Document:

cacc_081911ia.htm

Exhibit 4(f)(151)

AMENDED AND RESTATED INTERCREDITOR AGREEMENT

 

 

This Amended and Restated Intercreditor Agreement (this “Agreement”), dated August 19, 2011, is among Credit Acceptance Corporation (“CAC”), CAC Warehouse Funding Corporation II (“Warehouse Funding II”), CAC Warehouse Funding III, LLC (“Warehouse Funding III”), CAC Warehouse Funding LLC IV (“Warehouse Funding IV”), Credit Acceptance Funding LLC 2010-1 (“Funding 2010-1”), Credit Acceptance Funding LLC 2009-1 (“Funding 2009-1”), Credit Acceptance Auto Loan Trust 2010-1 (the “2010-1 Trust”), Credit Acceptance Auto Loan Trust 2009-1 (the “2009-1 Trust”), Wells Fargo Bank, National Association, as collateral agent under the Wells Fargo Warehouse Securitization Documents (“Wells Fargo”), Fifth Third Bank, as agent under the Fifth Third Securitization Documents (“Fifth Third”), Wells Fargo Bank, National Association, as indenture trustee and trust collateral agent under the 2010-1 Securitization Documents (in either such capacity, the “2010-1 Trustee”, as the context requires), Wells Fargo Bank, National Association, as indenture trustee and trust collateral agent under the 2009-1 Securitization Documents (in either such capacity, the “2009-1 Trustee”, as the context requires), Bank of Montreal, as collateral agent under the BMO Warehouse Securitization Documents (“BMO”), Comerica Bank, as agent under the CAC Credit Facility Documents (“Comerica”), and each other creditor who becomes a party hereto after the date hereof.

 

 

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

 

 

Background

 

 

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

 

 

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

 

 

C.  CAC, Wells Fargo and certain other parties entered into a transaction as set forth in the Wells Fargo Warehouse Securitization Documents (the “Wells Fargo Warehouse Securitization”) pursuant to which the security interest with respect to certain specifically identified Pools, Purchased Loans and related assets was (and during the revolving period under the Wells Fargo Warehouse Securitization Documents will be) released by Comerica, CAC contributed (and will contribute) such Pools,

 

  

1

  

 

Purchased Loans and related assets to its wholly-owned subsidiary, Warehouse Funding II, and Warehouse Funding II granted Wells Fargo, in its capacity as collateral agent, a security interest in Warehouse Funding II’s rights to such Pools, Purchased Loans and related assets (such Pools, Purchased Loans and related assets are referred to herein as the “Wells Fargo Warehouse Loans”).

 

 

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

 

 

E. CAC, BMO and certain other parties are entering 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 are being (and during the revolving period under the BMO Warehouse 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, Warehouse Funding IV, and Warehouse Funding IV is granting 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 2009-1 Trustee entered into a transaction as set forth in the 2009-1 Securitization Documents (the “2009-1 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 2009-1 Securitization Documents will be) released by Comerica, CAC sold and contributed such Pools, Purchased Loans and related assets to its wholly-owned subsidiary, Funding 2009-1, which subsequently sold such Pools, Purchased Loans and related assets to the 2009-1 Trust, a trust the depositor of which is Funding 2009-1, and the 2009-1 Trust granted the 2009-1 Trustee a security interest in its right, title and interest in and to such Pools, Purchased Loans and related assets (such Pools and related assets are referred to herein as the “2009-1 Loans”).

 

 

G.  CAC and the 2010-1 Trustee entered into a transaction as set forth in the 2010-1 Securitization Documents (the “2010-1 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 2010-1 Securitization Documents will be) released by Comerica, CAC sold and contributed such Pools, Purchased Loans and related assets to its wholly-owned subsidiary, Funding 2010-1, which subsequently sold such Pools, Purchased Loans and related assets to the 2010-1 Trust, a trust the depositor of which is Funding 2010-1, and the 2010-1 Trust granted the 2010-1 Trustee a security interest in

 

  

2

  

 

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 “2010-1 Loans”).

 

 

H.  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) are not being (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 (and will not) be granted to the 2009-1 Trustee, pursuant to the 2009-1 Securitization, and (v) 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 2010-1 Trustee pursuant to the 2010-1 Securitization (such unreleased Pools, Purchased Loans and related assets are referred to herein as the “Comerica Loans”).

 

 

I.  The Dealer Agreements permit CAC and its assignees, under certain circumstances, to set off any Collections received with respect to any Pool of a Dealer against Advances under other Pools of that Dealer or Purchased Loans from the Dealer and such set off rights are authorized and permitted under the CAC Credit Facility Documents, the Wells Fargo Warehouse Securitization Documents, the Fifth Third Securitization Documents, the BMO Warehouse Securitization Documents, the 2010-1 Securitization Documents and the 2009-1 Securitization Documents.

 

 

J.  The parties hereto acknowledge that the rights of CAC or its assigns, pursuant to the Dealer Agreements, to set off Collections received with respect to a Pool, or Purchased Loans against the outstanding balance under any other Pool or Purchased Loans are not intended, and should not be permitted, to be used to prejudice the collateral position of any of the parties hereto, and therefore the exercise of such rights should be limited to Back-end Dealer Payments. Funding 2010-1 directs the Owner Trustee of the 2010-1 Trust to enter into this Agreement and Funding 2009-1 directs the Owner Trustee of the 2009-1 Trust to enter into this Agreement.

 

 

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

 

  

3

  

purchase money or other security interests, and irrespective of anything contained in any filing or agreement to which any Creditor may now or hereafter be a party and irrespective of the ordinary rules for determining priority under the Uniform Commercial Code or under any other law governing the relative priorities of secured creditors, subject, however, to the terms and conditions of this Agreement:

 

 

(a) Release by Wells Fargo.  Wells Fargo, as the collateral agent, (i) releases any and all rights in and to any Collections with respect to the Comerica Loans, the Fifth Third Loans, the BMO Loans, the 2010-1 Loans, the 2009- 1 Loans, or in any Back-end Dealer Payments; provided, that no release shall have been granted with respect to amounts collected under any Pools or Purchased Loans which are Back-end Dealer Payments that have been set off by CAC or by Comerica pursuant to the CAC Credit Facility Documents against amounts owing under the Wells Fargo Warehouse Loans and (ii) relinquishes all rights it has or may have to require CAC, individually or as servicer, any successor servicer or Warehouse Funding II to use Collections on its behalf contrary to clause (a)(i).  Wells Fargo, as collateral agent, agrees that the lien and security interest granted to it pursuant to the Wells Fargo Warehouse Securitization Documents does not and shall not attach to any Comerica Loans, Fifth Third Loans, BMO Loans, 2010-1 Loans, 2009-1 Loans (or related Collections) or to any Back-end Dealer Payments and shall not assert any claim thereto.

 

 

(b) Release by Fifth Third.  Fifth Third, as the collateral agent, (i) releases any and all rights in and to any Collections with respect to the Comerica Loans, the Wells Fargo Warehouse Loans, the BMO Loans, the 2010-1 Loans, the 2009-1 Loans, or in any Back-end Dealer Payments; provided, that no release shall have been granted with respect to amounts collected under any Pools or Purchased Loans which are Back-end Dealer Payments that have been set off by CAC or by Comerica pursuant to the CAC Credit Facility Documents against amounts owing under the Fifth Third Loans and (ii) relinquishes all rights it has or may have to require CAC, individually or as servicer, any successor servicer or Warehouse Funding III to use Collections on its behalf contrary to clause (b)(i).  Fifth Third, as collateral agent, agrees that the lien and security interest granted to it pursuant to the Fifth Third Securitization Documents does not and shall not attach to any Comerica Loans, Wells Fargo Warehouse Loans, BMO Loans, 2010-1 Loans, 2009-1 Loans (or related Collections) or to any Back-end Dealer Payments and shall not assert any claim thereto.

 

 

(c) Release by the 2010-1 Trustee.  The 2010-1 Trustee (i) releases any and all rights in and to any Collections with respect to the Comerica Loans, the Wells Fargo Warehouse Loans, the Fifth Third Loans, the BMO Loans, the 2009-1 Loans, or in any Back-end Dealer Payments; provided, that no release shall have been granted with respect to amounts collected under any Pools or Purchased Loans which are Back-end Dealer Payments that have been set off by CAC or by Comerica pursuant to the CAC Credit Facility Documents against amounts owing under the 2010-1 Loans and (ii) relinquishes all rights it has or may have to require CAC, individually or as servicer, any successor servicer, Funding 2010-1 or the 2010-1 Trust to use Collections on its behalf contrary to clause (c)(i).  The 2010-1 Trust agrees that the lien and security interest granted to the 2010-1 Trustee pursuant to the 2010-1 Securitization Documents to which it is a party does not and shall not attach to any Comerica Loans, Wells Fargo Warehouse Loans, Fifth Third Loans, BMO Loans, 2009-1 Loans (or related Collections) or to any Back-end Dealer Payments and shall not assert any claim thereto.

 

  

4

  

 

(d) Release by the 2009-1 Trustee.  The 2009-1 Trustee (i) releases any and all rights in and to any Collections with respect to the Comerica Loans, the Wells Fargo Warehouse Loans, the Fifth Third Loans, the BMO Loans, the 2010-1 Loans, or in any Back-end Dealer Payments; provided, that no release shall have been granted with respect to amounts collected under any Pools or Purchased Loans which are Back-end Dealer Payments that have been set off by CAC or by Comerica pursuant to the CAC Credit Facility Documents against amounts owing under the 2009-1 Loans and (ii) relinquishes all rights it has or may have to require CAC, individually or as servicer, any successor servicer, Funding 2009-1 or the 2009-1 Trust to use Collections on its behalf contrary to clause (d)(i).  The 2009-1 Trust agrees that the lien and security interest granted to the 2009-1 Trustee pursuant to the 2009-1 Securitization Documents to which it is a party does not and shall not attach to any Comerica Loans, Wells Fargo Warehouse Loans, Fifth Third Loans, BMO Loans, 2010-1 Loans (or related Collections) or to any Back-end Dealer Payments and shall not assert any claim thereto.

 

 

(e) 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 2010-1 Loans, the 2009-1 Loans, or in any Back-end Dealer Payments; provided, that no release shall have been granted with respect to amounts collected under any Pools or Purchased Loans which are Back-end Dealer Payments that have been set off by CAC or by Comerica pursuant to the CAC Credit Facility Documents against amounts owing under the BMO Loans and (ii) relinquishes all rights it has or may have to require CAC, individually or as servicer, any successor servicer or Warehouse Funding IV to use Collections on its behalf contrary to clause (e)(i).  BMO, as collateral agent, agrees that the lien and security interest granted to it pursuant to the BMO Warehouse Securitization Documents does not and shall not attach to any Comerica Loans, Wells Fargo Warehouse Loans, Fifth Third Loans, 2010-1 Loans, 2009-1 Loans (or related Collections) or to any Back-end Dealer Payments and shall not assert any claim thereto.

 

 

(f) Release by Comerica.  Comerica (i) releases any and all rights in and to any Collections with respect to the Wells Fargo Warehouse Loans, the Fifth Third Loans, the BMO Loans, the 2010-1 Loans, the 2009-1 Loans, other than amounts collected under the Wells Fargo Warehouse Loans, the Fifth Third Loans, the BMO Loans, the 2010-1 Loans or the 2009-1 Loans which are owed to Dealers as Back-end Dealer Payments and which are subject to set off by CAC pursuant to the related Dealer Agreement and which have not been set off by CAC or by Comerica pursuant to the CAC Credit Facility Documents against amounts owing under the Wells Fargo Warehouse Loans, the Fifth Third Loans, the BMO Loans, the 2010-1 Loans and the 2009-1 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 (f)(i) above.  Except for Back-end Dealer Payments to the extent provided in clause (f)(i) above, Comerica agrees that the lien and security interest granted to it pursuant to the CAC Credit Facility Documents does not and shall not attach to any Wells Fargo Warehouse Loans, Fifth Third Loans, the BMO Loans, the 2010-1 Loans or 2009-1 Loans and shall not assert any claim against the Wells Fargo Warehouse Loans, the Fifth Third Loans, the BMO Loans, the 2010-1 Loans or the 2009-1 Loans or Collections related thereto.

 

 

2. Covenant of the CAC Entities.

 

  

5

  

 

(a). Each of the CAC Entities covenants that it shall not use any right it may have under the Dealer Agreements, Purchase Agreements, whether at the direction of Comerica, Wells Fargo, Fifth Third, BMO, the 2010-1 Trustee, the 2009-1 Trustee or otherwise, to set off any Collections, other than amounts which are owed to Dealers as Back-end Dealer Payments, from one Pool against amounts owed under another Pool encumbered in favor of another Creditor.

 

 

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

 

 

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 2010-1 Trustee shall be determined based on the actual knowledge of the 2010-1 Trustee’s Responsible Officers (as defined in the 2010-1 Indenture), it being understood that each such Responsible Officer shall have no duty to make any inquiry regarding the propriety of any payment, distribution or proceeds and (ii) the actual knowledge of the 2009-1 Trustee shall be determined based on the actual knowledge of the 2009-1 Trustee’s Responsible Officers (as defined in the 2009-1 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

 

  

6

  

 

 reimburse each Creditor for all reasonable expenses incurred by such Creditor pursuant to this Section 4.

 

 

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

 

 

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

 

 

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

 

 

8. No Proceedings.  Each of the parties hereto hereby agrees that it will not institute against, or join any other person in instituting against Warehouse Funding II, Warehouse Funding III, Warehouse Funding IV, Funding 2010-1, the 2010-1 Trust, Funding 2009-1 or the 2009-1 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 2010-1 Securitization Documents and the 2009-1 Securitization Documents.

 

 

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

 

 

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

 

 

11. Successors and Assigns.  This Agreement shall be binding upon and inure to the benefit of each of the parties hereto and their respective successors and assigns, including any successor or assignor to the 2010-1 Trustee under the 2010-1 Securitization Documents and any successor or assignor to the 2009-1 Trustee under the 2009-1 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

 

  

7

  

 

mail (or the equivalent thereof), postage prepaid, (ii) delivered by messenger or overnight courier, or (iii) transmitted via facsimile with a confirmation of the receipt thereof.  Notice shall be deemed to be given for purposes of this Agreement on the day of receipt.  Unless otherwise specified in a notice sent or delivered in accordance with the foregoing provisions of this Section, notices, demands and other communications in writing shall be given to or made upon the respective parties hereto: (a) in the case of any of the CAC Entities, to Silver Triangle Building, 25505 West Twelve Mile Road, Southfield, Michigan 48034-8339, Attention: Douglas W. Busk, telephone: (248) 353-2700 (ext. 4432), facsimile: (866) 743-2704; (b) in the case of Fifth Third, to 38 Fountain Square Plaza, MD 109046, Cincinnati, Ohio 45263, Attention: Brian Gardner: telephone: (513) 534-7949, facsimile: (513) 534-0319; (c) in the case of BMO, to Bank of Montreal, 115 South LaSalle Street, 13th Floor, Chicago, Illinois  60603, Attention: Gary Herron, Facsimile No.: (312) 293-4948, Confirmation No.: (312) 293-4990; (d) in the case of the 2010-1 Trustee, to MAC #9311-161, Sixth and Marquette Avenue, Minneapolis, Minnesota 55479 Attention: Corporate Trust Services – Asset-Backed Administration, telephone: (612) 667-8058, facsimile: (612) 667-3464; (e) in the case of the 2009-1 Trustee, to MAC #9311-161, Sixth Street and Marquette Avenue, Minneapolis, Minnesota 55479, Attention: Corporate Trust Services – Asset-Backed Administration, phone: (612) 667-8058; fax: (612) 667-3464; and (f) in the case of Comerica, to One Detroit Center, 6th Floor, 500 Woodward Avenue, Detroit, Michigan 48226, Attention: Michael Stapleton, telephone: (313) 222-2863, facsimile: (313) 222-5636.

 

 

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

 

 

14. Integration; Termination of Prior Agreement.  This Agreement sets forth the entire understanding of the parties relating to the subject matter hereof, and all prior understandings, written or oral, are superseded by this Agreement.  Without limiting the generality of the foregoing, this Agreement is intended to supersede the Prior Agreement in its entirety.  Each of Comerica, Wells Fargo, Fifth Third, the 2009-1 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.

 

  

8

  

 

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:

	
Treasurer

 

 

 

CAC WAREHOUSE FUNDING CORPORATION II

 

	  	
/s/ Douglas W. Busk

	
By:

	
Douglas W. Busk

	
Title:

	
Treasurer

 

 

 

CAC WAREHOUSE FUNDING III, LLC

 

	  	
/s/ Douglas W. Busk

	
By:

	
Douglas W. Busk

	
Title:

	
Treasurer

 

 

 

CAC WAREHOUSE FUNDING LLC IV

 

	  	
/s/ Douglas W. Busk

	
By:

	
Douglas W. Busk

	
Title:

	
Treasurer

 

 

 

 

CREDIT ACCEPTANCE FUNDING LLC 2010-1

 

	  	
/s/ Douglas W. Busk

	
By:

	
Douglas W. Busk

	
Title:

	
Treasurer

 

 

 

CREDIT ACCEPTANCE FUNDING LLC 2009-1

 

	  	
/s/ Douglas W. Busk

	
By:

	
Douglas W. Busk

	
Title:

	
Treasurer

 

  

 

  

 

CREDIT ACCEPTANCE AUTO

LOAN TRUST 2010-1

 

By: U.S. Bank Trust National Association,

Not In Its Individual Capacity But Solely

As Owner Trustee

 

 

	  	
/s/ Annette Morgan

	
By:

	
Annette E. Morgan

	
Title:

	
Assistant Vice President

 

 

 

CREDIT ACCEPTANCE AUTO

LOAN TRUST 2009-1

 

By: U.S. Bank Trust National Association,

Not In Its Individual Capacity But Solely

As Owner Trustee

 

 

	  	
/s/ Annette Morgan

	
By:

	
Annette E. Morgan

	
Title:

	
Assistant Vice President

 

  

 

  

 

WELLS FARGO BANK, NATIONAL ASSOCIATION,

 

Not In Its Individual Capacity But Solely

as 2009-1 Trustee, 2010-1 Trustee and Collateral Agent

under the Wells Fargo Warehouse Securitization Documents

 

 

	  	
/s/ Marianna Stershic

	
By:

	
Marianna C. Stershic

	
Title:

	
Vice President

 

  

 

  

 

FIFTH THIRD BANK,

 

As Agent

 

 

	  	
/s/ Brian Gardner

	
By:

	
Brian Gardner

	
Title:

	
Vice President

 

  

 

  

 

BANK OF MONTREAL

 

As Lender and Collateral Agent

 

	  	
/s/ Gary Herron

	
By:

	
Gary Herron

	
Title:

	
Vice President

 

  

 

  

 

COMERICA BANK,

 

As Agent

 

	  	
/s/ Anthony E. Lemelin

	
By:

	
Anthony E. Lemelin

	
Title:

	
Senior Vice President

 

 

 

  

 

  

 

APPENDIX A

 

 

DEFINITIONS

 

 

2009-1 Indenture: The Indenture dated as of December 3, 2009, between the 2009-1 Trustee and the 2009-1 Trust, as amended from time to time.

 

 

2009-1 Securitization Documents: The Sale and Servicing Agreement dated as of December 3, 2009, among the 2009-1 Trust, Funding 2009-1, CAC, the 2009-1 Trustee, and Wells Fargo Bank, National Association, as the Backup Servicer, the 2009-1 Indenture, and the documents related thereto, as amended from time to time.

 

 

2010-1 Indenture: the Indenture dated as of November 4, 2010 between the 2010-1 Trustee and the 2010-1 Trust, as amended from time to time.

 

 

2010-1 Securitization Documents: the Sale and Servicing Agreement dated as of November 4 2010, among the 2010-1 Trust, Funding 2010-1, CAC, the 2010-1 Trustee, and Wells Fargo Bank, National Association, as the Backup Servicer, the 2010-1 Indenture, and the documents related thereto, as amended from time to time.

 

 

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

 

 

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

 

 

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

 

 

CAC Entities: Each of CAC, Warehouse Funding II, Warehouse Funding III, Warehouse Funding IV, Funding 2010-1, the 2010-1 Trust, Funding 2009-1 and the 2009-1 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.

 

A-1

 

  

 

  

 

Creditor: Each of Comerica, Wells Fargo, Fifth Third, BMO, the 2010-1 Trustee and the 2009-1 Trustee.

 

 

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

 

 

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

 

 

Financing Documents: The CAC Credit Facility Documents, the Wells Fargo Warehouse Securitization Documents, the Fifth Third Securitization Documents, the BMO Warehouse Securitization Documents, the 2010-1 Securitization Documents and the 2009-1 Securitization Documents.

 

 

Fifth Third Securitization Documents: The Loan and Security Agreement dated as of May 23, 2008 among Warehouse Funding III, CAC, Fifth Third, and the other parties from time to time party thereto, and the documents related thereto, as amended from time to time.

 

 

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

 

 

Prior Agreement: The Amended and Restated Intercreditor Agreement dated November 4, 2010, among CAC, Warehouse Funding II, Warehouse Funding III, Funding 2009-1, the 2009-1 Trust, Funding 2010-1, the 2010-1 Trust, Wells Fargo Securities, LLC (formerly Wachovia Capital Markets, LLC), Fifth Third, Wells Fargo Bank, National Association, the 2009-1 Trustee, the 2010-1 Trustee and Comerica.

 

 

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

 

 

Wells Fargo Warehouse Securitization Documents: The Fourth Amended and Restated Loan And Security Agreement dated as of June 16, 2010, as amended, among Warehouse Funding II, CAC, Variable Funding Capital Company LLC, Wells Fargo Securities, LLC, Wells Fargo Bank, National Association and the other parties from time to time party thereto, and the documents related thereto, as amended from time to time.

 

A-2form8k-exhibit_4a.htm

Exhibit 4(a)

 

 

 

 

PPL ELECTRIC UTILITIES CORPORATION

 

TO

 

THE BANK OF NEW YORK MELLON

 

 

Trustee

 

_____________________________

 

Supplemental Indenture No. 13

Dated as of August 1, 2011

 

_____________________________

 

Supplemental to the Indenture

dated as of August 1, 2001

 

_____________________________

 

Establishing Terms of

First Mortgage Bonds, 3.00% Series due 2021

 

  

  

  

Supplemental Indenture No. 13

SUPPLEMENTAL INDENTURE No. 13, dated as of August 1, 2011, made and entered into by and between PPL ELECTRIC UTILITIES CORPORATION, a corporation of the Commonwealth of Pennsylvania, having its principal corporate offices at Two North Ninth Street, Allentown, Pennsylvania 18101 (hereinafter sometimes called the “Company”), and THE BANK OF NEW YORK MELLON, a New York banking corporation, having its corporate trust office at 101 Barclay Street, 4th Floor, New York, New York 10286 (hereinafter sometimes called the “Trustee”), as Trustee under the Indenture, dated as of August 1, 2001 (hereinafter called the “Original Indenture”), this Supplemental Indenture No. 13 being supplemental thereto.  The Original Indenture and any and all indentures and instruments supplemental thereto are hereinafter sometimes collectively called the “Indenture.”

 

RECITALS OF THE COMPANY

 

The Original Indenture was authorized, executed and delivered by the Company to provide for the issuance from time to time of its Securities (such term and all other capitalized terms used herein without definition having the meanings assigned to them in the Original Indenture), to be issued in one or more series as contemplated therein, and to provide security for the payment of the principal of and premium, if any, and interest, if any, on such Securities.

 

The Company has heretofore executed and delivered to the Trustee Supplemental Indentures for the purposes recited therein and for the purpose of creating series of securities as set forth in Schedule A hereto.

 

Pursuant to Article Three of the Original Indenture, the Company wishes to establish a fourteenth series of Securities, such series of Securities to be hereinafter sometimes called “Securities of the Fourteenth Series.”

 

As contemplated in Section 301 of the Original Indenture, the Company further wishes to establish the designation and certain terms of the Securities of the Fourteenth Series.  The Company has duly authorized the execution and delivery of this Supplemental Indenture No. 13 to establish the designation and certain terms of the Securities of the Fourteenth Series and has duly authorized the issuance of such Securities; and all acts necessary to make this Supplemental Indenture No. 13 a valid agreement of the Company, and to make the Securities of the Fourteenth Series valid obligations of the Company, have been performed.

 

NOW, THEREFORE, THIS SUPPLEMENTAL INDENTURE NO. 13 WITNESSETH, that, for and in consideration of the premises and of the purchase of the Securities by the Holders thereof, it is mutually covenanted and agreed, for the equal and proportionate benefit of the Holders of the Securities of the Fourteenth Series, as follows:

 

ARTICLE ONE

 

Fourteenth Series of Securities

 

SECTION 101. There is hereby created a series of Securities designated “First Mortgage Bonds,3.00% Series due 2021,” and the Securities of such series shall have the terms provided therefor in this Article One of this Supplemental Indenture No. 13, shall be limited in aggregate principal amount (except as contemplated in Section 301(b) of the Original Indenture) to $400,000,000, and shall have such terms as are hereby established for such Securities of the Fourteenth Series as contemplated in Section 301 of the Original Indenture.  The form or forms and additional terms of the Securities of the Fourteenth

 

  

  

  

Series shall be established in an Officer’s Certificate of the Company, as contemplated by Section 201 of the Original Indenture.

 

SECTION 102. Covenants.  So long as any Securities of the Fourteenth Series shall remain Outstanding, the following shall be an additional covenant of the Company under the Indenture:  So long as any Securities of the Fourteenth Series shall remain Outstanding, the Company shall not cause or permit the Release Date to be established, as contemplated in Section 1811 of the Original Indenture.

 

SECTION 103. Satisfaction and Discharge.  The Company hereby agrees that, if the Company shall make any deposit of money and/or Eligible Obligations with respect to any Securities of the Fourteenth Series, or any portion of the principal amount thereof, as contemplated by Section 801 of the Indenture, the Company shall not deliver an Officer’s Certificate described in clause (z) in the first paragraph of said Section 801 unless the Company shall also deliver to the Trustee, together with such Officer’s Certificate, either:

 

(a) an instrument wherein the Company, notwithstanding the satisfaction and discharge of its indebtedness in respect of such Securities, shall retain the obligation (which shall be absolute and unconditional) to irrevocably deposit with the Trustee or Paying Agent such additional sums of money, if any, or additional Eligible Obligations (meeting the requirements of Section 801), if any, or any combination thereof, at such time or times, as shall be necessary, together with the money and/or Eligible Obligations theretofore so deposited, to pay when due the principal of and premium, if any, and interest due and to become due on such Securities or portions thereof, all in accordance with and subject to the provisions of said Section 801; provided, however, that such instrument may state that the obligation of the Company to make additional deposits as aforesaid shall be subject to the delivery to the Company by the Trustee of a notice asserting the deficiency accompanied by an opinion of an independent public accountant of nationally recognized standing, selected by the Trustee, showing the calculation thereof (which opinion shall be obtained at the expense of the Company); or

 

(b) an Opinion of Counsel to the effect that the Holders of such Securities, or portions of the principal and amount thereof, will not recognize income, gain or loss for United States federal income tax purposes as a result of the satisfaction and discharge of the Company’s indebtedness in respect thereof and will be subject to United States federal income tax on the same amounts, at the same times and in the same manner as if such satisfaction and discharge had not been effected.

 

ARTICLE TWO

 

Miscellaneous Provisions

 

SECTION 201. This Supplemental Indenture No. 13 is a supplement to the Original Indenture, as heretofore amended and supplemented.  As supplemented by this Supplemental Indenture No 13, the Original Indenture, as heretofore amended and supplemented, is in all respects ratified, approved and confirmed, and the Original Indenture, as heretofore amended and supplemented, and this Supplemental Indenture No. 13 shall together constitute the Indenture.

 

SECTION 202. The recitals contained in this Supplemental Indenture No. 13 shall be taken as the statements of the Company, and the Trustee assumes no responsibility for their correctness and makes no representations as to the validity or sufficiency of this Supplemental Indenture No. 13.

 

This instrument may be executed in any number of counterparts, each of which so executed shall be deemed to be an original, but all such counterparts shall together constitute but one and the same instrument.

 

  

2

  

IN WITNESS WHEREOF, the parties hereto have caused this Supplemental Indenture No. 13 to be duly executed as of the day and year first written above.

 

 

 

	  	  	
PPL ELECTRIC UTILITIES CORPORATION

	  	  	  
	  	  	  
	  	  	  
	  	
By  

	
/s/ James E. Abel

	  	  	
Name: James E. Abel

	  	  	
Title:  Treasurer

 

 

  

3

  

	  	  	
THE BANK OF NEW YORK MELLON, as Trustee

	  	  	  
	  	  	  
	  	  	  
	  	
By  

	
/s/ Teisha Wright

	  	  	
Name: Teisha Wright

	  	  	
Title:  Senior Associate

  

4

  

	
COMMONWEALTH OF PENNSYLVANIA

	
)

	  
	  	
)

	
ss.:

	
COUNTY OF LEHIGH

	
)

	  

On this __th day of August, 2011, before me, a notary public, the undersigned, personally appeared James E. Abel, who acknowledged himself to be the Treasurer of PPL ELECTRIC UTILITIES CORPORATION, a corporation of the Commonwealth of Pennsylvania and that he, as such Treasurer, being authorized to do so, executed the foregoing instrument for the purposes therein contained, by signing the name of the corporation by himself as Treasurer.

 

In witness whereof, I hereunto set my hand and official seal.

 

	  	
_____________________________________

	  	
Notary Public

 

  

5

  

	
STATE OF NEW YORK

	
)

	  
	  	
)

	
ss.:

	
COUNTY OF NEW YORK

	
)

	  

On this __th day of August, 2011, before me, a notary public, the undersigned, personally appeared Teisha Wright, who acknowledged himself/herself to be a Senior Associate of THE BANK OF NEW YORK MELLON, a corporation and that he/she, as Senior Associate, being authorized to do so, executed the foregoing instrument for the purposes therein contained, by signing the name of the corporation by himself or herself as Senior Associate.

 

In witness whereof, I hereunto set my hand and official seal.

 

	
By:

	
_____________________________________

	  	
Notary Public

 

 

The Bank of New York Mellon hereby certifies that its precise name and address as Trustee hereunder are:

 

The Bank of New York Mellon

101 Barclay Street, 4th Floor

New York, New York 10286

Attn:  Global Structured Finance

 

	  	  	
THE BANK OF NEW YORK MELLON, as Trustee

	 
	  	  	  	 
	  	  	  	 
	  	  	  	 
	  	
By

	
 

	 

 

  

6

  

 

SCHEDULE A

 

	
Supplemental Indenture No.

	
Dated as of

	
Series

	
Series Designation

	
Principal Amount Authorized

	
Principal Amount Issued

	
Principal Amount Outstanding1

	
1

	
August 1, 2001

	
First

	
Senior Secured Bonds,

5 7/8% Series due 2007

	
$300,000,000

	
$300,000,000

	
None

	
1

	
August 1, 2001

	
Second

	
Senior Secured bonds,

6 1⁄4% Series due 2009

	
$500,000,000

	
$500,000,000

	
None

	
2

	
February 1, 2003

	
Third

	
Senior Secured Bonds, 3.125% Pollution Control Series due 2008

	
$90,000,000

	
$90,000,000

	
None

	
3

	
May 1, 2003

	
Fourth

	
Senior Secured Bonds, 4.30% Series due 2013

	
$100,000,000

	
$100,000,000

	
None

	
4

	
February 1, 2005

	
Fifth

	
Senior Secured Bonds, 4.70% Pollution Control Series due 2029

	
$115,500,000

	
$115,500,000

	
$115,500,000

	
5

	
May 1, 2005

	
Sixth

	
Senior Secured Bonds, 4.75% Pollution Control Series due 2027

	
$108,250,000

	
$108,250,000

	
$108,250,000

	
6

	
December 1, 2005

	
Seventh

	
Senior Secured Bonds, 4.95% Series due 2015

	
$100,000,000

	
$100,000,000

	
$100,000,000

	
6

	
December 1, 2005

	
Eighth

	
Senior Secured Bonds, 5.15% Series due 2020

	
$100,000,000

	
$100,000,000

	
$100,000,000

	
7

	
August 1, 2007

	
Ninth

	
Senior Secured Bonds, 6.45% Series due 2037

	
$250,000,000

	
$250,000,000

	
$250,000,000

	
8

	
October 1, 2008

	
Tenth

	
Senior Secured Bonds, 7.125% Series due 2013

	
$400,000,000

	
$400,000,000

	
None

	
9

	
October 1, 2008

	
Eleventh

	
Senior Secured Bonds, Variable Rate Pollution Control Series 2008

	
$90,000,000

	
$90,000,000

	
$90,000,000

	
10

	
May 1, 2009

	
Twelfth

	
First Mortgage Bonds, 6.25% Series due 2039

	
$300,000,000

	
$300,000,000

	
$300,000,000

	
11

	
July 1, 20112

	
—

	
—

	
—

	
—

	
—

	
12

	
July 1, 2011

	
Thirteenth

	
First Mortgage Bonds, 5.20% Series due 2041

	
$250,000,000

	
$250,000,000

	
$250,000,000

1   As of August 1, 2011.

2   Supplemental Indenture No. 11 provided for certain amendments to the Original Indenture and did not provide for the establishment of any series of Securities.

 

 

A-1

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00193-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00193-of-00352.parquet"}]]