Document:

Exhibit 4.7

  

   

  

   

  

   

  

  
     

    
      

     

     

     

    

    FORM OF ASSET REPRESENTATIONS REVIEW AGREEMENT

     

    

     

    among

     

     

    TOYOTA AUTO RECEIVABLES 2022-C OWNER TRUST,

      as Issuer,

     

     

    TOYOTA MOTOR CREDIT CORPORATION,

      as Servicer and Administrator,

     

     

    and

     

     

    CLAYTON FIXED INCOME SERVICES LLC,

      as Asset Representations Reviewer

     

     

    Dated as of August 16, 2022

     

     

    

     

    

     

    
      

     

    
      
        

    

    
    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

     

    

     

    

     

    

     

    

     

    

     

    

     

    

     

    

     

    

    

      

      

      

    

    
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    ASSET REPRESENTATIONS REVIEW AGREEMENT, dated as of August 16, 2022 (this “Agreement”),
      among TOYOTA AUTO RECEIVABLES 2022-C OWNER TRUST, a Delaware statutory trust (the “Issuer”), TOYOTA MOTOR CREDIT CORPORATION, a California corporation (“TMCC”), as servicer (in such capacity, the “Servicer”) and administrator (in such capacity, the “Administrator”), and CLAYTON FIXED INCOME SERVICES LLC, a Delaware limited liability company (the “Asset
          Representations Reviewer”).

     

    WITNESSETH

     

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

     

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

     

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

     

    ARTICLE I

      USAGE AND DEFINITIONS

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

    “Indenture” means the Indenture, dated as of August 16, 2022, among the
      Issuer, the Indenture Trustee and U.S. Bank National Association, as securities intermediary, as the same may be amended, supplemented or modified from time to time.

    

    

    
      
        

    

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

    “Sale and Servicing Agreement” means the Sale and Servicing Agreement,
      dated as of August 16, 2022, among the Issuer, the Seller and TMCC.

     

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

     

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

     

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

     

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

     

    ARTICLE II

      ENGAGEMENT OF ASSET REPRESENTATIONS REVIEWER

     

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

     

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

     

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

     

    ARTICLE III

      ASSET REPRESENTATIONS REVIEW PROCESS

     

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

     

    Section 3.2.  Review Materials.

     

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

     

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

     

    Section 3.3.  Performance of Reviews.

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

    
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    Section 3.5.  Review Representatives.

     

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

     

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

     

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

     

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

     

    Section 3.7.  Limitations on Review
            Obligations.

     

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

     

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

     

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

     

    ARTICLE IV

      ASSET REPRESENTATIONS REVIEWER

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

    Section 4.3.  Fees and Expenses.

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

    Section 4.6.  Indemnification of Asset
            Representations Reviewer.

     

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

     

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

     

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

     

    
      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

     

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

     

    Section 4.10.  Personally Identifiable
            Information.

     

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

     

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

     

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

     

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

     

    
      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.

     

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

     

    ARTICLE V

      RESIGNATION AND REMOVAL;

      SUCCESSOR ASSET REPRESENTATIONS REVIEWER

     

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

     

    Section 5.2.  Resignation and Removal of
            Asset Representations Reviewer.

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

    
      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

     

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

     

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

     

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

     

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

     

    ARTICLE VII

      MISCELLANEOUS PROVISIONS

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

    Section 7.3.  Notices.

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

    Section 7.9.  Counterparts 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]

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

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

     

    	 	
            TOYOTA AUTO RECEIVABLES 2022-C 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:

          

    

    

    

    

    

    

    

    

    

    

    

    

    
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    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-4stre-ex101_9.htm

Exhibit 10.1

SUPERNOVA PARTNERS ACQUISITION COMPANY III, LTD.

4301 50th Street NW

Suite 300 PMB 1044

Washington, D.C. 20016

 

May 10, 2022

 

Supernova Partners III LLC

4301 50th Street NW

Suite 300 PMB 1044

Washington, D.C. 20016

 

Re: Administrative Services Agreement

 

Ladies and Gentlemen:

 

This Administrative Services Agreement (this “Agreement”) by and between Supernova Partners Acquisition Company III, Ltd. (the “Company”) and Supernova Partners III LLC (the “Provider”), dated as of the date hereof, will confirm our agreement that, from January 1, 2022 (the “Effective Date”) and continuing until the earlier of (i) the consummation by the Company of an initial business combination or (ii) the Company’s liquidation (in each case as described in the Registration Statement on Form S-1 filed with the Securities and Exchange Commission) (such earlier date hereinafter referred to as the “Termination Date”), the Provider shall make available to the Company office space, utilities, secretarial and administrative support services (including salaries, benefits or reimbursement of expenses of the Provider or any of its affiliates) as may be reasonably requested by the Company. In exchange therefor, the Company shall pay the Provider up to $7,500 per month commencing on the Effective Date and continuing monthly thereafter until the Termination Date.

 

The Provider hereby irrevocably waives any and all right, title, interest, causes of action and claims of any kind (each, a “Claim”) in or to, and any and all right to seek payment of any amounts due to it out of, the trust account established for the benefit of the public shareholders of the Company and into which substantially all of the proceeds of the Company’s initial public offering were deposited (the “Trust Account”), and hereby irrevocably waives any Claim it may have in the future as a result of, or arising out of, this Agreement, which Claim would reduce, encumber or otherwise adversely affect the Trust Account or any monies or other assets in the Trust Account, and further agrees not to seek recourse, reimbursement, payment or satisfaction of any Claim against the Trust Account or any monies or other assets in the Trust Account for any reason whatsoever.

 

This Agreement constitutes the entire agreement and understanding of the parties hereto in respect of its subject matter and supersedes all prior understandings, agreements, or representations by or among the parties hereto, written or oral, to the extent they relate in any way to the subject matter hereof or the transactions contemplated hereby.

 

This Agreement may not be amended, modified or waived as to any particular provision, except by a written instrument executed by all parties hereto.

 

No party hereto may assign either this Agreement or any of its rights, interests, or obligations hereunder without the prior written approval of the other party. Any purported assignment in violation of this paragraph shall be void and ineffectual and shall not operate to transfer or assign any interest or title to the purported assignee.

 

 

 

 

Any litigation between the parties (whether grounded in contract, tort, statute, law or equity) shall be governed by, construed in accordance with, and interpreted pursuant to the laws of the State of New York, without giving effect to the conflict of law principles thereof.

 

This Agreement may be executed in one or more counterparts, each of which shall for all purposes be deemed to be an original but all of which together shall constitute one and the same Agreement.

 

[Signature page follows]

 

 

 

 

 

 

 

 

		
	
Very truly yours,

	
SUPERNOVA PARTNERS ACQUISITION COMPANY III, LTD.

	
By:
	
/s/ Michael S. Clifton

	
Name:
	
Michael S. Clifton

	
Title:
	
Chief Financial Officer

 

 

 

 

 

 

 

 

 

 

 

 

 

		
	
ACCEPTED AND AGREED TO BY:

	
SUPERNOVA PARTNERS III LLC

	
By:
	
/s/ Michael S. Clifton

	
Name:
	
Michael S. Clifton

	
Title:
	
Manager

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

[Signature Page to Administrative Services Agreement]

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00347-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00347-of-00352.parquet"}]]