Exhibit 4.7

    

  Execution Version

    

   

  

  
    

    

    

    

     

     

    

    

     

    ASSET REPRESENTATIONS REVIEW AGREEMENT

     

    

    

    among

     

     

    TOYOTA AUTO RECEIVABLES 2019-C OWNER TRUST,

        as Issuer,

     

    

    

    TOYOTA MOTOR CREDIT CORPORATION,

        as Servicer and Administrator,

     

    

    

    and

     

     

    CLAYTON FIXED INCOME SERVICES LLC,

        as Asset Representations Reviewer

     

     

    Dated as of August 14, 2019

     

      

     

    
     

     

     

    

     

    

    
      
        


    

    
    TABLE OF CONTENTS

     

    	
            ARTICLE I

          	
            USAGE AND DEFINITIONS

          	
            1

          
	 	 	 
	
            Section 1.1.

          	
            Usage and Definitions

          	
            1

          
	
            Section 1.2.

          	
            Additional Definitions

          	
            1

          
	 	 	 
	
            ARTICLE II

          	
            ENGAGEMENT OF ASSET REPRESENTATIONS REVIEWER

          	
            2

          
	 	 	 
	
            Section 2.1.

          	
            Engagement; Acceptance

          	
            2

          
	
            Section 2.2.

          	
            Confirmation of Status

          	
            2

          
	 	 	 
	
            ARTICLE III

          	
            ASSET REPRESENTATIONS REVIEW PROCESS

          	
            3

          
	 	 	 
	
            Section 3.1.

          	
            Review Notice and Identification of Review Receivables

          	
            3

          
	
            Section 3.2.

          	
            Review Materials

          	
            3

          
	
            Section 3.3.

          	
            Performance of Reviews

          	
            3

          
	
            Section 3.4.

          	
            Review Reports

          	
            4

          
	
            Section 3.5.

          	
            Review Representatives

          	
            5

          
	
            Section 3.6.

          	
            Dispute Resolution

          	
            5

          
	
            Section 3.7.

          	
            Limitations on Review Obligations

          	
            5

          
	 	 	 
	
            ARTICLE IV

          	
            ASSET REPRESENTATIONS REVIEWER

          	
            6

          
	 	 	 
	
            Section 4.1.

          	
            Representations and Warranties

          	
            6

          
	
            Section 4.2.

          	
            Covenants

          	
            7

          
	
            Section 4.3.

          	
            Fees and Expenses

          	
            7

          
	
            Section 4.4.

          	
            Limitation on Liability

          	
            8

          
	
            Section 4.5.

          	
            Indemnification by Asset Representations Reviewer

          	
            9

          
	
            Section 4.6.

          	
            Indemnification of Asset Representations Reviewer

          	
            9

          
	
            Section 4.7.

          	
            Inspections of Asset Representations Reviewer

          	
            10

          
	
            Section 4.8.

          	
            Delegation of Obligations

          	
            10

          
	
            Section 4.9.

          	
            Confidential Information

          	
            10

          
	
            Section 4.10.

          	
            Personally Identifiable Information

          	
            12

          
	 	 	 
	
            ARTICLE V

          	
            RESIGNATION AND REMOVAL; SUCCESSOR ASSET REPRESENTATIONS REVIEWER

          	
            14

          
	 	 	 
	
            Section 5.1.

          	
            Eligibility Requirements for Asset Representations Reviewer

          	
            14

          
	
            Section 5.2.

          	
            Resignation and Removal of Asset Representations Reviewer

          	
            14

          
	
            Section 5.3.

          	
            Successor Asset Representations Reviewer

          	
            15

          
	
            Section 5.4.

          	
            Merger, Consolidation or Succession

          	
            15

          
	 	 	 
	
            ARTICLE VI

          	
            OTHER AGREEMENTS

          	
            15

          
	 	 	 
	
            Section 6.1.

          	
            Independence of Asset Representations Reviewer

          	
            15

          
	
            Section 6.2.

          	
            No Petition

          	
            16

          
	
            Section 6.3.

          	
            Limitation of Liability of Owner Trustee

          	
            16

          
	
            Section 6.4.

          	
            Termination of Agreement

          	
            16

          
	 	 	 
	
            ARTICLE VII

          	
            MISCELLANEOUS PROVISIONS

          	
            16

          
	 	 	 
	
            Section 7.1.

          	
            Amendments

          	
            16

          
	
            Section 7.2.

          	
            Assignment; Benefit of Agreement; Third Party Beneficiaries

          	
            17

          


    

    

    

    

    
      i

      
        


    

    	
            Section 7.3.

          	
            Notices

          	
            17

          
	
            Section 7.4.

          	
            GOVERNING LAW

          	
            17

          
	
            Section 7.5.

          	
            WAIVER OF JURY TRIAL

          	
            17

          
	
            Section 7.6.

          	
            No Waiver; Remedies

          	
            18

          
	
            Section 7.7.

          	
            Severability

          	
            18

          
	
            Section 7.8.

          	
            Headings

          	
            18

          
	
            Section 7.9.

          	
            Counterparts

          	
            18

          
	
            Section 7.10.

          	
            Submission to Jurisdiction

          	
            18

          


     

      

    

      

      

      Schedule A – Review Materials

      Schedule B – Representations, Warranties and Tests

      
        
          


      

      ASSET REPRESENTATIONS REVIEW AGREEMENT, dated as of August 14, 2019 (this “Agreement”), among TOYOTA AUTO RECEIVABLES 2019-C OWNER TRUST, a Delaware statutory trust (the “Issuer”),
          TOYOTA MOTOR CREDIT CORPORATION, a California corporation (“TMCC”), as servicer (in such capacity, the “Servicer”) and administrator (in such capacity, the “Administrator”), and CLAYTON FIXED INCOME SERVICES LLC, a
          Delaware limited liability company (the “Asset Representations Reviewer”).

       

      WITNESSETH

       

      WHEREAS, the Issuer desires to engage the Asset Representations Reviewer to perform reviews of certain Receivables for
          compliance with certain representations and warranties made with respect thereto; and

       

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

       

      NOW, THEREFORE, in consideration of the mutual agreements herein contained and other good and valuable consideration,
          the receipt and sufficiency of which are hereby acknowledged, the parties hereto, intending to be legally bound hereby, agree as follows:

       

      ARTICLE I

          USAGE AND DEFINITIONS

       

      Section 1.1.     Usage and Definitions.  Capitalized terms used but not defined in this Agreement shall have the meanings ascribed to such terms in the Sale and Servicing
          Agreement.

       

      Section 1.2.     Additional Definitions.  The following terms have the meanings given below:

       

      “Annual Fee” has the meaning
          stated in Section 4.3(a).

       

      “Annual Period” has the
          meaning stated in Section 4.3(e).

       

      “Confidential Information”
          has the meaning stated in Section 4.9(b).

       

      “Contract” means, with
          respect to any Receivable, the original tangible record constituting or forming a part of such Receivable, or a copy or image of such original tangible record, together with (and as modified by) any correction notice issued by the Servicer to the
          related Obligor with respect thereto.

       

      “Information Recipients” has
          the meaning stated in Section 4.9(a).

       

      “Indemnified Parties” has the
          meaning stated in Section 4.6(a).

       

      “Indenture” means the
          Indenture, dated as of August 14, 2019, between the Issuer and the Indenture Trustee, as the same may be amended, supplemented or modified from time to time.

      

      

      
        
          


      

      
      “Indenture Trustee” means
          U.S. Bank National Association, as indenture trustee under the Indenture, and any successor thereto.

       

      “Issuer PII” has the meaning
          stated in Section 4.10(a).

       

      “PII” has the meaning stated
          in Section 4.10(a).

       

      “Review” means the
          performance by the Asset Representations Reviewer of the testing procedures for each Test and each Review Receivable according to Section 3.3.

       

      “Review Fee” has the meaning
          stated in Section 4.3(b).

       

      “Review Materials” means, for
          a Review and a Review Receivable, the documents and other materials listed in Schedule A.

       

      “Review Notice” means a
          notice delivered to the Asset Representations Reviewer by the Indenture Trustee pursuant to 12.02 of the Indenture.

       

      “Review Receivables” means
          those certain Receivables identified by the Servicer to the Asset Representations Reviewer following receipt of a Review Notice as not having been paid in full by the Obligor or purchased from the Issuer in accordance with the terms of the Basic
          Documents at or prior to the date of such Review Notice.

       

      “Review Report” means, for a
          Review, the report of the Asset Representations Reviewer as described in Section 3.4.

       

      “Sale and Servicing Agreement”
          means the Sale and Servicing Agreement, dated as of August 14, 2019, among the Issuer, the Seller and TMCC.

       

      “Test” has the meaning stated
          in Section 3.3(a).

       

      “Test Complete” has the
          meaning stated in Section 3.3(c).

       

      “Test Fail” has the meaning
          stated in Section 3.3(a).

       

      “Test Pass” has the meaning
          stated in Section 3.3(a).

       

      ARTICLE II

          ENGAGEMENT OF ASSET REPRESENTATIONS REVIEWER

       

      Section 2.1.     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 hereby accepts the engagement and agrees to perform the obligations of the Asset Representations Reviewer on the terms set forth in this Agreement.

       

      Section 2.2.     Confirmation of Status.  The parties confirm that the Asset Representations Reviewer is not responsible for (a) reviewing the Receivables for compliance with
          the representations and warranties under the Basic Documents, except as described in this

       

      
        2

        
          


      

      Agreement, or (b) determining whether noncompliance with the representations or warranties constitutes a breach of the Basic Documents.

       

      ARTICLE III

          ASSET REPRESENTATIONS REVIEW PROCESS

       

      Section 3.1.     Review Notice and Identification of Review Receivables.  Within ten (10) Business Days after delivery of a Review Notice to the Asset Representations Reviewer,
          the Servicer will deliver a list of the Review Receivables to the Asset Representations Reviewer.  Upon receipt of a Review Notice and the related list of Review Receivables from the Servicer, the Asset Representations Reviewer will start a
          Review.  Delivery of any Review Notice shall be made pursuant to Section 10.03 of the Sale and Servicing Agreement.

       

      Section 3.2.     Review Materials.

       

      (a)     Access to Review Materials.  Within sixty (60) days of the delivery of a Review Notice to the Asset Representations Reviewer, the Servicer will give the Asset
          Representations Reviewer access to the Review Materials for all of the Review Receivables in one or more of the following ways, to be determined in the sole discretion of the Servicer: (i) by providing access to the Servicer’s receivables
          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 scanned copies at an office of the Servicer where the
          Review Materials are located or (iv) in another manner agreed to between the Servicer and the Asset Representations Reviewer.  The Servicer may redact or remove PII from the Review Materials, but will use commercially reasonable efforts not to
          change the meaning or usefulness of the Review Materials for the Review.

       

      (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 there are missing or insufficient Review Materials, the Asset Representations Reviewer will notify the Servicer and
          the Administrator promptly, and in any event no less than twenty (20) Business Days before completing the Review.  The Servicer will have fifteen (15) Business Days to give the Asset Representations Reviewer access to the missing Review Materials
          or other documents or information to correct any such insufficiency.  If the missing or insufficient Review Materials or other documents or information have not been provided by the Servicer within such fifteen (15) Business Day period, the
          related Review Report will report a Test Fail for each Test in respect of which such missing or insufficient Review Materials is necessary to determine whether a Test Pass result is appropriate.

       

      Section 3.3.     Performance of Reviews.

       

      (a)     Test Procedures.  For a Review, the Asset Representations Reviewer will perform, for each Review Receivable, the procedures listed under “Tests” in Schedule B
          for each representation and warranty (each, a “Test”), using the Review Materials necessary to perform the procedures described for such Test in Schedule
          B.  For each Test and Review Receivable, the

       

      
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      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 of all of the Review Receivables within sixty (60) days after having received
          access to the Review Materials pursuant to Section 3.2(a).  However, if additional Review Materials are provided to the Asset Representations Reviewer in respect of any Review Receivables pursuant to Section 3.2(b), the Review period will be
          extended for an additional thirty (30) days in respect of any such Review Receivables.

       

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

       

      (d)     Previously Reviewed Receivable; Duplicative Tests.  If any Review Receivable was included in a prior Review, the Asset Representations Reviewer will not
          conduct additional Tests on such Review Receivable, but will include the previously reported Test results in the Review Report for the current Review.  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 Receivable, 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 or the Administrator will notify
          the Asset Representations Reviewer no less than ten (10) 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 3.4.     Review Reports.  Within five (5) days after the end of the applicable Review period under Section 3.3(b), the Asset Representations Reviewer will deliver to
          the Issuer, the Servicer, the Depositor, the Administrator and the Indenture Trustee a Review Report indicating for each Review Receivable whether there was a Test Pass, Test Fail or Test Complete for each related Test.  For each Test Fail or
          Test Complete, the Review Report will indicate the related reason, including (for example) whether the Review Receivable was a Test Fail as a result of missing or incomplete Review Materials.  The Review Report will 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.  The Asset Representations Reviewer will ensure that the Review Report does not contain any PII.  On reasonable
          request of the Servicer or the Administrator, the Asset Representations Reviewer will provide additional details on the Test results.

       

      
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      Section 3.5.     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 Reviewer 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, the Servicer or the Administrator until the earlier of (i) the payment in full of the Notes and (ii) two years 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, and the Indenture Trustee will direct the Noteholders, to submit written questions or requests
          to the Servicer.

       

      Section 3.6.     Dispute Resolution.  If a Review Receivable that was the subject of a Review becomes the subject of a dispute resolution proceeding under Section 11.02 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 by a party to the dispute resolution as determined by the mediator or arbitrator for the dispute
          resolution according to Section 11.02 of the Sale and Servicing Agreement.  If not paid by a party to the dispute resolution, the expenses will be reimbursed by the Issuer according to Section 4.3(d) of this Agreement.

       

      Section 3.7.     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 the subject of 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; or (vi) to establish cause, materiality or
          recourse for any Test Fail as described in Section 3.3.

       

      (b)     Testing Procedure Limitations.  The Asset Representations Reviewer will only be required to perform the “Tests” described in Schedule B, and will not be
          obligated to perform additional procedures on any Review Receivable other than as specified in this Agreement.

       

      
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      However, the Asset Representations Reviewer may, in its discretion, (i) perform other tests that it deems reasonable and appropriate in
          determining whether the Review Receivables were in compliance with the representations and warranties made by TMCC and the Seller about the Review Receivables in the Basic Documents as of the Cutoff Date or Closing Date, as applicable, and (ii)
          provide additional information about any Review Receivable that it determines in good faith to be material to the related Review.

       

      ARTICLE IV

          ASSET REPRESENTATIONS REVIEWER

       

      Section 4.1.     Representations and Warranties.  The Asset Representations Reviewer represents and warrants to the Issuer 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.

       

      (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 may be limited by insolvency, bankruptcy, reorganization or other laws relating to the enforcement of creditors’ rights or by general equitable principles.

       

      (c)     No Conflicts and No Violation.  The completion of the transactions  contemplated by this Agreement and the performance of the Asset Representations Reviewer’s
          obligations under this Agreement will not (i) conflict with, or be a breach or default under, any indenture, mortgage, deed of trust, loan agreement, guarantee or similar document under which the Asset Representations Reviewer is a debtor or
          guarantor, (ii) result in the creation or imposition of a Lien on the properties or assets of the Asset Representations Reviewer under the terms of any indenture, mortgage, deed of trust, loan agreement, guarantee or similar document, (iii)
          violate the organizational documents of the Asset Representations Reviewer or (iv) violate a law or, to the Asset Representations Reviewer’s knowledge, an order, rule or regulation of a federal or State court, regulatory body, administrative
          agency or other governmental instrumentality having jurisdiction over the Asset Representations Reviewer or its properties that applies to the Asset Representations Reviewer, which, in each case, would reasonably be expected to have a material
          adverse effect on the Asset Representations Reviewer’s ability to perform its obligations under this Agreement.

       

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

       

      
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      regulatory body, administrative agency or other governmental instrumentality having jurisdiction over the Asset Representations Reviewer or
          its properties (i) asserting the invalidity of this Agreement, (ii) seeking to prevent the completion of the transactions contemplated by this Agreement or (iii) seeking any determination or ruling that would reasonably be expected to have a
          material adverse effect on the Asset Representations Reviewer’s ability to perform its obligations under, or the validity or enforceability of, this Agreement.

       

      (e)     Eligibility.  The Asset Representations Reviewer meets the eligibility requirements in Section 5.1.

       

      Section 4.2.     Covenants.  The Asset Representations Reviewer covenants and agrees that:

       

      (a)     Eligibility.  It will notify the Issuer, the Servicer and the Administrator promptly if it no longer meets, or reasonably expects that it will no longer meet,
          the eligibility requirements in Section 5.1.

       

      (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 Receivable and the related Review Materials to be individually tracked and stored as
          contemplated by this Agreement.  The Asset Representations Reviewer will maintain adequate staff that is properly trained to conduct Reviews as required by this Agreement.

       

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

       

      (d)     Compliance with Applicable Law.  The Asset Representations Reviewer will act in accordance with all requirements applicable to an asset representations
          reviewer under applicable law (as amended from time to time) and other state or federal securities law applicable to asset representations reviewers in effect during the term of this Agreement.

       

      Section 4.3.     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.

       

      (b)     Review Fee.  Following the completion of a Review and the delivery of the related Review Report pursuant to Section 3.4, or the termination of a Review
          according to Section 3.3(e), and the delivery to the Issuer, the Indenture Trustee, the Servicer and the Administrator of a detailed invoice in respect thereof, the Asset Representations Reviewer will be entitled to a fee of $200 for each Review
          Receivable for which the Review was started (the “Review Fee”).  However, no Review Fee will be charged for any Review Receivable which was

       

      
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      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 3.3(e) or due to missing or insufficient Review Materials under Section 3.2(b).

       

      (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, following the delivery to the Issuer, the Indenture Trustee, the Servicer and the Administrator of a detailed invoice in respect of such expenses;
          provided that such reimbursable expenses may not exceed $20,000.

       

      (d)     Dispute Resolution Expenses.  If the Asset Representations Reviewer participates in a dispute resolution proceeding under Section 3.6 of this Agreement and its
          reasonable out-of-pocket expenses for participating in the proceeding are not paid by a party to the dispute resolution within ninety (90) days after the end of the proceeding, the Issuer will reimburse the Asset Representations Reviewer for such
          expenses after receipt of a detailed invoice in respect thereof.

       

      (e)     Method of Payment.  The initial Annual Fee will become due and payable by TMCC within thirty (30) days of receipt by TMCC of an invoice in respect thereof. 
          Each other Annual Fee, and the amount of any properly invoiced fees, expenses or claims (including any Review Fee) to be reimbursed or paid by the Issuer pursuant to the terms of this Agreement, will become due and payable by the Issuer on the
          next Payment Date occurring at least five (5) Business Days after receipt by the Servicer of the related invoice from the Asset Representations Reviewer, in each case in accordance with the priority of payments set forth in Section 5.06(b) or (c)
          of the Sale and Servicing Agreement, as applicable; provided that, (i) Annual Fees (other than the initial Annual Fee) will not be payable by the Issuer prior to the Payment Date immediately following the end of each annual period occurring on
          the anniversary of the Closing Date (each such period, an “Annual Period”), and (ii) the Asset Representations Reviewer must submit its invoice for any
          outstanding fees, expenses or claims not later than ten (10) Business Days before the final Payment Date.  The Servicer shall provide notice to the Asset Representations Reviewer of the final Payment Date at least fifteen (15) Business Days prior
          to such Payment Date.  In the event that any such properly invoiced fees, expenses or claims are not paid or reimbursed in full by the Issuer on the related Payment Date, TMCC shall promptly pay the Asset Representations Reviewer for any such
          unpaid amounts.  If, subsequent to any such payment by TMCC to the Asset Representations Reviewer described in the immediately preceding sentence, the Asset Representations Reviewer receives payment or reimbursement in respect of the related fee,
          expense or claim, in part or in full, from the Issuer, then the Asset Representations Reviewer shall promptly refund TMCC for the amount of such payment or reimbursement received from the Issuer on such subsequent date.

       

      Section 4.4.     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.  However, the Asset Representations Reviewer will be liable for its willful misconduct, bad faith or negligence in performing its obligations under this Agreement.  In no event will the Asset Representations
          Reviewer be liable for special, indirect or consequential

       

      
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      losses or damages (including lost profit), even if the Asset Representations Reviewer has been advised of the likelihood of the loss or
          damage and regardless of the form of action.

       

      Section 4.5.     Indemnification by Asset Representations Reviewer .  The Asset Representations Reviewer will indemnify each of the Issuer, the Seller, the Servicer, the
          Administrator, the Owner Trustee and the Indenture Trustee and their respective directors, officers, employees and agents for all fees, expenses, losses, damages and liabilities (including, but not limited to, reasonable legal fees, costs and
          expenses, and including any such reasonable fees, costs and expenses incurred in connection with any enforcement (including any action, claim, or suit brought by such indemnified parties) of any indemnification or other obligation of the Asset
          Representations Reviewer) resulting from (a) the willful misconduct, bad faith or negligence of the Asset Representations Reviewer in performing its obligations under this Agreement and (b) the Asset Representations Reviewer’s breach of any of
          its representations or warranties in this Agreement.  The Asset Representations Reviewer’s obligations under this Section 4.5 will survive the termination of this Agreement, the termination of the Issuer and the resignation or removal of the
          Asset Representations Reviewer.

       

      Section 4.6.     Indemnification of Asset Representations Reviewer.

       

      (a)     Indemnification.  The Issuer will indemnify the Asset Representations Reviewer and its officers, directors, employees and agents (each, an “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 (i) the Asset Representations Reviewer’s willful misconduct, bad faith or
          negligence or (ii) the Asset Representations Reviewer’s breach of any of its representations or warranties in this Agreement.

       

      (b)     Proceedings.  Promptly on receipt by an Indemnified Person of notice of a Proceeding against it, the Indemnified Person will, if a claim is to be made under
          Section 4.6(a), notify the Issuer, the Servicer and the Administrator of the Proceeding.  The Issuer, the Servicer and the Administrator may participate in and assume the defense and settlement of a Proceeding at its expense.  If the Issuer, the
          Servicer or the Administrator notifies the Indemnified Person of its intention to assume the defense of the Proceeding with counsel reasonably satisfactory to the 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 Indemnified Person, the Issuer, the Servicer and the Administrator will not be liable for fees and expenses of counsel to the Indemnified Person unless there is a
          conflict between the interests of the Issuer, the Servicer or the Administrator, as applicable, and an 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 Indemnified Person.  No settlement of a Proceeding may be made without the approval of the Issuer, the Servicer and the Administrator and the Indemnified Person, which approval will not be unreasonably withheld,
          conditioned or delayed.

       

      (c)     Survival of Obligations.  The Issuer’s, the Servicer’s and the Administrator’s obligations under this Section 4.6 will survive the resignation or removal of
          the Asset Representations Reviewer and the termination of this Agreement.

       

      
        9

        
          


      

       (d)     Repayment.  If the Issuer, the Servicer or the Administrator makes any payment under this Section 4.6 and the Indemnified Person later collects any of the
          amounts for which the payments were made to it from others, the Indemnified Person will promptly repay the amounts to the Issuer, the Servicer or the Administrator, as applicable.

       

      Section 4.7.     Inspections of Asset Representations Reviewer.  The Asset Representations Reviewer agrees that, with reasonable prior notice not more than once during any
          year, it will permit authorized representatives of the Issuer, the Servicer and the Administrator, during the Asset Representations Reviewer’s normal business hours, to examine and review the books of account, records, reports and other documents
          and materials of the Asset Representations Reviewer relating to (a) the performance of the Asset Representations Reviewer’s obligations under this Agreement, (b) payments of fees and expenses of the Asset Representations Reviewer for its
          performance and (c) a claim made by the Asset Representations Reviewer under this Agreement.  In addition, the Asset Representations Reviewer will permit the Issuer’s, the Servicer’s and the Administrator’s representatives 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 information except if disclosure may be required by 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 4.8.     Delegation of Obligations.  The Asset Representations Reviewer may not delegate or subcontract its obligations under this Agreement to any Person without the
          consent of the Issuer, the Servicer and the Administrator.

       

      Section 4.9.     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 4.9, and will implement and maintain safeguards to further assure the confidentiality of the Confidential Information.  The Confidential Information will not, without the prior consent of the Issuer, the
          Servicer and the Administrator, be disclosed or used by the Asset Representations Reviewer, or its officers, directors, employees, agents, representatives or affiliates, including legal counsel (collectively, the “Information Recipients”) other than for the purposes of performing Reviews of Review Receivables 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 TMCC, the Issuer or any of their respective Affiliates or special purpose entities formed by any of the foregoing Persons 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)     Definition.  “Confidential Information” means oral, written and
          electronic materials (irrespective of its source or form of communication) furnished before, on or after the

       

      
        10

        
          


      

      date of this Agreement to the Asset Representations Reviewer for the purposes contemplated by this Agreement, including:

       

      (i)    
          lists of Review Receivables 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 or the Administrator, which contain information supplied by or on behalf of the Servicer, the Administrator or their respective
          representatives.

       

      However, 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, the Servicer or the Administrator 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, the Servicer or the Administrator 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, the Servicer or the Administrator provides permission to the applicable Information Recipients to release.

       

      (c)     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 PII is also subject to the
          additional requirements in Section 4.10.

       

      (d)     Disclosure.  If the Asset Representations Reviewer is required by applicable law, regulation, rule or order issued by an administrative, governmental,
          regulatory or judicial authority 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 law, regulation, rule or
          order, will use its reasonable efforts to provide the Issuer, the Servicer and the Administrator with notice of the requirement and will cooperate, at the Issuer’s or the Servicer’s expense, as applicable, in the Issuer’s or the Servicer’s
          pursuit of a proper protective order or other relief for the disclosure of the Confidential Information.  If the Issuer or the Servicer is 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.

       

      (e)     Responsibility for Information Recipients.  The Asset Representations Reviewer will be responsible for a breach of this Section 4.9 by its Information
          Recipients.

       

      (f)     Violation.  The Asset Representations Reviewer agrees that a violation of this Agreement may cause irreparable injury to the Issuer, the Servicer and the
          Administrator, and the

       

      
        11

        
          


      

      Issuer, the Servicer and the Administrator may seek injunctive relief in addition to legal remedies.  If an action is initiated by the
          Issuer, the Servicer or the Administrator to enforce this Section 4.9, the prevailing party will be reimbursed for its fees and expenses, including reasonable attorney’s fees, incurred for the enforcement.

       

      Section 4.10.     Personally Identifiable Information.

       

      (a)     Definitions.  “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.  “Issuer PII” means PII furnished by the Issuer, the Servicer, the
          Administrator 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.

       

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

       

      (c)     Additional Limitations.  In addition to the use and protection requirements described in Section 4.10(b), 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

       

      
        12

        
          


      

      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.

       

      (iii) 
               Notwithstanding anything to the contrary contained in this Agreement, the Asset Representations Reviewer’s use and handling of Issuer PII shall also be subject to the terms and limitations described in that separate letter agreement
          between TMCC and the Asset Representations Reviewer dated October 22, 2015 (the “Letter Agreement”) and, in the event of any conflict between the terms of
          the Letter Agreement and the terms of this Agreement related to the Asset Representations Reviewer’s use and handling of Issuer PII, the most restrictive of such terms shall govern.

       

      (d)     Notice of Breach.  The Asset Representations Reviewer will notify the Issuer, the Servicer and the Administrator 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.

       

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

       

      (f)     Compliance; Modification.  The Asset Representations Reviewer will cooperate with and provide information to the Issuer, the Servicer and the Administrator
          regarding the Asset Representations Reviewer’s compliance with this Section 4.10.  The Asset Representations Reviewer, the Issuer, the Servicer and the Administrator agree to modify this Section 4.10 as necessary for any party to comply with
          applicable law.

       

      (g)     Audit of Asset Representations Reviewer.  The Asset Representations Reviewer will permit the Issuer, the Servicer and the Administrator and their authorized
          representatives to audit the Asset Representations Reviewer’s compliance with this Section 4.10 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 Servicer and the Administrator agree to make reasonable efforts to schedule any audit described in this Section 4.10 with the inspections described in
          Section 4.7.  The Asset Representations Reviewer will also permit the Issuer, the Servicer and the Administrator, during normal business hours on reasonable advance written notice, to audit any service providers used by the Asset Representations
          Reviewer to fulfill the Asset Representations Reviewer’s obligations under this Agreement.

       

      
        13

        
          


      

       (h)     Affiliates and Third Parties.  If the Asset Representations Reviewer processes the PII of the Issuer’s, the Servicer’s or the Administrator’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 4.10, 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 4.10 against the Asset Representations Reviewer as if each were a signatory to this Agreement.

       

      ARTICLE V

          RESIGNATION AND REMOVAL;

          SUCCESSOR ASSET REPRESENTATIONS REVIEWER

       

      Section 5.1.     Eligibility Requirements for Asset Representations Reviewer.  The Asset Representations Reviewer must be a Person who (a) is not an Affiliate of TMCC, the
          Seller, the Issuer, the Servicer, the Administrator, the Indenture Trustee or the Owner Trustee and (b) is not an Affiliate of any Person that was engaged by TMCC or any underwriter of the Notes to perform any due diligence on the Receivables
          prior to the Closing Date.

       

      Section 5.2.     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, the Servicer and the Administrator, together with an Opinion of Counsel supporting its determination.

       

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

       

      (i)    
          the Asset Representations Reviewer no longer meets the eligibility requirements in Section 5.1;

       

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

       

      (iii) 
               an Insolvency Event of the Asset Representations Reviewer occurs.

       

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

       

      (d)     Continue to Perform After Resignation or Removal.  No resignation or removal of the Asset Representations Reviewer will be effective, and 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 5.3(b).

       

      
        14

        
          


      

      Section 5.3.     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 5.1.

       

      (b)     Effectiveness of Resignation or Removal.  No resignation or removal of the Asset Representations Reviewer will be effective until the 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 Issuer on substantially the same terms as this Agreement.

       

      (c)     Transition and Expenses.  If the Asset Representations Reviewer resigns or is removed, the Asset Representations Reviewer 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 the Asset Representations Reviewer’s 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. To the extent expenses incurred by the Asset Representations
          Reviewer in connection with the replacement of the Asset Representations Reviewer are not paid by the Asset Representations Reviewer that is being replaced, the Issuer will pay such expenses in accordance with the priority of payments set forth
          in Section 5.06(b) or (c) of the Sale and Servicing Agreement, as applicable.

       

      Section 5.4.     Merger, Consolidation or Succession.  Any Person (a) into which the Asset Representations Reviewer is merged or consolidated, (b) resulting from any merger or
          consolidation to which the Asset Representations Reviewer is a party or (c) succeeding to the business of the Asset Representations Reviewer, if that Person meets the eligibility requirements in Section 5.1, will be the successor to the Asset
          Representations Reviewer under this Agreement.  Such Person will execute and deliver to the Issuer, the Servicer and the Administrator an agreement to assume the Asset Representations Reviewer’s obligations under this Agreement (unless the
          assumption happens by operation of law).

       

      ARTICLE VI

          OTHER AGREEMENTS

       

      Section 6.1.     Independence of 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 authorized by the Issuer, the Servicer or the Administrator, the Asset Representations Reviewer will have no
          authority to act for or represent the Issuer, the Servicer or the Administrator, respectively, and will not be considered an agent of any such Person.  Nothing in this Agreement will make the Asset Representations Reviewer and

       

      
        15

        
          


      

      the Issuer, the Servicer or the Administrator members of any partnership, joint venture or other separate entity or impose any liability as
          such on any of them.

       

      Section 6.2.     No Petition.  Each of the parties agrees that, before the date that is one year and one day (or, if longer, any applicable preference period) after payment in
          full of all securities issued by the Seller, the Issuer or by a trust for which the Seller was a depositor, it will not start or pursue against, or join any other Person in starting or pursuing against the Seller or the Issuer, any bankruptcy,
          reorganization, arrangement, insolvency or liquidation proceedings or other proceedings under any bankruptcy or similar law.  This Section 6.2 will survive the termination of this Agreement.

       

      Section 6.3.     Limitation of Liability of Owner Trustee.  This Agreement has been signed on behalf of the Issuer by Wilmington Trust, National Association, not in its
          individual capacity but solely in its capacity as Owner Trustee of the Issuer.  In no event will Wilmington Trust, National Association in its individual capacity or a beneficial owner of the Issuer be liable for the Issuer’s obligations under
          this Agreement.  For all purposes under this Agreement, the Owner Trustee will be subject to, and entitled to the benefits of, the Trust Agreement.

       

      Section 6.4.     Termination of Agreement.  This Agreement will terminate, except for the obligations under Section 4.6, on the earlier of (a) the payment in full of all
          outstanding Notes and the satisfaction and discharge of the Indenture and (b) the date the Issuer is terminated under the Trust Agreement.

       

      ARTICLE VII

          MISCELLANEOUS PROVISIONS

       

      Section 7.1.     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, the Owner Trustee and the Indenture Trustee
          stating that the amendment will not have a material adverse effect on the Noteholders; or

       

      (iii) 
               to add, change or eliminate terms of this Agreement for which an Officer’s Certificate is not or cannot be delivered under Section 7.1(ii), with the consent of a majority of the Outstanding Amount of the Notes of the Controlling
          Class, acting together as a single Class.

       

      
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      Section 7.2.     Assignment; Benefit of Agreement; Third Party Beneficiaries.

       

      (a)     Assignment.  Except as stated in Section 5.4, this Agreement may not be assigned by the Asset Representations Reviewer without the consent of the Issuer, the
          Servicer and the Administrator.

       

      (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, the Servicer and the
          Administrator.  No other Person will have any right or obligation under this Agreement.

       

      Section 7.3.     Notices.

       

      (a)     Notices to Parties.  All notices, requests, demands, consents, waivers or other communications to or from the parties must be in writing and will be considered
          given:

       

      (i)    
          for overnight mail, on delivery or, for registered first class mail, postage prepaid, three (3) days after deposit in the mail;

       

      (ii)    
          for a fax, when receipt is confirmed by telephone, reply email or reply fax from the recipient;

       

      (iii) 
               for an email, when receipt is confirmed by telephone or reply email from the recipient; and

       

      (iv)    
          for an electronic posting to a password-protected website to which the recipient has access, on delivery of an email (without the requirement of confirmation of receipt) stating that the electronic posting has occurred.

       

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

       

      Section 7.4.     GOVERNING LAW.  THIS AGREEMENT SHALL BE
            GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT REFERENCE TO ITS CONFLICT OF LAW PROVISIONS (OTHER THAN SECTIONS 5-1401 AND 5-1402 OF THE GENERAL OBLIGATIONS LAW), AND THE OBLIGATIONS, RIGHTS AND REMEDIES
            OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS.

       

      Section 7.5.     WAIVER OF JURY TRIAL.  EACH OF THE PARTIES
            TO THIS AGREEMENT HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY

       

      
        17

        
          


      

      IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY.

       

      Section 7.6.     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 7.7.     Severability.  If a part of this Agreement is held invalid, illegal or unenforceable, then it will be deemed severable from the remaining Agreement and will
          not affect the validity, legality or enforceability of the remaining Agreement.

       

      Section 7.8.     Headings.  The headings in this Agreement are included for convenience and will not affect the meaning or interpretation of this Agreement.

       

      Section 7.9.     Counterparts.  This Agreement may be executed in multiple counterparts. Each counterpart will be an original and all counterparts will together be one
          document.

       

      Section 7.10.     Submission to Jurisdiction.  Each party submits to the nonexclusive jurisdiction of the United States District Court for the Southern District of New York and
          of any New York State Court sitting in New York, New York for legal proceedings relating to this Agreement. Each party irrevocably waives, to the fullest extent permitted by law, any objection that it may now or in the future have to the venue of
          a proceeding brought in such a court and any claim that the proceeding was brought in an inconvenient forum.

       

      [Remainder of Page Left Blank]

      
        18

        
          


      

      

        IN WITNESS WHEREOF, the Issuer, the Servicer, the Administrator and the Asset Representations Reviewer have caused their names to be signed hereto by
            their respective officers thereunto duly authorized as of the date first above written.

        TOYOTA AUTO RECEIVABLES 2019-C OWNER TRUST, as Issuer

        By:    Wilmington Trust, National Association, not in its individual capacity, but solely as Owner Trustee

        

        

        By:     /s/ Clarice Wright                                           

            Name:  Clarice Wright

            Title:     Assistant Vice President

          

        

        

        TOYOTA MOTOR CREDIT CORPORATION,

            as Servicer and Administrator

        

        

        By:    /s/ Cindy Wang                                            

            Name:  Cindy Wang

            Title:    Group Vice President — Treasury

        

        

        CLAYTON FIXED INCOME SERVICES LLC,

            as Asset Representations Reviewer

        

        

        By:    /s/ Robert A. Harris                                  

            Name:  Robert A. Harris

            Title:    Secretary

      

       

        

       

        

      

       

      
        
          


      

      
      Schedule A

      Review Materials

       

      “Review Materials” means, with respect to each Receivable:

       

      
        
          
            	

                  	(a)	
                    the Contract;

                  


          

        

         

        
          
            	

                  	(b)	
                    the original credit application executed by the related Obligor (or a photocopy or other image or electronic record thereof;

                  


          

        

         

        
          
            	

                  	(c)	
                    the original certificate of title (or evidence that such certificate of title has been applied for), or a photocopy or other image thereof, and of such
                        documents that the Servicer shall keep on file evidencing the security interest in the related Financed Vehicle;

                  


          

        

         

        
          
            	

                  	(d)	
                    an electronic data tape describing certain characteristics of the Receivables as of the Cutoff Date or such other applicable date of determination (the
                        “Data Tape”);

                  


          

        

         

        
          
            	

                  	(e)	
                    a list of approved contract forms for the Review Receivables, as provided by TMCC; and

                  


          

        

         

        
          
            	

                  	(f)	
                    such other documentation or information (whether tangible or electronic, and including, without limitation, screen prints or reports of the Servicer’s
                        receivables and securitization systems) as the Servicer, as the case may be, may maintain and which the Servicer shall have determined to be relevant to any Test with respect to such Receivable.

                  


          

        

         

      

      

       

      
        Sch A-1

        
          


      

      
      Schedule B

      Representations, Warranties and Tests

       

      	
              Representations and Warranties

                  Made as of the Cutoff Date and the Closing Date

                  (unless otherwise specified)

            	
              Tests

            
	
              1.

            	
              Origination.  Each Receivable was originated in the United States by a Dealer for the retail sale of the related
                  Financed Vehicle in the ordinary course of such Dealer’s business, has been fully and properly executed or electronically authenticated by the parties thereto, has been purchased by TMCC from such Dealer under an existing agreement with
                  TMCC and has been validly assigned by such Dealer to TMCC.

            	
              Test 1-1:
                      Dealer Address

              Confirm the Dealer address on the Contract is a United States address.

              Test 1-2:
                      Contract Signed

              Confirm the Obligor(s) and Dealer signed the Contract.

              Test 1-3: Valid
                      Assignee

              Confirm TMCC, or a name included in the list of acceptable name variations, is identified as the assignee in either the Assignment
                  section of the Contract or separate assignment document.

              Test 1-4: Valid
                      Assignor Signature

              Confirm the Contract was completed electronically or if completed on paper, confirm the Dealer signature is present as assignor on the
                  Contract or separate assignment document.

            
	
              2.

            	
              Security Interest.  With respect to each Receivable, as of the Closing Date, TMCC has, or has started procedures
                  that will result in TMCC having, a perfected, first priority security interest in the related Financed Vehicle, which security interest was validly created and is assignable by the Seller to the Purchaser, and by the Purchaser to the
                  Issuer.

            	
              Test 2-1:
                      Lienholder

              Confirm the title documents identify either TMCC, or a name included in the list of acceptable name variations, as the first
                  lienholder.

              Test 2-2: 
                      Obligor Name

              Confirm the Obligor name(s) on the Contract, taking into account any amendments or correction notices, match(es) the name(s) on the
                  title documents.

              Test 2-3: 
                      Valid VIN

              Confirm the vehicle identification number on the Contract, taking into account any amendments or correction notices, matches the
                  vehicle identification number on the title documents.

            
	
              3.

            	
              Simple Interest.  Each Receivable provides for scheduled monthly payments that fully amortize the Amount Financed
                  by maturity (except for minimally different payments in the first or last month in the life of the Receivable) and provides for a finance charge or yield interest at its APR, in either case calculated based on the Simple Interest Method.

            	
              Test 3-1:
                      Payments

              Review the Contract and confirm it reflects a level monthly payment except for the first and final payment, if any.  Sum the first
                  payment (if any), the product of the number of payments (or the number of regular payments, if there is a first or final payment) and the Payment Amount and the final payment (if any) and confirm that this amount is equal to the Total of
                  Payments in the Truth in Lending section of the Contract.

              Test 3-2:
                      Simple Interest

              Observe the Contact and confirm it is a Simple Interest Method Contract.

            


      
        Sch B-1

        
          


      

      	
              Representations and Warranties

                  Made as of the Cutoff Date and the Closing Date

                  (unless otherwise specified)

            	
              Tests

            
	
              4.

            	
              Prepayment.  Each Receivable allows for prepayment without penalty.

            	
              Test 4-1:
                      Prepayment

              Confirm the Contract provides a prepayment disclosure that does not require a penalty.

            
	
              5.

            	
              Compliance with Law.  To the Seller’s knowledge, each Receivable complied in all material respects at the time it
                  was originated with all requirements of applicable federal, state and local laws, and regulations thereunder.

            	
              Test 5-1: Complete Contract

              Confirm the Contract was completed electronically or if completed on paper, confirm the Contract form number and revision date are
                  approved for use according to TMCC internal documentation.

            
	
              6.

            	
              Binding Obligation.  Each Receivable is on a form contract containing customary and enforceable provisions that
                  includes rights and remedies allowing the holder to enforce the obligation and realize on the related Financed Vehicle and represents the 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 may be limited by bankruptcy, insolvency, reorganization, moratorium and other similar laws affecting the enforcement of creditors’ rights in general and by general
                  principles of equity and consumer protection laws, regardless of whether such enforceability is considered in a proceeding in equity or at law.

            	
              Test 6-1: 
                      Valid Contract Form

              Confirm the Contract was completed electronically or if completed on paper, confirm the Contract form number and revision date are
                  approved for use according to TMCC internal documentation.

              Test 6-2: Contract Executed

              Confirm the Obligor(s) signed the Contract.

            
	
              7.

            	
              No Government Obligors.  None of the Receivables is due from the United States or any state or local government,
                  or from any agency, department or instrumentality of the United States or any state or local government.

            	
              Test 7-1: Personal Use

              Review the Obligor section on the Contract and confirm the Obligor name(s)  is that of a natural person.

              Test 7-2: No
                      Government Obligor

              If the Obligor section on the Contract does not report a natural person’s name or an obvious non-governmental business, confirm
                  internet search results show no indication of the Obligor(s) to be a government agency, department, political subdivision or instrumentality.

            
	
              8.

            	
              Receivables in Force.  As of the Cutoff Date, no Receivable has been satisfied, nor has any Financed Vehicle been
                  released in whole or in part from the lien granted by the related Receivable.

            	
              Test 8-1:
                      Active Account

              Observe the Receivable in TMCC’s Data Tape, and confirm it was an active account on the Cutoff Date.

            


      
        Sch B-2

        
          


      

      	
              Representations and Warranties

                  Made as of the Cutoff Date and the Closing Date

                  (unless otherwise specified)

            	
              Tests

            
	
              9.

            	
              No Amendments or Waivers.  As of the Cutoff Date, no material provision of a Receivable has been amended, modified
                  or waived in a manner that is prohibited by the provisions of the Sale and Servicing Agreement.

            	
              Test 9-1: Contract Form

              Confirm the Contract was completed electronically or if completed on paper, confirm the Contract form number and revision date are
                  approved for use according to TMCC internal documentation.

              Test 9-2: Modification

              Review the Data Tape and the Contract (as amended by any related correction notice, if any) and confirm that, as of the Cutoff Date,
                  there is no revision to the following terms:

            
	
              i.   

                

            	
              APR

            
	
              ii.  

                

            	
              Original Contract Term

            
	
              iii.

            	
              Monthly Payment

            
	
              iv.

            	
              Total Amount Financed

            
	
              v.  

                

            	
              Make / Model / Model Year

            
	
              vi.

            	
              Simple Interest Method Loan

            
	
              10.

            	
              No Defenses.  To the Seller’s knowledge, as of the Closing Date, no Receivable is subject to any right of
                  rescission, setoff, counterclaim or defense, nor has any such right been asserted or threatened with respect to any Receivable.

            	
              Test 10-1: No Litigation

              Review the Review Materials and confirm there is no evidence of litigation or other attorney involvement as of the Closing Date.

            
	
              11.

            	
              No Payment Default.  Except for payment delinquencies that have been continuing for a period of not more than 29
                  days, no payment default under the terms of any Receivable exists as of the Cutoff Date.

            	
              Test 11-1:
                      Delinquency

              Observe TMCC’s Data Tape and confirm the Receivable was not more than 29 days delinquent as of the Cutoff Date.

               

            
	
              12.

            	
              No Repossession.  No Financed Vehicle has been repossessed without reinstatement as of the Cutoff Date.

            	
              Test 12-1:
                      Repossession Inventory

              Observe TMCC’s receivables systems and confirm the Receivable was not held in repossession inventory as of the Cutoff Date.

            
	
              13.

            	
              Insurance.  The terms of each Receivable require the related Obligor to obtain and maintain physical damage
                  insurance covering the related Financed Vehicle in accordance with TMCC’s normal requirements.  No Financed Vehicle was subject to force-placed insurance.

            	
              Test 13-1:
                      Physical Damage Covered

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

              Test 13-2: No Force-Placed Insurance

              Confirm the Review Materials contain no evidence the Financed Vehicle was subject to force-placed insurance.

               

            


      
        Sch B-3

        
          


      

      	
              Representations and Warranties

                  Made as of the Cutoff Date and the Closing Date

                  (unless otherwise specified)

            	
              Tests

            
	
              14.

            	
              Good Title.  Immediately prior to the transfer and assignment herein contemplated, the Seller had good and
                  marketable title to each Receivable free and clear of all Liens and rights of others (other than pursuant to the Basic Documents) and, immediately upon the transfer and assignment thereof, the Purchaser will have good and marketable title
                  to each Receivable, free and clear of all Liens and rights of others (other than pursuant to the Basic Documents).

            	
              Test 14-1: Sole
                      Lienholder

              Confirm the title documents designate TMCC, or a name included in the list of acceptable name variations as the sole lien holder and
                  that no other lien holder is listed.

              Test 14-2: No Transfer of Title

              Confirm the title documents indicate the Receivable has not been sold, assigned, or transferred to any other entity.

            
	
              15.

            	
              Lawful Assignment.  No Receivable has been originated in, or is subject to the laws of, any jurisdiction under
                  which the sale, transfer and assignment of such Receivable under this Agreement, or pursuant to the Sale and Servicing Agreement or the pledge of such Receivable under the Indenture are unlawful, void or voidable.  The terms of each
                  Receivable do not limit the right of the owner of such Receivable to sell such Receivable.

            	
              Test 15-1:
                      Contract Form

              Confirm the Contract was completed electronically or if completed on paper, confirm the Contract form number and revision date are
                  approved for use according to TMCC internal documentation.

              Test 15-2: Assignability

              Confirm the Contract does not contain language that limits the sale or transfer of the Receivable.

            
	
              16.

            	
              Additional Representations and Warranties.  (A) Each Receivable is being serviced by TMCC as of the Closing Date;
                  (B) each Receivable is secured by a new or used car, minivan, light-duty truck or sport utility vehicle; (C) no Receivable was more than 29 days past due as of the Cutoff Date; and (D) as of the Cutoff Date, no Receivable was noted in the
                  records of TMCC or the Servicer as being the subject of a bankruptcy proceeding or insolvency proceeding.

            	
              Test 16(A): 
                      Servicing

              Confirm the Review Materials show the Receivable was being serviced by TMCC as of the Closing Date.

              Test 16(B): 
                      Financed Vehicle

              Review the Contract and confirm the Financed Vehicle is a new or used car, minivan, light-duty truck or sport utility vehicle.

              Test 16(C): 
                      Delinquency

              Confirm the Data Tape shows the Receivable is not more than 29 days past due as of the Cut-off Date.

              Test 16(D):  No
                      Bankruptcy

              Confirm the Data Tape shows the Obligor was not noted as being the subject of any bankruptcy or insolvency proceeding as of the Cutoff
                  Date.

            


      

      

       

      

      

    

    

      

    

  

  Sch B-4