Document:

cacc_103113ia.htm

  

  

  

Exhibit 4.100

 

Execution Copy

AMENDED AND RESTATED INTERCREDITOR AGREEMENT

 

 

This Amended and Restated Intercreditor Agreement (this “Agreement”), dated October 31, 2013, is among Credit Acceptance Corporation (“CAC”), CAC Warehouse Funding Corporation II (“Warehouse Funding II”), CAC Warehouse Funding III, LLC (“Warehouse Funding III”), CAC Warehouse Funding LLC IV (“Warehouse Funding IV”),  Credit Acceptance Funding LLC 2013-2 ("Funding 2013-2"), Credit Acceptance Funding LLC 2013-1 (“Funding 2013-1”), Credit Acceptance Funding LLC 2012-2 (“Funding 2012-2”), Credit Acceptance Funding LLC 2012-1 (“Funding 2012-1”), Credit Acceptance Funding LLC 2011-1 (“Funding 2011-1”), Credit Acceptance Auto Loan Trust 2013-2 (the "2013-2 Trust"), Credit Acceptance Auto Loan Trust 2013-1 (the “2013-1 Trust”), Credit Acceptance Auto Loan Trust 2012-2 (the “2012-2 Trust”), Credit Acceptance Auto Loan Trust 2012-1 (the “2012-1 Trust”), Credit Acceptance Auto Loan Trust 2011-1 (the “2011-1 Trust”), Wells Fargo Bank, National Association, as collateral agent under the Wells Fargo Warehouse Securitization Documents (“Wells Fargo”), Fifth Third Bank, as agent under the Fifth Third Securitization Documents (“Fifth Third”), Wells Fargo Bank, National Association as indenture trustee and trust collateral agent under the 2013-2 Securitization Documents (in either such capacity, the "2013-2 Trustee", as the context requires), Wells Fargo Bank, National Association, as indenture trustee and trust collateral agent under the 2013-1 Securitization Documents (in either such capacity, the “2013-1 Trustee”, as the context requires), the 2012-2 Securitization Documents (in either such capacity, the “2012-2 Trustee”, as the context requires), Wells Fargo Bank, National Association, as indenture trustee and trust collateral agent under the 2012-1 Securitization Documents (in either such capacity, the “2012-1 Trustee”, as the context requires), Wells Fargo Bank, National Association, as indenture trustee and trust collateral agent under the 2011-1 Securitization Documents (in either such capacity, the “2011-1 Trustee”, as the context requires), Bank of Montreal, as collateral agent under the BMO Warehouse Securitization Documents (“BMO”), Comerica Bank, as agent under the CAC Credit Facility Documents (“Comerica”), and each other creditor who becomes a party hereto after the date hereof.

 

 

Capitalized terms used but not otherwise defined herein shall have the meaning set forth in Appendix A attached hereto and made part of this Agreement.

 

 

Background

 

 

A.  Pursuant to the terms of the various Dealer Agreements between CAC and the Dealers, Collections from a particular Pool are first used to pay certain collection costs, CAC’s servicing fee and to pay back the Pool’s Advance balance.  After the Advance balance under such Pool has been reduced to zero, the Dealer to whom the Pool relates has a contractual right under the related Dealer Agreement to receive a portion of any further Collections with respect to the Pool (such portion of further Collections otherwise payable to the Dealer is referred to herein as “Back-end Dealer Payments”), subject to CAC’s right of offset as described in paragraph I below.

 

  

  

  

 

B.  CAC has granted a security interest in CAC’s rights with respect to its Pools (to the extent not released) and related assets generally under the CAC Credit Facility Documents to Comerica, as collateral agent for the banks which are parties thereto.

 

 

C.  CAC, Wells Fargo and certain other parties entered into a transaction as set forth in the Wells Fargo Warehouse Securitization Documents (the “Wells Fargo Warehouse Securitization”) pursuant to which the security interest with respect to certain specifically identified Pools, Purchased Loans and related assets was (and during the revolving period under the Wells Fargo Warehouse Securitization Documents will be) released by Comerica, CAC contributed (and will contribute) such Pools, Purchased Loans and related assets to its wholly-owned subsidiary, Warehouse Funding II, and Warehouse Funding II granted Wells Fargo, in its capacity as collateral agent, a security interest in Warehouse Funding II’s rights to such Pools, Purchased Loans and related assets (such Pools, Purchased Loans and related assets are referred to herein as the “Wells Fargo Warehouse Loans”).

 

 

D.  CAC, Fifth Third and certain other parties entered into a transaction as set forth in the Fifth Third Securitization Documents (the “Fifth Third Securitization”) pursuant to which the security interest with respect to certain specifically identified Pools, Purchased Loans and related assets was (and during the revolving period under the Fifth Third Securitization Documents will be) released by Comerica, CAC contributed (and will contribute) such Pools, Purchased Loans and related assets to its wholly-owned subsidiary, Warehouse Funding III, and Warehouse Funding III granted Fifth Third, in its capacity as collateral agent, a security interest in Warehouse Funding III’s rights to such Pools, Purchased Loans and related assets (such Pools, Purchased Loans and related assets are referred to herein as the “Fifth Third Loans”).

 

 

E.  CAC, BMO and certain other parties entered into a transaction as set forth in the BMO Warehouse Securitization Documents (the “BMO Warehouse Securitization”) pursuant to which the security interest with respect to certain specifically identified Pools, Purchased Loans and related assets was (and during the revolving period under the BMO Warehouse Securitization Documents will be) released by Comerica, CAC transferred (and will transfer) such Pools, Purchased Loans and related assets to its wholly-owned subsidiary, Warehouse Funding IV, and Warehouse Funding IV granted BMO, in its capacity as collateral agent, a security interest in Warehouse Funding IV’s rights to such Pools, Purchased Loans and related assets (such Pools, Purchased Loans and related assets are referred to herein as the “BMO Warehouse Loans”).

 

 

F.  CAC and the 2011-1 Trustee entered into a transaction as set forth in the 2011-1 Securitization Documents (the “2011-1 Securitization”) pursuant to which the security interest with respect to certain specifically identified Pools, Purchased Loans and related assets was (and during the revolving period under the 2011-1 Securitization Documents will be) released by Comerica, CAC sold and contributed such Pools, Purchased Loans and related assets to its wholly-owned subsidiary, Funding 2011-1, which subsequently sold such Pools, Purchased Loans and related assets to the 2011-1 Trust, a trust the depositor of which is Funding 2011-1, and the 2011-1 Trust granted the 2011-1 Trustee a security interest in its right, title and interest in and to such Pools and related assets (such Pools, Purchased Loans and related assets are referred to herein as the “2011-1 Loans”).

 

  

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G.  CAC and the 2012-1 Trustee entered into a transaction as set forth in the 2012-1 Securitization Documents (the “2012-1 Securitization”) pursuant to which the security interest with respect to certain specifically identified Pools, Purchased Loans and related assets was (and during the revolving period under the 2012-1 Securitization Documents will be) released by Comerica, CAC sold and contributed such Pools, Purchased Loans and related assets to its wholly-owned subsidiary, Funding 2012-1, which subsequently sold such Pools, Purchased Loans and related assets to the 2012-1 Trust, a trust the depositor of which is Funding 2012-1, and the 2012-1 Trust granted the 2012-1 Trustee a security interest in its right, title and interest in and to such Pools and related assets (such Pools, Purchased Loans and related assets are referred to herein as the “2012-1 Loans”).

 

 

H.  CAC and the 2012-2 Trustee entered into a transaction as set forth in the 2012-2 Securitization Documents (the “2012-2 Securitization”) pursuant to which the security interest with respect to certain specifically identified Pools, Purchased Loans and related assets was (and during the revolving period under the 2012-2 Securitization Documents will be) released by Comerica, CAC sold and contributed such Pools, Purchased Loans and related assets to its wholly-owned subsidiary, Funding 2012-2, which subsequently sold such Pools, Purchased Loans and related assets to the 2012-2 Trust, a trust the depositor of which is Funding 2012-2, and the 2012-2 Trust granted the 2012-2 Trustee a security interest in its right, title and interest in and to such Pools and related assets (such Pools, Purchased Loans and related assets are referred to herein as the “2012-2 Loans”).

 

 

I.  CAC and the 2013-1 Trustee entered into a transaction as set forth in the 2013-1 Securitization Documents (the “2013-1 Securitization”) pursuant to which the security interest with respect to certain specifically identified Pools, Purchased Loans and related assets was (and during the revolving period under the 2013-1 Securitization Documents will be) released by Comerica, CAC sold and contributed such Pools, Purchased Loans and related assets to its wholly-owned subsidiary, Funding 2013-1, which subsequently sold such Pools, Purchased Loans and related assets to the 2013-1 Trust, a trust the depositor of which is Funding 2013-1, and the 2013-1 Trust granted the 2013-1 Trustee a security interest in its right, title and interest in and to such Pools and related assets (such Pools, Purchased Loans and related assets are referred to herein as the “2013-1 Loans”).

 

 

J.  CAC and the 2013-2 Trustee are entering into a transaction as set forth in the 2013-2 Securitization Documents (the “2013-2 Securitization”) pursuant to which the security interest with respect to certain specifically identified Pools, Purchased Loans and related assets is being (and during the revolving period under the 2013-2 Securitization Documents will be) released by Comerica, CAC is transferring (and will transfer) such Pools, Purchased Loans and related assets to its wholly-owned subsidiary, Funding 2013-2, which is subsequently transferring such Pools, Purchased Loans and related assets to the 2013-2 Trust, a trust the depositor of which is Funding 2013-2, and the 2013-2 Trust is granting the 2013-2 Trustee a security interest in its right, title and interest in and to such Pools and related assets (such Pools, Purchased Loans and related assets are referred to herein as the “2013-2 Loans”).

 

  

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K.  Comerica retains a security interest in Pools, Purchased Loans and related assets which (i) have not been (and will not be) released, and a security interest encumbering such Pools, Purchased Loans and related assets has not been (and will not be) granted to Wells Fargo pursuant to the Wells Fargo Warehouse Securitization, (ii) have not been (and will not be) released, and a security interest encumbering such Pools, Purchased Loans and related assets has not been (and will not be) granted to Fifth Third pursuant to the Fifth Third Securitization, (iii) have not been (and will not be) released, and a security interest encumbering such Pools, Purchased Loans and related assets has not been (and will not be) granted to BMO pursuant to the BMO Warehouse Securitization, (iv) have not been (and will not be) released, and a security interest encumbering such Pools, Purchased Loans and related assets has not been (and will not be) granted to the 2011-1 Trustee pursuant to the 2011-1 Securitization, (v) have not been (and will not be) released, and a security interest encumbering such Pools, Purchased Loans and related assets has not been (and will not be) granted to the 2012-1 Trustee pursuant to the 2012-1 Securitization, (vi) have not been (and will not be) released, and a security interest encumbering such Pools, Purchased Loans and related assets has not been (and will not be) granted to the 2012-2 Trustee pursuant to the 2012-2 Securitization, (vii) have not been (and will not be) released, and a security interest encumbering such Pools, Purchased Loans and related assets has not been (and will not be) granted to the 2013-1 Trustee pursuant to the 2013-1 Securitization and (viii) have not been (and will not be) released, and a security interest encumbering such Pools, Purchased Loans and related assets is not being granted to the 2013-2 Trustee pursuant to the 2013-2 Securitization (such unreleased Pools, Purchased Loans and related assets are referred to herein as the “Comerica Loans”).

 

 

L.  The Dealer Agreements permit CAC and its assignees, under certain circumstances, to set off any Collections received with respect to any Pool of a Dealer against Advances under other Pools of that Dealer or Purchased Loans from the Dealer and such set off rights are authorized and permitted under the CAC Credit Facility Documents, the Wells Fargo Warehouse Securitization Documents, the Fifth Third Securitization Documents, the BMO Warehouse Securitization Documents, the 2013-2 Securitization Documents, the 2013-1 Securitization Documents, the 2012-2 Securitization Documents, the 2012-1 Securitization Documents and the 2011-1 Securitization Documents.

 

 

M.  The parties hereto acknowledge that the rights of CAC or its assigns, pursuant to the Dealer Agreements, to set off Collections received with respect to a Pool, or Purchased Loans against the outstanding balance under any other Pool or Purchased Loans are not intended, and should not be permitted, to be used to prejudice the collateral position of any of the parties hereto, and therefore the exercise of such rights should be limited to Back-end Dealer Payments.  Funding 2013-2 directs the Owner Trustee of the 2013-2 Trust to enter into this Agreement, Funding 2013-1 directs the Owner Trustee of the 2013-1 Trust to enter into this Agreement, Funding 2012-2 directs the Owner Trustee of the 2012-2 Trust to enter into this Agreement, Funding 2012-1 directs the Owner Trustee of the 2012-1 Trust to enter into this Agreement and Funding 2011-1 directs the Owner Trustee of the 2011-1 Trust to enter into this Agreement.

 

  

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In consideration of the mutual premises and promises set forth herein and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties agree as follows:

 

 

Agreements

 

 

1. Confirmation.  Notwithstanding any statement or provision contained in the Financing Documents or otherwise to the contrary, and irrespective of the time, order or method of attachment or perfection of security interests granted pursuant to the Financing Documents, respectively, or the time or order of filing or recording of any financing statements, or other notices of security interests, liens or other interests granted pursuant to the Financing Documents, respectively, or the giving of or failure to give notice of the acquisition or expected acquisition of purchase money or other security interests, and irrespective of anything contained in any filing or agreement to which any Creditor may now or hereafter be a party and irrespective of the ordinary rules for determining priority under the Uniform Commercial Code or under any other law governing the relative priorities of secured creditors, subject, however, to the terms and conditions of this Agreement:

 

 

(a) Release by Wells Fargo.  Wells Fargo, as the collateral agent, (i) releases any and all rights in and to any Collections with respect to the Comerica Loans, the Fifth Third Loans, the BMO Loans, the 2013-2 Loans, the 2013-1 Loans, the 2012-2 Loans, the 2012-1 Loans, the 2011-1 Loans, or in any Back-end Dealer Payments; provided, that no release shall have been granted with respect to amounts collected under any Pools or Purchased Loans which are Back-end Dealer Payments that have been set off by CAC or by Comerica pursuant to the CAC Credit Facility Documents against amounts owing under the Wells Fargo Warehouse Loans and (ii) relinquishes all rights it has or may have to require CAC, individually or as servicer, any successor servicer or Warehouse Funding II to use Collections on its behalf contrary to clause (a)(i).  Wells Fargo, as collateral agent, agrees that the lien and security interest granted to it pursuant to the Wells Fargo Warehouse Securitization Documents does not and shall not attach to any Comerica Loans, Fifth Third Loans, BMO Loans, the 2013-2 Loans, the 2013-1 Loans, the 2012-2 Loans, the 2012-1 Loans, the 2011-1 Loans (or related Collections) or to any Back-end Dealer Payments and shall not assert any claim thereto.

 

 

(b) Release by Fifth Third.  Fifth Third, as the collateral agent, (i) releases any and all rights in and to any Collections with respect to the Comerica Loans, the Wells Fargo Warehouse Loans, the BMO Loans, the 2013-2 Loans, the 2013-1 Loans, the 2012-2 Loans, the 2012-1 Loans, the 2011-1 Loans, or in any Back-end Dealer Payments; provided, that no release shall have been granted with respect to amounts collected under any Pools or Purchased Loans which are Back-end Dealer Payments that have been set off by CAC or by Comerica pursuant to the CAC Credit Facility Documents against amounts owing under the Fifth Third Loans and (ii) relinquishes all rights it has or may have to require CAC, individually or as servicer, any successor servicer or Warehouse Funding III to use Collections on its behalf contrary to clause (b)(i).  Fifth Third, as collateral agent, agrees that the lien and security interest granted to it pursuant to the Fifth Third Securitization Documents does not and shall not attach to any Comerica Loans, Wells Fargo Warehouse Loans, BMO Loans, the 2013-2 Loans, the 2013-1 Loans, the 2012-2 Loans, the 2012-1 Loans, the 2011-1 Loans (or related Collections) or to any Back-end Dealer Payments and shall not assert any claim thereto.

 

  

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(c) Release by the 2011-1 Trustee.  The 2011-1 Trustee (i) releases any and all rights in and to any Collections with respect to the Comerica Loans, the Wells Fargo Warehouse Loans, the Fifth Third Loans, the BMO Loans, the 2013-2 Loans, the 2013-1 Loans, the 2012-2 Loans, the 2012-1 Loans, or in any Back-end Dealer Payments; provided, that no release shall have been granted with respect to amounts collected under any Pools or Purchased Loans which are Back-end Dealer Payments that have been set off by CAC or by Comerica pursuant to the CAC Credit Facility Documents against amounts owing under the 2011-1 Loans and (ii) relinquishes all rights it has or may have to require CAC, individually or as servicer, any successor servicer, Funding 2011-1 or the 2011-1 Trust to use Collections on its behalf contrary to clause (c)(i).  The 2011-1 Trust agrees that the lien and security interest granted to the 2011-1 Trustee pursuant to the 2011-1 Securitization Documents to which it is a party does not and shall not attach to any Comerica Loans, Wells Fargo Warehouse Loans, Fifth Third Loans, BMO Loans, the 2013-2 Loans, the 2013-1 Loans, the 2012-2 Loans, the 2012-1 Loans (or related Collections) or to any Back-end Dealer Payments and shall not assert any claim thereto.

 

 

(d) Release by the 2012-1 Trustee.  The 2012-1 Trustee (i) releases any and all rights in and to any Collections with respect to the Comerica Loans, the Wells Fargo Warehouse Loans, the Fifth Third Loans, the BMO Loans, the 2013-2 Loans, the 2013-1 Loans, the 2012-2 Loans, the 2011-1 Loans,  or in any Back-end Dealer Payments; provided, that no release shall have been granted with respect to amounts collected under any Pools or Purchased Loans which are Back-end Dealer Payments that have been set off by CAC or by Comerica pursuant to the CAC Credit Facility Documents against amounts owing under the 2012-1 Loans and (ii) relinquishes all rights it has or may have to require CAC, individually or as servicer, any successor servicer, Funding 2012-1 or the 2012-1 Trust to use Collections on its behalf contrary to clause (d)(i).  The 2012-1 Trust agrees that the lien and security interest granted to the 2012-1 Trustee pursuant to the 2012-1 Securitization Documents to which it is a party does not and shall not attach to any Comerica Loans, Wells Fargo Warehouse Loans, Fifth Third Loans, BMO Loans, the 2013-2 Loans, the 2013-1 Loans, the 2012-2 Loans, the 2011-1 Loans (or related Collections) or to any Back-end Dealer Payments and shall not assert any claim thereto.

 

 

(e) Release by the 2012-2 Trustee.  The 2012-2 Trustee (i) releases any and all rights in and to any Collections with respect to the Comerica Loans, the Wells Fargo Warehouse Loans, the Fifth Third Loans, the BMO Loans, the 2013-2 Loans, the 2013-1 Loans, the 2012-1 Loans, the 2011-1 Loans, or in any Back-end Dealer Payments; provided, that no release shall have been granted with respect to amounts collected under any Pools or Purchased Loans which are Back-end Dealer Payments that have been set off by CAC or by Comerica pursuant to the CAC Credit Facility Documents against amounts owing under the 2012-2 Loans and (ii) relinquishes all rights it has or may have to require CAC, individually or as servicer, any successor servicer, Funding 2012-2 or the 2012-2 Trust to use Collections on its behalf contrary to clause (e)(i).  The 2012-2 Trust agrees that the lien and security interest granted to the 2012-2 Trustee pursuant to the 2012-2 Securitization Documents to which it is a party does not and shall not attach to any Comerica Loans, Wells Fargo Warehouse Loans, Fifth Third Loans, BMO Loans, the 2013-2 Loans, the 2013-1 Loans, the 2012-1 Loans, the 2011-1 Loans (or related Collections) or to any Back-end Dealer Payments and shall not assert any claim thereto.

 

  

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(f) Release by the 2013-1 Trustee.  The 2013-1 Trustee (i) releases any and all rights in and to any Collections with respect to the Comerica Loans, the Wells Fargo Warehouse Loans, the Fifth Third Loans, the BMO Loans, the 2013-2 Loans, the 2012-2 Loans, the 2012-1 Loans, the 2011-1 Loans, or in any Back-end Dealer Payments; provided, that no release shall have been granted with respect to amounts collected under any Pools or Purchased Loans which are Back-end Dealer Payments that have been set off by CAC or by Comerica pursuant to the CAC Credit Facility Documents against amounts owing under the 2013-1 Loans and (ii) relinquishes all rights it has or may have to require CAC, individually or as servicer, any successor servicer, Funding 2013-1 or the 2013-1 Trust to use Collections on its behalf contrary to clause (f)(i).  The 2013-1 Trust agrees that the lien and security interest granted to the 2013-1 Trustee pursuant to the 2013-1 Securitization Documents to which it is a party does not and shall not attach to any Comerica Loans, Wells Fargo Warehouse Loans, Fifth Third Loans, BMO Loans, the 2013-2 Loans, the 2012-2 Loans, the 2012-1 Loans, the 2011-1 Loans (or related Collections) or to any Back-end Dealer Payments and shall not assert any claim thereto.

 

 

(g) Release by the 2013-2 Trustee.  The 2013-2 Trustee (i) releases any and all rights in and to any Collections with respect to the Comerica Loans, the Wells Fargo Warehouse Loans, the Fifth Third Loans, the BMO Loans, the 2013-1 Loans, the 2012-2 Loans, the 2012-1 Loans, the 2011-1 Loans,  or in any Back-end Dealer Payments; provided, that no release shall have been granted with respect to amounts collected under any Pools or Purchased Loans which are Back-end Dealer Payments that have been set off by CAC or by Comerica pursuant to the CAC Credit Facility Documents against amounts owing under the 2013-2 Loans and (ii) relinquishes all rights it has or may have to require CAC, individually or as servicer, any successor servicer, Funding 2013-2 or the 2013-2 Trust to use Collections on its behalf contrary to clause (g)(i).  The 2013-2 Trust agrees that the lien and security interest granted to the 2013-2 Trustee pursuant to the 2013-2 Securitization Documents to which it is a party does not and shall not attach to any Comerica Loans, Wells Fargo Warehouse Loans, Fifth Third Loans, BMO Loans, the 2013-1 Loans, the 2012-2 Loans, the 2012-1 Loans, the 2011-1 Loans (or related Collections) or to any Back-end Dealer Payments and shall not assert any claim thereto.

 

 

(h) Release by BMO.  BMO, as the collateral agent, (i) releases any and all rights in and to any Collections with respect to the Comerica Loans, the Wells Fargo Warehouse Loans, the Fifth Third Loans, the 2013-2 Loans, the 2013-1 Loans, the 2012-2 Loans, the 2012-1 Loans, the 2011-1 Loans, or in any Back-end Dealer Payments; provided, that no release shall have been granted with respect to amounts collected under any Pools or Purchased Loans which are Back-end Dealer Payments that have been set off by CAC or by Comerica pursuant to the CAC Credit Facility Documents against amounts owing under the BMO Loans and (ii) relinquishes all rights it has or may have to require CAC, individually or as servicer, any successor servicer or Warehouse Funding IV to use Collections on its behalf contrary to clause (h)(i).  BMO, as collateral agent, agrees that the lien and security interest granted to it pursuant to the BMO Warehouse Securitization Documents does not and shall not attach to any Comerica Loans, Wells Fargo Warehouse Loans, Fifth Third Loans, the 2013-2 Loans, the 2013-1 Loans, the 2012-2 Loans, the 2012-1 Loans, the 2011-1 Loans (or related Collections) or to any Back-end Dealer Payments and shall not assert any claim thereto.

 

  

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(i) Release by Comerica.  Comerica (i) releases any and all rights in and to any Collections with respect to the Wells Fargo Warehouse Loans, the Fifth Third Loans, the BMO Loans, the 2013-2 Loans, the 2013-1 Loans, the 2012-2 Loans, the 2012-1 Loans, the 2011-1 Loans, other than amounts collected under the Wells Fargo Warehouse Loans, the Fifth Third Loans, the BMO Loans, the 2013-2 Loans, the 2013-1 Loans, the 2012-2 Loans, the 2012-1 Loans or the 2011-1 Loans which are owed to Dealers as Back-end Dealer Payments and which are subject to set off by CAC pursuant to the related Dealer Agreement and which have not been set off by CAC or by Comerica pursuant to the CAC Credit Facility Documents against amounts owing under the Wells Fargo Warehouse Loans, the Fifth Third Loans, the BMO Loans, the 2013-2 Loans, the 2013-1 Loans, the 2012-2 Loans, the 2012-1 Loans and the 2011-1 Loans and (ii) relinquishes all rights it has or may have to require CAC, individually or as servicer, or any successor servicer to use Collections on its behalf contrary to clause (i)(i) above.  Except for Back-end Dealer Payments to the extent provided in clause (i)(i) above, Comerica agrees that the lien and security interest granted to it pursuant to the CAC Credit Facility Documents does not and shall not attach to any Wells Fargo Warehouse Loans, Fifth Third Loans, the BMO Loans, the 2013-2 Loans, the 2013-1 Loans, the 2012-2 Loans, the 2012-1 Loans or the 2011-1 Loans and shall not assert any claim against the Wells Fargo Warehouse Loans, the Fifth Third Loans, the BMO Loans, the 2013-2 Loans, the 2013-1 Loans, the 2012-2 Loans, the 2012-1 Loans or the 2011-1 Loans or Collections related thereto.

 

 

2. Covenant of the CAC Entities.

 

 

(a) Each of the CAC Entities covenants that it shall not use any right it may have under the Dealer Agreements, Purchase Agreements, whether at the direction of Comerica, Wells Fargo, Fifth Third, BMO, the 2013-2 Trustee, the 2013-1 Trustee, the 2012-2 Trustee, the 2012-1 Trustee, the 2011-1 Trustee or otherwise, to set off any Collections, other than amounts which are owed to Dealers as Back-end Dealer Payments, from one Pool against amounts owed under another Pool encumbered in favor of another Creditor.

 

 

(b) Each of the CAC Entities covenants that it will require any other person or entity which hereafter acquires any security interest in the Pools, Dealer Agreements, Purchased Loans and related assets from a CAC Entity to become parties to this Agreement by executing an amendment or acknowledgment, in form and substance reasonably satisfactory to CAC and the Creditors, by which such persons or entities agree to be bound by the terms of this Agreement, and delivering such signed amendment or acknowledgement hereof to each of the CAC Entities and the Creditors; provided, however, that in the event the amount owed by the CAC Entities to any Creditor shall be reduced to zero and such Creditor shall have no obligation or agreement to make any further advances to any CAC Entity, such Creditor shall have no rights under this Section 2(b).

 

  

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3. Turnover of Proceeds.  The parties hereto agree that if, at any time, a Creditor (a “Receiving Creditor”) (x) receives any payment, distribution, security or the proceeds thereof to which another Creditor or Creditors shall, under the terms of Section 1 of this Agreement, be entitled (the “Wrong Payments”) and (y) the Receiving Creditor either (A) had actual knowledge, at the time of such receipt, that such payment, distribution or proceeds were wrongfully received by it or (B) another Creditor or Creditors shall have given written notice to the Receiving Creditor, prior to such receipt, of its good faith belief that such payments, distributions or proceeds are being misapplied, and such notice contains evidence reasonably satisfactory to the Receiving Creditor of such misapplication, then such Receiving Creditor shall receive and hold the same separately and in trust for the benefit of, and shall forthwith pay over and deliver the same to the relevant Creditor.  Without limiting the rights and remedies of the other Creditors, to the extent the Wrong Payments have been received and applied by the Receiving Creditor making the turnover of the same impossible, the Receiving Creditor agrees that such Wrong Payments shall be netted against future payments to which it is entitled under the relevant Financing Documents.  For purposes of the foregoing, (i) the actual knowledge of the 2013-2 Trustee shall be determined based on the actual knowledge of the 2013-2 Trustee’s Responsible Officers (as defined in the 2013-2 Indenture), it being understood that each such Responsible Officer shall have no duty to make any inquiry regarding the propriety of any payment, distribution or proceeds, (ii) the actual knowledge of the 2013-1 Trustee shall be determined based on the actual knowledge of the 2013-1 Trustee’s Responsible Officers (as defined in the 2013-1 Indenture), it being understood that each such Responsible Officer shall have no duty to make any inquiry regarding the propriety of any payment, distribution or proceeds, (iii) the actual knowledge of the 2012-2 Trustee shall be determined based on the actual knowledge of the 2012-2 Trustee’s Responsible Officers (as defined in the 2012-2 Indenture), it being understood that each such Responsible Officer shall have no duty to make any inquiry regarding the propriety of any payment, distribution or proceeds, (iv) the actual knowledge of the 2012-1 Trustee shall be determined based on the actual knowledge of the 2012-1 Trustee’s Responsible Officers (as defined in the 2012-1 Indenture), it being understood that each such Responsible Officer shall have no duty to make any inquiry regarding the propriety of any payment, distribution or proceeds and (v) the actual knowledge of the 2011-1 Trustee shall be determined based on the actual knowledge of the 2011-1 Trustee’s Responsible Officers (as defined in the 2011-1 Indenture), it being understood that each such Responsible Officer shall have no duty to make any inquiry regarding the propriety of any payment, distribution or proceeds.

 

 

4. Further Assurances.  Each Creditor and CAC Entity agrees that it shall be bound by all of the provisions of this Agreement.  Without limiting any other provision hereof, each of the Creditors and CAC Entities agrees that it will promptly execute such instruments, notices or other documents as may be reasonably requested in writing by any party hereto for the purpose of confirming the provisions of this Agreement or better effectuating the intent hereof.  CAC will reimburse each Creditor for all reasonable expenses incurred by such Creditor pursuant to this Section 4.

 

 

5. Governing Law.  This Agreement shall be governed by and construed in accordance with the internal laws of the State of New York.  Each of the parties hereto agrees to the non-exclusive jurisdiction of any federal court located within the State of New York.  Each of the parties hereto hereby waives any objection based on forum non conveniens and any objection to venue of any action instituted hereunder in any of the aforementioned courts, and consents to the granting of such legal or equitable relief as is deemed appropriate by such court.

 

 

6. Counterparts.  This Agreement may be executed in two or more counterparts including facsimile transmission thereof (and by different parties on separate counterparts), each of which shall be an original, but all of which together shall constitute one of the same instrument.

 

  

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

 

 

8. No Proceedings.  Each of the parties hereto hereby agrees that it will not institute against, or join any other person in instituting against Warehouse Funding II, Warehouse Funding III, Warehouse Funding IV, Funding 2013-2, the 2013-2 Trust, Funding 2013-1, the 2013-1 Trust, Funding 2012-2, the 2012-2 Trust, Funding 2012-1, the 2012-1 Trust, Funding 2011-1 or the 2011-1 Trust, any bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings, or other proceedings under any federal or state bankruptcy or similar law so long as there shall not have elapsed one year and one day after there are no remaining amounts owed to any of the Creditors by any of the CAC Entities pursuant to the Wells Fargo Warehouse Securitization Documents, the Fifth Third Securitization Documents, the BMO Warehouse Securitization Documents, the 2013-2 Securitization Documents, the 2013-1 Securitization Documents, the 2012-2 Securitization Documents, the 2012-1 Securitization Documents and the 2011-1 Securitization Documents.

 

 

9. Amendment.  This Agreement and the rights and obligations of the parties hereunder may not be changed orally, but only by an instrument in writing executed by all of the parties hereto; provided further that if the amount owed by the CAC Entities to any Creditor shall be reduced to zero and such Creditor shall have no obligation or agreement to make any further advances to any CAC Entity, this Agreement may be amended by the other parties hereto without the consent of such Creditor.

 

 

10. No Third Party Beneficiaries.  This Agreement is not intended to confer upon any person other than the parties hereto any rights or remedies hereunder.

 

 

11. Successors and Assigns.  This Agreement shall be binding upon and inure to the benefit of each of the parties hereto and their respective successors and assigns, including any successor or assignor to the 2013-2 Trustee under the 2013-2 Securitization Documents, any successor or assignor to the 2013-1 Trustee under the 2013-1 Securitization Documents, any successor or assignor to the 2012-2 Trustee under the 2012-2 Securitization Documents, any successor or assignor to the 2012-1 Trustee under the 2012-1 Securitization Documents and any successor or assignor to the 2011-1 Trustee under the 2011-1 Securitization Documents.

 

 

12. Notices.  Except as otherwise provided herein, all notices or demand hereunder to the parties hereto shall be sufficient if made in writing, and either: (i) sent via certified or registered mail (or the equivalent thereof), postage prepaid, (ii) delivered by messenger or overnight courier, or (iii) transmitted via facsimile with a confirmation of the receipt thereof.  Notice shall be deemed to be given for purposes of this Agreement on the day of receipt.  Unless otherwise specified in a notice sent or delivered in accordance with the foregoing provisions of this Section, notices, demands and other communications in writing shall be given to or made upon the respective parties hereto: (a) in the case of any of the CAC Entities, to Silver Triangle Building, 25505 West Twelve Mile Road, Southfield, Michigan 48034-8339, Attention: Douglas W. Busk, telephone: (248) 353-2700 (ext. 4432), facsimile: (866) 743-2704; (b) in the case of Fifth Third, to 38 Fountain Square Plaza, MD 109046, Cincinnati, Ohio 45263, Attention: Brian Gardner: telephone: (513) 534-7949, facsimile: (513) 534-0319; (c) in the case of BMO, to Bank of Montreal, 115 South LaSalle Street, 20th Floor West, Chicago, Illinois  60603, Attention: Karen Louie, Facsimile No.: (312) 293-4948, Confirmation No.: (312) 293-4410; (d) in the case of the 2013-1 Trustee, the 2012-2 Trustee, the 2012-1 Trustee and the 2011-1 Trustee, to MAC N9311-161, Sixth Street and Marquette Avenue, Minneapolis, Minnesota 55479 Attention: Corporate Trust Services – Asset-Backed Administration, telephone: (612) 667-8058, facsimile: (612) 667-3464; and (e) in the case of Comerica, to One Detroit Center, 500 Woodward Avenue, Detroit, Michigan 48226, Attention: Anthony E. Lemelin, telephone: (313) 222-9224, facsimile: (313) 222-3716.

 

  

10

  

 

13. Termination.  Each party’s rights and obligations under this agreement shall terminate at the time all amounts due to or owed by such party have been paid in full and such party’s applicable Financing Documents have been terminated so long as each party whose rights and obligations are subject to termination pursuant to this Section 13 (i) has no actual knowledge or written notice of payments, distributions, security or the proceeds thereof to which another Creditor or Creditors is entitled, as provided in Section 3 hereof, and (ii) has not received a written notice from Comerica under the CAC Credit Facility Documents that there is a “Default” or an “Event of Default” (as such terms are defined therein) at the time of the termination of the applicable Financing Documents.

 

 

14. Integration; Termination of Prior Agreement.  This Agreement sets 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.  Without limiting the generality of the foregoing, this Agreement is intended to supersede the Prior Agreement in its entirety.  Each of Comerica, Wells Fargo, Fifth Third, the 2013-2 Trustee, the 2013-1 Trustee, the 2012-1 Trustee, the 2011-1 Trustee and the CAC Entities that were parties to the Prior Agreement further acknowledge and agree that, as among themselves, this Agreement supersedes the Prior Agreement with respect to their rights as against each other and that this Agreement shall govern their rights against each other and the other parties hereto.

 

 

[remainder of page intentionally left blank]

 

 

 

 

 

  

11

  

 

This Amended and Restated Intercreditor Agreement has been executed and delivered by the parties hereto as of the date first above written.

 

CREDIT ACCEPTANCE CORPORATION

 

/s/ Douglas W. Busk                                                                

By:    Douglas W. Busk

Title: Senior Vice President and Treasurer

 

 

 

 

CAC WAREHOUSE FUNDING CORPORATION II

 

/s/ Douglas W. Busk                                                                

By:    Douglas W. Busk

Title: Treasurer

 

 

 

 

CAC WAREHOUSE FUNDING III, LLC

 

/s/ Douglas W. Busk                                                                

By:    Douglas W. Busk

Title: Treasurer

 

 

 

 

CAC WAREHOUSE FUNDING LLC IV

 

/s/ Douglas W. Busk                                                                

By:    Douglas W. Busk

Title: Treasurer

 

 

 

[A&R Intercreditor Agreement]

  

  

  

 

CREDIT ACCEPTANCE FUNDING LLC 2013-2

 

/s/ Douglas W. Busk                                                                

By:    Douglas W. Busk

Title: Treasurer

 

 

 

 

CREDIT ACCEPTANCE FUNDING LLC 2013-1

 

/s/ Douglas W. Busk                                                                

By:    Douglas W. Busk

Title: Treasurer

 

 

 

 

CREDIT ACCEPTANCE FUNDING LLC 2012-2

 

/s/ Douglas W. Busk                                                                

By:    Douglas W. Busk

Title: Treasurer

 

 

 

 

CREDIT ACCEPTANCE FUNDING LLC 2012-1

 

/s/ Douglas W. Busk                                                                

By:    Douglas W. Busk

Title: Treasurer

 

 

 

 

CREDIT ACCEPTANCE FUNDING LLC 2011-1

 

/s/ Douglas W. Busk                                                                

By:    Douglas W. Busk

Title: Treasurer

 

 

 

 

 

[A&R Intercreditor Agreement]

  

  

  

CREDIT ACCEPTANCE AUTO

 

LOAN TRUST 2013-2

 

 

By: U.S. Bank Trust National Association,

Not In Its Individual Capacity But Solely

As Owner Trustee

 

/s/ Annette Morgan                                                      

By:    Annette Morgan

Title: Assistant Vice President

 

 

CREDIT ACCEPTANCE AUTO

 

LOAN TRUST 2013-1

 

 

By: U.S. Bank Trust National Association,

Not In Its Individual Capacity But Solely

As Owner Trustee

 

/s/ Annette Morgan                                                      

By:    Annette Morgan

Title: Assistant Vice President

 

 

CREDIT ACCEPTANCE AUTO

 

LOAN TRUST 2012-2

 

By: U.S. Bank Trust National Association,

Not In Its Individual Capacity But Solely

As Owner Trustee

 

/s/ Annette Morgan                                                      

By:    Annette Morgan

Title: Assistant Vice President

 

 

 

[A&R Intercreditor Agreement]

  

  

  

CREDIT ACCEPTANCE AUTO

 

LOAN TRUST 2012-1

 

 

By: U.S. Bank Trust National Association,

Not In Its Individual Capacity But Solely

As Owner Trustee

 

/s/ Annette Morgan                                                      

By:    Annette Morgan

Title: Assistant Vice President

 

 

 

CREDIT ACCEPTANCE AUTO

 

LOAN TRUST 2011-1

 

 

By: U.S. Bank Trust National Association,

Not In Its Individual Capacity But Solely

As Owner Trustee

 

/s/ Annette Morgan                                                      

By:    Annette Morgan

Title: Assistant Vice President

 

 

 

[A&R Intercreditor Agreement]

  

  

  

 

WELLS FARGO BANK, NATIONAL ASSOCIATION,

 

 

Not In Its Individual Capacity But Solely as the 2011-1 Trustee,

the 2012-1 Trustee, the 2012-2 Trustee, the 2013-1 Trustee,

the 2013-2 Trustee and Collateral Agent under the Wells Fargo

Warehouse Securitization Documents

 

 

 

/s/ Adam J. Holzemer                                                                

By:    Adam Holzemer

Title: Assistant Vice President

 

[A&R Intercreditor Agreement]

  

  

  

 

FIFTH THIRD BANK,

 

 

As Agent

 

 

 

/s/ Brian Gardner                                                      

By:    Brian Gardner

Title: Vice President

 

[A&R Intercreditor Agreement]

  

  

  

 

BANK OF MONTREAL

 

 

As Lender and Collateral Agent

 

 

 

/s/ Karen Louie                                                      

By:    Karen Louie

Title:  Director

 

[A&R Intercreditor Agreement]

  

  

  

 

COMERICA BANK,

 

 

As Agent

 

 

 

 

/s/ Paul G. Russo                                                      

By:    Paul G. Russo

Title: Vice President

 

 

 

[A&R Intercreditor Agreement]

  

  

  

 

APPENDIX A

 

 

DEFINITIONS

 

 

2011-1 Indenture: the Indenture to be dated on or about October 6, 2011, between the 2011-1 Trustee and the 2011-1 Trust, as amended from time to time.

 

 

2011-1 Securitization Documents: the Sale and Servicing Agreement to be dated on or about October 6, 2011, among the 2011-1 Trust, Funding 2011-1, CAC, the 2011-1 Trustee, and Wells Fargo Bank, National Association, as the Backup Servicer, the 2011-1 Indenture, and the documents related thereto, as amended from time to time.

 

 

2012-1 Indenture: the Indenture to be dated on or about March 29, 2012, between the 2012-1 Trustee and the 2012-1 Trust, as amended from time to time.

 

 

2012-1 Securitization Documents: the Sale and Servicing Agreement to be dated on or about March 29, 2012, among the 2012-1 Trust, Funding 2012-1, CAC, the 2012-1 Trustee, and Wells Fargo Bank, National Association, as the Backup Servicer, the 2012-1 Indenture, and the documents related thereto, as amended from time to time.

 

 

2012-2 Indenture: the Indenture to be dated on or about September 20, 2012, between the 2012-2 Trustee and the 2012-2 Trust, as amended from time to time.

 

 

2012-2 Securitization Documents: the Sale and Servicing Agreement to be dated on or about September 20, 2012, among the 2012-2 Trust, Funding 2012-2, CAC, the 2012-2 Trustee, and Wells Fargo Bank, National Association, as the Backup Servicer, the 2012-2 Indenture, and the documents related thereto, as amended from time to time.

 

 

2013-1 Indenture: the Indenture to be dated on or about April 25, 2013, between the 2013-1 Trustee and the 2013-1 Trust, as amended from time to time.

 

 

2013-1 Securitization Documents: the Sale and Servicing Agreement to be dated on or about April 25, 2013, among the 2013-1 Trust, Funding 2013-1, CAC, the 2013-1 Trustee, and Wells Fargo Bank, National Association, as the Backup Servicer, the 2013-1 Indenture, and the documents related thereto, as amended from time to time.

 

 

2013-2 Indenture: the Indenture to be dated on or about October 31, 2013, between the 2013-2 Trustee and the 2013-2 Trust, as amended from time to time.

 

 

2013-2 Securitization Documents: the Sale and Servicing Agreement to be dated on or about October 31, 2013, among the 2013-2 Trust, Funding 2013-2, CAC, the 2013-2 Trustee, and Wells Fargo Bank, National Association, as the Backup Servicer, the 2013-2 Indenture, and the documents related thereto, as amended from time to time.

 

 

Advance: Amounts advanced to a Dealer upon the acceptance of a Contract by CAC pursuant to a Dealer Agreement.

 

  

A-1

  

 

BMO Warehouse Securitization Documents: The Loan and Security Agreement dated as of August 19, 2011, among Warehouse Funding IV, CAC, BMO, and the other parties from time to time party thereto, and the documents related thereto, as amended from time to time.

 

 

CAC Credit Facility Documents: The Fifth Amended and Restated Credit Acceptance Corporation Credit Agreement, dated as of June 17, 2011, by and among the banks signatory thereto, Comerica and CAC, and the documents related thereto, as amended from time to time.

 

 

CAC Entities: Each of CAC, Warehouse Funding II, Warehouse Funding III, Warehouse Funding IV, Funding 2013-2, the 2013-2 Trustee, Funding 2013-1, the 2013-1 Trust, Funding 2012-2, the 2012-2 Trust, Funding 2012-1, the 2012-1 Trust, Funding 2011-1 and the 2011-1 Trust.

 

 

Collections: All money, amounts or other payments received or collected by CAC, individually or as servicer, or any successor servicer or any other CAC entity with respect to a contract in the form of cash, checks, wire transfers or other form of payment in accordance with the Contracts or the Dealer Agreements, including, without limitation, with respect to Pool amounts collected under any other Pool which are Back-End Dealer Payments that have been set off by CAC or by Comerica pursuant to the CAC Credit Facility Documents, against amounts owing under such Pool.

 

 

Contract: A retail installment contract for the sale of used motor vehicles assigned outright by Dealers to CAC or a subsidiary of CAC or written by Dealers in the name of CAC or a subsidiary of CAC (and funded by CAC or such subsidiary) or assigned by Dealers to CAC or a subsidiary of CAC, as nominee for the Dealer, for administration, servicing, and collection, in each case pursuant to an applicable Dealer Agreement.

 

 

Creditor: Each of Comerica, Wells Fargo, Fifth Third, BMO, the 2013-2 Trustee, the 2013-1 Trustee, the 2012-2 Trustee, the 2012-1 Trustee and the 2011-1 Trustee.

 

 

Dealer: A person engaged in the business of the retail sale or lease of new or used motor vehicles, including both businesses exclusively selling used motor vehicles and businesses principally selling new motor vehicles, but having a used vehicle department, including any such person which constitutes an affiliate of CAC.

 

 

Dealer Agreement: The sales and/or servicing agreements between CAC or its subsidiaries and a participating Dealer which sets forth the terms and conditions under which CAC or its subsidiaries (i) accepts, as nominee for such Dealer, the assignment of Contracts for purposes of administration, servicing and collection and under which CAC or its subsidiary may make advances to such Dealers and (ii) accepts outright assignments of Contracts from Dealers or funds Contracts originated by such Dealer in the name of CAC or any of its subsidiaries, in each case as such agreements may be in effect from time to time.

 

 

Financing Documents: The CAC Credit Facility Documents, the Wells Fargo Warehouse Securitization Documents, the Fifth Third Securitization Documents, the BMO Warehouse Securitization Documents, the 2013-2 Securitization Documents, the 2013-1 Securitization Documents, the 2012-2 Securitization Documents, the 2012-1 Securitization Documents and the 2011-1 Securitization Documents.

 

  

A-2

  

 

Fifth Third Securitization Documents: The Amended and Restated Loan and Security Agreement dated as of June 29, 2012 among Warehouse Funding III, CAC, Fifth Third, and the other parties from time to time party thereto, and the documents related thereto, as amended from time to time.

 

 

Pool: A grouping on the books and records of CAC or any of its subsidiaries of Advances or Contracts originated or to be originated with CAC or any of its subsidiaries by a Dealer and bearing the same pool identification number assigned by CAC’s computer system.

 

 

Prior Agreement: The Amended and Restated Intercreditor Agreement dated April 25, 2013, among CAC, Warehouse Funding II, Warehouse Funding III, Warehouse Funding IV, Funding 2013-1, Funding 2012-2, Funding 2012-1, Funding 2011-1, the 2013-1 Trust, the 2012-2 Trust, the 2012-1 Trust, the 2011-1 Trust, Wells Fargo, Fifth Third, the 2013-1 Trustee, the 2012-2 Trustee, the 2012-1 Trustee, the 2011-1 Trustee, BMO and Comerica.

 

 

Purchased Loan: A motor vehicle retail installment loan relating to the sale of a used automobile or light-duty truck originated by a Dealer, purchased by the Originator from such Dealer and evidenced by a Purchased Loan Contract.

 

 

Wells Fargo Warehouse Securitization Documents: The Fifth Amended and Restated Loan And Security Agreement dated as of December 27, 2012, as amended, among Warehouse Funding II, CAC, Variable Funding Capital Company LLC, Wells Fargo Securities, LLC, Wells Fargo Bank, National Association and the other parties from time to time party thereto, and the documents related thereto, as amended from time to time.

 

 

  

A-3Exhibit 10.6 - BSC Non-Employee Director Deferred Comp Plan

EXHIBIT 10.6

BOSTON SCIENTIFIC CORPORATION
NON-EMPLOYEE DIRECTOR
DEFERRED COMPENSATION PLAN

As Amended and Restated Effective January 1, 2014

BOSTON SCIENTIFIC CORPORATION
NON-EMPLOYEE DIRECTOR
DEFERRED COMPENSATION PLAN

As Amended and Restated Effective January 1, 2014

Table of Contents

Page
	
				
	ARTICLE 1
	Nature and Purpose of Plan
	1
	

	1.1
	Nature
	1
	

	1.2
	Purpose
	1
	

	ARTICLE 2
	Participation
	1
	

	2.1
	Commencement of Participation
	1
	

	2.2
	Duration of Participation
	1
	

	ARTICLE 3
	Elections and Accounts
	1
	

	3.1
	Deferral Election
	1
	

	3.2
	Deemed Elections
	2
	

	3.3
	Deferred Cash Account
	2
	

	3.4
	Deferred DSU Account
	2
	

	3.5
	Account Statements
	3
	

	ARTICLE 4
	Payment of Deferred Amounts
	3
	

	4.1
	Payment Events for Deferred Cash Accounts
	3
	

	4.2
	Form of Payment of Deferred Cash Accounts
	3
	

	4.3
	Payment of Deferred Cash Accounts
	4
	

	4.4
	Payment of Deferred DSU Accounts
	4
	

	4.5
	Designation of Beneficiary
	4
	

	4.6
	Delay For Specified Employees
	5
	

	4.7
	Change in Control
	5
	

	ARTICLE 5
	Nature of Claims for Benefit Payments
	5
	

	5.1
	Obligation of the Company
	5
	

	5.2
	Participants' Rights Unsecured
	5
	

	5.3
	Establishment of Grantor Trust
	5
	

	ARTICLE 6
	Administration
	6
	

	6.1
	Plan Administrator
	6
	

	
				
	6.2
	Powers of the Committee as Administrator
	6
	

	6.3
	Finality of Committee Determinations
	6
	

	6.4
	Claims Procedures
	6
	

	6.5
	Indemnification
	7
	

	6.6
	Right to Suspend Benefits and Correct Errors
	7
	

	6.7
	Incapacity
	7
	

	6.8
	Legal Holidays
	7
	

	ARTICLE 7
	Amendment or Termination of the Plan
	7
	

	ARTICLE 8
	Miscellaneous
	8
	

	8.1
	No Assignment or Alienation
	8
	

	8.2
	Limitation of Rights
	8
	

	8.3
	Receipt and Release
	8
	

	8.4
	No Effect on Future Service as a Director
	8
	

	8.5
	Severability
	8
	

	8.6
	Successor Company
	8
	

	8.7
	Headings and Subheadings
	8
	

	8.8
	Governing Law
	8
	

	ARTICLE 9
	Definitions and Rules of Construction
	8
	

	9.1
	Definitions
	9
	

	9.2
	Rules of Construction
	11
	

ARTICLE 1
Nature and Purpose of Plan
1.1    Nature.  This document is an amendment and complete restatement, effective January 1, 2014, of the Boston Scientific Corporation Non-Employee Director Deferred Compensation Plan.  Amounts deferred under the Plan prior to January 1, 2014 will be governed by the terms of the Plan as in effect immediately prior to the effective date of this restatement.  The Plan is intended to be a nonqualified deferred compensation plan within the meaning of Code section 409A, to be construed and administered in accordance with the Section 409A Standards.  
1.2    Purpose.  The purpose of the Plan is to provide deferred compensation for the Company’s non-employee directors by providing Eligible Directors with an opportunity to defer a portion of their Compensation.
ARTICLE 2
Participation
2.1    Commencement of Participation.  An Eligible Director will become a Participant by filing an election form in accordance with the provisions of Section 3.1.
2.2    Duration of Participation.  A Participant will remain a Participant until he or she has received all payments to which he or she is entitled under the terms of the Plan.
ARTICLE 3
Elections and Accounts
3.1    Deferral Election.  
(a)    Prior to the beginning of each Plan Year, each Eligible Director may elect in writing, in the manner and on the form prescribed by the Committee, to defer payment of all or a portion of the Eligible Director’s Compensation by making one or more of the following elections:    
(i)    An election to defer payment of all or a portion, in increments of 25%, of the Director's Cash Compensation and have that deferred amount credited to a Deferred Cash Account pursuant to Section 3.3; 
(ii)    An election to defer payment of all or a portion, in increments of 25%, of the Director’s Cash Compensation and have that deferred amount converted to Deferred DSUs and credited to a Deferred DSU Account pursuant to Section 3.4.
    

(iii)    An election to defer payment of all or a portion, in increments of 25%, of the Director’s Equity Compensation and have that portion credited, as Deferred DSUs, to a Deferred DSU Account pursuant to Section 3.4. 
A Participant's deferral election for a Plan Year will become irrevocable on the day preceding the first day of the Plan Year. 

(b)    If an individual becomes an Eligible Director after the beginning of a Plan Year and has not been eligible to participate in this Plan (or any other plan required to be aggregated with this Plan under the Section 409A Standards) at any time during the 24-month period ending on the date he or she becomes an Eligible Director, then, within thirty (30) days after the date the individual becomes an Eligible Director, he or she may make one or more of the elections described in Section 3.1(a) above with respect to Compensation for the Plan Year for services performed after the date the election is made, subject to any prorating that may be required under the Section 409A Standards. A deferral election made under this paragraph (b) will become irrevocable on the date the election is made.

3.2    Deemed Elections.  If a Participant fails to make a timely deferral election in accordance with Section 3.1 for a Plan Year, the Participant will be deemed to have made the following elections: 
(a)    The Participant will be deemed to have elected not to defer any portion of his Cash Compensation for the Plan Year. 
(b)    The Participant will be deemed to have elected not to defer any portion of his Equity Compensation for the Plan Year.  
3.3    Deferred Cash Account.  A Deferred Cash Account will be established for any Participant who makes an election described in Section 3.1(a)(i) for any Plan Year.  For each Plan Year for which a Participant makes an election described in Section 3.1(a)(i), the Participant’s Deferred Cash Account is credited with the amount of the Cash Compensation that the Participant elected to defer. A Participant’s Deferred Cash Account may be comprised of separate sub-accounts for each Plan Year with respect to which the Participant makes an election described in Section 3.1(a)(i), as necessary to keep accurate and complete records of when deferred amounts are to be distributed in accordance with the Participant’s deferral elections and Section 4.3.  For each day on which the New York Stock Exchange is open for business, the Committee’s designated record keeper will adjust each Participant’s Deferred Cash Account to reflect investment returns or losses of the Participant’s selected Measuring Investment(s).  In accordance with rules and procedures established by the Committee or its designee, the Committee’s designated record keeper will permit Participants to select the Measuring Investment(s) for specified portions of their respective Deferred Cash Accounts from among the available Measuring Investments.  If a Participant fails to designate any Measuring Investments, the Participant will be deemed to have selected the default Measuring Investment designated by the Committee or its designee.
3.4    Deferred DSU Account. A Deferred DSU Account will be established for any Participant who makes an election described in Section 3.1(a)(ii) or (a)(iii) for any Plan Year.  

For each Plan Year for which a Participant makes an election described in Section 3.1(a)(ii), the Participant’s Deferred DSU Account will be credited with Deferred DSUs equal to the quotient (rounded down to the next whole number) of (A) divided by (B), where (A) is the dollar value of the Cash Compensation that the Participant elected to defer, and (B) is the closing price per share of Company Stock on the date the Cash Compensation would have been paid to the Participant in the absence of the Participant making an election described in Section. 3.1(a)(ii).  For each Plan Year for which a Participant makes an election described in Section 3.1(a)(iii) with respect to a portion of his or her Equity Compensation (the “Deferred Portion”), the Participant’s Deferred DSU Account will be credited with a number of Deferred DSUs equal to the number of Deferred Stock Units that would have been granted to the Participant under the LTIP if the Participant had elected to receive the Deferred Portion in the form of Deferred Stock Units rather than as Deferred DSUs under the Plan. 
3.5    Account Records.  Participants will be able to access records of their Deferred Cash Account and Deferred DSU Account balances online or telephonically through the appropriate record keeper.  
ARTICLE 4
Payment of Deferred Amounts
4.1    Payment Events for Deferred Cash Accounts.   In each deferral election that a Participant makes as described in Section 3.1(a)(i), the Participant may elect a payment event from the following options: 
(a)    the Participant’s Separation From Service; or 
(b)    the earlier of (i) the Participant’s Separation From Service, or (ii) the calendar year irrevocably designated by the Participant in his or her deferral election described in Section 3.1(a)(i), which cannot be earlier than the second calendar year following the Plan Year to which the deferral election relates.  
If a Participant makes an election described in Section 3.1(a)(i) but fails to specify a payment event, the Participant will be deemed to have elected the payment event described in paragraph (a) above.  If the Participant elects (or is deemed to have elected) the payment event described in paragraph (a), then payment will be made (or commence) within 60 days following the Participant’s Separation From Service.  If the Participant elects the payment event described in paragraph (b), then payment will be made (or commence) in January of the year designated in the Participant’s election, unless the Participant’s Separation From Service occurs before the beginning of that designated year, in which case payment will be made (or commence) within 60 days following the Participant’s Separation From Service. 
4.2    Form of Payment of Deferred Cash Accounts.  In each deferral election that a Participant makes as described in Section 3.1(a)(i), the Participant may elect a form of payment from the following options:
(a)    a single lump sum payment; or 

(b)    annual installments over a period of two to five years, as specified by the Participant.
If a Participant makes an election described in Section 3.1(a)(i) but fails to specify a form of payment, the Participant will be deemed to have elected the form of payment described in paragraph (a) of this Section 4.2.  Under the form of payment described in paragraph (a) of this Section 4.2, the amount of lump sum will be equal to the amount credited to the Participant's Deferred Cash Account as of the date of the payment.  Under the payment option described in paragraph (b) of this Section 4.2, the amount of each installment will be equal to the amount credited to the Participant's Deferred Cash Account as of the date of the installment payment divided by the number of installment payments that have not yet been made. All payments from Deferred Cash Accounts under the Plan will be made in cash.
4.3    Payment of Deferred Cash Accounts.  Except as otherwise provided in this Section 4.3, payment of a Participant’s Deferred Cash Account will be made to the Participant in accordance with the Participant’s elections from the options available under Sections 4.1 and 4.2. Notwithstanding a Participant's election of the payment option described in Section 4.1(b), if the total value of the Participant's Accounts does not exceed the applicable dollar amount under Code section 402(g)(1)(B) at any time following the year in which the Participant's Separation From Service occurs, the Committee may pay out the amount credited to the Participant's Deferred Cash Account in a lump sum.  Any lump sum payment made pursuant to the preceding sentence will include the entire amount of the Participant's interest in the Plan and in any agreements, methods, programs, or other arrangements with respect to which deferrals of compensation are treated as having been deferred under a single nonqualified plan under Treasury Regulation §1.409A-1(c)(2).  In addition, if a Participant who elected the payment option described in Section 4.1(b) dies before all amounts due from the Participant’s Deferred Cash Account have been paid, then the unpaid balance credited to the Participant’s Deferred Cash Account will be paid in a lump sum to the Participant’s Beneficiary within 60 days following the Participant’s death.
4.4    Payment of Deferred DSU Accounts. Upon the Participant's Separation From Service for any reason, the total number of vested Deferred DSUs credited to the Participant's Deferred DSU Account will be settled in shares of Company Stock (with one share of Company Stock payable for each whole Deferred DSU) and distributed to the Participant within 60 days after the Participant's Separation From Service.  Any Deferred DSUs that are not vested as of the date of the Participant’s Separation From Service will be forfeited.  The extent to which Deferred DSUs are vested will be determined by the terms of the LTIP and any applicable award agreement.
4.5    Designation of Beneficiary. A Participant may designate a Beneficiary or Beneficiaries under the Plan to receive payment of the Participant's Accounts upon the Participant's death by submitting a completed Beneficiary designation to the Committee's designated record keeper, in the form and manner prescribed by the Committee or its designee, before the Participant's death.  If the Participant fails to designate a Beneficiary, or if no designated Beneficiary survives the Participant, the Participant's Beneficiary will be the Participant's estate.  

4.6    Delay For Specified Employees.  Because the Plan is only for Eligible Directors (those who are not employees of the Company), it is not expected that any Participants will be Specified Employees.  However, in the event that a Participant is a Specified Employee at the time of his Separation From Service, then notwithstanding any other provision of the Plan, unless the Participant’s Separation From Service is by reason of the Participant’s death, then any amount that becomes payable under the Plan due to the Participant’s Separation From Service will be paid on the first day that is six months after the date on which the Participant's Separation From Service occurs.
4.7    Change in Control Event. Notwithstanding any other Plan provision, if a Change in Control Event occurs, then: 

(a)    the unpaid balance of a Participant’s Deferred Cash Account will be paid in a single lump sum payment within 60 days following the date on which the Change in Control Event occurs; and
(b)    any unvested Deferred DSUs credited to the Participant's Deferred DSU Account will become vested, and all Deferred DSUs credited to the Participant’s Deferred DSU Account will be settled in shares of Company Stock (with one share of Company Stock payable for each whole Deferred DSU) and distributed to the Participant following the date on which the Change in Control Event occurs.

ARTICLE 5
Nature of Claims for Benefit Payments
5.1    Obligation of the Company.  The Company will establish on its books a liability with respect to its obligations for benefits payable under the Plan to Participants and their Beneficiaries.  
5.2    Participants' Rights Unsecured.  The Plan is unfunded.  The right of any Participant to receive payment of deferred amounts under the provisions of the Plan will be an unsecured claim against the general assets of the Company.  The maintenance of individual Participant Accounts is for bookkeeping purposes only.  The Company is not obligated to acquire, segregate, or set aside, in trust or otherwise, any assets of any kind for the discharge of its obligations under the Plan, nor will any Participant have any property rights in any particular assets held by the Company, whether or not held for the purpose of funding the Company's obligations under the Plan.
5.3    Establishment of Grantor Trust.  The Company is responsible for the payment of amounts owing to Participants and Beneficiaries under the Plan.  At the Company's sole discretion, the Company may establish one or more trusts of which the Company is the owner under Subpart E of Subchapter J, Chapter 1 of the Code (known as a grantor trust) and may deposit with the Trustee funds sufficient to pay amounts credited to Participants’ Deferred Cash Accounts under the Plan.  Whether or not any such trust is irrevocable, its assets will at all times 

be subject to the claims of the Company's general creditors in the event of insolvency or bankruptcy.  To the extent any benefits provided under the Plan are paid from a grantor trust, the Company will have no further obligation to pay Plan benefits.  Any Plan benefits not paid from the grantor trust(s) will remain the Company's obligation.
ARTICLE 6
Administration
6.1    Plan Administrator.  The Committee will be the administrator of the Plan and will have full discretionary power and authority to administer the Plan in all of its details.
6.2    Powers of the Committee as Administrator. The Committee's powers as administrator of the Plan will include, but will not be limited to, the following discretionary authority, in addition to all powers and authority provided elsewhere in the Plan:
(a)    to make and enforce such rules, regulations, and procedures, consistent with the terms of the Plan, as the Committee deems necessary or proper for the efficient administration of the Plan; 
(b)    to interpret the terms and provisions of the Plan and to decide any and all questions arising under the Plan, including, without limitation, the right to remedy possible ambiguities, inconsistencies, or omissions by a general rule or particular decision;
(c)    to determine the amounts to be distributed to any Participant or Beneficiary in accordance with the terms of the Plan and determine the person or persons to whom such amounts will be distributed; 
(d)    to allocate or delegate its powers to other persons; and
(e)    to appoint persons to carry out administrative and recordkeeping functions with respect to the Plan.
6.3    Finality of Committee Determinations.  Determinations by the Committee and any interpretation, rule, or decision adopted by the Committee under the Plan, or in carrying out  or administering the Plan, will be final and binding for all purposes and upon all interested persons in the absence of clear and convincing evidence that the determination or interpretation was made arbitrarily or capriciously.  
6.4    Claims Procedures.  Any person making a claim for benefits under the Plan must submit the claim in writing to the Committee or its designee.  If the Committee or its designee denies the claim in whole or in part, it will issue to the claimant a written notice explaining the reasons for the denial (with specific reference to the Plan provisions on which the denial is based) and identifying any additional information or documentation that might enable the claimant to perfect the claim.  The claimant may, within 60 days of receiving a written notice of denial, submit a written request for reconsideration to the Committee or its designee, together with a written explanation of the basis for the request.  The Committee or its designee will 

consider any such request and will provide the claimant with a written decision, which will include a written explanation of the reasons for the decision (with reference to the specific Plan provisions on which the decision is based).  All interpretations, determinations, and decisions of the Committee with respect to any claim will be final and conclusive in the absence of clear and convincing evidence that the interpretation, determination, or decision was made arbitrarily or capriciously.  
6.5    Indemnification.  The Company agrees to indemnify and hold harmless any member of the Committee, any employee or former employee to whom the Committee delegates or allocates any of the Committee's responsibilities under the Plan, and any employee or former employee who has been asked to assist the Committee in any way (together, the "indemnified persons") against any liability (including, without limitation, payment of attorney's fees) that the indemnified person may incur as a result of the discharge of his or her duties and responsibilities in good faith under the Plan.
6.6    Right to Suspend Benefits and Correct Errors.  To the extent consistent with the Section 409A Standards, the Committee or its designee may delay any payment until satisfied as to the correctness of the payment or the person to receive the payment or to allow filing in any court of competent jurisdiction for a legal determination of the benefits to be paid and the person to receive them.  The Committee specifically reserves the right to correct errors of every sort, and each Participant hereby agrees, on his own behalf and on behalf of any Beneficiary, to any method of error correction specified by the Committee or its designee.  The Committee is authorized to recover any payment made in error.  
6.7    Incapacity.  If the Committee or its designee determines that any person entitled to benefits under the Plan is a minor, an incompetent person, or other person incapable of providing a valid receipt, then any payment due to that person may be paid for the benefit of that person to the person's spouse, parent, or other party providing or reasonably appearing to provide for the care of that person, unless a duly qualified guardian or other legal representative has been appointed, in which case payment will be made to that guardian or legal representative.  
6.8    Legal Holidays.  If any day on (or on or before) which action under the Plan must be taken falls on a Saturday, Sunday, or legal holiday, that action may be taken on (or on or before) the next succeeding day that is not a Saturday, Sunday, or legal holiday; provided that this Section 6.8 does not permit any action that must be taken in one calendar year to be taken in any subsequent calendar year.  
ARTICLE 7
Amendment or Termination of the Plan
The Company hopes and expects to continue the Plan in effect, but it reserves the right to amend the Plan, by action of the Board of Directors or its designee, in any respect at any time (retroactively if the Company so provides) and to terminate the Plan.  Any amendment or termination will be set forth in a written instrument and signed by a duly authorized representative of the Company.  In the event of an amendment or termination of the Plan, a 

Participant's benefits will not be less than the amount credited to the Participant's Accounts immediately prior to the amendment or termination.  
ARTICLE 8
Miscellaneous
8.1    No Assignment or Alienation.  No payee may assign any payment due him under the Plan.  No benefits at any time payable under the Plan will be subject in any manner to anticipation, alienation, sale, transfer, assignment, pledge, attachment, garnishment, levy, execution, or other legal or equitable process or encumbrance of any kind.  Any attempt to alienate, sell, transfer, assign, or otherwise encumber any Plan benefit, whether payable presently or in the future, will be void.
8.2    Limitation of Rights.  Neither the establishment nor amendment of the Plan, nor the payment of any benefits, will be construed as giving any individual any legal or equitable right against the Company, the Committee, or any Trustee.  In no event will the Plan be deemed to constitute a contract between any individual and the Company, the Committee, or any Trustee.
8.3    Receipt and Release.  Any payment of a benefit under the Plan to any Participant or Beneficiary will be in full satisfaction of all claims with respect to the benefit under the Plan against the Company, the Committee, and any Trustee.
8.4    No Effect on Future Service as a Director.  Nothing in the Plan, nor any action taken under the Plan, shall be construed as giving any Participant a right to continue as a Director or require the nomination of a Participant for a future term as a Director.   
8.5    Severability.      If any provision of the Plan is held by a court of competent jurisdiction to be invalid or unenforceable, the remaining provisions will remain fully enforceable.  
8.6    Successor Company.  In the event of the dissolution, sale, merger, consolidation, or reorganization of the Company, provision may be made by which a successor to all or a major portion of the Company will have all of the powers, duties, and responsibilities of the Company under the Plan.
8.7    Headings and Subheadings.  Headings and subheadings are inserted for convenience only and are not to be considered in the construction of the provisions of the Plan.
8.8    Governing Law.  To the extent not preempted by federal law, the Plan will be governed by, and construed and administered in accordance with, the laws of the Commonwealth of Massachusetts.

ARTICLE 9
Definitions and Rules of Construction

9.1    Definitions.  As used in the Plan, the following words and phrases, when capitalized, have the following meanings:
(a)    "Account" means, with respect to a Participant, a bookkeeping account established for the Participant pursuant to Article 3 as a Deferred Cash Account or a Deferred DSU Account.
(b)    "Affiliate" means (1) any corporation that is a member of a controlled group of corporations (as defined in Code section 414(b)) of which the Company is also a member, (2) any trade or business, whether or not incorporated, that is under common control (as defined in Code section 414(c)) with the Company, (3) any trade or business that is a member of an affiliated service group (as defined in Code section 414(m)) of which the Company is also a member, or (4) to the extent required by regulations issued under Code section 414(o), any other organization.  The term "Affiliate," however, does not include any corporation or unincorporated trade or business prior to the date on which that corporation, trade, or business satisfies the affiliation or control tests of (1), (2), (3), or (4) above.  
(c)    "Beneficiary" means the person or persons designated pursuant to Section 4.5 to receive benefits under the Plan in the event of a Participant's death.
(d)    "Board of Directors" means the Board of Directors of the Company.
(e)     “Cash Compensation” means, with respect to an Eligible Director for a Plan Year, the Compensation payable to the Eligible Director for the Plan Year in the form of cash as an annual retainer or committee chair fees. 
(f)    "Change in Control Event" means a change in the ownership or effective control of the Company or a change in the ownership of a substantial portion of the assets of the Company, as determined in accordance with the Section 409A Standards, including §1.409A-3(i)(5).
(g)    “Code" means the Internal Revenue Code of 1986, as amended from time to time.  Reference to a particular section of the Code includes reference to any regulations issued by the Department of Treasury under that section and any notices and other releases issued by the Internal Revenue Service interpreting or implementing that section.  
(h)    "Committee" means the Executive Human Resources and Compensation Committee of the Board of Directors.  
(i)    "Company" means Boston Scientific Corporation.
(j)    “Company Stock” means common stock of the Company.
(k)    “Compensation” means, with respect to an Eligible Director for a Plan Year, the annual fees payable by the Company to the Eligible Director for the Plan Year, including retainer fees and committee chair fees and equity-based awards to be granted under the LTIP, for serving as a member of the Board of Directors. 

(l)    “Deferred Cash Account” means, with respect to a Participant, the Account established for the Participant pursuant to Section 3.3.
(m)    “Deferred DSU Account” means, with respect to a Participant, the Account established for the Participant pursuant to Section 3.4.
(n)    “Deferred DSUs” means Deferred Stock Units that become vested one year after the date of grant and are settled and distributed to a Participant in shares of Company Stock in accordance with Section 4.4 following the Participant’s Separation From Service. 
(o)    “Deferred Stock Units” means equity compensation awarded to a grantee in the form of notional units of Company Stock, in accordance with section 10 (Defined Terms) of the LTIP, and that are settled and paid to the grantee in the form of shares of Company Stock at the rate of one share of Company Stock for each Deferred Stock Unit. 
(p)    “Director” means a member of the Board of Directors. 
(q)    "Eligible Director" means a Director who is not an employee of the Company or any of its Affiliates.  
(r)    “Equity Compensation” means, with respect to an Eligible Director for a Plan Year, Compensation for the Plan Year that is payable to the Eligible Director in the form of equity-based awards under the LTIP.  For avoidance of doubt this does not included Cash Compensation converted to equity. 
(s)    "401(k) Plan" means the Boston Scientific Corporation 401(k) Retirement Savings Plan.
(t)    “LTIP” means the Boston Scientific Corporation 2011 Long-Term Incentive Plan, as amended from time to time, and any successor to that plan.
(u)    "Measuring Investments" means the investment funds selected by the Committee or its designee from time to time from among which a Participant can choose to serve as a measure the of earnings (positive or negative) on amounts credited to the Participant’s Deferred Cash Account, as provided in Section 3.3.  The Committee or its designee will select Measuring Investments that replicate, to the extent the Committee deems practicable, the investment options made available from time to time under the 401(k) Plan, provided, however, that the Committee or its designee will be not be under any obligation to provide a Measuring Investment with respect to Company Stock.  The Committee or its designee may, in its sole discretion, add or eliminate Measuring Investments from time to time for any reason.  
(v)    "Participant" means an Eligible Director who becomes a participant in the Plan pursuant to Section 2.1 and has not ceased to be a Participant pursuant to Section 2.2.
(w)    "Plan" means the Boston Scientific Corporation Non-Employee Director Deferred Compensation Plan, as set forth in this document, as amended from time to time.  
(x)    “Plan Year” means a calendar year beginning on or after January 1, 2014. 

(y)    "Section 409A Standards" means the applicable requirements and standards for nonqualified deferred compensation plans established by Code section 409A.
(z)    "Separation From Service" means, with respect to a Participant, the expiration of the contract under which services are performed by the Participant for the Company and its Affiliates if the expiration constitutes a good-faith and complete termination of the Participant’s contractual relationship with the Company and all of its Affiliates within the meaning of the Section 409A Standards, including §ì1.409A-1(h).Whether a Separation From Service has occurred will be determined in accordance with the Section 409A Standards, including §1.409A-1(h).  The Committee may, but need not, elect in writing, subject to the applicable limitations under the Section 409A Standards, any of the special elective rules prescribed in §1.409A-1(h) for purposes of determining whether a Separation From Service has occurred.  Any such written election will be deemed to be part of the Plan.
(aa)    "Specified Employee" has the meaning given in Code section 409A(a)(2)(B)(i).  
(bb)    "Trustee" means a trustee of a trust established under Section 5.3.
9.2    Rules of Construction.  The following rules of construction will govern in interpreting the Plan:
(a)    Words used in the masculine gender will be construed to include the feminine gender, where appropriate, and vice versa.
(b)    Words used in the singular will be construed to include the plural, where appropriate, and vice versa.
(c)    If any provision of the Plan is held to be illegal or invalid for any reason, that provision will be deemed to be null and void, but the invalidation of that provision will not otherwise impair or affect the Plan.    
(d)    The Plan is intended to comply with Code section 409A, and it will be construed and administered accordingly.  The provisions of the Plan and all deferral elections under Plan will be effected, construed, interpreted, and applied in a manner consistent with Section 409A Standards.  To the extent that any terms of the Plan or a deferral election would subject any Participant to gross income inclusion, interest, or additional tax pursuant to Code section 409A, those terms are to that extent superseded by the applicable Section

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