Document:

Exhibit 10.3

    

    

    
      EXECUTION COPY

    

    

    

    MERCEDES-BENZ AUTO RECEIVABLES TRUST 2022-1,

    as Issuer,

     

    MERCEDES-BENZ FINANCIAL SERVICES USA LLC,

    as Servicer and Administrator,

     

    and

     

    CLAYTON FIXED INCOME SERVICES LLC,

    as Asset Representations Reviewer

     

    
      
 

     

    

    ASSET REPRESENTATIONS REVIEW

    AGREEMENT

     

    Dated as of November 1, 2022

     
      

    

    

    
      
        

    

    
    TABLE OF CONTENTS

     

    	 	 	
            Page

          
	 
	
            ARTICLE ONE

          
	 	 	 
	
            DEFINITIONS

          
	 	 	 
	
            Section 1.01.

          	
            Capitalized Terms; Rules of Usage

          	
            1

          
	 
	
            ARTICLE TWO

          
	 	 	 
	
            ENGAGEMENT; ACCEPTANCE

          
	 	 	 
	
            Section 2.01.

          	
            Engagement; Acceptance

          	
            3

          
	
            Section 2.02.

          	
            Confirmation of Status

          	
            3

          
	 
	
            ARTICLE THREE

          
	 	 	 
	
            ASSET REPRESENTATIONS REVIEW PROCESS

          
	 	 	 
	
            Section 3.01.

          	
            Review Notices and Identification of Review Assets

          	
            3

          
	
            Section 3.02.

          	
            Review Materials

          	
            4

            

          
	
            Section 3.03.

          	
            Performance of Reviews

          	
            4

          
	
            Section 3.04.

          	
            Review Report

          	
            5

          
	
            Section 3.05.

          	
            Review Representatives

          	
            5

          
	
            Section 3.06.

          	
            Dispute Resolution

          	
            5

          
	
            Section 3.07.

          	
            Limitations on Review Obligations

          	
            6

          
	 
	
            ARTICLE FOUR

          
	 	 	 
	
            ASSET REPRESENTATIONS REVIEWER

          
	 	 	 
	
            Section 4.01.

          	
            Representations and Warranties of the Asset Representations Reviewer

          	
            6

          
	
            Section 4.02.

          	
            Covenants

          	
            7

          
	
            Section 4.03.

          	
            Fees and Expenses

          	
            8

          
	
            Section 4.04.

          	
            Limitation on Liability

          	
            9

          
	
            Section 4.05.

          	
            Indemnification by Asset Representations Reviewer

          	
            9

          
	
            Section 4.06.

          	
            Indemnification of Asset Representations Reviewer

          	
            9

          
	
            Section 4.07.

          	
            Inspections of Asset Representations Reviewer

          	
            10

          
	
            Section 4.08.

          	
            Delegation of Obligations

          	
            10

          
	
            Section 4.09.

          	
            Confidential Information

          	
            11

          
	
            Section 4.10.

          	
            Personally Identifiable Information

          	
            12

          

     

    

    
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            Page

          
	 	 
	
            ARTICLE FIVE

          
	 	 	 
	
            REMOVAL; RESIGNATION

          
	 	 	 
	
            Section 5.01.

          	
            Eligibility of the Asset Representations Reviewer

          	
            13

          
	
            Section 5.02.

          	
            Resignation and Removal of Asset Representations Reviewer

          	
            13

          
	
            Section 5.03.

          	
            Successor Asset Representations Reviewer

          	
            14

          
	
            Section 5.04.

          	
            Merger, Consolidation or Succession

          	
            14

          
	 
	
            ARTICLE SIX

          
	 	 	 
	
            OTHER AGREEMENTS

          
	 	 	 
	
            Section 6.01.

          	
            Independence of the Asset Representations Reviewer

          	
            15

          
	
            Section 6.02.

          	
            No Petition

          	
            15

          
	
            Section 6.03.

          	
            Limitation of Liability of Owner Trustee

          	
            15

          
	
            Section 6.04.

          	
            Termination of Agreement

          	
            15

          
	 
	
            ARTICLE SEVEN

          	 
	 	 	 
	
            MISCELLANEOUS PROVISIONS

          	 
	 	 	 
	
            Section 7.01.

          	
            Amendments

          	
            16

          
	
            Section 7.02.

          	
            Assignment; Benefit of Agreement; Third Party Beneficiaries

          	
            16

          
	
            Section 7.03.

          	
            Notices

          	
            16

          
	
            Section 7.04.

          	
            GOVERNING LAW

          	
            17

          
	
            Section 7.05.

          	
            WAIVER OF JURY TRIAL

          	
            17

          
	
            Section 7.06.

          	
            No Waiver; Remedies

          	
            17

          
	
            Section 7.07.

          	
            Severability

          	
            18

          
	
            Section 7.08.

          	
            Table of Contents and Headings

          	
            18

          
	
            Section 7.09.

          	
            Counterparts

          	
            18

          
	
            Section 7.10.

          	
            Electronic Signatures

          	
            18

          
	 	 	 
	
            SCHEDULES

          
	 	 	 
	
            Schedule A –  Representations and Warranties, Review Materials and Tests

          	
            SA-1

          

    

    

    
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    This ASSET REPRESENTATIONS REVIEW AGREEMENT, dated as of November 1, 2022 (as amended, restated, supplemented or otherwise modified from time to time, this “Agreement”), is among MERCEDES-BENZ AUTO RECEIVABLES TRUST
      2022-1, a Delaware statutory trust (the “Issuer”), MERCEDES-BENZ FINANCIAL SERVICES USA, a Delaware limited liability company, as servicer and administrator (in such capacities, the “Servicer” and the “Administrator” respectively), and CLAYTON FIXED
      INCOME SERVICES LLC, a Delaware limited liability company (the “Asset Representations Reviewer”).

     

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

     

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

     

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

     

    ARTICLE ONE

     

    DEFINITIONS

     

    Section 1.01.  Capitalized Terms; Rules of Usage.  Capitalized terms used in this Agreement that are not otherwise defined shall have the meanings ascribed thereto in Appendix A to the Sale and Servicing
      Agreement, dated as of November 1, 2022, among the Issuer, the Depositor, and Mercedes-Benz Financial Services USA LLC, which Appendix is hereby incorporated into and made a part of this Agreement.  Appendix A also contains rules as to usage
      applicable to this Agreement.  Whenever used herein, unless the context otherwise requires, the following words and phrases shall have the respective meanings set forth below for all purposes of this Agreement.  In the event of any conflict between a
      definition appearing below and any other Basic Document, the definition appearing below shall control for purposes of this Agreement.

     

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

     

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

     

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

     

    
      
        

    

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

    
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    “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.

     

    ARTICLE TWO

     

    ENGAGEMENT; ACCEPTANCE

     

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

     

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

     

    ARTICLE THREE

     

    

    ASSET REPRESENTATIONS REVIEW PROCESS

     

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

     

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

     

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

     

    Section 3.03.  Performance of Reviews.

     

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

     

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

     

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

     

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

     

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

     

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

     

    Section 3.05.  Review Representatives.

     

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

     

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

     

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

     

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

     

    
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    Section 3.07.  Limitations on Review Obligations.

     

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

     

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

     

    ARTICLE FOUR

     

    ASSET REPRESENTATIONS REVIEWER

     

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

     

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

     

    
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    (b)          Power, Authority and Enforceability.  The Asset Representations Reviewer has the power and authority to execute, deliver and perform its obligations under this Agreement.  The Asset
      Representations Reviewer has authorized the execution, delivery and performance of this Agreement.  This Agreement is the legal, valid and binding obligation of the Asset Representations Reviewer, enforceable against the Asset Representations
      Reviewer except as 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 be a breach or default under, any indenture, mortgage, deed of trust, loan agreement, guarantee or similar document under which the Asset Representations Reviewer is a debtor or guarantor, (ii) result in the
      creation or imposition of a Lien on the properties or assets of the Asset Representations Reviewer under the terms of any indenture, mortgage, deed of trust, loan agreement, guarantee or similar document, (iii) violate the organizational documents of
      the Asset Representations Reviewer or (iv) violate any Applicable Law or, to the Asset Representations Reviewer’s knowledge, an order, rule or regulation of a Governmental Authority having jurisdiction over the Asset Representations Reviewer or its
      properties that applies to the Asset Representations Reviewer, which, in each case, would reasonably be expected to have a material adverse effect on the Asset Representations Reviewer’s ability to perform its obligations under this Agreement.

     

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

     

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

     

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

     

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

     

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

     

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

     

    Section 4.03.  Fees and Expenses.

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

    Section 4.06.  Indemnification of Asset Representations Reviewer.

     

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

     

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

     

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

     

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

     

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

     

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

     

    
      10

      
        

    

    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 Confidential Information for the preparation of research reports, newsletters or other publications
      or similar communications.

     

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

     

    (c)          Disclosure.  If the Asset Representations Reviewer is required by Applicable Law to disclose part of the Confidential Information, it may disclose such Confidential Information.  However, before a
      required disclosure, the Asset Representations Reviewer, if permitted by Applicable Law, will use its reasonable efforts to provide the Issuer and the Servicer with notice of the requirement and will cooperate, at the Servicer’s expense, in the
      Issuer’s and the Servicer’s pursuit of a proper protective order or other relief for the disclosure of 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.

     

    
      11

      
        

    

    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 Applicable Law relating to PII, Issuer PII and the Asset Representations Reviewer’s business, including any legally required codes of conduct, including those relating to privacy, security and data protection.  The Asset Representations Reviewer
      will protect and secure Issuer PII.  The Asset Representations Reviewer will implement privacy or data protection policies and procedures that comply with Applicable Law and this Agreement.  The Asset Representations Reviewer will implement and
      maintain reasonable and appropriate practices, procedures and systems, including administrative, technical and physical safeguards to (i) protect the security, confidentiality and integrity of Issuer PII, (ii) ensure against anticipated threats or
      hazards to the security or integrity of Issuer PII, (iii) protect against unauthorized access to or use of Issuer PII and (iv) otherwise comply with its obligations under this Agreement.  These safeguards include a written data security plan,
      employee training, information access controls, restricted disclosures, systems protections (e.g., intrusion protection, data storage protection and data transmission protection) and physical security measures.

     

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

     

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

     

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

     

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

     

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

     

    
      12

      
        

    

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

     

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

     

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

     

    ARTICLE FIVE

     

    REMOVAL; RESIGNATION

     

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

     

    Section 5.02.  Resignation and Removal of Asset Representations Reviewer.

     

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

     

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

     

    
      13

      
        

    

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

     

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

     

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

     

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

     

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

     

    Section 5.03.  Successor Asset Representations Reviewer.

     

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

     

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

     

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

     

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

     

    
      14

      
        

    

    ARTICLE SIX

     

    OTHER AGREEMENTS

     

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

     

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

     

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

     

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

     

    
      15

      
        

    

    ARTICLE SEVEN

     

    MISCELLANEOUS PROVISIONS

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

    Section 7.03.  Notices.

     

    (a)          Unless otherwise specified in this Agreement, all notices, requests, demands, consents, waivers or other communications to or from the parties to this Agreement will be in writing.  Notices, requests,
      demands, consents and other communications will be deemed to have been given and made, (i) upon delivery or, in the case of a letter mailed via registered first class mail, postage prepaid, three days after deposit in the mail and (ii) in the case of
      (a) a facsimile, when receipt is confirmed by telephone or by reply e-mail or reply facsimile from the recipient, (b) an e-mail, when receipt is confirmed by telephone or by reply e‐mail from the recipient and (c) an electronic posting to a
      password-protected website, upon printed confirmation of the recipient’s access to such password-protected website, or when notification of such electronic posting is confirmed in accordance with clauses (ii)(b) through (ii)(c) above.

     

    
      16

      
        

    

    (b)          Any notice, request, demand, consent, waiver or other communication will be addressed as stated in the 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:

     

    Covius Services, LLC

    720 S. Colorado Blvd., Suite 200

    Glendale, Colorado 80249

    

    

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

     

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

     

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

     

    
      17

      
        

    

    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.  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.

     

    Section 7.10.  Electronic Signatures.  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 Agreement, 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.

     

    
      18

      
        

    

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

     

    	 	
            MERCEDES-BENZ AUTO RECEIVABLES TRUST 2022-1, as Issuer

          
	 	 
	 	
            By:

          	
            WILMINGTON TRUST, NATIONAL ASSOCIATION, not in its individual capacity, but solely as Owner Trustee

          
	 	 	 
	 	
            By:

          	
            /s/ Andrew M. Cooper

          
	 	 	
            Name: Andrew M. Cooper

          
	 	 	
            Title: Vice President

          
	 	 	 
	 	
            MERCEDES-BENZ FINANCIAL SERVICES

          
	 	 	
            USA LLC, as Servicer and Administrator

          
	 	 	 
	 	
            By:

          	
            /s/ Christopher Trainor

          
	 	 	
            Name: Christopher Trainor

          
	 	 	
            Title: Vice President

          
	 	 	 
	 	
            CLAYTON FIXED INCOME SERVICES LLC, as

          
	 	 	
            Asset Representations Reviewer

          
	 	 	 
	 	
            By:

          	
            /s/ Anthony Neske

          
	 	 	
            Name: Anthony Neske

          
	 	 	
            Title: Senior Vice President

          

    

    

    
      ARR Agreement

       

    

    
      
        

    

    
    SCHEDULE A

     

    REPRESENTATIONS AND WARRANTIES, REVIEW MATERIALS AND TESTS

     

    Representation (1) - Characteristics of Receivables

     

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

     

    Review Materials

     

    	

          	-	
            Contract

          

     

    	

          	-	
            Data Tape

          

     

    	

          	-	
            List of Approved Contracts

          

     

    	

          	-	
            Title

          

     

    Procedures to be Performed

     

    	

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

          

     

    	

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

          

     

    	

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

          

     

    
      SA-1

      
        

    

    	

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

          

     

    	

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

          

     

    	

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

          

     

    	

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

          

     

    	

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

          

     

    	

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

          

     

    	

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

          

     

    	

          	(xi)	
            Confirm the Contract allows for prepayment.

          

     

    	

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

          

     

    	

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

          

     

    	

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

          

     

    	

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

          

     

    Representation – (2) Compliance with Law

     

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

     

    Review Materials

     

    	

          	-	
            Contract

          

     

    	

          	-	
            List of Approved Contracts

          

     

    
      SA-2

      
        

    

    Procedures to be Performed

     

    	

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

          

     

    	

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

          

     

    	

          	(a)	
            Name and address of Dealer

          

    	

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

          

    	

          	(c)	
            Vehicle description

          

    	

          	(d)	
            Amount of monthly payment

          

    	

          	(e)	
            Number of monthly payments

          

    	

          	(f)	
            Annual Percentage Rate

          

    	

          	(g)	
            Total of Payments

          

     

    	

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

          

     

    	

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

          

     

    	

          	(a)	
            Insurance requirements

          

    	

          	(b)	
            Security interest disclosure

          

    	

          	(c)	
            Prepayment disclosure

          

    	

          	(d)	
            Late payment policy

          

     

    	

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

          

     

    Representation (3) – Binding Obligation

     

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

     

    Review Materials

     

    	

          	-	
            Contract

          

     

    	

          	-	
            Data Tape

          

     

    	

          	-	
            List of Approved Contracts

          

     

    
      SA-3

      
        

    

    Procedures to be Performed

     

    	

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

          

     

    	

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

          

     

    	

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

          

     

    Representation (4) – No Government Obligor

     

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

     

    Review Materials

     

    	

          	-	
            Contract

          

     

    Procedures to be Performed

     

    	

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

          

     

    	

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

          

     

    	

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

          

     

    Representation (5) – Obligor Bankruptcy

     

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

     

    Review Materials

     

    	

          	-	
            Contract

          

     

    	

          	-	
            Data Tape

          

     

    Procedures to be Performed

     

    	

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

          

     

    	

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

          

     

    
      SA-4

      
        

    

    Representation (6) – Security Interest in Financed Vehicles

     

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

     

    Review Materials

     

    	

          	-	
            Contract

          

     

    	

          	-	
            List of Approved Contracts

          

     

    	

          	-	
            Title

          

     

    Procedures to be Performed

     

    	

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

          

     

    	

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

          

     

    	

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

          

     

    	

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

          

     

    Representation (7) – Receivables in Force

     

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

     

    Review Materials

     

    	

          	-	
            Contract

          

     

    	

          	-	
            Data Tape

          

     

    	

          	-	
            Title

          

     

    	

          	-	
            Receivable File

          

     

    
      SA-5

      
        

    

    Procedures to be Performed

     

    	

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

          

     

    	

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

          

     

    	

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

          

     

    	

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

          

     

    	

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

          

     

    Representation (8) – No Waivers

     

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

     

    Review Materials

     

    	

          	-	
            Contract

          

     

    	

          	-	
            Data Tape

          

     

    	

          	-	
            Receivable File

          

     

    Procedures to be Performed

     

    	

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

          

     

    	

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

          

     

    Representation (9) – No Amendments

     

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

     

    Review Materials

     

    	

          	-	
            Contract

          

     

    	

          	-	
            Data Tape

          

     

    
      SA-6

      
        

    

    Procedures to be Performed

     

    	

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

          

     

    	

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

          

     

    Representation (10) – No Defenses

     

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

     

    Review Materials

     

    	

          	-	
            Contract

          

     

    	

          	-	
            Data Tape

          

     

    Procedures to be Performed

     

    	

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

          

     

    	

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

          

     

    	

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

          

     

    Representation (11) – No Liens

     

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

     

    Review Materials

     

    	

          	-	
            Contract

          

     

    	

          	-	
            Title

          

     

    	

          	-	
            Receivable File

          

     

    
      SA-7

      
        

    

    Procedures to be Performed

     

    	

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

          

     

    	

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

          

     

    	

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

          

     

    Representation (12) – No Defaults; Repossessions

     

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

     

    Review Materials

     

    	

          	-	
            Contract

          

     

    	

          	-	
            Data Tape

          

     

    	

          	-	
            Receivable File

          

     

    Procedures to be Performed

     

    	

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

          

     

    	

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

          

     

    	

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

          

     

    	

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

          

     

    Representation (13) - Insurance

     

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

     

    
      SA-8

      
        

    

    Review Materials

     

    	

          	-	
            Contract

          

     

    Procedures to be Performed

     

    	

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

          

     

    	

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

          

     

    Representation (14) - Title

     

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

     

    Review Materials

     

    	

          	-	
            Contract

          

     

    	

          	-	
            Title

          

     

    	

          	-	
            Receivable File

          

     

    Procedures to be Performed

     

    	

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

          

     

    	

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

          

     

    	

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

          

     

    
      SA-9

      
        

    

    Representation (15) - Lawful Assignment

     

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

     

    Review Materials

     

    	

          	-	
            Contract

          

     

    	

          	-	
            Title

          

     

    Procedures to be Performed

     

    	

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

          

     

    	

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

          

     

    	

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

          

     

    Representation (16) – One Original/Authoritative Copy

     

    For each Receivable that constitutes “tangible chattel paper,” if in tangible form, there is only one original executed copy of such Receivable and for each Receivable that constitutes “electronic chattel paper,” if in
      electronic form, such Receivable is evidenced by the authoritative copy thereof.

     

    Review Materials

     

    	

          	-	
            Contract

          

     

    Procedures to be Performed

     

    	

          	(i)	
            Confirm that the Contract, if in paper form, is clearly marked as the original Contract and, if in electronic form, indicates that it is the “authoritative copy”.

          

     

    	

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

          

     

    	

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

          

     

    Representation (17) – Principal Balance

     

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

     

    
      SA-10

      
        

    

    Review Materials

     

    	

          	-	
            Data Tape

          

     

    Procedures to be Performed

     

    	

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

          

     

    	

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

          

     

    Representation (18) – Original Term to Maturity

     

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

     

    Review Materials

     

    	

          	-	
            Contract

          

     

    	

          	-	
            Data Tape

          

     

    Procedures to be Performed

     

    	

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

          

     

    	

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

          

     

    	

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

          

     

    Representation (19) – Annual Percentage Rate

     

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

     

    Review Materials

     

    	

          	-	
            Contract

          

     

    	

          	-	
            Data Tape

          

     

    
      SA-11

      
        

    

    Procedures to be Performed

     

    	

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

          

     

    	

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

          

     

    Representation (20) – Marking Records

     

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

     

    Review Materials

     

    	

          	-	
            Data Tape

          

     

    	

          	-	
            Receivable File

          

     

    Procedures to be Performed

     

    	

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

          

     

    	

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

          

     

    Representation (21) – Chattel Paper

     

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

     

    Review Materials

     

    	

          	-	
            Contract

          

     

    	

          	-	
            Title

          

     

    	

          	-	
            Data Tape

          

     

    Procedures to be Performed

     

    	

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

          

     

    	

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

          

     

    	

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

          

     

    
      SA-12

      
        

    

    Representation (22) – Final Scheduled Payment Date

     

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

     

    Review Materials

     

    	

          	-	
            Contract

          

     

    	

          	-	
            Data Tape

          

     

    Procedures to be Performed

     

    	

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

          

     

    	

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

          

     

    Representation (23) – No Fraud or Misrepresentation

     

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

     

    Review Materials

     

    	

          	-	
            Receivable File

          

     

    Procedures to be Performed

     

    	

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

          

     

    	

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

          

     

    Representation (24) – No Impairment

     

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

     

    Review Materials

     

    	

          	-	
            Receivable File

          

     

    	

          	-	
            Data Tape

          

     

    	

          	-	
            Eligibility Criteria

          

     

    
      SA-13

      
        

    

    Procedures to be Performed

     

    	

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

          

     

    	

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

          

     

    Representation (25) - Servicing

     

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

     

    Review Materials

     

    	

          	-	
            Receivable File

          

     

    	

          	-	
            Data Tape

          

     

    Procedures to be Performed

     

    	

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

          

     

    	

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

          

     

    	

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

          

     

    Representation (26) – No Consent

     

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

     

    Review Materials

     

    	

          	-	
            Contract

          

     

    Procedures to be Performed

     

    	

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

          

     

    	

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

          

     

     

    

    
      SA-14Exhibit 10.4

    

     

      

    
      EXECUTION COPY

      

      

      MERCEDES-BENZ AUTO RECEIVABLES TRUST 2022-1,

      as Issuer,

       

      MERCEDES-BENZ FINANCIAL SERVICES USA LLC,

      as Administrator,

       

      MERCEDES-BENZ RETAIL RECEIVABLES LLC,

       as Depositor,

       

      and

       

      U.S. BANK TRUST COMPANY, NATIONAL ASSOCIATION,

      as Indenture Trustee

       
        	
                 

              
	
                ADMINISTRATION AGREEMENT

              
	
                 

              
	
                Dated as of November 1, 2022

              
	 

      

      
         

        

      

      
        
          

      

      
      TABLE OF CONTENTS

       

      	 	 	
              Page

            
	 	 	 
	
              Section 1.01.

            	
              Capitalized Terms; Interpretive Provisions

            	
              1

            
	
              Section 1.02.

            	
              Duties of the Administrator

            	
              2

            
	
              Section 1.03.

            	
              Records

            	
              8

            
	
              Section 1.04.

            	
              Compensation

            	
              8

            
	
              Section 1.05.

            	
              Additional Information to be Furnished to the Issuer

            	
              8

            
	
              Section 1.06.

            	
              Independence of the Administrator

            	
              8

            
	
              Section 1.07.

            	
              No Joint Venture

            	
              8

            
	
              Section 1.08.

            	
              Other Activities of Administrator

            	
              8

            
	
              Section 1.09.

            	
              Term of Agreement; Resignation and Removal of Administrator

            	
              8

            
	
              Section 1.10.

            	
              Action Upon Termination, Resignation or Removal

            	
              9

            
	
              Section 1.11.

            	
              Notices

            	
              10

              

            
	
              Section 1.12.

            	
              Amendments

            	
              10

            
	
              Section 1.13.

            	
              Successors and Assigns

            	
              11

            
	
              Section 1.14.

            	
              Governing Law

            	
              11

            
	
              Section 1.15.

            	
              WAIVER OF JURY TRIAL

            	
              11

            
	
              Section 1.16.

            	
              Table of Contents and Headings

            	
              11

            
	
              Section 1.17.

            	
              Counterparts

            	
              11

            
	
              Section 1.18.

            	
              Severability

            	
              11

            
	
              Section 1.19.

            	
              Limitation of Liability of Owner Trustee and Indenture Trustee

            	
              12

            
	
              Section 1.20.

            	
              Third‐Party Beneficiary

            	
              12

            
	
              Section 1.21.

            	
              Successor Servicer and Administrator

            	
              12

            
	
              Section 1.22.

            	
              Nonpetition Covenants

            	
              13

            
	
              Section 1.23.

            	
              Electronic Signatures

            	
              13

            
	 	 	 

      

      

      	
              EXHIBITS

            
	 
	
              Exhibit A -

            	
              Form of Power of Attorney

            	
              A-1

            

      

      

      
        i

        
          

      

      
      This ADMINISTRATION AGREEMENT, dated as of November 1, 2022 (as amended, restated, supplemented or otherwise modified from time to time, this “Agreement”), is among MERCEDES-BENZ AUTO RECEIVABLES
        TRUST 2022-1, as issuer (the “Issuer”), MERCEDES-BENZ FINANCIAL SERVICES USA LLC (“MBFS USA”), as administrator (the “Administrator”), MERCEDES-BENZ RETAIL RECEIVABLES LLC (“Mercedes-Benz Retail Receivables”), as depositor (the “Depositor”), and
        U.S. BANK TRUST COMPANY, NATIONAL ASSOCIATION, not in its individual capacity but solely as trustee (the “Indenture Trustee”).

       

      WHEREAS, the Issuer was continued pursuant to an amended and restated trust agreement, dated as of November 1, 2022 (the “Trust Agreement”), between the Depositor and Wilmington Trust, National
        Association, as trustee (the “Owner Trustee”);

       

      WHEREAS, the Issuer is issuing the Notes pursuant to an indenture, dated as of the date hereof (the “Indenture”), between the Issuer and the Indenture Trustee;

       

      WHEREAS, in connection with the issuance of the Notes and of certain beneficial ownership interests in the Issuer, certain documents have been executed, including (i) the Indenture, (ii) a sale and
        servicing agreement, dated as of the date hereof (the “Sale and Servicing Agreement”), among the Issuer, the Depositor, MBFS USA, as seller (the “Seller”) and as servicer (in such capacity, the “Servicer”), and (iii) a receivables purchase
        agreement, dated as of the date hereof (the “Receivables Purchase Agreement”), between the Seller and the Depositor;

       

      WHEREAS, pursuant to the Trust Agreement, the Sale and Servicing Agreement and the Indenture, the Issuer and the Owner Trustee are required to perform certain duties in connection with the (i)
        Notes and the collateral therefor pledged pursuant to the Indenture (the “Collateral”) and (ii) beneficial ownership interests in the Issuer;

       

      WHEREAS, the Issuer and the Owner Trustee desire to have the Administrator perform certain of the duties of the Issuer and the Owner Trustee referred to in the preceding clause and to provide such
        additional services consistent with the terms of this Agreement and the other Basic Documents as the Issuer and the Owner Trustee may from time to time request; and

       

      WHEREAS, the Administrator has the capacity to provide the services required hereby and is willing to perform such services for the Issuer and the Owner Trustee on the terms set forth herein.

       

      NOW, THEREFORE, in consideration of the premises and mutual covenants herein contained, and of other good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, the
        parties hereto agree as follows:

       

      Section 1.01.  Capitalized Terms; Interpretive Provisions.  Capitalized terms used herein that are not otherwise defined shall have the meanings ascribed thereto in Appendix A to the Sale
        and Servicing Agreement, which Appendix is hereby incorporated into and made a part of this Agreement.  Appendix A also contains rules as to usage applicable to this Agreement.

       

      
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      Section 1.02.  Duties of the Administrator.

       

      (a)          The Administrator agrees to perform all of its duties as Administrator, including its duties under the Asset Representations
          Review Agreement, and, except as specifically excluded herein, agrees to perform all the duties of the Issuer and the Owner Trustee under the Issuer Basic Documents.  In addition, the Administrator shall consult with the Owner Trustee regarding
          the duties of the Issuer or the Owner Trustee under the Issuer Basic Documents.  The Administrator shall monitor the performance of the Issuer and shall advise the Owner Trustee when action is necessary to comply with the respective duties of the
          Issuer and the Owner Trustee under the Issuer Basic Documents.  The Administrator shall prepare for execution by the Issuer, or shall cause the preparation by other appropriate persons of, all such documents, reports, notices, filings,
          instruments, certificates and opinions that it shall be the duty of the Issuer or either Trustee to prepare, file or deliver pursuant to the Issuer Basic Documents.  In furtherance of the foregoing, the Administrator shall take (or, in the case
          of the immediately preceding sentence, cause to be taken) all appropriate action that the Issuer or the Owner Trustee is required to take pursuant to the Indenture including such of the foregoing actions as are required with respect to the
          following matters under the Indenture (references are to Sections of the Indenture):

       

      (i)          the preparation, obtaining or filing of the instruments, opinions and certificates and other documents
          required for the release of Collateral (Section 2.13);

       

      (ii)         the duty to cause newly appointed Paying Agents, if any, to deliver to the Indenture Trustee the instrument
          specified in the Indenture regarding funds held in trust (Section 3.03);

       

      (iii)        the direction to the Indenture Trustee to deposit monies with Paying Agents, if any, other than the
          Indenture Trustee (Section 3.03);

       

      (iv)        the obtaining and preservation of the Issuer’s qualifications to do business in each jurisdiction where such
          qualification is or shall be necessary to protect the validity and enforceability of the Indenture, the Notes, the Collateral and each other instrument or agreement included in the Trust Estate, including all licenses required under the (A)
          Maryland Vehicle Sales Finance Act and (B) Pennsylvania Motor Vehicle Sales Finance Act (Section 3.04);

       

      (v)         the preparation of all supplements and amendments to the Indenture and all financing statements, continuation
          statements, instruments of further assurance and other instruments and the taking of such other actions as are necessary or advisable to protect the Trust Estate (Section 3.05);

       

      (vi)        the delivery of the Opinion of Counsel on the Closing Date and the annual delivery of Opinions of Counsel as
          to the Trust Estate, and the annual delivery of the Officer’s Certificate and certain other statements as to compliance with the Indenture (Sections 3.06 and 3.09);

       

      
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      (vii)       the identification to the Indenture Trustee in an Officer’s Certificate of a Person with whom the Issuer has
          contracted to perform its duties under the Indenture (Section 3.07(b));

       

      (viii)      the preparation and delivery of written notice to the Indenture Trustee, the Depositor and the Rating
          Agencies of each Servicer Termination Event and, if such Servicer Termination Event arises from the failure of the Servicer to perform any of its duties or obligations under the Sale and Servicing Agreement with respect to the Receivables, the
          taking of all reasonable steps available to remedy such failure (Section 3.07(d));

       

      (ix)        the preparation and obtaining of documents and instruments required for the conveyance or transfer by the
          Issuer of its properties or assets (Section 3.10(b));

       

      (x)         the duty to cause the Servicer to comply with the Sale and Servicing Agreement (Section 3.12);

       

      (xi)          the delivery of written notice to the Indenture Trustee and each Rating Agency of each Event of Default
          under the Indenture and each default by the Servicer, the Seller or the Depositor under the Sale and Servicing Agreement or by the Seller or the Purchaser under the Receivables Purchase Agreement (Section 3.17);

       

      (xii)       the monitoring of the Issuer’s obligations as to the satisfaction and discharge of the Indenture and the
          preparation of an Officer’s Certificate and the obtaining of the Opinion of Counsel and the Independent Certificate relating thereto (Section 4.01);

       

      (xiii)      the compliance with Section 5.04 of the Indenture with respect to the sale of the Trust Estate if an Event of
          Default shall have occurred and be continuing (Section 5.04);

       

      (xiv)      the preparation and delivery of notice to Noteholders of the removal of the Indenture Trustee and the
          appointment of a successor Indenture Trustee (Section 6.08);

       

      (xv)       the preparation of any written instruments required to confirm more fully the authority of any co‐trustee or
          separate trustee and any written instruments necessary in connection with the resignation or removal of the Indenture Trustee or any co‐trustee or separate trustee (Sections 6.08 and 6.10);

       

      (xvi)      the furnishing of the Indenture Trustee with the names and addresses of Noteholders during any period when the
          Indenture Trustee is not the Note Registrar (Section 7.01);

       

      (xvii)     the preparation and, after execution by the Issuer, the filing with the Commission and the Indenture Trustee
          of documents required to be filed on a periodic basis with, and summaries thereof as may be required by rules and regulations prescribed by the Commission and the transmission of such summaries, as necessary, to the Noteholders (Section 7.03);

       

      
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      (xviii)    the opening of one or more accounts in the Indenture Trustee’s name, established with the Securities
          Intermediary and the taking of all other actions necessary with respect to investment and reinvestment of funds in such accounts (Sections 8.02 and 8.03);

       

      (xix)      the preparation of an Issuer Request and Officer’s Certificate and the obtaining of an Opinion of Counsel and
          Independent Certificates, if necessary, for the release of the Trust Estate (Sections 8.04 and 8.05);

       

      (xx)       the preparation of Issuer Requests and Officer’s Certificates, the obtaining of Opinions of Counsel and the
          certification to the Indenture Trustee with respect to the execution of supplemental indentures and the mailing to the Noteholders and the Rating Agencies, as applicable, of notices with respect to such supplemental indentures (Sections 9.01 and
          9.02);

       

      (xxi)      the preparation and delivery of all Officer’s Certificates, Opinions of Counsel and Independent Certificates
          with respect to any requests by the Issuer to the Indenture Trustee to take any action under the Indenture (Section 11.01(a));

       

      (xxii)     the preparation and delivery of Officer’s Certificates and the obtaining of Opinions of Counsel and
          Independent Certificates, if necessary, for the release of property from the Lien of the Indenture (Section 11.01(b));

       

      (xxiii)    the preparation and delivery of written notice to the Rating Agencies, upon the failure of the Issuer, the
          Depositor or the Indenture Trustee to give such notification, of the information required pursuant to the Indenture (Section 11.04); and

       

      (xxiv)    the recording of the Indenture, if applicable (Section 11.16).

       

          (b)         The Administrator shall:

       

      (i)          pay or cause the Servicer to pay to the Indenture Trustee from time to time such compensation and fees for
          all services rendered by the Indenture Trustee under the Indenture as have been agreed to in a separate fee schedule between the Administrator and the Indenture Trustee (which compensation shall not be limited by any Applicable Law in regard to
          the compensation of a trustee of an express trust);

       

      (ii)         except as otherwise expressly provided in the Indenture, reimburse the Indenture Trustee upon its request
          for all reasonable expenses, disbursements and advances incurred or made by the Indenture Trustee in accordance with any provision of the Basic Documents (including the reasonable compensation, expenses and disbursements of its agents and
          counsel), except any such expense, disbursement or advance as may be attributable to its willful misconduct, negligence or bad faith;

       

      
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      (iii)        indemnify, or cause the Servicer to indemnify, the Indenture Trustee for, and hold it harmless, or cause the
          Servicer to hold it harmless, against, any and all losses, liabilities or expenses, including attorneys’ fees, incurred by it in connection with the administration of the Issuer and the performance of its duties under the Indenture, including any
          Expenses incurred by the Indenture Trustee in connection with the enforcement of the Administrator or Servicer’s indemnification or other obligations hereunder, except the Indenture Trustee will not be indemnified for, or held harmless against,
          any loss, liability or expense incurred by it through its own willful misconduct, negligence or bad faith;

       

      (iv)        except as otherwise expressly provided in the third sentence of Section 7.01 of the Trust Agreement,
          reimburse the Owner Trustee upon its request for all reasonable expenses, disbursements and advances incurred or made by the Owner Trustee in accordance with any provision of the Trust Agreement (including reasonable compensation, expenses and
          disbursements of its agents and counsel), except any such expense, disbursement or advance as may be attributable to its willful misconduct, negligence or bad faith of the Owner Trustee;

       

      (v)         indemnify the Owner Trustee and its agents, successors, assigns, directors, officers and employees for, and
          hold them harmless against, any loss, obligation, damage, tax, claim, suit, liability or expense incurred without negligence, willful misconduct or bad faith on their part, arising out of or in connection with the acceptance or administration of
          the transactions contemplated by the Trust Agreement, including the reasonable costs and expenses of defending themselves against any claim or liability in connection with the exercise or performance of any of their powers or duties under the
          Trust Agreement; and

       

      (vi)         promptly appoint a successor Indenture Trustee pursuant to Section 6.08 of the Indenture, upon the Indenture
          Trustee’s resignation or removal, or if the office of the Indenture Trustee becomes vacant for any other reason.

       

      (c)          In addition to the duties set forth in Sections 1.02(a) and (b), the Administrator shall (i) execute on behalf of the Issuer or
          the Owner Trustee and (ii) perform such calculations and shall prepare or shall cause the preparation by other appropriate Persons of all such documents, notices, reports, filings, instruments, certificates and opinions that the Issuer or the
          Owner Trustee are required to prepare, file or deliver pursuant to the Issuer Basic Documents or are otherwise authorized to prepare, file or deliver pursuant to the Basic Documents, and at the request of the Owner Trustee, shall take all
          appropriate action that the Issuer or the Owner Trustee are required to take pursuant to the Issuer Basic Documents.  In furtherance thereof, the Owner Trustee shall, on behalf of itself and of the Issuer, execute and deliver to the Administrator
          and to each successor Administrator appointed pursuant to the terms hereof, one or more powers of attorney substantially in the form of Exhibit A, appointing the Administrator the attorney-in-fact of the Owner Trustee and the Issuer for the
          purpose of executing on behalf of the Owner Trustee and the Issuer all such documents, reports, filings, instruments, certificates and opinions.  Subject to Section 1.06, and in accordance with the directions of the Owner Trustee, the
          Administrator shall administer, perform or supervise the performance of such other activities in connection with the Collateral (including the Basic Documents) as are not covered by any of the foregoing provisions and as are expressly requested
          by the Owner Trustee and are reasonably within the capability of the Administrator.

       

      
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      (d)          Notwithstanding anything in this Agreement or the other Basic Documents to the contrary, the Administrator shall be responsible
          for promptly notifying the Owner Trustee in the event that any withholding tax is imposed on the Issuer’s payments (or allocations of income) to a Certificateholder as contemplated in Section 5.01(d) of the Trust Agreement.  Any such notice shall
          specify the amount of any withholding tax required to be withheld by the Owner Trustee pursuant to such provision.

       

      (e)          Notwithstanding anything in this Agreement or the other Basic Documents to the contrary, the Administrator shall be responsible
          for performance of the duties of the Owner Trustee set forth in Section 5.04 of the Trust Agreement with respect to, among other things, accounting and reports to Certificateholders.

       

      (f)          To the extent that any tax withholding is required, the Administrator shall deliver to the Owner Trustee and the Indenture
          Trustee, on or before January 31, 2023, a certificate of an Authorized Officer in form and substance satisfactory to the Owner Trustee as to such tax withholding and the procedures to be followed with respect thereto to comply with the
          requirements of the Code.  The Administrator shall update such certificate if any additional tax withholding is subsequently required or any previously required tax withholding shall no longer be required.

       

      (g)          The Administrator shall perform the duties of the Administrator specified in Section 10.02 of the Trust Agreement required to be
          performed in connection with the resignation or removal of the Owner Trustee, and any other duties expressly required to be performed by the Administrator under the Trust Agreement, the Asset Representations Review Agreement or any other Basic
          Document.

       

      (h)          In carrying out the foregoing duties or any of its other obligations under this Agreement, the Administrator may enter into
          transactions or otherwise deal with any of its Affiliates; provided, however, that the terms of any such transactions or dealings shall be in accordance with any directions received from the Issuer and shall be, in the Administrator’s opinion, no
          less favorable to the Issuer than would be available from unaffiliated parties.

       

      (i)          With respect to matters that in the reasonable judgment of the Administrator are non‐ministerial, the Administrator shall not
          take any action unless within a reasonable time before the taking of such action, the Administrator shall have notified the Owner Trustee of the proposed action and the Owner Trustee shall not have withheld consent, which consent shall not be
          unreasonably withheld or delayed, or provided an alternative direction.  For the purpose of the preceding sentence, “non‐ministerial matters” shall include:

       

      (i)          the amendment of or any supplement to the Indenture;

       

      (ii)         the initiation of any claim or lawsuit by the Issuer and the compromise of any action, claim or lawsuit brought by or against
          the Issuer (other than in connection with the collection of the Receivables);

       

      (iii)        the amendment, change or modification of the Basic Documents;

       

      
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      (iv)        the appointment of successor Note Registrars, successor Paying Agents and successor Indenture Trustees
          pursuant to the Indenture or the appointment of successor Administrators or Successor Servicers, or the consent to the assignment by the Note Registrar, any Paying Agent or Indenture Trustee of its obligations under the Indenture;

       

      (v)         the appointment of successor Owner Trustees pursuant to the Trust Agreement; and

      

      

      (vi)        the removal of the Indenture Trustee.

       

      (j)          Notwithstanding anything to the contrary in this Agreement, the Administrator shall not be obligated to, and shall not, (i) make
          any payments to the Noteholders under the Basic Documents, (ii) take any other action that the Issuer directs the Administrator not to take on its behalf or (iii) take any other action which may be construed as having the effect of varying the
          investment of the Securityholders.

       

      (k)          The Administrator may enter into subservicing agreements with one or more subservicers for the performance of all or part of the
          Administrator’s duties hereunder.  References herein to actions taken or to be taken by the Administrator include actions taken or to be taken by a subservicer on behalf of the Administrator.  Each subservicing agreement will be upon such terms
          and conditions as are not inconsistent with this Agreement and as the Administrator and the subservicer have agreed.

       

      (l)          If requested by the Depositor for purposes of compliance with its reporting obligations under the Exchange Act, the
          Administrator will provide to the Depositor and the Servicer on or before March 1 of each year beginning March 1, 2023, the servicing criteria assessment required to be filed in respect of the Issuer under the Exchange Act under Item 1122 of
          Regulation AB if periodic reports under Section 15(d) of the Exchange Act, or any successor provision thereto, are required to be filed in respect of the Issuer and shall cause a firm of independent certified public accountants, who may also
          render other services to the Administrator, the Servicer, the Seller or the Depositor, to deliver to the Depositor and the Servicer the attestation report that would be required to be filed in respect of the Issuer under the Exchange Act if
          periodic reports under Section 15(d) of the Exchange Act, or any successor provision thereto, were required to be filed in respect of the Issuer.  Such attestation shall be in accordance with Rules 1-02(a)(3) and 2-02(g) of Regulation S-X under
          the Securities Act and the Exchange Act.  In the event that an overall opinion cannot be expressed, such registered public accounting firm shall state in such report why it was unable to express such an opinion.

       

      The Administrator and the Depositor acknowledge and agree that the purpose of this Section 1.02(l) is to facilitate compliance by the Depositor with the provisions of Regulation AB and the related
        rules and regulations of the Commission.  The Depositor shall not exercise its right to request delivery of information or other performance under these provisions other than in good faith, or for purposes other than compliance with the Securities
        Act, the Exchange Act and the rules and regulations of the Commission under the Securities Act and the Exchange Act.  The Administrator acknowledges that interpretations of the requirements of Regulation AB may change over time, whether due to
        interpretive guidance provided by the Commission or its staff, consensus among participants in the asset-backed securities markets, advice of counsel or otherwise, and the Administrator agrees to comply with all reasonable requests made by the
        Depositor in good faith for delivery of information and shall deliver to the Depositor all information and certifications reasonably required by the Depositor to comply with its Exchange Act reporting obligations, including with respect to any of
        its predecessors or successors. The obligations of the Administrator to provide such information shall survive the removal or termination of the Administrator as Administrator hereunder.

       

      
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      Section 1.03.  Records.  The Administrator shall maintain appropriate books of account and records relating to services performed hereunder, which books of account and records shall be
        accessible for inspection by the Issuer and the Depositor at any time during normal business hours, upon reasonable prior notice.

       

      Section 1.04.  Compensation.  As compensation for the performance of the Administra-tor’s obligations under this Agreement and as reimbursement for its expenses related thereto, the
        Administrator shall be entitled to a monthly payment of compensation which shall be solely an obligation of the Servicer.

       

      Section 1.05.  Additional Information to be Furnished to the Issuer.  The Administrator shall furnish to the Issuer from time to time such additional information regarding the Collateral as
        the Issuer may reasonably request.

       

      Section 1.06.  Independence of the Administrator.  For all purposes of this Agreement, the Administrator shall be an independent contractor and shall not be subject to the supervision of
        the Issuer or the Owner Trustee with respect to the manner in which it accomplishes the performance of its obligations hereunder.  Unless expressly authorized by the Issuer, the Administrator shall have no authority to act for or represent the
        Issuer or the Owner Trustee in any way and shall not otherwise be deemed an agent of the Issuer or the Owner Trustee.

       

      Section 1.07.  No Joint Venture.  Nothing contained in this Agreement shall (i) constitute the Administrator and either the Issuer or the Owner Trustee as members of any partnership, joint
        venture, association, syndicate, unincorporated business or other separate entity, (ii) be construed to impose any liability as such on any of them or (iii) be deemed to confer on any of them any express, implied or apparent authority to incur any
        obligation or liability on behalf of the others.

       

      Section 1.08.  Other Activities of Administrator.  Nothing herein shall prevent the Administrator or its Affiliates from engaging in other businesses or, in its sole discretion, from acting
        in a similar capacity as an administrator for any other Person, even though such Person may engage in business activities similar to those of the Issuer, the Owner Trustee or the Indenture Trustee.

       

      Section 1.09.  Term of Agreement; Resignation and Removal of Administrator.  This Agreement shall continue in force until the dissolution of the Issuer, upon which event this Agreement
        shall automatically terminate.

       

      (a)          Subject to Section 1.09(c), (i) the Administrator may resign its duties hereunder by providing the Issuer with at least 60 days’
          prior written notice and (ii) the Issuer may remove the Administrator without cause by providing the Administrator with at least 60 days’ prior written notice.

       

      
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      (b)          Subject to Section 1.09(c), at the sole option of the Issuer, the Administrator may be removed immediately upon written notice
          of termination from the Issuer to the Administrator if any of the following events shall occur:

       

      (i)          the Administrator shall default in the performance of any of its duties under this Agreement and, after
          notice of such default, shall not cure such default within ten days (or, if such default cannot be cured in such time, shall not give within ten days such assurance of cure as shall be reasonably satisfactory to the Issuer); or

       

      (ii)          an Insolvency Event occurs with respect to the Administrator.

       

      The Administrator agrees that if an Insolvency Event occurs with respect to it, it shall give written notice thereof to the Issuer and the Indenture Trustee within seven days after the occurrence
        of such event.

       

      (c)          No resignation or removal of the Administrator pursuant to this Section shall be effective until (i) a successor Administrator
          shall have been appointed by the Issuer and (ii) such successor Administrator shall have agreed in writing to be bound by the terms of this Agreement in the same manner as the Administrator is bound hereunder.  The appointment of any successor
          Administrator shall be effective after providing prior written notice to each Rating Agency with respect to the proposed appointment.

       

      (d)          Subject to Section 1.09(c), the Administrator acknowledges that upon the appointment of a Successor Servicer pursuant to the
          Sale and Servicing Agreement, the Administrator shall immediately resign and such Successor Servicer shall automatically become the Administrator under this Agreement.

       

      Section 1.10.  Action Upon Termination, Resignation or Removal.  Promptly upon the effective date of termination of this Agreement pursuant to the first sentence of Section 1.09 or the
        resignation or removal of the Administrator pursuant to Section 1.09(a), (b) or (d), respec-tively, the Administrator shall be entitled to be paid all fees and reimbursable expenses accruing to it to the date of such termination, resignation or
        removal.  The Administrator shall forthwith upon such termination pursuant to the first sentence of Section 1.09 deliver to the Issuer all property and documents of or relating to the Collateral then in the custody of the Administrator.  In the
        event of the resignation or removal of the Administrator pursuant to Section 1.09(a), (b) or (d), respectively, the Administrator shall cooperate with the Issuer and take all reasonable steps requested to assist the Issuer in making an orderly
        transfer of the duties of the Administrator.

       

      
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      Section 1.11.  Notices.  Unless otherwise specified in this Agreement, all notices, requests, demands, consents, waivers or other communications to or from the parties to this Agreement
        will be in writing.  Notices, requests, demands, consents and other communications will be deemed to have been given and made, (i) upon delivery or, in the case of a letter mailed via registered first class mail, postage prepaid, three days after
        deposit in the mail and (ii) in the case of (a) a facsimile, when receipt is confirmed by telephone or by reply e‐mail or reply facsimile from the recipient, (b) an e-mail, when receipt is confirmed by telephone or by reply e‐mail from the
        recipient and (c) an electronic posting to a password-protected website, upon printed confirmation of the recipient’s access to such password-protected website, or when notification of such electronic posting is confirmed in accordance with clauses
        (ii)(b) through (ii)(c) above.  Unless otherwise specified in this Agreement, any such notice, request, demand, consent or other communication will be delivered or addressed, in the case of (i) the Issuer or the Owner Trustee, at the Corporate
        Trust Office (e-mail: mhollis@wilmingtontrust.com, telecopier: (302) 636-4140), (ii) the Administrator, at 35555 W. Twelve Mile Road, Suite 100, Farmington Hills, Michigan  48331, Attention: Steven C. Poling (e-mail:
        steven.c.poling@mercedes-benz.com, telecopier: (817) 224-3587), (iii) the Depositor, at 35555 W. Twelve Mile Road, Suite 100, Farmington Hills, Michigan 48331, Attention: Michelle D. Spreitzer (email: michelle.d.spreitzer@mercedes-benz.com,
        telecopier: (817) 224-3587) and (iv) the Indenture Trustee, at its Corporate Trust Office, (e-mail: melissa.rosal@usbank.com, telecopier: (312) 332-7996); or as to each of the foregoing, at such other address as shall be designated by written
        notice to the other entities.

       

      Section 1.12.  Amendments.  This Agreement may be amended from time to time by a written amendment duly executed and delivered by the parties hereto, with the written consent of the Owner
        Trustee but without the consent of any Securityholder, for the purposes of curing any ambiguity or mistake, adding any provisions to or changing in any manner or eliminating any of the provisions of this Agreement or of modifying in any manner the
        rights of the Securityholders; provided, that no such amendment shall materially and adversely affect the interest of any Noteholder.  This Agreement may also be amended by the parties hereto with the written consent of the Noteholders evidencing
        at least 51% of the Note Balance of the Notes or, if the Notes have been paid in full, the Certificateholders evidencing at least 51% of the aggregate Certificate Percentage Interest for the purpose of adding any provisions to or changing in any
        manner or eliminating any of the provisions of this Agreement or of modifying in any manner the rights of the Securityholders; provided, however, that no such amendment may (i) increase or reduce in any manner the amount of, or accelerate or delay
        the timing of, collections of payments on the Receivables or distributions that are required to be made for the benefit of the Securityholders without the consent of all Securityholders adversely affected thereby or (ii) reduce the percentage of
        the Note Balance of the Notes or of the Certificate Percentage Interest, the consent of the Noteholders or the Certificateholders, respectively, of which is required for any amendment to this Agreement without the consent of 100% of the Holders of
        all Notes then Outstanding or all Certificates, respectively.

       

      An amendment to this Agreement shall be deemed not to materially adversely affect the interests of any Noteholder if the Person requesting such amendment obtains and delivers to the Owner Trustee
        and the Indenture Trustee an Opinion of Counsel or an Officer’s Certificate of the Issuer to that effect and by satisfaction of the Rating Agency Condition with respect to such amendment.  Notwithstanding the foregoing, the Administrator may not
        amend this Agreement without the consent of the Depositor, which consent shall not be unreasonably withheld.

       

      
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      Section 1.13.  Successors and Assigns.  This Agreement may not be assigned by the Administrator unless such assignment is previously consented to in writing by the Issuer and the Owner
        Trustee, and subject to the satisfaction of the Rating Agency Condition in respect thereof.  An assignment with such consent and satisfaction, if accepted by the assignee, shall bind the assignee hereunder in the same manner as the Administrator is
        bound hereunder.  Notwithstand-ing the foregoing, this Agreement may be assigned by the Administrator without the consent of the Issuer or the Owner Trustee to a corporation or other organization that is a successor (by merger, consolidation or
        purchase of assets) to the Administrator; provided, that such successor organization executes and delivers to the Issuer, the Owner Trustee and the Indenture Trustee an agreement, in form and substance reasonably satisfactory to the Owner Trustee
        and the Indenture Trustee, in which such corporation or other organization agrees to be bound hereunder by the terms of said assignment in the same manner as the Administrator is bound hereunder.  Subject to the foregoing, this Agreement shall bind
        any successors or assigns of the parties hereto.

       

      Section 1.14.  Governing Law.  THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT REGARD TO ANY
          OTHERWISE APPLICABLE PRINCIPLES OF CONFLICT OF LAWS (OTHER THAN SECTIONS 5-1401 AND 5-1402 OF THE NEW YORK GENERAL OBLIGATIONS LAW), AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH
          LAWS.

       

      Section 1.15.  WAIVER OF JURY TRIAL.  TO THE EXTENT PERMITTED BY APPLICABLE LAW, EACH OF THE PARTIES HERETO WAIVES ANY RIGHT TO HAVE A JURY PARTICIPATE IN
          RESOLVING ANY DISPUTE, WHETHER SOUNDING IN CONTRACT, TORT OR OTHERWISE BETWEEN THE PARTIES HERETO ARISING OUT OF, CONNECTED WITH, RELATED TO OR INCIDENTAL TO THE RELATIONSHIP BETWEEN ANY OF THEM IN CONNECTION WITH THIS AGREEMENT OR THE
          TRANSACTIONS CONTEMPLATED HEREBY.  INSTEAD, ANY SUCH DISPUTE RESOLVED IN COURT WILL BE RESOLVED IN A BENCH TRIAL WITHOUT A JURY.

       

      Section 1.16.  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 1.17.  Counterparts.  This Agreement may be executed by the parties hereto in separate counterparts, each of which when so executed and delivered shall be an original, but all such
        counterparts shall together constitute but one and the same instrument.

       

      Section 1.18.  Severability.  If any one or more of the covenants, agreements, provisions or terms of this Agreement shall be for any reason whatsoever held invalid, then such covenants,
        agreements, provisions or terms shall be deemed severable from the remaining covenants, agreements, provisions and terms of this Agreement and shall in no way affect the validity or enforceability of the other covenants, agreements, provisions and
        terms of this Agreement.

       

      
        11

        
          

      

      Section 1.19.  Limitation of Liability of Owner Trustee and Indenture Trustee.

       

      (a)          Notwithstanding anything contained herein to the contrary, it is expressly understood and agreed by the parties hereto that (i)
          this Agreement is executed and delivered by Wilmington Trust, National Association, not individually or personally but solely as Owner Trustee, 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 a personal representation, undertaking or agreement by the Owner Trustee 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 the Owner Trustee, individually or personally, to perform any covenant either expressed or implied contained herein, 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) the Owner Trustee has not verified and has made no investigation as to the accuracy or completeness of any representations or
          warranties made by the Issuer hereunder and (v) under no circumstances shall the Owner Trustee 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.  For all purposes of this Agreement, in the performance of any duties or obligations of the Issuer hereunder, the Owner
          Trustee shall be subject to, and entitled to the benefits of, the terms and provisions of Articles Six, Seven and Eight of the Trust Agreement.

       

      (b)          Notwithstanding anything contained herein to the contrary, this Agreement has been executed by U.S. Bank Trust Company, National
          Association solely in its capacity as Indenture Trustee under the Indenture, and in no event shall the Indenture Trustee in its individual capacity have any liability for the representations, warranties, covenants, agreements or other obligations
          of the Issuer hereunder or in any of the certificates, notices or agreements delivered pursuant hereto, as to all of which recourse shall be had solely to the assets of the Issuer.

       

      Section 1.20.  Third‐Party Beneficiary.  The Owner Trustee is a third‐party beneficiary to this Agreement and is entitled to the rights and benefits hereunder and may enforce the provisions
        hereof as if it were a party hereto.

       

      Section 1.21.  Successor Servicer and Administrator.  The Administrator shall undertake, as promptly as possible after the giving of notice of termination to the Servicer of the Servicer’s
        rights and powers pursuant to Section 7.01 of the Sale and Servicing Agreement, to enforce the provisions of Section 7.02 of the Sale and Servicing Agreement with respect to the appointment of a Successor Servicer.  Such Successor Servicer shall,
        upon compliance with the second to last sentence of Section 7.02 of the Sale and Servicing Agreement, become the successor Administrator hereunder; provided, however, that if the Indenture Trustee shall become such successor Administrator, the
        Indenture Trustee shall not be required to perform any obligations or duties or conduct any activities as successor Administrator that would be prohibited by law and not within the banking and trust powers of the Indenture Trustee.  In such event,
        the Indenture Trustee may appoint a sub-administrator to perform such obligations and duties. Any transfer of servicing pursuant to Section 7.02 of the Sale and Servicing Agreement and related succession as Administrator hereunder shall not
        constitute an assumption by the related successor Administrator of any liability of the related outgoing Administrator arising out of any breach by such outgoing Administrator of such outgoing Administrator’s duties hereunder prior to such
        transfer.

       

      
        12

        
          

      

      Section 1.22.  Nonpetition Covenants.

       

      (a)          Each of the Depositor, the Administrator, the Owner Trustee and the Indenture Trustee covenants and agrees that it will not at
          any time institute against, or join any Person in instituting against, the Issuer any bankruptcy, reorganization, arrangement, insolvency or liquidation Proceedings, or other Proceedings under any Insolvency Law in connection with any obligations
          relating to any of the Basic Documents and agrees that it will not cooperate with or encourage others to file a bankruptcy petition against the Issuer during the same period.

       

      (b)          Each of the Issuer, the Administrator, the Owner Trustee and the Indenture Trustee covenants and agrees that it will not at any
          time institute against, or join any Person in instituting against, the Depositor any bankruptcy, reorganization, arrangement, insolvency or liquidation Proceedings, or other Proceedings under any Insolvency Law in connection with any obligations
          relating to any of the Basic Documents and agrees that it will not cooperate with or encourage others to file a bankruptcy petition against the Depositor during the same period.

       

      Section 1.23.  Electronic Signatures.  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 Agreement, 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.

       

      

      
        13

        
          

      

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

       

      

      	 	
              MERCEDES-BENZ AUTO RECEIVABLES TRUST 2022-1, as Issuer

            
	 	 
	 	
              By:

            	
              WILMINGTON TRUST, NATIONAL ASSOCIATION, not in its individual capacity but solely as Owner Trustee

            
	 	 	 
	 	
              By:

            	
              /s/ Andrew M. Cooper

            
	 	 	
              Name: 

              

            	 Andrew M. Cooper
	 	 	
              Title: 

              

            	 Vice President
	 	 	 	 
	 	
              MERCEDES-BENZ RETAIL RECEIVABLES LLC,

              as Depositor

            
	 
	 	 	 
	 	
              By:

            	
              /s/ Christopher Trainor

            
	 	
              

              

            	Name:	
              Christopher Trainor

            
	 	

            	
              Title:

            	
              Vice President

            
	 	 	 
	 	
              U.S. BANK TRUST COMPANY, NATIONAL ASSOCIATION,

            
	 	
              not in its individual capacity but solely as Indenture Trustee

            
	 	 	 
	 	
              By:

            	
              /s/ Juan S. Hernandez

            
	 	

            	
              Name:

            	
              Juan S. Hernandez

            
	 	

            	
              Title:

            	
              Assistant Vice President

            

       

      

      
        
          
            Administration Agreement

          

        

        
          

      

      	 	
              MERCEDES-BENZ FINANCIAL SERVICES USA LLC, as Administrator

            
	 	 	 
	 	
              By:

            	
              /s/ Christopher Trainor

            
	 	 	
              Name:

            	
              Christopher Trainor

            
	 	 	
              Title:

            	Vice President

       

      

      
        
          
            Administration Agreement

          

        

        
          

      

      
      EXHIBIT A

       

      POWER OF ATTORNEY PURSUANT TO

      SECTION 1.02(c) OF ADMINISTRATION AGREEMENT

       

      KNOW ALL MEN BY THESE PRESENTS, that Wilmington Trust, National Association, a national banking association,  not in its individual capacity but solely as Owner Trustee of Mercedes-Benz Auto
        Receivables Trust 2022-1, a Delaware statutory trust (the “Issuer”), as grantor (in such capacity, the “Grantor”), does hereby appoint MBFS USA LLC, a Delaware limited liability company (“MBFS USA”), as grantee (the “Grantee”), as its
        attorney-in-fact with full power of substitution and hereby authorizes and empowers the Grantee, in the name of and on behalf of the Grantor or the Issuer, to take the following actions from time to time with respect to the duties of MBFS USA, as
        administrator (in such capacity, the “Administrator”) under the administration agreement, dated as of November 1, 2022 (the “Administration Agreement”), among the Issuer, the Administrator, Mercedes-Benz Retail Receivables LLC (“Mercedes-Benz
        Retail Receivables”) and U.S. Bank Trust Company, National Association, for the purpose of executing on behalf of the Grantor or the Issuer all such documents, reports, filings, instruments, certificates and opinions required pursuant to the Basic
        Documents.

       

      The Grantee is hereby empowered to do any and all lawful acts necessary or desirable to effect the performance of its duties as Administrator under the Administration Agreement and the Grantor
        hereby ratifies and confirms any and all lawful acts the Grantee shall undertake pursuant to and in conformity with this Power of Attorney.

       

      This Power of Attorney is revocable in whole or in part as to the powers herein granted upon notice by the Grantor.  If not earlier revoked, this Power of Attorney shall expire completely or, if so
        indicated, in part, upon the earlier of the (i) termination of the amended and restated trust agreement, dated as of November 1, 2022 (the “Trust Agreement”), between Mercedes-Benz Retail Receivables, as depositor, and Wilmington Trust, National
        Association, as owner trustee, or (ii) termination of the Administration Agreement.  Capitalized terms used herein that are not otherwise defined shall have the meanings ascribed thereto in the Trust Agreement or, if not defined therein, in the
        Administration Agreement, as the case may be.

       

      This Power of Attorney shall be created under and governed and construed under the internal laws of the State of New York.

       

      The Grantor executes this Power of Attorney with the intent to be legally bound hereby, and with the intent that such execution shall have the full dignity afforded by the accompanying witnessing
        and notarization and all lesser dignity resulting from the absence of such witnessing and notarization or any combination thereof.

       

      
        A-1

        
          

      

      
      It is expressly understood and agreed by the Grantee and any person relying on this Power of Attorney that (a) the Administration Agreement and this Power of Attorney is executed and delivered by
        Wilmington Trust, National Association, not individually or personally, but solely as Owner Trustee, in the exercise of the powers and authority conferred and vested in it, (b) each of the representations, undertakings and agreements made in the
        Administration Agreement or in this Power of Attorney on the part of the Grantor is made and intended not as personal representations, undertakings and agreements by Wilmington Trust, National Association but is made and intended for the purpose of
        binding only the Grantor or the Owner Trustee, respectively, (c) nothing in the Administration Agreement or herein contained shall be construed as creating any liability on Wilmington Trust, National Association, individually or personally, to
        perform any covenant either expressed or implied contained in the Administration Agreement or herein of the Grantor or the Owner Trustee, all such liability, if any, being expressly waived by the Grantee and any person relying on this Power of
        Attorney and by any person claiming by, through or under the Grantee or such person, (d) Wilmington Trust, National Association has made no investigation as to the accuracy or completeness of any representations and warranties made in the
        Administration Agreement or herein and (e) under no circumstances shall Wilmington Trust, National Association be personally liable for the payment of any indebtedness or expenses of the Grantor or the Owner Trustee or be liable for the breach or
        failure of any obligation, representation, warranty or covenant made or undertaken by the Grantor or the Owner Trustee under the Administration Agreement, this Power of Attorney or any other related documents.

       

      Notwithstanding anything herein to the contrary, this Power of Attorney does not, and is not intended to, and will not be construed to, grant any authority to the Grantee to (i) expand, increase,
        incur, or otherwise impose any duties, liabilities or obligations of or on the Owner Trustee, as trustee or in its individual capacity, or (ii) provide any guaranty, indemnity or property of the Owner Trustee, as trustee or in its individual
        capacity, for any reason whatsoever.

       

      
        A-2

        
          

      

       

      

      	
              Dated this ____ day of November, 2022.

            	 	 
	
              [Seal]

            	
              WILMINGTON TRUST, NATIONAL ASSOCIATION,not in its individual capacity but solely as Owner Trustee of Mercedes-Benz Auto Receivables Trust 2022-1

            
	 	 
	 	
              By:

            	 	 
	 	 	
              Name:

            
	 	 	
              Title:

            

      

      

      	
              Signed and delivered in the presence of:

            	  
	 	  

      

      

      	
              Address:

            	 	 
	 	 	 

      

      

      	
              [Unofficial Witness]

            	 

      

      

      

      

      A-3

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