Document:

Exhibit 4.7

  

  

    

     

    
      

    

    

     

     

    FORM OF ASSET REPRESENTATIONS REVIEW AGREEMENT

     

     

    among

      

    

     

    TOYOTA AUTO RECEIVABLES 2021-A 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 February 8, 2021

     

     

     

    
      

     

    

    
      
        

    

    
    TABLE OF CONTENTS

     

    	
            ARTICLE I

          	
            USAGE AND DEFINITIONS

          	
            1

          
	
            Section 1.1.

          	
            Usage and Definitions

          	
            1

          
	
            Section 1.2.

          	
            Additional Definitions

          	
            1

          
	
            ARTICLE II

          	
            ENGAGEMENT OF ASSET REPRESENTATIONS REVIEWER

          	
            2

          
	
            Section 2.1.

          	
            Engagement; Acceptance

          	
            2

          
	
            Section 2.2.

          	
            Confirmation of Status

          	
            2

          
	
            ARTICLE III

          	
            ASSET REPRESENTATIONS REVIEW PROCESS

          	
            3

          
	
            Section 3.1.

          	
            Review Notice and Identification of Review Receivables

          	
            3

          
	
            Section 3.2.

          	
            Review Materials

          	
            3

          
	
            Section 3.3.

          	
            Performance of Reviews

          	
            3

          
	
            Section 3.4.

          	
            Review Reports

          	
            4

          
	
            Section 3.5.

          	
            Review Representatives

          	
            5

          
	
            Section 3.6.

          	
            Dispute Resolution

          	
            5

          
	
            Section 3.7.

          	
            Limitations on Review Obligations

          	
            5

          
	
            ARTICLE IV

          	
            ASSET REPRESENTATIONS REVIEWER

          	
            6

          
	
            Section 4.1.

          	
            Representations and Warranties

          	
            6

          
	
            Section 4.2.

          	
            Covenants

          	
            7

          
	
            Section 4.3.

          	
            Fees and Expenses

          	
            7

          
	
            Section 4.4.

          	
            Limitation on Liability

          	
            8

          
	
            Section 4.5.

          	
            Indemnification by Asset Representations Reviewer

          	
            9

          
	
            Section 4.6.

          	
            Indemnification of Asset Representations Reviewer

          	
            9

          
	
            Section 4.7.

          	
            Inspections of Asset Representations Reviewer

          	
            10

          
	
            Section 4.8.

          	
            Delegation of Obligations

          	
            10

          
	
            Section 4.9.

          	
            Confidential Information

          	
            10

          
	
            Section 4.10.

          	
            Personally Identifiable Information

          	
            12

          
	
            ARTICLE V

          	
            RESIGNATION AND REMOVAL; SUCCESSOR ASSET REPRESENTATIONS REVIEWER

          	
            14

          
	
            Section 5.1.

          	
            Eligibility Requirements for Asset Representations Reviewer

          	
            14

          
	
            Section 5.2.

          	
            Resignation and Removal of Asset Representations Reviewer

          	
            14

          
	
            Section 5.3.

          	
            Successor Asset Representations Reviewer

          	
            15

          
	
            Section 5.4.

          	
            Merger, Consolidation or Succession

          	
            15

          
	
            ARTICLE VI

          	
            OTHER AGREEMENTS

          	
            15

          
	
            Section 6.1.

          	
            Independence of Asset Representations Reviewer

          	
            15

          
	
            Section 6.2.

          	
            No Petition

          	
            16

          
	
            Section 6.3.

          	
            Limitation of Liability of Owner Trustee

          	
            16

          
	
            Section 6.4.

          	
            Termination of Agreement

          	
            16

          
	
            ARTICLE VII

          	
            MISCELLANEOUS PROVISIONS

          	
            16

          
	
            Section 7.1.

          	
            Amendments

          	
            16

          
	
            Section 7.2.

          	
            Assignment; Benefit of Agreement; Third Party Beneficiaries

          	
            17

          

    

    

    
      i

      
        

    

    	
            Section 7.3.

          	
            Notices

          	
            17

          
	
            Section 7.4.

          	
            GOVERNING LAW

          	
            17

          
	
            Section 7.5.

          	
            WAIVER OF JURY TRIAL

          	
            17

          
	
            Section 7.6.

          	
            No Waiver; Remedies

          	
            18

          
	
            Section 7.7.

          	
            Severability and Electronic Signatures

          	
            18

          
	
            Section 7.8.

          	
            Headings

          	
            18

          
	
            Section 7.9.

          	
            Counterparts

          	
            18

          
	
            Section 7.10.

          	
            Submission to Jurisdiction

          	
            18

          

     

    Schedule A – Review Materials

    Schedule B – Representations, Warranties and Tests

     

    

     

    

    

      

      

      

        

        

        

          

          

          

          

          

          

          

          

          

        

        

      

      

    

    
      ii

      
        

    

    ASSET REPRESENTATIONS REVIEW AGREEMENT, dated as of February 8, 2021 (this “Agreement”),
      among TOYOTA AUTO RECEIVABLES 2021-A 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 February 8, 2021, between
      the Issuer and the Indenture Trustee, as the same may be amended, supplemented or modified from time to time.

    

    

    
      
        

    

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

    “Sale and Servicing Agreement” means the Sale and Servicing Agreement,
      dated as of February 8, 2021, among the Issuer, the Seller and TMCC.

     

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

     

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

     

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

     

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

     

    ARTICLE II

      ENGAGEMENT OF ASSET REPRESENTATIONS REVIEWER

     

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

     

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

     

      

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

     

    ARTICLE III

      ASSET REPRESENTATIONS REVIEW PROCESS

     

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

     

    Section 3.2.   Review Materials.

     

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

     

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

     

    Section 3.3.   Performance of Reviews.

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

    
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    Section 3.5.   Review Representatives.

     

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

     

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

     

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

     

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

     

    Section 3.7.   Limitations on Review Obligations.

     

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

     

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

     

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

     

    ARTICLE IV

      ASSET REPRESENTATIONS REVIEWER

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

    Section 4.3.   Fees and Expenses.

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

    Section 4.6.   Indemnification of Asset Representations Reviewer.

     

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

     

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

     

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

     

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

     

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

     

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

     

    Section 4.9.   Confidential Information.

     

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

     

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

     

    
      10

      
        

    

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

    Section 4.10.   Personally Identifiable Information.

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

    ARTICLE V

      RESIGNATION AND REMOVAL;

      SUCCESSOR ASSET REPRESENTATIONS REVIEWER

     

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

     

    Section 5.2.   Resignation and Removal of Asset Representations Reviewer.

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

    
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    Section 5.3.   Successor Asset Representations Reviewer .

     

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

     

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

     

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

     

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

     

    ARTICLE VI

      OTHER AGREEMENTS

     

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

     

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

     

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

     

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

     

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

     

    ARTICLE VII

      MISCELLANEOUS PROVISIONS

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

    Section 7.3.   Notices.

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

    Section 7.7.   Severability and Electronic Signatures.  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. Each party agrees that this Agreement and any other documents to be delivered in connection herewith may be electronically signed, and that any electronic
        signatures appearing on this Agreement or such other documents are the same as handwritten signatures for the purposes of validity, enforceability, and admissibility.

     

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

     

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

     

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

     

    [Remainder of Page Left Blank]

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

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

     

    	 	
            TOYOTA AUTO RECEIVABLES 2021-A OWNER TRUST, as Issuer

          
	 	 	 
	 	
            By:

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

          
	 	 	 
	 	 	 
	 	
            By:

          	
                                                                                                 

          
	 	 	
            Name:

          
	 	 	
            Title:

          
	 	 	 
	 	 	 
	 	
            TOYOTA MOTOR CREDIT CORPORATION,

          
	 	
            as Servicer and Administrator

          
	 	 	 
	 	 	 
	 	
            By:

          	
                                                                                                 

          
	 	 	
            Name:

          
	 	 	
            Title:

          

    

    

    

    

    

    

     

    

    

     

    
      
        

    

    	 	
            CLAYTON FIXED INCOME SERVICES LLC,

          
	 	
            as Asset Representations Reviewer

          
	 	 	 
	 	
            By:

          	
                                                                                                 

          
	 	 	
            Name:

          
	 	 	
            Title:

          

    

    

     

     

    

     

    

     

    

     

    

     

    

     

    

     

    

     

    

    

    

     

    
      
        

    

    
    Schedule A

    Review Materials

     

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

     

    	

          	(a)	
            the Contract;

          

     

    	

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

          

     

    	

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

          

     

    	

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

          

     

    	

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

          

     

    	

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

          

     

    

      

    

    
      Sch. A-1

      
        

    

    
    Schedule B

    Representations, Warranties and Tests

     

    	
            Representations and Warranties

              Made as of the Cutoff Date and the Closing Date

              (unless otherwise specified)

          	
            Tests

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

          	
            Test 1-1: Dealer Address

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

            Test 1-2: Contract Signed

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

            Test 1-3: Valid Assignee

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

            Test 1-4: Valid Assignor Signature

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

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

          	
            Test 2-1: Lienholder

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

            Test 2-2:  Obligor Name

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

            Test 2-3:  Valid VIN

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

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

          	
            Test 3-1: Payments

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

            Test 3-2: Simple Interest

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

          

    

    

    
      Sch. B-1

      
        

    

    	
            Representations and Warranties

              Made as of the Cutoff Date and the Closing Date

              (unless otherwise specified)

          	
            Tests

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

          	
            Test 4-1: Prepayment

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

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

          	
            Test 5-1: Complete Contract

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

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

          	
            Test 6-1:  Valid Contract Form

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

            Test 6-2: Contract Executed

            Confirm the Obligor(s) signed the Contract.

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

          	
            Test 7-1: Personal Use

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

            Test 7-2: No Government Obligor

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

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

          	
            Test 8-1: Active Account

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

          

    

    

    
      Sch. B-2

      
        

    

    	
            Representations and Warranties

              Made as of the Cutoff Date and the Closing Date

              (unless otherwise specified)

          	
            Tests

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

          	
            Test 9-1: Contract Form

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

            Test 9-2: Modification

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

            i. APR

            ii. Original Contract Term

            iii. Monthly Payment

            iv. Total Amount Financed

            v. Make / Model / Model Year

            vi. Simple Interest Method Loan

             

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

          	
            Test 10-1: No Litigation

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

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

          	
            Test 11-1: Delinquency

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

             

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

          	
            Test 12-1: Repossession Inventory

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

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

          	
            Test 13-1: Physical Damage Covered

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

            Test 13-2: No Force-Placed Insurance

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

             

          

    

    

    
      Sch. B-3

      
        

    

    	
            Representations and Warranties

              Made as of the Cutoff Date and the Closing Date

              (unless otherwise specified)

          	
            Tests

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

          	
            Test 14-1: Sole Lienholder

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

            Test 14-2: No Transfer of Title

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

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

          	
            Test 15-1: Contract Form

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

            Test 15-2: Assignability

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

          
	
            16.  Additional Representations and
                Warranties.  (A) Each Receivable is being serviced by TMCC as of the Closing Date; (B) as of the Cutoff Date, each Receivable is secured by a new or used car, 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
4.4

 

SECURITIES
PURCHASE AGREEMENT

 

This Securities Purchase
Agreement (this “Agreement”) is dated as of August 5, 2020, between Nano Dimension Ltd., an Israeli corporation
(the “Company”), and Stern YOI Ltd. Partnership (including its successors and assigns, “YOI” or
the “Purchaser”), from Carson City, Nevada 89703

 

WHEREAS, subject to
the terms and conditions set forth in this Agreement and pursuant to Section 4(a)(2) of the Securities Act of 1933, as amended
(the “Securities Act”) and Rule 506(b) of Regulation D promulgated thereunder, the Company desires to issue
and sell to the Purchaser, and the Purchaser desires to purchase from the Company, securities of the Company as more fully described
in this Agreement.

 

NOW, THEREFORE, IN
CONSIDERATION of the mutual covenants contained in this Agreement, and for other good and valuable consideration the receipt and
adequacy of which are hereby acknowledged, the Company and the Purchaser agree as follows:

 

ARTICLE I.

DEFINITIONS

 

1.1 Definitions.
In addition to the terms defined elsewhere in this Agreement, for all purposes of this Agreement, the following terms have the
meanings set forth in this Section 1.1:

 

“ADS(s)”
means American Depositary Shares issued pursuant to the Deposit Agreement (as defined below), each representing fifty (50) Ordinary
Shares.

 

“Affiliate”
means any Person that, directly or indirectly through one or more intermediaries, controls or is controlled by or is under common
control with a Person as such terms are used in and construed under Rule 405 under the Securities Act.

 

“Business
Day” means any day except any Saturday, any Sunday, any day which is a federal legal holiday in the United States, a
legal holiday in the State of Israel, or any day on which banking institutions in the State of New York or the State of Israel
are authorized or required by law or other governmental action to close; provided, however, that, for calculating a Business Day,
any action to be taken by the Company hereunder, a Friday as of and after 1:00 p.m. (Tel Aviv time) shall not be considered a Business
Day.

 

“Closing(s)”
means the closing(s) of the purchase and sale of the Warrants pursuant to Section 2.1.

 

“Closing
Date” means , respectively, the date of the First Closing or the date of any Subsequent Closing, and means the Trading
Day on which all of the Transaction Documents have been executed and delivered by the applicable parties thereto, and all conditions
precedent to (i) the Purchaser’s obligations to pay the Series A Subscription Amount or Series B Subscription Amount, as
to the applicable Closing and (ii) the Company’s obligations to deliver the Warrants as to the applicable Closing, in each
case, have been satisfied or waived.

 

“Commission”
means the United States Securities and Exchange Commission.

 

“Deposit
Agreement” means the amended and restated Deposit Agreement dated as of April 15, 2019, among the Company, The Bank of
New York Mellon as Depositary and the owners and holders of ADSs from time to time, as such agreement may be amended or supplemented.

 

“Depositary”
means The Bank of New York Mellon, as Depositary under the Deposit Agreement.

 

“Disclosure
Time” means, (i) if this Agreement is signed on a day that is not a Trading Day or after 9:00 a.m. (New York City time)
and before midnight (New York City time) on any Trading Day, 9:01 a.m. (New York City time) on the Trading Day immediately following
the date hereof, and (ii) if this Agreement is signed between midnight (New York City time) and 9:00 a.m. (New York City time)
on any Trading Day, no later than 9:01 a.m. (New York City time) on the date hereof.

 

     

     

    

 

“Exchange
Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder.

 

“First
Closing” means the closing of the purchase and sale of the Series A Warrants pursuant to Section 2.1.

 

“Fully
Diluted” means the Company’s issued and outstanding share capital, including options, warrants (including Series A
and Series B Warrants), convertible securities and any other securities convertible into or exchangeable for Ordinary Shares of
the Company, deemed converted or exercised, as applicable, in the aggregate.

 

“Liens”
means a lien, charge, pledge, security interest, encumbrance, right of first refusal, preemptive right or other restriction.

 

“Material
Adverse Effect” means (i) a material adverse effect on the legality, validity or enforceability of any Transaction Document,
(ii) a material adverse effect on the results of operations, assets, business, prospects or condition (financial or otherwise)
of the Company and the Subsidiaries, taken as a whole, or (iii) a material adverse effect on the Company’s ability to perform
in any material respect on a timely basis its obligations under any Transaction Document.

 

“Ordinary
Share(s)” means the ordinary shares of the Company, par value NIS 0.10 per share, and any other class of securities into
which such securities may hereafter be reclassified or changed.

 

“Per
Series A Warrant Purchase Price” equals $0.02 subject to adjustment for reverse and forward stock splits, stock
dividends, stock combinations and other similar transactions of the ADSs and/or the Ordinary Shares that occur after the date of
this Agreement.

 

“Person”
means an individual or corporation, partnership, trust, incorporated or unincorporated association, joint venture, limited liability
company, joint stock company, government (or an agency or subdivision thereof) or other entity of any kind.

 

“Proceeding”
means an action, claim, suit, investigation or proceeding (including, without limitation, an informal investigation or partial
proceeding, such as a deposition) pending or, to the Company’s knowledge, threatened in writing against or affecting the
Company, any Subsidiary or any of their respective properties before or by any court, arbitrator, governmental or administrative
agency or regulatory authority (federal, state, county, local or foreign).

 

“Rule
144” means Rule 144 promulgated by the Commission pursuant to the Securities Act, as such Rule may be amended from time
to time, or any similar rule or regulation hereafter adopted by the Commission having substantially the same effect as such Rule.

 

“SEC
Reports” shall have the meaning ascribed to such term in Section 3.1(e).

 

“Securities”
means the Warrants, the Warrant ADSs, and ADSs.

 

“Securities
Act” means the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder.

 

“Short
Sales” means all “short sales” as defined in Rule 200 of Regulation SHO under the Exchange Act (but shall
not be deemed to include locating and/or borrowing shares of Ordinary Shares and/or ADSs). 

 

“Series
A Subscription Amount” means the aggregate amount to be paid for Warrants purchased hereunder as specified below the
Purchaser’s name on the signature page of this Agreement and next to the heading “Series A Subscription Amount,”
in United States dollars and in immediately available funds.

 

“Series A Warrant”
means the Series A American Depositary Shares purchase warrants delivered to the Purchaser at the Closing in accordance with Section
2.2(a) hereof, in the form of Exhibit A-1 attached hereto.

 

    2

     

    

 

“Series
B Subscription Amount” means $50,000 in the aggregate, assuming the purchase of a single Series B Warrant reflecting
the proposed purchase of all Tranches (as defined below) or a pro-rated QPT Percentage (for illustration purposes, in the event
that Purchaser elects to purchase a Series B Warrant reflecting a QPT Percentage of 3%, then the Series B Subscription Amount for
such Series B Warrant shall be (A) $50,000, multiplied by (B)(x) 3 divided by (y) 10).

 

“Series
B Warrant” means, collectively, the Series B American Depositary Shares purchase warrants delivered to the Purchaser
at a Subsequent Closing in accordance with Section 2.2(a) hereof, in the form of Exhibit A-2 attached hereto, to purchase the Series
B Warrant Shares.

   

“Series
B Warrant Shares” means, collectively, such number of ADSs issuable under the Series B Warrants, and further in accordance
with the terms of section 2.1(b) below.

 

“Shareholder
Approval” means approval of the shareholders of the Company of the transaction contemplated by this Agreement by a Special
Majority.

 

“Special
Majority” means the affirmative vote of at least a majority of the votes of Company’s shareholders present and
voting at a general meeting, provided that either (i) such a majority includes at least the majority of the votes of shareholders
who (a) are not controlling shareholders of the Company and (b) do not have personal interest in the approval of the proposal (abstentions
will not be taken into account); or (ii) the total number of votes against such proposal among the shareholders mentioned in clause
(i) above does not exceed two percent (2%) of the total voting rights in the Company

 

“Subsequent
Closing” means the closing of the purchase and sale of the Series B Warrants pursuant to Section 2.1.

 

“Subsequent
Closing Purchase Notice” means the notice provided by the Purchaser pursuant to Section 2.2.

 

“Trading
Day” means a day on which the principal Trading Market is open for trading.

 

“Trading
Market” means any of the following markets or exchanges on which the ADSs are listed or quoted for trading on the date
in question: the NYSE American, the Nasdaq Capital Market, the Nasdaq Global Market, the Nasdaq Global Select Market, the New York
Stock Exchange (or any successors to any of the foregoing).

 

“Transaction
Documents” means this Agreement and all exhibits and schedules thereto and hereto and any other documents or agreements
executed in connection with the transactions contemplated hereunder.

 

“Warrant
ADSs” means ADSs representing Warrant Shares.

 

“Warrants”
means the Series A Warrants and the Series B Warrants.

 

“Warrant
Shares” means the Ordinary Shares issuable upon exercise of the Warrants.

 

  

ARTICLE II.

PURCHASE AND SALE

 

2.1 Closing.

 

(a) On each
Closing Date, upon the terms and subject to the conditions set forth herein, the Company agrees to sell, and the Purchaser agrees
to purchase, the Warrants. Purchaser shall deliver to the Company, via wire transfer or a certified check, immediately available
funds equal to the Purchaser’s Series A Subscription Amount as to the applicable Closing, and the Company shall deliver to
the Purchaser the Warrants, as determined pursuant to Section 2.2(a), and the Company and the Purchaser shall deliver the other
items set forth in Section 2.2 deliverable at the applicable Closing. The Closings shall take place in several stages (respectively,
the “First Closing” and the “Subsequent Closing(s)”).

 

    3

     

    

 

(b) At any
time after the First Closing and so long as the Purchaser is employed by the Company or is a member of the Company’s board
of directors, the Purchaser may, in its sole determination, elect to purchase one or more Series B Warrants in a Subsequent Closing
or a series of Subsequent Closings (“Tranche” and together “Tranches”) whereby in each such
Tranche, Purchaser shall indicate the desired coverage for the respective Series B Warrant by providing the desired quantity per
Tranche in the form of percentage of the Company’s share capital on a Fully Diluted basis (calculated at the time of purchase
of the respective Series B Warrant) Purchaser desires to include under such Tranche (the “QPT Percentage”).
At each Subsequent Closing of each Tranche, and payment of the applicable portion of the Series B Subscription Amount, Company
shall issue Purchaser with a Series B Warrant for such number of underlying shares reflecting the elected QPT Percentage per such
Tranche., provided that the total QPT Percentage elected by Purchaser under Series B Warrants issuable upon series of purchases
in all Tranches of these Series B Warrants shall not exceed, in the aggregate, 10, as a figure.

 

For illustration purposes, in the
event that Purchaser had purchased a Series B Warrant where Purchaser requested to have a QPT Percentage equal to 5%, then Purchaser
may thereafter (but is not obligated), for example, (i) purchase one additional Series B Warrant with a QPT Percentage of 5% of
the then applicable Company’s share capital on a Fully Diluted Basis, or, (ii) purchase in a series of 9 additional
Tranches, additional 9 Series B Warrants, each of QPT Percentage of 1%; whereby the Company’s share capital on a Fully Diluted
Basis for determining the number of shares regarding each such Tranche under example (ii) shall be as of the Subsequent Closing
of each such Tranche), so that the aggregate QPT Percentage of all Tranches, as figures, will amount to no more than 10. . Upon
satisfaction of the covenants and conditions set forth in Sections 2.2 and 2.3, each Closing shall occur at the offices of Sullivan
& Worcester, LLP, located at 1633 Broadway, New York, New York 10019, or such other location as the parties shall mutually
agree.

 

2.2 Deliveries.

 

(c) On or
prior to each Closing Date, the Company shall deliver or cause to be delivered to the Purchaser the following:

 

(i) as to the
First Closing, this Agreement duly executed by the Company;

 

(ii) as to
the First Closing, a Series A Warrant registered in the name of such Purchaser to purchase up to a number of ADSs equal to the
Purchaser’s Series A Subscription Amount divided by the Per Series A Warrant Purchase Price; and

 

(iii) as to
each Subsequent Closing, a Series B Warrant registered in the name of such Purchaser.

 

(b) On or
prior to each Closing Date, the Purchaser shall deliver or cause to be delivered to the Company the following:

 

(i) as to the
First Closing, this Agreement duly executed by the Purchaser;

 

(ii) as to
each Subsequent Closing, a Subsequent Closing Purchase Notice in the form attached hereto with respect to the Series B Warrant,
which may only be delivered by the Purchaser during such time that the Company’s insider trading policy, in place from time
to time, does not restrict the Holder from transacting in the Company’s securities; and

 

(iii) the
Purchaser’s Series A Subscription Amount or Series B Subscription Amount, as applicable, by wire transfer to the account
specified in writing by the Company.

 

    4

     

    

 

2.3 Closing Conditions.

 

(a) The obligations
of the Company hereunder in connection with each Closing are subject to the following conditions being met:

 

(i) the accuracy
in all material respects (or, to the extent representations or warranties are qualified by materiality or Material Adverse Effect,
in all respects) when made and on the Closing Date of the representations and warranties of the Purchaser contained herein (unless
as of a specific date therein in which case they shall be accurate as of such date);

 

(ii) all obligations,
covenants and agreements of the Purchaser required to be performed at or prior to the Closing Date shall have been performed;

 

(iii) the delivery
by the Purchaser of the items set forth in Section 2.2(b) of this Agreement; and

 

(iv) Shareholder
Approval shall have been obtained.

 

(b) The respective
obligations of the Purchaser hereunder in connection with each Closing are subject to the following conditions being met:

 

(i) the accuracy
in all material respects (or, to the extent representations or warranties are qualified by materiality or Material Adverse Effect,
in all respects) when made and on the Closing Date of the representations and warranties of the Company contained herein (unless
as of a specific date therein in which case they shall be accurate as of such date);

 

(ii) all obligations,
covenants and agreements of the Company required to be performed at or prior to the Closing Date shall have been performed;

 

(iii) the delivery
by the Company of the items set forth in Section 2.2(a) of this Agreement; and

 

(iv) there
shall have been no Material Adverse Effect with respect to the Company since the date hereof.

 

ARTICLE III.

REPRESENTATIONS AND WARRANTIES

 

3.1 Representations
and Warranties of the Company. The Company hereby makes the following representations and warranties to the Purchaser:

 

(a) Organization
and Qualification. The Company is an entity duly incorporated or otherwise organized, validly existing and in good standing
under the laws of the jurisdiction of its incorporation or organization, with the requisite power and authority to own and use
its properties and assets and to carry on its business as currently conducted.

 

(b) Authorization;
Enforcement. The Company has the requisite corporate power and authority to enter into and to consummate the transactions contemplated
hereby. The execution and delivery of this Agreement by the Company and the consummation by it of the transactions contemplated
hereby, including the issuance of the Securities, has been duly authorized by all necessary action on the part of the Company.
This Agreement is the valid and binding obligation of the Company enforceable against the Company in accordance with its terms,
except (i) as limited by general equitable principles and applicable bankruptcy, insolvency, reorganization, moratorium and other
laws of general application affecting enforcement of creditors’ rights generally, (ii) as limited by laws relating to the
availability of specific performance, injunctive relief or other equitable remedies and (iii) insofar as indemnification and contribution
provisions may be limited by applicable law.

 

(c) Issuance
of the Warrant Shares. The Warrant Shares are duly authorized and, when issued and paid for in accordance with the applicable
Transaction Documents, will be duly and validly issued, fully paid and nonassessable, free and clear of all Liens imposed by the
Company. The Warrants are duly authorized and, when issued in accordance with this Agreement, will be duly and validly issued,
free and clear of all Liens imposed by the Company. The Company has reserved from its duly authorized share capital the maximum
number of Ordinary Shares issuable pursuant to this Agreement.

 

(d) SEC
Reports; Financial Statements. The Company has filed all reports, schedules, forms, statements and other documents required
to be filed by the Company under the Exchange Act, including pursuant to Section 13(a) or 15(d) thereof, for the one (1) year preceding
the date hereof (or such shorter period as the Company was required by law or regulation to file such material) (the foregoing
materials, including the exhibits thereto and documents incorporated by reference therein, being collectively referred to herein
as the “SEC Reports”) on a timely basis or has received a valid extension of such time of filing and has filed
any such SEC Reports prior to the expiration of any such extension. As of their respective dates, the SEC Reports complied in all
material respects with the requirements of the Exchange Act, as applicable, and none of the SEC Reports, when filed, contained
any untrue statement of a material fact or omitted to state a material fact required to be stated therein or necessary in order
to make the statements therein, in the light of the circumstances under which they were made, not misleading.

 

(e) Material
Changes; Undisclosed Events, Liabilities or Developments. Since the date of the latest audited financial statements included
within the SEC Reports, there has been no event, occurrence or development that has had or that could reasonably be expected to
result in a Material Adverse Effect.

 

    5

     

    

 

3.2 Representations
and Warranties of the Purchaser. The Purchaser hereby represents and warrants as of the date hereof and as of the Closing Date
to the Company as follows (unless as of a specific date therein, in which case they shall be accurate as of such date):

 

(a) Organization;
Authority. The Purchaser is an entity duly incorporated or formed, validly existing and in good standing under the laws of
the jurisdiction of its incorporation or formation with full right, corporate, partnership, limited liability company or similar
power and authority to enter into and to consummate the transactions contemplated by the Transaction Documents and otherwise to
carry out its obligations hereunder and thereunder. The execution and delivery of the Transaction Documents and performance by
the Purchaser of the transactions contemplated by the Transaction Documents have been duly authorized by all necessary corporate,
partnership, limited liability company or similar action, as applicable, on the part of the Purchaser. Each Transaction Document
to which it is a party has been duly executed by the Purchaser, and when delivered by the Purchaser in accordance with the terms
hereof, will constitute the valid and legally binding obligation of the Purchaser, enforceable against it in accordance with its
terms, except: (i) as limited by general equitable principles and applicable bankruptcy, insolvency, reorganization, moratorium
and other laws of general application affecting enforcement of creditors’ rights generally, (ii) as limited by laws relating
to the availability of specific performance, injunctive relief or other equitable remedies and (iii) insofar as indemnification
and contribution provisions may be limited by applicable law.

 

(b) Understandings
or Arrangements. The Purchaser is acquiring the Securities as principal for its own account and has no direct or indirect arrangement
or understandings with any other persons to distribute or regarding the distribution of such Securities (this representation and
warranty not limiting the Purchaser’s right to sell the Securities in compliance with applicable federal and state securities
laws). The Purchaser is acquiring the Securities hereunder in the ordinary course of its business.

 

(c) Experience
of The Purchaser. The Purchaser, either alone or together with its representatives, has such knowledge, sophistication and
experience in business and financial matters so as to be capable of evaluating the merits and risks of the prospective investment
in the Securities, and has so evaluated the merits and risks of such investment. The Purchaser is able to bear the economic risk
of an investment in the Securities and, at the present time, is able to afford a complete loss of such investment.

 

(d) Access
to Information. The Purchaser acknowledges that it has had the opportunity to review the Transaction Documents (including all
exhibits and schedules thereto) and the SEC Reports and has been afforded, (i) the opportunity to ask such questions as it has
deemed necessary of, and to receive answers from, representatives of the Company concerning the terms and conditions of the offering
of the Securities and the merits and risks of investing in the Securities; (ii) access to information about the Company and its
financial condition, results of operations, business, properties, management and prospects sufficient to enable it to evaluate
its investment; and (iii) the opportunity to obtain such additional information that the Company possesses or can acquire without
unreasonable effort or expense that is necessary to make an informed investment decision with respect to the investment

 

    6

     

    

 

(e) Certain
Transactions and Confidentiality. Other than consummating the transactions contemplated hereunder, the Purchaser has not, nor
has any Person acting on behalf of or pursuant to any understanding with the Purchaser, directly or indirectly executed any purchases
or sales, including Short Sales, of the securities of the Company during the period commencing as of the time that the Purchaser
first received a term sheet (written or oral) from the Company or any other Person representing the Company setting forth the material
terms of the transactions contemplated hereunder and ending immediately prior to the execution hereof.

 

(f) Purchaser
Status.  At the time the Purchaser was offered the Securities, it was, and as of the date hereof it is, and on each date
on which it exercises any Warrants, it will be either:

 

(i) if the Purchaser is located
outside of the State of Israel, an “accredited investor” as defined in Rule 501(a)(1), (a)(2), (a)(3), (a)(5), (a)(6),
(a)(7) or (a)(8) under the Securities Act; or

 

(ii) if the Purchaser is located
in the State of Israel, (A) an Israeli investor which falls within the scope of one of the criteria of Qualified Investor pursuant
to the First Addendum of the Securities Law and (B) located outside the United States and not a “U.S. Person” as defined
in Rule 902 under the Securities Act.

 

At the time such Purchaser was
offered the Securities, it was not, and as of the date hereof it is not, and on each date on which it exercises any Warrants, it
will not be an Enemy of Israel (as such term is defined under the Israeli Trading with the Enemy Ordinance of 1939) nor acting
on behalf of or for the benefit of such.

 

(g) General
Solicitation.  The Purchaser is not purchasing the Securities as a result of any advertisement, article, notice or other
communication regarding the Securities published in any newspaper, magazine or similar media or broadcast over television or radio
or presented at any seminar or, to the knowledge of the Purchaser, any other general solicitation or general advertisement.

 

(h) No Governmental
Review. The Purchaser understands that no Israeli or United States federal or state agency or any other government or governmental
agency has passed on or made any recommendation or endorsement of the Securities or the fairness or suitability of the investment
in the Securities nor have such authorities passed upon or endorsed the merits of the offering of the Securities.

 

The Company acknowledges and agrees that
the representations contained in this Section 3.2 shall not modify, amend or affect the Purchaser’s right to rely on the
Company’s representations and warranties contained in this Agreement or any representations and warranties contained in any
other Transaction Document or any other document or instrument executed and/or delivered in connection with this Agreement or the
consummation of the transactions contemplated hereby. Notwithstanding the foregoing, for the avoidance of doubt, nothing contained
herein shall constitute a representation or warranty, or preclude any actions, with respect to locating or borrowing shares in
order to effect Short Sales or similar transactions in the future.

 

ARTICLE IV.

OTHER AGREEMENTS OF THE PARTIES

 

4.1 Legends; Resale.

 

(a) The Securities
may only be disposed of in compliance with U.S. state and U.S. federal securities laws. In connection with any transfer of Securities
other than pursuant to an effective Registration Statement or Rule 144, to the Company or to an Affiliate of a Purchaser or in
connection with a pledge as contemplated in Section 4.1(b), the Company may require the transferor thereof to provide to the Company
an opinion of counsel selected by the transferor and reasonably acceptable to the Company, the form and substance of which opinion
shall be reasonably satisfactory to the Company, to the effect that such transfer does not require registration of such transferred
Securities under the Securities Act. As a condition of transfer, any such transferee shall agree in writing to be bound by the
terms of this Agreement and shall have the rights and obligations of a Purchaser under this Agreement.

 

    7

     

    

 

(b) The Purchaser
agrees to the imprinting, so long as required by this Section 4.1, of a legend on the Securities substantially in the following
form (in addition to any legend required by applicable state securities or “blue sky” laws):

 

“THE SECURITIES REPRESENTED
BY THIS CERTIFICATE (THE “SECURITIES”) HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED
(THE “SECURITIES ACT”), OR ANY STATE SECURITIES LAWS AND MAY NOT BE SOLD, TRANSFERRED OR OTHERWISE DISPOSED
OF UNLESS REGISTERED UNDER THE SECURITIES ACT AND UNDER APPLICABLE STATE SECURITIES LAWS OR THE COMPANY SHALL HAVE RECEIVED AN
OPINION OF COUNSEL THAT REGISTRATION OF SUCH SECURITIES UNDER THE SECURITIES ACT AND UNDER THE PROVISIONS OF APPLICABLE STATE SECURITIES
LAWS IS NOT REQUIRED.”

 

4.2 Resale Registration.
The Company shall prepare and file with the Commission a registration statement (a “Registration Statement”) covering
the non-underwritten resale of all of the Warrant ADSs by the 60th calendar day following the date hereof. The Company
shall use its best efforts to cause the Registration Statement to be declared effective under the Securities Act as promptly as
possible after the filing thereof, and shall use its best efforts to keep such Registration Statement continuously effective under
the Securities Act until the date that all Warrant ADSs covered by such Registration Statement (i) have been sold, thereunder or
pursuant to Rule 144 or otherwise, or (ii) (A) may be sold without volume or manner-of-sale restrictions pursuant to Rule 144,
and (B)(I) may be sold without the requirement for the Company to be in compliance with the current public information requirement
under Rule 144, or (II) the Company is in compliance with the current public information requirement under Rule 144, as determined
by the counsel to the Company pursuant to a written opinion letter to such effect, addressed and acceptable to the Depositary.

 

4.3 Securities Laws
Disclosure; Publicity. If required pursuant to all applicable laws, the Company (a) may, by the Disclosure Time issue a press
release disclosing the material terms of the transactions contemplated hereby, and (b) shall file a Report on Form 6-K, including,
to the extent required, the Transaction Documents as exhibits thereto, with the Commission within the time required by the Exchange
Act. From and after the issuance of such press release, the Company represents to the Purchaser that it shall have publicly disclosed
all material, non-public information delivered to the Purchaser by the Company or any of its Subsidiaries, or any of their respective
officers, directors, employees or agents in connection with the transactions contemplated by the Transaction Documents. In addition,
effective upon the issuance of such press release, the Company acknowledges and agrees that any and all confidentiality or similar
obligations under any agreement, whether written or oral, between the Company, any of its Subsidiaries or any of their respective
officers, directors, agents, employees or Affiliates on the one hand, and the Purchaser or any of their Affiliates on the other
hand, shall terminate. The Company and Purchaser shall consult with each other in issuing any other press releases with respect
to the transactions contemplated hereby, and neither the Company nor any Purchaser shall issue any such press release nor otherwise
make any such public statement without the prior consent of the Company, with respect to any press release of any Purchaser, or
without the prior consent of the Purchaser, with respect to any press release of the Company, which consent shall not unreasonably
be withheld or delayed, except if such disclosure is required by law, in which case the disclosing party shall promptly provide
the other party with prior notice of such public statement or communication. Notwithstanding the foregoing, the Company shall not
be required to obtain the approval of the Purchaser for any press releases not associated with the transactions contemplated hereby.
Notwithstanding the foregoing, the Company shall not publicly disclose the name of any Purchaser, or include the name of any Purchaser
in any filing with the Commission or any regulatory agency or Trading Market, without the prior written consent of the Purchaser,
except (a) as required by federal securities law in connection with the filing of final Transaction Documents with the Commission
and (b) to the extent such disclosure is required by law or Trading Market regulations, in which case the Company shall provide
the Purchaser with prior notice of such disclosure permitted under this clause (b).

 

4.4 Certain Transactions
and Confidentiality. The Purchaser covenants that neither it nor any Affiliate acting on its behalf or pursuant to any understanding
with it will execute any purchases or sales, including Short Sales of any of the Company’s securities during the period commencing
with the execution of this Agreement and ending at such time that the transactions contemplated by this Agreement are first publicly
announced pursuant to the initial press release as described in Section 4.3.  The Purchaser covenants that until such time
as the transactions contemplated by this Agreement are publicly disclosed by the Company pursuant to the initial press release
as described in Section 4.3, the Purchaser will maintain the confidentiality of the existence and terms of such transactions. 

 

4.5 Form D; Blue
Sky Filings. The Company agrees to timely file a Form D, if required by applicable law, with respect to the Securities as may
be required under Regulation D and to provide a copy thereof, promptly upon request of any Purchaser. The Company shall take such
action as the Company shall reasonably determine is necessary in order to obtain an exemption for, or to qualify the Securities
for sale to the Purchaser at the Closing under applicable securities or “Blue Sky” laws of the states of the United
States, if necessary, and shall provide evidence of such actions promptly upon request of any Purchaser.

 

    8

     

    

 

ARTICLE V.

MISCELLANEOUS

 

5.1 Termination. 
This Agreement may be terminated by the Purchaser, as to the Purchaser’s obligations hereunder only by written notice to
the other parties, if the Closing has not been consummated on or before the fifth (5th) day following the date hereof;
provided, however, that no such termination will affect the right of any party to sue for any breach by any other
party (or parties).

 

5.2 Fees and Expenses.
Except as expressly set forth in the Transaction Documents to the contrary, each party shall pay the fees and expenses of its advisers,
counsel, accountants and other experts, if any, and all other expenses incurred by such party incident to the negotiation, preparation,
execution, delivery and performance of this Agreement. The Company shall pay all Depositary fees (including, without limitation,
any fees required for same-day processing of any instruction letter delivered by the Company and any exercise notice delivered
by a Purchaser), stamp taxes and other taxes and duties levied in connection with the delivery of any Securities to the Purchaser.

 

5.3 Entire Agreement.
The Transaction Documents, together with the exhibits and schedules thereto, contain the entire understanding of the parties with
respect to the subject matter hereof and thereof and supersede all prior agreements and understandings, oral or written, with respect
to such matters, which the parties acknowledge have been merged into such documents, exhibits and schedules.

 

5.4 Notices.
Any and all notices or other communications or deliveries required or permitted to be provided hereunder shall be in writing and
shall be deemed given and effective on the earliest of: (a) the time of transmission, if such notice or communication is delivered
via email attachment at the email address as set forth on the signature pages attached hereto at or prior to 5:30 p.m. (New York
City time) on a Trading Day, (b) the next Trading Day after the time of transmission, if such notice or communication is delivered
via facsimile at the facsimile number or email attachment at the email address as set forth on the signature pages attached hereto
on a day that is not a Trading Day or later than 5:30 p.m. (New York City time) on any Trading Day, (c) the second (2nd)
Trading Day following the date of mailing, if sent by U.S. nationally recognized overnight courier service or (d) upon actual receipt
by the party to whom such notice is required to be given. The address for such notices and communications shall be as set forth
on the signature pages attached hereto. To the extent that any notice provided pursuant to any Transaction Document constitutes,
or contains, material, non-public information regarding the Company or any Subsidiaries, the Company shall simultaneously file
such notice with the Commission pursuant to a Report on Form 6-K.

 

5.5 Amendments;
Waivers. No provision of this Agreement may be waived, modified, supplemented or amended except in a written instrument signed,
in the case of an amendment, by the Company and Purchaser, or in the case of a waiver, by the party against whom enforcement of
any such waived provision is sought. No waiver of any default with respect to any provision, condition or requirement of this Agreement
shall be deemed to be a continuing waiver in the future or a waiver of any subsequent default or a waiver of any other provision,
condition or requirement hereof, nor shall any delay or omission of any party to exercise any right hereunder in any manner impair
the exercise of any such right. Any amendment effected in accordance with this Section 5.5 shall be binding upon the Purchaser
and holder of Securities and the Company.

 

5.6 Headings.
The headings herein are for convenience only, do not constitute a part of this Agreement and shall not be deemed to limit or affect
any of the provisions hereof.

 

5.7 Successors and
Assigns. This Agreement shall be binding upon and inure to the benefit of the parties and their successors and permitted assigns.
The Company may not assign this Agreement or any rights or obligations hereunder without the prior written consent of the Purchaser
(other than by merger). The Purchaser may not assign any or all of its rights under this Agreement to any Person without the prior
written consent of the Company, and provided that such transferee agrees in writing to be bound, with respect to the transferred
Securities, by the provisions of the Transaction Documents that apply to the “Purchaser.”

 

5.8 No Third-Party
Beneficiaries. This Agreement is intended for the benefit of the parties hereto and their respective successors and permitted
assigns and is not for the benefit of, nor may any provision hereof be enforced by, any other Person, except as otherwise set forth
in this Section 5.8.

 

    9

     

    

 

5.9 Governing Law.
All questions concerning the construction, validity, enforcement and interpretation of this Agreement shall be governed by and
construed and enforced in accordance with the internal laws of the State of Israel. Each party agrees that all legal Proceedings
concerning the interpretations, enforcement and defense of the transactions contemplated by this Agreement (whether brought against
a party hereto or its respective affiliates, directors, officers, shareholders, employees or agents) shall be commenced exclusively
in the State of Israel. Each party hereby irrevocably submits to the exclusive jurisdiction of the State of Israel for the adjudication
of any dispute hereunder or in connection herewith or with any transaction contemplated hereby or discussed herein (including with
respect to the enforcement of this Agreement).

 

5.10 Survival.
The representations and warranties of the Purchaser contained herein shall survive the Closing and the delivery of the Warrants
until the exercise of all of the Warrants, and in any instance for a period of at least two (2) years from the Closing.

 

5.11 Execution.
This Agreement may be executed in two or more counterparts, all of which when taken together shall be considered one and the same
agreement and shall become effective when counterparts have been signed by each party and delivered to each other party, it being
understood that the parties need not sign the same counterpart. In the event that any signature is delivered by facsimile transmission
or by e-mail delivery of a “.pdf” format data file, such signature shall create a valid and binding obligation of the
party executing (or on whose behalf such signature is executed) with the same force and effect as if such facsimile or “.pdf”
signature page were an original thereof.

 

5.12 Severability.
If any term, provision, covenant or restriction of this Agreement is held by a court of competent jurisdiction to be invalid, illegal,
void or unenforceable, the remainder of the terms, provisions, covenants and restrictions set forth herein shall remain in full
force and effect and shall in no way be affected, impaired or invalidated, and the parties hereto shall use their commercially
reasonable efforts to find and employ an alternative means to achieve the same or substantially the same result as that contemplated
by such term, provision, covenant or restriction. It is hereby stipulated and declared to be the intention of the parties that
they would have executed the remaining terms, provisions, covenants and restrictions without including any of such that may be
hereafter declared invalid, illegal, void or unenforceable.

 

5.13 Saturdays,
Sundays, Holidays, etc. If the last or appointed day for the taking of any action or the expiration of any right required or
granted herein shall not be a Business Day, then such action may be taken, or such right may be exercised on the next succeeding
Business Day.

 

5.14 Construction.
The parties agree that each of them and/or their respective counsel have reviewed and had an opportunity to revise the Transaction
Documents and, therefore, the normal rule of construction to the effect that any ambiguities are to be resolved against the drafting
party shall not be employed in the interpretation of the Transaction Documents or any amendments thereto. In addition, each and
every reference to share prices and Ordinary Shares in any Transaction Document shall be subject to adjustment for reverse and
forward stock splits, stock dividends, stock combinations and other similar transactions of the Ordinary Shares and ADSs that occur
after the date of this Agreement.

 

5.15 Avoidance of
Purchasing a Controlling Interest Unless by way of Special Tender Offering. Purchaser understands and undertakes not to purchase
and/or hold following the closing of this Agreement, alone or in cooperation with others, directly or indirectly, more than twenty
five percent (25%) of the outstanding share capital of the Company, unless through a special tender offering aimed towards the
rest of the shareholders of the Company at that time. The Purchaser represents and understands the implications under Israeli law
of not abiding by this paragraph’s provisions, among others, any such purchase or holding of such shares shall result in
these shares become dormant and will not confer any rights to their holders.

 

5.16 SEC Reporting
Obligations. Purchaser acknowledges and agrees that he may be subject to reporting requirements of Sections 13 promulgated
under the Exchange Act, and covenants and agrees it shall comply with all such requirements, as applicable.

 

5.17 WAIVER OF
JURY TRIAL. IN ANY ACTION, SUIT, OR PROCEEDING IN ANY JURISDICTION BROUGHT BY ANY PARTY AGAINST ANY OTHER PARTY, THE PARTIES
EACH KNOWINGLY AND INTENTIONALLY, TO THE GREATEST EXTENT PERMITTED BY APPLICABLE LAW, HEREBY ABSOLUTELY, UNCONDITIONALLY, IRREVOCABLY
AND EXPRESSLY WAIVES FOREVER TRIAL BY JURY. 

 

(Signature Pages Follow)

 

 

    10

     

    

 

IN WITNESS WHEREOF,
the parties hereto have caused this Securities Purchase Agreement to be duly executed by their respective authorized signatories
as of the date first indicated above.

 

	NANO DIMENSION LTD.	 	Address for Notice:
	 	 	 	2 Ilan Ramon St., Ness Ziona 7403635, Israel
	 	 	 	 
	By:	/s/ Yael Sandler	 	E-mail:
	 	Name: Yael Sandler	 	 
	 	Title:   Chief Financial Officer	 	 

  

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK;

SIGNATURE PAGE FOR PURCHASER FOLLOWS]

 

  

    11

     

    

 

[PURCHASER SIGNATURE PAGES TO NNDM
SECURITIES PURCHASE AGREEMENT]

 

IN WITNESS WHEREOF,
the undersigned has caused this Securities Purchase Agreement to be duly executed by its respective authorized signatories as of
the date first indicated above.

 

Name of Purchaser: Stern YOI Ltd. Partnership

 

Signature of Authorized Signatory of
Purchaser: /s/ Stern YOI Ltd. Partnership

 

Name of Authorized Signatory: Yoav Stern

 

Title of Authorized Signatory: Managing
Member

 

Email Address of Authorized Signatory:

 

Address for Notice to Purchaser:

 

Series A Subscription Amount: $150,000

 

Warrants: 6,880,402 ADSs

 

EIN Number:

  

    12

     

    

 

SUBSEQUENT CLOSING PURCHASE NOTICE

 

IN WITNESS WHEREOF,
the undersigned has caused this Subsequent Closing Purchase Notice to be duly executed by its respective authorized signatories
as of the date indicated below.

 

Date: ____________________________

 

Name of Purchaser: Stern YOI Ltd. Partnership

 

Signature of Authorized Signatory of
Purchaser: _________________________________

 

Name of Authorized Signatory: Yoav Stern

 

Title of Authorized Signatory: Managing
Member

 

Email Address of Authorized Signatory:

 

Address for Notice to Purchaser:

 

Series B Subscription Amount: $_____

 

Warrants: _____ ADSs

 

EIN Number:

 

 

13

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