Document:

Exhibit 10.4

      

       

      

      DAIMLER TRUCKS RETAIL TRUST 2020-1,

      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 March 1, 2020

          

        

        
          
            

        

      

      

      

      
        
          

      

      
      TABLE OF CONTENTS

       

      Page

       

      	
              ARTICLE ONE

            	 
	 	 
	
              DEFINITIONS

            	 
	 	 
	
              Section 1.01. Capitalized Terms; Rules of Usage

            	
              1

            
	 	 
	
              ARTICLE TWO

            	 
	 	 
	
              ENGAGEMENT; ACCEPTANCE

            	 
	 	 
	
              Section 2.01. Engagement; Acceptance

            	
              3

            
	
              Section 2.02. Confirmation of Status

            	
              3

            
	 	 
	
              ARTICLE THREE

            	 
	 	 
	
              ASSET REPRESENTATIONS REVIEW PROCESS

            	 
	 	 
	
              Section 3.01. Review Notices and Identification of Review Assets

            	
              3

            
	
              Section 3.02. Review Materials

            	4
	
              Section 3.03. Performance of Reviews

            	
              4

            
	
              Section 3.04. Review Report

            	
              5

            
	
              Section 3.05. Review Representatives

            	
              5

            
	
              Section 3.06. Dispute Resolution

            	
              5

            
	
              Section 3.07. Limitations on Review Obligations

            	
              6

            
	 	 
	
              ARTICLE FOUR

            	 
	 	 
	
              ASSET REPRESENTATIONS REVIEWER

            	 
	 	 
	
              Section 4.01. Representations and Warranties of the Asset Representations Reviewer

            	
              6

            
	
              Section 4.02. Covenants

            	
              7

            
	
              Section 4.03. Fees and Expenses

            	
              8

            
	
              Section 4.04. Limitation on Liability

            	
              9

            
	
              Section 4.05. Indemnification by Asset Representations Reviewer

            	
              9

            
	
              Section 4.06. Indemnification of Asset Representations Reviewer

            	
              9

            
	
              Section 4.07. Inspections of Asset Representations Reviewer

            	
              10

            
	
              Section 4.08. Delegation of Obligations

            	
              10

            
	
              Section 4.09. Confidential Information

            	11
	
              Section 4.10. Personally Identifiable Information

            	12

      

      

      
        i

        
          

      

      
        Page

      

       

      

      	
              ARTICLE FIVE

            	 
	 	 
	
              REMOVAL; RESIGNATION

            	 
	 	 
	
              Section 5.01. Eligibility of the Asset Representations Reviewer

            	
              13

            
	
              Section 5.02. Resignation and Removal of Asset Representations Reviewer

            	
              13

            
	
              Section 5.03. Successor Asset Representations Reviewer

            	
              14

            
	
              Section 5.04. Merger, Consolidation or Succession

            	
              14

            
	 	 
	
              ARTICLE SIX

            	 
	 	 
	
              OTHER AGREEMENTS

            	 
	 	 
	
              Section 6.01. Independence of the Asset Representations Reviewer

            	
              15

            
	
              Section 6.02. No Petition

            	
              15

            
	
              Section 6.03. Limitation of Liability of Owner Trustee

            	
              15

            
	
              Section 6.04. Termination of Agreement

            	
              15

            
	 	 
	
              ARTICLE SEVEN

            	 
	 	 
	
              MISCELLANEOUS PROVISIONS

            	 
	 	 
	
              Section 7.01. Amendments

            	
              16

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

            	
              16

            
	
              Section 7.03. Notices

            	
              16

            
	
              Section 7.04. GOVERNING LAW

            	
              17

            
	
              Section 7.05. WAIVER OF JURY TRIAL

            	18
	
              Section 7.06. No Waiver; Remedies

            	
              18

            
	
              Section 7.07. Severability

            	
              18

            
	
              Section 7.08. Table of Contents and Headings

            	
              18

            
	
              Section 7.09. Counterparts

            	
              18

            
	 	 
	
              SCHEDULES

            	 
	 	 
	
              Schedule A –  Representations and Warranties, Review Materials and Tests

            	
              SA-1

            

      

      

      
        ii

        
          

      

      This ASSET REPRESENTATIONS REVIEW AGREEMENT, dated as of March 1, 2020 (as amended, restated, supplemented or otherwise modified from time to time, this “Agreement”), is among DAIMLER TRUCKS RETAIL
        TRUST 2020-1, 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 installment sales contracts and loans secured by trucking and
        transportation equipment 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 March 1, 2020, 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.

       

      
        2

        
          

      

      “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.

       

      
        4

        
          

      

      (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).

       

      
        5

        
          

      

      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 constitute a breach or default under, any indenture, mortgage, deed of trust, loan agreement, guarantee or similar document under
          which the Asset Representations Reviewer is a debtor or guarantor, (ii) result in the creation or imposition of a Lien on the properties or assets of the Asset Representations Reviewer under the terms of any indenture, mortgage, deed of trust,
          loan agreement, guarantee or similar document, (iii) violate the organizational documents of the Asset Representations Reviewer or (iv) violate 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.

       

      

      
        10

        
          

      

      Section 4.09.  Confidential Information.

       

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

       

      
        11

        
          

      

      Section 4.10.  Personally Identifiable Information.

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

      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

        
          

      

      (a)           Notice Addresses.  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

      Attn: Legal Department

      

      

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

       

      Mercedes-Benz Financial Services USA LLC

      36455 Corporate Drive

      Farmington Hills, Michigan 48331

      

      

      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.

       

      
        17

        
          

      

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

       

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

       

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

       

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

       

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

       

      
        18

        
          

      

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

       

      	 	
              DAIMLER TRUCKS RETAIL TRUST 2020-1, as Issuer

            
	 	 
	 	
              By:

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

            
	 	 	 
	 	
              By:

            	 
	 	
              

              

            	
              Name:

            
	 	

            	
              Title:

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

            
	 	 
	 	
              By:

            	 
	 	
              

              

            	
              Name:

            
	 	

            	
              Title:

            
	 	 	 
	 	
              CLAYTON FIXED INCOME SERVICES LLC, as Asset Representations Reviewer

            
	 	 
	 	
              By:

            	 
	 	
              

              

            	
              Name:

            
	 	

            	
              Title:

            

      

      

      
        ARR Agreement

         

      

      
        
          

      

      
      SCHEDULE A

       

      REPRESENTATIONS AND WARRANTIES, REVIEW MATERIALS AND TESTS

       

      Representation

       

      
        
          	

                	(i)	
                  Characteristics of Receivables.  Each Receivable (a) was originated in the United States by the Seller or a Dealer located in the United States in the ordinary course of the Seller’s or the applicable
                    Dealer’s business in connection with the sale (or, in the case of certain Dealer Loans, lease) related Financed Equipment in accordance with the Seller’s credit policies as of the date of origination or acquisition of the related
                    Receivable, (b) is payable in United States dollars, (c) has been fully and properly executed by the parties therefor and, if not originated by the Seller, has been validly assigned to the Seller, (d) has created a valid, subsisting and
                    enforceable first priority security interest in favor of the Seller in such Financed Equipment, which security interest shall be perfected and prior to any other interest in such Financed Equipment, and which security interest is
                    assignable by the Seller and reassignable by the assignee, (e) 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, (f) 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 stated interest rate with the exception of Receivables for which the final
                    scheduled payment is a Balloon Payment, (g) shall provide for, in the event that such Receivable is prepaid, a payoff amount 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 stated interest rate, (h) is a Simple Interest Receivable, (i) is due from an Obligor with a primary business address within the United
                    States or its territories, and (j) 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.

                

        

      

       

      Documents

       

      Contract

       

      Data Tape

       

      List of Approved Contracts

       

      Title

       

      
        SA-1

        
          

      

      Procedures to be Performed

       

      
        
          	

                	i)	
                  Confirm the Dealer’s address 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.

                

        

      

       

      
        
          	

                	iv)	
                  Confirm the Buyer, Co-buyer (if applicable) and Dealer have signed the Contract, or in the case of a Dealer Agreement, Seller and borrower thereunder have signed the Dealer Agreement.

                

        

      

       

      
        
          	

                	v)	
                  Confirm that the title reports the Seller as the first lien holder or in the case of a Dealer Loan, the title reports the Seller and/or the borrower under the Dealer Agreement as 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.

                

        

      

       

      
        
          	

                	x)	
                  Confirm the Finance Charge amount is based on the interest rate as stated on the Contract, with the exception of Receivables for which the final scheduled payment is a Balloon Payment.

                

        

      

       

      
        
          	

                	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.

              

      

       

      
        SA-2

        
          

      

      Representation

       

      
        
          	

                	(ii)	
                  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).

                

        

      

       

      Documents

       

      Contract

       

      List of Approved Contracts

       

      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 Obligor and Co-Obligor (if applicable)

                

        

      

       

      
        
          	

                	b)	
                  Equipment description

                

        

      

       

      
        
          	

                	c)	
                  Amount of monthly payment

                

        

      

       

      
        
          	

                	d)	
                  Number of monthly payments

                

        

      

       

      
        
          	

                	e)	
                  Annual Percentage Rate

                

        

      

       

      
        
          	

                	f)	
                  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

                

        

      

       

      
        SA-3

        
          

      

      Representation

       

      
        
          	

                	(iii)	
                  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 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.

                

        

      

       

      Documents

       

      Contract

       

      Data Tape

       

      List of Approved Contracts

       

      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.

                

        

      

       

      
        SA-4

        
          

      

      Representation

       

      
        
          	

                	(iv)	
                  No Government Obligor.  No Receivable is due from the United States or any State or any agency, department, subdivision or instrumentality thereof.

                

        

      

       

      Documents

       

      Contract

       

      Procedures to be Performed

       

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

                

        

      

       

      
        
          	ii)	
                  If the Buyer section of the Contract does not report a person’s name or business, 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.

                

        

      

       

      
        SA-5

        
          

      

      Representation

       

      
        
          	

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

                

        

      

       

      Documents

       

      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-6

        
          

      

      Representation

       

      
        
          	

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

                

        

      

       

      Documents

       

      Contract

       

      List of Approved Contracts

       

      Title

       

      Procedures to be Performed

       

      
        
          	i)	
                  Confirm the title reports the Seller, as the first lien holder, or in the case of a Dealer Loan, (a) the title reports the Seller and/or the borrower under the Dealer Agreement as first lien holder and (b) a
                    UCC financing statement that includes the interests in the Financed Equipment as collateral was filed against the borrower under the Dealer Agreement prior to origination of the Dealer Loan.

                

        

      

       

      
        
          	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.

                

        

      

       

      
        SA-7

        
          

      

      Representation

       

      
        
          	

                	(vii)	
                  Receivables in Force.  No Receivable shall have been satisfied, subordinated or rescinded, nor shall any Financed Equipment have been released in whole or in part from the Lien granted by the related
                    Receivable.

                

        

      

       

      Documents

       

      Contract

       

      Data Tape

       

      Title

       

      Receivable File

       

      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 Equipment 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.

                

        

      

       

      
        SA-8

        
          

      

      Representation

       

      
        
          	

                	(viii)	
                  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.

                

        

      

       

      Documents

       

      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.

                

        

      

       

      
        SA-9

        
          

      

      Representation

       

      
        
          	

                	(ix)	
                  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.

                

        

      

       

      Documents

       

      Contract

       

      Data Tape

       

      Procedures to be Performed

       

      
        
          	i)	
                  Confirm that, as of the Cutoff Date, 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.

                

        

      

       

      
        SA-10

        
          

      

      Representation

       

      
        
          	

                	(x)	
                  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.

                

        

      

       

      Documents

       

      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.

                

           

          

        

      

      
        SA-11

        
          

      

      Representation

       

      
        
          	

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

                

        

      

       

      Documents

       

      Contract

       

      Title

       

      Receivable File

       

      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 Equipment 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 Equipment created by the Receivable.

                

        

      

       

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

                

        

      

       

      
        SA-12

        
          

      

      Representation

       

      
        
          	

                	(xii)	
                  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 or violation 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 or violation 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 Equipment has been repossessed.

                

        

      

       

      Documents

       

      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 as of the Cutoff Date 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.

                

        

      

       

      
        SA-13

        
          

      

      Representation

       

      
        
          	

                	(xiii)	
                  Insurance.  Each Receivable requires the related Obligor to obtain physical damage insurance covering the related Financed Equipment and to maintain such insurance.

                

        

      

       

      Documents

       

      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 Equipment.

                

        

      

       

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

                

        

      

       

      
        SA-14

        
          

      

      Representation

       

      
        
          	

                	(xiv)	
                  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 by 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 Insolvency 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 Permitted Liens and 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 other than Permitted Liens; and the transfer and assignment herein contemplated has been perfected under the UCC.

                

        

      

       

      Documents

       

      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 or an acceptable variation of the name, as the sole lien holder and no other lien holder is listed or in the case of a Dealer Loan, the title designates the Seller
                    and/or the borrower under the Dealer Agreement or, in each case, an acceptable variation of the name, as the sole lien holder(s) and no other lien holder is listed.  .

                

        

      

       

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

                

        

      

       

      
        SA-15

        
          

      

      Representation

       

      
        
          	

                	(xv)	
                  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.

                

        

      

       

      Documents

       

      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.

                

        

      

       

      
        SA-16

        
          

      

      Representation

       

      
        
          	

                	(xvi)	
                  One Original.  There shall be only one original executed copy of each Receivable that constitutes “tangible chattel paper”.

                

        

      

       

      Documents

       

      Contract (other than Dealer Loans)

       

      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.

                

        

      

       

      
        SA-17

        
          

      

      Representation

       

      
        
          	

                	(xvii)	
                  Principal Balance.  As of the Cutoff Date, each Receivable had a remaining Principal Balance of not less than $1,000.

                

        

      

       

      Documents

       

      Data Tape

       

      Procedures to be Performed

       

      
        
          	i)	
                  Confirm from the data tape that the Receivable has a remaining Principal Balance equal or greater than $1,000.

                

        

      

       

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

                

        

      

       

      
        SA-18

        
          

      

      Representation

       

      
        
          	

                	(xviii)	
                  Original Term to Maturity.  Each Receivable had an original term to maturity of not more than 85 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 84 months and not less than 3 months.

                

        

      

       

      Documents

       

      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.

                

        

      

       

      
        SA-19

        
          

      

      Representation

       

      
        
          	

                	(xix)	
                  Contract Rate.  Each Receivable has a stated interest rate of at least 1.00%.

                

        

      

       

      Documents

       

      Contract

       

      Data Tape

       

      Procedures to be Performed

       

      
        
          	i)	
                  Confirm the stated interest rate is greater than or equal to 1.00%.

                

        

      

       

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

                

        

      

       

      
        SA-20

        
          

      

      Representation

       

      
        
          	

                	(xx)	
                  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.

                

        

      

       

      Documents

       

      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.

                

        

      

       

      
        SA-21

        
          

      

      Representation

       

      
        
          	

                	(xxi)	
                  UCC.  Each Receivable constitutes “tangible chattel paper” or, in the case of Receivables relating to Dealer Loans, an “account”, instrument” or “payment intangible” within the meaning of the UCC as in
                    effect in the State of origination.

                

        

      

       

      Documents

       

      Contract

       

      Title

       

      Data Tape

       

      Procedures to be Performed

       

      
        
          	i)	
                  Confirm there is a signed installment contract or loan agreement.

                

        

      

       

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

                

        

      

       

      
        SA-22

        
          

      

      Representation

       

      
        
          	

                	(xxii)	
                  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.

                

        

      

       

      Documents

       

      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 Distribution Date.

                

        

      

       

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

                

        

      

       

      
        SA-23

        
          

      

      Representation

       

      
        
          	

                	(xxiii)	
                  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.

                

        

      

       

      Documents

       

      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-24

        
          

      

      Representation

       

      
        
          	

                	(xxiv)	
                  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.

                

        

      

       

      Documents

       

      Receivable File

       

      Data Tape

       

      Eligibility Criteria

       

      Procedures to be Performed

       

      
        
          	i)	
                  Confirm the Receivable File contains no evidence of 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.

                

           

          

        

      

      
        SA-25

        
          

      

      Representation

       

      
        
          	

                	(xxv)	
                  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.

                

        

      

       

      Documents

       

      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.

                

        

      

       

      
        SA-26

        
          

      

      Representation

       

      
        
          	

                	(xxvi)	
                  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.

                

        

      

       

      Documents

       

      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-27Exhibit 10.1

 

SANDY SPRING BANCORP, INC.

2015 OMNIBUS INCENTIVE PLAN

 

PERFORMANCE RESTRICTED STOCK UNIT AWARD
AGREEMENT

 

This Performance Restricted Stock Unit
Award Agreement (this “Agreement”) is made effective March 11, 2020 (the “Grant Date”)
and evidences the Restricted Stock Unit Award (“RSU Award”) made to [________________] (“Grantee”)
by Sandy Spring Bancorp, Inc., a Maryland corporation (the “Company”), pursuant to the Company’s
2015 Omnibus Incentive Plan (the “Plan”) and the terms of this Agreement. Capitalized terms not defined
in this Agreement have the meanings ascribed to them in the Plan. The provisions of the Plan are hereby incorporated by reference.
Except as otherwise expressly set forth herein, this Agreement shall be construed in accordance with the provisions of the Plan.

 

1.            RSU
Award. The Company hereby grants to Grantee, pursuant to and subject to the Plan, an aggregate “target” of
[_______] restricted stock units (“RSUs”). Each RSU represents the right to receive one Share on the
terms, and subject to the conditions, set forth in this Agreement. The number of RSUs that may be earned and vested pursuant to
this RSU Award shall range from 0% to 150% of the target RSUs. Prior to settlement, the RSUs will be accounted for by the Company
in a bookkeeping account.

 

2.            Vesting
of RSUs.

 

2.1            General
Vesting. Except as may otherwise be provided herein, a number of RSUs shall be earned and vested based on the achievement of
the performance goals set forth in Appendix A, subject to Grantee not having terminated employment prior to the end of the Performance
Period. The Committee shall, following the end of the Performance Period, determine whether and the extent to which the performance
goals for the Performance Period have been satisfied and the number of RSUs earned by Grantee. Such determinations by the Committee
shall be final and binding. Except as expressly otherwise provided in this Section 2, employment for only a portion of the
Performance Period, even if a substantial portion, will not entitle Grantee to any proportionate vesting or avoid or mitigate a
termination of rights and benefits upon or following a termination of employment as provided in Section 2.7 below or under
the Plan.

 

2.2            Death.
In the event of Grantee’s termination of employment by reason of death prior to the end of the Performance Period, the RSU
Award shall immediately vest and the performance-based vesting conditions shall be deemed to have been achieved at “target”,
as set forth in Appendix A.

 

2.3            Disability.
In the event of Grantee’s termination of employment by reason of Disability prior to the end of the Performance Period, this
RSU Award will continue to vest in accordance with its terms, and Grantee will be entitled to receive the number of Shares, if
any, that Grantee would have received (i.e., based on actual achievement of the performance-based vesting conditions) had Grantee’s
employment continued through the end of the Performance Period. For purposes of this Agreement, “Disability”
shall mean a physical or mental infirmity that results in Grantee becoming eligible for long-term disability benefits under the
Company’s long-term disability plan or from the U.S. Social Security Administration. In the event that Grantee’s employment
terminates by reason of Disability and Grantee’s death occurs prior to the end of the Performance Period, then the RSU Award
shall immediately vest and the performance-based vesting conditions shall be deemed to have been achieved at “target”,
as set forth in Appendix A.

 

    	 	1	 

     

    

 

2.4            Retirement.
In the event that Grantee’s employment terminates by reason of Grantee’s Retirement (as defined below) at any time
prior to the end of the Performance Period, this RSU Award will continue to vest in accordance with its terms, and Grantee will
be entitled to receive the number of Shares, if any, that Grantee would have received (i.e., based on actual achievement of the
performance-based vesting conditions) had Grantee’s employment continued through the end of the Performance Period; provided
that, as a condition to such vesting, (i) Grantee satisfies the release requirement set forth in the following sentence and
(ii) Grantee complies with the conditions set forth in Section 5 through the end of the Performance Period. As a condition
to the continued vesting of the RSU Award, Grantee shall, not later than twenty-one (21) days after termination of Grantee’s
employment (or such longer period as may be required under applicable law for Grantee to consider the release in order for the
release to be effective) execute a general release of all then existing claims against the Company and its affiliates, shareholders,
directors, officers, employees and agents in relation to claims relating to or arising out of Grantee’s employment with the
Company in a form substantially consistent with the Company’s standard form of general release used for officers, and such
release shall not have been revoked by Grantee pursuant to any revocation rights afforded by applicable law. For purposes of this
Agreement, “Retirement” shall mean termination of employment (other than by reason of death, Disability
or by the Company for Just Cause (as defined below)) on or after the date that Grantee has attained the age of 65 or on or after
the date Grantee has attained the age of 60 with 10 years of continuous service.

 

2.5            Termination
without Just Cause. In the event that the Company terminates Grantee’s employment without Just Cause (other than following
a Change in Control) prior to the end of the Performance Period, this RSU Award will continue to vest in accordance with its terms,
and Grantee will be entitled to receive the number of Shares, if any, that Grantee would have received (i.e., based on actual achievement
of the performance-based vesting conditions) had Grantee’s employment continued through the date of delivery of such Shares,
multiplied by a fraction, the numerator of which is the total number of days in the Performance Period that occurred prior to Grantee’s
termination of employment and the denominator of which is the total number of days in the Performance Period; provided that, as
a condition to such vesting, Grantee satisfies the release requirement set forth in the following sentence. As a condition to the
continued vesting of the RSU Award, Grantee shall, not later than twenty-one (21) days after termination of Grantee’s employment
(or such longer period as may be required under applicable law for Grantee to consider the release in order for the release to
be effective) execute a general release of all then existing claims against the Company and its affiliates, shareholders, directors,
officers, employees and agents in relation to claims relating to or arising out of Grantee’s employment with the Company
in a form substantially consistent with the Company’s standard form of general release used for officers, and such release
shall not have been revoked by Grantee pursuant to any revocation rights afforded by applicable law. For purposes of this Agreement,
 “Just Cause” shall have the meaning given to such term in Section 10(c) of the Plan.

 

    	 	2	 

     

    

 

2.6            Change
in Control. Notwithstanding anything in the Plan to the contrary, in the event of a Change in Control, this RSU Award will
convert to RSUs equal to the target number of RSUs specified in Section 1, which RSUs will vest and become payable in accordance
with the service-based vesting conditions set forth in Appendix A (that is, following a Change in Control, the RSU Award will be
subject to only time-based vesting based on Grantee’s continued employment, and not any performance-based measures). If Grantee’s
employment is terminated by the Company without Just Cause or by Grantee with Good Reason, in each case within the twenty-four
(24) month period following the Change in Control and on or before the end of the Performance Period, the RSUs shall immediately
vest upon the termination of Grantee’s employment. “Good Reason” shall be deemed to exist at the
time that any of the following events occurs without Grantee’s express written consent: (1) a material reduction in
Grantee’s responsibilities or authority in connection with Grantee’s employment with the Company; (2) a material
reduction in Grantee’s base salary; (3) a material reduction in Grantee’s incentive compensation and benefits;
or (4) a requirement that Grantee’s principal business office be relocated by more than fifty (50) miles from his or
her office, unless such relocated principal business office is closer to Grantee’s principal place of residence. Notwithstanding
the forgoing, Grantee will only have Good Reason if Grantee provides notice to the Company of the existence of the event or circumstance
constituting Good Reason specified in any of the preceding clauses within ninety (90) days of the initial existence of such event
or circumstances and such event or circumstance is not cured within thirty (30) days after the Company’s receipt of such
notice. If Grantee initiates termination with Good Reason, the actual termination must occur within sixty (60) days after the date
of the notice of termination. Grantee’s failure to give timely notice of termination with respect to the occurrence of a
specific event that would otherwise constitute Good Reason will not constitute a waiver of Grantee’s right to give notice
of any new subsequent event that would constitute Good Reason that occurs after such prior event (regardless of whether the new
subsequent event is of the same or different nature as the preceding event).

 

2.7            Other
Termination of Service. In the event of Grantee’s termination of employment prior to the end of the Performance Period
for any reason other than as set forth in Sections 2.2 through 2.6, the RSU Award shall immediately and automatically be forfeited,
surrendered and cancelled without consideration and without any further action by Grantee.

 

3.            Settlement
of RSU Award. Subject to Section 4 hereof, as soon as practically possible, but
no later than (a) seventy-five (75) days following the end of the Performance Period or (b) thirty (30) days following
Grantee’s death or the vesting of RSUs pursuant to Section 2.6, the Company shall issue and deliver to Grantee the number
of Shares equal to the number of earned and vested RSUs, with any fractional Shares being rounded up to the nearest whole number.

 

4.            Tax
Withholding. Grantee shall be required to pay to the Company, and the Company shall have the right to deduct from any compensation
paid to Grantee pursuant to the Plan, the amount of any required withholding taxes in respect of the RSUs and to take all such
other action as the Committee deems necessary to satisfy all obligations for the payment of such withholding taxes. The Committee
may permit Grantee to satisfy any federal, state or local tax withholding obligation by any of the following means, or by a combination
of such means: (a) tendering a cash payment; or (b) authorizing the Company to withhold Shares from the Shares otherwise
issuable or deliverable to Grantee as a result of the vesting of the RSUs; provided, however, that no Shares shall be withheld
with a value exceeding the minimum amount of tax required to be withheld by law.

 

    	 	3	 

     

    

 

5.            Conditions
upon Retirement. If Grantee’s employment terminates by reason of Retirement,
the rights of Grantee with respect to the RSU Award shall be subject to the conditions that, until the end of the Performance Period,
Grantee shall not directly or indirectly: (a) be employed by, serve as a consultant to, otherwise assist or participate in
any manner with (as a principal, partner, director, officer, agent, employee, consultant or otherwise) or provide services to a
Competitor (defined below) if the employment, consulting, assistance, participation or services that Grantee is to provide to the
Competitor are the same as, or substantially similar to, any of the services that Grantee provided to the Company and are or will
be within the Restricted Territory (defined below); (b) solicit or attempt to solicit the business of any party who is then,
or during the 12-month period prior to Grantee’s Retirement was, a customer or supplier of the Company; or (c) solicit,
entice, persuade or induce any individual who is employed by the Company (or was so employed within ninety (90) calendar days prior
to Grantee’s Retirement and not involuntarily terminated for any reason other than cause) to terminate or refrain from renewing
or extending such employment or to become employed by or enter into contractual relations with any other individual or entity other
than the Company, and Grantee will not approach any such employee, either in person or through electronic or social media, for
any such purpose or authorize or knowingly cooperate with the taking of any such actions by any other individual or entity. For
purposes of this Agreement, the term “Competitor” means a financial services business that is or was
competitive with any of the business activities of the Company during the 12-month period prior to Grantee’s termination
of employment or service and the term “Restricted Territory” means the metropolitan statistical areas
in which the Company maintains any offices at the time of Grantee’s Retirement.

 

6.            Nontransferability
of Agreement. This RSU Award may not be assigned, alienated, pledged, attached, sold
or otherwise transferred or encumbered by Grantee other than by will or by the laws of descent and distribution, and any such purported
assignment, alienation, pledge, attachment, sale, transfer or encumbrance shall be void and unenforceable against the Company,
its subsidiaries and its affiliates; provided that the designation of a beneficiary shall not constitute an assignment, alienation,
pledge, attachment, sale, transfer or encumbrance.

 

7.            Privileges
of Stock Ownership.

 

7.1            Until
the issuance of the Shares subject to this RSU Award (as evidenced by the appropriate entry on the books of the Company or of a
duly authorized transfer agent of the Company), no right to vote or receive dividends or any other rights as a holder of Shares
shall exist with respect to this RSU Award.

 

7.2            As
of any date that the Company pays a cash dividend on its Shares, the Company shall credit Grantee with an additional number of
RSUs equal to (i) the per share cash dividend paid by the Company on its Shares, multiplied by (ii) the total number
of RSUs (including any dividend equivalents previously credited hereunder) subject to this RSU Award as of the related dividend
payment record date, divided by (iii) the Fair Market Value of a Share on the date of payment of such dividend. Any RSUs credited
pursuant the foregoing provisions of this Section 7.2 shall be subject to the same vesting, forfeiture and other terms, conditions
and restrictions as the RSUs to which they relate and shall be paid in cash on the same date that the RSUs to which they are attributable
are settled in accordance with Section 3 hereof. Grantee will have only the rights of a general unsecured creditor of the
Company until payment of such amounts is made as specified in this Agreement.

 

    	 	4	 

     

    

 

8.            No
Obligation to Employ. Nothing in the Plan or this Agreement shall confer on Grantee
any right to continue in the employ of, or to continue or establish any other relationship with, the Company, or limit in any way
the right of the Company to terminate Grantee’s employment, with or without Just Cause.

 

9.            Adjustment.
If any event described in Section 5(c) of the Plan occurs after the Grant Date
and while the RSU Award remains outstanding, the adjustment provisions as provided for under Section 5(c) of the Plan
shall apply to the RSU Award.

 

10.          Notices.
Any notice required to be given or delivered to the Company under the terms of this Agreement shall be in writing and addressed
to the Sandy Spring Bank Human Resources Department. Any notice required to be given or delivered to Grantee shall
be in writing and addressed to Grantee at the address on file with Sandy Spring Bank or to such other address as such party may
designate in writing from time to time to the Company. All notices shall be deemed to have been given or delivered upon: personal
delivery; five (5) days after deposit in the United States mail; one (1) business day after deposit with any return receipt
express courier (prepaid); or one (1) business day after transmission by facsimile.

 

11.          Successors
and Assigns. The Company may assign any of its rights under this Agreement. This Agreement
shall be binding upon and inure to the benefit of the successors and assigns of the Company. Subject to the restrictions on transfer
set forth herein, this Agreement and the Plan shall be binding upon Grantee and Grantee’s heirs, executors, administrators,
legal representatives, successors and assigns.

 

12.          Governing
Law. This Agreement shall be governed by and construed in accordance with the internal
laws of the State of Maryland without regard to that body of law pertaining to choice of law or conflict of laws.

 

13.          Regulatory
Matters/Compliance with Laws. In the event that the grant, exercise, lapse of restrictions,
payment, settlement, or accrual of this RSU Award or any term of this RSU Award is restricted or prohibited or otherwise conflicts
with any applicable statute (including, without limitation, Section 18(k) of the Federal Deposit Insurance Act, as amended)
or any applicable regulation or other guidance thereunder, or any agreement or arrangement with or restriction imposed by, the
United States Department of the Treasury, any bank regulatory agency or any other governmental agency (a “Governmental
Restriction”), in each case, as determined by the Committee in its sole discretion, then the Committee may unilaterally
modify the terms of this RSU Award in such manner as the Committee determines in its sole discretion to be necessary to avoid
such restriction or prohibition or eliminate such conflict, all without the further consent of Grantee, such consent being given
through Grantee’s acceptance of this RSU Award. In addition, any Shares acquired by Grantee pursuant to this RSU Award,
or any proceeds from the disposition of any such shares, shall be subject to forfeiture and return to the Company to the extent
required by a Governmental Restriction.

 

    	 	5	 

     

    

 

14.            Clawback.
This RSU Award shall be subject to the clawback, recapture or recoupment policy, if any, that the Company may adopt from time to
time and, in accordance with such policy, as in effect from time to time, may be subject to the requirement that any Shares issued
pursuant to this RSU Award be forfeited, reduced, or repaid to the Company after they have been distributed to Grantee.

 

15.            Beneficiary.
Grantee may file with the Company a written designation of a beneficiary on such form as prescribed by the Committee and may, from
time to time, change or revoke such designation by filing a new designation with the Company. The last such designation received
by the Company shall be controlling; provided, however, that no designation, or change or revocation thereof, shall be effective
unless received by the Company prior to Grantee’s death, and in no event shall it be effective as of a date prior to such
receipt. If no beneficiary designation is filed by Grantee, the beneficiary shall be deemed to be his or her spouse or, if Grantee
is unmarried at the time of death, his or her estate.

 

16.            Section 409A.
It is intended that the payments and benefits under this Agreement shall either be exempt
from or comply with Section 409A of the Code (including the Treasury regulations and other published guidance relating thereto)
so as not to subject Grantee to payment of any additional tax, penalty or interest imposed under Section 409A of the Code.
The provisions of this Agreement shall be construed and interpreted to avoid the imputation of any such additional tax, penalty
or interest under Section 409A of the Code, yet preserve (to the nearest extent reasonably possible) the intended benefit
payable to Grantee. Notwithstanding anything to the contrary in this Agreement, to the extent that any payment (including Share
delivery) is to be made upon a separation from service and such payment would result in the imposition of any individual penalty
tax and late interest charges imposed under Section 409A of the Code, such payment shall instead be made on the first business
day after the date that is six (6) months following such separation from service (or upon Grantee’s death, if earlier).

 

17.            Entire
Agreement. This Agreement and the Plan contain the entire agreement and understanding
of the parties hereto with respect to the subject matter contained herein and supersede all prior communications, representations
and negotiations with respect thereto.

 

18.            Headings.
The headings of the Sections of this Agreement are provided for convenience only and are
not to serve as a basis for interpretation or construction, and not shall constitute a part, of this Agreement.

 

* * * *

 

    	 	6	 

     

    

 

Appendix A

 

This Appendix A sets
forth the terms and conditions applicable to the vesting of RSUs subject to this RSU Award and is incorporated by reference in
the Agreement. All capitalized terms not defined herein shall have the same meaning as set forth in the Agreement or the Plan,
as applicable.

 

1.            Definitions.

 

“Accumulated
Shares” means for a given trading day, the sum of (i) one (1) share and (ii) a cumulative number of
shares, including the accumulated value of a company’s dividends paid during the Performance Period, of a company’s
common shares purchased with dividends declared on a company’s common shares, assuming same day reinvestment of the dividends
in the common shares of a company at the closing price on the ex-dividend date, for ex-dividend dates between the first day of
the period over which the Beginning Average Stock Price is calculated and the trading day, appropriately adjusted to reflect stock
splits, stock dividends, spin-offs and similar transactions.

 

“Average
ROTCE” means the three-year average ROTCE for the Performance Period.

 

“Beginning
Average Stock Price” means the average, over the twenty (20) consecutive trading days ending on the last trading
day immediately preceding the first day of the Performance Period, of the closing price of a company’s common shares multiplied
by the Accumulated Shares for each trading day during the measurement period.

 

“Cumulative
Adjusted EPS” means the cumulative diluted earnings per share achieved for the Performance Period, adjusted to exclude
one-time or unusual items as the Board or the Committee may determine, including without limitation, (i) any effect of a change
in accounting principles; and (ii) the after-tax impact of merger-related costs (including adjustments to the allowance for
loan losses), discontinued operations, unplanned executive costs, securities gains and branch closure costs.

 

“Ending
Average Stock Price” means the average, over the twenty (20) consecutive trading days ending on the last trading
day of the Performance Period, of the closing price of a company’s common shares multiplied by the Accumulated Shares for
each trading day during the measurement period.

 

“Performance
Period” means the three-year period beginning January 1, 2020 and ending December 31, 2022.

 

“Relative
ROTCE Percentile” means the percentile rank of the Company’s Average ROTCE relative to the Average ROTCE of
the companies in the ROTCE Peer Group for the Performance Period. Relative ROTCE Percentile will be determined by ranking the Average
ROTCE of the Company and each of the companies in the ROTCE Peer Group from highest to lowest, with the company having the highest
Average ROTCE being assigned a rank of 1. The Company’s Relative ROTCE Percentile shall be calculated using the equation
below, where N is the total number of companies in the ROTCE Peer Group, including the Company, and R is the Company’s ranking
within the ROTCE Peer Group:

 

    	 	A-1	 

     

    

 

	Relative ROTCE Percentile =	
        N – R

        N – 1

 

“Relative
TSR Percentile” means the percentile rank of the Company’s Total Shareholder Return relative to the Total Shareholder
Return of the companies in the TSR Peer Group for the Performance Period. Relative TSR Percentile will be determined by ranking
the Total Shareholder Return of the Company and each of the companies in the TSR Peer Group from highest to lowest, with the company
having the highest Total Shareholder Return being assigned a rank of 1. The Company’s Relative TSR Percentile shall be calculated
using the equation below, where N is the total number of companies in the TSR Peer Group, including the Company, and R is the Company’s
ranking within the TSR Peer Group:

 

	Relative TSR Percentile =	
        N – R

        N – 1

 

“ROTCE”
means, for any fiscal year, net income attributable to common shareholders, adjusted to exclude (i) any effect of a change
in accounting principles; and (ii) the after-tax impact of amortization of intangibles, merger-related costs (including adjustments
to the allowance for loan losses), discontinued operations, and securities gains, divided by average tangible common equity.

 

“ROTCE
Peer Group” means the companies listed on Schedule I hereto.

 

“Total
Shareholder Return” or “TSR” shall mean the result obtained by using the following equation:

 

	TSR =	
        (Ending Average Stock Price – Beginning
        Average Stock Price)

        Beginning Average Stock Price

 

“TSR Peer
Group” means the companies listed on Schedule II hereto.

 

2.            Vesting
Determination.

 

a.            Except
as otherwise provided for herein and the Agreement, one-third of the RSUs granted pursuant to this RSU Award shall be eligible
to vest determined by reference to the Company’s Relative TSR Percentile. Grantee shall vest in a number of RSUs determined
in accordance with the following schedule:

 

    	 	A-2	 

     

    

 

	Relative TSR Percentile	Performance Level	Percentage of RSUs Vesting
	Below 25th percentile	Below Threshold	0%
	25th percentile	Threshold	50%
	50th percentile	Target	100%
	75th percentile or above	Maximum	150%

 

For purpose of this schedule, the percentage
of RSUs vesting based on Relative TSR Percentile achieved between the levels set forth in the table above shall be determined by
straight-line interpolation between performance levels.

 

b.            Except
as otherwise provided for herein and the Agreement, one-third of the RSUs granted pursuant to this RSU Award shall be eligible
to vest determined by calculating the Company’s Cumulative Adjusted EPS during the Performance Period. Grantee shall vest
in a number of RSUs determined in accordance with the following schedule:

 

	Cumulative Adjusted EPS	Performance Level	Percentage of RSUs Vesting
	Less than 	Below Threshold	0%
	 	Threshold	50%
	 	Target	100%
	          or more	Maximum	150%

 

For purpose of this schedule, the percentage
of RSUs vesting based on Cumulative Adjusted EPS achieved between the levels set forth in the table above shall be determined by
straight-line interpolation between performance levels.

 

c.            Except
as otherwise provided for herein and the Agreement, one-third of the RSUs granted pursuant to this RSU Award shall be eligible
to vest determined by calculating the Company’s Relative ROTCE during the Performance Period. Grantee shall vest in a number
of RSUs determined in accordance with the following schedule:

 

	Relative ROTCE Percentile	Performance Level	Percentage of RSUs Vesting
	Below 25th percentile	Below Threshold	0%
	25th percentile	Threshold	50%
	50th percentile	Target	100%
	75th percentile or above	Maximum	150%

 

For purpose of this schedule, the percentage
of RSUs vesting based on the Company’s Relative ROTCE achieved between the levels set forth in the table above shall be determined
by straight-line interpolation between performance levels.

 

    	 	A-3	 

     

    

 

Schedule I

ROTCE Peer Group

 

[list of companies]

 

Any member of the ROTCE Peer Group that
ceases trading before the end of the Performance Period because the company has been acquired by or merged into another company
(whether by another company in the ROTCE Peer Group or otherwise, but not including internal reorganizations), has sold all or
substantially all of its assets, or conducts a “going private” transaction will be removed from the ROTCE Peer Group
for the entire Performance Period and will not be replaced. If a member of the ROTCE Peer Group: (i) files for bankruptcy,
reorganization or liquidation under any chapter of the U.S. Bankruptcy Code; (ii) is the subject of an involuntary bankruptcy
proceeding that is not dismissed within 30 days; (iii) is the subject of a stockholder approved plan of liquidation or dissolution;
or (iv) ceases to conduct substantial business operations other than by virtue of a merger, consolidation, share exchange
or similar transaction, then the company will remain in the ROTCE Peer Group with a ROTCE of -100%.

 

    	 	I-1	 

     

    

 

Schedule II

TSR Peer Group

 

[list of companies]

 

Any member of the TSR Peer Group that ceases
trading before the end of the Performance Period because the company has been acquired by or merged into another company (whether
by another company in the TSR Peer Group or otherwise, but not including internal reorganizations), has sold all or substantially
all of its assets, or conducts a “going private” transaction will be removed from the TSR Peer Group for the entire
Performance Period and will not be replaced. If a member of the TSR Peer Group: (i) files for bankruptcy, reorganization or
liquidation under any chapter of the U.S. Bankruptcy Code; (ii) is the subject of an involuntary bankruptcy proceeding that
is not dismissed within 30 days; (iii) is the subject of a stockholder approved plan of liquidation or dissolution; or (iv) ceases
to conduct substantial business operations other than by virtue of a merger, consolidation, share exchange or similar transaction,
then the company will remain in the TSR Peer Group with a TSR of -100%.

 

    	 	I-2

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