Document:

Document

Amended and Restated INTERCREDITOR AGREEMENT
This Amended and Restated Intercreditor Agreement (this “Agreement”), dated January 29, 2021, 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”), CAC Warehouse Funding LLC VII (“Warehouse Funding VII”), CAC Warehouse Funding LLC VIII (“Warehouse Funding VIII”), Credit Acceptance Funding LLC 2021-1 (“Funding 2021-1”), Credit Acceptance Funding LLC 2020-3 (“Funding 2020-3”), Credit Acceptance Funding LLC 2020-2 (“Funding 2020-2”), Credit Acceptance Funding LLC 2020-1 (“Funding 2020-1”), Credit Acceptance Funding LLC 2019-3 (“Funding 2019-3”), Credit Acceptance Funding LLC 2019-2 (“Funding 2019-2”), Credit Acceptance Funding LLC 2019-1 (“Funding 2019-1”), Credit Acceptance Funding LLC 2018-3 (“Funding 2018-3”), Credit Acceptance Funding LLC 2018-2 (“Funding 2018-2”), Credit Acceptance Funding LLC 2018-1 (“Funding 2018-1”), Credit Acceptance Funding LLC 2017-3 (“Funding 2017-3”, and each of Funding 2017-3, Funding 2018-1, Funding 2018-2, Funding 2018-3, Funding 2019-1, Funding 2019-2, Funding 2019-3, Funding 2020-1, Funding 2020-2, Funding 2020-3 and Funding 2021-1, a “Funding” ), Credit Acceptance Auto Loan Trust 2020-3 (“2020-3 Trust”), Credit Acceptance Auto Loan Trust 2020-2 (“2020-2 Trust”), Credit Acceptance Auto Loan Trust 2020-1 (“2020-1 Trust”), Credit Acceptance Auto Loan Trust 2019-3 (“2019-3 Trust”), Credit Acceptance Auto Loan Trust 2019-1 (“2019-1 Trust”), Credit Acceptance Auto Loan Trust 2018-3 (“2018-3 Trust”), Credit Acceptance Auto Loan Trust 2018-2 (“2018-2 Trust”), Credit Acceptance Auto Loan Trust 2018-1 (“2018-1 Trust”), Credit Acceptance Auto Loan Trust 2017-3 (the “2017-3 Trust”, and collectively with the 2018-1 Trust, the 2018-2 Trust, the 2018-3 Trust, the 2019-1 Trust, the 2019-3 Trust, the 2020-1 Trust, the 2020-2 Trust and the 2020-3 Trust, the “Trusts” and each a “Trust”), Fifth Third Bank, National Association, as collateral agent under the 2021-1 Financing Documents (in such capacity, the “2021-1 Collateral Agent”), Wells Fargo Bank, National Association, as indenture trustee and trust collateral agent under the 2020-3 Securitization Documents (in either such capacity, the “2020-3 Trustee”, as the context requires), Wells Fargo Bank, National Association, as indenture trustee and trust collateral agent under the 2020-2 Securitization Documents (in either such capacity, the “2020-2 Trustee”, as the context requires), Wells Fargo Bank, National Association, as indenture trustee and trust collateral agent under the 2020-1 Securitization Documents (in either such capacity, the “2020-1 Trustee”, as the context requires), Wells Fargo Bank, National Association, as indenture trustee and trust collateral agent under the 2019-3 Securitization Documents (in either such capacity, the “2019-3 Trustee”, as the context requires), Wells Fargo Bank, National Association, as collateral agent under the Wells Fargo Warehouse Documents (“Wells Fargo”), Fifth Third Bank, National Association (formerly known as Fifth Third Bank), as agent under the Fifth Third Warehouse Documents (“Fifth Third”), Wells Fargo Bank, National Association, as collateral agent under the 2019-2 Financing Documents (in such capacity, the “2019-2 Collateral Agent”), Wells Fargo Bank, National Association, as indenture trustee and trust collateral agent under the 2019-1 Securitization Documents (in either such capacity, the “2019-1 Trustee”, as the context requires), Wells Fargo Bank, National Association, as indenture trustee and trust collateral agent under the 2018-3 Securitization Documents (in either such capacity, the “2018-3 Trustee”, as the context requires), Wells Fargo Bank, National 
1988192-NYCSR03A - MSW

Association, as indenture trustee and trust collateral agent under the 2018-2 Securitization Documents (in either such capacity, the “2018-2 Trustee”, as the context requires), Wells Fargo Bank, National Association, as indenture trustee and trust collateral agent under the 2018-1 Securitization Documents (in either such capacity, the “2018-1 Trustee”, as the context requires), Wells Fargo Bank, National Association, as indenture trustee and trust collateral agent under the 2017-3 Securitization Documents (in either such capacity, the “2017-3 Trustee”, as the context requires), Bank of Montreal, as collateral agent under the BMO Warehouse Documents (“BMO”), Flagstar Bank, FSB, as collateral agent under the Flagstar Warehouse Documents (“Flagstar”), Wells Fargo Bank, National Association, as collateral agent under the Credit Suisse Warehouse Documents (in such capacity, the “Credit Suisse Warehouse Collateral Agent”), Citizens Bank, N.A., as collateral agent under the Citizens Warehouse Documents (in such capacity, the “Citizens”), 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 U 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 Documents (the “Wells Fargo Warehouse”) 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 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 Warehouse Documents (the “Fifth Third Warehouse”) pursuant to which the security interest with respect to certain specifically identified Pools, Purchased Loans and related 
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assets was (and during the revolving period under the Fifth Third Warehouse 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 Documents (the “BMO Warehouse”) 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 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, Flagstar and certain other parties entered into a transaction as set forth in the Flagstar Warehouse Documents (the “Flagstar Warehouse”) 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 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”).
G.CAC and the 2017-3 Trustee entered into a transaction as set forth in the 2017-3 Securitization Documents (the “2017-3 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 2017-3 Securitization Documents will be) released by Comerica, CAC sold and contributed (and will sell and contribute) such Pools, Purchased Loans and related assets to its wholly-owned subsidiary, Funding 2017-3, which subsequently sold (and will sell) such Pools, Purchased Loans and related assets to the 2017-3 Trust, a trust the depositor of which is Funding 2017-3, and the 2017-3 Trust granted the 2017-3 Trustee a security interest in its right, title and interest in and to such Pools, Purchased Loans and related assets (such Pools, Purchased Loans and related assets are referred to herein as the “2017-3 Loans”).
H.CAC and the 2018-1 Trustee entered into a transaction as set forth in the 2018-1 Securitization Documents (the “2018-1 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 2018-1 Securitization Documents will be) released by Comerica, CAC sold and contributed (and will sell and contribute) such Pools, Purchased Loans and related assets to its wholly-owned subsidiary, Funding 2018-1, which subsequently sold (and will sell) such Pools, Purchased Loans and related assets to the 2018-1 Trust, a trust the depositor 
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of which is Funding 2018-1, and the 2018-1 Trust granted the 2018-1 Trustee a security interest in its right, title and interest in and to such Pools, Purchased Loans and related assets (such Pools, Purchased Loans and related assets are referred to herein as the “2018-1 Loans”).
I.CAC, Credit Suisse AG, New York Branch (“Credit Suisse”), the Credit Suisse Warehouse Collateral Agent and certain other parties entered into a transaction as set forth in the Credit Suisse Warehouse Documents (the “Credit Suisse Warehouse”) 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 Credit Suisse Warehouse 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 VII, and Warehouse Funding VII granted the Credit Suisse Warehouse Collateral Agent, in its capacity as collateral agent, a security interest in Warehouse Funding VII’s rights to such Pools, Purchased Loans and related assets (such Pools, Purchased Loans and related assets are referred to herein as the “Credit Suisse Warehouse Loans”).  
J.CAC and the 2018-2 Trustee entered into a transaction as set forth in the 2018-2 Securitization Documents (the “2018-2 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 2018-2 Securitization Documents will be) released by Comerica, CAC sold and contributed (and will sell and contribute) such Pools, Purchased Loans and related assets to its wholly-owned subsidiary, Funding 2018-2, which subsequently sold (and will sell) such Pools, Purchased Loans and related assets to the 2018-2 Trust, a trust the depositor of which is Funding 2018-2, and the 2018-2 Trust granted the 2018-2 Trustee a security interest in its right, title and interest in and to such Pools, Purchased Loans and related assets (such Pools, Purchased Loans and related assets are referred to herein as the “2018-2 Loans”).
K.CAC and the 2018-3 Trustee entered into a transaction as set forth in the 2018-3 Securitization Documents (the “2018-3 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 2018-3 Securitization Documents will be) released by Comerica, CAC sold and contributed (and will sell and contribute) such Pools, Purchased Loans and related assets to its wholly-owned subsidiary, Funding 2018-3, which subsequently sold (and will sell) such Pools, Purchased Loans and related assets to the 2018-3 Trust, a trust the depositor of which is Funding 2018-3, and the 2018-3 Trust granted the 2018-3 Trustee a security interest in its right, title and interest in and to such Pools, Purchased Loans and related assets (such Pools, Purchased Loans and related assets are referred to herein as the “2018-3 Loans”).
L.CAC and the 2019-1 Trustee entered into a transaction as set forth in the 2019-1 Securitization Documents (the “2019-1 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 2019-1 Securitization Documents will be) released by Comerica, CAC sold and contributed (and will sell and contribute) such Pools, Purchased Loans and related assets to its wholly-owned subsidiary, Funding 2019-1, which subsequently sold (and will sell) such Pools, Purchased Loans and related assets to the 2019-1 Trust, a trust the depositor 
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of which is Funding 2019-1, and the 2019-1 Trust granted the 2019-1 Trustee a security interest in its right, title and interest in and to such Pools, Purchased Loans and related assets (such Pools, Purchased Loans and related assets are referred to herein as the “2019-1 Loans”).
M.CAC, Citizens Bank, N.A. (“Citizens”), the Citizens Warehouse Collateral Agent and certain other parties entered into a transaction as set forth in the Citizens Warehouse Documents (the “Citizens Warehouse”) 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 Citizens Warehouse 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 VIII, and Warehouse Funding VIII granted the Citizens Warehouse Collateral Agent, in its capacity as collateral agent, a security interest in Warehouse Funding VIII’s rights to such Pools, Purchased Loans and related assets (such Pools, Purchased Loans and related assets are referred to herein as the “Citizens Warehouse Loans”).  
N.CAC, the 2019-2 Collateral Agent and certain other parties entered into a transaction as set forth in the 2019-2 Financing Documents (the “2019-2 Financing”) 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 2019-2 Financing Documents will be) released by Comerica, CAC transferred (and will transfer) such Pools, Purchased Loans and related assets to its wholly-owned subsidiary, Funding 2019-2, and Funding 2019-2 granted the 2019-2 Collateral Agent, in its capacity as collateral agent, a security interest in Funding 2019-2’s rights to such Pools, Purchased Loans and related assets (such Pools, Purchased Loans and related assets are referred to herein as the “2019-2 Loans”).
O.CAC and the 2019-3 Trustee entered into a transaction as set forth in the 2019-3 Securitization Documents (the “2019-3 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 2019-3 Securitization Documents will be) released by Comerica, CAC sold and contributed (and will sell and contribute) such Pools, Purchased Loans and related assets to its wholly-owned subsidiary, Funding 2019-3, which subsequently sold (and will sell) such Pools, Purchased Loans and related assets to the 2019-3 Trust, a trust the depositor of which is Funding 2019-3, and the 2019-3 Trust granted the 2019-3 Trustee a security interest in its right, title and interest in and to such Pools, Purchased Loans and related assets (such Pools, Purchased Loans and related assets are referred to herein as the “2019-3 Loans”).
P.CAC and the 2020-1 Trustee entered into a transaction as set forth in the 2020-1 Securitization Documents (the “2020-1 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 2020-1 Securitization Documents will be) released by Comerica, CAC sold and contributed (and will sell and contribute) such Pools, Purchased Loans and related assets to its wholly-owned subsidiary, Funding 2020-1, which subsequently sold (and will sell) such Pools, Purchased Loans and related assets to the 2020-1 Trust, a trust the depositor of which is Funding 2020-1, and the 2020-1 Trust granted the 2020-1 Trustee a security interest 
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in its right, title and interest in and to such Pools, Purchased Loans and related assets (such Pools, Purchased Loans and related assets are referred to herein as the “2020-1 Loans”).  
Q.CAC and the 2020-2 Trustee entered into a transaction as set forth in the 2020-2 Securitization Documents (the “2020-2 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 2020-2 Securitization Documents will be) released by Comerica, CAC sold and contributed (and will sell and contribute) such Pools, Purchased Loans and related assets to its wholly-owned subsidiary, Funding 2020-2, which subsequently sold (and will sell) such Pools, Purchased Loans and related assets to the 2020-2 Trust, a trust the depositor of which is Funding 2020-2, and the 2020-2 Trust granted the 2020-2 Trustee a security interest in its right, title and interest in and to such Pools, Purchased Loans and related assets (such Pools, Purchased Loans and related assets are referred to herein as the “2020-2 Loans”).
R.CAC and the 2020-3 Trustee entered into a transaction as set forth in the 2020-3 Securitization Documents (the “2020-3 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 2020-3 Securitization Documents will be) released by Comerica, CAC sold and contributed (and will sell and contribute) such Pools, Purchased Loans and related assets to its wholly-owned subsidiary, Funding 2020-3, which subsequently sold (and will sell) such Pools, Purchased Loans and related assets to the 2020-3 Trust, a trust the depositor of which is Funding 2020-3, and the 2020-3 Trust granted the 2020-3 Trustee a security interest in its right, title and interest in and to such Pools, Purchased Loans and related assets (such Pools, Purchased Loans and related assets are referred to herein as the “2020-3 Loans”).
S.CAC, the 2021-1 Collateral Agent and certain other parties are entering into a transaction as set forth in the 2021-1 Financing Documents (the “2021-1 Financing”) 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 2021-1 Financing 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 2021-1, and Funding 2021-1 is granting the 2021-1 Collateral Agent, in its capacity as collateral agent, a security interest in Funding 2021-1’s rights to such Pools, Purchased Loans and related assets (such Pools, Purchased Loans and related assets are referred to herein as the “2021-1 Loans”).
T.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, (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 Warehouse, (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, (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 Flagstar pursuant to 
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the Flagstar Warehouse, (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 2017-3 Trustee pursuant to the 2017-3 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 Credit Suisse pursuant to the Credit Suisse Warehouse, (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 2018-1 Trustee pursuant to the 2018-1 Securitization, (xiii) 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 2018-2 Trustee pursuant to the 2018-2 Securitization, (ix) 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 2018-3 Trustee pursuant to the 2018-3 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 the 2019-1 Trustee pursuant to the 2019-1 Securitization, (xi) 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 Citizens pursuant to the Citizens Warehouse, (xii) 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 2019-2 Collateral Agent pursuant to the 2019-2 Financing, (xiii) 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 2019-3 Trustee pursuant to the 2019-3 Securitization, (xiv) 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 2020-1 Trustee pursuant to the 2020-1 Securitization, (xv) 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 2020-2 Trustee pursuant to the 2020-2 Securitization, (xvi) 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 2020-3 Trustee pursuant to the 2020-3 Securitization and (xvii) have not been (and will not be) released, and a security interest encumbering such Pools, Purchased Loans and related assets is not being (and will not be) granted to the 2021-1 Collateral Agent pursuant to the 2021-1 Financing (such unreleased Pools, Purchased Loans and related assets are referred to herein as the “Comerica Loans”).
U.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 Documents, the Fifth Third Warehouse Documents, the BMO Warehouse Documents, the Flagstar Warehouse Documents, the Credit Suisse Warehouse Documents, the Citizens Warehouse Documents, the 2021-1 Financing Documents, the 2020-3 Securitization Documents, the 2020-2 Securitization Documents, the 2020-1 Securitization Documents, the 2019-3 Securitization Documents, the 2019-2 Financing Documents, the 2019-1 Securitization Documents, the 2018-3 Securitization Documents, the 2018-2 Securitization Documents, the 2018-1 Securitization Documents and the 2017-3 Securitization Documents.
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V.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.  
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 Credit Suisse Warehouse Loans,  the Citizens Warehouse Loans, the 2021-1 Loans, the 2020-3 Loans, the 2020-2 Loans, the 2020-1 Loans, the 2019-3 Loans, the 2019-2 Loans, the 2019-1 Loans, the 2018-3 Loans, the 2018-2 Loans, the 2018-1 Loans, the 2017-3 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 Documents does not and shall not attach to the Comerica Loans, the Fifth Third Loans, the BMO Warehouse Loans, the Flagstar Warehouse Loans, the Credit Suisse Warehouse Loans, the Citizens Warehouse Loans, the 2021-1 Loans, the 2020-3 Loans, the 2020-2 Loans, the 2020-1 Loans, the 2019-3 Loans, the 2019-2 Loans, the 2019-1 Loans, the 2018-3 Loans, the 2018-2 Loans, the 2018-1 Loans, the 2017-3 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 
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Warehouse Loans, the BMO Warehouse Loans, the Flagstar Warehouse Loans, the Credit Suisse Warehouse Loans, the Citizens Warehouse Loans, the 2021-1 Loans, the 2020-3 Loans, the 2020-2 Loans, the 2020-1 Loans, the 2019-3 Loans, the 2019-2 Loans, the 2019-1 Loans, the 2018-3 Loans, the 2018-2 Loans, the 2018-1 Loans, the 2017-3 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 Warehouse Documents does not and shall not attach to the Comerica Loans, the Wells Fargo Warehouse Loans, the BMO Warehouse Loans, the Flagstar Warehouse Loans, the Credit Suisse Warehouse Loans, the Citizens Warehouse Loans, the 2021-1 Loans, the 2020-3 Loans, the 2020-2 Loans, the 2020-1 Loans, the 2019-3 Loans, the 2019-2 Loans, the 2019-1 Loans, the 2018-3 Loans, the 2018-2 Loans, the 2018-1 Loans, the 2017-3 Loans (or related Collections) or to any Back-end Dealer Payments and shall not assert any claim thereto.
(c)Release by the 2017-3 Trustee.  The 2017-3 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 Credit Suisse Warehouse Loans, the Citizens Warehouse Loans, the 2021-1 Loans, the 2020-3 Loans, the 2020-2 Loans, the 2020-1 Loans, the 2019-3 Loans, the 2019-2 Loans, the 2019-1 Loans, the 2018-3 Loans, the 2018-2 Loans, the 2018-1 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 2017-3 Loans and (ii) relinquishes all rights it has or may have to require CAC, individually or as servicer, any successor servicer, Funding 2017-3 or the 2017-3 Trust to use Collections on its behalf contrary to clause (c)(i).  The 2017-3 Trust agrees that the lien and security interest granted to the 2017-3 Trustee pursuant to the 2017-3 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 Credit Suisse Warehouse Loans, the Citizens Warehouse Loans, the 2021-1 Loans, the 2020-3 Loans, the 2020-2 Loans, the 2020-1 Loans, the 2019-3 Loans, the 2019-2 Loans, the 2019-1 Loans, the 2018-3 Loans, the 2018-2 Loans, the 2018-1 Loans (or related Collections) or to any Back-end Dealer Payments and shall not assert any claim thereto.
(d)Release by the 2018-1 Trustee.  The 2018-1 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 Credit Suisse Warehouse Loans, the Citizens Warehouse Loans, the 2021-1 Loans, the 2020-3 Loans, the 2020-2 Loans, the 2020-1 Loans, the 2019-3 Loans, the 2019-2 Loans, the 2019-1 Loans, the 2018-3 Loans, the 2018-2 Loans, the 2017-3 Loans or in any Back-end Dealer Payments; provided, that no release shall have been granted with respect to amounts collected under any 
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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 2018-1 Loans and (ii) relinquishes all rights it has or may have to require CAC, individually or as servicer, any successor servicer, Funding 2018-1 or the 2018-1 Trust to use Collections on its behalf contrary to clause (d)(i).  The 2018-1 Trust agrees that the lien and security interest granted to the 2018-1 Trustee pursuant to the 2018-1 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 Credit Suisse Warehouse Loans, the Citizens Warehouse Loans, the 2021-1 Loans, the 2020-3 Loans, the 2020-2 Loans, the 2020-1 Loans, the 2019-3 Loans, the 2019-2 Loans, the 2019-1 Loans, the 2018-3 Loans, the 2018-2 Loans, the 2017-3 Loans (or related Collections) or to any Back-end Dealer Payments and shall not assert any claim thereto.
(e)Release by the 2018-2 Trustee.  The 2018-2 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 Credit Suisse Warehouse Loans, the Citizens Warehouse Loans, the 2021-1 Loans, the 2020-3 Loans, the 2020-2 Loans, the 2020-1 Loans, the 2019-3 Loans, the 2019-2 Loans, the 2019-1 Loans, the 2018-3 Loans, the 2018-1 Loans, the 2017-3 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 2018-2 Loans and (ii) relinquishes all rights it has or may have to require CAC, individually or as servicer, any successor servicer, Funding 2018-2 or the 2018-2 Trust to use Collections on its behalf contrary to clause (e)(i).  The 2018-2 Trust agrees that the lien and security interest granted to the 2018-2 Trustee pursuant to the 2018-2 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 Credit Suisse Warehouse Loans, the Citizens Warehouse Loans, the 2021-1 Loans, the 2020-3 Loans, the 2020-2 Loans, the 2020-1 Loans, the 2019-3 Loans, the 2019-2 Loans, the 2019-1 Loans, the 2018-3 Loans, the 2018-1 Loans, the 2017-3 Loans (or related Collections) or to any Back-end Dealer Payments and shall not assert any claim thereto.
(f)Release by the 2018-3 Trustee.  The 2018-3 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 Credit Suisse Warehouse Loans, the Citizens Warehouse Loans, the 2021-1 Loans, the 2020-3 Loans, the 2020-2 Loans, the 2020-1 Loans, the 2019-3 Loans, the 2019-2 Loans, the 2019-1 Loans, the 2018-2 Loans, the 2018-1 Loans, the 2017-3 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 2018-3 Loans and (ii) relinquishes all rights it has or may have to require CAC, individually or as servicer, any successor servicer, Funding 2018-3 or the 2018-3 Trust to use Collections on its behalf contrary to clause (f)(i).  The 2018-3 Trust agrees that the lien and security interest granted to the 2018-3 
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Trustee pursuant to the 2018-3 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 Credit Suisse Warehouse Loans, the Citizens Warehouse Loans, the 2021-1 Loans, the 2020-3 Loans, the 2020-2 Loans, the 2020-1 Loans, the 2019-3 Loans, the 2019-2 Loans, the 2019-1 Loans, the 2018-2 Loans, the 2018-1 Loans, the 2017-3 Loans (or related Collections) or to any Back-end Dealer Payments and shall not assert any claim thereto.
(g)Release by the 2019-1 Trustee.  The 2019-1 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 Credit Suisse Warehouse Loans, the Citizens Warehouse Loans, the 2021-1 Loans, the 2020-3 Loans, the 2020-2 Loans, the 2020-1 Loans, the 2019-3 Loans, the 2019-2 Loans, the 2018-3 Loans, the 2018-2 Loans, the 2018-1 Loans, the 2017-3 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 2019-1 Loans and (ii) relinquishes all rights it has or may have to require CAC, individually or as servicer, any successor servicer, Funding 2019-1 or the 2019-1 Trust to use Collections on its behalf contrary to clause (g)(i).  The 2019-1 Trust agrees that the lien and security interest granted to the 2019-1 Trustee pursuant to the 2019-1 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 Credit Suisse Warehouse Loans, the Citizens Warehouse Loans, the 2021-1 Loans, the 2020-3 Loans, the 2020-2 Loans, the 2020-1 Loans, the 2019-3 Loans, the 2019-2 Loans, the 2018-3 Loans, the 2018-2 Loans, the 2018-1 Loans, the 2017-3 Loans (or related Collections) or to any Back-end Dealer Payments and shall not assert any claim thereto.
(h)Release by the 2019-2 Collateral Agent.  The 2019-2 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 Credit Suisse Warehouse Loans, the Citizens Warehouse Loans, the 2021-1 Loans, the 2020-3 Loans, the 2020-2 Loans, the 2020-1 Loans, the 2019-3 Loans, the 2019-1 Loans, the 2018-3 Loans, the 2018-2 Loans, the 2018-1 Loans, the 2017-3 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 2019-2 Loans and (ii) relinquishes all rights it has or may have to require CAC, individually or as servicer, any successor servicer or Funding 2019-2 to use Collections on its behalf contrary to clause (h)(i).  The 2019-2 Collateral Agent agrees that the lien and security interest granted to the 2019-2 Collateral Agent pursuant to the 2019-2 Financing 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 Credit Suisse Warehouse Loans, the Citizens Warehouse Loans, the 2021-1 Loans, the 2020-3 Loans, the 2020-2 Loans, the 2020-1 Loans, the 2019-3 Loans, the 2019-1 Loans, the 2018-3 Loans, the 
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2018-2 Loans, the 2018-1 Loans, the 2017-3 Loans (or related Collections) or to any Back-end Dealer Payments and shall not assert any claim thereto.
(i)Release by the 2019-3 Trustee.  The 2019-3 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 Credit Suisse Warehouse Loans, the Citizens Warehouse Loans, the 2021-1 Loans, the 2020-3 Loans, the 2020-2 Loans, the 2020-1 Loans, the 2019-2 Loans, the 2019-1 Loans, the 2018-3 Loans, the 2018-2 Loans, the 2018-1 Loans, the 2017-3 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 2019-3 Loans and (ii) relinquishes all rights it has or may have to require CAC, individually or as servicer, any successor servicer, Funding 2019-3 or the 2019-3 Trust to use Collections on its behalf contrary to clause (i)(i).  The 2019-3 Trust agrees that the lien and security interest granted to the 2019-3 Trustee pursuant to the 2019-3 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 Credit Suisse Warehouse Loans, the Citizens Warehouse Loans, the 2021-1 Loans, the 2020-3 Loans, the 2020-2 Loans, the 2020-1 Loans, the 2019-2 Loans, the 2019-1 Loans, the 2018-3 Loans, the 2018-2 Loans, the 2018-1 Loans, the 2017-3 Loans (or related Collections) or to any Back-end Dealer Payments and shall not assert any claim thereto.
(j)Release by the 2020-1 Trustee.  The 2020-1 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 Credit Suisse Warehouse Loans, the Citizens Warehouse Loans, the 2021-1 Loans, the 2020-3 Loans, the 2020-2 Loans, the 2019-3 Loans, the 2019-2 Loans, the 2019-1 Loans, the 2018-3 Loans, the 2018-2 Loans, the 2018-1 Loans, the 2017-3 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 2020-1 Loans and (ii) relinquishes all rights it has or may have to require CAC, individually or as servicer, any successor servicer, Funding 2020-1 or the 2020-1 Trust to use Collections on its behalf contrary to clause (j)(i).  The 2020-1 Trust agrees that the lien and security interest granted to the 2020-1 Trustee pursuant to the 2020-1 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 Credit Suisse Warehouse Loans, the Citizens Warehouse Loans, the 2021-1 Loans, the 2020-3 Loans, the 2020-2 Loans, the 2019-3 Loans, the 2019-2 Loans, the 2019-1 Loans, the 2018-3 Loans, the 2018-2 Loans, the 2018-1 Loans, the 2017-3 Loans (or related Collections) or to any Back-end Dealer Payments and shall not assert any claim thereto. 
(k)Release by the 2020-2 Trustee.  The 2020-2 Trustee (i) releases any and all rights in and to any Collections with respect to the Comerica Loans, the Wells Fargo Warehouse Loans, 
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the Fifth Third Loans, the BMO Warehouse Loans, the Flagstar Warehouse Loans, the Credit Suisse Warehouse Loans, the Citizens Warehouse Loans, the 2021-1 Loans, the 2020-3 Loans, the 2020-1 Loans, the 2019-3 Loans, the 2019-2 Loans, the 2019-1 Loans, the 2018-3 Loans, the 2018-2 Loans, the 2018-1 Loans, the 2017-3 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 2020-2 Loans and (ii) relinquishes all rights it has or may have to require CAC, individually or as servicer, any successor servicer, Funding 2020-2 or the 2020-2 Trust to use Collections on its behalf contrary to clause (k)(i).  The 2020-2 Trust agrees that the lien and security interest granted to the 2020-2 Trustee pursuant to the 2020-2 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 Credit Suisse Warehouse Loans, the Citizens Warehouse Loans, the 2021-1 Loans, the 2020-3 Loans, the 2020-1 Loans, the 2019-3 Loans, the 2019-2 Loans, the 2019-1 Loans, the 2018-3 Loans, the 2018-2 Loans, the 2018-1 Loans, the 2017-3 Loans (or related Collections) or to any Back-end Dealer Payments and shall not assert any claim thereto.
(l) Release by the 2020-3 Trustee.  The 2020-3 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 Credit Suisse Warehouse Loans, the Citizens Warehouse Loans, the 2021-1 Loans, the 2020-2 Loans, the 2020-1 Loans, 2019-3 Loans, the 2019-2 Loans, the 2019-1 Loans, the 2018-3 Loans, the 2018-2 Loans, the 2018-1 Loans, the 2017-3 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 2020-3 Loans and (ii) relinquishes all rights it has or may have to require CAC, individually or as servicer, any successor servicer, Funding 2020-3 or the 2020-3 Trust to use Collections on its behalf contrary to clause (l)(i).  The 2020-3 Trust agrees that the lien and security interest granted to the 2020-3 Trustee pursuant to the 2020-3 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 Credit Suisse Warehouse Loans, the Citizens Warehouse Loans, the 2021-1 Loans, the 2020-2 Loans, the 2020-1 Loans, the 2019-3 Loans, the 2019-2 Loans, the 2019-1 Loans, the 2018-3 Loans, the 2018-2 Loans, the 2018-1 Loans, the 2017-3 Loans (or related Collections) or to any Back-end Dealer Payments and shall not assert any claim thereto. 
(m)Release by the 2021-1 Collateral Agent.  The 2021-1 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 Credit Suisse Warehouse Loans, the Citizens Warehouse Loans, the 2020-3 Loans, the 2020-2 Loans, the 2020-1 Loans, the 2019-3 Loans, the 2019-2 Loans, the 2019-1 Loans, the 2018-3 Loans, the 2018-2 Loans, the 2018-1 Loans, the 2017-3 Loans or in any Back-end Dealer Payments; provided, that no release shall have been granted with respect to amounts collected 
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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 2021-1 Loans and (ii) relinquishes all rights it has or may have to require CAC, individually or as servicer, any successor servicer or Funding 2021-1 to use Collections on its behalf contrary to clause (m)(i).  The 2021-1 Collateral Agent agrees that the lien and security interest granted to the 2021-1 Collateral Agent pursuant to the 2021-1 Financing 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 Credit Suisse Warehouse Loans, the Citizens Warehouse Loans, the 2020-3 Loans, the 2020-2 Loans, the 2020-1 Loans, the 2019-3 Loans, the 2019-2 Loans, the 2019-1 Loans, the 2018-3 Loans, the 2018-2 Loans, the 2018-1 Loans, the 2017-3 Loans (or related Collections) or to any Back-end Dealer Payments and shall not assert any claim thereto.
(n)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 Credit Suisse Warehouse Loans, the Citizens Warehouse Loans, the 2021-1 Loans, the 2020-3 Loans, the 2020-2 Loans, the 2020-1 Loans, the 2019-3 Loans, the 2019-2 Loans, the 2019-1 Loans, the 2018-3 Loans, the 2018-2 Loans, the 2018-1 Loans, the 2017-3 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 (n)(i).  BMO, as collateral agent, agrees that the lien and security interest granted to it pursuant to the BMO Warehouse 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 Credit Suisse Warehouse Loans, the Citizens Warehouse Loans, the 2021-1 Loans, the 2020-3 Loans, the 2020-2 Loans, the 2020-1 Loans, the 2019-3 Loans, the 2019-2 Loans, the 2019-1 Loans, the 2018-3 Loans, the 2018-2 Loans, the 2018-1 Loans, the 2017-3 Loans (or related Collections) or to any Back-end Dealer Payments and shall not assert any claim thereto.
(o)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 Flagstar Warehouse Loans, the Credit Suisse Warehouse Loans, the Citizens Warehouse Loans, the 2021-1 Loans, the 2020-3 Loans, the 2020-2 Loans, the 2020-1 Loans, the 2019-3 Loans, the 2019-2 Loans, the 2019-1 Loans, the 2018-3 Loans, the 2018-2 Loans, the 2018-1 Loans or the 2017-3 Loans other than amounts collected under the Wells Fargo Warehouse Loans, the Fifth Third Loans, the BMO Warehouse Loans, the Flagstar Warehouse Loans, the Credit Suisse Warehouse Loans, the Citizens Warehouse Loans, the 2021-1 Loans, the 2020-3 Loans, the 2020-2 Loans, the 2020-1 Loans, the 2019-3 Loans, the 2019-2 Loans, the 2019-1 Loans, the 2018-3 Loans, the 2018-2 Loans, the 2018-1 Loans or the 2017-3 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 
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Wells Fargo Warehouse Loans, the Fifth Third Loans, the BMO Warehouse  Loans, the Flagstar Warehouse Loans, the Credit Suisse Warehouse Loans, the Citizens Warehouse Loans, the 2021-1 Loans, the 2020-3 Loans, the 2020-2 Loans, the 2020-1 Loans, the 2019-3 Loans, the 2019-2 Loans, the 2019-1 Loans, the 2018-3 Loans, the 2018-2 Loans, the 2018-1 Loans and the 2017-3 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 (o)(i) above.  Except for Back-end Dealer Payments to the extent provided in clause (o)(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 Credit Suisse Warehouse Loans, the Citizens Warehouse Loans, the 2021-1 Loans, the 2020-3 Loans, the 2020-2 Loans, the 2020-1 Loans, the 2019-3 Loans, the 2019-2 Loans, the 2019-1 Loans, the 2018-3 Loans, the 2018-2 Loans, the 2018-1 Loans or the 2017-3 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 Credit Suisse Warehouse Loans, the Citizens Warehouse Loans, the 2021-1 Loans, the 2020-3 Loans, the 2020-2 Loans, the 2020-1 Loans, the 2019-3 Loans, the 2019-2 Loans, the 2019-1 Loans, the 2018-3 Loans, the 2018-2 Loans, the 2018-1 Loans or the 2017-3 Loans or Collections related thereto.
(p)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 Credit Suisse Warehouse Loans, the Citizens Warehouse Loans, the 2021-1 Loans, the 2020-3 Loans, the 2020-2 Loans, the 2020-1 Loans, the 2019-3 Loans, the 2019-2 Loans, the 2019-1 Loans, the 2018-3 Loans, the 2018-2 Loans, 2018-1 Loans, the 2017-3 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 VI to use Collections on its behalf contrary to clause (p)(i).  Flagstar, as collateral agent, agrees that the lien and security interest granted to it pursuant to the Flagstar Warehouse 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 Credit Suisse Warehouse Loans, the Citizens Warehouse Loans, the 2021-1 Loans, the 2020-3 Loans, the 2020-2 Loans, the 2020-1 Loans, the 2019-3 Loans, the 2019-2 Loans, the 2019-1 Loans, the 2018-3 Loans, the 2018-2 Loans, the 2018-1 Loans, the 2017-3 Loans (or related Collections) or to any Back-end Dealer Payments and shall not assert any claim thereto.
(q)Release by the Credit Suisse Warehouse Collateral Agent.  The Credit Suisse Warehouse Collateral Agent, 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 Flagstar Warehouse Loans, the Citizens Warehouse Loans, the 2021-1 Loans, the 2020-3 Loans, the 2020-2 Loans, the 2020-1 Loans, the 2019-3 Loans, the 2019-2 Loans, the 2019-1 Loans, the 2018-3 Loans, the 2018-2 Loans, the 2018-1 Loans, the 2017-3 Loans or in any Back-end Dealer Payments; provided, that no release 
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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 Credit Suisse 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 VII to use Collections on its behalf contrary to clause (q)(i).  The Credit Suisse Warehouse Collateral Agent, as collateral agent, agrees that the lien and security interest granted to it pursuant to the Credit Suisse Warehouse 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 Citizens Warehouse Loans, the 2021-1 Loans, the 2020-3 Loans, the 2020-2 Loans, the 2020-1 Loans, the 2019-3 Loans, the 2019-2 Loans, the 2019-1 Loans, the 2018-3 Loans, the 2018-2 Loans, the 2018-1 Loans, the 2017-3 Loans (or related Collections) or to any Back-end Dealer Payments and shall not assert any claim thereto.
(r)Release by Citizens.  Citizens, 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 Flagstar Warehouse Loans, the Credit Suisse Warehouse Loans, the 2021-1 Loans, the 2020-3 Loans, the 2020-2 Loans, the 2020-1 Loans, the 2019-3 Loans, the 2019-2 Loans, the 2019-1 Loans, the 2018-3 Loans, the 2018-2 Loans, 2018-1 Loans, the 2017-3 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 Citizens 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 VIII to use Collections on its behalf contrary to clause (r)(i).  Citizens, as collateral agent, agrees that the lien and security interest granted to it pursuant to the Citizens Warehouse 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 Credit Suisse Warehouse Loans, the 2021-1 Loans, the 2020-3 Loans, the 2020-2 Loans, the 2020-1 Loans, the 2019-3 Loans, the 2019-2 Loans, the 2019-1 Loans, the 2018-3 Loans, the 2018-2 Loans, the 2018-1 Loans, the 2017-3 Loans (or related Collections) or to any Back-end Dealer Payments and shall not assert any claim thereto.
2.Covenant of the CAC Entities.
aEach 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, Credit Suisse, the Credit Suisse Warehouse Collateral Agent, Citizens, the 2021-1 Collateral Agent, the 2020-3 Trustee, the 2020-2 Trustee, the 2020-1 Trustee, the 2019-3 Trustee, the 2019-2 Collateral Agent, the 2019-1 Trustee, the 2018-3 Trustee, the 2018-2 Trustee, the 2018-1 Trustee, the 2017-3 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.
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bEach 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 2021-1 Collateral Agent shall be determined based on the actual knowledge of the 2021-1 Collateral Agent’s Responsible Officers (as defined in the 2021-1 Financing Documents), 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 2020-3 Trustee shall be determined based on the actual knowledge of the 2020-3 Trustee’s Responsible Officers (as defined in the 2020-3 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 2020-2 Trustee shall be determined based on the actual knowledge of the 2020-2 Trustee’s Responsible Officers (as defined in the 2020-2 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 2020-1 Trustee shall be determined based on the actual knowledge of the 2020-1 Trustee’s Responsible Officers (as defined in the 2020-1 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 2019-3 Trustee shall be determined based on the actual knowledge of the 2019-3 Trustee’s Responsible Officers (as defined in the 2019-3 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, (vi) the actual knowledge of the 2019-2 
17

Collateral Agent shall be determined based on the actual knowledge of the 2019-2 Collateral Agent’s Responsible Officers (as defined in the 2019-2 Loan and Security Agreement), 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, (vii) the actual knowledge of the 2019-1 Trustee shall be determined based on the actual knowledge of the 2019-1 Trustee’s Responsible Officers (as defined in the 2019-1 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, (viii) the actual knowledge of Citizens shall be determined based on the actual knowledge of Citizens’ Responsible Officers (as defined in the Citizens Warehouse Documents), 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, (ix) the actual knowledge of the 2018-3 Trustee shall be determined based on the actual knowledge of the 2018-3 Trustee’s Responsible Officers (as defined in the 2018-3 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, (x) the actual knowledge of the 2018-2 Trustee shall be determined based on the actual knowledge of the 2018-2 Trustee’s Responsible Officers (as defined in the 2018-2 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, (xi) the actual knowledge of the 2018-1 Trustee shall be determined based on the actual knowledge of the 2018-1 Trustee’s Responsible Officers (as defined in the 2018-1 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, (xii) the actual knowledge of the 2017-3 Trustee shall be determined based on the actual knowledge of the 2017-3 Trustee’s Responsible Officers (as defined in the 2017-3 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, (xiii) the actual knowledge of Wells Fargo shall be determined based on the actual knowledge of Wells Fargo’s Responsible Officers (as defined in the Wells Fargo Warehouse Documents), 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, (xiv) the actual knowledge of the Credit Suisse Warehouse Collateral Agent shall be determined based on the actual knowledge of the Credit Suisse Warehouse Collateral Agent’s Responsible Officers (as defined in the Credit Suisse Warehouse Documents), 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 (xv) the actual knowledge of Fifth Third shall be determined based on the actual knowledge of Fifth Third’s Responsible Officers (as defined in the Fifth Third Warehouse Documents), 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 
18

reimburse each Creditor for all reasonable expenses incurred by such Creditor pursuant to this Section 4.
5.Governing Law; Jurisdiction; Waiver of Jury Trial.  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. TO THE EXTENT PERMITTED BY APPLICABLE LAW, EACH PARTY HERETO IRREVOCABLY WAIVES ALL RIGHT OF TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM BASED ON, OR ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS AGREEMENT, ANY OTHER FINANCING DOCUMENT, OR ANY MATTER ARISING HEREUNDER OR THEREUNDER.
6.Counterparts.  This Agreement shall be valid, binding, and enforceable against a party when executed and delivered by an authorized individual on behalf of the party by means of (i) an original manual signature;  (ii) a faxed, scanned, or photocopied manual signature, or (iii) any other electronic signature permitted by the federal Electronic Signatures in Global and National Commerce Act, state enactments of the Uniform Electronic Transactions Act, and/or any other relevant electronic signatures law, including any relevant provisions of the Uniform Commercial Code (collectively, “Signature Law”), in each case to the extent applicable. Each faxed, scanned, or photocopied manual signature, or other electronic signature, shall for all purposes have the same validity, legal effect, and admissibility in evidence as an original manual signature. Each party hereto shall be entitled to conclusively rely upon, and shall have no liability with respect to, any faxed, scanned, or photocopied manual signature, or other electronic signature, of any other party and shall have no duty to investigate, confirm or otherwise verify the validity or authenticity thereof. This Agreement may be executed in any number of counterparts, each of which shall be deemed to be an original, but such counterparts shall, together, constitute one and the same instrument.  For the avoidance of doubt, original manual signatures shall be used for execution or indorsement of writings when required under the Uniform Commercial Code or other Signature Law due to the character or intended character of the writings.
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, Warehouse Funding VII, Warehouse Funding VIII, Funding 2021-1, Funding 2020-3, the 2020-3 Trust, Funding 2020-2, the 2020-2 Trust, Funding 2020-1, the 2020-1 Trust, Funding 2019-3, the 2019-3 Trust, Funding 
19

2019-2, Funding 2019-1, the 2019-1 Trust, Funding 2018-3, the 2018-3 Trust, Funding 2018-2, the 2018-2 Trust, Funding 2018-1, the 2018-1 Trust, Funding 2017-3 or the 2017-3 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 Documents, the Fifth Third Warehouse Documents, the BMO Warehouse Documents, the Flagstar Warehouse Documents, the Credit Suisse Warehouse Documents, the Citizens Warehouse Documents, the 2021-1 Financing Documents, the 2020-3 Securitization Documents, the 2020-2 Securitization Documents, the 2020-1 Securitization Documents, the 2019-3 Securitization Documents, the 2019-2 Financing Documents, the 2019-1 Securitization Documents, the 2018-3 Securitization Documents, the 2018-2 Securitization Documents, the 2018-1 Securitization Documents and the 2017-3 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 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 2020-3 Trustee under the 2020-3 Securitization Documents, any successor or assignor to the 2020-2 Trustee under the 2020-2 Securitization Documents, any successor or assignor to the 2020-1 Trustee under the 2020-1 Securitization Documents, any successor or assignor to the 2019-3 Trustee under the 2019-3 Securitization Documents, any successor or assignor to the 2019-1 Trustee under the 2019-1 Securitization Documents, any successor or assignor to the 2018-3 Trustee under the 2018-3 Securitization Documents, any successor or assignor to the 2018-2 Trustee under the 2018-2 Securitization Documents, any successor or assignor to the 2018-1 Trustee under the 2018-1 Securitization Documents and any successor or assignor to the 2017-3 Trustee under the 2017-3 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: (i) sent via certified or registered mail (or the equivalent thereof), postage prepaid, (ii) delivered by messenger or overnight courier, or (iii) transmitted via electronic means or 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: 
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Douglas W. Busk, telephone: (248) 353-2700 (ext. 4432), facsimile: (866) 743-2704; (b) in the case of the 2020-3 Trust, the 2020-2 Trust, the 2020-1 Trust, the 2019-3 Trust, the 2019-1 Trust, the 2018-3 Trust, the 2018-2 Trust, the 2018-1 Trust and the 2017-3 Trust also to Delle Donne Corporate Center, Mail Code: EX-DE-WD2D, 1011 Centre Road, Wilmington, Delaware 19805 Attention: Global Corporate Trust, telephone: (302) 576-3704, facsimile: (302) 576-3717; (c) in the case of Fifth Third or the 2021-1 Collateral Agent, 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 2020-3 Trustee, the 2020-2 Trustee, the 2020-1 Trustee, the 2019-3 Trustee, the 2019-2 Collateral Agent, the 2019-1 Trustee, the 2018-3 Trustee, 2018-2 Trustee, the 2018-1 Trustee and 2017-3 Trustee to MAC N9300-061, 600 S. 4th Street, Minneapolis, Minnesota 55415 Attention: Corporate Trust Services – Asset-Backed Administration, telephone: (612) 667-8058, facsimile: (612) 667-3464; (f) in the case of Comerica, to 411 West Lafayette, 7th Floor, MC: 3394, 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; (h) in the case of the Credit Suisse Warehouse Collateral Agent, to 600 S. 4th Street, MAC N9300-061, Minneapolis, Minnesota 55415, Attention: Corporate Trust Services — Asset-Backed Administration, telephone: (612) 667-8058, facsimile: (612) 667-3464; and (i) in the case of the Citizens, to Citizens Bank, N.A., 600 Washington Boulevard, Stamford, Connecticut, 06901, Attention: Erik Priede, telephone: (203) 900-6824; and (j) in the case of the Wells Fargo, to 600 S. 4th Street, MAC N9300-061, Minneapolis, Minnesota 55415, Attention: Corporate Trust Services — Asset-Backed Administration, telephone: (612) 667-8058, facsimile: (612) 667-3464.
13.Direction Orders. CAC, as administrator under the 2020-3 Securitization Documents and Funding 2020-3, as certificateholder, each directs the Owner Trustee of the 2020-3 Trust to enter into this Agreement; CAC, as administrator under the 2020-2 Securitization Documents and Funding 2020-2, as certificateholder, each directs the Owner Trustee of the 2020-2 Trust to enter into this Agreement; CAC, as administrator under the 2020-1 Securitization Documents and Funding 2020-1, as certificateholder, each directs the Owner Trustee of the 2020-1 Trust to enter into this Agreement; CAC, as administrator under the 2019-3 Securitization Documents and Funding 2019-3, as certificateholder, each directs the Owner Trustee of the 2019-3 Trust to enter into this Agreement; CAC, as administrator under the 2019-1 Securitization Documents and Funding 2019-1, as certificateholder, each directs the Owner Trustee of the 2019-1 Trust to enter into this Agreement; CAC, as administrator under the 2018-3 Securitization Documents and Funding 2018-3, as certificateholder, directs the Owner Trustee of the 2018-3 Trust to enter into this Agreement; Funding 2018-2, as certificateholder, directs the Owner Trustee of the 2018-2 Trust to enter into this Agreement; Funding 2018-1, as certificateholder, directs the Owner Trustee of the 2018-1 Trust to enter into this Agreement; and Funding 2017-3, as certificateholder, directs the Owner Trustee of the 2017-3 Trust to enter into this Agreement.
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14.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 14 (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.
15.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 Credit Suisse Warehouse Collateral Agent, Citizens, the 2020-3 Trustee, the 2020-2 Trustee, the 2020-1 Trustee, the 2019-3 Trustee, the 2019-1 Trustee, the 2018-3 Trustee, the 2018-2 Trustee, the 2018-1 Trustee and the 2017-3 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.
16.PATRIOT Act.    The parties hereto acknowledge that in accordance with the Customer Identification Program (CIP) requirements under the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001, Title III of Pub. L. 107 56 (signed into law October 26, 2001) and its implementing regulations (collectively, the “USA PATRIOT Act”), each of Comerica, Wells Fargo, Fifth Third, BMO, Flagstar, the Credit Suisse Warehouse Collateral Agent, Citizens, the 2021-1 Collateral Agent, the 2020-3 Trustee, the 2020-2 Trustee, the 2020-1 Trustee, the 2019-3 Trustee, the 2019-2 Collateral Agent, the 2019-1 Trustee, the 2018-3 Trustee, the 2018-2 Trustee, the 2018-1 Trustee and the 2017-3 Trustee (collectively, and as applicable, the “Trustees”) in order to help fight the funding of terrorism and money laundering, is required to obtain, verify, and record information that identifies each person or legal entity that establishes a relationship or opens an account with the Trustees. Each party hereby agrees that it shall provide the Trustees with such information as the Trustees may request that will help Trustees to identify and verify each party’s identity, including without limitation each party’s name, physical address, tax identification number, organizational documents, certificate of good standing, license to do business, or other pertinent identifying information.
17. Concerning the Owner Trustees.  It is expressly understood and agreed by the parties hereto that (i) this Agreement is executed and delivered by U.S. Bank Trust National Association, not individually or personally but solely in its capacity as trustee on behalf of each of the Trusts (in such capacity, the “Owner Trustee”), at the direction of, as applicable, CAC, as administrator, or the relevant Funding entity, each as certificateholder, pursuant to and in the exercise of the powers and authority conferred and vested in it under the Trust Agreement of the 
22

respective Trust, (ii) each of the representations, warranties, undertakings and agreements herein made on the part of each Trust is made and intended not as personal representations, warranties, undertakings and agreements by U.S. Bank Trust National Association or the Owner Trustee but is made and intended for the purpose of binding, and is binding only on, the applicable Trust, (iii) nothing herein contained shall be construed as creating any obligation or liability on U.S. Bank Trust National Association, individually or personally or as Owner Trustee, to perform any covenant either expressed or implied contained herein, all such obligation or liability, if any, being expressly waived by the parties hereto and by any Person claiming by, through or under the parties hereto, (iv) U.S. Bank Trust National Association, individually and as Owner Trustee, has made no investigation as to the accuracy or completeness of any representations or warranties made by the Trusts in this Agreement and (v) under no circumstances shall U.S. Bank Trust National Association or the Owner Trustee be personally liable for the payment of any indebtedness, indemnities or expenses of the Trusts or be liable for the performance, breach or failure of any obligation, representation, warranty or covenant made or undertaken by the Trusts under this Agreement, or any other related documents, as to all of which recourse shall be had solely to the assets of the applicable Trusts. 
[remainder of page intentionally left blank]

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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: Chief Treasury Officer
CAC WAREHOUSE FUNDING CORPORATION II
/s/ Douglas W. Busk             
By:    Douglas W. Busk
Title: Chief Treasury Officer
CAC WAREHOUSE FUNDING LLC IV
/s/ Douglas W. Busk             
By:    Douglas W. Busk
Title: Chief Treasury Officer
CAC WAREHOUSE FUNDING LLC V
/s/ Douglas W. Busk             
By:    Douglas W. Busk
Title: Chief Treasury Officer
CAC WAREHOUSE FUNDING LLC VI
/s/ Douglas W. Busk             
By:    Douglas W. Busk
Title: Chief Treasury Officer
CAC WAREHOUSE FUNDING LLC VII
/s/ Douglas W. Busk             
By:    Douglas W. Busk
Title: Chief Treasury Officer
CAC WAREHOUSE FUNDING LLC VIII
[A&R Intercreditor Agreement]

/s/ Douglas W. Busk             
By:    Douglas W. Busk
Title: Chief Treasury Officer

CREDIT ACCEPTANCE FUNDING LLC 2021-1
/s/ Douglas W. Busk             
By:    Douglas W. Busk
Title: Chief Treasury Officer
CREDIT ACCEPTANCE FUNDING LLC 2020-3
/s/ Douglas W. Busk             
By:    Douglas W. Busk
Title: Chief Treasury Officer
CREDIT ACCEPTANCE FUNDING LLC 2020-2
/s/ Douglas W. Busk             
By:    Douglas W. Busk
Title: Chief Treasury Officer
CREDIT ACCEPTANCE FUNDING LLC 2020-1
/s/ Douglas W. Busk             
By:    Douglas W. Busk
Title: Chief Treasury Officer
CREDIT ACCEPTANCE FUNDING LLC 2019-3
/s/ Douglas W. Busk             
By:    Douglas W. Busk
Title: Chief Treasury Officer
CREDIT ACCEPTANCE FUNDING LLC 2019-2
/s/ Douglas W. Busk             
[A&R Intercreditor Agreement]

By:    Douglas W. Busk
Title: Chief Treasury Officer 
CREDIT ACCEPTANCE FUNDING LLC 2019-1
/s/ Douglas W. Busk             
By:    Douglas W. Busk
Title: Chief Treasury Officer
CREDIT ACCEPTANCE FUNDING LLC 2018-3
/s/ Douglas W. Busk             
By:    Douglas W. Busk
Title: Chief Treasury Officer 
CREDIT ACCEPTANCE FUNDING LLC 2018-2
/s/ Douglas W. Busk             
By:    Douglas W. Busk
Title: Chief Treasury Officer 
CREDIT ACCEPTANCE FUNDING LLC 2018-1
/s/ Douglas W. Busk             
By:    Douglas W. Busk
Title: Chief Treasury Officer 
CREDIT ACCEPTANCE FUNDING LLC 2017-3
/s/ Douglas W. Busk             
By:    Douglas W. Busk
Title: Chief Treasury Officer

[A&R Intercreditor Agreement]

CREDIT ACCEPTANCE AUTO 
LOAN TRUST 2020-3

By: U.S. Bank Trust National Association, 
Not In Its Individual Capacity But Solely 
As Owner Trustee

/s/ Mirtza J. Escobar                    
By:    Mirtza J. Escobar
Title: Vice President

CREDIT ACCEPTANCE AUTO 
LOAN TRUST 2020-2

By: U.S. Bank Trust National Association, 
Not In Its Individual Capacity But Solely 
As Owner Trustee

/s/ Mirtza J. Escobar                    
By:    Mirtza J. Escobar
Title: Vice President

CREDIT ACCEPTANCE AUTO 
LOAN TRUST 2020-1

By: U.S. Bank Trust National Association, 
Not In Its Individual Capacity But Solely 
As Owner Trustee

/s/ Mirtza J. Escobar                    
By:    Mirtza J. Escobar
Title: Vice President

CREDIT ACCEPTANCE AUTO 
LOAN TRUST 2019-3

By: U.S. Bank Trust National Association, 
Not In Its Individual Capacity But Solely 
As Owner Trustee

/s/ Mirtza J. Escobar                    
By:    Mirtza J. Escobar
Title: Vice President

[A&R Intercreditor Agreement]

CREDIT ACCEPTANCE AUTO 
LOAN TRUST 2019-1

By: U.S. Bank Trust National Association, 
Not In Its Individual Capacity But Solely 
As Owner Trustee

/s/ Mirtza J. Escobar                    
By:    Mirtza J. Escobar
Title: Vice President

CREDIT ACCEPTANCE AUTO 
LOAN TRUST 2018-3

By: U.S. Bank Trust National Association, 
Not In Its Individual Capacity But Solely 
As Owner Trustee

/s/ Mirtza J. Escobar                    
By:    Mirtza J. Escobar
Title: Vice President

CREDIT ACCEPTANCE AUTO 
LOAN TRUST 2018-2

By: U.S. Bank Trust National Association, 
Not In Its Individual Capacity But Solely 
As Owner Trustee

/s/ Mirtza J. Escobar                    
By:    Mirtza J. Escobar
Title: Vice President

CREDIT ACCEPTANCE AUTO 
LOAN TRUST 2018-1

By: U.S. Bank Trust National Association, 
Not In Its Individual Capacity But Solely 
As Owner Trustee

/s/ Mirtza J. Escobar                    
By:    Mirtza J. Escobar
Title: Vice President

[A&R Intercreditor Agreement]

CREDIT ACCEPTANCE AUTO 
LOAN TRUST 2017-3

By: U.S. Bank Trust National Association, 
Not In Its Individual Capacity But Solely 
As Owner Trustee

/s/ Mirtza J. Escobar                    
By:    Mirtza J. Escobar
Title: Vice President

WELLS FARGO BANK, NATIONAL ASSOCIATION, 
Not In Its Individual Capacity But Solely as the 2017-3 Trustee, the 2018-1 Trustee, the 2018-2 Trustee, the 2018-3 Trustee, the 2019-1 Trustee, the 2019-2 Collateral Agent, the 2019-3 Trustee, the 2020-1 Trustee, the 2020-2 Trustee, the 2020-3 Trustee, the Collateral Agent under the Wells Fargo Warehouse Documents and the Collateral Agent under the Credit Suisse Warehouse Documents

/s/ Kristen L. Puttin                                                 
By:    Kristen L. Puttin
Title:    Vice President
[A&R Intercreditor Agreement]

FIFTH THIRD BANK, NATIONAL ASSOCIATION, 
As Lender, as the 2021-1 Collateral Agent and as Collateral Agent under the Fifth Third Warehouse Documents

/s/ Brian Gardner                
By:    Brian Gardner
Title: Managing Director

[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/ Patrick Green                
By:    Patrick Green
Title: Senior Vice President

 

[A&R Intercreditor Agreement]

CITIZENS BANK, N.A.,
As Lender and Collateral Agent

/s/ Gordon Wong                
By:    Gordon Wong
Title:  Vice President

 

 

[A&R Intercreditor Agreement]

APPENDIX A
DEFINITIONS
2017-3 Indenture: The Indenture, dated as of October 26, 2017, between the 2017-3 Trustee and the 2017-3 Trust, as amended from time to time.
2017-3 Securitization Documents: The Sale and Servicing Agreement, dated as of October 26, 2017, among the 2017-3 Trust, Funding 2017-3, CAC, the 2017-3 Trustee, and Wells Fargo Bank, National Association, as the Backup Servicer, the 2017-3 Indenture, and the documents related thereto, as amended from time to time.
2018-1 Indenture: The Indenture, dated as of February 22, 2018, between the 2018-1 Trustee and the 2018-1 Trust, as amended from time to time.
2018-1 Securitization Documents: The Sale and Servicing Agreement, dated as of February 22, 2018, among the 2018-1 Trust, Funding 2018-1, CAC, the 2018-1 Trustee, and Wells Fargo Bank, National Association, as the Backup Servicer, the 2018-1 Indenture, and the documents related thereto, as amended from time to time.
2018-2 Indenture: The Indenture, dated as of May 24, 2018, between the 2018-2 Trustee and the 2018-2 Trust, as amended from time to time.
2018-2 Securitization Documents: The Sale and Servicing Agreement, dated as of May 24, 2018, among the 2018-2 Trust, Funding 2018-2, CAC, the 2018-2 Trustee, and Wells Fargo Bank, National Association, as the Backup Servicer, the 2018-2 Indenture, and the documents related thereto, as amended from time to time.
2018-3 Indenture: The Indenture, dated as of August 23, 2018, between the 2018-3 Trustee and the 2018-3 Trust, as amended from time to time.
2018-3 Securitization Documents: The Sale and Servicing Agreement, dated as of August 23, 2018, among the 2018-3 Trust, Funding 2018-3, CAC, the 2018-3 Trustee, and Wells Fargo Bank, National Association, as the Backup Servicer, the 2018-3 Indenture, and the documents related thereto, as amended from time to time.
2019-1 Indenture: The Indenture, dated as of February 21, 2019, between the 2019-1 Trustee and the 2019-1 Trust, as amended from time to time.
2019-1 Securitization Documents: The Sale and Servicing Agreement, dated as of February 21, 2019, among the 2019-1 Trust, Funding 2019-1, CAC, the 2019-1 Trustee, and Wells Fargo Bank, National Association, as the Backup Servicer, the 2019-1 Indenture, and the documents related thereto, as amended from time to time.
2019-2 Financing Documents: The Loan and Security Agreement, dated as of August 28, 2019, among Funding 2019-2, CAC, and Wells Fargo Bank, National Association, and the documents related thereto, as amended from time to time.
A-1

2019-3 Indenture: The Indenture, dated as of November 21, 2019, between the 2019-3 Trustee and the 2019-3 Trust, as amended from time to time.
2019-3 Securitization Documents: The Sale and Servicing Agreement, dated as of November 21, 2019, among the 2019-3 Trust, Funding 2019-3, CAC, the 2019-3 Trustee, and Wells Fargo Bank, National Association, as the Backup Servicer, the 2019-3 Indenture, and the documents related thereto, as amended from time to time.
2020-1 Indenture: The Indenture, dated as of February 20, 2020, between the 2020-1 Trustee and the 2020-1 Trust, as amended from time to time.
2020-1 Securitization Documents: The Sale and Servicing Agreement, dated as of February 20, 2020, among the 2020-1 Trust, Funding 2020-1, CAC, the 2020-1 Trustee, and Wells Fargo Bank, National Association, as the Backup Servicer, the 2020-1 Indenture, and the documents related thereto, as amended from time to time.
2020-2 Indenture: The Indenture, dated as of July 23, 2020, between the 2020-2 Trustee and the 2020-2 Trust, as amended from time to time.
2020-2 Securitization Documents: The Sale and Servicing Agreement, dated as of July 23, 2020, among the 2020-2 Trust, Funding 2020-2, CAC, the 2020-2 Trustee, and Wells Fargo Bank, National Association, as the Backup Servicer, the 2020-2 Indenture, and the documents related thereto, as amended from time to time.
2020-3 Indenture: The Indenture, dated as of October 22, 2020, between the 2020-3 Trustee and the 2020-3 Trust, as amended from time to time.
2020-3 Securitization Documents: The Sale and Servicing Agreement, dated as of October 22, 2020, among the 2020-3 Trust, Funding 2020-3, CAC, the 2020-3 Trustee, and Wells Fargo Bank, National Association, as the Backup Servicer, the 2020-3 Indenture, and the documents related thereto, as amended from time to time.
2021-1 Financing Documents: The Loan and Security Agreement, dated as of January 29, 2021, among Funding 2021-1, CAC, Fifth Third Bank, National Association, and Systems & Services Technologies, Inc., as the backup servicer, 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 Documents: The Amended and Restated Loan and Security Agreement, dated as of May 10, 2018, among Warehouse Funding IV, CAC, BMO Capital Markets Corp., BMO, 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.
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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, Warehouse Funding VII, Warehouse Funding VIII, Funding 2021-1, Funding 2020-3, the 2020-3 Trust, Funding 2020-2, the 2020-2 Trust, Funding 2020-1, the 2020-1 Trust, Funding 2019-3, the 2019-3 Trust, Funding 2019-2, Funding 2019-1, the 2019-1 Trust, Funding 2018-3, the 2018-3 Trust, Funding 2018-2, the 2018-2 Trust, Funding 2018-1, the 2018-1 Trust, Funding 2017-3 and the 2017-3 Trust.
Citizens Warehouse Documents: The Loan and Security Agreement, dated as of July 26, 2019, among Warehouse Funding VIII, CAC, Citizens Bank, N.A., 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.
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 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.
Credit Suisse Warehouse Documents: The Loan and Security Agreement, dated as of December 1, 2017, among Warehouse Funding VII, CAC, Credit Suisse AG, New York Branch, 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.
Creditor: Each of Comerica, Wells Fargo, Fifth Third, BMO, Flagstar, the Credit Suisse Warehouse Collateral Agent, Citizens, the 2021-1 Collateral Agent, the 2020-3 Trustee, the 2020-2 Trustee, the 2020-1 Trustee, the 2019-3 Trustee, the 2019-2 Collateral Agent, the 2019-1 Trustee, the 2018-3 Trustee, the 2018-2 Trustee, the 2018-1 Trustee and the 2017-3 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.
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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 Documents, the Fifth Third Warehouse Documents, the Flagstar Warehouse Documents, the BMO Warehouse Documents, the Credit Suisse Warehouse Documents, the Citizens Warehouse Documents, the 2021-1 Financing Documents, the 2020-3 Securitization Documents, the 2020-2 Securitization Documents, the 2020-1 Securitization Documents, the 2019-3 Securitization Documents, the 2019-2 Financing Documents, the 2019-1 Securitization Documents, the 2018-3 Securitization Documents, the 2018-2 Securitization Documents, the 2018-1 Securitization Documents and the 2017-3 Securitization Documents.
Fifth Third Warehouse 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 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 October 22, 2020, among CAC, Warehouse Funding II, Warehouse Funding IV, Warehouse Funding V, Warehouse Funding VI, Warehouse Funding VII, Warehouse Funding VIII, Funding 2020-3, Funding 2020-2, Funding 2020-1, Funding 2019-3, Funding 2019-2, Funding 2019-1, Funding 2018-3, Funding 2018-2, Funding 2018-1, Funding 2017-3, Funding 2017-2 (as defined therein), the 2020-3 Trust, the 2020-2 Trust, the 2020-1 Trust, the 2019-3 Trust, the 2019-1 Trust, the 2018-3 Trust, the 2018-2 Trust, the 2018-1 Trust, the 2017-3 Trust, the 2017-2 Trust (as defined therein), Wells Fargo, Fifth Third, the 2020-3 Trustee, the 2020-2 Trustee, the 2020-1 Trustee, the 2019-1 Trustee, the 2018-3 Trustee, the 2018-2 Trustee, the 2018-1 Trustee, the 2017-3 Trustee, the 2017-2 Trustee (as defined therein), the Credit Suisse Warehouse Collateral Agent, BMO, Flagstar, Citizens 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.
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Purchased Loan: A motor vehicle retail installment loan relating to the sale of an automobile or light-duty truck originated by a Dealer, purchased by CAC or a subsidiary from such Dealer and evidenced by a motor vehicle retail installment sales contract.
Wells Fargo Warehouse Documents: The Sixth Amended and Restated Loan And Security Agreement, dated as of June 23, 2016, 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-5Document

Second Amendment to Amended and Restated Loan and Security Agreement
This Second Amendment to Amended and Restated Loan and Security Agreement, dated as of January 29, 2021 (this “Amendment”), is made pursuant to that certain Amended and Restated Loan and Security Agreement dated as of May 10, 2018, as amended by the First Amendment to Amended and Restated Loan and Security Agreement, dated as of July 26, 2019 (as so amended and as further amended, modified or supplemented from time to time, the “Agreement”), among CAC Warehouse Funding LLC IV, a Delaware limited liability company (the “Borrower”), Credit Acceptance Corporation, a Michigan corporation (“Credit Acceptance”, the “Originator”, the “Servicer” or the “Custodian”), Bank of Montreal, as lender (the “Lender”), BMO Capital Markets Corp., a Delaware corporation (“BMO Capital Markets”), as deal agent (the “Deal Agent”), Bank of Montreal (the “Collateral Agent”), and Wells Fargo Bank, National Association, a national banking association, as backup servicer (the “Backup Servicer”).
W i t n e s s e t h :
Whereas, the Borrower, Credit Acceptance, the Backup Servicer, the Lender, the Deal Agent and the Collateral Agent have previously entered into and are currently party to the Agreement;
Whereas, the Borrower has requested that certain amendments be made to the Agreement, and the Borrower, Credit Acceptance, the Backup Servicer, the Lender, the Deal Agent and the Collateral Agent are willing to amend the Agreement under the terms and conditions set forth in this Amendment;
Now, Therefore, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto, intending to be legally bound, agree as follows:
    Section 1.    Defined Terms.  Unless otherwise amended by the terms of this Amendment, terms used in this Amendment shall have the meanings assigned in the Agreement.
    Section 2.    Amendments.
    2.1.    The defined term “Commitment Termination Date” appearing in Section 1.1 of the Agreement is hereby amended and restated in its entirety and as so amended and restated shall read as follows:
“Commitment Termination Date”: November 17, 2023, or such later date to which the Commitment Termination Date may be extended if agreed in writing among the Borrower, the Deal Agent and the Lenders.”
    2.2.    Article I of the Agreement is hereby amended by adding a new section at the end thereof to read as follows:
Section 1.5.    Divisions.  For all purposes under the Transaction Documents, in connection with any division or plan of division under Delaware law (or any comparable event under a different jurisdiction’s laws): (a) if any asset, right, obligation or liability of any Person becomes the asset, right, obligation or liability of a different Person, then it shall be deemed to 

have been transferred from the original Person to the subsequent Person, and (b) if any new Person comes into existence, such new Person shall be deemed to have been organized on the first date of its existence by the holders of its equity interests at such time.
    2.3.    Article II of the Agreement is hereby amended by adding a new section at the end thereof to read as follows:
Section 2.14.    Effect of Benchmark Transition Event.  Notwithstanding anything to the contrary herein or in any other Transaction Document (and any Hedge Agreement shall be deemed not to be a “Transaction Document” for purposes of this Section 2.14), if a Benchmark Transition Event or an Early Opt-in Election, as applicable, and its related Benchmark Replacement Date have occurred prior to the Reference Time in respect of any setting of the then-current Benchmark, then (x) if a Benchmark Replacement is determined in accordance with clause (1) or (2) of the definition of “Benchmark Replacement” for such Benchmark Replacement Date, such Benchmark Replacement will replace such Benchmark for all purposes hereunder and under any Transaction Document in respect of such Benchmark setting and subsequent Benchmark settings without any amendment to, or  further action or consent of any other party to, this Agreement or any other Transaction Document and (y) if a Benchmark Replacement is determined in accordance with clause (3) of the definition of “Benchmark Replacement” for such Benchmark Replacement Date, such Benchmark Replacement will replace such Benchmark for all purposes hereunder and under any Transaction Document in respect of any Benchmark setting at or after 5:00 p.m. (Chicago time) on the 5th Business Day after the date notice of such Benchmark Replacement is provided to the Lenders without any amendment to, or further action or consent of any other party to, this Agreement or any other Transaction Document so long as the Deal Agent has not received, by such time, written notice of objection to such Benchmark Replacement from Lenders comprising the Required Lenders.
(b)    Notwithstanding anything to the contrary herein or in any other Transaction Document and subject to the proviso below in this paragraph, if a Term SOFR Event and its related Benchmark Replacement Date have occurred prior to the Reference Time in respect of any setting of the then-current Benchmark, then the applicable Benchmark Replacement will replace the then-current Benchmark for all purposes hereunder or under any Transaction Document in respect of such Benchmark setting and subsequent Benchmark settings, without any amendment to, or further action or consent of any other party to, this Agreement or any other Transaction Document; provided that, this clause (b) shall not be effective unless the Deal Agent has delivered to the Lenders and the Borrower a Term SOFR Notice.
(c)    In connection with the implementation of a Benchmark Replacement, the Deal Agent will have the right to make Benchmark Replacement Conforming Changes from time to time and, notwithstanding anything to the contrary herein or in any other Transaction Document, any amendments implementing such Benchmark Replacement Conforming Changes will become effective without any further action or consent of any other party to this Agreement or any other Transaction Document.
(d)    The Deal Agent will promptly notify the Borrower and the Lenders of (i) any occurrence of a Benchmark Transition Event, Term SOFR Event or Early Opt-in Election, as 
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applicable, and its related Benchmark Replacement Date, (ii) the implementation of any Benchmark Replacement, (iii) the effectiveness of any Benchmark Replacement Conforming Changes, (iv) the removal or reinstatement of any tenor of a Benchmark pursuant to clause (e) below and (v) the commencement or conclusion of any Benchmark Unavailability Period. Any determination, decision or election that may be made by the Deal Agent or, if applicable, any Lender (or group of Lenders) pursuant to this Section 2.14, including any determination with respect to a tenor, rate or adjustment or of the occurrence or non-occurrence of an event, circumstance or date and any decision to take or refrain from taking any action or any selection, will be conclusive and binding absent manifest error and may be made in its or their sole discretion and without consent from any other party to this Agreement or any other Transaction Document, except, in each case, as expressly required pursuant to this Section 2.14.
(e)    Notwithstanding anything to the contrary herein or in any other Transaction Document, at any time (including in connection with the implementation of a Benchmark Replacement), (i) if the then-current Benchmark is a term rate (including Term SOFR or LIBOR) and either (A) any tenor for such Benchmark is not displayed on a screen or other information service that publishes such rate from time to time as selected by the Deal Agent in its reasonable discretion or (B) the regulatory supervisor for the administrator of such Benchmark has provided a public statement or publication of information announcing that any tenor for such Benchmark is or will be no longer representative, then the Deal Agent may modify the definition of “Interest Period” for any Benchmark settings at or after such time to remove such unavailable or non-representative tenor and (ii) if a tenor that was removed pursuant to clause (i) above either (A) is subsequently displayed on a screen or information service for a Benchmark (including a Benchmark Replacement) or (B) is not, or is no longer, subject to an announcement that it is or will no longer be representative for a Benchmark (including a Benchmark Replacement), then the Deal Agent may modify the definition of “Interest Period” for all Benchmark settings at or after such time to reinstate such previously removed tenor.
(f)    Upon the Borrower’s receipt of notice of the commencement of a Benchmark Unavailability Period, the Borrower may revoke any request for a borrowing of, conversion to or continuation of Eurodollar Loans to be made, converted or continued during any Benchmark Unavailability Period and, failing that, the Borrower will be deemed to have converted any such request into a request for a Borrowing of or conversion to Base Rate Loans. During any Benchmark Unavailability Period or at any time that a tenor for the then-current Benchmark is not an Available Tenor, the component of Base Rate based upon the then-current Benchmark or such tenor for such Benchmark, as applicable, will not be used in any determination of Base Rate.
(g)    As used in this Section the following terms shall mean:
“Available Tenor” means, as of any date of determination and with respect to the then-current Benchmark, as applicable, any tenor for such Benchmark or payment period for interest calculated with reference to such Benchmark, as applicable, that is or may be used for determining the length of an Interest Period pursuant to this Agreement as of such date and not including, for the avoidance of doubt, any tenor for such Benchmark that is then-removed from the definition of “Interest Period” pursuant to clause (e) of Section this 2.14.
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“Benchmark” means, initially, the LIBOR Index Rate; provided that if a Benchmark Transition Event, a Term SOFR Event or an Early Opt-in Election, as applicable, and its related Benchmark Replacement Date have occurred with respect to the LIBOR Index Rate or the then-current Benchmark, then “Benchmark” means the applicable Benchmark Replacement to the extent that such Benchmark Replacement has replaced such prior benchmark rate pursuant to clause (a) or (b) of this Section 2.14.
“Benchmark Replacement” means, for any Available Tenor, the first alternative set forth in the order below that can be determined by the Deal Agent for the applicable Benchmark Replacement Date:
(1)    the sum of: (a) Term SOFR and (b) the related Benchmark Replacement Adjustment;
(2)    the sum of: (a) Daily Simple SOFR and (b) the related Benchmark Replacement Adjustment;
(3)    the sum of:  (a) the alternate benchmark rate that has been selected by the Deal Agent and the Borrower as the replacement for the then-current Benchmark for the applicable Corresponding Tenor giving due consideration to (i) any selection or recommendation of a replacement benchmark rate or the mechanism for determining such a rate by the Relevant Governmental Body or (ii) any evolving or then-prevailing market convention for determining a benchmark rate as a replacement for the then-current Benchmark for U.S. dollar-denominated syndicated credit facilities at such time and (b) the related Benchmark Replacement Adjustment;
provided that, in the case of clause (1), the related Unadjusted Benchmark Replacement is displayed on a screen or other information service that publishes such rate from time to time as selected by the Deal Agent in its reasonable discretion; provided further that, notwithstanding anything to the contrary in this Agreement or in any other Transaction Document, upon the occurrence of a Term SOFR Event, and the delivery of a Term SOFR Notice, on the applicable Benchmark Replacement Date the “Benchmark Replacement” shall revert to and shall be deemed to be the sum of (a) Term SOFR and (b) the related Benchmark Replacement Adjustment, as set forth in clause (1) of this definition (subject to the first proviso above).
If the Benchmark Replacement as determined pursuant to clause (1), (2) or (3) above would be less than the Floor, the Benchmark Replacement will be deemed to be the Floor for the purposes of this Agreement and the other Transaction Documents.
“Benchmark Replacement Adjustment” means, with respect to any replacement of the then current Benchmark with an Unadjusted Benchmark Replacement for any applicable Interest Period and Available Tenor for any setting of such Unadjusted Benchmark Replacement:
(1)    for purposes of clauses (1) and (2) of the definition of “Benchmark Replacement,” the first alternative set forth in the order below that can be determined by the Deal Agent:
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(a)    the spread adjustment, or method for calculating or determining such spread adjustment, (which may be a positive or negative value or zero) as of the Reference Time such Benchmark Replacement is first set for such Interest Period that has been selected or recommended by the Relevant Governmental Body for the replacement of such Benchmark with the applicable Unadjusted Benchmark Replacement for the applicable Corresponding Tenor;
(b)    the spread adjustment (which may be a positive or negative value or zero) as of the Reference Time such Benchmark Replacement is first set for such Interest Period that would apply to the fallback rate for a derivative transaction referencing the ISDA Definitions to be effective upon an index cessation event with respect to such Benchmark for the applicable Corresponding Tenor; and
(2)    for purposes of clause (3) of the definition of “Benchmark Replacement,” the spread adjustment, or method for calculating or determining such spread adjustment, (which may be a positive or negative value or zero) that has been selected by the Deal Agent and the Borrower for the applicable Corresponding Tenor giving due consideration to (i) any selection or recommendation of a spread adjustment, or method for calculating or determining such spread adjustment, for the replacement of such Benchmark with the applicable Unadjusted Benchmark Replacement by the Relevant Governmental Body on the applicable Benchmark Replacement Date and/or (ii) any evolving or then-prevailing market convention for determining a spread adjustment, or method for calculating or determining such spread adjustment, for the replacement of such Benchmark with the applicable Unadjusted Benchmark Replacement for U.S. dollar denominated syndicated credit facilities;
provided that, in the case of clause (1) above, such adjustment is displayed on a screen or other information service that publishes such Benchmark Replacement Adjustment from time to time as selected by the Deal Agent in its reasonable discretion.
“Benchmark Replacement Conforming Changes” means, with respect to any Benchmark Replacement, any technical, administrative or operational changes (including changes to the definition of “Base Rate,” the definition of “Business Day,” the definition of “Interest Period,” the timing and frequency of determining rates and making payments of interest, the timing of borrowing requests or prepayment, conversion or continuation notices, the length of lookback periods, the applicability of breakage provisions, and other technical, administrative or operational matters) that the Deal Agent decides may be appropriate to reflect the adoption and implementation of such Benchmark Replacement and to permit the administration thereof by the Deal Agent in a manner substantially consistent with market practice (or, if the Deal Agent decides that adoption of any portion of such market practice is not administratively feasible or if the Deal Agent determines that no market practice for the administration of such Benchmark Replacement exists, in such other manner of administration as the Deal Agent decides is reasonably necessary in connection with the administration of this Agreement and the other Transaction Documents).
“Benchmark Replacement Date” means the earliest to occur of the following events with respect to the then-current Benchmark:
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(1)    in the case of clause (1) or (2) of the definition of “Benchmark Transition Event,” the later of (a) the date of the public statement or publication of information referenced therein and (b) the date on which the administrator of such Benchmark (or the published component used in the calculation thereof) permanently or indefinitely ceases to provide all Available Tenors of such Benchmark (or such component thereof);
(2)    in the case of clause (3) of the definition of “Benchmark Transition Event,” the date of the public statement or publication of information referenced therein;
(3)    in the case of a Term SOFR Event, the date that is 30 days after the date a Term SOFR Notice is provided to the Lenders and the Borrower pursuant to clause (b) of this Section 2.14; or
(4)    in the case of an Early Opt-in Election, the 6th Business Day after the date notice of such Early Opt-in Election is provided to the Lenders, so long as the Deal Agent has not received, by 5:00 p.m. (Chicago time) on the 5th Business Day after the date notice of such Early Opt-in Election is provided to the Lenders, written notice of objection to such Early Opt-in Election from Lenders comprising the Required Lenders.
For the avoidance of doubt, (i) if the event giving rise to the Benchmark Replacement Date occurs on the same day as, but earlier than, the Reference Time in respect of any determination, the Benchmark Replacement Date will be deemed to have occurred prior to the Reference Time for such determination and (ii) the “Benchmark Replacement Date” will be deemed to have occurred in the case of clause (1) or (2) with respect to any Benchmark upon the occurrence of the applicable event or events set forth therein with respect to all then-current Available Tenors of such Benchmark (or the published component used in the calculation thereof).
“Benchmark Transition Event” means the occurrence of one or more of the following events with respect to the then-current Benchmark:
(1)    a public statement or publication of information by or on behalf of the administrator of such Benchmark (or the published component used in the calculation thereof) announcing that such administrator has ceased or will cease to provide all Available Tenors of such Benchmark (or such component thereof), permanently or indefinitely; provided that, at the time of such statement or publication, there is no successor administrator that will continue to provide any Available Tenor of such Benchmark (or such component thereof);
(2)    a public statement or publication of information by the regulatory supervisor for the administrator of such Benchmark (or the published component used in the calculation thereof), the FRB, the NYFRB, an insolvency official with jurisdiction over the administrator for such Benchmark (or such component), a resolution authority with jurisdiction over the administrator for such Benchmark (or such component) or a court or an entity with similar insolvency or resolution authority over the administrator for such Benchmark (or such component), which states that the administrator of such Benchmark (or such component) has ceased or will cease to provide all Available Tenors of such Benchmark (or such component 
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thereof) permanently or indefinitely, provided that, at the time of such statement or publication, there is no successor administrator that will continue to provide any Available Tenor of such Benchmark (or such component thereof) or
(3)    a public statement or publication of information by the regulatory supervisor for the administrator of such Benchmark (or the published component used in the calculation thereof) announcing that all Available Tenors of such Benchmark (or such component thereof) are no longer representative.
For the avoidance of doubt, a “Benchmark Transition Event” will be deemed to have occurred with respect to any Benchmark if a public statement or publication of information set forth above has occurred with respect to each then-current Available Tenor of such Benchmark (or the published component used in the calculation thereof).
“Benchmark Unavailability Period” means the period (if any) (x) beginning at the time that a Benchmark Replacement Date pursuant to clauses (1) or (2) of that definition has occurred if, at such time, no Benchmark Replacement has replaced the then-current Benchmark for all purposes hereunder and under any Transaction Document in accordance with this Section 2.14 and (y) ending at the time that a Benchmark Replacement has replaced the then-current Benchmark for all purposes hereunder and under any Transaction Document in accordance with this Section 2.14.
“Corresponding Tenor” with respect to any Available Tenor means, as applicable, either a tenor (including overnight) or an interest payment period having approximately the same length (disregarding business day adjustment) as such Available Tenor.
“Daily Simple SOFR” means, for any day, SOFR, with the conventions for this rate (which will include a lookback) being established by the Deal Agent in accordance with the conventions for this rate selected or recommended by the Relevant Governmental Body for determining “Daily Simple SOFR” for syndicated business loans; provided that if the Deal Agent decides that any such convention is not administratively feasible for the Deal Agent, then the Deal Agent may establish another convention in its reasonable discretion.
“Early Opt-in Election” means, if the then-current Benchmark is the LIBOR Index, the occurrence of:
(1)    a notification by the Deal Agent to (or the request by the Borrower to the Deal Agent to notify) each of the other parties hereto that at least five currently outstanding U.S. dollar-denominated syndicated credit facilities at such time contain (as a result of amendment or as originally executed) a SOFR-based rate (including SOFR, a term SOFR or any other rate based upon SOFR) as a benchmark rate (and such syndicated credit facilities are identified in such notice and are publicly available for review), and
(2)    the joint election by the Deal Agent and the Borrower to trigger a fallback from LIBOR and the provision by the Deal Agent of written notice of such election to the Lenders.
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“Floor” means the benchmark rate floor, if any, provided in this Agreement initially (as of the execution of this Agreement, the modification, amendment or renewal of this Agreement or otherwise) with respect to LIBOR.
“FRB” means the Board of Governors of the Federal Reserve System of the United States.
“ISDA Definitions” means the 2006 ISDA Definitions published by the International Swaps and Derivatives Association, Inc. or any successor thereto, as amended or supplemented from time to time, or any successor definitional booklet for interest rate derivatives published from time to time by the International Swaps and Derivatives Association, Inc. or such successor thereto.
“NYFRB” means the Federal Reserve Bank of New York.
“NYFRB’s Website” means the website of the Federal Reserve Bank of New York at http://www.newyorkfed.org, or any successor source.
“Reference Time” with respect to any setting of the then-current Benchmark means (1) if such Benchmark is the LIBOR Index, 11:00 a.m. (London time) on the day that is two London banking days preceding the date of such setting, and (2) if such Benchmark is not the LIBOR Index, the time determined by the Deal Agent in its reasonable discretion.
“Relevant Governmental Body” means the FRB and/or the NYFRB, or a committee officially endorsed or convened by the FRB and/or the NYFRB, or any successor thereto.
“SOFR” means, with respect to any Business Day, a rate per annum equal to the secured overnight financing rate for such Business Day published by the SOFR Administrator on the SOFR Administrator’s Website on the immediately succeeding Business Day.
“SOFR Administrator” means the NYFRB (or a successor administrator of the secured overnight financing rate).
“SOFR Administrator’s Website” means the NYFRB’s Website, currently at http://www.newyorkfed.org, or any successor source for the secured overnight financing rate identified as such by the SOFR Administrator from time to time.
“Term SOFR” means, for the applicable Corresponding Tenor as of the applicable Reference Time, the forward-looking term rate based on SOFR that has been selected or recommended by the Relevant Governmental Body.
“Term SOFR Event” means the determination by the Deal Agent that (a) Term SOFR has been recommended for use by the Relevant Governmental Body, (b) the administration of Term SOFR is administratively feasible for the Deal Agent and (c) a Benchmark Transition Event has previously occurred resulting in a Benchmark Replacement in accordance with this Section 2.14 that is not Term SOFR.
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“Term SOFR Notice” means a notification by the Deal Agent to the Lenders and the Borrower of the occurrence of a Term SOFR Event.
“Unadjusted Benchmark Replacement” means the applicable Benchmark Replacement excluding the related Benchmark Replacement Adjustment.
    2.4.    Section 4.1(dd) of the Agreement is hereby amended and restated in its entirety and as so amended and restated shall read as follows:
(dd)    Subsidiaries.  The Borrower does not have any Subsidiaries or divisions.
    2.5.    Section 5.2(d) of the Agreement is hereby amended and restated in its entirety and as so amended and restated shall read as follows:
(dd)    Mergers, Acquisitions, Sales, etc.  The Borrower will not be a party to any division, merger or consolidation, or purchase or otherwise acquire all or substantially all of the assets or any stock of any class of, or any partnership or joint venture interest in, any other Person, or, sell, transfer, convey or lease all or any substantial part of its assets, or sell or assign with or without recourse any Loan, Contract, Related Security or other Collateral or any interest therein (other than pursuant to and in accordance with the Transaction Documents).
    Section 3.    Conditions Precedent; Effectiveness of Amendment.  This Amendment shall become effective on and as of the date hereof, upon the receipt by the Deal Agent of an executed counterpart of (i) this Amendment from each party hereto and (ii) the Seventh Amended and Restated Fee Letter from each party thereto.
    Section 4.    Representations of the Borrower and Servicer.  Each of Borrower and Servicer hereby represent and warrant to the parties hereto that as of the date hereof each of the representations and warranties contained in Article IV of the Agreement and any other Transaction Document to which it is a party are true and correct as of the date hereof and after giving effect to this Amendment (except to the extent that such representations and warranties relate solely to an earlier date, and then are true and correct as of such earlier date) and that no Amortization Event, Termination Event or Unmatured Termination Event has occurred and is continuing as of the date hereof and after giving effect to this Amendment.
    Section 5.    Agreement in Full Force and Effect.  Except as expressly set forth herein, all terms and conditions of the Agreement, as amended, shall remain in full force and effect.  Reference to this specific Amendment need not be made in the Agreement, the Note, or any other instrument or document executed in connection therewith, or in any certificate, letter or communication issued or made pursuant to or with respect to the Agreement, any reference in any of such items to the Agreement being sufficient to refer to the Agreement as amended hereby.
    Section 6.    Execution in Counterparts.  This Amendment may be executed by the parties hereto in several counterparts, each of which shall be executed by the parties hereto and be deemed an original and all of which shall constitute together but one and the same agreement.  Delivery of an 
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executed counterpart of a signature page of this Amendment by telecopy or other electronic means shall be effective as delivery of a manually executed counterpart of this Amendment.
    Section 7.    Governing Law.  This Amendment shall be governed by, and construed in accordance with, the laws of the State of New York, without reference to conflict of law principles, and the obligations, rights and remedies of the parties hereunder shall be determined in accordance with the laws of the State of New York.
    Section 8.    Fees and Expenses.  The Borrower agrees to pay on demand all costs and expenses of or incurred by the Deal Agent and the Lender in connection with the negotiation, preparation, execution and delivery of this Amendment, including the reasonable fees and expenses of external counsel for the Deal Agent and the Lender.
[Signature Pages To Follow]

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In Witness Whereof, the parties hereto have caused this Second Amendment to Loan and Security Agreement to be executed and delivered by their duly authorized officers as of the date hereof.
CAC Warehouse Funding LLC IV
By:    /s/ Douglas W. Busk                                    
    Name:    Douglas W. Busk
    Title:    Chief Treasury Officer
Credit Acceptance Corporation
By:    /s/ Douglas W. Busk                                       
    Name:    Douglas W. Busk
    Title:    Chief Treasury OfficerBank of 

       Montreal
By:    /s/ Karen Louie                                               
    Name:     Karen Louie    
    Title:    Director
Wells Fargo Bank, National Association
By:    /s/ Kristen L. Puttin                                          
    Name:    Kristen L. Puttin
    Title:    Vice President
BMO Capital Markets Corp.
By:    /s/ Jeffrey Merchant                                         
    Name:    Jeffrey Merchant
    Title:    Managing Director

[Signature Page to Second Amendment to Amended and Restated Loan and Security Agreement]

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