Document:

Exhibit 4.7

      

      Execution Version 

    

    

    

     

    

    

     
      

    

    

    

    

     

    ASSET REPRESENTATIONS REVIEW AGREEMENT

    

    

     

    among

    

    

     

    TOYOTA AUTO RECEIVABLES 2019-D OWNER TRUST,

      as Issuer,

     

     

    TOYOTA MOTOR CREDIT CORPORATION,

      as Servicer and Administrator,

     

     

    and

     

     

    CLAYTON FIXED INCOME SERVICES LLC,

      as Asset Representations Reviewer

     

     

    Dated as of November 13, 2019

     

    

     

    
      

     

    
      
        

    

    
    TABLE OF CONTENTS

     

    	
            ARTICLE I

          	
            USAGE AND DEFINITIONS

          	
            1

          
	 	 	 
	
            Section 1.1.

          	
            Usage and Definitions

          	
            1

          
	
            Section 1.2.

          	
            Additional Definitions

          	
            1

          
	 	 	 
	
            ARTICLE II

          	
            ENGAGEMENT OF ASSET REPRESENTATIONS REVIEWER

          	
            2

          
	 	 	 
	
            Section 2.1.

          	
            Engagement; Acceptance

          	
            2

          
	
            Section 2.2.

          	
            Confirmation of Status

          	
            2

          
	 	 	 
	
            ARTICLE III

          	
            ASSET REPRESENTATIONS REVIEW PROCESS

          	
            3

          
	 	 	 
	
            Section 3.1.

          	
            Review Notice and Identification of Review Receivables

          	
            3

          
	
            Section 3.2.

          	
            Review Materials

          	
            3

          
	
            Section 3.3.

          	
            Performance of Reviews

          	
            3

          
	
            Section 3.4.

          	
            Review Reports

          	
            4

          
	
            Section 3.5.

          	
            Review Representatives

          	
            5

          
	
            Section 3.6.

          	
            Dispute Resolution

          	
            5

          
	
            Section 3.7.

          	
            Limitations on Review Obligations

          	
            5

          
	 	 	 
	
            ARTICLE IV

          	
            ASSET REPRESENTATIONS REVIEWER

          	
            6

          
	 	 	 
	
            Section 4.1.

          	
            Representations and Warranties

          	
            6

          
	
            Section 4.2.

          	
            Covenants

          	
            7

          
	
            Section 4.3.

          	
            Fees and Expenses

          	
            7

          
	
            Section 4.4.

          	
            Limitation on Liability

          	
            8

          
	
            Section 4.5.

          	
            Indemnification by Asset Representations Reviewer

          	
            9

          
	
            Section 4.6.

          	
            Indemnification of Asset Representations Reviewer

          	
            9

          
	
            Section 4.7.

          	
            Inspections of Asset Representations Reviewer

          	
            10

          
	
            Section 4.8.

          	
            Delegation of Obligations

          	
            10

          
	
            Section 4.9.

          	
            Confidential Information

          	
            10

          
	
            Section 4.10.

          	
            Personally Identifiable Information

          	
            12

          
	 	 	 
	
            ARTICLE V

          	
            RESIGNATION AND REMOVAL; SUCCESSOR ASSET REPRESENTATIONS REVIEWER

          	
            14

          
	 	 	 
	
            Section 5.1.

          	
            Eligibility Requirements for Asset Representations Reviewer

          	
            14

          
	
            Section 5.2.

          	
            Resignation and Removal of Asset Representations Reviewer

          	
            14

          
	
            Section 5.3.

          	
            Successor Asset Representations Reviewer

          	
            15

          
	
            Section 5.4.

          	
            Merger, Consolidation or Succession

          	
            15

          
	 	 	 
	
            ARTICLE VI

          	
            OTHER AGREEMENTS

          	
            15

          
	 	 	 
	
            Section 6.1.

          	
            Independence of Asset Representations Reviewer

          	
            15

          
	
            Section 6.2.

          	
            No Petition

          	
            16

          
	
            Section 6.3.

          	
            Limitation of Liability of Owner Trustee

          	
            16

          
	
            Section 6.4.

          	
            Termination of Agreement

          	
            16

          
	 	 	 
	
            ARTICLE VII

          	
            MISCELLANEOUS PROVISIONS

          	
            16

          
	 	 	 
	
            Section 7.1.

          	
            Amendments

          	
            16

          
	
            Section 7.2.

          	
            Assignment; Benefit of Agreement; Third Party Beneficiaries

          	
            17

          

    

    

    
      i

      
        

    

    	
            Section 7.3.

          	
            Notices

          	
            17

          
	
            Section 7.4.

          	
            GOVERNING LAW

          	
            17

          
	
            Section 7.5.

          	
            WAIVER OF JURY TRIAL

          	
            17

          
	
            Section 7.6.

          	
            No Waiver; Remedies

          	
            18

          
	
            Section 7.7.

          	
            Severability

          	
            18

          
	
            Section 7.8.

          	
            Headings

          	
            18

          
	
            Section 7.9.

          	
            Counterparts

          	
            18

          
	
            Section 7.10.

          	
            Submission to Jurisdiction

          	
            18

          

     

    

    Schedule A – Review Materials

    Schedule B – Representations, Warranties and Tests

      

      

      

      

      

      

      

      

        

        

        

        

      

      

      

      

      

      

    

    
      ii

      
        

    

    ASSET REPRESENTATIONS REVIEW AGREEMENT, dated as of November 13, 2019 (this “Agreement”), among TOYOTA AUTO RECEIVABLES 2019-D OWNER TRUST, a Delaware statutory trust (the “Issuer”),
      TOYOTA MOTOR CREDIT CORPORATION, a California corporation (“TMCC”), as servicer (in such capacity, the “Servicer”) and administrator (in such capacity, the “Administrator”), and CLAYTON FIXED INCOME SERVICES LLC, a Delaware
      limited liability company (the “Asset Representations Reviewer”).

     

    WITNESSETH

     

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

     

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

     

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

     

    ARTICLE I

      USAGE AND DEFINITIONS

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

    “Indenture” means the Indenture, dated as of November 13, 2019, between the Issuer and the Indenture Trustee, as the same may be amended, supplemented or modified from time to time.

    

    

    
      
        

    

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

    “Sale and Servicing Agreement” means the Sale and Servicing Agreement, dated as of November 13, 2019, among the Issuer, the Seller and TMCC.

     

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

     

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

     

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

     

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

     

    ARTICLE II

      ENGAGEMENT OF ASSET REPRESENTATIONS REVIEWER

     

    Section 2.1.     Engagement; Acceptance.  The Issuer hereby engages Clayton Fixed Income Services LLC to act as the Asset Representations Reviewer for the
      Issuer.  Clayton Fixed Income Services LLC hereby accepts the engagement and agrees to perform the obligations of the Asset Representations Reviewer on the terms set forth in this Agreement.

     

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

     

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

     

    ARTICLE III

      ASSET REPRESENTATIONS REVIEW PROCESS

     

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

     

    Section 3.2.     Review Materials.

     

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

     

    (b) Missing or Insufficient Review Materials. 

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

     

    Section 3.3.     Performance of Reviews.

     

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

     

    
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    Asset Representations Reviewer will determine if the Test has been satisfied (a “Test Pass”) or if the Test has not been satisfied (a “Test Fail”).

     

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

     

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

     

    (d) Previously Reviewed Receivable; Duplicative
        Tests.  If any Review Receivable was included in a prior Review, the Asset Representations Reviewer will not conduct additional Tests on such Review Receivable, but will include the previously reported Test results in the Review Report for the
      current Review.  If the same Test is required for more than one representation and warranty, the Asset Representations Reviewer will only perform the Test once for each Review Receivable, but will report the results of the Test for each applicable
      representation and warranty on the Review Report.

     

    (e) Termination of Review.  If a Review is
      in process and the Notes will be paid in full on the next Payment Date, the Servicer or the Administrator will notify the Asset Representations Reviewer no less than ten (10) days before that Payment Date.  On receipt of such notice, the Asset
      Representations Reviewer will terminate the Review immediately and will not be obligated to deliver a Review Report.

     

    Section 3.4.     Review Reports.  Within five (5) days after the end of the applicable Review period under Section 3.3(b), the Asset Representations
      Reviewer will deliver to the Issuer, the Servicer, the Depositor, the Administrator and the Indenture Trustee a Review Report indicating for each Review Receivable whether there was a Test Pass, Test Fail or Test Complete for each related Test.  For
      each Test Fail or Test Complete, the Review Report will indicate the related reason, including (for example) whether the Review Receivable was a Test Fail as a result of missing or incomplete Review Materials.  The Review Report will contain a
      summary of the Review results to be included in the Issuer’s Form 10-D report for the Collection Period in which the Review Report is received.  The Asset Representations Reviewer will ensure that the Review Report does not contain any PII.  On
      reasonable request of the Servicer or the Administrator, the Asset Representations Reviewer will provide additional details on the Test results.

     

    
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    Section 3.5.     Review Representatives.

     

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

     

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

     

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

     

    Section 3.6.     Dispute Resolution.  If a Review Receivable that was the subject of a Review becomes the subject of a dispute resolution proceeding under
      Section 11.02 of the Sale and Servicing Agreement, the Asset Representations Reviewer will participate in the dispute resolution proceeding on request of a party to the proceeding.  The reasonable out-of-pocket expenses of the Asset Representations
      Reviewer for its participation in any dispute resolution proceeding will be considered expenses of the requesting party for the dispute resolution and will be paid by a party to the dispute resolution as determined by the mediator or arbitrator for
      the dispute resolution according to Section 11.02 of the Sale and Servicing Agreement.  If not paid by a party to the dispute resolution, the expenses will be reimbursed by the Issuer according to Section 4.3(d) of this Agreement.

     

    Section 3.7.     Limitations on Review Obligations.

     

    (a) Review Process Limitations.  The Asset
      Representations Reviewer will have no obligation: (i) to determine whether a Delinquency Trigger has occurred or whether the required percentage of Noteholders has voted to direct a Review under the Indenture; (ii) to determine which Receivables are
      the subject of a Review; (iii) to obtain or confirm the validity of the Review Materials; (iv) to obtain missing or insufficient Review Materials; (v) to take any action or cause any other party to take any action under any of the Basic Documents to
      enforce any remedies for breaches of representations or warranties; or (vi) to establish cause, materiality or recourse for any Test Fail as described in Section 3.3.

     

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

     

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

     

    ARTICLE IV

      ASSET REPRESENTATIONS REVIEWER

     

    Section 4.1.     Representations and Warranties.  The Asset Representations Reviewer represents and warrants to the Issuer as of the Closing Date:

     

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

     

    (b) Power, Authority and Enforceability. 
      The Asset Representations Reviewer has the power and authority to execute, deliver and perform its obligations under this Agreement.  The Asset Representations Reviewer has authorized the execution, delivery and performance of this Agreement.  This
      Agreement is the legal, valid and binding obligation of the Asset Representations Reviewer enforceable against the Asset Representations Reviewer, except as may be limited by insolvency, bankruptcy, reorganization or other laws relating to the
      enforcement of creditors’ rights or by general equitable principles.

     

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

     

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

     

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

     

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

     

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

     

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

     

    (b) Review Systems; Personnel.  It will
      maintain business process management and/or other systems necessary to ensure that it can perform each Test and, on execution of this Agreement, will load each Test into these systems. The Asset Representations Reviewer will ensure that these systems
      allow for each Review Receivable and the related Review Materials to be individually tracked and stored as contemplated by this Agreement.  The Asset Representations Reviewer will maintain adequate staff that is properly trained to conduct Reviews as
      required by this Agreement.

     

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

     

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

     

    Section 4.3.     Fees and Expenses.

     

    (a) Annual Fee.  As compensation for its
      activities hereunder, the Asset Representations Reviewer shall be entitled to receive an annual fee (the “Annual Fee”) with respect to each Annual Period prior to the termination of the Issuer, in an amount equal to $5,000.

     

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

     

    
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    included in a prior Review or for which no Tests were completed prior to the Asset Representations Reviewer being notified of a termination of the Review according to Section 3.3(e) or due to missing or insufficient
      Review Materials under Section 3.2(b).

     

    (c) Reimbursement of Travel Expenses.  If
      the Servicer provides access to the Review Materials at one of its properties, the Issuer will reimburse the Asset Representations Reviewer for its reasonable travel expenses incurred in connection with the Review, following the delivery to the
      Issuer, the Indenture Trustee, the Servicer and the Administrator of a detailed invoice in respect of such expenses; provided that such reimbursable expenses may not exceed $20,000.

     

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

     

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

     

    Section 4.4.     Limitation on Liability.  The Asset Representations Reviewer will not be liable to any Person for any action taken, or not taken, in good
      faith under this Agreement or for errors in judgment.  However, the Asset Representations Reviewer will be liable for its willful misconduct, bad faith or negligence in performing its obligations under this Agreement.  In no event will the Asset
      Representations Reviewer be liable for special, indirect or consequential

     

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

     

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

     

    Section 4.6.     Indemnification of Asset Representations Reviewer.

     

    (a) Indemnification.  The Issuer will
      indemnify the Asset Representations Reviewer and its officers, directors, employees and agents (each, an “Indemnified Person”), for all costs, expenses, losses, damages and liabilities resulting from the performance of its obligations under
      this Agreement (including the fees and expenses of defending itself against any loss, damage or liability), but excluding any cost, expense, loss, damage or liability resulting from (i) the Asset Representations Reviewer’s willful misconduct, bad
      faith or negligence or (ii) the Asset Representations Reviewer’s breach of any of its representations or warranties in this Agreement.

     

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

     

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

     

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

     

    Section 4.7.     Inspections of Asset Representations Reviewer.  The Asset Representations Reviewer agrees that, with reasonable prior notice not more
      than once during any year, it will permit authorized representatives of the Issuer, the Servicer and the Administrator, during the Asset Representations Reviewer’s normal business hours, to examine and review the books of account, records, reports
      and other documents and materials of the Asset Representations Reviewer relating to (a) the performance of the Asset Representations Reviewer’s obligations under this Agreement, (b) payments of fees and expenses of the Asset Representations Reviewer
      for its performance and (c) a claim made by the Asset Representations Reviewer under this Agreement.  In addition, the Asset Representations Reviewer will permit the Issuer’s, the Servicer’s and the Administrator’s representatives to make copies and
      extracts of any of those documents and to discuss them with the Asset Representations Reviewer’s officers and employees.  Each of the Issuer, the Servicer and the Administrator will, and will cause its authorized representatives to, hold in
      confidence the information except if disclosure may be required by law or if the Issuer, the Servicer or the Administrator reasonably determines that it is required to make the disclosure under this Agreement or the other Basic Documents.  The Asset
      Representations Reviewer will maintain all relevant books, records, reports and other documents and materials for a period of at least two years after the termination of its obligations under this Agreement.

     

    Section 4.8.     Delegation of Obligations.  The Asset Representations Reviewer may not delegate or subcontract its obligations under this Agreement to
      any Person without the consent of the Issuer, the Servicer and the Administrator.

     

    Section 4.9.     Confidential Information.

     

    (a) Treatment.  The Asset Representations
      Reviewer agrees to hold and treat Confidential Information given to it under this Agreement in confidence and under the terms and conditions of this Section 4.9, and will implement and maintain safeguards to further assure the confidentiality of the
      Confidential Information.  The Confidential Information will not, without the prior consent of the Issuer, the Servicer and the Administrator, be disclosed or used by the Asset Representations Reviewer, or its officers, directors, employees, agents,
      representatives or affiliates, including legal counsel (collectively, the “Information Recipients”) other than for the purposes of performing Reviews of Review Receivables or performing its obligations under this Agreement.  The Asset
      Representations Reviewer agrees that it will not, and will cause its Affiliates to not (i) purchase or sell securities issued by TMCC, the Issuer or any of their respective Affiliates or special purpose entities formed by any of the foregoing Persons
      on the basis of Confidential Information or (ii) use the Confidential Information for the preparation of research reports, newsletters or other publications or similar communications.

     

    (b) Definition.  “Confidential
        Information” means oral, written and electronic materials (irrespective of its source or form of communication) furnished before, on or after the

     

    
      10

      
        

    

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

     

    (i) lists of Review Receivables
      and any related Review Materials;

     

    (ii) origination and servicing
      guidelines, policies and procedures, and form contracts; and

     

    (iii) notes, analyses,
      compilations, studies or other documents or records prepared by the Servicer or the Administrator, which contain information supplied by or on behalf of the Servicer, the Administrator or their respective representatives.

     

    However, Confidential Information will not include information that (A) is or becomes generally available to the public other than as a result of disclosure by the Information Recipients, (B) was available to, or
      becomes available to, the Information Recipients on a non-confidential basis from a Person or entity other than the Issuer, the Servicer or the Administrator before its disclosure to the Information Recipients who, to the knowledge of the Information
      Recipient is not bound by a confidentiality agreement with the Issuer, the Servicer or the Administrator and is not prohibited from transmitting the information to the Information Recipients, (C) is independently developed by the Information
      Recipients without the use of the Confidential Information, as shown by the Information Recipients’ files and records or other evidence in the Information Recipients’ possession or (D) the Issuer, the Servicer or the Administrator provides permission
      to the applicable Information Recipients to release.

     

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

     

    (d) Disclosure.  If the Asset
      Representations Reviewer is required by applicable law, regulation, rule or order issued by an administrative, governmental, regulatory or judicial authority to disclose part of the Confidential Information, it may disclose the Confidential
      Information.  However, before a required disclosure, the Asset Representations Reviewer, if permitted by law, regulation, rule or order, will use its reasonable efforts to provide the Issuer, the Servicer and the Administrator with notice of the
      requirement and will cooperate, at the Issuer’s or the Servicer’s expense, as applicable, in the Issuer’s or the Servicer’s pursuit of a proper protective order or other relief for the disclosure of the Confidential Information.  If the Issuer or the
      Servicer is unable to obtain a protective order or other proper remedy by the date that the information is required to be disclosed, the Asset Representations Reviewer will disclose only that part of the Confidential Information that it is advised by
      its legal counsel it is legally required to disclose.

     

    (e) Responsibility for Information Recipients. 

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

     

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

     

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

     

    Section 4.10.     Personally Identifiable Information.

     

    (a) Definitions.  “PII” means
      information in any format about an identifiable individual, including, name, address, phone number, e-mail address, account number(s), identification number(s), any other actual or assigned attribute associated with or identifiable to an individual
      and any information that when used separately or in combination with other information could identify an individual.  “Issuer PII” means PII furnished by the Issuer, the Servicer, the Administrator or their respective Affiliates to the Asset
      Representations Reviewer and PII developed or otherwise collected or acquired by the Asset Representations Reviewer in performing its obligations under this Agreement.

     

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

     

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

     

    (i) The Asset Representations
      Reviewer will not disclose Issuer PII to its personnel or allow its personnel access to Issuer PII except (A) for the Asset Representations Reviewer personnel who require Issuer PII to perform a Review, (B) with the prior consent of the Issuer or (C)
      as required by applicable law.  When permitted, the disclosure of or access to Issuer PII will be limited to the specific information necessary for the individual to complete the assigned task.  The Asset Representations Reviewer will inform
      personnel with access to Issuer PII of the

     

    
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    confidentiality requirements in this Agreement and train its personnel with access to Issuer PII on the proper use and protection of Issuer PII.

     

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

     

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

     

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

     

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

     

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

     

    (g) Audit of Asset Representations Reviewer. 

      The Asset Representations Reviewer will permit the Issuer, the Servicer and the Administrator and their authorized representatives to audit the Asset Representations Reviewer’s compliance with this Section 4.10 during the Asset Representations
      Reviewer’s normal business hours on reasonable advance notice to the Asset Representations Reviewer, and not more than once during any year unless circumstances necessitate additional audits.  The Issuer, the Servicer and the Administrator agree to
      make reasonable efforts to schedule any audit described in this Section 4.10 with the inspections described in Section 4.7.  The Asset Representations Reviewer will also permit the Issuer, the Servicer and the Administrator, during normal business
      hours on reasonable advance written notice, to audit any service providers used by the Asset Representations Reviewer to fulfill the Asset Representations Reviewer’s obligations under this Agreement.

     

    
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    (h) Affiliates and Third Parties.  If the
      Asset Representations Reviewer processes the PII of the Issuer’s, the Servicer’s or the Administrator’s Affiliates or a third party when performing a Review, and if such Affiliate or third party is identified to the Asset Representations Reviewer,
      such Affiliate or third party is an intended third-party beneficiary of this Section 4.10, and this Agreement is intended to benefit the Affiliate or third party.  The Affiliate or third party may enforce the PII-related terms of this Section 4.10
      against the Asset Representations Reviewer as if each were a signatory to this Agreement.

     

    ARTICLE V

      RESIGNATION AND REMOVAL;

      SUCCESSOR ASSET REPRESENTATIONS REVIEWER

     

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

     

    Section 5.2.     Resignation and Removal of Asset Representations Reviewer.

     

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

     

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

     

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

     

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

     

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

     

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

     

    (d) Continue to Perform After Resignation or
        Removal.  No resignation or removal of the Asset Representations Reviewer will be effective, and the Asset Representations Reviewer will continue to perform its obligations under this Agreement, until a successor Asset Representations Reviewer
      has accepted its engagement according to Section 5.3(b).

     

    
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    Section 5.3.     Successor Asset Representations Reviewer .

     

    (a) Engagement of Successor Asset
        Representations Reviewer.  Following the resignation or removal of the Asset Representations Reviewer, the Issuer will engage a successor Asset Representations Reviewer who meets the eligibility requirements of Section 5.1.

     

    (b) Effectiveness of Resignation or Removal. 

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

     

    (c) Transition and Expenses.  If the Asset
      Representations Reviewer resigns or is removed, the Asset Representations Reviewer will cooperate with the Issuer, the Servicer and the Administrator and take all actions reasonably requested to assist the Issuer in making an orderly transition of
      the Asset Representations Reviewer’s rights and obligations under this Agreement to the successor Asset Representations Reviewer.  The Asset Representations Reviewer will pay the reasonable expenses of transitioning the Asset Representations
      Reviewer’s obligations under this Agreement and preparing the successor Asset Representations Reviewer to take on the obligations on receipt of an invoice with reasonable detail of the expenses from the Issuer, the Servicer, the Administrator or the
      successor Asset Representations Reviewer. To the extent expenses incurred by the Asset Representations Reviewer in connection with the replacement of the Asset Representations Reviewer are not paid by the Asset Representations Reviewer that is being
      replaced, the Issuer will pay such expenses in accordance with the priority of payments set forth in Section 5.06(b) or (c) of the Sale and Servicing Agreement, as applicable.

     

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

     

    ARTICLE VI

      OTHER AGREEMENTS

     

    Section 6.1.     Independence of Asset Representations Reviewer.  The Asset Representations Reviewer will be an independent contractor and will not be
      subject to the supervision of the Issuer for the manner in which it accomplishes the performance of its obligations under this Agreement.  Unless authorized by the Issuer, the Servicer or the Administrator, the Asset Representations Reviewer will
      have no authority to act for or represent the Issuer, the Servicer or the Administrator, respectively, and will not be considered an agent of any such Person.  Nothing in this Agreement will make the Asset Representations Reviewer and

     

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

     

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

     

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

     

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

     

    ARTICLE VII

      MISCELLANEOUS PROVISIONS

     

    Section 7.1.     Amendments.  The parties may amend this Agreement:

     

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

     

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

     

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

     

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

     

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

     

    (b) Benefit of Agreement; Third-Party
        Beneficiaries.  This Agreement is for the benefit of and will be binding on the parties and their permitted successors and assigns.  The Owner Trustee and the Indenture Trustee, for the benefit of the Noteholders, will be third-party
      beneficiaries of this Agreement and may enforce this Agreement against the Asset Representations Reviewer, the Servicer and the Administrator.  No other Person will have any right or obligation under this Agreement.

     

    Section 7.3.     Notices.

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

    Section 7.6.     No Waiver; Remedies.  No party’s failure or delay in exercising a power, right or remedy under this Agreement will operate as a waiver. 
      No single or partial exercise of a power, right or remedy will preclude any other or further exercise of the power, right or remedy or the exercise of any other power, right or remedy.  The powers, rights and remedies under this Agreement are in
      addition to any powers, rights and remedies under law.

     

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

     

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

     

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

     

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

     

    [Remainder of Page Left Blank]

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

        TOYOTA AUTO RECEIVABLES 2019-D OWNER TRUST, as Issuer

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

        

        

        By:     /s/ Clarice Wright                                           

            Name:  Clarice Wright

            Title:     Assistant Vice President

          

        

        

        TOYOTA MOTOR CREDIT CORPORATION,

            as Servicer and Administrator

        

        

        By:    /s/ Cindy Wang                                            

            Name:  Cindy Wang

            Title:    Group Vice President — Treasury

        

        

        CLAYTON FIXED INCOME SERVICES LLC,

            as Asset Representations Reviewer

        

        

        By:    /s/ Robert A. Harris                                  

            Name:  Robert A. Harris

            Title:    Secretary

      

      

    

     

    
      
        

    

    
    Schedule A

    Review Materials

     

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

     

    
      
        	

              	(a)	
                the Contract;

              

      

    

     

    
      
        	

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

              

      

    

     

    
      
        	

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

              

      

    

     

    
      
        	

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

              

      

    

     

    
      
        	

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

              

      

    

     

    
      
        	

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

              

      

    

     

    
      Sch. A-1

      
        

    

    
    Schedule B

    Representations, Warranties and Tests

     

    	
            Representations and Warranties

            Made as of the Cutoff Date and the Closing Date

            (unless otherwise specified)

          	
            Tests

          
	
            1.

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

          	
            Test 1-1: Dealer Address

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

            Test 1-2: Contract Signed

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

            Test 1-3: Valid Assignee

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

            Test 1-4: Valid Assignor Signature

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

          
	
            2.

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

          	
            Test 2-1: Lienholder

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

            Test 2-2:  Obligor Name

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

            Test 2-3:  Valid VIN

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

          
	
            3.

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

          	
            Test 3-1: Payments

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

            Test 3-2: Simple Interest

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

          

    

    

    

    

  

  
    Sch. B-1

    
      

  

  
    	
            Representations and Warranties

            Made as of the Cutoff Date and the Closing Date

            (unless otherwise specified)

          	Tests
	
            4.

          	
            Prepayment.  Each Receivable allows for prepayment without penalty.

          	
            Test 4-1: Prepayment

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

          
	
            5.

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

          	
            Test 5-1: Complete Contract

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

          
	
            6.

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

          	
            Test 6-1:  Valid Contract Form

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

            Test 6-2: Contract Executed

            Confirm the Obligor(s) signed the Contract.

          
	
            7.

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

          	
            Test 7-1: Personal Use

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

            Test 7-2: No Government Obligor

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

          
	
            8.

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

          	
            Test 8-1: Active Account

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

          

    

    

    

    

    
      Sch. B-2

      
        

    

    	
            Representations and Warranties

            Made as of the Cutoff Date and the Closing Date

            (unless otherwise specified)

          	Tests
	
            9.

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

          	
            Test 9-1: Contract Form

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

            Test 9-2: Modification

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

          
	 	
            i.

          	
            APR

          
	 	
            ii.

          	
            Original Contract Term

          
	 	
            iii.

          	
            Monthly Payment

          
	 	
            iv.

          	
            Total Amount Financed

          
	 	
            v.

          	
            Make / Model / Model Year

          
	 	
            vi.

          	
            Simple Interest Method Loan

          
	 	 	 
	
            10.

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

          	
            Test 10-1: No Litigation

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

          
	
            11.

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

          	
            Test 11-1: Delinquency

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

          
	
            12.

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

          	
            Test 12-1: Repossession Inventory

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

          
	
            13. 

            

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

          	
            Test 13-1: Physical Damage Covered

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

            Test 13-2: No Force-Placed Insurance

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

          

    

    

    

    

    
      Sch. B-3

      
        

    

    	
            Representations and Warranties

            Made as of the Cutoff Date and the Closing Date

            (unless otherwise specified)

          	Tests
	
            14.

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

          	
            Test 14-1: Sole Lienholder

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

            Test 14-2: No Transfer of Title

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

          
	
            15.

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

          	
            Test 15-1: Contract Form

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

            Test 15-2: Assignability

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

          
	
            16. 

            

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

          	
            Test 16(A):  Servicing

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

            Test 16(B):  Financed Vehicle

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

            Test 16(C):  Delinquency

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

            Test 16(D):  No Bankruptcy

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

          

    

    

    

    

    

    

     

    

    

  

  Sch. B-4vctr_Ex10_3

		
			Exhibit 10.3
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			VICTORY CAPITAL MANAGEMENT INC.
		

		
			DEFERRED COMPENSATION PLAN
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			Prepared by
		

		
			THE ERISA LAW GROUP
		

		
			8700 MONROVIA STREET, SUITE 310
		

		
			LENEXA, KANSAS 66215
		

		
			(913) 647-7552
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			2019
		

		
			 
		

		
			 
		

		
			

		 

		

			 

		

		

		
			Victory Capital Management Inc.
		

		
			Deferred Compensation Plan
		

		
			 
		

		
			TABLE OF CONTENTS
		

		
			 
		

			
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						Page

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						ARTICLE 1 – DEFINITIONS

					
5
				
	
					
						1.1

					
					
						Account

					
5
				
	
					
						1.2

					
					
						Accrued Benefit

					
5
				
	
					
						1.3

					
					
						Beneficiary

					
5
				
	
					
						1.4

					
					
						Benefit or benefits

					
5
				
	
					
						1.5

					
					
						Board

					
5
				
	
					
						1.6

					
					
						Cause

					
6
				
	
					
						1.7

					
					
						Change in Control

					
6
				
	
					
						1.8

					
					
						Code

					
6
				
	
					
						1.9

					
					
						Compensation

					
6
				
	
					
						1.10

					
					
						Discretionary Employer Contribution Account

					
6
				
	
					
						1.11

					
					
						Discretionary Employer Contributions

					
6
				
	
					
						1.12

					
					
						Disability

					
6
				
	
					
						1.13

					
					
						Earnings

					
6
				
	
					
						1.14

					
					
						Effective Date

					
6
				
	
					
						1.15

					
					
						Election Date

					
6
				
	
					
						1.16

					
					
						Employee

					
6
				
	
					
						1.17

					
					
						Employer

					
6
				
	
					
						1.18

					
					
						ERISA

					
7
				
	
					
						1.19

					
					
						Matching Employer Contribution Account

					
7
				
	
					
						1.20

					
					
						Matching Employer Contributions

					
7
				
	
					
						1.21

					
					
						Participant

					
7
				
	
					
						1.22

					
					
						Payment Event

					
7
				
	
					
						1.23

					
					
						Plan

					
7
				
	
					
						1.24

					
					
						Plan Administrator

					
7
				
	
					
						1.25

					
					
						Plan Year

					
7
				
	
					
						1.26

					
					
						Salary Deferral Agreement

					
7
				
	
					
						1.27

					
					
						Salary Deferral Contribution Account

					
7
				
	
					
						1.28

					
					
						Salary Deferral Contributions

					
7
				
	
					
						1.29

					
					
						Section 401(a)(17)

					
7
				
	
					
						1.30

					
					
						Segregated Investment Account

					
7
				
	
					
						1.31

					
					
						Separation from Service

					
7
				
	
					
						1.32

					
					
						Spouse

					
8
				
	
					
						1.33

					
					
						Trust

					
8
				
	
					
						1.34

					
					
						Trustee

					
8
				
	
					
						1.35

					
					
						Valuation Date

					
8
				
	
					
						1.36

					
					
						Valuation Period

					
8
				
	
					
						 

					
					
						 

					
					
						 

				

		
			
		

		

		 

		

			 

		

		

			 

		

	
					
						

					
						ARTICLE 2 – PARTICIPATION

					
8
				
	
					
						2.1

					
					
						Eligibility

					
8
				
	
					
						2.2

					
					
						Change of Participation

					
8
				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						ARTICLE 3 – CONTRIBUTIONS, VESTING AND FORFEITURE

					
8
				
	
					
						3.1

					
					
						Salary Deferral Contributions

					
8
				
	
					
						3.2

					
					
						Matching Employer Contributions

					
10
				
	
					
						3.3

					
					
						Discretionary Employer Contributions

					
11
				
	
					
						3.4

					
					
						Vesting

					
11
				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						ARTICLE 4 – PLAN ACCOUNTING, EARNINGS AND FUNDING

					
13
				
	
					
						4.1

					
					
						Investment

					
13
				
	
					
						4.2

					
					
						Accounting

					
13
				
	
					
						4.3

					
					
						Account Adjustments

					
13
				
	
					
						4.4

					
					
						Allocation of Earnings

					
13
				
	
					
						4.5

					
					
						Participant Direction of Investment

					
14
				
	
					
						4.6

					
					
						Trust and No Funding

					
14
				
	
					
						4.7

					
					
						Benefit Responsibility

					
15
				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						ARTICLE 5 – TIME AND METHOD OF PAYMENT

					
15
				
	
					
						5.1

					
					
						Election of Payment

					
15
				
	
					
						5.2

					
					
						Payment Events

					
16
				
	
					
						5.3

					
					
						Method of Payment

					
16
				
	
					
						5.4

					
					
						Default Payment

					
17
				
	
					
						5.5

					
					
						Intervening Disability or Death

					
17
				
	
					
						5.6

					
					
						Change in Election

					
17
				
	
					
						5.7

					
					
						Payment for Unforeseeable Emergency

					
17
				
	
					
						5.8

					
					
						Permitted Payment Acceleration

					
18
				
	
					
						5.9

					
					
						Domestic Relations Orders

					
18
				
	
					
						5.10

					
					
						Overpayment

					
18
				
	
					
						5.11

					
					
						Facility of Payment

					
18
				
	
					
						5.12

					
					
						Taxes

					
19
				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						ARTICLE 6 – PARTICIPANT PROVISIONS

					
19
				
	
					
						6.1

					
					
						Beneficiary Designation

					
19
				
	
					
						6.2

					
					
						Community Property and Legal Effect

					
19
				
	
					
						6.3

					
					
						No Beneficiary Designation

					
19
				
	
					
						6.4

					
					
						Revocation Upon Divorce

					
19
				
	
					
						6.5

					
					
						Personal Data to Employer

					
19
				
	
					
						6.6

					
					
						Assignment or Alienation

					
19
				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						ARTICLE 7 - ADMINISTRATION

					
20
				
	
					
						7.1

					
					
						Authority and Responsibility of the Plan Administrator

					
20
				
	
					
						7.2

					
					
						Claims Procedures

					
20
				
	
					
						7.3

					
					
						Expenses

					
21
				

		
			
		

		

		 

		

			 

		

		

			 

		

	
					
						

					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						ARTICLE 8 – MISCELLANEOUS

					
22
				
	
					
						8.1

					
					
						USERRA and Family and Medical Leave Act

					
22
				
	
					
						8.2

					
					
						Amendment or Termination

					
22
				
	
					
						8.3

					
					
						No Liability

					
22
				
	
					
						8.4

					
					
						Employment Relations

					
22
				
	
					
						8.5

					
					
						Enforceability

					
22
				
	
					
						8.6

					
					
						Construction

					
22
				
	
					
						8.7

					
					
						Entire Agreement

					
23
				
	
					
						8.8

					
					
						Governing Law

					
23
				

		
			 
		

		
			
		

		
			

		 

		

			 

		

		

			 

		

		

		
			VICTORY CAPITAL MANAGEMENT INC.
		

		
			DEFERRED COMPENSATION PLAN
		

		
			 
		

		
			Victory Capital Management Inc. (“Employer”) has adopted and hereby amends and restates this unfunded Plan for the purpose of providing deferred compensation for a select group of management or highly compensated employees of the Employer (“Participants”).
		

		
			 
		

		
			WITNESSETH:
		

		
			 
		

		
			WHEREAS, the services of the Participants and their experience and knowledge of the affairs of the Employer are extremely valuable to the Employer; 
		

		
			 
		

		
			WHEREAS, each Participant is part of a select group of management or highly compensated employees who are essential to the Employer’s success, and who have duties and responsibilities that play a unique and vital role in the well-being of the Employer’s business; 
		

		
			 
		

		
			WHEREAS, the Employer desires that Participants remain in its service, and to motivate and reward them for their performance; 
		

		
			 
		

		
			WHEREAS, to accomplish these goals the Employer has established and adopted this deferred compensation plan which allows for Participant contributions and Employer contributions to it; 
		

		
			 
		

		
			WHEREAS, the Employer desires that this Plan comply with applicable laws including the Employee Retirement Income Security Act of 1974, as amended, and the relevant provisions of the Internal Revenue Code, particularly, Section 409A; and
		

		
			 
		

		
			WHEREAS, the Employer desires to amend and restate this Plan to reflect the provisions of prior amendments and make certain other changes.
		

		
			 
		

		
			NOW THEREFORE, to accomplish these ends, this amended and restated Plan is adopted and reads as follows:
		

		
			 
		

		
			Article 1
		

		
			Definitions
		

		
			 
		

		
			Section 1.1  “Account” means the one or more accounts maintained for a Participant to record his/her Salary Deferral Contributions, Matching Employer Contributions, and Discretionary Employer Contributions, and which are credited with Earnings pursuant to Article 4.
		

		
			 
		

		
			Section 1.2  “Accrued Benefit” means the Participant’s interest in the Plan, as determined under Section 4.2, of the amount credited to a Participant’s Account(s) as of any date.
		

		
			 
		

		
			Section 1.3  “Beneficiary” means a person or entity entitled to receive any Accrued Benefit which is payable by reason of a Participant’s death.
		

		
			 
		

		
			Section 1.4  “Benefits” or “benefits” means the Accrued Benefit(s) that is (are) payable under this Plan.
		

		
			 
		

		
			Section 1.5  “Board” means the Board of Directors of the Employer.
		

		
			 
		

		
			Section 1.6  “Cause” means, with respect to any Participant and as determined by the Employer’s Board 

		 

		

			 

		

		

			 

		

of Directors:  (a) the plea of guilty or nolo contendere to, or conviction for, the commission of a felony offense by the Participant; (b) willful misconduct by the Participant that is injurious to the Employer or an affiliate or an act of fraud, embezzlement, misrepresentation or breach of a fiduciary duty against the Employer or any of its affiliates, as determined by the Employer’s Board of Directors; or (c) a breach by the Participant of any nondisclosure, non-solicitation or non-competition obligation owed to the Employer or any of its affiliates.
		

		
			 
		

		
			Section 1.7  “Change in Control” means a change in ownership or effective control of the Employer or a change in ownership of a substantial portion of the Employer’s assets, all in accordance with Code Section 409A.
		

		
			 
		

		
			Section 1.8  “Code” means the Internal Revenue Code of 1986, as amended.  
		

		
			 
		

		
			Section 1.9 “Compensation” means, with respect to each Plan Year or performance period, the Participant’s gross regularly-paid salary, and the Participant’s incentive compensation (as defined by the Employer and understood by it and each Participant pursuant to the Participant’s employment by the Employer) otherwise received in cash (i.e., incentive compensation does not include any incentive compensation the Participant receives in shares of stock of the Employer or incentive compensation that is denominated in or calculated with reference to shares of stock of the Employer but otherwise settled in cash such as Restricted Stock Units or cash-settled Stock Appreciation Rights), excluding signing bonuses, retention bonuses, moving allowances, dividends on vested and unvested options, and dividends on vested and unvested restricted stock. 
		

		
			 
		

		
			Section 1.10  “Discretionary Employer Contribution Account” means the individual account for a Participant to record the Discretionary Employer Contributions and which is credited for such Account’s Earnings pursuant to Article 4.
		

		
			 
		

		
			Section 1.11  “Discretionary Employer Contributions” means the amounts contributed on a Participant’s behalf pursuant to Section 3.3.
		

		
			 
		

		
			Section 1.12  “Disability”.  A Participant is “Disabled” or incurs a “Disability” if either:  (a) the Participant is unable to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment which can be expected to result in death or can be expected to last for a continuous period of not less than twelve (12) months, or (b) by reason of any medically determinable physical or mental impairment that can be expected to result in death or can be expected to last for a continuous period of not less than twelve (12) months, the Participant is receiving income replacement benefits for a period of not less than three (3) months under an accident and health plan covering employees of the Employer.  The determination of Disability shall be made by the Employer.
		

		
			 
		

		
			Section 1.13  “Earnings” means gains and losses, realized and not realized.
		

		
			 
		

		
			Section 1.14  “Effective Date” means the effective date of this restatement of the Plan, which is January 1, 2020.
		

		
			 
		

		
			Section 1.15  “Election Date” is the respective date prescribed in Sections 3.1(d) and 5.1(a).
		

		
			 
		

		
			Section 1.16  “Employee” means an individual who is employed by the Employer as a common-law employee.
		

		
			 
		

		
			Section 1.17  “Employer” means Victory Capital Management Inc., incorporated in the State of New York.
		

		
			

		 

		

			 

		

		

			 

		

		

		
			 
		

		
			Section 1.18  “ERISA” means the Employee Retirement Income Security Act of 1974, as amended.
		

		
			 
		

		
			Section 1.19  “Matching Employer Contribution Account” means the individual account for a Participant to record the Matching Employer Contributions and which is credited for such Account’s Earnings pursuant to Article 4.
		

		
			 
		

		
			Section 1.20  “Matching Employer Contributions” means the amounts contributed on a Participant’s behalf pursuant to Section 3.2.
		

		
			 
		

		
			Section 1.21  “Participant” means an Employee who:  (a) is among a select group of management or highly compensated employees within the meaning of ERISA; (b) is designated in writing as a Participant by the Employer and who satisfies the eligibility requirements under Article 2; and (c) has not received a distribution of his or her entire Accrued Benefit.  References herein to Participant include references to the Participant’s Beneficiary each place where the context so requires or applies, as determined in the discretion of the Employer.  Furthermore, the use of the word Beneficiary herein does not preclude the Employer’s interpretation of the word “Participant” to include a Beneficiary elsewhere in the Plan.
		

		
			 
		

		
			Section 1.22  “Payment Event” is defined in Section 5.2.
		

		
			 
		

		
			Section 1.23  “Plan” means the nonqualified deferred compensation plan established by the Employer in the form of this document, as it may be amended from time to time.  
		

		
			 
		

		
			Section 1.24  “Plan Administrator” means the Employer.  The Plan Administrator is responsible for compliance with applicable requirements under ERISA.
		

		
			 
		

		
			Section 1.25  “Plan Year” means the twelve (12) consecutive month period ending every December 31.  
		

		
			 
		

		
			Section 1.26  “Salary Deferral Agreement” means the agreement a Participant executes in accordance with Section 3.1.
		

		
			 
		

		
			Section 1.27  “Salary Deferral Contribution Account” means the individual account for a Participant to record the Salary Deferral Contributions and which is credited for such Account’s Earnings pursuant to Article 4.
		

		
			 
		

		
			Section 1.28  “Salary Deferral Contributions” means the amounts credited on a Participant’s behalf in accordance with the Participant’s election to defer compensation pursuant to Section 3.1.
		

		
			 
		

		
			Section 1.29  “Section 401(a)(17)” means, for each Plan Year, the compensation limitation in effect under Code Section 401(a)(17).
		

		
			 
		

		
			Section 1.30  “Segregated Investment Account” means a Participant-directed Account pursuant to Section 4.5.
		

		
			 
		

		
			Section 1.31  “Separation from Service” means a Participant’s termination of employment with the Employer by reason of death, retirement, or otherwise that qualifies as a separation from service within the meaning of Code Section 409A.
		

		
			 
		

		
			(a)  For this purpose, the 20%, 36-month threshold of Treas. Reg. Section 1.409A-

		 

		

			 

		

		

			 

		

1(h)(1)(ii) shall apply.  Generally, under these regulations a Participant incurs a Separation from Service if the facts and circumstances indicate that the Employer and Participant reasonably anticipate that no further services after a certain date will be performed or the level of services after such date will permanently decrease significantly as described under the regulations.  
		

		
			
		

		
			(b)In the event of a conflict or inconsistency between this definition and the definition of “separation from service” or similar term as provided in Code Section 409A, the definition under Code Section 409A shall govern.
		

		
			 
		

		
			Section 1.32  “Spouse” means the person who is legally married to the Participant under the laws of a state or other recognized jurisdiction as of any relevant date, as evidenced by a valid marriage certificate or other proof acceptable to the Employer.   This includes married individuals of the same sex, even if the married couple resides in a state or jurisdiction that does not recognize the validity of same sex marriages.
		

		
			 
		

		
			Section 1.33  “Trust” means the trust established and maintained in connection with this Plan, as amended from time to time. 
		

		
			 
		

		
			Section 1.34  “Trustee”  means the trustee appointed pursuant to this Plan and the Trust.
		

		
			 
		

		
			Section 1.35  “Valuation Date” means each business day of the Plan Year on which Plan assets for which there is an established market are valued and the Trustee is conducting business.  Otherwise, the Valuation Date means the last day of each Plan Year, and/or such other Valuation Date(s) as selected by the Employer.  
		

		
			 
		

		
			Section 1.36  “Valuation Period” with respect to any Valuation Date means the period since the preceding Valuation Date.
		

		
			 
		

		
			Article 2
		

		
			Participation

		

		
			Section 2.1  Eligibility.  For one or more Plan Years, the Employer in its sole discretion shall designate the Employees who are eligible to participate in the Plan.  The designation to participate shall not guarantee that an Employee will remain a Participant in the Plan.  Participation in the Plan does not create any right to be employed by the Employer or to earn future benefits of any kind.  Except for Salary Deferral Contributions made pursuant to Section 3.1, nothing in the Plan shall be construed to require any contributions to the Plan on behalf of the Participant.
		

		
			 
		

		
			Section 2.2  Change of Participation.  The Employer in its sole discretion may remove any Participant from the Plan or designate new Participants in the Plan.  Notwithstanding, an Employee designated to participate in the Plan shall cease to actively participate in the Plan (e.g., make Salary Deferral Contributions or receive Matching or Discretionary Employer Contributions) if he or she is determined to not be among a select group of management or highly compensated employees within the meaning of ERISA.  Any Participant who ceases to actively participate under the Plan shall, until the Participant’s Accrued Benefit has been distributed to him or her, enjoy the rights afforded to him or her as provided under the Plan.    
		

		
			 
		

		
			Article 3
		

		
			Contributions, Vesting, and Forfeiture
		

		
			 
		

		
			Section 3.1  Salary Deferral Contributions 
		

		
			

		 

		

			 

		

		

			 

		

		

		
			 
		

		
			(a)In General.  A Participant may elect to defer a percentage or amount of his or her Compensation for a Plan Year and have the Employer credit the deferred amount to the Plan.  A Participant’s election to defer shall be made by executing a Salary Deferral Agreement in accordance with this Section 3.1.
		

		
			 
		

		
			(b)Form of Election.  The Participant’s Salary Deferral Agreement must be in writing, must be dated and signed or otherwise authenticated by the Participant, and must be delivered to the Employer in the medium the Employer designates, together with all other documents or information required as determined by the Employer.  The Salary Deferral Agreement shall be in the form provided by the Employer and shall include the Participant’s elections of the time and method of payment of the Participant’s Accrued Benefit in accordance with Article 5.
		

		
			 
		

		
			(c)Election Periods
		

		
			 
		

		
			(i)In General.  The Employer shall schedule an annual election period during which Participants who elect to complete Salary Deferral Agreements must complete such agreements.  Such periods shall end each Plan Year no later than the day immediately prior to the beginning of the next Plan Year during which the services that are performed by the Participant give rise to the Compensation that may be deferred.  The Employer may, in writing to the Employee, designate that said election period will end on a specified date earlier than the day immediately prior to the beginning of such next Plan Year.  
		

		
			 
		

		
			(ii)Performance-Based Compensation.  Notwithstanding the foregoing, the Employer in its sole discretion may schedule election periods for the deferral of compensation that is performance-based compensation (as defined in Code Section 409A) that will end no later than the date that is six (6) months before the end of the performance period, provided that the Participant performs services for the Employer continuously from the later of the beginning of the performance period or the date the performance criteria are established through the date the Participant makes an election hereunder, and provided further that the Participant’s election to defer shall not be made after the performance-based compensation has become readily ascertainable within the meaning of Code Section 409A.
		

		
			 
		

		
			(d)Election Date/Irrevocability.  A Participant’s Salary Deferral Agreement shall become irrevocable as of the end of the election period designated by the Employer (“Election Date”) and shall remain irrevocable and in effect for Compensation paid (or deferred) with respect to services the Participant performs in the Plan Year (or performance period) next following the Election Date.
		

		
			 
		

		
			(e)Amount and Compensation.  A Participant’s Salary Deferral Contributions with respect to a Plan Year shall not be less than such amount the Employer prescribes in the Salary Deferral Agreement nor more than one hundred percent (100%) of the Participant’s Compensation (minus required payroll deductions and deductions for any other Employer-sponsored plan or program) or such other amount the Employer establishes in the Salary Deferral Agreement.  A Salary Deferral Agreement shall be made (and/or limited) with respect to such Compensation prescribed by the Employer and set forth in one or more Salary Deferral Agreements.
		

		
			 
		

		
			(f)Failure to Elect.  In the event a Salary Deferral Agreement is not properly completed and in effect for a Plan Year or performance period, the Participant shall be deemed to have elected to not make any Salary Deferral Contributions for the subject Plan Year or performance period, as applicable.  
		

		
			 
		

		
			(g)When Deferral Election Becomes Effective.  A Participant’s Salary Deferral Agreement will be effective, and Salary Deferral Contributions will be made, only if and when the Participant has Compensation as defined in Section 1.9 that exceeds the limit prescribed in Section 401(a)(17).  The 

		 

		

			 

		

		

			 

		

amount or percentage of Compensation that a Participant elects to defer is irrevocable as of the Election Date and shall not be subject to change during the Plan Year or performance period, as applicable.
		

		
			 
		

		
			(i)Salary Withholding.  Beginning with the payroll period that commences after the Participant’s Compensation exceeds the Section 401(a)(17) limit, the Employer shall withhold the amount or percentage of Compensation elected to be deferred that constitutes gross salary in approximately equal amounts for each payroll period within the remaining Plan Year or performance period at or proximate to the time or times such amounts otherwise would be paid to the Participant.  Subject to Section 409A requirements, Compensation payable after the last day of the Plan Year solely for services provided during the final payroll period containing the last day of the Plan Year is treated as Compensation for services performed in the subsequent taxable year.
		

		
			 
		

		
			(ii)Incentive Compensation Withholding.  The Participant’s Salary Deferral Agreement with respect to incentive compensation shall apply and be effective immediately to such compensation if and once the Participant’s Compensation exceeds the Section 401(a)(17) limit.  The amount or percentage of incentive compensation that a Participant elects to defer is irrevocable as of the Election Date and shall not be subject to change during the Plan Year or performance period, as applicable.  The Employer shall withhold the amount or percentage of any incentive compensation specified by the Participant to be deferred at or proximate to the time or times such incentive compensation otherwise would be paid to the Participant.  Any incentive compensation that the Participant exchanges for shares of Employer stock may not be contributed under the Plan and credited to the Participant’s Salary Deferral Contribution Account.  Also with respect to incentive compensation, the amount that may be deferred for a Plan Year that is attributable to a period of time services are performed that precedes the beginning of a Plan Year generally shall be limited ratably to the extent required under Code Section 409A.
		

		
			 
		

		
			Section 3.2  Matching Employer Contributions    
		

		
			 
		

		
			(a)In General.  For all or any portion of one or more Plan Years the Employer may award an amount on behalf of Participants who make Salary Deferral Contributions for the Plan Year (“Matching Employer Contributions”).
		

		
			 
		

		
			(b)Discretionary Amount.  The amount of the Matching Employer Contributions, if any, shall be determined by the Employer in the Employer’s sole discretion.  Without limitation, the Employer may limit the amount of Matching Employer Contributions to a set percentage of either the Participant’s Compensation or amount of Salary Deferral Contributions.  Until a change is announced to Participants (which change shall be documented in an Amendment to the Plan before, on or after such announcement), the Matching Employer Contribution will equal the amount of each Participant’s Salary Deferral Contributions with respect to a Plan Year, with a maximum Matching Employer Contribution equal to 5% of the Participant’s Compensation for the Plan Year that exceeds the Section 401(a)(17) limit for such Plan Year.  Notwithstanding, no Matching Employer Contribution shall be made for a Plan Year on Compensation for such Plan Year that exceeds $3,000,000.00. Notwithstanding the foregoing, any Compensation that is attributable to incentive compensation or eligible bonus earned in the 2019 Plan Year and paid to a Participant in the 2020 Plan Year will be subject to a Matching Employer Contribution percentage of 6%, which was the Matching Employer Contribution percentage under the Plan document in effect during 2019, but only to the extent that the Participant’s total Compensation paid in 2020 (including any 2019 incentive compensation or bonus) exceeds the Section 401(a)(17) limit for the 2020 Plan Year. The maximum limit on Compensation that shall be used to calculate the Matching Employer Contribution shall remain at $3,000,000 for both the 2019 and 2020 Plan Years and all future Plan Years until changed in accordance with the Plan.
		

		
			 
		

		
			Section 3.3  Discretionary Employer Contributions
		

		
			

		 

		

			 

		

		

			 

		

		

		
			 
		

		
			(a)In General.  With respect to one or more Plan Years, other performance periods, or at any time with respect to any or no period, the Employer may award to the Plan on behalf of one or more Participants, as Discretionary Employer Contributions, an amount the Employer from time to time may deem advisable.
		

		
			 
		

		
			(b)Discretionary.  Such amount, if any, shall be determined by the Employer on a Participant-by-Participant basis in the Employer’s sole discretion and will be identified on an addendum issued with respect to a Plan Year or performance period identifying the amounts, if any, awarded on behalf of one or more Participants.  For example, and without limitation, the Employer may choose to specify an amount of contribution equal to a specified percentage of Compensation for one or more Participants for a specified Plan Year.
		

		
			 
		

		
			Section 3.4  Vesting    
		

		
			 
		

		
			(a) Full Vesting of Salary Deferrals.  A Participant shall have a nonforfeitable vested interest in all of his or her Accrued Benefit attributable to the Participant’s Salary Deferral Contribution Account.
		

		
			 
		

		
			(b)Vesting in Employer Contributions
		

		
			 
		

		
			(i)Vesting Schedule.  Except as provided below in Section 3.4(b)(ii), a Participant shall have a nonforfeitable vested interest in his or her Accrued Benefit attributable to the Participant’s Matching Employer Contribution Account and Discretionary Employer Contribution Account in accordance with the vesting schedule set forth below.  A Participant’s nonforfeitable vested benefits in such Accounts shall equal the applicable percentage which corresponds to the Participant’s Years of Service multiplied by the value of such Account(s).
		

		
			 
		

		
			Years of Service         Percentage
		

		
			 
		

		
			Less than 3 years    0%
		

		
			3 years or more              100%
		

		
			 
		

		
			(A)A “Year of Service,” with respect separately to each Participant, means each twelve-consecutive month period during which the Participant is continuously employed by the Employer (i.e., the Participant must be employed throughout the entire twelve-month period).  Such period begins on the first day of the Participant’s employment with the Employer and each one-year anniversary thereof.
		

		
			 
		

		
			(B)All Years of Service of a Participant are taken into account.  The Years of Service need not be consecutive Years of Service in order for a Participant to have earned three Years of Service.
		

		
			 
		

		
			(C)If a Participant is employed by the Employer at any particular time, he or she is treated as employed at such time for purposes of Section 3.4(b) even if the Participant is on any Employer authorized leave of absence.  In addition, the Participant is treated as employed if any law requires the Participant to be treated as employed for purposes of Section 3.4(b) (for example, if the Family and Medical Leave Act of 1993, the Uniformed Services Employment and Reemployment Rights Act of 1994, or other mandate applies to this Plan).
		

		
			 
		

		
			(D)For purposes of calculating Years of Service, employment with Munder Capital Management prior to the Munder Effective Date shall be treated as employment with the 

		 

		

			 

		

		

			 

		

Employer. The “Munder Effective Date” is October 31, 2014, the date the Employer acquired the stock of Munder Capital Management.
		

		
			 
		

		
			(E)For purposes of calculating Years of Service, employment with RS Investment Management Company, LLC prior to the RS Effective Date shall be treated as employment with the Employer. The “RS Effective Date” is July 31, 2016, the date the Employer acquired the stock of RS Investment Management Company, LLC.
		

		
			 
		

		
			(F)For purposes of calculating Years of Service, employment with USAA Investment Management Company and USAA Transfer Agency Company dba USAA Shareholder Account Services (collectively, “USAA”) prior to the USAA Effective Date shall be treated as employment with the Employer. The “USAA Effective Date” is July 1, 2019, the date the Employer acquired the stock of USAA.
		

		
			 
		

		
			(G) For purposes of calculating Years of Service, employment with Compass Efficient Model Portfolios (“Compass EMP”) prior to April 30, 2015 (“Compass Closing Date”) shall be treated as employment with the Employer if the Participant was employed by Compass EMP on the Compass Closing Date.
		

		
			 
		

		
			(ii)Full Vesting on Death, Disability or Change in Control.  Notwithstanding the foregoing, a Participant shall at all times have a nonforfeitable vested interest in the Accrued Benefit attributable to his or her Matching Employer or Discretionary Employer Contribution Accounts (and any other Participant Accounts) upon his or her termination of employment by reason of his or her death or Disability, or if there is a Change in Control.
		

		
			 
		

		
			(c)Forfeiture.  Notwithstanding any other provision herein, or any provision of any employment or other agreement, including if a Participant is 100% vested because the Participant has earned three Years of Service, a Participant (including a Beneficiary) will lose all of his or her interest in his or her Accrued Benefit, resulting in a complete forfeiture of Accrued Benefit, if either Section 3.4(c)(i) or (ii) below is satisfied.
		

		
			 
		

		
			(i)The Participant's employment terminates in connection with an event that constitutes Cause.
		

		
			 
		

		
			(ii)The Participant at any time is determined by the Employer, U.S. Department of Labor, or a court of law to not be among the select group of management or highly compensated employees and if the Employer in its sole discretion determines such forfeiture is required or advisable as a condition of maintaining the intended tax and/or ERISA status of the Plan.  
		

		
			 
		

		
			(iii)If some or all of the Participant’s Accrued Benefit has been paid, and Section 3.4(c)(i) is satisfied, or pursuant to Section 3.4(c)(ii) the Employer in its sole discretion determines that the Participant’s repayment to the Employer is required or advisable, then within ninety (90) days of notice to the Participant or Beneficiary of such circumstance the Participant or Beneficiary shall repay to the Employer the amount of the Accrued Benefit requested to be repaid.  The Employer’s determination under Section 3.4(c)(ii) that a Participant is not among the select group of management or highly compensated employees, that a forfeiture is required, and/or that repayment is required, will be made only if the Employer concludes such determination or determinations is necessary in its opinion in order for the Plan to remain in compliance with the Code and/or ERISA. 
		

		
			 
		

		
			

		 

		

			 

		

		

			 

		

		

		
			Article 4
		

		
			Plan Accounting, Earnings, and Funding
		

		
			 
		

		
			Section 4.1  Investment.  The Employer shall invest contributions under the Plan in one or more designated investment vehicles for investment, including investments held in a Trust, within a period that is not longer than is reasonable for the proper administration of Accounts and in accordance with the participant direction of investments under section 4.5.
		

		
			 
		

		
			Section 4.2  Accounting.  The Plan shall maintain one or more bookkeeping Accounts in the name of each Participant to reflect the Participant’s Accrued Benefit under the Plan, including to record each type of contribution (Salary Deferral, Matching or Discretionary Employer Contributions) and Earnings thereon.  A Participant’s Accrued Benefit as of any applicable date is the balance of his or her Account(s) as determined in accordance with this Article 4.
		

		
			 
		

		
			Section 4.3  Account Adjustments.  Except for Earnings of a Segregated Investment Account, as of each Valuation Date the applicable Account of each Participant shall be credited or charged, as the case may be, with: 
		

		
			 
		

		
			(a)distributions made to or withdrawals by the Participant or his or her Beneficiaries during the Valuation Period;
		

		
			 
		

		
			(b)Salary Deferral, Matching and/or Discretionary Employer Contributions allocated to the Participant’s Account(s) during the Valuation Period;
		

		
			 
		

		
			(c)Earnings allocated to the Participant’s Account(s) for the Valuation Period; 
		

		
			 
		

		
			(d)if contributions, Earnings, or other benefits under the Plan are subject to federal, state or local income, employment (e.g., taxes under the Federal Insurance Contributions Act or Federal Unemployment Tax Act), or other taxes, said taxes shall, in the discretion of the Employer, be withheld and deducted from a portion of the Participant’s compensation and/or charged against the applicable Participant Account as determined by the Employer; and
		

		
			 
		

		
			(e)other amounts, if any, allocated to or charged against the Participant’s Account(s) under the Plan (e.g., Plan expenses).
		

		
			 
		

		
			The provisions of Section 4.5 shall also apply to Accounts.
		

		
			 
		

		
			Section 4.4  Allocation of Earnings.  As of each Valuation Date, and excluding for this purpose Segregated Investment Accounts, Earnings for all Accounts shall be allocated to each Participant’s Account pursuant to a fraction, the numerator of which is the value of such Account and the denominator of which is the value of all Accounts.  To calculate each fraction, the Accounts to which Earnings shall be allocated will be valued as of the preceding applicable Valuation Date (the “opening Account balance”), provided, however, the Employer may establish procedures that are uniformly applied to similarly-situated Participants to determine the Earnings with respect to each Plan Year contribution and to value Accounts which recognize increases and decreases in Accounts that occur during the Valuation Period, including, without limitation, a procedure that provides that 

		 

		

			 

		

		

			 

		

each Account, or portion thereof, which is distributed during the applicable Valuation Period shall either not share in Earnings, shall be deemed to share in Earnings at an imputed rate of return or shall share in Earnings based on that period of time prior to the distribution of the Account or portion thereof, and also including a procedure which credits to such opening Account balances contributions that are made during the applicable Valuation Period.  For example, the Earnings may be credited and allocated among Accounts by using a weighted average method.  Such method may treat a weighted portion of the applicable contributions as if includable in the Participant’s Account as of the beginning of the Valuation Period.  The weighted portion may, without limitation, be a fraction, the numerator of which may be the number of months in the applicable Valuation Period following the date of the applicable contributions, and the denominator of which may be the total number of months in the Valuation Period. 
		

		
			 
		

		
			Section 4.5  Participant Direction of Investment 
		

		
			 
		

		
			(a)The Employer and/or if there is a Trust, its Trustee, shall invest the contributions under the Plan, and shall establish and prescribe such rules and limitations it deems appropriate.
		

		
			 
		

		
			(b)Subject to Section 4.5(a) above, each Participant shall designate the investment(s) in which the Participant’s Account(s) shall be deemed to be invested for purposes of determining the Account’s Earnings and value of the Participant’s Accrued Benefit.  The Employer will accept direction from each Participant on a written election form or by other means that the Employer may require pursuant to conditions, limitations and other provisions established by the Employer.  The Employer may establish procedures relating to Participant direction of investment under this Section 4.5, including the establishment of a list of investments or funds selected by the Employer from which the Participant may choose for the deemed investment of the amounts allocated to the Participant’s Account(s).    
		

		
			 
		

		
			(c)The Plan will maintain a Segregated Investment Account(s) to the extent a Participant’s Account(s) is subject to Participant investment direction and the Participant provides investment directions hereunder.  A Segregated Investment Account will be deemed to receive Earnings credited/debited to it and will bear all of its expenses.  A Segregated Investment Account, including one invested in a pooled fund (in which more than one Account is invested), shall be subject to such accounting procedures and/or Sections 4.3 and 4.4 as the Employer deems appropriate.
		

		
			 
		

		
			(d)The Participant’s investment selections shall remain in effect until the Participant makes a new investment selection.  If an investment selection is not made or if for any reason the selection becomes ineffective, the Earnings shall be determined by the Employer.
		

		
			 
		

		
			(e)The Participant’s right to select the investment of his or her Account(s) does not give the Participant any vested interest or secured or preferred position with respect to the assets over which the Participant provides investment instructions.  
		

		
			 
		

		
			Section 4.6  Trust and No Funding    
		

		
			 
		

		
			

		 

		

			 

		

		

			 

		

		

		
			(a)The Employer may establish the Trust for the purpose of retaining and managing assets set aside by the Employer for payment of all or a portion of the amounts payable pursuant to the Plan.  Any Benefits not paid from the Trust shall be paid solely from the Employer’s general funds, and any Benefits paid from the Trust shall be credited against and reduce by a corresponding amount the Employer’s liability to Participants under the Plan.  No special or separate fund, other than the Trust, shall be established and no other segregation of assets shall be made to provide the payment of any Accrued Benefit hereunder.  
		

		
			 
		

		
			(b)All Trust funds, and any other amounts contributed under the Plan, and all Earnings thereon, shall be subject to the claims of general creditors of the Employer.  The obligations of the Employer to pay Benefits under the Plan constitute an unfunded, unsecured promise to pay and Participants shall have no greater rights than general creditors of the Employer.  Trust assets shall not, at any time, be located outside of the United States or be transferred outside of the United States.  
		

		
			 
		

		
			(c)The right of a Participant or his or her Beneficiary to an Accrued Benefit hereunder shall be an unsecured claim against the general assets of the Employer, and neither the Participant nor his or her Beneficiary shall have any rights in or against any amount credited to his or her Account(s) or any other specific assets of the Employer, except as otherwise provided in the Trust.  Except as provided under the Trust, nothing contained in the Plan, and no action taken pursuant to its provisions, shall create or be construed to create a trust of any kind or a fiduciary relationship between the Plan and the Employer or any other person.  Nothing contained in the Plan shall constitute a guarantee by the Employer that the assets of the Employer will be sufficient to pay any benefit to any person.
		

		
			 
		

		
			(d)The Employer shall appoint and/or discharge the Trustee, if any, pursuant to the Trust document and/or other written agreement between the Employer and the Trustee.  Except as otherwise provided herein, the services of the Trustee and the Trust provisions shall be set forth in the Trust document.  To the extent provided therein and consistent with the Plan, the Trustee shall assume such responsibilities and duties of the Employer as the Employer and Trustee agree. 
		

		
			 
		

		
			Section 4.7  Benefit Responsibility.  The Employer shall be responsible for providing the Accrued Benefit of each Participant.  Victory Capital Holdings Inc. agrees to not interfere directly or indirectly with the Employer’s payments of benefits under the Plan.  Such agreement will be evidenced by and effective with written Board of Director action which is hereby made a part of this Plan.  
		

		
			 
		

		
			Article 5
		

		
			Time and Method of Payment
		

		
			 
		

		
			Section 5.1  Election of Payment    
		

		
			 
		

		
			(a)No later than the Election Date, the Participant will submit a written election form setting forth the time and method of payment of the Participant’s Accrued Benefit.  The Election Date is defined in Section 3.1(d) for Salary Deferral Contributions and with respect to Matching and Discretionary Employer Contributions is no later than the earlier of the last day of the Plan Year for Compensation attributable to services to be performed for the immediately following Plan Year and the date otherwise dictated by Code Section 409A (e.g., when such contribution is made to the Trust).  The “Election Date” 

		 

		

			 

		

		

			 

		

is determined under Code Section 409A with respect to each “plan” (i.e., each source of Benefits provided under the Plan pursuant to Sections 3.1, 3.2, and 3.3 respectively) as disaggregated to the greatest extent allowed under Code Section 409A.
		

		
			 
		

		
			(b)Subject to the other provisions herein, a Participant’s election (or nonelection) is irrevocable as of the Election Date.  Each Participant’s election or change in election must be in compliance with this Article 5 and in accordance with and as limited by the election form the Employer provides.  The Election Date, payment events and/or methods of payment provided in the election form may be sooner or narrower and more limited than as set forth in this Article, as determined each Plan Year by the Employer.
		

		
			 
		

		
			Section 5.2  Payment Events.  A Participant’s Accrued Benefit shall commence to be paid upon one or more of the following times or events (“Payment Event”) as set forth and limited by the Participant’s election form:
		

		
			 
		

		
			(a)upon the Participant’s Separation from Service,
		

		
			(b)a time or a fixed schedule under the Plan,
		

		
			(c)upon a Change in Control,
		

		
			(d)upon the Participant’s Disability,
		

		
			(e)upon the Participant’s death, 
		

		
			 
		

		
			(f)upon the earliest to occur of the events specified in Subsection (a) through (e).
		

		
			The Participant’s Accrued Benefit shall be paid or commence to be paid within ninety (90) days following the date set forth in the payment election form that follows or coincides with the Participant’s Payment Event.  The Employer, and specifically not the Participant, will determine and designate the exact date and taxable year of payment.  This Section 5.2 is subject to a subsequent election made under Section 5.6.
		

		
			Section 5.3  Method of Payment.  A Participant’s Accrued Benefit, or portion thereof, shall be paid under one of the following methods as set forth and limited by the Participant’s election form:
		

		
			(a)by payment in a lump sum;
		

		
			(b)by payment in substantially five (5) equal annual installments, with each installment equaling the product of the Participant’s Accrued Benefit as of the immediately preceding Valuation Date divided by the number of remaining installments; or
		

		
			(c)by payment in any other form or under any other method approved by the Employer and set forth in the payment election form the Employer provides that is consistent with Code Section 409A.  
		

		
			Regardless of the method of payment, any distribution (including one that is not a lump sum payment) will be accelerated and paid in accordance with the second and third sentences of Section 5.2 upon the earliest to occur of the events as set forth in Section 5.2 and the election form (i.e., Separation from 

		 

		

			 

		

		

			 

		

Service, death, Disability or a Change in Control).
		

		
			 
		

		
			Section 5.4  Default Payment.  If the Participant does not properly and timely elect a time and/or method of payment, the Participant’s Accrued Benefit shall be paid in a lump sum to the Participant within the ninety (90) day period following his or her Separation from Service.  The Employer, and specifically not the Participant, will determine and designate the exact date and taxable year of payment.
		

		
			Section 5.5  Intervening Disability or Death.  Unless the Participant elects otherwise in accordance with this Article 5, in the event the Participant incurs a Disability or death prior to payment or the completion of payment hereunder, the Participant’s remaining Accrued Benefit shall be paid to the Participant or Beneficiary in a lump sum within the ninety (90) day period following the Participant’s Disability or death.  The Employer, and specifically not the Participant or Beneficiary, will determine and designate the exact date and taxable year of payment.
		

		
			Section 5.6  Change in Election.  In accordance with the written election form the Employer provides to the Participant, a Participant may change the time payment commences and/or method of payment established under Article 5 so long as the following conditions are satisfied:
		

		
			(a)in the case of an election related to a payment to be made at a specified time or pursuant to a fixed schedule, the Participant’s election to delay a payment must be made no later than twelve (12) months prior to the date of the first scheduled payment;
		

		
			(b)the Participant’s election must not take effect until at least twelve (12) months after the date on which the election is made; 
		

		
			(c)in the case of an election related to a payment other than a payment made on account of Disability, death, or Unforeseeable Emergency the payment with respect to which the election is made must be deferred for a period of at least five (5) years from the date such payment would otherwise have been made; 
		

		
			(d)a Participant may not accelerate the time or schedule of any payment under the Plan, except as provided in Code Section 409A; and  
		

		
			 
		

		
			(e)the Participant may not elect payment earlier than the Participant’s Separation from Service, Disability, death, a specified time or pursuant to a fixed schedule, or a Change in Control or upon Unforeseeable Emergency, all in accordance with Code Section 409A.
		

		
			 
		

		
			This Section 5.6 does not allow a payment change in the event payment is accelerated in accordance with the last sentence of Section 5.3 and/or the election form.
		

		
			 
		

		
			Section 5.7    Payment for Unforeseeable Emergency
		

		
			(a)In the case of an Unforeseeable Emergency, and upon the Participant’s request, the Employer may, in its sole discretion, direct that payments be made notwithstanding any other provision hereunder.  Payment because of an Unforeseeable Emergency shall be limited to the amount reasonably necessary to satisfy the Unforeseeable Emergency (which may include amounts necessary or anticipated 

		 

		

			 

		

		

			 

		

to pay any taxes or penalties resulting from the distribution).
		

		
			 
		

		
			(b)“Unforeseeable Emergency” means, as determined by the Employer in its sole discretion, a severe financial hardship to the Participant resulting from: an illness or accident of the Participant or Beneficiary, the Participant’s Spouse, or a dependent (as defined in Code Section 152 without regard to Code Section 152(b)(1), (b)(2) and (d)(1)(B)) of such Participant; loss of the Participant’s property due to casualty; or other similar extraordinary and unforeseeable circumstances arising as a result of events beyond the control of the Participant.  An Unforeseeable Emergency generally shall not include the purchase of a home or payment of college tuition, but may include the imminent foreclosure of or eviction from the Participant’s primary residence, the need to pay for medical expenses, or the payment of funeral expenses of the Participant’s Spouse, Beneficiary or dependent.  To qualify as an Unforeseeable Emergency, the circumstance must satisfy the requirements of Code Section 409A.
		

		
			 
		

		
			Section 5.8  Permitted Payment Acceleration.  To the extent permitted by Code Section 409A, the Employer may, in its sole discretion, commence distribution to a Participant, Beneficiary or other appropriate payee of the portion of a Participant’s Accrued Benefit authorized for distribution for one or more of the following reasons:  (a) a de minimis cashout payment that results in the termination of the entirety of a Participant’s interest in the Plan (and any required aggregated plan), if the payment is not greater than the applicable dollar amount under Code Section 402(g)(1)(B) and if the Employer exercises its discretion hereunder evidenced in writing no later than the date of such payment; (b) payment of the amount required to be included in a Participant’s income as a result of any failure to comply with Code Section 409A; (c) payment to pay the Federal Insurance Contributions Act tax imposed under the Code as permitted under Code Section 409A; (d) payment to a party other than to the Participant pursuant to a domestic relations order; (e) termination of the Plan; and (f) any other circumstance permitted under Code Section 409A. 
		

		
			 
		

		
			Section 5.9  Domestic Relations Orders.  Nothing contained in this Plan prevents the Employer from complying with the provisions of a domestic relations order under the Plan which awards a Participant’s Accrued Benefit to an alternate payee; provided, however, compliance with the order and payment will only be made to the extent the Employer determines such compliance and payment is in accordance with applicable law, including ERISA and the Code.  For purposes of this Section, an alternate payee is the spouse, former spouse, child or other dependent of a Participant who is recognized by a domestic relations order as having a right to receive all, or a portion of, the Benefits payable under the Plan with respect to such Participant.
		

		
			Section 5.10  Overpayment.  If for any reason, including, without limitation, mathematical or administrative error, the amounts paid to the Participant or Beneficiary exceed the Accrued Benefit to which the Participant or Beneficiary is entitled under the Plan, such excess shall constitute an indebtedness of such party to the Employer.  Such indebtedness shall be payable to the Employer by the Participant, or Beneficiary as the case may be, upon demand by the Employer, or as determined by the Employer, such indebtedness shall be charged against amounts credited to such Participant’s Account(s).
		

		
			Section 5.11  Facility of Payment.  Whenever, in the Employer’s opinion, a Participant or Beneficiary entitled to receive a payment of Benefits hereunder is under disability or is incapacitated so as to not receive or acknowledge payment hereunder, the Employer may make payments to the party’s representative, relative or other person for the party’s benefit or otherwise apply the payment for the benefit of such Participant or Beneficiary in such manner that the Employer considers advisable.  Any payment of Benefits in accordance with the 

		 

		

			 

		

		

			 

		

provision of this document shall be a complete discharge of any liability for the making of such payment under the provisions of the Plan. 
		

		
			Section 5.12  Taxes.  Amounts payable hereunder or the Participant’s Compensation shall be reduced by applicable federal, state, and local taxes or charges that the Employer is required to withhold or the Employer deems appropriate.
		

		
			 
		

		
			Article 6
		

		
			Participant Provisions
		

		
			 
		

		
			Section 6.1  Beneficiary Designation.  Each Participant shall designate, in writing, any person or persons, who, contingently or successively, are to succeed to the Participant’s Accrued Benefit under the Plan in the event of the Participant’s death.  The Employer shall prescribe a sample form for the written designation of the Beneficiary and, upon the Participant’s filing the form with the Employer, it shall effectively revoke all designations filed prior to that date by the Participant.
		

		
			Section 6.2  Community Property and Legal Effect.  The Participant, and specifically not the Employer or any other party, shall be responsible for ensuring the legal validity and enforceability of the Participant’s Beneficiary designation.  The Participant is strongly encouraged to seek his or her own legal counsel for this purpose.  If the Participant’s Accrued Benefit is subject to the Spouse’s or a former Spouse’s community property interest, the Participant’s designation of the Beneficiary shall be valid and enforceable only to the extent such Accrued Benefit is not subject to such community property interest and/or the Spouse has waived his or her election in accordance with applicable state law.
		

		
			 
		

		
			Section 6.3  No Beneficiary Designation.  If a Participant fails to name a Beneficiary in accordance with Section 6.1, if the Beneficiary named by a Participant predeceases him or her or dies before complete distribution is made to the Beneficiary under the Plan, or there is a disclaimer pursuant to law, then the Beneficiary shall be the Participant’s Spouse, but if the Spouse predeceases the Participant, then the Beneficiary shall be the Participant’s descendants per stirpes, and if none survive the Participant, then the Beneficiary shall be the Participant’s estate.
		

		
			 
		

		
			Section 6.4  Revocation Upon Divorce.  Notwithstanding any provision of the Plan to the contrary, if a Participant designates his or her Spouse as a Beneficiary, a subsequent divorce decree that relates to such Spouse shall automatically revoke the Participant’s designation of the Spouse as a Beneficiary unless the decree or a domestic relations order provides otherwise or unless the Participant designates such former Spouse as his or her Beneficiary, in accordance with this Article 6, at any time after the date of such divorce decree.
		

		
			 
		

		
			Section 6.5  Personal Data to Employer.  Each Participant and each Beneficiary of a deceased Participant must furnish to the Employer such evidence, data or information as the Employer considers necessary or desirable for the purpose of administering the Plan.  The provisions of this Plan are effective for the benefit of each Participant upon the condition precedent that each Participant will furnish promptly full, true and complete evidence, data and information when requested by the Employer.
		

		
			 
		

		
			Section 6.6  Assignment or Alienation.  Neither a Participant nor a Beneficiary shall anticipate, transfer, assign or alienate (either at law or in equity) any Accrued Benefit provided under this Plan, and the Employer shall not recognize any such anticipation, transfer, assignment or alienation.  To the extent permitted by law, the right of any Participant or any Beneficiary to any benefit or to any payment under 

		 

		

			 

		

		

			 

		

this Plan shall not be subject in any manner to attachment or other legal process for the debts of such Participant or Beneficiary.
		

		
			 
		

		
			Article 7
		

		
			Administration
		

		
			 
		

		
			Section 7.1  Authority and Responsibility of the Plan Administrator.  Unless otherwise specifically provided herein, the Plan Administrator (i.e., the Employer) shall have full and complete authority, responsibility, discretion and control over the management, administration and operation of the Plan and investments hereunder, except to the extent the Trust otherwise provides, including but not limited to the authority to:  (a) formulate, adopt, issue, revise and apply procedures and rules in accordance with law; (b) construe and apply the provisions of the Plan; (c) make all determinations under the Plan, including those concerning eligibility for Benefits and eligibility to receive payment of Benefits; (d) adopt and prescribe the use of necessary forms; (e) prepare and file reports, notices, and any other documents relating to the Plan which may be required by the United States Secretary of Labor or Secretary of the Treasury; (f) prepare and distribute to Participants any communication materials required by ERISA or the Code; (g) employ or retain agents and/or other professionals (including those who may be employed by or represent the Employer) to aid it in the administration of the Plan; (h) be the agent for service of legal process; (i) make available for inspection and provide upon request documents and instruments required to be disclosed by ERISA or the Code; (j) direct the payment of Benefits under the Plan and issue such other directions and instructions as are necessary for the proper administration of the Plan; and (k) analyze and report Plan activity.  Any decisions or determinations the Plan Administrator may make under or with respect to the Plan shall be made in its sole discretion and shall be final and binding.  
		

		
			 
		

		
			Section 7.2  Claims Procedures
		

		
			 
		

		
			(a)Initial Claim for Benefits and Timing.  Each person entitled to Benefits under this Plan (“Claimant”) must submit his or her claim for Benefits to the Employer in such form as is provided or approved by such Employer.  A Claimant shall have no right to seek review of a denial of Benefits, or to bring any action in any court to enforce a claim for Benefits prior to his or her filing a claim and exhausting his or her rights under this Section.  When a claim for Benefits has been filed properly, such claim shall be evaluated and the Claimant shall be notified by the Employer (or its agent) of its approval or denial within a reasonable period of time but not later than ninety (90) days after the Employer’s receipt of such claim unless special circumstances require an extension of time for processing the claim.  If such an extension of time is required, written notice of the extension shall be furnished to the Claimant by the Employer (or its agent) prior to the termination of the initial ninety (90) day period which shall specify the special circumstances requiring an extension and the date by which a final decision is expected to be reached (which date shall not be later than one hundred and eighty (180) days after the date on which the claim was received by the Employer).  
		

		
			 
		

		
			(b) Content of Denial Notice.  If a claim is denied, in whole or in part, the Claimant shall be given written notice which shall contain (i) the specific reason(s) for the denial, (ii) reference to the specific Plan provision(s) upon which the denial is based, (iii) a description of any additional material or information necessary for the Claimant to perfect the claim and an explanation of why such material or information is necessary, and (iv) a description of the Plan’s appeal procedure and its applicable time limits, as set forth herein, including a statement of the Claimant’s rights to bring a civil action under ERISA Section 502(a) following an adverse determination on appeal. 
		

		
			 
		

		
			(c)Appeal of Claim Denial.  The purpose of the review procedure set forth in this Section is to provide a procedure by which a Claimant under the Plan may have a reasonable opportunity to appeal a 

		 

		

			 

		

		

			 

		

denial of a claim for a full and fair review.  If a claim is denied, in whole or in part (or if within the time periods prescribed in Subsection (a), the Employer or its agent has not furnished the Claimant with a denial and the claim is therefore deemed denied), and if the Claimant wishes to appeal the denial, the Claimant must file a written request with the Plan Administrator within sixty (60) days after the date on which the Claimant received written notification of the denial that the Plan Administrator conduct a full and fair review of the denial of the claim for Benefits, which shall include a hearing if deemed necessary by the Plan Administrator.  
		

		
			 
		

		
			(d)Review Requirements.  The Claimant shall have the opportunity to submit written comments, documents, records, and other information relevant to the Claimant’s claim for Benefits.  The review shall take into account all such comments, documents, records, and other information submitted by the Claimant, without regard to whether such information was submitted or considered in the initial benefit determination.  
		

		
			 
		

		
			(e)Decision on Review.  Decision on review of a denied claim shall be made in the following manner:
		

		
			 
		

		
			(i)The decision on review shall be made and be communicated to the Claimant within a reasonable period of time but not later than sixty (60) days after the Plan Administrator receives the request for review unless the Plan Administrator determines that special circumstances (such as the need to hold a hearing) require an extension of time for processing the claim.  If the Plan Administrator determines that an extension of time is required, written notice of the extension shall be furnished to the Claimant prior to the termination of the initial sixty (60) day period.  In no event shall such extension exceed a period of sixty (60) days from the end of the initial period.  The extension notice shall indicate the special circumstances requiring an extension of time and the date by which the Plan expects to render the determination on review.
		

		
			 
		

		
			(ii)The decision on review shall be set forth in a manner calculated to be understood by the Claimant, shall be in writing, and shall include:  the specific reason(s) for the decision, reference to the specific Plan provision(s) on which the decision is based, a statement that the Claimant is entitled to receive, upon request and free of charge, reasonable access to, and copies of, all documents, records, and other information relevant to the Claimant’s claim for Benefits, and a statement of the Claimant’s right to bring an action under Section 502(a) of ERISA.
		

		
			 
		

		
			(iii)In the event that the decision on review is not furnished within the time period set forth in this Subsection, the claim shall be deemed denied on review. 
		

		
			 
		

		
			(e)Disability Claims.  If your claim involves a determination of Disability under the Plan, different timeframes and rules may apply.  Notwithstanding anything in the Plan to the contrary, the Plan Administrator shall follow procedures which conform to the requirements of Department of Labor Regulation §2560.503-1 with respect to Disability claims filed after April 1, 2018. If your claim involves a determination of Disability under the Plan, you will receive a separate notice of claims procedures that apply to your claim.  
		

		
			 
		

		
			Section 7.3  Expenses.  To the extent not inconsistent with the Trust, the Trustee is authorized to pay from the Trust all expenses, taxes and fees incurred in connection with the Plan and/or Trust (including without limitation recordkeeping, administration, attorneys’ fees, and investment fees) to the extent they are not paid by the Employer.  Such expenditures shall be charged against the Trust and as applicable the Participant’s Account(s) pursuant to Section 4.3 or otherwise as determined by the Trustee and Employer in accordance with the Trust.
		

		
			 
		

		
			

		 

		

			 

		

		

			 

		

		

		
			Article 8
		

		
			Miscellaneous
		

		
			 
		

		
			Section 8.1  USERRA and Family and Medical Leave Act.  The Plan shall comply with the requirements of the Uniformed Services Employment and Reemployment Rights Act of 1994 and the Family and Medical Leave Act of 1993.  
		

		
			 
		

		
			Section 8.2  Amendment or Termination    
		

		
			 
		

		
			(a) In General.  The Plan may be amended in whole or in part from time to time by the Employer and may be terminated by the Employer, in its sole discretion, but subject to compliance with Code Section 409A.  Upon Plan termination, the Participants shall be entitled to receive their Accrued Benefits only in accordance with the Plan as if it had not terminated or as the Plan otherwise is amended or administered in compliance with the Code and ERISA, as applicable.  
		

		
			 
		

		
			(b)Amendments and Administration.  The Plan may be amended and administered by the Employer at any time and retroactively, if required, if warranted in the opinion of the Employer, to ensure that the Plan is characterized as a “top hat” plan maintained for a select group of management or highly compensated employees as described under ERISA, and/or to conform the Plan to the provisions and requirements of any applicable law (including but not limited to ERISA and the Code).  Any reduction, elimination or change of a Participant’s Benefits under this Section 8.2 shall not be deemed to prejudice nor impermissibly reduce in contravention of this Plan any interest of a Participant or a Beneficiary hereunder.  Any payment election or provision in effect prior to any Plan amendment shall be conformed and interpreted as warranted to comply with the Code.
		

		
			 
		

		
			Section 8.3  No Liability.  The Employer, Victory Capital Holdings Inc., and each of the respective affiliates, officers, directors and employees shall not be liable to any person for any action taken or omitted in connection with the Plan unless attributable to such person’s own fraud or willful misconduct.  The Employer shall not be responsible for any act or failure to act of any Trustee appointed to administer the Trust.
		

		
			 
		

		
			Section 8.4  Employment Relations.  The adoption and maintenance of the Plan shall not be deemed to constitute a contract of employment between the Employer and its Employees or to be consideration for, or an inducement or condition of, the employment of any person.  Nothing contained herein shall be deemed to:  (a) give to any person the right to be retained in the employ of the Employer; (b) affect the right of the Employer to discipline or discharge any person at any time; (c) give the Employer the right to require any person to remain in its employ; or (d) affect any person’s right to terminate his or her employment at any time.
		

		
			 
		

		
			Section 8.5  Enforceability.  This Plan shall be binding upon the assigns, successors, and the legal representatives of the Participant and of the Employer, subject to Section 8.2, unless the Employer determines otherwise in writing.  
		

		
			 
		

		
			Section 8.6  Construction
		

		
			 
		

		
			(a)  Words used in the masculine shall apply to the feminine where applicable, and wherever the context of the Plan dictates, the plural shall be read as the singular and the singular as the plural.  Reference to the provisions of any particular section of the Code, ERISA, other statute, regulation or release by governing authorities shall be deemed to be a reference to any section of the authority which may hereafter contain the same or similar provisions.
		

		
			

		 

		

			 

		

		

			 

		

		

		
			 
		

		
			(b)This Plan shall be administered, construed and limited in the manner appropriate for the Plan to comply with the provisions of ERISA, particularly to qualify as an ERISA “top hat” plan and to comply with the provisions of the Code, including without limitation Code Section 409A.  ERISA and Code sections and regulations are incorporated by reference as is necessary for such administration, interpretation and limitation.
		

		
			 
		

		
			(c)If any provision of this Plan shall be held invalid or unenforceable, such invalidity or unenforceability shall not affect any other provisions hereof and the Plan shall be construed and enforced as if such provisions, to the extent invalid or unenforceable, had not been included herein.
		

		
			 
		

		
			(d)The headings of Articles, Sections and subsections hereunder are included solely for convenience of reference, and if there is any conflict between such headings and the text of this Plan, the text shall control.
		

		
			 
		

		
			Section 8.7  Entire Agreement.  Except as otherwise amended or incorporated herein, or supplemented with addenda, in writing by the Employer, this Plan document constitutes the entire agreement between the Employer, Participants and Beneficiaries and contains all of the agreements among such parties with respect to the subject matter hereof, and furthermore, to the extent conflicting, this Plan supersedes any and all other agreements, either oral or in writing, without limitation including in any employment agreement among the parties hereto, with respect to the subject matter hereof.  Any such other agreement shall be null, void, and of no effect with respect to the subject matter of this Plan.  This Section in no way limits or abrogates the provisions of the Trust nor the Employer’s right to amend or terminate the Plan in any respect, including without limitation pursuant to Section 8.2.
		

		
			 
		

		
			Section 8.8  Governing Law.  The Plan and all matters arising with respect thereto shall be governed by ERISA and the Code (and/or other federal law), except as otherwise not applicable, in which case New York State law shall govern.
		

		
			
		

		
			

		 

		

			 

		

		

			 

		

		

		
			IN WITNESS WHEREOF, the Employer has executed this amended and restated Plan this 13th day of November, 2019.
		

		
			 
		

		
			 
		

		
			VICTORY CAPITAL MANAGEMENT INC.
		

		
			 
		

		
			 
		

		
			 
		

		
			By:  /s/ David C. Brown
		

		
			        David C. Brown, CEO

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