Document:

Exhibit 4.7

Execution Version

ASSET REPRESENTATIONS REVIEW AGREEMENT

among

TOYOTA AUTO RECEIVABLES 2018-D OWNER TRUST,

 as Issuer,

TOYOTA MOTOR CREDIT CORPORATION,

 as Servicer and Administrator,

and

CLAYTON FIXED INCOME SERVICES LLC,

 as Asset Representations Reviewer

Dated as of November 7, 2018

 

 

 

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

 

	
Section 7.3.

	
Notices

	
17

	
Section 7.4.

	
GOVERNING LAW

	
17

	
Section 7.5.

	
WAIVER OF JURY TRIAL

	
17

	
Section 7.6.

	
No Waiver; Remedies

	
18

	
Section 7.7.

	
Severability

	
18

	
Section 7.8.

	
Headings

	
18

	
Section 7.9.

	
Counterparts

	
18

Schedule A – Review Materials

Schedule B – Representations, Warranties and Tests

 

 

 

 

 

 

 

 

 

 

ASSET REPRESENTATIONS REVIEW AGREEMENT, dated as of November 7, 2018 (this “Agreement”), among TOYOTA AUTO RECEIVABLES 2018-D OWNER TRUST, a Delaware statutory trust (the “Issuer”), TOYOTA MOTOR CREDIT CORPORATION, a California corporation (“TMCC”), as servicer (in such capacity, the “Servicer”) and administrator (in such capacity, the “Administrator”), and CLAYTON FIXED INCOME SERVICES LLC, a Delaware limited liability company (the “Asset Representations Reviewer”).

WITNESSETH

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

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

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

ARTICLE I

 USAGE AND DEFINITIONS

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

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

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

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

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

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

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

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

“Indenture” means the Indenture, dated as of November 7, 2018, between the Issuer and the Indenture Trustee, as the same may be amended, supplemented or modified from time to time.

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

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

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

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

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

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

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

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

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

“Sale and Servicing Agreement” means the Sale and Servicing Agreement, dated as of November 7, 2018, 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

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

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

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

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

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

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

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

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

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

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

Section 4.10.     Personally Identifiable Information.

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

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

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

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

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

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

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

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

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

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

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

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

ARTICLE V

RESIGNATION AND REMOVAL;

 SUCCESSOR ASSET REPRESENTATIONS REVIEWER

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

Section 5.2.     Resignation and Removal of Asset Representations Reviewer.

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

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

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

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

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

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

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

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Section 5.3.     Successor Asset Representations Reviewer .

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

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

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

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

ARTICLE VI

 OTHER AGREEMENTS

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

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

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

Section 6.3.     Limitation of Liability of Owner Trustee.  This Agreement has been signed on behalf of the Issuer by Wells Fargo Delaware Trust Company, National Association, not in its individual capacity but solely in its capacity as Owner Trustee of the Issuer.  In no event will Wells Fargo Delaware Trust Company, 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 principal amount of the Notes of the Controlling Class then outstanding, 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 PARTY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY LAW, THE RIGHT TO TRIAL BY JURY IN LEGAL PROCEEDING RELATING TO THIS AGREEMENT.

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

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

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

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

[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 2018-D OWNER TRUST, as Issuer

	 	 	 
	 	
By:  

	
Wells Fargo Delaware Trust Company, National Association, not in its individual capacity, but solely as Owner Trustee

	 	 	 
	 	 	 
	 	
By:

	 

/s/ Rosemary Kennard                                              

	 	 	
Name:   Rosemary Kennard

	 	 	
Title:     Vice President

	 	 	 
	 	 	 
	 	
TOYOTA MOTOR CREDIT CORPORATION,

	 	 	
as Servicer and Administrator

	 	 	 
	 	 	 
	 	
By:

	
/s/ Cindy Wang                                                           

	 	 	
Name:    Cindy Wang

	 	 	
Title:      Group Vice President - Treasury

	 	 	 
	 	 	 
	 	
CLAYTON FIXED INCOME SERVICES LLC,

	 	 	
as Asset Representations Reviewer

	 	 	 
	 	 	 
	 	
By:

	 

/s/ Robert A. Harris                                                    

	 	 	
Name:    Robert A. Harris

	 	 	
Title:      Secretary

Schedule A

Review Materials

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

		(a)	
the Contract;

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

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

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

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

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

Sch. A-1

Schedule B

Representations, Warranties and Tests

	
Representations and Warranties

Made as of the Cutoff Date and the Closing Date (unless otherwise specified)

	
Tests

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

	
Test 1-1: Dealer Address

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

Test 1-2: Contract Signed

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

Test 1-3: Valid Assignee

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

Test 1-4: Valid Assignor Signature

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

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

	
Test 2-1: Lienholder

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

Test 2-2:  Obligor Name

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

Test 2-3:  Valid VIN

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

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

	
Test 3-1: Payments

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

Test 3-2: Simple Interest

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

Sch. B-1

	
Representations and Warranties

Made as of the Cutoff Date and the Closing Date (unless otherwise specified)

	
Tests

	
4.    Prepayment.  Each Receivable allows for prepayment without penalty.

	
Test 4-1: Prepayment

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

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

	
Test 5-1: Complete Contract

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

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

	
Test 6-1:  Valid Contract Form

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

Test 6-2: Contract Executed

Confirm the Obligor(s) signed the Contract.

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

	
Test 7-1: Personal Use

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

Test 7-2: No Government Obligor

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

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

	
Test 8-1: Active Account

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

Sch. B-2

	
Representations and Warranties

Made as of the Cutoff Date and the Closing Date (unless otherwise specified)

	
Tests

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

	
Test 9-1: Contract Form

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

Test 9-2: Modification

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

i.     APR

ii.    Original Contract Term

iii.   Monthly Payment

iv.   Total Amount Financed

v.    Make / Model / Model Year

vi.   Simple Interest Method Loan

 

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

	
Test 10-1: No Litigation

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

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

	
Test 11-1: Delinquency

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

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

	
Test 12-1: Repossession Inventory

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

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

	
Test 13-1: Physical Damage Covered

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

Test 13-2: No Force-Placed Insurance

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

Sch. B-3

	
Representations and Warranties

Made as of the Cutoff Date and the Closing Date (unless otherwise specified)

	
Tests

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

	
Test 14-1: Sole Lienholder

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

Test 14-2: No Transfer of Title

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

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

	
Test 15-1: Contract Form

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

Test 15-2: Assignability

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

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

	
Test 16(A):  Servicing

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

Test 16(B):  Financed Vehicle

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

Test 16(C):  Delinquency

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

Test 16(D):  No Bankruptcy

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

Sch. B-4Exhibit 10.1

 

	September 20, 2018
	 
	Adam Elster
	 
	Re:	Offer of Employment

 

Dear Adam:

 

On behalf of Majesco (the “Company”),
I am pleased to offer you the position of Chief Executive Officer of the Company, working out of the Company’s principal
offices in Morristown, New Jersey. Your employment will be effective as of October 1, 2018 (the “Effective Date”).

 

The terms that will apply to your employment
with the Company are as follows:

 

1.    Position
and Duties. Commencing on the Effective Date, you will be employed by the Company on a full-time basis as its Chief Executive
Officer, reporting directly to the Company’s Board of Directors (the “Board”). In addition, you will be appointed
to the Board on the Effective Date and nominated for election upon expiration of your term as a director while you serve as Chief
Executive Officer of the Company. Upon your cessation of service as the Company’s Chief Executive Officer, unless otherwise
agreed between you and the Company, you will be deemed to have voluntarily resigned as a member of the Board, as a member of the
board of any subsidiary of the Company of which you are then a member and as an officer of the Company or any of its subsidiaries
of which you are an officer, effective immediately.

 

    	 	-1-	 

     

    

 

You agree to perform the duties
and responsibilities of your positions in good faith, and such other duties and responsibilities not materially inconsistent with
your positions, as will from time to time be assigned to you by the Board. You will have the authority commensurate with your position
and all employees of the Company will report to you or your, direct or indirect, subordinate, provided the chief financial officer,
general counsel and chief compliance officer (or persons performing substantially similar functions) will also report to the Board
(and/or one of its committees) on a dotted line basis. You agree that, while employed by the Company, you will devote your full
business time and efforts, business judgment, skill and knowledge exclusively to the advancement of the business and interests
of the Company; provided, however, you will be permitted to (i) engage in charitable and civic activities (with prior
notice to and approval by the Board, which approval will not be unreasonably withheld, required before serving as a member of the
board of directors of any not-for-profit organization), (ii) serve on up to two outside boards of entities which do not compete
or otherwise are adverse in interest to the Company or any of its affiliates (with prior notice to and approval by the Board, which
approval will not be unreasonably withheld), and (iii) manage your personal and family financial matters, in each case, to the
extent such activities do not individually or in the aggregate materially interfere with your duties and responsibilities to the
Company or create any actual or potential conflict of interests with the Company’s business. As of the Effective Date, the
Board approves of your continued involvement in the activities listed on Schedule A attached hereto.

 

    	 	-2-	 

     

    

 

2.    Base
Salary and Annual Bonus. During your employment with the Company, you will receive a base salary (as increased from time to
time, “Base Salary”) at a rate of $500,000 per year, less applicable tax and other withholdings and deductions required
by law, payable in accordance with the Company’s payroll practices in effect from time to time. Your Base Salary will be
subject to periodic review by the Board or the Compensation Committee of the Board (the “Committee”) for increase,
but not decrease.

 

For each calendar year of your
employment, you will be eligible to receive an annual cash incentive bonus (the “Annual Bonus”) under the applicable
Company’s annual bonus plan having a target amount equal to 100% of your then current Base Salary, but subject to a higher
or lower Annual Bonus amount based on achievement of performance goals. The Annual Bonus will be subject to pro-ration for any
period of employment of less than a full calendar year. The Annual Bonus will be subject to the achievement of Company and individual
performance goals established by the Board or the Committee in consultation with you. The actual amount of the Annual Bonus, if
any, will be determined in the good faith discretion of the Board (or the Committee) based on achievement of performance goals.
Except as otherwise provided herein, you must be employed by the Company on the day that the Annual Bonus (if any) for a fiscal
year is paid in order to earn and receive such Annual Bonus. Any earned Annual Bonus will be subject to standard payroll deductions
and withholdings, and paid no later two and a half months after the end of the Company’s fiscal year to which the Annual
Bonus relates.

 

    	 	-3-	 

     

    

 

3.    Equity
Compensation.

 

a.    Sign-On
RSUs. On the Effective Date, or as soon thereafter as reasonably practicable, you will receive a grant of 300,000 time-vesting
restricted stock units (the “Sign-On RSUs”). The Sign-On RSUs will be granted under the Majesco 2015 Equity Incentive
Plan, as amended (the “Plan”). The Sign-On RSUs will vest in three equal installments on the first, second and third
anniversaries of the grant date, subject to your continued employment except as otherwise provided herein. The full terms and
conditions applicable to the Sign-On RSUs will be set forth in an applicable award agreement under the Plan substantially in the
form attached hereto as Exhibit A.

 

b.    Annual
RSUs. In addition to the Sign-On RSUs, annually, during your employment with the Company, you may, subject to achievement
of the below described performance criteria, receive additional grants of time-vesting restricted stock units under the Plan,
or a successor plan (the “Annual RSUs”). You may receive two Annual RSU grants, an Annul RSU granted based on appreciation
in the Company’s stock price (“Annual Stock Appreciation RSUs”) and an Annual RSU granted based on achievement
of financial or other performance metrics established by the Board in consultation with you (“Annual Performance RSUs”).
The Annual RSUs will vest in three substantially equal annual installments beginning on the first anniversary of the Annual RSU
award’s grant date, subject to your continued employment. The full terms and conditions applicable to the Annual RSUs will
be set forth in an applicable award agreement under the Plan substantially in the form attached hereto as Exhibit A.

 

    	 	-4-	 

     

    

 

i.  Annual
Stock Appreciation RSUs. If the Company’s stock price increases during the Applicable Measurement Period (as defined
below) (measured based on the weighted average closing price for the stock over the 10 trading days immediately prior to the beginning
of the Applicable Measurement Period and the weighted average closing price for the stock over the 10 trading days immediately
following the end of the Applicable Measurement Period) by (i) 150% or more (“Maximum Stock Performance”), you will
receive Annual Stock Appreciation RSUs for such Applicable Measurement Period having a grant date fair value of $2,625.000, (ii)
135% or more (“Target Stock Performance”), you will receive Annual Stock Appreciation RSUs for such Applicable Measurement
Period having a grant date fair value of $1,875,000, and (ii) 125% (“Threshold Stock Performance”), you will receive
Annual Stock Appreciation RSUs for such Applicable Measurement Period having a grant date fair value of $937,000. In the event
the performance criteria is achieved between Threshold Stock Performance and Target Stock Performance or between Target Stock
Performance and Maximum Stock Performance, the number of Annual Stock Appreciation RSUs that will be granted will be determined
based on a straight line interpolation basis between these points. Annual Stock Appreciation RSUs will be granted to you within
30 days of the last day of the Applicable Measurement Period. The above described hurdles of 150%, 135% and 125% may be annually
(following the first Applicable Measurement Period) adjusted by the Board in consultation with you and may relate to performance
criteria unrelated to stock price.

 

    	 	-5-	 

     

    

 

ii.   Annual
Performance RSUs. If you and/or the Company achieve annual performance criteria set by the Board in consultation with you (for
avoidance of doubt, such performance criteria will not necessarily be tied to budget performance) for a full fiscal year that you
are employed by the Company (starting with the first full fiscal year commencing immediately following the Effective Date), (i)
at maximum performance (“Maximum Performance”), you will receive Annual Performance RSUs for such applicable fiscal
year having a grant date fair value of $875,000, (ii) at target performance (“Target Performance”), you will receive
Annual Performance RSUs for such applicable fiscal year having a grant date fair value of $625,000, and (iii) at threshold performance
(“Threshold Performance”), you will receive Annual Performance RSUs for such applicable fiscal year having a grant
date fair value of $312,500. In the event the performance criteria is achieved between Threshold Performance and Target Performance
or between Target Performance and Maximum Performance, the number of Annual Performance RSUs that will be granted will be determined
based on a straight line interpolation basis between these two points. Annual Performance RSU’s will be granted to you within
two and a half months following the completion of the applicable fiscal year.

 

iii. The
“Applicable Measurement Period” means each 12 month period commencing on the Effective Date (or with respect to the
following Applicable Measurement Periods, the applicable anniversary of the Effective Date) and ending on the immediately following
anniversary of the Effective Date.

 

    	 	-6-	 

     

    

 

 

4.    Benefit
Plans and Programs. You will be eligible to participate in the Company’s benefits and benefit plans and programs in
effect from time to time, subject to the terms of any and all plan documents. The Company reserves the right, in its sole discretion,
to amend, change or discontinue, in whole or in part, any and all of its benefits and/or benefit plans and programs, at any time
for any reason. The Company will reimburse you for all reasonable business expenses you incur in the performance of your duties,
subject to the terms of the Company’s expense reimbursement policies in effect from time to time applicable to senior executives.
You will be entitled to paid vacation in accordance with the Company’s policies.

 

5.    At-Will
Employment. Your employment with the Company will, at all times, be on an “at-will” basis. This means that your
employment is not for a fixed term or definite period. Rather, your employment can be terminated at any time, for any or no reason,
with or without cause or notice, and you may resign at any time with or without reason. The at-will nature of the employment relationship
cannot be changed except in a separate, individualized, written agreement signed by you and the Company.

 

6.    Termination.
In the event your employment with the Company terminates for any reason, the Company will pay you (i) unpaid Base Salary through
the termination date, payable in accordance with the Company’s payroll practices, (ii) unreimbursed business expenses, payable
in accordance with and subject to the terms of the Company’s expense reimbursement policies, (iii) any vested non-forfeitable
amounts owing or accrued as of the termination date under the Company’s benefit plans or programs in which you participated,
(iv) except in the event of your termination by the Company for Cause (as defined below) or resignation without Good Reason (as
defined below), any earned but unpaid Annual Bonus for the Company’s fiscal year preceding the fiscal year in which your
termination occurs, and (v) except in the event of your termination by the Company for Cause or resignation without Good Reason,
your Annual Bonus for the year of termination (items described in this clause (v), the “Bonus Severance”), pro-rated
based on the portion of the calendar year during which you were employed and based on actual performance, to be paid when the
Company pays bonuses to active employees (other than Bonus Severance, collectively, the “Accrued Benefits”).

 

    	 	-7-	 

     

    

 

Without otherwise limiting the
“at-will” nature of your employment, in the event your employment is terminated at any time by the Company without
Cause or you resign for Good Reason, then the Company will provide you the following payments and benefits (the “Severance
Benefits”): (1) an amount (the “Standard Severance”) equal to 100% of your then-current Base Salary (without
giving effect to reduction that is the basis for your resignation for Good Reason), payable in substantially equal instalments
over a period of twelve (12) months commencing on the Payment Date (as defined below); provided, however, that the
severance due to you will be an amount equal to two times the sum of your then-current Base Salary (without giving effect to reduction
that is the basis for your resignation for Good Reason) plus your target Annual Bonus (the “CIC Severance”) (payable
in substantially equal instalments over a period of twelve (12) months commencing on the Payment Date) if your employment is terminated
by the Company without Cause or by you for Good Reason either (A) within the 120-day period prior to a Corporate Transaction, as
defined in the Plan, that is a change in control under Treas. Reg. Section 1.409A-3(i)(5) or (B) within 12 months following any
Corporate Transaction, as defined in the Plan, that is a change in control under Treas. Reg. Section 1.409A-3(i)(5) (such termination,
a “Change in Control Termination”); (2) provided you timely elect and remain eligible for coverage pursuant to Part
6 of Title I of ERISA, or similar state law (collectively, “COBRA”), payment or reimbursement to you of an amount equal
to the full monthly premium for COBRA continuation coverage under the Company’s medical plans as in effect on the date of
your termination with respect to the level of coverage in effect for you and your eligible depends as of the date of your termination,
on a monthly basis on the first business day of the calendar month next following the calendar month in which the applicable COBRA
premiums were paid, with respect to the period from the date of your termination until the earlier of (x) 12 months following such
date and (y) the date you become eligible for continued coverage under a subsequent employer’s health plan and (3) if your
termination is a Change in Control Termination, any outstanding Annual RSUs and Sign-On RSUs will become fully vested.

 

Notwithstanding anything herein
to the contrary, you will not be entitled to receive the Severance Benefits and Bonus Severance or any other payment or benefit
triggered upon termination of employment (other than the Accrued Benefits) unless, following the termination date, you, or in the
event of your death or Disability, your legal representatives, have executed and not revoked a general release of claims substantially
in the form attached hereto as Exhibit B (the “Release”). You will have no duty to mitigate by seeking other employment
or otherwise and no compensation earned by you from other employment, a consultancy or otherwise will reduce the Severance Benefits
you may be entitled to receive under this offer letter. The Severance Benefits will be paid or commence on the first payroll period
following the date the Release becomes effective (the “Payment Date”), provided that if the period during which
you may deliver the Release spans two calendar years, the Payment Date will be no earlier than January 1 of the second calendar
year. In the event the Change in Control Termination occurs within the 120-day period prior to a Corporate Transaction that is
a change in control under Treas. Reg. Section 1.409A-3(i)(5), the Standard Severance will begin to be paid on the Payment Date
and the portion of the CIC Severance that is in excess of the Standard Severance will begin to be paid upon consummation of the
Corporate Transaction.

 

    	 	-8-	 

     

    

 

For purposes of this offer letter,
“Cause” means: (i) your material misconduct, embezzlement, gross negligence or a willful act of dishonesty by you in
connection with the performance of your duties hereunder; (ii) your conviction of, indictment for, or plea of guilty or nolo contendere
to, a felony or any crime involving fraud, embezzlement or moral turpitude; (iii) your material breach of any material Company
policy communicated to you, including but not limited to those relating to insider trading, sexual harassment or discrimination
based on age, sex, race, religion, or national origin; (iv) your willful refusal to follow the lawful directives of the Board after
written notice; (v) your engagement in any sexual relations or other romantic relationship with any employee of the Company or
any of its affiliates; or (vi) your dishonest, fraudulent, or otherwise materially improper conduct that that has a material adverse
effect on the Company.

 

For purposes of this offer letter,
“Good Reason” means the occurrence of any of the following without your consent: (i) a material diminution in your
duties, authority and responsibilities; (ii) a material diminution in your Base Salary or target Annual Bonus opportunity; (iii)
a requirement that you report to anyone other than the Board; (iv) a material breach by the Company of the terms of this offer
letter or any other material written agreement between you and the Company; or (v) the relocation of your principal executive offices
by more than 50 miles from its current location. No event or condition will constitute Good Reason
unless and until you have provided the Company with written notice of the event or condition no later 60 days after the first occurrence
and the Company has failed to fully remedy such event or condition within 30 days of receiving such notice, and you must have terminated
your employment with the Company within 60 days after the expiration of the 30-day remedial period.

 

    	 	-9-	 

     

    

 

7.    Company
Policies and Procedures. Your employment will be subject to the Company’s standard policies and procedures, as they
may be reasonably amended, changed or discontinued at any time and such other reasonable rules and regulations as may be adopted
or amended in the Company’s sole discretion. In furtherance of the foregoing, you agree that you will execute Company’s
standard confidentiality and inventions agreement(s). For avoidance of doubt, the terms of such agreements will not deemed to
contradict or expand non-competition and non-solicitation covenants to which you are subject under the terms of Section 10 of
this Agreement.

 

8.    Section
409A. The Severance Benefits and other payments under this offer letter triggered on a termination of employment will begin
only after the date of your “separation from service” (determined as set forth below), which occurs on or after date
of the termination of your employment, and will be subject to the provisions of this Section 9. The intent of the parties is that
payments and benefits under this offer letter comply with, or are exempt from, Internal Revenue Code Section 409A and the regulations
and guidance promulgated thereunder (collectively “Section 409A”) and, accordingly, to the maximum extent permitted,
this offer letter will be interpreted to be in compliance therewith. For purposes of Section 409A, your right to receive any installment
payments pursuant to this offer letter will be treated as a right to receive a series of separate payments. Neither the Company
nor you will have the right to accelerate or defer the delivery of any such payments except to the extent specifically permitted
or required by Section 409A.

 

    	 	-10-	 

     

    

 

For purposes of this offer letter,
with respect to payments of any amounts that are considered to be “deferred compensation” subject to Section 409A,
references to “termination of employment” (and substantially similar phrases) will be interpreted to mean a “separation
from service” within the meaning of Section 409A. If, as of the date of your “separation from service” from the
Company, you are not a “specified employee” (within the meaning of Section 409A), then each installment of the severance
payments will be made on the dates and terms set forth in this offer letter.

 

If, as of the date of your “separation
from service” from the Company, you are a “specified employee” (within the meaning of Section 409A), then: (i)
each installment of the Severance Benefits that, in accordance with the dates and terms set forth in this offer letter, will in
all circumstances, regardless of when the “separation from service” occurs, be paid within the short-term deferral
period (as defined in Section 409A) will be treated as a “short-term deferral” within the meaning of Treas. Reg. Section
1.409A-l(b)(4) to the maximum extent permissible under Section 409A and will be paid on the dates and terms set forth in this offer
letter; and (ii) each installment of the Severance Benefits that is not described in clause (i) above and that would, absent this
clause (ii), be paid within the six-month period following your “separation from service” from the Company will not
be paid until the date that is six months and one day after such “separation from service” (or, if earlier, your death),
with any such installments that are required to be delayed being accumulated during the six-month period and paid in a lump sum
on the date that is six months and one day following your “separation from service” and any subsequent installments,
if any, being paid in accordance with the dates and terms set forth in this offer letter; provided, however, that
the preceding provisions of this clause (ii) will not apply to any installment of the Severance Benefits if and to the maximum
extent that that such installment is deemed to be paid under a separation pay plan that does not provide for a deferral of compensation
by reason of the application of Treas. Reg. Section 1.409A-l(b)(9)(iii) (relating to separation pay upon an involuntary separation
from service). Any installments that qualify for the exception under Treas. Reg. Section 1.409A-l(b)(9)(iii) must be paid no later
than the last day of your second taxable year following the taxable year in which the “separation from service” occurs.

 

    	 	-11-	 

     

    

 

The determination of whether
and when your “separation from service” from the Company has occurred will be made in a manner consistent with, and
based on the presumptions set forth in, Treas. Reg. Section l.409A-1(h). Solely for purposes of this paragraph, “Company”
will include all persons with whom the Company would be considered a single employer under Section 414(b) and 414(c) of the Code.

 

All reimbursements and in-kind
benefits provided under this offer letter will be made or provided in accordance with the requirements of Section 409A to the extent
that such reimbursements or in-kind benefits are subject to Section 409A, including, where applicable, the requirements that (1)
any reimbursement is for expenses incurred during your lifetime (or during a shorter period of time specified in this offer letter),
(2) the amount of expenses eligible for reimbursement during a calendar year may not affect the expenses eligible for reimbursement
in any other calendar year, (3) the reimbursement of any eligible expense will be made on or before the last day of the calendar
year following the year in which the expense is incurred, and (4) the right to reimbursement is not subject to set off or liquidation
or exchange for any other benefit.

 

    	 	-12-	 

     

    

 

9.    Section
280G. Notwithstanding anything to the contrary contained in this offer letter, to the extent that any of the payments and benefits
provided for under this offer letter or any other agreement or arrangement between the Company and you (collectively, the “Payments”)
(i) constitute a “parachute payment” within the meaning of Section 280G of the Internal Revenue Code of 1986, as amended
(the “Code”) and (ii) but for this paragraph, would be subject to the excise tax imposed by Section 4999 of the Code,
then the Payments will be reduced to the extent necessary so that no portion of such Payments retained by you will be subject to
excise tax under Section 4999 of the Code; provided, however, such reduction will only occur if after taking into
account the applicable federal, state and local income taxes and the excise tax imposed by Section 4999, such reduction results
in your receipt on an after-tax basis, of the greatest amount of benefits under this offer letter, notwithstanding that all or
some portion of such benefits may be taxable under Section 4999 of the Code. To the extent permitted by applicable law, and not
a violation of Sections 280G, 409A or 4999 of the Code, you will be entitled to elect the order in which payments will be reduced.
If you electing the order in which payments will be reduced would result in violation of Code Section 409A or loss of the benefit
of reduction under Sections 280G or 4999 of the Code, payments will be reduced in the following order (i) severance payment based
on multiple of Base Salary and/or Annual Bonus; (ii) other cash payments; (iii) any pro-rated Annual Bonus paid as severance; (iv)
acceleration of vesting of stock options with an exercise price that exceeds the then fair market value of stock subject to the
option, provided such options are not permitted to be valued under Treas. Reg. Section 1.280G-1 Q/A – 24(c); (v) any equity
awards accelerated or otherwise valued at full value, provided such equity awards are not permitted to be valued under Treas, Reg.
Section 1.280G-1 Q/A – 24(c); (vi) acceleration of vesting of stock options with an exercise price that exceeds the then
fair market value of stock subject to the option, provided such options are permitted to be valued under Treas. Reg. Section 1.280G-1
Q/A – 24(c); (vii) acceleration of vesting of all other stock options and equity awards; and (viii) within any category,
reductions will be from the last due payment to the first.

 

    	 	-13-	 

     

    

 

10.  Restrictive
Covenants. (a) While you are employed by the Company and for a period of twelve months after termination of your employment,
you will not, without the Company’s express prior written consent, directly or indirectly participate in the ownership,
management, operation or control of any business entity, other than an affiliate of the Company, or engage in, or be paid or employed
by, or otherwise become associated with or provide assistance to, as an employee, consultant, advisor, lender, investor, agent,
associate, principal, representative or in any other capacity, any business or other third party engaged in a business that is
in direct competition with the material business of the Company or any of its affiliates anywhere in the world (including selling
or licensing software to insurance companies to manage policy administration, claims management and billing functions), including
entities listed on Schedule B(I) and (II) or to any of their affiliates. You further agree that during your employment with Company
and for a period of one year after termination of your employment with the Company for any reason, you will not directly or indirectly,
or in any capacity, individually or in any corporation, firm, association or other business entity, solicit (x) for the purpose
of competing with the Company, (y) to induce or attempt to induce such person to cease doing business with the Company, or (z)
so as to interfere with the relationship between any such person and the Company, in each case, any business from or perform services
for any customer, prospective customer, broker, client, and/or strategic partner of the Company or any of its affiliates with
whom or which you were involved or had material contact with during your employment with the Company. Notwithstanding anything
herein to the contrary, nothing will prevent you from (i) acquiring securities representing not more than 2% of the outstanding
voting securities of any entity the securities of which are traded on a national securities exchange or in the over the counter
market, (ii) investing in hedge or private equity funds or other similar alternative investment vehicles as long as such investment
represents less than 2% of the equity interests in any such fund or vehicle and you do not play any active role in the activities
of the fund or vehicle, or (iii) providing services to an entity that does compete with the business of the Company or any of
its affiliates as long as such lines of business represent in the aggregate less than 10% of the revenue of such employer and
you do not supervise such lines of business at less than two levels above the active day-to-day operations of the lines of business
that compete with the business of the Company; provided that this exception does not apply to the entities listed on Schedule
B(I) or to any of their affiliates.

 

    	 	-14-	 

     

    

 

(b) During your employment with
the Company and for a period of one year after the date of termination of your employment with the Company for any reason, you
will not, directly or indirectly, hire, solicit or attempt to solicit for employment or to retain as an independent contractor
any person then employed by the Company or any person who was previously employed by the Company during the six-month period immediately
preceding such solicitation and with whom you had material contact during your employment, for your own benefit or for the benefit
of any other person or entity. Except as permitted herein, you further agree that, should you be approached by a person who is
or was an employee of the Company during the six-month period immediately preceding your termination of employment with the Company
for any reason, you will not offer to nor employ or retain as an independent contractor any such person for a period of one year
following the termination of your employment with the Company for any reason. The foregoing will not prohibit you from (i) soliciting
or hiring any individual who served at any time during your employment as your personal secretary and/or assistant, (ii) following
your termination from employment with the Company, serving solely as a reference for any employee of the Company or its subsidiaries
as long as in serving as a reference you do not take any actions that encourages such employee to terminate the employee’s
employment with the Company, (iii) encouraging an employee to leave employment with the Company and its subsidiaries in the good
faith performance of your duties to the Company, for example, as part of your responsibility to terminate an employee’s employment,
or (iv) general advertisement or solicitation for employment that is not specifically directed at employees of the Company (provided,
you do not hire such a person). In addition, for a period of one year after the date of termination of your employment with the
Company for any reason, you will not, directly or indirectly, interfere with the Company’s relationship with any person or
entity that was engaged by the Company as an independent contractor during the six-month period immediately preceding your termination
of employment.

 

    	 	-15-	 

     

    

 

11.  Indemnification;
D&O Insurance. On the Effective Date, you and the Company will enter into the indemnification agreement (“Indemnification
Agreement”) substantially in the form attached hereto as Exhibit C. You will be covered by the directors and officers insurance
coverage maintained by the Company for its directors and officers including, to the extent provided under such insurance, coverage
for actions, suits or proceedings brought after your employment with the Company but relating to periods during your employment
with the Company. The provisions of this paragraph will survive termination of your employment and will remain in effect through
any applicable statutes of limitation.

 

12.  Notices.
All notices or other communications required or permitted to be given under this offer letter must be in writing and will be deemed
to have been duly given when delivered personally or one business day after being sent by a nationally recognized overnight delivery
service, charges prepaid. Notices also may be given electronically via PDF and by email and will be effective on the date transmitted
if confirmed within 48 hours thereafter by a signed original sent in the manner provided in the preceding sentence. Notice to you
must be sent to your most recent residence and personal email address on file with the Company. Notice to the Company must be sent
to its physical address set forth on the first page hereto and addressed to the Chairman of the Board at the email address provided
by the Company.

 

    	 	-16-	 

     

    

 

13.  Governing
Law. This offer letter will be governed by and construed in accordance with the laws of the State of New Jersey, without regarding
to the conflict of laws provisions thereof.

 

14.  Legal
Fees. The Company will promptly reimburse you for your reasonable legal fees expended or incurred by you in connection with
negotiating the terms of this offer letter and related documents (including award agreements under the Plan) up to $10,000, payable
within 30 days of your submission of documentation of such fees.

 

15.  Entire
Agreement; Miscellaneous. This offer letter constitutes the entire agreement and understanding between the parties as to the
subject matter herein and supersedes all prior or contemporaneous agreements whether written or oral. The terms of this offer letter
may only be modified in a writing signed by you and a member of the Board. The invalidity or unenforceability of any provision
or provisions of this offer letter will not affect the validity or enforceability of any other provision hereof, which will remain
in full force and effect. By entering into this offer letter and commencing employment with the Company, you represent that you
are not bound by any employment contract, restrictive covenant or other restriction that prevents you from entering into employment
with or carrying out your responsibilities for the Company, or which is in any way inconsistent with this offer letter. This offer
letter is binding on and may be enforced by the Company and its successors and assigns and is binding on and may be enforced by
you and your heirs and legal representatives, provided that the Company may only assign this offer letter and its obligations hereunder
to any successor to all or substantially all of the Company’s business or assets if such successor expressly agrees in writing
to assume such obligations. This offer letter may be executed in any number of counterparts, all of which taken together will constitute
one instrument. Execution and delivery of this offer letter by facsimile or other electronic signature is legal, valid and binding
for all purposes.

 

    	 	-17-	 

     

    

 

16.  Representations
and Covenants by the Executive. You hereby represent and warrant that: (i) your execution, delivery and performance of this
offer letter does not and will not conflict with, breach, violate or cause a default under any contract, agreement, instrument,
order, judgment or decree to which you are a party or by which you are bound, (ii) you are not a party to or bound by any agreement
or understanding of any type, whether written or oral, or by any statutory or common law duty or obligation which, in any case,
would in any way restrict his ability to be employed by the Company or any affiliate thereof, or your ability to compete freely
with any other person, (iii) you are not subject to or in breach of any nondisclosure agreement, including any agreement concerning
trade secrets or confidential information owned by any other party, and (iv) you have the legal capacity to execute this offer
letter. There is no action or proceeding pending or, to your actual knowledge, threatened against you that would prevent,
hinder or materially delay the performance by you of any of its obligations hereunder.

 

We are very excited about having you join
the Company and I anticipate that you will make many important contributions to the Company and its strategic mission. Please acknowledge
your acceptance of this offer by returning a signed copy of this offer letter.

 

	 	Very truly yours,
	 	 
	 	MAJESCO
	 	 
	 	By:	/s/ Ketan Mehta
	 	Name:	Ketan Mehta
	 	Title:	CEO
	Accepted and agreed:	 
	 	 
	/s/ Adam Elster	 
	Adam Elster	 

 

    	 	-18-	 

     

    

 

Exhibit A

 

RSU Agreement

 

    	 	-19-	 

     

    

 

MAJESCO

2015 EQUITY INCENTIVE PLAN

NOTICE OF RESTRICTED STOCK UNIT AWARD

 

Unless otherwise defined herein, the terms defined in the Majesco
(the “Company”) 2015 Equity Incentive Plan (the “Plan”) shall have the same meanings in this
Notice of Restricted Stock Unit Award (the “Notice”).

 

	Name:	Adam Elster
	 	 
	Address:	 

 

You (“Participant”) have been granted an
award of Restricted Stock Units (“RSUs”) under the Plan subject to the terms and conditions of the Plan, this
Notice and the attached Restricted Stock Unit Award Agreement (the “Award Agreement”).

 

	Grant Number:	 
	 	 
	Number of RSUs:	 
	 	 
	Date of Grant:	 
	 	 
	Vesting Commencement Date:	 
	 	 
	Vesting Schedule:	Subject to the limitations set forth in this Notice, the Plan and the Award Agreement, the RSUs will vest in three equal instalments on each of the first three anniversaries of the Vesting Commencement Date

 

By accepting (whether in writing, electronically
or otherwise) the RSUs, Participant acknowledges and agrees to the following:

 

Participant understands that Participant’s
employment or consulting relationship or service with the Company is for an unspecified duration, can be terminated at any time
(i.e., is “at-will”), and that nothing in this Notice, the Award Agreement or the Plan changes the at-will nature of
that relationship. Participant acknowledges that the vesting of the RSUs pursuant to this Notice is earned only by continuing service
as an Employee, Director or Consultant of the Company. Participant also understands that this Notice is subject to the terms and
conditions of both the Award Agreement and the Plan, both of which are incorporated herein by reference. Participant has read both
the Award Agreement and the Plan. By accepting this RSU, Participant consents to the electronic delivery as set forth in the Award
Agreement.

 

    	 	-20-	 

     

    

  

MAJESCO

2015 EQUITY INCENTIVE PLAN

RESTRICTED STOCK UNIT AWARD AGREEMENT

 

Unless otherwise defined
herein, the terms defined in the Majesco (the “Company”) 2015 Equity Incentive Plan (the “Plan”)
shall have the same defined meanings in this Restricted Stock Unit Award Agreement (the “Award Agreement”).

 

Participant has been
granted Restricted Stock Units (“RSUs”) subject to the terms, restrictions and conditions of the Plan, the Notice
of Restricted Stock Unit Award (the “Notice”) and this Award Agreement.

 

1.          Settlement.
Settlement of RSUs (to the extent vested) shall be made within 30 days following each applicable date of vesting under the vesting
schedule set forth in the Notice. Settlement of RSUs shall be in Shares. Any issuance of Shares shall be made only in whole Shares,
and any fractional shares shall be distributed in an equivalent cash amount.

 

2.          No
Stockholder Rights. Unless and until such time as Shares are issued in settlement of vested RSUs, Participant shall have no
ownership of the Shares allocated to the RSUs and shall have no right to dividends or to vote such Shares.

 

3.          Dividend
Equivalents. Dividends, if any (whether in cash or Shares), shall not be credited to Participant with respect to the RSUs.

 

4.          Non-Transferability
of RSUs. RSUs may not be transferred in any manner other than by will or by the laws of descent or distribution or court order
or unless otherwise permitted by the Committee on a case-by-case basis.

 

5.          Termination.
Unless otherwise determined by the Committee or provided in the Participant’s Offer Letter, dated September 20, 2018, if
Participant’s service Terminates for any reason, all unvested RSUs shall be forfeited to the Company forthwith, and all rights
of Participant to such RSUs shall immediately terminate. In case of any dispute as to whether Termination has occurred, the Committee
shall have sole discretion to determine whether such Termination has occurred and the effective date of such Termination.

 

6.          Withholding
Taxes. Prior to the settlement of Participant’s RSUs, Participant shall pay or make adequate arrangements satisfactory
to the Company to satisfy all withholding obligations of the Company in such manner as allowed pursuant to Section 12 of the Plan.
In this regard, Participant authorizes the Company to withhold all applicable withholding taxes (in its sole discretion) from Participant’s
wages, other cash compensation paid to Participant by the Company or from the Shares required to be delivered hereunder in settlement
of RSUs. The Company may refuse to deliver the Shares if Participant fails to comply with Participant’s obligations in connection
with the tax withholding as described in this Section.

 

7.          Acknowledgement.
The Company and Participant agree that the RSUs are granted under and governed by the Notice, this Award Agreement and the provisions
of the Plan (incorporated herein by reference). Participant: (i) acknowledges receipt of a copy of the Plan and the Plan prospectus,
(ii) represents that Participant has carefully read and is familiar with their provisions, and (iii) hereby accepts the RSUs subject
to all of the terms and conditions set forth herein and those set forth in the Plan and the Notice.

 

    	 	-21-	 

     

    

 

8.          Entire
Agreement; Enforcement of Rights. This Award Agreement, the Plan and the Notice constitute the entire agreement and understanding
of the parties relating to the subject matter herein and supersede all prior discussions between them. Unless specifically referred
to herein, any prior agreements, commitments or negotiations concerning the grant of the RSUs hereunder are superseded. No modification
of or amendment to this Award Agreement, nor any waiver of any rights under this Award Agreement, shall be effective unless in
writing and signed by the parties to this Award Agreement. The failure by either party to enforce any rights under this Award Agreement
shall not be construed as a waiver of any rights of such party.

 

9.          Compliance
with Laws and Regulations. The issuance of Shares will be subject to and conditioned upon compliance by the Company and Participant
with all applicable state and federal laws and regulations and with all applicable requirements of any stock exchange or automated
quotation system on which the Company’s Common Stock may be listed or quoted at the time of such issuance or transfer.

 

10.         Governing
Law; Severability. If one or more provisions of this Award Agreement are held to be unenforceable under applicable law, the
parties agree to renegotiate such provision in good faith. In the event that the parties cannot reach a mutually agreeable and
enforceable replacement for such provision, then (i) such provision shall be excluded from this Award Agreement, (ii) the balance
of this Award Agreement shall be interpreted as if such provision were so excluded and (iii) the balance of this Award Agreement
shall be enforceable in accordance with its terms. This Award Agreement and all acts and transactions pursuant hereto and the rights
and obligations of the parties hereto shall be governed, construed and interpreted in accordance with the laws of the State of
New York, without giving effect to principles of conflicts of law.

 

11.         No
Rights as Employee, Director or Consultant. Nothing in this Award Agreement shall affect in any manner whatsoever the right
or power of the Company, or a Parent or Subsidiary of the Company, to terminate Participant’s service, for any reason, with
or without cause.

 

12.        Section
409A Compliance. The intent of the parties is that payments and benefits under this Award Agreement comply with Section 409A
of Code to the extent subject thereto, and, accordingly, to the maximum extent permitted, this Agreement shall be interpreted and
be administered to be in compliance therewith. Notwithstanding anything contained herein to the contrary, to the extent required
to avoid accelerated taxation and/or tax penalties under Section 409A of the Code, the Participant shall not be considered
to have separated from service with the Company for purposes of this Award Agreement and no payment shall be due to the Participant
under this Award Agreement on account of a separation from service until the Participant would be considered to have incurred a
“separation from service” from the Company within the meaning of Section 409A of the Code. Any payments described
in this Agreement that are due within the “short-term deferral period” as defined in Section 409A of the Code
shall not be treated as deferred compensation unless applicable law requires otherwise. Notwithstanding anything to the contrary
in this Award Agreement, to the extent that any amounts are payable upon a separation from service and such payment would result
in accelerated taxation and/or tax penalties under Section 409A of the Code, such payment, under this Agreement or any other
agreement of the Company, shall be made on the first business day after the date that is six (6) months following such separation
from service (or death, if earlier). The Company makes no representation that any or all of the payments described in this Award
Agreement will be exempt from or comply with Section 409A of the Code and makes no undertaking to preclude Section 409A
of the Code from applying to any such payment. The Grantee shall be solely responsible for the payment of any taxes and penalties
incurred under Section 409A.

 

    	 	-22-	 

     

    

 

By Participant’s
acceptance (whether in writing, electronically or otherwise) of the Notice, Participant and the Company agree that this RSU is
granted under and governed by the terms and conditions of the Plan, the Notice and this Award Agreement. By acceptance of this
RSU, Participant consents to the electronic delivery of the Notice, this Award Agreement, the Plan, account statements, Plan prospectuses
required by the Securities and Exchange Commission, U.S. financial reports of the Company, and all other documents that the Company
is required to deliver to its security holders (including, without limitation, annual reports and proxy statements) or other communications
or information related to the RSU. Electronic delivery may include the delivery of a link to a Company intranet or the internet
site of a third party involved in administering the Plan, the delivery of the document via e-mail or such other delivery determined
at the Company’s discretion.

 

    	 	-23-	 

     

    

 

Exhibit B 

 

Release

 

    	 	-24-	 

     

    

 

GENERAL RELEASE

 

In consideration for
Majesco (the “Company”) paying or providing, as applicable, Adam Elster (“Executive”) the Severance Benefits,
as defined in the offer letter by and between the Company and the Executive, dated as of September 20, 2018 (the “Offer Letter”),
Executive knowingly and voluntarily waives and releases all rights and claims, known and unknown, which Executive may have against
the Company or any of its respective subsidiaries, affiliates or successors, or any of their current or former officers, directors,
managers, employees, agents, insurance carriers, auditors, accountants, attorneys or representatives in their capacities as such
(collectively, the “Releasees”), including any and all charges, complaints, claims, liabilities, obligations, promises,
agreements, contracts, controversies, damages, actions, causes of action, suits, rights, demands, costs, losses, debts and expenses
of any kind. This includes claims for employment discrimination, harassment, wrongful termination, constructive termination, violation
of public policy, breach of any express or implied contract, breach of any implied covenant, fraud, intentional or negligent misrepresentation,
emotional distress, defamation, or any other claims, actual or potential, which in any way arise from or are related to Executive’s
relationship with the Company, including, without limitation, relating to Executive’s compensation, the termination of the
employment relationship, or any other conduct of the Company occurring prior to the execution of this General Release. This also
includes a release of any claims under any federal, state or local laws or regulations, including, but not limited to Title VII
of the Civil Rights Act of 1964, as amended, 42 U.S.C. § 2000, et seq.; Americans with Disabilities Act, as amended,
42 U.S.C. § 12101 et seq.; the Rehabilitation Act of 1973, as amended, 29 U.S.C. § 701 et seq.; Age Discrimination
in Employment Act, as amended, 29 U.S.C. § 621, et seq.; Civil Rights Act of 1866, and Civil Rights Act of 1991; 42 U.S.C.
§ 1981, et seq.; Equal Pay Act, as amended, 29 U.S.C. § 206(d); regulations of the Office of Federal Contract
Compliance, 41 C.F.R. Section 60, et seq.; The Family and Medical Leave Act, as amended, 29 U.S.C. § 2601 et seq.; the
Fair Labor Standards Act of 1938, as amended, 29 U.S.C. § 201 et seq.; the Executive Retirement Income Security Act,
as amended, 29 U.S.C. § 1001 et seq.; the Worker Adjustment and Retraining Notification Act, as amended, 29 U.S.C. § 2101
et seq.; the Federal False Claims Act, as amended, 31 U.S.C. §§ 3729 et seq.; the Dodd-Frank Wall Street Reform
and Consumer Protection Act; the Sarbanes-Oxley Act of 2002; and any other federal, state or local laws of similar effect. Notwithstanding
the generality of the foregoing, Executive does not release any claims which Executive may have to the following (collectively,
the “Unreleased Claims”): (i) claims for unemployment compensation or any state disability insurance benefits pursuant
to the terms of applicable state law, (ii) Executive’s right to continued participation in the Company’s group benefit
plans pursuant to the terms and conditions of COBRA, (iii) Executive’s right to any Severance Benefits or Accrued Benefits,
as defined in the Offer Letter, (iv) Executive’s right to any equity-based or similar type of award or incentive granted
to Executive during employment with the Company (or any related agreement, arrangement or understanding with any Releasee), (v)
Executive’s right to indemnification under the Indemnification Agreement, as defined in the Offer Letter, (vi) Executive’s
right to enforce the terms of this General Release, (vii) claims arising after the date Executive signs this General Release, (viii)
claims that cannot lawfully be released or (ix) Executive’s right to bring to the attention of the Equal Employment Opportunity
Commission claims of discrimination; provided, however, that Executive does release Executive’s right to secure any damages
for alleged discriminatory treatment. The matters that are the subject of the releases referred to above (and, for the avoidance
of doubt, excluding any Unreleased Claims) shall be referred to collectively as the “Released Matters.”

 

    	 	-25-	 

     

    

 

2.          Executive
warrants and represents that (a) Executive has not filed or authorized the filing of any complaints, charges or lawsuits against
the Company with any governmental agency or court regarding any claims released in this General Release, and that if, unbeknownst
to Executive, such a complaint, charge or lawsuit has been filed on Executive’s behalf, Executive will immediately cause
it to be withdrawn and dismissed, (b) Executive has reported all hours worked as of the date of this General Release and has been
paid all compensation, wages, bonuses, commissions, and/or benefits to which Executive may be entitled and no other compensation,
wages, bonuses, commissions and/or benefits are due to Executive, except as provided in this General Release (including any Unreleased
Claim), (c) Executive has no known workplace injuries or occupational diseases and has been provided and/or has not been denied
any leave requested under the Family and Medical Leave Act or any state law counterpart, (d) Executive is executing this General
Release voluntarily and without any duress or undue influence on the part or behalf of the Company, with full understanding of
the terms and consequences, and (e) upon the execution and delivery of this General Release by the Executive, this General Release
will be a valid and binding obligation of Executive, enforceable in accordance with its terms.         

 

3.          Executive
understands and acknowledges that:

 

(a)          This
General Release constitutes a voluntary waiver of any and all rights and claims Executive has against the Releases, or any of them,
as of the date Executive executes this General Release, for claims arising under the Age Discrimination in Employment Act, 29 U.S.C.
621, et seq.

 

(b)          Executive
has waived rights or claims pursuant to this General Release and in exchange for consideration, the value of which exceeds payment
or remuneration to which Executive was already entitled.

 

(c)          Executive
is hereby advised to consult with an attorney of Executive’s choosing concerning this General Release prior to executing
it.

 

(d)          Executive
has been afforded a period of [twenty-one (21) / forty-five (45)] days to consider the terms of this General Release and in the
event Executive should decide to execute this General Release in fewer than [twenty-one (21) / forty-five (45)] days, Executive
has done so with the express understanding that Executive has been given and declined the opportunity to consider this General
Release for a full [twenty-one (21) / forty-five (45)] days, and waives the balance of the [twenty-one (21) / forty-five (45)]
day period.

 

(e)          Executive
may revoke this General Release at any time during the seven (7) days following the date of execution of this General Release,
and this General Release shall not become effective or enforceable until such revocation period has expired. Executive understands
that if Executive does not sign this General Release or Executive signs and subsequently revokes this General Release before it
becomes effective, Executive shall not be entitled to any of the Severance Benefits or to Bonus Severance.

 

*            *            *            *            *

	EXECUTIVE	 
	 	 
	Adam Elster	 
	Date: [INSERT DATE]	 

 

    	 	-26-	 

     

    

 

Exhibit C 

 

The form of Indemnification Agreement is
incorporated by reference to Exhibit 10.1 to Majesco’s Registration Statement on Form S-4 (File No. 333-202180), filed with
the SEC on April 1, 2015).

 

    	 	-27-

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