Document:

EX-4.1

 Exhibit 4.1 

EXECUTION COPY 
  

CHASE ISSUANCE TRUST 
 as
Issuing Entity 
 CLASS A(2016-3) TERMS DOCUMENT 

dated as of June 23, 2016 
  

to 
  

SECOND AMENDED AND RESTATED 

CHASESERIES INDENTURE SUPPLEMENT 

dated as of January 20, 2016 
  

to 
  

FOURTH AMENDED AND RESTATED 

INDENTURE 
 dated as of
January 20, 2016 
  
 WELLS FARGO BANK, NATIONAL ASSOCIATION

 as Indenture Trustee and Collateral Agent 

 TABLE OF CONTENTS 
  

							
	 	 	  	  	 PAGE
	 
	
	ARTICLE I	  
	
	Definitions and Other Provisions of General Application	  
			
	Section 1.01	 	Definitions	  	 	1	  
	Section 1.02	 	Governing Law	  	 	4	  
	Section 1.03	 	Counterparts	  	 	4	  
	Section 1.04	 	Ratification of Indenture and Indenture Supplement	  	 	4	  
	
	ARTICLE II	  
	
	The Class A(2016-3) Notes	  
			
	Section 2.01	 	Creation and Designation	  	 	5	  
	Section 2.02	 	Specification of Required Subordinated Amount and Other Terms	  	 	5	  
	Section 2.03	 	Interest Payment	  	 	5	  
	Section 2.04	 	Calculation Agent; Determination of LIBOR	  	 	6	  
	Section 2.05	 	Payments of Interest and Principal	  	 	7	  
	Section 2.06	 	Form of Delivery of Class A(2016-3) Notes; Depository; Denominations	  	 	7	  
	Section 2.07	 	Delivery and Payment for the Class A(2016-3) Notes	  	 	7	  
	Section 2.08	 	Supplemental Indenture	  	 	7	  
	Section 2.09	 	No Ratings Confirmation Required for Class A(2016-3) Notes	  	 	8	  

 THIS CLASS A(2016-3) TERMS DOCUMENT (this “Terms Document”), among the
CHASE ISSUANCE TRUST, a statutory trust created under the laws of the State of Delaware (the “Issuing Entity”), having its principal office at c/o Wilmington Trust Company, 1100 North Market Street, Wilmington, Delaware 19890-1600, and
WELLS FARGO BANK, NATIONAL ASSOCIATION, a national banking association, as indenture trustee (the “Indenture Trustee”) and as collateral agent (the “Collateral Agent”), is made and entered into as of June 23, 2016. 

Pursuant to this Terms Document, the Issuing Entity and the Indenture Trustee shall create a new Tranche of CHASEseries Class
A Notes and shall specify the principal terms thereof. 
 ARTICLE I 

Definitions and Other Provisions of General Application 

Section 1.01    Definitions.  For all purposes of this Terms Document, except as
otherwise expressly provided or unless the context otherwise requires: 
 (1)       the
terms defined in this Article have the meanings assigned to them in this Article, and include the plural as well as the singular; 

(2)       all other terms used herein which are defined in the Indenture Supplement, the
Indenture or the Asset Pool Supplement, either directly or by reference therein, have the meanings assigned to them therein; 

(3)       as used in this Terms Document and in any certificate or other document made or
delivered pursuant hereto or thereto, accounting terms not defined in this Terms Document or in any such certificate or other document, and accounting terms partly defined in this Terms Document or in any such certificate or other document to the
extent not defined, shall have the respective meanings given to them under GAAP. To the extent that the definitions of accounting terms in this Terms Document or in any such certificate or other document are inconsistent with the meanings of such
terms under GAAP, the definitions contained in this Terms Document or in any such certificate or other document shall control; 

(4)       the words “hereof,” “herein,” “hereunder” and
words of similar import when used in this Terms Document shall refer to this Terms Document as a whole and not to any particular provision of this Terms Document; references to any subsection, Section, clause, Schedule or Exhibit are references to
subsections, Sections, clauses, Schedules and Exhibits in or to this Terms Document unless otherwise specified; the term “including” means “including without limitation”; references to any law or regulation refer to that law or
regulation as amended from time to time and include any successor law or regulation; references to any Person include that Person’s successors and assigns; and references to any agreement refer to such agreement, as amended, supplemented or
otherwise modified from time to time; 
 (5)       in the event that any term or
provision contained herein shall conflict with or be inconsistent with any term or provision contained in the Indenture Supplement, the 

 
Indenture or the Asset Pool Supplement, the terms and provisions of this Terms Document shall be controlling; and 

(6)       each capitalized term defined herein shall relate only to the Class A(2016-3)
Notes and no other Tranche of CHASEseries Notes issued by the Issuing Entity. 
 “Asset Pool Supplement”
means the Third Amended and Restated Asset Pool One Supplement to the Indenture, dated as of January 20, 2016, as amended, by and among the Issuing Entity, the Indenture Trustee and the Collateral Agent. 

“Beneficiary” means Chase Card Funding LLC, in its capacity as beneficial owner of the Issuing Entity. 

“Calculation Agent” is defined in Section 2.04(a). 

“Class A(2016-3) Adverse Event” means the occurrence of any of the following: (a) an Early Amortization
Event with respect to the Class A(2016-3) Notes, (b) an Event of Default and acceleration of the Class A(2016-3) Notes, (c) the Class A Usage of the Class B Required Subordinated Amount for the Class A(2016-3) Notes becomes greater than zero or (d)
the Class A Usage of the Class C Required Subordinated Amount for the Class A(2016-3) Notes becomes greater than zero. 

“Class A(2016-3) Note” means any Note, substantially in the form set forth in Exhibit A-1 to the Indenture
Supplement, designated therein as a Class A(2016-3) Note and duly executed and authenticated in accordance with the Indenture. 

“Class A(2016-3) Noteholder” means a Person in whose name a Class A(2016-3) Note is registered in the Note
Register. 
 “Class A(2016-3) Termination Date” means the earliest to occur of (a) the Principal Payment
Date on which the Outstanding Dollar Principal Amount of the Class A(2016-3) Notes is paid in full, (b) the Legal Maturity Date and (c) the date on which the Indenture is discharged and satisfied pursuant to Article V thereof. 

“Class A Required Subordinated Amount of Class B Notes” is defined in Section 2.02(a). 

“Class A Required Subordinated Amount of Class C Notes” is defined in Section 2.02(b). 

“Controlled Accumulation Amount” means $43,750,000 provided, however, if the Accumulation Period Length is
determined to be less than twelve months pursuant to Section 3.12(b)(ii) of the Indenture Supplement, the Controlled Accumulation Amount for any Note Transfer Date with respect to the Class A(2016-3) Notes will be the amount specified in the
definition of “Controlled Accumulation Amount” in the Indenture Supplement. 
 “Indenture” means
the Fourth Amended and Restated Indenture, dated as of January 20, 2016, as amended, between the Issuing Entity and the Indenture Trustee. 

  
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 “Indenture Supplement” means the Second Amended and Restated
CHASEseries Indenture Supplement, dated as of January 20, 2016, among the Issuing Entity, the Indenture Trustee and the Collateral Agent. 

“Initial Dollar Principal Amount” means $525,000,000. 

“Interest Payment Date” means July 15, 2016 and the 15th day of each month thereafter, or if such 15th day
is not a Business Day, the next succeeding Business Day. 
 “Interest Period” means, with respect to any
Interest Payment Date, the period from and including the previous Interest Payment Date (or in the case of the initial Interest Payment Date, from and including the Issuance Date) to but excluding such Interest Payment Date. 

“Issuance Date” means June 23, 2016. 

“Legal Maturity Date” means June 15, 2023. 

“LIBOR” means, for any Interest Period, the London interbank offered rate for one-month United States dollar
deposits determined by the Calculation Agent on the LIBOR Determination Date for each Interest Period in accordance with the provisions of Section 2.04. 

“LIBOR Determination Date” means (1) June 21, 2016 for the period from and including the Issuance Date
through but excluding the initial Interest Payment Date and (2) for each Interest Period thereafter, the second London Business Day prior to the commencement of such Interest Period. 

“London Business Day” means any Business Day on which dealings in deposits in United States Dollars are
transacted in the London interbank market. 
 “Note Interest Rate” means a rate per annum equal to 0.55%
in excess of LIBOR, as determined by the Calculation Agent on the related LIBOR Determination Date with respect to each Interest Period. 

“Paying Agent” means Wells Fargo Bank, National Association. 

“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 3.06 of the Indenture 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. 
 “Record Date” means,
for any Note Transfer Date, the last Business Day of the preceding Monthly Period. 
 “Reference Banks”
means four major banks in the London interbank market selected by the Beneficiary. 

  
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 “Reuters Screen LIBOR01 Page” means the display page so
designated on the Reuters Monitor Money Rates (or such other page as may replace that page on that service, or such other service as may be nominated as the information vendor, for the purposes of displaying rates comparable to LIBOR). 

“Scheduled Principal Payment Date” means June 15, 2021. 

“Stated Principal Amount” means $525,000,000. 

Section 1.02    Governing Law.      THIS TERMS DOCUMENT WILL BE
CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY 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 1.03    Counterparts.    This Terms Document may be
executed in any number of counterparts, each of which so executed will be deemed to be an original, but all such counterparts will together constitute but one and the same instrument. 

Section 1.04    Ratification of Indenture and Indenture
Supplement.      As supplemented by this Terms Document, each of the Indenture, the Asset Pool Supplement and the Indenture Supplement is in all respects ratified and confirmed and the Indenture as so supplemented
by the Asset Pool Supplement and the Indenture Supplement as so supplemented by this Terms Document shall be read, taken and construed as one and the same instrument. 

[END OF ARTICLE I] 

  
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 ARTICLE II 

The Class A(2016-3) Notes 

Section 2.01    Creation and Designation.   There is hereby created a Tranche of
CHASEseries Class A Notes to be issued pursuant to the Indenture and the Indenture Supplement to be known as the “CHASEseries Class A(2016-3) Notes.” 

Section 2.02    Specification of Required Subordinated Amount and Other Terms. 

(a)       For the Class A(2016-3) Notes for any date of determination, the Class A
Required Subordinated Amount of Class B Notes will be an amount equal to 8.13953% of (i) prior to the occurrence of a Class A(2016-3) Adverse Event, the Adjusted Outstanding Dollar Principal Amount of the Class A(2016-3) Notes on such date of
determination or (ii) on and after the date on which a Class A(2016-3) Adverse Event shall have occurred, the greater of (1) the Adjusted Outstanding Dollar Principal Amount of the Class A(2016-3) Notes on such date of determination and (2) the
Adjusted Outstanding Dollar Principal Amount of the Class A(2016-3) Notes as of the close of business on the day immediately preceding the date on which such Class A(2016-3) Adverse Event shall have occurred. 

(b)       For the Class A(2016-3) Notes for any date of determination, the Class A
Required Subordinated Amount of Class C Notes will be an amount equal to 8.13953% of (i) prior to the occurrence of a Class A(2016-3) Adverse Event, the Adjusted Outstanding Dollar Principal Amount of the Class A(2016-3) Notes on such date or (ii)
on and after the date on which a Class A(2016-3) Adverse Event shall have occurred, the greater of (1) the Adjusted Outstanding Dollar Principal Amount of the Class A(2016-3) Notes on such date of
determination and (2) Adjusted Outstanding Dollar Principal Amount of the Class A(2016-3) Notes as of the close of business on the day immediately preceding the date on which such Class A(2016-3) Adverse Event shall have occurred. 

(c)       The Issuing Entity may change the percentages or the formulas set forth in
either clause (a) or (b) above without the consent of any Noteholder so long as the Issuing Entity has (i) received written confirmation from each Note Rating Agency that has rated any Outstanding Notes that the change in either of such percentages
or formulas, as applicable, will not result in a Ratings Effect with respect to any Outstanding Notes and (ii) delivered to the Indenture Trustee and the Note Rating Agencies a Master Trust Tax Opinion and an Issuing Entity Tax Opinion. 

Section 2.03    Interest Payment. 

(a)       For each Interest Payment Date, the amount of interest due with respect to the
Class A(2016-3) Notes shall be an amount equal to the product of (i) (A) a fraction, the numerator of which is the actual number of days in the related Interest Period and the denominator of which is 360, times, (B) the Note Interest
Rate in effect with respect to the related Interest Period, times, (ii) the Outstanding Dollar Principal Amount of the Class A(2016-3) Notes determined as of the close of business on the Interest Payment Date preceding the related Note Transfer Date
for the Class A(2016-3) Notes; provided, however, that for the first 

  
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Interest Payment Date, the amount of interest due with respect to the Class A(2016-3) Notes shall be an amount equal to the product of (x) the Outstanding Dollar Principal Amount of the Class
A(2016-3) Notes on the Issuance Date, (y) 22 divided by 360 and (z) the Note Interest Rate in effect with respect to the Class A(2016-3) Notes determined on June 21, 2016. Interest on the Class A(2016-3) Notes will be calculated on the basis of
the actual number of days elapsed and a 360-day year. 
 (b)       Pursuant to Section
3.03 of the Indenture Supplement, on each Note Transfer Date with respect to the Class A(2016-3) Notes, the Indenture Trustee shall deposit into the Class A(2016-3) Interest Funding Sub-Account the portion of CHASEseries Available Finance Charge
Collections allocable to the Class A(2016-3) Notes. 
 Section 2.04    Calculation Agent;
Determination of LIBOR. 
 (a)       The Issuing Entity hereby agrees that for so
long as any Class A(2016-3) Notes are Outstanding, there shall at all times be an agent appointed to calculate LIBOR for each Interest Period (the “Calculation Agent”). The Issuing Entity hereby initially appoints the Indenture Trustee as
the Calculation Agent for purposes of determining LIBOR for each Interest Period. The Calculation Agent may be removed by the Issuing Entity at any time. If the Calculation Agent is unable or unwilling to act as such or is removed by the Issuing
Entity, or if the Calculation Agent fails to determine LIBOR for an Interest Period, the Issuing Entity shall promptly appoint a replacement Calculation Agent that does not control or is not controlled by or under common control with the Issuing
Entity or its Affiliates. The Calculation Agent may not resign its duties, and the Issuing Entity may not remove the Calculation Agent, without a successor having been duly appointed. 

(b)       On each LIBOR Determination Date, the Calculation Agent shall determine LIBOR on
the basis of the rate for deposits in United States dollars for a one-month period which appears on Reuters Screen LIBOR01 Page or on such comparable system as is customarily used to quote LIBOR as of 11:00 a.m., London time, on such date. If such
rate does not appear on Reuters Screen LIBOR01 Page or on a comparable system as is customarily used to quote LIBOR the rate for that LIBOR Determination Date shall be determined on the basis of the rates at which deposits in United States dollars
are offered by the Reference Banks at approximately 11:00 a.m., London time, on that day to prime banks in the London interbank market for a one-month period. The Calculation Agent shall request the principal London office of each of the Reference
Banks to provide a quotation of its rate. If at least two such quotations are provided, the rate for that LIBOR Determination Date shall be the arithmetic mean of the quotations. If fewer than two quotations are provided as requested, the rate for
that LIBOR Determination Date will be the arithmetic mean of the rates quoted by major banks in New York City, selected by the Beneficiary, at approximately 11:00 a.m., New York City time, on that day for loans in United States dollars to leading
European banks for a one-month period. 
 (c)       The Note Interest Rate applicable to
the then current and the immediately preceding Interest Periods may be obtained by telephoning the Indenture Trustee at its corporate trust office at (612) 667-8058 or such other telephone number as shall be designated by the Indenture Trustee for
such purpose by prior written notice by the Indenture Trustee to each Noteholder from time to time. 

  
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 (d)       On each LIBOR Determination Date,
the Calculation Agent shall send to the Indenture Trustee and the Beneficiary, via email or by facsimile transmission, notification of LIBOR for the following Interest Period. 

Section 2.05    Payments of Interest and Principal. 

(a)       Any installment of interest or principal payable on any Class A(2016-3) Note
which is punctually paid or duly provided for by the Issuing Entity and the Indenture Trustee on the applicable Interest Payment Date or Principal Payment Date shall be paid by the Paying Agent to the Person in whose name such Class A(2016-3) Note
(or one or more Predecessor Notes) is registered on the Record Date, by wire transfer of immediately available funds to such Person’s account as has been designated by written instructions received by the Paying Agent from such Person not later
than the close of business on the third Business Day preceding the date of payment or, if no such account has been so designated, 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 with respect to Notes registered on the Record Date in the name of the nominee of Cede & Co., payment shall be made by wire transfer in immediately available funds to the account designated by such nominee. 

(b)       The right of the Class A(2016-3) Noteholders to receive payments from the
Issuing Entity will terminate on the first Business Day following the Class A(2016-3) Termination Date. 
 Section
2.06    Form of Delivery of Class A(2016-3) Notes; Depository; Denominations. 

(a)       The Class A(2016-3) Notes shall be delivered in the form of a global Registered
Note as provided in Sections 2.02 and 3.01(i) of the Indenture, respectively. 

(b)       The Depository for the Class A(2016-3) Notes shall be The Depository Trust
Company, and the Class A(2016-3) Notes shall initially be registered in the name of Cede & Co., its nominee. 

(c)       The Class A(2016-3) Notes will be issued in minimum denominations of $100,000
and integral multiples of $1,000 in excess of $100,000. 
 Section 2.07    Delivery and Payment for
the Class A(2016-3) Notes. 
 The Issuing Entity shall execute and deliver the Class A(2016-3) Notes to the Indenture
Trustee for authentication, and the Indenture Trustee shall deliver the Class A(2016-3) Notes when authenticated, each in accordance with Section 3.03 of the Indenture. 

Section 2.08    Supplemental Indenture. 

The Issuing Entity may enter into a supplemental indenture with respect to the Class A(2016-3) Notes as provided in Section
9.01 of the Indenture; provided, however, that any supplemental indenture which provides for an additional or alternative form of credit enhancement for the Class A(2016-3) Notes shall, in addition to the requirements set forth in

  
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Section 9.01 of the Indenture, require confirmation from the Note Rating Agencies that have rated any Outstanding Notes of the CHASEseries that such change in credit enhancement will not result
in a Ratings Effect with respect to any Outstanding Notes of the CHASEseries. 
 Section 2.09     No
Ratings Confirmation Required for Class A(2016-3) Notes. 
 Notwithstanding Section 3.10(a)(iv) of the Indenture, the
Issuing Entity will not be required to obtain written confirmation from each Note Rating Agency that an issuance of a new Tranche of Notes will not have a Ratings Effect on the Class A(2016-3) Notes. 

[END OF ARTICLE II] 

  
 8 

 IN WITNESS WHEREOF, the parties hereto have caused this Terms Document to be
duly executed, all as of the day and year first above written. 
  

					
	CHASE ISSUANCE TRUST
		
	By:	 	WILMINGTON TRUST COMPANY, not in its individual capacity but solely as Owner Trustee on behalf of the Trust
			
	By:	 	  
	 	
		 	Name:	 	
		 	Title:	 	
	
	WELLS FARGO BANK, NATIONAL ASSOCIATION,
	as Indenture Trustee and Collateral Agent
			
	By:	 	  
	 	
		 	Name:	 	
		 	Title:	 	

  
 Chase Issuance Trust 

CHASEseries Class A(2016-3) Terms DocumentExhibit

EXECUTION VERSION

SECOND AMENDMENT TO SIXTH 
AMENDED AND RESTATED CREDIT AGREEMENT
This Second Amendment to the Sixth Amended and Restated Credit Agreement (“Second Amendment”) is made as of June 15, 2016 by and among Credit Acceptance Corporation, a Michigan corporation (“Company”), Comerica Bank and the other banks signatory hereto (individually, a “Bank” and collectively, the “Banks”) and Comerica Bank, as administrative agent for the Banks (in such capacity, “Agent”).
RECITALS
		
	A.
	Company, Agent and the Banks entered into that certain Sixth Amended and Restated Credit Acceptance Corporation Credit Agreement dated as of June 23, 2014 (as amended, amended and restated or otherwise modified from time to time, the “Credit Agreement”) under which the Banks renewed and extended (or committed to extend) credit to the Company, as set forth therein.

		
	B.
	The Company has requested that Agent and the Banks agree to the amendment to the Credit Agreement contained herein and Agent and the Banks are willing to do so, but only on the terms and conditions set forth in this Second Amendment.

NOW, THEREFORE, Company, Agent and the Banks agree:
1.Section 1 of the Credit Agreement is amended as follows:
		
	(a)
	By amending and restating the definition of “Revolving Credit Maturity Date” in its entirety as follows:

“‘Revolving Credit Maturity Date’ shall mean the earlier to occur of (i) June 22, 2019, as such date may be extended from time to time pursuant to Section 2.16 hereof, and (ii) the date on which the Revolving Credit Aggregate Commitment shall be terminated pursuant to Section 2.15 or 9.2 hereof.”

		
	(b)
	By adding the following new definitions in the appropriate alphabetical order:

“‘Bail-In Action’ means the exercise of any Write-Down and Conversion Powers by the applicable EEA Resolution Authority in respect of any liability of an EEA Financial Institution.
‘Bail-In Legislation’ means, with respect to any EEA Member Country implementing Article 55 of Directive 2014/59/EU of the European Parliament and of the Council of the European Union, the implementing law for such EEA Member Country from time to time which is described in the EU Bail-In Legislation Schedule. 

Detroit_11146876_5

‘EEA Financial Institution’ means (a) any credit institution or investment firm established in any EEA Member Country which is subject to the supervision of an EEA Resolution Authority, (b) any entity established in an EEA Member Country which is a parent of an institution described in clause (a) of this definition, or (c) any financial institution established in an EEA Member Country which is a subsidiary of an institution described in clauses (a) or (b) of this definition and is subject to consolidated supervision with its parent.
‘EEA Member Country’ means any of the member states of the European Union, Iceland, Liechtenstein, and Norway.
‘EEA Resolution Authority’ means any public administrative authority or any person entrusted with public administrative authority of any EEA Member Country (including any delegee) having responsibility for the resolution of any EEA Financial Institution. 
‘EU Bail-In Legislation Schedule’ means the EU Bail-In Legislation Schedule published by the Loan Market Association (or any successor person), as in effect from time to time. 
‘Write-Down and Conversion Powers’ means, with respect to any EEA Resolution Authority, the write-down and conversion powers of such EEA Resolution Authority from time to time under the Bail-In Legislation for the applicable EEA Member Country, which writedown and conversion powers are described in the EU Bail-In Legislation Schedule.”

		
	(c)
	By amending the definition of “Defaulting Bank” to delete the word “or” appearing before sub clause (d)(ii) thereof and to insert the following at the end of such sub clause immediately before the proviso following such sub clause: “or (iii) become the subject of a Bail-In Action”. 

		
	(d)
	By amending the definition of “LIBOR Rate” to delete the references in clauses (a) and (b) thereof to “(Detroit Michigan time)” and to insert in their place “(London, England time).”

		
	(e)
	By deleting the defined term “Clean-up Call” in its entirety.

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	(f)
	By deleting the reference in the definition of “Permitted Securitization” to “Cleanup Call” and replacing it with “clean up call”.

2.    Section 8 of the Credit Agreement is amended to amend and restate Section 8.8(j)(y) to read in its entirety as follows:
“(y)    amounts funded to pay off any Permitted Securitization (excluding amounts funded for repurchases or replacements of the type referred to in clause (w) of this Section 8.8(j)) provided that, at the time such amounts are funded (both immediately before and after giving effect thereto) no Default or Event of Default has occurred and is continuing.”
3.    Section 8.13 of the Credit Agreement is amended by replacing the reference therein to “Cleanup Calls” with “cleanup calls”.
4.    Section 13 of the Credit Agreement is amended by inserting the following new Section 13.27 after existing Section 13.26:
“13.27    Acknowledgment and Consent to Bail-In of EEA Financial Institutions. Notwithstanding anything to the contrary in any Loan Document or in any other agreement, arrangement or understanding among any such parties, each party hereto acknowledges that any liability of any EEA Financial Institution arising under any Loan Document, to the extent such liability is unsecured, may be subject to the write down and conversion powers of an EEA Resolution Authority and agrees and consents to, and acknowledges and agrees to be bound by:
(a)    the application of any Write-Down and Conversion Powers by an EEA Resolution Authority to any such liabilities arising hereunder which may be payable to it by any party hereto that is an EEA Financial Institution; and
(b)    the effects of any Bail-In Action on any such liability, including, if applicable: 
(i)    a reduction in full or in part or cancellation of any such liability;
(ii)    a conversion of all, or a portion of, such liability into shares or other instruments of ownership in such EEA Financial Institution, its parent undertaking, or a bridge institution that may be issued to it or otherwise conferred on it, and that such shares or other instruments of ownership will be accepted by it in lieu of any rights with respect to any such liability under this Agreement or any other Loan Document; or 

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(iii)    the variation of the terms of such liability in connection with the exercise of the write-down and conversion powers of any EEA Resolution Authority.”
5.    Face Page. The face page of the Credit Agreement is hereby amended and restated by deleting such face page and inserting the replacement face page attached hereto as Attachment1 in its place.
6.    This Second Amendment shall become effective (the “Effective Date”) according to the terms and as of the date hereof, upon satisfaction of the following conditions:
		
	(a)
	receipt by the Agent of .pdf copies (followed by prompt delivery of original signatures) of counterpart originals of:

		
	(i)
	this Second Amendment, duly executed and delivered by the Company and the requisite Banks;

		
	(ii)
	a Reaffirmation of Loan Documents duly executed and delivered by the Company and each of the Guarantors;

		
	(iii)
	a certificate from the secretary (or other authorized officer) of Company and each Guarantor certifying: (A) as to the adoption of  authorizing resolutions in connection with this Second Amendment and the Loan Documents and attaching true and correct copies thereof, (B) that no consents or authorizations of any third parties are required in connection therewith, and (C) that either there have been no changes to the organizational documents of such party previously delivered to Agent or that true and accurate copies of organizational documents are being provided to Agent with such certificate, and

		
	(b)
	Company shall have paid to Agent and the Banks all interest, fees and other amounts, if any, due and owing to the Agent and the Banks as of the Effective Date, including without limitation payment of the fees for the account of the Banks and the Agent in accordance with the terms of that certain Fee Letter dated May 9, 2016.

Agent shall give notice to Company and the Banks of the occurrence of the effectiveness of this Second Amendment.
7.    Company hereby certifies that (a) all necessary actions have been taken by the Company to authorize execution and delivery of this Second Amendment and (b) after giving effect to this Second Amendment, no Default or Event of Default has occurred and is continuing on the Effective Date.
8.    The Company ratifies and confirms, as of the date hereof and after giving effect to the amendments contained herein, each of the representations and warranties set forth in Sections 

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6.1 through 6.19, inclusive, of the Credit Agreement and acknowledges that such representations and warranties are and shall remain continuing representations and warranties during the entire life of the Credit Agreement.
9.    Except as specifically set forth above, this Second Amendment shall not be deemed to amend or alter in any respect the terms and conditions of the Credit Agreement, any of the Notes issued thereunder or any of the other Loan Documents, or to constitute a waiver by the Banks or Agent of any right or remedy under or a consent to any transaction not meeting the terms and conditions of the Credit Agreement, any of the Notes issued thereunder or any of the other Loan Documents.
10.    Unless otherwise defined to the contrary herein, all capitalized terms used in this Second Amendment shall have the meaning set forth in the Credit Agreement.
11.    This Second Amendment may be executed in counterparts in accordance with Section 13.10 of the Credit Agreement.
12.    This Second Amendment shall be construed in accordance with and governed by the laws of the State of Michigan.
[Signatures Follow on Succeeding Pages]

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WITNESS the due execution hereof as of the day and year first above written.
COMERICA BANK, as Administrative Agent, Joint Bookrunner, Joint Lead Arranger, and Collateral Agent, and a Bank

By:      /s/ Paul G. Russo            
Name:  Paul G. Russo
Title:  Vice President

Signature Page to CAC Second Amendment
(11146876)

CREDIT ACCEPTANCE CORPORATION

By:  /s/ Douglas W. Busk            
Name:  Douglas W. Busk
Title:  Treasurer

Signature Page to CAC Second Amendment
(11146876)
    

BANKS:

BANK OF AMERICA, N.A., as Documentation Agent, and a Bank

By:  /s/ Michael Miller            
Name:  Michael Miller            
Title:  Vice President                

Signature Page to CAC Second Amendment
(11146876)
    

BANK OF MONTREAL, as Joint Bookrunner, Joint Lead Arranger and a Bank

By:  /s/ Catherine Blaesing            
Name:  Catherine Blaesing            
Title:  Director                    

Signature Page to CAC Second Amendment
(11146876)
    

FIFTH THIRD BANK, an Ohio banking corporation, successor by merger with FIFTH THIRD BANK, a Michigan banking corporation, as Joint Bookrunner and Joint Lead Arranger and a Bank

By:  /s/ Jessica Pfeifer                
Name:  Jessica Pfeifer                
Title:  Vice President                

Signature Page to CAC Second Amendment
(11146876)
    

CITIZENS BANK, N.A., as Co-Syndication Agent and a Bank

By:  /s/ Michael S. Farley            
Name:  Michael S. Farley            
Title:      Senior Vice President            

Signature Page to CAC Second Amendment
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JPMORGAN CHASE BANK, N.A.

By:  /s/ Andrew G. Stollfuss            
Name:  Andrew G. Stollfuss            
Title:  Executive Director            

Signature Page to CAC Second Amendment
(11146876)
    

THE HUNTINGTON NATIONAL BANK

By:  /s/ Tara Donovan             
Name:  Tara Donovan                
Title:  Vice President                

Signature Page to CAC Second Amendment
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ISRAEL DISCOUNT BANK OF NEW YORK

By:  /s/ Robert Abraham            
Name:  Robert Abraham            
Title:  First Vice President            

By:  /s/ Richard Miller            
Name:  Richard Miller            
Title:  Senior Vice President            

Signature Page to CAC Second Amendment
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FLAGSTAR BANK, FSB as Co-Syndication Agent

By:  /s/ Kelly M. Hamrick            
Name:  Kelly M. Hamrick            
Title:  First Vice President            

Signature Page to CAC Second Amendment
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FIRSTMERIT BANK, N.A.

By:  /s/ Kevin Mohl                
Name:  Kevin Mohl                
Title:  Vice President                

Signature Page to CAC Second Amendment
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Attachment 1

EXECUTION VERSION

                                                    

SIXTH AMENDED AND RESTATED
CREDIT ACCEPTANCE CORPORATION
CREDIT AGREEMENT
DATED AS OF JUNE 23, 2014
COMERICA BANK, AS JOINT BOOKRUNNER, JOINT LEAD ARRANGER, ADMINISTRATIVE AGENT AND COLLATERAL AGENT
BANK OF AMERICA, N.A. AS DOCUMENTATION AGENT
 
CITIZENS BANK, N.A.  AND FLAGSTAR BANK, FSB
AS CO-SYNDICATION AGENTS

AND 

FIFTH THIRD BANK AND 
BANK OF MONTREAL, AS JOINT BOOKRUNNERS AND JOINT LEAD ARRANGERS
                                                    

Detroit_11146876_5

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