Document:

Exhibit 10.5

      

      
        

        

        

        

      

      MERCEDES-BENZ AUTO LEASE TRUST 2021-A,

        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 January 1, 2021

      

      

      
        
 

      
        
          

      

      
      	
              TABLE OF CONTENTS

            
	 	 	
              Page

            
	 	 	 
	
              ARTICLE ONE

            
	 
	
              USAGE AND DEFINITIONS

            
	 
	
              Section 1.01.

            	
              Capitalized Terms; Rules of Usage

            	
              1

            
	 
	
              ARTICLE TWO

            
	 
	
              ENGAGEMENT; ACCEPTANCE

            
	 
	
              Section 2.01.

            	
              Engagement; Acceptance

            	
              4

            
	
              Section 2.02.

            	
              Confirmation of Status

            	
              4

            
	 
	
              ARTICLE THREE

            
	 
	
              ASSET REPRESENTATIONS REVIEW PROCESS

            
	 
	
              Section 3.01.

            	
              Review Notices and Identification of Review Assets

            	
              4

            
	
              Section 3.02.

            	
              Review Materials

            	
              4

            
	
              Section 3.03.

            	
              Performance of Reviews

            	
              5

            
	
              Section 3.04.

            	
              Review Report

            	
              5

            
	
              Section 3.05.

            	
              Review Representatives

            	
              6

            
	
              Section 3.06.

            	
              Dispute Resolution

            	
              6

            
	
              Section 3.07.

            	
              Limitations on Review Obligations

            	
              6

            
	 
	
              ARTICLE FOUR

            
	 
	
              ASSET REPRESENTATIONS REVIEWER

            
	 
	
              Section 4.01.

            	
              Representations and Warranties of the Asset Representations Reviewer

            	
              7

            
	
              Section 4.02.

            	
              Covenants

            	
              8

            
	
              Section 4.03.

            	
              Fees and Expenses

            	
              8

            
	
              Section 4.04.

            	
              Limitation on Liability

            	
              10

            
	
              Section 4.05.

            	
              Indemnification by Asset Representations Reviewer

            	
              10

            
	
              Section 4.06.

            	
              Indemnification of Asset Representations Reviewer

            	
              10

            
	
              Section 4.07.

            	
              Inspections of Asset Representations Reviewer

            	
              11

            
	
              Section 4.08.

            	
              Delegation of Obligations

            	
              11

            
	
              Section 4.09.

            	
              Confidential Information

            	
              11

            
	
              Section 4.10.

            	
              Personally Identifiable Information

            	
              12

            

       

      

      
        i

        
          

      

      	 	Page
	 
	
              ARTICLE FIVE

            
	 
	
              REMOVAL, RESIGNATION

            
	 
	
              Section 5.01.

            	
              Eligibility of the Asset Representations Reviewer

            	
              14

            
	
              Section 5.02.

            	
              Resignation and Removal of Asset Representations Reviewer

            	
              14

            
	
              Section 5.03.

            	
              Successor Asset Representations Reviewer

            	
              15

            
	
              Section 5.04.

            	
              Merger, Consolidation or Succession

            	
              16

            
	 
	
              ARTICLE SIX

            
	 
	
              OTHER AGREEMENTS

            
	 
	
              Section 6.01.

            	
              Independence of the Asset Representations Reviewer

            	
              16

            
	
              Section 6.02.

            	
              No Petition

            	
              16

            
	
              Section 6.03.

            	
              Limitation of Liability of Owner Trustee

            	
              16

            
	
              Section 6.04.

            	
              Termination of Agreement

            	
              17

            
	 
	
              ARTICLE SEVEN

            
	 
	
              MISCELLANEOUS PROVISIONS

            
	 
	
              Section 7.01.

            	
              Amendments

            	
              17

            
	
              Section 7.02.

            	
              Assignment; Benefit of Agreement; Third Party Beneficiaries

            	
              17

            
	
              Section 7.03.

            	
              Notices

            	
              18

            
	
              Section 7.04.

            	
              GOVERNING LAW

            	
              18

            
	
              Section 7.05.

            	
              WAIVER OF JURY TRIAL

            	
              19

            
	
              Section 7.06.

            	
              No Waiver; Remedies

            	
              19

            
	
              Section 7.07.

            	
              Severability

            	
              19

            
	
              Section 7.08.

            	
              Table of Contents and Headings

            	
              19

            
	
              Section 7.09.

            	
              Counterparts; Electronic Signatures

            	
              19

            
	 	 	 
	
              Schedule A – Representations and Warranties, Review Materials and Tests

            	
              SA-1

            

      

      

      
        ii

        
          

      

      
      This ASSET REPRESENTATIONS REVIEW AGREEMENT, dated as of January 1, 2021 (as amended, restated, supplemented or otherwise modified from time to time, this “Agreement”), is among MERCEDES-BENZ AUTO LEASE TRUST 2021-A, a
        Delaware statutory trust (the “Issuer”), MERCEDES-BENZ FINANCIAL SERVICES USA LLC, 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”).

       

      RECITALS

       

      WHEREAS, the Issuer will engage the Asset Representations Reviewer to perform a review of certain motor vehicle leases and leased vehicles 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

        

        USAGE AND 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 1 to
        the 2021-A Servicing Supplement or, if not defined therein, in Appendix A to the Basic Collateral Agency Agreement, which Appendices are hereby incorporated into and made a part of this Agreement.  Appendix 1 also contains rules of 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 2021-A Basic Document, the definition appearing below shall control for purposes of this Agreement.

       

      “2021-A Servicing Supplement” means the 2021-A Servicing Supplement, dated as of January 1, 2021, to the Basic Servicing Agreement, among the Servicer, MBFS USA, as Lender, Daimler Trust, as titling trust, and
        Daimler Title Co., as collateral agent.

       

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

       

      “Annual Period” means each annual period commencing on the 2021-A Closing Date, in the case of the first such period, and otherwise on the most recent anniversary of the 2021-A Closing Date and ending on the
        next anniversary of the 2021-A Closing Date.

       

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

       

      
        1

        
          

      

      
      “Basic Collateral Agency Agreement” means the Amended and Restated Basic Collateral Agency Agreement, dated as of March 1, 2009, among Daimler Trust, the Administrative Agent, Daimler Title Co., as collateral
        agent, and MBFS USA, as lender and as servicer.

       

      “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” shall mean 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 respective 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 2021-A Leases and 2021-A Leased Vehicles 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).

       

      
        2

        
          

      

      “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.

       

      “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.

       

      
        3

        
          

      

      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 2021-A Leases and 2021-A Leased Vehicles
        for compliance with the representations and warranties under the 2021-A Servicing Supplement, except as otherwise described in this Agreement, or (ii) determining whether noncompliance with the representations or warranties constitutes a breach of
        the 2021-A Servicing Supplement.

       

      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.

       

      (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.  The Asset Representations Reviewer shall be entitled to rely in good faith, without independent investigation or verification, that the Review Materials are
        accurate and complete in all material respects, and not misleading in any material respect.

       

      
        4

        
          

      

      (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 any missing or insufficient Review Materials, 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
        such other documents or information 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 related Lessee or purchased from the Issuer in accordance with the terms of the 2021-A 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.

       

      (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.

       

      
        5

        
          

      

      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, leases 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 3.11 of the 2021-A
        Servicing Supplement, 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 3.11 of the 2021-A Servicing Supplement.  If not paid by a party to the dispute resolution, the expenses will be
        reimbursed by the Issuer pursuant to Section 4.03(d).

       

      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 2021-A Leases and 2021-A Leased Vehicles 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 2021-A 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 Lessee, 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.

       

      
        6

        
          

      

      (b)          Testing Procedure Limitations.  The Asset Representations Reviewer will only be required to perform the Tests listed under 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.  However, the Asset Representations Reviewer may 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 2021-A 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.

       

      (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 enforcement 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 constitute 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 a law or, to the Asset Representations Reviewer’s knowledge, an order, rule or regulation of a federal or State court, regulatory body, administrative agency or other
        governmental instrumentality 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.

       

      
        7

        
          

      

      (d)          No Proceedings.  To the Asset Representations Reviewer’s knowledge, there are no proceedings or investigations pending or threatened in writing before a federal or State court,
        regulatory body, administrative agency or other governmental instrumentality 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.

       

      (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.  The Annual Fee will be paid by the Issuer on the 2021-A Closing Date and on each anniversary of the 2021-A 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.

       

      
        8

        
          

      

      (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 for each Review Asset for which the Review was started (the “Review Fee”), payable by the Issuer.  No
        Review Fee will 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.  If a Review is terminated according to Section 3.03(e), however, 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 3.06 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.

       

      (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 5.04(b)
        or 8.03 of the Indenture, as applicable.  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 within 30 days following the receipt by the Issuer, in accordance with the priority of payments described in Section 5.04(b) or 8.03 of the Indenture, as applicable.  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 5.04(b) or 8.03 of the Indenture, as applicable;
        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 the terms of such
        Sections.  For the avoidance of doubt, the aggregate limit on the Asset Representations Reviewer fees, expenses and indemnities specified in Section 8.03 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.

       

      
        9

        
          

      

      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.

       

      (b)          Proceedings.  Promptly on receipt by an ARR Indemnified Person of notice of a Proceeding against it, such 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/or the Administrator may participate in and assume the defense and settlement of a Proceeding at its expense.  If the Issuer or the Administrator notifies an ARR Indemnified Person of
        its intention to assume the defense of the Proceeding with counsel reasonably satisfactory to such 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 such ARR Indemnified Person, the Issuer and the Administrator will not be liable for fees and expenses of counsel to such 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.

       

      
        10

        
          

      

      (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) payments 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 representatives of the Issuer, the Servicer or 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 2021-A 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.

       

      (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.

       

      
        11

        
          

      

      (c)          Disclosure.  If the Asset Representations Reviewer is required by applicable law, regulation, rule or order issued by a Governmental Authority to disclose part of the Confidential Information, it
        may disclose such Confidential Information.  Before any such disclosure, however, the Asset Representations Reviewer, if permitted by law, regulation, rule or order, 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 from the disclosure of such 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.

       

      (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 laws applicable 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:

       

      
        12

        
          

      

      (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 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, 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 the Asset Representations
        Reviewer’s further use or disclosure of Issuer PII to that required by applicable law.

       

      (e)          Compliance; Modification.  The Asset Representations Reviewer will cooperate with and provide information to the Issuer 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 and its 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 agrees 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 during normal business hours on reasonable
        advance notice to audit any service providers used by the Asset Representations Reviewer to fulfill the Asset Representations Reviewer’s obligations under this Agreement.

       

      
        13

        
          

      

      (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 will be 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 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
        2021-A Leases and 2021-A Leased Vehicles prior to the 2021-A 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:

       

      (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 of 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).

       

      
        14

        
          

      

      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 and the Servicer 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 Issuer 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 and the Servicer and take all actions reasonably requested to assist the
        Issuer in making an orderly transition of its 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 and the Servicer or the successor Asset Representations Reviewer.

       

      
        15

        
          

      

      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).

       

      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 all Exchange Notes and all outstanding Securities, it will not institute against, or join any Person in instituting against, the Titling Trust, the Initial Beneficiary, the Issuer or the Transferor any bankruptcy,
        reorganization, arrangement, insolvency or liquidation Proceedings, or other Proceedings under any Insolvency Law in connection with any obligations relating to the 2021-A ABS Notes, the 2021-A Exchange Note or the 2021-A Basic Documents 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 WTNA, 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 WTNA 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 WTNA,
        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) WTNA 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 WTNA 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.

       

      
        16

        
          

      

      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.

       

      ARTICLE SEVEN

        

        MISCELLANEOUS PROVISIONS

       

      Section 7.01.  Amendments.

       

      (a)          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, the Owner Trustee and the Indenture Trustee 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 the Majority
        Noteholders.

       

      (b)          Notwithstanding anything to the contrary in this Section, any amendment to this Agreement that affects the rights or the obligation of either the Indenture Trustee or the Owner Trustee will require the
        consent of the Indenture Trustee or the Owner Trustee, as applicable.

       

      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 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.

       

      
        17

        
          

      

      Section 7.03.  Notices.

       

      (a)          Notices to Parties.  Unless otherwise expressly specified or permitted by the terms hereof, 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) and (ii)(c) above.

       

      (b)          Notice Addresses.  Any notice, request, demand, consent, waiver or other communication will be addressed as stated in the 2021-A Administration Agreement or this  Agreement, as applicable, or to
        another address as a party may give by notice to the other parties.

       

      In the case of the Asset Representations Reviewer, all such notices, including Review Notices, shall be sent to:

       

      Via electronic mail to ARRNotices@clayton.com

       

      and to:

       

      Clayton Fixed Income Services LLC

      2638 South Falkenburg Road

      Riverview, Florida 33578

      Attn: SVP

      

      

      with a copy to:

       

      Clayton Fixed Income Services LLC

      720 S. Colorado Blvd., Suite 200

      Glendale, Colorado 80246

      Attn: General Counsel

      

      

      In the case the Administrator or the Servicer, all such notices shall be sent to:

       

      Mercedes-Benz Financial Services USA LLC

      36455 Corporate Drive

      Farmington Hills, Michigan 48331

      Attention:  Steven C. Poling (e-mail: steven.c.poling@daimler.com)

      

      

      Section 7.04.  GOVERNING LAW.

       

      
        18

        
          

      

      (a)          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 SECTION 5-1401 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.  EACH PARTY TO THIS AGREEMENT IRREVOCABLY WAIVES, TO THE FULLEST EXTENT
          PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED BY ANY 2021-A BASIC DOCUMENT.

       

      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.

       

      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; Electronic Signatures.  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.

       

      Any signature (including any electronic symbol or process attached to, or associated with, a contract or other record and adopted by a Person with the intent to sign, authenticate or accept such
        contract or record) hereto or to any other certificate, agreement or document related to this transaction, and any contract formation or record-keeping through electronic means shall have the same legal validity and enforceability as a manually
        executed signature or use of a paper-based recordkeeping system to the fullest extent permitted by Applicable Law, including the Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records
        Act, or any similar State law based on the Uniform Electronic Transactions Act.

      

      

      
        19

        
          

      

      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 LEASE TRUST 2021-A,

            
	 	
              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:

            

      

      

      2021-A Asset Representation Review Agreement

      

      
        
          

      

      
      SCHEDULE A

       

      REPRESENTATIONS AND WARRANTIES, REVIEW MATERIALS AND TESTS

       

      Representation (1) - Origination

       

      The 2021-A Lease is a Stand-Alone Lease that was originated (a) by a Dealer, (b) on or after October 2016, (c) pursuant to an agreement which allows for recourse to the Dealer in the event of certain defects in the
        2021-A Lease (but not for a default by the related Lessee) and (d) in substantial compliance with the Credit and Collection Policy.

       

      Review Materials

       

      	

            	-	
              Lease agreement

            

       

      Procedures to be Performed

       

      (i)          Confirm the lease agreement was signed by the Lessee and the Lessor

       

      (ii)        Confirm the lease agreement form number and revision date are on the List of Approved Contract Forms

       

      (iii)       Confirm the lease agreement is dated on or after October 2016

       

      (iv)        Confirm the dealer agreement contains provisions which allow for recourse to the Dealer in the event of certain defects in the Lease, outside of  default by the related Lessee

       

      (v)         Confirm there is no evidence the lease agreement is not in compliance with the Credit and Collection Policy

       

      (vi)        If section (i) through (v) are confirmed, then Test Pass

       

      Representation (2) - Leases

       

      The 2021-A Lease constitutes “tangible chattel paper” or “electronic chattel paper” within the meaning of Section 9-102 of the UCC.

       

      Review Materials

       

      	

            	-	
              Lease agreement

            

       

      	

            	-	
              Title documents

            

       

      Procedures to be Performed

       

      (i)          Confirm there is a signature under the appropriate Lessee, Co-lessee and Lessor signature lines within the lease agreement

       

      
        SA-1

        
          

      

      (ii)         Confirm the lease agreement reports a monetary obligation greater than zero

       

      (iii)       Confirm the assignment section of the lease agreement lists the  Titling Trust as the sole assignee

       

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

       

      Representation (3) – Leased Vehicle

       

      The related 2021-A Vehicle is a Mercedes-Benz passenger car or sport utility vehicle that was new or had been used in the Courtesy Vehicle Program at the time of the origination of the related 2021-A Lease and is not
        powered by a diesel engine.

       

      Review Materials

       

      	

            	-	
              Lease agreement

            

       

      Procedures to be Performed

       

      (i)          Confirm the vehicle description section of the lease agreement reports that the leased vehicle is a new vehicle or had been used in the Courtesy Vehicle Program

       

      (ii)         Confirm the vehicle description section of the lease agreement reports that the leased vehicle is a Mercedes-Benz passenger car, sport utility vehicle or a smart automobile and is not
        powered by a diesel engine

       

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

       

      Representation (4) – Certificate of Title and Lienholder

       

      Each 2021-A Vehicle was titled, or the Servicer has started procedures that will result in the 2021-A Vehicle being titled, in one of the 50 states of the United States or the District of Columbia and the Collateral
        Agent is or will be noted as lienholder of the 2021-A Vehicle (other than in Kansas, Missouri, Nebraska, Nevada or South Dakota) and such lien is a perfected first priority security interst.

       

      Review Materials

       

      	

            	-	
              Lease agreement

            

       

      	

            	-	
              Title documents

            

       

      	

            	-	
              Lease file

            

       

      Procedures to be Performed

       

      (i)          Confirm the title lists the Collateral Agent as the first priority lienholder or evidence of an application for such title is present

       

      
        SA-2

        
          

      

      (ii)         Confirm the Vehicle Identification Number (VIN) listed on the title matches the VIN number on the lease agreement

       

      (iii)       Confirm there is no evidence of any lien that would take priority over the Collateral Agent’s security interest

       

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

       

      Representation (5) - Lessee

       

      The related Lessee is a Person other than MBFS USA, any Affiliate thereof or a Governmental Authority and, at the time of origination of the 2021-A Lease, based on information provided by the Lessee, the Lessee is
        located in and has a billing address within a State.

       

      Review Materials

       

      	

            	-	
              Lease agreement

            

       

      Procedures to be Performed

       

      (i)          Confirm the Lessee is not reported as MBFS USA, an affiliate or a governmental authority

       

      (ii)        Confirm the Lessee’s address as reported on the lease agreement is located within the United States

       

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

       

      Representation (6) – Closed-End Lease; Payment in Dollars

       

      The 2021-A Lease is payable solely in Dollars in the United States and is a closed-end lease that provides for equal monthly payments by the Lessee, which scheduled payments, if made when due, fully amortize to an
        amount equal to the Booked Residual Value of the related 2021-A Vehicle based upon the related Contract Rate.

       

      Review Materials

       

      	

            	-	
              Lease agreement

            

       

      Procedures to be Performed

       

      (i)          Confirm the lease agreement represents a closed end lease

       

      (ii)        Confirm the lease agreement is denominated in US dollars

       

      (iii)       Confirm the monthly payments section of the lease agreement calls for level monthly payments over the entire lease term with the possible exception of the first and last payment

       

      
        SA-3

        
          

      

      (iv)        Calculate the product of the level monthly payment with the number of payments due over the lease term and confirm this amount fully amortizes to the Booked Residual Value of the related
        2021-A Vehicle based upon the related Contract Rate

       

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

       

      Representation (7) – One Original

       

      There is only one original executed copy or authoritative copy, as applicable, of the 2021-A Lease.  The Servicer, or its custodian, has possession or control of such original or authoritative copy, as applicable,
        which does not have any marks or notations indicating that it has been pledged, assigned or otherwise conveyed to any Person other than the Titling Trust.

       

      Review Materials

       

      	

            	-	
              Lease agreement

            

       

      Procedures to be Performed

       

      (i)          Confirm that the lease agreement is marked as the original copy or authoritative copy, as applicable

       

      (ii)         Confirm there is no evidence that the lease agreement has been pledged, assigned or otherwise conveyed to any Person other than the Titling Trust

       

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

       

      Representation (8) – Compliance with Law

       

      The 2021-A Lease complied in all material respects at the time it was originated and, as of the 2021-A Cutoff Date, will comply in all material respects with all requirements of federal, State and local laws.

       

      Review Materials

       

      	

            	-	
              Lease agreement

            

       

      Procedures to be Performed

       

      (i)          Confirm the lease agreement 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 Lessor

            

      	

            	(b)	
              Name and address of Lessee and Co-lessee (if applicable)

            

      	

            	(c)	
              Vehicle description

            

      	

            	(d)	
              Amount due at lease signing

            

      	

            	(e)	
              Amount of monthly payment

            

       

      
        SA-4

        
          

      

      	

            	(f)	
              Number of monthly payments

            

      	

            	(g)	
              Other charges

            

      	

            	(h)	
              Total of Payments

            

       

      (iii)       Confirm there is an itemization of the amount due at lease signing

       

      (iv)       Confirm there is an itemization of the monthly payment

       

      (v)         Confirm the following disclosures are included on the contract

       

      	

            	(a)	
              Early termination

            

      	

            	(b)	
              Excessive wear

            

      	

            	(c)	
              Purchase option

            

      	

            	(d)	
              Insurance requirements

            

      	

            	(e)	
              Late charges

            

       

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

       

      Representation (9) - Enforceability

       

      The 2021-A Lease was fully and properly executed by the parties thereto and such 2021-A Lease represents the legal, valid and binding full-recourse payment obligation of the related Lessee, enforceable against such
        Lessee in accordance with its terms, except as enforceability is subject to or limited by bankruptcy, reorganization, insolvency, fraudulent conveyance, moratorium and other similar laws affecting the enforcement of creditors’ rights in general or
        principles of equity (whether considered in a suit at law or in equity).

       

      Review Materials

       

      	

            	-	
              Lease agreement

            

       

      Procedures to be Performed

       

      (i)          Confirm the lease agreement was signed by the Lessor, Lessee and Co-lessee (if applicable)

       

      (ii)         Confirm the lease agreement form number and revision date are on the List of Approved Contract Forms

       

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

       

      Representation (10) – Title to the Lease and Leased Vehicle

       

      Neither the 2021-A Lease nor the 2021-A Vehicle has been sold, transferred, assigned, pledged or granted by any Dealer to any Person other than the Titling Trust.  The Titling Trust has good and marketable title to
        such 2021-A Lease and 2021-A Vehicle, free and clear of any Liens (other than Permitted Liens), participations and rights of others, including, to the knowledge of the Servicer, Liens (other than Permitted Liens) or claims for work, labor or
        material relating to such 2021-A Vehicle.

       

      
        SA-5

        
          

      

      Review Materials

       

      	

            	-	
              Lease agreement

            

       

      	

            	-	
              Title documents

            

       

      	

            	-	
              Lease file

            

       

      Procedures to be Performed

       

      (i)          Confirm the assignment section of the lease agreement has been signed by the Dealer and lists the Titling Trust as the assignee

       

      (ii)         Confirm there is no evidence within the lease file that the Lease has been sold, transferred, assigned, pledged or granted by any Dealer to any Person other than the Title Trust

       

      (iii)       Confirm the title shows that the Titling Trust is the owner of the Lease vehicle

       

      (iv)        Confirm the title document does not indicate any additional liens (other than permitted liens)

       

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

       

      Representation (11) – Lease in Full Force and Effect; No Waiver

       

      The 2021-A Lease is in full force and effect and not satisfied, subordinated or rescinded and no provision of the 2021-A Lease has been waived in any manner that causes or could cause such 2021-A Lease to not qualify
        with the other criteria set forth herein.

       

      Review Materials

       

      	

            	-	
              Lease agreement

            

       

      	

            	-	
              Data tape

            

       

      	

            	-	
              Lease file

            

       

      Procedures to be Performed

       

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

       

      (ii)         Confirm within the data tape that the lease has not been paid off as of the 2021-A Cutoff Date

       

      
        SA-6

        
          

      

      (iii)        Confirm there is no evidence within the lease file that the Lease has been satisfied, subordinated or rescinded

       

      (iv)        Confirm there is no evidence within the lease file that any provision of the lease has been waived in any manner that would cause the Lease to become invalid

       

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

       

      Representation (12) – No Defenses

       

      The 2021-A Lease is not subject to any right of rescission, cancellation, setoff, claim, counterclaim or any other defense (including defenses arising out of violations of usury laws) of the related Lessee to payment
        of the amounts due thereunder, and no such right of rescission, cancellation, set-off, claim, counterclaim or any other defense (including defenses arising out of violations of usury laws) has been asserted or threatened.

       

      Review Materials

       

      	

            	-	
              Lease file

            

       

      Procedures to be Performed

       

      (i)          Confirm there is no indication within the lease file that the Lease is subject to any right of rescission, cancellation, setoff, claim or counterclaim that could cause the Lease to
        become invalid

       

      (ii)         Confirm there is no indication within the lease file of any threats of rescission, cancellation, setoff, claim or counterclaim that could cause the Lease to become invalid

       

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

       

      Representation (13) - Assignability

       

      The 2021-A Lease is fully assignable and does not require the consent of the related Lessee or any other Person as a condition to any transfer, sale or assignment of the rights thereunder to the Titling Trust.

       

      Review Materials

       

      	

            	-	
              Lease agreement

            

       

      Procedures to be Performed

       

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

       

      
        SA-7

        
          

      

      (ii)         Confirm the lease agreement contains language allowing the sale, transfer, assignment, conveyance or pledge of the Lease without the consent of the related Lessee or any other Person

       

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

       

      Representation (14) – Lease Term

       

      As of its origination date, the 2021-A Lease had an original Lease Term of no less than 24 months and no more than 60 months.

       

      Review Materials

       

      	

            	-	
              Lease agreement

            

       

      Procedures to be Performed

       

      (i)          Confirm the number of payments as stated on the lease agreement are within the allowable lease term limits

       

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

       

      Representation (15) - Insurance

       

      As of the time of origination of the 2021-A Lease, the related lease agreement required the related Lessee to obtain physical damage insurance covering the related 2021-A Vehicle.

       

      Review Materials

       

      	

            	-	
              Lease agreement

            

       

      Procedures to be Performed

       

      (i)          Confirm the lease agreement contains language that required the Lessee to obtain and maintain physical damage insurance to the related Leased Vehicle

       

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

       

      Representation (16) – No Bankruptcy

       

      As of the 2021-A Cutoff Date, the Servicer has not received actual notice that the Lessee on any 2021-A Lease is a debtor in a bankruptcy proceeding.

       

      Review Materials

       

      	

            	-	
              Lease file

            

       

      
        SA-8

        
          

      

      Procedures to be Performed

       

      (i)          Confirm the lease file does not contain evidence that the related Lessee or Lease is the subject of any bankruptcy proceeding or insolvency proceeding as of the 2021-A Cutoff Date

       

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

       

      Representation (17) – No Extensions

       

      As of the 2021-A Cutoff Date, the 2021-A Lease is not subject to a current deferral and has not been extended, but may have otherwise been deferred in accordance with the Credit and Collection Policy or otherwise
        modified in accordance with the Credit and Collection Policy so long as such modification did not cause such 2021-A Lease to not qualify with the other criteria set forth herein.

       

      Review Materials

       

      	

            	-	
              Lease agreement

            

       

      	

            	-	
              Data file

            

       

      	

            	-	
              Lease file

            

       

      Procedures to be Performed

       

      (i)          Confirm the Lease was not subject to a deferral as of the 2021-A Cutoff Date and has not been extended or modified as of the 2021-A Cutoff Date

       

      (ii)         If the Lease has been extended, deferred or modified, confirm that (a) there is no evidence that the extension, deferment or modification violated the Credit and Collection Policy and
        (b) the Lease, as extended, deferred or modified, meets all other representations

       

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

       

      Representation (18) – Delinquencies; No Payment Default

       

      As of the 2021-A Cutoff Date, none of the 2021-A Leases is Delinquent by more than 30 days.  As of the 2021-A Cutoff Date, none of the 2021-A Leases is a Defaulted Lease.

       

      Review Materials

       

      	

            	-	
              Data tape

            

       

      
        SA-9

        
          

      

      Procedures to be Performed

       

      (i)          Confirm the data tape does not indicate that 10% or more of the Base Monthly Payment required to be paid on the Lease was more than 30 days past due as of the 2021-A Cutoff Date

       

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

       

      Representation (19) – Securitization Value

       

      As of the 2021-A Cutoff Date, each 2021-A Lease had a Securitization Value not less than $15,000 and no more than $250,000.

       

      Review Materials

       

      	

            	-	
              Lease file

            

       

      Procedures to be Performed

       

      (i)          Confirm the Lease has a Securitization Value that is greater than or equal to $15,000.00

       

      (ii)         Confirm the Lease has a Securitization Value that is less than or equal to $250,000.00

       

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

       

      Representation (20) – FICO Score

       

      As of its origination date, the Lessee under the 2021-A Lease had a FICO score of not less than 651.

       

      Review Materials

       

      	

            	-	
              Lease file

            

       

      Procedures to be Performed

       

      (i)          Confirm the related Lessee’s FICO score was greater than or equal to 651

       

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

       

      Representation (21) – No Allocation to Other Specified Interest

       

      The 2021-A Lease and the related 2021-A Vehicle allocated to the 2021-A Reference Pool has not been allocated to any Reference Pool other than the 2021-A Reference Pool.

       

      
        SA-10

        
          

      

      Review Materials

       

      	

            	-	
              Lease file

            

       

      Procedures to be Performed

       

      (i)          Confirm the lease file indicates that the related Lease and Leased Vehicle were allocated to the 2021-A Reference Pool

       

      (ii)        Confirm the related Lease and Leased Vehicle have not been re-allocated to any other reference pool other than the 2021-A Reference Pool

       

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

       

      Representation (22) – Model Year

       

      The related 2021-A Vehicle has a model year between 2017 and 2021, inclusive.

       

      Review Materials

       

      	

            	-	
              Lease agreement

            

       

      Procedures to be Performed  

       

      (i)          Confirm the vehicle description of the lease agreement indicates that the Leased Vehicle is of a model year between 2017 and 2021

       

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

       

        

      

      
        SA-11Exhibit 10.1

 

FIRST AMENDED AND RESTATED

EMPLOYMENT AGREEMENT

 

This First Amended
and Restated Employment Agreement (“Agreement”) is entered into by and between Merchants Capital Corp. (“MCC”)
and Michael R. Dury, currently an Indiana resident (“Employee”), to be effective as of January 1, 2021 (the
“Effective Date”).

 

WHEREAS,
MCC and Employee entered into that certain Employment Agreement dated December 29, 2010 (the “Original Employment Agreement”);

 

WHEREAS,
MCC and Employee amended the Original Employment Agreement by that Amendment to Employment Agreement effective as of January 1,
2017;

 

WHEREAS, MCC
currently employs Employee on an “at-will” basis as President and Chief Executive Officer, and MCC and Employee intend
to continue their “at-will” employment relationship according to the terms and conditions of this Agreement;

 

WHEREAS,
MCC and Employee desire to further amend, and then to restate, the Original Employment Agreement to be effective from and after
the Effective Date, to, among other things, more directly link Employee’s compensation to the overall success of MCC;

 

WHEREAS, Employee
shall, for and on behalf of MCC, develop, preserve, and improve MCC’s relationships with its customers, prospects, and business
contacts;

 

WHEREAS, MCC’s
customer base is located in Indiana and throughout the contiguous United States, and MCC offers loans on properties located in
Indiana and throughout the contiguous United States;

 

WHEREAS, in
the course of Employee’s employment with MCC, Employee will gain access to certain unique, confidential, and valuable information
of or relating to MCC’s business contacts and its customers and prospects;

 

WHEREAS, it
is essential to MCC’s business that it protect its goodwill and that any trade secrets and confidential information disclosed
by MCC to Employee or learned or developed by Employee as a consequence of or through Employee’s employment with MCC remain
confidential; and

 

WHEREAS, in
agreeing to continue to employ and compensate Employee, MCC is relying on Employee’s assurances and promises not to use or
disclose its trade secrets and other confidential information in a manner that is inconsistent with this Agreement or applicable
law and not to divert MCC’s customer or other business contacts, loyalty, or goodwill.

 

NOW, THEREFORE, in
consideration of the mutual covenants and consideration contained in this Agreement, the sufficiency of which is hereby acknowledged,
MCC and Employee agree as follows:

 

		(1)	Employment; Title; “Employment-At-Will”. MCC shall continue to employ Employee as President and Chief
Executive Officer. MCC and Employee each have the right to terminate this Agreement at any time, with or without cause or advance
notice. Termination of this Agreement simultaneously terminates the employment relationship.

 

    	 	 	 

     

    

 

		(2)	Duties; Best Efforts. Employee’s duties include overseeing and leading the operation and management of
the business of MCC and the furtherance of its business interests including the marketing, servicing and promoting of MCC’s
mortgage banking business and the origination of loans involving multifamily housing and health care facilities financing. Examples
of specific duties include, without limitation, remaining informed of developments in market conditions that impact MCC’s
business; being visible to referral sources and other appropriate segments of the commercial real estate industry in order to meet
and retain potential new customers for MCC; analyzing and assessing customers’ financial circumstances to determine whether
the customer and property qualify for particular types of loans; advising customers about the risks and benefits of loan alternatives;
and assisting customers in identifying and securing loans appropriate for their individual circumstances and goals. Employee initially
shall be accountable to the Approving Person (as defined below). Employee’s title, duties, and/or reporting relationships
may be changed in the sole discretion of Approving Person. Employee shall exercise its best discretion and independent judgment
in fulfilling Employee’s responsibilities and shall put forth Employee’s best efforts to performing all duties assigned
by Approving Person. Employee shall not accept any employment, independent contractor, or other professional relationship with
any other person or entity without authorization from Approving Person.

 

		(3)	Location. Employee’s primary work location initially shall be MCC’s office in Carmel, Indiana.
Employee must be available for meetings and other functions at other locations as appropriate to the duties of the position. Employee
acknowledges that regular physical presence at MCC’s office or other locations as set forth herein is an essential function
of the position for which Employee is employed.

 

		(4)	MCC’s Policies. Except as otherwise specified in this Agreement or any other agreement signed by Employee
and the Approving Person (as defined below), or a person designated thereby, Employee is subject to the same policies as other
employees of MCC, including but not limited to policies described in any personnel manual or similar document, as such policies
are amended from time to time in MCC’s sole discretion.

 

		(5)	Compensation; Benefits.

 

		(a)	Definitions. For the purposes of this Agreement:

 

		(i)	“Approving Person” means the Chief Executive Officer of Merchants Bank of Indiana; provided, however, if
at any time Employee holds the office of Chief Executive Officer of Merchants Bank of Indiana, the Board of Directors of Merchants
Bancorp will act as the Approving Person.

 

		(ii)	“Base Salary” means $250,000, which may be modified by the Approving Person at any time upon prior notice
to Employee.

 

		(iii)	“Designated Borrower” means a list of MCC’s customers designated by the Approving Person on an annual
basis for which Employee will be assigned to originate loans.

 

		(iv)	“Designated Borrower Financing Fee Income” means the total Financing Fee Income paid directly by all Designated
Borrowers to the MCC on loans originated by Employee.

 

		(v)	“Financing Fee Income” means all origination fees and exit fees paid directly by a borrower
to MCC on loans originated by an employee of MCC, less any fees paid by MCC to a third party (e.g., any participant). Financing
Fee Income does not include any fees paid by a person other than the borrower.

 

    	 	2	 

     

    

 

		(vi)	“Non-Designated Borrower Financing Fee Income” means the total Financing Fee Income paid directly by
                                                              all borrowers, excluding Designated Borrowers, to MCC or Merchants Bank of Indiana on loans originated by employees of
                                                              MCC.

 

		(vii)	“Threshold” means an amount equal to two times (2x) the then in effect Base Salary.

 

		(viii)	“Total Fee Income” means the Non-Designated Borrower Financing Fee Income plus any trade premium, VLI fees,
and securitization fees paid directly to MCC for (A) Merchants Bank of Indiana balance sheet loans, (B) FHA loans, and (C) agency
eligible loans, excluding loans to Designated Borrowers, originated by an employee of MCC.

 

		(ix)	“Volume Bonus” means an amount equal to 5% of the Total Fee Income.

 

		(b)	Base Salary. In consideration for services provided by Employee, Employee shall receive the Base Salary. The
Base Salary, less payroll taxes and other legal and authorized deductions, shall be paid in installments at such times and intervals
as salaries of other salaried employees of MCC are paid. At MCC’s discretion, deductions may be made from the Base Salary
during periods that Employee performs no work, but only to the extent such deductions are permitted by the federal Fair Labor Standards
Act.

 

		(c)	Commissions. In addition to the Base Salary and Volume Bonus (as provided in Section 5(d)), MCC shall pay Employee
a percentage of the Designated Borrower Financing Fee Income in accordance with this Section 5(c) (collectively, the “Commissions”):

 

		(i)	If the Designated Borrower Financing Fee Income during the calendar year does not exceed the Threshold, Employee is not entitled
to any portion of the Designated Borrower Financing Fee Income;

 

		(ii)	MCC shall pay Employee an amount equal to 20% of the portion of the Designated Borrower Financing Fee Income during the calendar
year that exceeds the Threshold but does not exceed $750,000;

 

		(iii)	MCC shall pay Employee an amount equal to 25% of the portion of the Designated Borrower Financing Fee Income during the calendar
year that exceeds the $750,000 but does not exceed $1,000,000; and

 

		(iv)	MCC shall pay Employee an amount equal to 30% of the portion of the Designated Borrower Financing Fee Income during the calendar
year that exceeds $1,000,000.

 

		(d)	Volume Bonus. In addition to the Base Salary and Commissions, MCC shall pay Employee the Volume Bonus.

 

		(e)	If there is a dispute over which employee of MCC originated a particular loan, the Approving Person shall decide, in its sole
discretion, which employee originated the loan in question. If there is any dispute over whether any fee, payment, or other amount
constitutes part of Financing Fee Income and/or Total Fee Income, the Approving Person shall decide, in its sole discretion.

 

		(f)	Notwithstanding any provision in this Agreement to the contrary, Employee does not earn any Commissions or Volume Bonus with
respect to a loan until the loan closes and the Financing Fee Income or Total Fee Income, as applicable, for that
loan are actually received by MCC. Therefore, Employee shall not be paid any Commissions or Volume Bonus on any Financing Fee Income
or Total Fee Income actually received by MCC subsequent to the Termination Date (defined in Section 6, below).

 

    	 	3	 

     

    

 

		(g)	For each calendar year during the employment relationship, Commitment Fees for loans originated by Employee shall be aggregated
toward the calendar year requirement and any accrued but unpaid commissions shall be paid quarterly, within ten (10) business
days of the end of the quarter (quarters
end March 31, June 30, September 30, December 31). Upon termination of the employment relationship, Employee
shall be paid any unpaid Base Salary earned to and including the date of termination and any unpaid Commissions and Volume Bonus
earned to and including the date of termination on or before the regular pay day for the pay period in which the relationship terminates.
If Employee’s employment ends during a calendar year, the base amounts that the Designated Borrower Financing Fee Income
must exceed in order for Employee to earn any Commissions under Section 5(c) shall not be prorated.

 

		(h)	Fringe Benefits. Except as otherwise specified in this Agreement or any other agreement signed by Employee and
the Approving Person, or a person designated thereby, Employee shall be eligible for all fringe benefits available to similarly
situated employees of MCC on the terms that those benefits are offered to similarly situated employees of MCC. Such benefits are
subject to change from time to time at the sole discretion of MCC.

 

		(6)	Non-Competition Agreement.

 

		(a)	To protect MCC’s trade secrets and other confidential information, goodwill, and relationships with customers, prospects,
and business contacts, Employee shall not, during the term of Employee’s employment with MCC (except in the course of Employee’s
duties as an employee of MCC) and during the twelve (12) month period immediately following the date Employee’s employment
with MCC ends (“Termination Date”):

 

		(i)	Directly or indirectly, whether as an employee, employer, agent, owner, consultant, contractor, or in any other capacity, engage
in the business of financing multi-family housing, health care facilities, or other commercial real estate (including, without
limitation, financing involving Freddie Mac, Fannie Mae, Rural Housing Service, or HUD), or engage in any other business activity
competitive with the products or services offered by MCC and/or under development by MCC during Employee’s employment with
MCC and/or as of the Termination Date, with respect to any property located within the State of Indiana; or

 

		(ii)	Directly or indirectly, whether as an employee, employer, agent, owner, consultant, contractor, or in any other capacity, solicit
any customer of MCC (“Customer”) for the purpose of engaging in the business of financing multi-family housing,
health care facilities, or other commercial real estate (including, without limitation, financing involving Freddie Mac, Fannie
Mae, Rural Housing Service, or HUD) or engaging in any other business activity competitive with the products or services offered
by MCC and/or under development by MCC during Employee’s employment with MCC and/or as of the Termination Date (for purposes
of this Agreement, “Customer” means any individual or entity: (i) for whom/which Employee originated a loan on
behalf of MCC; (ii) whom/which Employee solicited or otherwise contacted for the purpose of originating a loan on behalf of
MCC; and/or (iii) with respect to whom/which Employee was provided, or had access to, Confidential Information (defined in
Section 7 below)); or

 

		(iii)	Request, solicit or advise any Customer to withdraw, curtail, cancel, reduce, or otherwise change their business with MCC;
or

 

		(iv)	Entice, induce, or encourage any other person to engage in any activity which, were it done by Employee, would violate any
provision of this Agreement.

 

    	 	4	 

     

    

 

		(b)	During the twelve (12) month period immediately following the Termination Date, Employee shall, within five (5) days of
accepting any employment, consulting engagement, engagement as an independent contractor, partnership, or other association, advise
MCC in writing of the identity of the individual or entity with whom Employee has or intends to become associated. MCC shall have
the right to serve notice upon each such individual or entity that Employee is bound by this Agreement and furnish each such individual
or entity with a copy of this Agreement or relevant portions thereof.

 

		(7)	Confidential Information and Records.

 

		(a)	Employee shall receive in confidence any and all data and information about MCC’s business that comes to Employee’s
attention during Employee’s employment with MCC, including, without limitation: (i) customer lists and customer information,
including names, addresses and other contact information, requirements, financial information, transaction histories, and other
information relating to MCC’s relationships with customers; (ii) prospect lists and information, including names, addresses
and other contact information, requirements, financial information, and other information relating to MCC’s efforts to secure
business with prospects; (iii) marketing plans and concepts; (iv) fee schedules; (v) products and services in development;
(vi) information concerning sales, costs, profit margins, and other financial information pertaining to MCC; and (vii) any
other information MCC reasonably treats as confidential during Employee’s employment with MCC (collectively, the “Confidential
Information”). Employee shall not disclose any Confidential Information to anyone except MCC or authorized representatives
designated by MCC. Employee shall use such Confidential Information only in the course of Employee’s duties as an employee
of MCC and in the best interests of MCC.

 

		(b)	Employee’s confidentiality obligations imposed by Section 7(a) shall continue as long as the Confidential Information
remains confidential. The confidentiality obligations imposed by Section 7(a) do not apply to information that Employee
can prove becomes generally known to the public other than through violation of this Agreement.

 

		(c)	The parties agree that the foregoing is intended to supplement, but not displace, MCC’s rights under the Indiana Uniform
Trade Secrets Act, Ind. Code § 24-2-3, et seq., and its supplemental and successor acts.

 

		(d)	Immediately upon MCC’s request and/or termination of Employee’s employment, Employee shall return all property
of MCC, including without limitation MCC-provided computers, software, cell phones, data storage devices, and all records and documents,
regardless of form, that contain Confidential Information. Employee shall delete all Confidential Information from all personal
computers, storage devices, cell phones or other devices owned by Employee. Employee shall not maintain copies (electronic or otherwise)
of any Confidential Information. In addition, Employee shall provide to the Approving Person, or any person designated thereby,
upon their request, all information necessary for the use of any MCC property, such as passwords or access codes.

 

		(8)	Agreement to Not Solicit MCC’s Employees. During the twelve (12) month period immediately following
                                                          the Termination Date, Employee shall not: (i) hire, solicit, contract for the services of, or otherwise employ or
                                                          attempt to employ any person who was, on or at any time during the six (6) month period immediately preceding the
                                                          Termination Date, an employee of MCC; or (ii) seek in any way to influence, solicit, induce, or attempt to induce any
                                                          employee, consultant, agent, contractor, or other representative
of MCC to terminate his/her employment or relationship with, or breach his/her agreements with or obligations to, MCC.

 

    	 	5	 

     

    

 

		(9)	Enforcement.

 

		(a)	Employee acknowledges that the restrictions provided in Sections 6, 7, and 8 of this Agreement are reasonable and necessary
for the protection of the business and goodwill of MCC considering the nature of the business in which MCC is engaged, the knowledge
of MCC’s operations which Employee acquired and will continue to acquire, and the extent of the customer base of MCC.

 

		(b)	The provisions of this Agreement are severable. If a court of competent jurisdiction determines that any provision of this
Agreement is unenforceable, such provision(s) shall be removed from the Agreement, and the remaining provisions of the Agreement
shall remain in effect and be construed and enforced as if such provision had not originally been contained herein.

 

		(c)	Employee acknowledges the irreparable harm to MCC which may result from a breach of Sections 6, 7, and/or 8 of this Agreement
by Employee. In the event of Employee’s actual or threatened breach of Sections 6, 7, and/or 8 of this Agreement, MCC shall
be entitled, though not limited to, an injunction restraining Employee therefrom.

 

		(d)	The existence of any claim or cause of action by Employee against MCC, whether predicted on this Agreement or otherwise, shall
not constitute a defense to MCC’s enforcement or application of the provisions of Sections 6, 7, and/or 8 of this Agreement.

 

		(e)	The provisions of Sections 6 through 13 of this Agreement shall survive the termination of this Agreement and Employee’s
employment hereunder.

 

		(f)	In any legal action to enforce the terms of this Agreement, the prevailing party shall be awarded its costs and expenses, including
its attorneys’ fees. The term “prevailing party” shall include, but not be limited to, a party who brings an
action against the other by reason of the other’s breach or threatened breach and obtains substantially the relief sought
whether by compromise, settlement, or judgment.

 

		(10)	Amendment; Waiver. This Agreement may not be amended, nor may any provision of this Agreement be waived, except
by a signed writing specifically referring to this Agreement and signed by Employee and the Approving Person, or a person designated
thereby. No failure of any party to exercise any right under this Agreement or to insist upon strict compliance by any party with
its obligations hereunder shall constitute a waiver of the right to demand exact compliance with the terms of this Agreement. No
waiver shall obligate a party to agree to any future waiver or affect the validity of any provision relating to such waiver.

 

    	 	6	 

     

    

 

		(11)	Assignment. Employee may not assign this Agreement. MCC may assign this Agreement to any successor to its business.

 

		(12)	Governing Law; Headings. This Agreement shall be governed by the laws of the State of Indiana, and in any action
to enforce its terms, venue shall be in Hamilton County Indiana (or, in the case of federal court action, Marion County, Indiana).
Section headings are for convenience of reference only and shall not be used to construe the meaning of any provision of this
Agreement.

 

		(13)	Entire Agreement. This Agreement constitutes the entire agreement of the parties hereto and supersedes all prior
agreements and understandings with respect to the subject matter hereof.

 

[Remainder of
page left intentionally blank]

 

    	 	7	 

     

    

 

IN WITNESS WHEREOF,
the parties have executed this First Amended and Restated Employment Agreement to be effective on the Effective Date.

 

	 	MERCHANTS CAPITAL CORP.
	 	 	 
	 	By: 	/s/ Michael J. Dunlap
	 	Name: 	Michael J. Dunlap
	 	Title:	Chairman
	 	 	 
	 	EMPLOYEE
	 	 	 
	 	/s/ Michael R. Dury
	 	Michael R. Dury

 

[Signature
Page to Amended and Restated Employment Agreement]

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