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

            

       

      

      
        i

        
          

      

      	
              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.

       

      
        3

        
          

      

      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.

       

      
        6

        
          

      

      (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.

       

      
        7

        
          

      

      (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:

            	 /s/ Jennifer A. Luce
	 	 	
              Name:

            	Jennifer A. Luce
	 	 	
              Title:

            	Vice President

      

      

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

            
	 	 
	 	
              By:

            	/s/ Christopher Trainor
	 	 	
              Name:

            	Christopher Trainor
	 	 	
              Title:

            	Vice President

       

      	 	
              CLAYTON FIXED INCOME SERVICES LLC, as Asset Representations Reviewer

            
	 	 
	 	
              By:

            	
              /s/ Anthony Neske

            
	 	 	
              Name:

            	Anthony Neske
	 	 	
              Title:

            	Vice President

      

      

      ARR Agreement

      

      

      
        
          

      

      
      SCHEDULE A

       

      REPRESENTATIONS AND WARRANTIES, REVIEW MATERIALS AND TESTS

       

      Representation (1) - Characteristics of Receivables

       

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

       

      Review Materials

       

      	

            	-	
              Contract

            

       

      	

            	-	
              Data Tape

            

       

      	

            	-	
              List of Approved Contracts

            

       

      	

            	-	
              Title

            

       

      Procedures to be Performed

       

      	

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

            

       

      	

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

            

       

      	

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

            

       

      
        SA-1

        
          

      

      	

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

            

       

      	

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

            

       

      	

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

            

       

      	

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

            

       

      	

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

            

       

      	

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

            

       

      	

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

            

       

      	

            	(xi)	
              Confirm the Contract allows for prepayment.

            

       

      	

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

            

       

      	

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

            

       

      	

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

            

       

      	

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

            

       

      Representation – (2) Compliance with Law

       

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

       

      Review Materials

       

      	

            	-	
              Contract

            

       

      	

            	-	
              List of Approved Contracts

            

       

      
        SA-2

        
          

      

      Procedures to be Performed

       

      	

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

            

       

      	

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

            

       

      	

            	(a)	
              Name and address of Dealer

            

      	

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

            

      	

            	(c)	
              Vehicle description

            

      	

            	(d)	
              Amount of monthly payment

            

      	

            	(e)	
              Number of monthly payments

            

      	

            	(f)	
              Annual Percentage Rate

            

      	

            	(g)	
              Total of Payments

            

       

      	

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

            

       

      	

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

            

       

      	

            	(a)	
              Insurance requirements

            

      	

            	(b)	
              Security interest disclosure

            

      	

            	(c)	
              Prepayment disclosure

            

      	

            	(d)	
              Late payment policy

            

       

      	

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

            

       

      Representation (3) – Binding Obligation

       

      Each Receivable represents the genuine, legal, valid and binding payment obligation in writing of the related Obligor, enforceable by the holder thereof in accordance with its terms, except as (a) enforceability
        thereof may be 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-15Exhibit
10.1

 

INVESTMENT
MANAGEMENT TRUST AGREEMENT

 

This
Investment Management Trust Agreement (this “Agreement”) is made effective as of _______, 2021, by and between
Golden Ventures Acquisition Corp, a Cayman Islands exempted corporation (the “Company”), and Continental Stock
Transfer & Trust Company, a New York corporation (the “Trustee”).

 

WHEREAS,
the Company’s registration statement on Form S-1, File No. 333-257961 (the “Registration Statement”)
and prospectus (the “Prospectus”) for the initial public offering of the Company’s units (the “Units”),
each of which consists of one share of the Company’s Class A ordinary shares, par value $0.0001 per share (the “Class
A Ordinary Shares”), and one-half of one redeemable warrant, each whole warrant entitling the holder thereof to purchase
one share of Class A Ordinary Shares (such initial public offering hereinafter referred to as the “Offering”),
has been declared effective as of the date hereof by the U.S. Securities and Exchange Commission; and

 

WHEREAS,
the Company has entered into an Underwriting Agreement (the “Underwriting Agreement”) with EF Hutton, division
of Benchmark Investments, LLC, as representative (the “Representative”) of the several underwriters (the “Underwriters”)
named therein; and

 

WHEREAS,
as described in the Prospectus, $100,000,000 of the gross proceeds of the Offering and sale of the Private Placement Warrants (as defined
in the Underwriting Agreement) (or $115,000,000, if the Underwriters’ over-allotment option is exercised in full) will be delivered
to the Trustee to be deposited and held in a segregated trust account located at all times in the United States (the “Trust
Account”) for the benefit of the Company and the holders of the Class A Ordinary Shares included in the Units issued in
the Offering as hereinafter provided (the amount to be delivered to the Trustee (and any interest subsequently earned thereon) is referred
to herein as the “Property,” the shareholders for whose benefit the Trustee shall hold the Property will be
referred to as the “Public Shareholders,  ” and the Public Shareholders and the Company will
be referred to together as the “Beneficiaries”);

 

WHEREAS,
pursuant to the Underwriting Agreement, a portion of the Property equal to $3,000,000, or $3,450,000 if the Underwriters’ over-allotment
option is exercised in full, is attributable to deferred underwriting discounts and commissions that will be payable by the Company to
the Underwriters upon and concurrently with the consummation of the Business Combination (as defined below) (the “Deferred
Discount”); and

 

WHEREAS,
the Company and the Trustee desire to enter into this Agreement to set forth the terms and conditions pursuant to which the Trustee shall
hold the Property.

 

NOW
THEREFORE, IT IS AGREED:

 

1.
Agreements and Covenants of Trustee. The Trustee hereby agrees and covenants to:

 

(a)
Hold the Property in trust for the Beneficiaries in accordance with the terms of this Agreement in the Trust Account established by the
Trustee in the United States at J.P. Morgan Chase Bank, N.A. (or at another U.S. chartered commercial bank with consolidated assets of
$100 billion or more) and at a brokerage institution selected by the Trustee that is reasonably satisfactory to the Company;

 

(b)
Manage, supervise and administer the Trust Account subject to the terms and conditions set forth herein;

 

(c)
In a timely manner, upon the written instruction of the Company, invest and reinvest the Property solely in United States government
securities within the meaning of Section 2(a)(16) of the Investment Company Act of 1940, as amended, having a maturity of 185 days or
less, or in money market funds meeting the conditions of paragraphs (d)(1), (d)(2), (d)(3) and (d)(4) of Rule 2a-7 promulgated under
the Investment Company Act of 1940, as amended (or any successor rule), which invest only in direct U.S. government treasury obligations,
as determined by the Company; it being understood that the Trust Account will earn no interest while account funds are uninvested awaiting
the Company’s instructions hereunder and the Trustee may earn bank credits or other consideration;

 

(d)
Collect and receive, when due, all interest or other income arising from the Property, which shall become part of the Property, as such
term is used herein;

 

    	 	 	 

    	 

    

 

(e)
Promptly notify the Company and the Representative of all communications received by the Trustee with respect to any Property requiring
action by the Company;

 

(f)
Supply any necessary information or documents as may be requested by the Company (or its authorized agents) in connection with the Company’s
preparation of the tax returns relating to assets held in the Trust Account;

 

(g)
Participate in any plan or proceeding for protecting or enforcing any right or interest arising from the Property if, as and when instructed
by the Company to do so;

 

(h)
Render to the Company monthly written statements of the activities of, and amounts in, the Trust Account reflecting all receipts and
disbursements of the Trust Account;

 

(i)
Commence liquidation of the Trust Account only after and promptly after (x) receipt of, and only in accordance with, the terms of a letter
from the Company (“Termination Letter”) in a form substantially similar to that attached hereto as either Exhibit
A or Exhibit B, as applicable, signed on behalf of the Company by its Chief Executive Officer, Chief Financial Officer, President,
Secretary or Chairman of the board of directors of the Company (the “Board”) or other authorized officer of
the Company, and complete the liquidation of the Trust Account and distribute the Property in the Trust Account, including interest not
previously released to the Company to pay its taxes (less up to $100,000 of interest that may be released to the Company to pay dissolution
expenses), only as directed in the Termination Letter and the other documents referred to therein, or (y) upon the date which is, the
later of (1) 12 months (or up to 18 months from the closing of this offering at the election of the Company in two separate three month
extensions subject to satisfaction of certain conditions) after the closing of the Offering and (2) such later date as may be approved
by the Company’s shareholders in accordance with the Company’s amended and restated certificate of incorporation if a Termination
Letter has not been received by the Trustee prior to such date, in which case the Trust Account shall be liquidated in accordance with
the procedures set forth in the Termination Letter attached as Exhibit B and the Property in the Trust Account, including interest
not previously released to the Company to pay its taxes (less up to $100,000 of interest that may be released to the Company to pay dissolution
expenses) shall be distributed to the Public Shareholders of record as of such date; provided, however, that in the
event the Trustee receives a Termination Letter in a form substantially similar to Exhibit B hereto, or if the Trustee begins
to liquidate the Property because it has received no such Termination Letter by the date specified in clause (y) of this Section 1(i)
the Trustee shall keep the Trust Account open until twelve (12) months following the date the Property has been distributed to the Public
Shareholders. 

 

(j)
Upon written request from the Company, which may be given from time to time in a form substantially similar to that attached hereto as
Exhibit C, withdraw from the Trust Account and distribute to the Company the amount of interest earned on the Property requested
by the Company to cover any tax obligation owed by the Company as a result of assets of the Company or interest or other income earned
on the Property, which amount shall be delivered directly to the Company by electronic funds transfer or other method of prompt payment,
and the Company shall forward such payment to the relevant taxing authority; provided, however, that to the extent there
is not sufficient cash in the Trust Account to pay such tax obligation, the Trustee shall liquidate such assets held in the Trust Account
as shall be designated by the Company in writing to make such distribution, so long as there is no reduction in the principal amount
per share initially deposited in the Trust Account. The written request of the Company referenced above shall constitute presumptive
evidence that the Company is entitled to said funds, and the Trustee shall have no responsibility to look beyond said request;

 

(k)
Upon written request from the Company, which may be given from time to time in a form substantially similar to that attached hereto as
Exhibit D, the Trustee shall distribute on behalf of the Company the amount requested by the Company to be used to redeem Class
A Ordinary Shares from Public Shareholders properly submitted in connection with a shareholder vote to approve an amendment to
the Company’s amended and restated certificate of incorporation to modify the substance or timing of the ability of Public Shareholders
to seek redemption in connection with an initial Business Combination or the Company’s obligation to redeem 100% of its public
Class A Ordinary Shares if the Company has not consummated an initial Business Combination within such time as is described in Section
1(i) of the Agreement. The written request of the Company referenced above shall constitute presumptive evidence that the Company is
entitled to distribute said funds, and the Trustee shall have no responsibility to look beyond said request; and

 

    	 	 	 

    	 

    

 

(l)
Not make any withdrawals or distributions from the Trust Account other than pursuant to Section 1(i), (j) or (k) above.

 

2.
Agreements and Covenants of the Company. The Company hereby agrees and covenants to:

 

(a)
Give all instructions to the Trustee hereunder in writing, signed by the Company’s Chairman of the Board, Chief Executive Officer,
Chief Financial Officer President or Secretary. In addition, except with respect to its duties under Sections 1(i), 1(j)
and 1(k) hereof, the Trustee shall be entitled to rely on, and shall be protected in relying on, any verbal or telephonic advice
or instruction which it, in good faith and with reasonable care, believes to be given by any one of the persons authorized above to give
written instructions, provided that the Company shall promptly confirm such instructions in writing;

 

(b)
Subject to Section 4 hereof, hold the Trustee harmless and indemnify the Trustee from and against any and all expenses, including
reasonable counsel fees and disbursements, or losses suffered by the Trustee in connection with any action taken by it hereunder and
in connection with any action, suit or other proceeding brought against the Trustee involving any claim, or in connection with any claim
or demand, which in any way arises out of or relates to this Agreement, the services of the Trustee hereunder, or the Property or any
interest earned on the Property, except for expenses and losses resulting from the Trustee’s gross negligence, fraud or willful
misconduct. Promptly after the receipt by the Trustee of notice of demand or claim or the commencement of any action, suit or proceeding,
pursuant to which the Trustee intends to seek indemnification under this Section 2(b), it shall notify the Company in writing
of such claim (hereinafter referred to as the “Indemnified Claim”). The Trustee shall have the right to conduct
and manage the defense against such Indemnified Claim; provided that the Trustee shall obtain the consent of the Company with
respect to the selection of counsel, which consent shall not be unreasonably withheld. The Trustee may not agree to settle any Indemnified
Claim without the prior written consent of the Company, which such consent shall not be unreasonably withheld. The Company may participate
in such action with its own counsel;

 

(c)
Pay the Trustee the fees set forth on Schedule A hereto, including an initial acceptance fee, annual administration fee, and transaction
processing fee which fees shall be subject to modification by the parties from time to time. It is expressly understood that the Property
shall not be used to pay such fees unless and until the closing of the Business Combination (defined below). The Company shall pay the
Trustee the initial acceptance fee and the first annual administration fee at the consummation of the Offering. The Trustee shall refund
to the Company the annual administration fee (on a pro rata basis) with respect to any period after the liquidation of the Trust Account.
The Company shall not be responsible for any other fees or charges of the Trustee except as set forth in this Section 2(c), Schedule
A and as may be provided in Section 2(b) hereof;

 

(d)
In connection with any vote of the Company’s shareholders regarding a merger, share exchange, asset acquisition, stock purchase,
reorganization or similar business combination involving the Company and one or more businesses (the “Business Combination”),
provide to the Trustee an affidavit or certificate of the inspector of elections for the shareholder meeting verifying the vote of such
shareholders regarding such Business Combination;

 

(e)
Provide the Representative with a copy of any Termination Letter(s) and/or any other correspondence that is sent to the Trustee with
respect to any proposed withdrawal from the Trust Account promptly after it issues the same;

 

(f)
Unless otherwise agreed between the Company and the Representative, ensure that any Instruction Letter (as defined in Exhibit A) delivered
in connection with a Termination Letter in the form of Exhibit A expressly provides that the Deferred Discount is paid directly to the
account or accounts directed by the Representative on behalf of the Underwriters prior to any transfer of the funds held in the Trust
Account to the Company or any other person;

 

(g)
Instruct the Trustee to make only those distributions that are permitted under this Agreement, and refrain from instructing the Trustee
to make any distributions that are not permitted under this Agreement; and

 

(h)
Within four (4) business days after the Underwriters exercise the over-allotment option (or any unexercised portion thereof) or such
over-allotment expires, provide the Trustee with a notice in writing of the total amount of the Deferred Discount, which shall in no
event be less than $3,450,000.

 

    	 	 	 

    	 

    

 

3.
Limitations of Liability. The Trustee shall have no responsibility or liability to:

 

(a)
Imply obligations, perform duties, inquire or otherwise be subject to the provisions of any agreement or document other than this Agreement
and that which is expressly set forth herein;

 

(b)
Take any action with respect to the Property, other than as directed in Section 1 hereof, and the Trustee shall have no liability
to any third party except for liability arising out of the Trustee’s gross negligence, fraud or willful misconduct;

 

(c)
Institute any proceeding for the collection of any principal and income arising from, or institute, appear in or defend any proceeding
of any kind with respect to, any of the Property unless and until it shall have received instructions from the Company given as provided
herein to do so and the Company shall have advanced or guaranteed to it funds sufficient to pay any expenses incident thereto;

 

(d)
Refund any depreciation in principal of any Property;

 

(e)
Assume that the authority of any person designated by the Company to give instructions hereunder shall not be continuing unless provided
otherwise in such designation, or unless the Company shall have delivered a written revocation of such authority to the Trustee;

 

(f)
The other parties hereto or to anyone else for any action taken or omitted by it, or any action suffered by it to be taken or omitted,
in good faith and in the Trustee’s best judgment, except for the Trustee’s gross negligence, fraud or willful misconduct.
The Trustee may rely conclusively and shall be protected in acting upon any order, notice, demand, certificate, opinion or advice of
counsel (including counsel chosen by the Trustee, which counsel may be the Company’s counsel), statement, instrument, report or
other paper or document (not only as to its due execution and the validity and effectiveness of its provisions, but also as to the truth
and acceptability of any information therein contained) which the Trustee believes, in good faith and with reasonable care, to be genuine
and to be signed or presented by the proper person or persons. The Trustee shall not be bound by any notice or demand, or any waiver,
modification, termination or rescission of this Agreement or any of the terms hereof, unless evidenced by a written instrument delivered
to the Trustee, signed by the proper party or parties and, if the duties or rights of the Trustee are affected, unless it shall give
its prior written consent thereto;

 

(g)
Verify the accuracy of the information contained in the Registration Statement;

 

(h)
Provide any assurance that any Business Combination entered into by the Company or any other action taken by the Company is as contemplated
by the Registration Statement;

 

(i)
File information returns with respect to the Trust Account with any local, state or federal taxing authority or provide periodic written
statements to the Company documenting the taxes payable by the Company, if any, relating to any interest income earned on the Property;

 

(j)
Prepare, execute and file tax reports, income or other tax returns and pay any taxes with respect to any income generated by, and activities
relating to, the Trust Account, regardless of whether such tax is payable by the Trust Account or the Company, except pursuant to Section
1(j) hereof; or

 

(k)
Verify calculations, qualify or otherwise approve the Company’s written requests for distributions pursuant to Sections 1(i),
1(j) or 1(k)hereof.

 

4.
Trust Account Waiver. The Trustee has no right of set-off or any right, title, interest or claim of any kind (“Claim”)
to, or to any monies in, the Trust Account, and hereby irrevocably waives any Claim to, or to any monies in, the Trust Account that it
may have now or in the future. In the event the Trustee has any Claim against the Company under this Agreement, including, without limitation,
under Section 2(b) or Section 2(c) hereof, the Trustee shall pursue such Claim solely against the Company and its assets
outside the Trust Account and not against the Property or any monies in the Trust Account.

 

    	 	 	 

    	 

    

 

5.
Termination. This Agreement shall terminate as follows:

 

(a)
If the Trustee gives written notice to the Company that it desires to resign under this Agreement, the Company shall use its reasonable
efforts to locate a successor trustee, pending which the Trustee shall continue to act in accordance with this Agreement. At such time
that the Company notifies the Trustee that a successor trustee has been appointed and has agreed to become subject to the terms of this
Agreement, the Trustee shall transfer the management of the Trust Account to the successor trustee, including but not limited to the
transfer of copies of the reports and statements relating to the Trust Account, whereupon this Agreement shall terminate; provided,
however, that in the event that the Company does not locate a successor trustee within ninety (90) days of receipt of the resignation
notice from the Trustee, the Trustee may submit an application to have the Property deposited with any court in the State of New York
or with the United States District Court for the Southern District of New York and upon such deposit, the Trustee shall be immune from
any liability whatsoever; or

 

(b)
At such time that the Trustee has completed the liquidation of the Trust Account and its obligations in accordance with the provisions
of Section 1(i) hereof (which section may not be amended under any circumstances) and distributed the Property in accordance with
the provisions of the Termination Letter, this Agreement shall terminate except with respect to Section 2(b).

 

6.
Miscellaneous.

 

(a)
The Company and the Trustee each acknowledge that the Trustee will follow the security procedures set forth below with respect to funds
transferred from the Trust Account. The Company and the Trustee will each restrict access to confidential information relating to such
security procedures to authorized persons. Each party must notify the other party immediately if it has reason to believe unauthorized
persons may have obtained access to such confidential information, or of any change in its authorized personnel. In executing funds transfers,
the Trustee shall rely upon all information supplied to it by the Company, including, account names, account numbers, and all other identifying
information relating to a Beneficiary, Beneficiary’s bank or intermediary bank. Except for any liability arising out of the Trustee’s
gross negligence, fraud or willful misconduct, the Trustee shall not be liable for any loss, liability or expense resulting from any
error in the information or transmission of the funds.

 

(b)
This Agreement shall be governed by and construed and enforced in accordance with the laws of the State of New York, without giving effect
to conflicts of law principles that would result in the application of the substantive laws of another jurisdiction. This Agreement may
be executed in several original or facsimile counterparts, each one of which shall constitute an original, and together shall constitute
but one instrument.

 

(c)
This Agreement contains the entire agreement and understanding of the parties hereto with respect to the subject matter hereof. Except
for Section 1(i), 1(j) and 1(k) hereof (which sections may not be modified, amended or deleted without the affirmative
vote of sixty five percent (65%) of the then outstanding Class A Ordinary Shares and Class B Ordinary Shares, par value $0.0001
per share, of the Company voting together as a single class; provided that no such amendment will affect any Public Shareholder
who has otherwise indicated his election to redeem his Class A Ordinary Shares in connection with a shareholder vote sought to amend
this Agreement), this Agreement or any provision hereof may only be changed, amended or modified (other than to correct a typographical
error) by a writing signed by each of the parties hereto. Except for any liability arising out of the Trustee’s gross negligence,
fraud or willful misconduct, the Trustee may rely conclusively on the certification from the inspector or elections referenced above
and shall be relieved of all liability to any party for executing the proposed amendment in reliance thereon.

 

(d)
The parties hereto consent to the jurisdiction and venue of any state or federal court located in the City of New York, State of New
York, for purposes of resolving any disputes hereunder. AS TO ANY CLAIM, CROSS-CLAIM OR COUNTERCLAIM IN ANY WAY RELATING TO THIS AGREEMENT,
EACH PARTY WAIVES THE RIGHT TO TRIAL BY JURY.

 

(e)
Any notice, consent or request to be given in connection with any of the terms or provisions of this Agreement shall be in writing and
shall be sent by express mail or similar private courier service, by certified mail (return receipt requested), by hand delivery or by
electronic mail:

 

    	 	 	 

    	 

    

 

if
to the Trustee, to:

 

Continental
Stock Transfer & Trust Company

1
State Street 30th Floor

New
York, NY 10004

Attn:
Francis Wolf and Celeste Gonzalez

Email:
fwolf@continentalstock.com and

 cgonzalez@continentalstock.com

 

if
to the Company, to:

 

Golden
Ventures Acquisition Corp

1,
Kim Seng Promenade, #10-01

East
Tower, Great World City

Singapore
237994

Attn:
Manish Dahiya

Email:
manish@cue1.com.sg

 

with
copies to:

 

Rimon
P.C.

1717
K. Street, NW Suite 900

Washington,
DC 20006

Attn:
Debbie A. Klis, Esq.

Email:
debbie.klis@rimonlaw.com

 

and

 

EF
Hutton,

division
of Benchmark Investments, LLC

17
Battery Place, Suite 625

New
York, NY 10004

Attn:
David Boral

Email:
dboral@efhuttongroup.com

 

with
copies to:

 

Loeb
& Loeb LLP

345
Park Avenue

New
York, NY 10154

Attn:
Alex Weniger-Araujo

Email:
aweniger@loeb.com

 

(f)
Each of the Company and the Trustee hereby represents that it has the full right and power and has been duly authorized to enter into
this Agreement and to perform its respective obligations as contemplated hereunder. The Trustee acknowledges and agrees that it shall
not make any claims or proceed against the Trust Account, including by way of set-off, and shall not be entitled to any funds in the
Trust Account under any circumstance.

 

(g)
This Agreement is the joint product of the Trustee and the Company and each provision hereof has been subject to the mutual consultation,
negotiation and agreement of such parties and shall not be construed for or against any party hereto.

 

(h)
This Agreement may be executed in any number of counterparts, each of which shall be deemed to be an original, but all such counterparts
shall together constitute one and the same instrument. Delivery of a signed counterpart of this Agreement by facsimile or electronic
transmission shall constitute valid and sufficient delivery thereof.

 

    	 	 	 

    	 

    

 

(i)
Each of the Company and the Trustee hereby acknowledges and agrees that the Representative on behalf of the Underwriters are third party
beneficiaries of this Agreement.

 

(j)
Except as specified herein, no party to this Agreement may assign its rights or delegate its obligations hereunder to any other person
or entity.

 

[Signature
Page Follows]

 

IN
WITNESS WHEREOF, the parties have duly executed this Investment Management Trust Agreement as of the date first written above.

 

	 	CONTINENTAL
    STOCK TRANSFER & TRUST COMPANY, AS TRUSTEE,
	 	 
	 	By:
    	/s/
    Francis Wolf
	 	Name:
    	Francis
    Wolf
	 	Title:
    	Vice
    President
	 	 	 
	 	GOLDEN
    VENTURES ACQUISITION CORP
	 	 	 
	 	By:	/s/

	 	Name:	 
	 	Title:	 

 

cc:
EF Hutton

 

    	 	 	 

    	 

    

 

SCHEDULE
A

 

	Fee Item	 	Time and method of payment	 	Amount
	 	 	 	 	 
	Initial set-up fee	 	Initial closing of Offering by wire transfer	 	$	3,500	 
	 	 	 	 	 	 	 
	Trustee administration fee	 	Payable annually, first year fee payable, at initial closing of Offering by wire transfer; thereafter by wire transfer or check	 	$	10,000	 
	 	 	 	 	 	 	 
	Transaction processing fee for disbursements to Company under Sections 1(i) and (j)	 	Deduction by Trustee from accumulated income following disbursement made to Company under Section 1	 	$	250	 
	 	 	 	 	 	 	 
	Paying Agent services as required pursuant to Section 1(i), (j) and (k)	 	Billed to Company upon delivery of service pursuant to Section 1(i), (j) and (k)	 	 	Prevailing rates	 

 

    	 	 	 

    	 

    

 

EXHIBIT
A

 

[Letterhead
of Company]

 

[Insert
Date]

 

Continental
Stock Transfer & Trust Company

1
State Street, 30th Floor

New
York, New York 10004

Attn:
Francis Wolf and Celeste Gonzalez

 

Re:
Trust Account No.     Termination Letter

 

Ladies
and Gentlemen:

 

Pursuant
to Section 1(i) of the Investment Management Trust Agreement between Golden Ventures Acquisition Corp (the “Company”)
and Continental Stock Transfer & Trust Company (the “Trustee”), dated as of [ * ] , 2021 (the “Trust
Agreement”), this is to advise you that the Company has entered into an agreement with (the “Target Business”)
to consummate a business combination with Target Business (the “Business Combination”) on or about [ * ], 2021.
The Company shall notify you at least seventy-two (72) hours in advance of the actual date of the consummation of the Business Combination
(the “Consummation Date”). Capitalized terms used but not defined herein shall have the meanings set forth
in the Trust Agreement.

 

In
accordance with the terms of the Trust Agreement, we hereby authorize you to commence to liquidate all of the assets of the Trust Account
on [ * ], 2021, and to transfer the proceeds to a segregated account held by you on behalf of the Beneficiaries to the effect that, on
the Consummation Date, all of the funds held in the Trust Account will be immediately available for transfer to the account or accounts
that the Company shall direct on the Consummation Date (including as directed to it by the Representative on behalf of the Underwriters
(with respect to the Deferred Discount)). It is acknowledged and agreed that while the funds are on deposit in the trust operating account
at J.P. Morgan Chase Bank, N.A. awaiting distribution, the Company will not earn any interest or dividends.

 

On
the Consummation Date (i) counsel for the Company shall deliver to you written notification that the Business Combination has been consummated,
or will be consummated concurrently with your transfer of funds to the accounts as directed by the Company (the “Notification”)
and (ii) the Company shall deliver to you (a) a certificate of the Chief Executive Officer, which verifies that the Business Combination
has been approved by a vote of the Company’s shareholders, if a vote is held and (b) a joint written instruction signed by the
Company and the Representative with respect to the transfer of the funds held in the Trust Account, including payment of amounts owed
to public shareholders who have properly exercised their redemption rights and payment of the Deferred Discount to the Representative
from the Trust Account (the “Instruction Letter”).

 

You
are hereby directed and authorized to transfer the funds held in the Trust Account immediately upon your receipt of the Notification
and the Instruction Letter, in accordance with the terms of the Instruction Letter. In the event that certain deposits held in the Trust
Account may not be liquidated by the Consummation Date without penalty, you will notify the Company in writing of the same and the Company
shall direct you as to whether such funds should remain in the Trust Account and be distributed after the Consummation Date to the Company.
Upon the distribution of all the funds, net of any payments necessary for reasonable unreimbursed expenses related to liquidating the
Trust Account, your obligations under the Trust Agreement shall be terminated.

 

In
the event that the Business Combination is not consummated on the Consummation Date described in the notice thereof and we have not notified
you on or before the original Consummation Date of a new Consummation Date, then upon receipt by the Trustee of written instructions
from the Company, the funds held in the Trust Account shall be reinvested as provided in Section 1(c) of the Trust Agreement on the business
day immediately following the Consummation Date as set forth in the notice as soon thereafter as possible.

 

	 	Very truly yours,
	 	 
	 	Golden Ventures Acquisition Corp
	 	 	 
	 	By:	           
	 	Name:	 
	 	Title:	 

 

cc:
EF Hutton

 

    	 	 	 

    	 

    

 

EXHIBIT
B

 

[Letterhead
of Company]

 

[Insert
date]

 

Continental
Stock Transfer & Trust Company

 

1
State Street, 30th Floor

New
York, New York 10004

Attn:
Francis Wolf and Celeste Gonzalez

 

Re:
Trust Account - Termination Letter

 

Gentlemen:

 

Pursuant
to Section 1(i) of the Investment Management Trust Agreement between Golden Ventures Acquisition Corp (the “Company”)
and Continental Stock Transfer & Trust Company (the “Trustee”), dated as of [ * ], 2021 (the “Trust
Agreement”), this is to advise you that the Company has been unable to effect a business combination with a Target Business
(the “Business Combination”) within the time frame specified in Section 1(i) of the Trust Agreement. Capitalized
terms used but not defined herein shall have the meanings set forth in the Trust Agreement.

 

In
accordance with the terms of the Trust Agreement, we hereby authorize you to liquidate all of the assets in the Trust Account on [ *
], 2021 and to transfer the total proceeds into the trust checking account at a segregated account held by you on behalf of the Beneficiaries
to await distribution to the Public Shareholders. The Company has selected 12 months (or up to 18 months from the closing of this
offering at the election of the Company in two separate three month extensions subject to satisfaction of certain conditions)
as the effective date for the purpose of determining when the Public Shareholders will be entitled to receive their share of the
liquidation proceeds.

 

You
agree to be the Paying Agent of record and, in your separate capacity as Paying Agent, agree to distribute said funds directly to the
Company’s Public Shareholders in accordance with the terms of the Trust Agreement and the Amended and Restated Certificate
of Incorporation of the Company. Upon the distribution of all the funds, net of any payments necessary for reasonable unreimbursed expenses
related to liquidating the Trust Account, your obligations under the Trust Agreement shall be terminated, except to the extent otherwise
provided in Section 1(j) of the Trust Agreement.

 

	 	Very truly yours,
	 	 
	 	Golden Ventures Acquisition Corp
	 	 	 
	 	By:	         
	 	Name:	 
	 	Title:	 

 

cc:
EF Hutton

 

    	 	 	 

    	 

    

  

EXHIBIT
C

 

[Letterhead
of Company]

 

[Insert
date]

 

Continental
Stock Transfer & Trust Company

 

1
State Street, 30th Floor

New
York, New York 10004

Attn:
Francis Wolf and Celeste Gonzalez

 

Re:
Trust Account No.      Withdrawal Instruction

 

Gentlemen:

 

Pursuant
to Section 1(j) of the Investment Management Trust Agreement between Golden Ventures Acquisition Corp (the “Company”)
and Continental Stock Transfer & Trust Company (the “Trustee”), dated as of [ * ], 2021 (the “Trust
Agreement”), the Company hereby requests that you deliver to the Company $[ * ] of the interest income earned on the Property,
as of the date hereof. Capitalized terms used but not defined herein shall have the meanings set forth in the Trust Agreement.

 

The
Company needs such funds to pay for the tax obligations as set forth on the attached tax return or tax statement. In accordance with
the terms of the Trust Agreement, you are hereby directed and authorized to transfer (via wire transfer) such funds promptly upon your
receipt of this letter to the Company’s operating account at:

 

[WIRE
INSTRUCTION INFORMATION]

 

	 	Very truly yours,
	 	 
	 	Golden Ventures Acquisition Corp
	 	 	 
	 	By:	        
	 	Name:	 
	 	Title:	 

 

cc:
EF Hutton

 

    	 	 	 

    	 

    

 

EXHIBIT
D

 

[Letterhead
of Company]

 

[Insert
date]

 

Continental
Stock Transfer & Trust Company

1
State Street, 30th Floor

New
York, New York 10004

Attn: Francis Wolf and Celeste Gonzalez

 

Re:
Trust Account No. Shareholder Redemption Withdrawal Instruction

 

Gentlemen:

 

Pursuant
to Section 1(k) of the Investment Management Trust Agreement between Golden Ventures Acquisition Corp (the “Company”)
and Continental Stock Transfer & Trust Company (the “Trustee”), dated as of [ * ], 2021 (the “Trust
Agreement”), the Company hereby requests that you deliver to the redeeming Public Shareholders of the Company $[
* ] of the principal and interest income earned on the Property, as of the date hereof to a segregated account held by you on behalf
of the Beneficiaries. Capitalized terms used but not defined herein shall have the meanings set forth in the Trust Agreement.

 

The
Company needs such funds to pay its Public Shareholders who have properly elected to have their Class A Ordinary Shares redeemed
by the Company in connection with a shareholder vote to approve an amendment to the Company’s amended and restated memorandum and
articles of association to modify the substance or timing of the Company’s obligation to redeem 100% of the Company’s public
shares if the Company has not consummated an initial Business Combination within such time as is described in Section 1(i) of the Trust
Agreement. As such, you are hereby directed and authorized to transfer (via wire transfer) such funds promptly upon your receipt of this
letter to a segregated account held by you on behalf of the Beneficiaries. 

 

	 	Very truly yours,
	 	 
	 	Golden Ventures Acquisition Corp
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	         

 

cc:
EF Hutton

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