Document:

Prepared by MERRILL CORPORATION

EXHIBIT 4.11  

          REVOLVING LIQUIDITY NOTE AGREEMENT  

TOYOTA AUTO RECEIVABLES 2002-A OWNER TRUST

as Issuer 

and 

TOYOTA
MOTOR CREDIT CORPORATION

as Initial Holder 

Dated
as of January 29, 2002 

 

        REVOLVING
LIQUIDITY NOTE AGREEMENT (this "Agreement") dated as of January 29, 2002 (this "Agreement"), by and between TOYOTA AUTO RECEIVABLES 2002-A OWNER TRUST, a
Delaware business trust, as issuer (the "Issuer") of the revolving liquidity note (the "Revolving Liquidity Note") issued hereunder, and TOYOTA MOTOR CREDIT CORPORATION, a California corporation
("TMCC"), as the initial holder of the Revolving Liquidity Note. 

W
I T N E S S E T H: 

        WHEREAS
Toyota Auto Receivables 2002-A Owner Trust is issuing the Toyota Auto Receivables 2002-A Owner Trust $459,670,000 1.69375% Asset Backed Notes,
Class A-1, the Toyota Auto Receivables 2002-A Owner Trust $387,000,000 Floating Rate Asset Backed Notes Class A-2, the Toyota Auto Receivables
2002-A Owner Trust $429,000,000 Floating Rate Asset Backed Notes, Class A-3 and the Toyota Auto Receivables 2002-A Owner Trust $234,932,000 4.00% Asset
Backed Notes Class A-4 (collectively, the "Notes") pursuant to the Indenture dated as of January 1, 2002 (as amended and supplemented from time to time, the "Indenture"),
between the Issuer and the Indenture Trustee; 

        WHEREAS
the Issuer desires to enter into a credit and liquidity enhancement arrangement that will provide funding for certain required payments of principal and interest on the Notes in
the event that Available Collections and any amounts on deposit in the Reserve Account that are available to be paid in respect thereof to Noteholders on any Payment Date are insufficient to fund such
payments; 

        WHEREAS
TMCC is willing to provide such credit and liquidity enhancement on the terms described herein against delivery to it of the Revolving Liquidity Note evidencing the obligation of
the Issuer to repay amounts so funded on the terms set forth herein and in the Revolving Liquidity Note; 

        NOW,
THEREFORE, in consideration of the mutual covenants contained herein, and other good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, the
parties agree as follows: 

Article
I
 Definitions  

        Capitalized terms used herein and not defined herein shall have the meanings ascribed thereto in the Sale and Servicing Agreement dated as of January 1,
2002, among the Issuer, Toyota Motor Credit Corporation ("TMCC"), as servicer, and TAFR LLC, as seller (the "Sale and Servicing Agreement"). 

Article
II
 Funding by Holder of Revolving Liquidity Note  

        Section 2.1    General Funding Obligation.    Pursuant to Section 5.06(b) of the Sale
and Servicing Agreement, on each Determination Date, the Servicer shall calculate the amount, if any, by which the amounts to
be distributed in respect of interest on or principal of the Notes pursuant to Sections 5.06(c)(ii) and (iii) or 5.06(d)(ii) or (iii) of the Sale and Servicing Agreement
exceed the amount of Available Collections that will be available to make such payments and will determine whether amounts on deposit in the Reserve Account, if any, that are available therefor will
be sufficient to fund such payments on the related Payment Date. If, in accordance with the Sale and Servicing Agreement, the Servicer notifies the Indenture Trustee on behalf of the Issuer that it
has determined that Available Collections and amounts on deposit in the Reserve Account that will be available to make such payments will be insufficient therefor, then the Indenture Trustee on behalf
of the Issuer will have the right to request the holder of the Revolving Liquidity Note (the "Holder") to fund such shortfall (such request, or any request for funding described in Section 2.2
hereof, a "Draw"); provided that the Holder will not be obligated to fund any such shortfall to the extent that the aggregate of the amounts funded by it hereunder and not previously repaid equals or
exceeds $7,786,611 (the parties hereto 

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agreeing that interest accrued on the Revolving Liquidity Note as described herein will not be considered an amount funded by the Holder for purposes of such calculation). The "Undrawn Amount" of the
Revolving Liquidity Note is an amount equal to $7,786,611 less an amount equal to the aggregate of all amounts funded pursuant to any previous Draw Requests (as defined in Section 2.3) that
have not yet been repaid pursuant to Section 2.4 (the parties hereto agreeing that interest accrued on the Revolving Liquidity Note as described herein will not be considered an amount funded
by the Holder for purposes of such calculation, and any amount paid in respect of such accrued interest will not be considered to increase the Undrawn Amount). 

        Section
2.2.    Additional Funding Obligations.    If at any time prior to the Final Payment Date either
(i) the short-term unsecured debt rating of TMCC falls below P-1 by Moody's or A-1+ by S&P (or in either case, such lower ratings as may be permitted by
Moody's and S&P), or (ii) the Holder fails to fund the amount specified in any Draw Request prepared and submitted to the Holder in accordance with Sections 2.1 and 2.3 of this Agreement, then
the Indenture Trustee on behalf of the Issuer will have the right to request that the entire Undrawn Amount of the Revolving Liquidity Note be funded. To the extent the entire Undrawn Amount is fully
funded pursuant to this Section 2.2, the Undrawn Amount shall be reduced to zero and shall no longer be subject to draws. 

        Section
2.3    Draw Mechanics.    Not fewer than two Business Days prior to the relevant Payment Date, in the case of
a Draw described in Section 2.1, and on any Business Day, in the case of a Draw described in Section 2.2, the Issuer, by action of the Indenture Trustee or of the Administrator on behalf
of the Indenture Trustee (following the assignment of this Agreement to the Indenture Trustee pursuant to Section 2.5 and until the Indenture terminates in accordance with its provisions), may
deliver a written request (each such request, a "Draw Request") for funds in the amount of the shortfall described in Section 2.1 or the entire Undrawn Amount in the case of a Draw pursuant to
Section 2.2. Any such Draw Request may be delivered by facsimile transmission and hard copy to: Toyota Motor Credit Corporation, (310) 468-5715, Attn: Vice President,
Treasury, Re: Toyota Auto Receivables 2002-A Owner Trust Revolving Liquidity Note Draw Request. Not later than 2:00 p.m. on the Business Day following delivery of any Draw Request,
the Holder will fund the indicated draw by wire transfer of immediately available funds to the following account: 

Wells
Fargo Bank Minnesota, N.A.

ABA: 091000019

Acct: 0001038377

Acct Name: Wells Fargo Corporate Trust

For further credit: Acct #12195501 Toyota 02-A Collection Acct

Attn: ABS Admin (612) 667-8058 

        Section
2.4.    Repayment of Funded Draws.    Subject to the following sentences, the Issuer is obligated to repay all
funded Draws together with interest accrued on the daily outstanding balance of all funded Draws from the date made until the date all funded Draws are repaid at 4.419% per annum, calculated daily on
the basis of a year of 365 or 366 days, as applicable. The parties hereto (and the assignees and third-party beneficiaries hereof, by accepting the assignment of this Agreement as contemplated
in Section 2.5 hereof) agree that Draws will be repaid in part or in whole on any each succeeding Payment Date on which amounts are available therefor in accordance with the provisions of
Section 5.06(c)(v) or 5.06(d)(iv) of the Sale and Servicing Agreement, and interest accrued on the daily outstanding amount of funded Draws will be payable on and after the
Payment Date on which all funded Draws are repaid and on which amounts are available therefore in accordance with the provisions of Section 5.06(c)(vi) or 5.06(d)(v) of the Sale
and Servicing Agreement. Payments to the Holder in respect of funded Draws or accrued interest will be made either by (i) netting by TMCC of amounts that would be repayable on any Payment Date
to the extent amounts would be available therefor in accordance with the provisions of Section 5.06(c)(v) and (vi) or 5.06(d)(iv) and (v) of the 

3

 

Sale and Servicing Agreement against amounts it is otherwise required to deposit into the Collection Account in its capacity as Servicer in accordance with Section 5.04(f) of the Sale and
Servicing Agreement, or by wire transfer of immediately available funds to the following account: 

Bank
of America, Concord, California

ABA No. 121-000-358

A/C No. 12351-07564

A/C Toyota Motor Credit Corporation 

        Notwithstanding
the foregoing, if following liquidation of the Owner Trust Estate pursuant to Article IX of the Indenture the Trust has insufficient funds to make required
payments to the Holder of the Revolving Liquidity Note pursuant to Article V of the Sale and Servicing Agreement, then all amounts due under the Revolving Liquidity Note will be deemed to have
been paid in full and this Agreement shall terminate with no further payment owing from the Trust. 

        Section
2.5.    Assignment; Third Party Beneficiaries.    The parties hereto acknowledge and agree that the right to
receive amounts funded by the Holder under the Revolving Liquidity Note and all other rights of the Issuer under this Agreement will be assigned by the Issuer to the Indenture Trustee pursuant to the
Indenture for the benefit of the Noteholders, and that the Indenture Trustee, on behalf of the Noteholders, and such Noteholders, are intended to be third-party beneficiaries of this Agreement from
and after such assignment and until the Indenture is terminated in accordance with its terms. In addition, the Holder expressly acknowledges that, pursuant to the Indenture, the Indenture Trustee will
exercise its right to request funds hereunder in every circumstance when such request may be made in accordance with the terms of this Agreement. Nothing in this Agreement or in the Revolving
Liquidity Note, whether express or implied, shall be construed to give to any other Person any legal or equitable right, remedy or claim under or in respect of this Agreement or the Revolving
Liquidity Note, or any covenants, conditions or provisions contained herein or therein. 

Article
III
 Revolving Liquidity Note  

        Section 3.1.    Issuance of Revolving Liquidity Note.    On the date hereof, the Issuer will
execute and deliver to the Holder a physical certificate evidencing the Revolving Liquidity Note, substantially in the form of Exhibit A hereto. Each Revolving Liquidity Note issued hereunder
will evidence the repayment obligations of the Issuer set forth in Section 2.4 hereof and the funding obligations of the Holder thereof set forth in Section 2.1 and 2.2 hereof, and will
be dated the date of its issuance. 

        Section
3.2.    Terms.    Upon issuance, the Undrawn Amount of the Revolving Liquidity Note shall be $7,786,611. The
Undrawn Amount will be reduced by the amount of each Draw funded by the Holder, and increased by amounts repaid to the Holder pursuant to Section 2.4 up to a maximum of $7,786,611, excluding
interest paid on the Revolving Liquidity Note. Interest will accrue on the average daily outstanding excess of $7,786,611 over the Undrawn Amount from and including the date of any Draw to but
excluding the date on which the Undrawn Amount is reduced to zero. Although the Revolving Liquidity Note is secured by the Owner Trust Estate, all payments in respect of funded Draws and interest
accrued thereon shall be fully subordinated to required payments to the Noteholders and to required deposits into the Reserve Account as set forth in the Sale and Servicing Agreement. 

        Section
3.3.    Transfer.    Prior to the termination of the Indenture, the Holder may not transfer, assign or convey
the Revolving Liquidity Note or this Agreement unless: (i) the purported transferee, assignee or recipient of such conveyance has executed a written agreement to be bound by all of the terms
and provisions of this Agreement; (ii) such action shall not, as evidenced by an Opinion of Counsel delivered to the Owner Trustee and the Indenture Trustee, adversely affect in any material 

4

 

respect the interests of any Noteholder or Certificateholder; and (iii) the Indenture Trustee (x) has received a letter from Standard & Poor's to the effect that
Standard & Poor's will not qualify, reduce or withdraw the rating it has currently assigned to any Class of Notes as a result of such transfer, assignment or conveyance and (y) has
provided Moody's with 10 days prior written notice of such intended transfer, assignment or conveyance and Moody's shall not have notified the Indenture Trustee that such transfer, assignment
or conveyance might or would result in the qualification, reduction or withdrawal of the rating it has currently assigned to any Class of Notes. The Revolving Liquidity Note may not be transferred,
assigned or conveyed in part; any transfer, conveyance or assignment must be in respect of 100% of the Revolving Liquidity Note. The Issuer (or the Administrator on behalf of the Issuer) will maintain
a register in which it will record the name and contact information for each Holder. No transfer, assignment or conveyance of the Revolving Liquidity Note will be effective prior
to notice to the Issuer and the Indenture Trustee and recordation by the Issuer (or the Administrator on behalf of the Issuer) thereof in such register. 

        Section
3.4.    No Set-Off.    Without affecting the provisions of this Agreement requiring the
calculation of payment amounts, all payments under this Agreement will be made without set-off or counterclaims against payments to or from the Swap Counterparty under the Interest Rate
Swap Agreement or other Basic Documents or payments owing to the Servicer under the Basic Documents, and the parties hereto waive any right of set-off or counterclaim that any such party
may have at law or equity. 

Article
IV
 Miscellaneous Provisions  

        Section 4.1.    Fees and Expenses.    No party shall receive fees or expenses in connection
with this Agreement. 

        Section
4.2.    Assignment by Issuer.    The Holder hereby acknowledges and consents to any mortgage, pledge,
assignment and grant of a security interest by the Issuer to the Indenture Trustee pursuant to the Indenture for the benefit of the Noteholders of all right, title and interest of the Issuer to and/or
the assignment of any or all of the Issuer's rights and obligations hereunder to the Indenture Trustee. 

        Section
4.3.    Amendment.    Prior to the termination of the Indenture, this Agreement may be amended by the Issuer
and the Holder, with the consent of the Indenture Trustee, but without the consent of any of the Noteholders or the Certificateholder, to cure any ambiguity, to correct or supplement any provisions in
this Agreement or for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions in this Agreement or of modifying in any manner the rights of the
Noteholders or the Certificateholder; provided, however, that (i) such action shall not, as evidenced by an Opinion of Counsel delivered to the
Indenture Trustee, adversely affect in any material respect the interests of any Noteholder or Certificateholder, and (ii) the Indenture Trustee (x) has received a letter from
Standard & Poor's to the effect that Standard & Poor's will not qualify, reduce or withdraw the rating it has currently assigned to any Class of Notes as a result of such amendment and
(y) has provided Moody's with 10 days prior written notice of such amendment and Moody's shall not have notified the Indenture Trustee that such amendment might or would result in the
qualification, reduction or withdrawal of the rating it has currently assigned to any Class of Notes. After the termination of the Indenture, this Agreement may be amended in writing by the Issuer and
the Holder without notice to or consent of any other Person. 

        Section
4.4.    Notices.    All demands, notices, communications and instructions upon or to the Issuer, the initial
Holder, the Owner Trustee, the Indenture Trustee or the Rating Agencies under this Agreement shall be in writing, personally delivered or mailed by certified mail, return receipt requested, and shall
be deemed to have been duly given upon receipt (a) in the case of the initial 

5

 

Holder, to Toyota Motor Credit Corporation, 19001 S. Western Avenue, Torrance, California 90509, Attention: Vice President, Treasury, (310) 468-4001, (b) in the case of the
Issuer or the Owner Trustee, at the Corporate Trust Office (as defined in the Trust Agreement), (c) in the case of the Indenture Trustee, at the Corporate Trust Office specified in the
Indenture, (d) in the case of Moody's, to Moody's Investors Service, Inc., ABS Monitoring Department, 99 Church Street, New York, New York 10007, (f) in the case of
Standard & Poor's, to Standard & Poor's Ratings Services, a division of The McGraw-Hill Companies, 55 Water Street, New York, New York 10041, Attention of Asset Backed
Surveillance Department; or, as to each of the foregoing, at such other address as shall be designated by written notice to the other parties. 

        Section
4.5.    Holder's Nonpetition Covenant.    

        Notwithstanding
any prior termination of this Agreement, the Holder will not, prior to the date which is one year and one day after the termination of this Agreement with respect to the
Issuer or Seller, acquiesce, petition or otherwise invoke or cause the Issuer to invoke the process of any court or government authority for the purpose of commencing or sustaining a case against the
Issuer or Seller under any federal or state bankruptcy, insolvency or similar law, or appointing a receiver, liquidator, assignee, trustee, custodian, sequestrator or other similar official of the
Issuer or Seller or any substantial part of the property of either of them, or ordering the winding up or liquidation of the affairs of the Issuer or Seller. 

        Section
4.6.    No Proceedings.    There is no action, suit or proceeding before or by any court or governmental
agency or body, domestic or foreign, now pending, or to the Holder's knowledge, threatened, against or affecting the Holder: (i) asserting the invalidity of this Agreement or the Revolving
Liquidity Note, (ii) seeking to prevent the issuance of the Revolving Liquidity Note or the consummation of any of the transactions contemplated by this Agreement, (iii) seeking any
determination or ruling that might materially and adversely affect the performance by the Holder of its obligations under, or the validity or enforceability of, this Agreement, or (iv) relating
to the Holder and which might adversely affect the federal income tax attributes of the Issuer or the Revolving Liquidity Note. 

        Section
4.7.    Severability.    Any provision of this Agreement that is prohibited or unenforceable in any
jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or
unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. 

        Section
4.8.    Termination.    This Agreement shall terminate upon the termination of the Amended and Restated Trust
Agreement pursuant to Article IX of the Amended and Restated Trust Agreement. 

        Section
4.9.    Separate Counterparts.    This Agreement may be executed by the parties hereto in separate
counterparts, each of which when so executed and delivered shall be an original, but all such counterparts shall together constitute but one and the same instrument. 

        Section
4.10.    Headings.    The headings of the various Articles and Sections herein are for convenience of
reference only and shall not define or limit any of the terms or provisions hereof. 

        Section
4.11.    Limitation on Liability.    Notwithstanding anything contained herein to the contrary, this Agreement
has been countersigned by First Union Trust Company, National Association, not in its individual capacity, but solely in its capacity as Owner Trustee on behalf of the Issuer. In no event shall First
Union Trust Company, National Association in its individual capacity have any liability for the representations, warranties, covenants, agreements or other obligations of the Issuer hereunder or in
any of the certificates, notices or agreements delivered by the Holder, or prepared by the Holder for delivery by the Owner Trustee on behalf of the Issuer, pursuant hereto, as to all of which
recourse shall be had solely to the assets of the Issuer. For all purposes of this Agreement, in the performance of its 

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duties or obligations hereunder or in the performance of any duties or obligations of the Issuer hereunder, the Owner Trustee shall be subject to, and entitled to the benefits of, the terms and
provisions of Articles VI, VII and VIII of the Trust Agreement. 

        Section
4.12.    Governing Law.    This Agreement shall be construed in accordance with the laws of the State of
California, without reference to its conflict of law provisions, and the obligations, rights and remedies of the parties hereunder shall be determined in accordance with such laws. 

[Remainder of this page intentionally left blank]  

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        IN WITNESS WHEREOF, the Issuer and the initial Holder have caused this Agreement to be duly executed by their respective officers as of the day and year first
above written. 

	 	 	TOYOTA AUTO RECEIVABLES 2002-A OWNER TRUST, as Issuer
	

 	
 	

By:	
 	

FIRST UNION TRUST COMPANY, NATIONAL ASSOCIATION, not in its individual capacity but solely in its capacity as Owner Trustee
	

 	
 	

By:	
 	

/s/  STERLING C. CORREIA      

	 	 	 	 	Name: Sterling C. Correia

Title: Vice President
	

 	
 	
TOYOTA MOTOR CREDIT CORPORATION, as Holder
	

 	
 	

By:	
 	

/s/  GEORGE E. BORST      

	 	 	 	 	Name: George E. Borst

Title: President and Chief Executive Officer

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   EXHIBIT A  

 FORM OF REVOLVING LIQUIDITY NOTE  

        THIS REVOLVING LIQUIDITY NOTE HAS NOT BEEN REGISTERED WITH THE SECURITIES AND EXCHANGE COMMISSION UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE "1933 ACT"),
OR THE SECURITIES LAWS OF ANY STATE OR OTHER JURISDICTION IN RELIANCE ON EXEMPTIONS PROVIDED BY THE 1933 ACT AND SUCH STATE OR FOREIGN SECURITIES LAWS. NO RESALE OR OTHER TRANSFER OF THIS REVOLVING
LIQUIDITY NOTE SHALL BE MADE EXCEPT IN COMPLIANCE WITH SECTION 3.3 OF THE REVOLVING LIQUIDITY NOTE AGREEMENT AND EITHER (i) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE 1933 ACT OR
(ii) IN A TRANSACTION EXEMPT FROM THE REGISTRATION REQUIREMENTS OF THE 1933 ACT AND APPLICABLE STATE AND FOREIGN SECURITIES LAWS. 

        THE
PRINCIPAL OF THIS REVOLVING LIQUIDITY NOTE IS PAYABLE SOLELY FROM FUNDS AVAILABLE THEREFOR PURSUANT TO ARTICLE V OF THE SALE AND SERVICING AGREEMENT REFERRED TO HEREIN. THE HOLDER
HEREOF IS REQUIRED TO FUND CERTAIN DRAWS REQUESTED BY THE ISSUER HEREOF (OR BY CERTAIN OTHER PERSONS REFERRED TO HEREIN) UP TO A MAXIMUM PRINCIPAL AMOUNT OUTSTANDING AT ANY TIME OF $7,786,611. THE
OUTSTANDING PRINCIPAL AMOUNT OF THIS REVOLVING LIQUIDITY NOTE AT ANY TIME MAY BE LESS THAN SUCH MAXIMUM AMOUNT. REPAYMENT OF THE OUTSTANDING PRINCIPAL AMOUNT OF THIS REVOLVING LIQUIDITY NOTE, AND OF
INTEREST ACCRUED HEREON, IS SUBJECT TO THE AVAILABILITY OF FUNDS FOR SUCH PURPOSE AS SET FORTH IN ARTICLE V OF THE SALE AND SERVICING AGREEMENT REFERRED TO HEREIN, AND IS FULLY SUBORDINATED TO THE
PAYMENT OF INTEREST ON AND PRINCIPAL OF CERTAIN OTHER SECURITIES ISSUED BY THE ISSUER HEREOF AND TO THE DEPOSIT INTO THE RESERVE ACCOUNT REFERRED TO HEREIN OF AMOUNTS REQUIRED TO BE DEPOSITED THEREIN. 

        THIS
REVOLVING LIQUIDITY NOTE IS NOT AN OBLIGATION OF, AND WILL NOT BE INSURED OR GUARANTEED BY, ANY GOVERNMENTAL AGENCY, TOYOTA MOTOR CREDIT CORPORATION, TOYOTA AUTO FINANCE RECEIVALBES
LLC, THE OWNER TRUSTEE, THE INDENTURE TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES. 

        THIS
REVOLVING LIQUIDITY NOTE, OR A BENEFICIAL INTEREST HEREIN, MAY NOT BE TRANSFERRED UNLESS THE TRUSTEE HAS RECEIVED (I) A CERTIFICATE FROM THE TRANSFEREE TO THE EFFECT THAT
SUCH TRANSFEREE IS NOT AN EMPLOYEE BENEFIT PLAN, TRUST OR ACCOUNT SUBJECT TO TITLE I OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED ("ERISA"), OR SUBJECT TO SECTION 4975 OF THE
INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE "CODE"), OR A GOVERNMENTAL PLAN DEFINED IN SECTION 3(32) OF ERISA OR SECTION 414(d) OF THE CODE SUBJECT TO ANY FEDERAL, STATE OR LOCAL LAW WHICH IS, TO A
MATERIAL EXTENT, SIMILAR TO THE FOREGOING PROVISIONS OF ERISA OR THE CODE (EACH, A "BENEFIT PLAN") AND IS NOT AN ENTITY, INCLUDING AN INSURANCE COMPANY SEPARATE ACCOUNT OR AN INSURANCE COMPANY GENERAL
ACCOUNT IF THE ASSETS IN ANY SUCH ACCOUNTS CONSTITUTE "PLAN ASSETS" FOR PURPOSES OF REGULATION SECTION 2510.3-101 OF ERISA, WHOSE UNDERLYING ASSETS INCLUDE BENEFIT PLAN ASSETS BY REASON OF
A BENEFIT PLAN'S INVESTMENT IN THE ENTITY AND (II) A CERTIFICATE TO THE EFFECT THAT IF THE TRANSFEREE IS A PARTNERSHIP, GRANTOR TRUST OR S CORPORATION FOR FEDERAL INCOME TAX PURPOSES (A
"FLOW-THROUGH ENTITY"), ANY REVOLVING 

Exhibit A-1

 

LIQUIDITY NOTES OWNED BY SUCH FLOW-THROUGH ENTITY WILL REPRESENT LESS THAN 50% OF THE VALUE OF ALL THE ASSETS OWNED BY SUCH FLOW-THROUGH ENTITY AND NO SPECIAL ALLOCATION OF
INCOME, GAIN, LOSS, DEDUCTION OR CREDIT FROM SUCH REVOLVING LIQUIDITY NOTES WILL BE MADE AMONG THE BENEFICIAL OWNERS OF SUCH FLOW-THROUGH ENTITY. 

        IN
ADDITION, NO RESALE OR OTHER TRANSFER OF THIS REVOLVING LIQUIDITY NOTE OR ANY INTEREST THEREIN SHALL BE PERMITTED UNLESS IMMEDIATELY AFTER GIVING EFFECT TO SUCH RESALE OR OTHER
TRANSFER, THERE WOULD BE FEWER THAN 100 REVOLVING LIQUIDITY NOTEHOLDERS. 

Exhibit A-2

 

TOYOTA AUTO RECEIVABLES OWNER TRUST 2002-A 

REVOLVING
LIQUIDITY NOTE 

Representing
a

Maximum Amount of Funded Draws

outstanding at any time not to exceed

$7,786,611 

        This
certifies that TOYOTA MOTOR CREDIT CORPORATION (the "Holder") is the registered owner of this Revolving Liquidity Note representing the right to receive the payment of certain Draws
funded as described in the Revolving Liquidity Note Agreement (the "Revolving Liquidity Note Agreement") dated as of January 29, 2002, between Toyota Auto Receivables Owner Trust
2002-A, as issuer (the "Issuer") and Toyota Motor Credit Corporation as initial holder hereof. Capitalized terms used herein and not defined herein shall have the meanings ascribed thereto
in the Revolving Liquidity Note Agreement and in the Sale and Servicing Agreement dated as of January 1, 2002, among the Issuer, Toyota Motor Credit Corporation ("TMCC"), as servicer, and TAFR
LLC, as seller (the "Sale and Servicing Agreement"). 

        This
Revolving Liquidity Note represents a 100% undivided interest in the right of the Holder to receive repayment in full of the aggregate amount of funded Draws and interest accrued
thereon as and to the extent such amounts are payable in accordance with the Revolving Liquidity Note Agreement. All of the provisions of the Revolving Liquidity Note Agreement and Sale and Servicing
Agreement are incorporated by reference and comprise integral parts of this Revolving Liquidity Note. The following summary of certain provisions thereof is not and does not purport to be complete. By
its acceptance hereof, the holder of this Revolving Liquidity Note (the "Holder") assents to and is bound by the terms, provisions and conditions of the Revolving Liquidity Note Agreement, including
the provisions thereof (i) setting forth the obligation of the Holder of this Revolving Liquidity Note to fund Draws as and when properly requested pursuant to Article II thereof,
(ii) specifying that this Revolving Liquidity Note is secured only by certain assets of the Issuer and is payable only from certain collections in respect thereof that are available for such
purpose in accordance with the priority of payments set forth in Article V of the Sale and Servicing Agreement, and (iii) specifying that all payments in respect of funded Draws and
interest accrued thereon shall be fully subordinated to required payments to the holders of certain other securities issued by the Issuer and to required deposits into a specified reserve account
established for the benefit of the holders of such other securities in accordance with the Sale and Servicing Agreement. 

        The
"Undrawn Amount" of the Revolving Liquidity Note is an amount equal to $7,786,611 less an amount equal to the aggregate of all amounts funded pursuant to any previous Draw Requests
that have not yet been repaid pursuant to Section 2.4 of the Revolving Liquidity Note Agreement, and increased by amounts repaid to the Holder pursuant to Section 2.4 of the Revolving
Liquidity Note Agreement up to a maximum of $7,786,611 (interest accrued on the Revolving Liquidity Note not being considered an amount funded by the Holder for purposes of such calculation, and any
amount paid in respect of such accrued interest will not be considered to increase the Undrawn Amount). To the extent the entire Undrawn Amount is fully funded pursuant to Section 2.2 of the
Revolving Liquidity Note Agreement, the Undrawn Amount shall be reduced to zero and shall no longer be subject to draws. Interest will accrue on the average daily outstanding excess of $7,786,611 over
the Undrawn Amount from and including the date of any Draw to but excluding the date on which the Undrawn Amount is reduced to zero at 4.419% per annum, calculated daily on the basis of a year of 365
or 366 days, as applicable. 

        Subject
to the more detailed provisions concerning payments to be made to the Holder of the Revolving Liquidity Note set forth in the Revolving Liquidity Note Agreement and the Sale and 

Exhibit A-3

 

Servicing Agreement, generally, repayment of Draws previously funded by the (or a) Holder of the Revolving Liquidity Note, and interest accrued thereon as described below, will be made on the
15th day of each calendar month, or if such day is not a Business Day, then on the next succeeding Business
Day, to the extent funds are available therefor. Notwithstanding the foregoing, if following liquidation of the Owner Trust Estate pursuant to Article IX of the Indenture the Trust has
insufficient funds to make required payments to the Holder of the Revolving Liquidity Note pursuant to Article V of the Sale and Servicing Agreement, then all amounts due under the Revolving
Liquidity Note will be deemed to have been paid in full and this Agreement shall terminate with no further payment owing from the Trust. 

        Prior
to the termination of the Indenture, this Agreement may be amended by the Issuer and the Holder, with the consent of the Indenture Trustee, but without the consent of any of the
Noteholders or the Certificateholder, to cure any ambiguity, to correct or supplement any provisions in this Agreement or for the purpose of adding any provisions to or changing in any manner or
eliminating any of the provisions in this Agreement or of modifying in any manner the rights of the Noteholders or the Certificateholder; provided,
however, that (i) such action shall not, as evidenced by an Opinion of Counsel delivered to the Indenture Trustee, adversely affect in any material respect the interests
of any Noteholder or Certificateholder, and (ii) the Indenture Trustee (x) has received a letter from Standard & Poor's to the effect that Standard & Poor's will not
qualify, reduce or withdraw the rating it has currently assigned to any Class of Notes as a result of such amendment and (y) has provided Moody's with 10 days prior written notice of
such amendment and Moody's shall not have notified the Indenture Trustee that such amendment might or would result in the qualification, reduction or withdrawal of the rating it has currently assigned
to any Class of Notes. After the termination of the Indenture, this Agreement may be amended in writing by the Issuer and the Holder without notice to or consent of any other Person. 

        Prior
to the termination of the Indenture, the Holder may not transfer, assign or convey this Revolving Liquidity Note or the Revolving Liquidity Note Agreement unless: (i) the
purported transferee, assignee or recipient of such conveyance has executed a written agreement to be bound by all of the terms and provisions of the Revolving Liquidity Note Agreement;
(ii) such action shall not, as evidenced by an Opinion of Counsel delivered to the Owner Trustee and the Indenture Trustee, adversely affect in any material respect the interests of any
Noteholder or Certificateholder; and (iii) the Indenture Trustee (x) has received a letter from Standard & Poor's to the effect that Standard & Poor's will not qualify,
reduce or withdraw the rating it has currently assigned to any Class of Notes as a result of such transfer, assignment or conveyance and (y) has provided Moody's with 10 days prior
written notice of such intended transfer, assignment or conveyance and Moody's shall not have notified the Indenture Trustee that such transfer, assignment or conveyance might or would result in the
qualification, reduction or withdrawal of the rating it has currently assigned to any Class of Notes. The Revolving Liquidity Note may not be transferred, assigned or conveyed in part; any transfer,
conveyance or assignment must be in respect of 100% of this Revolving Liquidity Note. The Issuer (or the Administrator on behalf of the Issuer) will maintain a register in which it will record the
name and contact information for each Holder. No transfer, assignment or conveyance of this Revolving Liquidity Note will be effective prior to notice to the Issuer and the Indenture Trustee and
recordation by the Issuer (or the Administrator on behalf of the Issuer) thereof in such register. 

        No
recourse may be taken, directly or indirectly, with respect to the obligations of the Holder of this Revolving Liquidity Note under the Revolving Liquidity Note Agreement or other
writing delivered in connection herewith or therewith, against (i) the Indenture Trustee or the Owner Trustee in its individual capacity, (ii) any Certificateholder or other owner of a
beneficial interest in the Issuer or (iii) any partner, owner, beneficiary, agent, officer, director, employee or agent of the Indenture Trustee
or the Owner Trustee in its individual capacity, any Certificateholder or other owner of a beneficial interest in the Issuer, the Owner Trustee or the Indenture Trustee or of any successor or assign
of the 

Exhibit A-4

 

Indenture Trustee or the Owner Trustee in its individual capacity, except as any such Person may have expressly agreed (it being understood that the Indenture Trustee and the Owner Trustee, in their
capacities as such, have no such obligations in their individual capacity) and except that any such partner, owner or beneficiary shall be fully liable, to the extent provided by applicable law, for
any unpaid consideration for stock, unpaid capital contribution or failure to pay any installment or call owing to such entity. 

        By
its acceptance of this Revolving Liquidity Note, the Holder agrees that it will not, prior to the date which is one year and one day after the termination of the Revolving Liquidity
Note Agreement with respect to the Issuer or Seller, acquiesce, petition or otherwise invoke or cause the Issuer to invoke the process of any court or government authority for the purpose of
commencing or sustaining a case against the Issuer or Seller under any federal or state bankruptcy, insolvency or similar law, or appointing a receiver, liquidator, assignee, trustee, custodian,
sequestrator or other similar official of the Issuer or Seller or any substantial part of the property of either of them, or ordering the winding up or liquidation of the affairs of the Issuer or
Seller. 

        THIS
REVOLVING LIQUIDITY NOTE SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAWS OF THE STATE OF CALIFORNIA. 

        IN
WITNESS WHEREOF, the Issuer has caused this Revolving Liquidity Note to be duly executed. 

	 	 	TOYOTA AUTO RECEIVABLES 2002-A

    OWNER TRUST, as Issuer
	

 	
 	

By:	
 	

FIRST UNION TRUST COMPANY, NATIONAL ASSOCIATION, not in its individual capacity but solely in its capacity as Owner Trustee
	

 	
 	

By:	
 	

	 	 	 	 	Name:

Title:
	Dated: January     , 2002

	 	 	 	 

Exhibit A-5

   EXHIBIT B  

 FORM OF REVOLVING LIQUIDITY NOTE DRAW REQUEST  

Toyota Auto Receivables 2002-A Owner Trust

c/o Wells Fargo Bank Minnesota, National Association

Sixth and Marquette

MAC: N9311 161

Minneapolis, Minnesota 55479 

Toyota
Motor Credit Corporation

19001 South Western Avenue

Torrance, California 90509

Attn: Vice President, Treasury

Facsimile: (310) 468-5715 

        Re:    Toyota
Auto Receivables 2002-A Owner Trust Revolving Liquidity Note Draw Request 

Ladies
and Gentlemen: 

        This
notice confirms the Issuer's request for a draw on the Revolving Liquidity Note pursuant to Section [2.1] [2.2] of the Revolving
Liquidity Note Agreement in the principal amount of $                        . Please advance the requested drawn amount as set
forth in Section 2.3 of the Revolving Liquidity Note Agreement. 

        Please
acknowledge receipt of this notice by executing below and returning to the above-listed address. 

	 	 	 	 	Very truly yours,
	 	 	 	 	[Administrator][Indenture Trustee]
	

 	
 	

 	
 	

By:	
 	

	 	 	 	 	 	 	Name:

Title:
	ACKNOWLEDGED:	 	 	 	 
	Toyota Motor Credit Corporation	 	 	 	 
	

By:	
 	

	
 	

 	
 	

 
	 	 	Name:

Title:

	 	 	 	 

Exhibit B-1<PAGE>

                                                                     Exhibit 4.5

                             COR THERAPEUTICS, INC.,

                        MILLENNIUM PHARMACEUTICALS, INC.

                                       and

                                U.S. BANK, N.A.,
                                   as Trustee

                                ----------------

                          FIRST SUPPLEMENTAL INDENTURE

                          DATED AS OF FEBRUARY 12, 2002

                                ----------------

                                  $300,000,000

             5.00% CONVERTIBLE SUBORDINATED NOTES DUE MARCH 1, 2007

<PAGE>

         FIRST SUPPLEMENTAL INDENTURE, dated as of February 12, 2002, between
COR Therapeutics, Inc., a corporation duly organized and existing under the laws
of the State of Delaware (herein called the "Company"), Millennium
Pharmaceuticals, Inc., a corporation duly organized and existing under the laws
of the State of Delaware (herein called "Parent"), and U.S. Bank, N.A. (formerly
known as Firstar Bank, N.A.), a national banking association, as Trustee (herein
called the "Trustee").

         WHEREAS, pursuant to the Indenture dated as of February 24, 2000 (the
"Indenture"), between the Company and the Trustee, the Company issued
$300,000,000 aggregate principal amount of 5.00% Convertible Subordinated Notes
due March 1, 2007 (the "Securities");

         WHEREAS, pursuant to the Agreement and Plan of Merger dated as of
December 5, 2001 (the "Merger Agreement") among Parent, PGM Corporation, a
Delaware corporation and wholly owned subsidiary of Parent ("Sub"), and the
Company, Sub has agreed to merge with and into the Company (the "Merger"), with
the Company being the surviving corporation in the Merger, following which the
Company will be a wholly owned subsidiary of Parent;

         WHEREAS, pursuant to the Merger Agreement, as of the effective time of
the Merger (the "Effective Time"), each outstanding share of common stock of the
Company ("Company Common Stock"), other than shares held by the Company, Parent
or Sub, shall be converted into the right to receive 0.9873 validly issued,
fully paid and nonassessable shares of common stock of Parent ("Parent Common
Stock");

         WHEREAS, pursuant to Section 11.11 of the Indenture, as a result of the
Merger, the Company is required to execute and deliver to the Trustee a
supplemental indenture providing (i) that the Securities shall be convertible
into shares of Parent Common Stock and (ii) for adjustments of the Conversion
Rate which shall be as nearly equivalent as may be practicable to the
adjustments provided for in Article 11 of the Indenture;

         WHEREAS, pursuant to the Merger Agreement, Parent agreed to fully and
unconditionally guarantee the obligations of the Company under the Indenture and
the Securities on the terms and conditions set forth herein;

         WHEREAS, Section 8.1 of the Indenture provides that the Company and the
Trustee may amend or supplement the Indenture or the Securities without notice
to or consent of any Holder of Securities to, among other things, (i) comply
with Section 11.11 of the Indenture and (ii) make any other provisions with
respect to matters or questions arising under the Indenture as the Company and
the Trustee may deem necessary or desirable, provided such action shall not, in
the judgment of the Company, adversely affect the interests of any Holder of
Securities in any material respect; and

         WHEREAS, the Company and Parent have complied with all conditions
precedent provided for in the Indenture relating to this First Supplemental
Indenture.

<PAGE>

         NOW, THEREFORE, in consideration of the foregoing premises, it is
mutually covenanted and agreed, for the equal and proportionate benefit of all
Holders of Securities, as follows:

                                  ARTICLE ONE

                                   DEFINITIONS

SECTION 1.1. Capitalized terms used but not defined herein shall have the
meanings ascribed to such terms in the Indenture.

SECTION 1.2. Section 1.1 of the Indenture is hereby amended to add the following
definitions:

         "Designated Parent Senior Debt" means any particular Parent Senior Debt
in which the instrument creating or evidencing the same or the assumption or
guarantee thereof (or related agreements or documents to which Parent is a
party) expressly provides that such indebtedness shall be "Designated Parent
Senior Debt" for purposes of this Indenture (provided that such instrument,
agreement or other document may place limitations and conditions on the right of
such Parent Senior Debt to exercise the rights of Parent Designated Senior
Debt).

         "Effective Time" means the time at which the merger of PGM Corporation,
a Delaware corporation and wholly owned subsidiary of Parent, with and into the
Company, with the Company as the surviving corporation, becomes effective.

         "Parent" means Millennium Pharmaceuticals, Inc., a corporation duly
organized and existing under the laws of the State of Delaware.

         "Parent Senior Debt" means the principal of (and premium, if any) and
interest (including all interest accruing subsequent to the commencement of any
bankruptcy or similar proceeding, whether or not a claim for post-petition
interest is allowable as a claim in any such proceeding) on, and all fees and
other amounts payable in connection with, the following, whether absolute or
contingent, secured or unsecured, due or to become due, outstanding on the date
of this First Supplemental Indenture or thereafter created, incurred or assumed:
(a) all indebtedness of Parent evidenced by credit or loan agreements, notes,
bonds, debentures, or other similar instruments, (b) all obligations of Parent
for money borrowed, (c) all obligations of Parent (1) as lessee under leases
required to be capitalized on the balance sheet of the lessee under generally
accepted accounting principles and (2) as lessee under other leases for
facilities, equipment, or other assets, whether or not capitalized, entered into
for financing purposes (including any so-called "synthetic leases"), (d) all
obligations of Parent under interest rate and currency swaps, caps, floors,
collars, hedge agreements, forward contracts, or similar agreements or
arrangements including, without limitation, agreements and arrangements intended
to protect Parent against fluctuations in interest or currency exchange rates or
commodity prices, (e) all obligations of Parent with respect to letters of
credit, bank guarantees, bankers' acceptances and similar facilities issued for
the account of Parent and all reimbursement obligations of Parent with respect
to the foregoing, (f) all obligations of Parent issued or assumed as the
deferred purchase price of any business, property, assets (including
intangibles) or services (but excluding trade accounts payable and accrued
liabilities that constitute liabilities arising in the ordinary course of

                                      -2-

<PAGE>

business), (g) all obligations of Parent of the type referred to in clauses (a)
through (f) above of another Person and all dividends of another Person, the
payment of which, in either case, Parent has assumed or guaranteed, or for which
Parent is responsible or liable, directly or indirectly, jointly or severally,
as obligor, guarantor or otherwise, or which is secured by a lien on property of
Parent, and (h) renewals, extensions, modifications, replacements, restatements
and refundings of, or any indebtedness or obligation issued in exchange for, any
such indebtedness or obligation described in clauses (a) through (g) of this
paragraph; provided, however, that Parent Senior Debt shall not include the
Securities or any such indebtedness or obligation if the terms of such
indebtedness or obligation (or the terms of the instrument under which or
pursuant to which it is issued) expressly provides that such indebtedness or
obligation is not superior in right of payment to Parent's obligations pursuant
to Section 3.1 of this First Supplemental Indenture; provided, further, that
Parent Senior Debt shall not include any indebtedness or obligation owed by
Parent to any direct or indirect subsidiary.

                                  ARTICLE TWO

                   CONVERSION RIGHTS OF HOLDERS OF SECURITIES
                          IN CONNECTION WITH THE MERGER

SECTION 2.1. Conversion Rights. The Company and Parent hereby agree in
accordance with Section 11.11 of the Indenture that the holder of each Security
outstanding at the Effective Time shall have the right to convert such Security
into the number of shares of Parent Common Stock equal to 0.9873 multiplied by
the number of shares of Company Common Stock deliverable upon conversion of such
Security immediately prior to the Merger. Parent hereby agrees in accordance
with Section 11.11 of the Indenture to make any subsequent adjustments of the
Conversion Rate which shall be as nearly equivalent as may be practicable to the
adjustments provided for in Article 11 of the Indenture.

                                 ARTICLE THREE

                                    GUARANTEE

SECTION 3.1. Guarantee. Parent hereby fully and unconditionally guarantees, as a
primary obligor and not merely as a surety, to each Holder of Securities and to
the Trustee and its successors and assigns (a) the full and punctual payment of
the principal of (and premium, if any) and interest on, and any payment of the
Repurchase Price with respect to, the Securities, and all other monetary
obligations of the Company under the Indenture (including obligations to the
Trustee) and (b) the full and punctual performance within applicable grace
periods of all other obligations of the Company under the Indenture and the
Securities (all the foregoing being hereinafter collectively called the
"Obligations"). Parent further agrees that the Obligations may be extended or
renewed, in whole or in part, without notice or further assent from it, and that
it will remain bound under this Article III notwithstanding any extension or
renewal of any Obligation.

         Parent waives presentation to, demand of payment from and protest to
the Company of any of the Obligations and also waives notice of protest for
nonpayment. Parent waives notice of any default under the Securities or the
Obligations. The obligations of Parent under this Section

                                      -3-

<PAGE>

3.1 shall not be affected by (a) the failure of any Holder of Securities or the
Trustee to assert any claim or demand or to enforce any right or remedy against
the Company or any other Person under the Indenture, the Securities or any other
agreement or otherwise; (b) any extension or renewal of any Obligation; (c) any
rescission, waiver, amendment, modification or supplement of any of the terms or
provisions of the Indenture, the Securities or any other agreement; (d) the
release of any security held by any Holder of Securities or the Trustee for the
obligations or any of them; (e) the failure of any Holder of Securities or the
Trustee to exercise any right or remedy against any other guarantor of the
Obligations; or (f) any change in the ownership of the Company.

         Parent further agrees that its guarantee under this Section 3.1
constitutes a guarantee of payment, performance and compliance when due (and not
a guarantee of collection) and waives any right to require that any resort be
had by any Holder of Securities or the Trustee to any security held for payment
of the Obligations.

         The guarantee of Parent under this Section 3.1 shall, to the extent and
in the manner set forth in Article IV of this First Supplemental Indenture, be
subordinated and subject in right of payment to the prior payment in full of all
Parent Senior Debt and is made subject to the provisions of Article IV of this
First Supplemental Indenture.

         Except as set forth in Section 3.2 of this First Supplemental
Indenture, the obligations of Parent under this Section 3.1 shall not be subject
to any reduction, limitation, impairment or termination for any reason,
including any claim of waiver, release, surrender, alteration or compromise, and
shall not be subject to any defense, setoff, counterclaim, recoupment or
termination whatsoever or by reason of the invalidity, illegality or
unenforceability of the Obligations or otherwise. Without limiting the
generality of the foregoing, the obligations of Parent under this Section 3.1
shall not be discharged or impaired or otherwise affected by any default,
failure or delay, willful or otherwise, in the performance of the Obligations,
or by any other act or thing or omission or delay to do any other act or thing
which may or might in any manner or to any extent vary the risk of Parent or
would otherwise operate as a discharge of Parent as a matter of law or equity.

         Parent agrees that its guarantee under this Section 3.1 shall remain in
full force and effect until payment in full of all the Obligations. Parent
further agrees that its guarantee under this Section 3.1 shall continue to be
effective or be reinstated, as the case may be, if at any time payment, or any
part thereof, of any Obligation is rescinded or must otherwise be restored by
any Holder of Securities or the Trustee upon the bankruptcy or reorganization of
the Company or otherwise.

         In furtherance of the foregoing and not in limitation of any other
right which any Holder of Securities or the Trustee may have at law or in equity
against Parent by virtue hereof, upon the failure of the Company to pay any
Obligation when and as the same shall become due, whether at maturity, by
acceleration, by redemption or otherwise, or to perform or comply with any other
Obligation, Parent hereby promises to and shall, upon receipt of written demand
by the Trustee, forthwith pay, or cause to be paid, in cash, to the Holders of
Securities or the Trustee an amount equal to the sum of (i) the unpaid principal
amount of such Obligations, (ii) accrued and unpaid interest on such Obligations
(but only to the extent not prohibited by law) and (iii) all other monetary
Obligations of the Company to the Holders of Securities and the Trustee.

                                      -4-

<PAGE>

         Parent agrees that it shall not be entitled to any right of subrogation
in relation to the Holders of Securities in respect of any Obligations
guaranteed hereby until payment in full of all Obligations. Parent further
agrees that, as between it, on the one hand, and the Holders of Securities and
the Trustee, on the other hand, (x) the maturity of the Obligations guaranteed
hereby may be accelerated as provided in Section 5.2 of the Indenture for the
purposes of the guarantee under this Section 3.1, notwithstanding any stay,
injunction or other prohibition preventing such acceleration in respect of the
Obligations guaranteed hereby, and (y) in the event of any declaration of
acceleration of such Obligations as provided in Section 5.2 of the Indenture,
such Obligations (whether or not due and payable) shall forthwith become due and
payable by Parent for the purposes of this Section 3.1.

SECTION 3.2. Limitation on Liability. Any term or provision of the Indenture to
the contrary notwithstanding, the maximum aggregate amount of the Obligations
guaranteed under Section 3.1 of this First Supplemental Indenture by Parent
shall not exceed the maximum amount that can be hereby guaranteed without
constituting a fraudulent conveyance or fraudulent transfer under applicable
insolvency laws or similar laws affecting the rights of creditors generally.

SECTION 3.3. Successors and Assigns. This Article III shall be binding on Parent
and its successors and assigns and shall inure to the benefit of the successors
and assigns of the Trustee and the Holders of Securities and, in the event of
any transfer or assignment of rights by any Holder of Securities or the Trustee,
the rights and privileges conferred upon that party in the Indenture and in the
Securities shall automatically extend to and be vested in such transferee or
assignee, all subject to the terms and conditions of the Indenture.

SECTION 3.4. Termination of Guarantee. Articles III and IV of this First
Supplemental Indenture, and all of Parent's rights and obligations set forth
herein and therein, shall terminate and no longer be effective upon the
consummation of a merger between the Company and Parent, in which merger Parent
is the surviving corporation and, in connection therewith, assumes all of the
rights and obligations of the Company under the Indenture.

                                  ARTICLE FOUR

                         SUBORDINATION OF THE GUARANTEE

SECTION 4.1. Guarantee Subordinate to Parent Senior Debt. Parent covenants and
agrees, and each Holder of a Security, by his acceptance of Parent's obligations
under Section 3.1 of this First Supplemental Indenture, likewise covenants and
agrees, that such obligations of Parent with respect to Parent's guarantee of
the full and punctual payment of the principal of (and premium, if any) and
interest on, and any payment of the Repurchase Price with respect to, the
Securities, and all other monetary obligations of the Company under the
Indenture (including obligations to the Trustee), are hereby expressly made
subordinate and subject in right of payment to the prior payment in full of all
Parent Senior Debt.

SECTION 4.2. No Payments in Certain Circumstances; Payment Over of Proceeds Upon
Dissolution, Etc. Parent shall not make any payment pursuant to its obligations
under Section

                                      -5-

<PAGE>

3.1 of this First Supplemental Indenture if, at the time of such payment or
immediately after giving effect thereto: (i) a default in the payment of
principal, premium, if any, or interest or other amounts due on any Parent
Senior Debt, including any default under any redemption or repurchase
obligation, occurs and is continuing (or, in the case of Parent Senior Debt for
which there is a period of grace, in the event of such a default that continues
beyond the period of grace, if any, specified in the instrument or lease
evidencing such Parent Senior Debt), unless and until such default shall have
been cured or waived or shall have ceased to exist; or (ii) a default, other
than a payment default, on Designated Parent Senior Debt occurs and is
continuing that then permits holders of such Designated Parent Senior Debt to
accelerate its maturity and the Trustee receives a notice of the default (a
"Parent Payment Blockage Notice") from a Person who may give it pursuant to
Sections 4.5 and 4.6 hereof. Notwithstanding the foregoing, Parent may make, and
the Trustee may receive and shall apply, any payment in respect of Parent's
obligations under Section 3.1 of this First Supplemental Indenture if such
payment was made prior to the occurrence of any of the contingencies specified
in clauses (i) and (ii) above.

         If the Trustee receives any Parent Payment Blockage Notice pursuant to
clause (ii) above, no subsequent Parent Payment Blockage Notice shall be
effective for purposes of this Section unless and until (A) at least 365 days
shall have elapsed since the effectiveness of the immediately prior Parent
Payment Blockage Notice, and (B) all scheduled payments of principal, premium,
if any, and interest on the Securities that have come due have been paid in full
in cash. No nonpayment default that existed or was continuing on the date of
delivery of any Parent Payment Blockage Notice to the Trustee shall be, or be
made, the basis for a subsequent Parent Payment Blockage Notice.

         Parent may and shall resume payments on and distributions in respect of
the Securities pursuant to its obligations under Section 3.1 of this First
Supplemental Indenture upon the earlier of: (i) the date upon which the default
is cured or waived, or (ii) in the case of a default referred to in clause (ii)
of the second preceding paragraph, 179 days pass after notice is received if the
maturity of such Designated Parent Senior Debt has not been accelerated, unless
this Article otherwise prohibits the payment or distribution at the time of such
payment or distribution.

         Upon any payment or distribution of assets of Parent of any kind or
character, whether in cash, property or securities, to creditors upon any
dissolution, winding up or total or partial liquidation or reorganization of
Parent, whether voluntary or involuntary, or in bankruptcy, insolvency,
receivership or other proceedings, all principal of, premium, if any, sinking
fund and interest or other amounts due or to become due upon all Parent Senior
Debt shall first be paid in full, or payment thereof provided for in money or
money's worth in accordance with its terms, before any payment is made on
account of Parent's obligations under Section 3.1 of this First Supplemental
Indenture, and upon any such dissolution or winding up or liquidation or
reorganization any payment or distribution of assets of Parent of any kind or
character, whether in cash, property or securities, to which the Holders of the
Securities or any coupons appertaining thereto or the Trustee under the
Indenture would be entitled, except for the provisions hereof, shall be paid by
Parent or by any receiver, trustee in bankruptcy, liquidating trustee, agent or
other Person making such payment or distribution, or by the Holders of the
Securities or any coupons appertaining thereto or by the Trustee under the
Indenture if received by them or it, as the case may be, directly to the holders
of Parent Senior Debt (pro rata to each such holder on the basis of the
respective amounts of Parent Senior Debt held by such holder) or

                                      -6-

<PAGE>

their representatives, to the extent necessary to pay all Parent Senior Debt in
full, in money or money's worth, after giving effect to any concurrent payment
or distribution to or for the holders of Parent Senior Debt, before any payment
or distribution is made to the Holders of the Securities or any coupons
appertaining thereto or to the Trustee pursuant to Section 3.1 of this First
Supplemental Indenture.

         In the event there is an acceleration of the Securities because of an
Event of Default and a demand for payment is made on Parent pursuant to Section
3.1 of this First Supplemental Indenture, no payment or distribution by Parent
pursuant to any of its obligations under Section 3.1 of this First Supplemental
Indenture shall be made to the Trustee or any Holder of Securities on account of
the principal of, premium, if any, or interest on, or repurchase of, the
indebtedness evidenced by the Securities or any coupon appertaining thereto,
until all principal of, premium, if any, sinking fund and interest or other
amounts due or to become due upon all Parent Senior Debt shall first be paid in
full, in money or money's worth, after giving effect to any concurrent payment
or distribution to or for the holders of Parent Senior Debt. If payment of the
Securities is accelerated because of an Event of Default and a demand for
payment is made on Parent pursuant to Article III of this First Supplemental
Indenture, Parent shall promptly notify holders of Parent Senior Debt of the
acceleration.

         In the event that, contrary to the foregoing, any payment or
distribution of assets of Parent of any kind or character, whether in cash,
property or securities, shall be received by the Trustee or the Holders of
Securities before all Parent Senior Debt is paid in full or provision made for
such payment, in accordance with its terms, such payment or distribution shall
be paid over or delivered to, the holders of such Parent Senior Debt or their
representative or representatives, or to the trustee or trustees under any
indenture pursuant to which any instruments evidencing any of such Parent Senior
Debt have been issued, as their respective interests may appear, for application
to the payment of all Parent Senior Debt remaining unpaid to the extent
necessary to pay all such Parent Senior Debt in full in accordance with its
terms, after giving effect to any concurrent payment or distribution to or for
the holders of such Parent Senior Debt.

         Subject to the payment in full of all Parent Senior Debt, the Holders
of the Securities and any coupons shall be subrogated to the rights of the
holders of Parent Senior Debt to receive payments or distributions of assets of
Parent made on the Parent Senior Debt until the principal of, premium, if any,
and interest on, or amounts payable upon repurchase of, the Securities shall be
paid in full; and, for the purposes of such subrogation, no payments or
distributions to the holders of Parent Senior Debt of any cash, property or
securities to which the Holders of Securities and any coupons appertaining
thereto or the Trustee would be entitled except for the provisions of this
Article, and no payment over pursuant to the provisions of this Article to the
holders of Parent Senior Debt by the Holders of Securities or any coupon or the
Trustee, shall, as between Parent, its creditors other than the holders of
Parent Senior Debt, and the Holders of Securities and coupons, be deemed to be a
payment by Parent to the holders of or on account of Parent Senior Debt, it
being understood that the provisions of this Article are and are intended solely
for the purpose of defining the relative rights of the Holders of Securities and
coupons, on the one hand, and the holders of Parent Senior Debt, on the other
hand.

                                      -7-

<PAGE>

SECTION 4.3. Trustee to Effectuate Subordination. Each Holder of Securities, by
his acceptance of Parent's obligations under Section 3.1 of this First
Supplemental Indenture, authorizes and directs the Trustee on his behalf to take
such action as may be necessary or appropriate to effectuate the subordination
provided in this Article and appoints the Trustee his attorney-in-fact for any
and all such purposes.

SECTION 4.4. No Waiver of Subordination Provisions. No right of any present or
future holder of any Parent Senior Debt to enforce subordination as herein
provided shall at any time in any way be prejudiced or impaired by any act or
failure to act on the part of Parent or by any act or failure to act, in good
faith, by any such holder of any Parent Senior Debt, or by any non-compliance by
Parent or the Company with the terms, provisions and covenants of the Indenture,
regardless of any knowledge thereof any such holder may have or be otherwise
charged with.

         Without in any way limiting the generality of the foregoing paragraph,
the holders of Parent Senior Debt may, at any time and from time to time,
without the consent of or notice to the Trustee or the Holders of Securities,
without incurring responsibility to the Holders of Securities and without
impairing or releasing the subordination provided in this Article or the
obligations hereunder of the Holders of Securities to the holders of Parent
Senior Debt, do any one or more of the following: (i) change the manner, place
or terms of payment or extend the time of payment of, or renew or alter, Parent
Senior Debt, or otherwise amend or supplement in any manner Parent Senior Debt
or any instrument evidencing the same or any agreement under which Parent Senior
Debt is outstanding; (ii) sell, exchange, release or otherwise deal with any
property pledged, mortgaged or otherwise securing Parent Senior Debt; (iii)
release any Person liable in any manner for the collection of Parent Senior
Debt; and (iv) exercise or refrain from exercising any rights against Parent and
any other Person.

SECTION 4.5. Notice to Trustee. During any period with respect to which a demand
for payment by Parent pursuant to Section 3.1 of this First Supplemental
Indenture remains outstanding, Parent shall give prompt written notice to the
Trustee of any fact known to Parent which would prohibit the making of any
payment to or by the Trustee in respect of Parent's obligations under Section
3.1 of this First Supplemental Indenture pursuant to the provisions of this
Article. Notwithstanding the provisions of this Article or any other provision
of the Indenture, the Trustee shall not be charged with knowledge of the
existence of any facts which would prohibit the making of any payment to or by
the Trustee in respect of Parent's obligations under Section 3.1 of this First
Supplemental Indenture, unless and until the Trustee shall have received written
notice thereof from Parent or a holder of Parent Senior Debt or from any
trustee, agent or representative therefor; and, prior to the receipt of any such
written notice, the Trustee, subject to the provisions of Section 6.1 of the
Indenture, shall be entitled in all respects to assume that no such facts exist;
provided, however, that if the Trustee shall not have received the notice
provided for in this Section 4.5 prior to the date upon which by the terms
hereof any money may become payable for any purpose (including, without
limitation, the payment of the principal of (and premium, if any) or interest on
any Security), then, anything herein contained to the contrary notwithstanding,
the Trustee shall have full power and authority to receive such money and to
apply the same to the purpose for which such money was received and shall not be
affected by any notice to the contrary which may be received by it within two
Business Days prior to such date.

                                      -8-

<PAGE>

         Subject to the provisions of Section 6.1 of the Indenture, the Trustee
shall be entitled to rely on the delivery to it of a written notice by a Person
representing himself to be a holder of Parent Senior Debt (or a trustee, agent
or representative therefor) to establish that such notice has been given by a
holder of Parent Senior Debt (or a trustee, agent or representative therefor).
In the event that the Trustee determines in good faith that further evidence is
required with respect to the right of any Person as a holder of Parent Senior
Debt to participate in any payment or distribution pursuant to this Article, the
Trustee may request such Person to furnish evidence to the reasonable
satisfaction of the Trustee as to the amount of Parent Senior Debt held by such
Person, the extent to which such Person is entitled to participate in such
payment or distribution and any other facts pertinent to the rights of such
Person under this Article, and if such evidence is not furnished, the Trustee
may defer any payment to such Person pending judicial determination as to the
right of such Person to receive such payment.

SECTION 4.6. Reliance on Judicial Order or Certificate of Liquidating Agent.
Upon any payment or distribution of assets of Parent referred to in this
Article, the Trustee, subject to the provisions of Section 6.1 of the Indenture,
and the Holders of Securities shall be entitled to rely upon any order or decree
entered by any court of competent jurisdiction in which such insolvency,
bankruptcy, receivership, liquidation, reorganization, dissolution, winding up
or similar case or proceeding is pending, or a certificate of the trustee in
bankruptcy, receiver, liquidating trustee, custodian, assignee for the benefit
of creditors, agent or other Person making such payment or distribution,
delivered to the Trustee or to the Holders of Securities, for the purpose of
ascertaining the Persons entitled to participate in such payment or
distribution, the holders of the Parent Senior Debt and other indebtedness of
the Company, the amount thereof or payable thereon, the amount or amounts paid
or distributed thereon and all other facts pertinent thereto or to this Article.

SECTION 4.7. Trustee Not Fiduciary for Holders of Parent Senior Debt. The
Trustee shall not be deemed to owe any fiduciary duty to the holders of Parent
Senior Debt and shall not be liable to any such holders if it shall in good
faith mistakenly pay over or distribute to Holders of Securities or to Parent or
to any other Person cash, property or securities to which any holders of Parent
Senior Debt shall be entitled by virtue of this Article or otherwise. With
respect to the holders of Parent Senior Debt, the Trustee undertakes to perform
or to observe only such of its covenants or obligations as are specifically set
forth in this Article, and no implied covenants or obligations with respect to
holders of Parent Senior Debt shall be read into this First Supplemental
Indenture against the Trustee.

SECTION 4.8. Reliance by Holders of Parent Senior Debt on Subordination
Provisions. Each Holder, by accepting Parent's obligations under Section 3.1 of
this First Supplemental Indenture, acknowledges and agrees that the foregoing
subordination provisions are, and are intended to be, an inducement and a
consideration to each holder of any Parent Senior Debt, whether such Parent
Senior Debt was created or acquired before or after the Effective Time, to
acquire and continue to hold, or to continue to hold, such Parent Senior Debt
and such holder of Parent Senior Debt shall be deemed conclusively to have
relied on such subordination provisions in acquiring and continuing to hold, or
in continuing to hold, such Parent Senior Debt.

SECTION 4.9. Rights of Trustee as Holder of Parent Senior Debt; Preservation of
Trustee's Rights. The Trustee in its individual capacity shall be entitled to
all the rights set forth in this

                                      -9-

<PAGE>

Article with respect to any Parent Senior Debt which may at any time be held by
it, to the same extent as any other holder of Parent Senior Debt, and nothing in
this First Supplemental Indenture shall deprive the Trustee of any of its rights
as such holder.

         Nothing in this Article shall apply to claims of, or payments to, the
Trustee under or pursuant to Section 6.7 of the Indenture.

SECTION 4.10. Article Applicable to Paying Agents. In case at any time any
Paying Agent other than the Trustee shall have been appointed by the Company and
be then acting hereunder, the term "Trustee" as used in this Article shall in
such case (unless the context otherwise requires) be construed as extending to
and including such Paying Agent within its meaning as fully for all intents and
purposes as if such Paying Agent were named in this Article in addition to or in
place of the Trustee; provided, however, that Section 4.9 shall not apply to
Parent or any Affiliate of Parent if it or such Affiliate acts as Paying Agent.

SECTION 4.11. Certain Conversions and Repurchases Deemed Payment. For the
purposes of this Article only, (1) the issuance and delivery of junior
securities upon conversion of Securities in accordance with Article Eleven of
the Indenture shall not be deemed to constitute a payment or distribution on
account of Parent's obligations under Section 3.1 of this First Supplemental
Indenture, and (2) the payment, issuance or delivery of cash, property or
securities (other than junior securities) upon conversion of a Security shall be
deemed to constitute payment on account of the principal of Parent's obligations
under Section 3.1 of this First Supplemental Indenture. For the purposes of this
Section, the term "junior securities" means (a) shares of any stock of any class
of Parent and any cash, property or securities into which the Securities are
convertible pursuant to Article II of this First Supplemental Indenture and
Article Eleven of the Indenture and (b) securities of the Company which are
subordinated in right of payment to all Parent Senior Debt which may be
outstanding at the time of issuance or delivery of such securities to
substantially the same extent as, or to a greater extent than, Parent's
obligations pursuant to Section 3.1 of this First Supplemental Indenture are so
subordinated as provided in this Article. Nothing contained in this Article or
elsewhere in this First Supplemental Indenture, in the Indenture or in the
Securities is intended to or shall impair, as among Parent, its creditors other
than holders of Parent Senior Debt and the Holders of Securities, the right,
which is absolute and unconditional, of the Holder of any Security to convert
such Security in accordance with Article II of this First Supplemental Indenture
and Article Eleven of the Indenture.

                                  ARTICLE FIVE

                            MISCELLANEOUS AMENDMENTS

SECTION 5.1. Section 8.1 of the Indenture is hereby amended so that the
beginning of the first paragraph thereof reads "Without the consent of any
Holders of Securities, the Company, when authorized by a Board Resolution,
Parent and the Trustee, at any time and from time to time, may enter into one or
more indentures supplemental hereto for any of the foregoing purposes:".

SECTION 5.2. Section 8.2 of the Indenture is hereby amended by inserting a
reference to "Parent" after the first reference to "the Company, when authorized
by a Board Resolution,".

                                      -10-

<PAGE>

SECTION 5.3. Section 8.6 of the Indenture is hereby amended by inserting a
reference to ", Parent" after the first reference to "the Company".

SECTION 5.4. All references to "the Company" in Section 9.7 of the Indenture are
hereby deleted and replaced with references to "Parent".

                                  ARTICLE SIX

                   ACCEPTANCE OF FIRST SUPPLEMENTAL INDENTURE

SECTION 6.1. Trustee's Acceptance. The Trustee hereby accepts this First
Supplemental Indenture and agrees to perform the same under the terms and
conditions set forth in the Indenture.

                                 ARTICLE SEVEN

                            MISCELLANEOUS PROVISIONS

SECTION 7.1. Effectiveness of First Supplemental Indenture. This First
Supplemental Indenture shall be effective as of the Effective Time.

SECTION 7.2. Effect of First Supplemental Indenture. Upon the execution and
delivery of this First Supplemental Indenture by the Company, Parent and the
Trustee, the Indenture shall be supplemented and amended in accordance herewith,
and this First Supplemental Indenture shall form a part of the Indenture for all
purposes, and every Holder of Securities heretofore or hereafter authenticated
and delivered under the Indenture shall be bound thereby.

SECTION 7.3. Indenture Remains in Full Force and Effect. Except as supplemented
or amended hereby, all provisions in the Indenture shall remain in full force
and effect.

SECTION 7.4. Incorporation of Indenture. All the provisions of this First
Supplemental Indenture shall be deemed to be incorporated in, and made a part
of, the Indenture; and the Indenture, as supplemented and amended by this First
Supplemental Indenture, shall be read, taken and construed as one and the same
instrument.

SECTION 7.5. Address of Parent for Notices. Any notice or demand which by any
provisions of the Indenture is required or permitted to be given or served by
the Trustee or by the Holders of Securities on Parent shall be sufficient for
every purpose hereunder if in writing, mailed, first-class postage prepaid, or
telecopied and confirmed by mail, first-class postage prepaid, or delivered by
hand or overnight courier addressed to Parent at 75 Sidney Street, Cambridge,
Massachusetts 02139, Attention: Chief Financial Officer, or at any other address
previously furnished in writing to the Trustee by Parent, and shall be deemed
given when received.

SECTION 7.6. Headings. The headings of the Articles and Sections of this First
Supplemental Indenture are inserted for convenience of reference and shall not
be deemed to be a part thereof.

                                      -11-

<PAGE>

SECTION 7.7. Counterparts. This First Supplemental Indenture may be executed in
any number of counterparts, each of which so executed shall be deemed to be an
original, but all such counterparts shall together constitute but one and the
same instrument.

SECTION 7.8. Conflict with Trust Indenture Act. If any provision of this First
Supplemental Indenture limits, qualifies or conflicts with a provision of the
Trust Indenture Act that is required under such Act to be a part of and govern
this First Supplemental Indenture, the latter provision shall control. If any
provision of this First Supplemental Indenture modifies or excludes any
provision of the Trust Indenture Act that may be so modified or excluded, the
latter provision shall be deemed to apply to this First Supplemental Indenture
as so modified or to be excluded, as the case may be.

SECTION 7.9. Successors. All covenants and agreements in this First Supplemental
Indenture by the Company and Parent shall be binding upon and accrue to the
benefit of their respective successors. All covenants and agreements in this
First Supplemental Indenture by the Trustee shall be binding upon and accrue to
the benefit of its successors.

SECTION 7.10. Separability Clause. In case any provision in this First
Supplemental Indenture shall be invalid, illegal or unenforceable, the validity,
legality and enforceability of the remaining provisions shall not in any way be
affected or impaired thereby.

SECTION 7.11. Benefits of First Supplemental Indenture. Nothing in this First
Supplemental Indenture, the Indenture or the Securities, express or implied,
shall give to any Person, other than the parties hereto and thereto and their
successors hereunder and thereunder and the Holders of Securities, any benefit
of any legal or equitable right, remedy or claim under this First Supplemental
Indenture, the Indenture or the Securities.

SECTION 7.12. Trustee Not Responsible for Recitals. The recitals herein
contained are made by the Company and Parent, and not by the Trustee and the
Trustee assumes no responsibility for the correctness thereof. The Trustee makes
no representations as to the validity or sufficiency of this First Supplemental
Indenture.

SECTION 7.13. Certain Duties and Responsibilities of the Trustee. In entering
into this First Supplemental Indenture, the Trustee shall be entitled to the
benefit of every provision of the Indenture relating to the conduct or affecting
the liability or affording protection to the Trustee, whether or not elsewhere
herein so provided, and the Trustee shall not be under any responsibility to
determine the correctness of any provisions contained in this First Supplemental
Indenture relating either to the kind or amount of shares of stock or securities
or property (including cash) receivable by Holders of Securities upon the
conversion of their Securities or to any adjustment to be made with respect
thereto.

SECTION 7.14. GOVERNING LAW. THIS FIRST SUPPLEMENTAL INDENTURE SHALL BE GOVERNED
BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, THE
UNITED STATES OF AMERICA, WITHOUT REGARD TO THE CONFLICTS OF LAWS PRINCIPLES
THEREOF.

                                      -12-

<PAGE>

         IN WITNESS WHEREOF, the parties hereto have caused this First
Supplemental Indenture to be duly executed, all as of the day and year first
above written.

                                   COR THERAPEUTICS, INC.
                                   By:  /S/ JOHN B. DOUGLAS III
                                        ------------------------------------
                                   Name:  John B. Douglas III
                                   Title:  President

                                   MILLENNIUM PHARMACEUTICALS, INC.
                                   By:  /S/ KEVIN P. STARR
                                        ------------------------------------
                                   Name:  Kevin P. Starr
                                   Title:  Chief Operating Officer and
                                              Chief Financial Officer

                                   U.S. BANK, N.A., Trustee
                                   By:  /S/ FRANK P. LESLIE, III
                                        --------------------------------------
                                   Name:  Frank P. Leslie, III
                                   Title:  Vice President

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