Document:

Exhibit 10.4

      

       

      MERCEDES-BENZ AUTO RECEIVABLES TRUST 2019-1,

       as Issuer,

       

      MERCEDES-BENZ FINANCIAL SERVICES USA LLC,

       as Servicer and Administrator,

       

      and

       

      CLAYTON FIXED INCOME SERVICES LLC,

       as Asset Representations Reviewer

       

      	 	 	 
	 	
              ASSET REPRESENTATIONS REVIEW 

              

            	 
	 	 AGREEMENT	 
	 	 	 
	 	
              Dated as of September 1, 2019

            	 
	 	 	 

      

      

      
        
          

      

      
      

      

      	
              TABLE OF CONTENTS

            	 
	 	 
	 	
              Page

            
	
              ARTICLE ONE

            	 
	 	 
	
              DEFINITIONS

            	 
	 	 
	
              Section 1.01. Capitalized Terms; Rules of Usage

            	
              1

            
	 	 
	
              ARTICLE TWO

            	 
	 	 
	
              ENGAGEMENT; ACCEPTANCE

            	 
	 	 
	
              Section 2.01. Engagement; Acceptance

            	
              3

            
	
              Section 2.02. Confirmation of Status

            	
              3

            
	 	 
	
              ARTICLE THREE

            	 
	 	 
	
              ASSET REPRESENTATIONS REVIEW PROCESS

            	 
	 	 
	
              Section 3.01. Review Notices and Identification of Review Assets

            	
              3

            
	
              Section 3.02. Review Materials

            	
              3

            
	
              Section 3.03. Performance of Reviews

            	
              4

            
	
              Section 3.04. Review Report

            	
              5

            
	
              Section 3.05. Review Representatives

            	
              5

            
	
              Section 3.06. Dispute Resolution

            	
              5

            
	
              Section 3.07. Limitations on Review Obligations

            	
              6

            
	 	 
	
              ARTICLE FOUR

            	 
	 	 
	
              ASSET REPRESENTATIONS REVIEWER

            	 
	 	 
	
              Section 4.01. Representations and Warranties of the Asset Representations Reviewer

            	
              6

            
	
              Section 4.02. Covenants

            	
              7

            
	
              Section 4.03. Fees and Expenses

            	
              8

            
	
              Section 4.04. Limitation on Liability

            	
              9

            
	
              Section 4.05. Indemnification by Asset Representations Reviewer

            	
              9

            
	
              Section 4.06. Indemnification of Asset Representations Reviewer

            	
              9

            
	
              Section 4.07. Inspections of Asset Representations Reviewer

            	
              10

            
	
              Section 4.08. Delegation of Obligations

            	
              10

            
	
              Section 4.09. Confidential Information

            	
              10

            
	
              Section 4.10. Personally Identifiable Information

            	
              11

            

       

      

      
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              Page

            
	 	 
	
              ARTICLE FIVE

            	 
	 	 
	
              REMOVAL; RESIGNATION

            	 
	 	 
	
              Section 5.01. Eligibility of the Asset Representations Reviewer

            	
              13

            
	
              Section 5.02. Resignation and Removal of Asset Representations Reviewer

            	
              13

            
	
              Section 5.03. Successor Asset Representations Reviewer

            	
              14

            
	
              Section 5.04. Merger, Consolidation or Succession

            	
              14

            
	 	 
	
              ARTICLE SIX

            	 
	 	 
	
              OTHER AGREEMENTS

            	 
	 	 
	
              Section 6.01. Independence of the Asset Representations Reviewer

            	
              15

            
	
              Section 6.02. No Petition

            	
              15

            
	
              Section 6.03. Limitation of Liability of Owner Trustee

            	
              15

            
	
              Section 6.04. Termination of Agreement

            	
              15

            
	 	 
	
              ARTICLE SEVEN

            	 
	 	 
	
              MISCELLANEOUS PROVISIONS

            	 
	 	 
	
              Section 7.01. Amendments

            	
              16

            
	
              Section 7.02. Assignment; Benefit of Agreement; Third Party Beneficiaries

            	
              16

            
	
              Section 7.03. Notices

            	17
	
              Section 7.04. GOVERNING LAW

            	
              17

            
	
              Section 7.05. WAIVER OF JURY TRIAL

            	
              17

            
	
              Section 7.06. No Waiver; Remedies

            	
              17

            
	
              Section 7.07. Severability

            	
              17

            
	
              Section 7.08. Table of Contents and Headings

            	
              18

            
	
              Section 7.09. Counterparts

            	
              18

            
	 	 
	 SCHEDULES	

            
	

            	 
	
              Schedule A –  Representations and Warranties, Review Materials and Tests

            	
              SA-1

            

      

      

      
        ii

        
          

      

      This ASSET REPRESENTATIONS REVIEW AGREEMENT, dated as of September 1, 2019 (as amended, restated, supplemented or otherwise modified from time to time, this “Agreement”), is among MERCEDES-BENZ AUTO RECEIVABLES TRUST
        2019-1, a Delaware statutory trust (the “Issuer”), MERCEDES-BENZ FINANCIAL SERVICES USA, a Delaware limited liability company, as servicer and administrator (in such capacities, the “Servicer” and the “Administrator” respectively), and CLAYTON
        FIXED INCOME SERVICES LLC, a Delaware limited liability company (the “Asset Representations Reviewer”).

       

      WHEREAS, the Issuer will engage the Asset Representations Reviewer to perform a review of certain receivables arising in connection with motor vehicle installment sales contracts and installment loans for compliance
        with certain representations and warranties made with respect thereto; and

       

      WHEREAS, the Asset Representations Reviewer desires to perform such review in accordance with the terms of this Agreement.

       

      NOW, THEREFORE, in consideration of the premises and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:

       

      ARTICLE ONE

       

      DEFINITIONS

       

      Section 1.01.  Capitalized Terms; Rules of Usage. Capitalized terms used in this Agreement that are not otherwise defined shall have the meanings ascribed thereto in Appendix A to the Sale and Servicing
        Agreement, dated as of September 1, 2019, among the Issuer, the Depositor, and Mercedes-Benz Financial Services USA LLC, which Appendix is hereby incorporated into and made a part of this Agreement.  Appendix A also contains rules as to usage
        applicable to this Agreement.  Whenever used herein, unless the context otherwise requires, the following words and phrases shall have the respective meanings set forth below for all purposes of this Agreement.  In the event of any conflict between
        a definition appearing below and any other Basic Document, the definition appearing below shall control for purposes of this Agreement.

       

      “Annual Fee” has the meaning stated in Section 4.03(a).

       

      “Annual Period” means each annual period commencing on the Closing Date, in the case of the first such period, and otherwise on the most recent anniversary of the Closing Date and ending on the next anniversary
        of the Closing Date.

       

      “ARR Indemnified Person” means each of the Asset Representations Reviewer and its officers, directors, employees and agents.

       

      
        
          

      

      
      “Confidential Information” means oral, written and electronic materials (irrespective of its source or form of communication) furnished before, on or after the date of this Agreement to the Asset Representations
        Reviewer for the purposes contemplated by this Agreement, including (i) lists of Review Assets and any related Review Materials, (ii) origination and servicing guidelines, policies and procedures, and form contracts and (iii) notes, analyses,
        compilations, studies or other documents or records prepared by the Servicer, which contain information supplied by or on behalf of the Servicer or its representatives; provided, that Confidential Information will not include information that (a)
        is or becomes generally available to the public other than as a result of disclosure by the Information Recipients, (b) was available to, or becomes available to, the Information Recipients on a non-confidential basis from a Person or entity other
        than the Issuer or the Servicer before its disclosure to the Information Recipients who, to the knowledge of the Information Recipient is not bound by a confidentiality agreement with the Issuer or the Servicer and is not prohibited from
        transmitting the information to the Information Recipients, (c) is independently developed by the Information Recipients without the use of the Confidential Information, as shown by the Information Recipients’ files and records or other evidence in
        the Information Recipients’ possession or (d) the Issuer or the Servicer provides permission to the applicable Information Recipients to release.

       

      “Eligible Representations” means those representations identified within the “Tests” included in Schedule A.

       

      “Information Recipients” means the Asset Representations Reviewer and its officers, directors, employees, agents, representatives or affiliates, including legal counsel.

       

      “Issuer PII” means PII furnished by the Issuer, the Servicer or their Affiliates to the Asset Representations Reviewer and PII developed or otherwise collected or acquired by the Asset Representations Reviewer
        in performing its obligations under this Agreement.

       

      “Personally Identifiable Information” or “PII” means information in any format about an identifiable individual, including, name, address, phone number, e-mail address, account number(s), identification
        number(s), any other actual or assigned attribute associated with or identifiable to an individual and any information that when used separately or in combination with other information could identify an individual.

       

      “Review” means the completion by the Asset Representations Reviewer of the procedures listed under “Tests” in Schedule A for each Review Asset as described in Section 3.03.

       

      “Review Assets” means those Receivables identified by the Servicer as requiring a Review by the Asset Representations Reviewer following receipt of a Review Notice according to Section 3.01.

       

      “Review Fee” has the meaning stated in Section 4.03(b).

       

      “Review Materials” means the documents, data and other information required for each “Test” in Schedule A.

       

      “Review Notice” means a notice delivered to the Asset Representations Reviewer by the Indenture Trustee pursuant to Section 7.02 of the Indenture.

       

      
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      “Review Report” means the report prepared and delivered by the Asset Representations Reviewer pursuant to Section 3.04, which will, among other things, (i) indicate for each Review Asset whether there was a Test
        Pass, Test Fail or Test Complete for each related Test, (ii) include, for each Test Fail or Test Complete, the related reason for such Test Fail or Test Complete, including (for example) whether the Review Asset was a Test Fail as a result of
        missing or incomplete Review Materials and (iii) contain a summary of the Review results to be included in the Issuer’s Form 10-D report for the Collection Period in which the Review Report is received.

       

      “Test Complete” has the meaning stated in Section 3.03(c).

       

      “Test Fail” has the meaning stated in Section 3.03(a).

       

      “Test Pass” has the meaning stated in Section 3.03(a).

       

      “Tests” mean the procedures listed in Schedule A as applied to the process described in Section 3.03.

       

      ARTICLE TWO

       

      ENGAGEMENT; ACCEPTANCE

       

      Section 2.01.  Engagement; Acceptance.  The Issuer hereby engages Clayton Fixed Income Services LLC to act as the Asset Representations Reviewer for the Issuer.  Clayton Fixed Income Services LLC accepts the
        engagement and agrees to perform the obligations of the Asset Representations Reviewer on the terms stated in this Agreement.

       

      Section 2.02.  Confirmation of Status.  The parties confirm that the Asset Representations Reviewer is not responsible for (i) reviewing the Receivables for compliance with the representations and warranties
        under the Sale and Servicing Agreement, except as described in this Agreement, or (ii) determining whether noncompliance with the representations or warranties constitutes a breach of the Sale and Servicing Agreement.

       

      ARTICLE THREE

       

      ASSET REPRESENTATIONS REVIEW PROCESS

       

      Section 3.01.  Review Notices and Identification of Review Assets.  On receipt of a Review Notice from the Indenture Trustee pursuant to Section 7.02 of the Indenture, the Asset Representations Reviewer will
        start a Review.  Once a Review Notice has been issued, the Servicer will provide the list of Review Assets to the Asset Representations Reviewer within ten Business Days.  The Asset Representations Reviewer will not be obligated to start a Review
        until a Review Notice and the related list of Review Assets is received.  The Asset Representations Reviewer is not obligated to verify (i) whether the Indenture Trustee properly determined that a Review Notice was required or (ii) the accuracy or
        completeness of the list of Review Assets provided by the Servicer.

       

      Section 3.02.  Review Materials.

       

      
        3

        
          

      

      (a)          Access to Review Materials.  Within 60 days of the delivery of a Review Notice, the Servicer will provide the Asset Representations Reviewer with access to the Review Materials for all Review Assets
        in one or more of the following ways: (i) by providing access to the Servicer’s systems, either remotely or at an office of the Servicer, (ii) by electronic posting to a password-protected website to which the Asset Representations Reviewer has
        access, (iii) by providing originals or photocopies at an office of the Servicer or (iv) in another manner agreed by the Servicer and the Asset Representations Reviewer.  The Servicer may redact or remove Personally Identifiable Information from
        the Review Materials without changing the meaning or usefulness of the Review Materials.  Once a Review Notice has been issued, the Servicer will provide the list of Review Assets to the Asset Representations Reviewer within ten Business Days.  The
        Asset Representations Reviewer will not be obligated to start a Review until a Review Notice and the related list of Review Assets is received.  The Asset Representations Reviewer is not obligated to verify (i) whether the Indenture Trustee
        properly determined that a Review Notice was required or (ii) the accuracy or completeness of the list of Review Assets provided by the Servicer.

       

      (b)          Missing or Insufficient Review Materials.  The Asset Representations Reviewer will review the Review Materials to determine if any Review Materials are missing or insufficient for the Asset
        Representations Reviewer to perform any Test.  If the Asset Representations Reviewer determines that any Review Materials are missing or insufficient, the Asset Representations Reviewer will notify the Servicer promptly, and in any event no less
        than 30 days before completing the Review.  The Servicer will have 60 days to give the Asset Representations Reviewer access to the missing Review Materials or other documents or information to correct the insufficiency.  If the missing Review
        Materials or other documents have not been provided by the Servicer within 60 days, the related Review Report will report a Test Fail for each Test that requires use of the missing or insufficient Review Materials.

       

      Section 3.03.  Performance of Reviews.

        

       

      (a)          Test Procedures.  For a Review, the Asset Representations Reviewer will perform, for each Review Asset, the Tests for each Eligible Representation.  In the course of its review, the Asset
        Representations Reviewer will use the Review Materials listed in Schedule A.  For each Test and Review Asset, the Asset Representations Reviewer will determine if the Test has been satisfied (a “Test Pass”) or if the Test has not been satisfied (a
        “Test Fail”).

       

      (b)          Review Period.  The Asset Representations Reviewer will complete the Review within 60 days of receiving access to the Review Materials.  If, however, additional Review Materials are provided to the
        Asset Representations Reviewer as described in Section 3.02(b), the Review period will be extended for an additional 30 days.

       

      (c)          Completion of Review for Certain Review Assets.  Following the delivery of the list of the Review Assets and before the delivery of the Review Report by the Asset Representations Reviewer, the
        Servicer may notify the Asset Representations Reviewer if a Review Asset has been paid in full by the Obligor or purchased from the Issuer in accordance with the terms of the Sale and Servicing Agreement.  On receipt of such notice, the Asset
        Representations Reviewer will immediately terminate all Tests of the related Review Asset and the Review of such Review Assets will be considered complete (a “Test Complete”).  In this case, the related Review Report will indicate a Test Complete
        for such Review Asset and the related reason.

       

      
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      (d)          Duplicative Tests.  If the same Test is required for more than one representation and warranty, the Asset Representations Reviewer will only perform the Test once for each Review Asset, but will
        report the results of the Test for each applicable representation and warranty on the Review Report.

       

      (e)          Termination of Review.  If a Review is in process and the Notes will be paid in full on the next Payment Date, the Servicer will notify the Asset Representations Reviewer no less than five days
        before that Payment Date.  On receipt of such notice, the Asset Representations Reviewer will terminate the Review immediately and will not be obligated to deliver a Review Report.

       

      Section 3.04.  Review Report.  Within five Business Days after the end of the applicable Review period under Section 3.03(b), the Asset Representations Reviewer will deliver to the Issuer, the Servicer and the
        Indenture Trustee a Review Report.  The Asset Representations Reviewer will ensure that the Review Report does not contain any Personally Identifiable Information.  On reasonable request of the Servicer, the Asset Representations Reviewer will
        provide additional details on the Test results.

       

      Section 3.05.  Review Representatives.

       

      (a)          Servicer Representative.  The Servicer will designate one or more representatives who will be available to assist the Asset Representations Reviewer in performing the Review, including responding to
        requests and answering questions from the Asset Representations Reviewer about access to Review Materials on the Servicer’s originations, receivables or other systems, obtaining missing or insufficient Review Materials and/or providing
        clarification of any Review Materials or Tests.

       

      (b)          Asset Representations Review Representative.  The Asset Representations Reviewer will designate one or more representatives who will be available to the Issuer, the Servicer and the Administrator
        during the performance of a Review.

       

      (c)          Questions About Review.  The Asset Representations Reviewer will make appropriate personnel available to respond in writing to written questions or requests for clarification of any Review Report
        from the Indenture Trustee or the Servicer until the earlier of (i) the payment in full of the Notes and (ii) one year after the delivery of the Review Report.  The Asset Representations Reviewer will not be obligated to respond to questions or
        requests for clarification from Noteholders or any other Person and will direct such Persons to submit written questions or requests to the Servicer.

       

      Section 3.06.  Dispute Resolution.  If a Review Asset that was the subject of a Review becomes the subject of a dispute resolution proceeding under Section 3.17 of the Sale and Servicing Agreement, the Asset
        Representations Reviewer will participate in the dispute resolution proceeding on request of a party to the proceeding.  The reasonable out-of-pocket expenses of the Asset Representations Reviewer for its participation in any dispute resolution
        proceeding will be considered expenses of the requesting party for the dispute resolution and will be paid, in the case of (i) an arbitration, by a party to the dispute resolution as determined by the arbitrator for the dispute resolution, and (ii)
        a mediation, as the parties shall mutually determine, in each case according to Section 3.17 of the Sale and Servicing Agreement.  If not paid by a party to the dispute resolution, the expenses will be reimbursed by the Issuer pursuant to Section
        4.03(d).

       

      
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      Section 3.07.  Limitations on Review Obligations.

       

      (a)          Review Process Limitations.  The Asset Representations Reviewer will have no obligation (i) to determine whether a Delinquency Trigger has occurred or whether the required percentage of Noteholders
        has voted to direct a Review under the Indenture; (ii) to determine which Receivables are subject to a Review, (iii) to obtain or confirm the validity of the Review Materials, (iv) to obtain missing or insufficient Review Materials, (v) to take any
        action or cause any other party to take any action under any of the Basic Documents to enforce any remedies for breaches of representations or warranties about the Eligible Representations, (vi) to determine the reason for the delinquency of any
        Review Asset, the creditworthiness of any Obligor, the overall quality of any Review Asset or the compliance by the Servicer with its covenants with respect to the servicing of such Review Asset or (vii) to establish cause, materiality or recourse
        for any failed Test.

       

      (b)          Testing Procedure Limitations.  The Asset Representations Reviewer will only be required to perform the “Tests” listed in Schedule A, and will not be obligated to perform additional procedures on
        any Review Asset or to provide any information other than a Review Report.  The Asset Representations Reviewer may, however, provide additional information in a Review Report about any Review Asset that it determines in good faith to be material to
        the Review.

       

      ARTICLE FOUR

       

      ASSET REPRESENTATIONS REVIEWER

       

      Section 4.01.  Representations and Warranties of the Asset Representations Reviewer.  The Asset Representations Reviewer hereby makes the following representations and warranties as of the Closing Date:

       

      (a)          Organization and Qualification.  The Asset Representations Reviewer is duly organized and validly existing as a limited liability company in good standing under the laws of State
        of Delaware.  The Asset Representations Reviewer is qualified as a foreign limited liability company in good standing and has obtained all necessary licenses and approvals in all jurisdictions in which the ownership or lease of its properties or
        the conduct of its activities requires the qualification, license or approval, unless the failure to obtain the qualifications, licenses or approvals would not reasonably be expected to have a material adverse effect on the Asset Representations
        Reviewer’s ability to perform its obligations under this Agreement.

       

      
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      (b)          Power, Authority and Enforceability.  The Asset Representations Reviewer has the power and authority to execute, deliver and perform its obligations under this Agreement.  The
        Asset Representations Reviewer has authorized the execution, delivery and performance of this Agreement.  This Agreement is the legal, valid and binding obligation of the Asset Representations Reviewer, enforceable against the Asset Representations
        Reviewer except as may be limited by insolvency, bankruptcy, reorganization or other laws relating to the enforcement of creditors’ rights or by general equitable principles.

       

      (c)          No Conflicts and No Violation.  The completion of the transactions contemplated by this Agreement and the performance of the Asset Representations Reviewer’s obligations under
        this Agreement will not (i) conflict with, or be a breach or default under, any indenture, mortgage, deed of trust, loan agreement, guarantee or similar document under which the Asset Representations Reviewer is a debtor or guarantor, (ii) result
        in the creation or imposition of a Lien on the properties or assets of the Asset Representations Reviewer under the terms of any indenture, mortgage, deed of trust, loan agreement, guarantee or similar document, (iii) violate the organizational
        documents of the Asset Representations Reviewer or (iv) violate any Applicable Law or, to the Asset Representations Reviewer’s knowledge, an order, rule or regulation of a Governmental Authority having jurisdiction over the Asset Representations
        Reviewer or its properties that applies to the Asset Representations Reviewer, which, in each case, would reasonably be expected to have a material adverse effect on the Asset Representations Reviewer’s ability to perform its obligations under this
        Agreement.

       

      (d)          No Proceedings.  To the Asset Representations Reviewer’s knowledge, there are no proceedings or investigations pending or threatened in writing before a Governmental Authority
        having jurisdiction over the Asset Representations Reviewer or its properties (i) asserting the invalidity of this Agreement, (ii) seeking to prevent the completion of the transactions contemplated by this Agreement or (iii) seeking any
        determination or ruling that would reasonably be expected to have a material adverse effect on the Asset Representations Reviewer’s ability to perform its obligations under, or the validity or enforceability of, this Agreement.

       

      (e)          Eligibility.  The Asset Representations Reviewer meets the eligibility requirements in Section 5.01.

       

      Section 4.02.  Covenants.  The Asset Representations Reviewer covenants and agrees that:

       

      (a)          Eligibility.  It will notify the Issuer and the Servicer promptly if it no longer meets, or reasonably expects that it will no longer meet, the eligibility requirements in Section
        5.01.

       

      (b)          Review Systems; Personnel.  It will maintain business process management and/or other systems necessary to ensure that it can perform each Test and, on execution of this
        Agreement, will load each Test into these systems.  The Asset Representations Reviewer will ensure that these systems allow for each Review Asset and the related Review Materials to be individually tracked and stored as contemplated by this
        Agreement.  The Asset Representations Reviewer will maintain adequate staff that is properly trained to conduct Reviews as required by this Agreement.

       

      
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      (c)          Maintenance of Review Materials.  It will maintain copies of any Review Materials, Review Reports and other documents relating to a Review, including internal correspondence and
        work papers, for a period of at least two years after any termination of this Agreement.

       

      Section 4.03.  Fees and Expenses.

       

      (a)          Annual Fee.  As compensation for its activities hereunder, the Asset Representations Reviewer shall be entitled to receive an annual fee (the “Annual Fee”) with respect to each Annual Period prior
        to the termination of the Issuer, in an amount equal to $5,000.00.  The Annual Fee will be paid by the Issuer on the Closing Date and on each anniversary of the Closing Date until this Agreement is terminated; provided, however, that if the Asset
        Representations Reviewer resigns or is removed in accordance with Section 5.02, then the Asset Representations Reviewer shall refund to the Issuer a portion of the Annual Fee attributable to the portion of the annual period during which the Asset
        Representations Reviewer will no longer act as the Asset Representations Reviewer, assuming for purposes of such calculation that the Annual Fee for each day during the annual period is an amount equal to the Annual Fee divided by 365.

       

      (b)          Review Fee.  Following the completion of a Review and the delivery of the related Review Report pursuant to Section 3.04, or the termination of a Review according to Section 3.03(e), and the
        delivery to the Indenture Trustee and the Servicer of a detailed invoice, the Asset Representations Reviewer will be entitled to a fee of $175.00 for each Review Asset for which the Review was started (the “Review Fee”), payable by the Issuer.  No
        Review Fee will, however, be charged for any Review Asset which was included in a prior Review or for which no Tests were completed prior to the Asset Representations Reviewer being notified of a termination of the Review according to Section
        3.03(c) or due to missing or insufficient Review Materials under Section 3.02(b).  If the detailed invoice is submitted on or before the first day of a month, the Review Fee will be paid by the Issuer according to the priority of payments in the
        Indenture on the Payment Date in that month.  However, if a Review is terminated according to Section 3.03(e), the Asset Representations Reviewer must submit its invoice for the Review Fee for the terminated Review no later than ten Business Days
        before the final Payment Date to be reimbursed on such final Payment Date.

       

      (c)          Reimbursement of Travel Expenses.  If the Servicer provides access to the Review Materials at one of its properties, the Issuer will reimburse the Asset Representations Reviewer for its reasonable
        travel expenses incurred in connection with the Review upon receipt of a detailed invoice.

       

      (d)          Dispute Resolution Expenses.  If the Asset Representations Reviewer participates in a dispute resolution proceeding under Section 3.07 and its reasonable out-of-pocket expenses for participating in
        the proceeding are not paid by a party to the dispute resolution within 90 days after the end of the proceeding, the Issuer will reimburse the Asset Representations Reviewer for such expenses upon receipt of a detailed invoice.

       

      
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      (e)          Payment of Invoices.  When applicable pursuant to this Section, the fees and expenses of the Asset Representations Reviewer are to be paid via the priority of payments described in Section 2.08 of
        the Indenture.  The Asset Representations Reviewer will issue invoices to the Issuer at the notices addresses set forth in Section 11.04 of the Indenture and Issuer shall pay all invoices submitted by the Asset Representations Reviewer no later
        than the Payment Date relating to the Collection Period that includes the 30th day following the receipt by the Issuer, in accordance with the priority of payments described in Section 2.08 of the Indenture.  The Administrator shall promptly pay to
        the Asset Representations Reviewer the amount of any fees, expenses and indemnification amounts not otherwise paid or reimbursed by the Issuer on any Payment Date in accordance with the terms of Section 2.08 of the Indenture; provided, that the
        Asset Representations Reviewer shall promptly reimburse the Administrator for any such amounts to the extent it subsequently receives payment or reimbursement in respect thereof from the Issuer in accordance with Section 2.08 of the Indenture, as
        applicable.  For the avoidance of doubt, the aggregate limit on the Asset Representations Reviewer fees, expenses and indemnities specified in Section 2.08 of the Indenture shall not apply to payments made or to be made by the Administrator to the
        Asset Representations Reviewer pursuant to this subsection.

       

      Section 4.04.  Limitation on Liability.  The Asset Representations Reviewer will not be liable to any Person for any action taken, or not taken, in good faith under this Agreement or for errors in judgment. 
        The Asset Representations Reviewer will, however, be liable for its willful misconduct, bad faith or negligence in performing its obligations under this Agreement, but in no event will it be liable for special, indirect or consequential losses or
        damages (including lost profit), even if it has been advised of the likelihood of the loss or damage and regardless of the form of action.

       

      Section 4.05.  Indemnification by Asset Representations Reviewer.  The Asset Representations Reviewer will indemnify each of the Issuer, the Seller, the Servicer, the Administrator, the Owner Trustee, the
        Indenture Trustee and their respective directors, officers, employees and agents for all fees, expenses, losses, damages and liabilities, including any legal fees or expenses incurred in connection with the enforcement of the Asset Representations
        Reviewer’s indemnification or other obligations hereunder, resulting from the Asset Representations Reviewer’s (i) willful misconduct, bad faith or negligence in performing its obligations under this Agreement and (ii) breach of any of its
        representations or warranties in this Agreement.  The Asset Representations Reviewer’s obligations under this Section will survive the termination of this Agreement, the termination of the Issuer and the resignation or removal of the Asset
        Representations Reviewer.

       

      Section 4.06.  Indemnification of Asset Representations Reviewer.

       

      (a)          Indemnification.  The Issuer will, or will cause the Administrator to, indemnify each ARR Indemnified Person for all costs, expenses, losses, damages and liabilities resulting from the performance
        of its obligations under this Agreement (including the fees and expenses of defending itself against any loss, damage or liability), but excluding any cost, expense, loss, damage or liability resulting from the Asset Representations Reviewer’s (i)
        willful misconduct, bad faith or negligence or (ii) breach of any of its representations or warranties in this Agreement.

       

      
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      (b)          Proceedings.  Promptly on receipt by an ARR Indemnified Person of notice of a Proceeding against it, the ARR Indemnified Person will, if a claim is to be made under Section 4.06(a), notify the
        Issuer and the Administrator of the Proceeding.  The Issuer and the Administrator may participate in and assume the defense and settlement of a Proceeding at its expense.  If the Issuer or the Administrator notifies the ARR Indemnified Person of
        its intention to assume the defense of the Proceeding with counsel reasonably satisfactory to the ARR Indemnified Person, and so long as the Issuer, the Servicer or the Administrator assumes the defense of the Proceeding in a manner reasonably
        satisfactory to the ARR Indemnified Person, the Issuer and the Administrator will not be liable for fees and expenses of counsel to the ARR Indemnified Person unless there is a conflict between the interests of the Issuer or the Administrator, as
        applicable, and an ARR Indemnified Person.  If there is a conflict, the Issuer, the Servicer or the Administrator will pay for the reasonable fees and expenses of separate counsel to the ARR Indemnified Person.  No settlement of a Proceeding may be
        made without the approval of the Issuer and the Administrator and the ARR Indemnified Person, which approval will not be unreasonably withheld, conditioned or delayed.

       

      (c)          Survival of Obligations.  The Issuer’s and the Administrator’s obligations under this Section will survive the resignation or removal of the Asset Representations Reviewer and the termination of
        this Agreement.

       

      (d)          Repayment.  If the Issuer or the Administrator makes any payment under this Section and an ARR Indemnified Person later collects any of the amounts for which the payments were made to it from
        others, such ARR Indemnified Person will promptly repay the amounts to the Issuer or the Administrator, as applicable.

       

      Section 4.07.  Inspections of Asset Representations Reviewer.  The Asset Representations Reviewer agrees that, with reasonable advance notice not more than once during any year, it will permit authorized
        representatives of the Issuer, the Servicer or the Administrator, during the Asset Representations Reviewer’s normal business hours, to examine and review its books of account, records, reports and other documents and materials relating to (a) the
        performance of its obligations under this Agreement, (b) payment of its fees and expenses for its performance of its obligations under this Agreement and (c) a claim made by it under this Agreement.  In addition, the Asset Representations Reviewer
        will permit the representatives of the Issuer, the Servicer and the Administrator to make copies and extracts of any of those documents and to discuss them with the Asset Representations Reviewer’s officers and employees.  Each of the Issuer, the
        Servicer and the Administrator will, and will cause its authorized representatives to, hold in confidence the foregoing information except if disclosure may be required by Applicable Law or if the Issuer, the Servicer or the Administrator
        reasonably determines that it is required to make the disclosure under this Agreement or the other Basic Documents.  The Asset Representations Reviewer will maintain all relevant books, records, reports and other documents and materials for a
        period of at least two years after the termination of its obligations under this Agreement.

       

      Section 4.08.  Delegation of Obligations.  The Asset Representations Reviewer may not delegate or subcontract its obligations under this Agreement to any Person without the prior written consent of the Issuer
        and the Servicer.

      

        Section 4.09.  Confidential Information.

         

        

      

      
        10

        
          

      

      (a)          Treatment.  The Asset Representations Reviewer agrees to hold and treat Confidential Information given to it under this Agreement in confidence and under the terms and conditions of this Section,
        and will implement and maintain safeguards to further assure the confidentiality of the Confidential Information.  The Confidential Information will not, without the prior written consent of the Issuer and the Servicer, be disclosed or used by any
        Information Recipient other than for the purposes of performing Reviews of Review Assets or performing its obligations under this Agreement.  The Asset Representations Reviewer agrees that it will not, and will cause its Affiliates to not, (i)
        purchase or sell securities issued by the Servicer or its Affiliates or special purpose entities on the basis of Confidential Information or (ii) use the Confidential Information for the preparation of research reports, newsletters or other
        publications or similar communications.

       

      (b)          Protection.  The Asset Representations Reviewer will take reasonable measures to protect the secrecy of and avoid disclosure and unauthorized use of Confidential Information, including those
        measures that it takes to protect its own confidential information and not less than a reasonable standard of care.  The Asset Representations Reviewer acknowledges that Personally Identifiable Information is also subject to the additional
        requirements in Section 4.10.

       

      (c)          Disclosure.  If the Asset Representations Reviewer is required by Applicable Law to disclose part of the Confidential Information, it may disclose the Confidential Information.  However, before a
        required disclosure, the Asset Representations Reviewer, if permitted by Applicable Law, will use its reasonable efforts to provide the Issuer and the Servicer with notice of the requirement and will cooperate, at the Servicer’s expense, in the
        Issuer’s and the Servicer’s pursuit of a proper protective order or other relief for the disclosure of the Confidential Information.  If the Issuer and the Servicer are unable to obtain a protective order or other proper remedy by the date that the
        information is required to be disclosed, the Asset Representations Reviewer will disclose only that part of the Confidential Information that it is advised by its legal counsel it is legally required to disclose.

       

      (d)          Responsibility for Information Recipients.  The Asset Representations Reviewer will be responsible for a breach of this Section by its Information Recipients.

       

      (e)          Violation.  The Asset Representations Reviewer agrees that a violation of this Agreement may cause irreparable injury to the Issuer and the Servicer and the Issuer and the Servicer may seek
        injunctive relief in addition to legal remedies.  If an action is initiated by the Issuer or the Servicer to enforce this Section, the prevailing party will be reimbursed for its fees and expenses, including reasonable attorney’s fees, incurred for
        the enforcement.

      

        Section 4.10.  Personally Identifiable Information.

         

        

      

      
        11

        
          

      

      (a)          Use of Issuer PII.  The Issuer does not grant the Asset Representations Reviewer any rights to Issuer PII except as otherwise provided in this Agreement.  The Asset Representations Reviewer will use
        Issuer PII only to perform its obligations under this Agreement or as specifically directed in writing by the Issuer and will only reproduce Issuer PII to the extent necessary for these purposes.  The Asset Representations Reviewer must comply with
        all Applicable Law relating to PII, Issuer PII and the Asset Representations Reviewer’s business, including any legally required codes of conduct, including those relating to privacy, security and data protection.  The Asset Representations
        Reviewer will protect and secure Issuer PII.  The Asset Representations Reviewer will implement privacy or data protection policies and procedures that comply with Applicable Law and this Agreement.  The Asset Representations Reviewer will
        implement and maintain reasonable and appropriate practices, procedures and systems, including administrative, technical and physical safeguards to (i) protect the security, confidentiality and integrity of Issuer PII, (ii) ensure against
        anticipated threats or hazards to the security or integrity of Issuer PII, (iii) protect against unauthorized access to or use of Issuer PII and (iv) otherwise comply with its obligations under this Agreement.  These safeguards include a written
        data security plan, employee training, information access controls, restricted disclosures, systems protections (e.g., intrusion protection, data storage protection and data transmission protection) and physical security measures.

       

      (b)          Additional Limitations.  In addition to the use and protection requirements described in Section 4.10(a), the Asset Representations Reviewer’s disclosure of Issuer PII is also subject to the
        following requirements:

       

      (i)          The Asset Representations Reviewer will not disclose Issuer PII to its personnel or allow its personnel access to Issuer PII except (A) for the Asset Representations Reviewer personnel
        who require Issuer PII to perform a Review, (B) with the prior consent of the Issuer or (C) as required by Applicable Law.  When permitted, the disclosure of or access to Issuer PII will be limited to the specific information necessary for the
        individual to complete the assigned task.  The Asset Representations Reviewer will inform personnel with access to Issuer PII of the confidentiality requirements in this Agreement and train its personnel with access to Issuer PII on the proper use
        and protection of Issuer PII.

       

      (ii)         The Asset Representations Reviewer will not sell, disclose, provide or exchange Issuer PII with or to any third party without the prior consent of the Issuer.

       

      (c)          Notice of Breach.  The Asset Representations Reviewer will notify the Issuer, the Administrator and the Servicer promptly in the event of an actual or reasonably suspected security breach,
        unauthorized access, misappropriation or other compromise of the security, confidentiality or integrity of Issuer PII and, where applicable, immediately take action to prevent any further breach.

       

      (d)          Return or Disposal of Issuer PII.  Except where return or disposal is prohibited by Applicable Law, promptly on the earlier of the completion of the Review or the request of the Issuer, the
        Administrator or the Servicer, all Issuer PII in any medium in the Asset Representations Reviewer’s possession or under its control will be (i) destroyed in a manner that prevents its recovery or restoration or (ii) if so directed by the Issuer,
        returned to the Issuer without the Asset Representations Reviewer retaining any actual or recoverable copies, in both cases, without charge to the Issuer.  Where the Asset Representations Reviewer retains Issuer PII, the Asset Representations
        Reviewer will limit its further use or disclosure of Issuer PII to that required by Applicable Law.

       

      
        12

        
          

      

      (e)          Compliance; Modification.  The Asset Representations Reviewer will cooperate with and provide information to the Issuer, the Administrator and the Servicer regarding the Asset Representations
        Reviewer’s compliance with this Section.  The Asset Representations Reviewer and the Issuer agree to modify this Section as necessary for either party to comply with Applicable Law.

       

      (f)          Audit of Asset Representations Reviewer.  The Asset Representations Reviewer will permit the Issuer, the Administrator, the Servicer and their respective authorized representatives, to audit the
        Asset Representations Reviewer’s compliance with this Section during the Asset Representations Reviewer’s normal business hours on reasonable advance notice to the Asset Representations Reviewer, and not more than once during any year unless
        circumstances necessitate additional audits.  The Issuer, the Administrator and the Servicer agree to make reasonable efforts to schedule any audit described in this Section with the inspections described in Section 4.07.  The Asset Representations
        Reviewer will also permit the Issuer, the Administrator and the Servicer during normal business hours on reasonable advance notice to audit any service providers used by the Asset Representations Reviewer to fulfill its obligations under this
        Agreement.

       

      (g)          Affiliates and Third Parties.  If the Asset Representations Reviewer processes the PII of the Issuer’s Affiliates or a third party when performing a Review, and if such Affiliate or third party is
        identified to the Asset Representations Reviewer, such Affiliate or third party is an intended third-party beneficiary of this Section, and this Agreement is intended to benefit the Affiliate or third party.  The Affiliate or third party may
        enforce the PII related terms of this Section against the Asset Representations Reviewer as if each were a signatory to this Agreement.

       

      ARTICLE FIVE

       

      REMOVAL; RESIGNATION

       

      Section 5.01.  Eligibility of the Asset Representations Reviewer.  The Asset Representations Reviewer must be a Person who (i) is not Affiliated with the Issuer, the Depositor, the Servicer, the Indenture
        Trustee, the Owner Trustee or any of their respective Affiliates and (ii) was not, and is not Affiliated with a Person that was, engaged by the Issuer, the Depositor, the Servicer or any Underwriter to perform any due diligence on the Receivables
        prior to the Closing Date.

      

      

      Section 5.02.  Resignation and Removal of Asset Representations Reviewer.

       

      (a)          No Resignation.  The Asset Representations Reviewer will not resign as Asset Representations Reviewer unless it determines it is legally unable to perform its obligations under this Agreement and
        there is no reasonable action that it could take to make the performance of its obligations under this Agreement permitted under Applicable Law.  In such event, the Asset Representations Reviewer will deliver a notice of its resignation to the
        Issuer and the Servicer, together with an Opinion of Counsel supporting its determination.

       

      (b)          Removal.  If any of the following events occur, the Issuer, by notice to the Asset Representations Reviewer, may remove the Asset Representations Reviewer and terminate its rights and obligations
        under this Agreement:

       

      
        13

        
          

      

      (i)          the Asset Representations Reviewer no longer meets the eligibility requirements in Section 5.01;

       

      (ii)         the Asset Representations Reviewer breaches of any of its representations, warranties, covenants or obligations in this Agreement; or

       

      (iii)        an  Insolvency Event with respect to the Asset Representations Reviewer occurs.

       

      (c)          Notice of Resignation or Removal.  The Issuer will notify the Servicer and the Indenture Trustee of any resignation or removal of the Asset Representations Reviewer.

       

      (d)          Continue to Perform After Resignation or Removal.  The Asset Representations Reviewer will continue to perform its obligations under this Agreement, until a successor Asset Representations Reviewer
        has accepted its engagement according to Section 5.03(b).

       

      Section 5.03.  Successor Asset Representations Reviewer.

       

      (a)          Engagement of Successor Asset Representations Reviewer.  Following the resignation or removal of the Asset Representations Reviewer, the Issuer will engage a successor Asset Representations Reviewer
        who meets the eligibility requirements of Section 5.01.

       

      (b)          Effectiveness of Resignation or Removal.  No resignation or removal of the Asset Representations Reviewer will be effective until a successor Asset Representations Reviewer has executed and
        delivered to the Issuer, the Servicer and the Administrator an agreement accepting its engagement and agreeing to perform the obligations of the Asset Representations Reviewer under this Agreement or entering into a new agreement with the parties
        hereto on substantially the same terms as this Agreement.

       

      (c)          Transition and Expenses.  If the Asset Representations Reviewer resigns or is removed, it will cooperate with the Issuer, the Servicer and the Administrator and take all actions reasonably requested
        to assist the Issuer in making an orderly transition of the Asset Representations Reviewer’s rights and obligations under this Agreement to the successor Asset Representations Reviewer.  The Asset Representations Reviewer will pay the reasonable
        expenses of transitioning its obligations under this Agreement and preparing the successor Asset Representations Reviewer to take on the obligations on receipt of an invoice with reasonable detail of the expenses from the Issuer, the Servicer, the
        Administrator or the successor Asset Representations Reviewer.

       

      Section 5.04.  Merger, Consolidation or Succession.  Any Person (i) into which the Asset Representations Reviewer is merged or consolidated, (ii) resulting from any merger or consolidation to which the Asset
        Representations Reviewer is a party or (iii) succeeding to the business of the Asset Representations Reviewer, if that Person meets the eligibility requirements in Section 5.01, will be the successor to the Asset Representations Reviewer under this
        Agreement.  Such Person will execute and deliver to the Issuer, the Servicer and the Administrator an agreement to assume the Asset Representations Reviewer’s obligations under this Agreement (unless the assumption happens by operation of law).

       

      
        14

        
          

      

      ARTICLE SIX

       

      OTHER AGREEMENTS

       

      Section 6.01.  Independence of the Asset Representations Reviewer.  The Asset Representations Reviewer will be an independent contractor and will not be subject to the supervision of the Issuer for the manner
        in which it accomplishes the performance of its obligations under this Agreement.  Unless expressly authorized by the Issuer, the Asset Representations Reviewer will have no authority to act for or represent the Issuer and will not be considered an
        agent of the Issuer.  Nothing in this Agreement will make the Asset Representations Reviewer and the Issuer members of any partnership, joint venture or other separate entity or impose any liability as such on any of them.  For the avoidance of
        doubt, the Indenture Trustee will not be responsible for monitoring the performance by the Asset Representations Reviewer of its obligations under this Agreement.

       

      Section 6.02.  No Petition.  Each of the parties to this Agreement covenants and agrees that, for a period of one year and one day (or, if longer, any applicable preference period) after payment in full of the
        Notes and all outstanding Securities, it will not institute or pursue against, or join any other Person in instituting or pursuing against, the Depositor or the Issuer any bankruptcy, reorganization, arrangement, insolvency or liquidation
        Proceedings or other Proceedings under any Insolvency Law in connection with any obligations relating to the Notes or any Basic Document and agrees that it will not cooperate with or encourage others to institute any such Proceeding.

       

      Section 6.03.  Limitation of Liability of Owner Trustee.  It is expressly understood and agreed by the parties hereto that (i) this Agreement is executed and delivered by Wilmington Trust, National Association,
        not individually or personally but solely as Owner Trustee of the Issuer, in the exercise of the powers and authority conferred and vested in it, (ii) each of the representations, undertakings and agreements herein made on the part of the Issuer is
        made and intended not as personal representations, undertakings and agreements by Wilmington Trust, National Association, but is made and intended for the purpose of binding only the Issuer, (iii) nothing herein contained shall be construed as
        creating any liability on Wilmington Trust, National Association, individually or personally, to perform any covenant either expressed or implied contained herein of the Issuer, all such liability, if any, being expressly waived by the parties
        hereto and by any Person claiming by, through or under the parties hereto, (iv) Wilmington Trust, National Association has not verified and has made no investigation as to the accuracy or completeness of any representations and warranties made by
        the Issuer in this Agreement and (v) under no circumstances shall Wilmington Trust, National Association be personally liable for the payment of any indebtedness or expenses of the Issuer or be liable for the breach or failure of any obligation,
        representation, warranty or covenant made or undertaken by the Issuer under this Agreement or any other related documents.

       

      Section 6.04.  Termination of Agreement.  This Agreement will terminate, except for the obligations under Section 4.05, on the earlier of (i) the payment in full of all outstanding Notes and the satisfaction
        and discharge of the Indenture and (ii) the date the Issuer is terminated under the Trust Agreement.

       

      
        15

        
          

      

      ARTICLE SEVEN

       

      MISCELLANEOUS PROVISIONS

       

      Section 7.01.  Amendments.  The parties may amend this Agreement:

       

      (i)          to clarify an ambiguity, correct an error or correct or supplement any term of this Agreement that may be defective or inconsistent with the other terms of this Agreement or to provide
        for, or facilitate the acceptance of this Agreement by, a successor Asset Representations Reviewer, in each case without the consent of the Noteholders or any other Person;

       

      (ii)         to add, change or eliminate terms of this Agreement, in each case without the consent of the Noteholders or any other Person, if the Administrator delivers an Officer’s Certificate to
        the Issuer and the Trustees stating that the amendment will not have a material adverse effect on the Noteholders; or

       

      (iii)        to add, change or eliminate terms of this Agreement for which an Officer’s Certificate is not or cannot be delivered under Section 7.01(a)(ii), with the consent of a majority of the
        principal amount of the Notes of the Controlling Class then Outstanding.

       

      Notwithstanding anything to the contrary in this Section, any amendment to this Agreement that affects the rights or the obligations of either Trustee will require the consent of such Trustee.

       

      Section 7.02.  Assignment; Benefit of Agreement; Third Party Beneficiaries.

       

      (a)          Assignment.  Except as stated in Section 5.04, this Agreement may not be assigned by the Asset Representations Reviewer without the consent of the Issuer and the Servicer.

       

      (b)          Benefit of Agreement; Third-Party Beneficiaries.  This Agreement is for the benefit of and will be binding on the parties and their permitted successors and assigns.  The Owner Trustee and the
        Indenture Trustee, for the benefit of the Noteholders, will be third-party beneficiaries of this Agreement and may enforce this Agreement against the Asset Representations Reviewer and the Servicer.  No other Person will have any right or
        obligation under this Agreement.

       

      
        16

        
          

      

      Section 7.03.  Notices.  Unless otherwise specified in this Agreement, all notices, requests, demands, consents, waivers or other communications to or from the parties to this Agreement will be in writing. 
        Notices, requests, demands, consents and other communications will be deemed to have been given and made, (i) upon delivery or, in the case of a letter mailed via registered first class mail, postage prepaid, three days after deposit in the mail
        and (ii) in the case of (a) a facsimile, when receipt is confirmed by telephone or by reply e-mail or reply facsimile from the recipient, (b) an e-mail, when receipt is confirmed by telephone or by reply e‐mail from the recipient and (c) an
        electronic posting to a password-protected website, upon printed confirmation of the recipient’s access to such password-protected website, or when notification of such electronic posting is confirmed in accordance with clauses (ii)(b) through
        (ii)(c) above.  Unless otherwise specified in this Agreement, any such notice, request, demand, consent or other communication will be delivered or addressed, in the case of: (i) the Issuer or the Owner Trustee, at the Corporate Trust Office
        (e-mail: cmay@wilmingtontrust.com, telecopier: (302) 636-4140), (ii) the Servicer, at 36455 Corporate Drive, Farmington Hills, Michigan 48331, Attention: Steven C. Poling (e-mail: steven.c.poling@daimler.com, telecopier: (817) 224-3587), (iii) the
        Administrator, at 36455 Corporate Drive, Farmington Hills, Michigan  48331, Attention: Steven C. Poling (e-mail: steven.c.poling@daimler.com, telecopier: (817) 224-3587) and (iv) the Asset Representations Reviewer, at Clayton Fixed Income Services
        LLC, 2638 South Falkenburg Road, Riverview, Florida, Attention: SVP (e mail: ARRNotices@clayton.com) with a copy to Clayton Fixed Income Services LLC, c/o Clayton Holdings LLC, 1500 Market Street, West Tower Suite 2050, Philadelphia, Pennsylvania 
        19102; or as to each of the foregoing, at such other address as shall be designated by written notice to the other entities.

       

      Section 7.04.  GOVERNING LAW.  THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK,
          WITHOUT REGARD TO ANY OTHERWISE APPLICABLE PRINCIPLES OF CONFLICTS OF LAWS (OTHER THAN SECTIONS 5-1401 AND 5-1402 OF THE NEW YORK GENERAL OBLIGATIONS LAW), AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN
          ACCORDANCE WITH SUCH LAWS.

       

      Section 7.05.  WAIVER OF JURY TRIAL.  TO THE EXTENT PERMITTED BY APPLICABLE LAW, EACH OF THE PARTIES HERETO WAIVES ANY RIGHT TO HAVE A
          JURY PARTICIPATE IN RESOLVING ANY DISPUTE, WHETHER SOUNDING IN CONTRACT, TORT OR OTHERWISE BETWEEN THE PARTIES HERETO ARISING OUT OF, CONNECTED WITH, RELATED TO OR INCIDENTAL TO THE RELATIONSHIP BETWEEN ANY OF THEM IN CONNECTION WITH THIS
          AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY.  INSTEAD, ANY SUCH DISPUTE RESOLVED IN COURT WILL BE RESOLVED IN A BENCH TRIAL WITHOUT A JURY.

       

      Section 7.06.  No Waiver; Remedies.  No party’s failure or delay in exercising a power, right or remedy under this Agreement will operate as a waiver.  No single or partial exercise of a power, right or remedy
        will preclude any other or further exercise of the power, right or remedy or the exercise of any other power, right or remedy.  The powers, rights and remedies under this Agreement are in addition to any powers, rights and remedies under law.

       

      Section 7.07.  Severability.  If any one or more of the covenants, agreements, provisions or terms of this Agreement is held invalid, illegal or unenforceable, then such covenants, agreements, provisions or
        terms will be deemed severable from the remaining covenants, agreements, provisions and terms of this Agreement and will in no way affect the validity, legality or enforceability of the other covenants, agreements, provisions and terms of this
        Agreement.

       

        

      
        17

        
          

      

      
      Section 7.08.  Table of Contents and Headings.  The Table of Contents and the various headings in this Agreement are included for convenience only and will not affect the meaning or interpretation of any
        provision of this Agreement.

       

      Section 7.09.  Counterparts.  This Agreement may be executed in any number of counterparts, each of which will be an original, and all of which will together constitute one and the same instrument.

       

      
        18

        
          

      

      IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed by their respective officers, duly authorized, as of the day and year first above written.

       

      	 	
              MERCEDES-BENZ AUTO RECEIVABLES

            
	 	
              TRUST 2019-1, as Issuer

            
	 	 
	 	
              By:

            	
              WILMINGTON TRUST, NATIONAL

            
	 	 	
              ASSOCIATION, not in its individual 

            
	 	 	
              capacity, but solely as Owner Trustee

            
	 	 	 
	 	
              By:

            	 
	 	 	
              Name:

            
	 	 	
              Title:

            
	 	 	 
	 	
              MERCEDES-BENZ FINANCIAL SERVICES

              

            
	 	 	USA LLC, as Servicer and Administrator
	 	 	 
	 	
              By:

            	 
	 	 	
              Name:

            
	 	 	
              Title:

            
	 	 	 
	 	
              CLAYTON FIXED INCOME SERVICES LLC, as

              

            
	 	 	Asset Representations Reviewer
	 	 	 
	 	
              By:

            	 
	 	 	
              Name:

            
	 	 	
              Title:

            

      
        

        

         

      

      
        
          

      

      
      SCHEDULE A

       

      REPRESENTATIONS AND WARRANTIES, REVIEW MATERIALS AND TESTS

       

      Representation (1) - Characteristics of Receivables

       

      Each Receivable (a) was originated in the United States by the Seller or a Dealer located in the United States for the retail sale of a Financed Vehicle in the ordinary course of the Seller’s or the applicable Dealer’s
        business in accordance with the Seller’s credit policies as of the date of origination or acquisition of the related Receivable, is payable in United States dollars, has been fully and properly executed by the parties thereto, if not originated by
        the Seller, has been purchased by the Seller from such Dealer under an existing Dealer Agreement (or approved form of assignment) and has been validly assigned by such Dealer to the Seller, (b) has created a valid, subsisting and enforceable first
        priority security interest in favor of the Seller in the Financed Vehicle, which security interest shall be perfected and prior to any other interest in such Financed Vehicle, and which security interest is assignable by the Seller and reassignable
        by the assignee, (c) contains customary and enforceable provisions such that the rights and remedies of the holder thereof are adequate for realization against the collateral of the benefits of the security, (d) shall, except as otherwise provided
        in the Sale and Servicing Agreement, provide for level Monthly Payments (provided that the payment in the first or last month in the life of the Receivable may be minimally different from the level payment) that fully amortize the Amount Financed
        over its original term and shall provide for a finance charge or shall yield interest at its APR, (e) shall provide for, in the event that such Receivable is prepaid, a prepayment that fully pays the Principal Balance and includes accrued but
        unpaid interest at least through the date prior to the date of prepayment in an amount calculated by using an interest rate at least equal to its APR, (f) is a Simple Interest Receivable, (g) is due from an Obligor with a mailing address within the
        United States or its territories, and (h) to the best of the Seller’s knowledge, is not assumable by another Person in a manner which would release the Obligor thereof from such Obligor’s obligations to the Seller with respect to such Receivable.

       

      Review Materials

       

      
        
          	

                	-	
                  Contract

                

        

      

       

      
        
          	

                	-	
                  Data Tape

                

        

      

       

      
        
          	

                	-	
                  List of Approved Contracts

                

        

      

       

      
        
          	

                	-	
                  Title

                

        

      

       

      Procedures to be Performed

       

      
        
          	

                	(i)	
                  Confirm the Dealer’s address on the Contract is located within the United States.

                

        

      

       

      
        
          	

                	(ii)	
                  Confirm the Contract form number appears on the List of Approved Contracts.

                

        

      

       

      
        
          	

                	(iii)	
                  Confirm that the Contract is payable in United States dollars.

                

        

      

       

      
        SA-1

        
          

      

      
        
          	

                	(iv)	
                  Confirm the Buyer, Co-buyer (if applicable) and Dealer have signed the Contract.

                

        

      

       

      
        
          	

                	(v)	
                  Confirm that the title reports the Seller as the first lien holder.

                

        

      

       

      
        
          	

                	(vi)	
                  Confirm that the VIN on the Contract matches the Vehicle Identification Number on the title.

                

        

      

       

      
        
          	

                	(vii)	
                  Confirm the Buyer’s name as stated on the Contract matches the name on the title.

                

        

      

       

      
        
          	

                	(viii)	
                  Confirm all payments are equivalent with the possible exception of the first and last schedule payments which may be less than or greater than the level payments.

                

        

      

       

      
        
          	

                	(ix)	
                  Calculate the product of the Number of Payments and the Amount of Payments, together with any first and last scheduled payments (if applicable), and confirm this amount equals the sum of the Finance Charge and the Amount Financed as
                    stated within the Truth in Lending section of the Contract.

                

        

      

       

      
        
          	

                	(x)	
                  Confirm the Finance Charge amount is based on the APR as stated on the Contract.

                

        

      

       

      
        
          	

                	(xi)	
                  Confirm the Contract allows for prepayment.

                

        

      

       

      
        
          	

                	(xii)	
                  Confirm the Contract is a simple interest loan Contract.

                

        

      

       

      
        
          	

                	(xiii)	
                  Confirm the Buyer’s address as of the Cutoff Date is located within the United States.

                

        

      

       

      
        
          	

                	(xiv)	
                  Confirm that there is no indication that the Receivable is not assumable by another Person that is not the Obligor and would release the Obligor from their legal obligations.

                

        

      

       

      
        
          	

                	(xv)	
                  If sections (i) through (xiv) are confirmed, then Test Pass.

                

        

      

       

      Representation – (2) Compliance with Law

       

      Each Receivable complied at the time it was originated or made, and at the Cutoff Date complies, in all material respects with all requirements of applicable federal, State and, to the best knowledge of the Seller,
        local laws, rulings and regulations thereunder (including usury laws).

       

      Review Materials

       

      
        
          	

                	-	
                  Contract

                

        

      

       

      
        
          	

                	-	
                  List of Approved Contracts

                

        

      

       

      
        SA-2

        
          

      

      Procedures to be Performed

       

      
        
          	

                	(i)	
                  Confirm the Contract form number and revision date are on the List of Approved Contract Forms.

                

        

      

       

      
        
          	

                	(ii)	
                  Confirm the following sections of the Contract are present and completed:

                

        

      

       

      
        
          	

                	(a)	
                  Name and address of Dealer

                

        

      

      
        
          	

                	(b)	
                  Name and address of Obligor and Co-Obligor (if applicable)

                

        

      

      
        
          	

                	(c)	
                  Vehicle description

                

        

      

      
        
          	

                	(d)	
                  Amount of monthly payment

                

        

      

      
        
          	

                	(e)	
                  Number of monthly payments

                

        

      

      
        
          	

                	(f)	
                  Annual Percentage Rate

                

        

      

      
        
          	

                	(g)	
                  Total of Payments

                

        

      

       

      
        
          	

                	(iii)	
                  Confirm there is an itemization of the amount financed.

                

        

      

       

      
        
          	

                	(iv)	
                  Confirm the following disclosures are included on the Contract:

                

        

      

       

      
        
          	

                	(a)	
                  Insurance requirements

                

        

      

      
        
          	

                	(b)	
                  Security interest disclosure

                

        

      

      
        
          	

                	(c)	
                  Prepayment disclosure

                

        

      

      
        
          	

                	(d)	
                  Late payment policy

                

        

      

       

      
        
          	

                	(v)	
                  If sections (i) through (iv) are confirmed, then Test Pass

                

        

      

       

      Representation (3) – Binding Obligation

       

      Each Receivable represents the genuine, legal, valid and binding payment obligation in writing of the related Obligor, enforceable by the holder thereof in accordance with its terms, except as (a) enforceability
        thereof may be limited by bankruptcy, insolvency, reorganization or similar laws affecting the enforcement of creditors’ rights generally and by equitable limitations on the availability of specific remedies, regardless of whether such
        enforceability is considered in a Proceeding in equity or at law and (b) such Receivable may be modified by the application after the Cutoff Date of the Servicemembers’ Civil Relief Act or by any similar applicable State law.

       

      Review Materials

       

      
        
          	

                	-	
                  Contract

                

        

      

       

      
        
          	

                	-	
                  Data Tape

                

        

      

       

      
        
          	

                	-	
                  List of Approved Contracts

                

        

      

       

      
        SA-3

        
          

      

      Procedures to be Performed

       

      
        
          	

                	(i)	
                  Confirm the Contract form number and revision date are on the List of Approved Contract Forms.

                

        

      

       

      
        
          	

                	(ii)	
                  Confirm the borrower and co-borrower (if applicable) signed the Contract.

                

        

      

       

      
        
          	

                	(iii)	
                  If sections (i) and (ii) are confirmed, then Test Pass.

                

        

      

       

      Representation (4) – No Government Obligor

       

      No Receivable is due from the United States or any State or any agency, department, subdivision or instrumentality thereof.

       

      Review Materials

       

      
        
          	

                	-	
                  Contract

                

        

      

       

      Procedures to be Performed

       

      
        
          	

                	(i)	
                  Confirm the Buyer section of the Contract reports a natural person’s name.

                

        

      

       

      
        
          	

                	(ii)	
                  If the Buyer section of the Contract does not report a person’s name, confirm internet search results do not indicate the Buyer is the United States or any State or any agency, department or instrumentality of the United State or any
                    State.

                

        

      

       

      
        
          	

                	(iii)	
                  If sections (i) and (ii) are confirmed, then Test Pass.

                

        

      

       

      Representation (5) – Obligor Bankruptcy

       

      To the best of the Seller’s knowledge, at the Cutoff Date, no Obligor is the subject of a bankruptcy Proceeding.

       

      Review Materials

       

      
        
          	

                	-	
                  Contract

                

        

      

       

      
        
          	

                	-	
                  Data Tape

                

        

      

       

      Procedures to be Performed

       

      
        
          	

                	(i)	
                  Confirm the Receivable File does not contain evidence that the Receivable was the subject of any bankruptcy proceeding or insolvency proceeding as of the Cutoff Date.

                

        

      

       

      
        
          	

                	(ii)	
                  If sections (i) is confirmed, then Test Pass.

                

        

      

       

      
        SA-4

        
          

      

      Representation (6) – Security Interest in Financed Vehicles

       

      Immediately prior to the transfer of the Receivables by the Seller to the Depositor, each Receivable was secured by a valid, binding and enforceable first priority perfected security interest in favor of the Seller as
        secured party in the related Financed Vehicle or all necessary action with respect to such Receivable has been taken to perfect a first priority security interest in the related Financed Vehicle in favor of the Seller as secured party, which
        security interest has been validly assigned by the Seller to the Depositor. The Servicer has received, or will receive within 180 days after the Closing Date, the original certificate of title for each Financed Vehicle or notice from the applicable
        State entity issuing such certificate of title, that such certificate of title is being processed (other than any Financed Vehicle that is subject to a certificate of title statute or motor vehicle registration law that does not require that the
        original certificate of title for such Financed Vehicle be delivered to the Seller).

       

      Review Materials

       

      
        
          	

                	-	
                  Contract

                

        

      

       

      
        
          	

                	-	
                  List of Approved Contracts

                

        

      

       

      
        
          	

                	-	
                  Title

                

        

      

       

      Procedures to be Performed

       

      
        
          	

                	(i)	
                  Confirm the title reports the Seller, as the first lien holder.

                

        

      

       

      
        
          	

                	(ii)	
                  Confirm the Buyer’s name as stated on the Contract matches the name on the title.

                

        

      

       

      
        
          	

                	(iii)	
                  Confirm the Vehicle Identification Number (VIN) on the Contract matches the VIN number as reported on the title.

                

        

      

       

      
        
          	

                	(iv)	
                  If (i) through (iii) are confirmed, then Test Pass.

                

        

      

       

      Representation (7) – Receivables in Force

       

      No Receivable shall have been satisfied, subordinated or rescinded, nor shall any Financed Vehicle have been released in whole or in part from the Lien granted by the related Receivable.

       

      Review Materials

       

      
        
          	

                	-	
                  Contract

                

        

      

       

      
        
          	

                	-	
                  Data Tape

                

        

      

       

      
        
          	

                	-	
                  Title

                

        

      

       

      
        
          	

                	-	
                  Receivable File

                

        

      

       

      
        SA-5

        
          

      

      Procedures to be Performed

       

      
        
          	

                	(i)	
                  Confirm the Receivable is listed as an active account as of the Cutoff Date.

                

        

      

       

      
        
          	

                	(ii)	
                  Confirm there is no evidence within the Receivable File that the Receivable was satisfied prior to the Cutoff Date.

                

        

      

       

      
        
          	

                	(iii)	
                  Confirm there is no evidence within the Receivable File that the Receivable was subordinated or rescinded prior to the Cutoff Date.

                

        

      

       

      
        
          	

                	(iv)	
                  Confirm there is no evidence within the Receivable File that the Financed Vehicle has been released from the Lien in whole or in part prior to the Cutoff Date.

                

        

      

       

      
        
          	

                	(v)	
                  If sections (i) through (iv) are confirmed, then Test Pass.

                

        

      

       

      Representation (8) – No Waivers

       

      No provision of a Receivable shall have been waived in such a manner that such Receivable fails to meet all of the other representations and warranties made by the Seller herein with respect thereto.

       

      Review Materials

       

      
        
          	

                	-	
                  Contract

                

        

      

       

      
        
          	

                	-	
                  Data Tape

                

        

      

       

      
        
          	

                	-	
                  Receivable File

                

        

      

       

      Procedures to be Performed

       

      
        
          	

                	(i)	
                  Confirm there is no evidence within the Receivable File that any provision of the Receivable has been waived, altered or modified, except by instruments or documents identified within the Receivable File.

                

        

      

       

      
        
          	

                	(ii)	
                  If sections (i) is confirmed, then Test Pass.

                

        

      

       

      Representation (9) – No Amendments

       

      No Receivable shall have been amended or modified in such a manner that the total number of Monthly Payments has been increased or decreased or that the related Amount Financed has been increased or decreased or that
        such Receivable fails to meet all of the other representations and warranties made by the Seller herein with respect thereto.

       

      Review Materials

       

      
        
          	

                	-	
                  Contract

                

        

      

       

      
        
          	

                	-	
                  Data Tape

                

        

      

       

      
        SA-6

        
          

      

      Procedures to be Performed

       

      
        
          	

                	(i)	
                  Confirm that no modifications or amendments have changed the number of monthly payments or that the related amount financed has been increased or decreased.

                

        

      

       

      
        
          	

                	(ii)	
                  If (i) can be confirmed, then Test Pass.

                

        

      

       

      Representation (10) – No Defenses

       

      No Receivable is subject to any right of rescission, setoff, counterclaim or defense, including the defense of usury, and the operation of any of the terms of any Receivable, or the exercise of any right thereunder,
        will not render such Receivable unenforceable in whole or in part or subject to any right of rescission, setoff, counterclaim or defense, including the defense of usury, and the Seller has not received written notice of the assertion with respect
        to any Receivable of any such right of rescission, setoff, counterclaim or defense.

       

      Review Materials

       

      
        
          	

                	-	
                  Contract

                

        

      

       

      
        
          	

                	-	
                  Data Tape

                

        

      

       

      Procedures to be Performed

       

      
        
          	

                	(i)	
                  Confirm there is no evidence within the Receivable File that the Receivable is subject to any right of rescission, setoff, counterclaim or defense that could cause the Receivable to become invalid.

                

        

      

       

      
        
          	

                	(ii)	
                  Confirm there is no evidence within the Receivable File of litigation or other attorney involvement as of the Cutoff Date.

                

        

      

       

      
        
          	

                	(iii)	
                  If sections (i) and (ii) are confirmed, then Test Pass.

                

        

      

       

      Representation (11) – No Liens

       

      No Liens or claims shall have been filed, including Liens for work, labor or materials or for unpaid local, State or federal taxes relating to any Financed Vehicle that shall be prior to, or equal or coordinate with,
        the security interest in such Financed Vehicle granted by the related Receivable.

       

      Review Materials

       

      
        
          	

                	-	
                  Contract

                

        

      

       

      
        
          	

                	-	
                  Title

                

        

      

       

      
        
          	

                	-	
                  Receivable File

                

        

      

       

      
        SA-7

        
          

      

      Procedures to be Performed

       

      
        
          	

                	(i)	
                  Confirm there is no evidence within the Receivable File of a lien or a claim filed for work, labor or materials that is prior to or equal to the security interest in the Financed Vehicle created by the Receivable.

                

        

      

       

      
        
          	

                	(ii)	
                  Confirm there is no evidence within the Receivable File of a tax lien that is prior to or equal to the security interest in the Financed Vehicle created by the Receivable.

                

        

      

       

      
        
          	

                	(iii)	
                  If sections (i) and (ii) are confirmed, then Test Pass.

                

        

      

       

      Representation (12) – No Defaults; Repossessions

       

      Except for payment defaults that, as of the Cutoff Date, have been continuing for a period of not more than 30 days, no default, breach, violation or event under the terms of any Receivable, permitting acceleration,
        shall have occurred as of the Cutoff Date and no continuing condition that with notice or the lapse of time or both would constitute a default, breach, violation or event under the terms of any Receivable, permitting acceleration, shall have
        arisen; and the Seller shall not have waived any of the foregoing except as otherwise permitted hereunder. On or prior to the Cutoff Date, no Financed Vehicle has been repossessed.

       

      Review Materials

       

      
        
          	

                	-	
                  Contract

                

        

      

       

      
        
          	

                	-	
                  Data Tape

                

        

      

       

      
        
          	

                	-	
                  Receivable File

                

        

      

       

      Procedures to be Performed

       

      
        
          	

                	(i)	
                  Confirm the Receivable was not more than 30 days delinquent as of the Cutoff Date.

                

        

      

       

      
        
          	

                	(ii)	
                  Confirm there is no evidence of a continuing condition within the Receivable File which would constitute a default, breach, violation or event permitting acceleration under the terms of the Receivable.

                

        

      

       

      
        
          	

                	(iii)	
                  Confirm that no evidence of a repossession event exists that indicates a repossession prior to the Cutoff Date.

                

        

      

       

      
        
          	

                	(iv)	
                  If sections (i) through (iii) are confirmed, then Test Pass.

                

        

      

       

      Representation (13) - Insurance

       

      Each Receivable requires the related Obligor to obtain physical damage insurance covering the related Financed Vehicle and to maintain such insurance.

       

      
        SA-8

        
          

      

      Review Materials

       

      
        
          	

                	-	
                  Contract

                

        

      

       

      Procedures to be Performed

       

      
        
          	

                	(i)	
                  Confirm the Contract contains language that required the Obligor to obtain and maintain physical damage insurance  to the Financed Vehicle.

                

        

      

       

      
        
          	

                	(ii)	
                  If section (i) is confirmed, then Test Pass.

                

        

      

       

      Representation (14) - Title

       

      It is the intention of the Seller that the transfers and assignments contemplated by the Receivables Purchase Agreement constitute a sale of the Receivables from the Seller to the Purchaser and that the beneficial
        interest in and title to the Receivables not be part of the debtor’s estate in the event of the appointment of a receiver or conservator for the Seller under any receivership, bankruptcy law, insolvency or banking law; no Receivable has been sold,
        transferred, assigned or pledged by the Seller to any Person other than the Purchaser; immediately prior to the transfer and assignment contemplated by the Receivables Purchase Agreement, the Seller had good and marketable title to each Receivable
        free and clear of all Liens and rights of others, except for Liens that shall be released on or before the Closing Date; immediately upon the transfer and assignment thereof, the Purchaser shall have good and marketable title to each Receivable,
        free and clear of all Liens and rights of others; and the transfer and assignment herein contemplated has been perfected under the UCC.

       

      Review Materials

       

      
        
          	

                	-	
                  Contract

                

        

      

       

      
        
          	

                	-	
                  Title

                

        

      

       

      
        
          	

                	-	
                  Receivable File

                

        

      

       

      Procedures to be Performed

       

      
        
          	

                	(i)	
                  Confirm there is no indication within the Receivable File that the Receivable has been sold, transferred, assigned or pledged to any Person or entity other than the Seller.

                

        

      

       

      
        
          	

                	(ii)	
                  Confirm the title designates the Seller as the sole lien holder and no other lien holder is listed.

                

        

      

       

      
        
          	

                	(iii)	
                  If section (i) is confirmed, then Test Pass.

                

        

      

       

      
        SA-9

        
          

      

      Representation (15) - Lawful Assignment

       

      No Receivable has been originated in, or is subject to the laws of, any jurisdiction under which the sale, transfer, assignment and conveyance of such Receivable under the Receivables Purchase Agreement or the Sale and
        Servicing Agreement or the pledge of such Receivables hereunder, thereunder or under the Indenture is unlawful, void or voidable or under which such Receivable would be rendered void or voidable as a result of any such sale, transfer, assignment,
        conveyance or pledge. The Seller has not entered into any agreement with any account debtor that prohibits, restricts or conditions the assignment of the Receivables.

       

      Review Materials

       

      
        
          	

                	-	
                  Contract

                

        

      

       

      
        
          	

                	-	
                  Title

                

        

      

       

      Procedures to be Performed

       

      
        
          	

                	(i)	
                  Confirm the Contract form number and revision date are on the List of Approved Contracts.

                

        

      

       

      
        
          	

                	(ii)	
                   Confirm the Contract does not contain language preventing the sale, transfer, assignment, conveyance or pledge of the Receivable without the consent of the owner.

                

        

      

       

      
        
          	

                	(iii)	
                  If section (i) and (ii) are confirmed, then Test Pass.

                

        

      

       

      Representation (16) – One Original

       

      For each Receivable that constitutes “tangible chattel paper,” there is only one original executed copy of such Receivable.

       

      Review Materials

       

      
        
          	

                	-	
                  Contract

                

        

      

       

      Procedures to be Performed

       

      
        
          	

                	(i)	
                  Confirm that the Contract is clearly marked as the original Contract.

                

        

      

       

      
        
          	

                	(ii)	
                  Confirm that the Contract was signed by the Buyer, Co-buyer (if applicable) and Dealer.

                

        

      

       

      
        
          	

                	(iii)	
                  If section (i) and (ii) are confirmed, then Test Pass.

                

        

      

       

      Representation (17) – Principal Balance

       

      As of the Cutoff Date, each Receivable had a remaining Principal Balance of not more than $220,000.00 and not less than $2,000.00.

       

      Review Materials

       

      
        
          	

                	-	
                  Data Tape

                

        

      

       

      
        SA-10

        
          

      

      Procedures to be Performed

       

      
        
          	

                	(i)	
                  Confirm from the data tape that the Receivable has a remaining Principal Balance within the allowable parameters.

                

        

      

       

      
        
          	

                	(ii)	
                  If section (i) is confirmed, then Test Pass.

                

        

      

       

      Representation (18) – Original Term to Maturity

       

      Each Receivable had an original term to maturity (based on the number of scheduled payments) of not more than 72 months and not less than 12 months and, based on the number of remaining Monthly Payments, a remaining
        term to maturity as of the Cutoff Date, of not more than 71 months and not less than 3 months.

       

      Review Materials

       

      
        
          	

                	-	
                  Contract

                

        

      

       

      
        
          	

                	-	
                  Data Tape

                

        

      

       

      Procedures to be Performed

       

      
        
          	

                	(i)	
                  Confirm the sum of the Number of Payments together with any first and last scheduled monthly payments (if applicable) is within the allowable number of payments to maturity.

                

        

      

       

      
        
          	

                	(ii)	
                  Confirm the remaining terms to maturity as stated within the data tape or servicing system is within the allowable number of payments to maturity.

                

        

      

       

      
        
          	

                	(iii)	
                  If sections (i) and (ii) are confirmed, then Test Pass.

                

        

      

       

      Representation (19) – Annual Percentage Rate

       

      Each Receivable has an APR of at least 0.00% and not more than 12.00%.

       

      Review Materials

       

      
        
          	

                	-	
                  Contract

                

        

      

       

      
        
          	

                	-	
                  Data Tape

                

        

      

       

      Procedures to be Performed

       

      
        
          	

                	(i)	
                  Confirm the Annual Percentage Rate (APR) as stated within the “Federal Truth-In-Lending Disclosures” section of the Contract does not exceed the maximum allowable APR.

                

        

      

       

      
        
          	

                	(ii)	
                  If section (i) is confirmed, then Test Pass.

                

        

      

       

      
        SA-11

        
          

      

      Representation (20) – Simple Interest Method

       

      All payments with respect to the Receivables have been allocated consistently in accordance with the Simple Interest Method.

       

      Review Materials

       

      
        
          	

                	-	
                  Contract

                

        

      

       

      Procedures to be Performed

       

      
        
          	

                	(i)	
                  Confirm the Contract utilizes a Simple Interest Method of calculating the interest due.

                

        

      

       

      
        
          	

                	(ii)	
                  If section (i) is confirmed, then Test Pass.

                

        

      

       

      Representation (21) – Marking Records

       

      As of the Closing Date, the Seller will have caused its computer and accounting records relating to each Receivable to be marked to show that the Receivables have been sold to the Purchaser by the Seller and
        transferred and assigned by the Purchaser to the Issuer in accordance with the terms of the Sale and Servicing Agreement and pledged by the Issuer to the Indenture Trustee in accordance with the terms of the Indenture.

       

      Review Materials

       

      
        
          	

                	-	
                  Data Tape

                

        

      

       

      
        
          	

                	-	
                  Receivable File

                

        

      

       

      Procedures to be Performed

       

      
        
          	

                	(i)	
                  Observe the Receivable in the Seller’s Receivables systems as of the end of the month in which the sale and assignment of the Receivable to the Depositor occurred and confirm it is marked as sold and the pool number indicated matches
                    the pool number for the securitization transaction related to the Agreement.

                

        

      

       

      
        
          	

                	(ii)	
                   If section (i) is confirmed, then Test Pass.

                

        

      

       

      Representation (22) – Chattel Paper

       

      Each Receivable constitutes “tangible chattel paper” or “electronic chattel paper” within the meaning of the UCC as in effect in the State of origination.

       

      Review Materials

       

      
        
          	

                	-	
                  Contract

                

        

      

       

      
        
          	

                	-	
                  Title

                

        

      

       

      
        SA-12

        
          

      

      
        
          	

                	-	
                  Data Tape

                

        

      

       

      Procedures to be Performed

       

      
        
          	

                	(i)	
                  Confirm the title reports the Seller as the first lien holder.

                

        

      

       

      
        
          	

                	(ii)	
                  Confirm there is a signed retail installment contract or loan agreement.

                

        

      

       

      
        
          	

                	(iii)	
                  If sections (i) through (ii) are confirmed, then Test Pass.

                

        

      

       

      Representation (23) – Final Scheduled Payment Date

       

      No Receivable has a final scheduled payment date later than six months prior to the Class A-4 Final Scheduled Payment Date.

       

      Review Materials

       

      
        
          	

                	-	
                  Contract

                

        

      

       

      
        
          	

                	-	
                  Data Tape

                

        

      

       

      Procedures to be Performed

       

      
        
          	

                	(i)	
                  Confirm that the final scheduled payment date on the Receivable is six months or greater prior to the Class A-4 Final Scheduled Payment Date.

                

        

      

       

      
        
          	

                	(ii)	
                  If section (i) is confirmed, then Test Pass.

                

        

      

       

      Representation (24) – No Fraud or Misrepresentation

       

      Each Receivable that was originated by a Dealer and was sold by the Dealer to the Seller, to the best of the Seller’s knowledge, was so originated and sold without fraud or misrepresentation on the part of such Dealer
        in either case.

       

      Review Materials

       

      
        
          	

                	-	
                  Receivable File

                

        

      

       

      Procedures to be Performed

       

      
        
          	

                	(i)	
                  Confirm that there is no indication of fraud or misrepresentation contained within the Receivable File.

                

        

      

       

      
        
          	

                	(ii)	
                  If section (i) is confirmed, then Test Pass.

                

        

      

       

      
        SA-13

        
          

      

      Representation (25) – No Impairment

       

      The Seller has not done anything to convey any right to any Person that would result in such Person having a right to payments due under a Receivable or otherwise to impair the rights of the Depositor in any Receivable
        or the proceeds thereof.

       

      Review Materials

       

      
        
          	

                	-	
                  Receivable File

                

        

      

       

      
        
          	

                	-	
                  Data Tape

                

        

      

       

      
        
          	

                	-	
                  Eligibility Criteria

                

        

      

       

      Procedures to be Performed

       

      
        
          	

                	(i)	
                  Confirm the Receivable File contains no evidence that the rights to payments have been transferred by the Seller to any entity other than the Depositor

                

        

      

       

      
        
          	

                	(ii)	
                  If section (i) is confirmed, then Test Pass.

                

        

      

       

      Representation (26) - Servicing

       

      Each Receivable has been serviced in conformity with all Applicable Laws, rules and regulation and in conformity with the Seller’s policies and procedures which are consistent with customary, prudent industry
        standards.

       

      Review Materials

       

      
        
          	

                	-	
                  Receivable File

                

        

      

       

      
        
          	

                	-	
                  Data Tape

                

        

      

       

      Procedures to be Performed

       

      
        
          	

                	(i)	
                  Confirm that there is no indication that the Receivable does not conform with all Applicable Laws, rules or regulations.

                

        

      

       

      
        
          	

                	(ii)	
                  Confirm that there is no indication that the Receivable does not conform with the Seller’s policies and procedures.

                

        

      

       

      
        
          	

                	(iii)	
                  If section (i) and (ii) are confirmed, then Test Pass.

                

        

      

       

      Representation (27) – No Consent

       

      To the best of the Seller’s knowledge, no notice to or consent from any Obligor is necessary to effect the acquisition of the Receivables by the Purchaser or the Issuer or the pledge of the Receivables by the Issuer to
        the Indenture Trustee.

       

      
        SA-14

        
          

      

      Review Materials

       

      
        
          	

                	-	
                  Contract

                

        

      

       

      Procedures to be Performed

       

      
        
          	

                	(i)	
                  Confirm that there is no language on the Contract requiring consent from the Obligor in order to effect the acquisition of the Receivable by the Purchaser or the Issuer, or to pledge the Receivables by the Issuer to the Indenture
                    Trustee.

                

        

      

       

      
        
          	

                	(ii)	
                  If section (i) is confirmed, then Test Pass.

                

        

      

       

       

      

      
        SA-15Exhibit 10.1

 

FORM OF INDEMNIFICATION AGREEMENT

 

 

THIS INDEMNIFICATION AGREEMENT (“Agreement”)
is made and entered into as of the 7th day of August, 2019, by and between Rich Uncles Real Estate Investment Trust
I, a California real estate investment trust (the “Company”), and _________________________ (“Indemnitee”).

 

WHEREAS, at the request of the Company,
Indemnitee currently serves as a trust manager, officer or service provider of the Company and may, therefore, be subjected to
claims, suits or proceedings arising as a result of such service;

 

WHEREAS, as an inducement to Indemnitee
to serve or continue to serve in such capacity, the Company has agreed to indemnify Indemnitee and to advance expenses and costs
incurred by Indemnitee in connection with any such claims, suits or proceedings; and

 

WHEREAS, the parties by this Agreement desire
to set forth their agreement regarding indemnification and advance of expenses;

 

NOW, THEREFORE, in consideration of the
premises and the covenants contained herein, the Company and Indemnitee do hereby covenant and agree as follows:

 

Section 1.       Definitions. For purposes
of this Agreement:

 

(a)       “Applicable
Legal Rate” means a fixed rate of interest equal to the applicable federal rate for mid-term debt instruments as of the day
that it is determined that Indemnitee must repay any advanced expenses.

 

(b)       “Change
in Control” means a change in control of the Company occurring after the Effective Date of a nature that would be required
to be reported in response to Item 6(e) of Schedule 14A of Regulation 14A (or in response to any similar item on any similar
schedule or form) promulgated under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), whether
or not the Company is then subject to such reporting requirement; provided, however, that, without limitation, such a Change in
Control shall be deemed to have occurred if, after the Effective Date (i) any “person” (as such term is used in
Sections 13(d) and 14(d) of the Exchange Act) is or becomes the “beneficial owner” (as defined in Rule 13d-3 under
the Exchange Act), directly or indirectly, of securities of the Company representing 15% or more of the combined voting power of
all of the Company’s then-outstanding securities entitled to vote generally in the election of trust managers without the
prior approval of at least two-thirds of the members of the Board of Trust Managers in office immediately prior to such person’s
attaining such percentage interest; (ii) the Company is a party to a merger, consolidation, sale of assets, plan of liquidation
or other reorganization not approved by at least two-thirds of the members of the Board of Trust Managers then in office, as a
consequence of which members of the Board of Trust Managers in office immediately prior to such transaction or event constitute
less than a majority of the Board of Trust Managers thereafter; or (iii) at any time, a majority of the members of the Board
of Trust Managers are not individuals (A) who were trust managers as of the Effective Date or (B) whose election by the Board of
Trust Managers or nomination for election by the Company’s stockholders was approved by the affirmative vote of at least
two-thirds of the trust managers then in office who were trust managers as of the Effective Date or whose election or nomination
for election was previously so approved.

 

    
  

     

    

 

(c)       “Corporate
Status” means the status of a person as a present or former trust manager, officer, employee or agent of the Company or as
a trust manager, trustee, director, officer, partner, manager, managing member, fiduciary, employee or agent of any other foreign
or domestic corporation, partnership, limited liability company, joint venture, trust, employee benefit plan or other enterprise
that such person is or was serving in such capacity at the request of the Company. As a clarification and without limiting the
circumstances in which Indemnitee may be serving at the request of the Company, service by Indemnitee shall be deemed to be at
the request of the Company: (i) if Indemnitee serves or served as a trust manager, trustee, director, officer, partner, manager,
managing member, fiduciary, employee or agent of any corporation, partnership, limited liability company, joint venture, trust
or other enterprise (1) of which a majority of the voting power or equity interest is or was owned directly or indirectly by the
Company or (2) the management of which is controlled directly or indirectly by the Company and (ii) if, as a result of Indemnitee’s
service to the Company or any of its affiliated entities, Indemnitee is subject to duties by, or required to perform services for,
an employee benefit plan or its participants or beneficiaries, including as a deemed fiduciary thereof.

 

(d)       “Disinterested
Trust Manager” means a trust manager of the Company who is not and was not a party to the Proceeding in respect of which
indemnification and/or advance of Expenses is sought by Indemnitee.

 

(e)       “Effective
Date” means the date set forth in the first paragraph of this Agreement.

 

(f)       “Expenses”
means any and all reasonable and out-of-pocket attorneys’ fees and costs, retainers, court costs, arbitration and mediation
costs, transcript costs, fees of experts, witness fees, travel expenses, duplicating costs, printing and binding costs, telephone
charges, postage, delivery service fees, federal, state, local or foreign taxes imposed on Indemnitee as a result of the actual
or deemed receipt of any payments under this Agreement, ERISA excise taxes and penalties and any other disbursements or expenses
incurred in connection with prosecuting, defending, preparing to prosecute or defend, investigating, being or preparing to be a
witness in or otherwise participating in a Proceeding. Expenses shall also include Expenses incurred in connection with any appeal
resulting from any Proceeding including, without limitation, the premium for, security for and other costs relating to any cost
bond, supersedeas bond or other appeal bond or its equivalent.

 

(g)       “Independent
Counsel” means a law firm, or a member of a law firm, that is experienced in matters of corporation law and neither is, nor
in the past five years has been, retained to represent: (i) the Company or Indemnitee in any matter material to either such
party (other than with respect to matters concerning Indemnitee under this Agreement or of other indemnitees under similar indemnification
agreements), or (ii) any other party to or participant or witness in the Proceeding giving rise to a claim for indemnification
or advance of Expenses hereunder. Notwithstanding the foregoing, the term “Independent Counsel” shall not include any
person who, under the applicable standards of professional conduct then prevailing, would have a conflict of interest in representing
either the Company or Indemnitee in an action to determine Indemnitee’s rights under this Agreement.

 

    	 	- 2 -	 

     

    

 

(h)       “Proceeding”
means any threatened, pending or completed action, suit, arbitration, alternate dispute resolution mechanism, investigation, inquiry,
administrative hearing, claim, demand or discovery request or any other actual, threatened or completed proceeding, whether brought
by or in the right of the Company or otherwise and whether of a civil (including intentional or unintentional tort claims), criminal,
administrative or investigative (formal or informal) nature, including any appeal therefrom, except one pending or completed on
or before the Effective Date, unless otherwise specifically agreed in writing by the Company and Indemnitee. If Indemnitee reasonably
believes that a given situation may lead to or culminate in the institution of a Proceeding, such situation shall also be considered
a Proceeding.

 

Section 2.       Services by Indemnitee.
Indemnitee will serve as a trust manager, officer or service provider of the Company. However, this Agreement shall not impose
any independent obligation on Indemnitee or the Company to continue Indemnitee’s service to the Company. This Agreement shall
not be deemed an employment contract between the Company (or any other entity) and Indemnitee.

 

Section 3.       General. Subject to
the limitations in Section 5, the Company shall indemnify, and advance Expenses to, Indemnitee (a) as provided in this Agreement
and (b) as otherwise permitted by California law in effect on the Effective Date and as amended from time to time; provided, however,
that no change in California law shall have the effect of reducing the benefits available to Indemnitee hereunder based on California
law as in effect on the Effective Date. Subject to the limitations in Section 5, the rights of Indemnitee provided in this Section
3 shall include, without limitation, the rights set forth in the other sections of this Agreement, including any additional indemnification
permitted by the California Corporations Code (the “CCC”).

 

Section 4.       Standard for Indemnification.
Subject to the limitations in Section 5, if, by reason of Indemnitee’s Corporate Status, Indemnitee is, or is threatened
to be, made a party to any Proceeding, the Company shall indemnify Indemnitee against all judgments, penalties, fines and amounts
paid in settlement and all Expenses actually and reasonably incurred by Indemnitee or on Indemnitee’s behalf in connection
with any such Proceeding unless it is established by clear and convincing evidence that (a) the act or omission of Indemnitee
was material to the matter giving rise to the Proceeding and (i) was committed in bad faith or (ii) was the result of
active and deliberate dishonesty, (b) Indemnitee actually received an improper personal benefit in money, property or services
or (c) in the case of any criminal Proceeding, Indemnitee had reasonable cause to believe that Indemnitee’s conduct
was unlawful.

 

Section 5.       Certain Limits on Indemnification.
Notwithstanding any other provision of this Agreement (other than Section 6), Indemnitee shall not be entitled to:

 

(a)       indemnification for any loss
or liability unless all of the following conditions are met: (i) Indemnitee has determined, in good faith, that the course of conduct
that caused the loss or liability was in the best interests of the Company; (ii) Indemnitee was acting on behalf of or performing
services for the Company; (iii) such loss or liability was not the result of negligence or misconduct, or, if Indemnitee is an
independent trust manager, gross negligence or willful misconduct; and (iv) such indemnification is recoverable only out of the
Company’s net assets and not from the Company’s stockholders;

 

    	 	- 3 -	 

     

    

 

(b)       indemnification for any loss
or liability arising from an alleged violation of federal or state securities laws unless one or more of the following conditions
are met: (i) there has been a successful adjudication on the merits of each count involving alleged material securities law violations
as to Indemnitee; (ii) such claims have been dismissed with prejudice on the merits by a court of competent jurisdiction as to
Indemnitee; or (iii) a court of competent jurisdiction approves a settlement of the claims against Indemnitee and finds that indemnification
of the settlement and the related costs should be made, and the court considering the request for indemnification has been advised
of the position of the Securities and Exchange Commission and of the published position of any state securities regulatory authority
in which securities of the Company were offered or sold as to indemnification for violations of securities laws;

 

(c)       indemnification
hereunder if the Proceeding was one by or in the right of the Company and Indemnitee is adjudged, in a final adjudication of the
Proceeding not subject to further appeal, to be liable to the Company;

 

(d)       indemnification
hereunder if Indemnitee is adjudged, in a final adjudication of the Proceeding not subject to further appeal, to be liable on the
basis that personal benefit was improperly received in any Proceeding charging improper personal benefit to Indemnitee, whether
or not involving action in Indemnitee’s Corporate Status; or

 

(e)       indemnification
or advance of Expenses hereunder if the Proceeding was brought by Indemnitee, unless: (i) the Proceeding was brought to enforce
indemnification under this Agreement, and then only to the extent in accordance with and as authorized by Section 12 of this Agreement,
or (ii) the Company’s charter or Bylaws, a resolution of the stockholders entitled to vote generally in the election of trust
managers or of the Board of Trust Managers or an agreement approved by the Board of Trust Managers to which the Company is a party
expressly provide otherwise.

 

Section 6.       Court-Ordered Indemnification.
Subject to the limitations in Section 5(a) and (b), a court of appropriate jurisdiction, upon application of Indemnitee and such
notice as the court shall require, may order indemnification of Indemnitee by the Company in the following circumstances:

 

(a)       if
such court determines that Indemnitee is entitled to reimbursement under the CCC, the court shall order indemnification, in which
case Indemnitee shall be entitled to recover the Expenses of securing such reimbursement; or

 

(b)       if
such court determines that Indemnitee is fairly and reasonably entitled to indemnification in view of all the relevant circumstances,
whether or not Indemnitee (i) has met the standards of conduct set forth in the CCC or (ii) has been adjudged liable
for receipt of an improper personal benefit under the CCC, the court may order such indemnification as the court shall deem proper
without regard to any limitation on such court-ordered indemnification contemplated by the CCC.

 

    	 	- 4 -	 

     

    

 

Section 7.       Indemnification for Expenses
of an Indemnitee Who is Wholly or Partially Successful. Subject to the limitations in Section 5, to the extent that Indemnitee
was or is, by reason of Indemnitee’s Corporate Status, made a party to (or otherwise becomes a participant in) any Proceeding
and is successful, on the merits or otherwise, in the defense of such Proceeding, the Company shall indemnify Indemnitee for all
Expenses actually and reasonably incurred by Indemnitee or on Indemnitee’s behalf in connection therewith. If Indemnitee
is not wholly successful in such Proceeding but is successful, on the merits or otherwise, as to one or more but less than all
claims, issues or matters in such Proceeding, the Company shall indemnify Indemnitee under this Section 7 for all Expenses actually
and reasonably incurred by Indemnitee or on Indemnitee’s behalf in connection with each such claim, issue or matter, allocated
on a reasonable and proportionate basis. For purposes of this Section 7, and without limitation, the termination of any claim,
issue or matter in such a Proceeding by dismissal, with or without prejudice, shall be deemed to be a successful result as to such
claim, issue or matter.

 

Section 8.       Advance of Expenses for
Indemnitee. If, by reason of Indemnitee’s Corporate Status, Indemnitee is, or is threatened to be, made a party to any
Proceeding, the Company shall, without requiring a preliminary determination of Indemnitee’s ultimate entitlement to indemnification
hereunder, advance all reasonable Expenses incurred by or on behalf of Indemnitee in connection with (a) such Proceeding which
is initiated by a third party who is not a stockholder of the Company or (b) such Proceeding which is initiated by a stockholder
of the Company acting in his or her capacity as such and for which a court of competent jurisdiction specifically approves such
advancement, and which relates to acts or omissions with respect to the performance of duties or services on behalf of the Company.
The Company shall make such advance or advances within ten days after the receipt by the Company of a statement or statements requesting
such advance or advances from time to time, whether prior to or after final disposition of such Proceeding, and such advance or
advances may be in the form of, in the reasonable discretion of Indemnitee (but without duplication), (a) payment of such Expenses
directly to third parties on behalf of Indemnitee, (b) advance of funds to Indemnitee in an amount sufficient to pay such Expenses
or (c) reimbursement to Indemnitee for Indemnitee’s payment of such Expenses. Such statement or statements shall reasonably
evidence the Expenses incurred by Indemnitee and shall include or be preceded or accompanied by a written affirmation by Indemnitee
and a written undertaking by or on behalf of Indemnitee, in substantially the form attached hereto as Exhibit A or in such
form as may be required under applicable law as in effect at the time of the execution thereof. To the extent that Expenses advanced
to Indemnitee do not relate to a specific claim, issue or matter in the Proceeding, such Expenses shall be allocated on a reasonable
and proportionate basis. The undertaking required by this Section 8 shall be an unlimited general obligation by or on behalf of
Indemnitee and shall be accepted without reference to Indemnitee’s financial ability to repay such advanced Expenses and
without any requirement to post security therefor.

 

    	 	- 5 -	 

     

    

 

Section 9.       Indemnification and Advance
of Expenses as a Witness or Other Participant. Subject to the limitations in Section 5, to the extent that Indemnitee is or
may be, by reason of Indemnitee’s Corporate Status, made a witness or otherwise asked to participate in any Proceeding, whether
instituted by the Company or any other person, and to which Indemnitee is not a party, Indemnitee shall be advanced all reasonable
Expenses and indemnified against all Expenses actually and reasonably incurred by Indemnitee or on Indemnitee’s behalf in
connection therewith within ten days after the receipt by the Company of a statement or statements requesting any such advance
or indemnification from time to time, whether prior to or after final disposition of such Proceeding. Such statement or statements
shall reasonably evidence the Expenses incurred by Indemnitee. In connection with any such advance of Expenses, the Company may
require Indemnitee to provide an affirmation and undertaking substantially in the form attached hereto as Exhibit A.

 

Section 10.       Procedure for Determination
of Entitlement to Indemnification.

 

(a)       To
obtain indemnification under this Agreement, Indemnitee shall submit to the Company a written request, including therein or therewith
such documentation and information as is reasonably available to Indemnitee and is reasonably necessary or appropriate to determine
whether and to what extent Indemnitee is entitled to indemnification. Indemnitee may submit one or more such requests from time
to time and at such time(s) as Indemnitee deems appropriate in Indemnitee’s sole discretion. The officer of the Company receiving
any such request from Indemnitee shall, promptly upon receipt of such a request for indemnification, advise the Board of Trust
Managers in writing that Indemnitee has requested indemnification.

 

(b)       Upon
written request by Indemnitee for indemnification pursuant to Section 10(a) above, a determination, if required by applicable law,
with respect to Indemnitee’s entitlement thereto shall promptly be made in the specific case: (i) if a Change in Control
has occurred, by Independent Counsel, in a written opinion to the Board of Trust Managers, a copy of which shall be delivered to
Indemnitee, which Independent Counsel shall be selected by Indemnitee and approved by the Board of Trust Managers in accordance
with the CCC, which approval shall not be unreasonably withheld; or (ii) if a Change in Control has not occurred, (A) by a
majority vote of the Disinterested Trust Managers or by the majority vote of a group of Disinterested Trust Managers designated
by the Disinterested Trust Managers to make the determination, (B) if Independent Counsel has been selected by the Board of Trust
Managers in accordance with the CCC and approved by Indemnitee, which approval shall not be unreasonably withheld or delayed, by
Independent Counsel, in a written opinion to the Board of Trust Managers, a copy of which shall be delivered to Indemnitee or (C)
if so directed by the Board of Trust Managers, by the stockholders of the Company, other than trust managers or officers who are
parties to the Proceeding. If it is so determined that Indemnitee is entitled to indemnification, the Company shall make payment
to Indemnitee within ten days after such determination. Indemnitee shall cooperate with the person, persons or entity making such
determination with respect to Indemnitee’s entitlement to indemnification, including providing to such person, persons or
entity upon reasonable advance request any documentation or information which is not privileged or otherwise protected from disclosure
and which is reasonably available to Indemnitee and reasonably necessary to such determination in the discretion of the Board of
Trust Managers or Independent Counsel if retained pursuant to clause (ii)(B) of this Section 10(b). Any Expenses incurred by Indemnitee
in so cooperating with the person, persons or entity making such determination shall be borne by the Company (irrespective of the
determination as to Indemnitee’s entitlement to indemnification) and the Company shall indemnify and hold Indemnitee harmless
therefrom.

 

    	 	- 6 -	 

     

    

 

(c)       The
Company shall pay the reasonable fees and expenses of Independent Counsel, if one is appointed.

 

Section 11.       Presumptions and Effect
of Certain Proceedings.

 

(a)       In
making any determination with respect to entitlement to indemnification hereunder, the person or persons or entity making such
determination shall presume that Indemnitee is entitled to indemnification under this Agreement if Indemnitee has submitted a request
for indemnification in accordance with Section 10(a) of this Agreement, and the Company shall have the burden of overcoming
that presumption in connection with the making of any determination contrary to that presumption.

 

(b)       The
termination of any Proceeding or of any claim, issue or matter therein, by judgment, order, settlement or conviction, upon a plea
of nolo contendere or its equivalent, or entry of an order of probation prior to judgment, does not create a presumption
that Indemnitee did not meet the requisite standard of conduct described herein for indemnification.

 

(c)       The
knowledge and/or actions, or failure to act, of any other trust manager, officer, employee or agent of the Company or any other
trust manager, trustee, officer, partner, manager, managing member, fiduciary, employee or agent of any other foreign or domestic
corporation, partnership, limited liability company, joint venture, trust, employee benefit plan or other enterprise shall not
be imputed to Indemnitee for purposes of determining any other right to indemnification under this Agreement.

 

Section 12.       Remedies of Indemnitee.

 

(a)       If
(i) a determination is made pursuant to Section 10(b) of this Agreement that Indemnitee is not entitled to indemnification under
this Agreement, (ii) advance of Expenses is not timely made pursuant to Section 8 or 9 of this Agreement, (iii) no determination
of entitlement to indemnification shall have been made pursuant to Section 10(b) of this Agreement within 60 days after receipt
by the Company of the request for indemnification, (iv) payment of indemnification is not made pursuant to Section 7 or 9
of this Agreement within ten days after receipt by the Company of a written request therefor, or (v) payment of indemnification
pursuant to any other section of this Agreement or the charter or Bylaws of the Company is not made within ten days after a determination
has been made that Indemnitee is entitled to indemnification, Indemnitee shall be entitled to an adjudication in an appropriate
court located in the State of California, or in any other court of competent jurisdiction, of Indemnitee’s entitlement to
such indemnification or advance of Expenses. Alternatively, Indemnitee, at Indemnitee’s option, may seek an award in arbitration
to be conducted by a single arbitrator pursuant to the Commercial Arbitration Rules of the American Arbitration Association. Indemnitee
shall commence a proceeding seeking an adjudication or an award in arbitration within 180 days following the date on which Indemnitee
first has the right to commence such proceeding pursuant to this Section 12(a); provided, however, that the foregoing clause
shall not apply to a proceeding brought by Indemnitee to enforce Indemnitee’s rights under Section 7 of this Agreement. Except
as set forth herein, the provisions of California law (without regard to its conflicts of laws rules) shall apply to any such arbitration.
The Company shall not oppose Indemnitee’s right to seek any such adjudication or award in arbitration.

 

    	 	- 7 -	 

     

    

 

(b)       In
any judicial proceeding or arbitration commenced pursuant to this Section 12, Indemnitee shall be presumed to be entitled
to indemnification or advance of Expenses, as the case may be, under this Agreement and the Company shall have the burden of proving
that Indemnitee is not entitled to indemnification or advance of Expenses, as the case may be. If Indemnitee commences a judicial
proceeding or arbitration pursuant to this Section 12, Indemnitee shall not be required to reimburse the Company for any advances
pursuant to Section 8 of this Agreement until a final determination is made with respect to Indemnitee’s entitlement to indemnification
(as to which all rights of appeal have been exhausted or lapsed). The Company shall, to the fullest extent not prohibited by law,
be precluded from asserting in any judicial proceeding or arbitration commenced pursuant to this Section 12 that the procedures
and presumptions of this Agreement are not valid, binding and enforceable and shall stipulate in any such court or before any such
arbitrator that the Company is bound by all of the provisions of this Agreement.

 

(c)       If
a determination shall have been made pursuant to Section 10(b) of this Agreement that Indemnitee is entitled to indemnification,
the Company shall be bound by such determination in any judicial proceeding or arbitration commenced pursuant to this Section 12,
absent a misstatement by Indemnitee of a material fact, or an omission of a material fact necessary to make Indemnitee’s
statement not materially misleading, in connection with the request for indemnification.

 

(d)       In
the event that Indemnitee is successful in seeking, pursuant to this Section 12, a judicial adjudication of or an award in arbitration
to enforce Indemnitee’s rights under, or to recover damages for breach of, this Agreement, Indemnitee shall be entitled to
recover from the Company, and shall be indemnified by the Company for, any and all Expenses actually and reasonably incurred by
Indemnitee in such judicial adjudication or arbitration. If it shall be determined in such judicial adjudication or arbitration
that Indemnitee is entitled to receive part but not all of the indemnification or advance of Expenses sought, the Expenses incurred
by Indemnitee in connection with such judicial adjudication or arbitration shall be appropriately prorated.

 

(e)       Interest
shall be paid by the Company to Indemnitee at the maximum rate allowed to be charged for judgments under the Courts and Judicial
Proceedings Article of the Annotated Code of California for amounts which the Company pays or is obligated to pay for the period
(i) commencing with either the tenth day after the date on which the Company was requested to advance Expenses in accordance with
Section 8 or 9 of this Agreement or the 60th day after the date on which the Company was requested to make the determination
of entitlement to indemnification under Section 10(b) of this Agreement, as applicable, and (ii) ending on the date such payment
is made to Indemnitee by the Company.

 

Section 13.       Defense of the Underlying
Proceeding.

 

(a)       Indemnitee
shall notify the Company promptly in writing upon being served with any summons, citation, subpoena, complaint, indictment, request
or other document relating to any Proceeding which may result in the right to indemnification or the advance of Expenses hereunder
and shall include with such notice a description of the nature of the Proceeding and a summary of the facts underlying the Proceeding.
The failure to give any such notice shall not disqualify Indemnitee from the right, or otherwise affect in any manner any right
of Indemnitee, to indemnification or the advance of Expenses under this Agreement unless the Company’s ability to defend
in such Proceeding or to obtain proceeds under any insurance policy is materially and adversely prejudiced thereby, and then only
to the extent the Company is thereby actually so prejudiced.

 

    	 	- 8 -	 

     

    

 

(b)       Subject
to the provisions of the last sentence of this Section 13(b) and of Section 13(c) below, the Company shall have the right
to defend Indemnitee in any Proceeding which may give rise to indemnification hereunder; provided, however, that the Company shall
notify Indemnitee of any such decision to defend within 15 calendar days following receipt of notice of any such Proceeding under
Section 13(a) above. The Company shall not, without the prior written consent of Indemnitee, which shall not be unreasonably
withheld or delayed, consent to the entry of any judgment against Indemnitee or enter into any settlement or compromise which (i) includes
an admission of fault of Indemnitee, (ii) does not include, as an unconditional term thereof, the full release of Indemnitee
from all liability in respect of such Proceeding, which release shall be in form and substance reasonably satisfactory to Indemnitee
or (iii) would impose any Expense, judgment, fine, penalty or limitation on Indemnitee. This Section 13(b) shall not
apply to a Proceeding brought by Indemnitee under Section 12 of this Agreement.

 

(c)       Notwithstanding
the provisions of Section 13(b) above, if in a Proceeding to which Indemnitee is a party by reason of Indemnitee’s Corporate
Status, (i) Indemnitee reasonably concludes, based upon an opinion of counsel approved by the Company, which approval shall
not be unreasonably withheld or delayed, that Indemnitee may have separate defenses or counterclaims to assert with respect to
any issue which may not be consistent with other defendants in such Proceeding, (ii) Indemnitee reasonably concludes, based
upon an opinion of counsel approved by the Company, which approval shall not be unreasonably withheld or delayed, that an actual
or apparent conflict of interest or potential conflict of interest exists between Indemnitee and the Company, or (iii) if
the Company fails to assume the defense of such Proceeding in a timely manner, Indemnitee shall be entitled to be represented by
separate legal counsel of Indemnitee’s choice, subject to the prior approval of the Company, which approval shall not be
unreasonably withheld or delayed, at the expense of the Company. In addition, if the Company fails to comply with any of its obligations
under this Agreement or in the event that the Company or any other person takes any action to declare this Agreement void or unenforceable,
or institutes any Proceeding to deny or to recover from Indemnitee the benefits intended to be provided to Indemnitee hereunder,
Indemnitee shall have the right to retain counsel of Indemnitee’s choice, subject to the prior approval of the Company, which
approval shall not be unreasonably withheld or delayed, at the expense of the Company (subject to Section 12(d) of this Agreement),
to represent Indemnitee in connection with any such matter.

 

Section 14.       Non-Exclusivity; Survival
of Rights; Subrogation.

 

(a)       The
rights of indemnification and advance of Expenses as provided by this Agreement shall not be deemed exclusive of any other rights
to which Indemnitee may at any time be entitled under applicable law, the charter or Bylaws of the Company, any agreement or a
resolution of the stockholders entitled to vote generally in the election of trust managers or of the Board of Trust Managers,
or otherwise. Unless consented to in writing by Indemnitee, no amendment, alteration or repeal of the charter or Bylaws of the
Company, this Agreement or of any provision hereof shall limit or restrict any right of Indemnitee under this Agreement in respect
of any action taken or omitted by such Indemnitee in Indemnitee’s Corporate Status prior to such amendment, alteration or
repeal, regardless of whether a claim with respect to such action or inaction is raised prior or subsequent to such amendment,
alteration or repeal. No right or remedy herein conferred is intended to be exclusive of any other right or remedy, and every other
right or remedy shall be cumulative and in addition to every other right or remedy given hereunder or now or hereafter existing
at law or in equity or otherwise. The assertion of any right or remedy hereunder, or otherwise, shall not prohibit the concurrent
assertion or employment of any other right or remedy.

 

    	 	- 9 -	 

     

    

 

(b)       In
the event of any payment under this Agreement, the Company shall be subrogated to the extent of such payment to all of the rights
of recovery of Indemnitee, who shall execute all papers required and take all action necessary to secure such rights, including
execution of such documents as are necessary to enable the Company to bring suit to enforce such rights.

 

Section 15.       Insurance.

 

(a)       The
Company will use its reasonable best efforts to acquire trust managers and officers liability insurance, on terms and conditions
deemed appropriate by the Board of Trust Managers, with the advice of counsel, covering Indemnitee or any claim made against Indemnitee
by reason of Indemnitee’s Corporate Status and covering the Company for any indemnification or advance of Expenses made by
the Company to Indemnitee for any claims made against Indemnitee by reason of Indemnitee’s Corporate Status. In the event
of a Change in Control, the Company shall maintain in force any and all trust managers and officers liability insurance policies
that were maintained by the Company immediately prior to the Change in Control for a period of six years with the insurance carrier
or carriers and through the insurance broker in place at the time of the Change in Control; provided, however, (i) if the carriers
will not offer the same policy and an expiring policy needs to be replaced, a policy substantially comparable in scope and amount
shall be obtained and (ii) if any replacement insurance carrier is necessary to obtain a policy substantially comparable in scope
and amount, such insurance carrier shall have an AM Best rating that is the same or better than the AM Best rating of the existing
insurance carrier; provided, further, however, in no event shall the Company be required to expend in the aggregate in excess of
250% of the annual premium or premiums paid by the Company for trust managers and officers liability insurance in effect on the
date of the Change in Control. In the event that 250% of the annual premium paid by the Company for such existing trust managers
and officers liability insurance is insufficient for such coverage, the Company shall spend up to that amount to purchase such
lesser coverage as may be obtained with such amount.

 

(b)       Without
in any way limiting any other obligation under this Agreement, the Company shall indemnify Indemnitee for any payment by Indemnitee
arising out of the amount of any deductible or retention and the amount of any excess of the aggregate of all judgments, penalties,
fines, settlements and Expenses incurred by Indemnitee in connection with a Proceeding over the coverage of any insurance referred
to in Section 15(a). The purchase, establishment and maintenance of any such insurance shall not in any way limit or affect the
rights or obligations of the Company or Indemnitee under this Agreement except as expressly provided herein, and the execution
and delivery of this Agreement by the Company and Indemnitee shall not in any way limit or affect the rights or obligations of
the Company under any such insurance policies. If, at the time the Company receives notice from any source of a Proceeding to which
Indemnitee is a party or a participant (as a witness or otherwise), the Company has trust manager and officer liability insurance
in effect, the Company shall give prompt notice of such Proceeding to the insurers in accordance with the procedures set forth
in the respective policies.

 

    	 	- 10 -	 

     

    

 

(c)       Indemnitee
shall cooperate with the Company or any insurance carrier of the Company with respect to any Proceeding.

 

Section 16.       Coordination of Payments.
The Company shall not be liable under this Agreement to make any payment of amounts otherwise indemnifiable or payable or reimbursable
as Expenses hereunder if and to the extent that Indemnitee has otherwise actually received such payment under any insurance policy,
contract, agreement or otherwise.

 

Section 17.       Contribution. If the
indemnification provided in this Agreement is unavailable in whole or in part and may not be paid to Indemnitee for any reason,
other than for failure to satisfy the standard of conduct set forth in Section 4 or due to the provisions of Section 5, then, with
respect to any Proceeding in which the Company is jointly liable with Indemnitee (or would be if joined in such Proceeding), to
the fullest extent permissible under applicable law, the Company, in lieu of indemnifying and holding harmless Indemnitee, shall
pay, in the first instance, the entire amount incurred by Indemnitee, whether for Expenses, judgments, penalties, and/or amounts
paid or to be paid in settlement, in connection with any Proceeding without requiring Indemnitee to contribute to such payment,
and the Company hereby waives and relinquishes any right of contribution it may have at any time against Indemnitee.

 

Section 18.       Reports to Stockholders.
To the extent required by the CCC, the Company shall report in writing to its stockholders the payment of any amounts for indemnification
of, or advance of Expenses to, Indemnitee under this Agreement arising out of a Proceeding by or in the right of the Company with
the notice of the meeting of stockholders of the Company next following the date of the payment of any such indemnification or
advance of Expenses or prior to such meeting.

 

Section 19.       Duration of Agreement;
Binding Effect.

 

(a)       This
Agreement shall continue until and terminate on the later of (i) six years from the date that Indemnitee shall have ceased to serve
as a trust manager, officer, employee or agent of the Company or as a trust manager, trustee, officer, partner, manager, managing
member, fiduciary, employee or agent of any other foreign or domestic corporation, real estate investment trust, partnership, limited
liability company, joint venture, trust, employee benefit plan or other enterprise that such person is or was serving in such capacity
at the request of the Company and (ii) the date that Indemnitee is no longer subject to any actual or possible Proceeding (including
any rights of appeal thereto and any Proceeding commenced by Indemnitee pursuant to Section 12 of this Agreement).

 

    	 	- 11 -	 

     

    

 

(b)       The
indemnification and advance of Expenses provided by, or granted pursuant to, this Agreement shall be binding upon and be enforceable
by the parties hereto and their respective successors and assigns (including any direct or indirect successor by purchase, merger,
consolidation or otherwise to all or substantially all of the business or assets of the Company), shall continue as to an Indemnitee
who has ceased to be a trust manager, officer, employee or agent of the Company or a trust manager, trustee, officer, partner,
manager, managing member, fiduciary, employee or agent of any other foreign or domestic corporation, partnership, limited liability
company, joint venture, trust, employee benefit plan or other enterprise that such person is or was serving in such capacity at
the request of the Company, and shall inure to the benefit of Indemnitee and Indemnitee’s spouse, assigns, heirs, devisees,
executors and administrators and other legal representatives.

 

(c)       The
Company shall require and cause any successor (whether direct or indirect by purchase, merger, consolidation or otherwise) to all,
substantially all or a substantial part, of the business and/or assets of the Company, by written agreement in form and substance
satisfactory to Indemnitee, expressly to assume and agree to perform this Agreement in the same manner and to the same extent that
the Company would be required to perform if no such succession had taken place.

 

(d)       The
Company and Indemnitee agree that a monetary remedy for breach of this Agreement, at some later date, may be inadequate, impracticable
and difficult of proof, and further agree that such breach may cause Indemnitee irreparable harm. Accordingly, the parties hereto
agree that Indemnitee may enforce this Agreement by seeking injunctive relief and/or specific performance hereof, without any necessity
of showing actual damage or irreparable harm and that by seeking injunctive relief and/or specific performance, Indemnitee shall
not be precluded from seeking or obtaining any other relief to which Indemnitee may be entitled. Indemnitee shall further be entitled
to such specific performance and injunctive relief, including temporary restraining orders, preliminary injunctions and permanent
injunctions, without the necessity of posting bonds or other undertakings in connection therewith. The Company acknowledges that,
in the absence of a waiver, a bond or undertaking may be required of Indemnitee by a court, and the Company hereby waives any such
requirement of such a bond or undertaking.

 

Section 20.       Severability. If any
provision or provisions of this Agreement shall be held to be invalid, void, illegal or otherwise unenforceable for any reason
whatsoever: (a) the validity, legality and enforceability of the remaining provisions of this Agreement (including, without
limitation, each portion of any Section, paragraph or sentence of this Agreement containing any such provision held to be invalid,
illegal or unenforceable that is not itself invalid, illegal or unenforceable) shall not in any way be affected or impaired thereby
and shall remain enforceable to the fullest extent permitted by law; (b) such provision or provisions shall be deemed reformed
to the extent necessary to conform to applicable law and to give the maximum effect to the intent of the parties hereto; and (c) to
the fullest extent possible, the provisions of this Agreement (including, without limitation, each portion of any Section, paragraph
or sentence of this Agreement containing any such provision held to be invalid, illegal or unenforceable, that is not itself invalid,
illegal or unenforceable) shall be construed so as to give effect to the intent manifested thereby.

 

    	 	- 12 -	 

     

    

 

Section 21.       Counterparts. This
Agreement may be executed in one or more counterparts (delivery of which may be by facsimile or via e-mail as a portable document
format (.pdf) or other electronic format), each of which will be deemed to be an original, and it will not be necessary in making
proof of this Agreement or the terms of this Agreement to produce or account for more than one such counterpart. One such counterpart
signed by the party against whom enforceability is sought shall be sufficient to evidence the existence of this Agreement.

 

Section 22.       Headings. The headings
of the paragraphs of this Agreement are inserted for convenience only and shall not be deemed to constitute part of this Agreement
or to affect the construction thereof.

 

Section 23.       Modification and Waiver.
No supplement, modification or amendment of this Agreement shall be binding unless executed in writing by both of the parties hereto.
No waiver of any of the provisions of this Agreement shall be deemed or shall constitute a waiver of any other provisions hereof
(whether or not similar) nor, unless otherwise expressly stated, shall such waiver constitute a continuing waiver.

 

Section 24.       Notices. All notices,
requests, demands and other communications hereunder shall be in writing and shall be deemed to have been duly given if (i) delivered
by hand and receipted for by the party to whom said notice or other communication shall have been directed, on the day of such
delivery, or (ii) mailed by certified or registered mail with postage prepaid, on the third business day after the date on
which it is so mailed:

 

(a)       If
to Indemnitee, to the address set forth on the signature page hereto.

 

(b)       If
to the Company, to:

 

Rich Uncles Real Estate Investment
Trust I

3090 Bristol Street, Suite 550

Costa Mesa, California 92626

Attn: Chief Financial Officer

 

or to such other address as may have been furnished in writing
to Indemnitee by the Company or to the Company by Indemnitee, as the case may be.

 

Section 25.       Governing Law. This
Agreement shall be governed by, and construed and enforced in accordance with, the laws of the State of California, without regard
to its conflicts of laws rules.

 

 

 

[SIGNATURE PAGE FOLLOWS]

 

    	 	- 13 -	 

     

    

 

IN WITNESS WHEREOF, the parties hereto have
executed this Agreement as of the day and year first above written.

 

	 	RICH UNCLES REAL ESTATE INVESTMENT TRUST I
	 	 	 
	 	 	 
	 	By:	       	 
	 	 	Name: Raymond J. Pacini
	 	 	Title: Chief Financial Officer
	 	 	 
	 	 	 
	 	INDEMNITEE
	 	 	 
	 	 	 
	 	 	 
	 	    	 
	 	Name:
	 	Address:

 

 

 

    	 	- 14 -	 

     

    

 

EXHIBIT A

 

AFFIRMATION
AND UNDERTAKING TO REPAY EXPENSES ADVANCED

 

To: The Board of Trust Managers of Rich Uncles Real Estate Investment
Trust I

Re: Affirmation and Undertaking

 

Ladies and Gentlemen:

 

This Affirmation and Undertaking is being
provided pursuant to that certain Indemnification Agreement, dated the _____ day of _______________, 20__, by and between Rich
Uncles Real Estate Investment Trust I, a California real estate investment trust (the “Company”), and the undersigned
Indemnitee (the “Indemnification Agreement”), pursuant to which I am entitled to advance of Expenses in connection
with [Description of Proceeding] (the “Proceeding”).

 

Terms used herein and not otherwise defined
shall have the meanings specified in the Indemnification Agreement.

 

I am subject to the Proceeding by reason
of my Corporate Status or by reason of alleged actions or omissions by me in such capacity. I hereby affirm my good faith belief
that at all times, insofar as I was involved as a trust manager, officer or service provider of the Company, in any of the facts
or events giving rise to the Proceeding, I (1) did not act with bad faith or active or deliberate dishonesty, (2) did
not receive any improper personal benefit in money, property or services, (3) in the case of any criminal proceeding, had
no reasonable cause to believe that any act or omission by me was unlawful, (4) was acting on behalf of or performing services
for the Company, (5) acted in the best interests of the Company and (6) [did not act with gross negligence or willful misconduct]
[did not act with negligence or engage in misconduct] [Use first bracketed alternative for independent trust managers and second
bracketed alternative for all other indemnitees.].

 

In consideration of the advance by the Company
for Expenses incurred by me in connection with the Proceeding (the “Advanced Expenses”), I hereby agree that if, in
connection with the Proceeding, it is established that (1) an act or omission by me was material to the matter giving rise
to the Proceeding and (a) was committed in bad faith or (b) was the result of active and deliberate dishonesty, (2) I
actually received an improper personal benefit in money, property or services, (3) in the case of any criminal proceeding,
I had reasonable cause to believe that the act or omission was unlawful, (4) an act or omission by me (a) was not in service of
the Company, (b) was not in the best interests of the Company or (c) [constituted gross negligence or willful misconduct]
[constituted negligence or misconduct] [Use first bracketed alternative for independent trust managers and second bracketed
alternative for all other indemnitees.] or (5) in the case of any alleged federal or state securities law violation by
me, (a) there was not a successful adjudication on the merits of each count involving alleged material securities law violations,
(b) such claims were not dismissed with prejudice on the merits by a court of competent jurisdiction or (c) a court of competent
jurisdiction, which had been advised of the position of the Securities and Exchange Commission and of the published position of
any state securities regulatory authority in which securities of the Company were offered or sold as to indemnification for violations
of securities laws, did not approve a settlement of such claims and find that indemnification of the settlement and related costs
should be made, then I shall promptly reimburse the portion of the Advanced Expenses, together with the Applicable Legal Rate of
interest thereon, relating to the claims, issues or matters in the Proceeding as to which the foregoing findings have been established.

 

    
  

     

    

 

IN WITNESS WHEREOF, I have executed this
Affirmation and Undertaking on this _____ day of _______________, 20____.

 

 

 

	 	_____________________________
	 	Name:

 

 

 

 

 

 

    	 	- 2 -

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