Document:

inuv_ex101

 

Exhibit 10.1

 

20,000,000 Shares

 

Inuvo, Inc.

 

Common Stock

 

FORM OF UNDERWRITING AGREEMENT

 

July
23, 2020

 

A.G.P./Alliance
Global Partners

As
Representative of the several Underwriters named on Schedule 1
attached hereto

590
Madison Avenue

New
York, NY 10022

 

Ladies
and Gentlemen:

 

Inuvo,
Inc., a Nevada corporation (the “Company”), proposes,
subject to the terms and conditions contained herein, to sell to
you and the other underwriters named on Schedule I to this
Agreement (the “Underwriters”), for whom
you are acting as Representative (the “Representative”), an
aggregate of 20,000,000 shares (the “Firm Shares”) of the
Company’s common stock, $0.001 par value per share (the
“Common
Stock”). The respective amounts of the Firm Shares to
be purchased by each of the several Underwriters are set forth
opposite their names on Schedule I hereto. In addition, the Company
proposes to grant to the Underwriters an option to purchase up to
an additional 1,500,000 shares (the “Company Option Shares”)
of Common Stock from the Company for the purpose of covering
over-allotments in connection with the sale of the Firm Shares. The
Firm Shares and the Company Option Shares are collectively called
the “Shares.”

 

The Company has prepared and filed in conformity
with the requirements of the Securities Act of 1933, as amended
(the “Securities
Act”), and the published
rules and regulations thereunder (the “Rules”)
adopted by the Securities and Exchange Commission (the
“Commission”),
a registration statement on Form S-3 (No. 333-239147),
including a base prospectus (the “Base
Prospectus”) relating to
common stock, preferred stock, warrants and/or units of the Company
that may be sold from time to time by the Company in accordance
with Rule 415 of the Securities Act, and such amendments
thereof as may have been required to the date of this Agreement.
Copies of such Registration Statement (as defined below) (including
all amendments thereof and all documents deemed incorporated by
reference therein) and of the related Base Prospectus have
heretofore been delivered by the Company or are otherwise available
to you.

 

The term “Registration Statement” as
used in this Agreement means the registration statement, including
all exhibits, financial schedules and all documents and information
deemed to be part of the Registration Statement by incorporation by
reference or otherwise, as amended from time to time,
including the information (if any) contained in the form of final
prospectus filed with the Commission pursuant to Rule 424(b) of the
Rules and deemed to be part thereof, in each case, at the Effective
Date (as defined below) pursuant to Rule 430A and 430B of the
Rules.

 

 

 

1

 

 

 

If the
Company has filed an abbreviated registration statement to register
additional Shares pursuant to Rule 462(b) under the Rules (the
“462(b) Registration
Statement”), then any reference herein to the
Registration Statement shall also be deemed to include such 462(b)
Registration Statement. The term
“Preliminary Prospectus” means the Base Prospectus,
together with any preliminary prospectus supplement used or filed
with the Commission pursuant to Rule 424 of the Rules,
in the form provided to the Underwriters by the Company for use in
connection with the offering of the Shares. The term “Prospectus” means the Base
Prospectus, any Preliminary Prospectus and any amendments or
further supplements to such prospectus, and including, without
limitation, the final prospectus supplement, filed pursuant to and
within the limits described in Rule 424(b) with the Commission in
connection with the proposed sale of the Shares contemplated by
this Agreement through the date of such final prospectus
supplement. The term “Effective Date” shall mean each
date that the Registration Statement and any post-effective
amendment or amendments thereto became or become effective. Unless
otherwise stated herein, any reference herein to the Registration
Statement, any Preliminary Prospectus, the Statutory Prospectus (as
hereinafter defined) and the Prospectus shall be deemed to refer to
and include the documents incorporated by reference therein,
including pursuant to Item 12 of Form S-3 under the Securities
Act, which were filed under the Securities Exchange Act of 1934, as
amended (the “Exchange
Act”) on or before the
date hereof or are so filed hereafter. Any reference herein to the
terms “amend,” “amendment” or
“supplement” with respect to the Registration
Statement, any Preliminary Prospectus, the Statutory Prospectus or
the Prospectus shall be deemed to refer to and include any such
document filed or to be filed under the Exchange Act after the date
of the Registration Statement, any such Preliminary Prospectus, the
Statutory Prospectus or Prospectus, as the case may be, and deemed
to be incorporated therein by reference.

 

The
Company understands that the Underwriters propose to make a public
offering of the Shares, as set forth in and pursuant to the
Statutory Prospectus and the Prospectus, as soon after the
Effective Date and the date of this Agreement as the Representative
deems advisable. The Company hereby confirms that the Underwriters
and dealers have been authorized to distribute or cause to be
distributed each Preliminary Prospectus, and, if applicable, each
Issuer Free Writing Prospectus (as hereinafter defined) and are
authorized to distribute the Prospectus (as from time to time
amended or supplemented if the Company furnishes amendments or
supplements thereto to the Underwriters).

 

1. Sale,
Purchase, Delivery and Payment for the Shares. On the basis of the representations, warranties
and agreements contained in, and subject to the terms and
conditions of, this Agreement:

 

(a) The
Company agrees to issue and sell to each of the Underwriters, and
each of the Underwriters agrees, severally and not jointly, to
purchase from the Company, at a purchase price of $0.465 per share,
the number of Firm Shares set forth opposite the name of such
Underwriter under the column “Number of Firm Shares to be
Purchased” on Schedule I to this Agreement, subject to
adjustment in accordance with Section 8 hereof.

 

(b) The
Company hereby grants to the several Underwriters an option to
purchase, severally and not jointly, all or any part of the Company
Option Shares at a purchase price of $0.465 per share. The number
of Company Option Shares to be purchased by each Underwriter shall
be the same percentage (adjusted by the Representative to eliminate
fractions) of the total number of Company Option Shares to be
purchased by the Underwriters as such Underwriter is purchasing of
the Firm Shares. Such option may be exercised only to cover
over-allotments in the sales of the Firm Shares by the Underwriters
and may be exercised in whole or in part at any time on or before
12:00 noon, New York City time, on the business day before the Firm
Shares Closing Date (as defined below), and from time to time
thereafter within 45 days after the date of this Agreement, in each
case upon written, facsimile or electronic notice, or verbal or
telephonic notice confirmed by written, facsimile or electronic
notice, by the Representative to the Company no later than 12:00
noon, New York City time, on the business day before the Firm
Shares Closing Date or at least two business days before the Option
Shares Closing Date (as defined below), as the case may be, setting
forth the number of Company Option Shares to be purchased and the
time and date (if other than the Firm Shares Closing Date) of such
purchase.

 

 

2

 

 

(c) Payment
of the purchase price for, and delivery of certificates for, the
Firm Shares shall be made at the offices of A.G.P./Alliance Global
Partners, 590 Madison Avenue, New York, NY 10022, at 10:00 a.m.,
New York City time, on the second business day following the date
of this Agreement or at such time on such other date, not later
than ten (10) business days after the date of this Agreement, as
shall be agreed upon by the Company and the Representative (such
time and date of delivery and payment are called the
“Firm Shares Closing
Date”). In addition, in
the event that any or all of the Company Option Shares are
purchased by the Underwriters, payment of the purchase price, and
delivery of the certificates, for such Company Option Shares shall
be made at the above-mentioned offices, or at such other place as
shall be agreed upon by the Representative and the Company, on each
date of delivery as specified in the notice from the Representative
to the Company (such time and date of delivery and payment are
called the “Option Shares Closing
Date”). The Firm Shares
Closing Date and any Option Shares Closing Date are called,
individually, a “Closing Date” and, together, the
“Closing Dates.”

 

(d) Payment
shall be made to the Company by wire transfer of immediately
available funds or by certified or official bank check or checks
payable in New York Clearing House (same day) funds drawn to the
order of the Company against delivery of the Shares for the
respective accounts of the Underwriters.

 

(e) The
Shares shall be registered in such names and shall be in such
denominations as the Representative shall request at least two full
business days before the Firm Shares Closing Date or, in the case
of Company Option Shares, on the day of notice of exercise of the
option as described in Section 1(b), and shall be delivered by or
on behalf of the Company to the Representative through the
facilities of the Depository Trust Company
(“DTC”) for the account of the
Underwriters.

 

2. Representations
and Warranties of the Company.
The Company represents and warrants to each Underwriter as of the
date hereof, as of the Firm Shares Closing Date and as of each
Option Shares Closing Date (if any), as
follows:

 

(a) The
Company was at the time of the filing of the Registration Statement
eligible to use Form S-3. The Company meets the general eligibility
requirements for the use of Form S-3 under the Securities Act and
it meets the transaction requirements with respect to the aggregate
market value of securities being sold pursuant to this offering and
during the twelve (12) months prior to this offering, as set forth
in General Instruction I.B.6 of Form S-3, and has prepared and
filed with the Commission a registration statement under the
Securities Act on Form S-3 (File No. 333-239147) on June 12, 2020,
providing for the offer and sale, from time to time, of up to
$25,000,000 of the Company’s securities (the
“Registration Statement”) which was declared effective
on June 25, 2020. The Company filed with the Commission the
Registration Statement on such Form S-3, including a Base
Prospectus, for registration under the Securities Act of the
offering and sale of the Shares, and the Company has prepared and
used a Preliminary Prospectus in connection with the offer and sale
of the Shares. When the Registration Statement or any amendment
thereof or supplement thereto was or is declared effective and as
of the date of the most recent amendment to the Registration
Statement, it (i) complied or will comply, in all material
respects, with the requirements of the Securities Act and the Rules
and the Exchange Act and the rules and regulations of the
Commission thereunder and (ii) did not or will not contain any
untrue statement of a material fact or omit to state any material
fact required to be stated therein or necessary in order to make
the statements therein, in light of the circumstances under which
they were made, not misleading. When any Preliminary
Prospectus or Prospectus was first filed with the Commission
(whether filed as part of the Registration Statement or any
amendment thereto or pursuant to Rule 424 of the Rules) and when
any amendment thereof or supplement thereto was first filed with
the Commission, such Preliminary Prospectus or Prospectus, as
amended or supplemented, complied in all material respects with the
applicable provisions of the Securities Act and the Rules and did
not or will not, contain any untrue statement of a material fact or
omit to state any material fact required to be stated therein or
necessary in order to make the statements therein, in light of the
circumstances under which they were made, not misleading. If
applicable, each Preliminary Prospectus and the Prospectus
delivered to the Underwriters for use in connection with this
offering was identical to the electronically transmitted copies
thereof filed with the Commission pursuant to the Electronic Data
Gathering, Analysis and Retrieval system (EDGAR), except to the
extent permitted by Regulation S-T. Notwithstanding the
foregoing, none of the representations and warranties in this
paragraph 2(a) shall apply to statements in, or omissions from, the
Registration Statement, any Preliminary Prospectus or the
Prospectus made in reliance upon, and in conformity with,
information herein or otherwise furnished in writing by the
Representative on behalf of the several Underwriters specifically
for use in the Registration Statement, any Preliminary Prospectus
or the Prospectus. With respect to the preceding sentence, the
Company acknowledges that the only information furnished in writing
by the Representative for use in the Registration Statement, any
Preliminary Prospectus or the Prospectus is the statements
contained in the fifth and eleventh paragraphs under the caption
“Underwriting” in the Prospectus (collectively, the
“Underwriting
Information”).

 

 

3

 

 

(b) As
of the Applicable Time (as hereinafter defined), neither (i) the
price to the public and the number of shares offered and sold, as
indicated on the cover page of the Prospectus and
the Statutory Prospectus, all considered together (collectively,
the “General Disclosure
Package”), nor
(ii) any individual Issuer Free Writing Prospectus when
considered together with the General Disclosure Package, included,
includes or will include any untrue statement of a material fact or
omitted, omits or will omit to state any material fact required to
be stated therein or necessary in order to make the statements
therein, in the light of the circumstances under which they were
made, not misleading; provided, however, that this representation
and warranty shall not apply to statements in or omissions in the
General Disclosure Package made in reliance upon and in conformity
with the Underwriting Information.

 

Each
Issuer Free Writing Prospectus (as hereinafter defined), including
any electronic road show (including without limitation any
“bona fide electronic road show” as defined in Rule
433(h)(5) under the Securities Act) (each, a “Road Show”) (i) is
identified in Schedule III hereto and (ii) complied when
issued, and complies, in all material respects with the
requirements of the Securities Act and the Rules and the Exchange
Act and the rules and regulations of the Commission
thereunder.

 

As used
in this Section 2 and elsewhere in this Agreement:

 

“Applicable
Time” means 7:00 a.m. (Eastern time) on the date of this
Underwriting Agreement.

 

“Statutory
Prospectus” as of any time means the Preliminary Prospectus
relating to the Shares that is included in the Registration
Statement immediately prior to the Applicable Time, including
any document incorporated by reference therein and any prospectus
supplement deemed to be a part thereof.

 

“Issuer Free
Writing Prospectus” means each “free writing
prospectus” (as defined in Rule 405 of the Rules) prepared by
or on behalf of the Company or used or referred to by the Company
in connection with the offering of the Shares, including, without
limitation, each Road Show.

 

(c) The
Registration Statement is effective under the Securities Act and no
stop order preventing or suspending the effectiveness of the
Registration Statement or suspending or preventing the use of any
Preliminary Prospectus, the Prospectus or any “free writing
prospectus”, as defined in Rule 405 under the Rules, has been
issued by the Commission and no proceedings for that purpose have
been instituted or are threatened under the Securities Act. Any
required filing of any Preliminary Prospectus and/or the Prospectus
and any supplement thereto pursuant to Rule 424(b) of the Rules has
been or will be made in the manner and within the time period
required by such Rule 424(b). Any material required to be filed by
the Company pursuant to Rule 433(d) or Rule 163(b)(2) of the Rules
has been or will be made in the manner and within the time period
required by such Rules.

 

(d) The
documents incorporated by reference in the Registration Statement,
any Preliminary Prospectus and the Prospectus, at the time they
became effective or were filed with the Commission, as the case may
be, complied in all material respects with the requirements of the
Securities Act or the Exchange Act, as applicable, and the rules
and regulations of the Commission thereunder, and none of such
documents contained an untrue statement of a material fact or
omitted to state a material fact required to be stated therein or
necessary in order to make the statements therein, in the light of
the circumstances under which they were made, not misleading, and
any further documents so filed and incorporated by reference in the
Registration Statement, any Preliminary Prospectus and the
Prospectus, when such documents become effective or are filed with
the Commission, as the case may be, will conform in all material
respects to the requirements of the Securities Act or the Exchange
Act, as applicable, and the rules and regulations of the Commission
thereunder and will not contain an untrue statement of a material
fact or omit to state a material fact required to be stated therein
or necessary to make the statements therein, in light of the
circumstances under which they are made, not
misleading.

 

 

4

 

 

(e) Each
Issuer Free Writing Prospectus, as of its issue date and at all
subsequent times through the completion of the public offer and
sale of the Shares or until any earlier date that the Company
notified or notifies the Representative as described in the next
sentence, did not, does not and will not include any information
that conflicted, conflicts or will conflict with the information
contained in the Registration Statement, including any
document incorporated by reference therein and any prospectus
supplement deemed to be a part thereof that has not been superseded
or modified, the Statutory Prospectus or the
Prospectus.

 

If at
any time following issuance of an Issuer Free Writing Prospectus
there occurred or occurs an event or development as a result of
which such Issuer Free Writing Prospectus conflicted or would
conflict with the information contained in the Registration
Statement, the Statutory Prospectus or the Prospectus or included
or would include an untrue statement of a material fact or omitted
or would omit to state a material fact required to be stated
therein or necessary in order to make the statements therein, in
the light of the circumstances prevailing at the subsequent time,
not misleading, the Company has promptly notified or will promptly
notify the Representative and has promptly amended or will promptly
amend or supplement, at its own expense, such Issuer Free Writing
Prospectus to eliminate or correct such conflict, untrue statement
or omission.

 

(f) The
financial statements of the Company (including all notes and
schedules thereto) included in the Registration Statement, the
Statutory Prospectus and Prospectus present fairly the financial
position of the Company and its consolidated subsidiaries at the
dates indicated and the statement of operations,
stockholders’ equity and cash flows of the Company and its
consolidated subsidiaries for the periods specified; and such
financial statements and related schedules and notes thereto, and
the unaudited financial information filed with the Commission as
part of the Registration Statement, have been prepared in
conformity with generally accepted accounting principles,
consistently applied throughout the periods involved. The financial
data included in the Statutory Prospectus and Prospectus present
fairly the information shown therein as at the respective dates and
for the respective periods specified and have been presented on a
basis consistent with the consolidated financial statements set
forth in the Prospectus and other financial
information.

 

(g) Mayer
Hoffman McCann P.C. (the “Auditor”),
whose reports are filed with the Commission as a part of the
Registration Statement, are and, during the periods covered by
their reports, were independent public accountants as required by
the Securities Act and the Rules.

 

(h) The
Company and each of its material subsidiaries, including each
entity (corporation, partnership, joint venture, association or
other business organization) controlled directly or indirectly by
the Company (each, a “subsidiary”),
is duly organized, validly existing and in good standing under the
laws of their respective jurisdictions of incorporation or
organization and each such entity has all requisite power and
authority to carry on its business as is currently being conducted
as described in the Statutory Prospectus and the Prospectus, and to
own, lease and operate its properties. All of the issued shares of
capital stock of, or other ownership interests in, each subsidiary
have been duly and validly authorized and issued and are fully paid
and non-assessable and are owned, directly or indirectly, by the
Company, free and clear of any lien, charge, mortgage, pledge,
security interest, claim, limitation on voting rights, equity,
trust or other encumbrance, preferential arrangement, defect or
restriction of any kind whatsoever. The Company and each of its
material subsidiaries is duly qualified to do business and is in
good standing as a foreign corporation in each jurisdiction in
which the nature of the business conducted by it or location of the
assets or properties owned, leased or licensed by it requires such
qualification, except for such jurisdictions where the failure to
so qualify individually or in the aggregate would not have a
material adverse effect on the assets, properties, condition,
financial or otherwise, or in the results of operations, business
affairs or business prospects of the Company and its subsidiaries
considered as a whole (a “Material Adverse
Effect”); and to the
Company’s knowledge, no proceeding has been instituted in any
such jurisdiction revoking, limiting or curtailing, or seeking to
revoke, limit or curtail, such power and authority or
qualification.

 

 

5

 

 

(i) The
Registration Statement initially became effective within three
years of the date hereof. If, immediately prior to the third
anniversary of the initial effective date of the Registration
Statement, any of the Shares remain unsold by the Underwriters, the
Company will, prior to that third anniversary file, if it has not
already done so, a new shelf registration statement relating to the
Shares, in a form satisfactory to the Representative, will use its
best efforts to cause such registration statement to be declared
effective within 180 days after that third anniversary, and
will take all other action necessary or appropriate to permit the
public offering and sale of the Shares to continue as contemplated
in the expired Registration Statement. References herein to the
registration statement relating to the Shares shall include such
new shelf registration statement.

 

(j) The
Company and each of its subsidiaries has all requisite corporate
power and authority, and all necessary authorizations, approvals,
consents, orders, licenses, certificates and permits of and from
all governmental or regulatory bodies or any other person or entity
(collectively, the “Permits”),
to own, lease and license its assets and properties and conduct its
business, all of which are valid and in full force and effect,
except where the lack of such Permits, individually or in the
aggregate, would not have a Material Adverse Effect. The Company
and each of its subsidiaries has fulfilled and performed in all
material respects all of its obligations with respect to such
Permits and no event has occurred that allows, or after notice or
lapse of time would allow, revocation or termination thereof or
results in any other material impairment of the rights of the
Company thereunder. Except as may be required under the Securities
Act and state and foreign Blue Sky laws, no other Permits are
required to enter into, deliver and perform this Agreement and to
issue and sell the Shares.

 

(k) (i)
At the earliest time after the filing of the Registration Statement
that the Company or another offering participant made a
bona fide
offer (within the meaning of
Rule 164(h)(2) of the Rules) of the Shares and (ii) as of the
date hereof,
the Company was not and is not an
“ineligible issuer,” as defined in Rule 405 of the
Rules, including (but not limited to) the Company or any other
subsidiary in the preceding three years not having been convicted
of a felony or misdemeanor or having been made the subject of a
judicial or administrative decree or order as described in
Rule 405 of the Rules.

 

(l) The
Company and each of its subsidiaries owns or possesses legally
enforceable rights to use all patents, patent rights, inventions,
trademarks, trademark applications, trade names, service marks,
copyrights, copyright applications, licenses, know-how and other
similar rights and proprietary knowledge (collectively,
“Intangibles”)
necessary for the conduct of its business as currently conducted
and which the failure to so own or possess would not reasonably be
expected to have a Material Adverse Effect. Neither the Company nor
any of its subsidiaries has received any notice of, or is not aware
of, any infringement of or conflict with asserted rights of others
with respect to any Intangibles, except as would not have or
reasonably be expected to have a Material Adverse
Effect.

 

(m) The
Company and each of its subsidiaries has good and marketable title
in fee simple to all real property, and good and marketable title
to all other property owned by it, in each case free and clear of
all liens, encumbrances, claims, security interests and defects,
except such as do not materially affect the value of such property
and do not materially interfere with the use made or proposed to be
made of such property by the Company and its subsidiaries. All
property held under lease by the Company and its subsidiaries is
held by them under valid, existing and enforceable leases, free and
clear of all liens, encumbrances, claims, security interests and
defects, except such as are not material and do not materially
interfere with the use made or proposed to be made of such property
by the Company and its subsidiaries.

 

 

6

 

 

(n) Subsequent
to the respective dates as of which information is given in the
Registration Statement, the Statutory Prospectus and the
Prospectus, (i) there has not been any event which would reasonably
be expected to have a Material Adverse Effect; (ii) neither the
Company nor any of its subsidiaries has sustained any loss or
interference with its assets, businesses or properties (whether
owned or leased) from fire, explosion, earthquake, flood or other
calamity, whether or not covered by insurance, or from any labor
dispute or any court or legislative or other governmental action,
order or decree which would reasonably be expected to have a
Material Adverse Effect; and (iii) since the date of the latest
balance sheet included in the Registration Statement and the
Prospectus, neither the Company nor its subsidiaries has (A) issued
any securities or incurred any liability or obligation, direct or
contingent, for borrowed money, except such liabilities or
obligations incurred in the ordinary course of business, (B)
entered into any transaction not in the ordinary course of business
or (C) declared or paid any dividend or made any distribution on
any shares of its stock or redeemed, purchased or otherwise
acquired or agreed to redeem, purchase or otherwise acquire any
shares of its capital stock.

 

(o) There
is no document, contract or other agreement required to be
described in the Registration Statement, the Statutory Prospectus
or the Prospectus or to be filed as an exhibit to the Registration
Statement which is not described or filed as required by the
Securities Act or Rules. Each description of a contract, document
or other agreement in the Registration Statement, the Statutory
Prospectus or the Prospectus accurately reflects in all respects
the material terms of the underlying contract, document or other
agreement. Each contract, document or other agreement described in
the Registration Statement, the Statutory Prospectus or the
Prospectus or listed in the Exhibits to the Registration Statement
or incorporated by reference is in all material respects in full
force and effect and is valid and enforceable by and against the
Company or its subsidiary, as the case may be, in accordance with
its terms. Neither the Company nor any of its subsidiaries, if a
subsidiary is a party, nor to the Company’s knowledge, any
other party is in default in the observance or performance of any
term or obligation to be performed by it under any such agreement,
and no event has occurred which with notice or lapse of time or
both would constitute such a default, in any such case which
default or event, individually or in the aggregate, would
reasonably be expected to have a Material Adverse Effect. No
default exists, and no event has occurred which with notice or
lapse of time or both would constitute a default, in the due
performance and observance of any term, covenant or condition, by
the Company or its subsidiary, if a subsidiary is a party thereto,
of any other agreement or instrument to which the Company or any of
its subsidiaries is a party or by which Company or its properties
or business or a subsidiary or its properties or business may be
bound or affected which default or event, individually or in the
aggregate, would reasonably be expected to have a Material Adverse
Effect.

 

(p) The
statistical and market related data included in the Registration
Statement, the Statutory Prospectus or the Prospectus are based on
or derived from sources that the Company believes to be reliable
and accurate.

 

(q) Neither
the Company nor any subsidiary (i) is in violation of its
certificate or articles of incorporation, by-laws, certificate of
formation, limited liability company agreement, partnership
agreement or other organizational documents, (ii) is in default
under, and no event has occurred which, with notice or lapse of
time, or both, would constitute a default under, or result in the
creation or imposition of any lien, charge, mortgage, pledge,
security interest, claim, limitation on voting rights, equity,
trust or other encumbrance, preferential arrangement, defect or
restriction of any kind whatsoever, upon, any property or assets of
the Company or any subsidiary pursuant to, any bond, debenture,
note, indenture, mortgage, deed of trust, loan agreement or other
agreement or instrument to which it is a party or by which it is
bound or to which any of its properties or assets is subject or
(iii) is in violation of any statute, law, rule, regulation,
ordinance, directive, judgment, decree or order of any judicial,
regulatory or other legal or governmental agency or body, foreign
or domestic, except (in the case of clauses (ii) and (iii) above)
for violations or defaults that would not (individually or in the
aggregate) reasonably be expected to have a Material Adverse
Effect.

 

 

 

7

 

(r) This
Agreement has been duly authorized, executed and delivered by the
Company.

 

(s) Neither
the execution, delivery and performance of this Agreement by the
Company nor the consummation of any of the transactions
contemplated hereby (including, without limitation, the issuance
and sale by the Company of the Shares) would (individually or in
the aggregate) reasonably be expected to have a Material Adverse
Effect by giving rise to a right to terminate or accelerate the due
date of any payment due under, or conflicting with or resulting in
the breach of any term or provision of, or constitute a default (or
an event which with notice or lapse of time or both would
constitute a default) under, or requiring any consent or waiver
under, or resulting in the execution or imposition of any lien,
charge or encumbrance upon any properties or assets of the Company
or its subsidiaries pursuant to the terms of, any indenture,
mortgage, deed of trust or other agreement or instrument to which
the Company or any of its subsidiaries is a party or by which
either the Company or its subsidiaries or any of their properties
or businesses is bound, or any franchise, license, permit,
judgment, decree, order, statute, rule or regulation applicable to
the Company or any of its subsidiaries or violate any provision of
the charter or by-laws of the Company or any of its subsidiaries,
except for such consents or waivers which have already been
obtained and are in full force and effect.

 

(t) The
authorized, issued and outstanding capital stock of the Company is
as set forth in the Statutory Prospectus and the Prospectus (other
than for subsequent issuances, if any, pursuant to employee benefit
plans described in the Statutory Prospectus and the Prospectus or
upon the exercise of outstanding options described in the Statutory
Prospectus and the Prospectus). All of the issued and outstanding
shares of Common Stock have been duly and validly issued and are
fully paid and nonassessable. There are no statutory preemptive or
other similar rights to subscribe for or to purchase or acquire any
shares of Common Stock of the Company or any of its subsidiaries or
any such rights pursuant to its Certificate of Incorporation or
by-laws or any agreement or instrument to or by which the Company
or any of its subsidiaries is a party or bound. The Shares, when
issued and sold pursuant to this Agreement, will be duly and
validly issued, fully paid and nonassessable, and none of them will
be issued in violation of any preemptive or other similar right.
Except as disclosed in the Registration Statement, the Statutory
Prospectus and the Prospectus, there is no outstanding option,
warrant or other right calling for the issuance of, and there is no
commitment, plan or arrangement to issue, any share of stock of the
Company or any of its subsidiaries or any security convertible
into, or exercisable or exchangeable for, such stock. The exercise
price of each option to acquire Common Stock (each, a
“Company Stock
Option”) is no less than
the fair market value of a share of Common Stock as determined on
the date of grant of such Company Stock Option. All grants of
Company Stock Options were validly issued and properly approved by
the board of directors of the Company in material compliance with
all applicable laws and the terms of the plans under which such
Company Stock Options were issued and were recorded on the Company
Financial Statements in accordance with GAAP, and no such grants
involved any “back dating”, “forward
dating,” “spring loading” or similar practices
with respect to the effective date of grant. The Common Stock and
the Shares conform in all material respects to all statements in
relation thereto contained in the Registration Statement and the
Statutory Prospectus and the Prospectus. All outstanding shares of
capital stock of each of the Company’s subsidiaries have been
duly authorized and validly issued and are fully paid and
nonassessable, and are owned directly by the Company or by another
wholly-owned subsidiary of the Company free and clear of any
security interests, liens, encumbrances, equities or claims, other
than those described in the Statutory Prospectus and the
Prospectus.

 

 

8

 

 

(u) The
Company and its subsidiaries have been and are in compliance with
all applicable laws, rules and regulations, except where failure to
be so in compliance would not reasonably be expected, individually
or in the aggregate, to have a Material Adverse Effect. The Company
and its subsidiaries maintain internal policies and procedures
designed to ensure that they shall remain in material compliance
with all applicable laws, rules and regulations applicable to the
Company, and such internal policies and procedures are reviewed
periodically.

 

(v) No
person or entity has any right, which has not been waived, to have
any security owned by such holder included in the Registration
Statement or to demand registration of any security owned by such
holder for a period of 90 days after the date of this Agreement.
Each director and executive officer of the Company and each
stockholder of the Company listed on Schedule II hereto has
delivered to the Representative his enforceable written lock-up
agreement in the form attached to this Agreement as Exhibit A
hereto (“Lock-Up
Agreement”).

 

(w) There
are no legal or governmental proceedings pending to which the
Company or any of its subsidiaries is a party or of which any
property of the Company or any of its subsidiaries is the subject
which, if determined adversely to the Company or any of its
subsidiaries would individually or in the aggregate have a Material
Adverse Effect; and, to the knowledge of the Company, no such
proceedings are threatened or contemplated by governmental
authorities or threatened by others.

 

(x) All
necessary corporate action has been duly and validly taken by the
Company to authorize the execution, delivery and performance of
this Agreement and the issuance and sale of the Shares by the
Company.

 

(y) Neither
the Company nor any of its subsidiaries is involved in any labor
dispute nor, to the knowledge of the Company, is any such dispute
threatened, which dispute would reasonably be expected to have a
Material Adverse Effect. The Company is not aware of any existing
or imminent labor disturbance by the employees of any of its
principal suppliers or contractors which would reasonably be
expected to have a Material Adverse Effect. The Company is not
aware of any threatened or pending litigation between the Company
or its subsidiaries and any of its executive officers which, if
adversely determined, would reasonably be expected to have a
Material Adverse Effect and has no reason to believe that such
officers will not remain in the employment of the
Company.

 

(z) No
transaction has occurred between or among the Company and any of
its officers or directors, shareholders or any affiliate or
affiliates of any such officer or director or shareholder that is
required to be described in and is not described in the
Registration Statement, the Statutory Prospectus and the
Prospectus.

 

(aa) The
Company has not taken, nor will it take, directly or indirectly,
any action designed to or which might reasonably be expected to
cause or result in, or which has constituted or which might
reasonably be expected to constitute, the stabilization or
manipulation of the price of the Common Stock or of any
“reference security” (as defined in Rule 100 of
Regulation M under the Exchange Act (“Regulation
M”)) with respect to the
Shares, whether to facilitate the sale or resale of the Shares or
otherwise, and has taken no action which would directly or
indirectly violate Regulation M.

 

 

9

 

 

(bb) There
are no business relationships or related-party transactions
involving the Company or any of its subsidiaries or any other
person required to be described in the Registration Statement, the
Statutory Prospectus or the Prospectus that have not been described
as required.

 

(cc) The
Company and each of its subsidiaries has filed all material
Federal, state, local and foreign tax returns which are required to
be filed through the date hereof, which returns are true and
correct in all material respects or has received timely extensions
thereof, and has paid all taxes shown on such returns and all
assessments received by it to the extent that the same are material
and have become due. There are no tax audits or investigations
pending, which if adversely determined, would reasonably be
expected to have a Material Adverse Effect; nor are there any
material proposed additional tax assessments against the Company or
any of its subsidiaries.

 

(dd) The
Shares have been duly authorized for quotation on The NYSE
American.

 

(ee) The
Company has taken no action designed to, or likely to have the
effect of, terminating the registration of the Common Stock under
the Exchange Act or the quotation of the Common Stock on The NYSE
American nor has the Company received any notification that the
Commission or The NYSE American is contemplating terminating such
registration or quotation.

 

(ff) The
books, records and accounts of the Company and its subsidiaries, in
all material respects, accurately and fairly reflect, the
transactions in, and dispositions of, the assets of, and the
results of operations of, the Company and its subsidiaries. The
Company and each of its subsidiaries maintains a system of internal
accounting controls sufficient to provide reasonable assurances
that (i) transactions are executed in accordance with
management’s general or specific authorizations, (ii)
transactions are recorded as necessary to permit preparation of
financial statements in accordance with generally accepted
accounting principles and to maintain asset accountability, (iii)
access to assets is permitted only in accordance with
management’s general or specific authorization and (iv) the
recorded accountability for assets is compared with the existing
assets at reasonable intervals and appropriate action is taken with
respect to any differences.

 

(gg) The
Company has established and maintains disclosure controls and
procedures (as such term is defined in Rule 13a-15 under the
Exchange Act), which: (i) are designed to ensure that material
information relating to the Company is made known to the
Company’s principal executive officer and its principal
financial officer by others within the Company, particularly during
the periods in which the periodic reports required under the
Exchange Act are required to be prepared; (ii) provide for the
periodic evaluation of the effectiveness of such disclosure
controls and procedures at the end of the periods in which the
periodic reports are required to be prepared; and (iii) are
effective in all material respects to perform the functions for
which they were established.

 

 

10

 

 

(hh) Based
on the evaluation of its disclosure controls and procedures, the
Company is not aware of (i) any material weakness or significant
deficiency in the design or operation of internal controls which
would adversely affect the Company’s ability to record,
process, summarize and report financial data or any material
weaknesses in internal controls; or (ii) any fraud, whether or not
material, that involves management or other employees who have a
role in the Company’s internal controls.

 

(ii) Except
as described in the Statutory Prospectus and the Prospectus and as
preapproved in accordance with the requirements set forth in
Section 10A of the Exchange Act, the Auditor has not been engaged
by the Company to perform any “prohibited activities”
(as defined in Section 10A of the Exchange Act).

 

(jj) Except
as described in the Statutory Prospectus and the Prospectus, there
are no material off-balance sheet arrangements (as defined in Item
303 of Regulation S-K) that have or are reasonably likely to have a
material current or future effect on the Company’s financial
condition, revenues or expenses, changes in financial condition,
results of operations, liquidity, capital expenditures or capital
resources.

 

(kk) The
Company’s board of directors has validly appointed an audit
committee whose composition satisfies the requirements of The NYSE
American and the board of directors and/or the audit committee has
adopted a charter that satisfies the requirements of The NYSE
American. The audit committee has reviewed the adequacy of its
charter within the past twelve months.

 

(ll) There
is and has been no failure on the part of the Company or any of its
directors or officers, in their capacities as such, to comply in
all materials respects with any provision of the Sarbanes-Oxley
Act, including, without limitation, Section 402 related to loans
and Sections 302 and 906 related to certifications.

 

(mm) The
Company and is subsidiaries carry, or are covered by, insurance in
such amounts and covering such risks as the Company reasonably
believes are adequate for the conduct of its business and as is
customary for companies engaged in similar businesses in similar
industries; and neither the Company nor any subsidiary of the
Company has any reason to believe that it will not be able to renew
its existing insurance coverage as and when such coverage expires
or to obtain similar coverage from similar insurers as may be
necessary to continue its business at a cost that is not materially
greater than the current cost. Neither the Company not any of its
subsidiaries has been denied any insurance coverage which it has
sought or for which it has applied.

 

(nn) Each
approval, consent, order, authorization, designation, declaration
or filing of, by or with any regulatory, administrative or other
governmental body necessary in connection with the execution and
delivery by the Company of this Agreement and the consummation of
the transactions herein contemplated required to be obtained or
performed by the Company (except such additional steps as may be
required by the rules of the NYSE and the Financial Industry
Regulatory Authority (“FINRA”)
or as may be necessary to qualify the Shares for public offering by
the Underwriters under the state securities or Blue Sky laws) has
been obtained or made and is in full force and
effect.

 

 

11

 

(oo) There
are no affiliations with FINRA among the Company’s officers,
directors or, to the best of the knowledge of the Company, any five
percent or greater stockholder of the Company, except as set forth
in the Registration Statement or otherwise disclosed in writing to
the Representative.

 

(pp) (i)
Each of the Company and each of its subsidiaries is in compliance
in all material respects with all rules, laws and regulation
relating to the use, treatment, storage and disposal of toxic
substances and protection of health or the environment
(“Environmental
Law”) which are
applicable to its business; (ii) neither the Company nor its
subsidiaries has received any notice from any governmental
authority or third party of an asserted claim under Environmental
Laws; (iii) each of the Company and each of its subsidiaries has
received all permits, licenses or other approvals required of it
under applicable Environmental Laws to conduct its business and is
in compliance in all material respects with all terms and
conditions of any such permit, license or approval; (iv) to the
Company’s knowledge, no facts currently exist that will
require the Company or any of its subsidiaries to make future
material capital expenditures to comply with Environmental Laws;
and (v) no property which is or has been owned, leased or occupied
by the Company or its subsidiaries has been designated as a
Superfund site pursuant to the Comprehensive Environmental
Response, Compensation of Liability Act of 1980, as amended (42
U.S.C. Section 9601, et. seq.) or otherwise designated as a
contaminated site under applicable state or local law. Neither the
Company nor any of its subsidiaries has been named as a
“potentially responsible party” under the CER, CLA
1980.

 

(qq) To
the Company’s knowledge, the costs and liabilities
(including, without limitation, any capital or operating
expenditures required for clean-up, closure of properties or
compliance with Environmental Laws, or any permit, license or
approval, any related constraints on operating activities and any
potential liabilities to third parties) would not, singly or in the
aggregate, have a Material Adverse Effect on the
Company.

 

(rr) The
Company is not and, after giving effect to the offering and sale of
the Shares and the application of proceeds thereof as described in
the Statutory Prospectus and the Prospectus, will not be an
“investment company” within the meaning of the
Investment Company Act of 1940, as amended (the
“Investment Company
Act”).

 

(ss) The
Company or any other person associated with or acting on behalf of
the Company including, without limitation, any director, officer,
agent or employee of the Company or its subsidiaries, has not,
directly or indirectly, while acting on behalf of the Company or
its subsidiaries (i) used any corporate funds for unlawful
contributions, gifts, entertainment or other unlawful expenses
relating to political activity; (ii) made any unlawful payment
to foreign or domestic government officials or employees or to
foreign or domestic political parties or campaigns from corporate
funds; (iii) violated any provision of the Foreign Corrupt
Practices Act of 1977, as amended; or (iv) made any other unlawful
payment.

 

(tt) The
operations of the Company and its subsidiaries are and have been
conducted at all times in compliance with applicable financial
recordkeeping and reporting requirements of the Currency and
Foreign Transactions Reporting Act of 1970, as amended, the money
laundering statutes of all jurisdictions, the rules and regulations
thereunder and any related or similar rules, regulations or
guidelines, issued, administered or enforced by any governmental
agency (collectively, the “Money Laundering
Laws”) and no action,
suit or proceeding by or before any court or governmental agency,
authority or body or any arbitrator involving the Company or any of
its subsidiaries with respect to the Money Laundering Laws is
pending, or to the best knowledge of the Company,
threatened.

 

 

12

 

 

(uu) Neither
the Company nor any of its subsidiaries nor, to the knowledge of
the Company, any director, officer, agent, employee or affiliate of
the Company or any of its subsidiaries is currently subject to any
U.S. sanctions administered by the Office of Foreign Assets Control
of the U.S. Treasury Department (“OFAC”);
and the Company will not directly or indirectly use the proceeds of
the offering, or lend, contribute or otherwise make available such
proceeds to any subsidiary, joint venture partner or other person
or entity, for the purpose of financing the activities of any
person currently subject to any U.S. sanctions administered by
OFAC.

 

(vv) Except
pursuant to this Agreement, there is no broker, finder or other
party that is entitled to receive from the Company any brokerage or
finder’s fee or other fee or commission as a result of any
transactions contemplated by this Agreement.

 

(ww) Each
financial or operational projection or other “forward-looking
statement” (as defined by Section 27A of the Securities Act
or Section 21E of the Exchange Act) contained in the Registration
Statement, the Statutory Prospectus or the Prospectus (i) was so
included by the Company in good faith and with reasonable basis
after due consideration by the Company of the underlying
assumptions, estimates and other applicable facts and circumstances
and (ii) is accompanied by meaningful cautionary statements
identifying those factors that would reasonably be expected to
cause actual results to differ materially from those in such
forward-looking statement. No such statement was made with the
knowledge of an executive officer or director of the Company that
is was false or misleading.

 

(xx) Except
as described in the Statutory Prospectus and the Prospectus, the
Company has not sold or issued any shares of Common Stock during
the six-month period preceding the date of the Prospectus,
including any sales pursuant to Rule 144A under, or Regulations D
or S of, the Securities Act, other than shares issued pursuant to
employee benefit plans, qualified stock options plans or other
employee compensation plans or pursuant to outstanding options,
rights or warrants.

 

(yy) None
of the Company, its directors or its officers has distributed nor
will distribute prior to the later of (i) the Firm Shares Closing
Date or the Option Shares Closing Date, and (ii) completion of the
distribution of the Shares, any offering material in connection
with the offering and sale of the Shares other than any Preliminary
Prospectus, the Prospectus, the Registration Statement and other
materials, if any, permitted by the Securities Act and consistent
with Section 3(d) below.

 

(zz) The
Company’s and the Subsidiaries’ information technology
assets and equipment, computers, systems, networks, hardware,
software, websites, applications, and databases
(collectively, “IT
Systems”) operate and
perform in all material respects as required in connection with the
operation of the business of the Company and the Subsidiaries as
currently conducted. The Company and the Subsidiaries maintain
commercially reasonable controls, policies, procedures, and
safeguards to maintain and protect their material confidential
information and the integrity, continuous operation, redundancy and
security of all IT Systems and all personal, personally
identifiable, sensitive, confidential or regulated data
(“Personal
Data”) processed and
stored thereon, and to the knowledge of the Company, there have
been no breaches, incidents, violations, outages, compromises or
unauthorized uses of or accesses to same, except for those that
have been remedied without material cost or liability or the duty
to notify any other person, nor any incidents under internal review
or investigations relating to the same. The Company and the
Subsidiaries are presently in compliance in all material respects
with all applicable laws or statutes and all applicable judgments,
orders, rules and regulations of any court or arbitrator or
governmental or regulatory authority, internal policies and
contractual obligations relating to the privacy and security of IT
Systems and Personal Data and to the protection of such IT Systems
and Personal Data from unauthorized use, access, misappropriation
or modification, except for any such noncompliance that would not
have a Material Adverse Effect.

 

 

13

 

 

3. Conditions
of the Underwriters’ Obligations. The obligations of the Underwriters under this
Agreement are several and not joint. The respective obligations of
the Underwriters to purchase the Shares are subject to each of the
following terms and conditions:

 

(a) Notification
that the Registration Statement has become effective and shall have
been received by the Representative, and the Prospectus shall have
been timely filed with the Commission in accordance with Section
4(a) of this Agreement, and any material required to be filed by
the Company pursuant to Rule 433(d) of the Rules shall have been
timely filed with the Commission in accordance with such
rule.

 

(b) No
order preventing or suspending the use of any Preliminary
Prospectus, the Prospectus or any “free writing
prospectus” (as defined in Rule 405 of the Rules), shall have
been or shall be in effect and no order suspending the
effectiveness of the Registration Statement shall be in effect and
no proceedings for such purpose shall be pending before or
threatened by the Commission, and any requests for additional
information on the part of the Commission (to be included in the
Registration Statement or the Prospectus or otherwise) shall have
been complied with to the satisfaction of the Commission and the
Representative. If the Company has elected to rely upon Rule 430B,
Rule 430B information previously omitted from the effective
Registration Statement pursuant to Rule 430B shall have been
transmitted to the Commission for filing pursuant to Rule 424(b)
within the prescribed time period and the Company shall have
provided evidence satisfactory to the Underwriters of such timely
filing, or a post-effective amendment providing such information
shall have been promptly filed and declared effective in accordance
with the requirements of Rule 430B.

 

(c) The
representations and warranties of the Company contained in this
Agreement and in the certificates delivered pursuant to Section
3(d) shall be true and correct when made and on and as of each
Closing Date as if made on such date. The Company shall have
performed all covenants and agreements and satisfied all the
conditions contained in this Agreement required to be performed or
satisfied by them at or before such Closing Date.

 

(d) The
Representative shall have received on each Closing Date a
certificate, addressed to the Representative and dated such Closing
Date, of the chief executive or chief operating officer and the
chief financial officer or chief accounting officer of the Company
to the effect that: (i) the representations, warranties and
agreements of the Company in this Agreement were true and correct
when made and are true and correct as of such Closing Date; (ii)
the Company has performed all covenants and agreements and
satisfied all conditions contained herein; (iii) they have
carefully examined the Registration Statement, the Prospectus, the
General Disclosure Package, and any individual Issuer Free Writing
Prospectus and, in their opinion (A) as of the Effective Date, the
Registration Statement and Prospectus did not include, and as of
the Applicable Time, neither (i) the General Disclosure
Package, nor (ii) any individual Issuer Free Writing
Prospectus, when considered together with the General Disclosure
Package, included, any untrue statement of a material fact and did
not omit to state a material fact required to be stated therein or
necessary to make the statements therein, in light of the
circumstances under which they were made, not misleading, and (B)
since the Effective Date, no event has occurred which should have
been set forth in a supplement or otherwise required an amendment
to the Registration Statement, the Statutory Prospectus or the
Prospectus; (iv) no stop order suspending the effectiveness of the
Registration Statement has been issued and, to their knowledge, no
proceedings for that purpose have been instituted or are pending
under the Securities Act and (v) there has not occurred any
material adverse change in the assets, properties, condition,
financial or otherwise, or in the results of operations, business
affairs or business prospects of the Company and its subsidiaries
considered as a whole.

 

 

14

 

(e) The
Representative shall have received: (i) simultaneously with the
execution of this Agreement, a signed letter from the Auditor
addressed to the Representative and dated the date of this
Agreement, in form and substance reasonably satisfactory to the
Representative, containing statements and information of the type
ordinarily included in accountants’ “comfort
letters” to underwriters with respect to the financial
statements and certain financial information contained in the
Registration Statement and the General Disclosure Package, and
(ii) on each Closing Date, a signed letter from the Auditor
addressed to the Representative and dated the date of such Closing
Date(s), in form and substance reasonably satisfactory to the
Representative, containing statements and information of the type
ordinarily included in accountants’ “comfort
letters” to underwriters with respect to the financial
statements and certain financial information contained in the
Registration Statement and the Prospectus.

 

(f) The
Representative shall have received on each Closing Date an opinion
and negative assurance letter from Pearlman Law Group LLP, counsel
for the Company, addressed to the
Representative and dated as of such Closing Date, in form and
substance reasonably satisfactory to the
Representative.

 

(g) All
proceedings taken in connection with the sale of the Firm Shares
and the Company Option Shares as herein contemplated shall be
reasonably satisfactory in form and substance to the
Representative, and their counsel.

 

(h) The
Representative shall have received copies of the Lock-up Agreements
executed by each entity or person listed on Schedule II
hereto.

 

(i) The
Company shall have filed a Notification: Listing of Additional
Shares with The NYSE American and received no objection
thereto.

 

(j) The
Representative shall be reasonably satisfied that since the
respective dates as of which information is given in the
Registration Statement, the Statutory Prospectus, the General
Disclosure Package and the Prospectus, (i) there shall not have
been any material change in the capital stock of the Company or any
material change in the indebtedness (other than in the ordinary
course of business) of the Company, (ii) except as set forth or
contemplated by the Registration Statement, the Statutory
Prospectus, the General Disclosure Package or the Prospectus, no
material oral or written agreement or other transaction shall have
been entered into by the Company that is not in the ordinary course
of business or that would reasonably be expected to result in a
material reduction in the future earnings of the Company, (iii) no
loss or damage (whether or not insured) to the property of the
Company shall have been sustained that had or would reasonably be
expected to have a Material Adverse Effect, (iv) no legal or
governmental action, suit or proceeding affecting the Company or
any of its properties that is material to the Company or that
affects or would reasonably be expected to affect the transactions
contemplated by this Agreement shall have been instituted or
threatened and (v) there shall not have been any Material Adverse
Effect.

 

 

15

 

 

(k) The
Company shall have furnished or caused to be furnished to the
Representative such further certificates or documents as the
Representative shall have reasonably requested.

 

4. Covenants
and other Agreements of the Company and the
Underwriters.

 

(a) The
Company covenants and agrees as follows:

 

(i) The
Company will use its best efforts to cause the Registration
Statement, if not effective at the time of execution of this
Agreement, and any amendments thereto, to become effective as
promptly as possible. The Company shall prepare the Prospectus in a
form approved by the Representative and file such Prospectus
pursuant to Rule 424(b) under the Securities Act not later than the
Commission’s close of business on the second business day
following the execution and delivery of this Agreement, or, if
applicable, such earlier time as may be required by the Rules. The
Company will file with the Commission all Issuer Free Writing
Prospectuses in the time and manner required under Rules 433(d) or
163(b)(2), as the case may be.

 

(ii) The
Company shall promptly advise the Representative in writing (A)
when any post-effective amendment to the Registration Statement
shall have become effective or any supplement to the Prospectus
shall have been filed, (B) of any request by the Commission for any
amendment of the Registration Statement or the Prospectus or for
any additional information, (C) of the issuance by the Commission
of any stop order suspending the effectiveness of the Registration
Statement or of any order preventing or suspending the use of any
preliminary prospectus or any “free writing
prospectus”, as defined in Rule 405 of the Rules, or the
institution or threatening of any proceeding for that purpose and
(D) of the receipt by the Company of any notification with respect
to the suspension of the qualification of the Shares for sale in
any jurisdiction or the initiation or threatening of any proceeding
for such purpose. The Company shall not file any amendment of the
Registration Statement or supplement to the Prospectus or any
document incorporated by reference in the Registration Statement or
any Issuer Free Writing Prospectus unless the Company has furnished
the Representative a copy for its review prior to filing and shall
not file any such proposed amendment or supplement to which the
Representative reasonably object. The Company shall use its best
efforts to prevent the issuance of any such stop order and, if
issued, to obtain as soon as possible the withdrawal
thereof.

 

(iii) If,
at any time when a prospectus relating to the Shares (or, in lieu
thereof, the notice referred to in Rule 173(a) of the Rules) is
required to be delivered under the Securities Act and any event
occurs as a result of which the Prospectus as then amended or
supplemented would include any untrue statement of a material fact
or omit to state any material fact necessary to make the statements
therein in the light of the circumstances under which they were
made not misleading, or if it shall be necessary to amend or
supplement the Prospectus to comply with the Securities Act or the
Rules, the Company promptly shall prepare and file with the
Commission, subject to the second sentence of paragraph (ii) of
this Section 4(a), an amendment or supplement which shall correct
such statement or omission or an amendment which shall effect such
compliance.

 

 

16

 

 

(iv) If
at any time following issuance of an Issuer Free Writing Prospectus
there occurs an event or development as a result of which such
Issuer Free Writing Prospectus would conflict with the information
contained in the Registration Statement or would include an untrue
statement of a material fact or would omit to state a material fact
required to be stated therein or necessary in order to make the
statements therein, in the light of the circumstances prevailing at
the subsequent time, not misleading, the Company will promptly
notify the Representative and will promptly amend or supplement, at
its own expense, such Issuer Free Writing Prospectus to eliminate
or correct such conflict, untrue statement or
omission.

 

(v) The
Company shall furnish to the Representative and counsel for the
Underwriters, without charge, copies of the Registration Statement
as originally filed (including all exhibits thereto and amendments
thereof) and to each other Underwriter a copy of the Registration
Statement (without exhibits thereto) and all amendments thereof
and, so long as delivery of a prospectus by an Underwriter or
dealer may be required by the Securities Act or the Rules, as many
copies of any Preliminary Prospectus, any Issuer Free Writing
Prospectus and the Prospectus and any amendments thereof and
supplements thereto as the Representative may reasonably request.
If applicable, the copies of the Registration Statement,
Preliminary Prospectus, any Issuer Free Writing Prospectus and
Prospectus and each amendment and supplement thereto furnished to
the Underwriters will be identical to the electronically
transmitted copies thereof filed with the Commission pursuant to
EDGAR, except to the extent permitted by Regulation
S-T.

 

(vi) The
Company shall cooperate with the Representative and their counsel
in endeavoring to qualify the Shares for offer and sale in
connection with the offering under the laws of such jurisdictions
as the Representative may designate and shall maintain such
qualifications in effect so long as required for the distribution
of the Shares; provided, however, that the Company shall not be
required in connection therewith, as a condition thereof, to
qualify as a foreign corporation or to execute a general consent to
service of process in any jurisdiction or subject itself to
taxation as doing business in any jurisdiction.

 

(vii) The
Company, during the period when the Prospectus (or in lieu thereof,
the notice referred to in Rule 173(a) of the Rules) is required to
be delivered under the Securities Act and the Rules or the Exchange
Act, will file all reports and other documents required to be filed
with the Commission pursuant to Section 13, 14 or 15 of the
Exchange Act within the time periods required by the Exchange Act
and the regulations promulgated thereunder.

 

(viii) Without
the prior written consent of the Representative, for a period of 90
days after the date of this Agreement (“Lock-Up
Period”), the Company
shall not issue, sell or register with the Commission (other than
on Form S-8 or on any successor form), or otherwise dispose of,
directly or indirectly, any equity securities of the Company (or
any securities convertible into, exercisable for or exchangeable
for equity securities of the Company), except for (i) the issuance
of the Shares pursuant to the Registration Statement, (ii) the
issuance of shares pursuant to the Company’s existing stock
option plan or bonus plan as described in the Registration
Statement and the Prospectus, (iii) the issuance of Common
Stock pursuant to the conversion of securities or the exercise of
warrants, which securities or warrants are outstanding on the date
hereof and described in the Registration Statement and the
Prospectus; and (iv) adoption of a new equity incentive plan,
and filing a registration statement on Form S-8 under the
Securities Act to register the offer and sale of securities to be
issued pursuant to such new equity incentive plan, and issue
securities pursuant to such new equity incentive plan (including,
without limitation, the issuance of shares of Common Stock upon the
exercise of options or other securities issued pursuant to such new
equity incentive plan), provided that (1) such new equity
incentive plan satisfies the transaction requirements of General
Instruction A.1 of Form S-8 under the
Securities Act and (2) this clause (iv) shall not be
available unless each recipient of shares of Common Stock, or
securities exchangeable or exercisable for or convertible into
Common Stock, pursuant to such new equity incentive plan shall be
contractually prohibited from selling, offering, disposing of or
otherwise transferring any such shares or securities during the
remainder of the Lock-Up Period.

 

 

17

 

 

(ix) On
or before completion of this offering, the Company shall make all
filings required under applicable securities laws and by The NYSE
American (including any required registration under the Exchange
Act).

 

(x) Prior
to the Firm Shares Closing Date, the Company will issue no press
release or other communications directly or indirectly and hold no
press conference with respect to the Company, the condition,
financial or otherwise, or the earnings, business affairs or
business prospects of any of them, or the offering of the Shares
without the prior written consent of the Representative unless in
the judgment of the Company and its counsel, and after notification
to the Representative, such press release or communication is
required by law.

 

(xi) The
Company will apply the net proceeds from the offering of the Shares
in all material respects in the manner set forth under “Use
of Proceeds” in the Prospectus.

 

(b) The
Company agrees to pay, or reimburse if paid by the Representative,
whether or not the transactions contemplated hereby are consummated
or this Agreement is terminated, all costs and expenses incident to
the public offering of the Shares and the performance of the
obligations of the Company under this Agreement including those
relating to: (i) the preparation, printing, reproduction filing and
distribution of the Registration Statement including all exhibits
thereto, each Preliminary Prospectus, the Prospectus, any Issuer
Free Writing Prospectus, all amendments and supplements thereto and
any document incorporated by reference therein, and the printing,
filing and distribution of this Agreement; (ii) the preparation and
delivery of the Shares to the Underwriters; (iii) the furnishing
(including costs of shipping and mailing) to the Representative and
to the Underwriters of copies of each Preliminary Prospectus, the
Prospectus and all amendments or supplements to the Prospectus, any
Issuer Free Writing Prospectus, and of the several documents
required by this Section 4 to be so furnished, as may be reasonably
requested for use in connection with the offering and sale of the
Shares by the Underwriters or by dealers to whom Shares may be
sold; (iv) inclusion of the Shares for quotation on The NYSE
American; (v) all transfer taxes, if any, with respect to the sale
and delivery of the Shares by the Company to the Underwriters;
(vi) all reasonable
out-of-pocket costs and expenses incident to the offering and the
performance of the obligations of the Representative under this
Agreement (including, without limitation, the reasonable fees and
expenses of counsel to the Underwriters) not to exceed $50,000 in
the aggregate (without the Company’s prior approval which
shall not be unreasonably withheld, conditioned or delayed),
excluding (x) the registration
or qualification of the Shares for offer and sale under the
securities or Blue Sky laws of the various jurisdictions referred
to in Section 4(a)(vi), including the reasonable fees and
disbursements of counsel for the Underwriters in connection with
such registration and qualification and the preparation, printing,
distribution and shipment of preliminary and supplementary Blue Sky
memoranda and (y) the filing fees of FINRA in connection with its
review of the terms of the public offering and reasonable fees and
disbursements of counsel for the Underwriters in connection with
such review; and (vii) up to $15,000 for non-accountable expenses
including, but not limited to, IPREO software related expenses,
background check expenses, tombstones and marketing related
expenses, including road show expenses if they are
incurred. The Underwriters
agree to pay, whether or not the transactions contemplated hereby
are consummated or this Agreement is terminated, all costs and
expenses incident to the performance of the obligations of the
Underwriters under this Agreement not payable by the Company
pursuant to the preceding sentence, including, without limitation,
the fees and disbursements of counsel for the
Underwriters.

 

 

18

 

 

(c) The
Company acknowledges and agrees that each of the Underwriters has
acted and is acting solely in the capacity of a principal in an
arm’s length transaction between the Company, on the one
hand, and the Underwriters, on the other hand, with respect to the
offering of Shares contemplated hereby (including in connection
with determining the terms of the offering) and not as a financial
advisor, agent or fiduciary to the Company or any other person.
Additionally, the Company acknowledges and agrees that the
Underwriters have not and will not advise the Company or any other
person as to any legal, tax, investment, accounting or regulatory
matters in any jurisdiction. The Company has its own advisors
concerning such matters and shall be responsible for making its own
independent investigation and appraisal of the transactions
contemplated hereby, and the Underwriters shall have no
responsibility or liability to the Company or any other person with
respect thereto, whether arising prior to or after the date hereof.
Any review by the Underwriters of the Company, the transactions
contemplated hereby or other matters relating to such transactions
have been and will be performed solely for the benefit of the
Underwriters and shall not be on behalf of the Company. The Company
agrees that it will not claim that the Underwriters, or any of
them, has rendered advisory services of any nature or respect, or
owes a fiduciary duty to the company or any other person in
connection with any such transaction or the process leading
thereto.

 

(d) The
Company represents and agrees that, unless it obtains the prior
consent of the Representative, and each Underwriter represents and
agrees that, unless it obtains the prior consent of the Company and
the Representative, it has not made and will not make any offer
relating to the Shares that would constitute an “issuer free
writing prospectus,” as defined in Rule 433, or that
would otherwise constitute a “free writing prospectus,”
as defined in Rule 405, required to be filed with the
Commission. The Company has complied and will comply with the
requirements of Rule 433 under the Act applicable to any Issuer
Free Writing Prospectus, including timely filing with the
Commission where required, legending and record keeping. The
Company represents that is has satisfied and agrees that it will
satisfy the conditions set forth in Rule 433 of the Rules to avoid
a requirement to file with the Commission any Road
Show.

 

5. Indemnification.

 

(a) The
Company agrees to indemnify and hold harmless each Underwriter, its
officers and employees and each person, if any, who controls any
Underwriter within the meaning of Section 15 of the Securities Act
or Section 20 of the Exchange Act against any and all losses,
claims, damages and liabilities, joint or several (including any
reasonable investigation, legal and other expenses incurred in
connection with, and any amount paid in settlement of, any action,
suit or proceeding or any claim asserted), to which they, or any of
them, may become subject under the Securities Act, the Exchange Act
or other Federal or state law or regulation, at common law or
otherwise, insofar as such losses, claims, damages or liabilities
arise out of or are based upon any untrue statement or alleged
untrue statement of a material fact contained in any preliminary
prospectus, the Registration Statement, the Statutory Prospectus,
the Prospectus, any Issuer Free Writing
Prospectus or any “issuer-information” filed or
required to be filed pursuant to Rule 433(d) of the Rules, any
amendment thereof or supplement thereto, or in any Blue Sky
application or other information or other documents executed by the
Company filed in any state or other jurisdiction to qualify any or
all of the Shares under the securities laws thereof (any such
application, document or information being hereinafter referred to
as a “Blue Sky
Application”) or arise
out of or are based upon any omission or alleged omission to state
therein a material fact required to be stated therein or necessary
to make the statements therein not misleading; provided, however,
that such indemnity shall not inure to the benefit of any
Underwriter (or any person controlling such Underwriter) on account
of any losses, claims, damages or liabilities arising from the sale
of the Shares to any person by such Underwriter if such untrue
statement or omission or alleged untrue statement or omission was
made in such preliminary prospectus, the Registration Statement,
the Prospectus, the Statutory Prospectus, any Issuer Free Writing
Prospectus or such amendment or supplement thereto, or in any Blue
Sky Application in reliance upon and in conformity with the
Underwriting Information. This indemnity agreement will be in
addition to any liability which the Company may otherwise
have.

 

 

19

 

 

(b) Each
Underwriter, severally and not jointly, agrees to indemnify and
hold harmless the Company and each person, if any, who controls the
Company within the meaning of Section 15 of the Securities Act or
Section 20 of the Exchange Act, each director of the Company, and
each officer of the Company who signs the Registration Statement,
against any losses, claims, damages or liabilities to which such
party may become subject, under the Securities Act or otherwise,
insofar as such losses, claims, damages or liabilities (or actions
in respect thereof) arise out of or are based upon an untrue
statement or alleged untrue statement of a material fact contained
in any preliminary prospectus, the Registration Statement or the
Prospectus, or any amendment or supplement thereto, or arise out of
or are based upon the omission or alleged omission to state therein
a material fact required to be stated therein or necessary to make
the statements therein not misleading, in each case to the extent,
but only to the extent, that such untrue statement or alleged
untrue statement or omission or alleged omission was made in any
Preliminary Prospectus, the Registration Statement, the Statutory
Prospectus or the Prospectus or any such amendment or supplement in
reliance upon and in conformity with the Underwriting Information;
provided, however, that the obligation of each Underwriter to
indemnify the Company (including any controlling person, director
or officer thereof) shall be limited to the amount of the
underwriting discount and commissions applicable to the Shares to
be purchased by such Underwriter hereunder.

 

(c) Any
party that proposes to assert the right to be indemnified under
this Section 5 will, promptly after receipt of notice of
commencement of any action, suit or proceeding against such party
in respect of which a claim is to be made against an indemnifying
party or parties under this Section 5, notify each such
indemnifying party of the commencement of such action, suit or
proceeding, enclosing a copy of all papers served. No
indemnification provided for in Section 5(a) or 5(b) shall be
available to any party who shall fail to give notice as provided in
this Section 5(c) if the party to whom notice was not given was
unaware of the proceeding to which such notice would have related
and was prejudiced by the failure to give such notice but the
omission to so notify such indemnifying party of any such action,
suit or proceeding shall not relieve it from any liability that it
may have to any indemnified party for contribution or otherwise
than under this Section 5. In case any such action, suit or
proceeding shall be brought against any indemnified party and it
shall notify the indemnifying party of the commencement thereof,
the indemnifying party shall be entitled to participate in, and, to
the extent that it shall wish, jointly with any other indemnifying
party similarly notified, to assume the defense thereof, with
counsel reasonably satisfactory to such indemnified party, and
after notice from the indemnifying party to such indemnified party
of its election so to assume the defense thereof and the approval
by the indemnified party of such counsel, the indemnifying party
shall not be liable to such indemnified party for any legal or
other expenses, except as provided below and except for the
reasonable costs of investigation subsequently incurred by such
indemnified party in connection with the defense thereof. The
indemnified party shall have the right to employ its counsel in any
such action, but the fees and expenses of such counsel shall be at
the expense of such indemnified party unless (i) the employment of
counsel by such indemnified party has been authorized in writing by
the indemnifying parties, (ii) the indemnified party shall have
been advised by counsel that there may be one or more legal
defenses available to it which are different from or in addition to
those available to the indemnifying party (in which case the
indemnifying parties shall not have the right to direct the defense
of such action on behalf of the indemnified party) or (iii) the
indemnifying parties shall not have employed counsel to assume the
defense of such action within a reasonable time after notice of the
commencement thereof, in each of which cases the fees and expenses
of counsel shall be at the expense of the indemnifying parties. In
no event shall the indemnifying parties be liable for the
reasonable fees and expenses of more than one counsel (in addition
to any local counsel) separate from their own counsel for all
indemnified parties in connection with any one action or separate
but similar or related actions in the same jurisdiction arising out
of the same general allegations or circumstances. An indemnifying
party shall not be liable for any settlement of any action, suit,
and proceeding or claim effected without its written consent, which
consent shall not be unreasonably withheld or delayed unless such
settlement (i) includes an unconditional release of each
indemnified party from all liability arising out of such
litigation, investigation, proceeding or claim and (ii) does not
include a statement as to or an admission of fault, culpability or
a failure to act by or on behalf of any indemnified
party

 

 

20

 

 

6. Contribution.
In order to provide for just and equitable contribution in
circumstances in which the indemnification provided for in Section
5(a) or 5(b) is due in accordance with its terms but for any reason
is unavailable to or insufficient to hold harmless an indemnified
party in respect to any losses, liabilities, claims, damages or
expenses referred to therein, then each indemnifying party shall
contribute to the aggregate losses, liabilities, claims, damages
and expenses (including any investigation, legal and other expenses
reasonably incurred in connection with, and any amount paid in
settlement of, any action, suit or proceeding or any claims
asserted, but after deducting any contribution received by any
person entitled hereunder to contribution from any person who may
be liable for contribution) incurred by such indemnified party, as
incurred, in such proportion as is appropriate to reflect the
relative benefits received by the Company on the one hand and the
Underwriters on the other hand from the offering of the Shares
pursuant to this Agreement or, if such allocation is not permitted
by applicable law, in such proportion as is appropriate to reflect
not only the relative benefits referred to above but also the
relative fault of the Company on the one hand and the Underwriters
on the other hand in connection with the statements or omissions
which resulted in such losses, liabilities, claims, damages or
expenses, as well as any other relevant equitable considerations.
The Company and the Underwriters agree that it would not be just
and equitable if contribution pursuant to this Section 6 were
determined by pro rata allocation (even if the Underwriters were
treated as one entity for such purpose) or by any other method of
allocation which does not take account of the equitable
considerations referred to above. The aggregate amount of losses,
liabilities, claims, damages and expenses incurred by an
indemnified party and referred to above shall be deemed to include
any legal or other expenses reasonably incurred by such indemnified
party in investigating, preparing or defending against any
litigation, or any investigation or proceeding by any governmental
agency or body, commenced or threatened, or any claim whatsoever
based upon any such untrue or alleged untrue statement or omission
or alleged omission. Notwithstanding the provisions of this Section
6, (i) no Underwriter (except as may be provided in any agreement
among Underwriters) shall be required to contribute any amount in
excess of the underwriting discounts and commissions applicable to
the Shares purchased by such Underwriter. No person guilty of
fraudulent misrepresentation (within the meaning of Section 11(f)
of the Securities Act) shall be entitled to contribution from any
person who was not guilty of such fraudulent misrepresentation. For
purposes of this Section 6, each person, if any, who controls an
Underwriter within the meaning of Section 15 of the Securities Act
or Section 20 of the Exchange Act shall have the same rights to
contribution as such Underwriter, and each director of the Company,
each officer of the Company who signed the Registration Statement,
and each person, if any, who controls the Company within the
meaning of the Section 15 of the Securities Act or Section 20 of
the Exchange Act, shall have the same rights to contribution as the
Company. Any party entitled to contribution will, promptly after
receipt of notice of commencement of any action, suit or proceeding
against such party in respect of which a claim for contribution may
be made against another party or parties under this Section 6,
notify such party or parties from whom contribution may be sought,
but the omission so to notify such party or parties from whom
contribution may be sought shall not relieve the party or parties
from whom contribution may be sought from any other obligation it
or they may have hereunder or otherwise than under this Section 6.
No party shall be liable for contribution with respect to any
action, suit, proceeding or claim settled without its written
consent. The Underwriters’ obligations to contribute pursuant
to this Section 6 are several in proportion to their respective
underwriting commitments and not joint.

 

 

21

 

 

7. Termination.

 

(a) This
Agreement may be terminated with respect to the Shares to be
purchased on a Closing Date by the Representative by notifying the
Company at any time at or before a Closing Date in the absolute
discretion of the Representative if: (i) there has occurred any
material adverse change in the securities markets or any event, act
or occurrence that has materially disrupted, or in the opinion of
the Representative, will in the future materially disrupt, the
securities markets or there shall be such a material adverse change
in general financial, political or economic conditions or the
effect of international conditions on the financial markets in the
United States is such as to make it, in the judgment of the
Representative, inadvisable or impracticable to market the Shares
or enforce contracts for the sale of the Shares; (ii) there has
occurred any outbreak or material escalation of hostilities or acts
of terrorism or other calamity or crisis the effect of which on the
financial markets of the United States is such as to make it, in
the judgment of the Representative, inadvisable or impracticable to
market the Shares or enforce contracts for the sale of the Shares;
(iii) trading in the Shares or any securities of the Company has
been suspended or materially limited by the Commission or trading
generally on the New York Stock Exchange, Inc., the American Stock
Exchange, Inc. or The Nasdaq Stock Market has been suspended or
materially limited, or minimum or maximum ranges for prices for
securities shall have been fixed, or maximum ranges for prices for
securities have been required, by any of said exchanges or by such
system or by order of the Commission, FINRA, or any other
governmental or regulatory authority; (iv) a banking moratorium has
been declared by any state or Federal authority; or (v) in the
reasonable judgment of the Representative, there has been, since
the time of execution of this Agreement or since the respective
dates as of which information is given in the Prospectus, any
material adverse change in the assets, properties, condition,
financial or otherwise, or in the results of operations, business
affairs or business prospects of the Company and its subsidiaries
considered as a whole, whether or not arising in the ordinary
course of business.

 

(b) If
this Agreement is terminated pursuant to any of its provisions, the
Company shall not be under any liability to any Underwriter, and no
Underwriter shall be under any liability to the Company, except
that (y) if this Agreement is terminated by the Representative or
the Underwriters because of any failure, refusal or inability on
the part of the Company to comply with the terms or to fulfill any
of the conditions of this Agreement, the Company will reimburse the
Underwriters for all actual out-of-pocket expenses (including the
reasonable fees and disbursements of their counsel) incurred by
them in connection with the proposed purchase and sale of the
Shares or in contemplation of performing their obligations
hereunder, not to exceed $50,000 in the aggregate, and (z) no
Underwriter who shall have failed or refused to purchase the Shares
agreed to be purchased by it under this Agreement, without some
reason sufficient hereunder to justify cancellation or termination
of its obligations under this Agreement, shall be relieved of
liability to the Company or to the other Underwriters for damages
occasioned by its failure or refusal.

 

8. Substitution
of Underwriters. If any
Underwriter shall default in its obligation to purchase on any
Closing Date the Shares agreed to be purchased hereunder on such
Closing Date, the Representative shall have the right, within 36
hours thereafter, to make arrangements for one or more of the
non-defaulting Underwriters, or any other underwriters, to purchase
such Shares on the terms contained herein. If, however, the
Representative shall not have completed such arrangements within
such 36-hour period, then the Company shall be entitled to a
further period of 36 hours within which to procure another party or
other parties satisfactory to the Underwriters to purchase such
Shares on such terms. If, after giving effect to any arrangements
for the purchase of the Shares of a defaulting Underwriter or
Underwriters by the Representative and the Company as provided
above, the aggregate number of Shares which remains unpurchased on
such Closing Date does not exceed one-eleventh of the aggregate
number of all the Shares that all the Underwriters are obligated to
purchase on such date, then the Company shall have the right to
require each non-defaulting Underwriter to purchase the number of
Shares which such Underwriter agreed to purchase hereunder at such
date and, in addition, to require each non-defaulting Underwriter
to purchase its pro rata share (based on the number of Shares which
such Underwriter agreed to purchase hereunder) of the Shares of
such defaulting Underwriter or Underwriters for which such
arrangements have not been made; but nothing herein shall relieve a
defaulting Underwriter from liability for its default. In any such
case, either the Representative or the Company shall have the right
to postpone the applicable Closing Date for a period of not more
than seven days in order to effect any necessary changes and
arrangements (including any necessary amendments or supplements to
the Registration Statement or Prospectus or any other documents),
and the Company agrees to file promptly any amendments to the
Registration Statement or the Prospectus which in the opinion of
the Company and the Underwriters and their counsel may thereby be
made necessary.

 

 

22

 

 

If,
after giving effect to any arrangements for the purchase of the
Shares of a defaulting Underwriter or Underwriters by the
Representative and the Company as provided above, the aggregate
number of such Shares which remains unpurchased exceeds 10% of the
aggregate number of all the Shares to be purchased at such date,
then this Agreement, or, with respect to a Closing Date which
occurs after the Firm Shares Closing Date, the obligations of the
Underwriters to purchase and of the Company, to sell the Company
Option Shares to be purchased and sold on such date, shall
terminate, without liability on the part of any non-defaulting
Underwriter to the Company, and without liability on the part of
the Company, except as provided in Sections 4(b), 5, 6 and 7. The
provisions of this Section 8 shall not in any way affect the
liability of any defaulting Underwriter to the Company or the
nondefaulting Underwriters arising out of such default. The term
“Underwriter” as used in this Agreement shall include
any person substituted under this Section 8 with like effect as if
such person had originally been a party to this Agreement with
respect to such Shares.

 

9. Miscellaneous.
The respective agreements, representations, warranties, indemnities
and other statements of the Company and the several Underwriters,
as set forth in this Agreement or made by or on behalf of them
pursuant to this Agreement, shall remain in full force and effect,
regardless of any investigation (or any statement as to the results
thereof) made by or on behalf of any Underwriter or the Company or
any of their respective officers, directors or controlling persons
referred to in Sections 5 and 6 hereof, and shall survive delivery
of and payment for the Shares. In addition, the provisions of
Sections 4(b), 5, 6 and 7 shall survive the termination or
cancellation of this Agreement.

 

This
Agreement has been and is made for the benefit of the Underwriters
and the Company and their respective successors and assigns, and,
to the extent expressed herein, for the benefit of persons
controlling any of the Underwriters, or the Company, and directors
and officers of the Company, and their respective successors and
assigns, and no other person shall acquire or have any right under
or by virtue of this Agreement. The term “successors and
assigns” shall not include any purchaser of Shares from any
Underwriter merely because of such purchase.

 

All notices and communications hereunder shall be in writing and
mailed or delivered or by telephone or telegraph if subsequently
confirmed in writing, (a) if to the Representative, c/o
A.G.P./Alliance Global Partners, 590 Madison Avenue, New York, NY
10022, Attention: Thomas J. Higgins and to Mintz, Levin, Cohn,
Ferris, Glovsky and Popeo, P.C., 666 Third Avenue, New York, New
York 10017, Attention: Daniel A. Bagliebter, Esq., Facsimile:
212-983-3115, and (b) if to the Company, to its agent for service
as such agent’s address appears on the cover page of the
Registration Statement with copies to Pearlman Law Group LLP, 200
S. Andrews Avenue, Suite 901, Fort Lauderdale, FL 33301, Attention:
Brian A. Pearlman, Facsimile 954-755-2993.

 

This
Agreement shall be governed by and construed in accordance with the
laws of the State of New York.

 

[Remainder of Page Intentionally Left Blank.]

 

 

23

 

 

This
Agreement may be signed in any number of counterparts, each of
which shall be an original, with the same effect as if the
signatures thereto and hereto were upon the same
instrument.

 

Please
confirm that the foregoing correctly sets forth the agreement among
us.

 

Very
truly yours,

 

INUVO,
INC.

 

By:
/s/ Wallace D.
Ruiz

 
Title:
Chief Financial Officer

 

 

 

 

 

Confirmed
as of the date first written above mentioned, on behalf of itself
and as Representative of the several Underwriters named on Schedule
1 hereto:

 

A.G.P./ALLIANCE
GLOBAL PARTNERS

 

 

By:
/s/ 
Thomas J. Higgins

Name:
Thomas J. Higgins

Title:  
Managing Director, Investment Banking

 

 

 

 

 

SCHEDULE I

 

 

	

Name

	
 

	

Number of

Firm Shares

to be Purchased

	

Number of

Option Shares

to be Purchased if the Over-Allotment Option is Fully Exercised by
the Representative

	

A.G.P./Alliance
Global Partners

	
 

	
 20,000,000

	
 1,500,000

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	

Total

	
 

	
 

	
 

 

 

 

 

 

 

Sch. I
- 1

 

 

SCHEDULE II

 

Lock-Up Signatories

 

Richard
K. Howe

Wallace
D. Ruiz

John B.
Pisaris

Don
Walker “Trey” Barrett, III

Charles
D. Morgan

Gordon
J. Cameron

G. Kent
Burnett

 

 

 

 

Sch. II
- 1

 

 

SCHEDULE III

 

Issuer Free Writing Prospectuses

 

None

Sch.
III - 1

 

EXHIBIT A

 

FORM OF LOCK-UP AGREEMENT

 

 

Lock-Up Agreement

 

 

 

_______________, 2020

 

Alliance
Global Partners

590
Madison Avenue, 36th Floor

New
York, New York 10022

 

Ladies
and Gentlemen:

 

The
undersigned understands that A.G.P./Alliance Global Partners, as
Representative of the several underwriters (the “Representative”), proposes to
enter into an Underwriting Agreement (the “Underwriting Agreement”) with
Inuvo, Inc., a Nevada corporation (the “Company”), providing for the
public offering (the “Public
Offering”) by the several Underwriters named in
Schedule 1 to the
Underwriting Agreement (the “Underwriters”) of shares of common
stock, par value $0.001 per share, of the Company (the
“Common
Shares”). Capitalized terms used herein and not
otherwise defined shall have the meanings set forth in the
Underwriting Agreement.

 

To
induce the Representative to continue its efforts in connection
with the Public Offering, the undersigned hereby agrees that,
without the prior written consent of the Representative, the
undersigned will not, during the period commencing on the date
hereof and ending 90 days after the date of the Underwriting
Agreement relating to the Public Offering (the “Lock-Up Period”), (1) offer,
pledge, sell, contract to sell, grant, lend, or otherwise transfer
or dispose of, directly or indirectly, any Common Shares or any
securities convertible into or exercisable or exchangeable for
Common Shares, whether now owned or hereafter acquired by the
undersigned or with respect to which the undersigned has or
hereafter acquires the power of disposition (collectively, the
“Lock-Up
Securities”); (2) enter into any swap or other
arrangement that transfers to another, in whole or in part, any of
the economic consequences of ownership of the Lock-Up Securities,
whether any such transaction described in clause (1) or (2) above
is to be settled by delivery of Lock-Up Securities, in cash or
otherwise; (3) make any demand for or exercise any right with
respect to the registration of any Lock-Up Securities; or (4)
publicly disclose the intention to make any offer, sale, pledge or
disposition, or to enter into any transaction, swap, hedge or other
arrangement relating to any Lock-Up Securities. Notwithstanding the
foregoing, and subject to the conditions below, the undersigned may
transfer Lock-Up Securities without the prior written consent of
the Representative in connection with (a) transactions relating to
Lock-Up Securities acquired in open market transactions after the
completion of the Public Offering; provided that no filing under Section
16(a) of the Securities Exchange Act of 1934, as amended (the
“Exchange Act”),
shall be voluntarily made in connection with subsequent sales of
Lock-Up Securities acquired in such open market transactions; (b)
transfers of Lock-Up Securities as a bona fide gift, by will or intestacy or
to a family member or trust for the benefit of a family member (for
purposes of this lock-up agreement, “family member”
means any relationship by blood, marriage or adoption, not more
remote than first cousin); (c) transfers of Lock-Up Securities to a
charity or educational institution; or (d) if the undersigned,
directly or indirectly, controls a corporation, partnership,
limited liability company or other business entity, any transfers
of Lock-Up Securities to any shareholder, partner or member of, or
owner of similar equity interests in, the undersigned, as the case
may be; provided that in
the case of any transfer pursuant to the foregoing clauses (b), (c)
or (d), (i) any such transfer shall not involve a disposition for
value, (ii) each transferee shall sign and deliver to the
Representative a lock-up agreement substantially in the form of
this lock-up agreement and (iii) no filing under Section 16(a) of
the Exchange Act shall be voluntarily made. The undersigned also
agrees and consents to the entry of stop transfer instructions with
the Company’s transfer agent and registrar against the transfer of the
undersigned’s Lock-Up Securities except in compliance with
this lock-up agreement.

 

Ex. A -
4

 

 

If the
undersigned is an officer or director of the Company, (i) the
undersigned agrees that the foregoing restrictions shall be equally
applicable to any issuer-directed or “friends and
family” Common Shares that the undersigned may purchase in
the Public Offering; and (ii) the Representative agrees that, at
least three (3) business days before the effective date of any
release or waiver of the foregoing restrictions in connection with
a transfer of Lock-Up Securities, the Representative will notify
the Company of the impending release or waiver. The provisions of
this paragraph will not apply if (a) the release or waiver is
effected solely to permit a transfer of Lock-Up Securities not for
consideration and (b) the transferee has agreed in writing to be
bound by the same terms described in this lock-up agreement to the
extent and for the duration that such terms remain in effect at the
time of such transfer.

 

No
provision in this agreement shall be deemed to restrict or prohibit
the exercise, exchange or conversion by the undersigned of any
securities exercisable or exchangeable for or convertible into
Common Shares, as applicable; provided that the undersigned does not
transfer the Common Shares acquired on such exercise, exchange or
conversion during the Lock-Up Period, unless otherwise permitted
pursuant to the terms of this lock-up agreement. In addition, no
provision herein shall be deemed to restrict or prohibit the entry
into or modification of a so-called “10b5-1” plan at
any time (other than the entry into or modification of such a plan
in such a manner as to cause the sale of any Lock-Up Securities
within the Lock-Up Period).

 

The
undersigned understands that the Company and the Representative are
relying upon this lock-up agreement in proceeding toward
consummation of the Public Offering. The undersigned further
understands that this lock-up agreement is irrevocable and shall be
binding upon the undersigned’s heirs, legal representatives,
successors and assigns.

 

The
undersigned understands that, if the Underwriting Agreement is not
executed by September 15, 2020, or if the Underwriting Agreement
(other than the provisions thereof which survive termination) shall
terminate or be terminated prior to the initial closing date of the
Common Shares to be sold thereunder, then this lock-up agreement
shall be void and of no further force or effect.

 

[Remainder of Page Intentionally Blank]

 

 

Ex. A -
4

 

 

Whether
or not the Public Offering actually occurs depends on a number of
factors, including market conditions. Any Public Offering will only
be made pursuant to an Underwriting Agreement, the terms of which
are subject to negotiation between the Company and the
Representative.

 

	
 

	
 

	
 

	
 

	

Very truly yours,

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	

(Name - Please Print)

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	

(Signature)

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	

(Name of Signatory, in the case of entities - Please
Print)

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	

(Title of Signatory, in the case of entities - Please
Print)

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	

Address:

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

 

 

Ex. A -
4Exhibit 4.1

  

   

  

   

  

  
    

    

    

    

      

    

    TOYOTA AUTO RECEIVABLES 2020-C OWNER TRUST

    (a Delaware Statutory Trust)

     

    ______________________________________

     

     

    

    FORM OF AMENDED AND RESTATED TRUST AGREEMENT

     

     

    

    between

     

     

    

    TOYOTA AUTO FINANCE RECEIVABLES LLC,

    as Depositor,

     

     

    

    and

     

     

    

    WILMINGTON TRUST, NATIONAL ASSOCIATION,

    as Owner Trustee

     

    ______________________________________________

     

    Dated as of July 27, 2020

    

    

    

    

    
      
        

    

    
    TABLE OF CONTENTS

    

    

    Page

    

    

    	
            ARTICLE I

          	
            DEFINITIONS

          	
            1

          
	 	 	 
	
            Section 1.01.

          	
            Definitions

          	
            1

          
	
            Section 1.02.

          	
            Usage of Terms

          	
            4

          
	 	 	 
	
            ARTICLE II

          	
            CREATION OF TRUST

          	
            4

          
	 	 	 
	
            Section 2.01.

          	
            Creation of Trust

          	
            4

          
	
            Section 2.02.

          	
            Office

          	
            5

          
	
            Section 2.03.

          	
            Purposes and Powers

          	
            5

          
	
            Section 2.04.

          	
            Power of Attorney

          	
            6

          
	
            Section 2.05.

          	
            Declaration of Trust

          	
            6

          
	
            Section 2.06.

          	
            Liability of the Certificateholders

          	
            6

          
	
            Section 2.07.

          	
            Title to Trust Property

          	
            6

          
	
            Section 2.08.

          	
            Situs of Trust

          	
            6

          
	
            Section 2.09.

          	
            Representations and Warranties of the Depositor

          	
            7

          
	
            Section 2.10.

          	
            U.S. Federal Income Tax Allocations

          	
            8

          
	
            Section 2.11.

          	
            Covenants of the Trust

          	
            8

          
	 	 	 
	
            ARTICLE III

          	
            CERTIFICATES AND TRANSFER OF INTERESTS

          	
            9

          
	 	 	 
	
            Section 3.01.

          	
            The Certificates

          	
            9

          
	
            Section 3.02.

          	
            Authentication of Certificates

          	
            9

          
	
            Section 3.03.

          	
            Registration of Transfer and Exchange of Certificates

          	
            9

          
	
            Section 3.04.

          	
            Mutilated, Destroyed, Lost or Stolen Certificate

          	
            11

          
	
            Section 3.05.

          	
            Maintenance of Office or Agency

          	
            12

          
	
            Section 3.06.

          	
            Appointment of Paying Agent

          	
            12

          
	
            Section 3.07.

          	
            Persons Deemed Certificateholders

          	
            13

          
	
            Section 3.08.

          	
            Access to List of Certificateholders’ Names and Addresses

          	
            13

          
	
            Section 3.09.

          	
            Regarding the Certificate(s)

          	
            13

          
	 	 	 
	
            ARTICLE IV

          	
            ACTIONS BY OWNER TRUSTEE OR THE CERTIFICATEHOLDERS

          	
            14

          
	 	 	 
	
            Section 4.01.

          	
            Prior Notice to the Certificateholders with Respect to Certain Matters

          	
            14

          
	
            Section 4.02.

          	
            Action by the Certificateholders with Respect to Certain Matters

          	
            14

          
	
            Section 4.03.

          	
            Action with Respect to Bankruptcy

          	
            15

          
	
            Section 4.04.

          	
            Restrictions on the Certificateholders’ Power

          	
            15

          
	
            Section 4.05.

          	
            Majority of the Certificates Control

          	
            15

          
	 	 	 
	
            ARTICLE V

          	
            APPLICATION OF TRUST FUNDS; CERTAIN DUTIES

          	
            15

          
	 	 	 
	
            Section 5.01.

          	
            [Reserved]

          	
            15

          
	
            Section 5.02.

          	
            Application of Amounts in Trust Accounts

          	
            15

          
	
            Section 5.03.

          	
            Method of Payment

          	
            16

          
	
            Section 5.04.

          	
            Accounting and Reports to the Noteholders, the Certificateholders, the Internal Revenue Service and Others

          	
            16

          
	
            Section 5.05.

          	
            Signature on Returns; Partnership Representative

          	
            17

          
	 	 	 

    
      
        -ii-

        
          

      

      TABLE OF CONTENTS

      (continued)

      

      Page

      

      

    

    	
            ARTICLE VI

          	
            AUTHORITY AND DUTIES OF OWNER TRUSTEE

          	
            18

          
	 	 	 
	
            Section 6.01.

          	
            General Authority

          	
            18

          
	
            Section 6.02.

          	
            General Duties

          	
            18

          
	
            Section 6.03.

          	
            Duties of Owner Trustee

          	
            18

          
	
            Section 6.04.

          	
            No Duties Except as Specified in this Agreement or in Instructions

          	
            21

          
	
            Section 6.05.

          	
            No Action Except Under Specified Documents or Instructions

          	
            21

          
	
            Section 6.06.

          	
            Restrictions

          	
            22

          
	 	 	 
	
            ARTICLE VII

          	
            CONCERNING THE OWNER TRUSTEE

          	
            22

          
	 	 	 
	
            Section 7.01.

          	
            Rights of the Owner Trustee

          	
            22

          
	
            Section 7.02.

          	
            Furnishing of Documents

          	
            25

          
	
            Section 7.03.

          	
            Representations and Warranties

          	
            25

          
	
            Section 7.04.

          	
            Reliance; Advice of Counsel

          	
            25

          
	
            Section 7.05.

          	
            Not Acting in Individual Capacity

          	
            26

          
	
            Section 7.06.

          	
            Owner Trustee Not Liable for the Certificates or Receivables

          	
            26

          
	
            Section 7.07.

          	
            Owner Trustee May Own Certificates and Notes

          	
            27

          
	
            Section 7.08.

          	
            Trust Licenses

          	
            27

          
	 	 	 
	
            ARTICLE VIII

          	
            COMPENSATION OF OWNER TRUSTEE

          	
            27

          
	 	 	 
	
            Section 8.01.

          	
            Owner Trustee’s Fees and Expenses

          	
            27

          
	
            Section 8.02.

          	
            Indemnification

          	
            28

          
	
            Section 8.03.

          	
            Payments to the Owner Trustee

          	
            28

          
	 	 	 
	
            ARTICLE IX

          	
            TERMINATION OF TRUST AGREEMENT

          	
            29

          
	 	 	 
	
            Section 9.01.

          	
            Termination of Trust Agreement

          	
            29

          
	 	 	 
	
            ARTICLE X

          	
            SUCCESSOR OWNER TRUSTEES AND ADDITIONAL OWNER TRUSTEES

          	
            30

          
	 	 	 
	
            Section 10.01.

          	
            Eligibility Requirements for Owner Trustee

          	
            30

          
	
            Section 10.02.

          	
            Resignation or Removal of Owner Trustee

          	
            30

          
	
            Section 10.03.

          	
            Successor Owner Trustee

          	
            31

          
	
            Section 10.04.

          	
            Merger or Consolidation of Owner Trustee

          	
            31

          
	
            Section 10.05.

          	
            Appointment of Co-Trustee or Separate Trustee

          	
            31

          
	
            Section 10.06.

          	
            Power of Attorney for Co-Trustee or Separate Trustee

          	
            33

          
	 	 	 
	
            ARTICLE XI

          	
            MISCELLANEOUS

          	
            33

          
	 	 	 
	
            Section 11.01.

          	
            Supplements and Amendments

          	
            33

          
	
            Section 11.02.

          	
            No Legal Title to Trust Estate in the Certificateholders

          	
            34

          
	
            Section 11.03.

          	
            Limitations on Rights of Others

          	
            34

          
	
            Section 11.04.

          	
            Notices

          	
            35

          
	
            Section 11.05.

          	
            Severability, Entire Agreement and Electronic Signatures

          	
            35

          
	
            Section 11.06.

          	
            Counterparts

          	
            35

          
	
            Section 11.07.

          	
            Successors and Assigns

          	
            35

          
	
            Section 11.08.

          	
            No Petition

          	
            36

          
	
            Section 11.09.

          	
            No Recourse

          	
            36

          

    
      
        -iii-

        
          

      

      TABLE OF CONTENTS

      (continued)

      

      Page

       

      

    

    	
            Section 11.10.

          	
            Headings

          	
            36

          
	
            Section 11.11.

          	
            Governing Law

          	
            36

          
	
            Section 11.12.

          	
            Exclusive Jurisdiction

          	
            36

          
	
            Section 11.13.

          	
            WAIVER OF JURY TRIAL

          	
            36

          
	
            Section 11.14.

          	
            USA PATRIOT Act Compliance

          	
            37

          
	 	 	 
	
            ARTICLE XII

          	
            COMPLIANCE WITH REGULATION AB

          	
            37

          
	 	 	 
	
            Section 12.01.

          	
            Intent of the Parties; Reasonableness

          	
            37

          

    

    

    

    

    EXHIBITS

     

    	
            EXHIBIT A

          	
            Form of Certificate

          	
            A‐1

          
	 	 	 
	
            EXHIBIT B

          	
            Form of Transferee Representation Letter

          	
            B‐1

          
	 	 	 
	
            EXHIBIT C

          	
            Form of Transferor Representation Letter

          	
            C‐1

          
	 	 	 
	
            EXHIBIT D

          	
            Form of Notice of Repurchase Request

          	
            D‐1

          

    

    

    

    

    
      -iv-

      
        

    

    
    AMENDED AND RESTATED TRUST AGREEMENT, dated as of July 27, 2020, by and between TOYOTA AUTO FINANCE RECEIVABLES LLC, a Delaware limited liability company, as
      depositor, and WILMINGTON TRUST, NATIONAL ASSOCIATION, a national banking association, not in its individual capacity but solely as Owner Trustee, amending and restating in its entirety the Trust Agreement dated as of October 22, 2019 (the “Original
      Trust Agreement”), by and between TOYOTA AUTO FINANCE RECEIVABLES LLC, a Delaware limited liability company, as depositor and WILMINGTON TRUST, NATIONAL ASSOCIATION, a national banking association, as owner trustee, and herein referred to as the
      “Trust Agreement” or this “Agreement.”

     

    IN CONSIDERATION of the mutual agreements herein contained, and of other good and valuable consideration, the receipt and adequacy of which are hereby acknowledged,
      the parties agree as follows:

     

    ARTICLE I

      

      DEFINITIONS

     

    Section 1.01. Definitions.  Except as otherwise specified herein or if the context may otherwise require, capitalized terms used but not otherwise defined
        herein have the meanings ascribed thereto in the Sale and Servicing Agreement and the Indenture for all purposes of this Trust Agreement.  Except as otherwise provided in this Agreement, whenever used herein the following words and phrases, unless
        the context otherwise requires, shall have the following meanings:

     

    “Administration Agreement” means the Administration Agreement, dated as of July 27, 2020, by and among the Trust, as issuer, the Administrator, and the
      Indenture Trustee, pursuant to which the Administrator undertakes to perform certain of the duties and obligations of the Trust and the Owner Trustee hereunder, under the Sale and Servicing Agreement, the Asset Representations Review Agreement and
      under the Indenture.

     

    “Administrator” means TMCC, acting in its capacity as Administrator under the Administration Agreement.

     

    “Agreement” means this Amended and Restated Trust Agreement, as the same may be amended and supplemented from time to time.

     

    “Asset Representations Review Agreement” means the Asset Representations Review Agreement, dated as of July 27, 2020, by and among the Asset Representations
      Reviewer, the Trust, the Servicer and the Administrator.

     

    “Asset Representations Reviewer” means Clayton Fixed Income Services LLC, as asset representations reviewer under the Asset Representations Review Agreement,
      and any successor thereto.

     

    “Basic Documents” means the Receivables Purchase Agreement, this Agreement, the Certificate of Trust, the Sale and Servicing Agreement, the Indenture, the
      Administration Agreement, the Securities Account Control Agreement, the Note Depository Agreement, the

     

    
      
        

    

    
    Asset Representations Review Agreement and the other documents and certificates delivered in connection herewith and therewith.

     

    “Benefit Plan” means an “employee benefit plan” as defined in Section 3(3) of ERISA, which is subject to the provisions of Title I of ERISA, a “plan” described
      in and subject to Section 4975 of the Code, an entity whose underlying assets include “plan assets” by reason of an employee benefit plan’s or plan’s investment in the entity, or any other employee benefit plan that is subject to any law that is
      substantially similar to the fiduciary responsibility or prohibited transaction provisions of Title 1 of ERISA or Section 4975 of the Code.

     

    “Certificate” means any of the Certificates executed by the Trust and authenticated by the Owner Trustee, evidencing a beneficial interest in the Trust,
      substantially in the form attached hereto as Exhibit A.

     

    “Certificate of Trust” means the Certificate of Trust filed with respect to the formation of the Trust pursuant to Section 3810(a) of the Statutory Trust Act,
      as amended, corrected or restated from time to time.

     

    “Certificate Register” means the register maintained pursuant to Section 3.03.

     

    “Certificate Registrar” means Wilmington Trust, National Association, unless and until a successor thereto is appointed pursuant to Section 3.03. The
      Certificate Registrar initially designates its offices at Rodney Square North, 1100 North Market Street, Wilmington, Delaware 19890, Attention: Corporate Trust Administration, as its offices for purposes of Section 3.03.

     

    “Certificateholder” or “Holder” means a Person in whose name a Certificate is registered in the Certificate Register.

     

    “Code” means the Internal Revenue Code of 1986, as amended, and the Treasury Regulations promulgated thereunder.

     

    “Corporate Trust Office” means, with respect to the Owner Trustee, the principal corporate trust office of the Owner Trustee located at Rodney Square North,
      1100 North Market Street, Wilmington, Delaware 19890, Attention: Corporate Trust Administration; or at such other address as the Owner Trustee may designate by notice to the Certificateholder, or the principal corporate trust office of any successor
      Owner Trustee (the address of which the successor Owner Trustee will notify the Certificateholder).

     

    “Depositor” means TAFR LLC in its capacity as depositor hereunder.

     

    “ERISA” means the Employee Retirement Income Security Act of 1974, as amended.

     

    “Expenses” shall have the meaning assigned to such term in Section 8.02.

     

    “Indenture” means the Indenture, dated as of July 27, 2020, entered into between the Trust and U.S. Bank National Association, a national banking association,
      as Indenture Trustee, pursuant to which a series of Notes are issued.

     

    
      2

      
        

    

    “Non-U.S. Person” means any Person who is not, for U.S. federal income tax purposes, (i) a citizen or resident of the United States who is a natural person,
      (ii) a corporation or partnership (or an entity treated as a corporation or partnership) created or organized in or under the laws of the United States or any state thereof, including the District of Columbia (unless, in the case of a partnership,
      Treasury Regulations are adopted that provide otherwise), (iii) an estate, the income of which is subject to United States federal income taxation, regardless of its source or (iv) a trust, if a court within the United States is able to exercise
      primary supervision over the administration of the trust and one or more U.S. Persons (as such term is defined in the Code and Treasury Regulations) has the authority to control all substantial decisions of the trust; except that, to the extent
      provided in Treasury Regulations, certain trusts in existence prior to August 20, 1996 which elected to be treated as U.S. Persons prior to such date also shall be U.S. Persons.

     

    “Notes” means the notes issued by the Trust pursuant to the Indenture, having the payment and other terms set forth in the Indenture.

     

    “Original Trust Agreement” shall have the meaning assigned to such term in the introductory paragraph to this Agreement.

     

    “Owner Trustee” means Wilmington Trust, National Association, a national banking association, not in its individual capacity but solely as Owner Trustee under
      this Agreement, and any successor Owner Trustee hereunder.

     

    “Paying Agent” means any paying agent or co-paying agent appointed pursuant to Section 3.06, and shall initially be the Owner Trustee.

     

    “Percentage Interest” shall mean, with respect to each Certificate, the percentage interest in the Trust represented by such Certificate.

     

    “Receivables Purchase Agreement” means that certain Receivables Purchase Agreement, dated as of July 27, 2020, between TMCC, as Seller, and TAFR LLC, as
      Purchaser of the Receivables.

     

    “Record Date” means, with respect to the Notes of any Class and each Payment Date, the calendar day immediately preceding such Payment Date or, if Definitive
      Notes representing any Class of Notes have been issued, the last day of the month immediately preceding the month in which such Payment Date occurs.  Any amount stated “as of a Record Date” or “on a Record Date” shall give effect to (i) all
      applications of collections, and (ii) all payments and distributions to any party under this Agreement, the Indenture and the Trust Agreement or to the related Obligor, as the case may be, in each case as determined as of the opening of business on
      the related Record Date.

     

    “Responsible Officer” means, with respect to the Owner Trustee, any vice president, assistant vice president, secretary, assistant secretary working in its
      corporate trust department and having direct responsibility for the administration of this Trust Agreement and with respect to a particular matter to whom such matter is referred because of such officer’s knowledge and familiarity with the particular
      subject.

     

    
      3

      
        

    

    “Sale and Servicing Agreement” means the Sale and Servicing Agreement, dated as of July 27, 2020, among the Trust, TAFR LLC, as seller, and TMCC, as servicer.

     

    “Secretary of State” means the Secretary of State of the State of Delaware.

     

    “Securities Account Control Agreement” shall have the meaning ascribed thereto in the Sale and Servicing Agreement.

     

    “Statutory Trust Act” means Chapter 38 of Title 12 of the Delaware Code, 12 Del. Code § 3801 et seq., as the same may be amended from time to time.

     

    “TAFR LLC” means Toyota Auto Finance Receivables LLC, a Delaware limited liability company, its successors and assigns.

     

    “TMCC” means Toyota Motor Credit Corporation, a California corporation, its successors and assigns.

     

    “Treasury Regulations” means regulations, including proposed or temporary regulations, promulgated under the Code.  References herein to specific provisions of
      proposed or temporary regulations shall include analogous provisions of final Treasury Regulations or other successor Treasury Regulations.

     

    “Trust” means the Toyota Auto Receivables 2020-C Owner Trust, a Delaware statutory trust existing pursuant to this Agreement and the filing of the Certificate
      of Trust.

     

    “Trust Estate” shall have the meaning ascribed thereto in the Indenture.

     

    Section 1.02. Usage of Terms.  With respect to all terms in this Agreement, the singular includes the plural and the plural the singular; words importing any
        gender include the other genders; references to “writing” include printing, typing, lithography and other means of reproducing words in a visible form; references to agreements and other contractual instruments include all subsequent amendments,
        amendments and restatements and supplements thereto or changes therein entered into in accordance with their respective terms and not prohibited by this Agreement; references to Persons include their permitted successors and assigns; and the term
        “including” means “including without limitation.”

     

    ARTICLE II

      

      CREATION OF TRUST

     

    Section 2.01. Creation of Trust.  A Delaware statutory trust known as “Toyota Auto Receivables 2020-C Owner Trust” was formed in accordance with the provisions
        of the Statutory Trust Act pursuant to the Original Trust Agreement.  The Owner Trustee is hereby authorized and vested with the power and authority to make and execute contracts, instruments, certificates, agreements and other writings on behalf
        of the Trust as set forth herein and to sue and be sued on behalf of the Trust.

     

    
      4

      
        

    

    The Owner Trustee accepted under the Original Trust Agreement, and does hereby confirm its acceptance and agreement to hold in trust, for the benefit of the
      Certificateholders and such other Persons as may become beneficiaries hereunder from time to time, all of the Trust Estate conveyed or to be conveyed to the Trust and all monies and proceeds that may be received with respect thereto, subject to the
      terms of this Agreement.

     

    Section 2.02. Office.  The principal place of business of the Trust for purposes of Delaware law shall be in care of the Owner Trustee at Rodney Square North,
        1100 North Market Street, Wilmington, Delaware 19890, Attention: Corporate Trust Administration, or at such other address in Delaware as the Owner Trustee may designate by written notice to the Certificateholders and the Servicer. The Trust may
        establish additional offices located at such place or places inside or outside of the State of Delaware as the Owner Trustee may designate from time to time by written notice to the Certificateholders and the Servicer.

     

    Section 2.03. Purposes and Powers.

     

    (a) The purpose of the Trust is, and the Trust shall have the power and authority and is authorized, to engage in the following activities:

     

    (i) to issue Notes pursuant to the Indenture and Certificates pursuant to this Agreement;

     

    (ii) to acquire the Trust Estate (including the Receivables and related property) from the Depositor in exchange for the Notes and Certificates and to hold and manage the Trust Estate pursuant to
        the Sale and Servicing Agreement;

     

    (iii) to assign, grant, transfer, pledge, mortgage and convey the Trust Estate pursuant to, and on the terms and conditions set forth in, the Indenture and to hold, manage and distribute to
        Certificateholders pursuant to the terms of the Sale and Servicing Agreement any portion of the Trust Estate released from the Lien of, and remitted to the Trust pursuant to, the Indenture as set forth therein and in the Sale and Servicing
        Agreement;

     

    (iv) to engage in those activities, including entering into and performing such agreements (including, without limitation, the Basic Documents) that are necessary, suitable or convenient to
        accomplish the foregoing or are incidental thereto or connected therewith; and

     

    (v) subject to compliance with the Basic Documents, to engage in such other activities as may be required in connection with conservation of the Trust Estate and the making of distributions to the
        Certificateholders and the Noteholders and in respect of amounts to be released to the Depositor, the Servicer, the Administrator and third parties, if any.

     

    (b) The Trust shall not engage in any activity other than in connection with the foregoing and as required or authorized by the terms of the Basic Documents.

     

    
      5

      
        

    

    Section 2.04. Power of Attorney.  Pursuant to the Administration Agreement, the Trust has authorized the Administrator to perform certain of its administrative
        duties hereunder, including duties with respect to the management of the Trust Estate, and in connection therewith hereby grants the Administrator its revocable power of attorney.

     

    Section 2.05. Declaration of Trust.  The Owner Trustee hereby declares that it shall hold the Trust Estate in trust upon and subject to the conditions set
        forth herein for the use and benefit of the Certificateholders, subject to the obligations of the Trust under the Basic Documents.  It is the intention of the parties hereto that the Trust constitute a statutory trust under the Statutory Trust Act
        and that this Agreement constitute the governing instrument of such statutory trust.  It is the intention of the parties hereto that, solely for purposes of U.S. federal and state income tax, franchise tax, and any other tax measured in whole or in
        part by income, the Trust shall be treated as a division or branch of the Person holding the beneficial interests in the Trust for any period during which the beneficial interests in the Trust are held by one Person, and that it shall be treated as
        a partnership for any period during which the beneficial interests in the Trust are held by more than one Person (and all such Persons are not treated as the same Person for such tax purposes), with the assets of the partnership being the
        Receivables and other assets held by the Trust, and the Notes being debt of such partnership. For any such period during which the beneficial interests in the Trust are held by more than one person (and all such persons are not treated as the same
        person for such tax purposes), each Certificateholder, by acceptance of a Certificate or any beneficial interest on a Certificate, agrees to treat, and to take no action inconsistent with the treatment of, the Certificates as partnership interests
        in the Trust for such tax purposes. The parties agree that for any such period, unless otherwise required by appropriate tax authorities, the Trust will file or cause to be filed annual or other necessary returns, reports and other forms consistent
        with such characterization of the Trust for such tax purposes. Effective as of the date hereof, the Owner Trustee and, solely to the extent set forth in the Administration Agreement, the Administrator shall have all rights, powers and duties set
        forth herein and in the Statutory Trust Act with respect to accomplishing the purposes of the Trust.  At the direction of the Depositor, the Owner Trustee caused to be filed a certificate of trust for the Trust pursuant to the Statutory Trust Act,
        and the Owner Trustee shall file or cause to be filed such amendments thereto as shall be necessary or appropriate to satisfy the purposes of this Agreement and as shall be consistent with the provisions hereof.

     

    Section 2.06. Liability of the Certificateholders.  No Certificateholder shall have any personal liability for any liability or obligation of the Trust, solely
        by reason of it being a Certificateholder.

     

    Section 2.07. Title to Trust Property.  Legal title to the Trust Estate shall be vested at all times in the Trust as a separate legal entity.

     

    Section 2.08. Situs of Trust.  The Trust will be located in Delaware and administered in Delaware and Texas.  All bank accounts maintained by the Owner Trustee
        on behalf of the Trust shall be located in the State of Delaware or the State of New York.  The Trust shall not have any employees.  Payments will be received by the Trust only in Delaware or New York, and payments will be made by the Trust only
        from Delaware or New York.

     

    
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    Section 2.09. Representations and Warranties of the Depositor.  The Depositor hereby represents and warrants to the Owner Trustee that as of the Closing Date:

     

    (a) The Depositor is duly organized and validly existing as a limited liability company in good standing under the laws of the State of Delaware, with power and authority to own its properties and
        to conduct its business as such properties are currently owned and such business is presently conducted, and had at all relevant times and has power, authority and legal right to acquire, own and sell the Receivables.

     

    (b) The Depositor is duly qualified to do business 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 property or the conduct of its business shall require such qualifications and where the failure to so qualify will have a material adverse effect on the ability of the Depositor to conduct its business or perform its
        obligations under this Agreement.

     

    (c) The Depositor has the power and authority to execute and deliver this Agreement and to carry out its terms; the Depositor has full power and authority to sell and assign the property to be
        sold and assigned to the Trust under the Sale and Servicing Agreement and deposited with the Owner Trustee, on behalf of the Trust, as part of the Trust Estate, and the Depositor has duly authorized such sale and assignment and deposit to the Trust
        by all necessary corporate action; and the execution, delivery and performance of this Agreement has been duly authorized by the Depositor by all necessary action.

     

    (d) This Agreement shall constitute a legal, valid and binding obligation of the Depositor enforceable in accordance with its terms, except as such enforceability may be subject to or limited by
        bankruptcy, insolvency, reorganization, moratorium, liquidation, fraudulent conveyance or other similar laws affecting the enforcement of creditors’ rights in general and by general principles of equity, regardless of whether such enforceability
        shall be considered in a proceeding in equity or in law.

     

    (e) The consummation of the transactions contemplated by this Agreement and the fulfillment of the terms hereof do not conflict with, result in any breach of any of the terms and provisions of,
        nor constitute (with or without notice or lapse of time) a default under, the limited liability company agreement of the Depositor or conflict with or breach any of the terms or provisions or constitute (with or without notice or lapse of time) a
        default under any indenture, agreement or other instrument to which the Depositor is a party or by which it is bound, nor result in the creation or imposition of any Lien upon any of its properties pursuant to the terms of any such indenture,
        agreement or other instrument (other than pursuant to the Basic Documents); nor violate any law or, to the best of the Depositor’s knowledge, any order, rule or regulation applicable to the Depositor of any court or of any federal or state
        regulatory body, administrative agency or other governmental instrumentality having jurisdiction over the Depositor or its properties which breach, default, conflict, Lien or violation would have a material adverse effect on the earnings, business
        affairs or business prospects of the Depositor.

     

    (f) There is no action, suit or proceeding before or by any court or governmental agency or body, domestic or foreign, now pending, or to the best of the Depositor’s knowledge,

     

    
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    threatened, against or affecting the Depositor: (i) asserting the invalidity of this Agreement, (ii) seeking to prevent the consummation of any of the transactions contemplated by this
      Agreement, (iii) seeking any determination or ruling that might materially and adversely affect the performance by the Depositor of its obligations under, or the validity or enforceability of, this Agreement or (iv) relating to the Depositor and
      which might adversely affect the U.S. federal income tax attributes of the Trust or the Certificate or the Notes.

     

    Section 2.10. U.S. Federal Income Tax Allocations.  To the extent required for U.S. federal income tax purposes, net income or net losses of the Trust for any
        month as determined for U.S. federal income tax purposes (and each item of income, gain, loss and deduction entering into the computation thereof) shall be allocated to the Certificateholders in proportion to their Percentage Interests (to the
        extent not previously allocated pursuant to this clause).  The Depositor is authorized to modify the allocations in this paragraph if necessary or appropriate, in its sole discretion for the allocations to fairly reflect the economic income, gain
        or loss to the Certificateholders, as otherwise required by the Code.

     

    Section 2.11. Covenants of the Trust.  The Trust covenants and agrees to the following:

     

    (a) to maintain books and records separate from any other person or entity;

     

    (b) to maintain its accounts separate from those of any other person or entity, except as permitted by the Trust Agreement or any other Basic Document;

     

    (c) not to commingle assets with those of any other entity, except as permitted by the Trust Agreement or any other Basic Document;

     

    (d) to conduct its own functions in its own name;

     

    (e) to maintain separate financial statements or records;

     

    (f) to pay its own liabilities out of its own funds, except as permitted by the Trust Agreement or any other Basic Document;

     

    (g) to maintain an arm’s-length relationship with its Affiliates;

     

    (h) to maintain adequate service providers in light of its contemplated business operations;

     

    (i) to allocate fairly and reasonably any overhead for shared office space;

     

    (j) to hold itself out as a separate entity;

     

    (k) to correct any known misunderstanding regarding its separate identity;

     

    (l) not to guarantee or become obligated for the debts of any other affiliated or unaffiliated third party or hold out its credit as being available to satisfy the obligations of others (except as
        otherwise specified in the Basic Documents); and

     

    
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    (m) to take such actions as are necessary to ensure that any financial statements of TMCC or any Affiliate thereof that are consolidated to include the Trust will contain detailed notes clearly
        stating that (i) all of the Trust’s assets are owned by the Trust, and (ii) the Trust is a separate entity with its own separate creditors that will be entitled to be satisfied out of the Trust’s assets prior to any value in the Trust becoming
        available to the Trust’s equity holders; and the accounting records and the published financial statements of TMCC will clearly show that, for accounting purposes, the Receivables and the other Collateral have been sold or contributed to the Trust.

     

    ARTICLE III

      

      CERTIFICATES AND TRANSFER OF INTERESTS

     

    Section 3.01. The Certificates.  The Certificates, evidencing a beneficial interest in the Trust, shall be executed on behalf of the Trust by manual or
        facsimile signature of an Authorized Officer of the Owner Trustee and authenticated on behalf of the Owner Trustee by the manual or facsimile signature of an Authorized Officer of the Owner Trustee.  Certificates bearing the manual or facsimile
        signatures of individuals who were, at the time when such signatures shall have been affixed, authorized to sign on behalf of the Trust, shall be valid and binding obligations of the Trust, notwithstanding that such individuals or any of them shall
        have ceased to be so authorized prior to the authentication and delivery of such Certificates or did not hold such offices at the date of authentication and delivery of such Certificates.

     

    The Certificates may be printed, lithographed, typewritten, mimeographed or otherwise produced, in any authorized denomination in the form of Exhibit A hereto.  The
      Certificates shall be issued in minimum denominations of a Percentage Interest of 5.00% and integral multiples of 5.00% in excess thereof.

     

    A transferee of a Certificate shall become a Certificateholder, and shall be entitled to the rights and subject to the obligations of a Certificateholder hereunder,
      upon such transferee’s acceptance of a Certificate duly registered in such transferee’s name pursuant to Section 3.03.

     

    Section 3.02. Authentication of Certificates.  On the Closing Date, concurrently with the initial transfer of the Receivables to the Trust pursuant to the Sale
        and Servicing Agreement, the Owner Trustee shall cause to be executed, authenticated and delivered on behalf of the Trust to or upon the written order of the Depositor, Certificates evidencing the entire beneficial interest in the Trust.  No
        Certificate shall entitle its holder to any benefit under this Agreement or be valid for any purpose, unless there shall appear on such Certificate a certificate of authentication substantially in the form set forth in Exhibit A, executed by the
        Owner Trustee or the Owner Trustee’s authenticating agent, by manual or facsimile signature of an Authorized Officer, and such authentication shall constitute conclusive evidence, and the only evidence, that such Certificate shall have been duly
        authenticated and delivered hereunder.  All Certificates shall be dated the date of their authentication.  The Owner Trustee shall be the initial authenticating agent of the Trust hereunder.

     

    Section 3.03. Registration of Transfer and Exchange of Certificates.

     

    
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    (a) The Certificate Registrar shall keep or cause to be kept, at the office or agency maintained pursuant to Section 3.05, a Certificate Register in which, subject to such reasonable regulations
        as it may prescribe, the Certificate Registrar shall provide for the registration of Certificates and of transfers and exchanges of Certificates as herein provided.  Wilmington Trust, National Association, shall be the initial Certificate
        Registrar.  In the event that the Certificate Registrar shall for any reason become unable to act as Certificate Registrar, the Certificate Registrar shall promptly give written notice to such effect to the Depositor, the Owner Trustee and the
        Servicer.  Upon receipt of such notice, the Depositor or its designee shall appoint another bank or trust company to act as successor Certificate Registrar under this Agreement, which entity will agree to act in accordance with the provisions of
        this Agreement applicable to it as successor Certificate Registrar, and otherwise acceptable to the Owner Trustee.

     

    (b) Upon surrender for registration of transfer of any Certificate at the office or agency maintained pursuant to Section 3.05, the Owner Trustee shall execute, authenticate and deliver (or shall
        cause its authenticating agent to authenticate and deliver), in the name of the designated transferee or transferees, one or more new Certificates dated the date of authentication by the Owner Trustee or any authenticating agent. At the option of a
        Holder, Certificates may be exchanged for other Certificates upon surrender of the Certificates to be exchanged at the office or agency maintained pursuant to Section 3.05.  The preceding provisions of this Section notwithstanding, (i) the Owner
        Trustee shall not make, and the Certificate Registrar shall not register, transfer or exchanges of Certificates for a period of fifteen (15) days preceding the due date for any payment with respect to the Certificates and (ii) the Owner Trustee
        shall permit the registration, transfer and exchange of Certificates only in minimum denominations of a Percentage Interest of 5.00% and integral multiples of 5.00% in excess thereof.

     

    (c) Every Certificate presented or surrendered for registration of transfer or exchange shall be accompanied by a written instrument of transfer or exchange in form satisfactory to the Owner
        Trustee and the Certificate Registrar duly executed by the Holder or his attorney duly authorized in writing. Each Certificate surrendered for registration of transfer or exchange shall be cancelled and disposed of by the Owner Trustee in
        accordance with its customary practice.

     

    No transfer of a Certificate shall be made unless the Owner Trustee shall have received:

     

    (1)  a representation from the transferee of such Certificate substantially in the form of Exhibit B to the effect that:

     

    	

          	(i) 	
            such transferee is not a Non-U.S. Person; and

          

     

    	

          	(ii) 	
            such transferee is not a Benefit Plan;

          

     

    (2)  a representation from the transferor of such Certificate substantially in the form of Exhibit C; and

     

    (3)  an opinion of counsel to the Owner Trustee that the transfer of such Certificate is being made pursuant to an effective registration under the Securities Act or is exempt from the registration requirements of the Securities Act.

     

    
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    Notwithstanding anything else to the contrary herein, any purported transfer of a Certificate to a Non-U.S. Person or to or on behalf of a Benefit Plan or utilizing
      the assets of a Benefit Plan shall be void and of no effect.

     

    To the extent permitted under applicable law (including, but not limited to, ERISA), the Owner Trustee shall be under no liability to any Person for any registration
      of transfer of any Certificate that is in fact not permitted by this Section 3.03(c) or for making any payments due on such Certificate to the Certificateholder thereof or taking any other action with respect to such Holder under the provisions of
      this Trust Agreement or the Sale and Servicing Agreement so long as the transfer was registered by the Certificate Registrar or the Owner Trustee in accordance with the foregoing requirements.

     

    (d) No service charge shall be made for any registration of transfer or exchange of Certificates, but the Owner Trustee or the Certificate Registrar may require payment of a sum sufficient to
        cover any tax or governmental charge that may be imposed in connection with any transfer or exchange of Certificates.

     

    (e) No transfer of a Certificate or any interest therein shall be made unless (i) the holder of such Certificate shall have first surrendered such Certificate to the Certificate Registrar for
        registration of transfer, or (ii) in the case of any such Certificate which shall have been mutilated, destroyed, lost or stolen, the holder of such Certificate shall have first complied with the applicable provisions of Section 3.04.

     

    (f) No transfer of a Certificate or any interest therein shall be made unless each prospective transferee represents and warrants, with respect to itself and each prospective beneficial owner of
        the Certificate, that it is not a member of an “expanded group” (within the meaning of the Treasury Regulations issued under Section 385 of the Code) that includes a domestic corporation (as determined for U.S. federal income tax purposes) or a
        “controlled partnership” (within the meaning of the Treasury Regulations issued under Section 385 of the Code) of such expanded group where any member of such “expanded group” directly or indirectly (through one or more entities that are treated
        for U.S. federal income tax purposes as partnerships, disregarded entities, or grantor trusts) owns Notes (other than Retained Notes).

     

    Section 3.04. Mutilated, Destroyed, Lost or Stolen Certificate.  If (a) any mutilated Certificate shall be surrendered to the Certificate Registrar, or if the
        Certificate Registrar shall receive evidence to its satisfaction of the destruction, loss or theft of any Certificate and (b) there shall be delivered to the Certificate Registrar and the Owner Trustee such security or indemnity as may be required
        by them to save each of them harmless, then in the absence of notice that such Certificate shall have been acquired by a bona fide purchaser, the Owner Trustee on behalf of the Trust shall execute and the Owner Trustee, or the Owner Trustee’s
        authenticating agent, shall authenticate and deliver, in exchange for or in lieu of any such mutilated, destroyed, lost or stolen Certificate, a new Certificate of like tenor and denomination.  In connection with the issuance of any new Certificate
        under this Section, the Owner Trustee or the Certificate Registrar may require the payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in connection therewith.  Any duplicate Certificate issued pursuant to
        this Section shall constitute conclusive evidence of ownership in the Trust, as if originally issued, whether or not the lost, stolen or destroyed Certificate shall be found at any time.

     

    
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    Section 3.05. Maintenance of Office or Agency.  The Owner Trustee shall maintain an office or offices or agency or agencies where notices and demands to or
        upon the Owner Trustee in respect of the Certificate and the Basic Documents may be served.  The Owner Trustee initially designates the Corporate Trust Office, as its principal corporate trust office for such purposes.  The Owner Trustee shall give
        prompt written notice to the Depositor and to the Certificateholders of any change in the location of any such office or agency.

     

    Section 3.06. Appointment of Paying Agent.  Except during any period when the Indenture Trustee is authorized and directed to do so under the Indenture (i.e.
        prior to the termination of the Indenture), the Paying Agent shall make distributions to the Certificateholders from the amounts distributable thereto under Section 5.06 of the Sale and Servicing Agreement pursuant to Section 5.02 and shall report
        the amounts of such distributions to the Owner Trustee.  Any Paying Agent shall have the revocable power to withdraw funds from the Collection Account for the purpose of making the distributions referred to above.  The Trust (or the Administrator
        on behalf of the Trust) may revoke such power and remove the Paying Agent if the Trust (or the Administrator on behalf of the Trust) determines in its sole discretion that the Paying Agent shall have failed to perform its obligations under this
        Agreement in any material respect.  The Paying Agent shall initially be Owner Trustee and any co-paying agent chosen by the Owner Trustee and acceptable to the Owner Trustee.  The Paying Agent shall be permitted to resign as Paying Agent upon
        thirty (30) days’ written notice to the Owner Trustee or, if the Paying Agent is also the Owner Trustee, to the Indenture Trustee.  In the event that the Owner Trustee shall no longer be the Paying Agent, the Owner Trustee shall appoint a successor
        to act as Paying Agent (which shall be a bank or trust company).  By executing this Agreement, the Owner Trustee hereby agrees in its capacity as Paying Agent to hold all sums, if any, held by it for payment to the Certificateholders in trust for
        the benefit of the Certificateholders until such sums are paid to the Certificateholders.  The Owner Trustee shall cause such successor Paying Agent or any additional Paying Agent appointed by the Owner Trustee to execute and deliver to the Owner
        Trustee an instrument in which such successor Paying Agent or additional Paying Agent shall agree with the Owner Trustee that, as Paying Agent, such successor Paying Agent or additional Paying Agent will hold all sums, if any, held by it for
        payment to the Certificateholders in trust for the benefit of the Certificateholders until such sums shall be paid to such Certificateholder.  The Paying Agent shall return all unclaimed funds to the Owner Trustee (subject to applicable escheatment
        laws) and upon removal of a Paying Agent such Paying Agent shall also return all funds in its possession to the Owner Trustee.  The provisions of Sections 6.04, 7.01, 7.03, 7.04, 7.05, 7.06, 8.01 and 8.02 shall apply to the Owner Trustee also in
        its role as Paying Agent and Certificate Registrar, for so long as the Owner Trustee shall act as Paying Agent and Certificate Registrar and, to the extent applicable, to any other paying agent or certificate registrar appointed hereunder.  Any
        reference in this Agreement to the Paying Agent shall include any co-paying agent unless the context requires otherwise.

     

    To the extent of any ambiguity in the interpretation of any definition, provision or term contained in this Agreement or to the extent more than one methodology can be
      used to make any of the determinations or calculations set forth herein or in the Sale and Servicing Agreement, the Paying Agent may request direction from the Depositor as to the interpretation and/or methodology to be used, and the Paying Agent
      shall follow such direction and shall be entitled to conclusively rely thereon without any responsibility therefor.  Upon receiving such request from the Paying Agent, the Depositor shall, prior to the date of distribution occurring immediately

     

    
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    following such a request, deliver a written direction to the Paying Agent setting forth the interpretation and/or methodology to be used.

     

    Section 3.07. Persons Deemed Certificateholders.  Prior to due presentation of a Certificate for registration of transfer, the Owner Trustee or the Certificate
        Registrar may treat the Person in whose name any Certificate shall be registered in the Certificate Register as the owner of such Certificate for the purpose of receiving distributions pursuant to Section 5.02 and for all other purposes whatsoever,
        and neither the Owner Trustee nor the Certificate Registrar shall be bound by any notice to the contrary.

     

    Section 3.08. Access to List of Certificateholders’ Names and Addresses.  The Certificate Registrar shall furnish or cause to be furnished to the Owner
        Trustee, the Servicer or the Depositor, as the case may be, within fifteen (15) days after its receipt of a request therefor from the Owner Trustee, the Servicer or the Depositor in writing, a list, in such form as the Owner Trustee, the Servicer
        or the Depositor may reasonably require, of the names and addresses of the Certificateholders as of the most recent Record Date. If three or more Certificateholders or one or more Holders of Certificates evidencing, in the aggregate, not less than
        25% of the Percentage Interest apply in writing to the Owner Trustee, and such application states that the applicants desire to communicate with other Certificateholders with respect to their rights under this Agreement or under the Certificates
        and such application is accompanied by a copy of the communication that such applicants propose to transmit, then the Owner Trustee shall, within five (5) Business Days after the receipt of such application, afford such applicants access during
        normal business hours to the current list of Certificateholders. Each Holder, by receiving and holding a Certificate, shall be deemed to have agreed not to hold any of the Depositor, the Servicer, the Certificate Registrar or the Owner Trustee
        accountable by reason of the disclosure of its name and address, regardless of the source from which such information was derived.

     

    Section 3.09. Regarding the Certificate(s).  Each Certificateholder, by its acceptance of a Certificate issued hereunder, represents that it has, independently
        and without reliance on the Owner Trustee or any other person, and based on such documents and information as it has deemed appropriate, made its own investment decision in respect of the Certificate.  Each Certificateholder also represents that it
        will, independently and without reliance on the Owner Trustee or any other person, and based on such documents and information as it shall deem appropriate at the time, continue to make its own decisions in taking or not taking action under this
        Trust Agreement and in connection with the Certificate.  Except for notices, reports and other documents expressly required to be furnished to the Certificateholders by the Owner Trustee hereunder, the Owner Trustee shall not have any duty or
        responsibility to provide any Certificateholder with any other information concerning the transactions contemplated hereby, the Trust, the Depositor or any other parties hereto or to any related documents which may come into possession of the Owner
        Trustee or any of its officers, directors, employees, agents, representatives or attorneys-in-fact.

     

    
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    ARTICLE IV

      

      ACTIONS BY OWNER TRUSTEE OR THE CERTIFICATEHOLDERS

     

    Section 4.01. Prior Notice to the Certificateholders with Respect to Certain Matters.  With respect to the following matters, the Owner Trustee shall not take
        action unless at least thirty (30) days before the taking of such action (or such shorter period as shall be agreed to in writing by all Certificateholders), the Owner Trustee shall have notified the Certificateholders in writing of the proposed
        action and none of the Certificateholders shall have notified the Owner Trustee in writing prior to the 30th day (or such agreed upon shorter period) after such notice is given that such Certificateholders have withheld consent or provided
        alternative direction:

     

    (a) the initiation of any claim or lawsuit by the Trust (except claims or lawsuits brought in connection with the collection or enforcement of the Receivables) and the compromise of any action,
        claim or lawsuit brought by or against the Trust (except with respect to the aforementioned claims or lawsuits for collection of the Receivables);

     

    (b) the election by the Trust to file an amendment to the Certificate of Trust (unless such amendment is required to be filed under the Statutory Trust Act);

     

    (c) the amendment of the Indenture, whether or not by a Supplemental Indenture, in circumstances where the consent of any Noteholder is required;

     

    (d) the amendment of the Indenture, whether or not by a Supplemental Indenture, in circumstances where the consent of any Noteholder is not required but such amendment materially adversely affects
        the interest of the Certificateholders;

     

    (e) the amendment, change or modification of the Administration Agreement, other than to cure any ambiguity or to amend or supplement any provision in a manner or add any provision that would not
        materially adversely affect the interests of the Certificateholders;

     

    (f) (i) the appointment pursuant to the Indenture of a successor Note Registrar or Paying Agent, (ii) the appointment pursuant to this Agreement of a successor Certificate Registrar or (iii) any
        consent by the Note Registrar, Paying Agent, Indenture Trustee or Certificate Registrar to the assignment of its respective obligations under the Indenture or this Agreement, as applicable; or

     

    (g) the amendment of the Sale and Servicing Agreement in circumstances where the consent of any Noteholder is required.

     

    Section 4.02. Action by the Certificateholders with Respect to Certain Matters.  The Owner Trustee shall not have the power, except upon the direction of the
        Certificateholders, to (a) remove the Administrator pursuant to Section 8 of the Administration Agreement, (b) appoint a successor Administrator pursuant to Section 8 of the Administration Agreement, (c) remove the Servicer pursuant to Section 8.01
        of the Sale and Servicing Agreement or (d) except as expressly provided in the Basic Documents, sell the Receivables after the termination of the Indenture.

     

    
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    The Owner Trustee shall take the actions referred to in the preceding sentence only upon written instructions signed by the authorized representative of 100% of the Certificateholders.

     

    Section 4.03. Action with Respect to Bankruptcy.  The Trust shall not, without the prior written consent of the Owner Trustee and 100% of the
        Certificateholders, (i) institute any proceedings to adjudicate the Trust as bankrupt or insolvent, (ii) consent to the institution of bankruptcy or insolvency proceedings against the Trust, (iii) file a petition seeking or consenting to
        reorganization or relief under any applicable federal or state law relating to bankruptcy with respect to the Trust, (iv) consent to the appointment of a receiver, liquidator, assignee, trustee, sequestrator (or other similar official) of the Trust
        or a substantial part of its property (v) make any assignment for the benefit of the Trust’s creditors; (vi) cause the Trust to admit in writing its inability to pay its debts generally as they become due; or (vii) take any action in furtherance of
        any of the foregoing (any of the above foregoing actions, a “Bankruptcy Action”).  In considering whether to give or withhold written consent to the Bankruptcy Action by the Trust, the Owner Trustee, with the consent of the Certificateholders,
        shall consider the interests of the Noteholders in addition to the interests of the Trust and whether the Trust is insolvent.  The Owner Trustee shall have no duty to give such written consent to Bankruptcy Action by the Trust if the Owner Trustee
        shall not have been furnished (at the expense of the Person that requested such letter be furnished to the Owner Trustee) a letter from an independent accounting firm of national reputation stating that in the opinion of such firm the Trust is then
        insolvent.  The Owner Trustee shall not be personally liable to any Noteholder or Certificateholder on account of the Owner Trustee’s good faith reliance on the provisions of this Section and no Noteholder or Certificateholder shall have any claim
        for breach of fiduciary duty or otherwise against the Owner Trustee for withholding or granting its consent to any such Bankruptcy Action.

     

    Section 4.04. Restrictions on the Certificateholders’ Power.  The Certificateholders shall not direct the Owner Trustee to take or refrain from taking any
        action if such action or inaction would be contrary to any obligations of the Trust or of the Owner Trustee under any of the Basic Documents or would be contrary to Section 2.03 nor shall the Owner Trustee be obligated to follow any such direction,
        if given.

     

    Section 4.05. Majority of the Certificates Control.  Except as otherwise expressly provided herein, any action that may be taken by the Certificateholders
        under this Agreement may be taken by the Holders of the Certificates evidencing not less than a majority of the Percentage Interest.  Except as expressly provided herein, any written notice of the Certificateholders delivered pursuant to this
        Agreement shall be effective if signed by Holders of the Certificates evidencing not less than a majority of the Percentage Interest at the time of the delivery of such notice.

     

    ARTICLE V

      

      APPLICATION OF TRUST FUNDS; CERTAIN DUTIES

     

    Section 5.01. [Reserved].

     

    Section 5.02. Application of Amounts in Trust Accounts.

     

    
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    (a) For so long as any Notes are outstanding, on each Payment Date, the Indenture Trustee will distribute to the Certificateholders, on a pro rata basis, based on the Percentage Interests thereof,
        the amounts distributable thereto pursuant to Section 5.06 of the Sale and Servicing Agreement and Section 3.01 of the Indenture.  From and after the date on which the Notes of all Classes have been paid in full, the Paying Agent shall distribute
        to the Certificateholders (i) amounts released to the Trust pursuant to Sections 4.02 and 8.05(b) of the Indenture and Section 5.01(d) of the Sale and Servicing Agreement and (ii) amounts that are distributable to the Certificateholders in
        accordance with the instructions of the Servicer pursuant to Section 5.06 of the Sale and Servicing Agreement.

     

    (b) On each Payment Date, the Owner Trustee shall send to the Certificateholders the statement provided to the Owner Trustee by the Servicer pursuant to Section 5.09 of the Sale and Servicing
        Agreement with respect to such Payment Date.

     

    (c) In the event that any withholding tax is imposed on the Trust’s distributions (or allocations of income) to a Certificateholder, such tax shall reduce the amount otherwise distributable to the
        Certificateholders in accordance with this Section.  The Owner Trustee and Paying Agent (and the Indenture Trustee, to the extent the Indenture Trustee is then making distributions to Certificateholders) are hereby authorized and directed to retain
        from amounts otherwise distributable to the Certificateholders sufficient funds for the payment of any tax that is legally owed by the Trust (but such authorization shall not prevent the Owner Trustee from contesting any such tax in appropriate
        proceedings, and withholding payment of such tax, if permitted by law, pending the outcome of such proceedings). The amount of any withholding tax imposed with respect to a Certificateholder shall be treated as cash distributed to such
        Certificateholder at the time it is withheld by the Trust and remitted to the appropriate taxing authority.  If there is a possibility that withholding tax is payable with respect to any distribution (such as any distribution to a Non-U.S. Person),
        in order to comply with applicable law, the Owner Trustee may, in its sole discretion and without liability, withhold such amounts in accordance with this paragraph (c).  In the event that a Certificateholder wishes to apply for a refund of any
        such withholding tax, the Owner Trustee shall reasonably cooperate with such Certificateholder in making such claim so long as such Certificateholder agrees to reimburse the Owner Trustee for any out-of-pocket expenses incurred in connection
        therewith.

     

    Section 5.03. Method of Payment.  Subject to Section 9.01(c), distributions required to be made to Certificateholders on any Payment Date shall be made to each
        Certificateholder of record on the related Record Date either by check mailed to such Certificateholder at the address of such holder appearing in the Certificate Register or by wire transfer, in immediately available funds, to the account of any
        Certificateholder at a bank or other entity having appropriate facilities therefor, if such Certificateholder shall have provided to the Certificate Registrar appropriate written instructions at least five (5) Business Days prior to such Payment
        Date.

     

    Section 5.04. Accounting and Reports to the Noteholders, the Certificateholders, the Internal Revenue Service and Others.  The Administrator will (a) maintain
        (or cause to be maintained) the books of the Trust on a fiscal year basis or a calendar year basis on the accrual method of accounting, (b) deliver to each Certificateholder, as may be required by the Code and applicable Treasury Regulations, such
        information as may be required (including Schedules K-1 to an IRS Tax Form 1065, if the Trust is treated as a partnership for U.S. federal income tax

     

    
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    purposes) to enable each Certificateholder to prepare its U.S. federal and state income tax returns, including a copy of any applicable Servicer’s Certificates (as defined in the Sale
      and Servicing Agreement), (c) prepare (or cause to be prepared) and file any tax and information returns, and fulfill any other reporting requirements, relating to the Trust, as may be required by the Code and applicable Treasury Regulations
      (including Treasury Regulation Section 1.6049-7), including causing such tax and information returns to be signed in the manner required by law, (d) for any period during which the beneficial interests in the Trust are held by more than one person,
      make such elections as may from time to time be required or appropriate under any applicable state or federal statute or rule or regulation thereunder so as to maintain the Trust’s characterization as a partnership for U.S. federal income tax
      purposes, and (e) collect or cause to be collected any withholding tax as described in and in accordance with Section 5.02(c) with respect to income or distributions to the Certificateholders.  The Administrator will make any elections as so directed
      by a majority of the Certificateholders; provided, however, that neither the Administrator nor any Certificateholder shall make any election to have the Trust treated as a corporation for purposes of U.S. federal or state income tax,
      franchise tax or any other tax measured in whole or in part by income.  Notwithstanding anything to the contrary herein, the Owner Trustee shall have no duty to prepare or file any federal or state tax report or return with respect to any funds held
      pursuant to this Agreement or any income earned thereon. Prior to closing, each Certificateholder shall provide the Owner Trustee with certified tax identification numbers by furnishing appropriate IRS Forms W-9 and such other forms and documents
      that the Owner Trustee may reasonably request.  Each Certificateholder understands that if such tax reporting documentation is not provided and certified to the Owner Trustee, the Owner Trustee may be required by the Internal Revenue Code of 1986, as
      amended, and the regulations promulgated thereunder, to withhold a portion of any interest or other income earned on the investment of the Trust Assets.

     

    Section 5.05. Signature on Returns; Partnership Representative.

     

    (a) The Certificateholder shall sign the tax returns of the Trust on behalf of the Trust; provided, that if there is more than one Certificateholder, the tax returns of the Trust shall be
        signed by the Certificateholder that is the “partnership representative” of the Trust under Section 5.05(b).

     

    (b) For any period during which the beneficial interests of the Trust are held by more than one Person and the Trust is treated as a partnership for purposes of U.S. federal income tax, the Certificateholder
        holding Certificates evidencing the largest Percentage Interest of the Certificates shall be designated as the “partnership representative” within the meaning of Section 6223 of the Code (and as any similar representative defined under any
        analogous provision of applicable state, local or non-U.S. law) and will, to the extent practicable, make the election described in Section 6226 of the Code (and any similar election available under applicable state, local or non-U.S. law).

     

    
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    ARTICLE VI

      

      AUTHORITY AND DUTIES OF OWNER TRUSTEE

     

    Section 6.01. General Authority.  The Owner Trustee is authorized and directed to execute and deliver, on behalf of the Trust, the Basic Documents to which the
        Trust is to be a party and each certificate or other document attached as an exhibit to or contemplated by the Basic Documents to which the Trust is to be a party and any amendment thereto, and, on behalf of the Trust, to direct the Indenture
        Trustee to authenticate and deliver Class A‐1 Notes in the aggregate principal amount of $355,000,000, Class A‐2 Notes in the aggregate principal amount of $556,000,000, Class A‐3 Notes in the aggregate principal amount of $516,000,000, Class A‐4
        Notes in the aggregate principal amount of $133,000,000 and Class B Notes in the aggregate principal amount of $40,000,000.  In addition to the foregoing, the Owner Trustee is authorized, but shall not be obligated, to take all actions required of
        the Trust, pursuant to the Basic Documents.

     

    Section 6.02. General Duties.  It shall be the duty of the Owner Trustee to discharge (or cause to be discharged) all of its responsibilities pursuant to the
        terms of this Agreement and the Basic Documents to which the Trust is a party and to administer the Trust in accordance with the provisions hereof and of the Basic Documents and in the interest of the Certificateholders.  Notwithstanding the
        foregoing, the Owner Trustee shall be deemed to have discharged its duties and responsibilities hereunder and under the Basic Documents to the extent the Administrator has agreed in the Administration Agreement to perform any act or to discharge
        any duty of the Owner Trustee hereunder or under any Basic Document, and the Owner Trustee shall not be held liable for the default or failure of the Administrator to carry out such obligations or fulfill such duties under the Administration
        Agreement.

     

    Section 6.03. Duties of Owner Trustee.

     

    (a) Subject to Article IV and in accordance with the terms of the Basic Documents, the Servicer may direct the Owner Trustee pursuant to Sections 4.01 and 4.04 of the Sale and Servicing Agreement
        and the Certificateholders may by written instruction direct the Owner Trustee in the management of the Trust.  Such direction may be exercised at any time by written instruction of the Certificateholders pursuant to Article IV.

     

    (b) The Owner Trustee shall take such action or refrain from taking such action under this Agreement as it may be directed in writing by the Certificateholders from time to time; provided,
        however, that the Owner Trustee shall not be required to take or refrain from taking any such action if it shall have determined, or shall have been advised by counsel, that such performance is likely to involve the Owner Trustee in personal
        liability or is contrary to the terms of this Agreement or of any document contemplated hereby to which the Trust is a party or is otherwise contrary to law.  If at any time the Owner Trustee determines that it requires or desires guidance
        regarding the application of any provision of this Agreement or any other document, then the Owner Trustee may deliver a notice to the Certificateholders requesting written instructions as to the course of action desired by the Certificateholders
        and such instructions shall constitute full and complete authorization and protection for actions taken by the Owner Trustee in reliance thereon.  If the Owner Trustee does not receive such instructions

     

    
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    within five (5) Business Days after it has delivered to the Certificateholders such notice requesting instructions, or such shorter period of time as may be set forth in such notice, it
      shall refrain from taking any action with respect to the matters described in such notice and will have no liability for such inaction. Each instruction delivered by the Certificateholders to the Owner Trustee shall certify to the Owner Trustee that
      any actions to be taken pursuant to such instruction comply with the terms of this Agreement and the Owner Trustee may rely on such certification and instruction without inquiry except to the extent it has actual knowledge to the contrary.

     

    (c) The Owner Trustee accepts the trusts hereby created and agrees to perform its duties hereunder with respect to such trusts but only upon the terms of this Agreement.

     

    (d) The Owner Trustee, upon receipt of all resolutions, certificates, statements, opinions, reports, documents, orders or other instruments furnished to the Owner Trustee that shall be
        specifically required to be furnished pursuant to Sections 3.03(c) or (f), shall examine them to determine whether they conform on their face to the requirements of Sections 3.03(c) or (f), as applicable, of this Agreement.

     

    (e) The Owner Trustee shall not be liable hereunder for other than, and no provision of this Agreement shall be construed to relieve the Owner Trustee from liability for, its own grossly negligent
        action, its own grossly negligent failure to act, its own bad faith or its own willful misconduct; provided, however, that:

     

    (i) the duties and obligations of the Owner Trustee shall be determined solely by the express provisions of this Agreement, the Owner Trustee shall not be liable except for the performance of such
        duties and obligations as are specifically set forth in this Agreement, no implied covenants or obligations shall be read into this Agreement against the Owner Trustee, the permissive right of the Owner Trustee to do things enumerated in this
        Agreement and the Basic Documents shall not be construed as a duty and, in the absence of bad faith on the part of the Owner Trustee, the Owner Trustee may conclusively rely, as to the truth of the statements and the correctness of the opinions
        expressed therein, upon any certificates or opinions furnished to the Owner Trustee and conforming on their face to the requirements of this Agreement and the Basic Documents;

     

    (ii) the Owner Trustee shall not be personally liable for an error of judgment made in good faith by a Responsible Officer or employee, unless it shall be proved that the Owner Trustee was grossly
        negligent in performing its duties in accordance with the terms of this Agreement and the Basic Documents;

     

    (iii) the Owner Trustee shall not be personally liable with respect to any action taken, suffered or omitted to be taken in good faith in accordance with the direction of the Servicer under the Sale
        and Servicing Agreement or the Holders of the Certificates representing at least a majority of the Percentage Interest (or such larger or smaller percentage of the Percentage Interest as may be required by any other provision of this Agreement or
        the other Basic Documents); and

     

    
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    (iv) in no event shall the Owner Trustee be personally liable for (x) special, consequential, indirect or punitive damages, however styled, including, without limitation, lost profits, (y) the acts
        or omissions of any nominee, correspondent, clearing agency or securities depository through which it holds the Trust’s securities or assets or (z) any losses due to forces beyond the reasonable control of the Owner Trustee, including without
        limitation, strikes, work stoppages, acts of war or terrorism, insurrection, revolution, pandemics, nuclear or natural catastrophes or acts of God, quarantines, shelter-in-place order and interruptions, loss or malfunctions of utilities,
        communications or computer (software or hardware) services.

     

    (f) The Owner Trustee shall not be required to expend or risk its own funds or otherwise incur financial liability in the performance of any of its duties under this Agreement, or in the exercise
        of any of its rights or powers.

     

    (g) All information obtained by the Owner Trustee regarding the Obligors and the Receivables contained in the Trust, whether upon the exercise of its rights under this Agreement or otherwise,
        shall be maintained by the Owner Trustee in confidence and shall not be disclosed to any other Person, unless such disclosure is required by any applicable law or regulation or pursuant to subpoena.

     

    (h) The Owner Trustee shall provide prompt notice to Toyota Motor Credit Corporation and Toyota Auto Finance Receivables LLC (each, a “TMCC Party,” and together, the “TMCC Parties”), in the form
        of Exhibit D, of all demands received by a Responsible Officer in the Corporate Trust Administration Department of the Owner Trustee for the repurchase of any Receivable for breach of the representations and warranties concerning such Receivable
        (each, a “Demand”).  If any such Demand is made in non-written form, the Owner Trustee shall request that such Demand be put into writing and delivered to it; provided, however, that the Owner Trustee shall notify the TMCC Parties regardless of
        whether any such Demand is made in writing.  The obligations of the Owner Trustee under the first two sentences of this Section 6.03(h) to notify the TMCC Parties of any such Demand made in non-written form shall not be applicable during such time
        as the interpretations of the requirements of the Repurchase Rules and Regulations (as defined below) explicitly require reporting by TMCC Parties solely with respect to Demands in written form.  The Owner Trustee shall, upon written request of
        either TMCC Party, provide notification to the TMCC Parties with respect to any actions taken by the Owner Trustee with respect to any such Demand received by the Owner Trustee in respect of any Receivables, such notifications to be provided by the
        Owner Trustee promptly after receipt by the Owner Trustee of such request but not more than once each calendar month or such other time frame as may be mutually agreed to by the Owner Trustee and the applicable TMCC Party.  The Owner Trustee and
        the Depositor acknowledge and agree that the purpose of this Section 6.03(h) is to facilitate compliance by the TMCC Parties with Rule 15Ga-1 under the Securities Exchange Act of 1934, as amended, and Items 1104(e) and 1121(c) of Regulation AB (the
        “Repurchase Rules and Regulations”).  The Owner Trustee shall cooperate with reasonable written requests received by it from the TMCC Parties to deliver any and all records and any other information in the possession of the Owner Trustee that is
        necessary in the good faith determination of the TMCC Parties to permit the TMCC Parties to comply with the provisions of Repurchase Rules and Regulations.  Subject to its duties explicitly set forth herein, the Owner

     

    
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    Trustee shall not have any responsibility or liability in connection with the compliance of either TMCC Party or a securitizer with the Securities Exchange Act of 1934, as amended, or
      Regulation AB or any filing required to be made by a TMCC Party or a securitizer under the Securities Exchange Act of 1934, as amended, or Regulation AB.

     

    (i) The Owner Trustee hereby agrees to cooperate with the Administrator in connection with any regulatory, administrative, governmental, investigative or other proceeding or inquiry relating in
        any way to the Trust, its assets or the conduct of its business.  In connection therewith, the Owner Trustee further agrees to comply with any reasonable request made by the Administrator for the delivery of information or documents in the Owner
        Trustee’s actual possession.  It shall be the Administrator’s duty and responsibility, and not the Owner Trustee’s   duty or responsibility, to cause the Trust to respond to, defend, participate in or otherwise act in connection with any
        regulatory, administrative, governmental, investigative or other proceeding or inquiry relating in any way to the Trust, its assets or the conduct of its business.

     

    (j) For the avoidance of doubt, the Owner Trustee shall not have any duty or obligation to monitor or enforce the Sponsor’s compliance with any applicable risk retention rules or regulations.  The
        Owner Trustee shall not be charged with knowledge of any such rules or regulations, and it shall not be liable to any Noteholder or any other Person for any violation of any such rules or regulations.

     

    Section 6.04. No Duties Except as Specified in this Agreement or in Instructions.  The Owner Trustee shall not have any duty or obligation to manage, make any
        payment with respect to, register, record, sell, dispose of, or otherwise deal with the Trust Estate, or to otherwise take or refrain from taking any action under, or in connection with, any Basic Document to which the Owner Trustee is a party,
        except as expressly provided by the terms of this Agreement.  No implied duties or obligations shall be read into this Agreement or any Basic Document against the Owner Trustee, it being understood that, to the fullest extent permitted by law, any
        implied duties (including fiduciary duties) or liabilities otherwise existing at law or in equity with respect to the Trust are hereby eliminated and replaced with the express duties and obligations set forth in this Agreement.  The Owner Trustee
        shall have no responsibility or liability for the preparation, correctness, accuracy or filing of any financing or continuation statement (or similar filing) in any public office at any time or for the existence, validity or perfection or
        maintenance of perfection of any security interest or lien granted to it hereunder or to prepare or file any Securities and Exchange Commission filing for the Trust or to record this Agreement or any Basic Document.  Notwithstanding anything to the
        contrary herein or in any Basic Document, the Owner Trustee shall not be required to execute, deliver or certify on behalf of the Trust or any other Person any filings, certificates, affidavits or other instruments required under the Sarbanes-Oxley
        Act of 2002, to the extent permitted by applicable law.  The Owner Trustee nevertheless agrees that it will, at its own cost and expense, promptly take all action as may be necessary to discharge any liens on any part of the Trust Estate that
        result from actions by, or claims against, the Owner Trustee, in its individual capacity, that are not related to the ownership or the administration of the Trust Estate.

     

    Section 6.05. No Action Except Under Specified Documents or Instructions.  The Owner Trustee shall not manage, control, use, sell, dispose of or otherwise deal
        with any part of the Trust Estate except (i) in accordance with the powers granted to and the authority conferred

     

    
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    upon the Owner Trustee pursuant to this Agreement, (ii) in accordance with the Basic Documents and (iii) in accordance with any document or written instruction delivered to the Owner
      Trustee pursuant to Section 6.03.

     

    Section 6.06. Restrictions.  The Owner Trustee shall not take any action (a) that is inconsistent with the purposes of the Trust set forth in Section 2.03,
        (b) that, to the actual knowledge of a Responsible Officer of the Owner Trustee, (x) would result in the Trust’s becoming taxable as a corporation for U.S. federal income tax purposes or (y) affect the treatment of the Notes as indebtedness for
        U.S. federal or state income tax purposes or (c) that is not in accordance with applicable law.  The Certificateholders shall not have the authority to and, by acceptance of a beneficial interest in any Certificate shall thereby be deemed to have
        covenanted not to, direct the Owner Trustee to take any action that would violate the provisions of this Section.

     

    ARTICLE VII

      

      CONCERNING THE OWNER TRUSTEE

     

    Section 7.01. Rights of the Owner Trustee.  Except as otherwise provided in Article VI:

     

    (a) in accordance with Section 7.04, the Owner Trustee may rely and shall be protected in acting or refraining from acting upon any resolution, Officer’s Certificate, certificate of an authorized
        signatory, certificate of auditors or any other certificate, statement, instrument, opinion, report, notice, request, consent, order, appraisal, bond or other paper or document believed by it to be genuine and to have been signed or presented by
        the proper party or parties;

     

    (b) the Owner Trustee shall not be liable with respect to any action taken or omitted to be taken by it in accordance with the direction or instructions of the Administrator, as provided in the
        Administration Agreement or the Certificateholders or the Servicer, as provided herein;

     

    (c) the Owner Trustee shall be under no obligation to exercise any of the rights or powers vested in it by this Agreement or the other Basic Documents, or to institute, conduct or defend any
        litigation under this Agreement, or in relation to this Agreement or the other Basic Documents, at the request, order or direction of any of the Securityholders or any other Person, unless such Person shall have offered to the Owner Trustee
        security or indemnity reasonably satisfactory to the Owner Trustee against the costs, expenses and liabilities that may be incurred therein or thereby. The right of the Owner Trustee to perform any discretionary act enumerated in this Agreement or
        in any Basic Document shall not be construed as a duty, and the Owner Trustee shall not be answerable for such act other than its gross negligence or willful misconduct in the performance of any such act;

     

    (d) under no circumstances shall the Owner Trustee be liable for any representation, warranty, covenant or obligation of the Trust, or for any indebtedness evidenced by or arising under any of the
        Basic Documents, including the principal of and interest on the Notes;

     

    
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    (e) the recitals contained herein and in the Certificates (other than the signature of the Owner Trustee and the certificate of authentication on the Certificates) shall be taken as statements of
        the Depositor, and the Owner Trustee shall have no responsibility for the correctness thereof;

     

    (f) the Owner Trustee shall not be bound to recalculate, reverify, or make any investigation into the facts, content or accuracy of matters stated in any resolution, certificate, statement,
        instrument, opinion, report, notice, request, consent, order, approval, bond or other paper or document, unless requested in writing to do so by Holders of Certificates representing not less than 25% of the Percentage Interest; provided, however,
        that if the payment within a reasonable time to the Owner Trustee of the costs, expenses or liabilities likely to be incurred by it in the making of such investigation is, in the opinion of the Owner Trustee, not reasonably assured to the Owner
        Trustee by the security afforded to it by the terms of this Agreement, the Owner Trustee may require indemnity reasonably satisfactory to the Owner Trustee against such cost, expense or liability as a condition to so proceeding; the reasonable
        expense of every such examination shall be paid by the Administrator or, if paid by the Owner Trustee shall be reimbursed by the Administrator upon demand; and nothing in this clause shall derogate from the obligation of the Servicer to observe any
        applicable law prohibiting disclosure of information regarding the Obligors;

     

    (g) the Owner Trustee shall not be liable for, and shall have no duty to supervise or monitor, the action or inaction,  default, misconduct or negligence of any Person, including the
        Administrator, the Servicer, the Depositor or the Indenture Trustee or any agent appointed by it under any of the Basic Documents or otherwise, and the Owner Trustee may assume performance by each of such parties absent written notice or actual
        knowledge by a Responsible Officer to the contrary, and the Owner Trustee shall have no obligation or liability to supervise or perform the obligations of the Trust under the Basic Documents that are required to be performed by the Administrator
        under the Administration Agreement, the Indenture Trustee under the Indenture or the Servicer under the Sale and Servicing Agreement;

     

    (h) the Owner Trustee shall not be required to investigate any claims for the breach by any Person of a representation or warranty under any of the Basic Documents.  The Owner Trustee shall not be
        required to monitor, initiate or conduct any proceedings to enforce the obligations of the Trust, the Depositor, the Servicer or any other person with respect to any breach of representation or warranty under any Basic Document and the Owner
        Trustee shall not have any duty to conduct any investigation as to the occurrence of any condition requiring the repurchase of any Receivable by any person pursuant to any Basic Document. For the avoidance of doubt, the Owner Trustee shall not be
        responsible for evaluating the qualifications of any mediator or arbitrator, or be personally liable for paying the fees or expenses of any mediation or arbitration initiated by a Requesting Party, and under no circumstances shall the Owner Trustee
        be personally liable for any expenses allocated to the Requesting Party in any dispute resolution proceeding;

     

    (i) the Owner Trustee shall not be deemed to have knowledge or notice of any event or information, including any Event of Default, or be required to act upon any event or information (including
        the sending of any notice), unless written notice of such event or information is received by a Responsible Officer and such notice references the event or

     

    
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    information. Absent written notice in accordance with this Section, the Owner Trustee may conclusively assume that no such event has occurred. The Owner Trustee shall have no obligation
      to inquire into, or investigate as to, the occurrence of any such event (including any Event of Default). For purposes of determining the Owner Trustee’s responsibility and liability hereunder, whenever reference is made in this Trust Agreement to
      any event (including, but not limited to, an Event of Default), such reference shall be construed to refer only to such event of which the Owner Trustee has received written notice as described in this Section. Knowledge of the Owner Trustee shall
      not be attributed or imputed to Wilmington Trust, National Association’s other roles in the transaction or any affiliate, line of business or other division of Wilmington Trust, National Association (and vice versa);

     

    (j) the Owner Trustee’s receipt of delivery of any reports, information or other documents hereunder and any publically available information is for informational purposes only and shall not
        constitute actual or constructive knowledge of any information contained therein or determinable from information contained therein, including the Depositor’s, the Indenture Trustee’s, Administrator’s, Servicer’s or the Paying Agent’s compliance
        with any of their covenants and obligations hereunder; the Owner Trustee shall be entitled to rely exclusively on Officers’ Certificates provided by the Depositor, the Indenture Trustee, Administrator, Servicer or the Paying Agent, as the case may
        be, to confirm compliance with such covenants and obligations, but shall have no duty to request or otherwise monitor the delivery of such Officers’ Certificates;

     

    (k) any money deposited will be uninvested and held without interest;

     

    (l) the Owner Trustee shall not be required to take any action in any jurisdiction other than in the State of Delaware if such action will (i) require the consent, approval, authorization, order
        of or the giving of notice to, or the registration with or taking of any action in respect of, any state or other governmental authority or agency of any jurisdiction other than the State of Delaware; (ii) result in any fee, tax or other
        governmental charge under the laws of any jurisdiction or any political subdivisions thereof; or (iii) subject the Owner Trustee to personal jurisdiction; and

     

    (m) if any conflict, disagreement or dispute arises between, among, or involving any of the parties hereto concerning the meaning or validity of any provision hereunder or concerning any other
        matter relating to this Agreement, or the Owner Trustee is in doubt as to the action to be taken hereunder, the Owner Trustee may, at its option, after sending written notice of the same to transaction parties, refuse to act until such time as it
        (a) receives a final non-appealable order of a court of competent jurisdiction directing delivery of the Trust Assets or other appropriate remedy or (b) receives a written instruction, executed by each of the parties involved in such disagreement
        or dispute, in a form reasonably acceptable to the Owner Trustee, directing delivery of the Trust Assets or other appropriate remedy.  The Owner Trustee will be entitled to act on any such written instruction or final, non-appealable order of a
        court of competent jurisdiction without further question, inquiry or consent.  The Owner Trustee may file an interpleader action in a state or federal court, and upon the filing thereof, The Owner Trustee will be relieved of all liability as to the
        Trust Assets and will be entitled to recover reasonable and documented out-of-pocket attorneys’ fees, expenses and other costs incurred in commencing and maintaining any such interpleader action.

     

    
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    Section 7.02. Furnishing of Documents.  The Owner Trustee shall furnish (a) to the Certificateholders promptly upon receipt of a written request therefor,
        duplicates or copies of all reports, notices, requests, demands, certificates, financial statements and any other instruments furnished to the Owner Trustee under the Basic Documents and (b) to Noteholders promptly upon written request therefor,
        copies of the Sale and Servicing Agreement, the Administration Agreement and the Trust Agreement.

     

    Section 7.03. Representations and Warranties.  The Owner Trustee hereby represents and warrants to the Depositor and for the benefit of the Certificateholders,
        that:

     

    (a) It is a national banking association duly organized and validly existing and in good standing under the laws of the United States.  It has full power, authority and right to execute, deliver
        and perform its obligations under this Agreement and each other Basic Document.

     

    (b) It has taken all corporate action necessary to authorize the execution and delivery of this Agreement and each other Basic Document, and this Agreement and each other Basic Document has been
        executed and delivered by one of its officers duly authorized to execute and deliver this Agreement and each other Basic Document on its behalf.

     

    (c) This Agreement constitutes the legal, valid and binding obligation of the Owner Trustee, enforceable against it in accordance with its terms except as the enforceability thereof may be limited
        by bankruptcy, insolvency, moratorium, reorganization or other similar laws affecting the enforcement of creditors’ rights generally and by general principles of equity.

     

    (d) It is authorized to exercise trust powers in the State of Delaware as and to the extent contemplated herein and it has a principal place of business in the State of Delaware.

     

    (e) Neither the execution nor the delivery by it of this Agreement nor the consummation by the Owner Trustee of the transactions contemplated hereby or thereby nor compliance by it with any of the
        terms or provisions hereof or thereof will contravene any federal or Delaware law, governmental rule or regulation governing the banking or trust powers of the Owner Trustee or any judgment or order binding on it, or constitute any default under
        its charter documents or by-laws or any indenture, mortgage, contract, agreement or instrument to which it is a party or by which any of its properties may be bound.

     

    (f) There are no proceedings or investigations pending or, to the Owner Trustee’s actual knowledge, threatened, before any court, regulatory body, administrative agency or other governmental
        instrumentality having jurisdiction over the Owner Trustee or its properties: (i) asserting the invalidity of this Agreement or (ii) seeking any determination or ruling that might materially and adversely affect the performance by the Owner Trustee
        of its obligations under, or the validity or enforceability of, this Agreement and each other Basic Document to which it is a party.

     

    Section 7.04. Reliance; Advice of Counsel.

     

    (a) The Owner Trustee shall incur no liability to anyone in acting upon any signature, instrument, direction, notice, resolution, request, consent, order, certificate, report, opinion,

     

    
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    bond, or other document or paper believed by it to be genuine and believed by it to be signed by the proper party or parties. The Owner Trustee may request and shall be entitled to
      receive and conclusively rely (and shall be fully protected in relying) upon an opinion of counsel and/or an officer’s certificate.  The Owner Trustee may accept a certified copy of a resolution of the board of directors or other governing body of
      any corporate party as conclusive evidence that such resolution has been duly adopted by such body and that the same is in full force and effect.  As to any fact or matter the method of the determination of which is not specifically prescribed
      herein, the Owner Trustee may for all purposes hereof request and rely on a certificate, signed by the president or any vice president or by the treasurer or other authorized officers or agents of the relevant party, as to such fact or matter and
      such certificate shall constitute full protection to the Owner Trustee for any action taken or omitted to be taken by it in good faith in reliance thereon.  The Owner Trustee need not investigate or re-calculate, evaluate, verify or independently
      determine the accuracy of any report, certificate, information, statement, representation or warranty or any fact of matter stated in any such document and may conclusively rely as to the truth of the statements and the correctness of the opinions
      expressed therein.  The costs of any opinion of counsel or certificate requested by the Owner Trustee under this Section shall be paid by the party requesting the Owner Trustee to act or refrain from acting.

     

    (b) In the exercise or administration of the trusts hereunder and in the performance of its duties and obligations under the Basic Documents, the Owner Trustee (i) may act directly or through its
        agents or attorneys pursuant to agreements entered into with any of them, and the Owner Trustee shall not be liable for the action, inaction, conduct, misconduct or negligence of such agents or attorneys if such agents or attorneys shall have been
        selected by the Owner Trustee in good faith, and (ii) may consult with counsel, accountants and other skilled persons to be selected in good faith and employed by it.  The Owner Trustee shall not be liable for anything done, suffered or omitted in
        good faith by it in accordance with the opinion or advice of any such counsel, accountants or other such persons pursuant to this Agreement.

     

    Section 7.05. Not Acting in Individual Capacity.  In accepting the trusts hereby created, Wilmington Trust, National Association, acts solely as Owner Trustee
        hereunder and not in its individual capacity.  Except with respect to a claim based on the failure of the Owner Trustee to perform its duties under this Agreement or based on the Owner Trustee’s willful misconduct, bad faith or gross negligence, no
        recourse shall be had for any claim based on any provision of this Agreement, the Notes or the Certificates, or based on rights obtained through the assignment of any of the foregoing, against the institution serving as the Owner Trustee in its
        individual capacity.  The Owner Trustee shall not have any personal obligation, liability or duty whatsoever to any Securityholder or any other Person with respect to any such claim, and any such claim shall be asserted solely against the Trust or
        any indemnitor who shall furnish indemnity as provided in this Agreement.

     

    Section 7.06. Owner Trustee Not Liable for the Certificates or Receivables.  The Owner Trustee makes no representations as to the validity or sufficiency of
        this Agreement, the Basic Documents or of the Certificates or of the Notes (other than the execution by the Owner Trustee on behalf of the Trust of, and the certificate of authentication on, the Certificates).  The Owner Trustee shall have no
        obligation to perform any of the duties of or to monitor the performance by the Trust, the Servicer, the Indenture Trustee, the Administrator or any other Person.

     

    
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    The Owner Trustee shall at no time have any responsibility or liability for or with respect to the legality, validity and enforceability of the Certificates, the
      Notes, or any Receivable, any ownership interest in any Financed Vehicle, or the maintenance of any such ownership interest, or for or with respect to the efficacy of the Trust or its ability to generate the payments to be distributed to
      Securityholders under this Agreement and the Indenture, including without limitation the validity of the assignment of the Receivables to the Trust or of any intervening assignment; the existence, condition, location and ownership of any Receivable
      or Financed Vehicle; the existence and enforceability of any Insurance Policy; the existence and contents of any retail installment sales contract or any computer or other record thereof; the completeness of any retail installment sales contract; the
      performance or enforcement of any retail installment sales contract; the compliance by the Trust with any covenant or the breach by the Trust of any warranty or representation made under this Agreement or in any related document and the accuracy of
      any such warranty or representation prior to the Owner Trustee’s receipt of notice or other discovery of any noncompliance therewith or any breach thereof; the acts or omissions of the Trust or the Servicer; or any action or inaction by the Owner
      Trustee taken at the instruction of the Certificateholders; provided, however, that the foregoing shall not relieve the Owner Trustee of its obligation to perform its duties under this Agreement.

     

    The Owner Trustee shall not be accountable for:  (i) the use or application by the Depositor of the proceeds of the sale of the Notes; (ii) the use or application by
      the Certificateholders of the Certificates or the proceeds of the Certificates; (iii) the use or application by the holder of any Notes of any of the Notes or of the proceeds of such Notes; or (iv) the use or application of any funds paid to the
      Servicer in accordance with the Sale and Servicing Agreement.

     

    Section 7.07. Owner Trustee May Own Certificates and Notes.  The Owner Trustee in its individual or any other capacity (but not in its fiduciary capacity), may
        become the owner or pledgee of Certificates or Notes and may deal with the Depositor, the Company, the Administrator, the Indenture Trustee and the Servicer in banking or other transactions with the same rights as it would have if it were not Owner
        Trustee.

     

    Section 7.08. Trust Licenses.  Pursuant to Section 1(b) of the Administration Agreement, the Administrator will cause the Trust to use its best efforts to
        maintain the effectiveness of all licenses, if any, required to be held by the Trust under the laws of any jurisdiction in connection with ownership of the Receivables or the terms set forth in this Agreement and the Basic Documents and the
        transactions contemplated hereby and thereby until such time as the Trust shall terminate in accordance with the terms hereof.

     

    ARTICLE VIII

      

      COMPENSATION OF OWNER TRUSTEE

     

    Section 8.01. Owner Trustee’s Fees and Expenses.  The Trust shall pay or shall cause the Servicer to pay to the Owner Trustee from time to time compensation
        for its services as have been separately agreed upon before the date hereof, and the Owner Trustee shall be entitled to be reimbursed by the Servicer or the Administrator, as the case may be, for its other reasonable expenses hereunder, including
        the reasonable compensation, expenses and disbursements of such

     

    
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    agents, representatives, experts and counsel as the Owner Trustee may employ in connection with the exercise and performance of its rights and its duties hereunder.

     

    Section 8.02. Indemnification.  The Trust shall reimburse the Owner Trustee and its agents (including the Certificate Registrar and the Paying Agent), counsel,
        accountants and experts directly related to its services hereunder (the “Indemnified Parties”) for, and the Trust will indemnify such Indemnified Parties against, any and all costs, damages, loss, liability or expense (including but not limited to,
        all reasonable out-of-pocket expenses incurred or made by it, including costs of collection, in addition to the compensation for its services, including the Indemnified Parties’ reasonable compensation and expenses, disbursements and advances), any
        and all costs related to amendments, supplements and petitioning any court, and any reasonable attorneys’ fees and expenses (including, but not limited to, reasonable legal fees, costs and expenses, and including any such reasonable fees, costs and
        expenses incurred in connection with (i) any enforcement (including any action, claim, or suit brought by such indemnified parties) of any indemnification or other obligation of the Trust) or (ii) a successful defense of any claim that the Owner
        Trustee breached its standard of care) of any kind or nature whatsoever (collectively, “Expenses”), which may at any time be imposed on, incurred by or asserted against the Owner Trustee or any other Indemnified Party in connection with the
        administration of the Trust and the performance of its duties hereunder.  An Indemnified Party shall notify the Administrator and the Trust promptly of any claim for which it may seek indemnity.  Failure by an Indemnified Party to so notify the
        Administrator and the Trust shall not relieve the Trust of its obligations hereunder, except to the extent such failure shall adversely affect the Trust’s defenses in respect thereof.  In case any action is brought against an Indemnified Party
        under this Section 8.02 and it notifies the Administrator of the commencement thereof, the Administrator will assume the defense thereof, with counsel reasonably satisfactory to the Indemnified Party (who may, unless there is, as evidenced by an
        opinion of counsel to the Indemnified Party stating that there is an unwaivable conflict of interest, be counsel to the Administrator), and the Administrator will not be liable to the Indemnified Party under this Section for any legal or other
        Expenses subsequently incurred by the Indemnified Party in connection with the defense thereof, other than reasonable costs of investigation.  The Trust need not reimburse any Expense or indemnify against any costs, damages, loss, liability or
        expense incurred by the Owner Trustee through the Owner Trustee’s own willful misconduct, gross negligence or bad faith to the extent such matters have been determined definitively by a court of competent jurisdiction pursuant to a final order or
        verdict not subject to appeal, and until such determination, an Indemnified Party shall be entitled to indemnification hereunder.  The provisions of this Section 8.02 shall survive the termination or assignment of this Agreement and the resignation
        or removal of the Owner Trustee.  Pursuant to the Administration Agreement, the Administrator has agreed to make prompt payment of any unpaid amounts due to the Owner Trustee in respect of fees, expenses and indemnification amounts not otherwise
        paid by the Trust on a Payment Date in accordance with the terms of Section 1(a)(ii) of the Administration Agreement.

     

    Section 8.03. Payments to the Owner Trustee.  Any amounts paid to the Owner Trustee pursuant to this Article VIII from assets in the Trust Estate shall be
        deemed not to be a part of the Trust Estate immediately after such payment.

     

    
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    ARTICLE IX

      

      TERMINATION OF TRUST AGREEMENT

     

    Section 9.01. Termination of Trust Agreement.

     

    (a) The Trust shall dissolve and be wound up in accordance with Section 3808 of the Statutory Trust Act, upon the earliest of (i) the maturity or other liquidation of the last Receivable (or other
        asset) in the Trust Estate and the final distribution by the Paying Agent of all moneys or other property or proceeds of the Trust Estate held by it in accordance with the terms of this Agreement, the Indenture and the Sale and Servicing Agreement
        (including, but not limited to, any property and proceeds to be deposited in the Collection Account pursuant to the terms of the Sale and Servicing Agreement or to be released by the Indenture Trustee from the Lien of the Indenture pursuant to the
        terms of the Indenture) or (ii) the payment or distribution to all Securityholders of all amounts required to be paid to them under the Sale and Servicing Agreement and the Indenture.  The bankruptcy, liquidation, dissolution, death or incapacity
        of any Certificateholder shall not (x) operate to terminate this Agreement or the Trust, nor (y) entitle such Certificateholder’s legal representatives or heirs to claim an accounting or to take any action or proceeding in any court for a partition
        or winding up of all or any part of the Trust Estate, nor (z) otherwise affect the rights, obligations and liabilities of the parties hereto.

     

    (b) Except as provided in Section 9.01(a), the Certificateholder shall not be entitled to revoke or terminate the Trust.

     

    (c) Notice of any dissolution of the Trust, specifying the Payment Date upon which the Certificateholders shall surrender their Certificates to the Paying Agent for payment of the final
        distributions and cancellation, shall be given by the Owner Trustee to the Certificateholders mailed within five (5) Business Days of receipt of notice of such termination from the Servicer given pursuant to Section 10.03 of the Sale and Servicing
        Agreement, stating (i) the Payment Date upon or with respect to which final payment of the Certificates shall be made upon presentation and surrender of the Certificates at the office of the Paying Agent therein designated, (ii) the amount of any
        such final payment and (iii) that payment to be made on such Payment Date will be made only upon presentation and surrender of the Certificates at the office of the Paying Agent therein specified.  The Owner Trustee shall give such notice to the
        Certificate Registrar (if other than the Owner Trustee) and the Paying Agent (if other than the Owner Trustee) at the time such notice is given to the Certificateholders.  Upon presentation and surrender of the Certificates, the Paying Agent shall
        cause to be distributed to the Certificateholders amounts distributable on such Payment Date pursuant to Section 5.02.

     

    In the event that one or more of the Certificateholders shall not surrender their Certificates for cancellation within six months after the date specified in the above
      mentioned written notice, the Owner Trustee shall give a second written notice to the remaining Certificateholders to surrender their Certificates for cancellation and receive the final distribution with respect thereto.  If within one year after the
      second notice all the Certificates shall not have been surrendered for cancellation, the Owner Trustee may take appropriate steps, or may appoint an agent to take appropriate steps, to contact the remaining Certificateholders concerning surrender of
      their Certificates, and the cost thereof shall be paid out of the funds and other assets

     

    
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    that shall remain subject to this Agreement.  Any funds remaining in the Trust after exhaustion of such remedies shall be distributed by the Owner Trustee to the Depositor (subject to
      applicable escheatment laws).

     

    (d) Upon the completion of the winding up of the Trust, including the payment or reasonable provision for payment of all claims and obligations in accordance with Section 3808 of the Statutory
        Trust Act by the Administrator, the Owner Trustee shall, at the direction and expense of the Administrator, file a certificate of cancellation with the Secretary of State in accordance with the provisions of Section 3810 of the Statutory Trust Act.

     

    ARTICLE X

      

      SUCCESSOR OWNER TRUSTEES AND ADDITIONAL OWNER TRUSTEES

     

    Section 10.01. Eligibility Requirements for Owner Trustee.  The Owner Trustee shall at all times be an entity having a combined capital and surplus of at least
        $50,000,000, be subject to supervision or examination by federal or state authorities and be authorized to exercise trust powers in the State of Delaware.  If such entity shall publish reports of condition at least annually, pursuant to law or to
        the requirements of the aforesaid supervising or examining authority, then for the purpose of this Section 10.01, the combined capital and surplus of such corporation shall be deemed to be its combined capital and surplus as set forth in its most
        recent report of condition so published.  In case at any time the Owner Trustee shall cease to be eligible in accordance with the provisions of this Section, the Owner Trustee shall resign immediately in the manner and with the effect specified in
        Section 10.02.

     

    Section 10.02. Resignation or Removal of Owner Trustee.  The Owner Trustee may at any time resign and be discharged from the trusts hereby created by giving
        written notice thereof to the Depositor, the Servicer and the Indenture Trustee.  Upon receiving such notice of resignation, the Servicer will promptly appoint a successor Owner Trustee by written instrument, in duplicate, one copy of which shall
        be delivered to each of the resigning Owner Trustee and the successor Owner Trustee.  If no successor Owner Trustee shall have been so appointed or shall not have accepted such appointment within thirty (30) days after the giving of such notice of
        resignation, the resigning Owner Trustee may petition any court of competent jurisdiction for the appointment of a successor Owner Trustee at the Administrator’s expense, which shall include payment of all reasonable fees, costs and expenses
        (including reasonable attorneys’ fees and expenses) incurred by the Owner Trustee in connection therewith.

     

    If at any time the Owner Trustee shall cease to be eligible in accordance with the provisions of Section 10.01 and shall fail to resign promptly, or if at any time the
      Owner Trustee shall be legally unable to act, or shall be adjudged bankrupt or insolvent, or a receiver of the Owner Trustee or of its property shall be appointed, or any public officer shall take charge or control of the Owner Trustee or of its
      property or affairs for the purpose of rehabilitation, conservation or liquidation, then the Administrator may remove the Owner Trustee by written instrument to such effect delivered to the Owner Trustee, the Depositor and the Indenture Trustee. If
      the Administrator removes the Owner Trustee under the authority of the immediately preceding sentence, the Servicer will promptly appoint a successor Owner Trustee by written instrument in duplicate, one copy of which instrument shall be delivered to
      each of the outgoing

     

    
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    Owner Trustee so removed and the successor Owner Trustee and shall pay or cause to be paid all fees, expenses and other compensation then owed to the outgoing Owner Trustee.

     

    Any resignation or removal of the Owner Trustee and appointment of a successor Owner Trustee pursuant to any of the provisions of this Section shall not become
      effective until acceptance of appointment by the successor Owner Trustee pursuant to Section 10.03 and payment of all fees and expenses owed to the outgoing Owner Trustee.  The Administrator will provide notice of such resignation or removal of the
      Owner Trustee to each of the Rating Agencies.

     

    Section 10.03. Successor Owner Trustee.  Any successor Owner Trustee appointed pursuant to Section 10.02 shall execute, acknowledge and deliver to the
        Administrator and to its predecessor Owner Trustee an instrument accepting such appointment under this Agreement, and thereupon the resignation or removal of the predecessor Owner Trustee shall become effective and such successor Owner Trustee
        without any further act, deed or conveyance, shall become fully vested with all the rights, powers, duties, and obligations of its predecessor under this Agreement, with like effect as if originally named as Owner Trustee.  The predecessor Owner
        Trustee shall upon payment of its fees and expenses deliver to the successor Owner Trustee all documents and statements and monies held by it under this Agreement; and the Administrator and the predecessor Owner Trustee shall execute and deliver
        such instruments and do such other things as may reasonably be required for fully and certainly vesting and confirming in the successor Owner Trustee all such rights, powers, duties, and obligations.

     

    No successor Owner Trustee shall accept appointment as provided in this Section unless at the time of such acceptance such successor Owner Trustee shall meet the
      criteria for eligibility set forth in Section 10.01.

     

    Upon acceptance of appointment by a successor Owner Trustee pursuant to this Section, the Administrator will mail notice of the successor of such Owner Trustee to the
      Certificateholders, the Indenture Trustee, the Noteholders and the Rating Agencies.  If the Administrator fails to mail such notice within ten (10) days after acceptance of appointment by the successor Owner Trustee, the successor Owner Trustee shall
      cause such notice to be mailed at the expense of the Administrator.

     

    Section 10.04. Merger or Consolidation of Owner Trustee.  Any corporation into which the Owner Trustee may be merged or converted or with which it may be
        consolidated or any corporation resulting from any merger, conversion or consolidation to which the Owner Trustee shall be a party, or any corporation succeeding to all or substantially all of the corporate trust business of the Owner Trustee shall
        be the successor of the Owner Trustee hereunder, provided such corporation shall be eligible pursuant to Section 10.01, without the execution or filing of any instrument or any further act on the part of any of the parties hereto, anything herein
        to the contrary notwithstanding; provided, further, that the Owner Trustee shall mail notice of such merger or consolidation to the Depositor and the Administrator.  The Administrator will provide notice of such merger or consolidation to the
        Rating Agencies.

     

    Section 10.05. Appointment of Co-Trustee or Separate Trustee.  Notwithstanding any other provisions of this Agreement, at any time, for the purpose of meeting
        any legal

     

    
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    requirements of any jurisdiction in which any part of the Trust Estate or any Financed Vehicle may at the time be located, or for enforcement actions or conflict of interest matters, the
      Administrator and the Owner Trustee acting jointly shall have the power and shall execute and deliver all instruments to appoint one or more Persons approved by the Owner Trustee to act as co-trustee, jointly with the Owner Trustee, or separate
      trustee or separate trustees, of all or any part of the Trust Estate, and to vest in such Person, in such capacity, such title to the Trust, or any part thereof, and, subject to the other provisions of this Section, such powers, duties, obligations,
      rights and trusts as the Administrator and the Owner Trustee may consider necessary or desirable.  If the Administrator shall not have joined in such appointment within twenty-five (25) days after the receipt by it of a request so to do, the Owner
      Trustee alone shall have the power to make such appointment.  No co-trustee or separate trustee under this Agreement shall be required to meet the terms of eligibility as a trustee pursuant to Section 10.01 and no notice of the appointment of any
      co-trustee or separate trustee shall be required pursuant to Section 10.03.  A co-trustee or separate trustee appointed hereunder is not an agent of the Owner Trustee.

     

    Each separate trustee and co-trustee shall, to the extent permitted by law, be appointed and act subject to the following provision and conditions:

     

    (i) all rights, powers, duties and obligations conferred or imposed upon the Owner Trustee shall be conferred upon and exercised or performed by the Owner Trustee and such separate trustee or
        co-trustee jointly (it being understood that such separate trustee or co-trustee is not authorized to act separately without the Owner Trustee joining in such act), except to the extent that under any law of any jurisdiction in which any particular
        act or acts are to be performed, the Owner Trustee shall be incompetent or unqualified to perform such act or acts, in which event such rights, powers, duties, and obligations (including the holding of title to the Trust or any portion thereof in
        any such jurisdiction) shall be exercised and performed singly by such separate trustee or co-trustee, but solely at the written direction of the Owner Trustee or Administrator;

     

    (ii) no trustee under this Agreement shall be personally liable by reason of the appointment or any act or omission of any other trustee under this Agreement; and

     

    (iii) the Administrator and the Owner Trustee acting jointly may at any time accept the resignation of or remove any separate trustee or co-trustee.

     

    Any notice, request or other writing given to the Owner Trustee shall be deemed to have been given to each of the then separate trustees and co-trustees, as if given
      to each of them.  Each separate trustee and co-trustee, upon its acceptance of the powers and duties conferred thereto under this Agreement, shall (i) be vested with the estates or property specified in its instrument of appointment, either jointly
      with the Owner Trustee or separately, as may be provided therein, subject to all the provisions of this Agreement, specifically including every provision of this Agreement relating to the conduct of, affecting the liability of, or affording
      protection to, the Owner Trustee, and (ii) agree to indemnify the Owner Trustee for its acts or omissions pursuant

     

    
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    to its appointment hereto.  Each such instrument shall be filed with the Owner Trustee and a copy thereof given to the Administrator.

     

    Section 10.06. Power of Attorney for Co-Trustee or Separate Trustee.  Any separate trustee or co-trustee may at any time appoint the Owner Trustee as its agent
        or attorney-in-fact with full power and authority, to the extent not prohibited by law, to do any lawful act under or in respect of this Agreement on its behalf and in its name.  If any separate trustee or co-trustee shall die, become incapable of
        acting, resign or be removed, all of its estates, properties, rights, remedies and trusts shall vest in and may be exercised by the Owner Trustee, to the extent permitted by law, without the appointment of a new or successor trustee.

     

    ARTICLE XI

      

      MISCELLANEOUS

     

    Section 11.01. Supplements and Amendments.  This Agreement may be amended by the Depositor and the Owner Trustee, with prior written notice to the Rating
        Agencies, and without the consent of any of the Noteholders or the Certificateholders, to cure any ambiguity, to correct or supplement any provisions in this Agreement or for the purpose of adding any provisions to or changing in any manner or
        eliminating any of the provisions in this Agreement or of modifying in any manner the rights of the Noteholders or the Certificateholders; provided, that either (i) an Officer’s Certificate shall have been delivered by the Servicer to the Owner
        Trustee and the Indenture Trustee certifying that such officer reasonably believes that such proposed amendment will not materially and adversely affect the interest of any Noteholder or (ii) the Rating Agency Condition has been satisfied in
        respect of such proposed amendment.

     

    This Agreement may also be amended from time to time by the Depositor and the Owner Trustee, with prior written notice to the Rating Agencies, and with
      the consent of the Indenture Trustee and, if the interests of the Noteholders are materially and adversely affected, with the consent of the Holders of Notes evidencing at least a majority of the Outstanding Amount of the Controlling Class of Notes,
      acting together as a single Class, for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of this Agreement or of modifying in any manner the rights of the Noteholders or Certificateholders under
      this Agreement.

     

    No amendment otherwise permitted under this Section 11.01 (except as described in the last sentence of this paragraph) may (x) increase or reduce in any manner the
      amount of, or accelerate or delay the timing of, collections of payments on the Receivables or distributions required to be made for the benefit of any Noteholders or Certificateholders without the consent of all Noteholders and Certificateholders
      adversely affected thereby, or (y) reduce the percentage of the Notes or Certificates which are required to consent to any such amendment without the consent of the Noteholders and Certificateholders adversely affected thereby; provided, that any
      amendment referred to in clause (x) or (y) above shall be deemed to not adversely affect any Noteholder if the Rating Agency Condition has been satisfied in respect of such proposed amendment.  No amendment referred to in clause (x) in the
      immediately preceding sentence shall be permitted unless an Officer’s Certificate shall have been delivered by the Servicer to the Owner Trustee and the Indenture Trustee certifying that such officer reasonably believes that

     

    
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    such proposed amendment will not materially and adversely affect the interest of any Noteholder or Certificateholder whose consent was not obtained.  Notwithstanding the immediately
      preceding two sentences, this Agreement may also be amended by the parties hereto, without the consent of the Noteholders or the Certificateholders, for the purpose of conforming the provisions in this Agreement to the descriptions thereof contained
      in the prospectus, dated July 21, 2020, related to the offering of the Class A Notes.

     

    Promptly after the execution of any such amendment or consent, the Owner Trustee shall furnish written notification of the substance of such amendment or consent to
      the Certificateholder, the Indenture Trustee and the Administrator and the Administrator shall provide such notification to each of the Rating Agencies.

     

    It shall not be necessary for the consent of the Certificateholders, the Noteholders or the Indenture Trustee pursuant to this Section to approve the particular form
      of any proposed amendment or consent, but it shall be sufficient if such consent shall approve the substance thereof.  The manner of obtaining such consents (and any other consents of Certificateholders provided for in this Agreement or in any other
      Basic Document) and of evidencing the authorization of the execution thereof by the Certificateholders shall be subject to such reasonable requirements as the Owner Trustee may prescribe.

     

    Promptly after the execution of any amendment to the Certificate of Trust, the Owner Trustee shall cause the filing of such amendment with the Secretary of State.

     

    Prior to the execution of any amendment to this Agreement or any amendment to the Certificate of Trust, the Owner Trustee shall be entitled to receive and rely upon an
      Officer’s Certificate of the Administrator and an Opinion of Counsel stating that the execution of such amendment is authorized or permitted by this Agreement.  The Owner Trustee shall not be obligated to enter into any such amendment which affects
      the Owner Trustee’s own rights, duties or immunities under this Agreement or otherwise.  The fees and expenses of the Owner Trustee in connection with any amendment or supplement hereto shall be paid by the Depositor.

     

    Section 11.02. No Legal Title to Trust Estate in the Certificateholders.  The Certificateholders shall not have legal title to any part of the Trust Estate. 
        The Certificateholders shall be entitled to receive distributions with respect to their fractional undivided beneficial interest therein only in accordance with Articles V and IX.  No transfer, by operation of law or otherwise, of any right, title,
        or interest of the Certificateholders to and in their ownership interest in the Trust Estate shall operate to terminate this Agreement or the trusts hereunder or entitle any transferee to an accounting or to the transfer to it of legal title to any
        part of the Trust Estate.

     

    Section 11.03. Limitations on Rights of Others.  Except for Section 2.06, the provisions of this Agreement are solely for the benefit of the Owner Trustee, the
        Certificate Registrar, the Paying Agent, the Indemnified Parties, the Depositor, TMCC (as Servicer), the Certificateholders, the Administrator and, to the extent expressly provided herein the Indenture Trustee and the Noteholders, and nothing in
        this Agreement, (other than Section 2.06), whether express or implied, shall be construed to give to any other Person any legal or equitable right,

     

    
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    remedy or claim in the Trust Estate or under or in respect of this Agreement or any covenants, conditions or provisions contained herein.

     

    Section 11.04. Notices.

     

    (a) Unless otherwise expressly specified or permitted by the terms hereof, all notices shall be in writing and shall be deemed given upon receipt by the intended recipient or three (3) Business
        Days after mailing if mailed by certified mail, postage prepaid (except that notice to the Owner Trustee shall be deemed given only upon actual receipt by the Owner Trustee), if to the Owner Trustee, addressed to the Corporate Trust Office; if to
        the Depositor, addressed to Toyota Auto Finance Receivables LLC, 6565 Headquarters Drive, W2-3D, Plano, Texas 75024-5965, Attention: President; if, to the Trust, addressed to Toyota Auto Receivables 2020-C Owner Trust, c/o Wilmington Trust,
        National Association, Rodney Square North, 1100 North Market Street, Wilmington, Delaware 19890, Attention: Corporate Trust Administration, with a copy to Toyota Motor Credit Corporation, 6565 Headquarters Drive, W2-5A, Plano, Texas 75024-5965,
        Attention: General Counsel; or, as to each party, at such other address as shall be designated by such party in a written notice to each other party.

     

    (b) Any notice required or permitted to be given a Certificateholder shall be given by first-class mail, postage prepaid, at the address of such Holder as shown in the Certificate Register.  Any
        notice so mailed within the time prescribed in this Agreement shall be conclusively presumed to have been duly given, whether or not the Certificateholder receives such notice.

     

    Section 11.05. Severability, Entire Agreement and Electronic Signatures.  This Agreement and the exhibits hereto set forth the entire agreement and
        understanding of the parties related to this transaction and supersedes all prior agreements and understandings, oral or written.  If any one or more of the covenants, agreements, provisions or terms of this Agreement shall be for any reason
        whatsoever held invalid or unenforceable in any jurisdiction, then such covenants, agreements, provisions or terms shall be deemed severable from the remaining covenants, agreements, provisions or terms of this Agreement and shall in no way affect
        the validity or enforceability of the other provisions of this Agreement or of the Certificates or the rights of the Holders thereof. Each party agrees that this Agreement and any other documents to be delivered in connection herewith may be digitally or electronically signed, and that any digital or electronic signatures (including PDF or
        facsimile) appearing on this Agreement or such other documents are the same as handwritten signatures for
        the purposes of validity, enforceability, and admissibility.

     

    Section 11.06. Counterparts.  This Agreement may be executed simultaneously in any number of counterparts, each of which shall be deemed to be an original, and
        all of which shall constitute but one and the same instrument.

     

    Section 11.07. Successors and Assigns.  All covenants and agreements contained herein shall be binding upon, and inure to the benefit of, the Depositor, the
        Owner Trustee, and its successors and each Certificateholder and its successors and permitted assigns, all as herein provided.  Any request, notice, direction, consent, waiver or other instrument or action by a Certificateholder shall bind the
        successors and assigns of such Certificateholder.

     

    
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    Section 11.08. No Petition.  To the fullest extent permitted  by law, each of the parties hereto, by entering into this Agreement hereby covenants and agrees,
        and the Indenture Trustee and each Certificateholder and Noteholder by accepting a Certificate or accepting the benefits of this Agreement, as the case may be, are each deemed to covenant and agree, that it shall not at any time acquiesce, petition
        or otherwise invoke or cause the Trust or the Depositor to invoke the process of any court or government authority for the purpose of commencing or sustaining a case against the Trust or the Depositor under any federal or state bankruptcy,
        insolvency or similar law, or appointing a receiver, liquidator, assignee, trustee, custodian, sequestrator or other similar official of the Trust or the Depositor, as the case may be, or any substantial part of its property, or, except as
        expressly set forth herein, ordering the winding up or liquidation of the affairs of the Trust or the Depositor, in connection with any obligations relating to the Notes, the Certificates, this Agreement or any of the Basic Documents prior to the
        date that is one year and one day after the date on which the Indenture is terminated.  This Section 11.08 shall survive the termination of this Agreement.

     

    Section 11.09. No Recourse.  Each Certificateholder by accepting an interest in a Certificate acknowledges that such Certificates represent beneficial interests
        in the Trust only and do not represent interests in or obligations of the Depositor, TMCC (in any capacity), the Administrator, the Owner Trustee, the Indenture Trustee or any Affiliate thereof and no recourse may be had against such parties or
        their assets, except as may be expressly set forth or contemplated in the Certificates or the Basic Documents.

     

    Section 11.10. Headings.  The headings of the various Articles and Sections herein are for convenience of reference only and shall not define or limit any of
        the terms or provisions hereof.

     

    Section 11.11. Governing Law.  THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF DELAWARE, WITHOUT REFERENCE TO ITS
        CONFLICT OF LAW PROVISIONS, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS.

     

    Section 11.12. Exclusive Jurisdiction.  Each party to this Agreement and each person beneficially owning a beneficial interest in the Trust, to the fullest
        extent permitted by law, including Section 3804(e) of the Statutory Trust Act, (i) irrevocably agrees that any claims, suits, actions or proceedings arising out of or relating in any way to the Trust or its business and affairs, the Statutory Trust
        Act or this Agreement, including, without limitation, any claims, suits, actions or proceedings to interpret, apply or enforce the provisions of this Agreement, will be exclusively brought in the courts of the State of Delaware or the State of New
        York and (ii) irrevocably submits to the exclusive jurisdiction of such courts in connection with any such claim, suit, action or proceeding.

     

    Section 11.13. 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 IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY.

     

    
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    Section 11.14. USA PATRIOT Act Compliance.  Pursuant to applicable law, including the Customer Identification Program
        requirements established under the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001, Title III of Pub. L. 107 56 (signed into law October 26, 2001) and its implementing
        regulations (collectively, USA PATRIOT Act), the Financial Crimes Enforcement Network’s (FinCEN) Customer Due Diligence Requirements and such other laws, rules, regulations and executive orders in effect from time to time applicable to banking
        institutions (“Applicable Law”), the Owner Trustee is required to obtain on or before closing, and from time to time thereafter, documentation to verify and record information that identifies each person who opens an account.  For a non-individual
        person such as a business entity, a charity, a trust or other legal entity, the Owner Trustee will ask for documentation to verify the entity’s formation and existence, its financial statements, licenses, tax identification documents,
        identification and authorization documents from individuals claiming authority to represent the entity and other relevant documentation and information (including beneficial owners of such entities).  To the fullest extent permitted by Applicable
        Law, the Owner Trustee may conclusively rely on, and shall be fully protected and indemnified in relying on, any such information received.  Failure to provide such information may result in an inability of the Owner Trustee to perform its
        obligations hereunder, which, at the sole option of the Owner Trustee, may result in the Owner Trustee’s resignation in accordance with Section 10.02 of this Agreement.  In the event of any change in beneficial ownership in the Trust (or any
        beneficial interest in that interest, regardless of form), such change shall be accompanied by IRS Form W-8BEN, W-8BEN-E, W-8 ECI or W-9, as applicable, and such other documentation as may be required by the Owner Trustee in order to comply with
        Applicable Law.

     

    ARTICLE XII

      

      COMPLIANCE WITH REGULATION AB

     

    Section 12.01. Intent of the Parties; Reasonableness.  The Depositor and the Owner Trustee acknowledge and agree that the purpose of Article XII of this
        Agreement is to facilitate compliance by the Depositor with the provisions of Regulation AB and related rules and regulations of the Commission.

     

    Neither the Depositor nor the Owner Trustee shall exercise its right to request delivery of information or other performance under these provisions other than in good
      faith, or for purposes other than compliance with the Securities Act, the Exchange Act and the rules and regulations of the Commission thereunder (or the provision in a private offering of disclosure comparable to that required under the Securities
      Act).  The Owner Trustee acknowledges that interpretations of the requirements of Regulation AB may change over time, whether due to interpretive guidance provided by the Commission or its staff, consensus among participants in the asset-backed
      securities markets, advice of counsel, or otherwise, and agrees to comply with requests made by the Depositor in good faith for delivery of information under these provisions on the basis of evolving interpretations of Regulation AB.  In connection
      therewith, the Owner Trustee shall cooperate fully with the Depositor to deliver to the Depositor (including any of its assignees or designees), any and all statements, reports, certifications, records, attestations, and any other information
      necessary in the good faith determination of the Depositor, to permit the Depositor to comply with the provisions of Regulation AB, together with such disclosures relating to the

     

    
      37

      
        

    

    Owner Trustee or the servicing of the Receivables, reasonably believed by the Depositor to be necessary in order to effect such compliance.

     

    

    

     

    

    

     

    

    

     

    

    

     

    

    

     

    

    

     

    

    

     

    

    

     

    

    

     

    

    

     

    

    

     

    

    

     

    

    

     

    

    

     

    

    

     

    

    

     

    
      38

      
        

    

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

     

    	 	
            TOYOTA AUTO FINANCE RECEIVABLES LLC, as Depositor

          
	 	 	 
	 	 	 
	 	
            By:  

          	
            ____________________________________

          
	 	 	
            Name:

          
	 	 	
            Title:

          
	 	 	 
	 	 	 
	 	
            WILMINGTON TRUST, NATIONAL ASSOCIATION, as Owner Trustee

          
	 	 	 
	 	 	 
	 	
            By:

          	
            ____________________________________

          
	 	 	
            Name:

          
	 	 	
            Title:

          

    

    

    

    

    

    

    

    

    

    

    
      S-1

      
        

    

    Acknowledged by:

    

    

    TOYOTA MOTOR CREDIT CORPORATION,

    as Servicer and Administrator

    

    

    

    

    By:   ____________________________________

             Name:

             Title:

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    
      S-2

      
        

    

    
    EXHIBIT A

    

    

    FORM OF ASSET-BACKED CERTIFICATE

     

    THIS CERTIFICATE DOES NOT CONSTITUTE AN OBLIGATION OF OR AN INTEREST IN THE DEPOSITOR, THE OWNER TRUSTEE, THE SERVICER, THE ADMINISTRATOR, TOYOTA MOTOR CREDIT
      CORPORATION, TOYOTA AUTO FINANCE RECEIVABLES LLC OR ANY OF THEIR RESPECTIVE AFFILIATES, AND WILL NOT BE INSURED OR GUARANTEED BY ANY SUCH ENTITY OR BY ANY GOVERNMENTAL AGENCY.

     

    THIS CERTIFICATE HAS NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “1933 ACT”), OR THE SECURITIES LAWS OF ANY STATE OF THE UNITED
      STATES.  THIS CERTIFICATE MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED EXCEPT IN ACCORDANCE WITH THE PROVISIONS OF THE TRUST AGREEMENT.

     

    EACH PURCHASER AND TRANSFEREE OF THIS CERTIFICATE WILL BE DEEMED TO REPRESENT, WARRANT AND COVENANT THAT IT IS NOT ACQUIRING THE CERTIFICATE WITH THE ASSETS OF AN
      “EMPLOYEE BENEFIT PLAN” AS DEFINED IN SECTION 3(3) OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”), WHICH IS SUBJECT TO THE PROVISIONS OF TITLE I OF ERISA, A “PLAN” DESCRIBED IN AND SUBJECT TO SECTION 4975 OF THE INTERNAL
      REVENUE CODE OF 1986, AS AMENDED (THE “CODE”), AN ENTITY WHOSE UNDERLYING ASSETS INCLUDE “PLAN ASSETS” BY REASON OF AN EMPLOYEE BENEFIT PLAN’S OR PLAN’S INVESTMENT IN THE ENTITY OR ANY OTHER EMPLOYEE BENEFIT PLAN THAT IS SUBJECT TO ANY LAW THAT IS
      SUBSTANTIALLY SIMILAR TO THE FIDUCIARY RESPONSIBILITY OR PROHIBITED TRANSACTION PROVISIONS OF TITLE 1 OF ERISA OR SECTION 4975 OF THE CODE.

     

    NUMBER R‐1

     

    TOYOTA AUTO RECEIVABLES 2020-C OWNER TRUST

     

    ASSET-BACKED CERTIFICATE

     

    THIS CERTIFIES THAT TOYOTA AUTO FINANCE RECEIVABLES LLC is the registered owner of 100% of the nonassessable, fully-paid, fractional undivided beneficial interest in
      Toyota Auto Receivables 2020-C Owner Trust (the “Trust”) formed by Toyota Auto Finance Receivables LLC.

     

    The Trust was created pursuant to a Trust Agreement, dated as of October 22, 2019 (as amended and restated by the Amended and Restated Trust Agreement dated as of July
      27, 2020, the “Trust Agreement”), between Toyota Auto Finance Receivables LLC, as depositor (the “Depositor”), and Wilmington Trust, National Association, a national banking association, as Owner Trustee (the “Owner Trustee”), a summary of certain of
      the pertinent provisions of which is set forth below.  Capitalized terms used herein and not otherwise defined have the meanings ascribed thereto in the Trust Agreement, the Sale and Servicing Agreement, dated as of July 27,

     

    
      A-1

      
        

    

    2020 (the “Sale and Servicing Agreement”), among the Trust, the Depositor and Toyota Motor Credit Corporation, as servicer (the “Servicer”), or the Indenture, dated as of July 27, 2020
      (the “Indenture”), among the Trust and U.S. Bank National Association, as indenture trustee (the “Indenture Trustee”), as the case may be.

     

    This Certificate is one of the duly authorized Certificates designated as “Asset Backed Certificates” (the “Certificates”) issued pursuant to the Trust Agreement. 
      Certain debt instruments evidencing obligations of the Trust have been issued under the Indenture, consisting of Notes designated as “0.20159% Asset Backed Notes, Class A‐1,” “0.36% Asset Backed Notes, Class A‐2,” “0.44% Asset Backed Notes, Class
      A‐3,” “0.57% Asset Backed Notes, Class A‐4” and “0.00% Asset Backed Notes, Class B” (collectively, the “Notes”).  This Certificate is issued under and is subject to the terms, provisions and conditions of the Trust Agreement.  The holder of this
      Certificate, by virtue of its acceptance hereof, assents to and is bound by all of the provisions of the Trust Agreement.

     

    The property of the Trust includes a pool of retail installment sales contracts secured by new and used cars, minivans, light-duty trucks and sport utility vehicles
      (the “Receivables”), all monies due thereunder and received after the Cutoff Date, security interests in the vehicles financed thereby, certain bank accounts and the proceeds thereof, proceeds from claims on certain insurance policies and certain
      other rights under the Trust Agreement and the Sale and Servicing Agreement and all proceeds of the foregoing.

     

    It is the intent of the Depositor, Toyota Motor Credit Corporation and the Certificateholders that, for purposes of U.S. federal and state income tax, franchise tax
      and any other tax measured in whole or in part by income, the Trust will be treated as a division or branch of the Person holding the beneficial interests in the Trust for any period during which the beneficial interests in the Trust are held by one
      person, and will be treated as a partnership, and the Certificateholders will be treated as partners in that partnership, for any period during which the beneficial interests in the Trust are held by more than one person.  For any such period during
      which the beneficial interests in the Trust are held by more than one person, each Certificateholder, by acceptance of a Certificate or any beneficial interest on a Certificate, agrees to treat, and to take no action inconsistent with the treatment
      of, the Certificates as partnership interests in the Trust for such tax purposes.

     

    Under the Trust Agreement, there will be distributed to the Holder hereof on the 15th day of each month or, if such 15th day is not a Business Day, the next Business
      Day, (each, a “Payment Date”), commencing in August 2020, the amounts to be distributed to Certificateholder on such Payment Date in respect of amounts distributable to the Certificateholder pursuant to Section 5.06 of the Sale and Servicing
      Agreement.

     

    The holder of this Certificate acknowledges and agrees that its rights to receive distributions in respect of this Certificate are subordinated to the rights of the
      Noteholders, as described in the Sale and Servicing Agreement and the Indenture.

     

    Distributions on this Certificate will be made as provided in the Trust Agreement by the Paying Agent by wire transfer or check mailed to the Certificateholder without
      the presentation or surrender of this Certificate or the making of any notation hereon.  Except as otherwise

     

    
      A-2

      
        

    

    provided in the Trust Agreement and notwithstanding the above, the final distribution on this Certificate will be made after due notice by the Owner Trustee of the pendency of such
      distribution and only upon presentation and surrender of this Certificate at the office or agency of the Paying Agent designated in such notice.

     

    Each Certificateholder, by its acceptance of a Certificate or any beneficial interest in a Certificate, covenants and agrees that such Certificateholder will not at
      any time institute against the Depositor or the Trust, or join in any institution against the Depositor or the Trust of, any bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings, or other proceedings under any United States,
      federal or state bankruptcy or similar law in connection with any obligations relating to the Certificates, the Notes, the Trust Agreement or any of the Basic Documents.

     

    Reference is hereby made to the further provisions of this Certificate set forth on the reverse hereof, which further provisions shall for all purposes have the same
      effect as if set forth at this place.

     

    Unless the certificate of authentication hereon shall have been executed by an authorized officer of the Owner Trustee or an authenticating agent, by manual or
      facsimile signature, this Certificate shall not entitle the holder hereof to any benefit under the Trust Agreement or the Sale and Servicing Agreement or be valid for any purpose.

     

    THIS CERTIFICATE SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF DELAWARE, WITHOUT REFERENCE TO ITS CONFLICT OF LAW PROVISIONS, AND THE
      OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS.

     

    

    

     

    

    

     

    

    

     

    

    

     

    

    

     

    

    

     

    

    

     

    
      A-3

      
        

    

    IN WITNESS WHEREOF, the Owner Trustee, on behalf of the Trust and not in its individual capacity, has caused this Certificate to be duly executed.

     

    	 	
            TOYOTA AUTO RECEIVABLES 2020-C

          
	 	
            OWNER TRUST

          
	 	 	 
	 	 	 
	 	
            By:  

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

          
	 	 	 
	 	 	 
	 	
            By:

          	
            _________________________________

          
	 	 	
            Authorized Signatory

          

    

    

    Dated:  July 27, 2020

     

    

     

    

     

    

     

    

    

      

      

      

      

      

      

      

    

    
      A-4

      
        

    

    OWNER TRUSTEE’S CERTIFICATE OF AUTHENTICATION

     

    This is the Certificate referred to in the within-mentioned Trust Agreement.

     

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

          
	 	 	 
	 	
            By:

          	
            _________________________________

          
	 	 	
            Authorized Signatory

          

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    
      A-5

      
        

    

    (REVERSE OF CERTIFICATE)

     

    The holder of this Certificate, by accepting an interest in this Certificate, acknowledges that this Certificate represents a beneficial interest in the Trust only and
      does not represent any interest in or obligation of the Depositor, Toyota Motor Credit Corporation (in any capacity), the Administrator, the Owner Trustee, the Indenture Trustee or any Affiliate thereof and no recourse may be had against such parties
      or their assets, except as may be expressly set forth or contemplated in this Certificate or the Basic Documents.  In addition, this Certificate is not guaranteed by any governmental agency or instrumentality and is limited in right of payment to
      certain collections with respect to the Receivables (and certain other amounts), all as more specifically set forth herein and in the Sale and Servicing Agreement.  A copy of each of the Sale and Servicing Agreement and the Trust Agreement may be
      examined during normal business hours at the principal office of the Depositor, and at such other places, if any, designated by the Depositor, by the Certificateholder upon written request.

     

    As provided in the Trust Agreement, and subject to certain limitations therein set forth, the transfer of this Certificate is registerable in the Certificate Register
      upon surrender of this Certificate for registration of transfer at the offices or agencies of the Certificate Registrar maintained by the Owner Trustee, accompanied by a written instrument of transfer in form satisfactory to the Owner Trustee and the
      Certificate Registrar duly executed by the holder hereof or such holder’s attorney duly authorized in writing, and thereupon one or more new Certificates of authorized denominations evidencing the same aggregate interest in the Trust will be issued
      to the designated transferee or transferees. The initial Certificate Registrar appointed under the Trust Agreement is Wilmington Trust, National Association.

     

    The Owner Trustee, the Certificate Registrar and any agent of the Owner Trustee or the Certificate Registrar may treat the person in whose name this Certificate is
      registered as the owner hereof for all purposes and none of the Owner Trustee, the Certificate Registrar or any such agent shall be affected by any notice to the contrary.

     

    The Trust Agreement permits, with certain exceptions therein provided, the amendment thereof by the Depositor and the Owner Trustee, with prior written notice to the
      Rating Agencies, without the consent of any of the Noteholders or the Certificateholders, to cure any ambiguity, to correct or supplement any provisions in the Trust Agreement or for the purpose of adding any provisions to or changing in any manner
      or eliminating any of the provisions in the Trust Agreement or of modifying in any manner the rights of the Noteholders or the Certificateholder; provided, that either (i) an Officer’s Certificate has been delivered by the Servicer to the
      Owner Trustee and the Indenture Trustee certifying that such officer reasonably believes that any such amendment will not materially and adversely affect the interest of any Noteholder or Certificateholder or (ii) the Rating Agency Condition has been
      satisfied in respect of any such amendment.

     

    The Trust Agreement may also be amended from time to time by the Depositor and the Owner Trustee, with prior written notice to the Rating Agencies and with the consent
      of the Indenture Trustee and with the consent of:

     

    
      A-6

      
        

    

    (i) if the interests of the Noteholders are materially and adversely affected, the Holders of Notes evidencing at least a majority of the Outstanding Amount of the Controlling Class of Notes,
        acting together as a single; and

     

    (ii) if the interests of the Certificateholders are materially and adversely affected, the Holders of the Certificates evidencing not less than a majority of the Percentage Interest;

     

    for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of the Trust Agreement or of modifying in any manner the rights of the
      Noteholders or Certificateholders under the Trust Agreement.

     

    No amendment otherwise permitted under Section 11.01 of the Trust Agreement may (x) increase or reduce in any manner the amount of, or accelerate or delay the timing
      of, collections of payments on the Receivables or distributions required to be made for the benefit of any Noteholders or Certificateholders without the consent of all Noteholders and Certificateholders adversely affected thereby, or (y) reduce the
      percentage of the Notes or Certificates which are required to consent to any such amendment without the consent of the Noteholders and Certificateholders adversely affected thereby; provided, that any amendment referred to in clause (x) or (y) above
      will be deemed to not adversely affect any Noteholder if the Rating Agency Condition has been satisfied in respect of such proposed amendment.  No amendment referred to in clause (x) in the immediately preceding sentence will be permitted unless an
      Officer’s Certificate has been delivered by the Servicer to the Owner Trustee and the Indenture Trustee certifying that such officer reasonably believes that such amendment will not materially and adversely affect the interest of any Noteholder or
      Certificateholder whose consent was not obtained.

     

    The obligations and responsibilities created by the Trust Agreement and the Trust created thereby shall terminate upon the payment to the Certificateholder of all
      amounts required to be paid to it pursuant to the Trust Agreement and the Sale and Servicing Agreement and the disposition of all property held as part of the Trust Estate.  Toyota Motor Credit Corporation, as servicer of the Receivables under the
      Sale and Servicing Agreement, or any successor servicer, may at its option purchase the Trust Estate at a price specified in the Sale and Servicing Agreement, and any such purchase of the Receivables and other property of the Trust will effect early
      retirement of the Certificate; however, such right of purchase is exercisable only after the last day of the Collection Period as of which the Pool Balance is less than or equal to 5% of the Original Pool Balance.

     

     

    

    
      A-7

      
        

    

    ASSIGNMENT

     

    Social Security or taxpayer I.D.  or other identifying number of assignee:__________________

     

    FOR VALUE RECEIVED the undersigned hereby sells, assigns and transfers unto:

    

    

    ____________________________________________________________________________

      (name and address of assignee)

     

    the within Certificate, and all rights thereunder, hereby irrevocably constituting and appointing

    ______________________, attorney, to transfer said Certificate on the books of the Certificate Registrar, with full power of substitution in the premises.

    

    

    Dated:_____________*/

     

    Signature Guaranteed:

      __________________*/

     

    

    

    */NOTICE: The signature to this assignment must correspond with the name as it appears upon the face of the within Certificate in every particular, without alteration, enlargement or any change whatever.
      Such signature must be guaranteed by a member firm of the New York Stock Exchange or a commercial bank or trust company.

     

    

     

    

     

    

    
      A-8

      
        

    

    
    EXHIBIT B

     

    FORM OF TRANSFEREE REPRESENTATION LETTER

     

    Toyota Auto Receivables 2020-C Owner Trust

    c/o Wilmington Trust, N.A.,

    not in its individual capacity but solely as Owner Trustee

    Rodney Square North

    1100 North Market Street

    Wilmington, Delaware 19890

    Attention: Corporate Trust Administration

    

    

    Wilmington Trust, National Association,

    as Certificate Registrar

    Rodney Square North

    1100 North Market Street

    Wilmington, Delaware 19890

    Attention: Corporate Trust Administration

    

    

    Re:  Transfer of Toyota Auto Receivables 2020-C Owner Trust Certificates, (the “Certificates”)

    

    

    Ladies and Gentlemen:

     

    This letter is delivered pursuant to Section 3.03 of the Amended and Restated Trust Agreement, dated as of July 27, 2020 (the “Trust Agreement”), between Toyota Auto Finance Receivables
      LLC, as Depositor, and Wilmington Trust, National Association, as Owner Trustee (the “Owner Trustee”), in connection with the transfer by ________________ (the “Seller”) to the undersigned (the “Purchaser”) of the Certificates, a copy of which are
      attached hereto. Capitalized terms used and not otherwise defined herein have the meanings assigned to such terms in the Trust Agreement.

     

    In connection with such transfer, the undersigned hereby represents and warrants to you and the addressees hereof as follows:

     

    1. I
        am not a Non-U.S. Person as defined in the Trust Agreement; and

     

    2. I
        am not (i) an “employee benefit plan” as defined in Section 3(3) of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”), which is subject to the provisions of Title I of ERISA, (ii) a “plan” described in and subject to Section
        4975 of the Internal Revenue Code of 1986, as amended (the “Code”), (iii) an entity whose underlying assets include “plan assets” by reason of an employee benefit plan’s or plan’s investment in the entity, or (iv) any other employee benefit plan
        that is subject to any law that is substantially similar to the fiduciary responsibility or prohibited transaction provisions of Title 1 of ERISA or Section 4975 of the Code.

     

    Signature appears on next page.

     

    
      B-1

      
        

    

    IN WITNESS WHEREOF, the Purchaser hereby executes this Transferee Representation Letter on the ___ day of  ___________.

     

    Very truly yours,

    

    

    

    

    

    

    The Purchaser

     

     

    

     

    

     

    

     

    

     

    

     

    

     

    

     

    

     

    

     

    

     

    

     

    

     

    

    
      B-2

      
        

    

    
    EXHIBIT C

     

    FORM OF TRANSFEROR REPRESENTATION LETTER

     

    

    

     

    Toyota Auto Receivables 2020-C Owner Trust

    c/o Wilmington Trust, National Association,

    not in its individual capacity but solely as Owner Trustee

    Rodney Square North

    1100 North Market Street

    Wilmington, Delaware 19890

    Attention: Corporate Trust Administration

    

    

    Wilmington Trust, National Association,

    as Certificate Registrar

    Rodney Square North

    1100 North Market Street

    Wilmington, Delaware 19890

    Attention: Corporate Trust Administration

    

    

    Re:  Transfer of Toyota Auto Receivables 2020-C Owner Trust Certificates, (the “Certificates”)

    

    

    Ladies and Gentlemen:

     

    This letter is delivered pursuant to Section 3.03 of the Amended and Restated Trust Agreement, dated as of July 27, 2020 (the “Trust Agreement”), between Toyota Auto Finance Receivables
      LLC, as Depositor, and Wilmington Trust, National Association, as Owner Trustee (the “Owner Trustee”), in connection with the transfer by ______________________ (the “Purchaser”) to the undersigned (the “Seller”) of the Certificates, a copy of which
      are attached hereto. Capitalized terms used and not otherwise defined herein have the meanings ascribed thereto in the Trust Agreement. The Transferor hereby certifies, represents and warrants to you, as Certificate Registrar, that:

     

    1. The Transferor is the lawful owner of the Transferred Certificates with the full right to transfer such Certificates free from any and all claims and encumbrances whatsoever.

     

    2. Neither the Transferor nor anyone acting on its behalf has (a) offered, transferred, pledged, sold or otherwise disposed of any Transferred Certificate, any interest in any
      Transferred Certificate or any other similar security to any person in any manner, (b) solicited any offer to buy or accept a transfer, pledge or other disposition of any Transferred Certificate, any interest in any Transferred Certificate or any
      other similar security from any person in any manner, (c) otherwise approached or negotiated with respect to any Transferred Certificate, any interest in any Transferred Certificate or any other similar security with any person in any manner, (d)
      made any general solicitation by means of general advertising or in any other manner, or (e) taken any other action, which (in the case of any of the acts described in clauses (a) through (e) hereof) would constitute a distribution of any Transferred
      Certificate under the

     

    
      C-1

      
        

    

    Securities Act of 1933, as amended (the “Securities Act”), or would render the disposition of any Transferred Certificate a violation of Section 5 of the Securities Act or any state securities laws, or would
      require registration or qualification of any Transferred Certificate pursuant to the Securities Act or any state securities laws.

     

    Very truly yours,

     

    

     

    (Transferor)

     

    By:

     

     

    

     

    

     

    

     

    

     

    

     

    

     

    

     

    

     

    

    

      

      

      

      

      

      

      

      

      

      

      

      

      

    

    
      C-2

      
        

    

    
    EXHIBIT D

    

    

    FORM OF NOTICE OF REPURCHASE REQUEST

    

    

    [__________], 20[__]

    

    

    Toyota Motor Credit Corporation

      Toyota Auto Finance Receivables LLC

    6565 Headquarters Drive

    W2-3D, Plano, Texas 75024-5965

    Attention: President

    

    

    

    

    Re: TOYOTA

        AUTO RECEIVABLES 2020-C OWNER TRUST (the “Issuer”)

    Notice of Requests to Repurchase Receivables 

    

    

    

    

    Reference is hereby made to the Amended and Restated Trust Agreement of the Issuer, dated as of July 27, 2020 (the “Trust Agreement”), between Toyota Auto Finance
      Receivables LLC, a Delaware limited liability company, as depositor (the “Depositor”), and Wilmington Trust, National Association, a national banking association, as owner trustee (in such capacity, the “Owner Trustee”). Capitalized terms used but
      not defined herein shall have the meanings given to them in the Trust Agreement. This notice is being delivered pursuant to Section 6.03(h) of the Trust Agreement.

    

    

    During the period from and including [__________], 20[__] to but excluding [__________], 20[__], the Owner Trustee received one or more demands for the repurchase of a
      Receivable for breach of representations and warranties concerning such Receivable. Copies of any such requests received in writing are attached.

    

    

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

          
	 	 	 
	 	 	 
	 	
            By:  

          	
                                                                   

          
	 	 	
            Name:

          
	 	 	
            Title:

          

    

    

    

    

    

    

    

    

  

  

  

  

  

  D-1

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