Common use of Backup Servicer Event of Default 15 Clause in Contracts

Backup Servicer Event of Default 15. SECTION 4.2. Consequences of a Backup Servicer Event of Default 16 SECTION 4.3. Backup Servicing Termination 16 SECTION 4.4. Return of Confidential Information 17 ARTICLE 5 MISCELLANEOUS 17 SECTION 5.1. Notices, Etc 17 SECTION 5.2. Successors and Assigns 18 SECTION 5.3. No Bankruptcy Petition Against the Seller and the Issuer 18 SECTION 5.4. Reserved 19 SECTION 5.5. Severability Clause 19 SECTION 5.6. Amendments 19 SECTION 5.7. Governing Law; WAIVER OF JURY TRIAL; JURISDICTION 19 SECTION 5.8. Counterparts 19 SECTION 5.9. Headings 19 SECTION 5.10. Patriot Act 20 SECTION 5.11. Concerning the Owner Trustee 20 BACKUP SERVICING AGREEMENT BACKUP SERVICING AGREEMENT (the “Agreement”), dated as of July 23, 2020, among XXXXX FARGO BANK, NATIONAL ASSOCIATION, a national banking association organized under the laws of the United States (“Xxxxx Fargo”), as backup servicer (the “Backup Servicer”), and as trust collateral agent (the “Trust Collateral Agent”), CREDIT ACCEPTANCE CORPORATION, a Michigan corporation (“Credit Acceptance” or the “Servicer”), CREDIT ACCEPTANCE FUNDING LLC 2020-2, a Delaware limited liability company (the “Seller”) and CREDIT ACCEPTANCE AUTO LOAN TRUST 2020-2, a Delaware statutory trust (the “Trust” or the “Issuer”).

Backup Servicer Event of Default 15. SECTION 4.2. Consequences of a Backup Servicer Event of Default 16 SECTION 4.3. Backup Servicing Termination 16 SECTION 4.4. Return of Confidential Information 17 16 ARTICLE 5 MISCELLANEOUS 17 SECTION 5.1. Notices, Etc 17 SECTION 5.2. Successors and Assigns 18 SECTION 5.3. No Bankruptcy Petition Against the Seller and the Issuer 18 SECTION 5.4. Reserved 19 SECTION 5.5. Severability Clause 19 SECTION 5.6. Amendments 19 SECTION 5.7. Governing Law; WAIVER OF JURY TRIAL; JURISDICTION 19 SECTION 5.8. Counterparts 19 SECTION 5.9. Headings 19 SECTION 5.10. Patriot Act AML Law 20 SECTION 5.11. Concerning the Owner Trustee 20 BACKUP SERVICING AGREEMENT BACKUP SERVICING AGREEMENT (the “Agreement”), dated as of July 23May 20, 20202021, among XXXXX FARGO BANK, NATIONAL ASSOCIATION, a national banking association organized under the laws of the United States (“Xxxxx Fargo”), as backup servicer (the “Backup Servicer”), and as trust collateral agent (the “Trust Collateral Agent”), CREDIT ACCEPTANCE CORPORATION, a Michigan corporation (“Credit Acceptance” or the “Servicer”), CREDIT ACCEPTANCE FUNDING LLC 20202021-23, a Delaware limited liability company (the “Seller”) and CREDIT ACCEPTANCE AUTO LOAN TRUST 20202021-23, a Delaware statutory trust (the “Trust” or the “Issuer”).

Backup Servicer Event of Default 15. SECTION 4.2. Consequences of a Backup Servicer Event of Default 16 SECTION 4.3. Backup Servicing Termination 16 SECTION 4.4. Return of Confidential Information 17 ARTICLE 5 MISCELLANEOUS 17 SECTION 5.1. Notices, Etc 17 SECTION 5.2. Successors and Assigns 18 SECTION 5.3. No Bankruptcy Petition Against the Seller and the Issuer 18 SECTION 5.4. Reserved 19 SECTION 5.5. Severability Clause 19 SECTION 5.6. Amendments 19 SECTION 5.7. Governing Law; WAIVER OF JURY TRIAL; JURISDICTION 19 SECTION 5.8. Counterparts 19 SECTION 5.9. Headings 19 SECTION 5.10. Patriot Act 20 SECTION 5.11. Concerning the Owner Trustee 20 BACKUP SERVICING AGREEMENT BACKUP SERVICING AGREEMENT (the “Agreement”), dated as of July 23October 22, 2020, among XXXXX FARGO BANK, NATIONAL ASSOCIATION, a national banking association organized under the laws of the United States (“Xxxxx Fargo”), as backup servicer (the “Backup Servicer”), and as trust collateral agent (the “Trust Collateral Agent”), CREDIT ACCEPTANCE CORPORATION, a Michigan corporation (“Credit Acceptance” or the “Servicer”), CREDIT ACCEPTANCE FUNDING LLC 2020-23, a Delaware limited liability company (the “Seller”) and CREDIT ACCEPTANCE AUTO LOAN TRUST 2020-23, a Delaware statutory trust (the “Trust” or the “Issuer”).

Backup Servicer Event of Default 15. SECTION 4.2. Consequences of a Backup Servicer Event of Default 16 SECTION 4.3. Backup Servicing Termination 16 SECTION 4.4. Return of Confidential Information 17 16 ARTICLE 5 MISCELLANEOUS 17 SECTION 5.1. Notices, Etc 17 SECTION 5.2. Successors and Assigns 18 SECTION 5.3. No Bankruptcy Petition Against the Seller and the Issuer 18 SECTION 5.4. Reserved 19 SECTION 5.5. Severability Clause 19 SECTION 5.6. Amendments 19 SECTION 5.7. Governing Law; WAIVER OF JURY TRIAL; JURISDICTION 19 SECTION 5.8. Counterparts 19 SECTION 5.9. Headings 19 SECTION 5.10. Patriot Act 20 SECTION 5.11. Concerning the Owner Trustee 20 BACKUP SERVICING AGREEMENT BACKUP SERVICING AGREEMENT (the “Agreement”), dated as of July 23February 18, 20202021, among XXXXX FARGO BANK, NATIONAL ASSOCIATION, a national banking association organized under the laws of the United States (“Xxxxx Fargo”), as backup servicer (the “Backup Servicer”), and as trust collateral agent (the “Trust Collateral Agent”), CREDIT ACCEPTANCE CORPORATION, a Michigan corporation (“Credit Acceptance” or the “Servicer”), CREDIT ACCEPTANCE FUNDING LLC 20202021-2, a Delaware limited liability company (the “Seller”) and CREDIT ACCEPTANCE AUTO LOAN TRUST 20202021-2, a Delaware statutory trust (the “Trust” or the “Issuer”).