Document:

Exhibit 4.7

  

   

  

  
    

    

    

    

     

    
      

     

    

    

     

    FORM OF ASSET REPRESENTATIONS REVIEW
        AGREEMENT

     

    

    

    among

     

     

    TOYOTA AUTO RECEIVABLES 2019-C OWNER TRUST,

        as Issuer,

     

    

    

    TOYOTA MOTOR CREDIT CORPORATION,

        as Servicer and Administrator,

     

    

    

    and

     

     

    CLAYTON FIXED INCOME SERVICES LLC,

        as Asset Representations Reviewer

     

     

    Dated as of August 14, 2019

     

      

     

    
     

    
      

     

     

    

     

    

    
      
        

    

    
    TABLE OF CONTENTS

     

    	
            ARTICLE I

          	
            USAGE AND DEFINITIONS

          	
            1

          
	 	 	 
	
            Section 1.1.

          	
            Usage and Definitions

          	
            1

          
	
            Section 1.2.

          	
            Additional Definitions

          	
            1

          
	 	 	 
	
            ARTICLE II

          	
            ENGAGEMENT OF ASSET REPRESENTATIONS REVIEWER

          	
            2

          
	 	 	 
	
            Section 2.1.

          	
            Engagement; Acceptance

          	
            2

          
	
            Section 2.2.

          	
            Confirmation of Status

          	
            2

          
	 	 	 
	
            ARTICLE III

          	
            ASSET REPRESENTATIONS REVIEW PROCESS

          	
            3

          
	 	 	 
	
            Section 3.1.

          	
            Review Notice and Identification of Review Receivables

          	
            3

          
	
            Section 3.2.

          	
            Review Materials

          	
            3

          
	
            Section 3.3.

          	
            Performance of Reviews

          	
            3

          
	
            Section 3.4.

          	
            Review Reports

          	
            4

          
	
            Section 3.5.

          	
            Review Representatives

          	
            5

          
	
            Section 3.6.

          	
            Dispute Resolution

          	
            5

          
	
            Section 3.7.

          	
            Limitations on Review Obligations

          	
            5

          
	 	 	 
	
            ARTICLE IV

          	
            ASSET REPRESENTATIONS REVIEWER

          	
            6

          
	 	 	 
	
            Section 4.1.

          	
            Representations and Warranties

          	
            6

          
	
            Section 4.2.

          	
            Covenants

          	
            7

          
	
            Section 4.3.

          	
            Fees and Expenses

          	
            7

          
	
            Section 4.4.

          	
            Limitation on Liability

          	
            8

          
	
            Section 4.5.

          	
            Indemnification by Asset Representations Reviewer

          	
            9

          
	
            Section 4.6.

          	
            Indemnification of Asset Representations Reviewer

          	
            9

          
	
            Section 4.7.

          	
            Inspections of Asset Representations Reviewer

          	
            10

          
	
            Section 4.8.

          	
            Delegation of Obligations

          	
            10

          
	
            Section 4.9.

          	
            Confidential Information

          	
            10

          
	
            Section 4.10.

          	
            Personally Identifiable Information

          	
            12

          
	 	 	 
	
            ARTICLE V

          	
            RESIGNATION AND REMOVAL; SUCCESSOR ASSET REPRESENTATIONS REVIEWER

          	
            14

          
	 	 	 
	
            Section 5.1.

          	
            Eligibility Requirements for Asset Representations Reviewer

          	
            14

          
	
            Section 5.2.

          	
            Resignation and Removal of Asset Representations Reviewer

          	
            14

          
	
            Section 5.3.

          	
            Successor Asset Representations Reviewer

          	
            15

          
	
            Section 5.4.

          	
            Merger, Consolidation or Succession

          	
            15

          
	 	 	 
	
            ARTICLE VI

          	
            OTHER AGREEMENTS

          	
            15

          
	 	 	 
	
            Section 6.1.

          	
            Independence of Asset Representations Reviewer

          	
            15

          
	
            Section 6.2.

          	
            No Petition

          	
            16

          
	
            Section 6.3.

          	
            Limitation of Liability of Owner Trustee

          	
            16

          
	
            Section 6.4.

          	
            Termination of Agreement

          	
            16

          
	 	 	 
	
            ARTICLE VII

          	
            MISCELLANEOUS PROVISIONS

          	
            16

          
	 	 	 
	
            Section 7.1.

          	
            Amendments

          	
            16

          
	
            Section 7.2.

          	
            Assignment; Benefit of Agreement; Third Party Beneficiaries

          	
            17

          

    

    

    

    

    
      i

      
        

    

    	
            Section 7.3.

          	
            Notices

          	
            17

          
	
            Section 7.4.

          	
            GOVERNING LAW

          	
            17

          
	
            Section 7.5.

          	
            WAIVER OF JURY TRIAL

          	
            17

          
	
            Section 7.6.

          	
            No Waiver; Remedies

          	
            18

          
	
            Section 7.7.

          	
            Severability

          	
            18

          
	
            Section 7.8.

          	
            Headings

          	
            18

          
	
            Section 7.9.

          	
            Counterparts

          	
            18

          
	
            Section 7.10.

          	
            Submission to Jurisdiction

          	
            18

          

     

      

    

      

      

      Schedule A – Review Materials

      Schedule B – Representations, Warranties and Tests

      
        
          

      

      ASSET REPRESENTATIONS REVIEW AGREEMENT, dated as of August 14, 2019 (this “Agreement”), among TOYOTA AUTO RECEIVABLES 2019-C OWNER TRUST, a Delaware statutory trust (the “Issuer”),
          TOYOTA MOTOR CREDIT CORPORATION, a California corporation (“TMCC”), as servicer (in such capacity, the “Servicer”) and administrator (in such capacity, the “Administrator”), and CLAYTON FIXED INCOME SERVICES LLC, a
          Delaware limited liability company (the “Asset Representations Reviewer”).

       

      WITNESSETH

       

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

       

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

       

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

       

      ARTICLE I

          USAGE AND DEFINITIONS

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

      “Indenture” means the
          Indenture, dated as of August 14, 2019, between the Issuer and the Indenture Trustee, as the same may be amended, supplemented or modified from time to time.

      

      

      
        
          

      

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

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

      “Sale and Servicing Agreement”
          means the Sale and Servicing Agreement, dated as of August 14, 2019, among the Issuer, the Seller and TMCC.

       

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

       

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

       

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

       

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

       

      ARTICLE II

          ENGAGEMENT OF ASSET REPRESENTATIONS REVIEWER

       

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

       

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

       

      
        2

        
          

      

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

       

      ARTICLE III

          ASSET REPRESENTATIONS REVIEW PROCESS

       

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

       

      Section 3.2.     Review Materials.

       

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

       

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

       

      Section 3.3.     Performance of Reviews.

       

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

       

      
        3

        
          

      

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

       

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

       

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

       

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

       

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

       

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

       

      
        4

        
          

      

      Section 3.5.     Review Representatives.

       

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

       

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

       

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

       

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

       

      Section 3.7.     Limitations on Review Obligations.

       

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

       

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

       

      
        5

        
          

      

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

       

      ARTICLE IV

          ASSET REPRESENTATIONS REVIEWER

       

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

       

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

       

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

       

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

       

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

       

      
        6

        
          

      

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

       

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

       

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

       

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

       

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

       

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

       

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

       

      Section 4.3.     Fees and Expenses.

       

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

       

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

       

      
        7

        
          

      

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

       

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

       

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

       

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

       

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

       

      
        8

        
          

      

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

       

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

       

      Section 4.6.     Indemnification of Asset Representations Reviewer.

       

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

       

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

       

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

       

      
        9

        
          

      

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

       

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

       

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

       

      Section 4.9.     Confidential Information.

       

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

       

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

       

      
        10

        
          

      

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

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

      
        11

        
          

      

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

       

      Section 4.10.     Personally Identifiable Information.

       

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

       

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

       

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

       

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

       

      
        12

        
          

      

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

       

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

       

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

       

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

       

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

       

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

       

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

       

      
        13

        
          

      

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

       

      ARTICLE V

          RESIGNATION AND REMOVAL;

          SUCCESSOR ASSET REPRESENTATIONS REVIEWER

       

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

       

      Section 5.2.     Resignation and Removal of Asset Representations Reviewer.

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

      
        14

        
          

      

      Section 5.3.     Successor Asset Representations Reviewer .

       

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

       

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

       

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

       

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

       

      ARTICLE VI

          OTHER AGREEMENTS

       

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

       

      
        15

        
          

      

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

       

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

       

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

       

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

       

      ARTICLE VII

          MISCELLANEOUS PROVISIONS

       

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

       

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

       

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

       

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

       

      
        16

        
          

      

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

       

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

       

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

       

      Section 7.3.     Notices.

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

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

       

      
        17

        
          

      

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

       

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

       

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

       

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

       

      Section 7.9.     Counterparts.  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]

      
        18

        
          

      

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

       

      	 	
              TOYOTA AUTO RECEIVABLES 2019-C OWNER

            
	 	 	
              TRUST, as Issuer

            
	 	 	 
	 	
              By:

            	
              Wilmington Trust, National Association, not in its 

              individual capacity, but solely as Owner Trustee

            
	 	 	 
	 	 	 
	 	
              By:

            	
                                                                                              

            
	 	 	
              Name:

            
	 	 	
              Title:

            
	 	 	 
	 	 	 
	 	
              TOYOTA MOTOR CREDIT CORPORATION,

            
	 	 	
              as Servicer and Administrator

            
	 	 	 
	 	 	 
	 	
              By:

            	
                                                                                              

            
	 	 	
              Name:

            
	 	 	
              Title:

            
	 	 	 
	 	 	 
	 	
              CLAYTON FIXED INCOME SERVICES LLC,

            
	 	 	
              as Asset Representations Reviewer

            
	 	 	 
	 	 	 
	 	
              By:

            	
                                                                                              

            
	 	 	
              Name:

            
	 	 	
              Title:

            

      

      

      

      

       

      
        
          

      

      
      Schedule A

      Review Materials

       

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

       

      
        
          
            	

                  	(a)	
                    the Contract;

                  

          

        

         

        
          
            	

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

                  

          

        

         

        
          
            	

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

                  

          

        

         

        
          
            	

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

                  

          

        

         

        
          
            	

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

                  

          

        

         

        
          
            	

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

                  

          

        

         

      

      

       

      
        Sch A-1

        
          

      

      
      Schedule B

      Representations, Warranties and Tests

       

      	
              Representations and Warranties

                  Made as of the Cutoff Date and the Closing Date

                  (unless otherwise specified)

            	
              Tests

            
	
              1.

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

            	
              Test 1-1:
                      Dealer Address

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

              Test 1-2:
                      Contract Signed

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

              Test 1-3: Valid
                      Assignee

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

              Test 1-4: Valid
                      Assignor Signature

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

            
	
              2.

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

            	
              Test 2-1:
                      Lienholder

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

              Test 2-2: 
                      Obligor Name

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

              Test 2-3: 
                      Valid VIN

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

            
	
              3.

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

            	
              Test 3-1:
                      Payments

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

              Test 3-2:
                      Simple Interest

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

            

      
        Sch B-1

        
          

      

      	
              Representations and Warranties

                  Made as of the Cutoff Date and the Closing Date

                  (unless otherwise specified)

            	
              Tests

            
	
              4.

            	
              Prepayment.  Each Receivable allows for prepayment without penalty.

            	
              Test 4-1:
                      Prepayment

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

            
	
              5.

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

            	
              Test 5-1: Complete Contract

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

            
	
              6.

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

            	
              Test 6-1: 
                      Valid Contract Form

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

              Test 6-2: Contract Executed

              Confirm the Obligor(s) signed the Contract.

            
	
              7.

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

            	
              Test 7-1: Personal Use

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

              Test 7-2: No
                      Government Obligor

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

            
	
              8.

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

            	
              Test 8-1:
                      Active Account

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

            

      
        Sch B-2

        
          

      

      	
              Representations and Warranties

                  Made as of the Cutoff Date and the Closing Date

                  (unless otherwise specified)

            	
              Tests

            
	
              9.

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

            	
              Test 9-1: Contract Form

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

              Test 9-2: Modification

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

            
	
              i.   

                

            	
              APR

            
	
              ii.  

                

            	
              Original Contract Term

            
	
              iii.

            	
              Monthly Payment

            
	
              iv.

            	
              Total Amount Financed

            
	
              v.  

                

            	
              Make / Model / Model Year

            
	
              vi.

            	
              Simple Interest Method Loan

            
	
              10.

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

            	
              Test 10-1: No Litigation

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

            
	
              11.

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

            	
              Test 11-1:
                      Delinquency

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

               

            
	
              12.

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

            	
              Test 12-1:
                      Repossession Inventory

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

            
	
              13.

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

            	
              Test 13-1:
                      Physical Damage Covered

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

              Test 13-2: No Force-Placed Insurance

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

               

            

      
        Sch B-3

        
          

      

      	
              Representations and Warranties

                  Made as of the Cutoff Date and the Closing Date

                  (unless otherwise specified)

            	
              Tests

            
	
              14.

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

            	
              Test 14-1: Sole
                      Lienholder

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

              Test 14-2: No Transfer of Title

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

            
	
              15.

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

            	
              Test 15-1:
                      Contract Form

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

              Test 15-2: Assignability

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

            
	
              16.

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

            	
              Test 16(A): 
                      Servicing

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

              Test 16(B): 
                      Financed Vehicle

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

              Test 16(C): 
                      Delinquency

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

              Test 16(D):  No
                      Bankruptcy

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

            

      

      

       

      

      

    

    

      

    

  

  Sch B-4EX-10.1

 Exhibit 10.1 
  

 
 6080 CENTER DRIVE, SUITE 1200 

LOS ANGELES, CA 90045 

June 7, 2019 
 R. Jason Everett 

7845 S. Fairfax Ct. 
 Centennial, CO 80122 

Re: Offer of Employment 

Dear Jason: 

Global Eagle Entertainment Inc. (the “Company”) is pleased to offer you employment on the following
terms: 
 1.    Position. You will be hired into a grade 13 (exempt status) and, subject to
Paragraph 2 below, your initial title will be Vice President and Chief Accounting Officer in the Company’s Finance Department. You will initially report to the Company’s Executive Vice President and Chief Financial Officer. 

2.    Commencement Date. Your anticipated commencement date for employment is July 29, 2019
(the “Commencement Date”) and you shall assume the title of Vice President and Chief Accounting Officer one day following the date the Company files its Quarterly Report on Form 10-Q
for the three months ended June 30, 2019. Notwithstanding anything to the contrary herein, the Company’s offer of employment and the terms and conditions of such employment contained in this agreement are subject to the approval of the
Compensation Committee of the Company’s Board of Directors 
 3.    Location. You shall
initially perform your employment duties at the Company’s offices in Los Angeles, California. 

4.    Base Salary. Your initial base salary will be a rate of $250,000.00 per year (“Base
Salary”), payable in accordance with the Company’s standard payroll schedule from time to time and subject to all tax withholdings.  

5.    Relocation Expenses. The Company shall provide you a relocation allowance (the
“Relocation Allowance”) subject to the Company’s customary relocation policies in connection with the relocation of your permanent residence. If you resign for any reason prior to the
one-year anniversary of payment of the Relocation Allowance, you agree to repay the Relocation Allowance in full. 

 6.    Employee Benefits. You will be eligible to
participate in customary employee benefit plans and programs made generally available by the Company to its employees from time to time. The Company reserves the right to add, terminate and/or amend any employee benefit plans, policies, programs
and/or arrangements from time to time without notice or consideration paid to you. 
 7.    Annual
Bonus. You will be eligible for an annual performance bonus under the Company’s Annual Incentive Plan (as in effect from time to time) with an initial target of 50% of your Base Salary (the “Annual Bonus”) (but
prorated for the 2019 performance year based on the number of full months elapsed in 2019 after your Commencement Date). Your actual Annual Bonus will however be subject to the achievement of individual and Company performance metrics to be
established by the Company for you from time to time, and the final calculation and bonus determination (including determination of achievement of performance objectives) will be in the sole discretion of the Company. The Company typically pays its
Annual Bonuses in March following each performance-year end, e.g., in March 2020 for the 2019 performance year, but the Company will determine the actual date of payment in its sole discretion. You must be employed on the payment date to
receive any Annual Bonus, and if you are not employed for any reason on the payment date (subject to the terms of any severance plan in which you then participate), then you will not be entitled to any Annual Bonus or any portion of it. 

8.    Initial Equity Incentive. Subject to the approval of the Compensation Committee of the
Company’s Board of Directors, you will receive an initial equity award package consisting of the following: 
 A.
    Time-Vesting Restricted Stock Units  

You will receive an award of 83,333 Restricted Stock Units (“RSUs”). The RSUs—each of which represents a share
of our Common Stock—will generally vest as follows: 
 (i) 50% on the second anniversary of your vesting commencement
date, (ii) 25% on the third anniversary of your vesting commencement date and (iii) 25% on the fourth anniversary of your vesting commencement date, subject to your continuous employment through each applicable vesting date. 

B.     Performance Share Units  

You will receive an award of 41,667 Performance Stock Units (“PSUs”). The PSUs—each of which represents a share
of our Common Stock—will have both time- and performance- based vesting conditions and will generally vest as follows: 

(i) 50% on the second anniversary of your vesting commencement date, (ii) 25% on the third anniversary of your vesting
commencement date and (iii) 25% on the fourth anniversary of your vesting commencement date, subject to your continuous employment through each applicable vesting date. The vesting of the PSUs is further subject to our Common Stock achieving an
average volume-weighted average price per share (“VWAP”) equal to or exceeding $4.00 for 45 consecutive trading days at any time on or prior to the fifth anniversary of the date our Compensation
Committee grants your award. 

  
 2 

 C.     $4 Goal Stock Options  

You will receive an award of 54,975 cash-settled stock options (“$4 Goal Stock Options”). These $4 Goal Stock
Options—which have both time- and performance-based vesting conditions—represent your right to receive a cash payment on the exercise date equal to the value
of a share of our Common Stock on the exercise date less the exercise price, multiplied by the number of shares for which the $4 Goal Stock Options are being exercised. These $4 Goal Stock Options have a
five-year term and will generally vest and become exercisable as follows: 
 (i) 50%
will vest on the second anniversary of your vesting commencement date, (ii) 25% will vest on the third anniversary of your vesting commencement date and (iii) 25% will vest on the fourth anniversary of your vesting commencement date, subject to your
continuous employment through each applicable vesting date. The vesting of the $4 Goal Stock Options is further subject to our Common Stock achieving a VWAP equal to or exceeding $4.00 for 45 consecutive trading days at any time on or prior to the
fifth anniversary of the date our Compensation Committee grants your award. 
 D.     $8
Goal Stock Options  
 You will receive an award of 109,951 cash-settled stock options (“$8 Goal Stock
Options”). These $8 Goal Stock Options—which have both time- and performance-based vesting conditions—represent your right to receive a cash payment on
the exercise date equal to the value of a share of our Common Stock on the exercise date less the exercise price, multiplied by the number of shares for which the stock options are being exercised. These $8 Goal Stock Options have a seven-year term and will generally vest and become exercisable as follows: 
 (i)
50% will vest on the second anniversary of your vesting commencement date, and (ii) 50% will vest on the third anniversary of your vesting commencement
date, subject to your continuous employment through each applicable vesting date. The vesting of the $8 Goal Stock Options is further subject to our Common Stock achieving a VWAP equal to or exceeding $8.00 for 45 consecutive
trading days at any time on or prior to the seventh anniversary of the date our Compensation Committee grants your award. 

  
 3 

 For all Stock Options, the exercise price per share will be equal to our
per-share Nasdaq closing price on the date that our Compensation Committee grants your award. If the Committee approves your award prior to your Commencement Date, the “grant date” for purposes of your awards shall be your
Commencement Date. 

In addition, note that although we currently intend to “net 
settle” the Stock Options in cash (as outlined above), we may later decide to settle all or a portion of them in shares of our Common Stock. 

All equity grants, including the RSUs, PSUs and Stock Options, are subject to the terms and conditions (including relating to
vesting) applicable thereto under the Company’s equity incentive plan and your actual equity award agreement(s). 

9.    Change in Control and Severance Protection. You will participate in the Company’s Change
in Control and Severance Plan for Senior Management (as amended from time to time), as a “Tier III participant” thereunder. 

10.    Clawback. Notwithstanding any other provision in this agreement to the contrary, any
incentive-based compensation or any other compensation paid to you pursuant to the agreement or any other agreement or arrangement with the Company or any of its subsidiaries from time to time shall be subject to recovery or deductions as may be
required under any law, government regulation, stock exchange listing requirement or policy adopted by the Board from time to time, including the Policy Regarding Recoupment of Certain Executive Incentive-Based Compensation adopted by the Board on
September 18, 2017, or as determined by the Board pursuant to such law, government regulation, stock exchange listing requirement, or Board policy. 

11.    Outside Activities. While you render services to the Company, you agree that you will not
engage in any other directorships, employment, consulting or other business activity without the Company’s prior written consent. While you render services to the Company, you will not assist any person or entity in competing with the Company,
in preparing to compete with the Company or in hiring any employees or consultants of the Company. 

12.    Temporary Living Allowance (TLA). The Company will pay you an allowance of $357 per day
(i.e., the IRS per diem rate) to cover your housing/hotel, food and transportation for each working day that you are in the Company’s Los Angeles, California offices, until the earlier of (i) the
12-month anniversary of the Commencement Date and (ii) the date on which you establish a primary residence in a location to be designated by the Company. The Company’s expectation is that you will
work from its Los Angeles office from Monday through Friday each week until it determines otherwise. 

  
 4 

 13.    Expense Reimbursement. In accordance with
the Company’s travel and expense-reimbursement policies, the Company shall reimburse you for all travel required in connection with the performance of your services (including your weekly airfare to and from Los Angeles during your first year
of employment with the Company). The Company will also reimburse other out-of-pocket business expenses reasonably incurred by you, beyond those covered by TLA, in the
performance of your services hereunder during the term of your employment. All reimbursable expenses shall be appropriately documented in reasonable detail by you upon submission of any request for reimbursement, and in a format and manner
consistent with the Company’s expense reporting policies and procedures, as well as applicable federal and state tax record-keeping requirements. 

14.    Indemnification. You will be entitled to customary indemnification for executive officers of
the Company pursuant to terms of an indemnity agreement to be entered into between you and the Company. 

15.    Drug Testing and Background Check. You must undergo a drug test for illegal use of drugs
within 72 hours of your acceptance of this agreement. This test (and satisfactory results on it) is a condition precedent to your employment with the Company, even if you commence employment prior to our receiving the results of that
test. If you refuse to submit to the test for any reason or test positive for illegal drug use without sufficient explanation (as determined by an independent medical review officer), then the Company may rescind this Agreement and the offer of
employment in its discretion without liability. You also authorize the Company to conduct a background check prior to your Commencement Date, and this check (and satisfactory results on it) is also a condition precedent to your employment with
the Company. This check will include a criminal investigation and verification of citizenship/immigration status, employment history and education. It also may include a credit check if we determine that to be appropriate. You will receive
additional written disclosure(s) of the background check and credit check and a written authorization form for your completion. You hereby consent to the foregoing drug test and background checks, and waive all claims that you may have against
the Company and its employees, representatives and vendors for invasion of your privacy or under any other legal theory or statute in respect thereof. 

16.    Employment Relationship. Your employment with the Company will be “at will,”
meaning that either you or the Company may terminate your employment at any time and for any reason, with or without cause. If you decide to resign from your employment, we will consider your notice of resignation effective only when delivered in
writing to your manager. 
 17.    Restrictive Covenant Agreement. As a condition to your
employment with the Company, you are required to concurrently enter into an Employee Statement and Agreements Regarding Confidentiality, Proprietary Information, Invention Assignment and Non-Solicitation (the
“Restrictive Covenant Agreement”), which is attached hereto as Attachment A. 

18.    Employee Representations, Warranties and Covenants; Company Policies. You represent and
warrant that you have no contractual commitments or other legal obligations or restrictions (including to a current or prior employer) that would prohibit or impair you from performing your duties for the Company. You agree not to violate any
confidentiality, restrictive covenant (e.g., a non-solicitation or non-competition obligation) or other obligations that you owe to any other person (including to
a current or prior employer) during your employment with the Company. You agree to abide by the Company’s general employment 

  
 5 

 
policies and practices, including those set forth in its Employee Handbook, its Conflicts of Interest Policy, its Code of Ethics, its Whistleblower Policy and Procedures and Global Business
Conduct and Compliance Policies Manual (as each may be amended from time to time) as well as such other policies and procedures as the Company shall from time to time establish. 

19.    Arbitration. Any and all claims or controversies arising out of or relating to your
employment, the termination thereof, or otherwise arising between the parties hereto shall, in lieu of a jury or other civil trial, be settled by final and binding arbitration before a single arbitrator in Los Angeles, California, in accordance with
then-current rules of the American Arbitration Association applicable to employment disputes. This agreement to arbitrate includes all claims whether arising in tort or contract and whether arising under statute or common law including, but not
limited to, any claim of breach of contract, discrimination or harassment of any kind. Judgment on any award rendered by the arbitrator may be entered and enforced by any court having jurisdiction thereof. The Company shall be solely responsible for
all costs of the arbitration, provided that each party shall be responsible for paying its own costs for the arbitration process, including attorneys’ fees, witness fees, transcript costs, lodging and travel expenses, expert witness fees, and
online research charges, subject to the last sentence of this paragraph. Notwithstanding the foregoing, the parties may seek injunctive or equitable relief to enforce the terms of this Agreement in any court of competent jurisdiction. 

Except where prohibited by law, the parties must bring “covered claims” (which are any and all claims or
controversies arising out of or relating to your employment, the termination thereof or otherwise arising between the parties hereto, except for “non-covered claims” described in the following
paragraph) on an individual basis only, and arbitration on an individual basis is the parties’ exclusive remedy. Neither party may submit a multi-plaintiff, class, collective or representative action for resolution under this Agreement, and no
arbitrator has the authority to proceed with arbitration on such a basis. A court of competent jurisdiction (but not the arbitrator) can decide any disputes concerning the validity of the waivers in the preceding two sentences. In the event that a
court determines that these waivers are unenforceable with respect to any claim or portion of a claim, then these waivers will not apply to that claim or portion of the claim, and that claim (or portion thereof) may then only proceed in a court as
the exclusive forum. 
 “Non-covered claims” are: claims for workers’
compensation or unemployment benefits; petitions or charges that could be brought before the National Labor Relations Board; claims under a collective bargaining agreement; claims under employee pension, welfare benefit or stock-option plans if
those plans provide a dispute resolution procedure; representative claims under California’s Labor Code Private Attorneys General Act of 2004, California Labor Code §§ 2698, et seq.; and any other claims which are not subject
to arbitration or pre-dispute arbitration agreements. 
 *** 

  
 6 

 Please accept this offer by signing below and by signing the attached Restrictive Covenant
Agreement. 
  

			
	 Very truly yours,

GLOBAL EAGLE ENTERTAINMENT
INC.

 
			
		
	By:	 	 

 
			
		
	Name:	 	 

 
			
		
	Title:	 	 

 I hereby accept this employment offer: 

 

			
	R. Jason Everett
		
	 Dated:
	 	 

 Attachment 
  

	Attachment A:	 Employee Statement and Agreements Regarding Confidentiality, Proprietary Information, Invention Assignment
and Non-Solicitation 

 Signature Page to Offer of Employment 

 Attachment A 

See attached. 

 GLOBAL EAGLE ENTERTAINMENT INC. 

EMPLOYEE STATEMENT & AGREEMENTS REGARDING 

CONFIDENTIALITY, PROPRIETARY INFORMATION, INVENTION ASSIGNMENT 

AND NON-SOLICITATION 

In consideration of and as a condition of my employment with Global Eagle Entertainment Inc. (“Global Eagle”) and my receipt of the
salary and other compensation to be paid to me by Global Eagle, I, the undersigned employee, do hereby agree to the following (this “Restrictive Covenant Agreement”): 

1. PROPRIETARY INFORMATION, COPYRIGHTS, MASK WORKS & INVENTIONS 

The success of Global Eagle, along with its subsidiaries, affiliates, successors and assigns (the “Company Group”) depends, among
other things, upon strictly maintaining confidential and secret information relating to its trade secrets, technology, accounting, costs, research, development, sales, manufacturing, methods, production, testing, implementation, marketing, financial
information, financial results, products, customers, suppliers, staffing levels, employees, shareholders, officers and other information peculiarly within the knowledge of and relating to Global Eagle’s business, and to which employees may
acquire knowledge or have access to during the course of their employment by the Company Group. All such information is hereinafter collectively referred to as “Proprietary Information.” Proprietary Information shall be broadly defined. It
includes all information, data, trade secrets or know-how that has or could have commercial value or other utility in Global Eagle’s business or in which the Company Group contemplates engaging.
Proprietary Information also includes all Company Group information the unauthorized disclosure of which is or could be detrimental to the interests of the Company Group, whether or not such information is identified as confidential or proprietary
information by the Company Group. 
 Notwithstanding the above, Proprietary Information shall not include any information, data, trade
secrets or know-how that (i) I can prove was known by me prior to the commencement of my employment with the Company Group or (ii) is or becomes publicly known from another source that is under no
obligation of confidentiality to the Company Group without fault on my part. I do not know any information, data, trade secrets or know-how that would be Proprietary Information but for this provision. 

The success of the Company Group also depends upon the timely disclosure of inventions made by the Company Group employees in the course of
their employment and, in appropriate circumstances, the full cooperation of employee inventors in filing, maintaining and enforcing United States and foreign country patent applications and patents covering such inventions. 

In view of the foregoing and in consideration of my employment by Global Eagle and as a further condition thereof, I agree as follows: 

A.     PREVIOUS EMPLOYMENT 

I acknowledge that it is the policy of Global Eagle to require that its employees strictly honor all obligations regarding
proprietary information of former 

  
 1 

 
employers. I acknowledge and agree that I have a continuing obligation to protect and safeguard the proprietary information of my former employer(s), if any. I will not use any confidential or
proprietary information of my former employer(s) in connection with my employment by Global Eagle. 
 B.
    PROPRIETARY INFORMATION 
 I shall exercise utmost diligence to protect and guard the Proprietary
Information of the Company Group. Neither during my employment by Global Eagle nor thereafter shall I, directly or indirectly, use for myself or another, or disclose to another, any Proprietary Information (whether acquired, learned, obtained or
developed by me alone or in conjunction with others) of the Company Group except as such disclosure or use is (i) required in connection with my employment with Global Eagle, (ii) consented to in writing by Global Eagle, or
(iii) legally required to be disclosed pursuant to a subpoena or court order, and in the case of (iii), disclosure may only be made after I have informed Global Eagle of such requirement and assisted Global Eagle in taking reasonable steps to
seek a protective order or other appropriate action. Except in connection with the performance of my duties and responsibilities as provided for in the Offer of Employment to which this Restrictive Covenant Agreement is attached, I agree not to
remove any materials relating to the work performed at the Company Group without the prior written permission of the Chief Executive Officer (or his designee) of Global Eagle. Upon request by Global Eagle at any time, including in the event of my
termination of employment with Global Eagle, I shall promptly deliver to Global Eagle, without retaining any copies, notes or excerpts thereof, all memoranda, journals, notebooks, diaries, notes, records, plats, sketches, plans, specifications, or
other documents (including documents on electronic media and all records of inventions, if any) relating directly or indirectly to any Proprietary Information made or compiled by or delivered or made available to or otherwise obtained by me. Each of
the foregoing obligations shall apply with respect to Proprietary Information of customers, contractors and others with whom any member of the Company Group has a business relationship, learned or acquired by me during the course of my employment by
the Company Group. The provisions of this section shall continue in full force and effect after my termination of employment for whatever reason. Notwithstanding anything herein to the contrary, nothing in this Restrictive Covenant Agreement shall
(i) prohibit me from making reports or participating in the investigation of possible violations of federal law or regulation to any governmental agency or entity in accordance with the provisions of and rules promulgated under Section 21F
of the Securities Exchange Act of 1934 or Section 806 of the Sarbanes-Oxley Act of 2002, or of any other whistleblower protection provisions of local, state or federal law or regulation, or (ii) require notification to or prior approval by
the Company Group of any reporting described in clause (i). 
 C.
    COPYRIGHT & MASK WORKS 
 All rights in and to any copyrightable material (including,
but not limited to, computer programs) or material protectable as a mask work under the 

  
 2 

 
Semiconductor Chip Protection Act of 1984 which I may originate pursuant to or in connection with the Business, and which are not expressly released by Global Eagle in writing, shall be deemed as
a work for hire and shall be the sole and exclusive property of the Company Group. 
 D.
    INVENTIONS 
 With the exception of “EXEMPT” inventions, as defined herein, any and all
inventions, including original works of authorship, concepts, trade secrets, improvements, developments and discoveries, whether or not patentable or registrable under copyright or similar laws, which I may conceive or first reduce to practice (or
cause to be conceived or first reduced to practice), either alone or with others during the period of my employment with the Company Group (hereinafter referred to as “Inventions”) shall be the sole and exclusive property of the Company
Group, its successors, assigns, designees, or other legal representatives (“Company Group Representatives”) and shall be promptly disclosed to Global Eagle in writing, and I hereby assign to the Company Group all of my right, title and
interest in such Inventions. 
 I agree to keep and maintain adequate and current written records of all Inventions and their
development that I make (solely or jointly with others) during the period of employment. These records will be in the form of notes, sketches, drawings, and any other format that may be specified by the Company Group. The records will be available
to and remain the sole property of the Company Group at all times. 
 I shall, without further compensation or consideration,
but at no expense to me: 
  

	 	(a)	 communicate to Global Eagle any facts known by me respecting the Inventions; 

 

	 	(b)	 do all lawful acts, including the execution and delivery of all papers and proper oaths and the giving of
testimony deemed necessary or desirable by Global Eagle or the Company Group, with regard to said Inventions, for protecting, obtaining, securing rights in, maintaining and enforcing any and all copyrights, patents, mask work rights or other
intellectual property rights in the United States and throughout the world for said Inventions, and for perfecting, affirming, recording and maintaining in the Company Group and Company Group Representatives sole and exclusive right, title and
interest in and to the Inventions, and any copyrights, Patents, mask work rights or other intellectual property rights relating thereto; and 

  

	 	(c)	 generally cooperate to the fullest extent in all matters pertaining to said Inventions, original works of
authorship, concepts, trade secrets, improvements, developments and discoveries, any and all applications, specifications, oaths, assignments and all other instruments which Global Eagle shall deem necessary in order to apply for and obtain such
rights and in order to assign and convey to Global Eagle, its successors, assigns and nominees the sole and exclusive rights, title and interest in and to such Inventions, and any copyrights, patents, mask work rights or other intellectual property
rights relating thereto. 

  
 3 

 Compliance with California Labor Code Section 2870
– Inventions Made on Your Own Time – An “EXEMPT” invention is one which: 
  

	 	(a)	 was developed entirely on my own time without using Company Group equipment, supplies, facilities, or trade
secret information; 

  

	 	(b)	 does not relate at the time of conception or reduction to practice of the invention to the Business, or to
its actual or demonstrably anticipated research or development; and 

  

	 	(c)	 does not result from any work performed by me for the Company Group. 

Inventions which I consider to be “EXEMPT” but made solely or jointly with others during the term of my employment,
shall be disclosed in confidence to Global Eagle for the purpose of determining such issues as may arise. 
 I acknowledge
and agree that my obligations with respect to the foregoing shall continue after the termination of my employment with Global Eagle. If I am unable because of my mental or physical incapacity or for any other reason to secure my signature to apply
for or to pursue any application for any United States or foreign patents or copyright registrations covering Inventions or original works of authorship assigned to the Company Group as above, then I hereby irrevocably designate and appoint Global
Eagle and its duly authorized officers and agents as my agent and attorney in fact, to act for and in my behalf and stead to execute and file any such applications and to do all other lawfully permitted acts to further the prosecution and issuance
of letters, patents or copyright registrations thereon with the same legal force and effect as if executed by me. 
 Pursuant
to the Defend Trade Secrets Act of 2016, I understand that: (i) an individual may not be held criminally or civilly liable under any U.S. federal or state trade secrets law for the disclosure of a trade secret that: (A) is made (x) in
confidence to a federal, state or local government official, either directly or indirectly, or to any attorney and (y) solely for the purpose of reporting or investigating a suspected violation of law; or (B) is made in a complaint or
other document that is filed under seal in a lawsuit or other proceeding; and (ii) further, an individual who files a lawsuit for retaliation by an employer for reporting a suspected violation of law may disclose the employer’s trade
secrets to the attorney and use the trade secret information in the court proceeding if the individual (A) files any document containing the trade secret under seal and (B) does not disclose the trade secret except pursuant to court order.

 Listed on the attached sheet by descriptive title for purposes of identification only are all of the inventions made by me
(conceived and reduced to practice) prior to my employment by Global Eagle that I consider to be my property and excluded from this Restrictive Covenant Agreement. If I have not attached any such sheet, and it is not countersigned by Global Eagle,
then I acknowledge that there are no such inventions. 

  
 4 

 2. NON-SOLICITATION 

I acknowledge that Global Eagle is making a substantial investment in time, money, effort, goodwill and other resources in the business of the
Company Group, and in my continued employment with Global Eagle. I acknowledge and agree that Global Eagle and the Company Group are entitled to protect their legitimate business interests and investments and prevent me from using my knowledge of
its trade secrets and Proprietary Information to the detriment of the Company Group. I also acknowledge that the nature of the business of the Company Group is such that the on-going relationship among each
member of the Company Group and their respective employees, clients and customers is material and has a significant effect on the ability of the Company Group to obtain business. In view of the foregoing and in consideration of my employment by
Global Eagle and as further condition thereof, I agree as follows: 
 A.
    NON-SOLICITATION OF EMPLOYEES 
 During the period of my
employment and for twelve (12) months following the termination thereof for any reason, I will not, without Global Eagle’s prior written consent, directly or indirectly, on behalf of myself or any other person or organization, induce,
knowingly solicit or encourage to leave the employment of any member of the Company Group, any employee of any member of the Company Group, or any such person who has been an employee thereof for the six months preceding my termination of
employment. 
 I acknowledge that the limits set forth herein are reasonable and properly required to adequately protect the Company
Group’s legitimate business interests and to prevent unfair competition. However, if in any proceeding, a court or arbitrator shall refuse to enforce this Restrictive Covenant Agreement, whether because the time limit is too long or because the
restrictions contained herein are more extensive (whether as to geographic area, scope of business or otherwise) than is necessary to protect the business of Global Eagle, it is expressly understood and agreed between the parties hereto that this
Restrictive Covenant Agreement is deemed modified to the extent necessary to permit this Restrictive Covenant Agreement to be enforced in any such proceedings. I further agree that if there is a breach or threatened breach of the provisions of this
Section 2, the Company Group shall be entitled to an injunction restraining me from such breach or threatened breach, in addition to any other relief permitted under applicable law or pursuant to my Offer of Employment. Global Eagle will not be
required to post a bond or other security in connection with, or as a condition to, obtaining such relief before a court of competent jurisdiction. Nothing herein shall be construed as prohibiting Global Eagle from pursuing any other remedies, at
law or in equity, for such breach or threatened breach. 

  
 5 

 3. ARBITRATION 

Any and all claims or controversies arising out of or relating to my employment, the termination thereof, or this Restrictive Covenant
Agreement hereto shall, in lieu of a jury or other civil trial, be settled by final and binding arbitration before a single arbitrator in Los Angeles, California, in accordance with then-current rules of the American Arbitration Association
applicable to employment and related disputes. This agreement to arbitrate includes all claims whether arising in tort or contract and whether arising under statute or common law including, but not limited to, any claim of breach of contract,
discrimination or harassment of any kind. The obligation to arbitrate such claims shall continue forever, and the arbitrator shall have jurisdiction to determine the arbitrability of any claim. The arbitrator shall have the authority to award any
and all damages otherwise recoverable in a court of law. The arbitrator shall not have the authority to add to, subtract from or modify any of the terms of this Agreement. Judgment on any award rendered by the arbitrator may be entered and enforced
by any court having jurisdiction thereof. Global Eagle shall be solely responsible for all costs of the arbitration, provided that each party shall be responsible for paying its own costs for the arbitration process, including attorneys’ fees,
witness fees, transcript costs, lodging and travel expenses, expert witness fees, and online research charges, subject to the last sentence of this paragraph. I shall not be required to pay any type or amount of expense if such requirement would
invalidate this agreement or would otherwise be contrary to the law as it exists at the time of the arbitration. Notwithstanding and in addition to the foregoing, Global Eagle may seek injunctive or equitable relief to enforce the terms of this
Restrictive Covenant Agreement in any court of competent jurisdiction. 
 Except where prohibited by law, the parties must bring
“covered claims” (which are any and all claims or controversies arising out of or relating to your employment, the termination thereof or otherwise arising between the parties hereto, except for
“non-covered claims” described in the following paragraph) on an individual basis only, and arbitration on an individual basis is the parties’ exclusive remedy. Neither party may submit a
multi-plaintiff, class, collective or representative action for resolution under this Agreement, and no arbitrator has the authority to proceed with arbitration on such a basis. A court of competent jurisdiction (but not the arbitrator) can decide
any disputes concerning the validity of the waivers in the preceding two sentences. In the event that a court determines that these waivers are unenforceable with respect to any claim or portion of a claim, then these waivers will not apply to that
claim or portion of the claim, and that claim (or portion thereof) may then only proceed in a court as the exclusive forum. 
 “Non-covered claims” are: claims for workers’ compensation or unemployment benefits; petitions or charges that could be brought before the National Labor Relations Board; claims under a collective
bargaining agreement; claims under employee pension, welfare benefit or stock-option plans if those plans provide a dispute resolution procedure; representative claims under California’s Labor Code Private Attorneys General Act of 2004,
California Labor Code §§ 2698, et seq.; and any other claims which are not subject to arbitration or pre-dispute arbitration agreements. 

4. GENERAL PROVISIONS 
  

	 	A.	 This Restrictive Covenant Agreement will be governed by the laws of the State of Delaware.

  
 6 

	 	B.	 Nothing contained herein shall be construed to require the commission of any act contrary to law.
Should there be any conflict between any provisions hereof and any present or future statute, law, ordinance, regulation, or other pronouncement having the force of law, the latter shall prevail, but the provision of this Restrictive Covenant
Agreement affected thereby shall be curtailed and limited only to the extent necessary to bring it within the requirement of the law, and the remaining provisions of this Restrictive Covenant Agreement shall remain in full force and effect. This
Restrictive Covenant Agreement may not be assigned by me without the prior written consent of Global Eagle. Subject to the foregoing sentence, this Restrictive Covenant Agreement will be binding upon my heirs, executors, administrators
and other legal representatives and will be for the benefit of Global Eagle, its successors, and its assigns, and may be assigned by Global Eagle and shall be binding and inure to the benefit of Global Eagle, its successors and assigns.

  

	 	C.	 The provisions of this Restrictive Covenant Agreement are severable, and if any one or more
provisions may be determined to be illegal or otherwise unenforceable, in whole or in part, the remaining provisions or parts thereof shall nevertheless be binding and enforceable. In the event that any provision of this Restrictive Covenant
Agreement is deemed unenforceable, Global Eagle and I agree that a court or an arbitrator chosen pursuant to the terms hereof shall reform such provision to the extent necessary to cause it to be enforceable to the maximum extent permitted by law.
Global Eagle and I agree that each desires the court or arbitrator to reform such provision, and therefore agree that the court or arbitrator will have jurisdiction to do so and that each will abide by the determination of the court or arbitrator.

  
 7 

	 	D.	 I have had the opportunity to review this Restrictive Covenant Agreement and have had the opportunity
to ask questions regarding the nature of my employment with Global Eagle I have also been advised that I have been given the opportunity to allow legal counsel to assist me in the review of this Restrictive Covenant Agreement prior to my execution
of this Restrictive Covenant Agreement. I represent that my performance of all the terms of this Agreement will not breach any agreement to keep in confidence proprietary information acquired by me in confidence or in trust prior to my employment
with Global Eagle. I have not entered into, and I agree I will not enter into any oral or written agreements in conflict herewith. 

*** 

  
 8 

 I have read, and I understand and agree to comply with all terms and conditions above
without any reservation whatsoever. 
  

			
	R. Jason Everett
		
	 Signature:
	 	 

			
		
	 Date:
	 	 

  

			
	Global Eagle Entertainment Inc.
		
	 By:
	 	 

			
		
	 Name:
	 	 

			
		
	 Title:
	 	 

 Signature
Page to Restrictive Covenant Agreement

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00298-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00298-of-00352.parquet"}]]