-31-10

 

Loan
Number
  Loan
Number
  Loan
Number
  Loan
Number
  Loan
Number
  Loan
Number
  Loan
Number
  Loan
Number
  Loan
Number
  Loan
Number
  Loan
Number
  Loan
Number
  Loan
Number
  Loan
Number
  Loan
Number
  Loan
Number
  Loan
Number
  Loan
Number
424109114   424951457   442315230   443028410   443036488   443043799   443051172   443058508   443065941   443073267   443080577   443087887   443095203   443102553   443109822   443117056   443124276   443131529
424112308   424951564   442316329   443028444   443036496   443043807   443051180   443058516   443065958   443073275   443080585   443087895   443095211   443102561   443109830   443117064   443124284   443131537
424124931   424952620   442317517   443028451   443036504   443043815   443051198   443058524   443065966   443073283   443080593   443087903   443095229   443102579   443109848   443117072   443124292   443131545
424138410   424953545   442319059   443028469   443036512   443043823   443051206   443058532   443065974   443073291   443080601   443087911   443095237   443102587   443109855   443117080   443124300   443131552
424141653   424953982   442319695   443028477   443036520   443043831   443051214   443058540   443065982   443073309   443080619   443087929   443095245   443102595   443109863   443117098   443124318   443131560
424141893   424954972   442321931   443028501   443036538   443043849   443051222   443058557   443065990   443073317   443080627   443087937   443095252   443102603   443109871   443117106   443124326   443131578
424144244   424958973   442322400   443028519   443036546   443043856   443051230   443058565   443066006   443073325   443080635   443087945   443095260   443102611   443109889   443117114   443124334   443131586
424145605   424959914   442322574   443028527   443036553   443043864   443051248   443058573   443066014   443073333   443080643   443087952   443095278   443102629   443109897   443117122   443124342   443131594
424147254   424960425   442323200   443028535   443036561   443043872   443051255   443058581   443066022   443073341   443080650   443087960   443095286   443102637   443109905   443117130   443124359   443131602
424147783   424960953   442323739   443028543   443036579   443043880   443051263   443058599   443066030   443073358   443080668   443087978   443095294   443102645   443109913   443117148   443124375   443131610
424150860   424962082   442323986   443028550   443036595   443043898   443051271   443058607   443066048   443073366   443080676   443087986   443095302   443102652   443109921   443117155   443124383   443131628
424154862   424962587   442324513   443028568   443036603   443043906   443051289   443058615   443066055   443073374   443080684   443087994   443095310   443102660   443109939   443117163   443124391   443131636
424155893   424963676   442325221   443028576   443036611   443043914   443051297   443058623   443066063   443073390   443080692   443088000   443095328   443102678   443109947   443117171   443124409   443131644
424157766   424964278   442325296   443028584   443036629   443043922   443051305   443058631   443066071   443073408   443080700   443088018   443095336   443102686   443109954   443117189   443124417   443131651
424158020   424964344   442325551   443028592   443036637   443043930   443051313   443058649   443066089   443073416   443080718   443088034   443095344   443102694   443109962   443117197   443124425   443131669
424158723   424966059   442327862   443028600   443036645   443043948   443051321   443058656   443066097   443073424   443080726   443088042   443095351   443102702   443109970   443117205   443124433   443131677
424159176   424966422   442328241   443028618   443036652   443043955   443051339   443058664   443066105   443073432   443080734   443088059   443095369   443102710   443109988   443117213   443124441   443131685
424160497   424967974   442329306   443028626   443036660   443043963   443051347   443058672   443066113   443073440   443080742   443088067   443095377   443102728   443109996   443117221   443124458   443131693
424162279   424968014   442329330   443028659   443036678   443043971   443051354   443058680   443066121   443073457   443080759   443088075   443095385   443102736   443110002   443117239   443124466   443131701
424164770   424968113   442329728   443028667   443036686   443043989   443051362   443058698   443066139   443073465   443080767   443088083   443095393   443102744   443110010   443117247   443124474   443131719
424168565   424968840   442330114   443028675   443036694   443043997   443051370   443058706   443066147   443073473   443080775   443088091   443095401   443102769   443110028   443117254   443124482   443131727
424171775   424970556   442332417   443028709   443036702   443044003   443051388   443058714   443066154   443073481   443080783   443088109   443095419   443102777   443110036   443117262   443124490   443131735
424174209   424971877   442333894   443028725   443036710   443044011   443051396   443058722   443066162   443073499   443080791   443088117   443095427   443102785   443110044   443117270   443124508   443131743
424177715   424971885   442335709   443028733   443036728   443044029   443051404   443058748   443066170   443073507   443080809   443088125   443095435   443102793   443110051   443117288   443124516   443131750
424179596   424972099   442336921   443028741   443036736   443044037   443051412   443058755   443066188   443073515   443080817   443088133   443095443   443102801   443110069   443117296   443124524   443131768
424180271   424974087   442336962   443028766   443036744   443044045   443051420   443058763   443066196   443073523   443080825   443088141   443095450   443102819   443110077   443117304   443124532   443131776
424180958   424975449   442337887   443028774   443036751   443044052   443051446   443058771   443066204   443073531   443080833   443088158   443095468   443102827   443110085   443117312   443124540   443131784
424182491   424975480   442338281   443028782   443036769   443044060   443051453   443058789   443066212   443073549   443080841   443088166   443095476   443102835   443110093   443117320   443124557   443131792
424183002   424975845   442339842   443028808   443036777   443044078   443051461   443058797   443066220   443073556   443080858   443088174   443095484   443102843   443110101   443117338   443124565   443131800
424184893   424976959   442340410   443028816   443036785   443044086   443051479   443058805   443066238   443073564   443080866   443088182   443095492   443102868   443110119   443117346   443124573   443131818
424185429   424977916   442340535   443028824   443036793   443044094   443051487   443058813   443066246   443073572   443080874   443088190   443095500   443102876   443110127   443117353   443124581   443131826
424185916   424979086   442340642   443028832   443036801   443044102   443051495   443058821   443066253   443073580   443080882   443088208   443095518   443102884   443110135   443117361   443124599   443131834
424187995   424979128   442341178   443028865   443036819   443044110   443051503   443058839   443066261   443073598   443080890   443088216   443095526   443102892   443110143   443117379   443124607   443131842
424190254   424980233   442346433   443028873   443036827   443044128   443051511   443058847   443066279   443073606   443080908   443088224   443095534   443102900   443110150   443117387   443124615   443131859
424191435   424980530   442347365   443028881   443036835   443044136   443051529   443058854   443066287   443073614   443080916   443088232   443095542   443102918   443110168   443117403   443124623   443131867
424191591   424980795   442349395   443028899   443036843   443044144   443051537   443058870   443066295   443073622   443080924   443088257   443095559   443102926   443110176   443117411   443124631   443131875
424191757   424982197   442350575   443028915   443036850   443044151   443051545   443058888   443066303   443073630   443080932   443088265   443095567   443102934   443110184   443117429   443124649   443131883
424192821   424982866   442351771   443028923   443036868   443044169   443051552   443058896   443066311   443073648   443080940   443088273   443095575   443102942   443110192   443117437   443124656   443131891
424194009   424982890   442352456   443028931   443036876   443044177   443051560   443058904   443066329   443073655   443080957   443088281   443095583   443102959   443110200   443117445   443124664   443131909
424194215   424984706   442354999   443028964   443036884   443044185   443051578   443058912   443066337   443073671   443080965   443088299   443095591   443102967   443110218   443117452   443124672   443131917
424194579   424986867   442357026   443028972   443036892   443044193   443051586   443058920   443066345   443073689   443080973   443088307   443095609   443102975   443110226   443117460   443124680   443131925
424194900   424987519   442358875   443028980   443036900   443044201   443051594   443058938   443066352   443073697   443080981   443088315   443095617   443102983   443110234   443117478   443124698   443131933
424196251   424987618   442360103   443028998   443036918   443044219   443051602   443058946   443066360   443073705   443080999   443088323   443095625   443102991   443110242   443117486   443124706   443131941
424197176   424987907   442360707   443029004   443036926   443044227   443051610   443058953   443066378   443073713   443081005   443088331   443095633   443103007   443110259   443117494   443124714   443131958
424198422   424988004   442361804   443029012   443036934   443044235   443051628   443058961   443066386   443073721   443081013   443088349   443095641   443103015   443110267   443117502   443124722   443131966
424199818   424988574   442361812   443029038   443036942   443044243   443051636   443058979   443066394   443073739   443081021   443088356   443095658   443103023   443110275   443117510   443124730   443131974
424200129   424988582   442362232   443029046   443036959   443044268   443051644   443058987   443066402   443073747   443081039   443088364   443095666   443103031   443110283   443117528   443124748   443131982
424200889   424989606   442363156   443029061   443036967   443044276   443051651   443058995   443066410   443073754   443081047   443088372   443095674   443103049   443110291   443117536   443124755   443131990
424202174   424990273   442367082   443029079   443036975   443044284   443051669   443059001   443066428   443073762   443081054   443088380   443095682   443103056   443110309   443117544   443124763   443132006
424203289   424990687   442368346   443029087   443036983   443044292   443051677   443059019   443066436   443073770   443081062   443088398   443095690   443103064   443110317   443117551   443124771   443132014
424207181   424990992   442371548   443029095   443036991   443044300   443051685   443059027   443066444   443073788   443081070   443088406   443095708   443103072   443110325   443117569   443124789   443132022
424208577   424991008   442372314   443029103   443037007   443044318   443051693   443059035   443066451   443073796   443081088   443088414   443095716   443103080   443110333   443117577   443124797   443132030
424209674   424991610   442374856   443029111   443037015   443044334   443051701   443059043   443066469   443073804   443081096   443088422   443095724   443103098   443110341   443117585   443124805   443132048
424210003   424993103   442375127   443029137   443037023   443044342   443051719   443059050   443066477   443073812   443081104   443088430   443095732   443103106   443110358   443117593   443124813   443132055
424211530   424993764   442378659   443029145   443037031   443044359   443051727   443059068   443066485   443073820   443081112   443088448   443095740   443103114   443110366   443117601   443124821   443132063
424214161   424993954   442381075   443029152   443037049   443044367   443051735   443059076   443066493   443073838   443081120   443088455   443095757   443103122   443110374   443117619   443124839   443132071
424214179   424994465   442381356   443029160   443037056   443044375   443051743   443059084   443066501   443073846   443081138   443088463   443095765   443103130   443110382   443117627   443124847   443132089
424214740   424994713   442382370   443029178   443037064   443044383   443051768   443059092   443066519   443073853   443081146   443088471   443095773   443103148   443110390   443117635   443124854   443132097
424216174   424996395   442383089   443029194   443037072   443044391   443051776   443059100   443066527   443073861   443081153   443088489   443095781   443103155   443110408   443117643   443124862   443132105
424219491   425000072   442383147   443029202   443037080   443044409   443051784   443059118   443066535   443073879   443081161   443088497   443095799   443103171   443110416   443117650   443124870   443132113
424219814   425002425   442384673   443029228   443037098   443044417   443051792   443059126   443066543   443073887   443081179   443088505   443095807   443103189   443110424   443117668   443124888   443132121
424221265   425003050   442385373   443029236   443037106   443044425   443051800   443059134   443066550   443073895   443081187   443088513   443095815   443103197   443110432   443117676   443124896   443132139
424222313   425003837   442389672   443029244   443037114   443044433   443051818   443059142   443066568   443073903   443081195   443088521   443095823   443103205   443110440   443117684   443124904   443132147
424224210   425003944   442390464   443029269   443037122   443044441   443051826   443059159   443066576   443073911   443081203   443088539   443095831   443103213   443110457   443117692   443124912   443132154
424225878   425005295   442393625   443029343   443037130   443044458   443051834   443059167   443066584   443073929   443081229   443088547   443095849   443103221   443110465   443117700   443124920   443132162
424229326   425005865   442395000   443029376   443037148   443044466   443051842   443059175   443066592   443073937   443081237   443088554   443095856   443103239   443110473   443117718   443124938   443132170
424231983   425005931   442400412   443029384   443037155   443044474   443051859   443059183   443066600   443073945   443081245   443088562   443095864   443103254   443110481   443117726   443124946   443132188
424235927   425007366   442402632   443029392   443037163   443044482   443051867   443059191   443066618   443073952   443081252   443088570   443095872   443103262   443110499   443117734   443124953   443132196
424237527   425007820   442406526   443029442   443037171   443044490   443051875   443059209   443066626   443073960   443081260   443088588   443095880   443103270   443110507   443117742   443124961   443132204
424239697   425009545   442407961   443029459   443037189   443044508   443051883   443059217   443066634   443073978   443081278   443088596   443095898   443103288   443110515   443117759   443124979   443132212
424239788   425012002   442413423   443029467   443037197   443044516   443051891   443059225   443066642   443073986   443081286   443088604   443095906   443103296   443110523   443117767   443124987   443132220
424243715   425012309   442414678   443029483   443037205   443044524   443051909   443059233   443066659   443073994   443081294   443088612   443095914   443103304   443110531   443117775   443124995   443132238
424244531   425012473   442415618   443029491   443037213   443044532   443051917   443059241   443066667   443074000   443081302   443088620   443095922   443103312   443110549   443117783   443125000   443132246

 

Loan
Number
  Loan
Number
                                                               
443138730   443145982                                
443138748   443145990                                
443138755   443146006                                
443138763   443146014                                
443138771   443146022                                
443138789   443146030                                
443138797   443146048                                
443138805   443146055                                
443138813   443146063                                
443138821   443146071                                
443138839   443146089                                
443138847   443146097                                
443138854   443146105                                
443138862   443146113                                
443138870   443146121                                
443138888   443146139                                
443138896   443146147                                
443138904   443146154                                
443138912   443146162                                
443138920   443146170                                
443138938   443146188                                
443138946   443146196                                
443138953   443146204                                
443138961   443146212                                
443138979   443146220                                
443138987   443146238                                
443138995   443146246                                
443139001   443146253                                
443139019   443146261                                
443139027   443146279                                
443139035   443146287                                
443139043   443146295                                
443139050   443146303                                
443139068   443146329                                
443139076   443146337                                
443139084   443146345                                
443139092   443146352                                
443139100   443146360                                
443139118   443146378                                
443139126   443146386                                
443139134   443146394                                
443139142   443146402                                
443139159   443146410                                
443139167   443146428                                
443139175   443146436                                
443139183   443146444                                
443139191   443146451                                
443139209   443146469                                
443139217   443146477                                
443139225   443146485                                
443139233   443146493                                
443139241   443146501                                
443139258   443146519                                
443139266   443146527                                
443139274   443146535                                
443139282   443146543                                
443139290   443146550                                
443139308   443146568                                
443139316   443146576                                
443139324   443146584                                
443139332   443146592                                
443139340   443146600                                
443139357   443146618                                
443139365   443146626                                
443139373   443146634                                
443139381   443146642                                
443139399   443146659                                
443139407   443146667                                
443139415   443146675                                
443139423   443146683                                
443139431   443146691                                
443139449   443146709                                
443139456   443146717                                

 

2010-A Final Cut Legal Schedule of Receivables


UCC-1 2010-A 3-31-10

 

Loan
Number
  Loan
Number
  Loan
Number
  Loan
Number
  Loan
Number
  Loan
Number
  Loan
Number
  Loan
Number
  Loan
Number
  Loan
Number
  Loan
Number
  Loan
Number
  Loan
Number
  Loan
Number
  Loan
Number
  Loan
Number
  Loan
Number
  Loan
Number
424245033   425012697   442416301   443029509   443037221   443044540   443051925   443059258   443066675   443074018   443081310   443088638   443095930   443103320   443110556   443117791   443125018   443132253
424245355   425012796   442417762   443029533   443037239   443044557   443051933   443059266   443066683   443074026   443081328   443088646   443095948   443103338   443110564   443117809   443125026   443132261
424246494   425013182   442417820   443029541   443037247   443044565   443051941   443059274   443066691   443074034   443081336   443088653   443095955   443103346   443110572   443117817   443125034   443132279
424247096   425013711   442419255   443029558   443037254   443044573   443051958   443059282   443066709   443074042   443081344   443088661   443095963   443103353   443110580   443117825   443125042   443132287
424249175   425015252   442421111   443029566   443037262   443044581   443051966   443059290   443066717   443074059   443081351   443088679   443095971   443103361   443110598   443117833   443125059   443132295
424250280   425015435   442421467   443029574   443037270   443044599   443051974   443059308   443066725   443074067   443081369   443088687   443095989   443103379   443110606   443117841   443125075   443132303
424250967   425015948   442421723   443029582   443037288   443044607   443051982   443059316   443066733   443074075   443081377   443088695   443095997   443103387   443110614   443117858   443125083   443132311
424251494   425016086   442421855   443029590   443037296   443044615   443051990   443059324   443066741   443074083   443081385   443088703   443096003   443103395   443110622   443117866   443125091   443132329
424251700   425017118   442421988   443029608   443037304   443044623   443052006   443059340   443066758   443074091   443081393   443088711   443096011   443103403   443110630   443117874   443125109   443132337
424252948   425018587   442422432   443029616   443037312   443044631   443052014   443059357   443066766   443074109   443081401   443088737   443096029   443103411   443110648   443117882   443125117   443132345
424255099   425018751   442422879   443029632   443037320   443044649   443052022   443059365   443066774   443074117   443081419   443088752   443096037   443103429   443110655   443117890   443125125   443132352
424255628   425022381   442423794   443029640   443037338   443044656   443052048   443059373   443066790   443074125   443081427   443088760   443096045   443103437   443110663   443117908   443125133   443132360
424257863   425023017   442429890   443029657   443037346   443044664   443052055   443059399   443066808   443074133   443081435   443088778   443096052   443103445   443110671   443117916   443125141   443132378
424258309   425024429   442430468   443029665   443037353   443044672   443052063   443059407   443066816   443074141   443081443   443088786   443096060   443103452   443110689   443117924   443125158   443132386
424262079   425025814   442431961   443029673   443037361   443044680   443052071   443059415   443066824   443074158   443081450   443088794   443096078   443103460   443110697   443117932   443125166   443132394
424262319   425026739   442432118   443029681   443037379   443044698   443052089   443059423   443066832   443074166   443081468   443088802   443096086   443103478   443110705   443117940   443125182   443132402
424264299   425027240   442433322   443029699   443037387   443044706   443052097   443059431   443066840   443074174   443081476   443088810   443096094   443103486   443110713   443117957   443125190   443132410
424265999   425030475   442435343   443029707   443037395   443044714   443052105   443059449   443066857   443074182   443081484   443088828   443096102   443103494   443110721   443117965   443125208   443132428
424266542   425030624   442435459   443029715   443037403   443044722   443052113   443059456   443066865   443074190   443081492   443088836   443096110   443103502   443110739   443117973   443125216   443132436
424266625   425030905   442438339   443029723   443037411   443044730   443052121   443059464   443066873   443074208   443081500   443088844   443096128   443103510   443110747   443117981   443125224   443132451
424266815   425030970   442438982   443029764   443037429   443044748   443052139   443059472   443066881   443074216   443081518   443088851   443096136   443103528   443110754   443117999   443125232   443132469
424266930   425031887   442439030   443029798   443037437   443044755   443052147   443059480   443066899   443074224   443081526   443088869   443096144   443103536   443110762   443118005   443125240   443132477
424269603   425035862   442441135   443029806   443037445   443044771   443052154   443059498   443066907   443074232   443081534   443088877   443096151   443103544   443110770   443118013   443125257   443132485
424270569   425035888   442442208   443029814   443037452   443044789   443052162   443059506   443066915   443074240   443081542   443088885   443096169   443103551   443110788   443118021   443125265   443132493
424273118   425036092   442443685   443029822   443037460   443044797   443052170   443059514   443066923   443074257   443081559   443088893   443096177   443103569   443110796   443118039   443125273   443132501
424276814   425038023   442445318   443029830   443037478   443044805   443052188   443059522   443066931   443074265   443081567   443088901   443096185   443103577   443110804   443118047   443125281   443132519
424278786   425038973   442445870   443029848   443037486   443044813   443052196   443059530   443066949   443074273   443081575   443088919   443096193   443103585   443110812   443118054   443125299   443132527
424279701   425039864   442449369   443029855   443037494   443044821   443052204   443059548   443066956   443074281   443081583   443088927   443096201   443103593   443110820   443118062   443125307   443132535
424281566   425040003   442449401   443029863   443037502   443044839   443052212   443059555   443066964   443074299   443081591   443088935   443096219   443103601   443110838   443118070   443125315   443132543
424281756   425040516   442450300   443029871   443037510   443044847   443052220   443059563   443066972   443074307   443081609   443088943   443096227   443103619   443110846   443118088   443125323   443132550
424281830   425041217   442456240   443029889   443037536   443044854   443052238   443059571   443066980   443074315   443081617   443088950   443096235   443103627   443110853   443118096   443125331   443132568
424282549   425041514   442461356   443029897   443037544   443044862   443052246   443059589   443066998   443074323   443081625   443088968   443096243   443103635   443110861   443118104   443125349   443132576
424282622   425041654   442463121   443029905   443037551   443044870   443052253   443059597   443067004   443074331   443081633   443088976   443096250   443103643   443110879   443118112   443125356   443132584
424283232   425044005   442464665   443029913   443037569   443044888   443052261   443059605   443067012   443074349   443081641   443088984   443096268   443103650   443110887   443118120   443125364   443132592
424283687   425048683   442465969   443029939   443037577   443044896   443052279   443059613   443067020   443074356   443081658   443088992   443096276   443103668   443110895   443118138   443125372   443132600
424283752   425049145   442466801   443029962   443037585   443044904   443052287   443059621   443067038   443074364   443081666   443089008   443096284   443103676   443110903   443118146   443125380   443132618
424287522   425050465   442472841   443029996   443037593   443044912   443052295   443059639   443067046   443074372   443081674   443089016   443096292   443103684   443110911   443118153   443125398   443132626
424287589   425050770   442475539   443030010   443037601   443044920   443052303   443059647   443067053   443074380   443081682   443089024   443096300   443103692   443110929   443118161   443125406   443132634
424291151   425051067   442476610   443030028   443037619   443044938   443052311   443059654   443067061   443074398   443081690   443089032   443096318   443103700   443110937   443118179   443125414   443132642
424292654   425051109   442480646   443030044   443037627   443044946   443052329   443059662   443067079   443074406   443081708   443089040   443096326   443103718   443110945   443118187   443125422   443132659
424293611   425053584   442482014   443030051   443037635   443044953   443052337   443059670   443067087   443074414   443081716   443089057   443096334   443103726   443110952   443118195   443125430   443132667
424298024   425054202   442482485   443030069   443037643   443044961   443052345   443059688   443067103   443074422   443081724   443089065   443096342   443103734   443110960   443118203   443125448   443132675
424298701   425054210   442483962   443030085   443037650   443044979   443052352   443059696   443067129   443074430   443081732   443089073   443096359   443103742   443110978   443118211   443125455   443132683
424300796   425055282   442485173   443030093   443037668   443044987   443052360   443059704   443067137   443074448   443081740   443089081   443096367   443103759   443110986   443118229   443125463   443132691
424304244   425057015   442485264   443030101   443037676   443044995   443052378   443059712   443067145   443074455   443081757   443089099   443096375   443103767   443110994   443118237   443125471   443132709
424305647   425057510   442488946   443030119   443037684   443045000   443052386   443059720   443067152   443074463   443081765   443089107   443096383   443103775   443111000   443118245   443125489   443132717
424305936   425058526   442489555   443030127   443037692   443045018   443052394   443059738   443067160   443074471   443081773   443089115   443096391   443103783   443111018   443118252   443125497   443132725
424307775   425058617   442494373   443030143   443037718   443045026   443052402   443059746   443067178   443074489   443081781   443089123   443096409   443103791   443111026   443118260   443125505   443132733
424310100   425059821   442495818   443030150   443037726   443045034   443052410   443059753   443067186   443074497   443081799   443089131   443096425   443103809   443111034   443118278   443125513   443132741
424310290   425059920   442498986   443030192   443037734   443045042   443052428   443059761   443067194   443074505   443081807   443089149   443096433   443103817   443111042   443118286   443125521   443132758
424311769   425060399   442499455   443030200   443037742   443045059   443052436   443059779   443067202   443074513   443081815   443089156   443096441   443103825   443111059   443118294   443125539   443132766
424311850   425060423   442500526   443030218   443037759   443045067   443052444   443059787   443067210   443074521   443081823   443089164   443096458   443103833   443111067   443118302   443125547   443132774
424312759   425060480   442501003   443030226   443037775   443045075   443052451   443059795   443067228   443074539   443081831   443089172   443096466   443103841   443111075   443118310   443125554   443132782
424316669   425060704   442501656   443030234   443037783   443045083   443052469   443059803   443067236   443074547   443081849   443089180   443096474   443103858   443111083   443118328   443125562   443132790
424318095   425060852   442506242   443030259   443037791   443045091   443052477   443059811   443067244   443074554   443081856   443089198   443096482   443103866   443111091   443118336   443125570   443132808
424319218   425062874   442507604   443030267   443037809   443045109   443052485   443059829   443067251   443074562   443081864   443089206   443096490   443103874   443111109   443118344   443125588   443132816
424320232   425063245   442513016   443030275   443037817   443045117   443052493   443059837   443067269   443074570   443081872   443089214   443096508   443103908   443111117   443118351   443125596   443132824
424321032   425063815   442513743   443030291   443037825   443045125   443052501   443059845   443067277   443074588   443081880   443089222   443096516   443103916   443111125   443118369   443125604   443132832
424321610   425064243   442515094   443030309   443037833   443045133   443052519   443059852   443067285   443074596   443081898   443089230   443096524   443103924   443111133   443118377   443125612   443132840
424323566   425064482   442527198   443030333   443037841   443045158   443052527   443059860   443067293   443074604   443081906   443089248   443096532   443103932   443111141   443118385   443125620   443132857
424324150   425066099   442528121   443030341   443037858   443045166   443052535   443059878   443067301   443074612   443081914   443089255   443096540   443103940   443111158   443118393   443125638   443132865
424324275   425066511   442531414   443030358   443037866   443045174   443052543   443059886   443067319   443074620   443081922   443089263   443096557   443103957   443111166   443118401   443125653   443132873
424325306   425066974   442531836   443030374   443037874   443045182   443052550   443059894   443067327   443074638   443081930   443089271   443096565   443103965   443111174   443118419   443125661   443132881
424326254   425068491   442534384   443030390   443037882   443045190   443052568   443059902   443067335   443074646   443081948   443089289   443096573   443103973   443111182   443118427   443125679   443132899
424326684   425068541   442534665   443030408   443037890   443045208   443052576   443059910   443067343   443074653   443081955   443089297   443096581   443103981   443111190   443118435   443125687   443132907
424329555   425068855   442535605   443030416   443037908   443045216   443052584   443059928   443067350   443074661   443081963   443089305   443096599   443103999   443111208   443118443   443125695   443132915
424330835   425069622   442539920   443030424   443037916   443045224   443052592   443059936   443067368   443074679   443081971   443089313   443096607   443104005   443111216   443118450   443125703   443132923
424330884   425070091   442540282   443030432   443037924   443045232   443052600   443059944   443067384   443074687   443081989   443089321   443096615   443104013   443111224   443118468   443125711   443132931
424331361   425070174   442540290   443030440   443037932   443045240   443052618   443059951   443067392   443074695   443081997   443089339   443096623   443104021   443111232   443118476   443125729   443132949
424331510   425072766   442541058   443030457   443037940   443045257   443052626   443059977   443067400   443074703   443082003   443089347   443096631   443104039   443111240   443118484   443125737   443132956
424333326   425073079   442546701   443030465   443037957   443045265   443052634   443059985   443067418   443074711   443082011   443089354   443096649   443104047   443111257   443118492   443125745   443132964
424334043   425073202   442547188   443030473   443037965   443045273   443052642   443059993   443067426   443074729   443082029   443089362   443096656   443104054   443111265   443118500   443125752   443132972
424334381   425073400   442548665   443030481   443037973   443045281   443052659   443060009   443067434   443074737   443082037   443089370   443096664   443104062   443111273   443118518   443125760   443132980

 

Loan
Number
  Loan
Number
                                                               
443139464   443146725                                
443139472   443146733                                
443139480   443146741                                
443139498   443146758                                
443139506   443146766                                
443139514   443146774                                
443139522   443146782                                
443139530   443146790                                
443139548   443146808                                
443139555   443146816                                
443139563   443146824                                
443139571   443146832                                
443139589   443146840                                
443139597   443146857                                
443139605   443146865                                
443139613   443146873                                
443139621   443146881                                
443139639   443146899                                
443139647   443146907                                
443139654   443146915                                
443139662   443146923                                
443139670   443146931                                
443139688   443146949                                
443139696   443146956                                
443139704   443146964                                
443139712   443146972                                
443139720   443146980                                
443139738   443146998                                
443139746   443147004                                
443139753   443147012                                
443139761   443147020                                
443139779   443147038                                
443139787   443147046                                
443139795   443147053                                
443139803   443147061                                
443139811   443147079                                
443139829   443147087                                
443139837   443147095                                
443139845   443147103                                
443139852   443147111                                
443139860   443147129                                
443139878   443147137                                
443139886   443147145                                
443139894   443147152                                
443139902   443147160                                
443139910   443147178                                
443139928   443147186                                
443139936   443147194                                
443139944   443147202                                
443139951   443147210                                
443139969   443147228                                
443139977   443147236                                
443139985   443147244                                
443139993   443147251                                
443140009   443147269                                
443140017   443147277                                
443140025   443147285                                
443140033   443147293                                
443140041   443147301                                
443140058   443147319                                
443140066   443147327                                
443140074   443147335                                
443140082   443147343                                
443140090   443147350                                
443140108   443147368                                
443140116   443147376                                
443140124   443147384                                
443140132   443147392                                
443140140   443147400                                
443140157   443147418                                
443140165   443147426                                
443140173   443147434                                
443140181   443147442                                

 

2010-A Final Cut Legal Schedule of Receivables


UCC-1 2010-A 3-31-10

 

Loan
Number
  Loan
Number
  Loan
Number
  Loan
Number
  Loan
Number
  Loan
Number
  Loan
Number
  Loan
Number
  Loan
Number
  Loan
Number
  Loan
Number
  Loan
Number
  Loan
Number
  Loan
Number
  Loan
Number
  Loan
Number
  Loan
Number
  Loan
Number
424335008   425073475   442551164   443030499   443037999   443045299   443052667   443060025   443067442   443074745   443082045   443089388   443096672   443104070   443111281   443118526   443125778   443132998
424335057   425074374   442556569   443030507   443038005   443045307   443052675   443060033   443067459   443074752   443082052   443089396   443096680   443104088   443111299   443118534   443125786   443133004
424336303   425075652   442556999   443030523   443038013   443045315   443052683   443060041   443067467   443074760   443082060   443089404   443096698   443104096   443111307   443118542   443125794   443133012
424336386   425076502   442569067   443030531   443038021   443045323   443052691   443060058   443067475   443074778   443082078   443089412   443096706   443104104   443111315   443118559   443125802   443133020
424337723   425077088   442574075   443030549   443038039   443045331   443052709   443060066   443067483   443074786   443082086   443089420   443096714   443104112   443111331   443118567   443125810   443133038
424338044   425078078   442580742   443030556   443038047   443045349   443052717   443060074   443067491   443074794   443082094   443089438   443096722   443104120   443111349   443118575   443125828   443133046
424338382   425079225   442582094   443030564   443038054   443045356   443052725   443060082   443067509   443074802   443082102   443089446   443096730   443104138   443111356   443118583   443125836   443133053
424340131   425079290   442585675   443030572   443038062   443045364   443052733   443060090   443067517   443074810   443082110   443089453   443096748   443104146   443111364   443118591   443125844   443133061
424341618   425080355   442586210   443030580   443038070   443045372   443052741   443060108   443067525   443074828   443082128   443089461   443096755   443104153   443111372   443118609   443125851   443133079
424341998   425081197   442588448   443030598   443038088   443045380   443052758   443060116   443067533   443074836   443082136   443089479   443096763   443104161   443111380   443118617   443125869   443133087
424342202   425082195   442589529   443030606   443038096   443045398   443052766   443060124   443067541   443074844   443082144   443089487   443096771   443104179   443111398   443118625   443125877   443133095
424342566   425086287   442589925   443030614   443038104   443045406   443052774   443060132   443067558   443074851   443082151   443089495   443096789   443104187   443111406   443118633   443125885   443133103
424343127   425086949   442591871   443030622   443038112   443045414   443052782   443060157   443067566   443074869   443082169   443089503   443096797   443104195   443111414   443118641   443125893   443133111
424344265   425087699   442598827   443030630   443038120   443045422   443052790   443060165   443067574   443074877   443082177   443089511   443096805   443104203   443111422   443118666   443125901   443133129
424344844   425087830   442599098   443030648   443038138   443045430   443052808   443060173   443067582   443074885   443082185   443089529   443096813   443104211   443111430   443118674   443125919   443133137
424346138   425088242   442599171   443030655   443038146   443045448   443052816   443060181   443067590   443074893   443082193   443089537   443096821   443104229   443111448   443118682   443125927   443133145
424346328   425088259   442599569   443030663   443038153   443045455   443052824   443060199   443067608   443074901   443082201   443089545   443096839   443104237   443111455   443118690   443125935   443133152
424346583   425088416   442602124   443030713   443038161   443045463   443052832   443060207   443067616   443074919   443082219   443089552   443096847   443104245   443111463   443118708   443125943   443133160
424346740   425089240   442602652   443030721   443038179   443045471   443052840   443060215   443067624   443074927   443082227   443089560   443096854   443104252   443111471   443118716   443125950   443133178
424349736   425089323   442607768   443030739   443038187   443045489   443052857   443060223   443067632   443074935   443082235   443089578   443096862   443104260   443111489   443118724   443125968   443133186
424350767   425090552   442610747   443030747   443038195   443045497   443052865   443060231   443067640   443074943   443082243   443089586   443096870   443104278   443111497   443118732   443125976   443133194
424352565   425091212   442613816   443030762   443038203   443045505   443052873   443060249   443067657   443074950   443082250   443089594   443096888   443104286   443111505   443118740   443125984   443133202
424352623   425091634   442617635   443030770   443038211   443045513   443052881   443060256   443067665   443074968   443082268   443089602   443096896   443104294   443111513   443118757   443125992   443133210
424353480   425091980   442619888   443030788   443038229   443045521   443052899   443060264   443067673   443074976   443082276   443089610   443096904   443104302   443111521   443118765   443126008   443133228
424353589   425093283   442622247   443030796   443038237   443045539   443052907   443060272   443067681   443074984   443082284   443089628   443096912   443104328   443111539   443118773   443126016   443133236
424356418   425093465   442624086   443030804   443038245   443045547   443052915   443060280   443067699   443074992   443082292   443089636   443096920   443104336   443111547   443118781   443126024   443133244
424356483   425093580   442624631   443030838   443038252   443045554   443052923   443060298   443067707   443075007   443082300   443089644   443096938   443104344   443111554   443118807   443126032   443133251
424357432   425094562   442625455   443030853   443038260   443045562   443052931   443060306   443067715   443075015   443082318   443089651   443096946   443104351   443111562   443118815   443126040   443133269
424358117   425097102   442628053   443030879   443038278   443045570   443052949   443060314   443067723   443075023   443082326   443089669   443096953   443104369   443111570   443118823   443126057   443133277
424359354   425097458   442629903   443030887   443038286   443045588   443052956   443060322   443067731   443075031   443082334   443089677   443096961   443104377   443111588   443118831   443126065   443133285
424360188   425098142   442630968   443030903   443038294   443045596   443052964   443060330   443067749   443075049   443082342   443089685   443096979   443104385   443111596   443118849   443126073   443133293
424370336   425101003   442632527   443030911   443038302   443045604   443052972   443060355   443067756   443075056   443082359   443089693   443096987   443104393   443111604   443118856   443126081   443133301
424370781   425101698   442633830   443030937   443038310   443045612   443052980   443060363   443067764   443075064   443082367   443089701   443096995   443104401   443111612   443118864   443126099   443133319
424372506   425101862   442635843   443030945   443038328   443045620   443052998   443060389   443067772   443075072   443082375   443089719   443097001   443104419   443111620   443118872   443126107   443133327
424372886   425102605   442636437   443030978   443038336   443045638   443053004   443060397   443067780   443075080   443082383   443089727   443097019   443104427   443111638   443118880   443126115   443133335
424375251   425103710   442639670   443030986   443038344   443045653   443053012   443060405   443067798   443075098   443082391   443089735   443097027   443104435   443111646   443118898   443126123   443133343
424379600   425104064   442643235   443030994   443038351   443045661   443053020   443060413   443067806   443075106   443082409   443089750   443097035   443104443   443111653   443118906   443126131   443133350
424384063   425104569   442643391   443031018   443038369   443045679   443053038   443060421   443067814   443075114   443082417   443089768   443097043   443104450   443111661   443118914   443126149   443133368
424388668   425106788   442644563   443031042   443038377   443045687   443053046   443060439   443067822   443075122   443082425   443089776   443097050   443104468   443111679   443118922   443126156   443133376
424390300   425107166   442645123   443031067   443038385   443045695   443053053   443060447   443067830   443075130   443082433   443089784   443097076   443104476   443111687   443118930   443126164   443133384
424391100   425107893   442648283   443031075   443038393   443045703   443053061   443060454   443067848   443075148   443082441   443089792   443097084   443104484   443111695   443118948   443126172   443133392
424391498   425110152   442648671   443031083   443038401   443045711   443053079   443060470   443067855   443075155   443082458   443089800   443097092   443104492   443111703   443118955   443126180   443133400
424392595   425110830   442649836   443031117   443038419   443045729   443053087   443060504   443067863   443075163   443082466   443089818   443097100   443104500   443111711   443118963   443126198   443133418
424393064   425110996   442651931   443031133   443038427   443045737   443053095   443060512   443067871   443075171   443082474   443089826   443097118   443104518   443111729   443118971   443126206   443133426
424393635   425111754   442652665   443031141   443038435   443045745   443053103   443060520   443067897   443075189   443082482   443089834   443097126   443104526   443111737   443118989   443126214   443133434
424394245   425112703   442653739   443031158   443038443   443045752   443053111   443060538   443067905   443075197   443082490   443089842   443097134   443104534   443111752   443118997   443126222   443133442
424396737   425114766   442655841   443031166   443038450   443045760   443053129   443060546   443067913   443075205   443082508   443089859   443097159   443104542   443111760   443119003   443126230   443133459
424398139   425115995   442656146   443031174   443038468   443045778   443053137   443060553   443067921   443075213   443082516   443089867   443097167   443104559   443111778   443119011   443126248   443133467
424398675   425116555   442656336   443031182   443038476   443045786   443053145   443060561   443067939   443075221   443082532   443089875   443097175   443104567   443111786   443119029   443126255   443133475
424399111   425117520   442659900   443031190   443038484   443045794   443053152   443060579   443067947   443075239   443082540   443089883   443097191   443104575   443111794   443119037   443126263   443133483
424400448   425118254   442660726   443031208   443038492   443045802   443053160   443060587   443067954   443075247   443082557   443089891   443097209   443104583   443111802   443119045   443126271   443133491
424400729   425118676   442662839   443031216   443038500   443045810   443053178   443060595   443067962   443075262   443082565   443089909   443097217   443104591   443111810   443119052   443126289   443133509
424401297   425120144   442663209   443031224   443038518   443045828   443053186   443060603   443067970   443075270   443082573   443089917   443097225   443104609   443111828   443119060   443126297   443133517
424401917   425120649   442663340   443031232   443038526   443045836   443053194   443060611   443067988   443075288   443082581   443089925   443097233   443104617   443111836   443119078   443126305   443133525
424402360   425120805   442663480   443031240   443038534   443045844   443053202   443060629   443067996   443075296   443082599   443089933   443097241   443104625   443111844   443119086   443126313   443133533
424404416   425121142   442663852   443031257   443038542   443045851   443053210   443060637   443068002   443075304   443082607   443089941   443097258   443104633   443111851   443119094   443126339   443133541
424404929   425121860   442664298   443031265   443038559   443045869   443053228   443060645   443068010   443075312   443082615   443089958   443097266   443104641   443111869   443119102   443126347   443133558
424405223   425122314   442664330   443031273   443038567   443045877   443053236   443060652   443068028   443075320   443082623   443089966   443097274   443104658   443111877   443119110   443126354   443133566
424405967   425124518   442664777   443031281   443038575   443045885   443053244   443060660   443068036   443075338   443082631   443089974   443097282   443104666   443111885   443119128   443126362   443133574
424408037   425125028   442665204   443031299   443038583   443045893   443053251   443060678   443068044   443075346   443082649   443089982   443097290   443104674   443111893   443119136   443126370   443133582
424408771   425125911   442665477   443031307   443038591   443045901   443053269   443060686   443068051   443075353   443082656   443089990   443097308   443104682   443111901   443119144   443126388   443133590
424411593   425126091   442666319   443031315   443038609   443045919   443053277   443060694   443068069   443075361   443082664   443090006   443097316   443104690   443111919   443119151   443126396   443133608
424417897   425126836   442666335   443031323   443038617   443045927   443053285   443060702   443068085   443075379   443082672   443090014   443097324   443104708   443111927   443119169   443126404   443133616
424422087   425127958   442666483   443031331   443038625   443045935   443053293   443060710   443068093   443075387   443082680   443090022   443097332   443104716   443111935   443119177   443126412   443133624
424422780   425128998   442666616   443031349   443038633   443045943   443053301   443060728   443068101   443075395   443082698   443090030   443097340   443104724   443111943   443119185   443126420   443133632
424423531   425129764   442666889   443031356   443038641   443045950   443053319   443060736   443068119   443075403   443082706   443090048   443097357   443104732   443111950   443119193   443126438   443133640
424424182   425130481   442667093   443031364   443038658   443045968   443053327   443060744   443068127   443075411   443082714   443090055   443097365   443104740   443111968   443119201   443126446   443133657
424427086   425131067   442667150   443031372   443038666   443045976   443053335   443060751   443068135   443075429   443082722   443090063   443097373   443104757   443111976   443119219   443126453   443133665
424427862   425131331   442668547   443031380   443038674   443045984   443053343   443060769   443068143   443075437   443082730   443090071   443097381   443104765   443111984   443119227   443126461   443133673
424428365   425131349   442669669   443031398   443038682   443045992   443053350   443060777   443068150   443075445   443082748   443090089   443097399   443104773   443111992   443119235   443126479   443133681
424429447   425132263   442669768   443031406   443038690   443046008   443053368   443060785   443068168   443075452   443082755   443090097   443097407   443104781   443112008   443119243   443126487   443133699
424429546   425132610   442670147   443031414   443038708   443046016   443053376   443060793   443068176   443075460   443082763   443090105   443097415   443104799   443112016   443119250   443126495   443133707
424429744   425132636   442670279   443031422   443038716   443046024   443053384   443060801   443068184   443075478   443082771   443090113   443097423   443104807   443112024   443119268   443126503   443133715

 

Loan
Number
  Loan
Number
                                                               
443140199   443147459                                
443140207   443147467                                
443140215   443147475                                
443140223   443147483                                
443140231   443147491                                
443140249   443147509                                
443140256   443147517                                
443140264   443147525                                
443140272   443147541                                
443140280   443147558                                
443140298   443147566                                
443140306   443147574                                
443140314   443147582                                
443140322   443147590                                
443140330   443147608                                
443140348   443147616                                
443140355   443147624                                
443140363   443147632                                
443140371   443147640                                
443140389   443147657                                
443140397   443147665                                
443140405   443147673                                
443140413   443147681                                
443140421   443147707                                
443140439   443147715                                
443140447   443147723                                
443140454   443147731                                
443140462   443147749                                
443140470   443147756                                
443140488   443147764                                
443140496   443147772                                
443140504   443147780                                
443140512   443147798                                
443140520   443147806                                
443140538   443147814                                
443140546   443147822                                
443140553   443147830                                
443140561   443147848                                
443140579   443147863                                
443140587   443147871                                
443140595   443147889                                
443140603   443147897                                
443140611   443147905                                
443140629   443147913                                
443140637   443147921                                
443140645   443147939                                
443140652   443147947                                
443140660   443147954                                
443140678   443147962                                
443140686   443147970                                
443140694   443147988                                
443140702   443147996                                
443140710   443148002                                
443140728   443148010                                
443140736   443148028                                
443140744   443148036                                
443140751   443148044                                
443140769   443148051                                
443140777   443148069                                
443140785   443148077                                
443140793   443148085                                
443140801   443148093                                
443140819   443148101                                
443140827   443148119                                
443140835   443148127                                
443140843   443148135                                
443140850   443148143                                
443140868   443148150                                
443140876   443148168                                
443140884   443148176                                
443140892   443148184                                
443140900   443148192                                
443140918   443148200                                

 

2010-A Final Cut Legal Schedule of Receivables


Loan
Number

 

Loan
Number

 

Loan
Number

 

Loan
Number

 

Loan
Number

 

Loan
Number

 

Loan
Number

 

Loan
Number

 

Loan
Number

 

Loan
Number

 

Loan
Number

 

Loan
Number

 

Loan
Number

 

Loan
Number

 

Loan
Number

 

Loan
Number

 

Loan
Number

 

Loan
Number

424429843

 

425133659

 

442670634

 

443031430

 

443038724

 

443046032

 

443053392

 

443060819

 

443068192

 

443075486

 

443082789

 

443090121

 

443097431

 

443104815

 

443112032

 

443119276

 

443126511

 

443133723

424429876

 

425133915

 

442671251

 

443031448

 

443038732

 

443046040

 

443053400

 

443060835

 

443068200

 

443075494

 

443082797

 

443090139

 

443097449

 

443104823

 

443112040

 

443119284

 

443126529

 

443133731

424432284

 

425135134

 

442671780

 

443031455

 

443038740

 

443046057

 

443053418

 

443060843

 

443068218

 

443075502

 

443082805

 

443090147

 

443097456

 

443104831

 

443112057

 

443119292

 

443126537

 

443133749

424434256

 

425135886

 

442672549

 

443031463

 

443038757

 

443046065

 

443053426

 

443060850

 

443068226

 

443075510

 

443082813

 

443090154

 

443097464

 

443104849

 

443112065

 

443119300

 

443126545

 

443133756

424436145

 

425137767

 

442673372

 

443031471

 

443038765

 

443046073

 

443053434

 

443060868

 

443068234

 

443075528

 

443082821

 

443090162

 

443097472

 

443104856

 

443112073

 

443119318

 

443126552

 

443133764

424439321

 

425137833

 

442673554

 

443031489

 

443038773

 

443046081

 

443053442

 

443060876

 

443068242

 

443075536

 

443082839

 

443090170

 

443097480

 

443104864

 

443112081

 

443119326

 

443126560

 

443133772

424441111

 

425138526

 

442674164

 

443031497

 

443038781

 

443046099

 

443053459

 

443060884

 

443068259

 

443075544

 

443082847

 

443090188

 

443097498

 

443104872

 

443112099

 

443119334

 

443126578

 

443133780

424441673

 

425138591

 

442674602

 

443031505

 

443038799

 

443046107

 

443053467

 

443060892

 

443068267

 

443075551

 

443082854

 

443090196

 

443097506

 

443104880

 

443112107

 

443119342

 

443126586

 

443133798

424442416

 

425140027

 

442675344

 

443031513

 

443038807

 

443046115

 

443053475

 

443060900

 

443068275

 

443075569

 

443082862

 

443090204

 

443097514

 

443104898

 

443112115

 

443119359

 

443126594

 

443133806

424445666

 

425140282

 

442675427

 

443031521

 

443038815

 

443046123

 

443053483

 

443060926

 

443068283

 

443075577

 

443082870

 

443090212

 

443097522

 

443104906

 

443112123

 

443119367

 

443126602

 

443133814

424447084

 

425140993

 

442675823

 

443031539

 

443038823

 

443046131

 

443053491

 

443060934

 

443068291

 

443075585

 

443082888

 

443090220

 

443097530

 

443104922

 

443112131

 

443119375

 

443126610

 

443133822

424450583

 

425141348

 

442676953

 

443031547

 

443038831

 

443046149

 

443053509

 

443060942

 

443068309

 

443075593

 

443082896

 

443090238

 

443097548

 

443104930

 

443112149

 

443119383

 

443126628

 

443133830

424451680

 

425141884

 

442677175

 

443031554

 

443038849

 

443046164

 

443053517

 

443060959

 

443068317

 

443075601

 

443082904

 

443090246

 

443097555

 

443104948

 

443112156

 

443119391

 

443126636

 

443133848

424455178

 

425142734

 

442677449

 

443031562

 

443038856

 

443046180

 

443053525

 

443060967

 

443068325

 

443075619

 

443082912

 

443090253

 

443097563

 

443104955

 

443112164

 

443119409

 

443126644

 

443133855

424455434

 

425143260

 

442677498

 

443031570

 

443038864

 

443046198

 

443053533

 

443060975

 

443068333

 

443075627

 

443082920

 

443090261

 

443097571

 

443104963

 

443112172

 

443119417

 

443126651

 

443133863

424456085

 

425145059

 

442677688

 

443031588

 

443038872

 

443046206

 

443053541

 

443060983

 

443068341

 

443075635

 

443082938

 

443090279

 

443097589

 

443104971

 

443112180

 

443119425

 

443126669

 

443133871

424456606

 

425146966

 

442677811

 

443031596

 

443038880

 

443046214

 

443053558

 

443060991

 

443068358

 

443075643

 

443082946

 

443090287

 

443097605

 

443104989

 

443112198

 

443119433

 

443126677

 

443133889

424456697

 

425148913

 

442678926

 

443031604

 

443038898

 

443046222

 

443053566

 

443061007

 

443068366

 

443075650

 

443082953

 

443090295

 

443097613

 

443104997

 

443112206

 

443119441

 

443126685

 

443133897

424456788

 

425149242

 

442679122

 

443031612

 

443038906

 

443046230

 

443053574

 

443061015

 

443068374

 

443075668

 

443082961

 

443090303

 

443097621

 

443105002

 

443112214

 

443119458

 

443126693

 

443133905

424457943

 

425149572

 

442679429

 

443031620

 

443038914

 

443046248

 

443053582

 

443061023

 

443068382

 

443075676

 

443082979

 

443090311

 

443097639

 

443105010

 

443112222

 

443119466

 

443126701

 

443133913

424460491

 

425152618

 

442679981

 

443031638

 

443038922

 

443046255

 

443053590

 

443061049

 

443068390

 

443075684

 

443082987

 

443090329

 

443097647

 

443105028

 

443112230

 

443119474

 

443126719

 

443133921

424460608

 

425157997

 

442680088

 

443031646

 

443038948

 

443046263

 

443053608

 

443061056

 

443068408

 

443075692

 

443082995

 

443090337

 

443097654

 

443105036

 

443112248

 

443119482

 

443126727

 

443133939

424462695

 

425158722

 

442680195

 

443031653

 

443038955

 

443046271

 

443053616

 

443061064

 

443068416

 

443075700

 

443083001

 

443090345

 

443097662

 

443105044

 

443112255

 

443119490

 

443126735

 

443133947

424463172

 

425158987

 

442680674

 

443031661

 

443038963

 

443046289

 

443053624

 

443061080

 

443068424

 

443075718

 

443083019

 

443090352

 

443097670

 

443105051

 

443112263

 

443119508

 

443126743

 

443133954

424464147

 

425160660

 

442680716

 

443031679

 

443038971

 

443046297

 

443053632

 

443061098

 

443068432

 

443075726

 

443083027

 

443090360

 

443097688

 

443105069

 

443112271

 

443119516

 

443126750

 

443133962

424464576

 

425162633

 

442681516

 

443031687

 

443038989

 

443046313

 

443053640

 

443061106

 

443068440

 

443075734

 

443083035

 

443090378

 

443097696

 

443105077

 

443112289

 

443119524

 

443126768

 

443133970

424466746

 

425163672

 

442681862

 

443031695

 

443038997

 

443046321

 

443053657

 

443061114

 

443068457

 

443075742

 

443083043

 

443090386

 

443097704

 

443105085

 

443112297

 

443119532

 

443126776

 

443133988

424467462

 

425163995

 

442681987

 

443031703

 

443039003

 

443046339

 

443053665

 

443061122

 

443068465

 

443075759

 

443083050

 

443090394

 

443097712

 

443105093

 

443112305

 

443119540

 

443126784

 

443133996

424467819

 

425164423

 

442682639

 

443031711

 

443039011

 

443046347

 

443053673

 

443061130

 

443068481

 

443075767

 

443083068

 

443090402

 

443097720

 

443105101

 

443112313

 

443119557

 

443126792

 

443134002

424469088

 

425164563

 

442682993

 

443031729

 

443039029

 

443046354

 

443053681

 

443061148

 

443068499

 

443075775

 

443083076

 

443090410

 

443097738

 

443105119

 

443112321

 

443119565

 

443126800

 

443134010

424470375

 

425166022

 

442683363

 

443031737

 

443039037

 

443046362

 

443053699

 

443061155

 

443068507

 

443075783

 

443083084

 

443090428

 

443097746

 

443105127

 

443112339

 

443119573

 

443126818

 

443134028

424470664

 

425166030

 

442683447

 

443031745

 

443039045

 

443046388

 

443053707

 

443061163

 

443068515

 

443075791

 

443083092

 

443090436

 

443097753

 

443105135

 

443112347

 

443119581

 

443126826

 

443134036

424473080

 

425166485

 

442683504

 

443031752

 

443039052

 

443046396

 

443053715

 

443061171

 

443068523

 

443075809

 

443083100

 

443090444

 

443097761

 

443105143

 

443112354

 

443119599

 

443126834

 

443134044

424473932

 

425168887

 

442683710

 

443031760

 

443039060

 

443046404

 

443053723

 

443061189

 

443068531

 

443075817

 

443083118

 

443090451

 

443097779

 

443105150

 

443112362

 

443119607

 

443126842

 

443134051

424474336

 

425171378

 

442683850

 

443031778

 

443039078

 

443046412

 

443053731

 

443061197

 

443068549

 

443075825

 

443083126

 

443090469

 

443097787

 

443105168

 

443112370

 

443119615

 

443126859

 

443134069

424475341

 

425171733

 

442684205

 

443031786

 

443039086

 

443046420

 

443053749

 

443061205

 

443068556

 

443075833

 

443083134

 

443090477

 

443097795

 

443105176

 

443112388

 

443119623

 

443126867

 

443134077

424475465

 

425172400

 

442684957

 

443031794

 

443039094

 

443046438

 

443053756

 

443061213

 

443068564

 

443075841

 

443083142

 

443090485

 

443097803

 

443105184

 

443112396

 

443119631

 

443126875

 

443134085

424475598

 

425173036

 

442686424

 

443031802

 

443039102

 

443046446

 

443053764

 

443061221

 

443068572

 

443075858

 

443083159

 

443090493

 

443097811

 

443105192

 

443112404

 

443119649

 

443126883

 

443134101

424482602

 

425173366

 

442686663

 

443031810

 

443039110

 

443046453

 

443053772

 

443061239

 

443068580

 

443075866

 

443083167

 

443090501

 

443097829

 

443105200

 

443112412

 

443119656

 

443126891

 

443134119

424482719

 

425173424

 

442687489

 

443031828

 

443039128

 

443046461

 

443053780

 

443061247

 

443068598

 

443075874

 

443083175

 

443090519

 

443097837

 

443105218

 

443112420

 

443119664

 

443126909

 

443134127

424483196

 

425173879

 

442688206

 

443031836

 

443039136

 

443046479

 

443053798

 

443061254

 

443068606

 

443075882

 

443083183

 

443090527

 

443097845

 

443105226

 

443112438

 

443119672

 

443126917

 

443134135

424483592

 

425174265

 

442688222

 

443031844

 

443039144

 

443046487

 

443053806

 

443061262

 

443068614

 

443075890

 

443083191

 

443090535

 

443097860

 

443105234

 

443112446

 

443119680

 

443126925

 

443134143

424485605

 

425174885

 

442688321

 

443031851

 

443039151

 

443046495

 

443053814

 

443061288

 

443068622

 

443075908

 

443083209

 

443090543

 

443097878

 

443105242

 

443112453

 

443119698

 

443126933

 

443134150

424487478

 

425175924

 

442688859

 

443031869

 

443039169

 

443046503

 

443053822

 

443061296

 

443068630

 

443075916

 

443083217

 

443090550

 

443097886

 

443105259

 

443112461

 

443119706

 

443126941

 

443134168

424489276

 

425176807

 

442689626

 

443031877

 

443039177

 

443046511

 

443053830

 

443061304

 

443068648

 

443075924

 

443083225

 

443090568

 

443097894

 

443105267

 

443112479

 

443119714

 

443126958

 

443134176

424491389

 

425176989

 

442689816

 

443031885

 

443039185

 

443046529

 

443053848

 

443061312

 

443068655

 

443075932

 

443083233

 

443090576

 

443097902

 

443105275

 

443112487

 

443119722

 

443126966

 

443134184

424492973

 

425177342

 

442690319

 

443031893

 

443039193

 

443046537

 

443053855

 

443061320

 

443068663

 

443075940

 

443083241

 

443090584

 

443097910

 

443105283

 

443112495

 

443119730

 

443126974

 

443134192

424493963

 

425177946

 

442690483

 

443031901

 

443039201

 

443046545

 

443053863

 

443061338

 

443068671

 

443075957

 

443083258

 

443090592

 

443097928

 

443105291

 

443112503

 

443119748

 

443126982

 

443134200

424495836

 

425182193

 

442690723

 

443031919

 

443039219

 

443046552

 

443053871

 

443061346

 

443068689

 

443075965

 

443083266

 

443090600

 

443097936

 

443105309

 

443112511

 

443119755

 

443126990

 

443134218

424495844

 

425183605

 

442691036

 

443031927

 

443039227

 

443046560

 

443053889

 

443061353

 

443068697

 

443075973

 

443083274

 

443090618

 

443097944

 

443105317

 

443112529

 

443119763

 

443127006

 

443134226

424496529

 

425183712

 

442691929

 

443031935

 

443039235

 

443046578

 

443053897

 

443061361

 

443068705

 

443075981

 

443083282

 

443090626

 

443097951

 

443105325

 

443112537

 

443119771

 

443127014

 

443134234

424497253

 

425184355

 

442692216

 

443031943

 

443039243

 

443046586

 

443053905

 

443061387

 

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424499861

 

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443112610

 

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424507499

 

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442695771

 

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443112636

 

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424510634

 

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443127121

 

443134341

424510709

 

425194610

 

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443112651

 

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443134358

424511301

 

425194875

 

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443032065

 

443039367

 

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424513034

 

425199767

 

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443068861

 

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443127170

 

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424516540

 

425200268

 

442702213

 

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443127188

 

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424518660

 

425208048

 

442702304

 

443032115

 

443039417

 

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443134416

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442702726

 

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443112727

 

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427337563

 

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443090824

 

443098157

 

443105523

 

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443119979

 

443127212

 

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424521946

 

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442703815

 

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443090832

 

443098165

 

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443112743

 

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443127220

 

443134440

424522886

 

431847359

 

442703856

 

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443046792

 

443054119

 

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443068929

 

443076211

 

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443098181

 

443105549

 

443112750

 

443119995

 

443127238

 

443134457

 

Loan
Number

 

Loan
Number

                                                               

443140926

 

443148218

                               

443140934

 

443148226

                               

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443148234

                               

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443148242

                               

443140967

 

443148259

                               

443140975

 

443148267

                               

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443148275

                               

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443148283

                               

443141007

 

443148291

                               

443141015

 

443148309

                               

443141023

 

443148317

                               

443141031

 

443148325

                               

443141049

 

443148333

                               

443141056

 

443148341

                               

443141064

 

443148358

                               

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443148366

                               

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443148390

                               

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443148408

                               

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443148416

                               

443141130

 

443148424

                               

443141148

 

443148432

                               

443141155

 

443148440

                               

443141163

 

443148457

                               

443141171

 

443148465

                               

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443148473

                               

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443148481

                               

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443148499

                               

443141221

 

443148507

                               

443141239

 

443148515

                               

443141247

 

443148523

                               

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443148531

                               

443141262

 

443148549

                               

443141270

 

443148556

                               

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443141296

 

443148572

                               

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443148580

                               

443141312

 

443148598

                               

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443148606

                               

443141338

 

443148614

                               

443141346

 

443148622

                               

443141353

 

443148630

                               

443141379

 

443148648

                               

443141387

 

443148655

                               

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443148663

                               

443141403

 

443148671

                               

443141411

 

443148689

                               

443141429

 

443148697

                               

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443148705

                               

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443148713

                               

443141452

 

443148721

                               

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443148739

                               

443141478

 

443148747

                               

443141486

 

443148754

                               

443141494

 

443148762

                               

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443141510

 

443148788

                               

443141528

 

443148796

                               

443141536

 

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443148820

                               

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443148838

                               

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443148846

                               

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443141601

 

443148879

                               

443141619

 

443148887

                               

443141627

 

443148895

                               

443141635

 

443148903

                               

443141643

 

443148911

                               

443141650

 

443148929

                               

443141668

 

443148937

                               

 

24


UCC-1 2010-A 3-31-10

 

Loan
Number

 

Loan
Number

 

Loan
Number

 

Loan
Number

 

Loan
Number

 

Loan
Number

 

Loan
Number

 

Loan
Number

 

Loan
Number

 

Loan
Number

 

Loan
Number

 

Loan
Number

 

Loan
Number

 

Loan
Number

 

Loan
Number

 

Loan
Number

 

Loan
Number

 

Loan
Number

424523801

  432872851   442703872   443032164   443039466   443046800   443054127   443061601   443068937   443076229   443083530   443090857   443098199   443105556   443112768   443120001   443127246   443134465

424524049

  432924462   442704292   443032172   443039474   443046818   443054135   443061619   443068945   443076237   443083548   443090865   443098207   443105564   443112776   443120019   443127253   443134473

424524536

  432951333   442704599   443032180   443039482   443046826   443054143   443061627   443068952   443076245   443083555   443090873   443098215   443105572   443112784   443120027   443127261   443134481

424526838

  433448289   442705091   443032198   443039490   443046834   443054150   443061635   443068960   443076252   443083563   443090881   443098223   443105580   443112792   443120035   443127279   443134499

424527844

  433595667   442705505   443032206   443039508   443046842   443054168   443061643   443068978   443076260   443083571   443090899   443098231   443105598   443112800   443120043   443127287   443134507

424528180

  433620994   442706255   443032214   443039516   443046859   443054184   443061650   443068986   443076278   443083589   443090907   443098249   443105606   443112818   443120050   443127295   443134515

424528677

  433666765   442706446   443032222   443039524   443046867   443054192   443061668   443068994   443076294   443083597   443090915   443098256   443105614   443112826   443120068   443127303   443134523

424530046

  433746617   442706495   443032230   443039532   443046875   443054200   443061676   443069000   443076302   443083605   443090931   443098264   443105622   443112834   443120076   443127311   443134531

424530137

  433777745   442707923   443032248   443039540   443046883   443054218   443061684   443069018   443076310   443083613   443090949   443098272   443105630   443112842   443120084   443127329   443134549

424530335

  433784451   442708053   443032255   443039557   443046891   443054226   443061692   443069026   443076328   443083621   443090956   443098280   443105648   443112859   443120092   443127337   443134556

424530418

  433785342   442708715   443032263   443039565   443046909   443054234   443061700   443069034   443076336   443083639   443090964   443098298   443105655   443112867   443120100   443127345   443134564

424530848

  433807567   442709408   443032271   443039573   443046917   443054242   443061718   443069042   443076344   443083647   443090972   443098306   443105663   443112875   443120118   443127352   443134572

424531572

  433815800   442709713   443032289   443039581   443046925   443054259   443061726   443069059   443076351   443083654   443090980   443098314   443105671   443112883   443120126   443127360   443134580

424533032

  433833605   442709952   443032297   443039599   443046933   443054267   443061734   443069067   443076369   443083662   443090998   443098322   443105689   443112891   443120134   443127378   443134598

424533495

  433849288   442710984   443032305   443039607   443046941   443054275   443061742   443069075   443076377   443083670   443091004   443098330   443105697   443112909   443120142   443127386   443134606

424534808

  433876935   442711016   443032313   443039615   443046958   443054283   443061759   443069083   443076385   443083688   443091038   443098348   443105705   443112917   443120159   443127394   443134614

424536225

  433891843   442711271   443032321   443039623   443046966   443054291   443061767   443069091   443076393   443083696   443091046   443098355   443105713   443112925   443120167   443127402   443134622

424537553

  433914199   442713442   443032339   443039631   443046974   443054309   443061775   443069109   443076401   443083704   443091053   443098363   443105721   443112933   443120175   443127410   443134630

424538130

  433934015   442714424   443032347   443039649   443046982   443054317   443061783   443069117   443076419   443083712   443091079   443098371   443105739   443112941   443120183   443127428   443134648

424538262

  433935202   442714895   443032354   443039656   443047006   443054325   443061791   443069125   443076427   443083720   443091087   443098389   443105747   443112958   443120191   443127436   443134655

424538916

  433944089   442714945   443032362   443039664   443047014   443054333   443061809   443069133   443076435   443083738   443091095   443098397   443105754   443112966   443120209   443127444   443134663

424540680

  433946001   442715421   443032370   443039672   443047022   443054341   443061817   443069141   443076443   443083746   443091103   443098405   443105762   443112974   443120217   443127451   443134671

424545341

  433953726   442715991   443032388   443039680   443047030   443054358   443061825   443069158   443076450   443083753   443091111   443098413   443105770   443112982   443120225   443127469   443134689

424546299

  433984440   442716650   443032396   443039698   443047055   443054366   443061833   443069166   443076468   443083761   443091129   443098421   443105788   443112990   443120233   443127477   443134697

424548261

  434001186   442717013   443032404   443039706   443047063   443054374   443061841   443069174   443076476   443083779   443091137   443098439   443105796   443113006   443120241   443127485   443134705

424549822

  434042990   442717088   443032412   443039714   443047071   443054382   443061858   443069182   443076484   443083787   443091145   443098447   443105804   443113014   443120258   443127493   443134713

424549871

  434056768   442717906   443032420   443039722   443047089   443054390   443061866   443069190   443076492   443083795   443091152   443098454   443105812   443113022   443120266   443127501   443134721

424553873

  434060950   442717963   443032438   443039730   443047097   443054408   443061874   443069208   443076500   443083803   443091160   443098462   443105820   443113030   443120274   443127519   443134739

424554020

  434184115   442718151   443032446   443039748   443047105   443054416   443061882   443069216   443076518   443083811   443091178   443098470   443105838   443113048   443120282   443127527   443134747

424554350

  434188546   442719217   443032453   443039755   443047113   443054424   443061890   443069224   443076526   443083829   443091186   443098488   443105846   443113055   443120290   443127535   443134754

424555076

  434248274   442719647   443032461   443039763   443047121   443054432   443061908   443069232   443076534   443083837   443091194   443098496   443105853   443113063   443120308   443127543   443134762

424555233

  434447918   442719662   443032479   443039771   443047139   443054440   443061916   443069240   443076542   443083845   443091202   443098504   443105861   443113071   443120316   443127550   443134770

424556512

  435827738   442720165   443032487   443039789   443047147   443054457   443061924   443069265   443076559   443083852   443091210   443098512   443105879   443113089   443120324   443127568   443134788

424557825

  435978986   442720769   443032495   443039797   443047154   443054465   443061932   443069273   443076567   443083860   443091228   443098520   443105887   443113097   443120332   443127576   443134796

424558906

  436050017   442721395   443032503   443039805   443047162   443054473   443061940   443069299   443076575   443083878   443091236   443098538   443105895   443113105   443120340   443127584   443134804

424558948

  436073639   442722070   443032511   443039821   443047170   443054481   443061957   443069307   443076583   443083886   443091244   443098553   443105903   443113113   443120357   443127600   443134812

424559060

  436075295   442722229   443032529   443039839   443047188   443054507   443061965   443069315   443076591   443083894   443091251   443098561   443105911   443113121   443120365   443127618   443134820

424559425

  436087449   442722252   443032537   443039847   443047196   443054515   443061973   443069323   443076609   443083902   443091269   443098579   443105929   443113139   443120373   443127626   443134838

424560506

  436118228   442722971   443032545   443039854   443047204   443054523   443061981   443069331   443076617   443083910   443091277   443098587   443105937   443113147   443120381   443127634   443134846

424561983

  436118574   442723458   443032552   443039862   443047212   443054531   443061999   443069349   443076625   443083928   443091285   443098595   443105945   443113154   443120399   443127642   443134853

424565547

  436127880   442723524   443032560   443039870   443047220   443054549   443062005   443069356   443076633   443083936   443091293   443098603   443105952   443113162   443120407   443127659   443134861

424571875

  436133094   442724316   443032578   443039888   443047238   443054556   443062013   443069364   443076641   443083944   443091301   443098611   443105960   443113170   443120415   443127667   443134879

424572162

  436180327   442724969   443032586   443039896   443047246   443054564   443062021   443069372   443076658   443083951   443091319   443098629   443105978   443113188   443120423   443127675   443134887

424573426

  436186613   442726444   443032594   443039904   443047253   443054572   443062039   443069380   443076666   443083969   443091327   443098637   443105986   443113196   443120431   443127683   443134895

424573764

  436186894   442726956   443032602   443039912   443047261   443054598   443062047   443069398   443076674   443083977   443091335   443098645   443105994   443113204   443120449   443127691   443134903

424575561

  436206932   442727699   443032610   443039920   443047279   443054606   443062054   443069406   443076682   443083985   443091343   443098652   443106000   443113212   443120456   443127709   443134911

424577799

  436223523   442728879   443032628   443039938   443047287   443054614   443062062   443069414   443076690   443083993   443091350   443098660   443106018   443113220   443120464   443127717   443134929

424578243

  436246003   442728960   443032636   443039946   443047295   443054622   443062070   443069422   443076708   443084009   443091368   443098678   443106026   443113238   443120472   443127725   443134937

424578912

  436247142   442730024   443032644   443039953   443047303   443054630   443062088   443069448   443076716   443084017   443091376   443098686   443106034   443113246   443120480   443127733   443134945

424581163

  436264543   442730131   443032651   443039961   443047311   443054648   443062096   443069455   443076724   443084025   443091384   443098694   443106042   443113253   443120498   443127741   443134952

424581486

  436312516   442730164   443032669   443039979   443047329   443054655   443062104   443069463   443076732   443084033   443091392   443098702   443106059   443113261   443120506   443127758   443134960

424583557

  436340400   442731691   443032677   443039987   443047337   443054663   443062112   443069471   443076740   443084041   443091400   443098710   443106067   443113279   443120514   443127766   443134978

424583664

  436366694   442732335   443032685   443039995   443047345   443054671   443062120   443069489   443076757   443084058   443091418   443098728   443106075   443113287   443120522   443127774   443134986

424584019

  436411847   442732400   443032693   443040001   443047352   443054689   443062138   443069497   443076765   443084066   443091426   443098744   443106083   443113295   443120530   443127782   443134994

424584431

  436412258   442732566   443032701   443040019   443047360   443054697   443062146   443069505   443076781   443084074   443091434   443098751   443106091   443113303   443120548   443127790   443135009

424588036

  436422653   442732806   443032719   443040027   443047378   443054705   443062161   443069513   443076799   443084082   443091442   443098769   443106109   443113311   443120555   443127808   443135017

424590966

  436466122   442734000   443032727   443040035   443047386   443054713   443062179   443069521   443076807   443084090   443091459   443098777   443106117   443113329   443120563   443127816   443135025

424593424

  436474142   442734216   443032735   443040043   443047394   443054721   443062187   443069539   443076815   443084108   443091467   443098785   443106125   443113337   443120571   443127824   443135033

424594745

  436487839   442734984   443032750   443040050   443047402   443054739   443062195   443069547   443076823   443084124   443091475   443098793   443106133   443113345   443120589   443127832   443135041

424595098

  436515894   442735338   443032768   443040076   443047410   443054747   443062203   443069554   443076831   443084140   443091483   443098801   443106141   443113352   443120597   443127840   443135058

424596716

  436521884   442735411   443032776   443040084   443047428   443054754   443062211   443069570   443076849   443084165   443091491   443098819   443106158   443113360   443120605   443127857   443135066

424596989

  436523765   442739959   443032784   443040092   443047436   443054762   443062229   443069588   443076856   443084173   443091509   443098827   443106166   443113378   443120613   443127865   443135074

424600484

  436548648   442740452   443032792   443040100   443047444   443054770   443062237   443069596   443076864   443084181   443091517   443098835   443106174   443113386   443120621   443127873   443135082

424601730

  436556674   442740932   443032800   443040118   443047451   443054788   443062245   443069604   443076872   443084199   443091525   443098843   443106182   443113394   443120639   443127881   443135090

424603728

  436571400   442741922   443032818   443040126   443047469   443054796   443062252   443069612   443076880   443084207   443091533   443098850   443106190   443113402   443120647   443127899   443135108

424604361

  436572788   442743266   443032826   443040134   443047477   443054804   443062260   443069620   443076898   443084215   443091541   443098868   443106208   443113410   443120654   443127907   443135116

424605640

  436578215   442743670   443032834   443040142   443047485   443054812   443062278   443069638   443076906   443084223   443091558   443098876   443106216   443113428   443120662   443127915   443135124

424605657

  436585137   442744959   443032842   443040159   443047493   443054820   443062286   443069646   443076914   443084231   443091566   443098884   443106224   443113436   443120670   443127923   443135132

424605673

  436586283   442745568   443032859   443040167   443047501   443054838   443062294   443069661   443076922   443084249   443091582   443098892   443106232   443113444   443120688   443127931   443135140

424606556

  436647580   442746095   443032867   443040175   443047519   443054846   443062302   443069679   443076930   443084256   443091590   443098900   443106240   443113451   443120696   443127949   443135157

424607018

  436663751   442746459   443032875   443040183   443047527   443054853   443062310   443069687   443076948   443084264   443091608   443098918   443106257   443113469   443120704   443127956   443135165

424607463

  436663827   442748505   443032883   443040191   443047535   443054861   443062328   443069695   443076955   443084272   443091616   443098926   443106265   443113477   443120712   443127964   443135173

424608289

  436676647   442749263   443032891   443040209   443047543   443054879   443062336   443069703   443076963   443084280   443091624   443098934   443106273   443113485   443120720   443127972   443135181

 

Loan
Number

 

Loan
Number

                                                               
443141676   443148945                                
443141684   443148952                                
443141692   443148960                                
443141700   443148978                                
443141718   443148986                                
443141726   443148994                                
443141734   443149000                                
443141742   443149018                                
443141759   443149026                                
443141767   443149034                                
443141775   443149042                                
443141783   443149059                                
443141791   443149067                                
443141809   443149075                                
443141817   443149083                                
443141825   443149091                                
443141833   443149109                                
443141841   443149117                                
443141858   443149125                                
443141866   443149133                                
443141874   443149141                                
443141882   443149158                                
443141890   443149166                                
443141908   443149174                                
443141916   443149182                                
443141924   443149190                                
443141932   443149208                                
443141940   443149216                                
443141957   443149224                                
443141965   443149232                                
443141973   443149240                                
443141981   443149257                                
443141999   443149265                                
443142005   443149273                                
443142013   443149281                                
443142021   443149299                                
443142039   443149307                                
443142047   443149315                                
443142054   443149323                                
443142062   443149331                                
443142070   443149349                                
443142088   443149356                                
443142096   443149364                                
443142104   443149372                                
443142112   443149398                                
443142120   443149406                                
443142138   443149422                                
443142146   443149430                                
443142153   443149448                                
443142161   443149455                                
443142179   443149463                                
443142187   443149471                                
443142195   443149489                                
443142203   443149497                                
443142211   443149505                                
443142229   443149513                                
443142237   443149521                                
443142245   443149539                                
443142252   443149547                                
443142260   443149554                                
443142278   443149562                                
443142286   443149570                                
443142294   443149588                                
443142302   443149596                                
443142310   443149604                                
443142328   443149612                                
443142336   443149620                                
443142344   443149638                                
443142351   443149646                                
443142369   443149653                                
443142377   443149661                                
443142385   443149679                                
443142393   443149695                                

 

2010-A Final Cut Legal Schedule of Receivables


UCC-1 2010-A 3-31-10

 

Loan
Number

 

Loan
Number

 

Loan
Number

 

Loan
Number

 

Loan
Number

 

Loan
Number

 

Loan
Number

 

Loan
Number

 

Loan
Number

 

Loan
Number

 

Loan
Number

 

Loan
Number

 

Loan
Number

 

Loan
Number

 

Loan
Number

 

Loan
Number

 

Loan
Number

 

Loan
Number

424612406

  436680797   442753075   443032909   443040217   443047550   443054887   443062344   443069711   443076971   443084298   443091632   443098942   443106281   443113493   443120738   443127980   443135199

424615664

  436708473   442753638   443032917   443040225   443047568   443054895   443062351   443069729   443076989   443084306   443091640   443098959   443106299   443113501   443120746   443127998   443135207

424615797

  436763874   442754867   443032925   443040233   443047576   443054911   443062369   443069737   443076997   443084314   443091657   443098967   443106307   443113519   443120753   443128004   443135215

424616407

  436771554   442755831   443032933   443040241   443047584   443054929   443062377   443069745   443077003   443084322   443091665   443098975   443106315   443113527   443120761   443128012   443135223

424617488

  436814768   442759916   443032941   443040258   443047592   443054937   443062385   443069752   443077011   443084330   443091673   443098983   443106323   443113535   443120779   443128020   443135231

424618601

  436815567   442760377   443032958   443040266   443047600   443054945   443062393   443069760   443077029   443084348   443091681   443098991   443106331   443113543   443120787   443128038   443135249

424618791

  436823520   442760989   443032966   443040274   443047618   443054952   443062401   443069778   443077037   443084363   443091699   443099007   443106349   443113550   443120795   443128046   443135256

424619203

  436845820   442762084   443032974   443040282   443047634   443054960   443062419   443069786   443077045   443084371   443091707   443099015   443106356   443113576   443120803   443128053   443135264

424619716

  436856405   442763413   443032982   443040290   443047642   443054978   443062427   443069794   443077052   443084389   443091715   443099023   443106364   443113584   443120811   443128061   443135272

424620870

  436876874   442763710   443032990   443040308   443047659   443054986   443062435   443069802   443077060   443084397   443091723   443099031   443106372   443113592   443120829   443128079   443135280

424621035

  436885875   442764288   443033006   443040316   443047667   443054994   443062443   443069810   443077086   443084405   443091731   443099049   443106380   443113600   443120837   443128087   443135298

424622041

  436886386   442765319   443033014   443040324   443047675   443055009   443062450   443069828   443077094   443084413   443091749   443099056   443106398   443113618   443120845   443128095   443135306

424622363

  436909980   442765582   443033022   443040332   443047683   443055017   443062468   443069836   443077102   443084421   443091756   443099064   443106406   443113626   443120852   443128103   443135314

424622660

  436920805   442766895   443033048   443040340   443047691   443055025   443062476   443069844   443077110   443084439   443091764   443099080   443106414   443113634   443120860   443128111   443135322

424626984

  436929178   442768149   443033055   443040357   443047709   443055033   443062484   443069851   443077128   443084447   443091772   443099098   443106422   443113642   443120878   443128129   443135330

424628311

  436941173   442769733   443033063   443040365   443047717   443055041   443062492   443069869   443077136   443084454   443091780   443099106   443106430   443113659   443120886   443128137   443135348

424631653

  436979934   442770608   443033071   443040373   443047725   443055058   443062500   443069877   443077144   443084462   443091798   443099114   443106448   443113667   443120894   443128145   443135355

424631877

  436986137   442771101   443033089   443040381   443047733   443055066   443062518   443069885   443077151   443084470   443091806   443099122   443106455   443113683   443120902   443128152   443135363

424632032

  436989842   442772786   443033097   443040399   443047741   443055074   443062526   443069893   443077169   443084488   443091814   443099130   443106463   443113691   443120910   443128160   443135371

424632172

  437029168   442773800   443033105   443040415   443047758   443055082   443062534   443069901   443077177   443084496   443091822   443099148   443106471   443113709   443120928   443128178   443135389

424634665

  437032428   442774634   443033113   443040423   443047766   443055090   443062542   443069919   443077185   443084504   443091830   443099155   443106489   443113717   443120936   443128186   443135397

424634855

  437032436   442774857   443033121   443040431   443047774   443055108   443062559   443069927   443077193   443084512   443091848   443099163   443106497   443113725   443120944   443128194   443135405

424635605

  437101090   442775094   443033139   443040449   443047782   443055116   443062567   443069935   443077201   443084520   443091855   443099171   443106505   443113733   443120951   443128202   443135413

424636181

  437123268   442775524   443033147   443040456   443047790   443055124   443062575   443069943   443077219   443084538   443091863   443099189   443106513   443113741   443120969   443128210   443135421

424636926

  437171523   442776456   443033154   443040464   443047808   443055132   443062583   443069950   443077227   443084546   443091871   443099197   443106521   443113758   443120977   443128228   443135439

424639185

  437172885   442776753   443033162   443040472   443047816   443055140   443062591   443069968   443077235   443084553   443091889   443099205   443106539   443113766   443120985   443128236   443135447

424640233

  437176266   442777553   443033170   443040480   443047824   443055157   443062609   443069976   443077243   443084561   443091897   443099213   443106547   443113774   443120993   443128244   443135454

424640431

  440876514   442779419   443033188   443040498   443047832   443055165   443062617   443069984   443077250   443084579   443091905   443099221   443106554   443113782   443121009   443128251   443135462

424641058

  440877140   442780227   443033196   443040506   443047840   443055173   443062625   443069992   443077268   443084587   443091913   443099239   443106562   443113790   443121017   443128269   443135470

424641777

  440881183   442780706   443033204   443040514   443047857   443055181   443062633   443070008   443077276   443084595   443091921   443099247   443106570   443113808   443121025   443128277   443135488

424642031

  440890564   442781001   443033212   443040522   443047865   443055199   443062641   443070016   443077284   443084603   443091939   443099254   443106588   443113816   443121033   443128285   443135496

424642346

  440913945   442781167   443033220   443040530   443047873   443055207   443062658   443070024   443077292   443084611   443091947   443099262   443106596   443113824   443121041   443128293   443135504

424642866

  440942209   442782512   443033238   443040548   443047881   443055215   443062666   443070032   443077300   443084629   443091954   443099270   443106604   443113832   443121058   443128301   443135512

424645976

  440944643   442782603   443033246   443040555   443047899   443055223   443062674   443070040   443077318   443084645   443091962   443099288   443106612   443113840   443121066   443128319   443135520

424648707

  440944874   442783031   443033253   443040563   443047907   443055231   443062682   443070057   443077326   443084652   443091970   443099296   443106620   443113857   443121074   443128327   443135538

424648764

  440949881   442783973   443033261   443040571   443047915   443055249   443062690   443070065   443077334   443084660   443091988   443099304   443106638   443113865   443121082   443128335   443135546

424649150

  440963502   442784617   443033279   443040589   443047923   443055256   443062708   443070073   443077342   443084686   443091996   443099312   443106646   443113873   443121090   443128343   443135553

424650232

  440998961   442784765   443033287   443040597   443047931   443055264   443062716   443070081   443077359   443084694   443092002   443099320   443106653   443113881   443121108   443128350   443135561

424650562

  441000965   442785135   443033295   443040605   443047949   443055272   443062724   443070099   443077367   443084702   443092010   443099338   443106661   443113899   443121116   443128368   443135579

424652964

  441018637   442786018   443033303   443040613   443047956   443055280   443062732   443070107   443077375   443084710   443092028   443099346   443106679   443113907   443121124   443128376   443135587

424655645

  441020104   442786091   443033311   443040621   443047964   443055298   443062740   443070115   443077383   443084728   443092036   443099353   443106687   443113915   443121132   443128384   443135603

424657419

  441036696   442786208   443033337   443040639   443047972   443055306   443062757   443070123   443077391   443084736   443092044   443099361   443106695   443113923   443121140   443128392   443135611

424657757

  441056611   442786315   443033345   443040647   443047980   443055314   443062765   443070131   443077409   443084744   443092051   443099379   443106703   443113931   443121157   443128400   443135629

424659126

  441065851   442788162   443033352   443040654   443047998   443055322   443062773   443070149   443077417   443084751   443092069   443099387   443106711   443113949   443121165   443128418   443135637

424659597

  441082294   442788220   443033360   443040662   443048004   443055330   443062781   443070156   443077425   443084769   443092077   443099395   443106729   443113956   443121173   443128426   443135645

424661775

  441093630   442789079   443033378   443040670   443048012   443055348   443062799   443070164   443077433   443084777   443092085   443099403   443106737   443113964   443121181   443128434   443135652

424665883

  441121241   442792057   443033386   443040688   443048020   443055355   443062807   443070172   443077441   443084785   443092093   443099411   443106745   443113972   443121199   443128442   443135660

424668432

  441121910   442792115   443033394   443040696   443048038   443055363   443062815   443070180   443077458   443084793   443092101   443099429   443106752   443113980   443121207   443128459   443135678

424668820

  441130069   442794889   443033402   443040712   443048046   443055371   443062823   443070198   443077466   443084801   443092119   443099437   443106760   443113998   443121215   443128467   443135686

424668952

  441139151   442797825   443033410   443040720   443048053   443055389   443062849   443070206   443077474   443084819   443092127   443099445   443106778   443114004   443121223   443128475   443135694

424669158

  441163219   442799474   443033428   443040738   443048061   443055397   443062856   443070214   443077482   443084827   443092135   443099452   443106786   443114012   443121231   443128483   443135702

424670446

  441172632   442800025   443033436   443040746   443048079   443055405   443062864   443070222   443077490   443084835   443092143   443099460   443106794   443114020   443121249   443128491   443135710

424670552

  441175528   442800538   443033444   443040753   443048087   443055413   443062872   443070230   443077508   443084843   443092150   443099478   443106802   443114038   443121256   443128509   443135728

424674414

  441176237   442801247   443033451   443040761   443048095   443055421   443062880   443070248   443077516   443084850   443092184   443099486   443106810   443114046   443121264   443128517   443135736

424676856

  441188166   442803219   443033469   443040779   443048103   443055439   443062898   443070255   443077524   443084868   443092192   443099494   443106828   443114053   443121272   443128525   443135744

424677128

  441195666   442803706   443033477   443040787   443048111   443055447   443062906   443070263   443077532   443084876   443092200   443099502   443106836   443114061   443121280   443128533   443135751

424677615

  441198710   442805321   443033485   443040795   443048129   443055454   443062914   443070271   443077540   443084884   443092218   443099510   443106844   443114079   443121298   443128541   443135769

424677912

  441234416   442805594   443033493   443040803   443048137   443055462   443062922   443070289   443077557   443084892   443092226   443099528   443106851   443114087   443121306   443128558   443135777

424677946

  441274701   442805701   443033501   443040811   443048145   443055488   443062930   443070297   443077565   443084900   443092234   443099536   443106869   443114095   443121314   443128566   443135785

424678431

  441282423   442806055   443033519   443040829   443048152   443055496   443062948   443070305   443077573   443084918   443092242   443099544   443106877   443114103   443121322   443128574   443135793

424679090

  441291523   442806691   443033527   443040837   443048160   443055504   443062955   443070313   443077581   443084926   443092259   443099551   443106885   443114111   443121330   443128582   443135801

424679827

  441296324   442808838   443033535   443040845   443048178   443055512   443062963   443070321   443077599   443084942   443092267   443099569   443106893   443114129   443121348   443128608   443135819

424681633

  441297314   442809877   443033543   443040852   443048186   443055546   443062971   443070339   443077607   443084959   443092275   443099577   443106901   443114137   443121355   443128616   443135827

424681716

  441328986   442810370   443033550   443040860   443048194   443055553   443062989   443070347   443077615   443084967   443092283   443099585   443106919   443114145   443121363   443128624   443135835

424683340

  441352499   442811063   443033568   443040878   443048202   443055561   443062997   443070354   443077623   443084975   443092291   443099593   443106927   443114152   443121371   443128632   443135843

424683589

  441357522   442812152   443033576   443040886   443048210   443055579   443063003   443070362   443077631   443084983   443092309   443099601   443106935   443114160   443121389   443128640   443135850

424683738

  441357795   442813242   443033584   443040894   443048228   443055587   443063011   443070370   443077649   443084991   443092317   443099619   443106943   443114178   443121397   443128657   443135868

424684272

  441357944   442817797   443033592   443040902   443048236   443055595   443063029   443070388   443077656   443085006   443092325   443099627   443106950   443114194   443121405   443128665   443135876

424685345

  441367737   442818613   443033600   443040910   443048244   443055629   443063037   443070396   443077664   443085014   443092333   443099635   443106968   443114202   443121413   443128673   443135884

424687143

  441399490   442818753   443033618   443040928   443048251   443055637   443063045   443070404   443077672   443085022   443092341   443099643   443106976   443114210   443121421   443128681   443135892

424689909

  441425345   442819728   443033626   443040944   443048269   443055645   443063052   443070412   443077680   443085030   443092358   443099650   443106984   443114228   443121439   443128699   443135900

424690857

  441434859   442821567   443033634   443040951   443048277   443055652   443063060   443070420   443077698   443085048   443092366   443099668   443106992   443114236   443121447   443128707   443135918

424691053

  441440138   442821666   443033642   443040969   443048285   443055660   443063078   443070438   443077706   443085055   443092374   443099676   443107008   443114244   443121454   443128715   443135926

 

Loan
Number

 

Loan
Number

                                                               
443142401   443149703                                
443142419   443149711                                
443142427   443149729                                
443142435   443149737                                
443142443   443149745                                
443142450   443149752                                
443142468   443149760                                
443142476   443149778                                
443142484   443149786                                
443142492   443149794                                
443142500   443149802                                
443142518   443149810                                
443142526   443149828                                
443142534   443149836                                
443142542   443149851                                
443142559   443149869                                
443142567   443149877                                
443142575   443149885                                
443142583   443149893                                
443142591   443149901                                
443142609   443149919                                
443142617   443149927                                
443142633   443149935                                
443142641   443149943                                
443142658   443149950                                
443142666   443149968                                
443142674   443149976                                
443142682   443149984                                
443142690   443149992                                
443142708   443150008                                
443142716   443150016                                
443142724   443150024                                
443142732   443150032                                
443142740   443150040                                
443142757   443150057                                
443142765   443150065                                
443142773   443150073                                
443142781   443150081                                
443142807   443150099                                
443142815   443150107                                
443142823   443150115                                
443142831   443150123                                
443142849   443150131                                
443142856   443150149                                
443142864   443150156                                
443142872   443150164                                
443142880   443150172                                
443142898   443150180                                
443142906   443150198                                
443142914   443150206                                
443142922   443150214                                
443142930   443150222                                
443142948   443150230                                
443142955   443150248                                
443142963   443150255                                
443142971   443150263                                
443142989   443150271                                
443142997   443150289                                
443143003   443150297                                
443143011   443150305                                
443143029   443150313                                
443143037   443150321                                
443143045   443150339                                
443143052   443150347                                
443143060   443150354                                
443143078   443150362                                
443143086   443150370                                
443143094   443150388                                
443143102   443150396                                
443143110   443150404                                
443143128   443150412                                
443143136   443150420                                
443143144   443150438                                

 

2010-A Final Cut Legal Schedule of Receivables


UCC-1 2010-A 3-31-10

 

Loan
Number

 

Loan
Number

 

Loan
Number

 

Loan
Number

 

Loan
Number

 

Loan
Number

 

Loan
Number

 

Loan
Number

 

Loan
Number

 

Loan
Number

 

Loan
Number

 

Loan
Number

 

Loan
Number

 

Loan
Number

 

Loan
Number

 

Loan
Number

 

Loan
Number

 

Loan
Number

424691145

 

441441219

 

442821971

 

443033659

 

443040977

 

443048293

 

443055678

 

443063086

 

443070446

 

443077714

 

443085063

 

443092382

 

443099684

 

443107016

 

443114251

 

443121462

 

443128723

 

443135934

424691509

 

441448222

 

442822193

 

443033667

 

443040985

 

443048301

 

443055686

 

443063102

 

443070453

 

443077722

 

443085071

 

443092390

 

443099692

 

443107024

 

443114269

 

443121470

 

443128731

 

443135942

424692515

 

441452570

 

442822870

 

443033675

 

443040993

 

443048319

 

443055694

 

443063110

 

443070461

 

443077730

 

443085089

 

443092408

 

443099700

 

443107032

 

443114277

 

443121488

 

443128749

 

443135959

424695476

 

441454576

 

442824348

 

443033683

 

443041009

 

443048327

 

443055710

 

443063128

 

443070479

 

443077748

 

443085097

 

443092416

 

443099718

 

443107040

 

443114285

 

443121496

 

443128756

 

443135967

424695567

 

441460052

 

442825931

 

443033691

 

443041017

 

443048335

 

443055728

 

443063136

 

443070487

 

443077755

 

443085105

 

443092424

 

443099726

 

443107057

 

443114293

 

443121504

 

443128764

 

443135975

424697233

 

441469335

 

442826392

 

443033709

 

443041025

 

443048343

 

443055736

 

443063144

 

443070495

 

443077763

 

443085113

 

443092432

 

443099734

 

443107065

 

443114301

 

443121512

 

443128772

 

443135983

424701720

 

441470366

 

442826830

 

443033717

 

443041033

 

443048350

 

443055744

 

443063151

 

443070503

 

443077771

 

443085121

 

443092440

 

443099742

 

443107073

 

443114319

 

443121520

 

443128780

 

443135991

424702157

 

441470440

 

442826855

 

443033725

 

443041041

 

443048368

 

443055751

 

443063169

 

443070511

 

443077789

 

443085139

 

443092457

 

443099759

 

443107081

 

443114327

 

443121546

 

443128798

 

443136007

424702330

 

441473261

 

442826939

 

443033733

 

443041058

 

443048384

 

443055769

 

443063177

 

443070529

 

443077797

 

443085147

 

443092465

 

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443048988

 

443056353

 

443063797

 

443071113

 

443078407

 

443085758

 

443093075

 

443100375

 

443107693

 

443114939

 

443122148

 

443129408

 

443136619

424753101

 

441777976

 

442891289

 

443034350

 

443041686

 

443048996

 

443056361

 

443063805

 

443071121

 

443078415

 

443085766

 

443093083

 

443100383

 

443107701

 

443114947

 

443122155

 

443129416

 

443136627

424753895

 

441785060

 

442893426

 

443034368

 

443041694

 

443049002

 

443056379

 

443063813

 

443071139

 

443078423

 

443085774

 

443093091

 

443100391

 

443107719

 

443114954

 

443122163

 

443129424

 

443136635

424755668

 

441798477

 

442898185

 

443034376

 

443041702

 

443049010

 

443056387

 

443063821

 

443071147

 

443078431

 

443085782

 

443093109

 

443100409

 

443107727

 

443114962

 

443122171

 

443129432

 

443136643

424756047

 

441801495

 

442898383

 

443034384

 

443041710

 

443049028

 

443056395

 

443063839

 

443071154

 

443078449

 

443085790

 

443093117

 

443100417

 

443107735

 

443114970

 

443122189

 

443129440

 

443136650

424757672

 

441808805

 

442899076

 

443034392

 

443041728

 

443049036

 

443056403

 

443063847

 

443071162

 

443078456

 

443085808

 

443093125

 

443100425

 

443107743

 

443114988

 

443122197

 

443129457

 

443136668

 

Loan
Number

 

Loan
Number

                                                               

443143151

 

443150446

                               

443143169

 

443150453

                               

443143177

 

443150461

                               

443143185

 

443150479

                               

443143193

 

443150487

                               

443143201

 

443150495

                               

443143219

 

443150503

                               

443143227

 

443150511

                               

443143235

 

443150529

                               

443143243

 

443150537

                               

443143250

 

443150545

                               

443143268

 

443150552

                               

443143276

 

443150560

                               

443143284

 

443150578

                               

443143292

 

443150586

                               

443143300

 

443150594

                               

443143318

 

443150602

                               

443143326

 

443150610

                               

443143334

 

443150628

                               

443143359

 

443150636

                               

443143367

 

443150644

                               

443143375

 

443150651

                               

443143383

 

443150669

                               

443143391

 

443150677

                               

443143409

 

443150685

                               

443143417

 

443150693

                               

443143425

 

443150701

                               

443143433

 

443150719

                               

443143441

 

443150727

                               

443143458

 

443150735

                               

443143466

 

443150743

                               

443143474

 

443150750

                               

443143482

 

443150768

                               

443143490

 

443150776

                               

443143508

 

443150784

                               

443143516

 

443150792

                               

443143524

 

443150800

                               

443143532

 

443150818

                               

443143540

 

443150826

                               

443143557

 

443150834

                               

443143565

 

443150842

                               

443143573

 

443150859

                               

443143581

 

443150867

                               

443143599

 

443150875

                               

443143607

 

443150883

                               

443143615

 

443150891

                               

443143623

 

443150909

                               

443143631

 

443150917

                               

443143649

 

443150925

                               

443143656

 

443150933

                               

443143672

 

443150941

                               

443143680

 

443150958

                               

443143698

 

443150966

                               

443143706

 

443150974

                               

443143714

 

443150982

                               

443143722

 

443150990

                               

443143730

 

443151006

                               

443143748

 

443151014

                               

443143755

 

443151022

                               

443143763

 

443151030

                               

443143771

 

443151048

                               

443143789

 

443151055

                               

443143797

 

443151063

                               

443143805

 

443151071

                               

443143813

 

443151089

                               

443143821

 

443151097

                               

443143839

 

443151105

                               

443143847

 

443151113

                               

443143854

 

443151121

                               

443143862

 

443151139

                               

443143870

 

443151147

                               

443143888

 

443151154

                               

443143896

 

443151162

                               

 

2010-A Final Cut Legal Schedule of Receivables


UCC-1 2010-A 3-31-10

 

Loan
Number

 

Loan
Number

 

Loan
Number

 

Loan
Number

 

Loan
Number

 

Loan
Number

 

Loan
Number

 

Loan
Number

 

Loan
Number

 

Loan
Number

 

Loan
Number

 

Loan
Number

 

Loan
Number

 

Loan
Number

 

Loan
Number

 

Loan
Number

 

Loan
Number

 

Loan
Number

424757698

  441810512   442900593   443034400   443041736   443049044   443056411   443063854   443071170   443078464   443085816   443093133   443100441   443107750   443114996   443122205   443129465   443136676

424757854

  441813409   442900999   443034418   443041744   443049051   443056429   443063862   443071188   443078472   443085824   443093141   443100458   443107768   443115001   443122213   443129473   443136684

424759561

  441815156   442901948   443034426   443041751   443049069   443056437   443063870   443071196   443078480   443085832   443093158   443100466   443107776   443115019   443122221   443129481   443136692

424761625

  441818283   442902276   443034434   443041769   443049077   443056445   443063888   443071204   443078498   443085840   443093166   443100474   443107784   443115027   443122239   443129499   443136700

424763076

  441819083   442902599   443034442   443041777   443049085   443056452   443063896   443071212   443078506   443085857   443093174   443100482   443107792   443115035   443122247   443129507   443136718

424764439

  441822061   442907135   443034459   443041785   443049093   443056460   443063904   443071220   443078514   443085865   443093182   443100490   443107800   443115043   443122254   443129515   443136726

424764959

  441830981   442907671   443034467   443041793   443049101   443056478   443063912   443071238   443078522   443085873   443093190   443100508   443107818   443115050   443122262   443129523   443136734

424765436

  441831484   442907812   443034475   443041801   443049119   443056486   443063920   443071246   443078530   443085881   443093208   443100516   443107826   443115068   443122270   443129531   443136742

424768141

  441831757   442908851   443034483   443041819   443049127   443056494   443063938   443071253   443078548   443085899   443093216   443100524   443107834   443115076   443122288   443129549   443136759

424768232

  441838943   442911889   443034491   443041835   443049135   443056502   443063946   443071261   443078555   443085907   443093224   443100532   443107842   443115084   443122296   443129556   443136767

424771848

  441839610   442912440   443034509   443041843   443049143   443056510   443063953   443071279   443078563   443085915   443093232   443100540   443107859   443115092   443122304   443129564   443136775

424772770

  441840089   442912507   443034517   443041850   443049150   443056528   443063961   443071287   443078571   443085923   443093257   443100557   443107867   443115100   443122312   443129572   443136783

424772929

  441840493   442914586   443034525   443041868   443049168   443056536   443063979   443071295   443078589   443085931   443093265   443100565   443107875   443115118   443122320   443129598   443136791

424773778

  441844453   442917399   443034533   443041876   443049176   443056544   443063987   443071303   443078597   443085949   443093273   443100573   443107883   443115126   443122338   443129606   443136809

424776789

  441845385   442917993   443034541   443041884   443049184   443056551   443063995   443071311   443078605   443085956   443093281   443100581   443107891   443115134   443122346   443129614   443136817

424777092

  441858743   442918629   443034558   443041892   443049192   443056569   443064001   443071329   443078613   443085964   443093299   443100599   443107909   443115142   443122353   443129622   443136825

424777621

  441865532   442919007   443034566   443041900   443049218   443056577   443064019   443071337   443078621   443085972   443093307   443100607   443107917   443115159   443122361   443129630   443136833

424777860

  441865946   442921045   443034574   443041918   443049226   443056585   443064035   443071345   443078639   443085980   443093315   443100615   443107925   443115167   443122379   443129648   443136841

424778405

  441867595   442922100   443034582   443041926   443049234   443056593   443064043   443071352   443078647   443085998   443093323   443100623   443107933   443115175   443122387   443129655   443136858

424778462

  441877370   442922720   443034590   443041934   443049242   443056601   443064050   443071360   443078654   443086004   443093331   443100631   443107941   443115183   443122395   443129663   443136866

424778934

  441882057   442923025   443034608   443041942   443049259   443056619   443064068   443071378   443078662   443086012   443093349   443100649   443107958   443115191   443122403   443129671   443136874

424779239

  441884160   442925277   443034616   443041959   443049267   443056627   443064076   443071386   443078670   443086020   443093356   443100656   443107966   443115209   443122411   443129689   443136882

424781706

  441887601   442926275   443034624   443041967   443049275   443056635   443064084   443071402   443078688   443086038   443093364   443100664   443107974   443115217   443122429   443129697   443136890

424782597

  441888286   442926531   443034632   443041975   443049283   443056643   443064092   443071410   443078696   443086046   443093372   443100672   443107982   443115225   443122437   443129705   443136908

424782639

  441889094   442927984   443034640   443041983   443049291   443056650   443064100   443071428   443078704   443086053   443093380   443100680   443107990   443115233   443122445   443129713   443136916

424783439

  441895018   442928057   443034657   443041991   443049309   443056668   443064118   443071436   443078712   443086061   443093398   443100698   443108006   443115241   443122452   443129721   443136924

424784072

  441896248   442930582   443034665   443042007   443049317   443056676   443064126   443071444   443078720   443086079   443093406   443100706   443108014   443115258   443122460   443129739   443136932

424784841

  441896859   442931838   443034673   443042015   443049325   443056684   443064134   443071451   443078738   443086087   443093414   443100714   443108022   443115266   443122478   443129747   443136940

424785525

  441897477   442933164   443034681   443042023   443049333   443056692   443064142   443071469   443078746   443086095   443093422   443100722   443108030   443115274   443122486   443129754   443136957

424785640

  441907607   442934782   443034715   443042031   443049341   443056700   443064159   443071477   443078753   443086103   443093430   443100730   443108048   443115282   443122494   443129762   443136965

424786911

  441913860   442934873   443034723   443042049   443049358   443056718   443064167   443071485   443078761   443086111   443093448   443100748   443108055   443115290   443122502   443129770   443136973

424786952

  441914199   442935714   443034731   443042056   443049366   443056726   443064175   443071493   443078779   443086129   443093455   443100755   443108063   443115308   443122510   443129788   443136981

424787539

  441921772   442936886   443034749   443042064   443049374   443056734   443064183   443071501   443078787   443086137   443093463   443100763   443108071   443115316   443122528   443129796   443136999

424788487

  441922978   442940284   443034756   443042072   443049382   443056742   443064191   443071519   443078795   443086145   443093471   443100771   443108089   443115324   443122536   443129804   443137005

424790111

  441925658   442941381   443034764   443042080   443049390   443056759   443064209   443071527   443078811   443086152   443093489   443100789   443108097   443115332   443122544   443129812   443137013

424793164

  441929056   442942447   443034772   443042098   443049424   443056767   443064217   443071535   443078829   443086160   443093497   443100797   443108105   443115340   443122551   443129820   443137021

424793503

  441930922   442948840   443034780   443042106   443049432   443056775   443064225   443071543   443078837   443086178   443093505   443100805   443108113   443115357   443122569   443129838   443137039

424793610

  441949583   442950010   443034798   443042114   443049440   443056783   443064233   443071550   443078845   443086186   443093513   443100813   443108121   443115365   443122577   443129846   443137047

424793776

  441952322   442951091   443034806   443042122   443049457   443056791   443064241   443071568   443078852   443086194   443093521   443100821   443108139   443115373   443122585   443129853   443137054

424794428

  441953809   442951885   443034814   443042130   443049465   443056817   443064258   443071576   443078860   443086202   443093539   443100839   443108147   443115381   443122593   443129861   443137062

424795912

  441964889   442952446   443034822   443042148   443049473   443056825   443064266   443071584   443078878   443086210   443093547   443100847   443108154   443115399   443122601   443129879   443137070

424796670

  441968815   442953816   443034830   443042155   443049481   443056833   443064274   443071592   443078886   443086228   443093554   443100854   443108162   443115407   443122619   443129887   443137088

424797975

  441969987   442955654   443034848   443042163   443049499   443056841   443064282   443071600   443078902   443086236   443093562   443100862   443108170   443115415   443122627   443129895   443137096

424798965

  441970811   442955738   443034855   443042171   443049507   443056858   443064290   443071618   443078910   443086244   443093570   443100870   443108188   443115423   443122635   443129903   443137104

424799567

  441973153   442957643   443034863   443042189   443049515   443056866   443064316   443071626   443078928   443086251   443093588   443100888   443108196   443115431   443122643   443129911   443137112

424800761

  441980513   442959870   443034871   443042197   443049523   443056874   443064324   443071634   443078936   443086269   443093596   443100896   443108204   443115449   443122650   443129929   443137120

424801611

  441982766   442960183   443034889   443042205   443049531   443056882   443064332   443071642   443078944   443086277   443093604   443100904   443108212   443115456   443122668   443129937   443137138

424802528

  441995339   442966917   443034897   443042213   443049549   443056890   443064340   443071659   443078951   443086285   443093612   443100912   443108220   443115464   443122676   443129945   443137146

424803682

  441999018   442971297   443034905   443042221   443049556   443056908   443064357   443071667   443078969   443086293   443093620   443100920   443108238   443115472   443122692   443129952   443137153

424805943

  442006763   442972113   443034913   443042239   443049564   443056916   443064365   443071675   443078977   443086301   443093638   443100938   443108246   443115480   443122700   443129960   443137161

424806081

  442012522   442976775   443034921   443042247   443049572   443056924   443064373   443071683   443078993   443086319   443093646   443100946   443108253   443115498   443122718   443129978   443137179

424806362

  442018230   442980868   443034939   443042254   443049580   443056932   443064381   443071691   443079009   443086327   443093653   443100953   443108261   443115506   443122726   443129986   443137187

424807394

  442019881   442982872   443034947   443042262   443049598   443056940   443064399   443071709   443079017   443086335   443093661   443100961   443108279   443115514   443122742   443129994   443137195

424807550

  442026522   442991170   443034954   443042270   443049614   443056957   443064407   443071717   443079025   443086343   443093679   443100979   443108287   443115522   443122759   443130000   443137203

424807865

  442039061   442994364   443034962   443042288   443049622   443056965   443064415   443071725   443079041   443086350   443093687   443100987   443108295   443115530   443122767   443130018   443137211

424809010

  442043972   442996567   443034970   443042296   443049630   443056973   443064423   443071733   443079058   443086368   443093695   443100995   443108303   443115548   443122775   443130026   443137229

424809580

  442048492   443011374   443034988   443042304   443049648   443056981   443064431   443071741   443079066   443086376   443093703   443101001   443108311   443115555   443122783   443130034   443137237

424810158

  442048922   443016779   443034996   443042312   443049655   443056999   443064449   443071758   443079074   443086384   443093711   443101019   443108329   443115563   443122791   443130042   443137245

424811362

  442050886   443022025   443035001   443042320   443049663   443057005   443064456   443071766   443079082   443086392   443093729   443101027   443108337   443115571   443122809   443130059   443137252

424811370

  442051058   443026463   443035019   443042338   443049671   443057021   443064464   443071774   443079108   443086400   443093737   443101035   443108345   443115589   443122817   443130067   443137260

424813392

  442052858   443026471   443035027   443042346   443049689   443057039   443064472   443071782   443079116   443086418   443093745   443101043   443108352   443115597   443122825   443130075   443137278

424815157

  442053229   443026497   443035035   443042353   443049697   443057047   443064480   443071790   443079124   443086426   443093752   443101050   443108360   443115605   443122833   443130083   443137286

424815793

  442063327   443026505   443035043   443042361   443049705   443057054   443064498   443071808   443079132   443086434   443093760   443101068   443108378   443115613   443122841   443130091   443137294

424815843

  442069506   443026513   443035050   443042379   443049713   443057062   443064506   443071816   443079140   443086442   443093778   443101076   443108386   443115621   443122858   443130109   443137302

424817773

  442083176   443026521   443035068   443042387   443049721   443057070   443064514   443071824   443079157   443086459   443093786   443101084   443108394   443115639   443122866   443130117   443137310

424818102

  442102935   443026562   443035076   443042395   443049739   443057096   443064522   443071832   443079165   443086467   443093794   443101092   443108402   443115647   443122874   443130125   443137328

424818250

  442103669   443026570   443035084   443042403   443049747   443057104   443064530   443071840   443079173   443086475   443093802   443101100   443108410   443115654   443122882   443130133   443137336

424818540

  442109278   443026588   443035092   443042411   443049754   443057112   443064548   443071857   443079181   443086483   443093810   443101118   443108428   443115662   443122890   443130141   443137344

424818573

  442111415   443026596   443035100   443042429   443049762   443057120   443064555   443071865   443079199   443086491   443093828   443101126   443108436   443115670   443122908   443130158   443137351

424819571

  442118196   443026604   443035118   443042437   443049770   443057138   443064563   443071873   443079207   443086509   443093836   443101134   443108444   443115688   443122916   443130166   443137369

424822773

  442120309   443026612   443035126   443042445   443049788   443057146   443064571   443071881   443079215   443086517   443093851   443101142   443108451   443115696   443122924   443130174   443137377

424822864

  442129268   443026620   443035134   443042452   443049796   443057153   443064589   443071899   443079223   443086525   443093869   443101159   443108469   443115704   443122932   443130182   443137385

424823110

  442145496   443026646   443035142   443042460   443049804   443057161   443064597   443071907   443079231   443086533   443093877   443101167   443108477   443115712   443122940   443130190   443137393

 

Loan
Number

 

Loan
Number

                                                               
443143904   443151170                                
443143912   443151188                                
443143920   443151196                                
443143946   443151204                                
443143953   443151212                                
443143961   443151220                                
443143979   443151238                                
443143987   443151246                                
443143995   443151253                                
443144001   443151261                                
443144019   443151279                                
443144027   443151287                                
443144035   443151295                                
443144043   443151303                                
443144050   443151311                                
443144068   443151329                                
443144076   443151337                                
443144084   443151345                                
443144092   443151352                                
443144100   443151360                                
443144118   443151378                                
443144126   443151386                                
443144134   443151394                                
443144142   443151402                                
443144159   443151410                                
443144175   443151428                                
443144183   443151436                                
443144191   443151444                                
443144209   443151451                                
443144217   443151469                                
443144225   443151477                                
443144233   443151485                                
443144241   443151493                                
443144258   443151501                                
443144266   443151519                                
443144274   443151527                                
443144282   443151535                                
443144290   443151543                                
443144308   443151550                                
443144316   443151568                                
443144324   443151576                                
443144332   443151584                                
443144340   443151592                                
443144357   443151600                                
443144365   443151618                                
443144373   443151626                                
443144381   443151733                                
443144399   443151741                                
443144407   443151782                                
443144415   443151832                                
443144423   443152103                                
443144431   443152277                                
443144449   443152418                                
443144456   443152681                                
443144464   443152707                                
443144472   443152848                                
443144480   443152855                                
443144498   443152939                                
443144506   443152947                                
443144514   443153036                                
443144522   443153085                                
443144530   443153234                                
443144548   443153309                                
443144555   443153341                                
443144563   443153358                                
443144589   443153366                                
443144597   443153382                                
443144605   443153440                                
443144613   443153457                                
443144621   443153499                                
443144639   443153523                                
443144647   443153556                                
443144654   443153580                                

 

2010-A Final Cut Legal Schedule of Receivables


UCC-1 2010-A 3-31-10

 

Loan
Number

 

Loan
Number

 

Loan
Number

 

Loan
Number

 

Loan
Number

 

Loan
Number

 

Loan
Number

 

Loan
Number

 

Loan
Number

 

Loan
Number

 

Loan
Number

 

Loan
Number

 

Loan
Number

 

Loan
Number

 

Loan
Number

 

Loan
Number

 

Loan
Number

 

Loan
Number

424823532

  442154423   443026653   443035159   443042478   443049812   443057179   443064605   443071915   443079249   443086541   443093885   443101175   443108485   443115720   443122957   443130208   443137419

424823862

  442156345   443026661   443035167   443042486   443049820   443057187   443064613   443071923   443079256   443086558   443093893   443101183   443108493   443115738   443122965   443130216   443137427

424824910

  442156766   443026679   443035175   443042494   443049838   443057195   443064621   443071931   443079264   443086566   443093901   443101191   443108501   443115746   443122973   443130224   443137435

424825115

  442156873   443026695   443035183   443042502   443049846   443057203   443064639   443071956   443079272   443086574   443093919   443101209   443108519   443115753   443122981   443130232   443137443

424829406

  442159745   443026703   443035191   443042510   443049853   443057211   443064647   443071964   443079280   443086582   443093927   443101225   443108527   443115761   443122999   443130240   443137450

424831535

  442160859   443026737   443035209   443042528   443049861   443057229   443064654   443071972   443079298   443086590   443093935   443101233   443108535   443115779   443123005   443130257   443137468

424834240

  442161592   443026752   443035217   443042536   443049879   443057237   443064662   443071980   443079306   443086608   443093943   443101241   443108543   443115787   443123013   443130265   443137476

424834919

  442163168   443026760   443035225   443042544   443049887   443057245   443064670   443071998   443079314   443086616   443093950   443101258   443108550   443115795   443123021   443130273   443137484

424836047

  442165122   443026794   443035233   443042551   443049895   443057252   443064688   443072004   443079322   443086624   443093968   443101266   443108568   443115803   443123039   443130281   443137492

424836112

  442168449   443026802   443035241   443042569   443049903   443057260   443064696   443072012   443079330   443086632   443093976   443101274   443108576   443115811   443123047   443130299   443137500

424836294

  442168811   443026810   443035258   443042577   443049911   443057278   443064704   443072020   443079348   443086640   443093984   443101282   443108584   443115829   443123054   443130307   443137518

424836518

  442168845   443026836   443035266   443042585   443049937   443057286   443064712   443072038   443079355   443086657   443093992   443101290   443108600   443115837   443123062   443130315   443137526

424837193

  442170437   443026844   443035274   443042593   443049945   443057294   443064720   443072046   443079363   443086665   443094008   443101308   443108618   443115845   443123070   443130323   443137534

424837755

  442172573   443026851   443035282   443042601   443049952   443057302   443064738   443072053   443079371   443086673   443094016   443101316   443108626   443115852   443123088   443130331   443137542

424839306

  442173225   443026869   443035290   443042619   443049960   443057310   443064746   443072061   443079389   443086681   443094024   443101324   443108634   443115860   443123096   443130349   443137559

424840452

  442175691   443026901   443035308   443042627   443049978   443057328   443064753   443072079   443079397   443086699   443094032   443101332   443108642   443115878   443123104   443130356   443137567

424840809

  442176368   443026927   443035316   443042635   443049986   443057336   443064761   443072087   443079405   443086707   443094040   443101340   443108659   443115886   443123112   443130364   443137575

424841500

  442176749   443026935   443035324   443042643   443049994   443057344   443064779   443072095   443079413   443086715   443094057   443101357   443108667   443115894   443123120   443130372   443137583

424843373

  442176772   443026943   443035332   443042650   443050000   443057351   443064787   443072103   443079421   443086723   443094065   443101365   443108675   443115902   443123138   443130380   443137591

424843514

  442176897   443026950   443035340   443042668   443050018   443057369   443064795   443072111   443079439   443086731   443094073   443101373   443108683   443115910   443123146   443130398   443137609

424844751

  442179255   443026976   443035357   443042676   443050026   443057377   443064803   443072129   443079447   443086749   443094081   443101381   443108691   443115928   443123153   443130406   443137617

424845857

  442180808   443026984   443035365   443042684   443050034   443057385   443064811   443072137   443079454   443086756   443094099   443101399   443108709   443115936   443123161   443130414   443137625

424846954

  442184388   443026992   443035373   443042692   443050042   443057393   443064829   443072145   443079462   443086764   443094107   443101407   443108717   443115944   443123179   443130422   443137633

424847903

  442184644   443027016   443035381   443042700   443050059   443057401   443064837   443072152   443079470   443086772   443094115   443101415   443108725   443115951   443123187   443130430   443137641

424850915

  442184768   443027024   443035399   443042718   443050067   443057419   443064845   443072160   443079488   443086780   443094123   443101423   443108733   443115969   443123195   443130448   443137658

424852937

  442184800   443027032   443035407   443042726   443050075   443057427   443064852   443072178   443079496   443086798   443094131   443101431   443108741   443115985   443123203   443130455   443137666

424853513

  442186235   443027040   443035415   443042734   443050083   443057435   443064860   443072186   443079504   443086806   443094149   443101449   443108758   443115993   443123229   443130463   443137674

424853695

  442186862   443027057   443035423   443042742   443050091   443057443   443064878   443072194   443079512   443086814   443094156   443101456   443108766   443116009   443123237   443130471   443137682

424853950

  442186920   443027065   443035431   443042759   443050109   443057450   443064886   443072202   443079520   443086822   443094164   443101464   443108774   443116017   443123245   443130489   443137690

424855625

  442187555   443027073   443035449   443042767   443050117   443057468   443064894   443072210   443079538   443086830   443094172   443101472   443108782   443116025   443123252   443130497   443137708

424856201

  442189528   443027099   443035456   443042775   443050133   443057476   443064902   443072228   443079546   443086848   443094180   443101480   443108790   443116033   443123260   443130505   443137716

424857084

  442189585   443027107   443035464   443042783   443050141   443057484   443064910   443072236   443079553   443086855   443094198   443101498   443108808   443116041   443123278   443130513   443137724

424857407

  442190039   443027115   443035472   443042791   443050158   443057492   443064928   443072244   443079561   443086863   443094206   443101506   443108816   443116058   443123286   443130521   443137732

424858652

  442192597   443027156   443035480   443042809   443050166   443057500   443064936   443072251   443079579   443086871   443094214   443101514   443108824   443116066   443123294   443130539   443137740

424861060

  442192746   443027164   443035498   443042817   443050174   443057518   443064944   443072269   443079587   443086889   443094222   443101522   443108832   443116074   443123302   443130547   443137757

424862506

  442194296   443027172   443035506   443042825   443050182   443057526   443064951   443072277   443079595   443086897   443094230   443101530   443108840   443116082   443123310   443130554   443137765

424863884

  442194361   443027180   443035514   443042833   443050190   443057534   443064969   443072285   443079603   443086905   443094248   443101548   443108857   443116090   443123328   443130562   443137773

424864064

  442195574   443027198   443035522   443042841   443050208   443057542   443064977   443072293   443079611   443086913   443094255   443101555   443108865   443116108   443123336   443130570   443137781

424866721

  442199568   443027206   443035530   443042858   443050216   443057559   443064985   443072301   443079629   443086921   443094263   443101563   443108873   443116116   443123344   443130588   443137799

424867000

  442199758   443027248   443035548   443042866   443050224   443057567   443064993   443072319   443079637   443086939   443094271   443101571   443108881   443116124   443123351   443130596   443137807

424867059

  442202800   443027255   443035555   443042874   443050232   443057575   443065008   443072327   443079645   443086947   443094289   443101589   443108899   443116132   443123369   443130604   443137815

424867471

  442203683   443027263   443035563   443042882   443050240   443057583   443065016   443072335   443079652   443086954   443094297   443101597   443108907   443116140   443123377   443130612   443137823

424868008

  442206256   443027271   443035571   443042890   443050257   443057591   443065024   443072343   443079660   443086962   443094305   443101605   443108923   443116157   443123385   443130620   443137831

424869436

  442207965   443027289   443035589   443042908   443050265   443057609   443065032   443072350   443079678   443086970   443094313   443101613   443108931   443116165   443123393   443130638   443137849

424869725

  442208252   443027297   443035597   443042916   443050273   443057617   443065040   443072368   443079694   443086988   443094321   443101621   443108949   443116173   443123401   443130646   443137856

424870111

  442208898   443027321   443035605   443042924   443050281   443057625   443065065   443072376   443079702   443086996   443094339   443101639   443108956   443116181   443123419   443130653   443137864

424870210

  442210167   443027339   443035613   443042932   443050299   443057633   443065073   443072384   443079710   443087002   443094347   443101647   443108964   443116199   443123427   443130661   443137872

424870285

  442211496   443027347   443035621   443042940   443050307   443057641   443065081   443072392   443079728   443087010   443094354   443101654   443108972   443116207   443123435   443130679   443137880

424870921

  442212742   443027354   443035639   443042957   443050315   443057658   443065099   443072400   443079736   443087028   443094362   443101670   443108980   443116215   443123443   443130687   443137898

424871432

  442213575   443027388   443035654   443042965   443050331   443057666   443065107   443072418   443079744   443087036   443094370   443101688   443108998   443116223   443123450   443130695   443137906

424872893

  442213864   443027396   443035662   443042973   443050349   443057674   443065115   443072426   443079751   443087044   443094388   443101696   443109004   443116231   443123468   443130703   443137914

424873966

  442214219   443027404   443035670   443042981   443050356   443057682   443065123   443072434   443079769   443087051   443094396   443101704   443109012   443116249   443123476   443130711   443137922

424874352

  442214268   443027412   443035688   443042999   443050364   443057690   443065131   443072442   443079777   443087069   443094404   443101712   443109020   443116256   443123484   443130729   443137930

424874998

  442215034   443027420   443035696   443043005   443050372   443057708   443065149   443072459   443079785   443087077   443094412   443101720   443109038   443116264   443123492   443130737   443137948

424875482

  442219929   443027438   443035704   443043013   443050380   443057716   443065156   443072467   443079793   443087085   443094420   443101746   443109046   443116272   443123500   443130745   443137955

424876183

  442221586   443027446   443035712   443043021   443050398   443057724   443065164   443072475   443079801   443087093   443094438   443101753   443109053   443116280   443123518   443130752   443137963

424876209

  442221776   443027453   443035720   443043039   443050406   443057732   443065172   443072483   443079819   443087101   443094446   443101761   443109079   443116298   443123526   443130760   443137971

424876258

  442222758   443027461   443035738   443043047   443050414   443057740   443065180   443072491   443079827   443087119   443094453   443101779   443109087   443116306   443123534   443130778   443137989

 

Loan
Number

 

Loan
Number

                                                               
443144662   443153622                                
443144670   443153697                                
443144688   443153796                                
443144696   443153861                                
443144704   443153895                                
443144712   443153937                                
443144720   443153945                                
443144738   443153960                                
443144746   443154026                                
443144753   443154109                                
443144761   443154182                                
443144779   443154190                                
443144787   443154380                                
443144795   443154489                                
443144803   443154539                                
443144811   443154596                                
443144829   443154687                                
443144837   443154752                                
443144845   443154828                                
443144852   443154943                                
443144860   443155205                                
443144878   443155262                                
443144886   443155296                                
443144894   443155353                                
443144902   443155452                                
443144910   443155460                                
443144928   443155494                                
443144936   443155676                                
443144944                                  
443144951                                  
443144969                                  
443144977                                  
443144985                                  
443144993                                  
443145008                                  
443145016                                  
443145024                                  
443145032                                  
443145040                                  
443145057                                  
443145065                                  
443145073                                  
443145081                                  
443145099                                  
443145107                                  
443145115                                  
443145123                                  
443145131                                  
443145149                                  
443145156                                  
443145164                                  
443145172                                  
443145180                                  
443145206                                  
443145214                                  
443145222                                  
443145230                                  
443145248                                  

 

2010-A Final Cut Legal Schedule of Receivables


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, Third-Party Lender or AmeriCredit in any case.

3. Compliance with Law. All requirements of applicable federal, state and local laws, and regulations thereunder (including, without limitation, usury laws, the Federal Truth-in-Lending Act, the Equal Credit Opportunity Act, the Fair Credit Billing Act, the Fair Credit Reporting Act, the Fair Debt Collection Practices Act, the Federal Trade Commission Act, the Moss-Magnuson Warranty Act, the Federal Reserve Board’s Regulations “B” and “Z” (including amendments to the Federal Reserve’s Official Staff Commentary to Regulation Z, effective October 1, 1998, concerning negative equity loans), the Servicemembers Civil Relief Act, each applicable state Motor Vehicle Retail Installment Sales Act, and state adaptations of the National Consumer Act and of the Uniform Consumer Credit Code and other consumer credit laws and equal credit opportunity and disclosure laws) in respect of the Receivables and the Financed Vehicles, have been complied with in all material respects, and each Receivable and the sale of the Financed Vehicle evidenced by each Receivable complied at the time it was originated or made and now complies in all material respects with all applicable legal requirements.

 

Sch. B-1


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

5. Binding Obligation. Each Receivable represents the genuine, legal, valid and binding payment obligation of the Obligor thereon, enforceable by the holder thereof in accordance with its terms, except (A) as enforceability may be limited by bankruptcy, insolvency, reorganization or similar laws affecting the enforcement of creditors’ rights generally and by equitable limitations on the availability of specific remedies, regardless of whether such enforceability is considered in a proceeding in equity or at law and (B) as such Receivable may be modified by the application after the Cutoff Date 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 Cutoff Date, no Obligor had been identified on the records of AmeriCredit as being the subject of a current bankruptcy proceeding.

8. Schedule of Receivables. The information set forth in the Schedule 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 Cutoff Date.

9. Marking Records. Each of the Seller and AFS SenSub Corp. has indicated in its files that the Receivables have been sold to the Issuer 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 Issuer.

10. Computer Tape. The Computer Tape made available by AmeriCredit to AFS SenSub Corp. and to the Issuer on the Closing Date was complete and accurate as of the Cutoff Date 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 set forth in clauses (A) through (O) of number 30 of this Schedule B.

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.

 

Sch. 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 in accordance with customary policies and procedures. 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. With respect to Receivables that are tangible chattel paper, the complete Receivable File for each Receivable, including a fully executed original of the Contract, 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.

 

Sch. B-3


20. Good Title. Immediately prior to the conveyance of the Receivables to AFS SenSub Corp. pursuant to this Agreement, AmeriCredit 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 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 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 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 Cutoff Date, 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 Issuer 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.

 

Sch. 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 Issuer, 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 the owner thereof 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 Cutoff Date, 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 Cutoff Date.

28. Past Due. At the Cutoff Date, no Receivable was more than 30 days past due.

29. Remaining Principal Balance. At the Cutoff Date, the Principal Balance of each Receivable set forth in the Schedule 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 Cutoff Date, of not more than 72 months.

 

Sch. B-5


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

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

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

(E) No Receivable was more than 30 days past due as of the Cutoff Date.

(F) 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 (E) above.

(G) Not more than 35% of the Obligors on the Receivables as of the Cutoff Date reside in Texas and California (based on the Obligor’s mailing address as of the Cutoff Date).

(H) 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 any Related Document.

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

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

(K) Each Receivable arose under a Contract that 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.

(L) 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.

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

(N) No automobile related to a Receivable was held in repossession inventory as of the Cutoff Date.

(O) No Obligor was in bankruptcy as of the Cutoff Date.

 

Sch. B-6


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 Processor for deposit into 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.

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 Issuer to maintain the Issuer’s perfection of the security interest created by each Receivable in the related Financed Vehicle.

 

Sch. B-7

EX-10.2 6 dex102.htm INDEMNIFICATION AGREEMENT, DATED AS OF MARCH 25, 2010 Indemnification Agreement, dated as of March 25, 2010

Exhibit 10.2

INDEMNIFICATION AGREEMENT

among

ASSURED GUARANTY CORP.,

AFS SENSUB CORP.,

CREDIT SUISSE SECURITIES (USA) LLC

and

RBS SECURITIES INC.

Dated as of March 26, 2010

$36,000,000 Class A-1 0.31327% Asset Backed Notes, Series 2010-A

$71,000,000 Class A-2 1.46% Asset Backed Notes, Series 2010-A

$93,000,000 Class A-3 3.51% Asset Backed Notes, Series 2010-A


TABLE OF CONTENTS

 

           

Page

Section 1.

     Definitions    1

Section 2.

     Representations, Warranties and Agreements of Assured Guaranty    3

Section 3.

     Representations, Warranties and Agreements of the Underwriters    5

Section 4.

     Indemnification    6

Section 5.

     Indemnification Procedures    7

Section 6.

     Contribution    8

Section 7.

     Miscellaneous    9

EXHIBIT A — Opinion of Counsel


INDEMNIFICATION AGREEMENT

INDEMNIFICATION AGREEMENT dated as of March 26, 2010, among ASSURED GUARANTY CORP. (“Assured Guaranty”), AFS SENSUB CORP., (the “Seller”) and CREDIT SUISSE SECURITIES (USA) LLC (“CSS”) and RBS SECURITIES INC. (“RBS”), as the Underwriters (as defined below):

Section 1. Definitions. For purposes of this Agreement, the following terms shall have the meanings provided below:

Agreement” means this Indemnification Agreement, as amended from time to time.

Assured Guaranty Agreements” means this Agreement, the Spread Account Agreement and the Insurance Agreement.

Assured Guaranty Information” has the meaning provided in Section 2(g) hereof.

Assured Guaranty Party” means any of Assured Guaranty, its parent, subsidiaries and affiliates, and any shareholder, director, officer, employee, agent or “controlling person” (as such term is used in the Securities Act) of any of the foregoing.

Closing Date” means March 31, 2010.

Federal Securities Laws” means the Securities Act, the Securities Exchange Act of 1934, the Trust Indenture Act of 1939, the Investment Company Act of 1940, the Investment Advisers Act of 1940 and the Public Utility Holding Company Act of 1935, each as amended from time to time, and the rules and regulations in effect from time to time under such Acts.

Final Prospectus Supplement” means the final Prospectus Supplement dated March 26, 2010 relating to the Securities.

Indemnified Party” means any party entitled to any indemnification pursuant to Section 4 hereof.

Indemnifying Party” means any party required to provide indemnification pursuant to Section 4 hereof.

Insurance Agreement” means the Insurance and Indemnity Agreement, dated as of March 25, 2010 among Assured Guaranty, the Trust, AmeriCredit Financial Services, Inc., AmeriCredit Corp. and the Seller.

Losses” means (a) any actual out-of-pocket damages incurred by the party entitled to indemnification or contribution hereunder, (b) any actual out-of-pocket costs or expenses incurred by such party, including reasonable fees or expenses of its counsel and other expenses incurred in connection with investigating or defending any claim, action or other proceeding which entitle such party to be indemnified hereunder (subject to the limitations set forth in Section 5 hereof), to the extent not paid, satisfied or reimbursed from funds provided by any other Person other than an affiliate of such party (provided that the foregoing shall not create or imply any obligation to pursue recourse against any such other Person), plus (c) interest on the amount paid by the party entitled to indemnification or contribution from the date of such payment to the date of payment by the party who is obligated to indemnify or contribute hereunder at the statutory rate applicable to judgments for breach of contract.


Notes Policy” means the financial guaranty insurance policy, including any endorsements thereto, issued by Assured Guaranty with respect to the Securities, substantially in the form attached as Annex I to the Insurance Agreement.

Offering Document” means the Prospectus and any other material or documents delivered by the Underwriters or any Underwriter Party to any Person in connection with the offer or sale of the Securities.

Person” means any individual, partnership, joint venture, corporation, trust, unincorporated organization or other organization or entity (whether governmental or private).

Preliminary Prospectus Supplement” means the preliminary Prospectus Supplement subject to completion dated March 25, 2010 relating to the Securities.

Prospectus” means, collectively, the Prospectus dated November 7, 2007 relating to the Securities and the Prospectus Supplement.

Prospectus Supplement” means, collectively, the Preliminary Prospectus Supplement and the Final Prospectus Supplement.

Securities” means the Trust’s $36,000,000 Class A-1 0.31327% Asset Backed Notes, $71,000,000 Class A-2 1.46% Asset Backed Notes and $93,000,000 Class A-3 3.51% Asset Backed Notes issued pursuant to the Series 2010-A Indenture.

Securities Act” means the Securities Act of 1933, as amended from time to time.

Seller Party” means any of the Seller, its parent, subsidiaries and affiliates and any employee, agent or “controlling person” (as such term is used in the Securities Act) of any of the foregoing.

Spread Account Agreement” means the Spread Account Agreement dated as of March 25, 2010, among Assured Guaranty, the Trust, the Collateral Agent and the Trustee, as the same may be amended, supplemented or otherwise modified in accordance with the terms thereof.

Time of Sale” means 3:30pm (New York time) on March 26, 2010.

Trust” means AmeriCredit Automobile Receivables Trust 2010-A.

Underwriter Information” has the meaning provided in Section 3(c) hereof.

 

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Underwriter Party” means any of the Underwriters, its respective parent, subsidiaries and affiliates and any shareholder, director, officer, employee, agent or “controlling person” (as such item is used in the Securities Act) of any of the foregoing.

Underwriters” means CSS and RBS.

Underwriting Agreement” means the Underwriting Agreement, dated as of March 26, 2010 among the Seller, AmeriCredit Financial Services, Inc. and the Underwriters.

Section 2. Representations, Warranties and Agreements of Assured Guaranty. Assured Guaranty represents, warrants and agrees as follows:

(a) Organization, Etc. Assured Guaranty is an insurance company duly organized, validly existing and authorized to transact financial guaranty insurance business under the laws of the State of Maryland.

(b) Authorization, Etc. The Notes Policy and the Assured Guaranty Agreements have been duly authorized, executed and delivered by Assured Guaranty.

(c) Validity, Etc. The Notes Policy and the Assured Guaranty Agreements constitute valid and binding obligations of Assured Guaranty, enforceable against Assured Guaranty in accordance with their terms, subject, as to the enforcement of remedies, to bankruptcy, insolvency, reorganization, rehabilitation, moratorium and other similar laws affecting the enforceability of creditors’ rights generally applicable in the event of the bankruptcy or insolvency of Assured Guaranty and to the application of general principles of equity and subject, in the case of this Agreement, to principles of public policy limiting the right to enforce the indemnification provisions contained herein.

(d) Exemption From Registration. The Notes Policy is exempt from registration under the Securities Act.

(e) No Conflicts. Neither the execution or delivery by Assured Guaranty of the Notes Policy or the Assured Guaranty Agreements, nor the performance by Assured Guaranty of its obligations thereunder, will conflict with any provision of the certificate of incorporation or the bylaws of Assured Guaranty nor result in a breach of, or constitute a default under, any material agreement or other instrument to which Assured Guaranty is a party or by which any of its property is bound nor violate any judgment, order or decree applicable to Assured Guaranty of any governmental or regulatory body, administrative agency, court or arbitrator having jurisdiction over Assured Guaranty (except that, in the published opinion of the Securities and Exchange Commission, the indemnification provisions of this Agreement, insofar as they relate to indemnification for liabilities arising under the Securities Act, are against public policy as expressed in the Securities Act and are therefore unenforceable).

(f) Financial Information. The consolidated balance sheets of Assured Guaranty as of December 31, 2009 and December 31, 2008 and the related consolidated statements of income, changes in shareholder’s equity and cash flows for each of the three years in the period ended December 31, 2009, which are incorporated by reference in the Prospectus, fairly present in all material respects the financial condition of Assured Guaranty as of such dates and for such periods in accordance with generally accepted accounting principles consistently applied (subject as to interim statements to normal year-end adjustments) and since the date of the most current consolidated balance sheet referred to above there has been no change in the financial condition of Financial Security which would materially and adversely affect its ability to perform its obligations under the Notes Policy.

 

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(g) Assured Guaranty Information. The information in the Prospectus Supplement set forth or incorporated by reference under the caption “The Insurer” (as revised from time to time in accordance with the provisions hereof or as described in the Prospectus, the “Assured Guaranty Information”) is limited and does not purport to provide the scope of disclosure required to be included in a prospectus with respect to a registrant in connection with the offer and sale of securities of such registrant registered under the Securities Act. Assured Guaranty has provided the Assured Guaranty Information in its role as credit enhancer, which consists solely of the obligation to pay claims, if any, under and in accordance with the express terms of the Notes Policy. Within such limited scope of disclosure, however, with respect to (i) the Preliminary Prospectus Supplement, as of the Time of Sale, and (ii) the Final Prospectus Supplement, as of its date and the Closing Date, the Assured Guaranty Information did not and does not, as applicable, contain any untrue statement of a material fact, or omit to state a material fact necessary to make the statements contained therein, in the light of the circumstances under which they were made, not misleading.

(h) Additional Information. Assured Guaranty will furnish to the Underwriters or the Seller, upon request of the Underwriters or the Seller, as the case may be, copies of Assured Guaranty’s most recent financial statements (annual or interim, as the case may be) which fairly present in all material respects the financial condition of Assured Guaranty as of the dates and for the periods indicated, in accordance with generally accepted accounting principles consistently applied except as noted therein (subject, as to interim statements, to normal year-end adjustments). In addition, if the delivery of a Prospectus relating to the Securities is required at any time prior to the expiration of nine months after the time of issue of the Prospectus in connection with the offering or sale of the Securities, the Seller or the Underwriters will notify Assured Guaranty of such requirement to deliver a Prospectus and Assured Guaranty will promptly provide the Underwriters and the Seller with any revisions to the Assured Guaranty Information that are in the judgment of Assured Guaranty necessary to prepare an amended Prospectus or a supplement to the Prospectus.

(i) Opinion of Counsel. Assured Guaranty will furnish to the Underwriters and the Seller on the closing date for the sale of the Securities an opinion of its Counsel or Deputy General Counsel to the effect set forth in Exhibit A attached hereto, dated such closing date and addressed to the Seller and the Underwriters.

(j) Consents and Reports of Independent Accountants. Assured Guaranty will furnish to the Underwriters and the Seller, upon request, as comfort from its independent accountants in respect of its financial condition at the expense of the Person specified in the Insurance Agreement, a copy of the Prospectus, including either a manually signed consent or a manually signed report of Assured Guaranty’s independent accountants.

 

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(k) As of the date hereof, no “Insurer Default”, as such term is defined in the related sale and servicing agreement with respect to the related “Securitization” (as such term is defined in the Spread Account Agreement), to which Assured Guaranty, or an affiliate of Assured Guaranty, is the note insurer, has occurred and is continuing.

Nothing in this Agreement shall be construed as a representation or warranty by Assured Guaranty concerning the rating of its insurance financial strength by Moody’s Investors Service, Inc., Standard & Poor’s or any other rating assigned by a rating agency (collectively, the “Rating Agencies”). The Rating Agencies, in assigning such ratings, take into account facts and assumptions not described in the Prospectus and the facts and assumptions that are considered by the Rating Agencies, and the ratings issued thereby, are subject to change over time. Assured Guaranty has not attempted to disclose in the Offering Document all facts and assumptions that the Rating Agencies may deem relevant in assigning a rating within a particular rating category to Assured Guaranty’s Financial Strength.

Section 3. Representations, Warranties and Agreements of the Underwriters. Each of the Underwriters represents, warrants and agrees as follows:

(a) Compliance With Laws. Such Underwriter will comply in all material respects with all legal requirements in connection with offers and sales of the Securities and make such offers and sales in the manner provided in the Prospectus Supplement.

(b) Offering Document. Such Underwriter will not use, or distribute to other broker-dealers for use, any Offering Document in connection with the offer and sale of the Securities unless such Offering Document includes such information as has been furnished by Assured Guaranty for inclusion therein and the information therein concerning Assured Guaranty has been approved by Assured Guaranty in writing (other than any such written communication that consists solely of postings that are initially made by such Underwriter on the Bloomberg system or otherwise via e-mail and that contains only identifying information regarding the Trust and the Notes, the expected closing date and first payment date for the Notes, the expected principal amount, expected weighted average life, expected ratings, expected periods for payments of principal, expected final payment date, expected legal final payment date and expected interest rate index for each class of Notes; preliminary guidance as to the interest rate and/or yield for each class of Notes (but not final interest rate or yield information); information regarding the principal amount of the Notes being offered by each Underwriter; other similar or related information such as expected pricing parameters, status of subscriptions and Underwriter’s retentions and ERISA eligibility; and/or any legends regarding the contents of such written communication). Assured Guaranty hereby consents to the information in respect of Assured Guaranty included in the Prospectus. Each Offering Document that describes the Notes Policy will include the following statement:

“The Notes Policy is not covered by the Property/Casualty Insurance Security Fund specified in Article 76 of the New York Insurance Law”.

 

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Each Offering Document including financial statements with respect to Assured Guaranty prepared in accordance with generally accepted accounting principles (but excluding any Offering Document in which such financial statements are incorporated by reference) will include the following statement immediately following such financial statements:

“The Maryland Insurance Administration recognizes only statutory accounting practices for determining and reporting the financial condition and results of operations of an insurance company, for determining its solvency under the Maryland Insurance Code, and for determining whether its financial condition warrants the payment of a dividend to its stockholders. No consideration is given by the Maryland Insurance Administration to financial statements prepared in accordance with generally accepted accounting principles in making such determinations.”

(c) Underwriter Information. All material provided by the Underwriters for inclusion in the Prospectus (as revised from time to time, the “Underwriter Information”), insofar as such information relates to the Underwriters, is true and correct in all material respects, with respect to the Preliminary Prospectus Supplement, as of the Time of Sale, and with respect to the Prospectus Supplement, as of its date and the Closing Date. The Underwriter Information is limited to the information set forth (i) on the cover page of the Prospectus Supplement the information in the table under the headings entitled “Price to Public”, “Underwriting Discounts” and “Proceeds to Seller”; (ii) in the body and within the “Underwriting” section of the Prospectus Supplement, as applicable, the second paragraph immediately following the Class A-3 Notes Underwriter commitment table; and (iii) in the body and within the “Underwriting” section of the Prospectus Supplement, as applicable, except for statements therein relating to the issuing entity, the fourth paragraph under the sub-heading “European Economic Area”.

Section 4. Indemnification.

(a) Assured Guaranty agrees, upon the terms and subject to the conditions provided herein, to indemnify, defend and hold harmless each Seller Party and each Underwriter Party against (i) any and all Losses incurred by them with respect to the offer and sale of the Securities and resulting from Assured Guaranty’s breach of any of its representations, warranties or agreements set forth in Section 2 hereof and (ii) any and all Losses to which any Seller Party or Underwriter Party may become subject, under the Securities Act or otherwise, insofar as such Losses arise out of or result from an untrue statement of a material fact contained in any Offering Document or the omission to state therein a material fact required to be stated therein or necessary to make the statements therein not misleading, in each case to the extent, but only to the extent, that such untrue statement or omission was made in the Assured Guaranty Information included therein in accordance with the provisions hereof.

 

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(b) Each of the Underwriters, agrees, severally but not jointly, upon the terms and subject to the conditions provided herein, to indemnify, defend and hold harmless each Assured Guaranty Party against (i) any and all Losses incurred by them with respect to the offer and sale of the Securities and resulting from the Underwriters’ breach of any of its representations, warranties or agreements set forth in Section 3 hereof and (ii) any and all Losses to which any Assured Guaranty Party may become subject, under the Securities Act or otherwise, insofar as such Losses arise out of or result from an untrue statement of a material fact contained in any Offering Document or the omission to state therein a material fact required to be stated therein or necessary to make the statements therein not misleading, in each case to the extent, but only to the extent, that such untrue statement or omission was made in the Underwriter Information of the Underwriter included therein.

(c) Upon the incurrence of any Losses for which a party is entitled to indemnification hereunder, the Indemnifying Party shall reimburse the Indemnified Party promptly upon establishment by the Indemnified Party to the Indemnifying Party of the Losses incurred.

Section 5. Indemnification Procedures. Except as provided below in Section 6 with respect to contribution, the indemnification provided herein by an Indemnifying Party shall be the exclusive remedy of any and all Indemnified Parties for the breach of a representation, warranty or agreement hereunder by an Indemnifying Party; provided, however, that each Indemnified Party shall be entitled to pursue any other remedy at law or in equity for any such breach so long as the damages sought to be recovered shall not exceed the Losses incurred thereby resulting from such breach. In the event that any action or regulatory proceeding shall be commenced or claim asserted which may entitle an Indemnified Party to be indemnified under this Agreement, such party shall give the Indemnifying Party written or telegraphic notice of such action or claim reasonably promptly after receipt of written notice thereof. The Indemnifying Party shall be entitled to participate in and, upon notice to the Indemnified Party, assume the defense of any such action or claim in reasonable cooperation with, and with the reasonable cooperation of, the Indemnified Party. The Indemnified Party will have the right to employ its own counsel in any such action in addition to the counsel of the Indemnifying Party, but the fees and expenses of such counsel will be at the expense of such Indemnified Party, unless (a) the employment of counsel by the Indemnified Party at its expense has been authorized in writing by the Indemnifying Party, (b) the Indemnifying Party has not in fact employed counsel to assume the defense of such action within a reasonable time after receiving notice of the commencement of the action, or (c) the named parties to any such action or proceeding (including any impleaded parties) include both the Indemnifying Party and one or more Indemnified Parties, and the Indemnified Parties shall have been advised by counsel that (A) there may be one or more legal defenses available to them which are different from or additional to those available to the Indemnifying Party and (B) the representation of the Indemnifying Party and such Indemnified Parties by the same counsel would be inappropriate or contrary to prudent practice (in which case, if such Indemnified Parties notify the Indemnifying Party in writing that they elect to employ separate counsel at the expense of the Indemnifying Party, the Indemnifying Party shall not have the right to assume the defense of such action or proceeding on behalf of such Indemnified Parties, it being understood, however, that the Indemnifying Party shall not, in connection with any one such action or proceeding or separate but substantially similar or related actions or proceedings in the same jurisdiction arising out of the same general allegations or circumstances, be liable for the reasonable fees and expenses of more than one separate firm of attorneys at any time for all Seller Parties, one such firm for all Underwriter Parties and one such firm for all Assured Guaranty Parties, as the case may be, which firm shall be designated in writing by the Seller in respect of the Seller Parties, by the Underwriters in respect of the Underwriter Parties and by Assured Guaranty in respect of the Assured Guaranty Parties), in each of which cases the fees and expenses of counsel will be at the expense of the Indemnifying Party and all such fees and expenses will be reimbursed promptly as they are incurred. The Indemnifying Party shall not be liable for any settlement of any such claim or action unless the Indemnifying Party shall have consented thereto or be in default in its obligations hereunder. Any failure by an Indemnified Party to comply with the provisions of this Section shall relieve the Indemnifying Party of liability only if such failure is prejudicial to the position of the Indemnifying Party and then only to the extent of such prejudice.

 

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Section 6. Contribution.

(a) To provide for just and equitable contribution if the indemnification provided by any Indemnifying Party is determined to be unavailable or insufficient for any Indemnified Party (other than due to application of this Section), each Indemnifying Party (severally and not jointly in the case of the Underwriters) shall contribute toward the satisfaction of the Losses arising from any breach of any of its representations, warranties or agreements contained in this Agreement on the basis of the relative fault of each of the parties as set forth in Section 6(b) below; provided, however, that an Indemnifying Party shall in no event be required to contribute to all Indemnified Parties an aggregate amount in excess of the Losses incurred by such Indemnified Parties resulting from the breach of representations, warranties or agreements contained in this Agreement.

(b) The relative fault of each Indemnifying Party, on the one hand, and of each Indemnified Party, on the other, shall be determined by reference to, among other things, whether the breach of, or alleged breach of, any representations, warranties or agreements contained in this Agreement relates to information supplied by, or action within the control of, the Indemnifying Party or the Indemnified Party and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such breach.

(c) The parties agree that Assured Guaranty shall be solely responsible for the Assured Guaranty Information and the Underwriters shall be solely responsible for the Underwriter Information and that the balance of each Offering Document shall be the responsibility of the Seller.

(d) Notwithstanding anything in this Section 6 to the contrary, the Underwriters shall not be required to contribute an amount in excess of the amount by which the total price of the Securities underwritten by the Underwriters exceeds the amount of any damages that the Underwriters have otherwise been required to pay in respect of such untrue statement or omission.

 

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(e) No person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from any person who was not guilty of such fraudulent misrepresentation.

(f) Upon the incurrence of any Losses entitled to contribution hereunder, the contributor shall reimburse the party entitled to contribution promptly upon establishment by the party entitled to contribution to the contributor of the Losses incurred.

Section 7. Miscellaneous.

(a) Notices. All notices and other communications provided for under this Agreement shall be delivered to the address set forth below or to such other address as shall be designated by the recipient in a written notice to the other party or parties hereto.

 

If to Assured Guaranty:    Assured Guaranty Corp.
   31 West 52nd Street
   New York, NY 10019
   Attention: Structured Surveillance
   Re:     Policy No. D-2010-66
  

Americredit Automobile Receivables

  

Trust 2010-A

   Confirmation:    (212) 974-0100
   Telecopy Nos.: (212) 339-3518
  

 

With a copy to the General Counsel at the above address and telecopier number.

  

 

In each case in which a demand, notice or other communication to Assured Guaranty refers to a Default, an Event of Default, Servicer Termination Event, a claim on the Notes Policy or any event with respect to which failure on the part of Assured Guaranty to respond shall be deemed to constitute consent or acceptance, then such demand, notice or other communication shall be marked to indicate “URGENT MATERIAL ENCLOSED”.

 

If to the Seller:    AFS SenSub Corp.
   2265 B Renaissance Drive, Suite 17
   Las Vegas, Nevada, 89119
   Attn: Chief Financial Officer

 

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With a copy to:    AmeriCredit Financial Services, Inc.
   801 Cherry Street, Suite 3500
   Fort Worth, TX 76102
   Attn: Chief Financial Officer
   Confirmation: (817) 302-7000
   Telecopy No.: (817) 302-7942
If to the Underwriters:    Credit Suisse Securities (USA) LLC
   11 Madison Ave., 5th Floor
   New York, NY 10010
  

 

RBS Securities Inc.

   600 Washington Blvd.,
   Stamford, CT 06901

(b) 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.

(c) Assignments. This Agreement may not be assigned by any party without the express written consent of each other party. Any assignment made in violation of this Agreement shall be null and void.

(d) Amendments. Amendments of this Agreement shall be in writing signed by each party hereto.

(e) Survival, Etc. The indemnity and contribution agreements contained in this Agreement shall remain operative and in full force and effect, regardless of (i) any investigation made by or on behalf of any Indemnifying Party, (ii) the issuance of the Securities or (iii) any termination of this Agreement or the Notes Policy. The indemnification provided in this Agreement will be in addition to any liability which the parties may otherwise have and shall in no way limit any obligations of the Seller under the Underwriting Agreement or the Insurance Agreement.

(f) Counterparts. This Agreement may be executed in counterparts by the parties hereto, and all such counterparts shall constitute one and the same instrument.

[THE REMAINDER OF THIS PAGE INTENTIONALLY LEFT BLANK]

 

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IN WITNESS WHEREOF, the parties hereto have caused this Indemnification Agreement to be duly executed and delivered as of the date first above written.

 

ASSURED GUARANTY CORP.
By:  

/s/ Jorge Gana

Name:   Jorge Gana
Title:   Managing Director
AFS SENSUB CORP.
By:  

/s/ Sheli D. Fitzgerald

Name:   Sheli D. Fitzgerald
Title:   Vice President, Structured Finance
CREDIT SUISSE SECURITIES (USA) LLC
By:  

/s/ John Slonieski

Name:   John Slonieski
Title:   Director
RBS SECURITIES INC.
By:  

/s/ Alan G. Johannsen

Name:   Alan G. Johannsen
Title:   Managing Director

[INDEMNITY AGREEMENT SIG. PAGE]


EXHIBIT A

OPINION OF COUNSEL

 

A-1


LOGO

March 31, 2010

To the Addressees listed on Annex A hereto

 

Re: Financial Guaranty Insurance Policy No. D-2010-66 and the Assured Documents (as defined below) relating to $200,000,000 Automobile Receivables Backed Notes (the “Notes”) issued by AmeriCredit Automobile Receivables Trust 2010-A (the “Trust”)

Ladies and Gentlemen:

This opinion letter has been requested of the undersigned, in the capacity of the undersigned as a Counsel of Assured Guaranty Corp., a Maryland corporation (“Assured Guaranty”), in connection with (i) the issuance by Assured Guaranty of its financial guaranty insurance policy number D-2010-66, effective as of the date hereof (such financial guaranty insurance policy hereinafter, the “Policy”), (ii) the execution and delivery of the Insurance and Indemnity Agreement, dated as of March 25, 2010, by and among Assured Guaranty, the Trust, AFS SenSub Corp., AmeriCredit Financial Services, Inc. and AmeriCredit Corp. (the “Insurance Agreement”), and (iii) the execution and delivery of an Indemnification Agreement, dated as of March 26, 2010, by and among Assured Guaranty, AFS SenSub Corp., Credit Suisse Securities (USA) LLC and RBS Securities Inc. (the “Indemnification Agreement” and, together with the Insurance Agreement, the “Assured Documents”).

In connection with this opinion letter, I have examined an execution copy of the Policy and the Assured Documents and such documents, certificates, agreements and instruments and proceedings as I have considered necessary or appropriate under the circumstances to render the following opinion letter, including certain statements contained in the preliminary Prospectus Supplement for the Notes dated March 25, 2010 (the “Preliminary Prospectus Supplement”) and the final Prospectus Supplement for the Notes dated March 26, 2010 (the “Final Prospectus Supplement”) under the heading “THE INSURER.” I have assumed that each party to the Assured Documents, other than Assured Guaranty, has the power and authority to execute and to deliver, and to perform and to observe, the provisions of the Assured Documents and has duly authorized, executed, and delivered the Assured Documents and that the Assured Documents constitute the legal, valid, and binding obligation of each such party. As to all questions of fact material to this opinion letter, which have not been independently established by me, I have relied upon certificates or comparable documents of public officials or of officers and representatives of Assured Guaranty. In addition, I have assumed the genuineness of all signatures other than those of representatives of Assured Guaranty, the authenticity of all documents submitted to me as originals, the conformity to the original document of certified or photostatic copies thereof, and the authenticity of the originals of such latter documents.

Assured Guaranty Corp.

 

      31 West 52nd Street   main      212 974 0100    info@assuredguaranty.com    www. assuredguaranty.com
      New York, NY 10019   fax         212 561 3268      


Based upon the foregoing, and subject to the limitations and qualifications hereinafter set forth, I am of the opinion that:

1. Assured Guaranty is a corporation duly incorporated and validly existing under the laws of the State of Maryland and has all requisite corporate power and authority to issue and to perform its obligations under the Policy and to execute and perform its obligations under the Assured Documents, in each case in accordance with the terms thereof.

2. The execution and delivery by Assured Guaranty of the Policy and the Assured Documents, and the performance by Assured Guaranty of its obligations thereunder, have been duly authorized by all necessary corporate action on the part of Assured Guaranty.

3. The Policy and the Assured Documents have been validly executed and delivered by Assured Guaranty, and constitute the legal, valid and binding obligations of Assured Guaranty, enforceable against Assured Guaranty in accordance with their terms, subject to applicable bankruptcy, reorganization, insolvency, liquidation, rehabilitation, moratorium, arrangement, or similar laws or enactments now or hereafter enacted affecting the enforcement of creditors’ rights generally, as well as to equitable principles of general application limiting the availability of equitable remedies and the discretion of the court before which any proceeding therefor may be brought (regardless, in each case, of whether enforcement is sought in a proceeding in equity or at law) and, in the case of the Indemnification Agreement, subject also to applicable law, equitable principles, or principles of public policy limiting the right to enforce the indemnification and contribution provisions contained therein.

4. To the extent that the Policy constitutes a security within the meaning of Section 2(a)(1) of the Securities Act of 1933, as amended (the “Act”), it is a security that is exempt from the registration requirements of the Act.

5. The execution and delivery of the Policy and the Assured Documents, and the compliance with the terms and provisions thereof, do not conflict with or result in the breach of the terms of the articles of incorporation or by-laws, as amended, of Assured Guaranty. The execution and delivery of the Policy and the Assured Documents, and the compliance with the terms and provisions thereof, do not, to my knowledge without inquiry, conflict with or result in the breach of (i) any material restriction on Assured Guaranty contained in any material contract, agreement, or instrument to which Assured Guaranty is a party or by which any of its property is bound or (ii) any judgment, order, or decree of a governmental authority having jurisdiction over Assured Guaranty, in the case of each of (i) and (ii), to the extent such conflict or breach would impair the enforceability of the Policy or materially impair the enforceability of the Assured Documents (except that in the published opinion of the Securities and Exchange Commission the indemnification provisions of the Indemnification Agreement, insofar as they relate to indemnification for liabilities arising under the Act, are against public policy as expressed in the Act and are therefore unenforceable).

I am licensed to practice law in the State of New York, and do not purport to be an expert as to, or to express any opinion concerning the laws of any other jurisdiction other than the laws of the State of New York and the federal laws of the United States of America to the extent specifically referred to herein. To the extent that the opinions set forth herein purport to deal with matters of Maryland law, the statements made therein are based solely upon my review of the corporate documents of Assured Guaranty, my reading of the Maryland General Corporation Law and, in respect of the opinion set forth in paragraph (1) above, my reading of the Maryland Insurance Code.

 

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The opinions expressed herein are limited to the matters expressly set forth herein, and no opinion is implied or may be inferred beyond the matters expressly set forth herein. The opinions expressed herein are based solely on factual matters in existence as of the date hereof and laws and regulations in effect on the date hereof. I assume no obligation to revise or supplement this opinion letter should such factual matters change or should such laws or regulations be changed by legislative or regulatory action, judicial decision or otherwise, and I hereby express no opinion as to the effect any such changes may have on the foregoing opinions.

This opinion letter is being delivered to you solely for your benefit in connection with the issuance of the Policy and the execution and delivery of the Assured Documents, and may not be used, circulated, quoted or otherwise referred to or relied upon for any other purpose by any other person, in each case without my express prior written consent.

 

Very truly yours,
/s/ Brian H. Mellstrom
Brian H. Mellstrom

 

3


Annex A

AmeriCredit Financial Services, Inc.

801 Cherry Street, Suite 3500

Fort Worth, Texas 76102

AFS SenSub Corp.

2265 B Renaissance Drive, Suite 17

Las Vegas, Nevada 89119

AmeriCredit Automobile Receivables Trust 2010-A

   c/o Wilmington Trust Company

     as Owner Trustee

1100 North Market Street

Wilmington, Delaware 19890

Credit Suisse Securities (USA) LLC

Eleven Madison Avenue, 5th Floor

New York, New York 10010

RBS Securities Inc.

600 Washington Boulevard

Stamford, Connecticut 06901

Wells Fargo Bank, National Association

Sixth Street and Marquette Avenue

MAC N9311-161

Minneapolis, Minnesota 55479

Moody’s Investors Service Inc.

7 World Trade Center at

250 Greenwich Street

Asset Finance Group – 24th Floor

New York, New York 10007

Standard & Poor’s Ratings Services

   a Standard & Poor’s Financial Services LLC business

55 Water Street

New York, New York 10041

 

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EX-10.3 7 dex103.htm INSURANCE AND INDEMNITY AGREEMENT, DATED AS OF MARCH 26, 2010 Insurance and Indemnity Agreement, dated as of March 26, 2010

Exhibit 10.3

INSURANCE AND INDEMNITY AGREEMENT

among

ASSURED GUARANTY CORP.,

AMERICREDIT AUTOMOBILE RECEIVABLES TRUST 2010-A,

AMERICREDIT FINANCIAL SERVICES, INC.,

AFS SENSUB CORP.

and

AMERICREDIT CORP.

Dated as of March 25, 2010

$36,000,000 Class A-1 0.31327% Asset Backed Notes, Series 2010-A

$71,000,000 Class A-2 1.46% Asset Backed Notes, Series 2010-A

$93,000,000 Class A-3 3.51% Asset Backed Notes, Series 2010-A


TABLE OF CONTENTS

 

         Page

ARTICLE I

 

DEFINITIONS

   1

Section 1.1

 

Definitions

   1

ARTICLE II

 

REPRESENTATIONS, WARRANTIES AND COVENANTS

   2

Section 2.1

 

Representations and Warranties of the Trust

   2

Section 2.2

 

Affirmative Covenants of the Trust

   5

Section 2.3

 

Negative Covenants of AFS SenSub on Behalf of the Trust

   9

Section 2.4

 

Delivery of Assured Guaranty Financial Statements

   11

Section 2.5

 

[Reserved]

   13

Section 2.6

 

[Reserved]

   13

Section 2.7

 

Representations and Warranties with Respect to AFS SenSub and the Company

   13

Section 2.8

 

Affirmative Covenants with Respect to the Company and AFS SenSub

   17

Section 2.9

 

Negative Covenants with Respect to AFS SenSub and the Company

   21

Section 2.10

 

Representations and Warranties of AmeriCredit

   23

Section 2.11

 

Affirmative Covenants of AmeriCredit

   26

Section 2.12

 

Negative Covenants of AmeriCredit

   30

ARTICLE III

 

THE NOTES POLICY; REIMBURSEMENT; INDEMNIFICATION

   31

Section 3.1

 

Issuance of the Notes Policy

   31

Section 3.2

 

Payment of Fees and Premium

   31

Section 3.3

 

Reimbursement and Additional Payment Obligation

   32

Section 3.4

 

Certain Obligations Not Recourse to AmeriCredit

   33

Section 3.5

 

Indemnification

   33

Section 3.6

 

Subrogation

   35

ARTICLE IV

 

FURTHER AGREEMENTS

   35

Section 4.1

 

Effective Date; Term of Agreement

   35

Section 4.2

 

Obligations Absolute

   35

Section 4.3

 

Assignments; Reinsurance; Third-Party Rights

   36

 

i


TABLE OF CONTENTS

(continued)

 

         Page

Section 4.4

 

Liability of Assured Guaranty

   37

ARTICLE V

 

EVENTS OF DEFAULT; REMEDIES

   37

Section 5.1

 

Events of Default

   37

Section 5.2

 

Remedies; Waivers

   42

ARTICLE VI

 

MISCELLANEOUS

   43

Section 6.1

 

Amendments, Etc.

   43

Section 6.2

 

Notices

   43

Section 6.3

 

Payment Procedure

   44

Section 6.4

 

Severability

   45

Section 6.5

 

Governing Law

   45

Section 6.6

 

Consent to Jurisdiction

   45

Section 6.7

 

Consent of Assured Guaranty

   46

Section 6.8

 

Counterparts

   46

Section 6.9

 

Trial by Jury Waived

   46

Section 6.10

 

Limited Liability

   46

Section 6.11

 

Entire Agreement

   47

 

Appendix I      Definitions
Annex I      Form of Note Policy
Appendix A      Conditions Precedent to Issuance of the Notes Policy

 

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INSURANCE AND INDEMNITY AGREEMENT

INSURANCE AND INDEMNITY AGREEMENT dated as of March 25, 2010 (this “Insurance Agreement”) among ASSURED GUARANTY CORP. (“Assured Guaranty”), a Maryland-domiciled insurance company, AMERICREDIT AUTOMOBILE RECEIVABLES TRUST 2010-A (the “Trust”), a Delaware statutory trust, AFS SENSUB CORP., a Nevada corporation (when referred to individually hereunder, “AFS SenSub,” when referred to as the seller under the Sale and Servicing Agreement referred to below, the “Seller”), AMERICREDIT FINANCIAL SERVICES, INC. (the “Company”), a Delaware corporation and AMERICREDIT CORP., a Texas corporation (“AmeriCredit”).

INTRODUCTORY STATEMENTS

AFS SenSub proposes to acquire the Receivables from the Company and simultaneously to sell to the Trust all of its right, title and interest in and to the Receivables and certain other property pursuant to the Sale and Servicing Agreement. The Trust will issue the Certificate pursuant to the Trust Agreement and Notes pursuant to the Indenture.

Each Note will be secured by the Collateral. The Trust has requested that Assured Guaranty issue a financial guaranty insurance policy guarantying certain distributions of interest and principal on the Notes on each Insured Distribution Date (including any such distributions subsequently avoided as a preference under applicable bankruptcy law) upon the terms, and subject to the conditions, provided herein.

The parties hereto desire to specify the conditions precedent to the issuance of the Notes Policy by Assured Guaranty, the payment of premium in respect of the Notes Policy, the indemnity and reimbursement to be provided to Assured Guaranty in respect of amounts paid by Assured Guaranty under the Notes Policy or otherwise and certain other matters.

In consideration of the premises and of the agreements herein contained, Assured Guaranty, the Trust, the Company, AFS SenSub and AmeriCredit hereby agree as follows:

ARTICLE I

DEFINITIONS

Section 1.1 Definitions. Capitalized terms used herein shall have the meanings provided in Appendix I hereto or the meanings given such terms in the Sale and Servicing Agreement or the Spread Account Agreement, unless the context otherwise requires.


ARTICLE II

REPRESENTATIONS, WARRANTIES AND COVENANTS

Section 2.1 Representations and Warranties of the Trust. The Trust represents and warrants, as of the date hereof and as of the Date of Issuance (except as expressly provided herein), as follows:

(a) Due Organization and Qualification. The Trust is duly formed and validly existing as a Delaware statutory trust and is in good standing under the laws of the State of Delaware. The Trust is duly qualified to do business, is in good standing and has obtained all necessary licenses, permits, charters, registrations and approvals (together, “approvals”) necessary for the conduct of its business as currently conducted and as described in the Offering Document and the performance of its obligations under the Transaction Documents, in each jurisdiction in which the failure to be so qualified or to obtain such approvals would render any Receivable or Transaction Document unenforceable in any material respect or would otherwise have a material adverse effect upon the Transaction.

(b) Power and Authority. The Trust has all necessary trust power and authority to conduct its business as currently conducted and as described in the Offering Document, to execute, deliver and perform its obligations under the Transaction Documents and has full power and authority to sell and assign the Receivables as contemplated by the Transaction Documents and to consummate the Transaction.

(c) Due Authorization. The execution, delivery and performance of the Transaction Documents by the Trust have been duly authorized by all necessary trust action and do not require any additional approvals or consents or other action by, or any notice to or filing with, any Person, including, without limitation, any governmental entity.

(d) Noncontravention. None of the execution and delivery of the Transaction Documents by the Trust, the consummation of the transactions contemplated thereby nor the satisfaction of the terms and conditions of the Transaction Documents,

(i) conflicts with, or results in any breach or violation of, any provision of the Certificate of Trust or the Trust Agreement, or any law, rule, regulation, order, writ, judgment, injunction, decree, determination or award currently in effect having applicability to the Trust or its property, including regulations issued by an administrative agency or other governmental authority having supervisory powers over the Trust,

(ii) constitutes, or will constitute, a default by the Trust under, or a breach of, any provision of any loan agreement, mortgage, indenture or other agreement or instrument to which the Trust is a party or by which it or any of its property is or may be bound or affected, or

 

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(iii) results in or requires the creation of any Lien upon or in respect of any of the assets of the Trust, except as otherwise expressly contemplated by the Transaction Documents.

(e) Legal Proceedings. There is no action, proceeding, suit or investigation by or before any court, governmental or administrative agency or arbitrator against or affecting the Trust, or any properties or rights of the Trust, pending or, to the knowledge of the Trust, threatened, which, in any case, if decided adversely, would result in a Material Adverse Change with respect to the Trust, the Certificate or the Notes.

(f) Valid and Binding Obligations. Each of the Transaction Documents to which the Trust is a party when executed by the Owner Trustee on behalf of the Trust, will constitute the legal, valid and binding obligations of the Trust enforceable against the Trust in accordance with their respective terms, except as limited by applicable bankruptcy, insolvency, reorganization, moratorium and similar laws affecting the enforcement of creditors’ rights generally or general equitable principles (whether in a proceeding at law or in equity) and except to the extent that rights to indemnity and contribution may be limited by public policy. The Certificate, when executed, authenticated and delivered in accordance with the Trust Agreement, will be validly issued and outstanding and entitled to the benefits of the Trust Agreement and will evidence the entire beneficial ownership interest in the Trust. The Notes when executed, authenticated and delivered in accordance with the Indenture, will be entitled to the benefits of the Indenture and will constitute legal, valid and binding obligations of the Trust, enforceable in accordance with their terms, except as limited by applicable bankruptcy, insolvency, reorganization, moratorium and similar laws affecting the enforcement of creditors’ rights generally or general equitable principles (whether in a proceeding at law or in equity) and except to the extent that rights to indemnity and contribution may be limited by public policy.

(g) Accuracy of Information. None of the Transaction Documents, nor any of the Provided Documents, contain any statement of a material fact with respect to the Trust or the Transaction that was untrue or misleading in any material respect when made. Since the furnishing of the Provided Documents, there has been no change, nor any development or event involving a prospective change known to the Trust, that would render any of the Provided Documents untrue or misleading in any material respect. There is no fact known to the Trust which has a material possibility of causing a Material Adverse Change with respect to the Trust or which has a material possibility of impairing the value or marketability of the Receivables, taken as a whole, or decreasing the possibility that amounts due in respect of the Receivables will be collected as due.

(h) Compliance With Securities Laws. The offer and sale of the Notes comply in all material respects with all requirements of law, including all registration requirements of applicable securities laws. Without limitation of the foregoing, the Offering Document did not, as of its date, and does not, as of the date hereof, contain any untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements made therein, in light of the circumstances under which they were made, not misleading.

 

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(i) Transaction Documents. Each of the representations and warranties of the Trust contained in the Transaction Documents is true and correct in all material respects and the Trust hereby makes each such representation and warranty made by it to, and for the benefit of, Assured Guaranty as if the same were set forth in full herein.

(j) No Consents. No consent, license, authorization or approval from, or registration or other action by, and no notice to or filing or declaration with, any governmental entity or regulatory body, is required for the due execution, delivery and performance by the Trust of the Transaction Documents or any other material document or instrument to be delivered thereunder, except (in each case) such as have been obtained or the failure of which to be obtained would not be reasonably likely to have a material adverse effect on the Transaction.

(k) Compliance With Law, Etc. No practice, procedure or policy employed or proposed to be employed by the Trust in the conduct of its business violates any law, regulation, judgment, agreement, order or decree applicable to it which, if enforced, would result in a Material Adverse Change with respect to the financial condition of such Person.

(l) Special Purpose Entity.

(i) The capital of the Trust is adequate for the business and undertakings of the Trust.

(ii) Except as contemplated by the Transaction Documents, the Trust is not engaged in any business transactions with any AmeriCredit Party or any Affiliate of any of them.

(iii) The Trust’s funds and assets are not, and will not be, commingled with the funds of any other Person.

(m) Solvency; Fraudulent Conveyance. The Trust is solvent and will not be rendered insolvent by the Transaction and, after giving effect to such Transaction, the Trust will not be left with an unreasonably small amount of capital with which to engage in its business. The Trust does not intend to incur, or believe that it has incurred, debts beyond its ability to pay such debts as they mature. The Trust does not contemplate the commencement of insolvency, bankruptcy, liquidation or consolidation proceedings or the appointment of a receiver, liquidator, conservator, trustee or similar official in respect of the Trust or any of its assets.

(n) Perfection of Liens and Security Interest. On the Date of Issuance, the Lien and security interest in favor of the Trust Collateral Agent with respect to the Collateral will be perfected by the filing of financing statements on Form UCC-1 in each jurisdiction where such recording or filing is necessary for the perfection thereof, the delivery of the Receivables Files to the Custodian, and the establishment of the Collection Account and the Note Distribution Account in accordance with the provisions of the Transaction Documents, and no other filings in any jurisdiction or any other actions (except as expressly provided herein) are necessary to perfect the Trust Collateral Agent’s Lien on and security interest in the Collateral as against any third parties.

 

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(o) Investment Company Act. The Trust is not an “investment company,” or an “affiliated person” of, or “promoter” or “principal underwriter” for, an “investment company,” as such terms are defined in the Investment Company Act.

(p) Collateral. On the Date of Issuance, the Trust will have good and marketable title to each item of Trust Property conveyed on such date and will own each such item free and clear of any Lien (other than Liens contemplated under the Indenture) or any equity or participation interest of any other Person.

(q) Security Interest in Funds and Investments. Assuming the retention of funds in the Accounts, such funds will be subject to a valid and perfected, first priority security interest in favor of the Trust Collateral Agent on behalf of the Indenture Trustee (on behalf of the Noteholders), the Certificateholder and Assured Guaranty.

Section 2.2 Affirmative Covenants of the Trust. The Trust hereby agrees (to the extent set forth in this Section 2.2) that during the Term of this Agreement, unless Assured Guaranty shall otherwise expressly consent in writing:

(a) Compliance With Agreements and Applicable Laws. The Trust shall perform each of its obligations under the Transaction Documents and shall comply with all material requirements of, and the Notes shall be offered and sold in accordance with, any law, rule, regulation or order applicable to it or thereto, or that are required in connection with its performance under any of the Transaction Documents. So long as no Insurer Default has occurred and is continuing, the Trust will not cause or permit to become effective any amendment to or modification of any of the Transaction Documents to which it is a party unless Assured Guaranty shall have previously approved in writing such amendment or modification; provided however, that if an Insurer Default has occurred and is continuing, the Trust will not cause or permit to become effective any such amendment or modification that would materially and adversely affect the interest of Assured Guaranty. The Trust shall not take any action or fail to take any action that would interfere with the enforcement of any rights under the Transaction Documents.

(b) Certain Information. The Trust shall keep, or cause to be kept, in reasonable detail books and records of account of its assets and business, which shall be furnished to Assured Guaranty upon request. The Trust shall furnish to Assured Guaranty, simultaneously with the delivery of such documents to the Indenture Trustee, the Noteholders or the Certificateholder, as the case may be, copies of all reports, certificates, statements, financial statements or notices furnished to the Indenture Trustee, the Noteholders or the Certificateholder, as the case may be, pursuant to the Transaction Documents (including, but not limited to, copies of any reports submitted to the Trust by its independent accountants in connection with any examination of the financial statements of the Trust).

 

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(i) Certain Information. Not less than ten days prior to the date of filing with the IRS of any tax return or amendment thereto, the Trust shall deliver to Assured Guaranty copies of the proposed form of such return or amendment and, promptly after the filing or sending thereof, (A) copies of each tax return and amendment thereto that the Trust files with the IRS and (B) copies of all financial statements, reports, and registration statements which the Trust files with, or delivers to, any federal government agency, authority or body which supervises the issuance of securities by the Trust.

(ii) Other Information. Promptly upon the request of Assured Guaranty, the Trust shall deliver to Assured Guaranty copies of all schedules, financial statements or other similar reports delivered to or by the Trust pursuant to the terms of this Insurance Agreement and the other Transaction Documents and such other data as Assured Guaranty may reasonably request.

(c) Access to Records; Discussions with Officers. The Trust shall, upon the request of Assured Guaranty, permit Assured Guaranty, or its authorized agent, at the expense of Assured Guaranty, at reasonable times and upon reasonable prior written notice:

(i) to inspect such books and records of the Trust as may relate to the Notes, the Certificate, the Receivables and the other Trust Property, the obligations of the Trust under the Transaction Documents, the business of the Trust and the transactions consummated in connection therewith; and

(ii) to discuss the affairs, finances and accounts of the Trust with an appropriate officer of the Trust.

Such inspections and discussions shall be conducted during normal business hours and shall not unreasonably disrupt the business of the Trust.

(d) Notice of Material Events. The Trust shall promptly inform Assured Guaranty in writing of the occurrence of any of the following:

(i) the submission of any claim or the initiation of any legal process, litigation or administrative or judicial investigation against the Trust in any federal, state or local court or before any arbitration board, or any such proceeding threatened by any governmental agency, which, if adversely determined, would have a material adverse effect on the Receivables as a whole, or which, if adversely determined, would have a material adverse effect upon the ability of the Trust to perform its obligations under any Transaction Document;

(ii) any change in the location of the Trust’s principal office or any change in the location of the books and records of the Trust;

(iii) the occurrence of any Default or Special Event; or

 

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(iv) any other event, circumstance or condition that has resulted, or which is reasonably likely to result, in a Material Adverse Change in respect of the Trust.

(e) Further Assurances. The Trust will file all necessary financing statements, assignments or other instruments, and any amendments or continuation statements relating thereto, necessary to be kept and filed in such manner and in such places as may be required by law to preserve and protect fully the Lien on and security interest in, and all rights of the Trust Collateral Agent with respect to the Collateral under the Indenture. In addition, the Trust shall, upon the request of Assured Guaranty, from time to time, execute, acknowledge and deliver, or cause to be executed, acknowledged and delivered, within thirty (30) days of such request, such amendments hereto and such further instruments and take such further action as may be reasonably necessary to effectuate the intention, performance and provisions of the Transaction Documents or to protect the interest of the Trust Collateral Agent in the Collateral under the Indenture. In addition, the Trust agrees to cooperate with S&P or Moody’s, as applicable, in connection with any review of the Transaction which may be undertaken by S&P or Moody’s after the date hereof.

(f) Retirement of Notes. The Trust shall, upon retirement of the Notes, furnish to Assured Guaranty a notice of such retirement, and, upon such retirement and the expiration of the Term Of The Policy, surrender the Notes Policy to Assured Guaranty for cancellation.

(g) Third-Party Beneficiary. The Trust agrees that Assured Guaranty shall have all rights of a third-party beneficiary in respect of the Sale and Servicing Agreement and hereby incorporates and restates its representations, warranties and covenants as set forth therein for the benefit of Assured Guaranty.

(h) Preservation of Existence. The Trust shall observe in all material respects all procedures required by its Certificate of Trust and Trust Agreement and preserve and maintain its existence as a trust and its rights, franchises and privileges in the jurisdiction of its organization, and shall qualify and remain qualified in good standing in each jurisdiction where the nature of its business requires it to do so except where the failure to be so qualified, in good standing and to maintain its rights, franchises and privileges would not have a material adverse effect on the financial condition of the Trust, or its ability to perform its obligations under this Insurance Agreement or under any other Transaction Document to which it is party.

(i) Disclosure Document. Each Offering Document delivered with respect to the Notes shall clearly disclose that the Notes Policy is not covered by the property/casualty insurance security fund specified in Article 76 of the New York Insurance Law. In addition, each Offering Document delivered with respect to the Notes which includes financial statements of Assured Guaranty prepared in accordance with generally accepted accounting principles (but excluding any Offering Document in which such financial statements are incorporated by reference) shall include the following statement immediately following such financial statements:

 

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The Maryland Insurance Administration recognizes only statutory accounting practices for determining and reporting the financial condition and results of operations of an insurance company, for determining its solvency under the Maryland Insurance Code, and for determining whether its financial condition warrants the payment of a dividend to its stockholders. No consideration is given by the Maryland Insurance Administration to financial statements prepared in accordance with generally accepted accounting principles in making such determinations.

(j) Special Purpose Entity.

(i) The Trust shall conduct its business solely in its own name through its duly authorized officers or agents so as not to mislead others as to the identity of the entity with which those others are concerned, and particularly will use its best efforts to avoid the appearance of conducting business on behalf of AmeriCredit, the Company, AFS SenSub or any other Affiliates thereof or that the assets of the Trust are available to pay the creditors of AmeriCredit, the Company, AFS SenSub or any other Affiliates thereof. Without limiting the generality of the foregoing, all oral and written communications, including, without limitation, letters, invoices, purchase orders, contracts, statements and loan applications, will be made solely in the name of the Trust.

(ii) The Trust shall maintain trust records and books of account separate from those of AmeriCredit, the Company, AFS SenSub and Affiliates of any of them.

(iii) The Trust shall obtain proper authorization from its equity owners of all trust action requiring such authorization, and copies of each such authorization and the minutes or other written summary of each such meeting shall be delivered to Assured Guaranty within two weeks of such authorization or meeting as the case may be.

(iv) Although the organizational expenses of the Trust have been paid by AmeriCredit, operating expenses and liabilities of the Trust shall be paid from its own funds or by AmeriCredit.

(v) The annual financial statements of the Trust shall disclose the effects of the Trust’s transactions in accordance with generally accepted accounting principles and shall disclose that the assets of the Trust are not available to pay creditors of AmeriCredit, the Company, AFS SenSub or any Affiliate of any of them.

(vi) The resolutions, agreements and other instruments of the Trust underlying the transactions described in this Insurance Agreement and in the other Transaction Documents shall be continuously maintained by the Trust as official records of the Trust separately identified and held apart from the records of AmeriCredit, the Company, AFS SenSub and each Affiliate of any of them.

 

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(vii) The Trust shall maintain an arm’s-length relationship with AmeriCredit, the Company, AFS SenSub and each Affiliate of any of them and will not hold itself out as being liable for the debts of any such Person.

(viii) The Trust shall keep its assets and its liabilities wholly separate from those of all other entities, including, but not limited to, the Underwriters, the Company, AFS SenSub and each Affiliate of any of them except, in each case, as contemplated by the Transaction Documents.

(k) Tax Matters. The Trust will take, or refrain from taking, as the case may be, all actions necessary to ensure that for federal and state income tax purposes the Trust is not taxable as an association (or publicly traded partnership) taxable as a corporation.

(l) Securities Laws. The Trust shall comply in all material respects with all applicable provisions of state and federal securities laws, including blue sky laws and the Securities Act, the Exchange Act and the Investment Company Act and all rules and regulations promulgated thereunder for which non-compliance would result in a Material Adverse Change with respect to the Trust.

(m) Incorporation of Covenants. The Trust shall comply with each of the Trust’s covenants set forth in the Transaction Documents and hereby incorporates such covenants by reference as if each were set forth herein.

Section 2.3 Negative Covenants of AFS SenSub on Behalf of the Trust. Each of the Trust and AFS SenSub, as Depositor, on behalf of the Trust, hereby agrees (to the extent set forth in this Section 2.3), that during the Term of this Agreement, unless Assured Guaranty shall otherwise expressly consent in writing:

(a) Restrictions on Liens. The Trust shall not, except as contemplated by the Transaction Documents, (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, or (ii) file under the Uniform Commercial Code of any jurisdiction any financing statement which names the Trust as a debtor, or sign any security agreement authorizing any secured party thereunder to file such financing statement, with respect to the Receivables.

(b) Impairment of Rights. The Trust shall not take any action, or fail to take any action, if such action or failure to take action would be reasonably likely to (i) interfere with the enforcement of any rights under the Transaction Documents that are material to the rights, benefits or obligations of the Indenture Trustee, the Certificateholder, the Noteholders or Assured Guaranty, (ii) result in a Material Adverse Change in respect of the Receivables, or (iii) impair the ability of the Trust to perform its obligations under the Transaction Documents.

 

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(c) Waiver, Amendments, Etc. So long as no Insurer Default has occurred and is continuing, the Trust shall not waive, modify or amend, or consent to any waiver, modification or amendment of, any of the provisions of any of the Transaction Documents; provided however, that if an Insurer Default has occurred and is continuing, the Trust will not cause or permit to become effective any such waiver, modification, amendment or consent related thereto that would materially and adversely affect the interest of Assured Guaranty.

(d) Successors. The Trust shall not terminate or designate, or consent to the termination or designation of, the Servicer, Backup Servicer, the Collateral Agent, the Owner Trustee or any successor thereto without the prior approval of Assured Guaranty.

(e) Creation of Indebtedness; Guarantees. Other than the Transaction Documents, the Trust shall not create, incur, assume or suffer to exist any indebtedness other than indebtedness guaranteed or approved in writing by Assured Guaranty. Without the prior written consent in writing of Assured Guaranty, the Trust shall not assume, guarantee, endorse or otherwise be or become directly or contingently liable for the obligations of any Person by, among other things, agreeing to purchase any obligation of another Person, agreeing to advance funds to such Person or causing or assisting such Person to maintain any amount of capital.

(f) Subsidiaries. The Trust shall not form, or cause to be formed, any Subsidiaries.

(g) No Mergers. The Trust shall not consolidate with or merge into any Person or transfer all or any material amount of its assets to any Person, liquidate or dissolve except as permitted by the Trust Agreement and as contemplated by the Transaction Documents.

(h) Other Activities. The Trust shall not:

(i) sell, pledge, transfer, exchange or otherwise dispose of any of its assets except as permitted under the Transaction Documents; or

(ii) engage in any business or activity except as contemplated by the Transaction Documents and as permitted by the Trust Agreement.

(i) Insolvency. The Trust shall not commence any case, proceeding or other action (A) under any existing or future law of any jurisdiction, domestic or foreign, relating to the bankruptcy, insolvency, reorganization or relief of debtors, seeking to have an order for relief entered with respect to it, or seeking reorganization, arrangement, adjustment, winding-up, liquidation, dissolution, corporation or other relief or (B) seeking appointment of a receiver, trustee, custodian or other similar official for it or for all or any substantial part of its assets or make a general assignment for the benefit of its creditors. The Trust shall not take any action in furtherance of, or indicating the consent to, approval of, or acquiescence in, any of the acts set forth above. The Trust shall not admit in writing its inability to pay its debts.

 

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Section 2.4 Delivery of Assured Guaranty Financial Statements.

(a) Assured Guaranty agrees (i) only until AFS SenSub and the Trust are eligible to suspend filing of Exchange Act Reports and only for so long as AFS SenSub and the Trust are required to file Assured Guaranty Financial Statements to comply with their reporting obligations in relation to the Exchange Act Reports, as soon as reasonably practicable after the public release of any Assured Guaranty Financial Statements, unless such Assured Guaranty Financial Statements then satisfy the Incorporation by Reference Conditions, to deliver to the Company an electronic copy of such Assured Guaranty Financial Statements for the related period, meeting the requirements of Regulation S-X of the Securities Act, via an e-mail communication or e-mail communications addressed to Securitization&ConduitReporting@americredit.com, or such other address that has been designated by the Company and provided in a written notice to Assured Guaranty (any such address, the “AmeriCredit E-mail Address”); (ii) only until AFS SenSub and the Trust are eligible to suspend filing of Exchange Act Reports and only for so long as AFS SenSub and the Trust are required to file Assured Guaranty Financial Statements to comply with their reporting obligations in relation to the Exchange Act Reports, during any period that Assured Guaranty satisfies the Incorporation By Reference Conditions, to notify the Company reasonably promptly after the filing by AGL (or, if Assured Guaranty is then subject to the reporting requirements of the Exchange Act, the filing by Assured Guaranty) of any amended Form 10-K or amended Form 10-Q report containing amended Assured Guaranty Financial Statements; provided, however, that Assured Guaranty may satisfy any such obligation so to notify the Company by sending an e-mail communication to the AmeriCredit E-mail Address advising the Company that AGL (or, if applicable, Assured Guaranty) has filed an amended report under the Exchange Act and containing either an electronic copy of such report or a hyperlink to an electronic copy of such report appearing on AGL’s, Assured Guaranty’s or the Commission’s web site; (iii) that Assured Guaranty consents to the incorporation by reference of such Assured Guaranty Financial Statements in, or the inclusion of such Assured Guaranty Financial Statements as an exhibit to, the Prospectus and AFS SenSub’s or Trust’s applicable Form 10-D filings; (iv) only until AFS SenSub and the Trust are eligible to suspend filing of Exchange Act Reports and only for so long as AFS SenSub and the Trust are required to file Assured Guaranty Financial Statements to comply with their reporting obligations in relation to the Exchange Act Reports, to comply with reasonable written requests of the Company or AFS SenSub for the delivery of any other additional information as may be necessary for AFS SenSub or the Trust to comply with Item 1114 of Regulation AB, so long as such information is available to Assured Guaranty through commercially reasonable efforts and not otherwise available to AFS SenSub or the Company; and (v) that, on not less than three (3) Business Days’ notice, it will use commercially reasonable efforts to cause its accountants, if required by AFS SenSub or the Trust in order to comply with the Exchange Act, to issue their consent to the incorporation by reference of any Assured Guaranty Financial Statements into the Prospectus or any of the AFS SenSub’s or the Trust’s applicable Form 10-D filings; provided, however, that Assured Guaranty’s liability in the case of a breach of the agreements contained in this Section 2.4 will be limited to the actual damages incurred by AmeriCredit, the Company, AFS SenSub or the Trust, and in no event will Assured Guaranty be liable for indirect, incidental, special, consequential, exemplary or punitive damages, including, without limitation, (x) damage to reputation, (y) loss of profit, revenue or business opportunity or (z) delay or impairment of access to the capital markets (including as a result of the failure of AmeriCredit, the Company, AFS SenSub or the Trust to satisfy the eligibility requirements set forth in Instruction I.A.3 or I.A.4 of Form S-3 under the Securities Act). In addition, in no event will Assured Guaranty be liable for failing to provide any notification required under this Section 2.4 in the event that Assured Guaranty has used reasonable efforts in sending, but has been unable to send, an e-mail communication to the AmeriCredit E-mail Address so long as, as soon as reasonably practicable after Assured Guaranty has actual knowledge that any such e-mail communication has not properly been sent to or received at the AmeriCredit E-mail Address, Assured Guaranty has either (i) successfully faxed a copy of the communication that it had attempted to e-mail to the AmeriCredit E-mail Address to AmeriCredit at (817) 302-7915 or (ii) mailed a copy of such communication to AmeriCredit Financial Services, Inc., 801 Cherry Street, Suite 3500, Fort Worth, Texas 76102, Attention: Chief Financial Officer. It is understood and agreed that, to the extent any consent letter of Assured Guaranty’s accountants is required by the Company or the Trust in connection with any such filing, the fees and expenses payable in respect thereof shall be paid by AmeriCredit upon demand.

 

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(b) In addition to any and all rights of indemnification or any rights of the Company, AFS SenSub, the Trust or AmeriCredit pursuant to this Insurance Agreement, the Indemnification Agreement or any other Transaction Document or under law or equity, Assured Guaranty agrees to pay, and to protect, indemnify and save harmless the AmeriCredit Parties and the Trust from and against any and all claims, losses, liabilities (including penalties), actions, suits, judgments, demands, damages, costs or expenses (including reasonable fees and expenses of attorneys, consultants and auditors and reasonable costs of investigations) of any nature arising out of or by reason of any untrue statement of: (i) a material fact or an omission to state a material fact necessary in order to make the statements therein in light of the circumstances in which they were made not misleading contained in any Assured Guaranty Financial Statements incorporated by reference in, or included as an exhibit to, any Exchange Act Reports pursuant to Section 2.4(a) hereof (“Incorporated Assured Guaranty Financial Statements”); or (ii) subject to the limitations on liability set forth in Section 2.4(a) of this Insurance Agreement, any failure of Assured Guaranty to comply with its obligations under Section 2.4(a) of this Insurance Agreement or any breach of its representations under Section 2.4(c) of this Insurance Agreement.

(c) As of each date that Incorporated Assured Guaranty Financial Statements are incorporated into the Prospectus or any Exchange Act Report, Assured Guaranty represents to the AmeriCredit Parties that:

(i) AGL (or, if Assured Guaranty is then subject to the reporting requirements of the Exchange Act, Assured Guaranty) is required to file reports with the Commission pursuant to Section 13(a) or 15(d) of the Exchange Act;

(ii) AGL (or, if Assured Guaranty is then subject to the reporting requirements referred to in Section 2.04(c)(i) above, Assured Guaranty) has filed all reports and other materials required to be filed by such requirements during the preceding 12 months (or such shorter period that such party was required to file such reports and materials);

 

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(iii) the reports filed by AGL (or, if Assured Guaranty is then subject to the reporting requirements referred to in Section 2.04(c)(i) above, filed by Assured Guaranty) include the Incorporated Assured Guaranty Financial Statements;

(iv) to the best of Assured Guaranty’s knowledge, the accountants who certify the Incorporated Assured Guaranty Financial Statements and supporting schedules included in the Incorporated Assured Guaranty Financial Statements (if applicable) are independent registered public accountants as required by the Securities Act; and

(v) the Incorporated Assured Guaranty Financial Statements incorporated by reference in the Registration Statement relating to the Prospectus (including through filing of an Exchange Act Report) complied in all material respects with the applicable requirements of Regulation S-X.

Section 2.5 [Reserved].

Section 2.6 [Reserved].

Section 2.7 Representations and Warranties with Respect to AFS SenSub and the Company. Each AmeriCredit Party represents, warrants and covenants, as of the Date of Issuance, with respect to AFS SenSub and the Company, as follows:

(a) Due Organization and Qualification. AFS SenSub is a corporation, duly formed, organized, validly existing and is in good standing under the laws of the State of Nevada and the Company is a corporation, duly organized, validly existing and in good standing under the laws of Delaware. Each of AFS SenSub and the Company is duly qualified to do business, and has obtained all necessary licenses, permits, charters, registrations and approvals (together, “approvals”) necessary for the conduct of its business as currently conducted and as described in the Offering Document and the performance of its obligations under the Transaction Documents, in each jurisdiction in which the failure to be so qualified or to obtain such approvals would render any Receivable unenforceable in any respect or would otherwise have a material adverse effect upon the Transaction.

(b) Power and Authority. Each of AFS SenSub and the Company has all necessary corporate power and authority to conduct its business as currently conducted and as described in the Offering Document, to execute, deliver and perform its obligations under the Transaction Documents and has full power and authority to sell and assign the Receivables as contemplated by the Transaction Documents and to consummate the Transaction.

 

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(c) Due Authorization. The execution, delivery and performance of the Transaction Documents by each of AFS SenSub and the Company have been duly authorized by all necessary corporate action and do not require any additional approvals or consents or other action by, or any notice to, or filing with, any Person, including, without limitation, any governmental entity or the Company’s stockholder.

(d) Noncontravention. None of the execution and delivery of the Transaction Documents by the Company or by AFS SenSub, the consummation of the transactions contemplated thereby nor the satisfaction of the terms and conditions of the Transaction Documents,

(i) conflicts with or results in any breach or violation of any provision of the Certificate of Incorporation or Bylaws of the Company or AFS SenSub, or any law, rule, regulation, order, writ, judgment, injunction, decree, determination or award currently in effect having applicability to the Company or AFS SenSub, as the case may be, or any of their respective properties, including regulations issued by an administrative agency or other governmental authority having supervisory powers over the Company or AFS SenSub, as the case may be,

(ii) constitutes or will constitute a default by the Company or AFS SenSub, as the case may be, under or a breach of any provision of any loan agreement, mortgage, indenture or other agreement or instrument to which the Company or AFS SenSub is a party or by which it, or any of its or their properties is, or may be, bound or affected, or

(iii) results in or requires the creation of any Lien upon or in respect of any of the assets of the Company or AFS SenSub except as otherwise expressly contemplated by the Transaction Documents.

(e) Legal Proceedings. There is no action, proceeding or investigation pending, or to the best knowledge of the Company or AFS SenSub after reasonable inquiry, threatened by or before any court, regulatory body, governmental or administrative agency or arbitrator against or affecting the Company or AFS SenSub, or any properties or rights of the Company or AFS SenSub, including without limitation, the Receivables, which might result in a Material Adverse Change with respect to the Company, AFS SenSub or the Certificate.

(f) Valid and Binding Obligations. Each of the Transaction Documents to which either the Company or AFS SenSub is a party when executed and delivered by the Company or AFS SenSub, as the case may be, will constitute the legal, valid and binding obligations of such Person, enforceable in accordance with their respective terms, except as such enforceability may be limited by bankruptcy, insolvency, reorganization, moratorium or other similar laws affecting creditors’ rights generally and general equitable principles. The Certificate, when executed, authenticated and delivered in accordance with the Trust Agreement, will be validly issued and outstanding and entitled to the benefits of the Trust Agreement and will evidence the entire beneficial ownership interest in the Trust. The Notes when executed, authenticated and delivered in accordance with the Indenture, will be entitled to the benefits of the Indenture and will constitute legal, valid and binding obligations of the Trust, enforceable in accordance with their terms, except as limited by applicable bankruptcy, insolvency, reorganization, moratorium and similar laws affecting the enforcement of creditors’ rights generally or general equitable principles (whether in a proceeding at law or in equity) and except to the extent that rights to indemnity and contribution may be limited by public policy.

 

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(g) ERISA. Each of AFS SenSub and the Company is in compliance with ERISA and has not incurred and does not reasonably expect to incur, any liabilities to the PBGC under ERISA in connection with any Plan or Multiemployer Plan.

(h) Accuracy of Information. None of the Transaction Documents nor any of the Provided Documents contain any statement of a material fact with respect to the Company or AFS SenSub or the Transaction that was untrue or misleading in any material respect when made. Since the furnishing of the Provided Documents, there has been no change, nor any development or event involving a prospective change known to the Company or to AFS SenSub, that would render any of the Provided Documents untrue or misleading in any material respect. There is no fact known to the Company or AFS SenSub which has a material possibility of causing a Material Adverse Change with respect to either of the Company or AFS SenSub, or which has a material possibility of impairing the value or marketability of the Receivables, taken as a whole, or decreasing the possibility that amounts due in respect of the Receivables will be collected as due.

(i) Compliance With Securities Laws. The offer and sale of the Securities comply in all material respects with all requirements of law, including all registration requirements of applicable securities laws. Without limitation of the foregoing, the Offering Document does not contain any untrue statement of a material fact and does not omit to state a material fact required to be stated therein or necessary to make the statements made therein, in light of the circumstances under which they were made, not misleading.

(j) Transaction Documents. Each of the representations and warranties of AFS SenSub and the Company contained in the Transaction Documents is true and correct in all material respects and each of AFS SenSub and the Company hereby makes each such representation and warranty made by it to, and for the benefit of, Assured Guaranty as if the same were set forth in full herein.

(k) No Consents. No consent, license, approval or authorization from, or registration, filing or declaration with, any regulatory body, administrative agency, or other governmental instrumentality, nor any consent, approval, waiver or notification of any creditor, lessor or other nongovernmental person, is required in connection with the execution, delivery and performance by the Company or AFS SenSub of this Insurance Agreement or of any other Transaction Document to which such Person is a party, except (in each case) such as have been obtained and are in full force and effect.

(l) Compliance With Law, Etc. No practice, procedure or policy employed or proposed to be employed by the Company or AFS SenSub in the conduct of their respective businesses violates any law, regulation, judgment, agreement, order or decree applicable to it which, if enforced, would result in a Material Adverse Change with respect to such Person.

 

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(m) Special Purpose Entity.

(i) The capital of AFS SenSub is adequate for the business and undertakings of AFS SenSub.

(ii) AFS SenSub is a wholly-owned special-purpose subsidiary of the Company.

(iii) [Reserved].

(iv) The funds and assets of AFS SenSub are not, and will not be, commingled with the funds of any other person.

(n) Solvency; Fraudulent Conveyance. Each of AFS SenSub and the Company is solvent and will not be rendered insolvent by the Transaction and, after giving effect to such Transaction, neither the Company nor AFS SenSub will be left with an unreasonably small amount of capital with which to engage in its business. Neither the Company nor AFS SenSub intends to incur, or believes that it has incurred, debts beyond its ability to pay such debts as they mature. Neither the Company nor AFS SenSub contemplates the commencement of insolvency, bankruptcy, liquidation or consolidation proceedings or the appointment of a receiver, liquidator, conservator, trustee or similar official in respect of the Company or AFS SenSub, as the case may be, or any of their respective assets. The amount of consideration being received by the Seller upon the sale of the Receivables to the Trust constitutes reasonably equivalent value and fair consideration for the Receivables. The Seller is not selling the Receivables to the Trust, as provided in the Transaction Documents, with any intent to hinder, deal or defraud any of the Company’s creditors.

(o) Good Title; Valid Transfer; Absence of Liens; Security Interest.

(i) Immediately prior to the pledge of the Collateral to the Trust Collateral Agent pursuant to the Indenture, the Trust was the owner of, and had good and marketable title to, such property free and clear of all Liens and Restrictions on Transferability, and had or will have had full right, power and lawful authority to assign, transfer and pledge such Receivables. The Indenture constitutes a valid pledge of the Collateral to the Trust Collateral Agent and the Trust Collateral Agent shall have a valid and perfected first priority security interest in the Collateral, free and clear of all Liens and Restrictions on Transferability.

(ii) Immediately prior to the transfer of any Receivables to the Trust pursuant to the Sale and Servicing Agreement, AFS SenSub was or will have been the owner of, and had good and marketable title to, such property free and clear of all Liens and Restrictions on Transferability, and had or will have had full right, corporate power and lawful authority to assign, transfer and pledge such Receivables. In the event that a transfer of the Receivables by AFS SenSub to the Trust is characterized as other than a sale, such transfer shall be characterized as a secured financing, and the Trustee shall have a valid and perfected first priority security interest in such Receivables free and clear of all Liens and Restrictions on Transferability.

 

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(iii) Immediately prior to the sale of the Receivables to AFS SenSub pursuant to the Purchase Agreement, the Company was or will have been the owner of, and had good and marketable title to, the Receivables being transferred by such party free and clear of all Liens and Restrictions on Transferability, and had or will have had full right, corporate power and lawful authority to assign, transfer and pledge such Receivables. In the event that a transfer of the Receivables by the Company to AFS SenSub is characterized as other than a sale, such transfer shall be characterized as a secured financing, and AFS SenSub shall have a valid and perfected first priority security interest in such Receivables free and clear of all Liens and Restrictions on Transferability.

(p) [Reserved]

(q) Taxes. The Company has filed all federal and state tax returns which are required to be filed and paid all taxes, including any assessments received by the Company, to the extent that such taxes have become due. Any taxes, fees and other governmental charges payable by the Company or AFS SenSub in connection with the Transaction, the execution and delivery of the Transaction Documents and the issuance of the Securities have been paid or shall have been paid at or prior to the Date of Issuance.

(r) Security Interest in Funds and Investments in the Spread Account. Assuming the retention of funds in the Spread Account, such funds will be subject to a valid and perfected, first priority security interest in favor of the Collateral Agent on behalf of the Indenture Trustee (on behalf of the Noteholders) and Assured Guaranty.

Section 2.8 Affirmative Covenants with Respect to the Company and AFS SenSub. Each AmeriCredit Party hereby agrees with respect to the Company and with respect to AFS SenSub that during the Term of this Agreement, unless Assured Guaranty shall otherwise expressly consent in writing:

(a) Compliance With Agreements and Applicable Laws. Each of AFS SenSub and the Company shall perform each of its respective obligations under the Transaction Documents and shall comply with all material requirements of any law, rule or regulation applicable to it, or that are required in connection with its performance under any of the Transaction Documents. So long as no Insurer Default has occurred and is continuing, neither the Company nor AFS SenSub will cause or permit to become effective any amendment to or modification of any of the Transaction Documents to which it is a party unless Assured Guaranty shall have previously approved in writing such amendment or modification; provided however, that if an Insurer Default has occurred and is continuing, neither the Company nor AFS SenSub will cause or permit to become effective any such amendment or modification that would materially and adversely affect the interest of Assured Guaranty. Neither the Company nor AFS SenSub shall take any action or fail to take any action that would interfere with the enforcement of any rights under the Transaction Documents.

 

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(b) Reports; Other Information. Each of AFS SenSub and the Company shall keep or cause to be kept in reasonable detail books and records of account of their respective assets and business. Each of AFS SenSub and the Company shall furnish or caused to be furnished to Assured Guaranty:

(i) Promptly upon receipt thereof, copies of all reports, statements, certifications, schedules, or other similar items delivered to or by the Company or AFS SenSub pursuant to the terms of the Transaction Documents and, promptly upon request, such other data as Assured Guaranty may reasonably request; provided, however, that neither the Company nor AFS SenSub shall be required to deliver any such items if provision by some other party to Assured Guaranty is required under the Transaction Documents unless such other party wrongfully fails to deliver such item. The Company and AFS SenSub shall, upon the request of Assured Guaranty, permit Assured Guaranty or its authorized agents (A) to inspect its books and records as they may relate to the Securities, the Receivables, the Certificate, the obligations of AFS SenSub and the Company under the Transaction Documents, the Transaction and, but only following the occurrence of a Special Event, AFS SenSub’s business; (B) to discuss the affairs, finances and accounts of AFS SenSub and the Company with an officer of each upon Assured Guaranty’s reasonable request; and (C) upon the occurrence of a Special Event, to discuss the affairs, finances and accounts of AFS SenSub and the Company with its independent accountants, provided that an officer of such Person shall have the right to be present during such discussions. Such inspections and discussions shall be conducted during normal business hours and shall not unreasonably disrupt the business of such Person. The fees and expenses of Assured Guaranty or any such authorized agents shall be for the account of AmeriCredit.

(ii) The Company shall provide or cause to be provided to Assured Guaranty an executed original copy of each document executed in connection with the transaction within 30 days after the date of closing.

(c) Notice of Material Events. The Company and AFS SenSub shall promptly inform Assured Guaranty in writing of the occurrence of any of the following:

(i) the submission of any claim or the initiation of any legal process, litigation or administrative or judicial investigation (A) against the Company or AFS SenSub pertaining to the Receivables in general, (B) with respect to a material portion of the Receivables, or (C) in which a request has been made for certification as a class action (or equivalent relief) that would involve a material portion of the Receivables;

 

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(ii) any change in the location of the principal office of either of the Company or AFS SenSub or any change in the location of the books and records of the Company or AFS SenSub;

(iii) the occurrence of any Default or Special Event; or

(iv) any other event, circumstance or condition that has resulted, or which the Company or AFS SenSub, as the case may be, reasonably believes might result, in a Material Adverse Change in respect of the Company or AFS SenSub.

(d) Further Assurances. Each of AFS SenSub and the Company will file all necessary financing statements, assignments or other instruments, and any amendments or continuation statements relating thereto, necessary to be kept and filed in such manner and in such places as may be required by law to preserve and protect fully the Lien on and security interest in, and all rights of the Trust Collateral Agent, for the benefit of the Trust Collateral Agent (for Assured Guaranty), with respect to the Receivables, the Collection Account and the Spread Account. In addition, each of AFS SenSub and the Company shall, upon the request of Assured Guaranty, from time to time, execute, acknowledge and deliver, or cause to be executed, acknowledged and delivered, within thirty (30) days of such request, such amendments hereto and such further instruments and take such further action as may be reasonably necessary to effectuate the intention, performance and provisions of the Transaction Documents or to protect the interest of the Trust, the Owner Trustee, the Indenture Trustee and Assured Guaranty, in the Receivables, the Collection Account and the Spread Account, free and clear of all Liens and Restrictions on Transferability except as contemplated by the Transaction Documents. In addition, each of AFS SenSub and the Company agrees to cooperate with S&P and Moody’s in connection with any review of the Transaction which may be undertaken by S&P and Moody’s after the date hereof.

(e) Third-Party Beneficiary. Each of AFS SenSub and the Company agrees that Assured Guaranty shall have all rights of a third-party beneficiary in respect of the Sale and Servicing Agreement and hereby incorporates and restates its representations, warranties and covenants as set forth therein for the benefit of Assured Guaranty.

(f) Existence. AFS SenSub shall maintain its corporate existence and shall at all times continue to be duly organized under the laws of Nevada and the Company shall maintain its corporate existence and shall at all times continue to be duly organized under the laws of Delaware, and each shall at all times be duly qualified and duly authorized (as described in Sections 2.7(a), (b) and (c) hereof) and each shall conduct its business in accordance with the terms of its Certificate of Incorporation and its Bylaws (with respect to AFS SenSub) or its Certificate of Incorporation and Bylaws (with respect to the Company).

 

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(g) Disclosure Document. Each Offering Document delivered with respect to the Securities shall clearly disclose that the Notes Policy is not covered by the property/casualty insurance security fund specified in Article 76 of the New York Insurance Law. In addition, each Offering Document delivered with respect to the Securities which includes financial statements of Assured Guaranty prepared in accordance with generally accepted accounting principles (but excluding any Offering Document in which such financial statements are incorporated by reference) shall include the following statement immediately following such financial statements:

The Maryland Insurance Administration recognizes only statutory accounting practices for determining and reporting the financial condition and results of operations of an insurance company, for determining its solvency under the Maryland Insurance Code, and for determining whether its financial condition warrants the payment of a dividend to its stockholders. No consideration is given by the Maryland Insurance Administration to financial statements prepared in accordance with generally accepted accounting principles in making such determinations.

(h) Special Purpose Entity.

(i) AFS SenSub shall conduct its business solely in its own name through its duly authorized agents so as not to mislead others as to the identity of the entity with which those others are concerned, and particularly will use its best efforts to avoid the appearance of conducting business on behalf of any Affiliate thereof or that the assets of AFS SenSub are available to pay the creditors of the Company, AFS SenSub or AmeriCredit or any Affiliate thereof. Without limiting the generality of the foregoing, all oral and written communications, including, without limitation, letters, invoices, purchase orders, contracts, statements and loan applications, will be made solely in the name of AFS SenSub.

(ii) AFS SenSub shall maintain corporate records and books of account separate from those of the Company, AFS SenSub, the Trust and AmeriCredit, and the affiliates thereof.

(iii) AFS SenSub shall obtain proper authorization from its shareholders of all action requiring such authorization, and copies of each such authorization and the minutes or other written summary of each such meeting shall be delivered to Assured Guaranty within two weeks of such authorization or meeting as the case may be.

(iv) [Reserved].

(v) Although the organizational expenses of AFS SenSub have been paid by AmeriCredit, AFS SenSub shall pay its own operating expenses and liabilities from its own funds.

(vi) The annual financial statements of AFS SenSub shall disclose the effects of AFS SenSub’s transactions in accordance with generally accepted accounting principles and shall disclose that the assets of AFS SenSub are not available to pay creditors of AmeriCredit, AFS SenSub, the Trust or the Company or any Affiliate thereof.

 

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(vii) The agreements and other instruments of AFS SenSub underlying the transactions described in this Insurance Agreement and in the other Transaction Documents shall be continuously maintained by AFS SenSub as official records of AFS SenSub, separately identified and held apart from the records of AmeriCredit, the Trust and the Company and each Affiliate thereof.

(viii) AFS SenSub shall maintain an arm’s-length relationship with AmeriCredit, the Trust and the Company and the affiliates thereof, and will not hold itself out as being liable for the debts of AmeriCredit or the Company or any affiliate thereof.

(ix) AFS SenSub shall keep its assets and liabilities wholly separate from those of all other entities, including, but not limited to, the Underwriters, AmeriCredit, the Trust and the Company and each Affiliate of them except, in each case, as contemplated by the Transaction Documents.

(i) Maintenance of Licenses. Each of AFS SenSub and the Company shall maintain all licenses, permits, charters and registrations which are material to the performance by it of its obligations under this Insurance Agreement and each other Transaction Document to which it is a party or by which it is bound.

(j) Release of Liens. To the extent applicable, the Company shall duly file no later than the first Business Day immediately following the Closing Date, the amendments to, and/or terminations of, UCC financing statements evidencing the Release of Security Interests.

Section 2.9 Negative Covenants with Respect to AFS SenSub and the Company. Each AmeriCredit Party hereby agrees with respect to AFS SenSub and with respect to the Company that during the Term of this Agreement, unless Assured Guaranty shall otherwise expressly consent in writing:

(a) Restrictions on Liens. Neither AFS SenSub nor the Company shall, except as contemplated by the Transaction Documents, (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, or (ii) file under the Uniform Commercial Code of any jurisdiction any financing statement which names the Company or AFS SenSub as a debtor, or sign any security agreement authorizing any secured party thereunder to file such financing statement, with respect to the Receivables.

(b) Impairment of Rights. Neither AFS SenSub nor the Company shall take any action, or fail to take any action, if such action or failure to take action may (i) interfere with the enforcement of any rights under the Transaction Documents that are material to the rights, benefits or obligations of the Indenture Trustee, the Certificateholder, the Noteholders or Assured Guaranty, (ii) result in a Material Adverse Change in respect of the Receivables, or (iii) impair the ability of the Company or AFS SenSub to perform their respective obligations under the Transaction Documents, including any consolidation, merger with any Person or any transfer of all or any material amount of the assets of the Company or AFS SenSub to any other Person if such consolidation, merger or transfer would materially impair the net worth of the Company or AFS SenSub or any successor Person obligated, after such event, to perform such Person’s obligations under the Transaction Documents.

 

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(c) Waiver, Amendments, Etc. So long as no Insurer Default has occurred and is continuing, neither AFS SenSub nor the Company shall waive, modify or amend, or consent to any waiver, modification or amendment of, any of the provisions of any of the Transaction Documents; provided however, that if an Insurer Default has occurred and is continuing, neither the Company nor AFS SenSub will cause or permit to become effective any such waiver, modification, amendment or consent related thereto that would materially and adversely affect the interest of Assured Guaranty.

(d) Successors. Neither AFS SenSub nor the Company shall terminate or designate, or consent to the termination or designation of, the Servicer, Backup Servicer, Collateral Agent, the Owner Trustee or any successor thereto without the prior approval of Assured Guaranty.

(e) Creation of Indebtedness; Guarantees. AFS SenSub shall not create, incur, assume or suffer to exist any indebtedness other than indebtedness guaranteed or approved in writing by Assured Guaranty other than the Transaction Documents. Without the prior written consent of Assured Guaranty, the Trustee and AFS SenSub shall not assume, guarantee, endorse or otherwise be or become directly or contingently liable for the obligations of any Person by, among other things, agreeing to purchase any obligation of another Person, agreeing to advance funds to such Person or causing or assisting such Person to maintain any amount of capital.

(f) Subsidiaries. AFS SenSub shall not form, or cause to be formed, any Subsidiaries.

(g) [Reserved].

(h) No Mergers. AFS SenSub shall not consolidate with or merge into any Person or transfer all or any material amount of its assets to any Person or liquidate or dissolve except as permitted by its certificate of incorporation and as contemplated by the Transaction Documents.

(i) Other Activities. AFS SenSub shall not:

(i) sell, pledge, transfer, exchange or otherwise dispose of any of its assets except as permitted under the Transaction Documents; or

(ii) engage in any business or activity other than in connection with the Transaction Documents, documents entered into with respect to the other AmeriCredit Securitizations and as permitted by its certificate of incorporation.

 

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(j) Insolvency. No AmeriCredit Party shall commence with respect to the Company, AFS SenSub or the Trust, as the case may be, any case, proceeding or other action (A) under any existing or future law of any jurisdiction, domestic or foreign, relating to the bankruptcy, insolvency, reorganization or relief of debtors, seeking to have an order for relief entered with respect to it, or seeking reorganization, arrangement, adjustment, winding-up, liquidation, dissolution, corporation or other relief with respect to it or (B) seeking appointment of a receiver, trustee, custodian or other similar official for it or for all or any substantial part of its assets, or make a general assignment for the benefit of its creditors. No AmeriCredit Party shall take any action in furtherance of, or indicating the consent to, approval of, or acquiescence in any of the acts set forth above. Neither AFS SenSub nor the Company shall admit in writing its inability to pay its debts.

Section 2.10 Representations and Warranties of AmeriCredit. AmeriCredit represents, warrants and covenants, as of the date hereof and as of the Date of Issuance, as follows:

(a) Due Organization and Qualification. AmeriCredit is a corporation duly organized, validly existing and in good standing under the laws of the State of Texas, with power and authority to own its properties and conduct its business. AmeriCredit is duly qualified to do business, is in good standing and has obtained all necessary licenses, permits, charters, registrations and approvals (together, “approvals”) necessary for the conduct of its business as currently conducted and the performance of its obligations under the Transaction Documents, in each jurisdiction in which the failure to be so qualified or to obtain such approvals would render any Transaction Document unenforceable in any respect or would otherwise have a material adverse effect upon the Transaction.

(b) Power and Authority. AmeriCredit has all necessary corporate power and authority to conduct its business as currently conducted, to execute, deliver and perform its obligations under this Insurance Agreement and each other Transaction Document to which it is a party and to carry out the terms of each such Document and has full power and authority to consummate the Transaction.

(c) Due Authorization. The execution, delivery and performance by AmeriCredit of this Insurance Agreement and each other Transaction Document to which it is a party have been duly authorized by all necessary corporate action and do not require any additional approvals or consents or other action by or any notice to or filing with any Person, including, without limitation, any governmental entity or the stockholders of such Person.

(d) Noncontravention. Neither the execution nor delivery of this Insurance Agreement and each other Transaction Document to which AmeriCredit is a party, nor the consummation of the Transaction nor the satisfaction of the terms and conditions of this Insurance Agreement and each other Transaction Document to which AmeriCredit is a party,

 

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(i) conflicts with or results, or will conflict with or result, in any breach or violation of any provision of the Certificate of Incorporation or Bylaws of AmeriCredit or any law, rule, regulation, order, writ, judgment, injunction, decree, determination or award currently in effect having applicability to AmeriCredit, or any of its properties, including regulations issued by an administrative agency or other governmental authority having supervisory powers over AmeriCredit,

(ii) constitutes or will constitute a default by AmeriCredit under, or a breach of any provision of, any loan agreement, mortgage, indenture or other agreement or instrument to which AmeriCredit or any of its Subsidiaries is a party or by which it or any of its or their properties is or may be bound or affected, or

(iii) results in or requires, or will result in or require, the creation of any Lien upon, or in respect of, any of the assets of AmeriCredit or any of its Subsidiaries except as otherwise expressly contemplated by the Transaction Documents.

(e) Legal Proceedings. There is no action, proceeding or investigation pending, or to the best knowledge of AmeriCredit after reasonable inquiry, threatened by or before any court, regulatory body, governmental or administrative agency or arbitrator against or affecting AmeriCredit, or any properties or rights of AmeriCredit which is likely to result in a Material Adverse Change with respect to AmeriCredit, or which might adversely affect the federal or state tax attributes of the Securities.

(f) Valid and Binding Obligations. Each of the Transaction Documents to which AmeriCredit is a party, when executed and delivered by it, and assuming due authorization, execution and delivery by the other parties thereto, will constitute the legal, valid and binding obligations of AmeriCredit, enforceable in accordance with its terms, except as such enforceability may be limited by bankruptcy, insolvency, reorganization, moratorium or other similar laws affecting creditors’ rights generally and general equitable principles. The Certificate, when executed, authenticated and delivered in accordance with the Trust Agreement, will be validly issued and outstanding and entitled to the benefits of the Trust Agreement and will evidence the entire beneficial ownership interest in the Trust. The Notes when executed, authenticated and delivered in accordance with the Indenture, will be entitled to the benefits of the Indenture and will constitute legal, valid and binding obligations of the Trust, enforceable in accordance with their terms, except as limited by applicable bankruptcy, insolvency, reorganization, moratorium and similar laws affecting the enforcement of creditors’ rights generally or general equitable principles (whether in a proceeding at law or in equity) and except to the extent that rights to indemnity and contribution may be limited by public policy.

(g) Financial Statements. The Financial Statements of AmeriCredit, copies of which have been furnished to Assured Guaranty, (i) are, as of the dates and for the periods referred to therein, complete and correct in all material respects, (ii) present fairly the financial condition and results of operations of AmeriCredit as of the dates and for the periods indicated, and (iii) have been prepared in accordance with generally accepted accounting principles consistently applied, except as noted therein (subject as to interim statements to normal year-end adjustments). Since the date of the most recent Financial Statements, there has been no material adverse change in such financial condition or results of operations. Except as disclosed in the Financial Statements, AmeriCredit is not subject to any contingent liabilities or commitments that, individually or in the aggregate, have a material possibility of causing a Material Adverse Change in respect of AmeriCredit.

 

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(h) ERISA. AmeriCredit is in compliance with ERISA and has not incurred and does not reasonably expect to incur any liabilities to the PBGC under ERISA in connection with any Plan or Multiemployer Plan.

(i) Accuracy of Information. None of the Provided Documents contain any statement of a material fact with respect to AmeriCredit or the Transaction that was untrue or misleading in any material respect when made (except insofar as any such Document was connected to, or superseded by, a subsequent Provided Document). Since the furnishing of the Provided Documents, there has been no change, or any development or event involving a prospective change known to AmeriCredit that would render any representation or warranty or other statement made by it in any of the Provided Documents untrue or misleading in any material respect. There is no fact known to AmeriCredit which has a material possibility of causing a Material Adverse Change with respect to it (for purposes of the foregoing representation and warranty, Material Adverse Change shall be determined only with respect to AmeriCredit, but not any of its Subsidiaries individually) or which has a material possibility of impairing the value or marketability of the Receivables, taken as a whole, or decreasing the possibility that amounts due in respect of the Receivables will be collected as due.

(j) Compliance With Securities Laws. Neither the Trust nor AmeriCredit is required to be registered as an “investment company” under the Investment Company Act and the Trust is not subject to the information reporting requirements of the Securities Exchange Act.

(k) Transaction Documents. Each of the representations and warranties of AmeriCredit contained in the Transaction Documents is true and correct in all material respects and AmeriCredit hereby makes each such representation and warranty made by it to, and for the benefit of, Assured Guaranty as if the same were set forth in full herein.

(l) No Consents. No consent, license, approval or authorization from, or registration, filing or declaration with, any regulatory body, administrative agency, or other governmental instrumentality, nor any consent, approval, waiver or notification of any creditor, lessor or other non-governmental person, is required in connection with the execution, delivery and performance by AmeriCredit of this Insurance Agreement or of any other Transaction Document to which it is a party, except (in each case) such as have been obtained and are in full force and effect.

(m) Compliance With Law, Etc. No practice, procedure or policy employed or proposed to be employed by AmeriCredit in the conduct of its business violates any law, regulation, judgment, agreement, order or decree applicable to it which, if enforced, would result in a Material Adverse Change with respect to AmeriCredit.

 

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(n) Solvency; Fraudulent Conveyance. AmeriCredit is solvent and will not be rendered insolvent by the Transaction and, after giving effect to the Transaction, AmeriCredit will not be left with an unreasonably small amount of capital with which to engage in its business. AmeriCredit does not intend to incur, or believe that it has incurred, debts beyond its ability to pay such debts as they mature. AmeriCredit does not contemplate the commencement of insolvency, bankruptcy, liquidation or consolidation proceedings or the appointment of a receiver, liquidator, conservator, trustee or similar official in respect of AmeriCredit or any of its assets. AmeriCredit is not entering into the Transaction Documents or consummating the transactions contemplated thereby with any intent to hinder, delay or defraud any of AmeriCredit’s creditors.

(o) Taxes. AmeriCredit has filed all federal and state tax returns which are required to be filed and paid all taxes, in each case with respect to the includible group of which AmeriCredit is a member, including any assessments received by it, to the extent that such taxes have become due other than taxes that it shall currently be contesting the validity thereof in good faith by appropriate proceedings and shall have set aside on its books adequate reserves with respect thereto. Any taxes, fees and other governmental charges payable by AmeriCredit in connection with the Transaction and the execution and delivery of the Transaction Documents have been paid or shall have been paid at or prior to the Date of Issuance.

(p) [Reserved].

(q) Compliance with Anti-Money Laundering Laws. No practice, procedure or policy employed or proposed to be employed by AmeriCredit in the conduct of its business constitutes a material violation of any anti-money laundering law or regulation (including without limitation, the USA PATRIOT Act, Public Law No. 107-56 (2001), and regulations promulgated thereunder) applicable to AmeriCredit.

Section 2.11 Affirmative Covenants of AmeriCredit. AmeriCredit hereby agrees, during the Term of this Agreement, unless Assured Guaranty shall otherwise expressly consent in writing, as follows:

(a) Compliance With Agreements and Applicable Laws. AmeriCredit shall perform each of its respective obligations under the Transaction Documents and shall comply with all material requirements of any law, rule or regulation applicable to it or thereto, or that are required in connection with its performance under any of the Transaction Documents. So long as no Insurer default has occurred and is continuing, AmeriCredit will not cause or permit to become effective any amendment to or modification of any of the Transaction Documents to which it is a party unless Assured Guaranty shall have previously approved in writing the form of such amendment or modification; provided however, that if an Insurer Default has occurred and is continuing, AmeriCredit will not cause or permit to become effective any such amendment or modification that would materially and adversely affect the interest of Assured Guaranty. AmeriCredit shall not take any action or fail to take any action that would interfere with the enforcement of any rights under the Transaction Documents.

 

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(b) Financial Statements; Accountants’ Reports; Other Information. AmeriCredit shall keep, or cause to be kept, in reasonable detail books and records of account of its assets and business, and shall clearly reflect therein the transfer of the Receivables to the Trust and the sale of the Securities to the Underwriters as a sale of AFS SenSub’s interest in the Receivables evidenced by the Securities. AmeriCredit shall deliver to Assured Guaranty, simultaneously with the delivery of such documents to the relevant federal or state department or agency copies of all Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, and periodic reports on Form 8-K (upon request) required to be filed by AmeriCredit with the Commission. AmeriCredit shall also furnish or cause to be furnished to Assured Guaranty:

(i) Annual Financial Statements. As soon as available, and in any event within 120 days after the close of each fiscal year of AmeriCredit, the audited balance sheets of AmeriCredit as of the end of such fiscal year and the audited statements of income, shareholders’ equity and cash flows of AmeriCredit for such fiscal year, all in reasonable detail and stating in comparative form the respective figures for the corresponding date and period in the preceding fiscal year, prepared in accordance with generally accepted accounting principles, consistently applied, and accompanied by the certificate of independent accountants (which shall be a nationally recognized firm or otherwise acceptable to Assured Guaranty) for AmeriCredit and by the certificate specified in Section 2.11(c) hereof.

(ii) Quarterly Financial Statements. As soon as available, and in any event within 45 days after the close of the first three quarters of each fiscal year of AmeriCredit, the unaudited balance sheets of AmeriCredit as of the end of each such quarter and the unaudited statements of income and cash flows of AmeriCredit for the portion of the fiscal year then ended, all in reasonable detail and stating in comparative form the respective figures for the corresponding date and period in the preceding fiscal year, prepared in accordance with generally accepted accounting principles, consistently applied (subject to normal year-end adjustments), and accompanied by the certificate specified in Section 2.11(c) hereof if such certificate is required to be provided pursuant to such Section.

(iii) Accountants’ Reports. If a Special Event has occurred, upon the request of Assured Guaranty, the balance sheets of AmeriCredit as of the end of AmeriCredit’s most recent fiscal year (and the most recent fiscal half) and the statements of income, shareholders’ equity and cash flows of AmeriCredit for such fiscal year (and for such half), all in reasonable detail and stating in comparative form the respective figures for the corresponding date and period in the preceding fiscal year, prepared in accordance with generally accepted accounting principles, consistently applied, and, in the case of financial statements as of the end of a fiscal year, audited and accompanied by the certificate of independent accountants (which shall be a nationally recognized firm or otherwise acceptable to Assured Guaranty) for AmeriCredit.

 

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(iv) Other Information. Promptly upon receipt thereof, copies of all reports, statements, certifications, schedules, or other similar items delivered to or by AmeriCredit pursuant to the terms of the Transaction Documents and, promptly upon request, such other data as Assured Guaranty may reasonably request; provided, however, that AmeriCredit shall not be required to deliver any such items if provision by some other party to Assured Guaranty is required under the Transaction Documents unless such other party wrongfully fails to deliver such item. AmeriCredit shall, upon the request of Assured Guaranty, permit Assured Guaranty or its authorized agents to inspect its books and records as they may relate to the Securities, the Receivables, the obligations of AmeriCredit under the Transaction Documents or the Transaction. Such inspections and discussions shall be conducted during normal business hours and shall not unreasonably disrupt the business of AmeriCredit. The fees and expenses of Assured Guaranty or any such authorized agents shall be for the account of AmeriCredit. In addition, AmeriCredit shall promptly (but in no case more than 30 days following issuance or receipt by a Commonly Controlled Entity) provide to Assured Guaranty a copy of all correspondence between a Commonly Controlled Entity and the PBGC, IRS, Department of Labor or the administrators of a Multiemployer Plan relating to any Reportable Event or the underfunded status, termination or possible termination of a Plan or a Multiemployer Plan. The books and records of AmeriCredit will be maintained at the address for it designated herein for receipt of notices, unless it shall otherwise advise the parties hereto in writing.

(v) AmeriCredit shall provide, or cause to be provided, to Assured Guaranty an executed original copy of each document executed in connection with the Transaction within 30 days after the date of closing.

(c) Compliance Certificate. AmeriCredit shall deliver to Assured Guaranty concurrently with the delivery of the financial statements required pursuant to Section 2.11(b)(i) hereof (and concurrently with the delivery of the financial statements required pursuant to Section 2.11(b)(ii) hereof, if a Special Event has occurred), a certificate signed by an officer of AmeriCredit stating that the attached financial reports submitted in accordance with Section 2.11(b)(i) or (ii) hereof, as applicable, are complete and correct in all material respects and present fairly the financial condition and results of operations of AmeriCredit as of the dates and for the periods indicated, in accordance with generally accepted accounting principles consistently applied (subject as to interim statements to normal year-end adjustments).

(d) Notice of Material Events. AmeriCredit shall promptly inform Assured Guaranty in writing of the occurrence of any of the following:

(i) the submission of any claim or the initiation of any legal process, litigation or administrative or judicial investigation (A) against AmeriCredit pertaining to the Receivables in general, (B) with respect to a material portion of the Receivables, or (C) in which a request has been made for certification as a class action (or equivalent relief) that would involve a material portion of the Receivables;

 

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(ii) any change in the location of AmeriCredit’s principal office or any change in the location of the books and records of AmeriCredit;

(iii) the occurrence of any Default or Special Event; or

(iv) any other event, circumstance or condition that has resulted, or which AmeriCredit reasonably believes is likely to result, in a Material Adverse Change in respect of AmeriCredit (for purposes of the foregoing representation and warranty, Material Adverse Change shall be determined only with respect to AmeriCredit, but not any of its Subsidiaries individually).

(e) Further Assurances. AmeriCredit shall, upon the request of Assured Guaranty, from time to time, execute, acknowledge and deliver, or cause to be executed, acknowledged and delivered, within thirty (30) days of such request, such amendments hereto and such further instruments and take such further action as may be reasonably necessary to effectuate the intention, performance and provisions of the Transaction Documents. In addition, AmeriCredit agrees to cooperate with S&P and Moody’s in connection with any review of the Transaction which may be undertaken by S&P and Moody’s after the date hereof.

(f) Corporate Existence. AmeriCredit shall maintain its corporate existence and shall at all times continue to be duly organized under the laws of the State of Texas and duly qualified and duly authorized (as described in Sections 2.10(a), (b) and (c) hereof) and shall conduct its business in accordance with the terms of its Certificate of Incorporation and Bylaws.

(g) Maintenance of Licenses. AmeriCredit shall maintain all licenses, permits, charters and registrations which are material to the performance by it of its obligations under this Insurance Agreement and each other Transaction Document to which is a party or by which it is bound.

(h) Notice of Merger or Consolidation of Trust. AmeriCredit (i) shall promptly inform Assured Guaranty in writing of the occurrence of (a) the Trust consolidating or merging with or into any other Person or (b) the Trust conveying or transferring all or substantially all of its properties or assets, including those included in the Trust Estate, to any Person, as set forth in Section 3.10 of the Indenture; and (ii) shall obtain the necessary consents of Assured Guaranty to effect such actions.

 

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(i) For so long as AmeriCredit has any securitization transactions (including warehouse facilities) outstanding as to which Assured Guaranty has provided credit enhancements and any of the securitized receivables remain on AmeriCredit’s consolidated balance sheet, AmeriCredit shall include disclosure with respect to such on-balance sheet securitizations, in (i) any financial statement provided to a creditor of AmeriCredit and (ii) all financial statements included as part of its Form 10-Qs and Form 10-Ks subsequently filed by AmeriCredit with the Commission, in a form substantially as follows: “AmeriCredit structures its securitization transactions and its warehouse facilities as secured financings that do not meet the accounting criteria for sale of finance receivables. Accordingly, following a securitization or the pledging of receivables to a warehouse facility, the finance receivables are transferred to special purpose finance subsidiaries of the AmeriCredit and the related securitization notes payable or warehouse credit, issued by special purpose finance subsidiaries, remain on the consolidated balance sheet. While these subsidiaries are included in AmeriCredit’s consolidated financial statements, these subsidiaries are separate legal entities and the finance receivables and other assets held by them are legally owned by these subsidiaries, are available to satisfy the related securitization notes payable or the warehouse credit issued and are not available to creditors of AmeriCredit or its other subsidiaries.”

Section 2.12 Negative Covenants of AmeriCredit. AmeriCredit hereby agrees, during the Term of this Agreement, unless Assured Guaranty shall otherwise expressly consent in writing, as follows:

(a) Impairment of Rights. AmeriCredit shall not take any action, or fail to take any action, if such action or failure to take action may (i) interfere with the enforcement of any rights under the Transaction Documents that are material to the rights, benefits or obligations of the Trustee, the Certificateholder or Assured Guaranty, (ii) result in a Material Adverse Change in respect of the Receivables or (iii) impair the ability of AmeriCredit to perform its respective obligations under the Transaction Documents, including any consolidation, merger with any Person or any transfer of all or any material amount of the assets of AmeriCredit to any other Person if such consolidation, merger or transfer would materially impair the net worth of AmeriCredit or any successor Person obligated, after such event, to perform such Person’s obligations under the Transaction Documents.

(b) Waiver, Amendments, Etc. So long as no Insurer Default has occurred and is continuing, AmeriCredit shall not waive, modify or amend, or consent to any waiver, modification or amendment of, any of the provisions of any of the Transaction Documents; provided however, that if an Insurer Default has occurred and is continuing, AmeriCredit will not cause or permit to become effective any such waiver, modification, amendment or consent related thereto that would materially and adversely affect the interest of Assured Guaranty.

(c) Insolvency. AmeriCredit shall not commence with respect to the Company, AFS SenSub or the Trust, any case, proceeding or other action (i) under any existing or future law of any jurisdiction, domestic or foreign, relating to the bankruptcy, insolvency, reorganization or relief of debtors, seeking to have an order for relief entered with respect to any of the Company, the Trust or AFS SenSub, as the case may be, or seeking reorganization, arrangement, adjustment, winding-up, liquidation, dissolution, corporation or other relief with respect to any of the Company, the Trust or AFS SenSub, as the case may be, or (ii) seeking appointment of a receiver, trustee, custodian or other similar official for any of the Company, the Trust or AFS SenSub, as the case may be, or for all or any substantial part of their respective assets, or make a general assignment for the benefit of their respective creditors. AmeriCredit shall not take any action in furtherance of, or indicating the consent to, approval of, or acquiescence in any of the acts set forth above.

 

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(d) Compliance with Anti-Money Laundering Laws. AmeriCredit will not employ any practice, procedure or policy in the conduct of its business that would constitutes a material violation of any anti-money laundering law or regulation (including without limitation, the USA PATRIOT Act, Public Law No. 107-56 (2001), and regulations promulgated thereunder) applicable to AmeriCredit.

ARTICLE III

THE NOTES POLICY; REIMBURSEMENT; INDEMNIFICATION

Section 3.1 Issuance of the Notes Policy. Assured Guaranty agrees to issue the Notes Policy subject to satisfaction of the conditions precedent set forth in Appendix A hereto.

Section 3.2 Payment of Fees and Premium.

(a) [Reserved].

(b) Legal Fees. On the Date of Issuance, AmeriCredit shall pay or cause to be paid legal fees and disbursements incurred by Assured Guaranty in connection with the issuance of the Notes Policy up to an amount equal to $75,000, unless otherwise agreed between AmeriCredit and Assured Guaranty.

(c) Rating Agency Fees. The initial fees of S&P and Moody’s with respect to the Securities and the transactions contemplated hereby shall be paid by AmeriCredit in full on the Date of Issuance, or otherwise provided for to the satisfaction of Assured Guaranty. All periodic and subsequent fees of S&P or Moody’s with respect to, and directly allocable to, the Securities shall be for the account of, and shall be billed to, AmeriCredit. The fees for any other rating agency shall be paid by the party requesting such other agency’s rating, unless such other agency is a substitute for S&P or Moody’s in the event that S&P or Moody’s is no longer rating the Securities, in which case the cost for such substitute agency shall be paid by AmeriCredit.

(d) Auditors’ Fees. In the event that Assured Guaranty’s auditors are required to provide information or any consent in connection with the Offering Document prepared prior to the Date of Issuance, fees therefor not exceeding $6,000.00 shall be paid by AmeriCredit. AmeriCredit shall pay on demand any additional fees of Assured Guaranty’s auditors payable in respect of any Offering Document that are incurred after the Date of Issuance. It is understood that Assured Guaranty’s auditors shall not incur any additional fees in respect of future Offering Documents except at the request of or with the consent of AmeriCredit.

 

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(e) Premium. In consideration of the issuance by Assured Guaranty of the Notes Policy, Assured Guaranty shall be entitled to receive the Premium as and when due in accordance with the terms of the Premium Letter first (i) in accordance with the provisions of Section 5.7(a) of the Sale and Servicing Agreement and (ii) to the extent such amounts are insufficient, directly from AmeriCredit. The Premium paid under the Sale and Servicing Agreement shall be nonrefundable without regard to whether Assured Guaranty makes any payment under the Notes Policy or any other circumstances relating to the Securities or provision being made for payment of the Securities prior to maturity.

Section 3.3 Reimbursement and Additional Payment Obligation. Each AmeriCredit Party and the Trust, jointly and severally, agrees to pay to Assured Guaranty the following amounts as and when incurred:

(a) a sum equal to the total of all amounts paid by Assured Guaranty under the Notes Policy;

(b) any and all out-of-pocket charges, fees, costs and expenses that Assured Guaranty or its affiliates may reasonably pay or incur, including, but not limited to, attorneys’ and accountants’ fees and expenses, in connection with (i) in the event of payments under the Notes Policy, any accounts established to facilitate payments under the Notes Policy, to the extent Assured Guaranty has not been immediately reimbursed on the date that any amount is paid by Assured Guaranty under the Notes Policy, or other administrative expenses relating to such payments under the Notes Policy, (ii) the prepayment of any borrowings made or implementation or cancellation of any financial contracts for limiting interest rate risk (including, without limitation, any interest rate swaps and hedges) entered into in connection with, or (following an Event of Default) in anticipation of, funding payments under the Notes Policy, (iii) the enforcement, defense or preservation of any rights in respect of any of the Transaction Documents, including defending, monitoring or participating in any litigation or proceeding (including any insolvency or bankruptcy proceeding in respect of any Transaction participant or any affiliate thereof) relating to any of the Transaction Documents, any party to any of the Transaction Documents or the Transaction, (iv) any amendment, waiver or other action with respect to, or related to, any Transaction Document whether or not executed or completed, or (v) any review or investigation made by Assured Guaranty in those circumstances where its approval or consent is sought under any of the Transaction Documents; costs and expenses shall include the reasonable fees and expenses charged by Transaction Services Corporation, an affiliate of Assured Guaranty, spent in connection with the actions described in clause (iii) above;

(c) interest on any and all amounts described in Section 3.3(a) or Section 3.2(b), or in connection with any Insurer Optional Deposit by Assured Guaranty, from the date due to Assured Guaranty pursuant to the provisions hereof until payment thereof in full, payable to Assured Guaranty at the Late Payment Rate per annum; and

 

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(d) any payments made by Assured Guaranty on behalf of, or advanced to, the Company, in its capacity as Servicer, or the Trustee, including, without limitation, any amounts payable by the Company, in its capacity as Servicer, or the Trustee pursuant to the Securities or any other Transaction Documents; and any payments made by Assured Guaranty as, or in lieu of, any servicing, management, trustee, custodial or administrative fees payable, in the sole discretion of Assured Guaranty to third parties in connection with the Transaction.

All such amounts under this Section 3.3 are to be immediately due and payable without demand, in full, without any requirement on the part of Assured Guaranty to seek reimbursement of such amounts from any other source of reimbursement or indemnity or to allocate such amount to any other transaction that may have benefited from the expenditure of such amounts.

Section 3.4 Certain Obligations Not Recourse to AmeriCredit Parties. Notwithstanding any provision of Section 3.3 or Section 3.5 to the contrary, the payment obligations provided in Section 3.3(a), 3.3(b)(ii) and 3.3(d) (to the extent of advances to the Trustee in respect of payments on the Securities), and any interest on the foregoing in accordance with Section 3.3(c), and the indemnification obligation provided in Section 3.5(a)(ii)(B) shall not be recourse to any AmeriCredit Party, but shall be payable in the manner and in accordance with priorities provided in the Sale and Servicing Agreement in each case, to the extent that such payment obligations do not arise from any failure or default in performance by an AmeriCredit Party of any of its obligations under the Transaction Documents.

Section 3.5 Indemnification.

(a) Indemnification by AmeriCredit. In addition to any and all rights of reimbursement, indemnification, subrogation and any other rights pursuant hereto or under law or in equity, each AmeriCredit Party agrees to pay, and to protect, indemnify and save harmless, Assured Guaranty and its officers, directors, shareholders, employees, agents and each Person, if any, who controls Assured Guaranty within the meaning of either Section 15 of the Securities Act or Section 20 of the Securities Exchange Act, from and against any and all claims, losses, liabilities (including penalties), actions, suits, judgments, demands, damages, costs or expenses (including, without limitation, fees and expenses of attorneys, consultants and auditors and reasonable costs of investigations) of any nature arising out of or relating to the transactions contemplated by the Transaction Documents by reason of:

(i) the negligence, bad faith, willful misconduct, misfeasance, malfeasance or theft committed by any director, officer, employee or agent of the Trust, AmeriCredit, the Company or AFS SenSub, as the case may be;

(ii)(A) the breach by the Trust, AmeriCredit, the Company or AFS SenSub, as the case may be, of any representation, warranty or covenant under any of the Transaction Documents or (B) the occurrence, in respect of the Trust, AmeriCredit, the Company or AFS SenSub, as the case may be, under any of the Transaction Documents of any “event of default” or any event which, with the giving of notice or the lapse of time or both, would constitute any “event of default”; or

 

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(iii) any untrue statement or alleged untrue statement of a material fact contained in any Offering Document or any omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein not misleading, except insofar as such claims arise out of or are based upon any untrue statement or omission in information included in an Offering Document and furnished by Assured Guaranty in writing expressly for use therein (all such information so furnished being referred to herein as “Assured Guaranty Information”), it being understood that, in respect of the initial Offering Document, the Assured Guaranty Information is limited to the information included under the caption “The Insurer” and the financial statements of Assured Guaranty incorporated therein by reference or appended thereto.

(b) Conduct of Actions or Proceedings. If any action or proceeding (including any governmental investigation) shall be brought or asserted against Assured Guaranty, any officer, director, shareholder, employee or agent of Assured Guaranty or any Person controlling Assured Guaranty (individually, an “Indemnified Party” and, collectively, the “Indemnified Parties”) in respect of which indemnity may be sought from an AmeriCredit Party (the “Indemnifying Party”) hereunder, Assured Guaranty shall promptly notify the Indemnifying Party in writing, and the Indemnifying Party shall assume the defense thereof, including the employment of counsel satisfactory to Assured Guaranty and the payment of all expenses. An Indemnified Party shall have the right to employ separate counsel in any such action and to participate in the defense thereof at the expense of the Indemnified Party; provided, however, that the fees and expenses of such separate counsel shall be at the expense of the Indemnifying Party if (i) the Indemnifying Party has agreed to pay such fees and expenses, (ii) the Indemnifying Party shall have failed to assume the defense of such action or proceeding and employ counsel satisfactory to Assured Guaranty in any such action or proceeding or (iii) the named parties to any such action or proceeding (including any impleaded parties) include both the Indemnified Party and the Indemnifying Party, and the Indemnified Party shall have been advised by counsel that (A) there may be one or more legal defenses available to it which are different from or additional to those available to the Indemnifying Party and (B) the representation of the Indemnifying Party and the Indemnified Party by the same counsel would be inappropriate or contrary to prudent practice (in which case, if the Indemnified Party notifies the Indemnifying Party in writing that it elects to employ separate counsel at the expense of the Indemnifying Party, the Indemnifying Party shall not have the right to assume the defense of such action or proceeding on behalf of such Indemnified Party, it being understood, however, that the Indemnifying Party shall not, in connection with any one such action or proceeding or separate but substantially similar or related actions or proceedings in the same jurisdiction arising out of the same general allegations or circumstances, be liable for the reasonable fees and expenses of more than one separate firm of attorneys at any time for the Indemnified Parties, which firm shall be designated in writing by Assured Guaranty). The Indemnifying Party shall not be liable for any settlement of any such action or proceeding effected without its written consent to the extent that any such settlement shall be prejudicial to the Indemnifying Party, but, if settled with its written consent, or if there be a final judgment for the plaintiff in any such action or proceeding with respect to which the Indemnifying Party shall have received notice in accordance with this subsection (b), the Indemnifying Party agrees to indemnify and hold the Indemnified Parties harmless from and against any loss or liability by reason of such settlement or judgment.

 

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(c) Contribution. To provide for just and equitable contribution if the indemnification provided by the Indemnifying Party is determined to be unavailable for any Indemnified Party (other than due to application of this Section), the Indemnifying Party shall contribute to the losses incurred by the Indemnified Party on the basis of the relative fault of the Indemnifying Party, on the one hand, and the Indemnified Party, on the other hand.

Section 3.6 Subrogation. Subject only to the priority of payment provisions of the Sale and Servicing Agreement, each of the Trust, AmeriCredit, the Company and AFS SenSub acknowledges that, to the extent of any payment made by Assured Guaranty pursuant to the Notes Policy, Assured Guaranty is to be fully subrogated to the extent of such payment and any additional interest due on any late payment, to the rights of the Noteholders to any moneys paid or payable in respect of the Notes, under the Transaction Documents or otherwise. Each of the Trust, AmeriCredit, the Company and AFS SenSub agrees to such subrogation and, further, agrees to execute such instruments and to take such actions as, in the sole judgment of Assured Guaranty, are necessary to evidence such subrogation and to perfect the rights of Assured Guaranty to receive any moneys paid or payable in respect of the Securities under the Transaction Documents or otherwise.

ARTICLE IV

FURTHER AGREEMENTS

Section 4.1 Effective Date; Term of Agreement. This Insurance Agreement shall take effect on the Date of Issuance and shall remain in effect until the later of (a) such time as Assured Guaranty is no longer subject to a claim under any Notes Policy shall have been surrendered to Assured Guaranty for cancellation and (b) all amounts payable to Assured Guaranty and the Certificateholder under the Transaction Documents and under the Securities have been paid in full; provided, however, that the provisions of Sections 3.2, 3.3 and 3.5 hereof shall survive any termination of this Insurance Agreement.

Section 4.2 Obligations Absolute.

(a) The payment obligations of AmeriCredit hereunder shall be absolute and unconditional, and shall be paid strictly in accordance with this Insurance Agreement under all circumstances irrespective of (i) any lack of validity or enforceability of, or any amendment or other modifications of, or waiver with respect to, any of the Transaction Documents, the Securities or the Notes Policy; (ii) any exchange or release of any other obligations hereunder; (iii) the existence of any claim, setoff, defense, reduction, abatement or other right which any of the Trust, AmeriCredit, the Company or AFS SenSub may have at any time against Assured Guaranty or any other Person; (iv) any document presented in connection with the Notes Policy proving to be forged, fraudulent, invalid or insufficient in any respect, including any failure to strictly comply with the terms of the Notes Policy, or any statement therein being untrue or inaccurate in any respect; (v) any failure of AFS SenSub to receive the proceeds from the sale of the Securities; (vii) any breach by the Trust, AmeriCredit, the Company or AFS SenSub of any representation, warranty or covenant contained in any of the Transaction Documents; or (viii) any other circumstances, other than payment in full, which might otherwise constitute a defense available to, or discharge of, the Trust, AmeriCredit, the Company or AFS SenSub in respect of any Transaction Document.

 

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(b) Each of the Trust, AmeriCredit, the Company and AFS SenSub and any and all others who are now or may become liable for all or part of the obligations of AmeriCredit, the Company and AFS SenSub under this Insurance Agreement agrees to be bound by this Insurance Agreement and (i) to the extent permitted by law, waives and renounces any and all redemption and exemption rights and the benefit of all valuation and appraisement privileges against the indebtedness, if any, and obligations evidenced by any Transaction Document or by any extension or renewal thereof; (ii) waives presentment and demand for payment, notices of nonpayment and of dishonor, protest of dishonor and notice of protest; (iii) waives all notices in connection with the delivery and acceptance hereof and all other notices in connection with the performance, default or enforcement of any payment hereunder except as required by the Transaction Documents; (iv) waives all rights of abatement, diminution, postponement or deduction, or to any defense other than payment, or to any right of setoff or recoupment arising out of any breach under any of the Transaction Documents, by any party thereto or any beneficiary thereof, or out of any obligation at any time owing to AmeriCredit, the Company or AFS SenSub; (v) agrees that any consent, waiver or forbearance hereunder with respect to an event shall operate only for such event and not for any subsequent event; (vi) consents to any and all extensions of time that may be granted by Assured Guaranty with respect to any payment hereunder or other provisions hereof and to the release of any security at any time given for any payment hereunder, or any part thereof, with or without substitution, and to the release of any Person or entity liable for any such payment; and (vii) consents to the addition of any and all other makers, endorsers, guarantors and other obligors for any payment hereunder, and to the acceptance of any and all other security for any payment hereunder, and agrees that the addition of any such obligors or security shall not affect the liability of the parties hereto for any payment hereunder.

(c) Nothing herein shall be construed as prohibiting the Trust, AmeriCredit, the Company or AFS SenSub from pursuing any rights or remedies it may have against any Person other than Assured Guaranty in a separate legal proceeding.

Section 4.3 Assignments; Reinsurance; Third-Party Rights.

(a) This Insurance Agreement shall be a continuing obligation of the parties hereto and shall be binding upon and inure to the benefit of the parties hereto and their respective successors and permitted assigns. None of the Trust, AmeriCredit, the Company or AFS SenSub may assign its rights under this Insurance Agreement, or delegate any of its duties hereunder, without the prior written consent of Assured Guaranty. Any assignment made in violation of this Insurance Agreement shall be null and void.

 

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(b) Assured Guaranty shall have the right to give participations in its rights under this Insurance Agreement and to enter into contracts of reinsurance with respect to the Notes Policy upon such terms and conditions as Assured Guaranty may in its discretion determine; provided, however, that no such participation or reinsurance agreement or arrangement shall relieve Assured Guaranty of any of its obligations hereunder or under the Notes Policy.

(c) In addition, Assured Guaranty shall be entitled to assign or pledge to any bank or other lender providing liquidity or credit with respect to the Transaction or the obligations of Assured Guaranty in connection therewith any rights of Assured Guaranty under the Transaction Documents or with respect to any real or personal property or other interests pledged to Assured Guaranty, or in which Assured Guaranty has a security interest, in connection with the Transaction.

(d) Except as provided herein with respect to participants and reinsurers, nothing in this Insurance Agreement shall confer any right, remedy or claim, express or implied, upon any Person, including, particularly, any Noteholder or the Certificateholder, other than Assured Guaranty, against the Trust, AmeriCredit, the Company or AFS SenSub, and all the terms, covenants, conditions, promises and agreements contained herein shall be for the sole and exclusive benefit of the parties hereto and their successors and permitted assigns. None of the Indenture Trustee, the Owner Trustee nor any Noteholder or the Certificateholder shall have any right to payment from any premiums paid or payable hereunder or from any other amounts paid by AmeriCredit pursuant to Section 3.2, 3.3 or 3.5 hereof.

Section 4.4 Liability of Assured Guaranty. Neither Assured Guaranty nor any of its officers, directors or employees shall be liable or responsible for: (a) the use which may be made of the Notes Policy by the Indenture Trustee or the Owner Trustee or for any acts or omissions of the Indenture Trustee or the Owner Trustee in connection therewith or (b) the validity, sufficiency, accuracy or genuineness of documents delivered to Assured Guaranty (or its Fiscal Agent) in connection with any claim under the Notes Policy, or of any signatures thereon, even if such documents or signatures should in fact prove to be in any or all respects invalid, insufficient, fraudulent or forged (unless Assured Guaranty had actual knowledge thereof). In furtherance and not in limitation of the foregoing, Assured Guaranty (or its Fiscal Agent) may accept documents that appear on their face to be in order, without responsibility for further investigation.

ARTICLE V

EVENTS OF DEFAULT; REMEDIES

Section 5.1 Events of Default. The occurrence of any of the following events shall constitute an Event of Default hereunder:

(a) a demand for payment shall be made under the Notes Policy;

 

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(b) any representation, warranty or covenant made by any of the Trust, AmeriCredit, the Company or AFS SenSub under any of the Transaction Documents, or in any certificate or report furnished under any of the Transaction Documents, shall prove to be untrue or incorrect in any material respect; provided, however, that if the Trust, AmeriCredit, the Company or AFS SenSub, as the case may be, effectively cures any such defect in any representation or warranty under any Transaction Document, or certificate or report furnished under any Transaction Document, within the time period specified in the relevant Transaction Document as the cure period therefor, such defect shall not in and of itself constitute an Event of Default hereunder;

(c) (i) any of the Trust, AmeriCredit, the Company or AFS SenSub shall fail to pay when due any amount payable under any of the Transaction Documents unless such amounts are paid in full within any applicable cure period explicitly provided for under the relevant Transaction Document; (ii) the Trust, AmeriCredit, the Company or AFS SenSub shall have asserted that any of the Transaction Documents to which it is a party is not valid and binding on the parties thereto; or (iii) any court, governmental authority or agency having jurisdiction over any of the parties to any of the Transaction Documents or any property thereof shall find or rule that any material provision of any of the Transaction Documents is not valid and binding on the parties thereto;

(d) any of the Trust, AmeriCredit, the Company or AFS SenSub shall fail to perform or observe any other covenant or agreement contained in any of the Transaction Documents (except for the obligations described under clause (c)(i) above or clause (m) below) and such failure shall continue for a period of 30 days after written notice given to the Trust or AFS SenSub by Assured Guaranty (which notice shall be forwarded to AmeriCredit and the Company by the Trust or AFS SenSub, provided however, that, such forwarding shall not be a condition to the occurrence of an Event of Default under this Section 5.1(d)), as the case may be; provided, however, that, if such failure shall be of a nature that it cannot be cured within 30 days, such failure shall not constitute an Event of Default hereunder if within such 30-day period the Trust or AFS SenSub, as the case may be, shall have given notice to Assured Guaranty of corrective action it proposes to take, which corrective action is agreed in writing by Assured Guaranty to be satisfactory and the Trust or AFS SenSub, as the case may be, shall thereafter pursue such corrective action diligently until such default is cured;

(e) any of the Trust, AmeriCredit, the Company or AFS SenSub shall fail to pay its debts generally as they come due, or shall admit in writing its inability to pay its debts generally, or shall make a general assignment for the benefit of creditors, or shall institute any proceeding seeking to adjudicate it insolvent or seeking a liquidation, or shall take advantage of any insolvency act, or shall commence a case or other proceeding naming it as debtor under the United States Bankruptcy Code or similar law, domestic or foreign, or a case or other proceeding shall be commenced against any of the Trust, AmeriCredit, the Company or AFS SenSub under the United States Bankruptcy Code or similar law, domestic or foreign, or any proceeding shall be instituted against any of the Trust, AmeriCredit, the Company or AFS SenSub seeking liquidation of their respective assets and such Person shall fail to take appropriate action resulting in the withdrawal or dismissal of such proceeding within 30 days or there shall be appointed or any of the Trust, AmeriCredit, the Company or AFS SenSub shall consent to, or acquiesce in, the appointment of a receiver, liquidator, conservator, trustee or similar official in respect of such Person or the whole or any substantial part of its respective properties or assets or such Person shall take any corporate action in furtherance of any of the foregoing;

 

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(f) on any Insured Distribution Date, after taking into account the application in accordance with Section 5.7(a) of the Sale and Servicing Agreement on the related Distribution Date of the sum of Available Funds, any Deficiency Claim Amount Deposits and any Accelerated Payment Amount Shortfall Deposits with respect to such related Distribution Date and the amounts available in the Series 2010-A Spread Account (prior to withdrawals therefrom in accordance with the terms of the Spread Account Agreement), any amounts payable on such related Distribution Date pursuant to clauses (i), (ii), (iii) or (v) of Section 5.7(a) of the Sale and Servicing Agreement have not been paid in full;

(g) as of (A) any May-October Determination Date, the arithmetic average of the Delinquency Ratio for such Determination Date and the two immediately preceding Determination Dates is equal to or greater than 6.00%; provided, however, in the event that the OC Percentage is equal to or greater than the Target OC Percentage on any Determination Date occurring after the twelfth Determination Date after the Closing Date, the percentage referred to in the previous clause for such May-October Determination Date and each Determination Date thereafter shall be deemed to be 6.50%; provided, further, in the event that the OC Percentage is equal to or greater than the Target OC Percentage on any Determination Date occurring after the thirty-sixth Determination Date after the Closing Date, the percentage referred to in the previous clause for such May-October Determination Date and each Determination Date thereafter shall be deemed to be 7.00%; or (B) any November-April Determination Date, the arithmetic average of the Delinquency Ratio for such Determination Date and the two immediately preceding Determination Dates is equal to or greater than 6.25%; provided, however, in the event that the OC Percentage is equal to or greater than the Target OC Percentage on any Determination Date occurring after the twelfth Determination Date after the Closing Date, the percentage referred to in the previous clause for such November-April Determination Date and each Determination Date thereafter shall be deemed to be 6.75%; provided, further, in the event that the OC Percentage is equal to or greater than the Target OC Percentage on any Determination Date occurring after the thirty-sixth Determination Date after the Closing Date, the percentage referred to in the previous clause for such November-April Determination Date and each Determination Date thereafter shall be deemed to be 7.25% (any event specified in this clause (g), a “Level 2 Delinquency Ratio Test Failure”);

 

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(h) the Cumulative Default Rate shall be equal to or greater than:

(A) 3.83%, with respect to any Determination Date occurring before or during the third calendar month succeeding the Closing Date, (B) 6.45%, with respect to any Determination Date occurring after the third, and before or during the 6th, calendar month succeeding the Closing Date, (C) 9.20%, with respect to any Determination Date occurring after the 6th, and before or during the 9th, calendar month succeeding the Closing Date, (D) 10.14%, with respect to any Determination Date occurring after the 9th, and before or during the 12th, calendar month succeeding the Closing Date, (E) 11.76%, with respect to any Determination Date occurring after the 12th, and before or during the 15th, calendar month succeeding the Closing Date, (F) 14.75%, with respect to any Determination Date occurring after the 15th, and before or during the 18th, calendar month succeeding the Closing Date, (G) 17.52%, with respect to any Determination Date occurring after the 18th, and before or during the 21st, calendar month succeeding the Closing Date, (H) 20.75%, with respect to any Determination Date occurring after the 21st, and before or during the 24th, calendar month succeeding the Closing Date, (I) 22.82%, with respect to any Determination Date occurring after the 24th, and before or during the 27th, calendar month succeeding the Closing Date, (J) 24.67%, with respect to any Determination Date occurring after the 27th, and before or during the 30th, calendar month succeeding the Closing Date, (K) 26.05%, with respect to any Determination Date occurring after the 30th, and before or during the 33rd, calendar month succeeding the Closing Date, (L) 27.66% with respect to any Determination Date occurring after the 33rd, and before or during the 36th, calendar month succeeding the Closing Date, (M) 29.05%, with respect to any Determination Date occurring after the 36th, and before or during the 39th, calendar month succeeding the Closing Date and (N) 29.51%, with respect to any Determination Date occurring after the 39th calendar month succeeding the Closing Date (any event specified in this clause (h), a “Level 2 Cumulative Default Rate Test Failure”);

(i) the Cumulative Loss Rate shall be equal to or greater than:

(A) 3.00%, with respect to any Determination Date occurring before or during the third calendar month succeeding the Closing Date, (B) 3.94%, with respect to any Determination Date occurring after the third, and before or during the 6th, calendar month succeeding the Closing Date, (C) 5.32%, with respect to any Determination Date occurring after the 6th, and before or during the 9th, calendar month succeeding the Closing Date, (D) 6.70%, with respect to any Determination Date occurring after the 9th, and before or during the 12th, calendar month succeeding the Closing Date, (E) 8.64%, with respect to any Determination Date occurring after the 12th, and before or during the 15th, calendar month succeeding the Closing Date, (F) 10.56%, with respect to any Determination Date occurring after the 15th, and before or during the 18th, calendar month succeeding the Closing Date, (G) 12.43%, with respect to any Determination Date occurring after the 18th, and before or during the 21st, calendar month succeeding the Closing Date, (H) 13.67%, with respect to any Determination Date occurring after the 21st, and before or during the 24th, calendar month succeeding the Closing Date, (I) 14.86%, with respect to any Determination Date occurring after the 24th, and before or during the 27th, calendar month succeeding the Closing Date, (J) 16.06%, with respect to any Determination Date occurring after the 27th, and before or during the 30th, calendar month succeeding the Closing Date, (K) 16.78%, with respect to any Determination Date occurring after the 30th, and before or during the 33rd, calendar month succeeding the Closing Date, (L) 17.74%, with respect to any Determination Date occurring after the 33rd, and before or during the 36th, calendar month succeeding the Closing Date and (M) 18.46%, with respect to any Determination Date occurring after the 36th calendar month succeeding the Closing Date (any event specified in this clause (i), a “Level 2 Cumulative Net Loss Rate Test Failure”);

 

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(j) the occurrence of a Servicer Termination Event under the Sale and Servicing Agreement;

(k) the Trust becomes taxable as an association (or publicly traded partnership) taxable as a corporation for federal or state income tax purposes;

(l) any default in the observance or performance of any covenant or agreement of the Trust made in the Indenture (other than a default in the payment of the interest or principal on any Note when due) or any representation or warranty of the Trust made in the Indenture or in any certificate or other writing delivered pursuant thereto or in connection therewith proving to have been incorrect in any material respect as of the time when the same shall have been made, and such default shall continue or not be cured, or the circumstance or condition in respect of which such misrepresentation or warranty was incorrect shall not have been eliminated or otherwise cured, for a period of 30 days after there shall have been given, by registered or certified mail, to the Trust and the Indenture Trustee by Assured Guaranty, a written notice specifying such default or incorrect representation or warranty and requiring it to be remedied;

(m) to the extent applicable, the failure of the Company or AFS SenSub to comply with Section 2.8(j) of this Insurance Agreement; and

(n) the Tangible Net Worth of AmeriCredit shall be less than the sum of (a) $1,650,000,000 plus (b) 50% of the cumulative positive net income (without deduction for negative net income) of AmeriCredit for each fiscal quarter having been completed since December 31, 2006, as reported in each annual report on Form 10-K and periodic report on Form 10-Q filed by AmeriCredit with the Commission plus (c) 75% of the net proceeds of any equity issued by AmeriCredit since December 31, 2006 (excluding any equity being issued pursuant to equity incentive plans for employees and board members) minus (d) the lesser of (i) $200,000,000 and (ii) the purchase price for all common stock of AmeriCredit repurchased and the amount of any dividends paid, in each case after December 31, 2006.

 

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Section 5.2 Remedies; Waivers.

(a) Upon the occurrence of an Event of Default, Assured Guaranty may exercise any one or more of the rights and remedies set forth below:

(i) exercise any rights and remedies available under the Transaction Documents in its own capacity or in its capacity as the Person entitled to exercise the rights of the Controlling Party under the Transaction Documents, including, without limitation, its right to accelerate the Notes or to terminate the Company and to appoint a successor Servicer; or

(ii) take whatever action at law or in equity may appear necessary or desirable in its judgment to enforce performance of any obligation of the Trust, AmeriCredit, the Company or AFS SenSub under the Transaction Documents.

(b) Unless otherwise expressly provided, no remedy herein conferred upon or reserved is intended to be exclusive of any other available remedy, but each remedy shall be cumulative and shall be in addition to other remedies given under the Transaction Documents or existing at law or in equity. No delay or failure to exercise any right or power accruing under any Transaction Document upon the occurrence of any Event of Default or otherwise shall impair any such right or power or shall be construed to be a waiver thereof, but any such right and power may be exercised from time to time and as often as may be deemed expedient. In order to entitle Assured Guaranty to exercise any remedy reserved to Assured Guaranty in this Article, it shall not be necessary to give any notice, other than such notice as may be expressly required in this Article.

(c) If any proceeding has been commenced to enforce any right or remedy under this Insurance Agreement and such proceeding has been discontinued or abandoned for any reason, or has been determined adversely to Assured Guaranty, then and in every such case the parties hereto shall, subject to any determination in such proceeding, be restored to their respective former positions hereunder, and, thereafter, all rights and remedies of Assured Guaranty shall continue as though no such proceeding had been instituted.

(d) Assured Guaranty shall have the right, to be exercised in its complete discretion, to waive any covenant, Default or Event of Default or collection of Premium Supplement by a writing setting forth the terms, conditions and extent of such waiver signed by Assured Guaranty and delivered to the Trust, AmeriCredit, the Company or AFS SenSub, as the case may be. Any such waiver may only be effected in writing duly executed by Assured Guaranty, and no other course of conduct shall constitute a waiver of any provision hereof. Unless such writing expressly provides to the contrary, any waiver so granted shall extend only to the specific event or occurrence so waived and not to any other similar event or occurrence.

 

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ARTICLE VI

MISCELLANEOUS

Section 6.1 Amendments, Etc. This Insurance Agreement may be amended, modified or terminated only by written instrument or written instruments signed by the parties hereto, provided that the Rating Agencies shall be notified in writing of any such amendment, modification or termination in accordance with the notice provisions set forth in the Sale and Servicing Agreement. No act or course of dealing shall be deemed to constitute an amendment, modification or termination hereof.

Section 6.2 Notices. All demands, notices and other communications to be given hereunder shall be in writing (except as otherwise specifically provided herein) and shall be mailed by registered mail or personally delivered or telecopied to the recipient as follows:

 

(a)    To Assured Guaranty:

    

Assured Guaranty Corp.

31 West 52nd Street

New York, NY 10019

Attention: Structured Surveillance

Department

    

Re:       Policy No. D-2010-66

            Americredit Automobile Receivables

            Trust 2010-A

 

Confirmation:      (212) 974-0100

Telecopy No.:      (212) 339-3518

 

(in each case in which notice or other communication to Assured Guaranty refers to a Default, an Event of Default, a claim on the Notes Policy or with respect to which failure on the part of Assured Guaranty 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 of Assured Guaranty, the General Counsel of AmeriCredit and to the Trustee and, in all cases, any original and each copy shall be marked “URGENT MATERIAL ENCLOSED.”)

(b)    To AmeriCredit:

    

AmeriCredit Corp.

801 Cherry Street, Suite 3500

Fort Worth, Texas 76102

Attention: Chief Financial Officer

 

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(c)    To the Company:

  

AmeriCredit Financial Services, Inc.

801 Cherry Street, Suite 3500

Fort Worth, Texas 76102

Attention: Chief Financial Officer

(d)    To AFS SenSub:

  

AFS SenSub Corp.

2265 B Renaissance Drive, Suite 17

Las Vegas, Nevada, 89119

Attention: Chief Financial Officer

With a copy to:

  

AmeriCredit Financial Services, Inc.

801 Cherry Street, Suite 3500

Fort Worth, TX 76102

Attention: Chief Financial Officer

(e)    To the Trust:

  

AmeriCredit Automobile Receivables

Trust 2010-A

c/o Wilmington Trust Company

1100 North Market Street

Wilmington, Delaware 19890-0001

Attention: Corporate Trust Administration, as

owner trustee

A party may specify an additional or different address or addresses by writing mailed or delivered to the other party as aforesaid. All such notices and other communications shall be effective upon receipt.

Section 6.3 Payment Procedure. In the event of any payment by Assured Guaranty for which it is entitled to be reimbursed or indemnified as provided above, each of the Trust, AmeriCredit, the Company and AFS SenSub agrees to accept the voucher or other evidence of payment as prima facie evidence of the propriety thereof and the liability therefor to Assured Guaranty. All payments to be made to Assured Guaranty under this Insurance Agreement shall be made to Assured Guaranty in lawful currency of the United States of America in immediately available funds to the account number provided in the Premium Letter before 1:00 p.m. (New York, New York time) on the date when due or as Assured Guaranty shall otherwise direct by written notice to the Trust, AmeriCredit, the Company and AFS SenSub. In the event that the date of any payment to Assured Guaranty or the expiration of any time period hereunder occurs on a day which is not a Business Day, then such payment or expiration of time period shall be made or occur on the next succeeding Business Day with the same force and effect as if such payment was made or time period expired on the scheduled date of payment or expiration date. Payments to be made to Assured Guaranty under this Insurance Agreement shall bear interest at the Late Payment Rate from the date due to the date paid, and shall include interest on overdue interest, compounded monthly.

 

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Section 6.4 Severability. In the event that any provision of this Insurance Agreement shall be held invalid or unenforceable by any court of competent jurisdiction, the parties hereto agree that such holding shall not invalidate or render unenforceable any other provision hereof. The parties hereto further agree that the holding by any court of competent jurisdiction that any remedy pursued by any party hereto is unavailable or unenforceable shall not affect in any way the ability of such party to pursue any other remedy available to it.

Section 6.5 Governing Law. THIS INSURANCE AGREEMENT SHALL BE CONSTRUED IN ACCORDANCE WITH, AND THIS INSURANCE AGREEMENT AND ALL MATTERS ARISING OUT OF OR RELATING IN ANY WAY TO THIS INSURANCE AGREEMENT SHALL BE GOVERNED BY, THE LAW OF THE STATE OF NEW YORK.

Section 6.6 Consent to Jurisdiction.

(a) THE PARTIES HERETO HEREBY IRREVOCABLY SUBMIT TO THE JURISDICTION OF THE UNITED STATES DISTRICT COURT FOR THE SOUTHERN DISTRICT OF NEW YORK AND ANY COURT IN THE STATE OF NEW YORK LOCATED IN THE CITY AND COUNTY OF NEW YORK, AND ANY APPELLATE COURT FROM ANY THEREOF, IN ANY ACTION, SUIT OR PROCEEDING BROUGHT AGAINST IT AND TO OR IN CONNECTION WITH ANY OF THE TRANSACTION DOCUMENTS OR THE TRANSACTIONS CONTEMPLATED THEREUNDER OR FOR RECOGNITION OR ENFORCEMENT OF ANY JUDGMENT, AND THE PARTIES HERETO HEREBY IRREVOCABLY AND UNCONDITIONALLY AGREE THAT ALL CLAIMS IN RESPECT OF ANY SUCH ACTION OR PROCEEDING MAY BE HEARD OR DETERMINED IN SUCH NEW YORK STATE COURT OR, TO THE EXTENT PERMITTED BY LAW, IN SUCH FEDERAL COURT. THE PARTIES HERETO AGREE THAT A FINAL JUDGMENT IN ANY SUCH ACTION, SUIT OR PROCEEDING SHALL BE CONCLUSIVE AND MAY BE ENFORCED IN OTHER JURISDICTIONS BY SUIT ON THE JUDGMENT OR IN ANY OTHER MANNER PROVIDED BY LAW. TO THE EXTENT PERMITTED BY APPLICABLE LAW, THE PARTIES HERETO HEREBY WAIVE AND AGREE NOT TO ASSERT BY WAY OF MOTION, AS A DEFENSE OR OTHERWISE IN ANY SUCH SUIT, ACTION OR PROCEEDING, ANY CLAIM THAT IT IS NOT PERSONALLY SUBJECT TO THE JURISDICTION OF SUCH COURTS, THAT THE SUIT, ACTION OR PROCEEDING IS BROUGHT IN AN INCONVENIENT FORUM, THAT THE VENUE OF THE SUIT, ACTION OR PROCEEDING IS IMPROPER OR THAT THE TRANSACTION DOCUMENTS OR THE SUBJECT MATTER THEREOF MAY NOT BE LITIGATED IN OR BY SUCH COURTS.

(b) To the extent permitted by applicable law, the parties hereto shall not seek and hereby waive the right to any review of the judgment of any such court by any court of any other nation or jurisdiction which may be called upon to grant an enforcement of such judgment.

 

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(c) Each of AmeriCredit, the Company and AFS SenSub hereby irrevocably appoints and designates The Prentice-Hall Corporation System, Inc., whose address is 15 Columbus Circle, New York, New York 10023-7773, as its true and lawful attorney and duly authorized agent for acceptance of service of legal process. Each of AmeriCredit, the Company, and AFS SenSub agrees that service of such process upon such Person shall constitute personal service of such process upon it.

(d) Nothing contained in this Insurance Agreement shall limit or affect Assured Guaranty’s right to serve process in any other manner permitted by law or to start legal proceedings relating to any of the Transaction Documents against AmeriCredit, the Company or AFS SenSub or their property in the courts of any jurisdiction.

Section 6.7 Consent of Assured Guaranty. In the event that Assured Guaranty’s consent is required under any of the Transaction Documents, the determination whether to grant or withhold such consent shall be made by Assured Guaranty in its sole discretion without any implied duty towards any other Person, except as otherwise expressly provided therein.

Section 6.8 Counterparts. This Insurance Agreement may be executed in counterparts by the parties hereto, and all such counterparts shall constitute one and the same instrument.

Section 6.9 Trial by Jury Waived. EACH PARTY HERETO HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY LAW, ANY RIGHT TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION ARISING DIRECTLY OR INDIRECTLY OUT OF, UNDER OR IN CONNECTION WITH ANY OF THE TRANSACTION DOCUMENTS OR ANY OF THE TRANSACTIONS CONTEMPLATED THEREUNDER. EACH PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY PARTY HERETO HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT IT WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT HAS BEEN INDUCED TO ENTER INTO THE TRANSACTION DOCUMENTS TO WHICH IT IS A PARTY BY, AMONG OTHER THINGS, THIS WAIVER.

Section 6.10 Limited Liability. (a) No recourse under any Transaction Document shall be had against, and no personal liability shall attach to, any officer, employee, director, affiliate or shareholder of any party hereto, as such, by the enforcement of any assessment or by any legal or equitable proceeding, by virtue of any statute or otherwise in respect of any of the Transaction Documents, the Securities or the Notes Policy, it being expressly agreed and understood that each Transaction Document is solely a corporate obligation of each party hereto, and that any and all personal liability, either at common law or in equity, or by statute or constitution, of every such officer, employee, director, affiliate or shareholder for breaches by any party hereto of any obligations under any Transaction Document is hereby expressly waived as a condition of and in consideration for the execution and delivery of this Insurance Agreement.

 

46


(b) It is expressly understood and agreed by the parties hereto that (a) this Insurance Agreement is executed and delivered by Wilmington Trust Company, not individually or personally but solely as trustee of the Trust, in the exercise of the powers and authority conferred and vested in it under the Trust Agreement, (b) each of the representations, undertakings and agreements herein made on the part of the Trust is made and intended not as personal representations, undertakings and agreements by Wilmington Trust Company, but is made and intended for the purpose of binding only the Trust and (c) under no circumstances shall Wilmington Trust Company be personally liable for the payment of any indebtedness or expenses of the Trust or be liable for the breach or failure of any obligation, representation, warranty or covenant made or undertaken by the Trust under this Insurance Agreement or the other Transaction Documents.

Section 6.11 Entire Agreement. This Insurance Agreement, the Premium Letter and the Notes Policy set forth the entire agreement between the parties with respect to the subject matter thereof, and this Insurance Agreement supersedes and replaces any agreement or understanding that may have existed between the parties prior to the date hereof in respect of such subject matter.

Section 6.12 No Partnership. Nothing in this Insurance Agreement or any other agreement entered into in connection with the Transaction shall be deemed to constitute Assured Guaranty a partner, co-venturer or joint owner of property with any other entity.

 

47


IN WITNESS WHEREOF, the parties hereto have duly executed and delivered this Insurance and Indemnity Agreement, all as of the day and year first above written.

 

ASSURED GUARANTY CORP.
By:  

/s/ Jorge Gana

  Authorized Officer
AMERICREDIT AUTOMOBILE RECEIVABLES TRUST 2010-A
  by Wilmington Trust Company, not in its individual capacity but solely as Owner Trustee
By:  

/s/ Erwin M. Soriano

Name:   Erwin M. Soriano
Title:   Assistant Vice President
AMERICREDIT FINANCIAL SERVICES, INC.
By:  

/s/ Susan B. Sheffield

Name:   Susan B. Sheffield
Title:   Executive Vice President, Structured Finance
AMERICREDIT CORP.
By:  

/s/ Susan B. Sheffield

Name:   Susan B. Sheffield
Title:   Executive Vice President, Structured Finance

[Insurance Agreement Signature Page]


AFS SENSUB CORP.
By:  

/s/ Sheli D. Fitzgerald

Name:   Sheli D. Fitzgerald
Title:   Vice President, Structured Finance

Acknowledged:

 

WELLS FARGO BANK, NATIONAL ASSOCIATION
By:  

/s/ Marianna C. Stershic

Name:   Marianna C. Stershic
Title:   Vice President

[Insurance Agreement Signature Page]


APPENDIX I

DEFINITIONS

“AmeriCredit” has the meaning set forth in the preamble to this Insurance Agreement.

“AmeriCredit Parties” means each of AmeriCredit, the Company and AFS SenSub.

“AFS SenSub” has the meaning set forth in the preamble to this Insurance Agreement.

“AGL” means Assured Guaranty Ltd., a Bermuda corporation.

“Assured Guaranty” has the meaning set forth in the preamble to this Insurance Agreement.

“Assured Guaranty Financial Statements” means the unaudited financial statements (and any amendments thereto) of Assured Guaranty for each of the March, June and September fiscal quarters and the audited financial statements (and any amendments thereto) for any fiscal year.

“Business Day” means any day other than a Saturday, Sunday, legal holiday or other day on which the New York Stock Exchange, the Federal Reserve Bank of New York, commercial banking institutions in Fort Worth, Texas, New York, New York, Wilmington, Delaware, Minneapolis, Minnesota, the State of Maryland or the principal place of business of any successor Servicer, successor Indenture Trustee, successor Owner Trustee or successor Collateral Agent, are authorized or obligated by law, executive order or governmental decree to be closed.

“Certificate” means the Certificate of Trust issued pursuant to the Trust Agreement.

“Certificateholder” means the registered holder of the Certificate.

“Code” means the Internal Revenue Code of 1986, including, unless the context otherwise requires, the rules and regulations thereunder, as amended from time to time.

“Commission” means the Securities and Exchange Commission.

“Commonly Controlled Entity” means AmeriCredit and each entity, whether or not incorporated, which is affiliated with AmeriCredit pursuant to Section 414(b), (c), (m) or (o) of the Code.

“Company” has the meaning set forth in the preamble to this Insurance Agreement.

 

I-1


“Date of Issuance” means the date on which the Notes Policy is issued as specified therein.

“Default” means any event which results, or which with the giving of notice or the lapse of time or both would result, in an Event of Default.

“ERISA” means the Employee Retirement Income Security Act of 1974, including, unless the context otherwise requires, the rules and regulations thereunder, as amended from time to time.

“Event of Default” means any event of default specified in Section 5.1 of the Insurance Agreement.

“Exchange Act” means the Securities Exchange Act of 1934, as amended.

“Exchange Act Reports” means all Distribution Reports on Form 10-D, Current Reports on Form 8-K and Annual Reports on Form 10-K that are required to be filed by AFS SenSub or the Trust with respect to the Notes pursuant to the Exchange Act.

“Expiration Date” means the final date of the Term Of The Policy, as specified in the Notes Policy.

“Financial Statements” means with respect to AmeriCredit the consolidated balance sheets as of June 30, 2010 and the statements of income, shareholder’s equity and cash flows for the 12-month period then ended and the notes thereto and the consolidated balance sheets as of each September 30, December 31 and March 31 thereafter, and the consolidated statements of income and cash flows for the fiscal quarter then ended.

“Fiscal Agent” means the Fiscal Agent, if any, designated pursuant to the terms of the Notes Policy.

“Incorporation by Reference Conditions” means the conditions set forth for incorporation by reference in Item 1100(c)(1)(i), (ii) and (iii) under Regulation AB.

“Indemnification Agreement” means the Indemnification Agreement dated as of March 26, 2010, by and among Assured Guaranty, AFS SenSub and the Underwriters, as the same may be amended from time to time.

“Indenture” means the Indenture dated as of March 25, 2010, by and between the Trust and Wells Fargo, as Trustee and Trust Collateral Agent.

“Indenture Trustee” means Wells Fargo, as trustee under the Indenture, and any successor thereto as trustee under the Indenture.

“Insurance Agreement” means this Insurance and Indemnity Agreement dated as of the date hereof, by and among Assured Guaranty, the Trust, AmeriCredit, the Company and AFS SenSub, as the same may be amended from time to time.

 

I-2


“Insurance Agreement Event of Default” means any Event of Default specified in Section 5.1.

“Insurance Agreement Indenture Cross Default” means an Event of Default specified in clauses (a), (e), (f), (k), (l) or (m) of Section 5.1.

“Investment Company Act” means the Investment Company Act of 1940, including, unless the context otherwise requires, the rules and regulations thereunder, as amended from time to time.

“IRS” means the Internal Revenue Service.

“Late Payment Rate” means the lesser of (a) the greater of (i) the per annum rate of interest, publicly announced from time to time by JPMorgan Chase Bank principal office in the City of New York as its prime or base lending rate (any change in such rate of interest to be effective on the date such change is announced by JPMorgan Chase Bank plus 3%), and (ii) the then applicable highest rate of interest on the Securities and (b) the maximum rate permissible under applicable usury or similar laws limiting interest rates. The Late Payment Rate shall be computed on the basis of the actual number of days elapsed over the actual number of days in the current calendar year.

“Lien” means, as applied to the property or assets (or the income or profits therefrom) of any Person, in each case whether the same is consensual or nonconsensual or arises by contract, operation of law, legal process or otherwise: (a) any mortgage, lien, pledge, attachment, charge, lease, conditional sale or other title retention agreement, or other security interest or encumbrance of any kind or (b) any arrangement, express or implied, under which such property or assets are transferred, sequestered or otherwise identified for the purpose of subjecting or making available the same for the payment of debt or performance of any other obligation in priority to the payment of the general, unsecured creditors of such Person.

“Lockbox Agreements” means the Lockbox Agreements, as defined in the Sale and Servicing Agreement.

“Material Adverse Change” means, (a) in respect of any Person, a material adverse change in (i) the business, financial condition, results of operations or properties of such Person or any of its Subsidiaries or (ii) the ability of such Person to perform its obligations under any of the Transaction Documents to which it is a party and (b) in respect of the Receivables, a material adverse change in (i) the value or marketability of the Receivables, taken as a whole, or (ii) the probability that amounts now or hereafter due in respect of a material portion of the Receivables will be collected on a timely basis.

“Moody’s” means Moody’s Investors Service, a Delaware corporation, and any successor thereto, and, if such corporation shall for any reason no longer perform the functions of a securities rating agency, “Moody’s” shall be deemed to refer to any other nationally recognized rating agency designated by Assured Guaranty.

 

I-3


“Multiemployer Plan” means a multiemployer plan (within the meaning of Section 4001(a)(3) of ERISA) in respect of which a Commonly Controlled Entity makes contributions or has liability.

“Noteholders” means the registered holders of the Notes.

“Notes” means the Trust’s $36,000,000 Class A-1 0.31327% Asset Backed Notes, $71,000,000 Class A-2 1.46% Asset Backed Notes and $93,000,000 Class A-3 3.51% Asset Backed Notes.

“Notes Policy” means in the financial guaranty insurance policy, including any endorsements thereto, issued by Assured Guaranty with respect to the Securities, substantially in the form attached as Annex I to the Insurance Agreement.

“Notice of Claim” means, with respect to the Notes Policy, a Notice of Claim and Certificate in the form attached as Exhibit A to Endorsement No. 1 to such Policy.

“Offering Document” means the Prospectus dated November 7, 2007 and the Prospectus Supplement dated March 26, 2010 relating to the Securities and any amendment or supplement thereto and any other offering document in respect of the Securities that makes reference to the Notes Policy.

“Owner Trustee” means Wilmington Trust Company as owner trustee under the Trust Agreement, and any successor thereto as owner trustee under the Trust Agreement.

“PBGC” means the Pension Benefit Guaranty Corporation or any successor agency, corporation or instrumentality of the United States to which the duties and powers of the Pension Benefit Guaranty Corporation are transferred.

“Person” means an individual, joint stock company, trust, unincorporated association, joint venture, corporation, business or owner trust, partnership or other organization or entity (whether governmental or private).

“Plan” means any pension plan (other than a Multiemployer Plan) covered by Title IV of ERISA, which is maintained by a Commonly Controlled Entity or in respect of which a Commonly Controlled Entity has liability.

“Policy” means the Notes Policy.

“Premium” means the premium payable in accordance with Section 3.2 of this Insurance Agreement and the Premium Supplement, if any.

“Premium Letter” means the letter between Assured Guaranty and AmeriCredit dated the Date of Issuance in respect of the premium (including Premium Supplement) payable by AmeriCredit in consideration of the issuance of the Notes Policy.

 

I-4


“Premium Supplement” means a non-refundable premium, in addition to the premium payable in accordance with Section 3.2 of this Insurance Agreement, accruing to Assured Guaranty in monthly installments commencing on the date of the occurrence of an Event of Default whether or not an Event of Default shall have been declared and on each monthly anniversary thereof in accordance with the terms set forth in the Premium Letter.

“Provided Documents” means the Transaction Documents and any documents, agreements, instruments, schedules, certificates, statements, cash flow schedules, number runs or other writings or data furnished to Assured Guaranty by or on behalf of AmeriCredit, the Company or AFS SenSub with respect to itself, its respective Subsidiaries, the Receivables or the Transaction.

“Purchase Agreement” means the Purchase Agreement, dated as of March 25, 2010, by and between the Company and AFS SenSub.

“Receivable” has the meaning provided in the Sale and Servicing Agreement.

“Release of Security Interests” means a release of all security interests granted by AmeriCredit or any affiliate thereof in the Receivables prior to the date hereof and authorizing the filing of UCC financing statements to be filed in such locations as are required to evidence the release of the security interest in such Receivables.

“Reportable Event” means any of the events set forth in Section 4043(b) of ERISA or the regulations thereunder.

“Restrictions on Transferability” means, as applied to the property or assets (or the income or profits therefrom) of any Person, in each case whether the same is consensual or non-consensual or arises by contract, operation of law, legal process or otherwise, any material condition to, or restriction on, the ability of such Person or any transferee therefrom to sell, assign, transfer or otherwise liquidate such property or assets in a commercially reasonable time and manner or which would otherwise materially deprive such Person or any transferee therefrom of the benefits of ownership of such property or assets.

“Sale and Servicing Agreement” means the Sale and Servicing Agreement dated as of March 25, 2010 among the Trust, AmeriCredit Financial Services, Inc., as Servicer, AFS SenSub and Wells Fargo, as Backup Servicer and Trust Collateral Agent.

“Securities” means the Notes.

“Securities Act” means the Securities Act of 1933, including, unless the context otherwise requires, the rules and regulations thereunder, as amended from time to time.

“Securities Exchange Act” means the Securities Exchange Act of 1934, including, unless the context otherwise requires, the rules and regulations thereunder, as amended from time to time.

“Seller” has the meaning set forth in the preamble to this Insurance Agreement.

 

I-5


“Servicer” means the Servicer, in its capacity as Servicer under the Sale and Servicing Agreement.

“S&P” means Standard & Poor’s Ratings Services, a Standard & Poor’s Financial LLC business, and any successor thereto, and, if such corporation shall for any reason no longer perform the functions of a securities rating agency, “S&P” shall be deemed to refer to any other nationally recognized rating agency designated by Assured Guaranty.

“Special Event” means the occurrence of any one of the following: (a) an Event of Default under this Insurance Agreement has occurred and is continuing, (b) a Cumulative Default Test Failure, Delinquency Test Failure or Cumulative Net Loss Test Failure (each as defined in the Spread Account Agreement) has occurred and is continuing, (c) any legal proceeding or binding arbitration is instituted with respect to the Transaction, (d) any governmental or administrative investigation, action or proceeding is instituted that would, if adversely decided, result in a Material Adverse Change in respect of AmeriCredit, the Company, AFS SenSub or the Receivables, or (e) Assured Guaranty pays a claim under the Notes Policy.

“Spread Account Agreement” means the Spread Account Agreement, dated as of March 25, 2010, by and among Assured Guaranty, the Trust, the Collateral Agent and the Trustee as the same may be amended, supplemented or otherwise modified in accordance with the terms thereof.

“Subsidiary” means, with respect to any Person, any corporation of which a majority of the outstanding shares of capital stock having ordinary voting power for the election of directors is at the time owned by such Person directly or through one or more Subsidiaries.

“Tangible Net Worth” means, with respect to any Person, the net worth of such Person calculated in accordance with GAAP, after subtracting therefrom the aggregate amount of such Person’s intangible assets, including, without limitation, goodwill, franchises, licenses, patents, trademarks, copyrights and service marks.

“Term of this Agreement” shall be determined as provided in Section 4.01 of this Insurance Agreement.

“Term Of The Policy” has the meaning provided in the Notes Policy.

“Time of Sale” means 3:30pm (New York time) on March 26, 2010.

“Transaction” means the transactions contemplated by the Transaction Documents, including the transactions described in the Offering Document.

“Transaction Documents” means this Insurance Agreement, the Trust Agreement, the Indenture, the Sale and Servicing Agreement, the Underwriting Agreement, the Indemnification Agreement, the Purchase Agreement, the Custodian Agreement, the Premium Letter, the Lockbox Agreements and the Spread Account Agreement.

 

I-6


“Trust” means AmeriCredit Automobile Receivables Trust 2010-A created by the Trust Agreement.

“Trust Agreement” means the Trust Agreement dated as of March 5, 2010, as amended and restated as of March 25, 2010, by and between AFS SenSub and Wilmington Trust Company as Owner Trustee.

“Trust Property” has the meaning provided in the Sale and Servicing Agreement.

“Underfunded Plan” means any Plan that has an Underfunding.

“Underfunding” means, with respect to any Plan, the excess, if any, of (a) the present value of all benefits under the Plan (based on the assumptions used to fund the Plan pursuant to Section 412 of the Code) as of the most recent valuation date over (b) the fair market value of the assets of such Plan as of such valuation date.

“Underwriters” means Credit Suisse Securities (USA) LLC and RBS Securities Inc.

“Underwriting Agreement” means the Underwriting Agreement, dated as of March 26, 2010, by and among the Seller, AmeriCredit Financial Services, Inc. and the Underwriters.

“Wells Fargo” means Wells Fargo Bank, National Association and any successors or assigns.

 

I-7


ANNEX I

TO

INSURANCE AND INDEMNITY AGREEMENT

FORM OF NOTES POLICY


Execution Version

Financial Guaranty Insurance Policy

 

Insured Obligations: AmeriCredit Automobile Receivables Trust 2010-A

$36,000,000 Class A-1 0.31327% Asset Backed Notes, Series 2010-A

   Policy No.: D-2010-66

$71,000,000 Class A-2 1.46% Asset Backed Notes, Series 2010-A

$93,000,000 Class A-3 3.51% Asset Backed Notes, Series 2010-A

   Effective Date: March 31, 2010

Assured Guaranty Corp., a Maryland-domiciled insurance company (“Assured Guaranty”), in consideration of the payment of the premium and on the terms and subject to the conditions of this Policy (which includes each endorsement hereto), hereby unconditionally and irrevocably agrees to pay to the Trustee, for the benefit of the Holders of the Insured Obligations, that portion of the Insured Amounts which shall become Due for Payment during the Term of the Policy but shall be unpaid by reason of Nonpayment. Capitalized terms used and not defined herein shall have the meanings ascribed thereto in the endorsement attached hereto.

Assured Guaranty will make payment of any amount required to be paid under this Policy following receipt of notice as described in the endorsement attached hereto. Such payments of principal and interest shall be made only upon presentation of an instrument of assignment in form and substance satisfactory to Assured Guaranty, transferring to Assured Guaranty all rights under such Insured Obligations to receive the principal of and interest on the Insured Obligations, to the extent of such payments of principal and interest. Payment by Assured Guaranty to the Trustee for the benefit of the Holders shall discharge the obligations of Assured Guaranty under this Policy to the extent of such payment.

In the event that the Trustee for the Insured Obligations has notice that any payment of principal of or interest in an Insured Obligation which has become Due for Payment and which has been made to a Holder by or on behalf of the Trustee has been deemed a preferential transfer and has been recovered from such Holder pursuant to the United States Bankruptcy Code in accordance with a final, nonappealable order of a court of competent jurisdiction, such Holder will be entitled to payment from Assured Guaranty to the extent of such recovery if sufficient funds are not otherwise available (in accordance with the endorsement attached hereto).

This Policy is non-cancelable for any reason. The premium on this Policy is not refundable for any reason. This Policy does not insure against loss of any prepayment premium or other acceleration payment which at any time may become due in respect of any Insured Obligation, other than at the sole option of Assured Guaranty, nor against any risk other than Nonpayment, including the failure of the Trustee to remit amounts received to the Holders of Insured Obligations and any shortfalls attributable to withholding or other taxes, including interest and penalties in respect of such liability.

To the fullest extent permitted by applicable law, Assured Guaranty hereby waives, in each case for the benefit of the Holders only, all rights and defenses of any kind (including, without limitation, the defense of fraud in the inducement or in fact or any other circumstance that would have the effect of discharging a surety, guarantor or any other Person in law or in equity) that may be available to Assured Guaranty to deny or avoid payment of its obligations under this Policy in accordance with the express provisions hereof. Nothing in this paragraph will be construed (i) to waive, limit or otherwise impair, and Assured Guaranty expressly reserves, Assured Guaranty’s rights and remedies, including, without limitation: its right to assert any claim or to pursue recoveries (based on contractual rights, securities law violations, fraud or other causes of action) against any Person or entity, in each case, whether directly or acquired as a subrogee, assignee or otherwise, subsequent to making any payment to the Beneficiary in accordance with the express provisions hereof, and/or (ii) to require payment by Assured Guaranty of any amounts that have been previously paid or that are not otherwise due in accordance with the express provisions of this Policy. Assured Guaranty does not waive its rights to seek payment of all amounts to which it is entitled pursuant to the Operative Documents.

This Policy (which includes each endorsement hereto) sets forth in full the undertaking of Assured Guaranty with respect to the subject matter hereof, and may not be modified, altered or affected by any other agreement or instrument, including, without limitation, any modification thereto or amendment thereof.

This Policy shall be governed by, and shall be construed in accordance with, the laws of the State of New York.

THIS POLICY IS NOT COVERED BY THE PROPERTY/CASUALTY INSURANCE SECURITY FUND SPECIFIED IN ARTICLE 76 OF THE NEW YORK INSURANCE LAW.

IN WITNESS WHEREOF, Assured Guaranty has caused this Policy to be affixed with its corporate seal, to be signed by its duly authorized officer and to become effective and binding upon Assured Guaranty by virtue of such signature.

 

  ASSURED GUARANTY CORP.

[SEAL]

   
  By:  

/s/ Jorge Gana

  Name:   Jorge Gana
  Title:   Managing Director


Signature attested to by:

    /s/ Brian Mellstorm

Counsel


ENDORSEMENT NO. 1 TO

FINANCIAL GUARANTY INSURANCE POLICY

(NOTES POLICY)

 

Attached to and forming a part of    Effective Date: March 31, 2010
Financial Guaranty Insurance Policy No.: D-2010-66   

Issued To: Wells Fargo Bank, National Association, as Trust Collateral Agent

This Endorsement forms a part of the Policy referenced above. To the extent the provisions of this Endorsement conflict with the provisions of the above-referenced Policy, the provisions of this Endorsement shall govern.

Definitions. For all purposes of this Policy, the terms specified below shall have the meanings or constructions provided below. Capitalized terms used herein and not otherwise defined herein shall have the meanings provided in the Indenture or the Sale and Servicing Agreement, whether provided directly or through incorporation by reference, unless otherwise specified.

Assured Guaranty” means Assured Guaranty Corp., a Maryland-domiciled insurance company.

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

Date of Issuance” means the Effective Date.

Due for Payment” means (i) with respect to any amount payable hereunder in respect of Scheduled Payments, becoming payable on an Insured Distribution Date in accordance with clause (i), (ii) or (iii), as applicable, of the definition of “Scheduled Payments” and (ii) with respect to any amount payable hereunder in respect of any Scheduled Payment avoided as a preference payment, becoming payable on the date specified in Section 3.

Effective Date” means March 31, 2010.

Holder” shall have the meaning set forth in the Indenture; provided, however that “Holder” shall not include the Obligor, the Servicer, the Trustee, the Trust Collateral Agent or any affiliates or successors of the foregoing in the event the Obligor, or any such affiliate or successor, is a registered or beneficial owner of the Insured Obligations.

Indenture” means the Indenture, dated as of March 25, 2010, between the Obligor and Wells Fargo Bank, National Association, as Trustee and Trust Collateral Agent, as amended from time to time with the written consent of Assured Guaranty.


Policy No.: D-2010-66    Date of Issuance: March 31, 2010

 

Indenture Trustee” or “Trustee” means Wells Fargo Bank, National Association, in its capacity as Trustee under the Indenture and any successor in such capacity.

Insured Amounts” means the Scheduled Payments.

Insured Obligations” means the $36,000,000 Class A-1 0.31327% Asset Backed Notes, Series 2010-A, the $71,000,000 Class A-2 1.46% Asset Backed Notes, Series 2010-A and the $93,000,000 Class A-3 3.51% Asset Backed Notes, Series 2010-A, issued by the Obligor under the Indenture.

Nonpayment” means that an Insured Amount is Due for Payment but the funds, if any, remitted to the Trust Collateral Agent or the Trustee for such payment pursuant to the Sale and Servicing Agreement or the Indenture are insufficient for payment in full of such Insured Amount.

Notice of Claim” means a notice and certificate from the Trust Collateral Agent in the form attached as Exhibit A to this Endorsement.

Obligor” means AmeriCredit Automobile Receivables Trust 2010-A, a Delaware statutory trust.

Operative Documents” means the Basic Documents, as the same may be amended, supplemented, or otherwise modified from time to time with the written consent of Assured Guaranty.

Policy” means this Financial Guaranty Insurance Policy and includes each endorsement thereto.

Receipt” and “Received” mean actual delivery to Assured Guaranty and to the Fiscal Agent (as defined below), if any, prior to 12:00 noon, New York City time, on a Business Day; delivery either on a day that is not a Business Day, or after 12:00 noon, New York City time, on a Business Day shall be deemed to be receipt on the next succeeding Business Day. For the purposes of this definition, “actual delivery” to Assured Guaranty means (i) the delivery of the original Notice of Claim, together with each other notice or other applicable documentation required by the terms of this Policy, to Assured Guaranty at its address set forth in paragraph 8, or (ii) facsimile transmission of the original Notice of Claim, together with each other notice or other applicable documentation required by the terms of this Policy, to Assured Guaranty at its facsimile number set forth in paragraph 8. If presentation is made by facsimile, the Trust Collateral Agent, (x) promptly shall confirm transmission by telephone to Assured Guaranty at its telephone number set forth in paragraph 8 and (y) as soon as is reasonably practicable, shall deliver the original Notice of Claim, together with each other notice or other applicable documentation required by the terms of this Policy, to Assured Guaranty at its address set forth in paragraph 8. If any Notice of Claim or other notice or certificate given hereunder by the Trust Collateral Agent is not in proper form or is not properly completed, executed or delivered, or contains any misstatement, it shall be deemed not to have been Received, and Assured Guaranty or its Fiscal Agent shall promptly so advise the Trust Collateral Agent and the Trust Collateral Agent may submit an amended notice.

 

4


Policy No.: D-2010-66    Date of Issuance: March 31, 2010

 

Sale and Servicing Agreement” means the Sale and Servicing Agreement dated as of March 25, 2010 among the Obligor, AmeriCredit Financial Services, Inc., as Servicer, AFS SenSub Corp., as Seller and Wells Fargo Bank, National Association, as Backup Servicer and Trust Collateral Agent, as such agreement may be amended, supplemented or otherwise modified from time to time with the written consent of Assured Guaranty.

Scheduled Payments” means, as to each Insured Distribution Date, payments that are required to be made to Holders in accordance with the original terms of the Insured Obligations when issued and without regard to any subsequent amendment or modification of the Insured Obligations, the Indenture, the Sale and Servicing Agreement or the Basic Documents, except amendments or modifications to which Assured Guaranty has given its prior written consent, which payments are (i) the Noteholders’ Interest Distributable Amount with respect to the related Distribution Date, (ii) the Noteholders’ Remaining Parity Deficit Amount with respect to the related Distribution Date and (iii) with respect to the Final Scheduled Distribution Date for any class of Insured Obligations, the outstanding principal amount of such class on such Final Scheduled Distribution Date, after taking into account reductions on such date of such outstanding principal amount from all sources other than this Policy. Scheduled Payments do not include payments that become due on an accelerated basis as a result of (a) a default by the Obligor, (b) an election by the Obligor to pay principal on an accelerated basis, (c) the occurrence of an Event of Default under the Indenture or (d) any other cause, unless Assured Guaranty elects, in its sole discretion, to pay in whole or in part such principal due upon acceleration, together with any accrued interest to the date of acceleration. In the event Assured Guaranty does not so elect, this Policy will continue to guarantee payment on the Insured Obligations in accordance with their original terms. Scheduled Payments shall not include (x) any portion of a Noteholders’ Interest Distributable Amount or of a Noteholders’ Interest Carryover Amount due to Holders because the appropriate notice and certificate for payment in proper form as required by paragraph 2 hereof was not timely Received by Assured Guaranty or (y) any portion of a Noteholders’ Interest Distributable Amount due to Holders representing interest on any Noteholders’ Interest Carryover Amount accrued from and including the date of payment of the amount of such Noteholders’ Interest Carryover Amount, unless in each case, Assured Guaranty elects, in its sole discretion, to pay such amount in whole or in part, pursuant hereto. Scheduled Payments shall not include any amounts due in respect of the Insured Obligations attributable to any increase in interest rate, penalty or other sum payable by the Obligor by reason of any default or event of default in respect of the Insured Obligations, or by reason of any deterioration of the credit worthiness of the Obligor, nor shall Scheduled Payments include, nor shall coverage be provided under this Policy in respect of, any taxes, withholding or other charge with respect to any Holder imposed by any governmental authority due in connection with the payment of any Scheduled Payment to a Holder.

Term of the Policy” means the period from and including the Date of Issuance to and including the date on which (i) all Scheduled Payments have been paid or deemed to be paid within the meaning of Section 4.1 of the Indenture; (ii) any period during which any Scheduled Payment could have been avoided in whole or in part as a preference payment under applicable bankruptcy, insolvency, receivership or similar law shall have expired and (iii) if any proceedings requisite to avoidance as a preference payment have been commenced prior to the occurrence of (i) and (ii), a final and nonappealable order in resolution of each such proceeding has been entered.

 

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Policy No.: D-2010-66    Date of Issuance: March 31, 2010

 

Trust Collateral Agent” means Wells Fargo Bank, National Association, in its capacity as Trust Collateral Agent under the Indenture, acting as agent for the Indenture Trustee in accordance with the terms of the Indenture, and any successor in such capacity.

Notices and Conditions to Payment in Respect of Scheduled Payments. Following Receipt by Assured Guaranty of a Notice of Claim, Assured Guaranty will pay any amount payable hereunder in respect of Scheduled Payments on the Insured Obligations out of the funds of Assured Guaranty on the later to occur of (a) 12:00 noon, New York City time, on the third Business Day following such Receipt; and (b) 12:00 noon, New York City time, on the date on which such payment is due on the Insured Obligations. Payments due hereunder in respect of Scheduled Payments will be disbursed to the Trust Collateral Agent by wire transfer of immediately available funds.

No claim may be made hereunder except by the Trust Collateral Agent.

Assured Guaranty shall be entitled to pay any amount hereunder in respect of Scheduled Payments on the Insured Obligations, including any amount due on the Insured Obligations on an accelerated basis, whether or not any notice and certificate shall have been Received by Assured Guaranty as provided above; provided, however, that by acceptance of this Policy the Indenture Trustee (directly or acting through the Trust Collateral Agent, as agent for the Indenture Trustee) agrees to provide to Assured Guaranty, upon Assured Guaranty’s request to the Trust Collateral Agent, a notice and certificate in respect of any such payments made by Assured Guaranty. Assured Guaranty shall be entitled to pay hereunder any amount that becomes due on the Insured Obligations on an accelerated basis at any time or from time to time after such amount becomes due, in whole or in part, prior to the scheduled date of payment thereof; Scheduled Payments insured hereunder shall not include interest, in respect of principal paid hereunder on an accelerated basis, accruing from and after the date of such payment of principal.

In the event that any amount shall be received by the Trust Collateral Agent, the Trustee or the Holder in respect of a Scheduled Payment forming the basis of a claim specified in a Notice of Claim submitted hereunder, which amount had not been received when the Notice of Claim was prepared but which is received by the Trust Collateral Agent, the Trustee or the Holder prior to receipt of payment from the Insurer as contemplated by this Policy (any such amount, a “Recovery”), the Trust Collateral Agent immediately shall so notify the Insurer (which notice shall include the amount of any such Recovery). The fact that a Recovery has been received by the Beneficiary shall be deemed to be incorporated in the applicable Notice of Claim as of the date such Notice of Claim originally was prepared, without necessity of any action on the part of any Person, and the Insurer shall pay the amount of the claim specified in the Notice of Claim as herein provided, net of the Recovery.

 

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Policy No.: D-2010-66    Date of Issuance: March 31, 2010

 

Notices and Conditions to Payment in Respect of Scheduled Payments Avoided as Preference Payments. If any Scheduled Payment is avoided as a preference payment under applicable bankruptcy, insolvency, receivership or similar law instituted against the Obligor, Assured Guaranty will pay such amount out of the funds of Assured Guaranty on the later of (a) the date when due to be paid pursuant to the Order referred to below or (b) the first to occur of (i) the fourth Business Day following Receipt by Assured Guaranty from the Trust Collateral Agent of (A) a certified copy of a final non-appealable order (the “Order”) of the court or other governmental body that exercised jurisdiction to the effect that the Holder is required to return Scheduled Payments made with respect to the Insured Obligations during the Term of the Policy because such payments were avoidable as preference payments under applicable bankruptcy, insolvency, receivership or similar law, (B) an opinion of counsel satisfactory to the Insurer that such order is final and not subject to appeal and (C) an assignment duly executed and delivered by the Holder, in such form as is reasonably required by Assured Guaranty, and provided to the Holder by Assured Guaranty, irrevocably assigning to Assured Guaranty all rights and claims of the Holder relating to or arising under the Insured Obligations against the estate of the Obligor or otherwise with respect to such preference payment or (ii) the date of Receipt by Assured Guaranty from the Trust Collateral Agent of the items referred to in clauses (A), (B) and (C) above if, at least four Business Days prior to such date of Receipt, Assured Guaranty shall have Received written notice from the Trust Collateral Agent that such items were to be delivered on such date and such date was specified in such notice. Such payment shall be disbursed to the receiver, conservator, debtor-in-possession or trustee in bankruptcy named in the Order and not to the Trust Collateral Agent or any Holder directly (unless a Holder has previously paid such amount to the receiver, conservator, debtor-in-possession or trustee in bankruptcy named in the Order, in which case such payment shall be disbursed to the Trust Collateral Agent for distribution to such Holder upon proof of such payment reasonably satisfactory to Assured Guaranty). In connection with the foregoing, Assured Guaranty shall have the rights provided pursuant to Section 6.2 of the Sale and Servicing Agreement.

Notwithstanding the foregoing paragraph, in no event shall the Insurer be obligated to make any payment pursuant to this paragraph 3 prior to the date the related Scheduled Payment is Due for Payment.

Governing Law. This Policy shall be construed in accordance with, and this Policy and all matters arising out of or relating in any way to this Policy shall be governed by, the law of the state of New York.

 

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Policy No.: D-2010-66    Date of Issuance: March 31, 2010

 

Payments. Payments due hereunder in respect of Insured Amounts shall be disbursed to the Trust Collateral Agent by wire transfer of immediately available funds to an account of the Trust Collateral Agent specified in the applicable Notice of Claim (or in the case of an Insured Amount becoming Due for Payment under Section 3 above, to the receiver, conservator, administrator, debtor-in-possession or trustee in bankruptcy named in the Order as set forth in Section 3 above). Assured Guaranty’s obligations hereunder in respect of Insured Amounts shall be discharged to the extent that funds are transferred to the Trust Collateral Agent as provided in the Notice of Claim (or to such receiver, conservator, administrator, debtor-in-possession or trustee in bankruptcy named in the Order as set forth in Section 3 above), whether or not such funds are properly applied by the Indenture Trustee, the Trust Collateral Agent, or such other Person. In the event Assured Guaranty is required under law to deduct or withhold any tax or similar charge from or in respect of any amount payable under or in respect of this Policy, Assured Guaranty will make all such deductions and withholdings and pay the full amount deducted or withheld to the relevant taxation authority in accordance with law, but Assured Guaranty will not “gross-up” or otherwise pay additional amounts in respect of such taxes, and Assured Guaranty’s payments to the Trust Collateral Agent as provided in the Notice of Claim (or to such receiver, conservator, administrator, debtor-in-possession or trustee in bankruptcy named in the Order as set forth in Section 3 above) will be amounts that are net of such deductions or withholdings.

Fiscal Agent. At any time during the Term of the Policy, Assured Guaranty may appoint a fiscal agent (the “Fiscal Agent”) for purposes of this Policy by written notice to the Trust Collateral Agent at the notice address specified in the Indenture specifying the name and notice address of the Fiscal Agent. From and after the date of receipt of such notice by the Trust Collateral Agent, (i) copies of all notices and documents required to be delivered to Assured Guaranty pursuant to this Policy shall be simultaneously delivered to the Fiscal Agent and to Assured Guaranty and shall not be deemed Received until Received by both, and (ii) all payments required to be made by Assured Guaranty under this Policy may be made directly by Assured Guaranty or by the Fiscal Agent on behalf of Assured Guaranty. The Fiscal Agent is the agent of Assured Guaranty only and the Fiscal Agent shall in no event be liable to any Holder for any acts of the Fiscal Agent or any failure of Assured Guaranty to deposit, or cause to be deposited, sufficient funds to make payments due under the Policy.

Waiver of Defenses. To the fullest extent permitted by applicable law, Assured Guaranty agrees not to assert, and hereby waives, for the benefit of each Holder, all rights (whether by counterclaim, setoff or otherwise) and defenses (including, without limitation, the defense of fraud), whether acquired by subrogation, assignment or otherwise, to the extent that such rights and defenses may be available to Assured Guaranty to avoid payment of its obligations under this Policy in accordance with the express provisions of this Policy. Nothing in this paragraph shall be construed to limit or otherwise impair Assured Guaranty’s right to pursue recovery or claims (based on contractual rights, securities law violations, fraud or other causes of action) against any person or entity, or, except as provided in paragraph 3 of this Endorsement, to require payment by Assured Guaranty of any amounts that have been previously paid or that are not otherwise due in accordance with the express provisions of this Policy or the Insured Obligations. Nothing in this Policy shall be construed to require payment to the extent any force majeure event or governmental act prevents Assured Guaranty from performing its obligations under this Policy or such performance is otherwise rendered impossible, in which event Assured Guaranty agrees to (i) use commercially reasonable efforts to perform its obligations under this Policy notwithstanding such force majeure event, governmental act or impossibility of performance and (ii) perform its obligations under this Policy promptly following cessation of such force majeure event, governmental act or impossibility of performance.

 

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Policy No.: D-2010-66    Date of Issuance: March 31, 2010

 

Notices. All notices to be given hereunder shall be in writing (except as otherwise specifically provided herein) and shall be mailed by registered mail or personally delivered or telecopied to Assured Guaranty as follows:

Assured Guaranty Corp.

31 West 52nd Street

New York, NY 10019

Attention: Structured Surveillance

Re:        Policy No. D-2010-66

              AmeriCredit Automobile Receivables Trust 2010-A

Telecopy No.: (212) 339-3518

Confirmation: (212) 974-0100

With a copy to the General Counsel at the above address and telecopier number.

Assured Guaranty may specify a different address or addresses by writing mailed or delivered to the Trust Collateral Agent.

In each case in which a demand, notice or other communication to Assured Guaranty refers to a Default, an Event of Default, a claim on the Policy or an event with respect to which failure on the part of Assured Guaranty to respond shall be deemed to constitute consent or acceptance, then a copy of such demand, notice or other communication shall also be sent to the attention of each of the General Counsel of Assured Guaranty, the General Counsel of AmeriCredit at the address for notices specified in the Sale and Servicing Agreement and to the Indenture Trustee at the Corporate Trust Office and, in all cases, any original and each copy shall be marked “URGENT MATERIAL ENCLOSED.”)

Subrogation. Upon and to the extent of any payment by Assured Guaranty under this Policy, Assured Guaranty shall become the holder of the Insured Obligations and any appurtenant coupon thereto and right to payment of principal thereof and interest thereon, and shall be fully subrogated to the Indenture Trustee’s, the Trust Collateral Agent’s and each Holder’s right, title and interest thereunder, including the right to receive payments in respect of the Insured Obligations. Any payment made by or on behalf of the Obligor to, and any amounts received under the Operative Documents for the benefit of, the Indenture Trustee, the Trust Collateral Agent or the Holders in respect of any Insured Amount forming the basis of a claim hereunder (which claim shall have been paid by Assured Guaranty) shall be received and held in trust for the benefit of Assured Guaranty and shall be paid over to Assured Guaranty in accordance with the Sale and Servicing Agreement, the Indenture and the Insurance Agreement. The Indenture Trustee, the Trust Collateral Agent and each Holder shall cooperate in all reasonable respects, and at the expense of Assured Guaranty, with any request by Assured Guaranty for action to preserve or enforce Assured Guaranty’s rights and remedies in respect of the Obligor under the Insured Obligations, any related security arrangements or otherwise, including, without limitation, any request (i) to institute or to participate in any suit, action or other proceeding, (ii) to enforce any judgment obtained and to collect from the Obligor or the Trust Collateral Agent or the Indenture Trustee any amounts adjudged due or (iii) to transfer to Assured Guaranty, via absolute legal assignment, the Indenture Trustee’s, the Trust Collateral Agent’s or such Holder’s rights in respect of any Insured Amount that may form the basis of a claim hereunder.

 

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Policy No.: D-2010-66    Date of Issuance: March 31, 2010

 

Assignment and Amendment. This Policy may not be assigned by the Indenture Trustee or the Trust Collateral Agent without the prior written consent of Assured Guaranty. Except with the prior written consent of the Trust Collateral Agent and Assured Guaranty, the terms of this Policy may not be modified or altered by any other agreement.

Premiums. The Obligor shall pay or cause to be paid to the Assured Guaranty in accordance with the Sale and Servicing Agreement and the Insurance Agreement the premium payable to Assured Guaranty in respect of this Policy as set forth in the Premium Letter.

No Waiver. No waiver of any rights or powers of Assured Guaranty or any consent by Assured Guaranty shall be valid unless in writing and signed by an authorized officer or agent of Assured Guaranty. The waiver of any right by Assured Guaranty, or the failure promptly to exercise any such right, shall not be construed as a waiver of any other right to exercise the same at any time thereafter.

Termination. This Policy and the obligations of Assured Guaranty hereunder shall terminate upon the expiration of the Term of the Policy

Surrender of Policy. The Trust Collateral Agent shall surrender this Policy to Assured Guaranty for cancellation upon expiration of the Term of the Policy.

IN WITNESS WHEREOF, ASSURED GUARANTY CORP. has caused this Endorsement No. 1 to be executed by its Authorized Officer.

 

ASSURED GUARANTY CORP.
By  

/s/ Jorge Gana

  Authorized Officer
Signature attested to by:
By  

/s/ Brian Mellstorm

  Counsel

 

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EXHIBIT A

To Endorsement No. 1

NOTICE OF CLAIM AND CERTIFICATE

(Letterhead of Trust Collateral Agent)

Assured Guaranty Corp.

31 West 52nd Street

New York, NY 10019

Re: AmeriCredit Automobile Receivables Trust 2010-A

The undersigned, a duly authorized officer of Wells Fargo Bank, National Association (the “Trust Collateral Agent”), hereby certifies to Assured Guaranty Corp. (“Assured Guaranty”), with reference to Assured Guaranty Policy No. D-2010-66 dated March 31, 2010, (the “Policy”) issued by Assured Guaranty in respect of the $36,000,000 Class A-1 0.31327% Asset Backed Notes, $71,000,000 Class A-2 1.46% Asset Backed Notes and $93,000,000 Class A-3 3.51% Asset Backed Notes of the above-referenced Trust (the “Insured Obligations”), that:

(i) The Trust Collateral Agent is the Trust Collateral Agent for the Holders under the Indenture.

(ii) The amount determined under clause (i) of the definition of Deficiency Claim Amount for the related Insured Distribution Date is $            .

(iii) The amount determined under clause (ii) of the definition of Deficiency Claim Amount for the related Insured Distribution Date is $            .

(iv) The amount determined under clause (iii) of the definition of Deficiency Claim Amount for the related Insured Distribution Date is $            .

(v) The amount determined under paragraph 3 of Endorsement No. 1 to the Policy is $            .

(vi) The sum of all amounts on deposit (or scheduled to be on deposit) in the Note Distribution Account and available for distribution to the Holders pursuant to the Indenture will be $            less than the aggregate amount of the preceding clauses (ii), (iii), (iv) and (v) due on              (such deficiency, the “Shortfall”).

(vii) The Trust Collateral Agent is making a claim under the Policy for the Shortfall to be applied to the payment of Scheduled Payments.

 

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(viii) The Trust Collateral Agent agrees that, following receipt of funds from Assured Guaranty, it shall (a) hold such amounts in trust and apply the same directly to the payment of Scheduled Payments on the Insured Obligations when due; (b) not apply such funds for any other purpose; (c) not commingle such funds with other funds held by the Trust Collateral Agent and (d) maintain an accurate record of such payments with respect to each Insured Obligation and the corresponding claim on the Policy and proceeds thereof, and, if any Insured Obligation is required to be surrendered or presented for such payment, shall stamp on each such Insured Obligation the legend “$[insert applicable amount] paid by Assured Guaranty and the balance hereof has been cancelled and reissued” and then shall deliver such Insured Obligation to Assured Guaranty.

(ix) The Trust Collateral Agent, on behalf of the Holders and the Indenture Trustee, hereby assigns to Assured Guaranty (a) all rights of the Holders and the Indenture Trustee with respect to the Insured Obligations to the extent of any payments under the Policy and (b) any claims in respect of amounts due to the Holders or the Indenture Trustee in respect of securities law violations, fraud or other claims arising out of or relating to the offer and sale of the Insured Obligations. The foregoing assignments are in addition to, and not in limitation of, rights of subrogation otherwise available to Assured Guaranty in respect of such payments. Payments to Assured Guaranty in respect of the foregoing assignments shall in all cases be subject to and subordinate to the rights of the Holders to receive all Scheduled Payments in respect of the Insured Obligations. The Trust Collateral Agent shall take such action and deliver such instruments as may be reasonably requested or required by Assured Guaranty to effectuate the purpose or provisions of this clause (ix).

(x) The Trust Collateral Agent, on behalf of the Holders and the Indenture Trustee, hereby appoints Assured Guaranty as agent and attorney-in-fact for the Trust Collateral Agent, the Indenture Trustee and each such Holder in any legal proceeding with respect to the Insured Obligations. The Trust Collateral Agent hereby agrees that, so long as an Insurer Default (as defined in the Indenture) shall not exist, Assured Guaranty may at any time during the continuation of any proceeding by or against the Obligor under the United States Bankruptcy Code or any other applicable bankruptcy, insolvency, receivership, rehabilitation or similar law (an “Insolvency Proceeding”) direct all matters relating to such Insolvency Proceeding, including without limitation, (A) all matters relating to any claim in connection with an Insolvency Proceeding seeking the avoidance as a preferential transfer of any payment made with respect to the Insured Obligations (a “Preference Claim”), (B) the direction of any appeal of any order relating to any Preference Claim at the expense of Assured Guaranty but subject to reimbursement as provided in the Insurance Agreement and (C) the posting of any surety, supersedeas or performance bond pending any such appeal. In addition, the Trust Collateral Agent hereby agrees that Assured Guaranty shall be subrogated to, and the Trust Collateral Agent on its behalf and on behalf of each Holder, hereby delegates and assigns, to the fullest extent permitted by law, the rights of the Trust Collateral Agent and each Holder in the conduct of any Insolvency Proceeding, including, without limitation, all rights of any party to an adversary proceeding or action with respect to any court order issued in connection with any such Insolvency Proceeding.

(xi) Payment should be made by wire transfer directed to [ACCOUNT TO BE SPECIFIED].

 

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Upon payment of the applicable Shortfall, the Insurer shall be subrogated to the rights of the Holder, the Indenture Trustee and the Trust Collateral Agent with respect to such payment, to the extent set forth in Section 9 of the endorsement thereto.

This Notice of Claim may be revoked at any time by written notice of such revocation by the Trust Collateral Agent to the Insurer.

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 AND THE STATED VALUE OF THE CLAIM FOR EACH SUCH VIOLATION.

Unless the context otherwise requires, capitalized terms used in this Notice of Claim and Certificate and not defined herein shall have the meanings provided in the Policy.

 

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IN WITNESS WHEREOF, the Trust Collateral Agent has executed and delivered this Notice of Claim and Certificate as of the     th day of             , 20    .

 

WELLS FARGO BANK, NATIONAL ASSOCIATION,

as Trust Collateral Agent

By

Title

 

 

For Assured Guaranty or Fiscal Agent Use Only

Wire transfer sent on                          By                                         

Confirmation Number                                         

 

A-4


APPENDIX A

TO INSURANCE AND INDEMNITY AGREEMENT

CONDITIONS PRECEDENT TO ISSUANCE OF THE NOTES POLICY

(a) Payment of Premium and Expenses; Premium Letter. Assured Guaranty shall have been paid, a nonrefundable Premium and shall have been reimbursed, for other fees and expenses identified in Section 3.2 of this Insurance Agreement as payable at closing and Assured Guaranty shall have received a fully executed copy of the Premium Letter.

(b) Transaction Documents. Assured Guaranty shall have received a copy of each of the Transaction Documents, in form and substance satisfactory to Assured Guaranty, duly authorized, executed and delivered by each party thereto. Without limiting the foregoing, the provisions of the Sale and Servicing Agreement relating to the payment to Assured Guaranty of Premium due on the Notes Policy and the reimbursement to Assured Guaranty of amounts paid under the Notes Policy shall be in form and substance acceptable to Assured Guaranty in its sole discretion.

(c) Certified Documents and Resolutions. Assured Guaranty shall have received a copy of (i) the certificate of incorporation and bylaws of each of AmeriCredit, the Company and AFS SenSub and (ii) the resolutions of the Board of Directors of each of AmeriCredit, the Company and AFS SenSub, authorizing the issuance of the Securities and the execution, delivery and performance by AmeriCredit, the Company and AFS SenSub of the Transaction Documents and the transactions contemplated thereby, certified by the Secretary or an Assistant Secretary of AmeriCredit, the Company and AFS SenSub, as the case may be (which certificate shall state that such certificate of incorporation, bylaws and resolutions are in full force and effect without modification on the Date of Issuance).

(d) Incumbency Certificate. Assured Guaranty shall have received a certificate of the Authorized Officer, Secretary or an Assistant Secretary, as the case may be, of each of the Owner Trustee, AmeriCredit, the Company and AFS SenSub certifying the name and signatures of the officers of the Owner Trustee, AmeriCredit, the Company, the Underwriters and AFS SenSub, as the case may be, authorized to execute and deliver the Transaction Documents and that shareholder consent to the execution and delivery of such documents is not necessary.

(e) Representations and Warranties; Certificate. The representations and warranties of each of AmeriCredit, the Company and AFS SenSub in this Insurance Agreement shall be true and correct as of the Date of Issuance with respect to such Person as if made on the Date of Issuance and Assured Guaranty shall have received a certificate of appropriate officers of the Owner Trustee, AmeriCredit, the Company and AFS SenSub, as the case may be, to that effect.


(f) Opinions of Counsel. Assured Guaranty shall have received opinions of counsel addressed to Assured Guaranty and S&P in respect of the Trust, the Owner Trustee, AmeriCredit, the Company, AFS SenSub, the other parties to the Transaction Documents and the Transaction in form and substance satisfactory to Assured Guaranty, addressing such matters as Assured Guaranty may reasonably request, and the counsel providing each such opinion shall have been instructed by its client to deliver such opinion to the addressees thereof.

(g) Approvals, Etc. Assured Guaranty shall have received true and correct copies of all approvals, licenses and consents, if any, including, without limitation, the approval of the shareholders of AmeriCredit, AFS SenSub and the Company required in connection with the Transaction.

(h) No Litigation, Etc. No suit, action or other proceeding, investigation, or injunction or final judgment relating thereto, shall be pending or threatened before any court or governmental agency in which it is sought to restrain or prohibit or to obtain damages or other relief in connection with any of the Transaction Documents or the consummation of the Transaction.

(i) Legality. No statute, rule, regulation or order shall have been enacted, entered or deemed applicable by any government or governmental or administrative agency or court which would make the transactions contemplated by any of the Transaction Documents illegal or otherwise prevent the consummation thereof.

(j) Satisfaction of Conditions of Underwriting Agreement. All conditions in the Underwriting Agreement to the Underwriters’ obligation to purchase the Securities shall have been satisfied.

(k) Issuance of Ratings. Assured Guaranty shall have received confirmation that the risk secured by the Notes Policy constitutes at least an “A “ risk by S&P and an “A2” risk by Moody’s and that (i) the Class A-1 Notes, when issued, will be rated “Prime-1” by Moody’s and “A-1+” by S&P, (ii) the Class A-2 Notes, when issued, will be rated “Aa3” by Moody’s and “AAA” by S&P and (iii) the Class A-3 Notes, when issued, will be rated “Aa3” by Moody’s and “AAA” by S&P.

(l) Maintenance of Receivable Files. Assured Guaranty shall have received evidence satisfactory to it that the Receivable Files are being maintained by and held in the custody of the Company, as Custodian, pursuant to Section 3.3 of the Sale and Servicing Agreement.

(m) Release of Security Interests. To the extent applicable, Assured Guaranty shall have received an executed copy of the Release of Security Interest, in form and substance satisfactory to Assured Guaranty.

(n) Financing Statements. To the extent applicable, the Trustee shall have received for filing, any amendments to, and/or terminations of, UCC financing statements to be filed in such locations as required to evidence the release of any Liens on the Receivables and other property.

(o) No Default. No Default or Event of Default shall have occurred.

 

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(p) Intentionally Omitted.

(q) Additional Items. Assured Guaranty shall have received such other documents, instruments, approvals or opinions requested by Assured Guaranty as may be reasonably necessary to effect the Transaction, including but not limited to evidence satisfactory to Assured Guaranty that all conditions precedent, if any, in the Transaction Documents have been satisfied.

 

3

EX-10.4 8 dex104.htm PREMIUM LETTER, DATED MARCH 25, 2010 Premium Letter, dated March 25, 2010

Exhibit 10.4

PREMIUM LETTER

March 31, 2010

Wells Fargo Bank, National Association

Sixth and Marquette Avenue

MAC N9311-161

Minneapolis, Minnesota 55479

AFS SenSub Corp.

2265 Renaissance Drive, Suite 17

Las Vegas, Nevada 89119

AmeriCredit Corp.

801 Cherry Street, Suite 3500

Fort Worth, Texas 76102

Re: AmeriCredit Automobile Receivables Trust 2010-A (the “Trust”)

Ladies and Gentlemen:

This letter will confirm the agreement of AmeriCredit Corp. (the “Company”), AFS SenSub Corp. (the “Seller”), Wells Fargo Bank, National Association, as Trust Collateral Agent (as defined below), the Trust and Assured Guaranty Corp. (“Assured Guaranty”) that the following nonrefundable payments are to be made in connection with, and subject to, the closing of the above-described transaction and in consideration of the issuance by Assured Guaranty of its Financial Guaranty Insurance Policy (the “Policy”) in respect thereof. The amounts payable hereunder or under the Sale and Servicing Agreement (as defined below) to Assured Guaranty or any other specified party shall be nonrefundable without regard to whether Assured Guaranty makes any payment under the Policy or any other circumstances relating to $36,000,000 Class A-1 0.31327% Asset Backed Notes, $71,000,000 Class A-2 1.46% Asset Backed Notes and $93,000,000 Class A-3 3.51% Asset Backed Notes (collectively, the “Notes”) of the Trust or provision being made for payments of the Notes prior to maturity. Although the Premium (as defined below) is fully earned by Assured Guaranty as of the Closing Date, the Premium shall be payable in periodic installments as provided herein. Capitalized terms used herein but not defined herein shall have the meanings specified in the Sale and Servicing Agreement dated as of March 25, 2010 (the “Sale and Servicing Agreement”), among the Seller, the Trust, the Servicer and Wells Fargo Bank, National Association, as Backup Servicer and Trust Collateral Agent (the “Trust Collateral Agent”).


The payments payable pursuant to the terms hereof (except as otherwise noted) shall constitute the “Premium” referred to in that certain Insurance and Indemnity Agreement dated as of March 25, 2010 (the “Insurance Agreement”), among the Trust, Assured Guaranty, AmeriCredit Financial Services, Inc., as Servicer (the “Servicer”), AFS SenSub Corp., as Seller (the “Seller”) and the Company. This letter is the Premium Letter referred to in the Insurance Agreement. The obligations of the Company and the Seller hereunder constitute obligations of the Company and the Seller under the Insurance Agreement. Reference is also made to the Spread Account Agreement dated as of March 25, 2010 (the “Spread Account Agreement”), among the Trust, Assured Guaranty and Wells Fargo Bank, National Association, as Trustee and Collateral Agent, which contains certain defined terms used herein. The obligations of the Trust Collateral Agent hereunder constitute the obligations of the Trust Collateral Agent under the Sale and Servicing Agreement.

EXPECTED CLOSING DATE: March 31, 2010

 

Payee

  

Amount

  

Type of Payment

  

Re:

Assured Guaranty

   $ 100,000.00    Wire transfer    Premium

Assured Guaranty

   $ 7,500.00    Wire transfer    Out-of-pocket Due
Diligence Expenses

Assured Guaranty

   $ 4,000.00    Wire transfer    Accountant’s Fees

Assured Guaranty

   $ 75,000.00    Wire transfer    Legal Fees

Assured Guaranty

   $ 45,000.00    Wire transfer    Third-Party
Operational Audit

Total:

   $ 231,500.00      

The Premium payable pursuant hereto shall be calculated and payable monthly in advance on the Distribution Date (as defined in the Sale and Servicing Agreement) in each month, and the payment on each such Distribution Date shall be in an amount equal to 4.1667 basis points (50 basis points per annum or 0.041667% per month) multiplied by the aggregate outstanding principal balance of the Notes outstanding on such date (after giving effect to payments of principal made on such date) (the “Note Balance” as of such date) provided that the initial payment of Premium shall be an amount, covering the period from March 31, 2010 through but excluding May 6, 2010 that is equal to $100,000.00. Such initial payment of Premium, together with the Out-of-pocket Due Diligence Expenses of Assured Guaranty, the Accountant’s Fees, the Legal Fees and the Third-Party Operational Audit specified in the table above ($231,500.00 in the aggregate) shall be paid by the Company to Assured Guaranty on March 31, 2010 (the “Closing Date”).

For the purposes of calculating the Premium (including the Premium Supplement, if any) the Note Balance shall have the respective meanings specified above, except that the Note Balance shall not be reduced by distributions of principal made with proceeds of the Policy.

If an Event of Default occurs and is continuing under the Insurance Agreement, Assured Guaranty will be entitled on each Distribution Date to a Premium Supplement, in addition to the premium described in the second preceding paragraph, equal to 4.1667 basis points (50 basis points per annum or 0.041667% per month) multiplied by the Note Balance on such date (after giving effect to payments of principal made on such date).

 

  PREMIUM LETTER   2


Payments of Premium (including any Premium Supplement) shall be made by Federal funds wire transfers to Assured Guaranty with the following details specifically stated on the wire instructions, unless another account is designated to you in writing by a Managing Director of Assured Guaranty:

Bank: JPMorgan Chase Bank, National Association

ABA #: 021-000-021

For the Account of: Assured Guaranty Corp.

Account #: 910-2676450

Re: AmeriCredit Automobile Receivables Trust 2010-A

Policy Number: D-2010-66

 

  PREMIUM LETTER   3


This letter may be executed in any number of counterparts, each of which so executed shall be deemed an original and all of which taken together shall constitute but one letter.

 

Very truly yours,
ASSURED GUARANTY CORP.
By:  

/s/ Jorge Gana

       Authorized Officer

 

Agreed to and accepted by:
AMERICREDIT CORP.
By:  

/s/ Susan B. Sheffield

  Name:  Susan B. Sheffield
  Title:    Executive Vice President, Structured Finance
AFS SENSUB CORP.
By:  

/s/ Sheli D. Fitzgerald

  Name:  Sheli D. Fitzgerald
  Title:    Vice President, Structured Finance
WELLS FARGO BANK, NATIONAL ASSOCIATION, not in its individual capacity but solely as Trust Collateral Agent
By:  

/s/ Marianna C. Stershic

  Name:  Marianna C. Stershic
  Title:    Vice President

 

  PREMIUM LETTER  


AMERICREDIT AUTOMOBILE RECEIVABLES TRUST 2010-A

 

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

By:  

/s/ Erwin M. Soriano

Name:

        Erwin M. Soriano

Title:

        Assistant Vice President

 

  PREMIUM LETTER   5
EX-10.5 9 dex105.htm SPREAD ACCOUNT AGREEMENT, DATED AS OF MARCH 25, 2010 Spread Account Agreement, dated as of March 25, 2010

Exhibit 10.5

SPREAD ACCOUNT AGREEMENT,

dated as of March 25, 2010

among

AMERICREDIT AUTOMOBILE RECEIVABLES TRUST 2010-A

ASSURED GUARANTY CORP.

and

WELLS FARGO BANK, NATIONAL ASSOCIATION


TABLE OF CONTENTS

 

              Page

Article I

 

DEFINITIONS

   1

Section 1.01

    

Definitions

   1

Section 1.02

    

Rules of Interpretation

   18

Article II

  SECURITY INTERESTS; THE COLLATERAL    18

Section 2.01

    

Grant of Security Interest by the Trust

   18

Section 2.02

    

Perfection and Profit

   19

Section 2.03

    

Reserved

   19

Section 2.04

    

The Trust Remains Liable

   19

Section 2.05

    

Maintenance of Collateral

   19

Section 2.06

    

Termination and Release of Rights

   20

Section 2.07

    

Non-Recourse Obligations of Trust

   21

Article III

  SPREAD ACCOUNT    22

Section 3.01

    

Establishment of Spread Account, Initial Deposits into Spread Account

   22

Section 3.02

    

Investments

   22

Section 3.03

    

Distributions: Priority of Payments

   24

Section 3.04

    

General Provisions Regarding Spread Account

   25

Section 3.05

    

Reports by the Collateral Agent

   26

Article IV

  THE COLLATERAL AGENT    26

Section 4.01

    

Appointment and Powers

   26

Section 4.02

    

Performance of Duties

   26

Section 4.03

    

Limitation on Liability

   27

Section 4.04

    

Reliance upon Documents

   27

Section 4.05

    

Successor Collateral Agent

   27

Section 4.06

    

Indemnification

   29

Section 4.07

    

Compensation and Reimbursement

   30

Section 4.08

    

Representations and Warranties of Wells Fargo

   30

Section 4.09

    

Waiver of Setoffs

   30

Section 4.10

    

Control by the Controlling Party

   31

Article V

  COVENANTS OF THE TRUST    31

Section 5.01

    

Preservation of Collateral

   31

 

i


TABLE OF CONTENTS

(Continued)

 

              Page

Section 5.02

    

Opinions as to Collateral

   31

Section 5.03

    

Notices

   32

Section 5.04

    

Waiver of Stay or Extension Laws; Marshaling of Assets

   32

Section 5.05

    

Noninterference, etc.

   32

Section 5.06

    

Trust Changes

   32

Article VI

  CONTROLLING PARTY; INTERCREDITOR PROVISIONS    33

Section 6.01

    

Appointment of Controlling Party

   33

Section 6.02

    

Controlling Party’s Authority

   33

Section 6.03

    

Rights of Secured Parties

   34

Section 6.04

    

Degree of Care

   34

Article VII

  REMEDIES UPON DEFAULT    35

Section 7.01

    

Remedies upon a Default

   35

Section 7.02

    

Waiver of Default

   35

Section 7.03

    

Restoration of Rights and Remedies

   35

Section 7.04

    

No Remedy Exclusive

   35

Article VIII

  MISCELLANEOUS    36

Section 8.01

    

Further Assurances

   36

Section 8.02

    

Waiver

   36

Section 8.03

    

Amendments; Waivers

   36

Section 8.04

    

Severability

   36

Section 8.05

    

Nonpetition Covenant

   37

Section 8.06

    

Notices

   37

Section 8.07

    

Term of this Agreement

   39

Section 8.08

    

Assignments: Third-Party Rights; Reinsurance

   39

Section 8.09

    

Consent of Controlling Party

   40

Section 8.10

    

Trial by Jury Waived

   40

Section 8.11

    

Governing Law

   40

Section 8.12

    

Consents to Jurisdiction

   40

Section 8.13

    

Determination of Adverse Effect

   41

Section 8.14

    

Counterparts

   41

 

ii


TABLE OF CONTENTS

(Continued)

 

              Page

Section 8.15

     Headings    41

Section 8.16

     No Recourse    41

Exhibits

             

Exhibit A

    

Letter of Instruction Regarding Spread Account Monies

  

 

iii


SPREAD ACCOUNT AGREEMENT, dated as of March 25, 2010 (the “Agreement”), by and among ASSURED GUARANTY CORP., a Maryland-domiciled insurance company (“Assured Guaranty”), AMERICREDIT AUTOMOBILE RECEIVABLES TRUST 2010-A (the “Trust”) and WELLS FARGO BANK, NATIONAL ASSOCIATION (“Wells Fargo”), in its capacity as Trustee with respect to the Notes (in such capacity, the “Trustee”) and as Collateral Agent (as defined below).

RECITALS

1. The Trust has requested that Assured Guaranty issue the Notes Policy (as defined herein) with respect to the Notes (as defined herein) to the Trustee to guarantee payment of the Scheduled Payments (as defined in the Notes Policy) with respect to the Notes.

2. In order to secure the performance of the Secured Obligations (as defined herein), the Trust has agreed to pledge the Collateral to Wells Fargo, acting as the Collateral Agent for the benefit of Assured Guaranty and for the benefit of the Trustee with respect to the Notes.

A G R E E M E N T S

In consideration of the premises, and for other good and valuable consideration, the adequacy, receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:

ARTICLE I

DEFINITIONS

Section 1.01 Definitions. All terms defined in the Sale and Servicing Agreement or the Indenture shall have the same meanings provided in the Sale and Servicing Agreement or the Indenture, respectively, unless otherwise specified. The following terms shall have the following respective meanings:

Accelerated Payment Termination Date” means the earlier of the Distribution Date on which (A) the principal balance of the Class A-1 Notes is reduced to zero or (B) the Accelerated Payment Amount Shortfall equals zero.

Additional Securitizations” means any securitization of automobile loans or installment sale contracts sponsored by AmeriCredit or any affiliate thereof that is insured by AGM or Assured Guaranty and (i) is issued in 2010 as part of AmeriCredit’s “AmeriCredit Automobile Receivables Trust” program (also known as AmeriCredit’s “AMCAR” program) or any successor to such program, including, without limitation, any securitization insured by Assured Guaranty that is issued under the registration statement bearing file number 333-146701 or under any successor to such registration statement or (ii) is identified as an “Additional Securitization” in the spread account agreement for such securitization. For the avoidance of doubt, the AmeriCredit Automobile Receivables Trust 2010-A is considered an Additional Securitization.


AGM” means Assured Guaranty Municipal Corp. (f/k/a Financial Security Assurance Inc.), a New York stock insurance company.

Agreement” means this Spread Account Agreement, as the same may be amended, supplemented or otherwise modified from time to time in accordance with the terms hereof.

AmeriCredit” means AmeriCredit Financial Services, Inc. and its successors.

AmeriCredit Securitizations” means the Additional Securitizations and the Existing AmeriCredit Securitizations.

Assured Guaranty Default” means any one of the following events shall have occurred and be continuing:

 

  (a) Assured Guaranty shall have failed to make a payment required under the Notes Policy in accordance with its terms;

 

  (b) Assured Guaranty 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 based on actual or threatened insolvency, 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 based on actual or threatened insolvency, liquidation or reorganization which is final and nonappealable; or

 

  (c) a court of competent jurisdiction, the Maryland Insurance Administration 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 Assured Guaranty or for all or any material portion of its property; or (ii) authorizing a custodian, trustee, agent or receiver to take possession of Assured Guaranty or to take possession of all or any material portion of the property of Assured Guaranty.

Authorized Officer” means, (i) with respect to Assured Guaranty, the Chairman of the Board, the President, the Executive Vice President, the Chief Operating Officer, the Chief Executive Officer or any Managing Director of Assured Guaranty, (ii) with respect to each Trustee or each Collateral Agent, any Vice President, Authorized Signer or Trust Officer thereof, and (iii) with respect to the Trust, any Responsible Officer of the Owner Trustee.

 

2


Collateral” means collectively all collateral pledged hereunder.

Collateral Agent” means Wells Fargo, in its capacity as collateral agent on behalf of the Secured Parties, including its successors in interest, until a successor Person shall have become a Collateral Agent pursuant to Section 4.05 hereof, and thereafter “Collateral Agent” shall also mean such successor Person.

Controlling Party” means, at any time, the Person designated as the Controlling Party at such time pursuant to Section 6.01 hereof.

Cumulative Default Rate” shall mean, with respect to any Determination Date, the fraction, expressed as a percentage, the numerator of which is equal to the Principal Balance of all Receivables which became Defaulted Receivables since the Initial Cutoff Date as of the related Accounting Date and the denominator of which is equal to the Original Pool Balance.

Cumulative Default Test Failure” shall mean, the Cumulative Default Rate shall be equal to or greater than: (A) 3.31%, with respect to any Determination Date occurring prior to or during the 3rd calendar month succeeding the Closing Date, (B) 5.45%, with respect to any Determination Date occurring after the 3rd, and prior to or during the 6th, calendar month succeeding the Closing Date, (C) 7.72%, with respect to any Determination Date occurring after the 6th, and prior to or during the 9th, calendar month succeeding the Closing Date, (D) 9.37%, with respect to any Determination Date occurring after the 9th, and prior to or during the 12th, calendar month succeeding the Closing Date, (E) 11.24%, with respect to any Determination Date occurring after the 12th, and prior to or during the 15th, calendar month succeeding the Closing Date, (F) 13.59%, with respect to any Determination Date occurring after the 15th, and prior to or during the 18th, calendar month succeeding the Closing Date, (G) 15.93%, with respect to any Determination Date occurring after the 18th, and prior to or during the 21st, calendar month succeeding the Closing Date, (H) 17.33%, with respect to any Determination Date occurring after the 21st, and prior to or during the 24th, calendar month succeeding the Closing Date, (I) 19.21%, with respect to any Determination Date occurring after the 24th, and prior to or during the 27th, calendar month succeeding the Closing Date, (J) 20.61%, with respect to any Determination Date occurring after the 27th, and prior to or during the 30th, calendar month succeeding the Closing Date, (K) 22.25%, with respect to any Determination Date occurring after the 30th, and prior to or during the 33rd, calendar month succeeding the Closing Date, (L) 23.42%, with respect to any Determination Date occurring after the 33rd, and prior to or during the 36th, calendar month succeeding the Closing Date, (M) 24.59%, with respect to any Determination Date occurring after the 36th, and prior to or during the 39th, calendar month succeeding the Closing Date, (N) 25.30%, with respect to any Determination Date occurring after the 39th, and prior to or during the 42nd, calendar month succeeding the Closing Date and (O) 26.00%, with respect to any Determination Date occurring after the 42nd calendar month succeeding the Closing Date.

 

3


Cumulative Net Loss Rate” shall mean, with respect to any Determination Date, the fraction, expressed as a percentage, the numerator of which is equal to the sum of (a) Net Losses for such Determination Date plus (b) 50% of the Principal Balance of all Receivables with respect to which 10% or more of a Scheduled Payment has become 91 or more days delinquent (not including Receivables included under the definition of Net Losses in clause (a) above) as of the related Accounting Date and the denominator of which is equal to the Original Pool Balance.

Cumulative Net Loss Test Failure” shall mean, the Cumulative Net Loss Rate shall be equal to or greater than: (A) 1.99%, with respect to any Determination Date occurring prior to or during the 3rd calendar month succeeding the Closing Date, (B) 3.22%, with respect to any Determination Date occurring after the 3rd, and prior to or during the 6th, calendar month succeeding the Closing Date, (C) 4.50%, with respect to any Determination Date occurring after the 6th, and prior to or during the 9th, calendar month succeeding the Closing Date, (D) 5.78%, with respect to any Determination Date occurring after the 9th, and prior to or during the 12th, calendar month succeeding the Closing Date, (E) 7.49%, with respect to any Determination Date occurring after the 12th, and prior to or during the 15th, calendar month succeeding the Closing Date, (F) 8.66%, with respect to any Determination Date occurring after the 15th, and prior to or during the 18th, calendar month succeeding the Closing Date, (G) 10.30%, with respect to any Determination Date occurring after the 18th, and prior to or during the 21st, calendar month succeeding the Closing Date, (H) 11.24%, with respect to any Determination Date occurring after the 21st, and prior to or during the 24th, calendar month succeeding the Closing Date, (I) 11.94%, with respect to any Determination Date occurring after the 24th, and prior to or during the 27th, calendar month succeeding the Closing Date, (J) 12.88%, with respect to any Determination Date occurring after the 27th, and prior to or during the 30th, calendar month succeeding the Closing Date, (K) 13.81%, with respect to any Determination Date occurring after the 30th, and prior to or during the 33rd, calendar month succeeding the Closing Date, (L) 14.28%, with respect to any Determination Date occurring after the 33rd, and prior to or during the 36th, calendar month succeeding the Closing Date and (M) 14.75%, with respect to any Determination Date occurring after the 36th calendar month succeeding the Closing Date.

Deemed Cured” means, as of a Determination Date, (a) with respect to a Trigger Event that has occurred pursuant to clause (ii) of the definition thereof, that no such clause (ii) Trigger Event shall have occurred as of such Determination Date or as of either of the two consecutively preceding Determination Dates, and (b) with respect to a Trigger Event that has occurred pursuant to clause (i) or clause (iii) of the definition thereof, as of a Determination Date which occurs in a calendar month which is a multiple of three months succeeding the Closing Date, that no such clause (i) or clause (iii) Trigger Event shall have occurred as of such Determination Date, it being understood that a Trigger Event that has occurred pursuant to clause (i) or clause (iii) of the definition thereof, may not be cured on a Determination Date which occurs in a calendar month which is not a multiple of three months succeeding the Closing Date.

 

4


Default” means, at any time, (i) if Assured Guaranty is then the Controlling Party, any Insurance Agreement Event of Default or any default in the satisfaction of Insurer Secured Obligations, and (ii) if the Trustee is then the Controlling Party, any Event of Default under the Indenture.

Defaulted Receivable” means any Receivable with respect to which (i) 10% or more of a Scheduled Payment has become more than 90 days delinquent, (ii) the Servicer has repossessed the Financed Vehicle (and any applicable redemption period has expired), (iii) the Servicer has determined in good faith that payments under the Receivable are not likely to be resumed, or (iv) without duplication, such Receivable is a Sold Receivable.

Delinquency Ratio” means, with respect to any Determination Date, the fraction, expressed as a percentage, the numerator of which is equal to the sum of the Principal Balances (as of the related Accounting Date) of all Receivables that were delinquent with respect to 10% or more of a Scheduled Payment more than 60 days (excluding those Receivables for which the Financed Vehicle has been repossessed and is in inventory) as of the related Accounting Date or that became a Purchased Receivable as of the related Accounting Date and that were delinquent with respect to 10% or more of a Scheduled

Payment more than 60 days (excluding those Receivables for which the Financed Vehicle has been repossessed and is in inventory) as of such Accounting Date and the denominator of which is equal to the Aggregate Principal Balance as of the second preceding Accounting Date.

Delinquency Test Failure” shall mean, (A) with respect to any May-October Determination Date, the arithmetic average of the Delinquency Ratio for such Determination Date and the two immediately preceding Determination Dates is equal to or greater than 4.00%; provided, however, in the event that the OC Percentage is equal to or greater than the Target OC Percentage on any Determination Date occurring subsequent to the twelfth Determination Date after the Closing Date, the percentage referred to in the previous clause for such May-October Determination Date and each Determination Date thereafter shall be deemed to be 5.00%; provided, further, in the event that the OC Percentage is equal to or greater than the Target OC Percentage on any Determination Date occurring subsequent to the twenty-fourth Determination Date after the Closing Date, the percentage referred to in the previous clause for such May-October Determination Date and each Determination Date thereafter shall be deemed to be 5.50%; provided, further, in the event that the OC Percentage is equal to or greater than the Target OC Percentage on any Determination Date occurring subsequent to the thirtieth Determination Date after the Closing Date, the percentage referred to in the previous clause for such May-October Determination Date and each Determination Date thereafter shall be deemed to be 6.00%; and provided, further, in the event that the OC Percentage is equal to or greater than the Target OC Percentage on any Determination Date occurring subsequent to the thirty-sixth Determination Date after the Closing Date, the percentage referred to in the previous clause for such May-October Determination Date and each Determination Date thereafter shall be deemed to be 6.75%; or (B) with respect to any November-April Determination Date, the arithmetic average of the Delinquency Ratio for such Determination Date and the two immediately preceding Determination Dates is equal to or greater than 4.25%; provided, however, in the event that the OC Percentage is equal to or greater than the Target OC Percentage on any Determination Date occurring subsequent to the twelfth Determination Date after the Closing Date, the percentage referred to in the previous clause for such November-April Determination Date and each Determination Date thereafter shall be deemed to be 5.25%; provided, further, in the event that the OC Percentage is equal to or greater than the Target OC Percentage on any Determination Date occurring subsequent to the twenty-fourth Determination Date after the Closing Date, the percentage referred to in the previous clause for such November-April Determination Date and each Determination Date thereafter shall be deemed to be 5.75%; provided, further, in the event that the OC Percentage is equal to or greater than the Target OC Percentage on any Determination Date occurring subsequent to the thirtieth Determination Date after the Closing Date, the percentage referred to in the previous clause for such November-April Determination Date and each Determination Date thereafter shall be deemed to be 6.25%; and provided, further, in the event that the OC Percentage is equal to or greater than the Target OC Percentage on any Determination Date occurring subsequent to the thirty-sixth Determination Date after the Closing Date, the percentage referred to in the previous clause for such November-April Determination Date and each Determination Date thereafter shall be deemed to be 7.00%.

 

5


Delivery”: means with respect to the Collateral:

 

  (1) the perfection and priority of a security interest in which is governed by the law of a jurisdiction which has adopted the 1978 Revision to Article 8 of the UCC:

 

(a) with respect to bankers’ acceptances, commercial paper, negotiable certificates of deposit and other obligations that constitute “instruments” within the meaning of Section 9-105(l)(i) of the UCC (other than certificated securities) and are susceptible of physical delivery, transfer thereof to the Collateral Agent by physical delivery to the Collateral Agent, indorsed to, or registered in the name of, the Collateral Agent or its nominee or indorsed in blank and such additional or alternative procedures as may hereafter become appropriate to effect the complete transfer of ownership of any such Collateral to the Collateral Agent free and clear of any adverse claims, consistent with changes in applicable law or regulations or the interpretation thereof;

 

(b) with respect to a “certificated security” (as defined in Section 8-102(1)(a) of the UCC), transfer thereof:

(i) by physical delivery of such certificated security to the Collateral Agent, provided that if the certificated security is in registered form, it shall be indorsed to, or registered in the name of, the Collateral Agent or indorsed in blank;

 

6


(ii) by physical delivery of such certificated security to a “financial intermediary” (as defined in Section 8-313(4) of the UCC) of the Collateral Agent specially indorsed to or issued in the name of the Collateral Agent;

(iii) by the sending by a financial intermediary, not a “clearing corporation” (as defined in Section 8-102(3) of the UCC), of a confirmation of the purchase and the making by such financial intermediary of entries on its books and records identifying as belonging to the Collateral Agent of (A) a specific certificated security in the financial intermediary’s possession, (B) a quantity of securities that constitute or are part of a fungible bulk of certificated securities in the financial intermediary’s possession, or (C) a quantity of securities that constitute or are part of a fungible bulk of securities shown on the account of the financial intermediary on the books of another financial intermediary; or

(iv) by the making by a clearing corporation of appropriate entries on its books reducing the appropriate securities account of the transferor and increasing the appropriate securities account of the Collateral Agent or a Person designated by the Collateral Agent by the amount of such certificated security, provided that in each case: (A) the clearing corporation identifies such certificated security for the sole and exclusive account of the Collateral Agent or the Person designated by the Collateral Agent, (B) such certificated security shall be subject to the clearing corporation’s exclusive control, (C) such certificated security is in bearer form or indorsed in blank or registered in the name of the clearing corporation or custodian bank or a nominee or either of them, (D) custody of such certificated security shall be maintained by such clearing corporation or a “custodian bank” (as defined in Section 8-102(4) of the UCC) or the nominee of either subject to the control of the clearing corporation and (E) such certificated security is shown on the account of the transferor thereof on the books of the clearing corporation prior to the making of such entries; and such additional or alternative procedures as may hereafter become appropriate to effect the complete transfer of ownership of any such Collateral to the Collateral Agent free and clear of any adverse claims, consistent with changes in applicable law or regulations or the interpretation thereof;

 

7


(c) 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 property to an appropriate book-entry account maintained with a Federal Reserve Bank by a financial intermediary which is also a “depositary” pursuant to applicable Federal regulations and issuance by such financial intermediary of a deposit advice or other written confirmation of such book-entry registration to the Collateral Agent of the purchase by the financial intermediary on behalf of the Collateral Agent of such book-entry security; the making by such financial intermediary of entries in its books and records identifying such book-entry security held through the Federal Reserve System pursuant to Federal book-entry regulations as belonging to the Collateral Agent and indicating that such financial intermediary holds such book-entry security solely as agent for the Collateral Agent; and such additional or alternative procedures as may hereafter become appropriate to effect complete transfer of ownership of any such Collateral to the Collateral Agent free and clear of any adverse claims, consistent with changes in applicable law or regulations or the interpretation thereof;

 

(d) with respect to any item of Collateral that is an “uncertificated security” (as defined in Section 8-102(1)(b) of the UCC) and that is not governed by clause (c) above, transfer thereof:

(i) by registration of the transfer thereof to the Collateral Agent, on the books and records of the issuer thereof;

(ii) by the sending of a confirmation by a financial intermediary of the purchase, and the making by such financial intermediary of entries on its books and records identifying as belonging to the Collateral Agent (A) a quantity of securities which constitute or are part of a fungible bulk of uncertificated securities registered in the name of the financial intermediary or (B) a quantity of securities which constitute or are part of a fungible bulk of securities shown on the account of the financial intermediary on the books of another financial intermediary; or

(iii) by the making by a clearing corporation of appropriate entries on its books reducing the appropriate account of the transferor and increasing the account of the Collateral Agent or a Person designated by the Collateral Agent by the amount of such uncertificated security, provided that in each case: (A) the clearing corporation identifies such uncertificated security for the sole and exclusive use of the Collateral Agent or the Person designated by the Collateral Agent, (B) such uncertificated security is registered in the name of the clearing corporation or a custodian bank or a nominee of either, and (C) such uncertificated security is shown on the account of the transferor on the books of the clearing corporation prior to the making of such entries; and

 

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

(2) the perfection and priority of a security interest in which is governed by the law of a jurisdiction which has adopted the 1994 Revision to Article 8 of the UCC:

(i) with respect to bankers’ acceptances, commercial paper, negotiable certificates of deposit and other obligations that constitute “instruments” within the meaning of Section 9-105(1)(i) of the UCC (other than certificated securities) and are susceptible of physical delivery, transfer thereof to the Collateral Agent by physical delivery to the Collateral Agent, indorsed to, or registered in the name of, the Collateral Agent or its nominee or indorsed in blank and such additional or alternative procedures as may hereafter become appropriate to effect the complete transfer of ownership of any such Collateral to the Collateral Agent free and clear of any adverse claims, consistent with changes in applicable law or regulations or the interpretation thereof;

 

(e) with respect to a “certificated security” (as defined in Section 8-102(a)(4) of the UCC), transfer thereof:

(i) by physical delivery of such certificated security to the Collateral Agent, provided that if the certificated security is in registered form, it shall be indorsed to, or registered in the name of, the Collateral Agent or indorsed in blank;

(ii) by physical delivery of such certificated security in registered form to a “securities intermediary” (as defined in Section 8-102(a)(14) of the UCC) acting on behalf of the Collateral Agent if the certificated security has been specially endorsed to the Collateral Agent by an effective endorsement.

 

(f) 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 property to an appropriate book-entry account maintained with a Federal Reserve Bank by a securities intermediary which is also a “depositary” pursuant to applicable federal regulations and issuance by such securities intermediary of a deposit advice or other written confirmation of such book-entry registration to the Collateral Agent of the purchase by the securities intermediary on behalf of the Collateral Agent of such book-entry security; the making by such securities intermediary of entries in its books and records identifying such book-entry security held through the Federal Reserve System pursuant to Federal book-entry regulations as belonging to the Collateral Agent and indicating that such securities intermediary holds such book-entry security solely as agent for the Collateral Agent; and such additional or alternative procedures as may hereafter become appropriate to effect complete transfer of ownership of any such Collateral to the Collateral Agent free of any adverse claims, consistent with changes in applicable law or regulations or the interpretation thereof;

 

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(g) with respect to any item of Collateral that is an “uncertificated security” (as defined in Section 8-102(a)(18) of the UCC) and that is not governed by clause (c) above, transfer thereof:

(i) (A) by registration to the Collateral Agent as the registered owner thereof, on the books and records of the issuer thereof.

(B) by another Person (not a securities intermediary) who either becomes the registered owner of the uncertificated security on behalf of the Collateral Agent, or having become the registered owner acknowledges that it holds for the Collateral Agent.

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

 

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

 

(i) with respect to a “security entitlement” (as defined in Section 8-102(a)(17) of the UCC)

(i) if a securities intermediary (A) indicates by book entry that a “financial asset” (as defined in Section 8-102(a)(9) of the UCC) has been credited to be the Collateral Agent’s “securities account” (as defined in Section 8-501(a) of the UCC), (B) receives a financial asset (as so defined) from the Collateral Agent or acquires a financial asset for the Collateral Agent, and in either case, accepts it for credit to the Collateral Agent’s securities account (as so defined), (C) becomes obligated under other law, regulation or rule to credit a financial asset to the Collateral Agent’s securities account, or (D) has agreed that it will comply with “entitlement orders” (as defined in Section 8-102(a)(8) of the UCC) originated by the Collateral Agent without further consent by the “entitlement holder” (as defined in Section 8-102(a)(7) of the UCC), of a confirmation of the purchase and the making by such securities intermediary of entries on its books and records identifying as belonging to the Collateral Agent of (I) a specific certificated security in the securities intermediary’s possession, (II) a quantity of securities that constitute or are part of a fungible bulk of certificated securities in the securities intermediary’s possession, or (III) a quantity of securities that constitute or are part of a fungible bulk of securities shown on the account of the securities intermediary on the books of another securities intermediary.

 

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Eligible Account” means a segregated trust account that (i) is either (x) maintained with a depository institution or trust company the long-term unsecured debt obligations of which are rated “AA” or higher by Standard & Poor’s and “Aa2” or higher by Moody’s, or (y) maintained with a depository institution or trust company the commercial paper or other short-term unsecured debt obligations of which are rated “A-1+” by Standard & Poor’s and “P-1” by Moody’s and (ii) in either case, such depository institution or trust company shall have been specifically approved by the Controlling Party, acting in its discretion, by written notice to the Collateral Agent.

Existing AmeriCredit Securitization” means any of AmeriCredit Automobile Receivables Trust 2005-C-F, AmeriCredit Automobile Receivables Trust 2006-A-F, AmeriCredit Automobile Receivables Trust 2007-B-F, AmeriCredit Automobile Receivables Trust 2007-D-F and AmeriCredit Automobile Receivables Trust 2008-A-F, each of which has the benefit of a financial guarantee insurance policy issued by AGM.

Final Termination Date” means the date that is the later of (i) the Insurer Termination Date and (ii) the Trustee Termination Date.

Floor Amount” shall mean, with respect to any Determination Date, the greater of (A) $100,000 and (B) the lesser of (i) the Note Balance and (ii) 2.00% of the Original Pool Balance.

Indenture” means the Indenture, dated as of March 25, 2010, between the Trust and Wells Fargo, as amended from time to time with the consent of the Controlling Party.

Insurance Agreement” means the Insurance and Indemnity Agreement, dated as of March 25, 2010, by and among Assured Guaranty, AmeriCredit Corp., AmeriCredit Financial Services, Inc., AFS SenSub Corp. and the Trust, pursuant to which Assured Guaranty issued the Notes Policy to the Trustee.

Insurer Secured Obligations” means all amounts and obligations which may at any time be owed to or on behalf of Assured Guaranty (or any agents, accountants or attorneys for Assured Guaranty) under the Insurance Agreement or under any Transaction Document, regardless of whether such amounts are owed in the future, whether liquidated or unliquidated, contingent or non-contingent.

 

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Insurer Termination Date” means the date which is the latest of (i) the date of the expiration of the Notes Policy, as specified in a written notice delivered by the Seller to the Collateral Agent and the Trustee, (ii) the date on which Assured Guaranty shall have received payment and performance in full of all Insurer Secured Obligations and (iii) the latest date on which any payment referred to above could be avoided as a preference or otherwise under the United States Bankruptcy Code or any other similar federal or state law relating to insolvency, bankruptcy, rehabilitation, liquidation or reorganization, as specified in an Opinion of Counsel delivered to the Collateral Agent and the Trustee.

LBAC Securitization” means any of Long Beach Acceptance Auto Receivables Trust 2004-C, Long Beach Acceptance Auto Receivables Trust 2005-A, Long Beach Acceptance Auto Receivables Trust 2005-B, Long Beach Acceptance Auto Receivables Trust 2006-A, Long Beach Acceptance Auto Receivables Trust 2006-B and Long Beach Acceptance Auto Receivables Trust 2007-A, each of which has the benefit of a financial guarantee insurance policy issued by AGM.

Lien” means, as applied to the property or assets (or the income, proceeds, products, rents or profits therefrom) of any Person, in each case whether the same is consensual or nonconsensual or arises by contract, operation of law, legal process or otherwise: (a) any mortgage, lien, pledge, attachment, charge, lease, conditional sale or other title retention agreement, or other security interest or encumbrance of any kind; or (b) any arrangement, express or implied, under which such property or assets (and/or such income, proceeds, products, rents or profits) are transferred, sequestered or otherwise identified for the purpose of subjecting or making available the same for payment of debt or performance of any other obligation in priority to the payment of the general, unsecured creditors of such Person.

May–October Determination Date” shall mean a Determination Date occurring during the months of May, June, July, August, September or October.

Net Losses” means, with respect to any Determination Date, the positive difference of (A) the sum of (i) the aggregate of the Principal Balances as of the related Accounting Date of all Receivables that became Liquidated Receivables since the Initial Cutoff Date, plus (ii) the Principal Balance of all Receivables that became Purchased Receivables since the Initial Cutoff Date as of the related Accounting Date and that were delinquent with respect to 10% or more of a Scheduled Payment more than 30 days as of such Accounting Date, plus (iii) the aggregate of all Cram Down Losses as of the related Accounting Date that occurred since the Initial Cutoff Date, over (B) the Liquidation Proceeds received by the Trust as of the related Accounting Date since the Initial Cutoff Date

Non-Controlling Party” means, at any time, the Secured Party that is not the Controlling Party at such time.

 

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Note Balance” shall mean, with respect to any Determination Date, the sum of the aggregate principal balance of the Notes with respect to such Determination Date after giving effect to all distributions on the Notes on the related Distribution Date.

Notes Policy” means the financial guaranty insurance policy, including any endorsements thereto, issued by Assured Guaranty with respect to the Securities, substantially in the form attached as Annex I to the Insurance Agreement.

November–April Determination Date” shall mean a Determination Date occurring during the months of November, December, January, February, March or April.

Obligor” means, with respect to any Receivable, the purchaser or the co-purchasers of the Financed Vehicle and any other Person or Persons who are primarily or secondarily obligated to make payments under a Receivable.

OC Amount” shall mean 23.0%; provided, however, if each of the Step-Down Conditions are satisfied on a Determination Date preceding the Distribution Date set forth in the following table, the OC Amount shall be reduced to the amount set forth with respect to such Distribution Date in the following table; provided, further, however, that if any of such Step Down Conditions are not satisfied with respect to any Distribution Date in the following table, the OC Amount shall not be reduced on such Distribution Date and will not be subject to reduction or further reduction, as applicable, until the next Distribution Date set forth in the following table (if any):

 

Distribution Date occurring in:

   OC Amount  

18th calendar month

   22.5

24th calendar month

   21.5

30th calendar month

   20.5

OC Percentage” shall mean, with respect to any Determination Date, the sum of (i) the percentage equivalent of a fraction the numerator of which is equal to the excess, if any, of (A) the Aggregate Principal Balance as of such Determination Date over (B) the Note Balance as of such Determination Date and the denominator of which is equal to the Aggregate Principal Balance as of such Determination Date, and (ii) the percentage equivalent of a fraction the numerator of which is equal to the amount on deposit in the Spread Account as of such Determination Date (after giving effect to any withdrawals from the Spread Account to be made on the related Distribution Date) and the denominator of which is equal to the Aggregate Principal Balance as of such Determination Date.

Opinion of Counsel” means a written opinion of counsel, acceptable as to form and substance, and reasonably acceptable as to issuing counsel, to the Controlling Party.

 

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Release Instruction Letter” means a letter of instruction from the Servicer addressed to and acknowledged by the Collateral Agent and Assured Guaranty, substantially in the form of Exhibit A hereto.

Requisite Amount” shall mean, as of any Determination Date, (A) if no Trigger Event and no Insurance Agreement Event of Default shall exist as of such Determination Date, the Floor Amount with respect to such Determination Date; (B) if a Trigger Event shall exist as of such Determination Date and no Insurance Agreement Event of Default shall have occurred as of such Determination Date, the sum of (x) 2.00% of the Original Pool Balance and (y) 6.00% of the Aggregate Principal Balance with respect to such Determination Date; or (C) if an Insurance Agreement Event of Default shall have occurred as of such Determination Date, the Pool Balance.

Sale and Servicing Agreement” means the Sale and Servicing Agreement dated as of March 25, 2010, by and among the Trust, AmeriCredit Financial Services, Inc., as Servicer, the Seller and Wells Fargo Bank, National Association, as Backup Servicer and Trust Collateral Agent.

Secured Obligations” means the Insurer Secured Obligations and the Trustee Secured Obligations.

Secured Parties” means each of the Trustee, in respect of the Trustee Secured Obligations, and Assured Guaranty, in respect of the Insurer Secured Obligations.

Securitizations” means the AmeriCredit Securitizations and the LBAC Securitizations.

Security Interests” means the security interests and Liens in the Collateral granted pursuant to Section 2.01 hereof.

Sharing-Eligible AmeriCredit Securitization” means any AmeriCredit Securitization (a) from and after the first time at which both (i) the amount on deposit in the related spread account has equaled or exceeded the “Requisite Amount” (as defined in the related spread account agreement) and (ii) the “Pro Forma Note Balance” (as defined in the related spread account agreement) has equaled or been less than the “Required Pro Forma Note Balance” (as defined in the related spread account agreement), (b) from and after the Sharing-Eligible Distribution Date specified for such AmeriCredit Securitization in the related spread account agreement or (c) with respect to which an “Insurance Agreement Event of Default” (as defined in the related spread account agreement) has occurred.

Sharing-Eligible Distribution Date” means, with respect to the AmeriCredit Automobile Receivable Trust 2010-A, the 9th Distribution Date.

 

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Sharing-Eligible LBAC Securitization” means (a) each of Long Beach Acceptance Auto Receivables Trust 2006-A, Long Beach Acceptance Auto Receivables Trust 2006-B and Long Beach Acceptance Auto Receivables Trust 2007-A transactions and (b) any other LBAC Securitization (x) from and after the first time at which the “Total Enhancement Amount” (as defined in the related spread account agreement) has equaled or exceeded the “Required Total Enhancement Amount” (as defined in the related spread account agreement) or (y) with respect to which an “Insurance Agreement Event of Default” (as defined in the related spread account agreement), other than an “Excluded Insurance Agreement Event of Default” (as defined in the related spread account agreement), has occurred.

Sharing-Eligible Securitization” means any Sharing-Eligible LBAC Securitization and Sharing-Eligible AmeriCredit Securitization.

Spread Account” means the account established in accordance with Section 3.01(a) hereof.

Spread Account Eligible Investments” means Eligible Investments held by the Collateral Agent in the Spread Account and with respect to which the Collateral Agent has taken Delivery. Any such Spread Account Eligible Investment may be purchased by or through the Collateral Agent or any of its affiliates.

Spread Account Initial Deposit” shall have the meaning assigned in Section 3.01(c) hereof.

Step-Down Conditions” shall be satisfied as of each Distribution Date in the following table if each of the following conditions are met on such Distribution Date: (a) no Insurance Agreement Event of Default shall have occurred; (b) all amounts owed to the Insurer under the Basic Documents have been paid in full; (c) immediately before and after giving effect to any reduction in the OC Amount, (i) the Spread Account is at the Requisite Amount and (ii) the Pro Forma Note Balance is less than or equal to the Required Pro Forma Note Balance; (d) the arithmetic average of the monthly Delinquency Ratios for the three immediately preceding Collection Periods is less than the percentage set forth opposite such Distribution Date, (e) the Cumulative Net Loss Rate for the related Collection Period is less than the percentage set forth opposite such Distribution Date, (f) the Cumulative Default Rate for the related Collection Period is less than the percentage set forth opposite such Distribution Date and (g) the arithmetic average of the Monthly Extension Rates for the three immediately preceding consecutive calendar months is less than 3.00%:

 

Distribution Date occurring in:

   Delinquency
Ratio
    Cumulative
Net Loss
Rate
    Cumulative
Default
Rate
 

October 2011

   4.00   5.70   9.70

April 2012

   4.00   7.50   12.75

October 2012

   4.75   9.00   15.00

 

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Target OC Percentage” shall mean, with respect to any Determination Date, the sum of (i) the percentage equivalent of a fraction the numerator of which is equal to the Floor Amount as of such Determination Date and the denominator of which is equal to the Aggregate Principal Balance as of such Determination Date, and (ii) the percentage equivalent of a fraction the numerator of which is equal to the excess, if any, of (A) the Aggregate Principal Balance as of such Determination Date over (B) the Required Pro Forma Note Balance as of such Determination Date and the denominator of which is equal to the Aggregate Principal Balance as of such Determination Date.

Total Enhancement Shortfall” means (a) with respect to a Sharing-Eligible LBAC Securitization (other than Long Beach Acceptance Auto Receivables Trust 2005-A and Long Beach Acceptance Auto Receivables Trust 2006-B) on any date of determination, (i) prior to the occurrence of an “Insurance Agreement Event of Default” (as defined in the related spread account agreement), other than an “Excluded Insurance Agreement Event of Default” (as defined in the related spread account agreement), the amount by which the “Required Total Enhancement Amount” (as defined in the related spread account agreement but calculated without regard to whether a “Trigger Event” (as defined in the related spread account agreement) has occurred) for such Sharing-Eligible LBAC Securitization exceeds the “Total Enhancement Amount” (as defined in the related spread account agreement) for such Sharing-Eligible LBAC Securitization or (ii) after the occurrence of an “Insurance Agreement Event of Default” (as defined in the related spread account agreement), other than an “Excluded Insurance Agreement Event of Default” (as defined in the related spread account agreement), the amount by which the amount on deposit in the spread account for such Sharing-Eligible LBAC Securitization is less than the “Requisite Amount” (as defined in the related spread account agreement) for such Sharing-Eligible LBAC Securitization, (b) with respect to a Sharing-Eligible LBAC Securitization that is either of Long Beach Acceptance Auto Receivables Trust 2005-A and Long Beach Acceptance Auto Receivables Trust 2006-B, the excess of the related “Requisite Amount” (as defined in the related spread account agreement but calculated without regard to whether a “Trigger Event” (as defined in the related spread account agreement) has occurred) over the amount on deposit in the related spread account and (c) with respect to a Sharing-Eligible AmeriCredit Securitization on any date of determination, (i) prior to the occurrence of an “Insurance Agreement Event of Default” (as defined in the related spread account agreement), the sum of (x) the amount by which the “Requisite Amount” (as defined in the related spread account agreement but calculated without regard to whether a “Trigger Event” (as defined in the related spread account agreement) has occurred) for such Sharing-Eligible AmeriCredit Securitization exceeds the amount on deposit in the spread account for such Sharing-Eligible AmeriCredit Securitization plus (y) the amount of any “Accelerated Payment Amount Shortfall” (as defined in the related spread account agreement) remaining after application of funds available in the related spread account for such Sharing-Eligible AmeriCredit Securitization or (ii) after the occurrence of an “Insurance Agreement Event of Default” (as defined in the related spread account agreement), the amount by which the amount on deposit in the spread account for such Sharing-Eligible AmeriCredit Securitization is less than the “Requisite Amount” (as defined in the related spread account agreement) for such Sharing-Eligible AmeriCredit Securitization.

 

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Transaction Documents” has the meaning provided in the Insurance Agreement.

Trigger Date” means a Determination Date which occurs (i) on or after the date of occurrence of a Trigger Event and prior to the date, if any, on which such Trigger Event is Deemed Cured or (ii) on or after the date of occurrence of an Insurance Agreement Event of Default.

Trigger Event” shall mean, as of a Determination Date, the occurrence of any of the following:

 

  (i) the occurrence of a Cumulative Net Loss Test Failure;

 

  (ii) the occurrence of a Delinquency Test Failure; or

 

  (iii) the occurrence of a Cumulative Default Test Failure.

Trustee” means the Trust Collateral Agent named in the Indenture.

Trustee Secured Obligations” means all amounts and obligations which the Trust may at any time owe to or on behalf of the Trustee, Collateral Agent, Trust Collateral Agent (without regard to any limitations on the amounts payable to the Trustee, the Collateral Agent or the Trust Collateral Agent specified in such Transaction Documents), or the Noteholders under the Indenture or other Transaction Documents.

Trustee Termination Date” means the date on which the Trustee shall have received, as Trustee on behalf of (and as agent for) the Noteholders, payment and performance in full of all Trustee Secured Obligations.

Underwriting Agreement” means the underwriting agreement dated as of March 26, 2010 among AmeriCredit Financial Services, Inc., AFS SenSub Corp. and Credit Suisse Securities (USA) LLC and RBS Securities Inc., as underwriters.

Uniform Commercial Code” or “UCC” means the Uniform Commercial Code in effect in the relevant jurisdiction, as the same may be amended from time to time.

 

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Wells Fargo” means Wells Fargo Bank, National Association, a national banking association and its successors.

Section 1.02 Rules of Interpretation. The terms “hereof,” “herein,” “hereby” or “hereunder,” unless otherwise modified by more specific reference, shall refer to this Agreement in its entirety. Unless otherwise indicated in context, the terms “Article,” “Section,” “Appendix,” “Exhibit” or “Annex” shall refer to an Article or Section of, or Appendix, Exhibit or Annex to, this Agreement. The definition of a term shall include the singular, the plural, the past, the present, the future, the active and the passive forms of such term.

ARTICLE II

SECURITY INTERESTS; THE COLLATERAL

Section 2.01 Grant of Security Interest by the Trust.

(a) In order to secure the performance of the Secured Obligations, the Trust hereby pledges, assigns, grants, transfers and conveys to Wells Fargo, as Collateral Agent, on behalf of and for the benefit of the Secured Parties to secure such Secured Obligations, a Lien on and security interest in (which Lien and security interest is intended to be prior to all other Liens), all of its right, title and interest in and to the following (all constituting Collateral hereunder):

(i) the Spread Account as established pursuant to Section 3.01 of this Agreement (including, without limitation, the Spread Account Initial Deposit and all additional monies, checks, securities, investments and other items or documents at any time held in or evidencing any such accounts);

(ii) all of the Trust’s right, title and interest in and to investments made with proceeds of the property described in clause (i) above, including all investments made with amounts on deposit in the Spread Account; and

(iii) all distributions, revenues, products, substitutions, benefits, profits and proceeds, in whatever form, of any of the foregoing.

(b) In order to effectuate the provisions and purposes of this Agreement, including for the purpose of perfecting the security interests granted hereunder, the Trust represents and warrants that it has, prior to the execution of this Agreement, executed and filed an appropriate Uniform Commercial Code financing statement in Delaware sufficient to assure that the Collateral Agent, as agent for the Secured Parties, has a first priority perfected security interest in all Collateral which can be perfected by the filing of a financing statement or has delivered to Assured Guaranty a legal opinion acceptable to Assured Guaranty to the effect that no filings are required to perfect the security interests granted hereunder.

 

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Section 2.02 Perfection and Profit. The Trust intends the security interests in favor of the Secured Parties to be prior to all other Liens in respect of the Collateral, and the Trust shall take all actions necessary to obtain and maintain, in favor of the Collateral Agent, for the benefit of the Secured Parties, a first lien on and a first priority, perfected security interest in the Collateral granted to the Collateral Agent. Subject to the provisions hereof specifying the rights and powers of the Controlling Party from time to time to control certain specified matters relating to the Collateral, each Secured Party shall have all of the rights, remedies and recourse with respect to the Collateral afforded a secured party under the Uniform Commercial Code and all other applicable law in addition to, and not in limitation of, the other rights, remedies and recourse granted to such Secured Parties by this Agreement or any other law relating to the creation and perfection of liens on, and security interests in, the Collateral.

Section 2.03 Reserved.

Section 2.04 The Trust Remains Liable. The Security Interests are granted as security only and shall not (i) transfer or in any way affect or modify, or relieve the Trust from, any obligation to perform or satisfy, any term, covenant, condition or agreement to be performed or satisfied by the Trust under or in connection with this Agreement, the Insurance Agreement or any other Transaction Document to which it is a party or (ii) impose any obligation on any of the Secured Parties or the Collateral Agent to perform or observe any such term, covenant, condition or agreement or impose any liability on any of the Secured Parties or the Collateral Agent for any act or omission on its part relative thereto or for any breach of any representation or warranty on its part contained therein or made in connection therewith, except, in each case, to the extent provided herein and in the other Transaction Documents.

Section 2.05 Maintenance of Collateral.

(a) Safekeeping. The Collateral Agent agrees to maintain the Collateral received by it and all records and documents relating thereto at the office of the Collateral Agent specified in Section 8.06 hereof or such other address (unless all filings have been made to continue the perfection of the security interest in the Collateral to the extent such security interest can be perfected by filing a financing statement, as evidenced by an Opinion of Counsel delivered to the Controlling Party), as may be approved by the Controlling Party. The Collateral Agent shall keep all Collateral and related documentation in its possession separate and apart from all other property that it is holding in its possession and from its own general assets and shall maintain accurate records pertaining to the Spread Account Eligible Investments and Spread Account included in the Collateral in such a manner as shall enable the Collateral Agent and the Secured Parties to verify the accuracy of such record-keeping. The Collateral Agent’s books and records shall at all times show that the Collateral is held by the Collateral Agent as agent of the Secured Parties and is not the property of the Collateral Agent. The Collateral Agent will promptly report to each Secured Party and the Trust any failure on its part to hold the Collateral as provided in this Section 2.05(a) and will promptly take appropriate action to remedy any such failure.

 

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(b) Access. The Collateral Agent shall permit each of the Secured Parties, or their respective duly authorized representatives, attorneys, auditors or designees, to inspect the Collateral or the records relating to the Collateral in the possession of or otherwise under the control of the Collateral Agent pursuant hereto at such reasonable times during normal business hours as any such Secured Party may reasonably request upon not less than one Business Day’s prior written notice. The costs and expenses associated with any such inspection will be paid by the party making such inspection.

Section 2.06 Termination and Release of Rights.

(a) On the Insurer Termination Date, the rights, remedies, powers, duties, authority and obligations conferred upon Assured Guaranty pursuant to this Agreement in respect of the Collateral shall terminate and be of no further force and effect and all rights, remedies, powers, duties, authority and obligations of Assured Guaranty with respect to the Collateral shall be automatically released; provided that any indemnity provided to or by Assured Guaranty herein shall survive such Insurer Termination Date. If Assured Guaranty is acting as Controlling Party on the Insurer Termination Date, Assured Guaranty agrees, at the expense of the Trust, to execute and deliver such instruments as the successor Controlling Party may reasonably request to effectuate such release, and any such instruments so executed and delivered shall be fully binding on Assured Guaranty and any Person claiming by, through or under Assured Guaranty.

(b) On the Trustee Termination Date, the rights, remedies, powers, duties, authority and obligations, if any, conferred upon the Trustee pursuant to this Agreement in respect of the Collateral shall terminate and be of no further force and effect and all such rights, remedies, powers, duties, authority and obligations of the Trustee with respect to the Collateral shall be automatically released; provided that any indemnity provided to the Trustee herein shall survive such Trustee Termination Date. If the Trustee is acting as Controlling Party on the Trustee Termination Date, the Trustee agrees, at the expense of the Trust, to execute and deliver such instruments as the Trust may reasonably request to effectuate such release, and any such instruments so executed and delivered shall be fully binding on the Trustee.

(c) On the Final Termination Date, the rights, remedies, powers, duties, authority and obligations conferred upon the Collateral Agent and each Secured Party pursuant to this Agreement shall terminate and be of no further force and effect and all rights, remedies, powers, duties, authority and obligations of the Collateral Agent and each Secured Party with respect to the Collateral shall be released in accordance with the provisions of Section 3.03(b). On the Final Termination Date, the Collateral Agent agrees, and each Secured Party agrees, at the expense of the Trust, to execute such instruments of release, in recordable form if necessary, in favor of the Trust as the Trust may reasonably request, to deliver the Collateral, if any, in its possession to the Trust, and to otherwise release the lien of this Agreement and release and deliver to the Trust the Collateral.

 

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Section 2.07 Non-Recourse Obligations of Trust. Notwithstanding anything herein or in the other Transaction Documents to the contrary, the parties hereto agree that the obligations of the Trust hereunder (without limiting the obligation to make distributions in accordance with Section 3.03(b)) shall be recourse only to the extent of amounts released to the Trust pursuant to priority SECOND, fifth of Section 3.03(b).

Section 2.08 Securities Intermediary. Wells Fargo, hereby undertakes and agrees to act as “securities intermediary” (as such term is defined in Section 8-102 (a)(14) of the Uniform Commercial Code as in effect in the State of New York (the “New York UCC”)). In such capacity (Wells Fargo, in such capacity being herein sometimes referred to as the “Securities Intermediary”) and in accordance with Section 3.01 of this Agreement, the Securities Intermediary has established the Spread Account. The Securities Intermediary represents, warrants, acknowledges and agrees that:

(1) It shall not change the name or account number of the Spread Account without the prior written consent of the Collateral Agent;

(2) All securities or other property underlying any financial assets deposited in or credited to the Spread Account shall be registered in the name of the Securities Intermediary or the Collateral Agent or in blank or credited to another securities account or accounts maintained in the name of the Securities Intermediary, and in no case shall any financial asset deposited in or credited to the Spread Account be registered in the name of Seller except to the extent the foregoing have been specially indorsed to the Securities Intermediary in blank;

(3) All property delivered to the Securities Intermediary pursuant to this Agreement for deposit in or credit to the Spread Account shall be promptly credited to the Spread Account;

(4) The Spread Account is a “securities account” as such term is defined in Section 8-501(a) of the New York UCC, and the Securities Intermediary agrees that each item of property (whether investment property, financial asset, security, instrument or cash) deposited in or credited to the Spread Account shall be treated as a “financial asset” within the meaning of Section 8-102(a)(9) of the New York UCC and that, subject to the terms of this Agreement, the Securities Intermediary will treat the Collateral Agent as entitled to exercise the rights that comprise any financial asset deposited in or credited to such Account; and

(5) If at any time the Securities Intermediary shall receive any order from the Collateral Agent directing transfer or redemption of any financial asset relating to the Spread Account, the Securities Intermediary shall comply with such entitlement order without further consent by Seller or any other person.

Without limiting the generality of Section 8.11 of this Agreement, the parties agree that both this Agreement and the Spread Account shall be governed by the laws of the State of New York. Regardless of any provision in any other agreement, for purposes of the New York UCC, New York shall be deemed to be the Securities Intermediary’s jurisdiction and the Spread Account (as well as all of the securities entitlements related thereto) shall be governed by the laws of the State of New York.

 

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ARTICLE III

SPREAD ACCOUNT

Section 3.01 Establishment of Spread Account, Initial Deposits into Spread Account.

(a) On or prior to the Closing Date, the Collateral Agent shall establish at its office or at another depository institution or trust company an Eligible Account, designated, “Spread Account – Series 2010-A – Wells Fargo, as Collateral Agent for Assured Guaranty and Well Fargo, as Trustee” (the “Spread Account”).

(b) No withdrawals may be made of funds in the Spread Account except as provided in Section 3.03 of this Agreement. Except as specifically provided in this Agreement, funds in the Spread Account shall not be commingled with any other monies. All monies deposited from time to time in the Spread Account and all investments made with such monies shall be held by the Collateral Agent as part of the Collateral.

(c) The parties hereto acknowledge and agree that the initial amount deposited into the Spread Account comprising part of the Collateral shall be in the amount of $4,761,997.16 (the “Spread Account Initial Deposit”). The Trust and the Collateral Agent confirm that concurrently with the execution and delivery of this Agreement such amount has been deposited by the Trust with the Collateral Agent for deposit into the Spread Account. The Collateral Agent shall deposit all cash distributions with respect to the Collateral into the Spread Account.

(d) Except as specifically provided herein, the Spread Account shall be maintained by the Collateral Agent at all times separate and apart from any other account of the Trust or the Servicer. All income or loss on investments of funds in the Spread Account shall be reported by AmeriCredit as taxable income or loss of AmeriCredit.

Section 3.02 Investments.

(a) Funds which may at any time be held in the Spread Account shall be invested and reinvested by the Collateral Agent, at the written direction (which may include, subject to the provisions hereof, general standing instructions) of the Servicer (unless a Servicer Termination Event shall have occurred and be continuing, in which case at the written direction of the Controlling Party) or its designee received by the Collateral Agent by 1:00 P.M., New York City time, on the Business Day prior to the date on which such investment shall be made, in one or more Spread Account Eligible Investments in the manner specified in Section 3.02(c). If no written direction with respect to any portion of the Spread Account is received by the Collateral Agent, the Collateral Agent shall invest such funds overnight in investments described in paragraph (g) of Eligible Investments, provided that the Collateral Agent shall not be liable for any loss or absence of income resulting from such investments.

 

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(b) Each investment made pursuant to this Section 3.02 on any date shall mature not later than the Business Day immediately preceding the Distribution Date next succeeding the day such investment is made.

(c) Subject to the other provisions hereof, the Collateral Agent shall have sole control over each such investment and the income thereon, and any certificate or other instrument evidencing any such investment, if any, shall be delivered directly to the Collateral Agent or its agent, together with each document of transfer, if any, necessary to transfer title to such investment to the Collateral Agent in a manner which complies with Section 2.04 and the requirements of the definition of “Spread Account Eligible Investments.”

(d) If amounts on deposit in the Spread Account are at any time invested in a Spread Account Eligible Investment payable on demand, the Collateral Agent shall (i) consistent with any notice required to be given thereunder, demand that payment thereon be made on the last day such Spread Account Eligible Investment is permitted to mature under the provisions hereof and (ii) demand payment of all amounts due thereunder promptly upon receipt of written notice from the Controlling Party to the effect that such investment does not constitute a Spread Account Eligible Investment.

(e) All monies on deposit in the Spread Account, together with any deposits or securities in which such monies may be invested or reinvested, and any gains from such investments, shall constitute Collateral hereunder subject to the Security Interest of the Secured Parties.

(f) Subject to Section 4.03 hereof, the Collateral Agent shall not be liable by reason of any insufficiency in the Spread Account resulting from any loss on any Spread Account Eligible Investment included therein.

(g) For avoidance of doubt, any amounts that are invested by the Collateral Agent in Spread Account Eligible Investments shall constitute “funds” or “amounts” “in the Spread Account,” “held in the Spread Account,” or “on deposit in the Spread Account” and any such investments shall be considered to “mature” on or by a given day to the extent that such invested amounts will be available either by payment at maturity on such day or pursuant to a right to payment or withdrawal on such day after applicable prior demand or notice is made.

 

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Section 3.03 Distributions: Priority of Payments.

(a) Prior to each Distribution Date, the Controlling Party will direct the Collateral Agent with respect to the amounts to be distributed pursuant to Section 3.03(b) on such Distribution Date and the Collateral Agent shall notify the Trustee of such determination. Additionally, on each Determination Date on which the amount in the Spread Account is less than the Requisite Amount with respect to such Determination Date, the Collateral Agent shall notify the Trust Collateral Agent of the amount of such shortfall, and on the next succeeding Distribution Date, the Trust Collateral Agent shall be required pursuant to Section 5.7(a) of the Sale and Servicing Agreement to deliver such amount, to the extent available in accordance with the Sale and Servicing Agreement, to the Collateral Agent for deposit into the Spread Account subject to Section 3.03(b) hereof.

(b) On each Distribution Date, following delivery by the Trustee to the Collateral Agent of the amounts required under the Sale and Servicing Agreement to be delivered to the Collateral Agent for deposit in the Spread Account, and upon receipt of a Deficiency Notice, or notice with respect to an Accelerated Payment Amount Shortfall or notice with respect to other amounts referred to in priority SECOND being due and owing, the Collateral Agent shall make the following distributions from the Spread Account in the following order of priority and, in each case, to the extent of the amount specified:

FIRST, if there exists a Deficiency Claim Amount, to the Trust Collateral Agent for deposit in the Collection Account the amount of such Deficiency Claim Amount; and

SECOND, to the extent that the funds in the Spread Account are in excess of the Requisite Amount or, following the Final Termination Date, to the extent of any funds remaining in the Spread Account:

first, if the Trust Collateral Agent has delivered an Accelerated Payment Shortfall Notice and if there exists an Accelerated Payment Amount Shortfall, to the Trust Collateral Agent for deposit in the Collection Account the amount of such Accelerated Payment Amount Shortfall;

second, amounts in respect of indemnity payments to the Trustee, Lockbox Bank, Lockbox Processor, Owner Trustee, Custodian, Backup Servicer, Collateral Agent, Trust Collateral Agent, or other service provider that have not been reimbursed by the Servicer, to such Persons pro rata in accordance with amounts due to such Persons;

third, to the payment of any expenses payable pursuant to Section 4.5 of the Sale and Servicing Agreement to the extent not paid by the Servicer;

fourth, pari passu and pro rata (on the basis of the Total Enhancement Shortfall) to the spread account for each Sharing-Eligible Securitization with respect to which there exists on such day a Total Enhancement Shortfall (based on the amount then on deposit in the spread account for each such Sharing-Eligible Securitization and the most recently available Servicer Report for each such Sharing-Eligible Securitization), an amount up to the amount of such Total Enhancement Shortfall in accordance with a Release Instruction Letter, free and clear of the Lien established hereunder; and

 

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fifth, to the Certificateholder free and clear of the Lien established hereunder.

(c) On any date on which the Notes have been redeemed in full pursuant to Section 10.1 of the Indenture and all amounts due and payable to Assured Guaranty under the Insurance Agreement have been paid in full, the Collateral Agent shall release all amounts remaining on deposit in the Spread Account (following any distributions required to have been made on such date pursuant to Section 3.03(b)) to the Certificateholder free and clear of the Lien established hereunder.

Section 3.04 General Provisions Regarding Spread Account.

(a) Promptly upon the establishment (initially or upon any relocation) of the Spread Account hereunder, the Collateral Agent shall advise the Trust and each Secured Party in writing of the name and address of the depository institution or trust company where the Spread Account has been established (if not Wells Fargo or any successor Collateral Agent in its commercial banking capacity), the name of the officer of the depository institution who is responsible for overseeing the Spread Account, the account number and the individuals whose names appear on the signature cards for the Spread Account. The Trust shall cause each such depository institution or trust company to execute a written agreement, in form and substance satisfactory to the Controlling Party, waiving, and the Collateral Agent by its execution of this Agreement hereby waives (except to the extent expressly provided herein), in each case to the extent permitted under applicable law, (i) any banker’s or other statutory or similar Lien, and (ii) any right of set-off or other similar right under applicable law with respect to the Spread Account and agreeing, and the Collateral Agent by its execution of this Agreement hereby agrees, to notify the Trust, the Collateral Agent, and each Secured Party of any charge or claim against or with respect to the Spread Account. The Collateral Agent shall give the Trust and each Secured Party at least ten Business Days’ prior written notice of any change in the location of the Spread Account or in any related account information. Anything herein to the contrary notwithstanding, unless otherwise consented to by the Controlling Party in writing, the Collateral Agent shall have no right to change the location of the Spread Account.

(b) Upon the written request of the Controlling Party or the Trust, the Collateral Agent shall cause, at the expense of the Trust, the depository institution at which the Spread Account is located to forward to the requesting party copies of all monthly account statements for the Spread Account.

(c) If at any time the Spread Account ceases to be an Eligible Account, the Collateral Agent shall notify the Controlling Party of such fact and shall establish within 5 Business Days of such determination, in accordance with paragraph (a) of this Section, a successor Spread Account thereto, which shall be an Eligible Account, at another depository institution acceptable to the Controlling Party.

 

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(d) No passbook, certificate of deposit or other similar instrument evidencing the Spread Account shall be issued, and all contracts, receipts and other papers, if any, governing or evidencing the Spread Account shall be held by the Collateral Agent.

Section 3.05 Reports by the Collateral Agent. The Collateral Agent shall report to the Trustee, Assured Guaranty, the Trust and the Servicer on a monthly basis no later than each Distribution Date with respect to the amount on deposit in the Spread Account and the identity of the investments included therein as of the last day of the related Monthly Period, and shall provide accounts of deposits into and withdrawals from the Spread Account, and of the investments made therein, to the independent accountants upon their request for purposes of their reports pursuant to Section 4.11 of the Sale and Servicing Agreement.

ARTICLE IV

THE COLLATERAL AGENT

Section 4.01 Appointment and Powers. Subject to the terms and conditions hereof, each of the Secured Parties hereby appoints Wells Fargo, as Collateral Agent with respect to the Collateral, and Wells Fargo hereby accepts such appointment and agrees to act as Collateral Agent with respect to the Collateral for the Secured Parties, to maintain custody and possession of the Collateral (except as otherwise provided hereunder) and to perform the other duties of the Collateral Agent in accordance with the provisions of this Agreement. Each Secured Party hereby authorizes the Collateral Agent to take such action on its behalf, and to exercise such rights, remedies, powers and privileges hereunder, as the Controlling Party may direct and as are specifically authorized to be exercised by the Collateral Agent by the terms hereof, together with such actions, rights, remedies, powers and privileges as are reasonably incidental thereto. The Collateral Agent shall act upon and in compliance with the written instructions of the Controlling Party delivered pursuant to this Agreement promptly following receipt of such written instructions; provided that the Collateral Agent shall not act in accordance with any instructions (i) which are not authorized by, or in violation of the provisions of, this Agreement or (ii) for which the Collateral Agent has not received reasonable indemnity. Receipt of such instructions shall not be a condition to the exercise by the Collateral Agent of its express duties hereunder, except where this Agreement provides that the Collateral Agent is permitted to act only following and in accordance with such instructions.

Section 4.02 Performance of Duties. The Collateral Agent shall not have any duties or responsibilities except those expressly set forth in this Agreement and the other Transaction Documents to which the Collateral Agent is a party or as directed by the Controlling Party in accordance with this Agreement.

 

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Section 4.03 Limitation on Liability. Neither the Collateral Agent nor any of its directors, officers or employees, shall be liable for any action taken or omitted to be taken by it or them hereunder, or in connection herewith, except that the Collateral Agent shall be liable for its gross negligence, bad faith or willful misconduct; nor shall the Collateral Agent be responsible for the validity, effectiveness, value, sufficiency or enforceability against the Trust of this Agreement or any of the Collateral (or any part thereof) or perfection thereof. Notwithstanding any term or provision of this Agreement, the Collateral Agent shall not incur any liability to the Trust or the Secured Parties for any action taken or omitted by the Collateral Agent in connection with the Collateral, except for gross negligence or willful misconduct on the part of the Collateral Agent, and, further, the Collateral Agent shall not incur any liability to the Secured Parties except for gross negligence or willful misconduct in carrying out its duties to the Secured Parties. Subject to Section 4.04, the Collateral Agent shall be protected and shall incur no liability to any such party in relying upon the accuracy, acting in reliance upon the contents, and assuming the genuineness of any notice, demand, certificate, signature, instrument or other document reasonably believed by the Collateral Agent to be genuine and to have been duly executed by the appropriate signatory, and (absent actual knowledge to the contrary by a Responsible Officer of the Collateral Agent) the Collateral Agent shall not be required to make any independent investigation with respect thereto. The Collateral Agent shall at all times be free independently to establish to its reasonable satisfaction, but shall have no duty to independently verify, the existence or nonexistence of facts that are a condition to the exercise or enforcement of any right or remedy hereunder or under any of the Transaction Documents. The Collateral Agent may consult with counsel, and shall not be liable for any action taken or omitted to be taken by it hereunder in good faith and in accordance with the written advice of such counsel. The Collateral Agent shall not be under any obligation to expend or risk its own funds or otherwise incur financial liability in the performance of any of its duties hereunder, or to exercise any of the remedial rights or powers vested in it by this Agreement or to follow any direction from the Controlling Party unless it shall have received reasonable security or indemnity satisfactory to the Collateral Agent against the costs, expenses and liabilities which might be incurred by it in connection therewith.

Section 4.04 Reliance upon Documents. In the absence of bad faith or negligence on its part, the Collateral Agent shall be entitled to rely on any communication, instrument, paper or other document reasonably believed by it to be genuine and correct and to have been signed or sent by the proper Person or Persons and shall have no liability in acting, or omitting to act, where such action or omission to act is in reasonable reliance upon any statement or opinion contained in any such document or instrument.

Section 4.05 Successor Collateral Agent.

(a) Merger. Any Person into which the Collateral Agent may be converted or merged, or with which it may be consolidated, or to which it may sell or transfer its trust business and assets as a whole or substantially as a whole, or any Person resulting from any such conversion, merger, consolidation, sale or transfer to which the Collateral Agent is a party, shall (provided it is otherwise qualified to serve as the Collateral Agent hereunder) be and become a successor Collateral Agent hereunder and be vested with all of the title to and interest in the Collateral and all of the trusts, powers, discretions, immunities, privileges and other matters as was its predecessor without the execution or filing of any instrument or any further act, deed or conveyance on the part of any of the parties hereto, anything herein to the contrary notwithstanding, except to the extent, if any, that any such action is necessary to perfect, or continue the perfection of, the security interest of the Secured Parties in the Collateral.

 

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(b) Resignation. The Collateral Agent and any successor Collateral Agent may resign only (i) 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 result in a material adverse effect on the Collateral Agent, and the Controlling Party does not elect to waive the Collateral Agent’s obligation to perform those duties which render it legally unable to act or elect to delegate those duties to another Person, or (ii) with the prior written consent of the Controlling Party, such consent not to be unreasonably withheld. The Collateral Agent shall give not less than 60 days’ prior written notice of any such permitted resignation by registered or certified mail to the other Secured Party and the Trust; provided, that such resignation shall take effect only upon the date which is the latest of (i) the effective date of the appointment of a successor Collateral Agent and the acceptance in writing by such successor Collateral Agent of such appointment and of its obligation to perform its duties hereunder in accordance with the provisions hereof, (ii) delivery of the Collateral to such successor to be held in accordance with the procedures specified in Article II hereof, and (iii) receipt by the Controlling Party of an Opinion of Counsel to the effect described in Section 5.02. Notwithstanding the preceding sentence, if by the contemplated date of resignation specified in the written notice of resignation delivered as described above no successor Collateral Agent or temporary successor Collateral Agent has been appointed Collateral Agent and accepted such appointment or becomes the Collateral Agent pursuant to subsection (d) hereof, the resigning Collateral Agent may petition a court of competent jurisdiction in New York, New York for the appointment of a successor.

(c) Removal. The Collateral Agent may be removed by the Controlling Party at any time, with or without cause, by an instrument or concurrent instruments in writing delivered to the Collateral Agent, the other Secured Party and the Issuer. A temporary successor may be removed at any time to allow a successor Collateral Agent to be appointed pursuant to subsection (d) below. Any removal pursuant to the provisions of this subsection (c) shall take effect only upon the date which is the latest of (i) the effective date of the appointment of a successor Collateral Agent and the acceptance in writing by the successor Collateral Agent of such appointment and of its obligation to perform its duties hereunder in accordance with the provisions hereof, (ii) delivery of the Collateral to such successor to be held in accordance with the procedures specified in Article II hereof and (iii) receipt by the Controlling Party of an Opinion of Counsel to the effect described in Section 5.02.

 

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(d) Acceptance by Successor. The Controlling Party shall have the sole right to appoint each successor Collateral Agent. Every temporary or permanent successor Collateral Agent appointed hereunder shall execute, acknowledge and deliver to its predecessor and to each Secured Party and the Trust an instrument in writing accepting such appointment hereunder and the relevant predecessor shall execute, acknowledge and deliver such other documents and instruments as will effectuate the delivery of all Collateral to the successor Collateral Agent to be held in accordance with the procedures specified in Article II hereof, whereupon such successor, without any further act, deed or conveyance, shall become fully vested with all the estates, properties, rights, powers, duties and obligations of its predecessor. Such predecessor shall, nevertheless, on the written request of either Secured Party or the Trust, execute and deliver an instrument transferring to such successor all the estates, properties, rights and powers of such predecessor hereunder. In the event that any instrument in writing from the Trust or a Secured Party is reasonably required by a successor Collateral Agent to more fully and certainly vest in such successor the estates, properties, rights, powers, duties and obligations vested or intended to be vested hereunder in such Collateral Agent, any and all such written instruments shall, at the request of the temporary or permanent successor Collateral Agent, be forthwith executed, acknowledged and delivered by the Issuer. The designation of any successor Collateral Agent and the instrument or instruments removing any Collateral Agent and appointing a successor hereunder, together with all other instruments provided for herein, shall be maintained with the records relating to the Collateral and, to the extent required by applicable law, filed or recorded by the successor Collateral Agent in each place where such filing or recording is necessary to effect the transfer of the Collateral to the successor Collateral Agent or to protect or continue the perfection of the security interests granted hereunder.

Section 4.06 Indemnification. The Trust shall indemnify the Collateral Agent, its directors, officers, employees and agents for, and hold the Collateral Agent, its directors, officers, employees and agents harmless against, any loss, liability or expense (including the costs and expenses of defending against any claim of liability) arising out of or in connection with the Collateral Agent’s acting as Collateral Agent hereunder, except such loss, liability or expense as shall result from the gross negligence, bad faith or willful misconduct of the Collateral Agent or its officers, employees, directors or agents. The obligation of the Trust under this Section shall survive the termination of this Agreement and the resignation or removal of any Collateral Agent. The Collateral Agent covenants and agrees that the obligations of the Trust hereunder and under Section 4.07 shall be limited to the amounts distributed pursuant to Section 5.7(a)(iii) of the Sale and Servicing Agreement and Section 3.03(b) of this Agreement, and further covenants not to take any action to enforce its rights to indemnification hereunder with respect to the Trust and to payment under Section 4.07, or otherwise to assert any Lien or take any other action in respect of the Collateral, until the Final Termination Date.

 

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Section 4.07 Compensation and Reimbursement. The Trust agrees for the benefit of the Secured Parties and as part of the Secured Obligations (a) to pay to the Collateral Agent, from time to time, reasonable compensation for all services rendered by it hereunder (which compensation shall not be limited by any provision of law in regard to the compensation of a collateral trustee); and (b) to reimburse the Collateral Agent upon its request for all reasonable expenses, disbursements and advances incurred or made by the Collateral Agent in accordance with any provision of, or carrying out its duties and obligations under, this Agreement (including the reasonable compensation and fees and the expenses and disbursements of its agents, any independent certified public accountants and independent counsel), except any expense, disbursement or advances as may be attributable to gross negligence, bad faith or willful misconduct on the part of the Collateral Agent.

Section 4.08 Representations and Warranties of Wells Fargo. Wells Fargo represents and warrants to the Trust and to each Secured Party as follows:

(a) Due Organization. Wells Fargo is a national banking association, duly organized, validly existing and in good standing under the laws of the United States and is duly authorized and licensed under applicable law to conduct its business as presently conducted.

(b) Corporate Power. Wells Fargo has all requisite right, power and authority to execute and deliver this Agreement and to perform all of its duties as Collateral Agent hereunder.

(c) Due Authorization. The execution and delivery by Wells Fargo of this Agreement and the other Transaction Documents to which it is a party, and the performance by Wells Fargo of its duties hereunder and thereunder, have been duly authorized by all necessary corporate proceedings and no further approvals or filings, including any governmental approvals, are required for the valid execution and delivery by Wells Fargo, or the performance by Wells Fargo, of this Agreement and such other Transaction Documents.

(d) Valid and Binding Agreement. Wells Fargo has duly executed and delivered this Agreement and each other Transaction Document to which it is a party, and each of this Agreement and each such other Transaction Document constitutes the legal, valid and binding obligation of Wells Fargo, enforceable against Wells Fargo, in accordance with its terms, except as (i) such enforceability may be limited by bankruptcy, insolvency, reorganization and similar laws relating to or affecting the enforcement of creditors’ rights generally and (ii) the availability of equitable remedies may be limited by equitable principles of general applicability.

Section 4.09 Waiver of Setoffs. The Collateral Agent hereby expressly waives any and all rights of setoff that the Collateral Agent may otherwise at any time have under applicable law with respect to the Spread Account and agrees that amounts in the Spread Account shall at all times be held and applied solely in accordance with the provisions hereof.

 

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Section 4.10 Control by the Controlling Party. The Collateral Agent shall comply with notices and instructions given by the Trust only if accompanied by the written consent of the Controlling Party, except that if any Default shall have occurred and be continuing, the Collateral Agent shall act upon and comply with notices and instructions given by the Controlling Party alone in the place and stead of the Trust.

ARTICLE V

COVENANTS OF THE TRUST

Section 5.01 Preservation of Collateral. Subject to the rights, powers and authorities granted to the Collateral Agent and the Controlling Party in this Agreement, the Trust shall take such action as is necessary and proper with respect to the Collateral in order to preserve and maintain the Collateral and to cause (subject to the rights of the Secured Parties) the Collateral Agent to perform its obligations with respect to the Collateral as provided herein. The Trust will do, execute, acknowledge and deliver, or cause to be done, executed, acknowledged and delivered, such instruments of transfer or take such other steps or actions as may be necessary, or required by the Controlling Party, to perfect the Security Interests granted hereunder in the Collateral, to ensure that such Security Interests rank prior to all other Liens and to preserve the priority of such Security Interests and the validity and enforceability thereof. Upon any delivery or substitution of Collateral, the Trust shall be obligated to execute such documents and perform such actions as are necessary to create in the Collateral Agent for the benefit of the Secured Parties a valid first Lien on, and valid and perfected, first priority security interest in, the Collateral so delivered and to deliver the Collateral to the Collateral Agent, free and clear of any other Lien together with satisfactory assurances thereof, and to pay any reasonable costs incurred by any of the Secured Parties or the Collateral Agent (including its respective agents) or otherwise in connection with such delivery.

Section 5.02 Opinions as to Collateral. Not more than 90 days nor less than 30 days prior to (i) each May 1, during the term of this Agreement, beginning in 2011 and (ii) each date on which the Trust proposes to take any action contemplated by Section 5.06, the Trust shall, at its own cost and expense, furnish to each Secured Party, the Collateral Agent and each Rating Agency an Opinion of Counsel either (a) stating that, in the opinion of such counsel, such action has been taken with respect to the execution and filing of any financing statements and continuation statements and other actions as are necessary to perfect, maintain and protect the lien and security interest of the Collateral Agent (and the priority thereof), on behalf of the Secured Parties, with respect to the Collateral against all creditors of and purchasers from the Trust and reciting the details of such action, or (b) stating that, in the opinion of such counsel, no such action is necessary to maintain such perfected lien and security interest. Such Opinion of Counsel shall further describe each execution and filing of any financing statements and continuation statements and such other actions as will, in the opinion of such counsel, be required to perfect, maintain and protect the lien and security interest of the Collateral Agent, on behalf of the Secured Parties, with respect to the Collateral against all creditors of and purchasers from the Trust for a period, specified in such Opinion, continuing until a date not earlier than eighteen months from the date of such Opinion.

 

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Section 5.03 Notices. In the event that the Trust acquires knowledge of the occurrence and continuance of any Insurance Agreement Event of Default or Event of Default or of any event of default or like event, howsoever described or called, under any of the Transaction Documents, the Trust shall immediately give written notice thereof to the Collateral Agent and each Secured Party.

Section 5.04 Waiver of Stay or Extension Laws; Marshaling of Assets. The Trust covenants, to the fullest extent permitted by applicable law, that it will not at any time insist upon, plead, or in any manner whatsoever claim or take the benefit or advantage of, any appraisement, valuation, stay, extension or redemption law wherever enacted, now or at any time hereafter in force, in order to prevent or hinder the enforcement of this Agreement or any absolute sale of the Collateral or any part thereof, or the possession thereof by any purchaser at any sale under Article VII of this Agreement; and the Trust, to the fullest extent permitted by applicable law, for itself and all who may claim under it, hereby waives the benefit of all such laws, and covenants that it will not hinder, delay or impede the execution of any power herein granted to the Collateral Agent, but will suffer and permit the execution of every such power as though no such law had been enacted. The Trust, for itself and all who may claim under it, waives, to the fullest extent permitted by applicable law, all right to have the Collateral marshaled upon any foreclosure or other disposition thereof.

Section 5.05 Noninterference, etc. The Trust shall not (i) waive or alter any of its rights under the Collateral (or any agreement or instrument relating thereto) without the prior written consent of the Controlling Party; or (ii) fail to pay any tax, assessment, charge or fee levied or assessed against the Collateral, or to defend any action, if such failure to pay or defend may adversely affect the priority or enforceability of the Trust’s right, title or interest in and to the Collateral or the Collateral Agent’s lien on, and security interest in, the Collateral for the benefit of the Secured Parties; or (iii) take any action, or fail to take any action, if such action or failure to take action, will interfere with the enforcement of any rights under the Transaction Documents.

Section 5.06 Trust Changes.

(a) Change in Name, Structure, etc. The Trust shall not change its name, identity or structure unless it shall have given each Secured Party and the Collateral Agent at least 30 days’ prior written notice thereof, shall have effected any necessary or appropriate assignments or amendments thereto and filings of financing statements or amendments thereto, and shall have delivered to the Collateral Agent and each Secured Party an Opinion of Counsel of the type described in Section 5.02.

 

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(b) Relocation of the Trust. The Trust shall not change its principal office unless it gives each Secured Party and the Collateral Agent at least 30 days’ prior written notice of any relocation of its principal office. If the Trust relocates its principal office or principal place of business from Delaware, the Trust shall give prior notice thereof to the Controlling Party and the Collateral Agent and shall effect whatever appropriate recordations and filings are necessary and shall provide to the Controlling Party and the Collateral Agent an Opinion of Counsel, to the effect that, upon the recording of any necessary assignments or amendments to previously-recorded assignments and filing of any necessary amendments to the previously filed financing or continuation statements or upon the filing of one or more specified new financing statements, and the taking of such other actions as may be specified in such opinion, the security interests in the Collateral shall remain, after such relocation, valid and perfected.

ARTICLE VI

CONTROLLING PARTY; INTERCREDITOR PROVISIONS

Section 6.01 Appointment of Controlling Party. From and after the Closing Date until the Insurer Termination Date, Assured Guaranty shall be the Controlling Party and shall be entitled to exercise all the rights given the Controlling Party hereunder. From and after the Insurer Termination Date, the Trustee shall be the Controlling Party hereunder until the Trustee Termination Date. Notwithstanding the foregoing, in the event that an Assured Guaranty Default shall have occurred and be continuing, the Trustee shall be the Controlling Party until the applicable Trustee Termination Date. If prior to an Insurer Termination Date the Trustee shall have become the Controlling Party as a result of the occurrence of an Assured Guaranty Default and either such Assured Guaranty Default is cured or for any other reason ceases to exist or the Trustee Termination Date occurs, then upon such cure or other cessation or on such Trustee Termination Date, as the case may be, Assured Guaranty shall, upon notice thereof being duly given to the Collateral Agent, again be the Controlling Party.

Section 6.02 Controlling Party’s Authority.

(a) The Trust hereby irrevocably appoints the Controlling Party, and any successor to the Controlling Party appointed pursuant to Section 6.01, its true and lawful attorney, with full power of substitution, in the name of the Trust, the Secured Parties or otherwise, but at the expense of the Trust, to the extent permitted by law to exercise, at any time and from time to time while any Insurance Agreement Event of Default has occurred and is continuing, any or all of the following powers with respect to the Collateral: (i) to demand, sue for, collect, receive and give acquittance for any and all monies due or to become due upon or by virtue thereof, (ii) to settle, compromise, compound, prosecute or defend any action or proceeding with respect thereto, (iii) to sell, transfer, assign or otherwise deal with the same or the proceeds thereof as fully and effectively as if the Collateral Agent were the absolute owner thereof, and (iv) to extend the time of payment of any or all thereof and to make any allowance or other adjustments with respect thereto.

 

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(b) Each Secured Party hereby irrevocably and unconditionally constitutes and appoints the Controlling Party, and any successor to such Controlling Party appointed pursuant to Section 6.01 from time to time, as the true and lawful attorney-in-fact of such Secured Party for so long as such Secured Party is the Non-Controlling Party, with full power of substitution, to execute, acknowledge and deliver any notice, document, certificate, paper, pleading or instrument and to do in the name of the Controlling Party as well as in the name, place and stead of such Secured Party such acts, things and deeds for and on behalf of and in the name of such Secured Party under this Agreement which such Secured Party could or might do or which may be necessary, desirable or convenient in such Controlling Party’s sole discretion to effect the purposes contemplated hereunder and, without limitation, exercise full right, power and authority to take, or defer from taking, any and all acts with respect to the administration of the Collateral, and the enforcement of the rights of the Secured Parties hereunder, on behalf of and for the benefit of such Controlling Party and such Non-Controlling Party, as their interests may appear.

Section 6.03 Rights of Secured Parties. The Non-Controlling Party at any time expressly agrees that it shall not assert any rights that it may otherwise have, as a Secured Party with respect to the Collateral, to direct the maintenance, sale or other disposition of the Collateral or any portion thereof, notwithstanding the occurrence and continuance of any Default or any nonperformance by the Trust of any obligation owed to such Secured Party hereunder or under any other Transaction Document, and each party hereto agrees that the Controlling Party shall be the only Person entitled to assert and exercise such rights.

Section 6.04 Degree of Care.

(a) Controlling Party. Notwithstanding any term or provision of this Agreement, the Controlling Party shall incur no liability to the Trust for any action taken or omitted by the Controlling Party in connection with the Collateral, except for any gross negligence, bad faith or willful misconduct on the part of the Controlling Party and, further, shall incur no liability to the Non-Controlling Party except for a breach of the terms of this Agreement or for gross negligence, bad faith or willful misconduct in carrying out its duties, if any, to the Non-Controlling Party. The Controlling Party shall be protected and shall incur no liability to any such party in relying upon the accuracy, acting in reliance upon the contents and assuming the genuineness of any notice, demand, certificate, signature, instrument or other document believed by the Controlling Party to be genuine and to have been duly executed by the appropriate signatory, and (absent manifest error or actual knowledge to the contrary) the Controlling Party shall not be required to make any independent investigation with respect thereto. The Controlling Party shall, at all times, be free independently to establish to its reasonable satisfaction the existence or nonexistence, as the case may be, of any fact the existence or nonexistence of which shall be a condition to the exercise or enforcement of any right or remedy under this Agreement or any of the Transaction Documents.

(b) The Non-Controlling Party. The Non-Controlling Party shall not be liable to the Trust for any action or failure to act by the Controlling Party or the Collateral Agent in exercising, or failing to exercise, any rights or remedies hereunder.

 

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ARTICLE VII

REMEDIES UPON DEFAULT

Section 7.01 Remedies upon a Default. If a Default has occurred and is continuing, the Collateral Agent shall, at the direction of the Controlling Party, take whatever action at law or in equity as may appear necessary or desirable in the judgment of the Controlling Party to collect and satisfy all Secured Obligations (including, but not limited to, foreclosure upon the related Collateral and all other rights available to secured parties under applicable law) or to enforce performance and observance of any obligation, agreement or covenant under any of the Transaction Documents.

Section 7.02 Waiver of Default. The Controlling Party shall have the sole right, to be exercised in its complete discretion, to waive any Default by a writing setting forth the terms, conditions and extent of such waiver signed by the Controlling Party and delivered to the Collateral Agent, the other Secured Party and the Issuer. Any such waiver shall be binding upon the Non-Controlling Party and the Collateral Agent. Unless such writing expressly provides to the contrary, any waiver so granted shall extend only to the specific event or occurrence which gave rise to the Default so waived and not to any other similar event or occurrence which occurs subsequent to the date of such waiver.

Section 7.03 Restoration of Rights and Remedies. If the Collateral Agent has instituted any proceeding to enforce any right or remedy under this Agreement, and such proceeding has been discontinued or abandoned for any reason, or has been determined adversely to the Collateral Agent, then and in every such case the Trust, the Collateral Agent and each of the Secured Parties shall, subject to any determination in such proceeding, be restored severally and respectively to their former positions hereunder, and thereafter all rights and remedies of the Secured Parties shall continue as though no such proceeding had been instituted.

Section 7.04 No Remedy Exclusive. No right or remedy herein conferred upon or reserved to the Collateral Agent, the Controlling Party or any of the Secured Parties is intended to be exclusive of any other right or remedy, and every right or remedy shall, to the extent permitted by law, be cumulative and in addition to every other right and remedy given hereunder or now or hereafter existing at law, in equity or otherwise (but, in each case, shall be subject to the provisions of this Agreement limiting such remedies), and each and every right, power and remedy whether specifically herein given or otherwise existing may be exercised from time to time and as often and in such order as may be deemed expedient by the Controlling Party, and the exercise of or the beginning of the exercise of any right or power or remedy shall not be construed to be a waiver of the right to exercise at the same time or thereafter any other right, power or remedy.

 

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ARTICLE VIII

MISCELLANEOUS

Section 8.01 Further Assurances. Each party hereto shall take such action and deliver such instruments to any other party hereto, in addition to the actions and instruments specifically provided for herein, as may be reasonably requested or required to effectuate the purpose or provisions of this Agreement or to confirm or perfect any transaction described or contemplated herein.

Section 8.02 Waiver. Any waiver by any party of any provision of this Agreement or any right, remedy or option hereunder shall only prevent and estop such party from thereafter enforcing such provision, right, remedy or option if such waiver is given in writing and only as to the specific instance and for the specific purpose for which such waiver was given. The failure or refusal of any party hereto to insist in any one or more instances, or in a course of dealing, upon the strict performance of any of the terms or provisions of this Agreement by any party hereto or the partial exercise of any right, remedy or option hereunder shall not be construed as a waiver or relinquishment of any such term or provision, but the same shall continue in full force and effect.

Section 8.03 Amendments; Waivers. No amendment, modification, waiver or supplement to this Agreement or any provision of this Agreement shall in any event be effective unless the same shall have been made or consented to in writing by each of the parties hereto and each Rating Agency shall have received prior written notice with respect to such amendment, modification, waiver or supplement; notwithstanding the foregoing, for so long as Assured Guaranty shall be the Controlling Party, amendments, modifications, waivers or supplements hereto, the Collateral or the Spread Account or any requirement hereunder to deposit or retain any amounts in such Spread Account or to distribute any amounts therein as provided in Section 3.03 shall be effective if made or consented to in writing by Assured Guaranty, the Trust 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), but shall in no circumstances require the consent of the Trustee, the Trust Collateral Agent or the Noteholders.

Section 8.04 Severability. In the event that any provision of this Agreement or the application thereof to any party hereto or to any circumstance or in any jurisdiction governing this Agreement shall, to any extent, be invalid or unenforceable under any applicable statute, regulation or rule of law, then such provision shall be deemed inoperative to the extent that it is invalid or unenforceable and the remainder of this Agreement, and the application of any such invalid or unenforceable provision to the parties, jurisdictions or circumstances other than to whom or to which it is held invalid or unenforceable, shall not be affected thereby nor shall the same affect the validity or enforceability of any other provision of this Agreement. The parties hereto further agree that the holding by any court of competent jurisdiction that any remedy pursued by the Collateral Agent, or any of the Secured Parties, hereunder is unavailable or unenforceable shall not affect in any way the ability of the Collateral Agent or any of the Secured Parties to pursue any other remedy available to it or them (subject, however, to the provisions of this Agreement limiting such remedies).

 

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Section 8.05 Nonpetition Covenant. Notwithstanding any prior termination of this Agreement, each of the parties hereto agrees that it shall not, prior to one year and one day after the payment in full of all the Notes and all Insurer Secured Obligations, acquiesce, petition or otherwise invoke or cause the Trust to invoke the process of the United States of America, any State or other political subdivision thereof or any entity exercising executive, legislative, judicial, regulatory or administrative functions of or pertaining to government for the purpose of commencing or sustaining a case by or against the Trust under a Federal or state bankruptcy, insolvency or similar law or appointing a receiver, liquidator, assignee, trustee, custodian, sequestrator or other similar official of the Trust or all or any part of its property or assets or ordering the winding up or liquidation of the affairs of the Trust. The parties agree that damages will be an inadequate remedy for breach of this covenant and that this covenant may be specifically enforced.

Section 8.06 Notices. All notices, demands, certificates, requests and communications hereunder (“notices”) shall be in writing and shall be effective (a) upon receipt when sent through the U.S. mails, registered or certified mail, return receipt requested, postage prepaid, with such receipt to be effective the date of delivery indicated on the return receipt, or (b) one Business Day after delivery to an overnight courier, or (c) on the date personally delivered to an Authorized Officer of the party to which sent, or (d) on the date transmitted by legible telecopier transmission with a confirmation of receipt, in all cases addressed to the recipient as follows:

 

  (i) If to the Trust:

AmeriCredit Automobile Receivables Trust 2010-A

c/o Wilmington Trust Company

1100 North Market Street

Wilmington, Delaware 19890-0001

Attention: Corporate Trust Administration, as owner trustee

 

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  (ii) If to Assured Guaranty:

Assured Guaranty Corp.

31 West 52nd Street

New York, New York 10019

Attention: Structured Surveillance

  Re: Policy Number D-2010-66

AmeriCredit Automobile Receivables Trust 2010-A

Telecopy No.:     (212) 339-3518

Confirmation:      (212) 974-0100

(in each case in which notice or other communication to Assured Guaranty refers to a Default, Event of Default or a claim on a Policy or in which failure on the part of Assured Guaranty to respond shall be deemed to constitute consent or acceptance, then a copy of such notice or other communication should also be sent to the attention of the General Counsel of Assured Guaranty, the General Counsel of AmeriCredit and to the Trustee and, in all cases, any original and each copy shall be marked “URGENT MATERIAL ENCLOSED”)

 

  (iii) If to Wells Fargo as Trustee or Collateral Agent:

Wells Fargo Bank, National Association

MAC N9311-161

Sixth and Marquette Avenue

Minneapolis, Minnesota 55479

Attention: Corporate Trust Services -

            Asset Backed Administration

Telecopy No.: (612) 667-3464

Confirmation: (612) 667-8058

 

  (iv) If to Moody’s:

Moody’s Investors Service, Inc.

7 World Trade Center at 250 Greenwich Street, Asset Finance

Group, 24th Floor

New York, New York 10007

Attention: ABS Monitoring Department

Telecopier No.: (212) 553-0344

 

  (v) If to Standard & Poor’s:

Standard & Poor’s Rating Group

55 Water Street

New York, New York 10041

Telecopier No.: (212) 483-2664

 

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A copy of each notice given hereunder to any party hereto shall also be given to (without duplication) Assured Guaranty, the Trustee, the Trust and the Collateral Agent. Each party hereto may, by notice given in accordance herewith to each of the other parties hereto, designate any further or different address to which subsequent notices shall be sent.

Section 8.07 Term of this Agreement. This Agreement shall continue in effect until the Final Termination Date. On such Final Termination Date, this Agreement shall terminate, all obligations of the parties hereunder shall cease and terminate and the Collateral, if any, held hereunder and not to be used or applied in discharge of any obligations of the Trust in respect of the Secured Obligations or otherwise under this Agreement, shall be released to and in favor of Trust, provided that the provisions of Sections 4.06, 4.07 and 8.05 shall survive any termination of this Agreement and the release of any Collateral upon such termination.

Section 8.08 Assignments: Third-Party Rights; Reinsurance.

(a) This Agreement shall be a continuing obligation of the parties hereto and shall (i) be binding upon the parties and their respective successors and assigns, and (ii) inure to the benefit of and be enforceable by each Secured Party and the Collateral Agent, and by their respective successors, transferees and assigns. The Trust may not assign this Agreement, or delegate any of its duties hereunder, without the prior written consent of the Controlling Party.

(b) Assured Guaranty shall have the right (unless an Assured Guaranty Default shall have occurred and be continuing) to give participations in its rights under this Agreement and to enter into contracts of reinsurance with respect to the Notes Policy and each such participant or reinsurer shall be entitled to the benefit of any representation, warranty, covenant and obligation of each party (other than Assured Guaranty) hereunder as if such participant or reinsurer was a party hereto and, subject only to such agreement regarding such reinsurance or participation, shall have the right to enforce the obligations of each such other party directly hereunder; provided, however, that no such reinsurance or participation agreement or arrangement shall relieve Assured Guaranty of its obligations hereunder, under the Transaction Documents to which it is a party or under such Policy. In addition, nothing contained herein shall restrict Assured Guaranty from assigning to any Person pursuant to any liquidity facility or credit facility any rights of Assured Guaranty under this Agreement or with respect to any real or personal property or other interests pledged to Assured Guaranty, or in which Assured Guaranty has a security interest, in connection with the transactions contemplated hereby. The terms of any such assignment or participation shall contain an express acknowledgment by such Person of the condition of this Section and the limitations of the rights of Assured Guaranty hereunder.

 

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Section 8.09 Consent of Controlling Party. In the event that the Controlling Party’s consent is required under the terms hereof or under the terms of any Transaction Document, it is understood and agreed that, except as otherwise provided expressly herein, the determination whether to grant or withhold such consent shall be made solely by the Controlling Party in its sole discretion.

Section 8.10 Trial by Jury Waived. Each of the parties hereto waives, to the fullest extent permitted by law, any right it may have to a trial by jury in respect of any litigation arising directly or indirectly out of, under or in connection with this Agreement, any of the other Transaction Documents or any of the transactions contemplated hereunder or thereunder. Each of the parties hereto (a) certifies that no representative, agent or attorney of any other party has represented, expressly or otherwise, that such other party would not, in the event of litigation, seek to enforce the foregoing waiver and (b) acknowledges that it has been induced to enter into this Agreement and the other Transaction Documents to which it is a party, by among other things, this waiver.

Section 8.11 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.

Section 8.12 Consents to Jurisdiction. Each of the parties hereto irrevocably submits to the jurisdiction of the United States District Court for the Southern District of New York, any court in the state of New York located in the city and county of New York, and any appellate court from any thereof, in any action, suit or proceeding brought against it and related to or in connection with this Agreement, the other Transaction Documents or the transactions contemplated hereunder or thereunder or for recognition or enforcement of any judgment and each of the parties hereto irrevocably and unconditionally agrees that all claims in respect of any such suit or action or proceeding may be heard or determined in such New York State court or, to the extent permitted by law, in such federal court. Each of the parties hereto agrees that a final judgment in any such action, suit or proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by law. To the extent permitted by applicable law, each of the parties hereby waives and agrees not to assert by way of motion, as a defense or otherwise in any such suit, action or proceeding, any claim that it is not personally subject to the jurisdiction of such courts, that the suit, action or proceeding is brought in an inconvenient forum, that the venue of the suit, action or proceeding is improper or that this Agreement or any of the other Transaction Documents or the subject matter hereof or thereof may not be litigated in or by such courts. The Trust hereby irrevocably appoints and designates The Prentice-Hall Corporation System, Inc., as its true and lawful attorney and duly authorized agent for acceptance of service of legal process. The Trust agrees that service of such process upon such Person shall constitute personal service of such process upon it. Nothing contained in this Agreement shall limit or affect the rights of any party hereto to serve process in any other manner permitted by law or to start legal proceedings relating to any of the Transaction Documents against the Trust or its property in the courts of any jurisdiction.

 

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Section 8.13 Determination of Adverse Effect. Any determination of an adverse effect on the interest of the Secured Parties or the Noteholders shall be made without consideration of the availability of funds under the Notes Policy.

Section 8.14 Counterparts. This Agreement may be executed in two or more counterparts by the parties hereto, and each such counterpart shall be considered an original and all such counterparts shall constitute one and the same instrument.

Section 8.15 Headings. The headings of sections and paragraphs and the Table of Contents contained in this Agreement are provided for convenience only. They form no part of this Agreement and shall not affect its construction or interpretation.

Section 8.16 No Recourse. It is expressly understood and agreed by the parties hereto that (a) this Agreement is executed and delivered by Wilmington Trust Company, not individually or personally but solely as trustee of the Trust, in the exercise of the powers and authority conferred and vested in it, (b) each of the representations, undertakings and agreements herein made on the part of the Trust is made and intended not as personal representations, undertakings and agreements by Wilmington Trust Company but is made and intended for the purpose of binding only the Trust, (c) nothing herein contained shall be construed as creating any liability on Wilmington Trust Company, individually or personally, to perform any covenant either expressed or implied contained herein, all such liability, if any, being expressly waived by the parties hereto and by any Person claiming by, through or under the parties hereto and (d) under no circumstances shall Wilmington Trust Company be personally liable for the payment of any indebtedness or expenses of the Trust or be liable for the breach or failure of any obligation, representation, warranty or covenant made or undertaken by the Trust under this Agreement or any other related documents.

 

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IN WITNESS WHEREOF, the parties hereto have executed this Agreement, as amended and restated, as of the date set forth on the first page hereof.

 

AMERICREDIT AUTOMOBILE RECEIVABLES TRUST 2010-A
By: WILMINGTON TRUST COMPANY, not in its individual capacity but solely as Owner Trustee on behalf of the Trust
By:  

/s/ Erwin M. Soriano

  Name:   Erwin M. Soriano
  Title:   Assistant Vice President
ASSURED GUARANTY CORP.
By:  

/s/ Jorge Gana

  Name:   Jorge Gana
  Title:   Managing Director
WELLS FARGO BANK, NATIONAL ASSOCIATION
as Trustee
By:  

/s/ Marianna C. Stershic

  Name:   Marianna C. Stershic
  Title:   Vice President
WELLS FARGO BANK, NATIONAL ASSOCIATION
as Collateral Agent
By:  

/s/ Marianna C. Stershic

  Name:   Marianna C. Stershic
  Title:   Vice President

 

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EXHIBIT A

LETTER OF INSTRUCTION REGARDING SPREAD ACCOUNT MONIES

Assured Guaranty Corp.

31 West 52nd Street

New York, New York 10019

Wells Fargo Bank, National Association

Sixth Street and Marquette Avenue

MAC N9311-161,

Minneapolis, Minnesota 55479

Attention: Corporate Trust Office

All capitalized terms used but not otherwise defined herein shall have the meanings assigned thereto in the Spread Account Agreement, dated as of March 25, 2010 (the “Spread Account Agreement”), by and among AmeriCredit Automobile Receivables Trust 2010-A (“Trust”), Assured Guaranty Corp. (“Assured Guaranty”) and Wells Fargo Bank, National Association (“Wells Fargo”).

AmeriCredit Financial Services, Inc. is the servicer (the “Servicer”), under the Series 2010-A Sale and Servicing Agreement. The Servicer has determined that (i) the aggregate amount of all Total Enhancement Shortfalls is $[            ], (ii) the amount that will be on deposit in the Series 2010-A Spread Account following all withdrawals required to be made from the Series 2010-A Spread Account pursuant to priorities FIRST and SECOND, clause first through third of Section 3.03(b) of the Spread Account Agreement on [                                        ], 20[    ] (the “Distribution Date”) exceeds the Requisite Amount by $[            ] and (iii) the amounts to be released to certain other Sharing-Eligible Securitizations (each, a “Release Amount”) are set forth in the table below. The Servicer requests that, Assured Guaranty, as Controlling Party, hereby direct the Collateral Agent to release the Release Amounts from the Series 2010-A Spread Account on the Distribution Date pursuant to clause fourth of priority SECOND of Section 3.03(b) of the Spread Account Agreement and that the Collateral Agent release the Release Amounts to the spread account for each of the following Sharing-Eligible Securitizations with respect to which there exists on such day a Total Enhancement Shortfall (based on the amount then on deposit in the spread account for each such Sharing-Eligible Securitization and the most recently available Servicer Report for each such Sharing-Eligible Securitization), an amount up to the amount of such Total Enhancement Shortfall as follows:

 

Securitization

   Release Amount    Wiring Instructions
     
     
     
     


[The amount to be released to the AmeriCredit Automobile Receivables Trust 2010-A Certificateholder is $[                                 ]].

[Remainder of page intentionally left blank]


This letter shall be governed by and construed in accordance with the laws of the State of New York without regard to its choice of law rules. This letter may be executed in any number of counterparts, each of which shall be deemed an original and all of which taken together shall constitute but one letter.

 

AMERICREDIT FINANCIAL SERVICES, INC.,
as Servicer

By:  

 

  Name:  
  Title:  

 

ACKNOWLEDGED AND AGREED:

ASSURED GUARANTY CORP.,
as Controlling Party

By:  

 

  Name:  
  Title:  

WELLS FARGO BANK, NATIONAL ASSOCIATION,
as Trustee, Trust Collateral Agent and Collateral Agent

By:  

 

  Name:  
  Title:  
EX-10.6 10 dex106.htm FINANCIAL GUARANTY INSURANCE POLICY, DATED AS OF MARCH 31, 2010 Financial Guaranty Insurance Policy, dated as of March 31, 2010

Exhibit 10.6

Financial Guaranty Insurance Policy

 

Insured Obligations: AmeriCredit Automobile Receivables Trust 2010-A

   Policy No.: D-2010-66

$36,000,000 Class A-1 0.31327% Asset Backed Notes, Series 2010-A

  

$71,000,000 Class A-2 1.46% Asset Backed Notes, Series 2010-A

   Effective Date: March 31, 2010

$93,000,000 Class A-3 3.51% Asset Backed Notes, Series 2010-A

  

Assured Guaranty Corp., a Maryland-domiciled insurance company (“Assured Guaranty”), in consideration of the payment of the premium and on the terms and subject to the conditions of this Policy (which includes each endorsement hereto), hereby unconditionally and irrevocably agrees to pay to the Trustee, for the benefit of the Holders of the Insured Obligations, that portion of the Insured Amounts which shall become Due for Payment during the Term of the Policy but shall be unpaid by reason of Nonpayment. Capitalized terms used and not defined herein shall have the meanings ascribed thereto in the endorsement attached hereto.

Assured Guaranty will make payment of any amount required to be paid under this Policy following receipt of notice as described in the endorsement attached hereto. Such payments of principal and interest shall be made only upon presentation of an instrument of assignment in form and substance satisfactory to Assured Guaranty, transferring to Assured Guaranty all rights under such Insured Obligations to receive the principal of and interest on the Insured Obligations, to the extent of such payments of principal and interest. Payment by Assured Guaranty to the Trustee for the benefit of the Holders shall discharge the obligations of Assured Guaranty under this Policy to the extent of such payment.

In the event that the Trustee for the Insured Obligations has notice that any payment of principal of or interest in an Insured Obligation which has become Due for Payment and which has been made to a Holder by or on behalf of the Trustee has been deemed a preferential transfer and has been recovered from such Holder pursuant to the United States Bankruptcy Code in accordance with a final, nonappealable order of a court of competent jurisdiction, such Holder will be entitled to payment from Assured Guaranty to the extent of such recovery if sufficient funds are not otherwise available (in accordance with the endorsement attached hereto).

This Policy is non-cancelable for any reason. The premium on this Policy is not refundable for any reason. This Policy does not insure against loss of any prepayment premium or other acceleration payment which at any time may become due in respect of any Insured Obligation, other than at the sole option of Assured Guaranty, nor against any risk other than Nonpayment, including the failure of the Trustee to remit amounts received to the Holders of Insured Obligations and any shortfalls attributable to withholding or other taxes, including interest and penalties in respect of such liability.

To the fullest extent permitted by applicable law, Assured Guaranty hereby waives, in each case for the benefit of the Holders only, all rights and defenses of any kind (including, without limitation, the defense of fraud in the inducement or in fact or any other circumstance that would have the effect of discharging a surety, guarantor or any other Person in law or in equity) that may be available to Assured Guaranty to deny or avoid payment of its obligations under this Policy in accordance with the express provisions hereof. Nothing in this paragraph will be construed (i) to waive, limit or otherwise impair, and Assured Guaranty expressly reserves, Assured Guaranty’s rights and remedies, including, without limitation: its right to assert any claim or to pursue recoveries (based on contractual rights, securities law violations, fraud or other causes of action) against any Person or entity, in each case, whether directly or acquired as a subrogee, assignee or otherwise, subsequent to making any payment to the Beneficiary in accordance with the express provisions hereof, and/or (ii) to require payment by Assured Guaranty of any amounts that have been previously paid or that are not otherwise due in accordance with the express provisions of this Policy. Assured Guaranty does not waive its rights to seek payment of all amounts to which it is entitled pursuant to the Operative Documents.

This Policy (which includes each endorsement hereto) sets forth in full the undertaking of Assured Guaranty with respect to the subject matter hereof, and may not be modified, altered or affected by any other agreement or instrument, including, without limitation, any modification thereto or amendment thereof.

This Policy shall be governed by, and shall be construed in accordance with, the laws of the State of New York.

THIS POLICY IS NOT COVERED BY THE PROPERTY/CASUALTY INSURANCE SECURITY FUND SPECIFIED IN ARTICLE 76 OF THE NEW YORK INSURANCE LAW.

IN WITNESS WHEREOF, Assured Guaranty has caused this Policy to be affixed with its corporate seal, to be signed by its duly authorized officer and to become effective and binding upon Assured Guaranty by virtue of such signature.

 

  ASSURED GUARANTY CORP.

[SEAL]

   
 

By:

 

/s/ Jorge Gana

 

Name:

  Jorge Gana
 

Title:

  Managing Director


Signature attested to by:
     /s/ Brian Mellstorm
Counsel


ENDORSEMENT NO. 1 TO

FINANCIAL GUARANTY INSURANCE POLICY

(NOTES POLICY)

 

Attached to and forming a part of    Effective Date: March 31, 2010
Financial Guaranty Insurance Policy No.: D-2010-66   

Issued To: Wells Fargo Bank, National Association, as Trust Collateral Agent

This Endorsement forms a part of the Policy referenced above. To the extent the provisions of this Endorsement conflict with the provisions of the above-referenced Policy, the provisions of this Endorsement shall govern.

Definitions. For all purposes of this Policy, the terms specified below shall have the meanings or constructions provided below. Capitalized terms used herein and not otherwise defined herein shall have the meanings provided in the Indenture or the Sale and Servicing Agreement, whether provided directly or through incorporation by reference, unless otherwise specified.

Assured Guaranty” means Assured Guaranty Corp., a Maryland-domiciled insurance company.

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

Date of Issuance” means the Effective Date.

Due for Payment” means (i) with respect to any amount payable hereunder in respect of Scheduled Payments, becoming payable on an Insured Distribution Date in accordance with clause (i), (ii) or (iii), as applicable, of the definition of “Scheduled Payments” and (ii) with respect to any amount payable hereunder in respect of any Scheduled Payment avoided as a preference payment, becoming payable on the date specified in Section 3.

Effective Date” means March 31, 2010.

Holder” shall have the meaning set forth in the Indenture; provided, however that “Holder” shall not include the Obligor, the Servicer, the Trustee, the Trust Collateral Agent or any affiliates or successors of the foregoing in the event the Obligor, or any such affiliate or successor, is a registered or beneficial owner of the Insured Obligations.

Indenture” means the Indenture, dated as of March 25, 2010, between the Obligor and Wells Fargo Bank, National Association, as Trustee and Trust Collateral Agent, as amended from time to time with the written consent of Assured Guaranty.


Policy No.: D-2010-66              Date of Issuance: March 31, 2010

 

Indenture Trustee” or “Trustee” means Wells Fargo Bank, National Association, in its capacity as Trustee under the Indenture and any successor in such capacity.

Insured Amounts” means the Scheduled Payments.

Insured Obligations” means the $36,000,000 Class A-1 0.31327% Asset Backed Notes, Series 2010-A, the $71,000,000 Class A-2 1.46% Asset Backed Notes, Series 2010-A and the $93,000,000 Class A-3 3.51% Asset Backed Notes, Series 2010-A, issued by the Obligor under the Indenture.

Nonpayment” means that an Insured Amount is Due for Payment but the funds, if any, remitted to the Trust Collateral Agent or the Trustee for such payment pursuant to the Sale and Servicing Agreement or the Indenture are insufficient for payment in full of such Insured Amount.

Notice of Claim” means a notice and certificate from the Trust Collateral Agent in the form attached as Exhibit A to this Endorsement.

Obligor” means AmeriCredit Automobile Receivables Trust 2010-A, a Delaware statutory trust.

Operative Documents” means the Basic Documents, as the same may be amended, supplemented, or otherwise modified from time to time with the written consent of Assured Guaranty.

Policy” means this Financial Guaranty Insurance Policy and includes each endorsement thereto.

Receipt” and “Received” mean actual delivery to Assured Guaranty and to the Fiscal Agent (as defined below), if any, prior to 12:00 noon, New York City time, on a Business Day; delivery either on a day that is not a Business Day, or after 12:00 noon, New York City time, on a Business Day shall be deemed to be receipt on the next succeeding Business Day. For the purposes of this definition, “actual delivery” to Assured Guaranty means (i) the delivery of the original Notice of Claim, together with each other notice or other applicable documentation required by the terms of this Policy, to Assured Guaranty at its address set forth in paragraph 8, or (ii) facsimile transmission of the original Notice of Claim, together with each other notice or other applicable documentation required by the terms of this Policy, to Assured Guaranty at its facsimile number set forth in paragraph 8. If presentation is made by facsimile, the Trust Collateral Agent, (x) promptly shall confirm transmission by telephone to Assured Guaranty at its telephone number set forth in paragraph 8 and (y) as soon as is reasonably practicable, shall deliver the original Notice of Claim, together with each other notice or other applicable documentation required by the terms of this Policy, to Assured Guaranty at its address set forth in paragraph 8. If any Notice of Claim or other notice or certificate given hereunder by the Trust Collateral Agent is not in proper form or is not properly completed, executed or delivered, or contains any misstatement, it shall be deemed not to have been Received, and Assured Guaranty or its Fiscal Agent shall promptly so advise the Trust Collateral Agent and the Trust Collateral Agent may submit an amended notice.

 

4


Policy No.: D-2010-66              Date of Issuance: March 31, 2010

 

Sale and Servicing Agreement” means the Sale and Servicing Agreement dated as of March 25, 2010 among the Obligor, AmeriCredit Financial Services, Inc., as Servicer, AFS SenSub Corp., as Seller and Wells Fargo Bank, National Association, as Backup Servicer and Trust Collateral Agent, as such agreement may be amended, supplemented or otherwise modified from time to time with the written consent of Assured Guaranty.

Scheduled Payments” means, as to each Insured Distribution Date, payments that are required to be made to Holders in accordance with the original terms of the Insured Obligations when issued and without regard to any subsequent amendment or modification of the Insured Obligations, the Indenture, the Sale and Servicing Agreement or the Basic Documents, except amendments or modifications to which Assured Guaranty has given its prior written consent, which payments are (i) the Noteholders’ Interest Distributable Amount with respect to the related Distribution Date, (ii) the Noteholders’ Remaining Parity Deficit Amount with respect to the related Distribution Date and (iii) with respect to the Final Scheduled Distribution Date for any class of Insured Obligations, the outstanding principal amount of such class on such Final Scheduled Distribution Date, after taking into account reductions on such date of such outstanding principal amount from all sources other than this Policy. Scheduled Payments do not include payments that become due on an accelerated basis as a result of (a) a default by the Obligor, (b) an election by the Obligor to pay principal on an accelerated basis, (c) the occurrence of an Event of Default under the Indenture or (d) any other cause, unless Assured Guaranty elects, in its sole discretion, to pay in whole or in part such principal due upon acceleration, together with any accrued interest to the date of acceleration. In the event Assured Guaranty does not so elect, this Policy will continue to guarantee payment on the Insured Obligations in accordance with their original terms. Scheduled Payments shall not include (x) any portion of a Noteholders’ Interest Distributable Amount or of a Noteholders’ Interest Carryover Amount due to Holders because the appropriate notice and certificate for payment in proper form as required by paragraph 2 hereof was not timely Received by Assured Guaranty or (y) any portion of a Noteholders’ Interest Distributable Amount due to Holders representing interest on any Noteholders’ Interest Carryover Amount accrued from and including the date of payment of the amount of such Noteholders’ Interest Carryover Amount, unless in each case, Assured Guaranty elects, in its sole discretion, to pay such amount in whole or in part, pursuant hereto. Scheduled Payments shall not include any amounts due in respect of the Insured Obligations attributable to any increase in interest rate, penalty or other sum payable by the Obligor by reason of any default or event of default in respect of the Insured Obligations, or by reason of any deterioration of the credit worthiness of the Obligor, nor shall Scheduled Payments include, nor shall coverage be provided under this Policy in respect of, any taxes, withholding or other charge with respect to any Holder imposed by any governmental authority due in connection with the payment of any Scheduled Payment to a Holder.

Term of the Policy” means the period from and including the Date of Issuance to and including the date on which (i) all Scheduled Payments have been paid or deemed to be paid within the meaning of Section 4.1 of the Indenture; (ii) any period during which any Scheduled Payment could have been avoided in whole or in part as a preference payment under applicable bankruptcy, insolvency, receivership or similar law shall have expired and (iii) if any proceedings requisite to avoidance as a preference payment have been commenced prior to the occurrence of (i) and (ii), a final and nonappealable order in resolution of each such proceeding has been entered.

 

5


Policy No.: D-2010-66              Date of Issuance: March 31, 2010

 

Trust Collateral Agent” means Wells Fargo Bank, National Association, in its capacity as Trust Collateral Agent under the Indenture, acting as agent for the Indenture Trustee in accordance with the terms of the Indenture, and any successor in such capacity.

Notices and Conditions to Payment in Respect of Scheduled Payments. Following Receipt by Assured Guaranty of a Notice of Claim, Assured Guaranty will pay any amount payable hereunder in respect of Scheduled Payments on the Insured Obligations out of the funds of Assured Guaranty on the later to occur of (a) 12:00 noon, New York City time, on the third Business Day following such Receipt; and (b) 12:00 noon, New York City time, on the date on which such payment is due on the Insured Obligations. Payments due hereunder in respect of Scheduled Payments will be disbursed to the Trust Collateral Agent by wire transfer of immediately available funds.

No claim may be made hereunder except by the Trust Collateral Agent.

Assured Guaranty shall be entitled to pay any amount hereunder in respect of Scheduled Payments on the Insured Obligations, including any amount due on the Insured Obligations on an accelerated basis, whether or not any notice and certificate shall have been Received by Assured Guaranty as provided above; provided, however, that by acceptance of this Policy the Indenture Trustee (directly or acting through the Trust Collateral Agent, as agent for the Indenture Trustee) agrees to provide to Assured Guaranty, upon Assured Guaranty’s request to the Trust Collateral Agent, a notice and certificate in respect of any such payments made by Assured Guaranty. Assured Guaranty shall be entitled to pay hereunder any amount that becomes due on the Insured Obligations on an accelerated basis at any time or from time to time after such amount becomes due, in whole or in part, prior to the scheduled date of payment thereof; Scheduled Payments insured hereunder shall not include interest, in respect of principal paid hereunder on an accelerated basis, accruing from and after the date of such payment of principal.

In the event that any amount shall be received by the Trust Collateral Agent, the Trustee or the Holder in respect of a Scheduled Payment forming the basis of a claim specified in a Notice of Claim submitted hereunder, which amount had not been received when the Notice of Claim was prepared but which is received by the Trust Collateral Agent, the Trustee or the Holder prior to receipt of payment from the Insurer as contemplated by this Policy (any such amount, a “Recovery”), the Trust Collateral Agent immediately shall so notify the Insurer (which notice shall include the amount of any such Recovery). The fact that a Recovery has been received by the Beneficiary shall be deemed to be incorporated in the applicable Notice of Claim as of the date such Notice of Claim originally was prepared, without necessity of any action on the part of any Person, and the Insurer shall pay the amount of the claim specified in the Notice of Claim as herein provided, net of the Recovery.

 

6


Policy No.: D-2010-66              Date of Issuance: March 31, 2010

 

Notices and Conditions to Payment in Respect of Scheduled Payments Avoided as Preference Payments. If any Scheduled Payment is avoided as a preference payment under applicable bankruptcy, insolvency, receivership or similar law instituted against the Obligor, Assured Guaranty will pay such amount out of the funds of Assured Guaranty on the later of (a) the date when due to be paid pursuant to the Order referred to below or (b) the first to occur of (i) the fourth Business Day following Receipt by Assured Guaranty from the Trust Collateral Agent of (A) a certified copy of a final non-appealable order (the “Order”) of the court or other governmental body that exercised jurisdiction to the effect that the Holder is required to return Scheduled Payments made with respect to the Insured Obligations during the Term of the Policy because such payments were avoidable as preference payments under applicable bankruptcy, insolvency, receivership or similar law, (B) an opinion of counsel satisfactory to the Insurer that such order is final and not subject to appeal and (C) an assignment duly executed and delivered by the Holder, in such form as is reasonably required by Assured Guaranty, and provided to the Holder by Assured Guaranty, irrevocably assigning to Assured Guaranty all rights and claims of the Holder relating to or arising under the Insured Obligations against the estate of the Obligor or otherwise with respect to such preference payment or (ii) the date of Receipt by Assured Guaranty from the Trust Collateral Agent of the items referred to in clauses (A), (B) and (C) above if, at least four Business Days prior to such date of Receipt, Assured Guaranty shall have Received written notice from the Trust Collateral Agent that such items were to be delivered on such date and such date was specified in such notice. Such payment shall be disbursed to the receiver, conservator, debtor-in-possession or trustee in bankruptcy named in the Order and not to the Trust Collateral Agent or any Holder directly (unless a Holder has previously paid such amount to the receiver, conservator, debtor-in-possession or trustee in bankruptcy named in the Order, in which case such payment shall be disbursed to the Trust Collateral Agent for distribution to such Holder upon proof of such payment reasonably satisfactory to Assured Guaranty). In connection with the foregoing, Assured Guaranty shall have the rights provided pursuant to Section 6.2 of the Sale and Servicing Agreement.

Notwithstanding the foregoing paragraph, in no event shall the Insurer be obligated to make any payment pursuant to this paragraph 3 prior to the date the related Scheduled Payment is Due for Payment.

Governing Law. This Policy shall be construed in accordance with, and this Policy and all matters arising out of or relating in any way to this Policy shall be governed by, the law of the state of New York.

 

7


Policy No.: D-2010-66              Date of Issuance: March 31, 2010

 

Payments. Payments due hereunder in respect of Insured Amounts shall be disbursed to the Trust Collateral Agent by wire transfer of immediately available funds to an account of the Trust Collateral Agent specified in the applicable Notice of Claim (or in the case of an Insured Amount becoming Due for Payment under Section 3 above, to the receiver, conservator, administrator, debtor-in-possession or trustee in bankruptcy named in the Order as set forth in Section 3 above). Assured Guaranty’s obligations hereunder in respect of Insured Amounts shall be discharged to the extent that funds are transferred to the Trust Collateral Agent as provided in the Notice of Claim (or to such receiver, conservator, administrator, debtor-in-possession or trustee in bankruptcy named in the Order as set forth in Section 3 above), whether or not such funds are properly applied by the Indenture Trustee, the Trust Collateral Agent, or such other Person. In the event Assured Guaranty is required under law to deduct or withhold any tax or similar charge from or in respect of any amount payable under or in respect of this Policy, Assured Guaranty will make all such deductions and withholdings and pay the full amount deducted or withheld to the relevant taxation authority in accordance with law, but Assured Guaranty will not “gross-up” or otherwise pay additional amounts in respect of such taxes, and Assured Guaranty’s payments to the Trust Collateral Agent as provided in the Notice of Claim (or to such receiver, conservator, administrator, debtor-in-possession or trustee in bankruptcy named in the Order as set forth in Section 3 above) will be amounts that are net of such deductions or withholdings.

Fiscal Agent. At any time during the Term of the Policy, Assured Guaranty may appoint a fiscal agent (the “Fiscal Agent”) for purposes of this Policy by written notice to the Trust Collateral Agent at the notice address specified in the Indenture specifying the name and notice address of the Fiscal Agent. From and after the date of receipt of such notice by the Trust Collateral Agent, (i) copies of all notices and documents required to be delivered to Assured Guaranty pursuant to this Policy shall be simultaneously delivered to the Fiscal Agent and to Assured Guaranty and shall not be deemed Received until Received by both, and (ii) all payments required to be made by Assured Guaranty under this Policy may be made directly by Assured Guaranty or by the Fiscal Agent on behalf of Assured Guaranty. The Fiscal Agent is the agent of Assured Guaranty only and the Fiscal Agent shall in no event be liable to any Holder for any acts of the Fiscal Agent or any failure of Assured Guaranty to deposit, or cause to be deposited, sufficient funds to make payments due under the Policy.

Waiver of Defenses. To the fullest extent permitted by applicable law, Assured Guaranty agrees not to assert, and hereby waives, for the benefit of each Holder, all rights (whether by counterclaim, setoff or otherwise) and defenses (including, without limitation, the defense of fraud), whether acquired by subrogation, assignment or otherwise, to the extent that such rights and defenses may be available to Assured Guaranty to avoid payment of its obligations under this Policy in accordance with the express provisions of this Policy. Nothing in this paragraph shall be construed to limit or otherwise impair Assured Guaranty’s right to pursue recovery or claims (based on contractual rights, securities law violations, fraud or other causes of action) against any person or entity, or, except as provided in paragraph 3 of this Endorsement, to require payment by Assured Guaranty of any amounts that have been previously paid or that are not otherwise due in accordance with the express provisions of this Policy or the Insured Obligations. Nothing in this Policy shall be construed to require payment to the extent any force majeure event or governmental act prevents Assured Guaranty from performing its obligations under this Policy or such performance is otherwise rendered impossible, in which event Assured Guaranty agrees to (i) use commercially reasonable efforts to perform its obligations under this Policy notwithstanding such force majeure event, governmental act or impossibility of performance and (ii) perform its obligations under this Policy promptly following cessation of such force majeure event, governmental act or impossibility of performance.

 

8


Policy No.: D-2010-66              Date of Issuance: March 31, 2010

 

Notices. All notices to be given hereunder shall be in writing (except as otherwise specifically provided herein) and shall be mailed by registered mail or personally delivered or telecopied to Assured Guaranty as follows:

 

Assured Guaranty Corp.
31 West 52nd Street
New York, NY 10019
Attention: Structured Surveillance
Re:   Policy No. D-2010-66
  AmeriCredit Automobile Receivables Trust 2010-A
Telecopy No.: (212) 339-3518
Confirmation: (212) 974-0100
With a copy to the General Counsel at the above address and telecopier number.

Assured Guaranty may specify a different address or addresses by writing mailed or delivered to the Trust Collateral Agent.

In each case in which a demand, notice or other communication to Assured Guaranty refers to a Default, an Event of Default, a claim on the Policy or an event with respect to which failure on the part of Assured Guaranty to respond shall be deemed to constitute consent or acceptance, then a copy of such demand, notice or other communication shall also be sent to the attention of each of the General Counsel of Assured Guaranty, the General Counsel of AmeriCredit at the address for notices specified in the Sale and Servicing Agreement and to the Indenture Trustee at the Corporate Trust Office and, in all cases, any original and each copy shall be marked “URGENT MATERIAL ENCLOSED.”)

Subrogation. Upon and to the extent of any payment by Assured Guaranty under this Policy, Assured Guaranty shall become the holder of the Insured Obligations and any appurtenant coupon thereto and right to payment of principal thereof and interest thereon, and shall be fully subrogated to the Indenture Trustee’s, the Trust Collateral Agent’s and each Holder’s right, title and interest thereunder, including the right to receive payments in respect of the Insured Obligations. Any payment made by or on behalf of the Obligor to, and any amounts received under the Operative Documents for the benefit of, the Indenture Trustee, the Trust Collateral Agent or the Holders in respect of any Insured Amount forming the basis of a claim hereunder (which claim shall have been paid by Assured Guaranty) shall be received and held in trust for the benefit of Assured Guaranty and shall be paid over to Assured Guaranty in accordance with the Sale and Servicing Agreement, the Indenture and the Insurance Agreement. The Indenture Trustee, the Trust Collateral Agent and each Holder shall cooperate in all reasonable respects, and at the expense of Assured Guaranty, with any request by Assured Guaranty for action to preserve or enforce Assured Guaranty’s rights and remedies in respect of the Obligor under the Insured Obligations, any related security arrangements or otherwise, including, without limitation, any request (i) to institute or to participate in any suit, action or other proceeding, (ii) to enforce any judgment obtained and to collect from the Obligor or the Trust Collateral Agent or the Indenture Trustee any amounts adjudged due or (iii) to transfer to Assured Guaranty, via absolute legal assignment, the Indenture Trustee’s, the Trust Collateral Agent’s or such Holder’s rights in respect of any Insured Amount that may form the basis of a claim hereunder.

 

9


Policy No.: D-2010-66              Date of Issuance: March 31, 2010

 

Assignment and Amendment. This Policy may not be assigned by the Indenture Trustee or the Trust Collateral Agent without the prior written consent of Assured Guaranty. Except with the prior written consent of the Trust Collateral Agent and Assured Guaranty, the terms of this Policy may not be modified or altered by any other agreement.

Premiums. The Obligor shall pay or cause to be paid to the Assured Guaranty in accordance with the Sale and Servicing Agreement and the Insurance Agreement the premium payable to Assured Guaranty in respect of this Policy as set forth in the Premium Letter.

No Waiver. No waiver of any rights or powers of Assured Guaranty or any consent by Assured Guaranty shall be valid unless in writing and signed by an authorized officer or agent of Assured Guaranty. The waiver of any right by Assured Guaranty, or the failure promptly to exercise any such right, shall not be construed as a waiver of any other right to exercise the same at any time thereafter.

Termination. This Policy and the obligations of Assured Guaranty hereunder shall terminate upon the expiration of the Term of the Policy

Surrender of Policy. The Trust Collateral Agent shall surrender this Policy to Assured Guaranty for cancellation upon expiration of the Term of the Policy.

IN WITNESS WHEREOF, ASSURED GUARANTY CORP. has caused this Endorsement No. 1 to be executed by its Authorized Officer.

 

ASSURED GUARANTY CORP.
By   /s/ Jorge Gana
  Authorized Officer
Signature attested to by:
By   /s/ Brian Mellstorm
  Counsel

 

10


EXHIBIT A

To Endorsement No. 1

NOTICE OF CLAIM AND CERTIFICATE

(Letterhead of Trust Collateral Agent)

Assured Guaranty Corp.

31 West 52nd Street

New York, NY 10019

Re: AmeriCredit Automobile Receivables Trust 2010-A

The undersigned, a duly authorized officer of Wells Fargo Bank, National Association (the “Trust Collateral Agent”), hereby certifies to Assured Guaranty Corp. (“Assured Guaranty”), with reference to Assured Guaranty Policy No. D-2010-66 dated March 31, 2010, (the “Policy”) issued by Assured Guaranty in respect of the $36,000,000 Class A-1 0.31327% Asset Backed Notes, $71,000,000 Class A-2 1.46% Asset Backed Notes and $93,000,000 Class A-3 3.51% Asset Backed Notes of the above-referenced Trust (the “Insured Obligations”), that:

(i) The Trust Collateral Agent is the Trust Collateral Agent for the Holders under the Indenture.

(ii) The amount determined under clause (i) of the definition of Deficiency Claim Amount for the related Insured Distribution Date is $            .

(iii) The amount determined under clause (ii) of the definition of Deficiency Claim Amount for the related Insured Distribution Date is $            .

(iv) The amount determined under clause (iii) of the definition of Deficiency Claim Amount for the related Insured Distribution Date is $            .

(v) The amount determined under paragraph 3 of Endorsement No. 1 to the Policy is $            .

(vi) The sum of all amounts on deposit (or scheduled to be on deposit) in the Note Distribution Account and available for distribution to the Holders pursuant to the Indenture will be $             less than the aggregate amount of the preceding clauses (ii), (iii), (iv) and (v) due on                                  (such deficiency, the “Shortfall”).

(vii) The Trust Collateral Agent is making a claim under the Policy for the Shortfall to be applied to the payment of Scheduled Payments.

 

A-1


(viii) The Trust Collateral Agent agrees that, following receipt of funds from Assured Guaranty, it shall (a) hold such amounts in trust and apply the same directly to the payment of Scheduled Payments on the Insured Obligations when due; (b) not apply such funds for any other purpose; (c) not commingle such funds with other funds held by the Trust Collateral Agent and (d) maintain an accurate record of such payments with respect to each Insured Obligation and the corresponding claim on the Policy and proceeds thereof, and, if any Insured Obligation is required to be surrendered or presented for such payment, shall stamp on each such Insured Obligation the legend “$[insert applicable amount] paid by Assured Guaranty and the balance hereof has been cancelled and reissued” and then shall deliver such Insured Obligation to Assured Guaranty.

(ix) The Trust Collateral Agent, on behalf of the Holders and the Indenture Trustee, hereby assigns to Assured Guaranty (a) all rights of the Holders and the Indenture Trustee with respect to the Insured Obligations to the extent of any payments under the Policy and (b) any claims in respect of amounts due to the Holders or the Indenture Trustee in respect of securities law violations, fraud or other claims arising out of or relating to the offer and sale of the Insured Obligations. The foregoing assignments are in addition to, and not in limitation of, rights of subrogation otherwise available to Assured Guaranty in respect of such payments. Payments to Assured Guaranty in respect of the foregoing assignments shall in all cases be subject to and subordinate to the rights of the Holders to receive all Scheduled Payments in respect of the Insured Obligations. The Trust Collateral Agent shall take such action and deliver such instruments as may be reasonably requested or required by Assured Guaranty to effectuate the purpose or provisions of this clause (ix).

(x) The Trust Collateral Agent, on behalf of the Holders and the Indenture Trustee, hereby appoints Assured Guaranty as agent and attorney-in-fact for the Trust Collateral Agent, the Indenture Trustee and each such Holder in any legal proceeding with respect to the Insured Obligations. The Trust Collateral Agent hereby agrees that, so long as an Insurer Default (as defined in the Indenture) shall not exist, Assured Guaranty may at any time during the continuation of any proceeding by or against the Obligor under the United States Bankruptcy Code or any other applicable bankruptcy, insolvency, receivership, rehabilitation or similar law (an “Insolvency Proceeding”) direct all matters relating to such Insolvency Proceeding, including without limitation, (A) all matters relating to any claim in connection with an Insolvency Proceeding seeking the avoidance as a preferential transfer of any payment made with respect to the Insured Obligations (a “Preference Claim”), (B) the direction of any appeal of any order relating to any Preference Claim at the expense of Assured Guaranty but subject to reimbursement as provided in the Insurance Agreement and (C) the posting of any surety, supersedeas or performance bond pending any such appeal. In addition, the Trust Collateral Agent hereby agrees that Assured Guaranty shall be subrogated to, and the Trust Collateral Agent on its behalf and on behalf of each Holder, hereby delegates and assigns, to the fullest extent permitted by law, the rights of the Trust Collateral Agent and each Holder in the conduct of any Insolvency Proceeding, including, without limitation, all rights of any party to an adversary proceeding or action with respect to any court order issued in connection with any such Insolvency Proceeding.

(xi) Payment should be made by wire transfer directed to [ACCOUNT TO BE SPECIFIED].

 

A-2


Upon payment of the applicable Shortfall, the Insurer shall be subrogated to the rights of the Holder, the Indenture Trustee and the Trust Collateral Agent with respect to such payment, to the extent set forth in Section 9 of the endorsement thereto.

This Notice of Claim may be revoked at any time by written notice of such revocation by the Trust Collateral Agent to the Insurer.

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 AND THE STATED VALUE OF THE CLAIM FOR EACH SUCH VIOLATION.

Unless the context otherwise requires, capitalized terms used in this Notice of Claim and Certificate and not defined herein shall have the meanings provided in the Policy.

 

A-3


IN WITNESS WHEREOF, the Trust Collateral Agent has executed and delivered this Notice of Claim and Certificate as of the     th day of                     , 20    .

 

WELLS FARGO BANK, NATIONAL ASSOCIATION,

as Trust Collateral Agent

By

Title

 

 

For Assured Guaranty or Fiscal Agent Use Only

Wire transfer sent on                          By                                                  

Confirmation Number                                              

 

A-4

EX-10.8 11 dex108.htm CUSTODIAN AGREEMENT, DATED AS OF MARCH 25, 2010 Custodian Agreement, dated as of March 25, 2010

Exhibit 10.8

Execution Version

CUSTODIAN AGREEMENT

among

AMERICREDIT FINANCIAL SERVICES, INC.,

as Custodian,

ASSURED GUARANTY CORP.,

as Insurer

and

WELLS FARGO BANK, NATIONAL ASSOCIATION,

as Trust Collateral Agent

Dated as of March 25, 2010


THIS CUSTODIAN AGREEMENT, dated as of March 25, 2010, is made with respect to the issuance of Notes and a Certificate by AmeriCredit Automobile Receivables Trust 2010-A (the “Issuer”), and is between AMERICREDIT FINANCIAL SERVICES, INC., as custodian (in such capacity, the “Custodian”), ASSURED GUARANTY CORP. (the “Insurer”) and WELLS FARGO BANK, NATIONAL ASSOCIATION, a national banking association, as trust collateral agent (the “Trust Collateral Agent”). 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 March 25, 2010 (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 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 March 25, 2010 (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 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 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, the Custodian’s Acknowledgement attached hereto as Exhibit A (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 representing tangible chattel paper (as such term is defined in the UCC) 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, to indicate the assignment and/or pledge of each such Receivable. 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 (i) maintain the original or with respect to “electronic chattel paper”, as such term is defined in the UCC, an authoritative copy of the fully executed original retail installment sales contract or promissory note and (ii) maintain the original of the 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.

 

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(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, at the Servicer’s expense, 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 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, the Custodian shall deliver to the Trust Collateral Agent a listing in the form attached hereto as Schedule II of Exhibit A, of all Receivables with respect to which a Lien Certificate, showing AFS (or an Originating Affiliate or a 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 (i) no later than the last Business Day of the calendar month during which the 90th day after the Closing Date occurred, (ii) no later than the last Business Day of the calendar month during which the 180th day after the Closing Date occurred and (iii) no later than the last Business Day of the calendar month during which the 240th day after the Closing Date occurred.

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.

 

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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 with the prior written consent of the Backup Servicer 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. Upon any termination or amendment of this Custodian Agreement, the Trust Collateral Agent, in the case of amendments, and the party seeking termination, in the case of terminations, shall give written notice to Standard & Poor’s Ratings Services, a Standard & Poor’s Financial Services LLC business (“Standard & Poor’s”) and Moody’s Investors Service, Inc. (“Moody’s”) (together, 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 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 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 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 3500, 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: Assured Guaranty Corp., 31 West 52nd Street, New York, New York 10019, Attention: Transaction Oversight Department, (d) in the case of Moody’s, at the following address: 7 World Trade Center at 250 Greenwich Street, Asset Finance Group – 24th Floor, New York, New York 10007 and (e) in the case of Standard & 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.

[Remainder of page intentionally left blank]

 

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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/ Susan B. Sheffield

  Name:   Susan B. Sheffield
  Title:   Executive Vice President, Structured Finance
ASSURED GUARANTY CORP.
By:  

/s/ Jorge Gana

  Name:   Jorge Gana
  Title:   Managing Director

 

The foregoing Custodian Agreement

is hereby confirmed and accepted

as of the date first above written.

AMERICREDIT AUTOMOBILE RECEIVABLES TRUST 2010-A,

as Issuer

By:   WILMINGTON TRUST COMPANY,
 

not in its individual capacity but solely

as Owner Trustee on behalf of the Trust

By:  

/s/ Bethany J. Taylor

  Name:   Bethany J. Taylor
  Title:   Financial Services Officer

[Custodian Agreement]


EXHIBIT A

CUSTODIAN’S ACKNOWLEDGEMENT

AmeriCredit Financial Services, Inc. (the “Custodian”), acting as Custodian under a Custodian Agreement, dated as of March 25, 2010, among the Custodian, Wells Fargo Bank, National Association, as Trust Collateral Agent and Assured Guaranty Corp., pursuant to which the Custodian holds on behalf of the Trust Collateral Agent for the benefit of the Noteholders certain “Receivable Files,” as defined in the Sale and Servicing Agreement, dated as of March 25, 2010 (the “Sale and Servicing Agreement”), among AmeriCredit Automobile Receivables Trust 2010-A, as Issuer, 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 the Schedule of Receivables attached as Schedule A to said Sale and Servicing Agreement except as noted in the Custodian 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 31st day of March, 2010.

 

AMERICREDIT FINANCIAL SERVICES, INC.,

as Custodian

By:  

 

  Name:
  Title:


SCHEDULE I

Custodian Exception List

 

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SCHEDULE II

Lien Perfection Exception List

 

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EX-10.9 12 dex109.htm LOCKBOX ACCOUNT AGREEMENT, DATED AS OF MARCH 25, 2010 Lockbox Account Agreement, dated as of March 25, 2010

Exhibit 10.9

SERIES 2010-A LOCKBOX ACCOUNT AGREEMENT

March 25, 2010

JPMorgan Chase Bank, N.A. (“Processor”), AmeriCredit Financial Services, Inc. (“AmeriCredit”) and Wells Fargo Bank, National Association, as Trustee (the “Trustee”), agree as follows:

1. Servicing Arrangements. AmeriCredit, as Servicer (the “Servicer”), AFS SenSub Corp., as Seller (“Seller”), AmeriCredit Automobile Receivables Trust 2010-A (the “Trust”) and the Trustee entered into a Sale and Servicing Agreement dated as of March 25, 2010 (as amended, supplemented and otherwise modified from time to time, the “Sale and Servicing Agreement”), relating to the Receivables (as such term is defined in the Sale and Servicing Agreement), pursuant to which the Receivables were sold, transferred, assigned, or otherwise conveyed to the Trust. The Sale and Servicing Agreement contemplates the engagement of a processor and includes terms for the opening of the Lockbox Account (as defined herein), and the Indenture contemplates that the Lockbox Account will be assigned and pledged to the Trust Collateral Agent. The Sale and Servicing Agreement does not include specific terms for the provision of data processing services and deposit of remittance items. Such terms are set forth in this Lockbox Account Agreement (the “Agreement”). All capitalized terms used herein and not otherwise defined herein shall have the meanings specified in the Sale and Servicing Agreement.

2. Remittance Processing Services. In order to provide a means of collection of the Receivables which will allow the Trustee to receive the proceeds of the Receivables and related security without AmeriCredit or its Affiliates having access to the funds, the parties hereto agree for the benefit of the Trustee that the banking services (the “Service(s)”) of Processor will be used for the deposit of remittances related to the Receivables and related security.

3. Customer Remittances. Third party money wire transfer providers, which shall include Western Union Financial Services, Inc. (other such providers may perform the services herein with the prior written consent of the Insurer) (“ACH Service”) may from time to time electronically deposit funds in the Lockbox Account (as defined herein) on behalf of Obligors and such ACH Service shall be authorized by Processor to electronically debit the Lockbox Account for the amounts of any return items from Obligors; provided, however, the electronic debit of the Lockbox Account for any return items by all ACH Services may not exceed $100,000 in the aggregate per day. Processor is authorized to establish such arrangements, on such terms deemed prudent by Processor, with such ACH Service concerning the electronic access to the Lockbox Account.

4. The Lockbox Account.

(a) Processor (ABA No. 122100024) has established account number 662633171 (the “Lockbox Account”) in the name of the Trust. Pursuant to the terms of the Indenture and during the term of this Agreement, and except as otherwise required by law (e.g., for purposes of attachment, execution and other forms of legal process), all collected funds held in the Lockbox Account shall be deemed to be the Trustee’s funds, and the Trustee will have exclusive right to control such funds and to make demand upon or otherwise require Processor to make payment of any such funds to any person. In the event a successor Processor has become Processor, the successor Processor’s notice of the new Lockbox Account pursuant to Section 16 shall amend and replace the Lockbox Account above without the execution or filing of any document or any further act by any of the parties to this Agreement.


(b) Unless otherwise directed by the Trustee (with the written consent of the Insurer), AmeriCredit agrees that all collected funds on deposit in the Lockbox Account shall be transferred from the Lockbox Account within two Business Days by wire transfer in immediately available funds to the following account: Wells Fargo Bank, National Association, Account No. 0001038377 f/b/o 82340501; ABA No. 121000248 (the “Collection Account”).

(c) Each party hereto agrees that all funds deposited into the Lockbox Account will not be subject to deduction, setoff, banker’s lien, or any other similar right in favor of any person, except that Processor or ACH Service may setoff against the Lockbox Account the face amount of any check or other item deposited in and credited to such Lockbox Account which is subsequently returned for any reason or is otherwise not collected, necessary account adjustments as a result of errors and overdrafts related to return items. If there are insufficient funds in the Lockbox Account to pay items charged back to the Lockbox Account and AmeriCredit has not remitted payment within 10 days of demand therefor by Processor, the Trustee shall, upon provision of evidence satisfactory to the Trustee, make payment to Processor for any such amounts from funds in the Collection Account but, only to the extent that such amount was actually received by the Trustee. If there are insufficient funds in the Lockbox Account to pay items charged back to the Lockbox Account, AmeriCredit shall remit payment within 2 days of demand therefore by Processor.

5. Applicable Documentation. This Agreement supplements, rather than replaces, Processor’s deposit account agreement, terms and conditions, and other standard documentation in effect from time to time with respect to the Lockbox Account or the services provided in connection therewith (the “Applicable Documentation”), which Applicable Documentation will continue to apply to the Lockbox Account and such services, and the respective rights, powers, duties, obligations, liabilities and responsibilities of the parties thereto and hereto, to the extent not expressly conflicting with the provisions of this Agreement (however, in the event of any such conflict, the provisions of this Agreement shall control). Prior to issuing any instructions, the Trustee shall provide Processor with such documentation as Processor may reasonably request to establish the identity and authority of the individuals issuing instructions on behalf of the Trustee. The Trustee may request the Processor to provide other services with respect to the Lockbox Account; however, if such services are not authorized or otherwise covered under the Applicable Documentation, Processor’s decision to provide any such services shall be made in its sole discretion (including without limitation being subject to AmeriCredit and/or the Trustee executing such Applicable Documentation or other documentation as Processor may require in connection therewith).

6. Processor’s General Duties. Notwithstanding anything to the contrary in this Agreement: (i) Processor shall have only the duties and responsibilities with respect to the matters set forth herein as is expressly set forth in writing herein and shall not be deemed to be an agent, bailee or fiduciary for any party hereto; (ii) Processor shall be fully protected in acting or refraining from acting in good faith without investigation on any notice, instruction or request purportedly furnished to it by AmeriCredit or the Trustee in accordance with the terms hereof, in which case the parties hereto agree that Processor has no duty to make any further inquiry whatsoever; (iii) it is hereby acknowledged and agreed that Processor has no knowledge of (and is not required to know) the terms and provisions of the Sale and Servicing Agreement referred to in Section 1 above or any other related documentation or whether any actions by the Trustee, AmeriCredit or any other person or entity are permitted or a breach thereunder or consistent or inconsistent therewith; and (iv) Processor shall not be liable to any party hereto or any other person for any action or failure to act under or in connection with this Agreement except to the extent such conduct constitutes its own willful misconduct or negligence.

 

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7. Processing of Items. The provision of services shall be governed by the Processor’s Treasury Management Services Agreement, Commercial Account Agreement or other applicable agreements and related service terms (individually and collectively, the “Bank Agreements”), as may be amended from time to time, subject to the prior written consent to any such amendments of a material nature by the Trustee, the Insurer and AmeriCredit, which consents shall not be unreasonably withheld, conditioned or delayed.

8. Confidentiality. Processor agrees that all information concerning the Obligors of the Receivables which comes into Processor’s possession pursuant to this Agreement, other than that which is already known by Processor or to the general public, will be treated in a confidential manner.

9. Fees. Unless otherwise agreed by Processor, AmeriCredit shall pay Processor the fees set forth for this Service in Processor’s most current Price List as in effect from time to time, plus additional fees for the performance of services beyond the terms of this Agreement, or resulting from increased expenses incurred by the failure of AmeriCredit to furnish within a reasonable period of time following a request by Processor, data in a form acceptable to Processor. Processor shall look first to AmeriCredit for payment of such fees. If AmeriCredit fails to pay Processor within thirty (30) days of receipt of invoice but in any event no later than forty-five (45) days from the date of the invoice, Processor will notify the Trustee in writing as soon as practicable and provide to the Trustee a copy of such unpaid invoice. Subject to rights to terminate this Agreement pursuant to Section 14, Processor will continue to perform its services under this Agreement and the amount reflected in such invoice will be paid to Processor by the Trustee out of funds in the Collection Account on the next Distribution Date (as defined below), which follows by at least three Business Days the date of giving such notice to the Trustee. Any fees unpaid after such date will be considered unpaid fees. “Distribution Date” means the sixth day of the following calendar month, or, if such day is not a Business Day, the immediately following Business Day.

10. Processor’s Liability for Nonperformance. In performing the Services, Processor will exercise ordinary care and act in good faith. Processor shall be deemed to have exercised ordinary care if its action or failure to act is in conformity with general banking usages or is otherwise a commercially reasonable practice of the banking industry. Processor’s liability relating to its or its employees’, officers’ or agents’ performance or failure to perform hereunder, or for any other action or inaction of Processor, or its employees, officers or agents, shall be limited exclusively to the lesser of (i) any direct losses which are caused by the failure of Processor, its employees, officers or agents to exercise reasonable care and/or act in good faith, and (ii) the face amount of any item, check, payment or other funds lost or mishandled by the action or inaction of Processor. Under no circumstances will Processor be liable for any general, indirect, special, incidental, punitive or consequential damages or for damages caused, in whole or in part, by the action or inaction of AmeriCredit or the Trustee, whether or not such action or inaction constitutes negligence. Processor will not be liable for any damage, loss, liability or delay caused by accidents, strikes, fire, flood, war, riot, equipment breakdown, electrical or mechanical failure, acts of God or any cause which is reasonably unavoidable or beyond its reasonable control. AmeriCredit agrees that the fees charged by Processor for the performance of this Service shall be deemed to have been established in contemplation of these limitations on Processor’s liability. In addition, AmeriCredit agrees to indemnify and hold Processor harmless from all liability on the part of Processor under this Section 10 except such liability as is attributable to the gross negligence of Processor.

 

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11. Indemnification by AmeriCredit. AmeriCredit agrees to indemnify, defend and hold Processor harmless from and against any and all damage, loss, cost, expense or liability of any kind, including, without limitation, reasonable attorneys’ fees and court costs, which results, directly or indirectly, in whole or in part, from any negligence and willful misconduct or infidelity of AmeriCredit or any agent or employee of AmeriCredit, incurred in connection with this Agreement or the Lockbox Account or any interpleader proceeding relating thereto or from Processor acting upon information furnished by AmeriCredit under this Agreement. AmeriCredit will remain liable for all indemnification under this Section 11 after its removal and/or resignation as Servicer.

12. Other Agreements. Processor shall not be bound by any agreement between any of the other parties hereto irrespective of whether Processor has knowledge of the existence of any such agreement or the terms and provisions thereof.

13. Records. This Agreement and the performance by Processor of the Services hereunder shall not relieve Processor of any obligation imposed by law or contract regarding the maintenance of records.

14. Amendment and Termination. This Agreement may only be amended in writing signed by all parties to this Agreement and the Insurer. AmeriCredit or Trustee may immediately terminate this Agreement for cause, provided, however, that a similar agreement has been executed with a successor processor reasonably acceptable to the Trustee and the Insurer or the Trustee and the Insurer have consented to such termination. The Trustee may immediately terminate this Agreement, at any time with the consent of the Insurer, and shall do so, at the direction of the Insurer, upon written notice to the other parties hereto. Otherwise, any party may terminate this Agreement on sixty (60) days’ prior written notice to the others; provided, however, that AmeriCredit shall promptly notify the Insurer of receipt of any such notice and shall arrange for alternative account services satisfactory to the Insurer prior to the termination of the Services. Upon any termination of the Agreement, the Lockbox Account shall remain open for the deposit of remittances related to the Receivables and related security for a period of at least ninety (90) days after the termination date, unless arranged otherwise between AmeriCredit and Processor. After any termination, Processor’s fees with respect to the Services it performs during such period shall be consistent with such fees at the time of such termination.

15. Successor Servicer. Each of Processor and the Trustee agrees that if the Servicer has been terminated or resigns as Servicer, this Agreement shall not thereupon terminate and the successor servicer appointed pursuant to the Sale and Servicing Agreement shall succeed, except as otherwise provided herein, to all rights, benefits, duties and obligations of the Servicer hereunder. Prior to the termination or resignation of the Trustee or the Servicer, the Trustee or the Servicer, respectively, shall provide notice to Processor in accordance with the terms and conditions to which each of the Trustee or the Servicer, respectively, is itself entitled upon termination or resignation.

 

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16. Successor Processor. Any company or national banking association into which Processor may be merged or converted or with which it may be consolidated, or any company or national banking association resulting from any merger, conversion or consolidation to which it shall be a party or any company or national association to which Processor may sell or transfer all or substantially all of its business (provided any such company or national banking association shall be a company organized under the laws of any state of the United States or a national banking association and shall be eligible to perform all of the duties imposed upon it by this Agreement) shall be the successor to Processor hereunder without the execution or filing of any document or any further act by any of the parties to this Agreement; provided, however, that Processor notify the Trustee, the Insurer and AmeriCredit of any such merger, conversion or consolidation within 30 days of its occurrence. If such successor requires the establishment of a new account, then the successor Processor shall as soon as practicable after the occurrence of any such merger, conversion or consolidation (i) establish the new Lockbox Account and (ii) send written notice to the Trustee, the Insurer and AmeriCredit with respect to the new Lockbox Account number.

17. Third Party Beneficiary. This Agreement shall inure to the benefit of the Insurer, and all covenants and agreements in this Agreement shall be for the benefit of and run directly to the Insurer, and the Insurer shall be entitled to rely on and, subject to the limitations on liability set forth herein, enforce such covenants to the same extent as if it were a party to this Agreement; provided, however, that, notwithstanding this provision, the liability of the Processor under this Agreement shall not under any circumstances exceed the respective liability of the Processor in the absence of any such third-party beneficiary.

18. Governing Law. This Agreement shall be governed by the laws of the State of Texas. All parties hereby waive all rights to a trial by jury in any action or proceeding relating to Lockbox Account or this Agreement.

19. Notices. All written notices required by this Agreement shall be delivered or mailed to the other parties at the addresses set forth below or to such other address as a party may specify in writing.

 

Processor:    JPMorgan Chase Bank, N.A.
   2200 Ross Avenue, Floor 10
   Mail code TX1-2946,
   Dallas, TX 75201-2787
   Attention: Belinda Crow
  

 

With a copy to:

  

 

JPMorgan Chase Bank, N.A.

   2200 Ross Avenue, Floor 3
   Mail code TX1-2903,
   Dallas, TX 75201-2787
   Attention: Michael Lister

 

5


AmeriCredit:    AmeriCredit Financial Services, Inc.
   801 Cherry Street, Suite 3500
   Fort Worth, Texas 76102
   Attention: Chief Financial Officer
Trustee:    Wells Fargo Bank, National Association
   Sixth Street and Marquette Avenue
   MAC N9311-161
   Minneapolis, Minnesota 55479
   Attention: AmeriCredit Automobile Receivables Trust 2010-A
Insurer:    Assured Guaranty Corp.
   31 West 52nd Street
   New York, New York 10019
   Attention: Senior Vice President, Transaction Oversight

20. Bankruptcy. Processor hereby covenants and agrees that, prior to the date which is one year and one day after the payment in full of the Notes and all amounts owed under the Indenture and the Sale and Servicing Agreement (including, without limitation, amounts owed to the Insurer), Processor will not institute against or join with any other person in instituting against the Trust or the Seller, any proceeding or file any petition against the Trust or the Seller under any bankruptcy, insolvency or similar law for the relief or aid of debtors (including, without limitation, Title 11 of the United States Code or any amendment thereto), seeking the dissolution, liquidation, arrangement, reorganization or similar relief of the Trust or the Seller or the appointment of a receiver, trustee, custodian or liquidator of the Trust or the Seller, or issue any writ, order, judgment warrant of attachment, execution or similar process against a substantial part of the property, assets or business of the Trust or the Seller. This covenant shall survive the termination of this Agreement.

[Remainder of Page Intentionally Left Blank]

 

6


PROCESSOR:     AMERICREDIT:
JPMORGAN CHASE BANK, N.A.     AMERICREDIT FINANCIAL SERVICES, INC.
By:  

/s/ Patricia J. Caspary

    By:  

/s/ Susan B. Sheffield

  Name: Patricia J. Caspary       Name: Susan B. Sheffield
  Title: Vice President       Title: Executive Vice President, Structured Finance
TRUSTEE:      
WELLS FARGO BANK, NATIONAL ASSOCIATION, as Trustee      
By:  

/s/ Marianna C. Stershic

     
  Name: Marianna C. Stershic      
  Title: Vice President      

[Series 2010-A Lockbox Account Agreement]

EX-10.10 13 dex1010.htm LOCKBOX PROCESSING AGREEMENT, DATED AS OF MARCH 25, 2010 Lockbox Processing Agreement, dated as of March 25, 2010

Exhibit 10.10

SERIES 2010-A LOCKBOX PROCESSING AGREEMENT

March 25, 2010

Regulus Group II LLC (“Processor”), AmeriCredit Financial Services, Inc. (“AmeriCredit”) and Wells Fargo Bank, National Association, as Trustee (the “Trustee”), agree as follows:

1. Servicing Arrangements. AmeriCredit, as Servicer (the “Servicer”), AFS SenSub Corp., as Seller (“Seller”), AmeriCredit Automobile Receivables Trust 2010-A (the “Trust”) and the Trustee entered into a Sale and Servicing Agreement dated as of March 25, 2010 (as amended, supplemented and otherwise modified from time to time, the “Sale and Servicing Agreement”), relating to the Receivables (as such term is defined in the Sale and Servicing Agreement), pursuant to which the Receivables were sold, transferred, assigned, or otherwise conveyed to the Trust. The Sale and Servicing Agreement contemplates the engagement of a processor for lockbox services, and the Indenture contemplates that the Lockbox Account (as defined herein) will be assigned and pledged to the Trust Collateral Agent. The Sale and Servicing Agreement does not include specific terms for the provision of data processing services of remittance items. Such terms are set forth in this Lockbox Processing Agreement (the “Agreement”). For avoidance of doubt, Processor is not a depository institution. All capitalized terms used herein and not otherwise defined herein shall have the meanings specified in the Sale and Servicing Agreement.

2. Remittance Processing Services. In order to provide a means of collection of the Receivables which will allow the Trustee to receive the proceeds of the Receivables and related security without AmeriCredit or its Affiliates having access to the funds, the parties hereto agree for the benefit of the Trustee that the processing services (the “Service(s)”) of Processor will be used for the collection and the deposit of remittances related to the Receivables and related security.

3. Customer Remittances. Obligors of the Receivables will be directed by AmeriCredit to forward their remittances to Processor at a post office address (the “Lockbox”) assigned by Processor and established in AmeriCredit’s name. Processor may only change the address of the Lockbox upon (i) thirty (30) days prior written notice to AmeriCredit, the Trustee and the Insurer and (ii) prior written consent of AmeriCredit. Processor, acting for the exclusive benefit of the Trustee, shall have unrestricted and exclusive access to the mail directed to this address. AmeriCredit agrees to notify Processor thirty (30) days in advance of any change in Obligor remittance statements and/or mailing schedule.

4. Collection of Mail. Processor will collect mail from the Lockbox at regular intervals each business day, but not less than two times daily.

5. Endorsement of Items. Processor will process, on behalf of AmeriCredit, checks and other deposited items that appear to be for deposit to the credit of AmeriCredit or its Affiliates in accordance with Processor’s Lockbox Processing Agreement and Instructions, or other applicable agreement and related service terms (individually and collectively, the “Regulus Documentation”), as appropriate.


6. Credit of Funds to Account.

(a) Processor will process the checks and other deposited items and credit the total amount to the account described below (the “Lockbox Account”). The Lockbox Account will be established at JPMorgan Chase Bank, N.A. (ABA No.: 122100024) as account number 662633171 in the name of the Trust. The Lockbox Account will be maintained by and all banking functions will be provided by JPMorgan Chase Bank, N.A.

(b) Unless otherwise directed by the Trustee (with the written consent of the Insurer), AmeriCredit agrees that all collected funds on deposit in the Lockbox Account shall be transferred from the Lockbox Account within two Business Days by wire transfer in immediately available funds to the following account: Wells Fargo Bank, National Association, Account No. 0001038377 f/b/o 82340501; ABA No. 121000248 (the “Collection Account”).

7. Regulus Documentation.

(a) This Agreement supplements, rather than replaces, the Regulus Documentation, terms and conditions, and other standard documentation in effect from time to time with respect to the Lockbox or the services provided by Processor in connection therewith. The Regulus Documentation will continue to apply to the Lockbox and such services, and the respective rights, powers, duties, obligations, liabilities and responsibilities of the parties thereto and hereto, to the extent not expressly conflicting with the provisions of this Agreement (however, in the event of any such conflict, the provisions of this Agreement shall control). Prior to issuing any instructions, the Trustee shall provide Processor with such documentation as Processor may reasonably request to establish the identity and authority of the individuals issuing instructions on behalf of the Trustee. The Trustee may request the Processor to provide other services with respect to the Lockbox; however, if such services are not authorized or otherwise covered under the Regulus Documentation, Processor’s decision to provide any such services shall be made in its sole discretion (including without limitation being subject to AmeriCredit and/or the Trustee executing the Regulus Documentation or other documentation as Processor may require in connection therewith).

(b) As of the date of this Agreement, AmeriCredit has provided the Controlling Party with a copy of the current Regulus Documentation. Following any material change to the Regulus Documentation, AmeriCredit will provide the revised Regulus Documentation to the Controlling Party within thirty (30) days. The Insurer and its successors and assigns shall be a third-party beneficiary to the provisions of the Regulus Documentation, and shall be entitled to rely upon and directly to enforce such provisions of the Regulus Documentation so long as no Insurer Default shall have occurred and be continuing. The Trustee and its successors and assigns shall be a third-party beneficiary to the provisions of the Regulus Documentation, and shall be entitled to rely upon and directly to enforce such provisions of the Regulus Documentation.

 

2


8. Processor’s General Duties. Notwithstanding anything to the contrary in this Agreement: (i) Processor shall have only the duties and responsibilities with respect to the matters set forth herein as is expressly set forth in writing herein and shall not be deemed to be an agent, bailee or fiduciary for any party hereto; (ii) Processor shall be fully protected in acting or refraining from acting in good faith without investigation on any notice, instruction or request purportedly furnished to it by AmeriCredit or the Trustee in accordance with the terms hereof, in which case the parties hereto agree that Processor has no duty to make any further inquiry whatsoever; (iii) it is hereby acknowledged and agreed that Processor has no knowledge of (and is not required to know) the terms and provisions of the Sale and Servicing Agreement referred to in Section 1 above or any other related documentation or whether any actions by the Trustee, AmeriCredit or any other person or entity are permitted or a breach thereunder or consistent or inconsistent therewith; and (iv) Processor shall not be liable to any party hereto or any other person for any action or failure to act under or in connection with this Agreement except to the extent such conduct constitutes its own willful misconduct or negligence.

9. Processing of Items. The provision of services shall be governed by the Regulus Documentation or other applicable agreements and related service terms, as may be amended from time to time, subject to the prior written consent to any such amendments of a material nature by the Trustee, the Insurer and AmeriCredit, which consents shall not be unreasonably withheld, conditioned or delayed.

10. Trust Correspondence. Any envelopes collected from the Lockbox which contain correspondence and other documents (including, but not limited to, certificates of title, tax receipts, insurance policy endorsements and any other documents or communications of or relating to the Receivables) will be sent to the Servicer at its current address. Any enclosed payment(s), coupon(s) or check(s) will be processed and deposited by Processor in accordance with the provisions of the Agreement.

11. Confidentiality. Processor agrees that all information concerning the Obligors of the Receivables which comes into Processor’s possession pursuant to this Agreement, other than that which is already known by Processor or to the general public, will be treated in a confidential manner.

12. Fees. Unless otherwise agreed by Processor, AmeriCredit shall pay Processor the fees set forth for this Service in Processor’s most current Price List as in effect from time to time, plus additional fees for the performance of services beyond the terms of this Agreement, or resulting from increased expenses incurred by the failure of AmeriCredit to furnish within a reasonable period of time following a request by Processor, data in a form acceptable to Processor. Processor shall look first to AmeriCredit for payment of such fees. If AmeriCredit fails to pay Processor within thirty (30) days of receipt of invoice but in any event no later than forty-five (45) days from the date of the invoice, Processor will notify the Trustee in writing as soon as practicable and provide to the Trustee a copy of such unpaid invoice. Subject to rights to terminate this Agreement pursuant to Section 17, Processor will continue to perform its services under this Agreement and the amount reflected in such invoice will be paid to Processor by the Trustee out of funds in the Collection Account on the next Distribution Date (as defined below), which follows by at least three Business Days the date of giving such notice to the Trustee. Any fees unpaid after such date will be considered unpaid fees. “Distribution Date” means the sixth day of the following calendar month, or, if such day is not a Business Day, the immediately following Business Day.

 

3


13. Processor’s Liability for Nonperformance. In performing the Services, Processor will exercise ordinary care and act in good faith. Processor shall be deemed to have exercised ordinary care if its action or failure to act is in conformity with general information technology processing standards. Processor’s liability relating to its or its employees’, officers’ or agents’ performance or failure to perform hereunder, or for any other action or inaction of Processor, or its employees, officers or agents, shall be limited exclusively to the lesser of (i) any direct losses which are caused by the failure of Processor, its employees, officers or agents to exercise reasonable care and/or act in good faith, and (ii) the face amount of any item, check, payment or other funds lost or mishandled by the action or inaction of Processor. Under no circumstances will Processor be liable for any general, indirect, special, incidental, punitive or consequential damages or for damages caused, in whole or in part, by the action or inaction of AmeriCredit or the Trustee, whether or not such action or inaction constitutes negligence. Processor will not be liable for any damage, loss, liability or delay caused by accidents, strikes, fire, flood, war, riot, equipment breakdown, electrical or mechanical failure, acts of God or any cause which is reasonably unavoidable or beyond its reasonable control. AmeriCredit agrees that the fees charged by Processor for the performance of this Service shall be deemed to have been established in contemplation of these limitations on Processor’s liability. In addition, AmeriCredit agrees to indemnify and hold Processor harmless from all liability on the part of Processor under this Section 13 except such liability as is attributable to the gross negligence of Processor.

14. Indemnification by AmeriCredit. AmeriCredit agrees to indemnify, defend and hold Processor harmless from and against any and all damage, loss, cost, expense or liability of any kind, including, without limitation, reasonable attorneys’ fees and court costs, which results, directly or indirectly, in whole or in part, from any negligence and willful misconduct or infidelity of AmeriCredit or any agent or employee of AmeriCredit, incurred in connection with this Agreement or the Lockbox or any interpleader proceeding relating thereto or from Processor acting upon information furnished by AmeriCredit under this Agreement. AmeriCredit will remain liable for all indemnification under this Section 14 after its removal and/or resignation as Servicer.

15. Other Agreements. Processor shall not be bound by any agreement between any of the other parties hereto irrespective of whether Processor has knowledge of the existence of any such agreement or the terms and provisions thereof.

16. Records. This Agreement and the performance by Processor of the Services hereunder shall not relieve Processor of any obligation imposed by law or contract regarding the maintenance of records.

17. Amendment and Termination. This Agreement may only be amended in writing signed by all parties to this Agreement and the Insurer. AmeriCredit or Trustee may immediately terminate this Agreement for cause, provided, however, that a similar agreement has been executed with a successor processor reasonably acceptable to the Trustee and the Insurer or the Trustee and the Insurer have consented to such termination. The Trustee may immediately terminate this Agreement, at any time with the consent of the Insurer, and shall do so, at the direction of the Insurer, upon written notice to the other parties hereto. Otherwise, any party may terminate this Agreement on sixty (60) days’ prior written notice to the others; provided, however, that AmeriCredit shall promptly notify the Insurer of receipt of any such notice and shall arrange for alternative lockbox processing services satisfactory to the Insurer prior to the termination of the Services. Upon any termination of the Agreement, (a) Processor will close the Lockbox and (b) Processor will process all mail addressed to the Lockbox in the manner instructed by AmeriCredit in accordance with the Regulus Documentation for a period of at least ninety (90) days after the termination date, unless arranged otherwise between AmeriCredit and Processor. After any termination, Processor’s fees with respect to the Services it performs during such period shall be consistent with such fees at the time of such termination.

 

4


18. Successor Servicer. Each of Processor and the Trustee agrees that if the Servicer has been terminated or resigns as Servicer, this Agreement shall not thereupon terminate and the successor servicer appointed pursuant to the Sale and Servicing Agreement shall succeed, except as otherwise provided herein, to all rights, benefits, duties and obligations of the Servicer hereunder. Prior to the termination or resignation of the Trustee or the Servicer, the Trustee or the Servicer, respectively, shall provide notice to Processor in accordance with the terms and conditions to which each of the Trustee or the Servicer, respectively, is itself entitled upon termination or resignation.

19. Successor Processor. Any company or national banking association into which Processor may be merged or converted or with which it may be consolidated, or any company or national banking association resulting from any merger, conversion or consolidation to which it shall be a party or any company or national association to which Processor may sell or transfer all or substantially all of its business (provided any such company or national banking association shall be a company organized under the laws of any state of the United States or a national banking association and shall be eligible to perform all of the duties imposed upon it by this Agreement) shall be the successor to Processor hereunder without the execution or filing of any document or any further act by any of the parties to this Agreement; provided, however, that Processor notify the Trustee, the Insurer and AmeriCredit of any such merger, conversion or consolidation within 30 days of its occurrence.

20. Third Party Beneficiary. This Agreement shall inure to the benefit of the Insurer, and all covenants and agreements in this Agreement shall be for the benefit of and run directly to the Insurer, and the Insurer shall be entitled to rely on and, subject to the limitations on liability set forth herein, enforce such covenants to the same extent as if it were a party to this Agreement; provided, however, that, notwithstanding this provision, the liability of Processor under this Agreement shall not under any circumstances exceed the respective liability of Processor in the absence of any such third-party beneficiary.

21. Governing Law. This Agreement shall be governed by the laws of the State of Texas. All parties hereby waive all rights to a trial by jury in any action or proceeding relating to Lockbox or this Agreement.

22. Notices. All written notices required by this Agreement shall be delivered or mailed to the other parties at the addresses set forth below or to such other address as a party may specify in writing.

 

Processor:    Regulus Group II LLC
   2012 Corporate Lane, Suite 108
   Naperville, IL 60563
   Attention: President & CEO

 

5


   With a copy to:
   Rosensteel Law
   90 Park Avenue, 17th Floor
   New York, New York 10016
   Attention: Edward M. Rosensteel, Esq.
AmeriCredit:    AmeriCredit Financial Services, Inc.
   801 Cherry Street, Suite 3500
   Fort Worth, Texas 76102
   Attention: Chief Financial Officer
Trustee:    Wells Fargo Bank, National Association
   Sixth Street and Marquette Avenue
   MAC N9311-161
   Minneapolis, Minnesota 55479
   Attention: AmeriCredit Automobile Receivables Trust 2010-A
Insurer:    Assured Guaranty Corp.
   31 West 52nd Street
   New York, New York 10019
   Attention: Senior Vice President, Transaction Oversight

23. Bankruptcy. Processor hereby covenants and agrees that, prior to the date which is one year and one day after the payment in full of the Notes and all amounts owed under the Indenture and the Sale and Servicing Agreement (including, without limitation, amounts owed to the Insurer), Processor will not institute against or join with any other person in instituting against the Trust or the Seller, any proceeding or file any petition against the Trust or the Seller under any bankruptcy, insolvency or similar law for the relief or aid of debtors (including, without limitation, Title 11 of the United States Code or any amendment thereto), seeking the dissolution, liquidation, arrangement, reorganization or similar relief of the Trust or the Seller or the appointment of a receiver, trustee, custodian or liquidator of the Trust or the Seller, or issue any writ, order, judgment warrant of attachment, execution or similar process against a substantial part of the property, assets or business of the Trust or the Seller. This covenant shall survive the termination of this Agreement.

[Remainder of Page Intentionally Left Blank]

 

6


PROCESSOR:   AMERICREDIT:
REGULUS GROUP II LLC   AMERICREDIT FINANCIAL SERVICES, INC.
By:  

/s/ Kathleen Hamburger

    By:  

/s/ Susan B. Sheffield

  Name:   Kathleen Hamburger       Name:   Susan B. Sheffield
  Title:   Chief Executive Officer and President       Title:   Executive Vice President, Structured Finance
TRUSTEE:      

WELLS FARGO BANK, NATIONAL ASSOCIATION,

as Trustee

     
By:  

/s/ Marianna C. Stershic

       
  Name:   Marianna C. Stershic        
  Title:   Vice President        

[Series 2010-A Lockbox Processing Agreement]

EX-23.1 14 dex231.htm CONSENT OF PRICEWATERHOUSECOOPERS LLP Consent of PricewaterhouseCoopers LLP

Exhibit 23.1

 

LOGO  
  PricewaterhouseCoopers LLP
  PricewaterhouseCoopers Center
  300 Madison Avenue
  New York NY 10017
  Telephone (646) 471 3000
  Facsimile (813) 286 6000

CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

We hereby consent to the incorporation by reference in the Prospectus Supplement of AmeriCredit Financial Services, Inc., relating to AmeriCredit Automobile Receivables Trust 2010-A, comprising part of the Registration Statement (No. 333-146701) of AmeriCredit Financial Services, Inc. on Form S-3, of our report dated March 19, 2010 relating to the consolidated financial statements of Assured Guaranty Corp. as of December 31, 2009 and 2008, and for each of the three years in the period ended December 31, 2009, which appears as Exhibit 99.3 in Assured Guaranty Ltd.’s Current Report on Form 8-K dated March 22, 2010. We also consent to the reference to our firm under the caption “Experts” in such Prospectus Supplement.

LOGO

March 22, 2010

EX-23.2 15 dex232.htm CONSENT OF PRICEWATERHOUSECOOPERS LLP Consent of PricewaterhouseCoopers LLP

Exhibit 23.2

 

LOGO  
  PricewaterhouseCoopers LLP
  PricewaterhouseCoopers Center
  300 Madison Avenue
  New York NY 10017
  Telephone (646) 471 3000
  Facsimile (813) 286 6000

CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

We hereby consent to the incorporation by reference in the Prospectus Supplement of AmeriCredit Financial Services, Inc., relating to AmeriCredit Automobile Receivables Trust 2010-A, comprising part of the Registration Statement (No. 333-146701) of AmeriCredit Financial Services, Inc. on Form S-3, of our report dated March 19, 2010 relating to the consolidated financial statements of Assured Guaranty Corp. as of December 31, 2009 and 2008, and for each of the three years in the period ended December 31, 2009, which appears as Exhibit 99.3 in Assured Guaranty Ltd.’s Current Report on Form 8-K dated March 22, 2010. We also consent to the reference to our firm under the caption “Experts” in such Prospectus Supplement.

LOGO

March 26, 2010

EX-99.1 16 dex991.htm STATISTICAL INFORMATION FOR THE RECEIVABLES AS OF THE CUTOFF DATE Statistical information for the receivables as of the Cutoff Date

Exhibit 99.1

AmeriCredit Corp.

Composition of the Receivables

2010-A Final Cut

3/25/2010

 

     New     Used     Total  

Aggregate Principal Balance (1)

   $ 62,294,699.33      $ 175,805,158.56      $ 238,099,857.89   

Number of Receivables in Pool

     2,951        11,319        14,270   

Percent of Pool by Principal Balance

     26.16     73.84     100.00

Average Principal Balance

   $ 21,109.69      $ 15,531.86      $ 16,685.34   

Range of Principal Balances

   ($ 666.25 to $75,031.38   ($ 250.35 to $61,127.33  

Weighted Average APR (1)

     16.04     17.95     17.45

Range of APRs

     (3.40% to 27.30%     (6.00% to 28.00%  

Weighted Average Remaining Term

     67        64        65   

Range of Remaining Terms

     (3 to 72 months     (3 to 72 months  

Weighted Average Original Term

     72        67        68   

Range of Original Terms

     (36 to 72 months     (24 to 72 months  

 

(1) Aggregate Principal Balance includes some portion of accrued interest. As a result, the Weighted Average APR of the Receivables may not be equivalent to the Contracts' aggregate yield on the Aggregate Principal Balance.

Distribution of the Receivables by Score as of the Cutoff Date

 

     AmeriCredit Score (1)    Percent of Aggregate
Principal Balance (3)
    Credit Bureau Score (2)    Percent of Aggregate
Principal Balance (3)
 
   <215    1.61     
   215-224    11.13   <540    17.12
   225-244    37.72   540-599    43.98
   245-259    23.40   600-659    32.47
   260+    26.14   660+    6.43
                      

Weighted Average Score

   248      586   
            

 

(1) Proprietary credit score, scaled from 135 to 320, developed and utilized by AmeriCredit to support the credit approval and pricing process.
(2) A statistically based score (sometimes referred to as FICO score) generated by credit reporting agencies. AmeriCredit utilizes TransUnion, Equifax or Experien credit reports depending on the location of the obligor. Credit Bureau Scores are unavailable for some accounts and those accounts are not included in the Credit Bureau Score table above. Since these accounts are not included in the percentages above, the Aggregate Principal Balance of the accounts based on Credit Bureau Score may be less than the total statistical pool.
(3) Percentages may not add to 100% because of rounding.
* Receivable information is through close of business on date indicated.


AmeriCredit Corp.

Distribution of the Receivables by APR as of the Cutoff Date

2010-A Final Cut

3/25/2010

 

APR Range

   Aggregate Principal
Balance as of Cutoff
Date (1)
   Percent of Aggregate
Principal Balance (2)
    Number of
Receivables
   Percent of Number of
Receivables (2)
 

3.000%-3.999%

   1,491.74    0.00   1    0.01

6.000%-6.999%

   176,254.34    0.07   11    0.08

7.000%-7.999%

   558,462.89    0.23   24    0.17

8.000%-8.999%

   739,167.87    0.31   34    0.24

9.000%-9.999%

   1,798,936.48    0.76   92    0.64

10.000%-10.999%

   1,456,860.17    0.61   76    0.53

11.000%-11.999%

   3,616,868.33    1.52   170    1.19

12.000%-12.999%

   7,503,726.72    3.15   400    2.80

13.000%-13.999%

   13,581,395.60    5.70   714    5.00

14.000%-14.999%

   23,978,010.31    10.07   1,336    9.36

15.000%-15.999%

   27,659,302.85    11.62   1,544    10.82

16.000%-16.999%

   27,380,832.26    11.50   1,586    11.11

17.000%-17.999%

   25,941,390.72    10.90   1,586    11.11

18.000%-18.999%

   37,610,040.77    15.80   2,287    16.03

19.000%-19.999%

   19,772,545.50    8.30   1,277    8.95

20.000%-20.999%

   15,934,223.74    6.69   1,056    7.40

21.000%-21.999%

   12,936,117.33    5.43   867    6.08

22.000%-22.999%

   7,240,806.27    3.04   477    3.34

23.000%-23.999%

   5,560,142.24    2.34   386    2.70

24.000%-24.999%

   3,496,182.76    1.47   258    1.81

25.000%-25.999%

   838,899.42    0.35   65    0.46

26.000%-26.999%

   231,799.17    0.10   17    0.12

27.000%-27.999%

   74,441.68    0.03   5    0.04

28.000%-28.999%

   11,958.73    0.01   1    0.01
                      

TOTAL

   238,099,857.89    100.00   14,270    100.00
                      

 

(1) Aggregate Principal Balances include some portion of accrued interest. Indicated APR’s represent APR’s on Principal Balance net of such accrued interest.
(2) Percentages may not add to 100% because of rounding.
* Receivable information is through close of business on date indicated.

AmeriCredit Corp.


Distribution of the Receivables by Geographic Location of Obligor

2010-A Final Cut

3/25/2010

 

State

   Aggregate Principal
Balance as of Cutoff
Date (1)
   Percent of Aggregate
Principal Balance (2)
    Number of
Receivables
   Percent of Number of
Receivables (2)
 

Alabama

     3,854,109.48    1.62   212    1.49

Arizona

     6,784,149.36    2.85   388    2.72

Arkansas

     2,527,221.08    1.06   147    1.03

California

     24,687,003.11    10.37   1,445    10.13

Colorado

     5,521,338.57    2.32   325    2.28

Connecticut

     1,038,343.15    0.44   64    0.45

Florida

     15,585,983.36    6.55   966    6.77

Georgia

     7,183,397.09    3.02   401    2.81

Illinois

     10,753,657.62    4.52   648    4.54

Indiana

     5,039,279.22    2.12   334    2.34

Iowa

     1,280,796.45    0.54   78    0.55

Kansas

     1,517,105.36    0.64   93    0.65

Kentucky

     4,244,786.00    1.78   264    1.85

Louisiana

     4,521,787.17    1.90   263    1.84

Maryland

     4,975,806.51    2.09   296    2.07

Massachusetts

     3,380,728.97    1.42   218    1.53

Michigan

     8,115,993.35    3.41   533    3.74

Minnesota

     2,965,719.59    1.25   194    1.36

Mississippi

     1,790,007.24    0.75   109    0.76

Missouri

     5,419,514.98    2.28   350    2.45

Nevada

     2,500,391.77    1.05   137    0.96

New Jersey

     6,206,311.43    2.61   373    2.61

New Mexico

     2,289,769.13    0.96   136    0.95

New York

     9,267,280.00    3.89   572    4.01

North Carolina

     5,524,533.93    2.32   335    2.35

Ohio

     11,137,360.35    4.68   768    5.38

Oklahoma

     3,798,984.79    1.60   207    1.45

Oregon

     1,604,455.51    0.67   106    0.74

Pennsylvania

     10,458,852.23    4.39   685    4.80

South Carolina

     1,113,286.90    0.47   77    0.54

Tennessee

     3,725,745.05    1.56   228    1.60

Texas

     37,425,568.52    15.72   1,963    13.76

Virginia

     4,581,673.68    1.92   278    1.95

Washington

     5,033,478.08    2.11   303    2.12

West Virginia

     1,458,908.16    0.61   91    0.64

Wisconsin

     3,249,309.91    1.36   214    1.50

Other (3)

     7,537,220.79    3.17   469    3.29
                        

TOTAL

   $ 238,099,857.89    100.00   14,270    100.00
                        

 

(1) Aggregate Principal Balances include some portion of accrued interest.
(2) Percentages may not add to 100% because of rounding.
(3) States with aggregate principal balances less than $1,000,000.
* Receivable information is through close of business on date indicated.


2010-A Final Cut

Distribution by Manufacturer

 

Manufacturer

   Aggregate Principal
Balance as of Cutoff
Date (1)
   Percent of Aggregate
Principal Balance (2)
    Number of
Receivables
   Percent of Number of
Receivables (2)
 

Bmw

   $ 2,518,750.12    1.06   115    0.81

Cadillac

     5,747,688.10    2.41   266    1.86

Chevrolet

     45,481,349.94    19.10   2,656    18.61

Chrysler

     10,619,789.95    4.46   723    5.07

Dodge

     26,159,898.27    10.99   1,582    11.09

Ford

     27,634,762.14    11.61   1,718    12.04

Gmc

     8,487,493.78    3.56   408    2.86

Honda

     6,778,939.68    2.85   400    2.80

Hyundai

     7,115,201.24    2.99   471    3.30

Jeep

     10,181,010.15    4.28   594    4.16

Kia

     16,003,458.45    6.72   963    6.75

Mazda

     4,499,273.14    1.89   296    2.07

Mercedes

     3,776,411.85    1.59   153    1.07

Mitsubishi

     3,334,338.57    1.40   230    1.61

Nissan

     19,076,116.89    8.01   1,103    7.73

Pontiac

     5,493,320.09    2.31   452    3.17

Saturn

     3,818,818.67    1.60   290    2.03

Toyota

     11,011,552.58    4.62   638    4.47

Volkswagen

     2,408,572.22    1.01   159    1.11

Other (3)

     17,953,112.06    7.54   1,053    7.38
                        

Total

   $ 238,099,857.89    100.00   14,270    100.00
                        

 

(1) Aggregate Principal Balances include some portion of accrued interest.
(2) Percentages may not add to 100% because of rounding.
(3) Aggregate Principal Balance of less than 1% per manufacturer.

Distribution of the Automobile Loan Contracts by Vehicle Segment

 

Vehicle Segment (1)

   Aggregate Principal
Balance (2)
   % of Aggregate Principal
Balance (3)
    Number of
Automobile
Loan Contracts
   % of Total Number of
Automobile Loan Contracts (3)
 

Full-Size Car

   $ 1,596,617.63    0.67   101    0.71

Full-Size Van/Truck

     31,616,259.84    13.28   1,571    11.01

Full-Size SUV

     17,848,266.63    7.50   809    5.67

Mid-Size Car

     61,992,738.26    26.04   3,928    27.53

Mid-Size SUV

     59,732,370.32    25.09   3,431    24.04

Economy/Compact Car

     33,343,521.25    14.00   2,478    17.37

Compact Van/Truck

     14,583,721.19    6.13   1,022    7.16

Sports Car

     17,041,131.42    7.16   912    6.39

Segment Unavailable (4)

     345,231.35    0.14   18    0.13
                        

Total

   $ 238,099,857.89    100.00   14,270    100.00
                        

 

(1) Categories reflect consolidated categories based on J.D. Power defined segments.
(2) Aggregate Principal Balances include some portion of accrued interest.
(3) Percentages may not add up to 100% because of rounding.
(4) Vehicle segmentation was not available for certain accounts at the time of the statistic

LTV Distribution:

 

LTV Distribution(1)

   Pct. Of Total (2)  

<100

   22.12

100-109

   18.67

110-119

   23.61

120-129

   21.62

130-139

   11.80

140-149

   2.01

150+

   0.18
      

Total

   100.00
      

Weighted Average LTV

   112.59

 

(1) Wholesale LTV is calculated using the total amount financed, which may include taxes, title fees and ancillary products over the value of the vehicle at the time the vehicle is financed. The vehicle value at origination is determined by using NADA or Kelly Blue Book “Trade-In” prices for used vehicles or dealer invoice/dealer wholesale price for new vehicles.
(2) Wholesale LTV was not available or could not be calculated on certain loans and these loans are not included in the table above. Since these loans are not included in the Wholesale LTV table, the Aggregate Principal Balance may be less than the total statistical pool.


Delinquency Experience Regarding the Final Pool

2010-A Final Cut

 

Number of times ever

31 to 60 days

delinquent

   Aggregate Principal
Balance
   Percent of Aggregate
Principal Balance
    Number of
Automobile Loan
Contracts
   Percent of Number of
Automobile Loan
Contracts
 
0    $ 216,442,678.68    90.90   12,235    85.74
1      2,743,502.49    1.15   171    1.20
2+      18,913,676.72    7.94   1,864    13.06
                        
Total    $ 238,099,857.89    100.00   14,270    100.00
                        

Number of times ever

61 to 90 days

delinquent

                      
0    $ 222,925,542.24    93.63   12,733    89.23
1      3,176,024.46    1.33   296    2.07
2+      11,998,291.19    5.04   1,241    8.70
                        
Total    $ 238,099,857.89    100.00   14,270    100.00
                        

Number of times ever
greater than 91 days
delinquent

                      
0    $ 232,133,161.16    97.49   13,659    95.72
1      2,864,804.57    1.20   295    2.07
2+      3,101,892.16    1.30   316    2.21
                        
Total    $ 238,099,857.89    100.00   14,270    100.00
                        
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