Financial Security Assurance Inc. Extension Agreement for AmeriCredit Automobile Receivables Trust 2006-A-F

Summary

This agreement, dated July 20, 2006, is between Financial Security Assurance Inc., AmeriCredit Financial Services, Inc., Wells Fargo Bank, and AFS Funding Trust. Financial Security Assurance Inc. agrees to extend the 90-day term of AmeriCredit Financial Services, Inc. as Servicer under the Sale and Servicing Agreement, unless a termination event occurs. The agreement ensures the Servicer's term is extended as required, benefiting the Servicer, Seller, Trust Collateral Agent, and their successors.

EX-10.10 13 b414176_ex10-10.txt EXHIBIT 10.10 EXHIBIT 10.10 FINANCIAL SECURITY ASSURANCE INC. 31 West 52nd Street New York, New York 10019 July 20, 2006 AmeriCredit Financial Services, Inc. 801 Cherry Street, Suite 3900 Fort Worth, Texas 76102 Wells Fargo Bank, National Association Sixth and Marquette Avenue MAC N9311-161 Minneapolis, Minnesota 55479 Re: AmeriCredit Automobile Receivables Trust 2006-A-F ------------------------------------------------- Ladies and Gentlemen: Reference is made to the Sale and Servicing Agreement dated as of July 12, 2006 (the "Sale and Servicing Agreement") among AmeriCredit Automobile Receivables Trust 2006-A-F, AmeriCredit Financial Services, Inc., as Servicer (the "Servicer"), AFS Funding Trust, as Seller ("Funding Trust") and Wells Fargo Bank, National Association as Trust Collateral Agent and Backup Servicer (the "Backup Servicer"). Except as otherwise specified, capitalized terms used and not defined herein have the respective meanings specified in the Sale and Servicing Agreement. Financial Security Assurance Inc. hereby agrees that, notwithstanding any provision to the contrary contained in Section 4.14 of the Sale and Servicing Agreement, it shall be obligated (in the absence of the occurrence of a Servicer Termination Event under Section 9.1 of the Sale and Servicing Agreement which would permit termination of the Servicer by Financial Security, and in the absence of any other permitted termination of the Servicer thereunder) to extend each 90-day term of the Servicer, prior to the otherwise-applicable expiration date thereof, in a manner contemplated or permitted by such Section 4.14. This letter is written for the benefit of the Servicer, the Seller, the Trust Collateral Agent and their respective successors in such capacities. Very truly yours, FINANCIAL SECURITY ASSURANCE INC. By: /s/ Mark J. Castiglione ------------------------------------------- Name: Mark J. Castiglione Title: Managing Director