Document:

Exhibit

EXECUTION COPY

AMENDED AND RESTATED INTERCREDITOR AGREEMENT
This Amended and Restated Intercreditor Agreement (this “Agreement”), dated February 26, 2016, is among Credit Acceptance Corporation (“CAC”), CAC Warehouse Funding Corporation II (“Warehouse Funding II”), CAC Warehouse Funding LLC IV (“Warehouse Funding IV”), CAC Warehouse Funding LLC V (“Warehouse Funding V”), CAC Warehouse Funding LLC VI (“Warehouse Funding VI”),  Credit Acceptance Funding LLC 2016-1 ("Funding 2016-1"), Credit Acceptance Funding LLC 2015-2 ("Funding 2015-2"), Credit Acceptance Funding LLC 2015-1 ("Funding 2015-1"), Credit Acceptance Funding LLC 2014-2 ("Funding 2014-2"), Credit Acceptance Funding LLC 2014-1 ("Funding 2014-1"), Credit Acceptance Funding LLC 2013-2 ("Funding 2013-2"), Credit Acceptance Funding LLC 2013-1 (“Funding 2013-1”), Credit Acceptance Auto Loan Trust 2015-2 (the "2015-2 Trust"), Credit Acceptance Auto Loan Trust 2015-1 (the "2015-1 Trust"), Credit Acceptance Auto Loan Trust 2014-2 (the "2014-2 Trust"), Credit Acceptance Auto Loan Trust 2014-1 (the "2014-1 Trust"), Credit Acceptance Auto Loan Trust 2013-2 (the "2013-2 Trust"), Credit Acceptance Auto Loan Trust 2013-1 (the “2013-1 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 collateral agent under the 2016-1 Securitization Documents (in such capacity, the “2016-1 Collateral Agent”), Wells Fargo Bank, National Association, as indenture trustee and trust collateral agent under the 2015-2 Securitization Documents (in either such capacity, the “2015-2 Trustee”, as the context requires), Wells Fargo Bank, National Association, as indenture trustee and trust collateral agent under the 2015-1 Securitization Documents (in either such capacity, the “2015-1 Trustee”, as the context requires), Wells Fargo Bank, National Association, as indenture trustee and trust collateral agent under the 2014-2 Securitization Documents (in either such capacity, the “2014-2 Trustee”, as the context requires), Wells Fargo Bank, National Association, as indenture trustee and trust collateral agent under the 2014-1 Securitization Documents (in either such capacity, the “2014-1 Trustee”, as the context requires), 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), Bank of Montreal, as collateral agent under the BMO Warehouse Securitization Documents (“BMO”), Flagstar Bank, FSB, as collateral agent under the Flagstar Warehouse Securitization Documents (“Flagstar”), 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 

1

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 O 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 V, and Warehouse Funding V granted Fifth Third, in its capacity as collateral agent, a security interest in Warehouse Funding V’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 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 

2

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”).
G.  CAC and the 2013-2 Trustee entered 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 was (and during the revolving period under the 2013-2 Securitization Documents will be) released by Comerica, CAC sold and contributed such Pools, Purchased Loans and related assets to its wholly-owned subsidiary, Funding 2013-2, which subsequently sold 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 granted 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”). 
H.  CAC and the 2014-1 Trustee entered into a transaction as set forth in the 2014-1 Securitization Documents (the “2014-1 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 2014-1 Securitization Documents will be) released by Comerica, CAC sold and contributed such Pools, Purchased Loans and related assets to its wholly-owned subsidiary, Funding 2014-1, which subsequently sold such Pools, Purchased Loans and related assets to the 2014-1 Trust, a trust the depositor of which is Funding 2014-1, and the 2014-1 Trust granted the 2014-1 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 “2014-1 Loans”).
I.  CAC and the 2014-2 Trustee entered into a transaction as set forth in the 2014-2 Securitization Documents (the “2014-2 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 2014-2 Securitization Documents will be) released by Comerica, CAC sold and contributed such Pools, Purchased Loans and related assets to its wholly-owned subsidiary, Funding 2014-2, which subsequently sold such Pools, Purchased Loans and related assets to the 2014-2 Trust, a trust the depositor of which is Funding 2014-2, and the 2014-2 Trust granted the 2014-2 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 “2014-2 Loans”).
J.  CAC and the 2015-1 Trustee entered into a transaction as set forth in the 2015-1 Securitization Documents (the “2015-1 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 2015-1 Securitization Documents will be) released by Comerica, CAC sold and contributed such Pools, Purchased Loans and related assets to its wholly-owned subsidiary, Funding 2015-1, which subsequently sold such Pools, Purchased Loans and related assets to the 2015-1 Trust, a trust the depositor of which is Funding 2015-1, and the 2015-1 Trust 

3

granted the 2015-1 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 “2015-1 Loans”).
K.  CAC and the 2015-2 Trustee entered into a transaction as set forth in the 2015-2 Securitization Documents (the “2015-2 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 2015-2 Securitization Documents will be) released by Comerica, CAC sold and contributed  such Pools, Purchased Loans and related assets to its wholly-owned subsidiary, Funding 2015-2, which subsequently sold such Pools, Purchased Loans and related assets to the 2015-2 Trust, a trust the depositor of which is Funding 2015-2, and the 2015-2 Trust granted the 2015-2 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 “2015-2 Loans”).
L.  CAC, Flagstar and certain other parties entered into a transaction as set forth in the Flagstar Warehouse Securitization Documents (the “Flagstar 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 Flagstar 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 VI, and Warehouse Funding VI granted Flagstar, in its capacity as collateral agent, a security interest in Warehouse Funding VI’s rights to such Pools, Purchased Loans and related assets (such Pools, Purchased Loans and related assets are referred to herein as the “Flagstar Warehouse Loans”).
M.  CAC, the 2016-1 Collateral Agent and certain other parties are entering into a transaction as set forth in the 2016-1 Securitization Documents (the “2016-1 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 2016-1 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 2016-1, and Funding 2016-1 is granting the 2016-1 Collateral Agent, in its capacity as collateral agent, a security interest in Funding 2016-1’s rights to such Pools, Purchased Loans and related assets (such Pools, Purchased Loans and related assets are referred to herein as the “2016-1 Loans”).
N.  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 2013-1 Trustee 

4

pursuant to the 2013-1 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 2013-2 Trustee pursuant to the 2013-2 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 2014-1 Trustee pursuant to the 2014-1 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 2014-2 Trustee pursuant to the 2014-2 Securitization, (viii) 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 2015-1 Trustee pursuant to the 2015-1 Securitization, (ix) 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 2015-2 Trustee pursuant to the 2015-2 Securitization, (x) 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 Flagstar pursuant to the Flagstar Warehouse Securitization and (xi) 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 2016-1 Collateral Agent pursuant to the 2016-1 Securitization, (such unreleased Pools, Purchased Loans and related assets are referred to herein as the “Comerica Loans”).
O.  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 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 Flagstar Warehouse Securitization Documents, the 2016-1 Securitization Documents, the 2015-2 Securitization Documents, the 2015-1 Securitization Documents, the 2014-2 Securitization Documents, the 2014-1 Securitization Documents, the 2013-2 Securitization Documents and the 2013-1 Securitization Documents.
P.  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 against the outstanding balance under any other Pool 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.  
Q.   Funding 2015-2 directs the Owner Trustee of the 2015-2 Trust to enter into this Agreement, Funding 2015-1 directs the Owner Trustee of the 2015-1 Trust to enter into this Agreement, Funding 2014-2 directs the Owner Trustee of the 2014-2 Trust to enter into this Agreement, Funding 2014-1 directs the Owner Trustee of the 2014-1 Trust to enter into this Agreement, Funding 2013-2 directs the Owner Trustee of the 2013-2 Trust to enter into this Agreement and Funding 2013-1 directs the Owner Trustee of the 2013-1 Trust to enter into this Agreement.

5

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 Warehouse Loans, the Flagstar Warehouse Loans, the 2016-1 Loans, the 2015-2 Loans, the 2015-1 Loans, the 2014-2 Loans, the 2014-1 Loans, the 2013-2 Loans, the 2013-1 Loans, or in any Back-end Dealer Payments; provided, that no release shall have been granted with respect to amounts collected under any Pools 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 the Comerica Loans, the Fifth Third Loans, the BMO Warehouse Loans, the Flagstar Warehouse Loans, the 2016-1 Loans, the 2015-2 Loans, the 2015-1 Loans, the 2014-2 Loans, the 2014-1 Loans, the 2013-2 Loans, the 2013-1 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 Warehouse Loans, the Flagstar Warehouse Loans, the 2016-1 Loans, the 2015-2 Loans, the 2015-1 Loans, the 2014-2 Loans, the 2014-1 Loans, the 2013-2 Loans, the 2013-1 Loans or in any Back-end Dealer Payments; provided, that no release shall have been granted with respect to amounts collected under any Pools 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 V 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 

6

attach to any Comerica Loans, Wells Fargo Warehouse Loans, the BMO Warehouse Loans, the Flagstar Warehouse Loans, the 2016-1 Loans, the 2015-2 Loans, the 2015-1 Loans, the 2014-2 Loans, the 2014-1 Loans, the 2013-2 Loans, the 2013-1 Loans (or related Collections) or to any Back-end Dealer Payments and shall not assert any claim thereto.
(c)    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 Warehouse Loans, the Flagstar Warehouse Loans, the 2016-1 Loans, the 2015-2 Loans, the 2015-1 Loans, the 2014-2 Loans, the 2014-1 Loans, the 2013-2 Loans, or in any Back-end Dealer Payments; provided, that no release shall have been granted with respect to amounts collected under any Pools 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 (c)(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 the Comerica Loans, the Wells Fargo Warehouse Loans, the Fifth Third Loans, the BMO Warehouse Loans, the Flagstar Warehouse Loans, the 2016-1 Loans, the 2015-2 Loans, the 2015-1 Loans, the 2014-2 Loans, the 2014-1 Loans, the 2013-2 Loans (or related Collections) or to any Back-end Dealer Payments and shall not assert any claim thereto.
(d)    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 Warehouse Loans, the Flagstar Warehouse Loans, the 2016-1 Loans, the 2015-2 Loans, the 2015-1 Loans, the 2014-2 Loans, the 2014-1 Loans, the 2013-1 Loans, or in any Back-end Dealer Payments; provided, that no release shall have been granted with respect to amounts collected under any Pools 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 (d)(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 the Comerica Loans, the Wells Fargo Warehouse Loans, the Fifth Third Loans, the BMO Warehouse Loans, the Flagstar Warehouse Loans, the 2016-1 Loans, the 2015-2 Loans, the 2015-1 Loans, the 2014-2 Loans, the 2014-1 Loans, the 2013-1 Loans (or related Collections) or to any Back-end Dealer Payments and shall not assert any claim thereto.
(e)    Release by the 2014-1 Trustee.  The 2014-1 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 Warehouse Loans, the Flagstar Warehouse Loans, the 2015-2 Loans, the 2016-1 Loans, the 2015-1 Loans, the 2014-2 Loans, the 2013-2 Loans, the 2013-1 Loans, or in any Back-end Dealer Payments; provided, that no release shall have been granted with respect to amounts collected under any Pools 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 2014-1 Loans and (ii) relinquishes all rights it has or may have to require CAC, individually or 

7

as servicer, any successor servicer, Funding 2014-1 or the 2014-1 Trust to use Collections on its behalf contrary to clause (e)(i).  The 2014-1 Trust agrees that the lien and security interest granted to the 2014-1 Trustee pursuant to the 2014-1 Securitization Documents to which it is a party does not and shall not attach to the Comerica Loans, the Wells Fargo Warehouse Loans, the Fifth Third Loans, the BMO Warehouse Loans, the Flagstar Warehouse Loans, the 2016-1 Loans, the 2015-2 Loans, the 2015-1 Loans, the 2014-2 Loans, the 2013-2 Loans, the 2013-1 Loans (or related Collections) or to any Back-end Dealer Payments and shall not assert any claim thereto.
(f)    Release by the 2014-2 Trustee.  The 2014-2 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 Warehouse Loans, the Flagstar Warehouse Loans, the 2016-1 Loans, the 2015-2 Loans, the 2015-1 Loans, the 2014-1 Loans, the 2013-2 Loans, the 2013-1 Loans, or in any Back-end Dealer Payments; provided, that no release shall have been granted with respect to amounts collected under any Pools 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 2014-2 Loans and (ii) relinquishes all rights it has or may have to require CAC, individually or as servicer, any successor servicer, Funding 2014-2 or the 2014-2 Trust to use Collections on its behalf contrary to clause (f)(i).  The 2014-2 Trust agrees that the lien and security interest granted to the 2014-2 Trustee pursuant to the 2014-2 Securitization Documents to which it is a party does not and shall not attach to the Comerica Loans, the Wells Fargo Warehouse Loans, the Fifth Third Loans, the BMO Warehouse Loans, the Flagstar Warehouse Loans, the 2016-1 Loans, the 2015-2 Loans, the 2015-1 Loans, the 2014-1 Loans, the 2013-2 Loans, the 2013-1 Loans (or related Collections) or to any Back-end Dealer Payments and shall not assert any claim thereto.
(g)    Release by the 2015-1 Trustee.  The 2015-1 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 Warehouse Loans, the Flagstar Warehouse Loans, the 2016-1 Loans, the 2015-2 Loans, the 2014-2 Loans, the 2014-1 Loans, the 2013-2 Loans, the 2013-1 Loans or in any Back-end Dealer Payments; provided, that no release shall have been granted with respect to amounts collected under any Pools 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 2015-1 Loans and (ii) relinquishes all rights it has or may have to require CAC, individually or as servicer, any successor servicer, Funding 2015-1 or the 2015-1 Trust to use Collections on its behalf contrary to clause (g)(i).  The 2015-1 Trust agrees that the lien and security interest granted to the 2015-1 Trustee pursuant to the 2015-1 Securitization Documents to which it is a party does not and shall not attach to the Comerica Loans, the Wells Fargo Warehouse Loans, the Fifth Third Loans, the BMO Warehouse Loans, the Flagstar Warehouse Loans, the 2016-1 Loans, the 2015-2 Loans, the 2014-2 Loans, the 2014-1 Loans, the 2013-2 Loans, the 2013-1 Loans (or related Collections) or to any Back-end Dealer Payments and shall not assert any claim thereto.
(h)    Release by the 2015-2 Trustee.  The 2015-2 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 Warehouse Loans, the Flagstar Warehouse Loans, the 2016-1 Loans, the 2015-1 Loans, the 2014-2 Loans, the 2014-1 Loans, the 2013-2 Loans, the 2013-1 Loans or in any Back-end Dealer Payments; provided, that no release shall have been granted with respect to 

8

amounts collected under any Pools 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 2015-2 Loans and (ii) relinquishes all rights it has or may have to require CAC, individually or as servicer, any successor servicer, Funding 2015-2 or the 2015-2 Trust to use Collections on its behalf contrary to clause (h)(i).  The 2015-2 Trust agrees that the lien and security interest granted to the 2015-2 Trustee pursuant to the 2015-2 Securitization Documents to which it is a party does not and shall not attach to the Comerica Loans, the Wells Fargo Warehouse Loans, the Fifth Third Loans, the BMO Warehouse Loans, the Flagstar Warehouse Loans, the 2016-1 Loans, the 2015-1 Loans, the 2014-2 Loans, the 2014-1 Loans, the 2013-2 Loans, the 2013-1 Loans (or related Collections) or to any Back-end Dealer Payments and shall not assert any claim thereto.
(i)    Release by the 2016-1 Collateral Agent.  The 2016-1 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 BMO Warehouse Loans, the Flagstar Warehouse Loans, the 2015-2 Loans, the 2015-1 Loans, the 2014-2 Loans, the 2014-1 Loans, the 2013-2 Loans, the 2013-1 Loans or in any Back-end Dealer Payments; provided, that no release shall have been granted with respect to amounts collected under any Pools 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 2016-1 Loans and (ii) relinquishes all rights it has or may have to require CAC, individually or as servicer, any successor servicer, or Funding 2016-1 to use Collections on its behalf contrary to clause (i)(i). The 2016-1 Collateral Agent agrees that the lien and security interest granted to it pursuant to the 2016-1 Securitization Documents does not and shall not attach to the Comerica Loans, the Wells Fargo Warehouse Loans, the Fifth Third Loans, the BMO Warehouse Loans, the Flagstar Warehouse Loans, the 2015-2 Loans, the 2015-1 Loans, the 2014-2 Loans, the 2014-1 Loans, the 2013-2 Loans, the 2013-1 Loans (or related Collections) or to any Back-end Dealer Payments and shall not assert any claim thereto.
(j)    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 Flagstar Warehouse Loans, the 2016-1 Loans, the 2015-2 Loans, the 2015-1 Loans, the 2014-2 Loans, the 2014-1 Loans, the 2013-2 Loans, the 2013-1 Loans or in any Back-end Dealer Payments; provided, that no release shall have been granted with respect to amounts collected under any Pools 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 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 IV to use Collections on its behalf contrary to clause (j)(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 the Comerica Loans, the Wells Fargo Warehouse Loans, the Fifth Third Loans, the Flagstar Warehouse Loans, the 2016-1 Loans, the 2015-2 Loans, the 2015-1 Loans, the 2014-2 Loans, the 2014-1 Loans, the 2013-2 Loans, the 2013-1 Loans (or related Collections) or to any Back-end Dealer Payments and shall not assert any claim thereto.
(k)    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 

9

Loans, the Flagstar Warehouse Loans, the 2016-1 Loans, the 2015-2 Loans, the 2015-1 Loans, the 2014-2 Loans, the 2014-1 Loans,  the 2013-2 Loans, the 2013-1 Loans, other than amounts collected under the Wells Fargo Warehouse Loans, the Fifth Third Loans, the BMO Warehouse Loans, the Flagstar Warehouse Loans, the 2016-1 Loans, the 2015-2 Loans, the 2015-1 Loans, the 2014-2 Loans, the 2014-1 Loans, the 2013-2 Loans or the 2013-1 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 Warehouse  Loans, the Flagstar Warehouse Loans, the 2016-1 Loans, the 2015-2 Loans, the 2015-1 Loans, the 2014-2 Loans, the 2014-1 Loans, the 2013-2 Loans and the 2013-1 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 (k)(i) above.  Except for Back-end Dealer Payments to the extent provided in clause (k)(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 the Wells Fargo Warehouse Loans, the Fifth Third Loans, the BMO Warehouse Loans, the Flagstar Warehouse Loans, the 2016-1 Loans, the 2015-2 Loans, the 2015-1 Loans, the 2014-2 Loans, the 2014-1 Loans, the 2013-2 Loans or the 2013-1 Loans and shall not assert any claim against the Wells Fargo Warehouse Loans, the Fifth Third Loans, the BMO Warehouse Loans, the Flagstar Warehouse Loans, the 2016-1 Loans, the 2015-2 Loans, the 2015-1 Loans, the 2014-2 Loans, the 2014-1 Loans, the 2013-2 Loans or the 2013-1 Loans or Collections related thereto.
(l)    Release by Flagstar.  Flagstar, 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 BMO Warehouse Loans, the 2016-1 Loans, the 2015-2 Loans, the 2015-1 Loans, the 2014-2 Loans, the 2014-1 Loans, the 2013-2 Loans, the 2013-1 Loans or in any Back-end Dealer Payments; provided, that no release shall have been granted with respect to amounts collected under any Pools 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 Flagstar 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 IV to use Collections on its behalf contrary to clause (l)(i).  Flagstar, as collateral agent, agrees that the lien and security interest granted to it pursuant to the Flagstar Warehouse Securitization Documents does not and shall not attach to the Comerica Loans, the Wells Fargo Warehouse Loans, the Fifth Third Loans, the BMO Warehouse Loans, the 2016-1 Loans, the 2015-2 Loans, the 2015-1 Loans, the 2014-2 Loans, the 2014-1 Loans, the 2013-2 Loans, the 2013-1 Loans (or related Collections) or to any Back-end Dealer Payments and shall not assert any claim 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 or the Purchase Agreements, whether at the direction of Comerica, Wells Fargo, Fifth Third, BMO, Flagstar, the 2016-1 Collateral Agent, the 2015-2 Trustee, the 2015-1 Trustee, the 2014-2 Trustee, the 2014-1 Trustee, the 2013-2 Trustee, the 2013-1 Trustee  or otherwise, to set off any Collections, other than amounts which are owed to Dealers as Back-end Dealer 

10

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).
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 2015-2 Trustee shall be determined based on the actual knowledge of the 2015-2 Trustee’s Responsible Officers (as defined in the 2015-2 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 2015-1 Trustee shall be determined based on the actual knowledge of the 2015-1 Trustee’s Responsible Officers (as defined in the 2015-1 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 2014-2 Trustee shall be determined based on the actual knowledge of the 2014-2 Trustee’s Responsible Officers (as defined in the 2014-2 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 2014-1 Trustee shall be determined based on the actual knowledge of the 2014-1 Trustee’s Responsible Officers (as defined in the 2014-1 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, (v) 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 and (vi) the actual 

11

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.
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 and the same instrument.
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 IV, Warehouse Funding V, Warehouse Funding VI, Funding 2016-1, Funding 2015-2, the 2015-2 Trust, Funding 2015-1, the 2015-1 Trust, Funding 2014-2, the 2014-2 Trust, Funding 2014-1, the 2014-1 Trust, Funding 2013-2, the 2013-2 Trust, Funding 2013-1 or the 2013-1 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 Flagstar Warehouse Securitization Documents, the 2016-1 Securitization Documents, the 2015-2 Securitization Documents, the 2015-1 Securitization Documents, the 2014-2 Securitization Documents, the 2014-1 Securitization Documents, the 2013-2 Securitization Documents and the 2013-1 Securitization Documents.

12

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 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 2015-2 Trustee under the 2015-2 Securitization Documents, any successor or assignor to the 2015-1 Trustee under the 2015-1 Securitization Documents, any successor or assignor to the 2014-2 Trustee under the 2014-2 Securitization Documents, any successor or assignor to the 2014-1 Trustee under the 2014-1 Securitization Documents, any successor or assignor to the 2013-2 Trustee under the 2013-2 Securitization Documents and any successor or assignor to the 2013-1 Trustee under the 2013-1 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 the 2015-2 Trust, the 2015-1 Trust, the 2014-2 Trust, the 2014-1 Trust, the 2013-2 Trust and the 2013-1 Trust also to 300 Delaware Avenue, 9th Floor, Wilmington, Delaware 19801 Attention: Annette Morgan, telephone: (302) 576-3706, facsimile: (302) 576-3717; (c) 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; (d) 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; (e) in the case of the 2016-1 Collateral Agent, the 2015-2 Trustee, the 2015-1 Trustee, the 2014-2 Trustee, the 2014-1 Trustee, the 2013-2 Trustee and the 2013-1 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; (f) 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; (g) in the case of Flagstar, to 5151 Corporate Drive, Troy, Michigan 48098, Attention: Kelly Hamrick, telephone: (248)-312-2593, facsimile: (248)-250-5845.

13

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, BMO, Flagstar, the 2016-1 Collateral Agent, the 2015-2 Trustee, the 2015-1 Trustee, the 2014-2 Trustee, the 2014-1 Trustee, the 2013-2 Trustee, the 2013-1 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]

14

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 LLC IV
/s/ Douglas W. Busk                  
By:    Douglas W. Busk 
Title: Treasurer

CAC WAREHOUSE FUNDING LLC V
/s/ Douglas W. Busk                  
By:    Douglas W. Busk 
Title: Treasurer

CAC WAREHOUSE FUNDING LLC VI
/s/ Douglas W. Busk                  
By:    Douglas W. Busk 
Title: Treasurer

[A&R Intercreditor Agreement]

CREDIT ACCEPTANCE FUNDING LLC 2016-1

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

CREDIT ACCEPTANCE FUNDING LLC 2015-2

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

CREDIT ACCEPTANCE FUNDING LLC 2015-1

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

CREDIT ACCEPTANCE FUNDING LLC 2014-2

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

CREDIT ACCEPTANCE FUNDING LLC 2014-1

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

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

[A&R Intercreditor Agreement]

CREDIT ACCEPTANCE AUTO  
LOAN TRUST 2015-2 
 
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 2015-1 
 
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 2014-2 
 
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 2014-1 
 
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 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

[A&R Intercreditor Agreement]

WELLS FARGO BANK, NATIONAL ASSOCIATION,  
Not In Its Individual Capacity But Solely as the 2013-1 Trustee,  
the 2013-2 Trustee, the 2014-1 Trustee, the 2014-2 Trustee,  
the 2015-1 Trustee, the 2015-2 Trustee, the 2016-1 Collateral Agent, 
and Collateral Agent under the Wells Fargo Warehouse  
Securitization Documents 

 
/s/ James B. Brinkley II                 
By: James B. Brinkley II     
Title: Director

[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]

FLAGSTAR BANK, FSB,  
As Lender and Collateral Agent

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

[A&R Intercreditor Agreement]

APPENDIX A 
DEFINITIONS
2013-1 Indenture: the Indenture, dated as of 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, dated as of 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, dated as of 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, dated as of 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.
2014-1 Indenture: the Indenture, dated on or about April 16, 2014, between the 2014-1 Trustee and the 2014-1 Trust, as amended from time to time.
2014-1 Securitization Documents: the Sale and Servicing Agreement, dated as of April 16, 2014, among the 2014-1 Trust, Funding 2014-1, CAC, the 2014-1 Trustee, and Wells Fargo Bank, National Association, as the Backup Servicer, the 2014-1 Indenture, and the documents related thereto, as amended from time to time.
2014-2 Indenture: the Indenture, dated as of September 25, 2014, between the 2014-2 Trustee and the 2014-2 Trust, as amended from time to time.
2014-2 Securitization Documents: the Sale and Servicing Agreement, dated as of September 25, 2014, among the 2014-2 Trust, Funding 2014-2, CAC, the 2014-2 Trustee, and Wells Fargo Bank, National Association, as the Backup Servicer, the 2014-2 Indenture, and the documents related thereto, as amended from time to time.
2015-1 Indenture: the Indenture, dated as of January 29, 2015, between the 2015-1 Trustee and the 2015-1 Trust, as amended from time to time.
2015-1 Securitization Documents: the Sale and Servicing Agreement, dated as of January 29, 2015, among the 2015-1 Trust, Funding 2015-1, CAC, the 2015-1 Trustee, and Wells Fargo Bank, National Association, as the Backup Servicer, the 2015-1 Indenture, and the documents related thereto, as amended from time to time.
2015-2 Indenture: the Indenture, to be dated on or about August 20, 2015, between the 2015-2 Trustee and the 2015-2 Trust, as amended from time to time.

A- 1
1

2015-2 Securitization Documents: the Sale and Servicing Agreement, to be dated on or about August 20, 2015, among the 2015-2 Trust, Funding 2015-2, CAC, the 2015-2 Trustee, and Wells Fargo Bank, National Association, as the Backup Servicer, the 2015-2 Indenture, and the documents related thereto, as amended from time to time.
2016-1 Securitization Documents: the Loan and Security Agreement, dated as of February 26, 2016, among Funding 2016-1, CAC, Wells Fargo Bank, National Association, Bank of Montreal and the other parties from time to time party thereto, 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.
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 Sixth Amended and Restated Credit Acceptance Corporation Credit Agreement, dated as of June 23, 2014, 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 IV, Warehouse Funding V, Warehouse Funding VI, Funding 2016-1, Funding 2015-2, the 2015-2 Trust, Funding 2015-1, the 2015-1 Trust, Funding 2014-2, the 2014-2 Trust, Funding 2014-1, the 2014-1 Trust, Funding 2013-2, the 2013-2 Trust, Funding 2013-1 and the 2013-1 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, Flagstar, the 2016-1 Collateral Agent, the 2015-2 Trustee, the 2015-1 Trustee, the 2014-2 Trustee, the 2014-1 Trustee, the 2013-2 Trustee and the 2013-1 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 

A- 2
2

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 2016-1 Securitization Documents, the 2015-2 Securitization Documents, the 2015-1 Securitization Documents, the 2014-2 Securitization Documents, the 2014-1 Securitization Documents, the 2013-2 Securitization Documents and the 2013-1 Securitization Documents.
Fifth Third Securitization Documents: The Loan and Security Agreement, dated as of September 25, 2014, among Warehouse Funding V, CAC, Fifth Third, and the other parties from time to time party thereto, and the documents related thereto, as amended from time to time.
Flagstar Warehouse Securitization Documents: The Loan and Security Agreement, dated as of September 30, 2015, among Warehouse Funding VI, CAC, Flagstar, 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 as of September 30, 2015, among CAC, Warehouse Funding II, Warehouse Funding IV, Warehouse Funding V, Warehouse Funding VI, Funding 2015-2, Funding 2015-1, Funding 2014-2, Funding 2014-1, Funding 2013-2, Funding 2013-1, the 2015-2 Trust, the 2015-1 Trust, the 2014-2 Trust, the 2014-1 Trust, the 2013-2 Trust, the 2013-1 Trust, Wells Fargo, Fifth Third, the 2015-2 Trustee, the 2015-1 Trustee, the 2014-2 Trustee, the 2014-1 Trustee, the 2013-2 Trustee, the 2013-1 Trustee, BMO, Flagstar and Comerica.
Purchase Agreement: The purchase agreements between CAC or its subsidiaries and a participating Dealer which sets forth the terms and conditions under which CAC or its subsidiaries purchases from a Dealer the Purchased Loans and related Contracts, as such agreements may be in effect from time to time.
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.

A- 3
3

Wells Fargo Warehouse Securitization Documents: The Fifth Amended and Restated Loan And Security Agreement, dated as of December 27, 2012, 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- 4
4Exhibit

Exhibit 10.1

 
    
EXECUTIVE EMPLOYMENT AGREEMENT
This Executive Employment Agreement (“Agreement”) is made and entered into, effective as of the Effective Date provided in Section 1.1 below, by and between Shiloh Industries, Inc., a Delaware corporation (the “Company”), and W. Jay Potter (“Executive”) (collectively, the “Parties” and each, a “Party”).
WHEREAS, the Company desires to employ Executive and Executive wishes to be employed by the Company on the terms and conditions set forth in this Agreement.
NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the Parties hereby agree as follows:
		
	1.
	Effectiveness

1.Effectiveness.  This Agreement is effective as of December 16, 2015 (the “Effective Date”); provided, however, that this Agreement is contingent upon Executive:  (a) signing acknowledgements to the Company’s standard form of Conflict of Interest Policy Statement and the Company’s Insider Trading Policy and Guidelines with Respect to Certain Transactions in Company Securities of Shiloh Industries, Inc.; (b) entering into the Company’s standard form of Intellectual Property Agreement, as amended (the “IP Agreement”); (c) completing to the Company’s satisfaction the Company’s drug screening procedure and background check of credentials and prior employment; and (d) providing the Company with proper documentation to establish Executive’s identity and eligibility for employment as required under the U.S. Immigration and Naturalization Service (collectively, the “New Hire Prerequisites”).  If Executive does not complete the New Hire Prerequisites within thirty days of the Effective Date or, for subsection (d), by the Effective Date, this Agreement will not become effective and all of the terms and provisions of this Agreement shall be null and void.

		
	2.
	Employment

1.Term.  The Company hereby employs Executive as Senior Vice President and Chief Financial Officer of the Company, on the terms set forth herein, for the period commencing the Effective Date, and except as otherwise provided in Section 5 hereof, terminating at the close of business on the third anniversary of the Effective Date (“Employment Term”).  

2.Position and Duties.  During the Employment Term, Executive shall serve in the capacity of Senior Vice President and Chief Financial Officer of the Company and shall report directly to the President and Chief Executive Officer of the Company (the “CEO”).  During employment with the Company, Executive agrees to devote Executive’s full business time, ability, knowledge and attention solely to the business affairs and interests of the Company.  Executive agrees to perform such services and assume such duties and responsibilities as are assigned to the best of Executive’s abilities, skills and efforts and will abide by applicable Company policies and directives as they exist from time to time to the extent not in conflict with applicable law.  

3.Work Location.  During the Employment Term, Executive’s principal place of employment shall be the Company’s corporate headquarters in Valley City, Ohio, provided that the Company may, in its 

discretion, change Executive’s principal place of employment to the Detroit, Michigan metropolitan area.  The Company may direct Executive to engage in such reasonable travel as the performance of Executive’s duties may require or the Company may reasonably request.

		
	3.
	Compensation 

1.Base Salary.  In consideration of Executive’s ongoing services to the Company, during the Employment Term, the Company will pay Executive a gross base salary at the rate of $375,000 per year (“Base Salary”), which Base Salary shall be reviewed for adjustment at such time or times as the Company determines in its sole discretion.  Executive’s Base Salary will be paid in accordance with the Company’s standard payroll schedule. 

2.Bonus Compensation.  Beginning with the Company’s 2016 fiscal year (“FY 2016”), during the Employment Term, Executive shall be eligible, for each fiscal year of the Company or portion of a fiscal year ending during the Employment Term, an annual bonus pursuant to the terms of the Company’s annual incentive plan (the “Annual Bonus”), with a target Annual Bonus opportunity equal to 50% of Base Salary. Payment of the Annual Bonus, if any, will be based on the attainment of one or more pre-established Company and individual performance goals established by the compensation committee of the Board of Directors of the Company (the “Compensation Committee”) pursuant to the terms of the Company’s annual incentive plan.

3.Sign-On Equity Grant.  Subject to approval by the Compensation Committee, Executive shall be granted an award of 29,000 shares of restricted common stock of the Company (the “Sign-On Restricted Shares”) under the Company’s Amended and Restated 1993 Key Employee Stock Incentive Plan (the “1993 Equity Plan”) as soon as practicable after the Compensation Committee’s approval. The Sign-On Restricted Shares shall be subject to the terms and conditions of the 1993 Equity Plan and the equity award agreement evidencing the Sign-On Restricted Shares and shall vest in installments on each of the first three anniversaries of the date of grant (i.e., 20% on the first anniversary, 30% on the second anniversary and 50% on the third anniversary), generally subject to Executive’s continued employment with the Company through each such vesting date and the other terms set forth in the applicable equity award agreement.

4.Long-Term Incentive Compensation.  Beginning with FY 2016, during the Employment Term, Executive shall be eligible to participate in the Company’s long-term incentive compensation programs (subject to the approval of such programs and participation by the Compensation Committee) (collectively, the “Equity Plan”).  Executive’s annual target opportunity while eligible under the Equity Plan during the Employment Term shall be not less than 50% of Base Salary, subject to the terms and conditions of the Equity Plan.  The conversion of such target opportunity into a number of equity awards shall be conducted in a manner consistent with the methodology approved by the Compensation Committee from time to time for use with other senior executive officers of the Company.

5.Signing Bonus.  
(a)Contingent upon and within 30 days following Executive’s completion of the New Hire Perquisites, the Company shall pay Executive a signing bonus equal to $60,000 (the “Signing Bonus”).  

(b)Notwithstanding the foregoing, (i) if Executive’s employment with the Company ends in a termination for Cause (as defined below) prior to the third anniversary of the Effective Date, Executive shall repay to the Company an amount equal to the Signing Bonus, and (ii) if Executive’s employment with the Company ends in a termination other than for Cause, Executive shall repay to 

the Company an amount equal to (A) the Signing Bonus minus (B) the product of (x) the Signing Bonus, multiplied by (y) a fraction, the numerator of which is the number of whole months of employment completed by Executive during the Employment Term prior to the date of termination, and the denominator of which is 36 (the “Repayment Amount”).  In the event Executive is eligible for the Severance Payment as a result of his termination of employment, then each installment of the Severance Payment shall be reduced (in an amount up to the full amount of such installment) until the aggregate amount of such reductions is equal to the Repayment Amount; provided, that, to the extent the Severance Payment is subject to Section 409A (as defined below), the Severance Payment will only be so reduced to the extent it would not result in non-compliance with Section 409A.

		
	4.
	Benefits and Reimbursements

1.Standard Benefits Package.  During the Employment Term, Executive will be eligible to participate in all employee benefit plans which the Company makes available to senior executive officers (including the Company’s qualified retirement plan), in a manner no less favorable than other senior executive officers of the Company, according to the terms of the plans and policies as they exist from time to time.

2.Vacation and Holidays.  Beginning with the 2016 calendar year, during the Employment Term, Executive shall be entitled to twenty days of vacation per calendar year in accordance with the Company’s vacation policy and applicable Company paid holidays pursuant to the terms of the applicable Company policies.

3.Automobile Allowance.  During the Employment Term, the Company will pay to Executive an automobile allowance equal to $700 per month.

4.Cell Phone Reimbursement.  During the Employment Term, the Company will reimburse Executive up to $100 each month for expenses related to the use of a cellular phone, provided that such expenses are substantiated as described in Section 4.5.  All such reimbursements will be made in compliance with Section 7.10 hereof.

5.Expenses.  The Company will reimburse Executive for all reasonable and necessary out-of-pocket business, entertainment, and travel expenses incurred by Executive in the performance of Executive’s duties hereunder, provided that Executive submits such documentation as may be reasonably necessary to substantiate that all such expenses were incurred in the performance of his duties and are consistent with and subject to the policies of the Company in effect from time to time as to the kind and amount of such expenses.  All reimbursements will be made in compliance with Section 7.10 hereof.  

6.Indemnification and Insurance.  Executive will be entitled to such indemnification, defense of claims and insurance against liability as are generally provided to similarly situated employees of the Company, consistent with Company bylaws, insurance policies and contracts, and applicable law. 

		
	5.
	Termination

1.Termination in General.  Executive is an at-will employee of the Company.  The Employment Term and Executive’s employment hereunder may be terminated by either Party at any time and for any reason; provided that Executive will be required to give the Company at least 60 days’ advance written notice of any resignation of Executive’s employment without Good Reason (as defined below).  If Executive’s employment is terminated during the Employment Term for any reason, subject to Section 7.10, the Company will pay Executive:

(a)the unpaid portion of Executive’s then-current Base Salary accrued through the date of termination of Executive’s employment, within 30 days of Executive’s termination of employment;

(b)unpaid reimbursements of expenses that are reimbursable pursuant to Sections 4.4 and 4.5 but have not been reimbursed by the Company as of the date of Executive’s termination of employment, within 30 days of Executive’s termination of employment;

(c)to the extent provided by the Company’s vacation policy or to the extent required by applicable law, payment for accrued but unused days of vacation, within 30 days of Executive’s termination of employment; and

(d)such employee benefits, if any, as to which Executive may be entitled pursuant to the terms of the employee benefit and compensation plans of the Company (the payments described in clauses (a) through (d) hereof being referred to as the “Accrued Rights”).

2.Termination By Company Without Cause or By Executive for Good Reason.  The Company may terminate the Employment Term and Executive’s employment at any time without Cause (as defined below), and Executive may terminate the Employment Term and Executive’s employment for Good Reason (in either case, a “Severance Termination”).  If a Severance Termination occurs, subject to Sections 5.5 and 7.10, in addition to the Accrued Rights, the Company will pay Executive (i) a severance payment in an amount equal to one times Executive’s then-current Base Salary, payable in equal installments in accordance with the Company’s normal payroll practices during the 12 months immediately following the date of termination of Executive’s employment, (ii) any earned but unpaid Annual Bonus for the fiscal year immediately preceding the fiscal year of Executive’s termination of employment, subject to certification of the Company’s financial results by the Compensation Committee, payable when bonuses under the annual incentive plan for such fiscal year are paid to other executives of the Company, (iii) any Annual Bonus that Executive would have earned for the fiscal year in which his termination of employment occurred, prorated for the number of months that Executive was employed by the Company in such fiscal year and subject to certification of the Company’s financial results by the Compensation Committee, payable when bonuses under the annual incentive plan for such fiscal year are paid to other executives of the Company, and (iv) if Executive elects continuation coverage under the Company’s medical plan pursuant to Part 6 of Subtitle B of Title I of the Employee Retirement Income Security Act of 1974, as amended (“COBRA”), reimbursement for a portion of Executive’s monthly COBRA payment (provided such reimbursement does not result in any penalties for the Company) in an amount equal to the portion of the medical plan premium the Company pays for actively employed executives who elect similar coverage plus an additional “gross-up” amount intended to make Executive whole for his federal, state and local tax liability with respect to the amount of such reimbursement, until the earlier of (x) Executive’s eligibility for any such coverage under another employer’s medical plan or (y) the date that is 12 months after the termination of Executive’s employment (collectively, the “Severance Payment”).  The COBRA reimbursements described in the immediately preceding sentence shall be taxable to Executive.

3.Certain Definitions.  
(a)For purposes of this Agreement, “Cause” shall mean:  (i) indictment for, or plea of guilty or nolo contendere to a felony or a crime involving dishonesty, fraud, or moral turpitude; (ii) conduct by Executive that brings the Company or any subsidiary or affiliate of the Company into public disgrace or disrepute, (iii) gross negligence or gross misconduct by Executive with respect to the Company or any subsidiary or affiliate of the Company, (iv) Executive’s insubordination or failure to follow the lawful directions of the CEO, which is not cured within three days after written notice thereof to Executive, (v) Executive’s violation of Section 6 of this Agreement or the provisions of 

the IP Agreement, (vi) Executive’s breach of a material employment policy of the Company, which is not cured within 10 days after written notice thereof to Executive, or (vii) any other breach by Executive of this Agreement or any other written agreement with the Company or any subsidiary or affiliate which is material and which is not cured within 30 days after written notice thereof to Executive. The existence of Cause shall be determined in good faith by the Company. 
(b)For purposes of this Agreement, “Good Reason” shall mean the occurrence of any of the following without Executive’s consent:  (i) a material adverse change in Executive’s title, duties or responsibilities; (ii) a material reduction in Executive’s Base Salary; and (iii) any relocation of Executive’s principal office by more than 50 miles from his office in Valley City, Ohio (this does not apply to any relocation to the Detroit, Michigan metropolitan area as provided in Section 2.3 or any customary business travel throughout the U.S. and abroad associated with Executive’s role as Senior Vice President and Chief Financial Officer as required and determined by his job duties under Section 2). The Company and Executive agree that “Good Reason” shall not exist unless and until Executive provides the Company with written notice of the acts alleged to constitute Good Reason within 90 days of Executive’s knowledge of the occurrence of such event, and the Company fails to cure such acts within 30 days of receipt of such notice. Executive must terminate his employment within 60 days following the expiration of such cure period for the termination to be on account of “Good Reason.”

4.Effect of Termination.  Upon termination of Executive’s employment, all compensation, benefits and reimbursements described in Sections 3 and 4 above terminate upon the termination date, and no further compensation, benefits, reimbursements or other payments will be due to Executive, other than as provided in this Section 5 and subject to the terms and conditions of Section 5.  In the event that the Company implements or maintains any other severance pay policy or practice, Executive shall not be entitled to pay under such policy or practice. Upon the expiration of the Employment Term and in the event Executive continues employment with the Company, the terms of this Agreement will have no effect, except as otherwise provided in Section 7.7.

5.Waiver and Release.  Notwithstanding any provision herein to the contrary, the Company will have no obligation to make the Severance Payment, unless, (a) within 60 days following the date of termination of Executive’s employment, Executive executes and delivers to the Company a waiver and release of all current or future claims, known or unknown, arising on or before the date of the release against the Company, its subsidiaries, and the directors, officers, employees and affiliates of any of them, in a form approved by the Company (the “Release”) and (b) any applicable revocation period has expired during such 60-day period without Executive revoking such Release.  Subject to Section 7.10, the Severance Payment shall not commence earlier than the first payroll date after the Release is executed and all revocation periods have expired unexercised and the first payment on or after such date will include any portion of the Severance Payment not previously paid because Executive has not executed the Release; provided, that if such 60-day period begins in one taxable year and ends in a second taxable year, the portion of the Severance Payment that would have otherwise been paid or provided in the first taxable year shall be withheld and paid to Executive (without interest) on the Company’s first payroll date in the second taxable year, with the remaining portion of such payments to be provided to Executive according to the applicable schedule set forth herein, as if no such delay had occurred.

6.Board/Committee Resignation.  Upon termination of Executive’s employment for any reason, if applicable, Executive shall (if applicable) (a) automatically cease to serve on the Board of Directors of the Company (and any committees thereof) and the board of directors (and any committees thereof) of any subsidiary or controlled affiliate of the Company and (b) resign from all positions that Executive holds as an officer of the Company and its subsidiaries and controlled affiliates, and in each case does hereby resign 

from all such positions effective on such termination date.  In addition, upon request of the Company, Executive will promptly take all other actions, and will sign such other documents, as may be necessary to effectuate the intent of this paragraph.  

		
	6.
	Competitive Activity; Confidentiality; Non-Solicitation.

1.Acknowledgements and Agreements.  Executive hereby acknowledges and agrees that in the performance of Executive’s duties to the Company during the Employment Term, Executive will be brought into frequent contact with existing and potential customers of the Company throughout the world.  Executive also agrees that trade secrets and confidential information of the Company, more fully described in Section 6.5(a), gained by Executive during Executive’s association with the Company, have been developed by the Company through substantial expenditures of time, effort and money and constitute valuable and unique property of the Company.  Executive further understands and agrees that the foregoing makes it necessary for the protection of the Company’s Business that Executive not compete with the Company during Executive’s employment with the Company and not compete with the Company for a reasonable period thereafter, as further provided in the following subparagraphs.

2.Covenants.

(a)Covenants During Employment.  While employed by the Company, Executive will not compete with the Company anywhere in the world.  In accordance with this restriction, but without limiting its terms, while employed by the Company, Executive will not:
(i)enter into or engage in any business which competes with the Company's Business;
(ii)solicit customers, business, patronage or orders for, or sell, any products or services in competition with, or for any business that competes with, the Company's Business;
(iii)divert, entice or otherwise take away any customers, business, patronage or orders of the Company or attempt to do so; or
(iv)promote or assist, financially or otherwise, any person, firm, association, partnership, corporation or other entity engaged in any business which competes with the Company's Business.

(b)Covenants Following Termination.  For a period of one year following the termination of Executive’s employment, Executive will not:
(i)enter into or engage in any business which competes with the Company's Business within the Restricted Territory; 
(ii)solicit customers, business, patronage or orders for, or sell, any products and services in competition with, or for any business, wherever located, that competes with, the Company's Business within the Restricted Territory;
(iii)divert, entice or otherwise take away any customers, business, patronage or orders of the Company within the Restricted Territory, or attempt to do so; or
(iv)promote or assist, financially or otherwise, any person, firm, association, partnership, corporation or other entity engaged in any business which competes with the Company's Business within the Restricted Territory.

(c)Indirect Competition.  For the purposes of Sections 6.2(a) and 6.2(b) inclusive, but without limitation thereof, Executive will be in violation thereof if Executive engages in any or all of the activities set forth therein directly as an individual on Executive’s own account, or indirectly as a partner, joint venturer, employee, agent, salesperson, consultant, officer and/or director of any 

firm, association, partnership, corporation or other entity, or as a stockholder of any corporation in which Executive or Executive’s spouse, child or parent owns, directly or indirectly, individually or in the aggregate, more than 1% of the outstanding stock.

(d)If it shall be judicially determined that Executive has violated this Section 6.2, then the period applicable to each obligation that Executive shall have been determined to have violated shall automatically be extended by a period of time equal in length to the period during which such violation(s) occurred.

3.The Company.  For purposes of this Section 6, the Company shall include any and all direct and indirect subsidiary, parent, affiliated, or related companies of the Company for which Executive worked or had responsibility at the time of termination of Executive’s employment and at any time during the two-year period prior to such termination.

4.Non-Solicitation.  Executive will not directly or indirectly at any time during the period of Executive’s employment, or for a period of one year following the termination of Executive’s employment, recruit or solicit any of the Company’s employees to resign from their employment by the Company.  Executive will not directly or indirectly at any time during the period of Executive’s employment or any time thereafter attempt to disrupt, damage, impair or interfere with the Company’s Business by disrupting the relationship between the Company and any of its consultants, agents or representatives.  Executive acknowledges that this covenant is necessary to enable the Company to maintain a stable workforce and remain in business.

5.Further Covenants.  

(a)Executive will keep in strict confidence, and will not, directly or indirectly, at any time, during or after Executive’s employment with the Company, disclose, furnish, disseminate, make available or, except in the course of performing Executive’s duties of employment, use any trade secrets or confidential business and technical information of the Company or its customers or vendors, without limitation as to when or how Executive may have acquired such information.  Such confidential information shall include, without limitation, the Company’s unique selling, manufacturing and servicing methods and business techniques, training, service and business manuals, promotional materials, training courses and other training and instructional materials, vendor and product information, customer and prospective customer lists, other customer and prospective customer information and other business information.  Executive specifically acknowledges that all such confidential information, whether reduced to writing, maintained on any form of electronic media, or maintained in the mind or memory of Executive and whether compiled by the Company, and/or Executive, derives independent economic value from not being readily known to or ascertainable by proper means by others who can obtain economic value from its disclosure or use, that reasonable efforts have been made by the Company to maintain the secrecy of such information, that such information is the sole property of the Company and that any retention and use of such information by Executive during Executive’s employment with the Company (except in the course of performing Executive’s duties and obligations to the Company) or after the termination of Executive’s employment shall constitute a misappropriation of the Company’s trade secrets.

(b)Executive agrees that upon termination of Executive’s employment with the Company, for any reason, Executive shall return to the Company, in good condition, all property of the Company, including without limitation, the originals and all copies of any materials which contain, reflect, summarize, describe, analyze or refer or relate to any items of information listed in Section 6.5(a) of this Agreement.  In the event that such items are not so returned, the Company will have the right 

to charge Executive for all reasonable damages, costs, attorneys’ fees and other expenses incurred in searching for, taking, removing and/or recovering such property.

6.Communication of Contents of Agreement.  While employed by the Company and for one year thereafter, Executive will communicate the contents of Section 6 of this Agreement to any person, firm, association, partnership, corporation or other entity that Executive intends to be employed by, be associated with, or represent.

7.Confidentiality Agreements.  Executive agrees that Executive shall not disclose to the Company or induce the Company to use any secret or confidential information belonging to Executive's former employers.  Executive hereby represents and warrants to the Company that the execution of this Agreement by Executive and Executive’s employment by the Company and the performance of Executive’s duties hereunder will not violate or be a breach of any agreement with or obligation to a former employer, client or any other person or entity, and Executive agrees to indemnify the Company for any costs and expenses arising out of a claim by any such third party has against the Company based upon or arising out of any non-competition agreement or other restrictive covenant, invention or confidentiality agreement between Executive and such third party which was in existence as of the date of this Agreement and which Executive is alleged to be in violation of.

8.Relief.  Executive acknowledges and agrees that the remedy at law available to the Company for breach of any of Executive's obligations under this Agreement would be inadequate.  Executive therefore agrees that, in addition to any other rights or remedies that the Company may have at law or in equity, temporary and permanent injunctive relief may be granted in any proceeding which may be brought to enforce any provision contained in Sections 6.2, 6.4, 6.5, 6.6, and 6.7 inclusive, of this Agreement, without the necessity of proof of actual damage.

9.Reasonableness.  Executive acknowledges that Executive's obligations under this Section 6 are reasonable in the context of the nature of the Company's Business and the competitive injuries likely to be sustained by the Company if Executive were to violate such obligations.  Executive further acknowledges that this Agreement is made in consideration of, and is adequately supported by the agreement of the Company to perform its obligations under this Agreement and by other consideration, which Executive acknowledges constitutes good, valuable and sufficient consideration.

10.Certain Definitions.
(a)“Company’s Business” means the business of designing, engineering, manufacturing, marketing or selling lightweighting, noise and vibration solutions for automotive, commercial vehicle and other industrial markets or any other product, material or process sold or produced by the Company during the course of Executive’s employment with the Company, including any product, material or process which may be under development by the Company during the course of Executive’s employment with the Company and of which Executive gains knowledge.
(b)“Restricted Territory” means: (i) North America (including any territory of the United States); and (ii) all of the specific customer accounts, whether within or outside of the geographic area described in (i) above, with which Executive had any contact or for which Executive had any responsibility (either direct or supervisory) at the time of termination of Executive’s employment and at any time during the two-year period prior to such termination.

		
	7.
	General Terms. 

1.Governing Law; Jurisdiction; Venue; Interpretation.  This Agreement will be governed by the substantive laws of the State of Ohio, without regard to the principles of conflicts of laws.  This Agreement will be construed as a whole, according to its fair meaning, and not in favor of or against any Party, regardless of which Party may have initially drafted certain provisions set forth herein.

2.Assignment.  This Agreement is personal to Executive and may not be assigned by Executive without prior written consent of the Company.  The Company may, without Executive’s consent, assign the Agreement to any affiliate of the Company or to any successor entity but will notify Executive immediately upon such assignment.

3.Notices.  Any notice required or permitted hereunder will be in writing and will be deemed to have been duly given if delivered by hand, by express commercial delivery service, or if sent by certified mail, postage and certification prepaid, to Executive at Executive’s residence (as noted in the Company’s records), or to the Company address, or to such other address or addresses as either Party may have furnished to the other in writing.

4.Entire Agreement; Amendments.  This Agreement, and any other exhibits and attachments to such agreement and the IP Agreement constitute the final and complete expression of all of the terms of the understanding and agreement between the Parties hereto and this Agreement replaces and supersedes any and all prior or other contemporaneous negotiations, communications, understandings, obligations, commitments, agreements or contracts, whether written or oral, between the Parties; and Executive hereby waives any and all claims based upon any and all prior or contemporaneous negotiations, communications, understandings, obligations, commitments, agreements or contracts, whether written or oral, between the Parties.  This Agreement may not be modified, amended, altered or supplemented except by means of the execution and delivery of a written instrument mutually executed by both Parties.  No action or omission by the Company shall be deemed to be a waiver of any of its rights under this Agreement unless such waiver is set forth in writing and identified as a waiver.  Any waiver by the Company of any rights under this Agreement shall not be deemed to be a waiver of any other right.  The covenants contained in Section 6 of this Agreement are essential terms hereof, and no breach or alleged breach by the Company of any term of this Agreement shall be deemed to release Executive from the obligations set forth in such Section.

5.Compensation Recovery.  Notwithstanding anything in this Agreement to the contrary, Executive acknowledges and agrees that this Agreement and any compensation described herein are subject to the terms and conditions of the Company’s clawback policy (if any) as may be in effect from time to time specifically to implement Section 10D of the Securities Exchange Act of 1934, as amended, and any applicable rules or regulations promulgated thereunder (including applicable rules and regulations of any national securities exchange on which the common stock of the Company may be traded) (the “Compensation Recovery Policy”), and that applicable sections of this Agreement and any related documents shall be deemed superseded by and subject to the terms and conditions of the Compensation Recovery Policy from and after the effective date thereof.

6.Severability.  If any provision of the Agreement is held to be invalid, illegal or unenforceable for any reason, the validity, legality and enforceability of the remaining provisions of this Agreement will not in any way be affected or impaired thereby.

7.Survival.  Subject to any limits on applicability contained therein, Sections 6 and 7 shall survive and continue in full force in accordance with their terms notwithstanding any termination of the Employment Term.

8.Counterparts.  This Agreement may be executed in any number of counterparts and by the Parties hereto in separate counterparts, each of which when so executed shall be deemed an original and all of which together shall constitute but one and the same instrument.

9.Withholding Taxes.  The Company may withhold from any amounts payable under this Agreement such Federal, state, and local taxes as may be required to be withheld pursuant to any applicable law or regulation.

10.Compliance with Section 409A.  

(a)The Parties intend that any amounts payable under this Agreement, and the Company’s and Executive’s exercise of authority or discretion hereunder either comply with or are exempt from the provisions of Section 409A of the Internal Revenue Code (“Section 409A”) so as not to subject Executive to the payment of the additional tax, interest and any tax penalty which may be imposed under Section 409A.  Notwithstanding the foregoing, no particular tax result for Executive with respect to any income recognized by Executive in connection with this Agreement is guaranteed.

(b)Notwithstanding any provisions of this Agreement to the contrary, if Executive is a “specified employee” (within the meaning of Section 409A and determined pursuant to policies adopted by the Company) at the time of Executive’s separation from service and if any portion of the payments or benefits to be received by Executive upon separation from service would be considered deferred compensation under Section 409A, amounts that would otherwise be payable pursuant to this Agreement and benefits that would otherwise be provided pursuant to this Agreement, in each case, during the six-month period immediately following Executive’s separation from service will instead be paid or made available on the earlier of (i) the first day of the seventh month following the date of Executive’s separation from service and (ii) Executive’s death.  

(c)To the extent any reimbursement or in-kind benefit provided under this Agreement is nonqualified deferred compensation within the meaning of Section 409A (i) the amount of expenses eligible for reimbursement, or in-kind benefits provided, during a calendar year may not affect the expenses eligible for reimbursement, or in-kind benefits to be provided, in any other taxable year; (ii) the reimbursement of an eligible expense must be made on or before the last day of the calendar year following the calendar year in which the expense was incurred; and (iii) the right to reimbursement or in-kind benefits is not subject to liquidation or exchange for another benefit.  To the extent payment of a tax gross-up subject to Section 409A is provided under this Agreement, payments of such tax gross-up will be made by the end of Executive's tax year next following the tax year in which Executive remits the related taxes.

(d)Each payment under this Agreement is intended to be a “separate payment” and not of a series of payments for purposes of Section 409A.

(e)A termination of employment shall not be deemed to have occurred for purposes of any provision of this Agreement providing for the payment of any amounts or benefits subject to Section 409A upon or following a termination of employment unless such termination is also a “separation from service” (within the meaning of Section 409A), and notwithstanding anything 

contained herein the contrary, the date on which such separation from service takes place shall be the termination date.

The Company and Executive acknowledge that each had the opportunity to consult with legal and financial counsel concerning the rights and obligations arising under this Agreement, that each has read and understands this Agreement, and that each enters into it willingly.

This Agreement is duly executed and delivered as of the day and year stated above. 

SHILOH INDUSTRIES, INC.

By:  __/s/ Ramzi Y. Hermiz_____________
Name: Ramzi Y. Hermiz
Title:  President and Chief Executive Officer

EXECUTIVE

_/s/ W. Jay Potter______________________
W. Jay Potter

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00255-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00255-of-00352.parquet"}]]