Document:

Exhibit 10.4

  

  

  

  
    MERCEDES-BENZ AUTO RECEIVABLES TRUST 2021-1,

    as Issuer,

     

    MERCEDES-BENZ FINANCIAL SERVICES USA LLC,

    as Servicer and Administrator,

     

    and

     

    CLAYTON FIXED INCOME SERVICES LLC,

    as Asset Representations Reviewer

     

    
      

     

    ASSET REPRESENTATIONS REVIEW AGREEMENT

     

    Dated as of September 1, 2021

     
      

    
      

      

    

    
      
        

    

    
    	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

          	
            10

          
	
            Section 4.10. Personally Identifiable Information

          	
            11

          

     

    

    
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            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

          

    

    

    
      ii

      
        

    

    This ASSET REPRESENTATIONS REVIEW AGREEMENT, dated as of September 1, 2021 (as amended, restated, supplemented or otherwise modified from time to time, this “Agreement”), is among MERCEDES-BENZ AUTO RECEIVABLES TRUST
      2021-1, a Delaware statutory trust (the “Issuer”), MERCEDES-BENZ FINANCIAL SERVICES USA, a Delaware limited liability company, as servicer and administrator (in such capacities, the “Servicer” and the “Administrator” respectively), and CLAYTON FIXED
      INCOME SERVICES LLC, a Delaware limited liability company (the “Asset Representations Reviewer”).

     

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

     

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

     

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

     

    ARTICLE ONE

     

    DEFINITIONS

     

    Section 1.01.  Capitalized Terms; Rules of Usage.  Capitalized terms used in this Agreement that are not otherwise defined shall have the meanings ascribed thereto in Appendix A to the Sale and Servicing
      Agreement, dated as of September 1, 2021, 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 the Confidential Information, as shown by the Information Recipients’ files and records or other evidence in the Information
      Recipients’ possession or (d) the Issuer or the Servicer provides permission to the applicable Information Recipients to release.

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

    ARTICLE TWO

     

    ENGAGEMENT; ACCEPTANCE

     

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

     

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

     

    ARTICLE THREE

     

    ASSET REPRESENTATIONS REVIEW PROCESS

     

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

     

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

     

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

     

    Section 3.03.  Performance of Reviews.

     

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

     

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

     

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

     

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

     

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

     

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

     

    Section 3.05.  Review Representatives.

     

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

     

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

     

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

     

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

     

    
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    Section 3.07.  Limitations on Review Obligations.

     

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

     

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

     

    ARTICLE FOUR

     

    

    ASSET REPRESENTATIONS REVIEWER

     

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

     

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

     

    
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    (b)          Power, Authority and Enforceability.  The Asset Representations Reviewer has the power and authority to execute, deliver and perform its obligations under this Agreement.  The Asset
      Representations Reviewer has authorized the execution, delivery and performance of this Agreement.  This Agreement is the legal, valid and binding obligation of the Asset Representations Reviewer, enforceable against the Asset Representations
      Reviewer except as 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, on execution of this Agreement,
      will load each Test into these systems.  The Asset Representations Reviewer will ensure that these systems allow for each Review Asset and the related Review Materials to be individually tracked and stored as contemplated by this Agreement.  The
      Asset Representations Reviewer will maintain adequate staff that is properly trained to conduct Reviews as required by this Agreement.

     

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

     

    Section 4.03.  Fees and Expenses.

     

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

     

    (b)          Review Fee.  Following the completion of a Review and the delivery of the related Review Report pursuant to Section 3.04, or the termination of a Review according to Section 3.03(e), and the delivery
      to the Indenture Trustee and the Servicer of a detailed invoice, the Asset Representations Reviewer will be entitled to a fee of $175.00 for each Review Asset for which the Review was started (the “Review Fee”), payable by the Issuer.  No Review Fee
      will, however, be charged for any Review Asset which was included in a prior Review or for which no Tests were completed prior to the Asset Representations Reviewer being notified of a termination of the Review according to Section 3.03(c) or due to
      missing or insufficient Review Materials under Section 3.02(b).  If the detailed invoice is submitted on or before the first day of a month, the Review Fee will be paid by the Issuer according to the priority of payments in the Indenture on the
      Payment Date in that month.  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 the ARR Indemnified Person of its
      intention to assume the defense of the Proceeding with counsel reasonably satisfactory to the ARR Indemnified Person, and so long as the Issuer, the Servicer or the Administrator assumes the defense of the Proceeding in a manner reasonably
      satisfactory to the ARR Indemnified Person, the Issuer and the Administrator will not be liable for fees and expenses of counsel to the ARR Indemnified Person unless there is a conflict between the interests of the Issuer or the Administrator, as
      applicable, and an ARR Indemnified Person.  If there is a conflict, the Issuer, the Servicer or the Administrator will pay for the reasonable fees and expenses of separate counsel to the ARR Indemnified Person.  No settlement of a Proceeding may be
      made without the approval of the Issuer and the Administrator and the ARR Indemnified Person, which approval will not be unreasonably withheld, conditioned or delayed.

     

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

     

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

     

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

     

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

     

    Section 4.09.  Confidential Information.

     

    
      10

      
        

    

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

     

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

     

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

     

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

     

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

     

    Section 4.10.  Personally Identifiable Information.

     

    (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.

     

    
      11

      
        

    

    (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.

     

    (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.

     

    
      12

      
        

    

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

     

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

     

    ARTICLE FIVE

     

    REMOVAL; RESIGNATION

     

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

     

    Section 5.02.  Resignation and Removal of Asset Representations Reviewer.

     

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

     

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

     

    
      13

      
        

    

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

     

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

     

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

     

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

     

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

     

    Section 5.03.  Successor Asset Representations Reviewer.

     

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

     

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

     

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

     

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

     

    
      14

      
        

    

    ARTICLE SIX

     

    OTHER AGREEMENTS

     

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

     

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

     

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

     

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

     

    
      15

      
        

    

    ARTICLE SEVEN

     

    MISCELLANEOUS PROVISIONS

     

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

     

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

     

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

     

    (iii)        to add, change or eliminate terms of this Agreement for which an Officer’s Certificate is not or cannot be delivered under Section 7.01(a)(ii), with the consent of a majority of the
      principal amount of the Notes 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 transaction, and any contract formation or record-keeping through electronic means shall have the same legal validity and
      enforceability as a manually executed signature or use of a paper-based recordkeeping system to the fullest extent permitted by Applicable Law, including the Federal Electronic Signatures in Global and National Commerce Act, the New York State
      Electronic Signatures and Records Act, or any similar State law based on the Uniform Electronic Transactions Act.

     

    
      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 2021-1, as Issuer

          
	 	 
	 	
            By:

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

          
	 	 	 
	 	
            By:

          	 
	 	 	
            Name:

          
	 	 	
            Title:

          

    

    

    	 	
            MERCEDES-BENZ FINANCIAL SERVICES USA LLC, as Servicer and Administrator

          
	 	 
	 	
            By:

          	 
	 	 	
            Name:

          
	 	 	
            Title:

          

     

    	 	
            CLAYTON FIXED INCOME SERVICES LLC, as Asset Representations Reviewer

          
	 	 
	 	
            By:

          	 
	 	 	
            Name:

          
	 	 	
            Title:

          

    

    

    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 limited by bankruptcy, insolvency, reorganization or similar laws affecting the enforcement of creditors’ rights generally and by equitable limitations on the availability of specific remedies, regardless of whether such enforceability is
      considered in a Proceeding in equity or at law and (b) such Receivable may be modified by the application after the Cutoff Date of the Servicemembers’ Civil Relief Act or by any similar applicable State law.

     

    Review Materials

     

    	

          	-	
            Contract

          

     

    	

          	-	
            Data Tape

          

     

    	

          	-	
            List of Approved Contracts

          

     

    
      SA-3

      
        

    

    Procedures to be Performed

     

    	

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

          

     

    	

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

          

     

    	

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

          

     

    Representation (4) – No Government Obligor

     

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

     

    Review Materials

     

    	

          	-	
            Contract

          

     

    Procedures to be Performed

     

    	

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

          

     

    	

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

          

     

    	

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

          

     

    Representation (5) – Obligor Bankruptcy

     

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

     

    Review Materials

     

    	

          	-	
            Contract

          

     

    	

          	-	
            Data Tape

          

     

    Procedures to be Performed

     

    	

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

          

     

    	

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

          

     

    
      SA-4

      
        

    

    Representation (6) – Security Interest in Financed Vehicles

     

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

     

    Review Materials

     

    	

          	-	
            Contract

          

     

    	

          	-	
            List of Approved Contracts

          

     

    	

          	-	
            Title

          

     

    Procedures to be Performed

     

    	

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

          

     

    	

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

          

     

    	

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

          

     

    	

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

          

     

    Representation (7) – Receivables in Force

     

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

     

    Review Materials

     

    	

          	-	
            Contract

          

     

    	

          	-	
            Data Tape

          

     

    	

          	-	
            Title

          

     

    	

          	-	
            Receivable File

          

     

    
      SA-5

      
        

    

    Procedures to be Performed

     

    	

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

          

     

    	

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

          

     

    	

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

          

     

    	

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

          

     

    	

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

          

     

    Representation (8) – No Waivers

     

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

     

    Review Materials

     

    	

          	-	
            Contract

          

     

    	

          	-	
            Data Tape

          

     

    	

          	-	
            Receivable File

          

     

    Procedures to be Performed

     

    	

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

          

     

    	

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

          

     

    Representation (9) – No Amendments

     

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

     

    Review Materials

     

    	

          	-	
            Contract

          

     

    	

          	-	
            Data Tape

          

     

    
      SA-6

      
        

    

    Procedures to be Performed

     

    	

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

          

     

    	

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

          

     

    Representation (10) – No Defenses

     

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

     

    Review Materials

     

    	

          	-	
            Contract

          

     

    	

          	-	
            Data Tape

          

     

    Procedures to be Performed

     

    	

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

          

     

    	

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

          

     

    	

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

          

     

    Representation (11) – No Liens

     

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

     

    Review Materials

     

    	

          	-	
            Contract

          

     

    	

          	-	
            Title

          

     

    	

          	-	
            Receivable File

          

     

    
      SA-7

      
        

    

    Procedures to be Performed

     

    	

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

          

     

    	

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

          

     

    	

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

          

     

    Representation (12) – No Defaults; Repossessions

     

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

     

    Review Materials

     

    	

          	-	
            Contract

          

     

    	

          	-	
            Data Tape

          

     

    	

          	-	
            Receivable File

          

     

    Procedures to be Performed

     

    	

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

          

     

    	

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

          

     

    	

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

          

     

    	

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

          

     

    Representation (13) - Insurance

     

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

     

    
      SA-8

      
        

    

    Review Materials

     

    	

          	-	
            Contract

          

     

    Procedures to be Performed

     

    	

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

          

     

    	

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

          

     

    Representation (14) - Title

     

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

     

    Review Materials

     

    	

          	-	
            Contract

          

     

    	

          	-	
            Title

          

     

    	

          	-	
            Receivable File

          

     

    Procedures to be Performed

     

    	

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

          

     

    	

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

          

     

    	

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

          

     

    
      SA-9

      
        

    

    Representation (15) - Lawful Assignment

     

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

     

    Review Materials

     

    	

          	-	
            Contract

          

     

    	

          	-	
            Title

          

     

    Procedures to be Performed

     

    	

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

          

     

    	

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

          

     

    	

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

          

     

    Representation (16) – One Original

     

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

     

    Review Materials

     

    	

          	-	
            Contract

          

     

    Procedures to be Performed

     

    	

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

          

     

    	

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

          

     

    	

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

          

     

    Representation (17) – Principal Balance

     

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

     

    Review Materials

     

    	

          	-	
            Data Tape

          

     

    
      SA-10

      
        

    

    Procedures to be Performed

     

    	

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

          

     

    	

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

          

     

    Representation (18) – Original Term to Maturity

     

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

     

    Review Materials

     

    	

          	-	
            Contract

          

     

    	

          	-	
            Data Tape

          

     

    Procedures to be Performed

     

    	

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

          

     

    	

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

          

     

    	

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

          

     

    Representation (19) – Annual Percentage Rate

     

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

     

    Review Materials

     

    	

          	-	
            Contract

          

     

    	

          	-	
            Data Tape

          

     

    Procedures to be Performed

     

    	

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

          

     

    	

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

          

     

    
      SA-11

      
        

    

    Representation (20) – Simple Interest Method

     

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

     

    Review Materials

     

    	

          	-	
            Contract

          

     

    Procedures to be Performed

     

    	

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

          

     

    	

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

          

     

    Representation (21) – Marking Records

     

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

     

    Review Materials

     

    	

          	-	
            Data Tape

          

     

    	

          	-	
            Receivable File

          

     

    Procedures to be Performed

     

    	

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

          

     

    	

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

          

     

    Representation (22) – Chattel Paper

     

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

     

    Review Materials

     

    	

          	-	
            Contract

          

     

    	

          	-	
            Title

          

     

    	

          	-	
            Data Tape

          

     

    
      SA-12

      
        

    

    Procedures to be Performed

     

    	

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

          

     

    	

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

          

     

    	

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

          

     

    Representation (23) – Final Scheduled Payment Date

     

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

     

    Review Materials

     

    	

          	-	
            Contract

          

     

    	

          	-	
            Data Tape

          

     

    Procedures to be Performed

     

    	

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

          

     

    	

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

          

     

    Representation (24) – No Fraud or Misrepresentation

     

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

     

    Review Materials

     

    	

          	-	
            Receivable File

          

     

    Procedures to be Performed

     

    	

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

          

     

    	

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

          

     

    
      SA-13

      
        

    

    Representation (25) – No Impairment

     

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

     

    Review Materials

     

    	

          	-	
            Receivable File

          

     

    	

          	-	
            Data Tape

          

     

    	

          	-	
            Eligibility Criteria

          

     

    Procedures to be Performed

     

    	

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

          

     

    	

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

          

     

    Representation (26) - Servicing

     

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

     

    Review Materials

     

    	

          	-	
            Receivable File

          

     

    	

          	-	
            Data Tape

          

     

    Procedures to be Performed

     

    	

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

          

     

    	

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

          

     

    	

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

          

     

    Representation (27) – No Consent

     

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

     

    
      SA-14

      
        

    

    Review Materials

     

    	

          	-	
            Contract

          

     

    Procedures to be Performed

     

    	

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

          

     

    	

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

          

     

  

  

  

  SA-15btbd_ex46.htm

EXHIBIT 4.6
  
 REPRESENTATIVE’S PURCHASE WARRANT
  
 BT BRANDS, INC.
  
 	 Warrant Shares: [______] 
	 Initial Exercise Date: [____], 2022

  
 This REPRESENTATIVE’S PURCHASE WARRANT (the “Warrant”) certifies that, for value received, MAXIM PARTNERS LLC or its assigns (the “Holder”) is entitled, upon the terms and subject to the limitations on exercise and the conditions hereinafter set forth, at any time on or after the date referred to above as the Initial Exercise Date (the “Initial Exercise Date”) and on or prior to 5:00 p.m. (New York City time) on [_____], 2026 (the “Termination Date”) but not thereafter, to subscribe for and purchase from BT Brands, Inc., a Wyoming corporation (the “Company”), up to [_______] shares (as subject to adjustment hereunder, the “Warrant Shares”) of Common Stock. The purchase price of one share of Common Stock under this Warrant shall be equal to the Exercise Price, as defined in Section 2(b). 
  
 Section 1. Definitions. Capitalized terms used and not otherwise defined herein shall have the meanings set forth in that certain Underwriting Agreement (the “Underwriting Agreement”), dated [____], 2021, between the Company and Maxim Group LLC, as representative of the several Underwriters named in Schedule A thereto.
  
 Section 2. Exercise.
  
 a) Exercise of Warrant. Exercise of the purchase rights represented by this Warrant may be made, in whole or in part, at any time or times on or after the Initial Exercise Date and on or before the Termination Date by delivery to the Company of a duly executed facsimile copy or PDF copy submitted by email (or e-mail attachment) of the Notice of Exercise in the form annexed hereto (the “Notice of Exercise”). Within the earlier of (i) two (2) Trading Days and (ii) the number of Trading Days comprising the Standard Settlement Period (as defined in Section 2(d)(i) herein) following the date of exercise as aforesaid, the Holder shall deliver the aggregate Exercise Price for the shares specified in the applicable Notice of Exercise by wire transfer or cashier’s check drawn on a United States bank unless the cashless exercise procedure specified in Section 2(c) below is specified in the applicable Notice of Exercise. No ink-original Notice of Exercise shall be required, nor shall any medallion guarantee (or other type of guarantee or notarization) of any Notice of Exercise be required. Notwithstanding anything herein to the contrary, the Holder shall not be required to physically surrender this Warrant to the Company until the Holder has purchased all of the Warrant Shares available hereunder and the Warrant has been exercised in full, in which case, the Holder shall surrender this Warrant to the Company for cancellation within three (3) Trading Days of the date on which the final Notice of Exercise is delivered to the Company. Partial exercises of this Warrant resulting in purchases of a portion of the total number of Warrant Shares available hereunder shall have the effect of lowering the outstanding number of Warrant Shares purchasable hereunder in an amount equal to the applicable number of Warrant Shares purchased. The Holder and the Company shall maintain records showing the number of Warrant Shares purchased and the date of such purchases. The Company shall deliver any objection to any Notice of Exercise within one (1) Business Day of receipt of such notice. The Holder and any assignee, by acceptance of this Warrant, acknowledge and agree that, by reason of the provisions of this paragraph, following the purchase of a portion of the Warrant Shares hereunder, the number of Warrant Shares available for purchase hereunder at any given time may be less than the amount stated on the face hereof.
  
 b) Exercise Price. The exercise price per share of Common Stock under this Warrant shall be $[___] (110% of offering price), subject to adjustment hereunder (the “Exercise Price”). 
  
 	 
	1
	

	 

  
 c) Cashless Exercise. This Warrant may also be exercised, in whole or in part, at such time by means of a “cashless exercise” in which the Holder shall be entitled to receive a number of Warrant Shares equal to the quotient obtained by dividing [(A-B) (X)] by (A), where:
  
 (A) = as applicable: (i) the VWAP on the Trading Day immediately preceding the date of the applicable Notice of Exercise if such Notice of Exercise is (1) both executed and delivered pursuant to Section 2(a) hereof on a day that is not a Trading Day or (2) both executed and delivered pursuant to Section 2(a) hereof on a Trading Day prior to the opening of “regular trading hours” (as defined in Rule 600(b)(68) of Regulation NMS promulgated under the federal securities laws) on such Trading Day, (ii) at the option of the Holder, either (y) the VWAP on the Trading Day immediately preceding the date of the applicable Notice of Exercise or (z) the Bid Price of the Common Stock on the principal Trading Market as reported by Bloomberg L.P. as of the time of the Holder’s execution of the applicable Notice of Exercise if such Notice of Exercise is executed during “regular trading hours” on a Trading Day and is delivered within two (2) hours thereafter (including until two (2) hours after the close of “regular trading hours” on a Trading Day) pursuant to Section 2(a) hereof or (iii) the VWAP on the date of the applicable Notice of Exercise if the date of such Notice of Exercise is a Trading Day and such Notice of Exercise is both executed and delivered pursuant to Section 2(a) hereof after the close of “regular trading hours” on such Trading Day;
  
 (B) = the Exercise Price of this Warrant, as adjusted hereunder; and 
  
 (X) = the number of Warrant Shares that would be issuable upon exercise of this Warrant in accordance with the terms of this Warrant if such exercise were by means of a cash exercise rather than a cashless exercise.
  
 “VWAP” means, for any date, the price determined by the first of the following clauses that applies: (a) if the Common Stock is then listed or quoted on The New York Stock Exchange, the NYSE American or any tier of The Nasdaq Stock Market (each, a “Trading Market”), the daily volume weighted average price of the Common Stock for such date (or the nearest preceding date) on the Trading Market on which the Common Stock is then listed or quoted as reported by Bloomberg L.P. (“Bloomberg”) (based on a trading day from 9:30 a.m. (New York City time) to 4:02 p.m. (New York City time)), (b) if the Common Stock is listed or quoted on the OTCQB or OTCQX (each as operated by OTC Markets Group, Inc., or any successor market), the volume weighted average price of the Common Stock for such date (or the nearest preceding date) on OTCQB or OTCQX as applicable, (c) if the Common Stock is not then listed or quoted for trading on the OTCQB or OTCQX Markets and if prices for the Common Stock are then reported in the OTC Pink Market published by OTC Markets Group Inc. (or a similar organization or agency succeeding to its functions of reporting prices), the most recent bid price per share of the Common Stock so reported, or (d) in all other cases, the fair market value of a share of Common Stock as determined by an independent appraiser selected in good faith by the Board of Directors of the Company and reasonably acceptable to the Holder, the fees and expenses of which shall be paid by the Company.
  
 If Warrant Shares are issued in such a cashless exercise, the parties acknowledge and agree that in accordance with Section 3(a)(9) of the Securities Act, the Warrant Shares shall take on the registered characteristics of the Warrants being exercised. The Company agrees not to take any position contrary to this Section 2(c).
  
 	 
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 d) Mechanics of Exercise. 
  
 i. Delivery of Warrant Shares Upon Exercise. The Company shall cause the Warrant Shares purchased hereunder to be transmitted by the Transfer Agent to the Holder by crediting the account of the Holder’s or its designee’s balance account with The Depository Trust Company through its Deposit or Withdrawal at Custodian system (“DWAC”) if the Company is then a participant in such system and either (A) there is an effective registration statement permitting the issuance of the Warrant Shares to or resale of the Warrant Shares by Holder or (B) this Warrant is being exercised via cashless exercise, and otherwise by physical delivery of a certificate, registered in the Company’s share register in the name of the Holder or its designee, for the number of Warrant Shares to which the Holder is entitled pursuant to such exercise to the address specified by the Holder in the Notice of Exercise by the date that is the earliest of (i) two (2) Trading Days after the delivery to the Company by the Holder of the Notice of Exercise, (ii) one (1) Trading Day after delivery of the aggregate Exercise Price to the Company and (iii) the number of Trading Days comprising the Standard Settlement Period after the delivery to the Company of the Notice of Exercise (such date, the “Warrant Share Delivery Date”). Upon delivery of the Notice of Exercise, the Holder shall be deemed for all corporate purposes to have become the holder of record of the Warrant Shares with respect to which this Warrant has been exercised, irrespective of the date of delivery of the Warrant Shares, provided that payment of the aggregate Exercise Price (other than in the case of a cashless exercise) is received within the earlier of (i) two (2) Trading Days and (ii) the number of Trading Days comprising the Standard Settlement Period following delivery of the Notice of Exercise. If the Company fails for any reason to deliver to the Holder the Warrant Shares subject to a Notice of Exercise by the Warrant Share Delivery Date, the Company shall pay to the Holder, in cash, as liquidated damages and not as a penalty, for each $1,000 of Warrant Shares subject to such exercise (based on the VWAP of the Common Stock on the date of the applicable Notice of Exercise), $10 per Trading Day (increasing to $20 per Trading Day on the fifth Trading Day after such liquidated damages begin to accrue) for each Trading Day after such Warrant Share Delivery Date until such Warrant Shares are delivered or Holder rescinds such exercise. The Company agrees to maintain a transfer agent that is a participant in the FAST program so long as this Warrant remains outstanding and exercisable. As used herein, “Standard Settlement Period” means the standard settlement period, expressed in a number of Trading Days, on the Company’s primary Trading Market with respect to the Common Stock as in effect on the date of delivery of the Notice of Exercise. 
  
 ii. Delivery of New Warrants Upon Exercise. If this Warrant shall have been exercised in part, the Company shall, at the request of a Holder and upon surrender of this Warrant certificate, at the time of delivery of the Warrant Shares, deliver to the Holder a new Warrant evidencing the rights of the Holder to purchase the unpurchased Warrant Shares called for by this Warrant, which new Warrant shall in all other respects be identical with this Warrant.
  
 	 
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 iii. Rescission Rights. If the Company fails to cause the Transfer Agent to transmit to the Holder the Warrant Shares pursuant to Section 2(d)(i) by the Warrant Share Delivery Date, then the Holder will have the right to rescind such exercise; provided, however, that the Holder shall be required to return any Warrant Shares or Common Stock subject to any such rescinded exercise notice concurrently with the return to Holder of the aggregate Exercise Price paid to the Company for such Warrant Shares and the restoration of Holder’s right to acquire such Warrant Shares pursuant to this Warrant (including, issuance of a replacement warrant certificate evidencing such restored right).
  
 iv. Compensation for Buy-In on Failure to Timely Deliver Warrant Shares Upon Exercise. In addition to any other rights available to the Holder, if the Company fails to cause the Transfer Agent to transmit to the Holder the Warrant Shares in accordance with the provisions of Section 2(d)(i) above pursuant to an exercise on or before the Warrant Share Delivery Date, and if after such date the Holder is required by its broker to purchase (in an open market transaction or otherwise) or the Holder’s brokerage firm otherwise purchases, shares of Common Stock to deliver in satisfaction of a sale by the Holder of the Warrant Shares which the Holder anticipated receiving upon such exercise (a “Buy-In”), then the Company shall (A) pay in cash to the Holder the amount, if any, by which (x) the Holder’s total purchase price (including brokerage commissions, if any) for the shares of Common Stock so purchased exceeds (y) the amount obtained by multiplying (1) the number of Warrant Shares that the Company was required to deliver to the Holder in connection with the exercise at issue times (2) the price at which the sell order giving rise to such purchase obligation was executed, and (B) at the option of the Holder, either reinstate the portion of the Warrant and equivalent number of Warrant Shares for which such exercise was not honored (in which case such exercise shall be deemed rescinded) or deliver to the Holder the number of shares of Common Stock that would have been issued had the Company timely complied with its exercise and delivery obligations hereunder. For example, if the Holder purchases Common Stock having a total purchase price of $11,000 to cover a Buy-In with respect to an attempted exercise of shares of Common Stock with an aggregate sale price giving rise to such purchase obligation of $10,000, under clause (A) of the immediately preceding sentence the Company shall be required to pay the Holder $1,000. The Holder shall provide the Company written notice indicating the amounts payable to the Holder in respect of the Buy-In and, upon request of the Company, evidence of the amount of such loss. Nothing herein shall limit a Holder’s right to pursue any other remedies available to it hereunder, at law or in equity including, without limitation, a decree of specific performance and/or injunctive relief with respect to the Company’s failure to timely deliver shares of Common Stock upon exercise of the Warrant as required pursuant to the terms hereof.
  
 v. No Fractional Shares or Scrip. No fractional shares or scrip representing fractional shares shall be issued upon the exercise of this Warrant. As to any fraction of a share which the Holder would otherwise be entitled to purchase upon such exercise, the Company shall, at its election, either pay a cash adjustment in respect of such final fraction in an amount equal to such fraction multiplied by the Exercise Price or round up to the next whole share.
  
 	 
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 vi. Charges, Taxes and Expenses. Issuance of Warrant Shares shall be made without charge to the Holder for any issue or transfer tax or other incidental expense in respect of the issuance of such Warrant Shares, all of which taxes and expenses shall be paid by the Company, and such Warrant Shares shall be issued in the name of the Holder or in such name or names as may be directed by the Holder; provided, however, that in the event that Warrant Shares are to be issued in a name other than the name of the Holder, this Warrant when surrendered for exercise shall be accompanied by the Assignment Form attached hereto duly executed by the Holder and the Company may require, as a condition thereto, the payment of a sum sufficient to reimburse it for any transfer tax incidental thereto. The Company shall pay all Transfer Agent fees required for same-day processing of any Notice of Exercise and all fees to the Depository Trust Company (or another established clearing corporation performing similar functions) required for same-day electronic delivery of the Warrant Shares.
  
 vii. Closing of Books. The Company will not close its stockholder books or records in any manner which prevents the timely exercise of this Warrant, pursuant to the terms hereof.
  
 e) Holder’s Exercise Limitations. The Company shall not effect any exercise of this Warrant, and a Holder shall not have the right to exercise any portion of this Warrant, pursuant to Section 2 or otherwise, to the extent that after giving effect to such issuance after exercise as set forth on the applicable Notice of Exercise, the Holder (together with the Holder’s Affiliates, and any other Persons acting as a group together with the Holder or any of the Holder’s Affiliates (such Persons, “Attribution Parties”)), would beneficially own in excess of the Beneficial Ownership Limitation (as defined below). For purposes of the foregoing sentence, the number of shares of Common Stock beneficially owned by the Holder and its Affiliates and Attribution Parties shall include the number of shares of Common Stock issuable upon exercise of this Warrant with respect to which such determination is being made, but shall exclude the number of shares of Common Stock which would be issuable upon (i) exercise of the remaining, nonexercised portion of this Warrant beneficially owned by the Holder or any of its Affiliates or Attribution Parties and (ii) exercise or conversion of the unexercised or nonconverted portion of any other securities of the Company (including, without limitation, any other Common Stock Equivalents) subject to a limitation on conversion or exercise analogous to the limitation contained herein beneficially owned by the Holder or any of its Affiliates or Attribution Parties. Except as set forth in the preceding sentence, for purposes of this Section 2(e), beneficial ownership shall be calculated in accordance with Section 13(d) of the Exchange Act and the rules and regulations promulgated thereunder, it being acknowledged by the Holder that the Company is not representing to the Holder that such calculation is in compliance with Section 13(d) of the Exchange Act and the Holder is solely responsible for any schedules required to be filed in accordance therewith. To the extent that the limitation contained in this Section 2(e) applies, the determination of whether this Warrant is exercisable (in relation to other securities owned by the Holder together with any Affiliates and Attribution Parties) and of which portion of this Warrant is exercisable shall be in the sole discretion of the Holder, and the submission of a Notice of Exercise shall be deemed to be the Holder’s determination of whether this Warrant is exercisable (in relation to other securities owned by the Holder together with any Affiliates and Attribution Parties) and of which portion of this Warrant is exercisable, in each case subject to the Beneficial Ownership Limitation, and the Company shall have no obligation to verify or confirm the accuracy of such determination. In addition, a determination as to any group status as contemplated above shall be determined in accordance with Section 13(d) of the Exchange Act and the rules and regulations promulgated thereunder. For purposes of this Section 2(e), in determining the number of outstanding shares of Common Stock, a Holder may rely on the number of outstanding shares of Common Stock as reflected in (A) the Company’s most recent periodic or annual report filed with the Commission, as the case may be, (B) a more recent public announcement by the Company or (C) a more recent written notice by the Company or the Transfer Agent setting forth the number of shares of Common Stock outstanding. Upon the written or oral request of a Holder, the Company shall within one Trading Day confirm orally and in writing to the Holder the number of shares of Common Stock then outstanding. In any case, the number of outstanding shares of Common Stock shall be determined after giving effect to the conversion or exercise of securities of the Company, including this Warrant, by the Holder or its Affiliates or Attribution Parties since the date as of which such number of outstanding shares of Common Stock was reported. The “Beneficial Ownership Limitation” shall be 4.99% (or, upon election by a Holder prior to the issuance of any Warrants, 9.99%) of the number of shares of Common Stock outstanding immediately after giving effect to the issuance of shares of Common Stock issuable upon exercise of this Warrant. The Holder, upon notice to the Company, may increase or decrease the Beneficial Ownership Limitation provisions of this Section 2(e), provided that the Beneficial Ownership Limitation in no event exceeds 9.99% of the number of shares of Common Stock outstanding immediately after giving effect to the issuance of shares of Common Stock upon exercise of this Warrant held by the Holder and the provisions of this Section 2(e) shall continue to apply. Any increase in the Beneficial Ownership Limitation will not be effective until the 61st day after such notice is delivered to the Company. The provisions of this paragraph shall be construed and implemented in a manner otherwise than in strict conformity with the terms of this Section 2(e) to correct this paragraph (or any portion hereof) which may be defective or inconsistent with the intended Beneficial Ownership Limitation herein contained or to make changes or supplements necessary or desirable to properly give effect to such limitation. The limitations contained in this paragraph shall apply to a successor holder of this Warrant. 
  
 	 
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 Section 3. Certain Adjustments.
  
 a) Stock Dividends and Splits. If the Company, at any time while this Warrant is outstanding: (i) pays a stock dividend or otherwise makes a distribution or distributions on shares of its Common Stock or any other equity or equity equivalent securities payable in shares of Common Stock (which, for avoidance of doubt, shall not include any shares of Common Stock issued by the Company upon exercise of this Warrant), (ii) subdivides outstanding shares of Common Stock into a larger number of shares, (iii) combines (including by way of reverse stock split) outstanding shares of Common Stock into a smaller number of shares, or (iv) issues by reclassification of shares of Common Stock any shares of capital stock of the Company, then in each case the Exercise Price shall be multiplied by a fraction of which the numerator shall be the number of shares of Common Stock (excluding treasury shares, if any) outstanding immediately before such event and of which the denominator shall be the number of shares of Common Stock outstanding immediately after such event, and the number of shares issuable upon exercise of this Warrant shall be proportionately adjusted such that the aggregate Exercise Price of this Warrant shall remain unchanged. Any adjustment made pursuant to this Section 3(a) shall become effective immediately after the record date for the determination of stockholders entitled to receive such dividend or distribution and shall become effective immediately after the effective date in the case of a subdivision, combination or re‐classification.
  
 b) Subsequent Rights Offerings. In addition to any adjustments pursuant to Section 3(a) above, if at any time the Company grants, issues or sells any Common Stock Equivalents or rights to purchase stock, warrants, securities or other property pro rata to the record holders of any class of shares of Common Stock (the “Purchase Rights”), then the Holder will be entitled to acquire, upon the terms applicable to such Purchase Rights, the aggregate Purchase Rights which the Holder could have acquired if the Holder had held the number of shares of Common Stock acquirable upon complete exercise of this Warrant (without regard to any limitations on exercise hereof, including without limitation, the Beneficial Ownership Limitation) immediately before the date on which a record is taken for the grant, issuance or sale of such Purchase Rights, or, if no such record is taken, the date as of which the record holders of shares of Common Stock are to be determined for the grant, issue or sale of such Purchase Rights (provided, however, to the extent that the Holder’s right to participate in any such Purchase Right would result in the Holder exceeding the Beneficial Ownership Limitation, then the Holder shall not be entitled to participate in such Purchase Right to such extent (or beneficial ownership of such shares of Common Stock as a result of such Purchase Right to such extent) and such Purchase Right to such extent shall be held in abeyance for the Holder until such time, if ever, as its right thereto would not result in the Holder exceeding the Beneficial Ownership Limitation). 
  
 	 
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 c) Pro Rata Distribution. During such time as this Warrant is outstanding, if the Company shall declare or make any dividend or other distribution of its assets (or rights to acquire its assets) to holders of shares of Common Stock, by way of return of capital or otherwise, other than cash (including, without limitation, any distribution of stock or other securities, property or options by way of a dividend, spin off, reclassification, corporate rearrangement, scheme of arrangement or other similar transaction) (a “Distribution”), at any time after the issuance of this Warrant, then, in each such case, the Holder shall be entitled to participate in such Distribution to the same extent that the Holder would have participated therein if the Holder had held the number of shares of Common Stock acquirable upon complete exercise of this Warrant (without regard to any limitations on exercise hereof, including without limitation, the Beneficial Ownership Limitation) immediately before the date of which a record is taken for such Distribution, or, if no such record is taken, the date as of which the record holders of shares of Common Stock are to be determined for the participation in such Distribution (provided, however, that, to the extent that the Holder's right to participate in any such Distribution would result in the Holder exceeding the Beneficial Ownership Limitation, then the Holder shall not be entitled to participate in such Distribution to such extent (or in the beneficial ownership of any shares of Common Stock as a result of such Distribution to such extent) and the portion of such Distribution shall be held in abeyance for the benefit of the Holder until such time, if ever, as its right thereto would not result in the Holder exceeding the Beneficial Ownership Limitation). 
  
 d) Fundamental Transaction. If, at any time while this Warrant is outstanding, (i) the Company, directly or indirectly, in one or more related transactions effects any merger or consolidation of the Company with or into another Person, (ii) the Company (and all of its Subsidiaries, taken as a whole), directly or indirectly, effects any sale, lease, license, assignment, transfer, conveyance or other disposition of all or substantially all of its assets in one or a series of related transactions, (iii) any, direct or indirect, purchase offer, tender offer or exchange offer (whether by the Company or another Person) is completed pursuant to which holders of Common Stock are permitted to sell, tender or exchange their shares for other securities, cash or property and has been accepted by the holders of 50% or more of the outstanding Common Stock, (iv) the Company, directly or indirectly, in one or more related transactions effects any reclassification, reorganization or recapitalization of the Common Stock or any compulsory share exchange pursuant to which the Common Stock is effectively converted into or exchanged for other securities, cash or property, or (v) the Company, directly or indirectly, in one or more related transactions consummates a stock or share purchase agreement or other business combination (including, without limitation, a reorganization, recapitalization, spin-off, merger or scheme of arrangement) with another Person or group of Persons whereby such other Person or group acquires more than 50% of the outstanding shares of Common Stock (not including any shares of Common Stock held by the other Person or other Persons making or party to, or associated or affiliated with the other Persons making or party to, such stock or share purchase agreement or other business combination) (each a “Fundamental Transaction”), then, upon any subsequent exercise of this Warrant, the Holder shall have the right to receive, for each Warrant Share that would have been issuable upon such exercise immediately prior to the occurrence of such Fundamental Transaction, at the option of the Holder (without regard to any limitation in Section 2(e) on the exercise of this Warrant), the number of shares of Common Stock of the successor or acquiring corporation or of the Company, if it is the surviving corporation, and any additional consideration (the “Alternate Consideration”) receivable as a result of such Fundamental Transaction by a holder of the number of shares of Common Stock for which this Warrant is exercisable immediately prior to such Fundamental Transaction (without regard to any limitation in Section 2(e) on the exercise of this Warrant). For purposes of any such exercise, the determination of the Exercise Price shall be appropriately adjusted to apply to such Alternate Consideration based on the amount of Alternate Consideration issuable in respect of one share of Common Stock in such Fundamental Transaction, and the Company shall apportion the Exercise Price among the Alternate Consideration in a reasonable manner reflecting the relative value of any different components of the Alternate Consideration. If holders of Common Stock are given any choice as to the securities, cash or property to be received in a Fundamental Transaction, then the Holder shall be given the same choice as to the Alternate Consideration it receives upon any exercise of this Warrant following such Fundamental Transaction. The Company shall cause any successor entity in a Fundamental Transaction in which the Company is not the survivor (the “Successor Entity”) to assume in writing all of the obligations of the Company under this Warrant in accordance with the provisions of this Section 3(e) pursuant to written agreements in form and substance reasonably satisfactory to the Holder and approved by the Holder (without unreasonable delay) prior to such Fundamental Transaction and shall, at the option of the Holder, deliver to the Holder in exchange for this Warrant a security of the Successor Entity evidenced by a written instrument substantially similar in form and substance to this Warrant which is exercisable for a corresponding number of shares of capital stock of such Successor Entity (or its parent entity) equivalent to the shares of Common Stock acquirable and receivable upon exercise of this Warrant (without regard to any limitations on the exercise of this Warrant) prior to such Fundamental Transaction, and with an exercise price which applies the exercise price hereunder to such shares of capital stock (but taking into account the relative value of the shares of Common Stock pursuant to such Fundamental Transaction and the value of such shares of capital stock, such number of shares of capital stock and such exercise price being for the purpose of protecting the economic value of this Warrant immediately prior to the consummation of such Fundamental Transaction), and which is reasonably satisfactory in form and substance to the Holder. Upon the occurrence of any such Fundamental Transaction, the Successor Entity shall succeed to, and be substituted for (so that from and after the date of such Fundamental Transaction, the provisions of this Warrant referring to the “Company” shall refer instead to the Successor Entity), and may exercise every right and power of the Company and shall assume all of the obligations of the Company under this Warrant with the same effect as if such Successor Entity had been named as the Company herein.
  
 	 
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 e) Calculations. All calculations under this Section 3 shall be made to the nearest cent or the nearest 1/100th of a share, as the case may be. For purposes of this Section 3, the number of shares of Common Stock deemed to be issued and outstanding as of a given date shall be the sum of the number of shares of Common Stock (excluding treasury shares, if any) issued and outstanding.
  
 f) Notice to Holder. 
  
 i. Adjustment to Exercise Price. Whenever the Exercise Price is adjusted pursuant to any provision of this Section 3, the Company shall promptly deliver to the Holder by facsimile or email a notice setting forth the Exercise Price after such adjustment and any resulting adjustment to the number of Warrant Shares and setting forth a brief statement of the facts requiring such adjustment. 
  
 ii. Notice to Allow Exercise by Holder. If (A) the Company shall declare a dividend (or any other distribution in whatever form) on the Common Stock, (B) the Company shall declare a special nonrecurring cash dividend on or a redemption of the Common Stock, (C) the Company shall authorize the granting to all holders of the Common Stock rights or warrants to subscribe for or purchase any shares of capital stock of any class or of any rights, (D) the approval of any stockholders of the Company shall be required in connection with any reclassification of the Common Stock, any consolidation or merger to which the Company (and all of its Subsidiaries, taken as a whole) is a party, any sale or transfer of all or substantially all of the assets of the Company, or any compulsory share exchange whereby the Common Stock is converted into other securities, cash or property, or (E) the Company shall authorize the voluntary or involuntary dissolution, liquidation or winding up of the affairs of the Company, then, in each case, the Company shall cause to be delivered by facsimile or email to the Holder at its last facsimile number or email address as it shall appear upon the Warrant Register of the Company, at least 20 calendar days prior to the applicable record or effective date hereinafter specified, a notice stating (x) the date on which a record is to be taken for the purpose of such dividend, distribution, redemption, rights or warrants, or if a record is not to be taken, the date as of which the holders of the Common Stock of record to be entitled to such dividend, distributions, redemption, rights or warrants are to be determined or (y) the date on which such reclassification, consolidation, merger, sale, transfer or share exchange is expected to become effective or close, and the date as of which it is expected that holders of the Common Stock of record shall be entitled to exchange their shares of Common Stock for securities, cash or other property deliverable upon such reclassification, consolidation, merger, sale, transfer or share exchange; provided that the failure to deliver such notice or any defect therein or in the delivery thereof shall not affect the validity of the corporate action required to be specified in such notice. To the extent that any notice provided in this Warrant constitutes, or contains, material, non-public information regarding the Company or any of the Subsidiaries, the Company shall simultaneously file such notice with the Commission pursuant to a Current Report on Form 8-K. The Holder shall remain entitled to exercise this Warrant during the period commencing on the date of such notice to the effective date of the event triggering such notice except as may otherwise be expressly set forth herein.
  
 	 
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 Section 4. Transfer of Warrant.
  
 a) Transferability. Pursuant to FINRA Rule 5110(e)(1), neither this Warrant nor any Warrant Shares issued upon exercise of this Warrant shall be sold, transferred, assigned, pledged or hypothecated, or be the subject of any hedging, short sale, derivative, put or call transaction that would result in the effective economic disposition of the securities by any person for a period of 180 days immediately following the commencement of sales of the offering pursuant to which this Warrant is being issued, except as permitted under FINRA Rule 5110(e)(2). Subject to the foregoing restriction, this Warrant and all rights hereunder are transferable, in whole or in part, upon surrender of this Warrant at the principal office of the Company or its designated agent, together with a written assignment of this Warrant substantially in the form attached hereto duly executed by the Holder or its agent or attorney and funds sufficient to pay any transfer taxes payable upon the making of such transfer. Upon such surrender and, if required, such payment, the Company shall execute and deliver a new Warrant or Warrants in the name of the assignee or assignees, as applicable, and in the denomination or denominations specified in such instrument of assignment, and shall issue to the assignor a new Warrant evidencing the portion of this Warrant not so assigned, and this Warrant shall promptly be cancelled. Notwithstanding anything herein to the contrary, the Holder shall not be required to physically surrender this Warrant to the Company unless the Holder has assigned this Warrant in full, in which case, the Holder shall surrender this Warrant to the Company within three (3) Trading Days of the date on which the Holder delivers an assignment form to the Company assigning this Warrant in full. This Warrant, if properly assigned in accordance herewith, may be exercised by a new holder for the purchase of Warrant Shares without having a new Warrant issued.
  
 b) New Warrants. If this Warrant is not held in global form through DTC (or any successor depositary), this Warrant may be divided or combined with other Warrants upon presentation hereof at the aforesaid office of the Company, together with a written notice specifying the names and denominations in which new Warrants are to be issued, signed by the Holder or its agent or attorney. Subject to compliance with Section 4(a), as to any transfer which may be involved in such division or combination, the Company shall execute and deliver a new Warrant or Warrants in exchange for the Warrant or Warrants to be divided or combined in accordance with such notice. All Warrants issued on transfers or exchanges shall be dated the initial issuance date of this Warrant and shall be identical with this Warrant except as to the number of Warrant Shares issuable pursuant thereto. 
  
 b) Warrant Register. The Company shall register this Warrant, upon records to be maintained by or on behalf of the Company for that purpose (the “Warrant Register”), in the name of the record Holder hereof from time to time. The Company may deem and treat the registered Holder of this Warrant as the absolute owner hereof for the purpose of any exercise hereof or any distribution to the Holder, and for all other purposes, absent actual notice to the contrary.
  
 	 
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 Section 5. Registration Rights. 
  
 a) To the extent the Company does not maintain an effective registration statement for the Warrant Shares and in the further event that the Company files a registration statement with the Securities and Exchange Commission covering the sale of its shares of Common Stock (other than a registration statement on Form S-4 or S-8, or on another form, or in another context, in which such “piggyback” registration would be inappropriate), then, for a period of five (5) years from the commencement of sales of the Offering, the Company shall give written notice of such proposed filing to the Holder as soon as practicable but in no event less than ten (10) days before the anticipated filing date, which notice shall describe the amount and type of securities to be included in such offering, the intended method(s) of distribution, and the name of the proposed managing underwriter or underwriters, if any, of the offering, and offer to the Holder in such notice the opportunity to register the sale of such number of shares of Warrant Shares as such Holder may request in writing within five (5) days following receipt of such notice (a “Piggyback Registration”). The Company shall cause such Warrant Shares to be included in such registration and shall use its commercially reasonable efforts to cause the managing underwriter or underwriters of a proposed underwritten offering to permit the Warrant Shares requested to be included in a Piggyback Registration on the same terms and conditions as any similar securities of the Company and to permit the sale or other disposition of such Warrant Shares in accordance with the intended method(s) of distribution thereof. All Holders proposing to distribute their securities through a Piggyback Registration that involves an underwriter or underwriters shall enter into an underwriting agreement in customary form with the underwriter or underwriters selected for such Piggyback Registration. Furthermore, each Holder must provide such information as reasonably requested by the Company (which information shall be limited to that which is required for disclosure under the Securities Act and the forms, rules and regulations promulgated thereunder) to be included in the registration statement timely or the Company may elect to exclude such Holder from the registration statement. 
   
 b) In addition, to the extent the Company does not maintain an effective registration statement for the Warrant Shares, for a period of five (5) years from the commencement of sales of the Offering, the Holder shall be entitled to one (1) demand right for the registration of the Warrant Shares at the Company’s expense (other than any underwriting discounts, selling commissions, share transfer taxes applicable to the sale of the Warrant Shares, and fees and disbursements of counsel for the Holder) and one (1) demand right for the registration of the Warrant Shares at the Holder’s expense (each, a “Demand Registration”). In the event of a Demand Registration, the Company shall use its commercially reasonable efforts to register the applicable Warrant Shares. All Holders of Warrant Shares proposing to distribute their securities through a Demand Registration that involves an underwriter or underwriters shall enter into an underwriting agreement in customary form with the underwriter or underwriters selected for such Demand Registration. Furthermore, each Holder must provide such information as reasonably requested by the Company (which information shall be limited to that which is required for disclosure under the Securities Act and the forms, rules and regulations promulgated thereunder) to be included in the registration statement timely or the Company may elect to exclude such Holder from the registration statement. 
  
 	 
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 c) Notwithstanding the foregoing, the registration rights described in this Section 5 shall be subject to limitations imposed by the Commission’s rules or comments of the Commission staff in connection with its review of the registration statement for any such resale registration. Moreover, notwithstanding the foregoing registration obligations of the Company, if the Company furnishes to the Holders requesting a Demand Registration a certificate signed by the Company’s chief executive officer stating that in the good faith judgment of the Company’s Board of Directors it would be materially detrimental to the Company and its stockholders for a registration statement to either become effective or remain effective for as long as such registration statement otherwise would be required to remain effective, because such action would (i) materially interfere with a significant acquisition, corporate reorganization, or other similar transaction involving the Company; (ii) require premature disclosure of material information that the Company has a bona fide business purpose for preserving as confidential; or (iii) render the Company unable to comply with requirements under the Securities Act or Exchange Act, then the Company shall have the right to defer taking action with respect to such Demand Registration or withdraw a related registration statement for a period of not more than forty-five (45) calendar days; provided, however, that the Company may not invoke this right more than twice in any twelve (12) month period or during the twelve (12) month period prior to the Termination Date.
  
 Section 6. Miscellaneous. 
  
 a) No Rights as Stockholder Until Exercise; No Settlement in Cash. This Warrant does not entitle the Holder to any voting rights, dividends or other rights as a stockholder of the Company prior to the exercise hereof as set forth in Section 2(d)(i), except as expressly set forth in Section 3. Without limiting any rights of a Holder to receive Warrant Shares on a “cashless exercise” pursuant to Section 2(c) or to receive cash payments pursuant to Section 2(d)(i) and Section 2(d)(iv) herein, in no event shall the Company be required to net cash settle an exercise of this Warrant.
  
 b) Loss, Theft, Destruction or Mutilation of Warrant. The Company covenants that upon receipt by the Company of evidence reasonably satisfactory to it of the loss, theft, destruction or mutilation of this Warrant or any stock certificate relating to the Warrant Shares, and in case of loss, theft or destruction, of indemnity or security reasonably satisfactory to it (which, in the case of the Warrant, shall not include the posting of any bond), and upon surrender and cancellation of such Warrant or stock certificate, if mutilated, the Company will make and deliver a new Warrant or stock certificate of like tenor and dated as of such cancellation, in lieu of such Warrant or stock certificate.
  
 	 
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 c) Saturdays, Sundays, Holidays, etc. If the last or appointed day for the taking of any action or the expiration of any right required or granted herein shall not be a Business Day, then, such action may be taken or such right may be exercised on the next succeeding Business Day.
  
 d) Authorized Shares. 
  
 i. The Company covenants that, during the period the Warrant is outstanding, it will reserve from its authorized and unissued Common Stock a sufficient number of shares to provide for the issuance of the Warrant Shares upon the exercise of any purchase rights under this Warrant. The Company further covenants that its issuance of this Warrant shall constitute full authority to its officers who are charged with the duty of issuing the necessary Warrant Shares upon the exercise of the purchase rights under this Warrant. The Company will take all such reasonable action as may be necessary to assure that such Warrant Shares may be issued as provided herein without violation of any applicable law or regulation, or of any requirements of the Trading Market upon which the Common Stock may be listed. The Company covenants that all Warrant Shares which may be issued upon the exercise of the purchase rights represented by this Warrant will, upon exercise of the purchase rights represented by this Warrant and payment for such Warrant Shares in accordance herewith, be duly authorized, validly issued, fully paid and nonassessable and free from all taxes, liens and charges created by the Company in respect of the issue thereof (other than taxes in respect of any transfer occurring contemporaneously with such issue). 
  
 ii. Except and to the extent as waived or consented to by the Holder, the Company shall not by any action, including, without limitation, amending its certificate of incorporation or through any reorganization, transfer of assets, consolidation, merger, dissolution, issue or sale of securities or any other voluntary action, avoid or seek to avoid the observance or performance of any of the terms of this Warrant, but will at all times in good faith assist in the carrying out of all such terms and in the taking of all such actions as may be necessary or appropriate to protect the rights of Holder as set forth in this Warrant against impairment. Without limiting the generality of the foregoing, the Company will (i) not increase the par value of any Warrant Shares above the amount payable therefor upon such exercise immediately prior to such increase in par value, (ii) take all such action as may be necessary or appropriate in order that the Company may validly and legally issue fully paid and nonassessable Warrant Shares upon the exercise of this Warrant and (iii) use commercially reasonable efforts to obtain all such authorizations, exemptions or consents from any public regulatory body having jurisdiction thereof, as may be, necessary to enable the Company to perform its obligations under this Warrant.
  
 	 
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 iii. Before taking any action which would result in an adjustment in the number of Warrant Shares for which this Warrant is exercisable or in the Exercise Price, the Company shall obtain all such authorizations or exemptions thereof, or consents thereto, as may be necessary from any public regulatory body or bodies having jurisdiction thereof.
  
 e) Governing Law; Venue. This Warrant shall be deemed to have been executed and delivered in New York and both this Warrant and the transactions contemplated hereby shall be governed as to validity, interpretation, construction, effect, and in all other respects by the laws of the State of New York applicable to agreements wholly performed within the borders of such state and without regard to the conflicts of laws principals thereof (other than Section 5-1401 of The New York General Obligations Law). Each of the Holder and the Company: (a) agrees that any legal suit, action or proceeding arising out of or relating to this Warrant and/or the transactions contemplated hereby shall be instituted exclusively in the Supreme Court of the State of New York, New York County, or in the United States District Court for the Southern District of New York, (b) waives any objection which it may have or hereafter to the venue of any such suit, action or proceeding, and (c) irrevocably consents to the jurisdiction of Supreme Court of the State of New York, New York County, or in the United States District Court for the Southern District of New York in any such suit, action or proceeding. Each of the Holder and the Company further agrees to accept and acknowledge service of any and all process which may be served in any such suit, action or proceeding in the Supreme Court of the State of New York, New York County, or in the United States District Court for the Southern District of New York and agrees that service of process upon the Company mailed by certified mail to the Company’s address or delivered by Federal Express via overnight delivery shall be deemed in every respect effective service of process upon the Company, in any such suit, action or proceeding, and service of process upon the Holder mailed by certified mail to the Holder’s address or delivered by Federal Express via overnight delivery shall be deemed in every respect effective service process upon the Holder, in any such suit, action or proceeding. THE HOLDER (ON BEHALF OF ITSELF, ITS SUBSIDIARIES AND, TO THE FULLEST EXTENT PERMITTED BY LAW, ON BEHALF OF ITS RESPECTIVE EQUITY HOLDERS AND CREDITORS) HEREBY WAIVES ANY RIGHT HOLDER MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY CLAIM BASED UPON, ARISING OUT OF OR IN CONNECTION WITH THIS WARRANT AND THE TRANSACTIONS CONTEMPLATED BY THIS WARRANT.
  
 f) Restrictions. The Holder acknowledges that the Warrant Shares acquired upon the exercise of this Warrant, if not registered, and the Holder does not utilize cashless exercise, will have restrictions upon resale imposed by state and federal securities laws.
  
 g) Nonwaiver and Expenses. No course of dealing or any delay or failure to exercise any right hereunder on the part of Holder shall operate as a waiver of such right or otherwise prejudice the Holder’s rights, powers or remedies. Without limiting any other provision of this Warrant, if the Company willfully and knowingly fails to comply with any provision of this Warrant, which results in any material damages to the Holder, the Company shall pay to the Holder such amounts as shall be sufficient to cover any costs and expenses including, but not limited to, reasonable attorneys’ fees, including those of appellate proceedings, incurred by the Holder in collecting any amounts due pursuant hereto or in otherwise enforcing any of its rights, powers or remedies hereunder.
  
 h) Notices. Any and all notices or other communications or deliveries to be provided hereunder shall be made in accordance with Section 7.3 of the Underwriting Agreement. 
  
 	 
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 i) Limitation of Liability. No provision hereof, in the absence of any affirmative action by the Holder to exercise this Warrant to purchase Warrant Shares, and no enumeration herein of the rights or privileges of the Holder, shall give rise to any liability of the Holder for the purchase price of any Common Stock or as a stockholder of the Company, whether such liability is asserted by the Company or by creditors of the Company.
  
 j) Remedies. The Holder, in addition to being entitled to exercise all rights granted by law, including recovery of damages, will be entitled to specific performance of its rights under this Warrant. The Company agrees that monetary damages would not be adequate compensation for any loss incurred by reason of a breach by it of the provisions of this Warrant and hereby agrees to waive and not to assert the defense in any action for specific performance that a remedy at law would be adequate.
  
 k) Successors and Assigns. Subject to applicable securities laws, this Warrant and the rights and obligations evidenced hereby shall inure to the benefit of and be binding upon the successors and permitted assigns of the Company and the successors and permitted assigns of Holder. The provisions of this Warrant are intended to be for the benefit of any Holder from time to time of this Warrant and shall be enforceable by the Holder or holder of Warrant Shares.
  
 l) Amendment. This Warrant may be modified or amended or the provisions hereof waived with the written consent of the Company, on the one hand, and the Holder or the beneficial owner of this Warrant, on the other hand.
  
 m) Severability. Wherever possible, each provision of this Warrant shall be interpreted in such manner as to be effective and valid under applicable law, but if any provision of this Warrant shall be prohibited by or invalid under applicable law, such provision shall be ineffective to the extent of such prohibition or invalidity, without invalidating the remainder of such provisions or the remaining provisions of this Warrant.
  
 n) Headings. The headings used in this Warrant are for the convenience of reference only and shall not, for any purpose, be deemed a part of this Warrant.
  
 ********************
 (Signature Page Follows)
   
 	 
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 IN WITNESS WHEREOF, the Company has caused this Warrant to be executed by its officer thereunto duly authorized as of the date first above indicated.
  
 	  
	 BT BRANDS, INC.
  

	  
	 By:__________________________________________
       Name: 
       Title: 

  
 	 
	15
	

	 

  
  
 NOTICE OF EXERCISE
  
 To: BT BRANDS, INC.
  
 (1) The undersigned hereby elects to purchase ________ Warrant Shares of the Company pursuant to the terms of the attached Warrant (only if exercised in full), and tenders herewith payment of the exercise price in full, together with all applicable transfer taxes, if any.
  
 (2) Payment shall take the form of (check applicable box):
  
 [    ] in lawful money of the United States; or
  
 [    ] if permitted the cancellation of such number of Warrant Shares as is necessary, in accordance with the formula set forth in subsection 2(c), to exercise this Warrant with respect to the maximum number of Warrant Shares purchasable pursuant to the cashless exercise procedure set forth in subsection 2(c).
  
 (3) Please issue said Warrant Shares in the name of the undersigned or in such other name as is specified below:
  
 _______________________________
  
 The Warrant Shares shall be delivered to the following DWAC Account Number:
  
 _______________________________
  
 _______________________________
  
 _______________________________
  
 [SIGNATURE OF HOLDER]
  
 Name of Investing Entity: ___________________________________________________
  
 ________________________________________________________________________
 Signature of Authorized Signatory of Investing Entity: 
  
 _________________________________________________
 Name of Authorized Signatory: 
  
 ___________________________________________________________________
 Title of Authorized Signatory: 
  
 Date: ___________________________________________________________________
  
 	 
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 ASSIGNMENT FORM
  
 (To assign the foregoing Warrant, execute this form and supply required information. Do not use this form to purchase shares.)
  
 FOR VALUE RECEIVED, the foregoing Warrant and all rights evidenced thereby are hereby assigned to
  
 	 Name:
	 ______________________________________

	  
  
	 (Please Print)
  

	 Address:
	 ______________________________________

	  
  
 Phone Number:
  
 Email Address: 
  
	 (Please Print)
  
 ______________________________________
  
 ______________________________________
  

	 Dated: _______________ __, ______
  
	  
  

	 Holder’s Signature:                                                               
  
	  
  

	 Holder’s Address:                                                                
  
	  
  

  
 	 
	17

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