Document:

Exhibit 4.7

  

  

    

     

    
      

    

    

     

     

    FORM OF ASSET REPRESENTATIONS REVIEW AGREEMENT

     

     

    among

      

    

     

    TOYOTA AUTO RECEIVABLES 2021-B 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 June 14, 2021

     

     

     

    
      

     

    

    
      
        

    

    
    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 and Electronic Signatures

          	
            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 June 14, 2021 (this “Agreement”), among TOYOTA AUTO RECEIVABLES 2021-B 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 June 14, 2021, 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 June 14, 2021, among the Issuer, the Seller and TMCC.

     

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

     

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

     

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

     

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

     

    ARTICLE II

      ENGAGEMENT OF ASSET REPRESENTATIONS REVIEWER

     

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

     

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

     

      

    
      2

      
        

    

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

     

    ARTICLE III

      ASSET REPRESENTATIONS REVIEW PROCESS

     

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

     

    Section 3.2.   Review Materials.

     

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

     

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

     

    Section 3.3.   Performance of Reviews.

     

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

     

    
      3

      
        

    

    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.

     

    
      4

      
        

    

    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.

     

    
      5

      
        

    

    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,

     

    
      6

      
        

    

    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

     

    
      7

      
        

    

    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

     

    
      8

      
        

    

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

     

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

     

    Section 4.6.   Indemnification of Asset Representations
          Reviewer.

     

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

     

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

     

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

     

    
      9

      
        

    

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

     

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

     

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

     

    Section 4.9.   Confidential Information.

     

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

     

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

     

    
      10

      
        

    

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

    
      11

      
        

    

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

     

    Section 4.10.   Personally Identifiable Information.

     

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

     

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

     

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

     

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

     

    
      12

      
        

    

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

     

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

     

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

     

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

     

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

     

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

     

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

     

    
      13

      
        

    

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

     

    ARTICLE V

      RESIGNATION AND REMOVAL;

      SUCCESSOR ASSET REPRESENTATIONS REVIEWER

     

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

     

    Section 5.2.   Resignation and Removal of Asset
          Representations Reviewer.

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

    
      14

      
        

    

    Section 5.3.   Successor Asset Representations
          Reviewer .

     

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

     

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

     

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

     

    Section 5.4.   Merger, Consolidation or Succession. 

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

     

    ARTICLE VI

      OTHER AGREEMENTS

     

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

     

    
      15

      
        

    

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

     

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

     

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

     

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

     

    ARTICLE VII

      MISCELLANEOUS PROVISIONS

     

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

     

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

     

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

     

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

     

    
      16

      
        

    

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

     

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

     

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

     

    Section 7.3.   Notices.

     

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

     

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

     

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

     

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

     

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

     

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

     

    Section 7.4.   GOVERNING

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

     

    Section 7.5.   WAIVER

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

     

    
      17

      
        

    

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

     

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

     

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

      

     

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

     

    Section 7.9.   Counterparts and Electronic
          Signatures.  This Agreement may be executed in multiple counterparts. Each counterpart will be an original and all counterparts will together be one document. Each party agrees that this
        Agreement and any other documents to be delivered in connection herewith may be electronically signed, and that any electronic signatures appearing on this Agreement or such other documents are the same as handwritten signatures for the purposes of
        validity, enforceability, and admissibility.

     

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

     

    [Remainder of Page Left Blank]

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    
      18

      
        

    

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

     

    	 	
            TOYOTA AUTO RECEIVABLES 2021-B OWNER TRUST, as Issuer

          
	 	 	 
	 	
            By:

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

          
	 	 	 
	 	 	 
	 	
            By:

          	
                                                                                                 

          
	 	 	
            Name:

          
	 	 	
            Title:

          
	 	 	 
	 	 	 
	 	
            TOYOTA MOTOR CREDIT CORPORATION,

          
	 	
            as Servicer and Administrator

          
	 	 	 
	 	 	 
	 	
            By:

          	
                                                                                                 

          
	 	 	
            Name:

          
	 	 	
            Title:

          

    

    

    

    

    

    

     

    

    

     

    
      
        

    

    	 	
            CLAYTON FIXED INCOME SERVICES LLC,

          
	 	
            as Asset Representations Reviewer

          
	 	 	 
	 	
            By:

          	
                                                                                                 

          
	 	 	
            Name:

          
	 	 	
            Title:

          

    

    

     

     

    

     

    

     

    

     

    

     

    

     

    

     

    

     

    

    

    

     

    
      
        

    

    
    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) as of the Cutoff Date, each Receivable is secured by a new or used car, crossover utility vehicle, 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, crossover utility vehicle, 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-4Exhibit
10.1

 

Membership
Interest Purchase Agreement

 

THIS
MEMBERSHIP INTEREST PURCHASE AGREEMENT (this “Agreement”) is entered into as of June 4, 2021, by and among Angela
Hein (“AH”), Heidi Brown (“HB”) and Creatd Partners, LLC, a Delaware limited
liability company (“Buyer”). AH and HB are collectively referred to herein as “Sellers” and each, a “Seller.”
Sellers and Buyer are collectively referred to herein as the “Parties” and individually as a “Party.”

 

WHEREAS,
Sellers collectively own 841,005 common units (the “Membership Interests”) of Plant Camp LLC, a Delaware limited liability
company (the “Company”), which represents 66.4% of the issued and outstanding common units of the Company following
a previous $175,000 investment by the Buyer dated as of June 1, 2021 pursuant to which the Buyer received 32.9% of the Company’s
outstanding membership interests as reflected in the pre-money capitalization table set forth on Schedule III attached hereto;
and

 

WHEREAS,
Sellers wish to sell to Buyer, and Buyer wishes to purchase from Sellers, the Membership Interests, subject to the terms and conditions
set forth herein;

 

NOW,
THEREFORE, in consideration of the mutual covenants and agreements hereinafter set forth and for other good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, the Parties agree as follows:

 

ARTICLE
I

Purchase and Sale

 

Section
1.01  Purchase and Sale. Subject to the terms and conditions set forth herein, at the Closing (as hereinafter defined), each
Seller shall transfer, sell and convey to Buyer, and Buyer agrees to purchase from each Seller, those Membership Interests, free and
clear of any mortgage, pledge, lien, charge, security interest, claim or other encumbrance (each an “Encumbrance”)
set forth opposite each Seller’s name on Schedule I hereto under the heading “Common Units Sold,” in consideration
of the cash consideration set forth opposite such Seller’s name on Schedule I under the heading “Purchase Price.”

 

Section
1.02  Purchase Price. The aggregate purchase price for the Membership Interests shall be $300,000.00, to be allocated among
the Sellers in accordance with Schedule I (the “Purchase Price”). Buyer shall pay the Purchase Price to Sellers
at the Closing (as defined herein) in cash, by wire transfer of immediately available funds in accordance with each Seller’s wire
transfer instructions.

 

Section
1.03  Closing The closing of the transactions contemplated by this Agreement (the “Closing”) shall take place
simultaneously with the execution of this Agreement on the date of this Agreement (the “Closing Date”) via the electronic
exchange of documents and signatures. The consummation of the transactions contemplated by this Agreement shall be deemed to occur at
12:01 a.m. on the Closing Date.

 

     

     

    

 

Section
1.04  Working Capital Credit. Buyer shall be entitled to a credit in the event that there is a Material Deviation, as determined
by the Buyer in Buyer’s reasonable discretion, between the Company’s actual working capital target figures on the Closing
Date and any of the agreed-upon working capital target figures which are set forth on Schedule II hereto. Sellers acknowledge
and agree that Sellers’ counsel shall refund to the Company any unused portions of the $20,000 retainer paid by the Company for
legal services promptly following Closing. For purposes of this Agreement “Material Deviation” shall mean a ten percent
(10%) decrease in the working capital figures detailed in Schedule II.

 

ARTICLE
II

REPRESENTATIONS AND WARRANTIES REGARDING SELLERS

 

Each
Seller hereby, jointly and severally, represents and warrants to Buyer as of the date of this Agreement and as of the Closing Date as
follows:

 

Section
2.01  Organization of the Company. The Company is a limited liability company, duly formed, validly existing and in good standing
under the laws of the State of Delaware. True, correct and complete copies of the Company’s Certificate of Formation and Limited
Liability Company Agreement (collectively, the “Company’s Organizational Documents”) have been provided to Buyer.

 

Section
2.02  Capitalization. As of immediately prior to the Closing, the authorized and issued equity capital of the Company consists
solely of 1,490,863 Common Units currently held by the Sellers and the other members of the Company in the amounts set forth on Schedule
III hereto. Schedule III also reflects the authorized and issued equity capital of the Company, on a post-Closing basis, after
giving effect to the transactions contemplated by this Agreement and the Ancillary Documents (as hereinafter defined). All of such issued
and outstanding membership units are validly issued, fully paid and free and clear of taxes, charges, Encumbrances and preemptive rights,
and have been issued in compliance with all applicable laws. The Company has not granted or issued any options, convertible securities,
warrants, phantom equity, equity appreciation rights, Encumbrances, anti-dilution provisions or commitments of any character relating
to any of its equity other than as contemplated by this Agreement, and no person or entity has any right to purchase or acquire any such
equity. There is no voting trust, voting agreement, proxy or other agreement or understanding to which the Company is a party with respect
to the voting of the membership units of the Company.

 

Section
2.03  Financial Statements. True, correct and complete copies of the unaudited balance sheet and statements of operations, members’
equity and cash flows of the Company as of and for the fiscal year ended 2020 and the Company’s unaudited consolidated balance
sheet and statements of operations, members’ equity and cash flows as of and for the three months ended March 31, 2021 have been
provided to Buyer.

 

    2

     

    

 

Section
2.04  Absence of Certain Changes.

 

(a) 
Since March 31, 2021, the Company has not:

 

(i) 
incurred any liabilities other than current liabilities incurred, or obligations under contracts entered into, in the ordinary course
of business and for individual amounts not greater than $5,000.00, except for the retainer paid to Arvelo PLLC and the Promissory Note;

 

(ii) 
sold, leased, assigned, licensed, abandoned, transferred or otherwise disposed of any of its assets, tangible or intangible (other than
sales of inventory in the ordinary course of business and use of supplies in the ordinary course of business);

 

(iii) 
permitted any of its assets, tangible or intangible to become subject to any Encumbrance;

 

(iv)  
terminated or amended or suffered the termination or amendment of, other than in the ordinary course of business, or failed to perform
in any material respect any of its obligations or suffered or permitted any material default to exist under, any material agreement,
license or permit;

 

(v) 
suffered any damage, destruction or loss of tangible property (whether or not covered by insurance) which in the aggregate exceeds $50,000;

 

(vi)  
made any loans to any employee, independent contractor, officer, member, or manager of the Company; or

 

(vii) 
declared, set aside, or paid any distribution with respect to its members or their capital accounts.

 

Section
2.05  Authority of Seller; Enforceability.

 

(a) 
Such Seller has taken all action necessary to permit it to execute and deliver this Agreement and the other documents and instruments
to be executed by it as a condition to closing under Section 4.01 (the “Ancillary Documents”) and to carry out the
terms hereof and thereof. This Agreement, the Ancillary Documents to which such Seller is a Party and each such other document and instrument
to which such Seller is a Party, when duly executed and delivered by such Seller, will constitute a valid and binding obligation of such
Seller, enforceable against such Seller in accordance with its terms, except to the extent limited by (i) applicable bankruptcy, insolvency,
reorganization, moratorium and similar laws of general application related to the enforcement of creditor’s rights generally and (ii)
general principles of equity.

 

    3

     

    

 

(b) 
The execution, delivery and performance by such Seller of this Agreement and each Ancillary Documents to which it is a party, and
the performance of such Seller’s obligations hereunder and thereunder, do not and will not violate any provision of any applicable laws,
regulations, orders, judgments or decrees, or result in the breach of or constitute a default (or an event which, with notice or lapse
of time or both would constitute a default) under any material agreement, instrument or understanding to which such Seller is a party
or by which such Seller is bound.

 

Section
2.06  No Conflicts; Consents. The execution, delivery and performance by such Seller of this Agreement and the Ancillary Documents,
and the consummation of the transactions contemplated hereby and thereby, do not and will not result in any violation, conflict with
or constitute a default under the Company’s Organizational Documents or result in the creation or imposition of any Encumbrance
on the Membership Interests. No consent, approval, waiver or authorization is required to be obtained by any Seller from any person or
entity (including any governmental authority) in connection with the execution, delivery and performance by such Seller of this Agreement
and the Ancillary Agreements and the consummation of the transactions contemplated hereby and thereby.

 

Section
2.07  Legal Proceedings. There is no claim, action, suit, proceeding or governmental investigation (“Action”)
of any nature pending or, to such Seller’s knowledge, threatened against or by such Seller (a) relating to or affecting the Membership
Interests; (b) relating to or affecting the Company or (c) that challenges or seeks to prevent, enjoin or otherwise delay the transactions
contemplated by this Agreement. No event has occurred or circumstances exist that may give rise to, or serve as a basis for, any such
Action.

 

Section
2.08  Ownership of Membership Interests. 

 

(a) 
Such Seller is the sole legal, beneficial, record and equitable owner of the Membership Interests set forth opposite such Seller’s
name on Schedule I, free and clear of any and all Encumbrances whatsoever.

 

(b) 
The Membership Interests were issued in compliance with applicable laws. The Membership Interests were not issued in violation of the
Company’s Organizational Documents or any other agreement, arrangement or commitment to which Seller or the Company is a Party
and are not subject to or in violation of any preemptive or similar rights of any person or entity (each, a “Person”).

 

(c) 
Other than the Company’s Organizational Documents, there are no voting trusts, proxies or other agreements or understandings in
effect with respect to the voting or transfer of any of the Membership Interests.

 

Section
2.09  Brokers. No broker, finder or investment banker is entitled to any brokerage, finder’s or other fee or commission
in connection with the transactions contemplated by this Agreement based upon arrangements made by or on behalf of such Seller.

 

    4

     

    

 

Section
2.10  Non-Foreign Status. Such Seller is not a foreign person as defined in Treasury Regulations Section 1.1446(f)-1(b)(4) or
Section 1.1445-2 and the Membership Interests do not constitute a United States real property interest.

 

Section
2.11  Taxes. All of the following statements are true and accurate: (a) all tax returns (including information returns) required
to be filed on or before the Closing Date by the Company have been timely filed except for the Company’s 2020 tax returns which
are on extension until September 15, 2021, (b) all such tax returns are true, complete and correct in all respects, (c) all taxes due
and owing by the Company (whether or not shown on any tax return) have been timely paid, (d) all deficiencies asserted, or assessments
made, against the Company as a result of any examinations by any taxing authority have been fully paid, and (e) there are no pending
or threatened actions by any taxing authority.

 

Section
2.12  Employees. All compensation and bonuses due and owing to any employee or contractor of the Company as of the Closing Date
have been paid in full. The Company is not a party to, nor otherwise bound by, any collective bargaining agreement or other Contract
or understanding with a labor union or labor organization. No employee has terminated or threatened to terminate his or her employment
with the Company, or given notice of such termination, and Sellers have no reason to believe that any employee intends to terminate his
or her employment with Company. The Company has never received a (i) “no match letter” from the U.S. Social Security Administration,
or (ii) written notice from the Department of Homeland Security that the immigration status or employment authorization documentation
presented or referenced by an employee as proof of work authorization is assigned to another individual.

 

Section
2.13  Intellectual Property. Except with respect to formulas for cheese and pasta ingredients, the Company owns the entire right,
title and interest in and to, or has the right to use pursuant to a valid and enforceable license the Company’s trade name, website
and all of the other intellectual property that it uses in connection with its business (the “Intellectual Property”).
The conduct of the Company’s business, and the Company’s products, processes and services, have not infringed upon the intellectual
property rights of any Person. To the knowledge of Sellers, no Person has infringed or otherwise violated, or is currently infringing
or otherwise violating, any Intellectual Property. There are no pending or, to the knowledge of Sellers, threatened proceedings (a) challenging
the validity, enforceability or ownership of any of the Intellectual Property or the Company’s rights with respect thereto, or
(b) alleging any infringement, misappropriation or other violation of the intellectual property of any Person by the Company.

 

Section
2.14  Bank Accounts. All of the following information regarding the Company’s bank accounts have been provided to the
Buyer: (a) the names and locations of all banks and other financial institutions at which the Company maintains accounts of any nature,
the type and number of all such accounts, and the names of all Persons authorized to make withdrawals therefrom, (b) all credit cards
and revolving credit accounts in the name of the Company or used in the Company’s business, (c) the location of all lock boxes,
P.O. boxes and safe deposit boxes maintained by the Company, together with the names of the Persons authorized to have access thereto,
and (d) any powers of attorney granted by the Company.

 

    5

     

    

 

Section
2.15  Compliance with Legal Requirements; Governmental Authorizations. The Company has at all times been in material compliance
with each law or requirement that is or was applicable to it or the conduct of its business or the ownership or use of any of its assets.
To the Company’s knowledge it has all licenses, permits or other governmental authorization (each, a “Governmental Authorization”)
that are required for the Company to conduct its business or to own or use any of its assets. Each Governmental Authorization listed
is valid and in full force and effect. The Company has not received any notice or other communication from any Person regarding any actual,
alleged, or potential violation of, or failure to comply with, any Governmental Authorization or applicable law or requirement.

 

Section
2.16  Material Contracts. Sellers have delivered to Buyer a true, complete and correct copy of, each of the following
contracts (the “Material Contracts”) that are: (a) involving the performance of services, delivery of goods or materials,
or payments by or to the Company in excess of $5,000.00, (b) affecting the ownership, lease, or use of any real or personal property
(including the Leases), (c) containing covenants that in any way purport to restrict the right of the Company (or any other Person for
the Company’s benefit) to engage in any business activity, compete with any Person, or enter into (or solicit) a business relationship
with any Person, or (d) that is otherwise material to the conduct of the Company’s business. Each Material Contract is in full
force and effect, and is valid and enforceable in accordance with its terms. Neither the Company nor, to the knowledge of Sellers, any
other party is or has been in breach of any Material Contract, and no event or circumstance has occurred or exists that (with or without
notice or lapse of time) could result in a breach of any Material Contract, result in the creation of any Encumbrance affecting the Company
or its assets or give the Company any other party to any Material Contract the right to cancel, terminate or modify such Material Contract.
The Company has not given to, or received from, any other Person any notice or other communication (whether oral or written) regarding
any actual, alleged, or potential breach of any Material Contract or any intention to cancel, terminate or modify any Material Contract.

 

Section
2.17  Insurance. The assets and business of the Company are adequately insured under the various policies of insurance, each
of which is currently, and will be after the Closing Date, in full force and effect without modification. The Company has timely paid
all premiums due and payable with respect to each such policy and no additional premiums are due as of the Closing Date. Sellers have
provided Buyer with complete and correct copies of all such policies, and no policy has been modified since such copies were provided
to Buyer. The Company has not received any notice of cancellation or non-renewal with respect to (or disallowance of, or reservation
of rights with respect to, any claim under) any such policies.

 

    6

     

    

 

Section
2.18  Full Disclosure. No representation or warranty by such Seller in this Agreement or any Ancillary Document, certificate
or other document furnished or to be furnished to Buyer pursuant to this Agreement contains any untrue statement of a material fact or
omits to state a material fact necessary to make the statements contained therein, in light of the circumstances in which they are made,
not misleading.

 

ARTICLE
III

REPRESENTATIONS AND WARRANTIES OF BUYER

 

Buyer
represents and warrants to Sellers that the statements contained in this Article III are true and correct as of the date hereof.

 

Section
3.01  Organization and Authority of Buyer; Enforceability. Buyer is a limited liability company duly organized, validly existing
and in good standing under the laws of the State of Delaware. Buyer has full limited liability company power and authority to enter into
this Agreement and the applicable Ancillary Documents, to carry out its obligations and to consummate the transactions contemplated hereby
and thereby and have been duly authorized on the part of Buyer. This Agreement and the Ancillary Documents have been duly executed and
delivered by Buyer, and (assuming due authorization, execution and delivery by Seller) this Agreement and the documents to be delivered
hereunder constitute legal, valid and binding obligations of Buyer enforceable against Buyer in accordance with their respective terms.

 

Section
3.02  No Conflicts; Consents. The execution, delivery and performance by Buyer of this Agreement and the documents to be delivered
hereunder, and the consummation of the transactions contemplated hereby, do not and will not: (a) violate or conflict with the certificate
of formation or operating agreement of Buyer; or (b) violate or conflict with any judgment, order, decree, statute, law, ordinance, rule
or regulation applicable to Buyer. No consent, approval, waiver or authorization is required to be obtained by Buyer from any person
or entity (including any governmental authority) in connection with the execution, delivery and performance by Buyer of this Agreement
or any Ancillary Document and the consummation of the transactions contemplated hereby and thereby.

 

Section
3.03  Investment Purpose. Buyer is acquiring the Membership Interests solely for its own account for investment purposes and
not with a view to, or for offer or sale in connection with, any distribution thereof. Buyer acknowledges that the Membership Interests
are not registered under the Securities Act of 1933, as amended, or any state securities laws, and that the Membership Interests may
not be transferred or sold except pursuant to the registration provisions of the Securities Act of 1933, as amended or pursuant to an
applicable exemption therefrom and subject to state securities laws and regulations, as applicable.

 

    7

     

    

 

Section
3.04  Brokers. No broker, finder or investment banker is entitled to any brokerage, finder’s or other fee or commission
in connection with the transactions contemplated by this Agreement based upon arrangements made by or on behalf of Buyer.

 

Section
3.05  Legal Proceedings. There is no Action pending or, to Buyer’s knowledge, threatened against or by Buyer that challenges
or seeks to prevent, enjoin or otherwise delay the transactions contemplated by this Agreement. No event has occurred or circumstances
exist that may give rise or serve as a basis for any such Action.

 

ARTICLE
IV

Closing Deliveries

 

Section
4.01  Sellers’ Deliveries. At the Closing, each Seller shall deliver to Buyer the following:

 

(a) 
a membership interest transfer power, in the respective forms collectively attached hereto as Exhibit A (the “Transfer
Power”), executed by such Seller.

 

(b) 
duly executed counterparts to the Second Amended and Restated Operating Agreement of the Company, in substantially the same form as that
attached hereto as Exhibit B (the “A&R Operating Agreement”).

 

(c) 
a letter of resignation of such Seller effecting the resignation of such Seller from any and all positions or offices of management or
authority of the Company.

 

(d) 
A certification meeting the requirements of Treasury Regulations Section 1.1446(f)-2(b)(2) to the effect that such Seller is not a foreign
person within the meaning of Section 1446(f) of the Internal Revenue Code of 1986, as amended (“Code”), duly executed
by the Seller and in form and substance reasonably satisfactory to the Buyer.

 

(e) 
a duly executed copy of that certain draft promissory note attached hereto as Exhibit C (the “Promissory Note”),
which draft Promissory Note has been previously provided to the Sellers and the Company.

 

Section
4.02  Buyer’s Deliveries. At the Closing, Buyer shall deliver the following to Sellers:

 

(a) 
The Purchase Price.

 

(b) 
the A&R Operating Agreement, executed by Buyer.

 

    8

     

    

 

ARTICLE
V 

Tax Matters

 

Section
5.01  Allocation of Company Income and Loss. Buyer and Sellers shall ensure that the Company allocate all items of Company income,
gain, loss, deduction or credit attributable to the Membership Interests for the taxable year of the Closing based on a closing of the
Company’s books as of the Closing Date.

 

Section
5.02  Section 754 Election. Buyer and Sellers shall cooperate with each other in good faith to ensure that the Company makes
an election under Section 754 of the Code.

 

Section
5.03  Tax Audit Procedures. Buyer and Sellers shall ensure that the Company (a) not elect into the partnership audit procedures
enacted under Section 1101 of the Bipartisan Budget Act of 2015 (“BBA Procedures”) for any tax year beginning before
January 1, 2018; (b) annually opt-out of the BBA Procedures for tax years beginning on or after January 1, 2018 pursuant to Section 6221(b)
of the Code; and (c) for any year in which applicable law and regulations do not permit the Company to elect out of the BBA Procedures
and in which it receives a notice of final partnership adjustment, to timely elect the alternative procedure under Section 6226 of the
Code.

 

ARTICLE
VI

POST-CLOSING COvenants

 

Section
6.01  Non-Competition; Non-Solicitation.

 

(a) 
Neither Seller shall, directly or indirectly, (i) for a period of thirty (30) months commencing on the Closing Date with respect to the
manufacture, sale, marketing or distribution of macaroni and cheese products and for a period of one (1) year commencing on the Closing
Date with respect to the manufacture, sale, marketing or distribution of pancake, granola bars and any other products which are being
manufactured, marketed, sold and distributed by the Company as of the Closing Date (collectively, the “Restricted Period”),
engage in or assist others in engaging in the manufacture, sale, marketing or distribution of the aforementioned products (collectively,
the “Business”) in the United States and Canada (the “Territory”); (ii) obtain or maintain any
interest in any entity that engages directly in the Business in the Territory in any active capacity, including as a partner, employee,
principal, agent, or consultant; or (iii) intentionally interfere in any material respect with the business relationships (whether formed
prior to or after the date of this Agreement) between the Company and customers or suppliers of the Company. Notwithstanding the foregoing,
nothing in this Agreement shall be construed to prohibit either Seller from owning, directly or indirectly, solely as an investment,
less than three percent (3%) of the issued and outstanding securities of any entity traded on any national securities exchange.

 

    9

     

    

 

(b) 
During the period one (1) year from the Closing Date, neither Seller shall, directly or indirectly, hire or solicit any employee of the
Company or encourage any such employee to leave such employment or hire any such employee who has left such employment, except pursuant
to a general solicitation which is not directed specifically to any such employees; provided, however, that nothing in this Section
6.01(b) shall be construed so as to prevent either Seller from hiring (i) any employee whose employment has been terminated by the Company
or Buyer for cause or (ii) after one hundred eighty (180) business days from the date of termination of employment, any employee whose
employment has been terminated by such employee.

 

(c) 
During the period one (1) year from the Closing Date, neither Seller shall, directly or indirectly, solicit or entice, or attempt to
solicit or entice, any clients or customers of the Company or potential clients or customers of the Company for purposes of diverting
their business or services from the Company.

 

Section
6.02  Sellers acknowledge that a breach or threatened breach of any of the covenants set forth in Section 6.01 of this Agreement
would give rise to irreparable harm to Buyer and the Company, for which monetary damages would be an inadequate remedy. Sellers further
acknowledge and agree that, if either Seller breaches or threatens a breach of the covenants set forth in Section 6.01 of this Agreement,
Buyer shall, in addition to all other rights and remedies available to it at law, be entitled to injunctive relief in addition to any
other equitable relief that may be available to it from a court of competent jurisdiction.

 

Section
6.03  Seller acknowledges that the restrictions contained in Section 6.01 are reasonable and necessary to protect the legitimate
interests of Buyer and constitute a material inducement to Buyer to enter into this Agreement and consummate the transactions contemplated
by this Agreement. In the event that any covenant contained in Section 6.01 should be adjudicated by a court of competent jurisdiction
to exceed the time, geographic, product or service or other limitations permitted by applicable law in any jurisdiction, then such court
is expressly empowered to reform such covenant, and such covenant shall be deemed reformed, in such jurisdiction to the maximum of any
such limitations permitted by applicable law. The covenants contained in Section 6.01 and each provision of this Article VI are severable
and distinct covenants and provisions. The invalidity or unenforceability of any such covenant or provision as written shall not invalidate
or render unenforceable the remaining covenants or provisions hereof, and any such invalidity or unenforceability in any jurisdiction
shall not invalidate or render unenforceable such covenant or provision in any other jurisdiction.

 

Section
6.04  Post-Closing Cooperation. Sellers shall each assist the Buyer in operating the Company by making introductory phone calls
on an as-needed basis with a cap of five (5) working hours per week during the fifteen (15) day period after the Closing on an as-needed
basis, or until such time as Sellers have completed all of the introductory phone calls with those parties listed on Schedule IV
to the reasonable satisfaction of Buyer’s Chief Executive Officer or his designee (such period, the “Transition Period”).
Sellers shall not receive any compensation for providing services to the Company during the Transition Period as the provision of such
services is part of the benefits that the Buyer is receiving in return for the Purchase Price.

 

    10

     

    

 

Section
6.05  Confidentiality. Neither the Sellers, the Buyer nor the Company will disclose the terms of this Agreement to any person
other than Buyer’s and the Company’s officers and employees who need to know such terms as well as their respective accountants
and attorneys, and in the case of the Buyer its parent company, Created, Inc., and the officers and employees of Creatd, Inc. who need
to know such terms (each, a “Permitted Disclosee”) without the written consent of the other party and agrees that
any Permitted Disclosee shall be bound by written obligations of confidentiality with the relevant party for a period of five (5) years
measured from the Closing Date or, for any trade secrets, for any such longer period of time as the trade secrets may be protected as
such under applicable law. Notwithstanding the foregoing provision, nothing in this Agreement shall restrict or prohibit Created, Inc.
from fulfilling its public company reporting obligations and other legal obligations, nor shall it prohibit the Buyer from making a public
announcement regarding the transactions contemplated hereby, provided that the bare minimum information regarding the Purchase Price
(i.e., no disclosure or the limited information about the Purchase Price necessary to comply with any reporting and other legal obligations)
shall be reported to the public. The nondisclosure agreements between Creatd, Inc., the Sellers and the Buyer and between the Company
and the Buyer shall remain in full force and effect and shall be incorporated herein by reference.

 

Section
6.06  Non-disparagement. The Parties and Creatd, Inc., as well as its businesses and respective employees, officers, and directors,
hereby agree and covenant that they shall not at any time make, publish, or communicate to any Person or in any public forum any defamatory,
maliciously false or disparaging remarks, comments, or statements concerning (with respect to the Buyer), the Sellers, (or with respect
to the Sellers), the Buyer, the Company, Creatd, Inc. or its businesses, or any of their respective employees, officers, or directors
and their existing and prospective customers, suppliers, investors, and other associated third parties, now or in the future.

 

Section
6.07  Name and Likeness. The Buyer and its affiliates (including Creatd, Inc.) shall, before the end of 30 days from the Closing
Date, remove the names, images, and likenesses of each of the Sellers and their children from Company packaging, marketing materials,
and website and not use them thereafter without express written consent from Angela Hein, for her children and herself, and Heidi Brown,
for her children and herself. Nothing in this Section shall prohibit the Buyer and the Company from selling off any existing inventory
of the products it is receiving on the Closing Date, even if such names and likenesses are still on such products, provided that the
existing inventory shall be sold off within a commercially reasonable period of time after the Closing Date.

 

Section
6.08  Release. In consideration for entering into this Agreement and for other good and valuable consideration, the receipt
of which is hereby acknowledged, each Party hereby releases the other Party and the other Party’s members, managers, directors,
officers, shareholders, employees, independent contractors, subsidiaries, affiliates, parent companies, successors and assigns, including
but not limited to Creatd, Inc. and Created, Inc. hereby releases the Sellers, from any and all liability, claims, damages, causes of
action or any other form of legal or equitable relief (collectively, the “Claims”) from (i) all potential claims arising
before the date of this Agreement and (ii) all potential claims that have been, could have been or in the future might be asserted in
any way arising out of or relating to this Agreement, as well as the schedules and exhibits attached hereto, and the transactions contemplated
hereby, except with respect to any Claims arising out of or related to the representations, warranties, covenants and obligations of
any Party pursuant to this Agreement.

 

ARTICLE
VII

Indemnification

 

Section
7.01  Survival of Representations and Covenants.
All representations, warranties, covenants and agreements contained herein and all related rights to indemnification shall survive
the Closing for a period of twelve (12) months.

 

Section
7.02  Indemnification by Seller. Subject to the other terms
and conditions of this Article VII, Sellers shall, jointly and severally, defend, indemnify and hold harmless Buyer, its affiliates and
their respective stockholders, directors, members, managers, officers and employees from and against:

 

(a) 
all claims, judgments, damages, liabilities, settlements, losses, costs and expenses, including attorneys’ fees and disbursements
(a “Loss”), arising from or relating to any inaccuracy in or breach of any of the representations or warranties of
a Seller contained in this Agreement or any document to be delivered hereunder;

 

(b) 
any Loss arising from or relating to any breach or non-fulfillment of any covenant, agreement or obligation to be performed by a Seller
pursuant to this Agreement or any document to be delivered hereunder; or

 

(c) 
the amount of any imputed underpayment (as described in Section 6225 of the Code) imposed on the Company and allocable to a Seller or
attributable to the Membership Interests during taxable years, or portions thereof, when such Seller owned the applicable Membership
Interests (the “Seller Ownership Period”), or any other income tax assessment imposed on the Company under any similar
provision of state or local law and allocable to the Seller or attributable to the Membership Interests during the Seller Ownership Period.

 

    11

     

    

 

Section
7.03 Indemnification by Buyer. Subject to the other terms and conditions of this Article VII, Buyer shall defend, indemnify
and hold harmless Sellers and their respective stockholders, directors, members, managers, officers and employees from and against all
Losses arising from or relating to:

 

(a) 
any inaccuracy in or breach of any of the representations or warranties of Buyer contained in this Agreement or any document to be delivered
hereunder; or

 

(b) 
any breach or non-fulfillment of any covenant, agreement or obligation to be performed by Buyer pursuant to this Agreement or any document
to be delivered hereunder.

 

Section
7.04  Tax Treatment of Indemnification Payments. All indemnification payments made under this Agreement shall be treated by
the Parties as an adjustment to the Purchase Price for Tax purposes, unless otherwise required by Law.

 

Section
7.05  Effect of Investigation. Buyer’s right to indemnification
or other remedy based on the representations, warranties, covenants and agreements of Sellers contained herein will not be affected by
any investigation conducted by Buyer with respect to, or any knowledge acquired by Buyer at any time, with respect to the accuracy or
inaccuracy of or compliance with, any such representation, warranty, covenant or agreement.

 

Section
7.06  Cumulative Remedies. The rights and remedies provided in this
Article VII are cumulative and are in addition to and not in substitution for any other rights and remedies available at law or in equity
or otherwise.

 

ARTICLE
VIII 

Miscellaneous

 

Section
8.01  Expenses. Except as otherwise provided in Section 1.04, all costs and expenses incurred in connection with this Agreement
and the transactions contemplated hereby shall be paid by the Party incurring such costs and expenses.

 

Section
8.02  Further Assurances. Following the Closing, each of the Parties
hereto shall, and shall cause their respective Affiliates to, execute and deliver such additional documents, instruments, conveyances
and assurances and take such further actions as may be reasonably required to carry out the provisions hereof and give effect to the
transactions contemplated by this Agreement.

 

    12

     

    

 

Section
8.03  Notices. All notices, requests, consents, claims, demands, waivers and
other communications hereunder shall be in writing and shall be deemed to have been given (a) when delivered by hand (with written confirmation
of receipt); (b) when received by the addressee if sent by a nationally recognized overnight courier (receipt requested); (c) on the
date sent by facsimile or e-mail of a PDF document (with confirmation of transmission) if sent during normal business hours of the recipient,
and on the next Business Day if sent after normal business hours of the recipient or (d) on the 3rd day after the date mailed,
by certified or registered mail, return receipt requested, postage prepaid. Such communications must be sent to the respective Parties
at the following addresses (or at such other address for a Party as shall be specified in a notice given in accordance with this Section
8.03):

 

	If
                                            to a Seller:

     

    

    

     

    with
    a copy to:
	At
                                            the addresses appearing below such Seller’s name on Schedule I.

     

    

	 	Arvelo,
                                            PLLC

    

    119 Nueces
St. 

    2nd
    Floor

    

    Austin,
TX 78701 

    ATTN:
    Frankie Arvelo, Esq.

    

    Facsimile:
737-600-8214 

    Email:
    frankie@arvelopllc.com

    

     

	If
    to Buyer:	Creatd
                                            Partners, LLC

    

    2050
Center Avenue - #640 

    Fort
    Lee, NJ 07024

    

    ATTN:
Chelsea Pullano 

    Facsimile:
    (201) 608-7536

    

    Email:
chelsea@creatd.com 

     

	with
    a copy to:	Brody
                                            Wilkinson PC

    

    2507
Post Road 

    Southport,
    CT 06890

    

    ATTN:
Thomas J. Walsh, Jr., Esq. 

    Facsimile:
    (203) 254-1772

    

    Email:
    twalsh@brodywilk.com

 

Section
8.04  Headings. The headings in this Agreement are for reference only and shall
not affect the interpretation of this Agreement.

 

Section
8.05  Severability. If any term or provision of this Agreement is invalid,
illegal or unenforceable in any jurisdiction, such invalidity, illegality or unenforceability shall not affect any other term or provision
of this Agreement or invalidate or render unenforceable such term or provision in any other jurisdiction. Upon such determination that
any term or other provision is invalid, illegal or unenforceable, the Parties hereto shall negotiate in good faith to modify the Agreement
so as to effectuate the original intent of the Parties as closely as possible in a mutually acceptable manner in order that the transactions
contemplated hereby be consummated as originally contemplated to the greatest extent possible.

 

    13

     

    

 

Section
8.06  Entire Agreement. This Agreement and the documents to be delivered hereunder constitute the sole and entire agreement
of the Parties to this Agreement with respect to the subject matter contained herein, and supersede all prior and contemporaneous understandings
and agreements, both written and oral, with respect to such subject matter. In the event of any inconsistency between the statements
in the body of this Agreement and those in documents to be delivered hereunder, the Exhibits, the statements in the body of this Agreement
will control.

 

Section
8.07  Successors and Assigns. This Agreement shall be binding upon and shall inure to the benefit of the Parties hereto and
their respective successors and permitted assigns. Neither Party may assign its rights or obligations hereunder without the prior written
consent of the other Party, which consent shall not be unreasonably withheld or delayed. No assignment shall relieve the assigning Party
of any of its obligations hereunder.

 

Section
8.08  No Third-Party Beneficiaries. Except as provided in
Article VII, this Agreement is for the sole benefit of the Parties hereto and their respective successors and permitted assigns and nothing
herein, express or implied, is intended to or shall confer upon any other Person or entity any legal or equitable right, benefit or remedy
of any nature whatsoever under or by reason of this Agreement.

 

Section
8.09  Amendment and Modification. This Agreement may only
be amended, modified or supplemented by an agreement in writing signed by each Party hereto.

 

Section
8.10  Waiver. No waiver by any Party of any of the provisions hereof shall be
effective unless explicitly set forth in writing and signed by the Party so waiving. No waiver by any Party shall operate or be construed
as a waiver in respect of any failure, breach or default not expressly identified by such written waiver, whether of a similar or different
character, and whether occurring before or after that waiver. No failure to exercise, or delay in exercising, any right, remedy, power
or privilege arising from this Agreement shall operate or be construed as a waiver thereof; nor shall any single or partial exercise
of any right, remedy, power or privilege hereunder preclude any other or further exercise thereof or the exercise of any other right,
remedy, power or privilege.

 

Section
8.11  Governing Law. This Agreement shall be governed by and construed
in accordance with the internal laws of the State of New Jersey without giving effect to any choice or conflict of law provision or rule
with respect to any claims initiated by one or both of the Sellers against the Company or Buyer. This Agreement shall be governed by
and construed in accordance with the internal laws of the State of Texas without giving effect to any choice or conflict of law provision
or rule with respect to any claims initiated by the Company or Buyer against one or both of the Sellers.

 

Section
8.12  Submission to Jurisdiction. Any legal suit, action or proceeding arising out of or based upon this Agreement or the transactions
contemplated hereby claims that is initiated by one or both of the Sellers against the Company or Buyer shall be instituted in the state
or federal courts of the State of New Jersey in each case located in the county of Bergen and each Party irrevocably submits to the exclusive
jurisdiction of such courts in any such suit, action or proceeding. Any legal suit, action or proceeding arising out of or based upon
this Agreement or the transactions contemplated hereby claims that is initiated by the Company or Buyer against one or both of the Sellers
shall be instituted in the state or federal courts of the State of Texas in each case located in the county of Travis and each Party
irrevocably submits to the exclusive jurisdiction of such courts in any such suit, action or proceeding.

 

    14

     

    

 

Section
8.13  Litigation Expenses. The prevailing Party or Parties in any legal action arising out of or related to this Agreement shall
be entitled to an award of his, her or its expenses, including but not limited to costs of suit and reasonable attorneys’ fees,
from the non-prevailing Party or Parties.

 

Section
8.14  Waiver of Jury Trial. Each Party acknowledges and agrees that
any controversy which may arise under this Agreement is likely to involve complicated and difficult issues and, therefore, each such
Party irrevocably and unconditionally waives any right it may have to a trial by jury in respect of any legal action arising out of or
relating to this Agreement or the transactions contemplated hereby.

 

Section
8.15  Specific Performance. The Parties agree that irreparable damage would occur if any provision of this Agreement were not
performed in accordance with the terms hereof and that the Parties shall be entitled to specific performance of the terms hereof, in
addition to any other remedy to which they are entitled at law or in equity.

 

Section
8.16  Counterparts. This Agreement may be executed in counterparts, each of which shall be deemed an original, but all of which
together shall be deemed to be one and the same agreement. A signed copy of this Agreement delivered by facsimile, e-mail or other means
of electronic transmission shall be deemed to have the same legal effect as delivery of an original signed copy of this Agreement.

 

Section
8.17  Knowledge. For purposes of this Agreement, “knowledge” of a Party and any similar phrases shall mean the actual
of any director or officer of such Party, after due inquiry.

 

[signature
page follows]

 

    15

     

    

 

IN
WITNESS WHEREOF, the undersigned have executed this Agreement as of the date first written above.

 

	 	SELLERS:
	 	 	 
	 	/s/ Angela Hein
	 	Angela Hein
	 	 
	 	/s/
                                            Heidi Brown

	 	Heidi Brown
	 	 	 
	 	BUYER:
	 	 	 
	 	CREATD PARTNERS, LLC
	 	 	 
	 	By:	/s/ Jeremy Frommer
	 	Name: 	Jeremy Frommer
	 	Title:	Chief Executive Officer
	 	 	 
	 	 	 
	 	CREATD, INC.: (with respect
    to the obligations of Creatd, Inc. which are set forth in Sections 6.05 through and including Section 6.08 only)
	 	 	 
	 	 	 
	 	By:	/s/ Jeremy Frommer
	 	Name:	Jeremy Frommer
	 	Title:	Chief Executive Officer

 

[Signature Page to Membership Interest Purchase
Agreement]

 

     

     

    

 

SCHEDULE
I

 

MEMBERSHIP
INTERESTS; PURCHASE PRICE ALLOCATION

 

 

 

    [Sch. I]

     

    

 

SCHEDULE
II

 

WORKING
CAPITAL TARGET FIGURES 

 

 

 

    [Sch. II]

     

    

 

SCHEDULE
III

 

CAPITALIZATION

 

 

 

    [Sch. III]

     

    

 

SCHEDULE
IV

 

Introductory
Phone Call Party List

 

 

 

    [Sch. IV]

     

    

 

EXHIBIT
A

 

Forms
of Transfer Power

 

 

    [Ex. A]

     

    

 

EXHIBIT
B

 

A&R
Operating Agreement

 

(See
attached)

 

    [Ex. B]

     

    

 

EXHIBIT
C

 

Promissory
Note

 

 

 

[Ex. C]

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00329-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00329-of-00352.parquet"}]]