Document:

Document

AMENDED AND RESTATED INTERCREDITOR AGREEMENT
This Amended and Restated Intercreditor Agreement (this “Agreement”), dated May 20, 2021, is among Credit Acceptance Corporation (“CAC”), CAC Warehouse Funding LLC 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 2021-3 (“Funding 2021-3”), Credit Acceptance Funding LLC 2021-2 (“Funding 2021-2”), 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”, and each of 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, Funding 2021-1, Funding 2021-2 and Funding 2021-3, a “Funding” ), Credit Acceptance Auto Loan Trust 2021-3 (“2021-3 Trust”), Credit Acceptance Auto Loan Trust 2021-2 (“2021-2 Trust”), 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”), and Credit Acceptance Auto Loan Trust 2018-1 (“2018-1 Trust”, and collectively with the 2018-2 Trust, the 2018-3 Trust, the 2019-1 Trust, the 2019-3 Trust, the 2020-1 Trust, the 2020-2 Trust, the 2020-3 Trust, the 2021-2 Trust and the 2021-3 Trust, the “Trusts”, and each, a “Trust”), Wells Fargo Bank, National Association, as indenture trustee and trust collateral agent under the 2021-3 Securitization Documents (in either such capacity, the “2021-3 Trustee”, as the context requires), Wells Fargo Bank, National Association, as indenture trustee and trust collateral agent under the 2021-2 Securitization Documents (in either such capacity, the “2021-2 Trustee”, as the context requires), 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 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), 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 V 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”).
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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 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 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 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”).
h.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 
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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”).  
i.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”).
j.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”).
k.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 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”).
l.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 
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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”).  
m.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”).
n.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”).
o.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 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”).  
p.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 
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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”).
q.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”).
r.CAC, the 2021-1 Collateral Agent and certain other parties entered 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 was (and during the revolving period under the 2021-1 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 2021-1, and Funding 2021-1 granted 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”).
s.CAC and the 2021-2 Trustee entered into a transaction as set forth in the 2021-2 Securitization Documents (the “2021-2 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 2021-2 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 2021-2, which subsequently sold (and will sell) such Pools, Purchased Loans and related assets to the 2021-2 Trust, a trust the depositor of which is Funding 2021-2, and the 2021-2 Trust granted the 2021-2 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 “2021-2 Loans”).
t.CAC and the 2021-3 Trustee are entering into a transaction as set forth in the 2021-3 Securitization Documents (the “2021-3 Securitization”) pursuant to which the security interest with respect to certain specifically identified Pools, Purchased Loans and related assets is being (and during the revolving period under the 2021-3 Securitization Documents will be) released by Comerica, CAC is selling and contributing (and will sell and contribute) such Pools, Purchased Loans and related assets to its wholly-owned subsidiary, Funding 2021-3, which subsequently is selling (and will sell) such Pools, Purchased Loans and related assets to the 2021-3 Trust, a trust the depositor of which is Funding 2021-3, and the 2021-3 Trust is granting 
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the 2021-3 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 “2021-3 Loans”).
u.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 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 Credit Suisse pursuant to the Credit Suisse Warehouse, (vi) have not been (and will not be) released, and a security interest encumbering such Pools, Purchased Loans and related assets has not been (and will not be) granted to the 2018-1 Trustee pursuant to the 2018-1 Securitization, (vii) have not been (and will not be) released, and a security interest encumbering such Pools, Purchased Loans and related assets has not been (and will not be) granted to the 2018-2 Trustee pursuant to the 2018-2 Securitization, (viii) have not been (and will not be) released, and a security interest encumbering such Pools, Purchased Loans and related assets has not been (and will not be) granted to the 2018-3 Trustee pursuant to the 2018-3 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 2019-1 Trustee pursuant to the 2019-1 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 Citizens pursuant to the Citizens Warehouse, (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 the 2019-2 Collateral Agent pursuant to the 2019-2 Financing, (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 2019-3 Trustee pursuant to the 2019-3 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 2020-1 Trustee pursuant to the 2020-1 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 2020-2 Trustee pursuant to the 2020-2 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 2020-3 Trustee pursuant to the 2020-3 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 2021-1 Collateral Agent pursuant to the 2021-1 Financing, (xvii) 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) 
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granted to the 2021-2 Trustee pursuant to the 2021-2 Securitization and (xviii) 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 2021-3 Trustee pursuant to the 2021-3 Securitization (such unreleased Pools, Purchased Loans and related assets are referred to herein as the “Comerica Loans”).
v.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 2021-3 Securitization Documents, the 2021-2 Securitization 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 and the 2018-1 Securitization Documents.
w.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:
i.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 2021-3 Loans, the 2021-2 Loans, the 2021-1 Loans, the 
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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 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 2021-3 Loans, the 2021-2 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.
ii.Release by Fifth Third.  Fifth Third, as the collateral agent, (i) releases any and all rights in and to any Collections with respect to the Comerica Loans, the Wells Fargo Warehouse Loans, the BMO Warehouse Loans, the Flagstar Warehouse Loans, the Credit Suisse Warehouse Loans, the Citizens Warehouse Loans, the 2021-3 Loans, the 2021-2 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 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 2021-3 Loans, the 2021-2 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.
iii.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 2021-3 Loans, the 2021-2 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 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 
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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 (c)(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 2021-3 Loans, the 2021-2 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 (or related Collections) or to any Back-end Dealer Payments and shall not assert any claim thereto.
iv.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 2021-3 Loans, the 2021-2 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 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 (d)(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 2021-3 Loans, the 2021-2 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 (or related Collections) or to any Back-end Dealer Payments and shall not assert any claim thereto.
v.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 2021-3 Loans, the 2021-2 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 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 (e)(i).  The 2018-3 Trust agrees that the lien and security interest granted to the 2018-3 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, 
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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 2021-3 Loans, the 2021-2 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 (or related Collections) or to any Back-end Dealer Payments and shall not assert any claim thereto.
vi.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 2021-3 Loans, the 2021-2 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 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 (f)(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 2021-3 Loans, the 2021-2 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 (or related Collections) or to any Back-end Dealer Payments and shall not assert any claim thereto.
vii.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 2021-3 Loans, the 2021-2 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 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 (g)(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 2021-3 Loans, the 2021-2 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 (or related Collections) or to any Back-end Dealer Payments and shall not assert any claim thereto.
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viii.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 2021-3 Loans, the 2021-2 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 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 (h)(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 2021-3 Loans, the 2021-2 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 (or related Collections) or to any Back-end Dealer Payments and shall not assert any claim thereto.
ix.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 2021-3 Loans, the 2021-2 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 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 (i)(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 2021-3 Loans, the 2021-2 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 (or related Collections) or to any Back-end Dealer Payments and shall not assert any claim thereto. 
x.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, the Fifth Third Loans, the BMO Warehouse Loans, the Flagstar Warehouse Loans, the Credit Suisse Warehouse Loans, the Citizens Warehouse Loans, the 2021-3 Loans, the 2021-2 Loans, the 2021-1 Loans, the 2020-3 Loans, the 2020-1 Loans, the 2019-3 Loans, the 2019-2 Loans, the 
12

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 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 (j)(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 2021-3 Loans, the 2021-2 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 (or related Collections) or to any Back-end Dealer Payments and shall not assert any claim thereto.
xi. 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 2021-3 Loans, the 2021-2 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 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 (k)(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 2021-3 Loans, the 2021-2 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 (or related Collections) or to any Back-end Dealer Payments and shall not assert any claim thereto. 
xii.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 2021-3 Loans, the 2021-2 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 2021-1 Loans and (ii) relinquishes all rights it has or may have to require CAC, 
13

individually or as servicer, any successor servicer or Funding 2021-1 to use Collections on its behalf contrary to clause (l)(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 2021-3 Loans, the 2021-2 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.
xiii.Release by the 2021-2 Trustee.  The 2021-2 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 2021-3 Loans, the 2021-1 Loans, the 2020-3 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 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 2021-2 Loans and (ii) relinquishes all rights it has or may have to require CAC, individually or as servicer, any successor servicer, Funding 2021-2 or the 2021-2 Trust to use Collections on its behalf contrary to clause (m)(i).  The 2021-2 Trust agrees that the lien and security interest granted to the 2021-2 Trustee pursuant to the 2021-2 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 2021-3 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.
xiv.Release by the 2021-3 Trustee.  The 2021-3 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 2021-2 Loans, the 2021-1 Loans, the 2020-3 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 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 2021-2 Loans and (ii) relinquishes all rights it has or may have to require CAC, individually or as servicer, any successor servicer, Funding 2021-3 or the 2021-3 Trust to use Collections on its behalf contrary to clause (n)(i).  The 2021-3 Trust agrees that the lien and security interest granted to the 2021-3 Trustee pursuant to the 2021-3 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 
14

Suisse Warehouse Loans, the Citizens Warehouse Loans, the 2021-2 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.
xv.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 2021-3 Loans, the 2021-2 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 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 (o)(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 2021-3 Loans, the 2021-2 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.
xvi.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 2021-3 Loans, the 2021-2 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 or the 2018-1 Loans other than amounts collected under the Wells Fargo Warehouse Loans, the Fifth Third Loans, the BMO Warehouse Loans, the Flagstar Warehouse Loans, the Credit Suisse Warehouse Loans, the Citizens Warehouse Loans, the 2021-3 Loans, the 2021-2 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 or the 2018-1 Loans, which are owed to Dealers as Back-end Dealer Payments and which are subject to set off by CAC pursuant to the related Dealer Agreement and which have not been set off by CAC or by Comerica pursuant to the CAC Credit Facility Documents against amounts owing under the Wells Fargo Warehouse Loans, the Fifth Third Loans, the BMO Warehouse  Loans, the Flagstar Warehouse Loans, the Credit Suisse Warehouse Loans, the Citizens Warehouse Loans, the 2021-2 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 and the 2018-1 Loans and (ii) relinquishes all rights it has or may have to require CAC, individually or as servicer, or any successor servicer to use Collections on its behalf contrary to clause (p)(i) above.  Except for Back-end Dealer Payments to the extent provided in clause (p)(i) 
15

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 2021-3 Loans, the 2021-2 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 or the 2018-1 Loans and shall not assert any claim against the Wells Fargo Warehouse Loans, the Fifth Third Loans, the BMO Warehouse Loans, the Flagstar Warehouse Loans, the Credit Suisse Warehouse Loans, the Citizens Warehouse Loans, the 2021-3 Loans, the 2021-2 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 or the 2018-1 Loans or Collections related thereto.
xvii.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 2021-3 Loans, the 2021-2 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 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 (q)(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 2021-3 Loans, the 2021-2 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.
xviii.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 2021-3 Loans, the 2021-2 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 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 (r)(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 
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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 2021-3 Loans, the 2021-2 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.
xix.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 2021-3 Loans, the 2021-2 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 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 (s)(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 2021-3 Loans, the 2021-2 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.
a.Covenant of the CAC Entities.
i.Each of the CAC Entities covenants that it shall not use any right it may have under the Dealer Agreements or the Purchase Agreements, whether at the direction of Comerica, Wells Fargo, Fifth Third, BMO, Flagstar, Credit Suisse, the Credit Suisse Warehouse Collateral Agent, Citizens, the 2021-3 Trustee, the 2021-2 Trustee, 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 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.
ii.Each of the CAC Entities covenants that it will require any other person or entity which hereafter acquires any security interest in the Pools, Dealer Agreements, Purchased Loans and related assets from a CAC Entity to become parties to this Agreement by executing an amendment or acknowledgment, in form and substance reasonably satisfactory to CAC and the Creditors, by which such persons or entities agree to be bound by the terms of this Agreement, and delivering such signed amendment or acknowledgement hereof to each of the CAC Entities and the Creditors; provided, however, that in the event the amount owed by the CAC Entities to 
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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).
b.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 2021-3 Trustee shall be determined based on the actual knowledge of the 2021-3 Trustee’s Responsible Officers (as defined in the 2021-3 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, (ii) the actual knowledge of the 2021-2 Trustee shall be determined based on the actual knowledge of the 2021-2 Trustee’s Responsible Officers (as defined in the 2021-2 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 (iii) 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, (iv) 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, (v) 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, (vi) 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, (vii) 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, (viii) the actual 
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knowledge of the 2019-2 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, (ix) 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, (x) 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, (xi) 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, (xii) 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, (xiii) 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, (xiv) 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, (xv) 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 (xvi) 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.
c.Further Assurances.  Each Creditor and CAC Entity agrees that it shall be bound by all of the provisions of this Agreement.  Without limiting any other provision hereof, each of the Creditors and CAC Entities agrees that it will promptly execute such instruments, notices or other documents as may be reasonably requested in writing by any party hereto for the purpose of confirming the provisions of this Agreement or better effectuating the intent hereof.  CAC will reimburse each Creditor for all reasonable expenses incurred by such Creditor pursuant to this Section 4.
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d.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.
e.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 and authentication of Notes when required under the Uniform Commercial Code or other Signature Law due to the character or intended character of the writings.
f.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.
g.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 2021-3, Funding 2021-2, the 2021-2 Trust, 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 or the 2018-1 Trust, any bankruptcy, reorganization, arrangement, insolvency or liquidation 
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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 2021-3 Securitization Documents, the 2021-2 Securitization 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 and the 2018-1 Securitization Documents.
h.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.
i.No Third Party Beneficiaries.  This Agreement is not intended to confer upon any person other than the parties hereto any rights or remedies hereunder.
j.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 2021-3 Trustee under the 2021-3 Securitization Documents, any successor or assignor to the 2021-2 Trustee under the 2021-2 Securitization Documents, 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 and any successor or assignor to the 2018-1 Trustee under the 2018-1 Securitization Documents.
k.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: Douglas W. Busk, telephone: (248) 353-2700 (ext. 4432), facsimile: (866) 743-2704; (b) in the 
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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 and the 2018-1 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 and the 2018-1 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: Patrick Green, 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.
l.Direction Orders. CAC, as administrator under the 2021-3 Securitization Documents and Funding 2021-3, as certificateholder, each directs the Owner Trustee of the 2021-3 Trust to enter into this Agreement; CAC, as administrator under the 2021-2 Securitization Documents and Funding 2021-2, as certificateholder, each directs the Owner Trustee of the 2021-2 Trust to enter into this Agreement; 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; and Funding 2018-1, as certificateholder, directs the Owner Trustee of the 2018-1 Trust to enter into this Agreement.
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m.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.
n.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 2021-3 Trustee, the 2021-2 Trustee, 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 and the 2018-1 Trustee and the CAC Entities that were parties to the Prior Agreement further acknowledge and agree that, as among themselves, this Agreement supersedes the Prior Agreement with respect to their rights as against each other and that this Agreement shall govern their rights against each other and the other parties hereto.
2.AML Law.    The parties hereto acknowledge that in accordance with laws, regulations and executive orders of the United States or any state or political subdivision thereof as are in effect from time to time applicable to financial institutions relating to the funding of terrorist activities and money laundering, including without limitation the USA Patriot Act (Pub. L. 107-56) and regulations promulgated by the Office of Foreign Asset Control  (collectively, the “AML Law”), each of Comerica, Wells Fargo, Fifth Third, BMO, Flagstar, the Credit Suisse Warehouse Collateral Agent, Citizens, the 2021-3 Trustee, the 2021-2 Trustee, 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 and the 2018-1 Trustee (collectively, and as applicable, the “Trustees”) is required to obtain, verify, and record information relating to individuals and entities that establish a business relationship or open an account with the Trustees. Each party hereby agrees that it shall provide the Trustees with such identifying information and documentation as the Trustees may request from time to time in order to enable the Trustees to comply with all applicable requirements of AML Law.
To help the government fight the funding of terrorism and money laundering activities, Federal law requires all financial institutions to obtain, verify and record information that identifies each person who opens an account. For a non-individual person such as a business entity, a charity, a Trust or other legal entity, the Trustees ask for documentation to verify its formation and existence as a legal entity. The Trustees may also ask to see financial statements, licenses, identification and authorization documents from individuals claiming authority to represent the entity or other relevant documentation.
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3. 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 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 LLC 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
/s/ Douglas W. Busk             
By:    Douglas W. Busk
Title: Chief Treasury Officer

[A&R Intercreditor Agreement]

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

/s/ Douglas W. Busk             
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 

[A&R Intercreditor Agreement]

CREDIT ACCEPTANCE AUTO 
LOAN TRUST 2021-3

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 2021-2

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 2020-3

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

[A&R Intercreditor Agreement]

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

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

[A&R Intercreditor Agreement]

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]

WELLS FARGO BANK, NATIONAL ASSOCIATION, 
Not In Its Individual Capacity But Solely as 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 2021-2 Trustee, the 2021-3 Trustee, the Collateral Agent under the Wells Fargo Warehouse Documents and the Collateral Agent under the Credit Suisse Warehouse Documents

/s/ Scott J. Olmsted            
By: Scott J. Olmsted
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/ Steven Maysonet            
By: Steven Maysonet   
Title: 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. Rizzo            
By: Paul G. Rizzo
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
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.
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.
A-1

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.
2021-2 Indenture: The Indenture, dated as of February 18, 2021, between the 2021-2 Trustee and the 2021-2 Trust, as amended from time to time.
2021-2 Securitization Documents: The Sale and Servicing Agreement, dated as of February 18, 2021, among the 2021-2 Trust, Funding 2021-2, CAC, the 2021-2 Trustee, and Wells Fargo Bank, National Association, as the Backup Servicer, the 2021-2 Indenture, and the documents related thereto, as amended from time to time.
2021-3 Indenture: The Indenture, dated as of May 20, 2021, between the 2021-3 Trustee and the 2021-3 Trust, as amended from time to time.
2021-3 Securitization Documents: The Sale and Servicing Agreement, dated as of May 20, 2021, among the 2021-3 Trust, Funding 2021-3, CAC, the 2021-3 Trustee, and Wells Fargo Bank, National Association, as the Backup Servicer, the 2021-3 Indenture, and the documents related thereto, as amended from time to time.
Advance: Amounts advanced to a Dealer upon the acceptance of a Contract by CAC pursuant to a Dealer Agreement.
A-2

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.
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 2021-3, the 2021-3 Trust, Funding 2021-2, the 2021-2 Trust, 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 and the 2018-1 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 2021-3 Trustee, the 2021-2 Trustee, 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 and the 2018-1 Trustee.
A-3

Dealer: A person engaged in the business of the retail sale or lease of new or used motor vehicles, including both businesses exclusively selling used motor vehicles and businesses principally selling new motor vehicles, but having a used vehicle department, including any such person which constitutes an affiliate of CAC.
Dealer Agreement: The sales and/or servicing agreements between CAC or its subsidiaries and a participating Dealer which sets forth the terms and conditions under which CAC or its subsidiaries (i) accepts, as nominee for such Dealer, the assignment of Contracts for purposes of administration, servicing and collection and under which CAC or its subsidiary may make advances to such Dealers and (ii) accepts outright assignments of Contracts from Dealers or funds Contracts originated by such Dealer in the name of CAC or any of its subsidiaries, in each case as such agreements may be in effect from time to time.
Financing Documents: The CAC Credit Facility Documents, the Wells Fargo Warehouse Documents, the Fifth Third Warehouse Documents, the Flagstar Warehouse Documents, the BMO Warehouse Documents, the Credit Suisse Warehouse Documents, the Citizens Warehouse Documents, the 2021-3 Securitization Documents, the 2021-2 Securitization 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 and the 2018-1 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 February 18, 2021, among CAC, Warehouse Funding II, Warehouse Funding IV, Warehouse Funding V, Warehouse Funding VI, Warehouse Funding VII, Warehouse Funding VIII, Funding 2021-2, Funding 2021-1, 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, 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, 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 Credit Suisse Warehouse Collateral Agent, BMO, Flagstar, Citizens and Comerica.
A-4

Purchase Agreement: The purchase agreements between CAC or its subsidiaries and a participating Dealer which sets forth the terms and conditions under which CAC or its subsidiaries purchases from a Dealer the Purchased Loans and related Contracts, as such agreements may be in effect from time to time.
Purchased Loan: A motor vehicle retail installment loan relating to the sale of 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 Seventh Amended and Restated Loan And Security Agreement, dated as of April 30, 2021, among Warehouse Funding II, CAC and 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-5Exhibit 10.1

 

EAGLE BANCORP, INC.

 

2021 EQUITY INCENTIVE PLAN

 

Section 1.
         Purpose; Definitions. The purposes of the Eagle Bancorp, Inc. 2021 Equity
Incentive Plan (as amended from time to time, the “Plan”) are to: (a) enable Eagle Bancorp, Inc. (the
 “Company”) and its affiliated companies to recruit and retain highly qualified employees, directors and consultants; (b)
provide those employees, directors and consultants with an incentive for productivity; and (c) provide those employees, directors
and consultants with an opportunity to share in the growth and value of the Company. For purposes of the Plan, the following terms
will have the meanings defined below, unless the context clearly requires a different meaning:

 

(a)       “Affiliate”
means, with respect to a Person, a Person that directly or indirectly controls, is controlled by, or is under common control with such
Person.

 

(b)       “Applicable
Law” means the legal requirements relating to the administration of and issuance of securities under stock incentive plans,
including, without limitation, the requirements of state corporations law, federal, state and foreign securities law, federal, state and
foreign tax law, and the requirements of any stock exchange or quotation system upon which the Shares may then be listed or quoted.

 

(c)       “Award”
means an award of Options, Stock Appreciation Rights, Restricted Stock, Restricted Stock Units or Other Stock Based Awards made under
this Plan.

 

(d)       “Award
Agreement” means, with respect to any particular Award, the written document that sets forth the terms of that particular Award.

 

(e)       “Board”
means the Board of Directors of the Company, as constituted from time to time.

 

(f)       “Other
Stock Based Award” means an award that is granted under Section 10.

 

(g)       
“Cause” means (i) Participant’s refusal to comply with any lawful directive or policy of the Company which refusal
is not cured by the Participant within ten (10) days of such written notice from the Company; (ii) the Company’s determination that
Participant has committed any act of dishonesty, embezzlement, unauthorized use or disclosure of confidential information or other intellectual
property or trade secrets, common law fraud or other fraud against the Company or any Subsidiary or Affiliate; (iii) a material breach
by the Participant of any written agreement with or any fiduciary duty owed to any Company or any Subsidiary or Affiliate; (iv) Participant’s
conviction (or the entry of a plea of a nolo contendere or equivalent plea) of a felony or any misdemeanor involving material dishonesty
or moral turpitude; or (v) Participant’s habitual or repeated misuse of, or habitual or repeated performance of Participant’s
duties under the influence of, alcohol, illegally obtained prescription controlled substances or non-prescription controlled substances.
Notwithstanding the foregoing, if a Participant and the Company (or any of its Affiliates) have entered into an employment agreement,
consulting agreement or other similar agreement that specifically defines “Cause,” then with respect to such Participant,
 “Cause” shall have the meaning defined in such other agreement.

 

    1 

     

    

 

(h)       “Change
in Control” shall mean the occurrence of any of the following events: (i) any “person” (as such term is used in
Sections 13(d) and 14(d) of the Exchange Act) is or becomes a “beneficial owner” (as defined in Rule 13d-3 under the Exchange
Act), directly or indirectly, of securities of the Company representing 50% or more of the total power to vote for the election of directors
of the Company;

 

(ii) during any twelve month period,
individuals who at the beginning of such period constitute the Board and any new director (other than a director designated by a person
who has entered into an agreement with the Company to effect a transaction described in Section 1(h)(i), Section 1(h)(iii), Section 1(h)(iv)
or Section 1(h)(v) hereof) whose election by the Board or nomination for election by the Company’s stockholders was approved by
a vote of at least a majority of the directors then still in office who either were directors at the beginning of the period of whose
election or nomination for election was previously approved, cease for any reason to constitute a majority thereof; (iii) the merger or
consolidation of the Company with another corporation where the stockholders of the Company, immediately prior to the merger or consolidation,
will not beneficially own, immediately after the merger or consolidation, shares entitling such stockholders to 50% or more of all votes
to which all stockholders of the surviving corporation (or its ultimate parent) would be entitled in the election of directors (without
consideration of the rights of any class of stock to elect directors by a separate class vote); (iv) the sale or other disposition of
all or substantially all of the assets of the Company; or (v) a liquidation or dissolution of the Company.

 

Notwithstanding
anything in the Plan or an Award Agreement to the contrary, if an Award is subject to Section 409A of the Code, no event that, but for
the application of this paragraph, would be a Change in Control as defined in the Plan or the Award Agreement, as applicable, shall be
a Change in Control unless such event is also a “change in control event” as defined in Section 409A of the Code.

 

(i)       “Code”
means the Internal Revenue Code of 1986, as amended from time to time, and any successor thereto.

 

(j)       “Committee”
means the committee designated by the Board to administer the Plan under Section 2. To the extent required under Applicable Law, the Committee
shall have at least two members and each member of the Committee shall be a Non-Employee Director.

 

(k)       “Director”
means a member of the Board.

 

(l)       “Disability”
means a condition rendering a Participant Disabled.

 

(m)       “Disabled”
will have the same meaning as set forth in Section 22(e)(3) of the Code.

 

(n)       “Exchange
Act” means the Securities Exchange Act of 1934, as amended.

 

(o)       “Fair
Market Value” means, as of any date, the value of a Share determined as follows: (i) if the Shares are listed on any established
stock exchange or a national market system, including, without limitation, the Nasdaq Capital Market, the Fair Market Value of a Share
will be the closing sales price for such stock as quoted on that system or exchange (or the system or exchange with the greatest volume
of trading in Shares) at the close of regular hours trading on the day of determination (or if such day is not a trading day, the immediately
preceding trading day); (ii) if the Shares are regularly quoted by recognized securities dealers but selling prices are not reported,
the Fair Market Value of a Share will be the mean between the high bid and low asked prices for Shares at the close of regular hours trading
on the day of determination; or (iii) if Shares are not traded as set forth above, the Fair Market Value will be determined in good faith
by the Committee taking into consideration such factors as the Committee considers appropriate, such determination by the Committee to
be final, conclusive and binding. Notwithstanding the foregoing, in connection with a Change in Control, Fair Market Value shall be determined
in good faith by the Committee, such determination by the Committee to be final conclusive and binding.

 

    2 

     

    

 

(p)       “Non-Employee
Director” will have the meaning set forth in Rule 16b-3(b)(3)(i) promulgated by the Securities and Exchange Commission under
the Exchange Act, or any successor definition adopted by the Securities and Exchange Commission.

 

(q)       “Non-Qualified
Stock Option” means any Option that is not intended to be an “Incentive Stock Option” as defined in Section 422
of the Code.

 

(r)       “Option”
means any option to purchase Shares (including an option to purchase Restricted Stock, if the Committee so determines) granted pursuant
to Section 5 hereof.

 

(s)       “Participant”
means an employee, consultant, Director, or other service provider of or to the Company or any of its respective Affiliates to whom an
Award is granted.

 

(t)       “Person”
means an individual, partnership, corporation, limited liability company, trust, joint venture, unincorporated association, or other entity
or association.

 

(u)       “Restricted
Stock” means Shares that are subject to restrictions pursuant to Section 8 hereof.

 

(v)       “Restricted
Stock Unit” means a right granted under and subject to restrictions pursuant to Section 9 hereof.

 

(w)       “Shares”
means shares of the Company’s common stock, par value $0.01 subject to substitution or adjustment as provided in Section 3(d) hereof.

 

(x)       “Stock
Appreciation Right” means a right granted under and subject to Section 6 hereof.

 

(y)       “Subsidiary”
means, in respect of the Company, a subsidiary company as defined in Sections 424(f) and (g) of the Code.

 

Section 2.         Administration.  The Plan
shall be administered by the Committee. Any action of the Committee in administering the Plan shall be final, conclusive and binding on
all persons, including the Company, its Subsidiaries, Affiliates, their respective employees, the Participants, persons claiming rights
from or through Participants and stockholders of the Company.

 

The Committee will have full authority to grant
Awards under this Plan and determine the terms of such Awards. Such authority will include the right to:

 

(a)       select
the individuals to whom Awards are granted (consistent with the eligibility conditions set forth in Section 4);

 

(b)       determine
the type of Award to be granted;

 

(c)       determine
the number of Shares, if any, to be covered by each Award;

 

(d)       establish
the other terms and conditions of each Award;

 

(e)       approve
forms of agreements (including Award Agreements) for use under the Plan;

 

(f)       accelerate
the vesting or exercisability of an Award; and

 

(g)       modify
or amend each Award, subject to the Participant’s consent if such modification or amendment would adversely change the terms of
such Award.

 

    3 

     

    

 

The Committee will have the
authority to adopt, alter and repeal such administrative rules, guidelines and practices governing the Plan as it, from time to time,
deems advisable; to interpret the terms and provisions of the Plan and any Award issued under the Plan (and any Award Agreement); and
to otherwise take any action that may be necessary or desirable to facilitate the administration of the Plan. The Committee may correct
any defect, supply any omission or reconcile any inconsistency in the Plan or in any Award Agreement in the manner and to the extent it
deems necessary to carry out the intent of the Plan.

 

To the extent permitted by
Applicable Law and the Company’s governing documents, the Committee may delegate to one or more officers of the Company the authority
to grant Awards to Participants who are not subject to the requirements of Section 16 of the Exchange Act and the rules and regulations
thereunder. The Committee may revoke any such allocation or delegation at any time for any reason with or without prior notice.

 

Section 3.          Shares Subject to the
Plan.

 

(a)       Shares
Subject to the Plan.  Subject to adjustment as provided in Section 3(b) and Section 3(d) of the Plan, the maximum number of Shares
that may be issued in respect of Awards under the Plan is 1,300,000 Shares (the “Plan Limit”). Any Shares issued hereunder
may consist, in whole or in part, of authorized and unissued Shares or treasury shares. Any Shares issued by the Company through the assumption
or substitution of outstanding grants in connection with the acquisition of another entity shall not reduce the maximum number of Shares
available for delivery under the Plan.

 

(b)       Effect
of the Expiration or Termination of Awards. If and to the extent that an Option or a Stock Appreciation Right expires, terminates
or is canceled or forfeited for any reason without having been exercised in full, the Shares associated with that Award will again become
available for grant under the Plan. Similarly, if and to the extent an Award of Restricted Stock or Restricted Stock Units is canceled
or forfeited for any reason, the Shares subject to that Award will again become available for grant under the Plan. In addition, if any
award granted under the Eagle Bancorp, Inc. 2016 Stock Plan expires, terminates, is canceled or is forfeited for any reason after the
Effective Date, the Shares subject to that award will be added to the Plan Limit and become available for issuance hereunder.

 

(c)       Shares
Withheld in Satisfaction of Taxes or Exercise Price. Shares withheld following the Effective Date in settlement of a tax withholding
obligation associated with an Award or in satisfaction of the exercise price payable upon exercise of an option will not again become
available for grant under the Plan.

 

(d)       Other
Adjustment. In the event of any corporate event or transaction such as a merger, consolidation, reorganization, recapitalization,
stock split, reverse stock split, split up, spin-off, combination of shares, exchange of shares, stock dividend, dividend in kind, or
other like change in capital structure (other than ordinary cash dividends) to stockholders of the Company, or other similar corporate
event or transaction affecting the Shares, the Committee, to prevent dilution or enlargement of Participants’ rights under the Plan,
shall, in such manner as it deems equitable, substitute or adjust, in its sole discretion, the number and kind of shares that may be issued
under the Plan or under any outstanding Awards, the number and kind of shares subject to outstanding Awards, the exercise price, grant
price or purchase price applicable to outstanding Awards, and/or any other affected terms and conditions of this Plan or outstanding Awards.

 

    4 

     

    

 

(e)       Change
in Control. Notwithstanding anything to the contrary set forth in the Plan, upon or in anticipation of any Change in Control, the
Committee may, in its sole and absolute discretion and without the need for the consent of any Participant, take one or more of the following
actions contingent upon the occurrence of that Change in Control:

 

(i)       cause
any or all outstanding Awards to become vested and immediately exercisable (as applicable), in whole or in part;

 

(ii)       cause
any outstanding Option or Stock Appreciation Right to become fully vested and immediately exercisable for a reasonable period in advance
of the Change in Control and, to the extent not exercised prior to that Change in Control, cancel that Option or Stock Appreciation Right
upon closing of the Change in Control;

 

(iii)       cancel
any Award in exchange for a substitute award;

 

(iv)       redeem
any Restricted Stock or Restricted Stock Unit for cash and/or other substitute consideration with value equal to the Fair Market Value
of an unrestricted Share on the date of the Change in Control; and/or

 

(v)       cancel
any Option or Stock Appreciation Right in exchange for cash and/or other substitute consideration with a value equal to: (A) the number
of Shares subject to that Option or Stock Appreciation Right, multiplied by (B) the difference, if any, between the Fair Market Value
per Share on the date of the Change in Control and the exercise price of that Option or the base price of the Stock Appreciation Right;
provided, that if the Fair Market Value per Share on the date of the Change in Control does not exceed the exercise price of any such
Option or the base price of any such Stock Appreciation Right, the Committee may cancel that Option or Stock Appreciation Right without
any payment of consideration therefor.

 

In the discretion of the Committee,
any cash or substitute consideration payable upon cancellation of an Award may be subjected to (i) vesting terms substantially identical
to those that applied to the cancelled Award immediately prior to the Change in Control, or (ii) earn-out, escrow, holdback or similar
arrangements, to the extent such arrangements are applicable to any consideration paid to stockholders in connection with the Change in
Control.

 

Section 4.         Eligibility. Employees,
Directors, consultants, and other individuals who provide services to the Company or its Affiliates are eligible to be granted
Awards under the Plan.

 

Section 5.          Options.  Options granted
under the Plan are Non-Qualified Stock Options.

 

The Award Agreement evidencing any Option will
incorporate the following terms and conditions and will contain such additional terms and conditions, not inconsistent with the terms
of the Plan, as the Committee deems appropriate in its sole and absolute discretion:

 

(a)       Option
Price. The exercise price per Share under an Option will be determined by the Committee and will not be less than 100% of the Fair
Market Value of a Share on the date of the grant.

 

(b)       Option
Term. The term of each Option will be fixed by the Committee, but no Option will be exercisable more than 10 years after the date
the Option is granted. No Option may be exercised by any Person after expiration of the term of the Option.

 

    5 

     

    

 

(c)       Exercisability.
Options will vest and be exercisable at such time or times and subject to such terms and conditions as determined by the Committee. Such
terms and conditions may include the continued employment or service of the Participant, the attainment of specified individual or corporate
performance goals, or such other factors as the Committee may determine in its sole discretion (the “Vesting Conditions”).

 

(d)       Method
of Exercise. Subject to the terms of the applicable Award Agreement, the exercisability provisions of Section 5(c) and the termination
provisions of Section 7, Options may be exercised in whole or in part from time to time during their term by the delivery of written notice
to the Company specifying the number of Shares to be purchased. Such notice will be accompanied by payment in full of the purchase price,
either by certified or bank check, or such other means as the Committee may accept. The Committee may, in its sole discretion, permit
payment of the exercise price of an Option in the form of previously acquired Shares based on the Fair Market Value of the Shares on the
date the Option is exercised or by means of a “net settlement,” whereby the Option exercise price will not be due in cash
and where the number of Shares issued upon such exercise will be equal to: (A) the product of (i) the number of Shares as to which the
Option is then being exercised, and (ii) the excess, if any, of (a) the then current Fair Market Value per Share over (b) the Option exercise
price, divided by (B) the then current Fair Market Value per Share.

 

An Option will not
confer upon the Participant any of the rights or privileges of a stockholder in the Company unless and until the Participant is issued
Shares following Participant’s exercise of the Option.

 

(e)       Termination
of Service. Unless otherwise specified in the applicable Award Agreement or as otherwise provided by the Committee at or after the
time of grant, Options will be subject to the terms of Section 7 with respect to exercise upon or following termination of employment
or other service.

 

Section 6.         Stock Appreciation Right. 
Subject to the other terms of the Plan, the Committee may grant Stock Appreciation Rights to eligible individuals. Each Stock
Appreciation Right shall represent the right to receive, upon exercise, an amount equal to the number of Shares subject to the Award
that is being exercised multiplied by the excess of (i) the Fair Market Value of a Share on the date the Award is exercised, over
(ii) the base price specified in the applicable Award Agreement. Unless otherwise provided in an Award Agreement, distributions may
be made in cash, Shares, or a combination of both, at the discretion of the Committee. The Award Agreement evidencing each Stock
Appreciation Right shall indicate the base price, the term and the Vesting Conditions for such Award. A Stock Appreciation Right
base price may never be less than the Fair Market Value of the underlying common stock of the Company on the date of grant of such
Stock Appreciation Right. The term of each Stock Appreciation Right will be fixed by the Committee, but no Stock Appreciation Right
will be exercisable more than 10 years after the date the Stock Appreciation Right is granted. Subject to the terms and conditions
of the applicable Award Agreement, Stock Appreciation Rights may be exercised in whole or in part from time to time during their
term by the delivery of written notice to the Company specifying the portion of the Award to be exercised. Unless otherwise
specified in the applicable Award Agreement or as otherwise provided by the Committee at or after the time of grant, Stock
Appreciation Rights will be subject to the terms of Section 7 with respect to exercise upon or following termination of employment
or other service.

 

    6 

     

    

 

Section 7.         Termination of Service. 
Unless otherwise specified with respect to a particular Option or Stock Appreciation Right in the applicable Award Agreement or otherwise
determined by the Committee, any portion of an Option or Stock Appreciation Right that is not exercisable upon termination of service
will expire immediately and automatically upon such termination and any portion of an Option or Stock Appreciation Right that is exercisable
upon termination of service will expire on the date it ceases to be exercisable in accordance with this Section 7.

 

(a)       Termination
by Reason of Death. If a Participant’s service with the Company or any Affiliate terminates by reason of death, any Option or
Stock Appreciation Right held by such Participant may thereafter be exercised, to the extent it was exercisable at the time of his or
her death or on such accelerated basis as the Committee may determine at or after grant, by the legal representative of the estate or
by the legatee of the Participant, for a period expiring (i) at such time as may be specified by the Committee at or after grant, or (ii)
if not specified by the Committee, then 12 months from the date of death, or (iii) if sooner than the applicable period specified under
(i) or (ii) above, upon the expiration of the stated term of such Option or Stock Appreciation Right.

 

(b)       Termination
by Reason of Disability. If a Participant’s service with the Company or any Affiliate terminates by reason of Disability, any
Option or Stock Appreciation Right held by such Participant may thereafter be exercised by the Participant or his or her personal representative,
to the extent it was exercisable at the time of termination, or on such accelerated basis as the Committee may determine at or after grant,
for a period expiring (i) at such time as may be specified by the Committee at or after grant, or (ii) if not specified by the Committee,
then 12 months from the date of termination of service, or (iii) if sooner than the applicable period specified under (i) or (ii) above,
upon the expiration of the stated term of such Option or Stock Appreciation Right.

 

(c)       Cause.
If a Participant’s service with the Company or any Affiliate is terminated for Cause: (i) any Option or Stock Appreciation Right,
or portion thereof, not already exercised will be immediately and automatically forfeited as of the date of such termination, and (ii)
any Shares for which the Company has not yet delivered share certificates will be immediately and automatically forfeited and the Company
will refund to the Participant the Option exercise price paid for such Shares, if any.

 

(d)       Other
Termination. If a Participant’s service with the Company or any Affiliate terminates for any reason other than death, Disability
or Cause, any Option or Stock Appreciation Right held by such Participant may thereafter be exercised by the Participant, to the extent
it was exercisable at the time of such termination, or on such accelerated basis as the Committee may determine at or after grant, for
a period expiring (i) at such time as may be specified by the Committee at or after grant, or (ii) if not specified by the Committee,
then 90 days from the date of termination of service, or (iii) if sooner than the applicable period specified under (i) or (ii) above,
upon the expiration of the stated term of such Option or Stock Appreciation Right.

 

Section 8.          Restricted Stock.

 

(a)       Issuance.
Restricted Stock may be issued either alone or in conjunction with other Awards. The Committee will determine the time or times within
which Restricted Stock may be subject to forfeiture, and all other conditions of such Awards. The purchase price for Restricted Stock
may, but need not, be zero.

 

    7 

     

    

 

(b)       Certificates.
Upon the Award of Restricted Stock, the Committee may direct that a certificate or certificates representing the number of Shares subject
to such Award be issued to the Participant or placed in a restricted stock account (including an electronic account) with the transfer
agent and in either case designating the Participant as the registered owner. The certificate(s), if any, representing such shares shall
be physically or electronically legended, as applicable, as to sale, transfer, assignment, pledge or other encumbrances during the Restriction
Period. If physical certificates are issued, they will be held in escrow by the Company or its designee during the Restriction Period.
As a condition to any Award of Restricted Stock, the Participant may be required to deliver to the Company a share power, endorsed in
blank, relating to the Shares covered by such Award.

 

(c)       Restrictions
and Conditions. The Award Agreement evidencing the grant of any Restricted Stock will incorporate the following terms and conditions
and such additional terms and conditions, not inconsistent with the terms of the Plan, as the Committee deems appropriate in its sole
and absolute discretion:

 

(i)       During
a period commencing with the date of an Award of Restricted Stock and ending at such time or times as specified by the Committee (the
 “Restriction Period”), the Participant will not be permitted to sell, transfer, pledge, assign or otherwise encumber Restricted
Stock awarded under the Plan. The Committee may condition the lapse of restrictions on Restricted Stock upon one or more Vesting Conditions.

 

(ii)       While
any Share of Restricted Stock remains subject to restriction, the Participant will have, with respect to the Restricted Stock, the right
to vote the Shares. If any cash distributions or dividends are payable with respect to the Restricted Stock, the Committee, in its sole
discretion, may require the cash distributions or dividends to be subjected to the same Restriction Period as is applicable to the Restricted
Stock with respect to which such amounts are paid, or, if the Committee so determines, reinvested in additional Restricted Stock to the
extent Shares are available under Section 3(a) of the Plan. A Participant shall not be entitled to interest with respect to any dividends
or distributions subjected to the Restriction Period. Any distributions or dividends paid in the form of securities with respect to Restricted
Stock will be subject to the same terms and conditions as the Restricted Stock with respect to which they were paid, including, without
limitation, the same Restriction Period.

 

    8 

     

    

 

(iii)       Subject
to the provisions of the applicable Award Agreement or as otherwise determined by the Committee, if a Participant’s service with
the Company and its Affiliates terminates prior to the expiration of the applicable Restriction Period, the Participant’s Restricted
Stock that then remains subject to forfeiture will then be forfeited automatically.

 

Section 9.         Restricted Stock Units. 
Subject to the other terms of the Plan, the Committee may grant Restricted Stock Units to eligible individuals and may impose one or more
Vesting Conditions on such units. Each Restricted Stock Unit will represent a right to receive from the Company, upon fulfillment of any
applicable conditions, an amount equal to the Fair Market Value (at the time of the distribution) of one Share. Distributions may be made
in Shares. All other terms governing Restricted Stock Units, such as Vesting Conditions, time and form of payment and termination of units
shall be set forth in the applicable Award Agreement. The Participant shall not have any stockholder rights with respect to the Shares
subject to a Restricted Stock Unit Award until that Award vests and the Shares are actually issued thereunder. Subject to the provisions
of the applicable Award Agreement or as otherwise determined by the Committee, if a Participant’s service with the Company terminates
prior to the Restricted Stock Unit Award vesting in full, any portion of the Participant’s Restricted Stock Units that then remain
subject to forfeiture will then be forfeited automatically.

 

Section 10.       Other
Stock Based Awards. Subject to the other terms of the Plan, the Committee may grant Other Stock Based Awards (including Awards to
receive unrestricted Shares or immediate cash payments) to eligible individuals. The Award Agreement evidencing an Other Stock Based
Award shall set forth the terms and conditions of such Other Stock Based Award, including, as applicable, the term, any exercise or purchase
price, performance goals, Vesting Conditions and other terms and conditions. Payment in respect of an Other Stock Based Award may be
made in cash, Shares, or a combination of cash and Shares, as determined by the Committee.

 

Section 11.       Amendments and Termination.
Subject to any stockholder approval that may be required under Applicable Law, the Plan may be amended or terminated at any time
or from time to time by the Board. Notwithstanding the foregoing, no amendment may be made which would adversely change the terms of
an outstanding Award, without that Participant’s consent.

 

Section 12.       Prohibition on Repricing
Programs.  Neither the Committee nor the Board shall (i) implement any cancellation/re-grant program pursuant to which
outstanding Options or Stock Appreciation Rights under the Plan are cancelled and new Options or Stock Appreciation Rights are
granted in replacement with a lower exercise or base price per share, (ii) cancel outstanding Options or Stock Appreciation Rights
under the Plan with exercise prices or base prices per share in excess of the then current Fair Market Value per Share for
consideration payable in equity securities of the Company or (iii) otherwise directly reduce the exercise price or base price in
effect for outstanding Options or Stock Appreciation Rights under the Plan, without in each such instance obtaining stockholder
approval.

 

    9 

     

    

 

Section 13.        Conditions Upon Grant of
Awards and Issuance of Shares.

 

(a)       The
implementation of the Plan, the grant of any Award and the issuance of Shares in connection with the issuance, exercise or vesting of
any Award made under the Plan shall be subject to the Company’s procurement of all approvals and permits required by regulatory
authorities having jurisdiction over the Plan, the Awards made under the Plan and the Shares issuable pursuant to those Awards.

 

(b)       No
Shares or other assets shall be issued or delivered under the Plan unless and until there shall have been compliance with all applicable
requirements of Applicable Law.

 

Section 14.       Limits
on Transferability; Beneficiaries. No Award or other right or interest of a Participant under the Plan shall be pledged, encumbered,
or hypothecated to, or in favor of, or subject to any lien, obligation, or liability of such Participant to, any party, other than the
Company, any Subsidiary or Affiliate, or assigned or transferred by such Participant other than by will or the laws of descent and distribution,
and such Awards and rights shall be exercisable during the lifetime of the Participant only by the Participant or his or her guardian
or legal representative. Notwithstanding the foregoing, the Committee may, in its discretion, provide that Awards or other rights or
interests of a Participant granted pursuant to the Plan be transferable, without consideration, to immediate family members (i.e., children,
grandchildren or spouse), to trusts for the benefit of such immediate family members and to partnerships in which such family members
are the only partners. The Committee may attach to such transferability feature such terms and conditions as it deems advisable. In addition,
a Participant may, in the manner established by the Committee, designate a beneficiary (which may be a person or a trust) to exercise
the rights of the Participant, and to receive any distribution, with respect to any Award upon the death of the Participant. A beneficiary,
guardian, legal representative or other person claiming any rights under the Plan from or through any Participant shall be subject to
all terms and conditions of the Plan and any Award Agreement applicable to such Participant, except as otherwise determined by the Committee,
and to any additional restrictions deemed necessary or appropriate by the Committee.

 

Section 15.       Withholding
of Taxes. No later than the date as of which an amount first becomes includible in the gross income of the Participant for federal
income tax purposes with respect to any Award under the Plan, the Participant will pay to the Company, or make arrangements satisfactory
to the Company regarding the payment of, any federal, state or local taxes of any kind required by law to be withheld with respect to
such amount. To the extent authorized by the Committee, the required tax withholding may be satisfied by the withholding of Shares subject
to the Award based on the Fair Market Value of such Shares on the date of withholding, but in any case not in excess of the amount determined
based on the maximum statutory tax rate in the applicable jurisdiction. The obligations of the Company under the Plan will be conditioned
on such payment or arrangements and the Company will have the right to deduct any such taxes from any payment of any kind otherwise due
to the Participant.

 

Section 16.        General Provisions.

 

(a)       The
Committee may require each Participant to represent to and agree with the Company in writing that the Participant is acquiring securities
of the Company for investment purposes and without a view to distribution thereof and as to such other matters as the Committee believes
are appropriate.

 

    10 

     

    

 

(b)       The
Awards shall be subject to the Company’s stock ownership policies, as in effect from time to time.

 

(c)       All
certificates for Shares or other securities delivered under the Plan will be subject to such share-transfer orders and other restrictions
as the Board or the Committee may deem advisable under the rules, regulations and other requirements of the Securities Act of 1933, as
amended, the Exchange Act, any stock exchange upon which the Shares are then listed, and any other Applicable Law, and the Board or the
Committee may cause a legend or legends to be put on any such certificates to make appropriate reference to such restrictions.

 

(d)       Nothing
contained in the Plan will prevent the Board or the Committee from adopting other or additional compensation arrangements, subject to
stockholder approval if such approval is required.

 

(e)       Neither
the adoption of the Plan nor the execution of any document in connection with the Plan will: (i) confer upon any employee or other service
provider of the Company or an Affiliate any right to continued employment or engagement with the Company or such Affiliate, or (ii) interfere
in any way with the right of the Company or such Affiliate to terminate the employment or engagement of any of its employees or other
service providers at any time.

 

(f)       The
Awards (whether vested or unvested) shall be subject to rescission, cancellation or recoupment, in whole or in part, under any current
or future “clawback” or similar policy of the Company that is applicable to the Participant. Notwithstanding any other provisions
in this Plan, any Award which is subject to recovery under any law, government regulation or stock exchange listing requirement will be
subject to such deductions and clawback as may be required to be made pursuant to such law, government regulation or stock exchange listing
requirement.

 

Section 17.        Effective Date of Plan. 
The Plan will become effective upon its approval by the stockholders of the Company (the “Effective Date”).

 

Section 18.       Term of Plan.  Unless the
Plan shall have been previously terminated in accordance with Section 11, the Plan shall terminate on the 10-year anniversary of the
Effective Date, and no Awards under the Plan shall be granted after such termination.

 

Section 19.       Invalid Provisions. In
the event that any provision of this Plan is found to be invalid or otherwise unenforceable under any Applicable Law, such
invalidity or unenforceability will not be construed as rendering any other provisions contained herein as invalid or unenforceable,
and all such other provisions will be given full force and effect to the same extent as though the invalid or unenforceable
provision was not contained herein.

 

Section 20.      Governing Law.  The Plan
and all Awards granted hereunder will be governed by and construed in accordance with the laws and judicial decisions of the State of
Maryland, without regard to the application of the principles of conflicts of laws.

 

    11 

     

    

 

Section 21.       Notices.  Any notice to
be given to the Company pursuant to the provisions of this Plan must be given in writing and addressed, if to the Company, to its principal
executive office to the attention of its Chief Financial Officer (or such other Person as the Company may designate in writing from time
to time), with a copy to the Company’s Chief Legal Officer, and, if to a Participant, to the address contained in the Company’s
personnel files, or at such other address as that Participant may hereafter designate in writing to the Company. Any such notice will
be deemed duly given: if delivered personally or via recognized overnight delivery service, on the date and at the time so delivered;
if sent via telecopier or email, on the date and at the time telecopied or emailed with confirmation of delivery; or, if mailed, five
(5) days after the date of mailing by registered or certified mail.

 

    12

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