Document:

vkin_ex101.htm

 EXHIBIT 10.1
  
 PURCHASE AND SALE AGREEMENT
  
  		 		
	 SELLER:
	 Mormeg, LLC 
	 BUYER:
	 Mid-Con Drilling, LLC, or its assigns

	  
	 a Kansas limited liability company 
	  
	 a Kansas limited liability company

	  
	 10551 Barkley St # 307 
	  
	 1330 Avenue of the Americas, Suite 23A

	  
	 Overland Park, KS 66212 
	  
	 New York, NY 10019 

	  
	 
	  
	  

	  
	 Johnathan L. Haas
 An Individual 
 10551 Barkley St # 307 
 Overland Park, KS 66212 
	  
	  

    
  	  			
	 PURCHASE PRICE:
	 $360,000.00 
	 CLOSING DATE:
	 September 8, 2017

	 
	  
	  
	  

  
  
 
 
1) SALE AND PURCHASE: For and in consideration of the mutual benefits to be derived here from, and subject to the terms and conditions hereinafter set forth, Seller shall sell, transfer, convey and deliver to Buyer at closing, and Buyer shall purchase and acquire at closing an undivided 90% of all right, title, interest and estate of Seller in, to and under the oil and gas leases set forth in Exhibit “A” attached hereto and incorporated herein by reference and other leasehold and mineral interests on the lands covered thereby together with an undivided 95% of all: oil and gas wells thereon, oil and gas equipment and fixtures thereon or used in the operation thereof, equipment and other personal property used in connection with oil and gas operations upon the above described oil and gas leases, (including but not limited to the items described on Exhibit “B” attached hereto and incorporated herein by reference and pipe, pumps, tanks, motors, pump jacks, gathering lines, electric lines, and associated materials and related parts and supplies), easements, permits, rights of way, surface leases, servitudes and agreements insofar as they pertain to the Leases or are related thereto, tenements, hereditaments and appurtenances to said leases, drilling data, electric logs, lease files, land files, well files, division order files, geophysical data/reports, maps, regulatory files, title opinions and records drillers logs, reserve reports, appraisals, evaluations, studies, or any other documents or files prepared for or in any way relating to said oil and gas leases (collectively, the “Leases”). 
  
 2) SELLER’S INTEREST: Seller covenants and warrants that it will convey to Buyer at closing an undivided Ninety percent (90%) of the entire working interest in Leases together with outstanding overriding royalty interest burdening said working interest, which interests shall collectively represent not less than the Net Revenue Interest (“NRI”) in each of the Leases set forth on Exhibit “A.” An undivided Ninety percent (90%) of any overriding royalty interests, production payments, net revenue interest or other right, title or interest in and to the Leases (except landowner royalty interests) which are owned by Seller or any affiliate, or representative of Seller shall be transferred to Buyer on the Effective Date and said interest shall be merged into the working interest and become a part thereof on the Effective Date. 
  
 3) PURCHASE PRICE: The purchase price for the Leases shall be THREE HUNDRED SIXTY THOUSAND DOLLARS ($360,000.00) (the “Purchase Price”). The Seller shall be responsible for all fees to Sales agents for this transaction. 
  
  	 
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 4) CLOSING: The parties shall use their best efforts to close the transaction contemplated by this Agreement on or before September 8, 2017. However, closing may be postponed if additional time is needed to obtain title opinions upon the Leases, or if any title defect is discovered during Buyer’s due diligence; provided however, closing shall not be postponed more than 30 days after September 8, 2017 without the consent of both parties. The closing shall take place at a location and on a date and at a time to be mutually agreed upon by the Parties. At closing Buyer shall tender the Purchase Price less any other adjustments of the Purchase Price specifically provided for herein, and Seller shall deliver the fully executed Assignment and Bill of Sale in the form attached hereto as Exhibit ‘C’ together with all files and records pertaining to the Leases, including but not limited to drilling data, electric logs, lease files, land files, well files, division order files, geophysical data, maps, regulatory files, title opinions and records drillers logs, reserve reports appraisals, evaluations, studies, or any other documents prepared for or in any way relating to the Leases, executed titles for vehicles which require a paper title and executed bills of sale for all vehicles, equipment and rolling stock which do not require a paper title, to Buyer at closing. 
  
 5) DUE DILIGENCE: Upon Seller’s written acceptance of this Agreement, Buyer and its attorneys, employees and consultants shall be entitled to examine and copy (at Buyer’s expense) Seller’s records pertaining to the Leases, including but not limited to all lease files, operating agreements, deeds and documents of title and all other property records and title opinions, all accounting, geological, geophysical and other records, and all other documents relating to the Leases including well logs and pumper reports. Buyer, at its sole risk and expense, shall also have access to the Wells and the right to observe operations and to inspect any and all equipment, improvements and fixtures related to the Leases. In the event Buyer discovers any unsatisfactory condition during its due diligence Buyer may terminate this Agreement by giving written notice to Seller on or before Closing. 
  
 6) CONFIDENTIALITY: Buyer agrees that all information obtained from the examination of Seller’s files and records shall remain confidential. In the event the transactions contemplated by this Agreement are not closed, Buyer will return to Seller all copies of such files and all other information relating to the Leases obtained pursuant to this Agreement, except as to that information obtained from records available to the public. This agreement and the transaction contemplated herein shall be kept confidential and shall not be disclosed to any other party without the written consent of all Parties. Prior to closing, neither party shall make or release any public statements or announcements, including those to the media, concerning this Agreement or any transactions contemplated by this Agreement without the prior written consent of the other. To the extent that either party has a legal obligation or duty to release any public statements or announcements, such announcements shall describe the transaction as one entered into with “an undisclosed Buyer.”
  
 7) TITLES: Prior to closing, Seller shall at its sole expense, provide title opinions prepared by attorneys of Seller’s choosing, covering each of the leases from the date of Patent to a date not earlier than the date this Agreement is executed. Buyer may at its sole cost and expense review such title opinions and conduct such examination of title relating to and the Leases as it sees fit and shall notify Seller in writing, on or before Closing, of any title defect which Buyer requests Seller to cure before closing. In the event Buyer notifies Seller of any defects, Seller shall attempt to cure same. In the event of a title defect which Seller is unable to cure, the parties shall use reasonable efforts to agree on an adjustment of the Purchase Price. In the event the parties are unable to reach such an agreement, Buyer or Seller may terminate this Agreement by giving written notice to the other Party on or before Closing. 
  
 8) ENVIRONMENTAL: If, as a result of Buyer’s pre-closing due diligence inspection of the Leases, Buyer objects to the condition of one or more of the Leases because of environmental concerns (“Environmental Defects”), Buyer shall notify Seller of the same on or before Closing. In the event Buyer notifies Seller of any Environmental Defects, Seller shall attempt to cure the same. In the event Seller is unable to cure any such Environmental Defect, the parties shall use reasonable efforts to reach an agreement to appropriately adjust the Purchase Price due to such Environmental Defects; in the event the parties are unable to reach such an agreement, Buyer or Seller may terminate this Agreement by giving written notice to the other Party on or before closing. 
  
  	 
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 9) CONDITIONS: Buyers obligations under this agreement are conditioned upon, Buyer obtaining financing under terms satisfactory to Buyer for the purchase of the Leases hereunder; Buyer entering into an operating agreement providing for the operation of the Leases with an operator chosen by Buyer under terms and conditions satisfactory to Buyer. 
  
 10) ADJUSTMENTS: Oil, gas and other production from or attributable to the Leases which was produced prior to the Effective Date shall belong to Seller. Buyer will assume all responsibility for notifying the buyer(s) of production of the change of ownership. Seller and Buyer shall execute such documents as may be reasonably required by any purchaser of production. After the Effective Date, Buyer and Seller will effect a cash adjustment to account for Saleable Oil in any oil storage tank on the Leases on the Effective Date. On the Effective Date the parties will (a) jointly measure the oil above the draw down valve in storage tanks on the Leases (the “Saleable Oil”) and when oil is next sold after the Closing Date the amount allocated to Seller and the landowners shall be divided at that time, and (b) read utility meters so that utility costs can be allocated pursuant to this Agreement with the adjustment for Seller’s share to be made when the utility bill is next received after the Closing Date.
  
  
11) POSSESSION: Transfer of possession of the Leases shall occur at Closing, and Seller shall assume any risk of loss prior to said date. Nothing shall be removed from the leases prior the closing and Seller shall cause the Leases to be operated as a reasonable prudent operator until closing. 
  
 12) INDEMNIFICATION: Buyer shall protect, defend, indemnify and hold Seller harmless from the payment of any judgments, claims, costs, expenses and liabilities (“Damages”), whether direct, contingent or otherwise, assessed against Seller which are payable with respect to the ownership or operation of the Leases from and after the Closing Date. Seller shall protect, defend, indemnify and hold Buyer harmless from the payment of any and all Damages, whether direct, contingent or otherwise assessed against Buyer or Seller which are payable with respect to the ownership or operation of the Leases prior to the Closing Date.
  
 13) TAXES: Seller warrants that all ad valorem taxes, personal property, severance and similar taxes and fees for the year 2016 and all prior years has been paid, ad valorem taxes, personal property, severance and similar taxes and fees based upon 2017 production shall be prorated as of the Effective Date. Buyer will bear all applicable sales or similar taxes imposed by any state, county, municipal or other governmental entity as a result of this sale.
  
 14) REPRESENTATIONS AND OTHER WARRANTIES: The Parties represent and warrant to each other as applicable that, as of the Closing Date:
  
 (a) Seller has taken all necessary action to authorize the execution, delivery and performance of this Agreement and has adequate power, authority and the legal right to enter into, execute, deliver and perform the transactions contemplated by this Agreement; this Agreement constitutes a legal, valid and binding obligation of Buyer and Seller, enforceable against each in accordance with its terms.
  
 (b) Seller owns the Leases free and clear of all liens encumbrances, is the owner of all of the working interest, overriding royalty interest, NRI and net mineral acres represented herein, and has the full power and right to sell and convey the same, and Buyer has the full power and right to acquire and operate the same, all pursuant to the terms and conditions of this Agreement.
  
 (c) The Seller is the owner of all of the Leases and will at Closing, have good and merchantable title to the Leases free and clear of all security interests, liens, equities and claims and will have ensured that all operating costs and expenses have been timely paid. Seller is the owner of all personal property, real property, fixtures and improvements to be conveyed as provided herein free of any encumbrances, obligations or restrictions. The title to all personal property, real property, fixtures and improvements is such that upon purchase by Buyer, the title to all of the personal property and fixtures will be free of any encumbrances of any kind.
  
  	 
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 (d) All rentals, royalties, bonus payments, option payments, deposits and other payments due under the Leases have been fully and promptly paid and there has been no notice of default or forfeiture or demand that any Leases be released.
  
 (e) There are no claims (including claims for taxes), demands, suits, actions, arbitrations or governmental investigations or proceedings pending or threatened against either Seller or the Leases which would affect Buyer’s ownership or operation of the Leases.
  
 (f) All permits, licenses, orders and approvals of all federal, state and local governments or regulatory bodies required for the operation of the Leases as presently conducted have been obtained; all such permits, licenses, orders and approvals are in full force and effect and no suspension or cancellation of any of them is threatened or pending; and none of such permits, licenses, orders or approvals will be affected by the consummation of this Agreement except as any of the same may need to be transferred to Buyer.
  
 (g) Neither party has incurred any obligation or liability, contingent or otherwise, with respect to any broker’s or finder’s fee or commission related to this transaction for which the other party shall have any responsibility.
  
 (h). There are no material contracts related to the operation of the Leases except for ordinary service and supply agreements that are subject to termination on 60 days’ notice or less, and Seller is not in violation, breach or default of any such contracts, and all such contracts have been disclosed to Buyer.
  
 (i). This Agreement and the transaction contemplated hereunder does not require any court approval.
  
 (j). Seller has not violated any applicable law, ordinance, regulation, writ, judgment, decree or order of any court or government or governmental unit in connection with the Leases, the consequence of which, individually or in the aggregate, would have an adverse effect on the Leases, nor is Seller required to notify for, remediate or cure any environmental conditions on or about the Leases or the real estate being transferred to Buyer. 
  
 (k). No materials or labor have been provided to the Leases by any party that remains unpaid and could form the basis for a lien to be filed on the Leases or Lease property.
  
 (l). There are no consents or approvals, or waivers of preferential rights necessary to be obtained prior to the execution of this Agreement and the consummation of the transactions contemplated hereby.
  
 (m). The Leases are not subject to any security interests, judgments, liens or other encumbrances which will not be fully paid and discharged as part of closing with the Purchase Price paid by Buyer. Seller shall notify Buyer of the existence of any such lien, judgment, security interest or other encumbrance prior to closing so that prior arrangements can be made for said lien judgment, security interest or other encumbrance to be fully paid and discharged as part of closing. 
  
 (n) The Leases are valid, subsisting and continuing oil and gas lease and all of the terms, conditions, and covenants thereof have been fully and timely performed. No action or inaction by Seller or its predecessors in title could have given rise to a forfeiture, termination, or action for cancellation of the Leases; and no act or omission by Seller or any of its agents, employees or predecessors in interest could give rise to an action or claim of any kind relating to the Leases, the operator thereof, or to impair the title to the same. The terms "action or claim" as used in this paragraph shall include any action in tort, contract, regulatory agency claim, environmental claim by any person or entity, and all other claims arising out from any event occurring before closing.
  
  	 
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 If, on or before closing, it is discovered that either party is in default under any of the above representations and warranties applicable to it, the defaulting party shall use reasonable efforts to cure the same before closing, but if it is unable to do so, then the parties shall use reasonable efforts to adjust the Purchase Price on an equitable basis due such default. If the parties are unable to agree as to such adjustment on or before closing, then the party not in default may terminate this Agreement by giving written notice to the other on or before the Closing. 
  
 15) SURVIVAL AND FURTHER ACTION: The terms and conditions of this Agreement and the representations and warranties contained herein (except those as to which a default may have been discovered prior to Closing and for which an adjustment in the Purchase Price has been made) shall survive the Closing and shall not be merged into or superseded by the Assignment and Bill of Sale or Deed which are executed and delivered at closing. The Parties agree to execute such further documents or take such further actions after the Closing Date which may be necessary in order to effectuate the transactions contemplated hereunder.
  
 16) ASSIGNMENT: This Agreement shall not be assigned without the express written consent of the other party, provided however that Buyer intends to designate a related entity to acquire the Leases and therefore Buyer may assign its rights under this Agreement to said affiliated entity. 
  
 17) BINDING EFFECT: Upon execution hereof, this Agreement shall be binding on the Parties hereto, their respective heirs, devisees, personal representatives, successors and assigns.
  
 18) COUNTERPARTS: This Agreement may be executed by Seller and Buyer in counterparts, each of which shall be deemed to be an original and all of which shall be deemed to constitute one Agreement.
  
 19) DEFAULT: Time is of the essence of this Agreement. In the event either Party fails to comply with any of the terms of this Agreement, then this Agreement shall, at the option of the non-defaulting Party, be terminated. If the non-defaulting Party does not exercise the option to terminate this Agreement, the non-defaulting party may require specific performance and also exercise any other legal rights and remedies available under Kansas law. In the event that either party brings suit to enforce the terms of this Agreement or any representation or warranty contained herein, the non-breaching party shall be entitled to recover its cost, expenses and attorney fees incurred in bringing such action and enforcing and collecting any judgment obtained therein from the breaching party.
  
 20) GOVERNING LAW: This Agreement shall be governed, construed and enforced under the laws of the State of Kansas.
  
 21) ENTIRE AGREEMENT: This document sets forth the entire understanding and agreement of the parties on the matters described herein, and this Agreement cancels, supersedes and replaces all prior letters of intent, agreements, arrangements and understandings relating to the subject matter of this Agreement. This Agreement may not be amended, altered or modified, and no term or condition herein shall be deemed waived or released, except by written agreement signed by the parties, and no oral amendment, alteration, modification, waiver or release shall be effective or binding. There are no third party beneficiaries to this agreement. 
  
 22) CONSENT OR WAIVER: No consent or waiver, express or implied, by either Party to or of any breach or default by the other Party in the performance of this Agreement shall be construed as a consent or waiver to or of any subsequent breach or default in the performance by such other Party of the same or any other obligations hereunder.
  
 23) JOINT DRAFTING: The Parties shall be considered joint drafters of this Agreement so as not to construe this contract against one Party as drafter more than the other.
  
  	 
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 IN WITNESS WHEREOF, this Agreement for Purchase and Sale has been executed this _______ day of September, 2017.
  
  	BUYER:  	SELLER:	 
	  
	  
	  
	  
	  

	 MID-CON DRILLING, LLC:
	  
	 MORMEG, LLC:
	  

	  
	  
	  
	  

	By:	/s/ James Doris	 	By: 	/s/ Mark Haas	  

	  
	James Doris	 	 	Mark Haas 	  

	  
	 President of Viking Energy Group, Inc.
	 	 	 Managing Member
	  

	  
	 Managing Member 
	  
	  
	  
	  

	  
	  
	  
	  
	  
	  

	  
	  
	  
	 JOHNATHAN L. HAAS: 
	  

	  
	  
	  
	  
	  
	  

	  
	  
	  
	 By: 
	 /s/ Johnathan L. Haas
	  

	  
	  
	  
	  
	 Johnathan L. Haas 
	  

	  
	  
	  
	  
	 An Individual
	  

  
  
 	 
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 Exhibit “A” 
 Description of Leases
  
 Zastrow Lease
  
  
 	 Date: 
	 March 20, 1980

	  
	  

	 Recorded:
	 Book 12, Page 41

	  
	  

	 Lessor: 
	 Jerry Zastrow and Elizabeth Zastrow

	  
	  

	 Lessee:
	 Rantoul Energy Corp.

	  
	  

	 Description:
	 The South Half (S/2) of the Southeast Quarter (SE/4) of Section Four (4), Township Twenty (20), Range Twenty (20);

	  
	  

	  
	 The East Half (E/2 of the Northwest Quarter (NW/4) of Section Eighteen (18), Township Twenty (20), Range Twenty-one (21) except that part of said tract lying Northeast of public road number 469;

	  
	  

	  
	 The West Half (W/2) of the Northwest Quarter (NW/4) of Section Thirteen (13) and all that part of the Northeast Quarter (NE/4) of the Northwest Quarter (NW/4) lying North and East of the county road as now laid out in Section Thirteen (13), Township Twenty (20), Range Twenty (20);

	  
	  

	  
	 The North Half (N/2) of the Northeast Quarter (NE/4) of Section Nine (9), Township Twenty (20), Range Twenty (20);

	  
	  

	  
	 The East Half (E/2) of the Northeast Quarter (NE/4) less one and one-half (1 1⁄2) acres in the Southeast corner and one-half (1/2) acres in the Southwest corner in Section Fourteen (14), Township Twenty (2), Range Twenty (20);

	  
	  

	  
	 Containing 401 acres, more or less

  
 Warranted NRI: 87.5%
  
 Gene Benjamin Lease
  
  	 Date:
	 August 5, 1981

	  
	  

	 Recorded:
	 Book 13 O&G, Page 60

	  
	  

	 Lessor:
	 Gene Benjamin, a single man

	  
	  

	 Lessee:
	 M. J. Kent

	  
	  

	 Description:
	 The North Fraction Half (Nfr/2) of Northwest Fractional Quarter (NWfr/4) of Section Two (2), Township Twenty-one (21), Range Nineteen (19), Anderson County, Kansas, containing 145 acres, more or less.

	  
	  

	 Warranted NRI:
	 82.8125%

  
  
 	 
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 	 Allen Benjamin Lease

	 Date:
	 March 1, 1980

	  
	  

	 Recorded: 
	 Book 12 O&G, Page 138

	  
	  

	 Lessor:
	 Alice Benjamin, a single person

	  
	  

	 Lessee:
	 Kent Drilling Company

	  
	  

	 Description:
	 The South Half (S/2) of the Northeast Quarter (NE/4) and South Half (S/2) of the Northwest Quarter (NW/4) of Section Two (2), Township Twenty-one (21), Range Nineteen (19), Anderson County, Kansas.

	  
	  

	 Warranted NRI: 
	 87.5%

  
 Howard Benjamin Lease
  
  	 Date: 
	 September 14, 2004

	  
	  

	 Recorded: 
	 Book 20 O&G, Page 108

	  
	  

	 Lessor: 
	 John B. Wolken and Fern C. Wolken, husband and wife, Thomas L. Tush and Janice L. Tush, husband and wife; Julie L. Wright, a single person; and Gary D. Benjamin and Linda Benjamin, husband and wife

	  
	  

	 Lessee: 
	 Roger Kent, d/b/a RJ Enterprises

	  
	  

	 Description: 
	 The Southwest Quarter (SW/4) of Section Two (2), Township Twenty-one (21), Range Nineteen (19);

	  
	  

	  
	 The Southeast Quarter (SE/4) of Section Three (3), Township Twenty-one (21), Range Nineteen (19); and

	  
	  

	  
	 The East Half of the Southwest Quarter (E/2 SW/4) of Section Three (3), Township Twenty-one (21), Range Nineteen (19)

	  
	  

	 Warranted NRI:
	 87.5%

  
  
 	 
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 Exhibit “B” 
 Description of Specific Vehicles and Inventory
  
  
  
  	 
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 EXHIBIT ‘C’
 ASSIGNMENT FORM
  
  	 Assignment of Oil and Gas Lease
 and Bill of Sale

    
  
KNOW ALL MEN BY THESE PRESENTS, that Mormeg, LLC, a Kansas limited liability company and Johnathan L. Haas, a single person, hereinafter called "Assignor," for valuable consideration, the receipt and sufficiency of which is hereby acknowledged, does grant, bargain, sell convey, transfer, assign and deliver all of Assignor's right, title, working interest and overriding royalty interest to: 
  
  
 	  
	 Mid-Con Drilling, LLC, 
 a Kansas limited liability company 
 1330 Avenue of the Americas, Suite 23A
 New York, NY 10019 
	 an undivided 90% of Assignor’s Interest

	  
	  
	  

	  
	 Mormeg, LLC 
 a Kansas limited liability company 
 10551 Barkley St # 307 
 Overland Park, KS 66212
	 an undivided 10% of Assignor’s Interest

  
  
hereinafter called "Assignee", its successors and assigns, in and to the following oil and gas leases and personal property:
  
  	  
	(A)	The Oil and Gas Leases described on Exhibit A and the leasehold estate and right, privileges and interests created by said leases subject to all the terms and conditions of said oil and gas lease and extensions thereof (collectively, the "Leases"); AND
	  
	  
	  

	  
	(B)	All equipment, wells, structures and personal property, to include fixtures and improvements, currently located on the Leases described above in paragraph (A), and used or useable in connection with oil and gas exploration, production, treatment, storage and marketing activities together with all rights incident thereto and all easements, permits, rights of way, surface fees, surface leases, servitudes and agreements related thereto, all tenements, hereditaments and appurtenances to the Leases, and all files and records pertaining to the same, including but not limited to drilling data, electric logs, lease files, land files, well files, division order files, geophysical data, studies, evaluations, projections, reports, appraisals, valuations, maps, regulatory files and records (collectively, the "Personal Property").

  
  
The Leases and Personal Property are collectively referred to as the "Assigned Property."
  
  	 
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 ASSIGNMENT TERMS:
  
 1. GENERAL WARRANTY. Assignor makes this Assignment with general warranty. Assignee accepts the Assigned Property with general warranty by Assignor that nothing has encumbered the title to the same and that any encumbrances held by Assignor are hereby assigned to Assignee. The Net Revenue Interest (N.R.I.) listed on Exhibit A are for the purpose of warranting certain ownership interests, this is an assignment of all of Assignor's right title and working and overriding royalty interest in said leases notwithstanding the N.R.I. interest listed in Exhibit A. Assignor warrants that it has good merchantable title to the Assigned Property free and clear of all liens and encumbrances
  
 2. MERGER OF OVERRIDING ROYALTY. In the event the interest assigned herein consists partly of overriding royalty interest and partly of working interest. It is the intention of the Parties that any overriding royalty interest in and to the Leases which burdens the working interest assigned hereon be merged back into the working interests and lose its status as an overriding royalty interest immediately upon the receipt of said interest by Assignee. Therefore, Assignee will be the owner of all of the working interest in and to the Leases, without any overriding royalty interest burdening said working interest. Provided however that all overriding royalty interests assigned hereto burdening any working interest which is not assigned herein shall not be merged with the working interest and shall retain its status as overriding royalty. 
  
 3. TRANSFER OF RIGHTS. To the extent transferable, Assignee is hereby granted the right of full substitution and subrogation in and to any and all rights and warranties which Assignor has or may have with respect to the Assigned Property conveyed herein of which Assignor has or may have against any and all preceding owners, vendors or warrantors. The Assigned Property shall include all right, title and interest which Assignor may have in and to the Leases, including but not limited to, leasehold interests, rights of assignment or reassignment, overriding royalties, contractual rights, regulatory authorities and permits or licenses, easements and rights-of-way.
  
 4. FURTHER ASSURANCES. The parties agree to execute, acknowledge and deliver such other and further instruments or documents, and to take such other and further actions as may be reasonably necessary to carry out the provisions of this Assignment. 
  
 5. EFFECTIVE DATE. This Conveyance shall be effective as of September 1, 2017, at 12:01 a.m., Central Standard Time. 
  
 TO HAVE AND TO HOLD the above described property and easement with all and singular the rights, privileges, and appurtenances thereunto or in any wise belonging to the said Assignee herein, its successors, personal representatives, administrators, executors and assigns forever.
  
  
 	 MORMEG, LLC:
	 	JOHNATHAN L. HAAS:  
	  
	  
	  
	  
	  
	  

	 By:
		 	By: 		 
	  
	Mark Haas 	 	 	Johnathan L. Haas 	 
	  
	Managing Member 	 	 	 an Individual
	 

  
  
 	 
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 STATE OF KANSAS COUNTY OF ________________, ss:
  
 This instrument was acknowledged before me on the _____ day of September, 2017, by Mark Haas as managing member of Mormeg, LLC, a Kansas limited liability company.
  
  				
	  
	  
	 Notary Public
	 
	Appointment/Commission Expires: 	 	 	 

  
 
STATE OF KANSAS COUNTY OF ________________, ss:
  
 This instrument was acknowledged before me on the _____ day of September, 2017, by Johnathan L. Haas a single person.
  
  				
	  
	  
	 Notary Public
	 
	Appointment/Commission Expires:	 	 	 

  
  
  	 12Exhibit 4.1

 

 

 

 

 

AMENDED AND RESTATED AGENCY AGREEMENT

 

 

 

 

 

 

TOYOTA MOTOR FINANCE (NETHERLANDS) B.V.

TOYOTA CREDIT CANADA INC.

TOYOTA FINANCE AUSTRALIA LIMITED (ABN 48 002 435 181)

TOYOTA MOTOR CREDIT CORPORATION

as Issuers

 

 

and

 

 

THE BANK OF NEW YORK MELLON,

acting through its London branch,

as Agent

 

 

in respect of a

 

 

€50,000,000,000

EURO MEDIUM TERM NOTE PROGRAMME

 

 

 

 

 

Dated 8 September 2017

 

 

 

 

 

 

 

 

 

     

     

    

 

Contents

 

	Clause	Page

 

	1.	Definitions And Interpretations	2
	2.	Appointment of agent and Paying Agents	10
	3.	Issue of Temporary Global Notes	12
	4.	Issue of Permanent Global Notes	13
	5.	Issue of Definitive bearer Notes	14
	6.	Exchanges	15
	7.	Terms of Issue	16
	8.	Payments	18
	9.	Determinations and Notifications in Respect of Notes	20
	10.	Notice of Any Withholding or Deduction	22
	11.	Duties of the Agent in Connection with Early Redemption	22
	12.	Publication of Notices	22
	13.	Cancellation, Resale and Reissuance of Notes, Coupons and Talons	23
	14.	Issue of Replacement Notes, Coupons and Talons	24
	15.	Copies of this Agreement and Each Final Terms Available for Inspection	26
	16.	Commissions and Expenses	26
	17.	Indemnity	26
	18.	Repayment by the Agent	27
	19.	Conditions of Appointment	27
	20.	Communication Between the Parties	29
	21.	Changes in Agent and Paying Agents	30
	22.	Merger and Consolidation	32
	23.	Notifications	32
	24.	Change of Specified Office	32
	25.	Notices	33
	26.	Taxes and Stamp Duties	34
	27.	Currency Indemnity	34
	28.	Amendments: Meetings of Holders	34
	29.	Calculation Agency Agreement	37
	30.	Redenomination and Exchange	37
	31.	deed poll	40
	32.	Descriptive Headings	41

 

     

     

    

 

	33.	CONTRACTS (RIGHTS OF THIRD PARTIES) ACT 1999	41
	34.	Governing Law	42
	35.	Counterparts	42
	Appendix A TERMS AND CONDITIONS OF THE NOTES	46
	Appendix B FORMS OF GLOBAL AND DEFINITIVE NOTES, COUPONS AND TALONS	89
	APPENDIX B-1  FORM OF TEMPORARY GLOBAL NOTE	90
	SCHEDULE ONE  INTEREST PAYMENTS	97
	SCHEDULE TWO  SCHEDULE OF EXCHANGES FOR NOTES REPRESENTED BY A PERMANENT GLOBAL NOTE OR DEFINITIVE BEARER NOTES OR REDEMPTIONS OR PURCHASES AND CANCELLATIONS	98
	APPENDIX B-2  FORM OF PERMANENT GLOBAL NOTE	99
	SCHEDULE ONE  INTEREST PAYMENTS	107
	SCHEDULE TWO  SCHEDULE OF EXCHANGES OF A TEMPORARY GLOBAL NOTE AND FOR DEFINITIVE BEARER NOTES OR REDEMPTIONS OR PURCHASES AND CANCELLATIONS	108
	APPENDIX B-3  FORM OF DEFINITIVE BEARER NOTE	109
	APPENDIX B-4  FORM OF COUPON	112
	APPENDIX B-5  FORM OF TALON	114
	Appendix C FORM OF CALCULATION AGENCY AGREEMENT	116
	Appendix D FORM OF OPERATING and ADMINISTRATIVE PROCEDURES MEMORANDUM	126
	ANNEX A TO APPENDIX D  SETTLEMENT PROCEDURES	129
	ANNEX B TO APPENDIX D   FORM OF FINAL TERMS	134
	ANNEX C TO APPENDIX D  FORM OF PURCHASER’S CONFIRMATION TO THE ISSUER	162
	ANNEX D TO APPENDIX D  FORM OF THE ISSUER’S CONFIRMATION TO AGENT AND PURCHASER	166
	ANNEX E TO APPENDIX D  TRADING DESK INFORMATION	168
	Appendix E FORM OF THE NOTES	171
	Appendix F ADDITIONAL DUTIES OF THE AGENT	177
	Appendix G FORM OF DEED POLL (sUBSTITUTION OF ISSUER)	178

 

     

     

    

 

AMENDED
AND RESTATED AGENCY AGREEMENT

 

in respect
of a

 

€50,000,000,000

EURO MEDIUM TERM NOTE PROGRAMME

 

 

THIS
AMENDED AND RESTATED AGENCY AGREEMENT is made on 8 September 2017

 

BETWEEN:

 

		(1)	TOYOTA
                                         MOTOR FINANCE (NETHERLANDS) B.V. of World Trade Center Amsterdam, Tower H, Level
                                         10, Zuidplein 90, 1077 XV Amsterdam, the Netherlands (TMF);

 

		(2)	TOYOTA
                                         CREDIT CANADA INC. of 80 Micro Court, Suite 200, Markham, Ontario L3R 9Z5, Canada
                                         (TCCI);

 

		(3)	TOYOTA
                                         FINANCE AUSTRALIA LIMITED (ABN 48 002 435 181) of Level 9, 207 Pacific Highway, St
                                         Leonards, NSW 2065, Australia (TFA);

 

		(4)	TOYOTA
                                         MOTOR CREDIT CORPORATION of 6565 Headquarters Drive, Mailstop W2–3D, Plano,
                                         Texas 75024–5965, United States (TMCC); and

 

		(5)	THE
                                         BANK OF NEW YORK MELLON, acting through its London
                                         branch, One Canada Square, Canary Wharf, London E14 5AL, United Kingdom (the
                                         Agent, which expression shall include any successor agent appointed in accordance
                                         with Clause 21, and the Paying Agent, which expression shall include any additional
                                         or successor paying agent appointed in accordance with Clause 21, and Paying Agent
                                         shall mean any of the Agent or the Paying Agents so appointed).

 

WHEREAS:

 

(A)       The
Issuers (as defined below) have determined that a programme agreement dated 30 September 1992 as amended and supplemented or restated
by the First Supplemental Programme Agreement dated 31 January 1994, the Second Supplemental Programme Agreement dated 16 May
1996, the Third Supplemental Programme Agreement dated 29 May 1998, the Fourth Supplemental Programme Agreement dated 7 July 1999,
the Amended and Restated Programme Agreement dated 31 August 2000, the Amended and Restated Programme Agreement dated 31 August
2001, the Amended and Restated Programme Agreement dated 27 September 2002, the Amended and Restated Programme Agreement dated
26 September 2003, the Amended and Restated Programme Agreement dated 24 September 2004, the Amended and Restated Programme
Agreement dated 30 September 2005, the Amended and Restated Programme Agreement dated 28 September 2006, the Amended and Restated
Programme Agreement dated 28 September 2007, the Amended and Restated Programme Agreement dated 26 September 2008, the Amended
and Restated Programme Agreement dated 18 September 2009, the Amended and Restated Programme Agreement dated 17 September 2010,
the Amended and Restated Programme Agreement dated 16 September 2011, the Amended and Restated Programme Agreement dated 14 September
2012, the Amended and Restated Programme Agreement dated 13 September 2013, the Amended and Restated Programme Agreement dated
12 September 2014, the Amended and Restated Programme Agreement dated 11 September 2015 and the Amended

 

     

     

    

 

and Restated Programme
Agreement dated 9 September 2016 entered into with the Dealers named therein pursuant to which any of the Issuers may issue Euro
Medium Term Notes in an aggregate nominal amount of up to €50,000,000,000, be amended and restated by the Issuers and each
of Merrill Lynch International, Australia and New Zealand Banking Group Limited, Bank of Montreal, London Branch, Barclays Bank
PLC, BNP Paribas, CIBC World Markets plc, Citigroup Global Markets Limited, Crédit Agricole Corporate and Investment Bank,
Daiwa Capital Markets Europe Limited, HSBC Bank plc, ING Bank N.V., J.P. Morgan Securities plc, Lloyds Bank plc, Mizuho International
plc, Morgan Stanley & Co. International plc, MUFG Securities EMEA plc, National Australia Bank Limited, Nomura International
plc, RBC Europe Limited, SMBC Nikko Capital Markets Limited, The Toronto-Dominion Bank and UniCredit Bank AG (together, the Programme
Dealers).

 

(B)       The
Issuers have entered into an amended and restated programme agreement dated 8 September 2017 with the Programme Dealers.

 

(C)       The
Issuers and the agents named therein entered into an amended and restated agency agreement dated 9 September 2016 (the Agency
Agreement). The parties hereto agree to make certain modifications to the Agency Agreement. This Agreement amends and restates
the Agency Agreement. Any Notes issued under the Programme on or after the date of this Agreement shall be issued with the benefit
of the Agency Agreement as so amended and restated.

 

		1.	Definitions
                                         And Interpretations

 

		(1)	The
                                         following expressions shall have the following meanings:

 

Agreement
Date means, with respect to any Note, the date on which agreement is reached for the issue of such Note as contemplated in
Clause 2 of the Programme Agreement, which in the case of Notes issued on a syndicated basis shall be the date the applicable
Syndicate Purchase Agreement is signed by all parties;

 

Arranger
means Merrill Lynch International, or any other company appointed to the position of arranger for the Programme; and references
in this Agreement to the Arranger shall be references to all of them;

 

Bearer
Note means those of the Notes in bearer form;

 

CGN
means a Temporary Global Note being in the form or substantially in the form set out in Appendix B-1 hereto or a Permanent
Global Note being in the form or substantially in the form set out in Appendix B-2 hereto and in either case in respect of which
the applicable Final Terms indicate it is not a New Global Note;

 

Clearing
System means Clearstream, Luxembourg and/or Euroclear and/or any other additional system or systems as is specified in the
applicable Final Terms;

 

Clearstream,
Luxembourg means Clearstream Banking S.A.;

 

Code
means the US Internal Revenue Code of 1986;

 

Conditions
means, in respect of any Series of Notes, the terms and conditions of the Notes of such Series, such terms and conditions
being in the form or substantially in the form set out in Appendix A hereto or in such other form, having regard to the terms
of the relevant Series, as may be agreed between the relevant Issuer, the Agent

 

 

    Page 2 

     

    

 

and the relevant Purchaser or Purchasers from
time to time, as amended or supplemented by the applicable Final Terms;

 

Coupon
has the meaning ascribed thereto in the Conditions;

 

Dealer
means each of the Programme Dealers and any other entities appointed as dealers from time to time pursuant to the Programme
Agreement;

 

Definitive
Bearer Note means a Bearer Note in definitive form being in the form or substantially in the form set out in Appendix B-3
hereto (or in such other form as may be agreed between the relevant Issuer, the Agent and the relevant Purchaser or Purchasers)
issued or to be issued by the relevant Issuer pursuant to this Agreement in exchange for the whole or (subject to the terms of
the relevant Temporary Global Note and/or Permanent Global Note) part of a Temporary Global and/or Permanent Global Note;

 

Definitive
Note means a Definitive Bearer Note and/or a Definitive Registered Note, as the context may require;

 

Definitive
Registered Note means a Registered Note in definitive form issued or, as the case may require, to be issued by TCCI pursuant
to the TCCI Note Agency Agreement or TMCC pursuant to the TMCC Note Agency Agreement in exchange for a Registered Global Note,
such Note, if issued by TCCI, being in the form or substantially in the form set out in Schedule 2 to the TCCI Note Agency Agreement
(or in such other form as may be agreed between TCCI, the TCCI Registrar, the TCCI Transfer Agent and the relevant Purchaser(s))
or if issued by TMCC, being in the form or substantially in the form set out in Schedule 2 to the TMCC Note Agency Agreement (or
in such other form as may be agreed between TMCC, the TMCC Registrar, the TMCC Transfer Agent and the relevant Purchaser(s));

 

Established
Rate means the rate for the conversion of the Specified Currency (including compliance with rules relating to roundings in
accordance with applicable European Union regulations) into euro established by the Council of the European Union pursuant to
Article 140 of the Treaty;

 

EUR,
Euro, euro and € mean the currency introduced at the start of the third stage of European economic and
monetary union, and as defined in Article 2 of Council Regulation (EC) No. 974/98 of 3 May 1998 on the introduction of the euro,
as amended;

 

Euroclear
means Euroclear Bank SA/NV;

 

European
Economic Area means the European Economic Area consisting of the Member States of the European Union and Iceland, Norway and
Liechtenstein;

 

Eurosystem-eligible
Note means a Note which is intended to be held in a manner which would allow Eurosystem eligibility, as stated in the applicable
Final Terms;

 

FATCA
Withholding Tax means any withholding or deduction required pursuant to an agreement described in Section 1471(b) of the Code
or any withholding or deduction otherwise imposed pursuant to Sections 1471 through 1474 of the Code (or any regulations, agreements
or undertakings thereunder or official interpretations thereof) or any intergovernmental agreement between the United States and
another

 

 

    Page 3 

     

    

 

jurisdiction facilitating the implementation thereof (or any law implementing such an intergovernmental agreement);

 

Final
Terms means the final terms issued in relation to each Tranche of Notes (substantially in the form of either Part A or Part
B of Annex B to the Procedures Memorandum) as a supplement to the Prospectus and giving details of that Tranche and, in relation
to any particular Tranche of Notes, applicable Final Terms means the Final Terms applicable to that Tranche;

 

FSMA
means the Financial Services and Markets Act 2000, as amended;

 

Global
Bearer Note means a Temporary Global Note or a Permanent Global Note (or such other form of global note in bearer form as
may be agreed between the relevant Issuer, the Agent and the relevant Purchaser(s) as indicated in the applicable Final Terms)
representing a certain number of underlying Notes (the Underlying Notes);

 

Global
Note means a Global Bearer Note or a Registered Global Note (or such other form of global note as may be agreed between the
relevant Issuer, the Agent (in the case of Bearer Notes), the TCCI Registrar (in the case of Registered Notes issued by TCCI),
the TMCC Registrar (in the case of Registered Notes issued by TMCC) and the relevant Purchaser(s) as indicated in the applicable
Final Terms) representing a certain number of Underlying Notes;

 

ISDA
Definitions means the 2006 ISDA Definitions published by the International Swaps and Derivatives Association, Inc., as amended,
supplemented or updated from time to time;

 

Issue
Date means, in respect of any Note, the date of issue and purchase of such Note pursuant to Clause 2 of the Programme Agreement,
being in the case of any Note in the form of a Permanent Global Note or a Definitive Note, the same date as the date of issue
of the Temporary Global Note which initially represented such Note;

 

Issuer
means each of TMF, TCCI, TFA and TMCC in its capacity as issuer of Notes; and references in this Agreement to the relevant
Issuer shall, in relation to any issue of Notes, be references to whichever of TMF, TCCI, TFA or TMCC is the issuer of such
Notes; and references to the Issuers shall be to all of TMF, TCCI, TFA and TMCC;

 

Listing
Agent means, in relation to any Notes which are, or are to be, listed on a Stock Exchange other than the London Stock Exchange,
such listing agent as the relevant Issuer may from time to time appoint for purposes of liaising with such Stock Exchange or other
relevant authority;

 

Listing
Rules means:

 

		(a)	in
                                         the case of Notes which are, or are to be, admitted to the Official List, the listing
                                         rules made under Section 73A of the FSMA; and

 

		(b)	in
                                         the case of Notes which are, or are to be, listed on a Stock Exchange other than the
                                         London Stock Exchange, the listing rules and regulations for the time being in force
                                         for such Stock Exchange;

 

    Page 4 

     

    

 

London
Stock Exchange means London Stock Exchange plc or such other body to which its functions have been transferred;

 

Member
State means a member state of the European Union;

 

New
Global Note means a Temporary Global Note being in the form or substantially in the form set out in Appendix B-1 hereto or
a Permanent Global Note being in the form or substantially in the form set out in Appendix B-2 hereto and in either case in respect
of which the applicable Final Terms indicate it is a New Global Note;

 

Note
means a note issued or to be issued by the relevant Issuer pursuant to the Programme Agreement, other than a Note which will
form a single Series with any Notes issued by any Issuer prior to the date of this Agreement, which Note may be represented by
a Global Note or a Definitive Note;

 

Noteholders
means the several persons who are for the time being holders of outstanding Notes (being in the case of Bearer Notes, the
bearers thereof and, in the case of Registered Notes, the several persons whose names are entered in the register of holders of
such Notes as the holders thereof) save that, in respect of Notes of any Series, for so long as such Notes or any part thereof
are represented by a Global Note, each person who is for the time being shown in the records of Euroclear, Clearstream, Luxembourg
or such other applicable clearing agency as the holder of a particular nominal amount of such Notes (other than a clearing agency
(including Clearstream, Luxembourg and Euroclear) that is itself an account holder of Clearstream, Luxembourg, Euroclear or any
other applicable clearing agency for a Series of Notes) (in which regard any certificate or other document issued by Euroclear,
Clearstream, Luxembourg or such other applicable clearing agency as to the nominal amount of such Notes standing to the account
of any person shall be conclusive and binding for all purposes save in the case of manifest error) shall be treated by the relevant
Issuer, the Agent and any other Paying Agent or (in the case of Registered Notes issued by TCCI) by the TCCI Registrar and the
TCCI Transfer Agent or (in the case of Registered Notes issued by TMCC) by the TMCC Registrar and the TMCC Transfer Agent as a
holder of such nominal amount of such Notes for all purposes other than for the payment of principal (including premium (if any))
or interest on such Notes, the right to which shall be vested, as against the relevant Issuer, the Agent and any other Paying
Agent or (in the case of Registered Notes issued by TCCI) the TCCI Registrar and the TCCI Transfer Agent or (in the case of Registered
Notes issued by TMCC) the TMCC Registrar and the TMCC Transfer Agent, in the case of Bearer Notes, solely in the bearer of the
Global Note and, in the case of Registered Notes, solely in the person whose name is entered in the register of holders of such
Notes as the holder of the Global Note in accordance with and subject to its terms (and the expressions Noteholder, holder
of Notes and related expressions shall be construed accordingly);

 

Official
List has the meaning ascribed thereto in Section 103 of the FSMA;

 

outstanding
means, in relation to the Notes of all or any Series, all the Notes (or all the Notes of that or those Series) issued other
than (a) those which have been redeemed in full in accordance with this Agreement or the TCCI Note Agency Agreement or the TMCC
Note Agency Agreement or the Conditions, (b) those in respect of which the date for redemption in accordance with the Conditions
has occurred and the redemption moneys therefor (including all interest (if any) accrued thereon to the date for such redemption
and any interest (if any) payable under the Conditions after such date) have been duly paid to the Agent as provided herein or
(in

 

    Page 5 

     

    

 

the case of Registered Notes issued by TCCI) to the TCCI Registrar or the TCCI Transfer Agent or (in the case of Registered
Notes issued by TMCC) to the TMCC Registrar or the TMCC Transfer Agent (and, where appropriate, notice has been given to the Noteholders
in accordance with Condition 16) and remain available for payment against presentation of Notes, (c) those Notes which have become
void under Condition 8, (d) those Notes which have been purchased or otherwise acquired and cancelled as provided in Condition
6 and those which have been purchased or otherwise acquired and are being held by the relevant Issuer for subsequent resale or
reissuance as provided in Condition 6 during the time so held, (e) those mutilated or defaced Notes which have been surrendered
in exchange for replacement Notes pursuant to Condition 10, (f) (for the purposes only of determining how many Notes are outstanding
and without prejudice to their status for any other purpose) those Notes alleged to have been lost, stolen or destroyed and in
respect of which replacement Notes have been issued pursuant to Condition 10 and (g) Temporary Global Notes to the extent that
they shall have been duly exchanged in whole for Permanent Global Notes or Definitive Notes and Permanent Global Notes or Registered
Global Notes to the extent that they shall have been duly exchanged in whole for Definitive Notes, in each case pursuant to their
respective provisions;

 

Permanent
Global Note means a permanent global Bearer Note in the form or substantially in the form set out in Appendix B-2 hereto (or
in such other form as may be agreed between the relevant Issuer, the Agent and the relevant Purchaser(s)) comprising some or all
of the Notes of the same Series, issued or to be issued by the relevant Issuer either in exchange for the whole or part of a Temporary
Global Note issued in respect of the Notes of the same Tranche or initially representing the Notes;

 

Procedures
Memorandum means the non-binding Operating and Administrative Procedures Memorandum set out in Appendix D hereto as amended
or varied from time to time, in respect of any Tranche, by agreement between the relevant Issuer and the Purchaser of such Tranche
with the approval in writing of the Agent;

 

Programme
means the Euro Medium Term Note Programme provided for by the Programme Agreement;

 

Programme
Agreement means the Amended and Restated Programme Agreement dated 8 September 2017 between the Issuers and the Programme
Dealers concerning the purchase of Notes to be issued by any Issuer;

 

Prospectus
means the Prospectus relating to the Programme as revised, supplemented, amended or updated from time to time in accordance
with Clause 5.2 of the Programme Agreement, including any documents which are from time to time incorporated therein by reference
but excluding all information incorporated by reference in any such documents and excluding any information or statement otherwise
included in any such documents which is or might be considered to be forward looking and excluding any excluded information as
may be defined in the Prospectus, including, in relation to each Tranche of Notes, the applicable Final Terms relating to such
Tranche;

 

Prospectus
Directive means Directive 2003/71/EC (as amended, including by Directive 2010/73/EU) and includes any relevant implementing
measure in the relevant Member State of the European Economic Area;

 

Prospectus
Rules means rules relating to prospectuses made under European Commission Regulation (EC) No 809/2004 implementing the Prospectus
Directive;

 

    Page 6 

     

    

 

Purchaser
means any Dealer or any third party other than a dealer (as defined in Section 2(12) of the Securities Act), who agrees to
purchase Notes pursuant to the Programme Agreement and references to a relevant Purchaser shall, in relation to any Note, be references
to the Purchaser with whom the relevant Issuer has agreed the issue and purchase of such Note;

 

Redenomination
Date means in the case of interest bearing Notes, any date for payment of interest under the Notes or in the case of Zero
Coupon Notes, any date, in each case specified by the relevant Issuer in the notice given to Noteholders pursuant to Clause 30
and which falls on or after the start of the third stage of European economic and monetary union pursuant to the Treaty, or if
the country of the Specified Currency is not one of the countries then participating in such third stage, which falls on or after
such later date as it does so participate and which falls before the date on which the Specified Currency ceases to be a sub-division
of the euro;

 

Registered
Global Note means a Global Note, if issued by TCCI, being in the form or substantially in the form set out in Schedule 1 to
the TCCI Note Agency Agreement (or in such other form as may be agreed between TCCI, the TCCI Registrar, the TCCI Transfer Agent
and the relevant Purchaser(s)), or if issued by TMCC, being in the form or substantially in the form set out in Schedule 1 to
the TMCC Note Agency Agreement (or such other form as may be agreed between TMCC, the TMCC Registrar, the TMCC Transfer Agent
and the relevant Purchaser(s));

 

Registered
Note means a Note in registered form issued or to be issued by TCCI or TMCC;

 

Relevant
Account Holder means any account holder with the Relevant Clearing System which has Underlying Notes (as defined in the definition
of “Global Bearer Note”) credited to its securities account from time to time;

 

Relevant
Clearing System means one or more Clearing Systems;

 

Relevant
Time means the time at which a Global Note becomes void in the circumstances which are specified in that Global Note;

 

Securities
Act means the Securities Act of 1933 of the United States, as amended;

 

Series
means each original issue of Notes together with any further issues expressed to form a single series with the original issue
and the terms of which (save for the Issue Date, the amount and date of the first payment of interest thereon and/or the Issue
Price (as indicated in the applicable Final Terms)) are identical (including Maturity Date, Interest Basis, Redemption/Payment
Basis and Interest Payment Dates (if any) (as indicated in the applicable Final Terms) and whether or not the Notes are admitted
to trading); and the expressions Notes of the relevant Series and related expressions shall be construed accordingly;

 

Specified
Currency means the currency (which expression shall include euro and other currency units) in which Notes are denominated;

 

Stock
Exchange means the London Stock Exchange or any other or further stock exchange(s) on which any Notes may from time to time
be listed or admitted to trading, as the case may be; and references in this Agreement to the relevant Stock Exchange shall,
in relation to any Notes, be references to the Stock Exchange on

 

    Page 7 

     

    

 

which such Notes are from time to time, or are intended to be,
listed or admitted to trading;

 

Talon
has the meaning ascribed thereto in the Conditions;

 

TARGET2
system means the Trans-European Automated Real-Time Gross Settlement Express Transfer (TARGET2) system or any successor thereto;

 

Temporary
Global Note means a temporary global Bearer Note being in the form or substantially in the form set out in Appendix B-1 hereto
(or in such other form as may be agreed between the relevant Issuer, the Agent and the relevant Purchaser(s)) comprising some
or all of the Notes of the same Series issued or to be issued by the relevant Issuer pursuant to the Programme Agreement or any
other agreement between the relevant Issuer and the relevant Purchaser(s);

 

TCCI
Note Agency Agreement means the Amended and Restated Note Agency Agreement of 8 September 2017 herewith between TCCI, BNY
Trust Company of Canada, The Bank of New York Mellon SA/NV, Luxembourg Branch and the Agent relating to Registered Notes issued
by TCCI;

 

TCCI
Registrar means, in relation to any Series of Registered Notes issued by TCCI, BNY Trust Company of Canada as registrar, paying
agent and transfer agent and in respect of any Series of Registered Notes settled or clearing in Euroclear and/or Clearstream,
Luxembourg, The Bank of New York Mellon SA/NV, Luxembourg Branch as registrar and transfer agent under the TCCI Note Agency Agreement
and any successor registrar, paying agent and transfer agent appointed by TCCI in accordance with such TCCI Note Agency Agreement;

 

TCCI
Transfer Agent means in relation to any Series of Registered Notes issued by TCCI, the Agent as transfer agent and paying
agent under the TCCI Note Agency Agreement and any successor transfer agent and paying agent appointed by TCCI in accordance with
the TCCI Note Agency Agreement;

 

TMCC
Note Agency Agreement means the Amended and Restated Note Agency Agreement of 8 September 2017 herewith between TMCC, The
Bank of New York Mellon SA/NV, Luxembourg Branch and the Agent relating to Registered Notes issued by TMCC;

 

TMCC
Registrar means, in relation to any Series of Registered Notes issued by TMCC, The Bank of New York Mellon SA/NV, Luxembourg
Branch as registrar and transfer agent under the TMCC Note Agency Agreement and any successor registrar and transfer agent appointed
by TMCC in accordance with such TMCC Note Agency Agreement;

 

TMCC
Transfer Agent means in relation to any Series of Registered Notes issued by TMCC, the Agent as transfer agent and paying
agent under the TMCC Note Agency Agreement and any successor transfer agent and paying agent appointed by TMCC in accordance with
the TMCC Note Agency Agreement;

 

Tranche
means all Notes of the same Series with the same Issue Date;

 

Treaty
means the Treaty on the Functioning of the European Union, as amended;

 

    Page 8 

     

    

 

UK
Listing Authority means the name by which the Financial Conduct Authority is known being the body appointed under FSMA as
“competent authority” to decide on the admission of securities to the Official List; and

 

U.S.$
and U.S. dollar mean the lawful currency for the time being of the United States.

 

		(2)	Terms
                                         and expressions (including the definitions of currencies or composite currencies) defined
                                         in the Conditions or Appendices hereto or used in the applicable Final Terms shall have
                                         the same meanings in this Agreement, except where the context requires otherwise.

 

		(3)	All
                                         references in this Agreement to the provisions of any statute shall be deemed to be references
                                         to that statute as from time to time modified, extended, amended or re-enacted.

 

		(4)	Any
                                         references to Notes shall, unless the context otherwise requires, include any Temporary
                                         Global Notes, Permanent Global Notes, Registered Global Notes and Definitive Notes.

 

		(5)	All
                                         references in this Agreement to an agreement, instrument or other document (including
                                         this Agreement, the Programme Agreement, the TCCI Note Agency Agreement, the TMCC Note
                                         Agency Agreement, any Series of Notes and any Conditions appertaining thereto) shall
                                         be construed as a reference to that agreement, instrument or document as may be amended,
                                         modified, varied, supplemented or novated from time to time.

 

		(6)	Words
                                         denoting the singular number only shall include the plural number also and vice versa;
                                         words denoting the masculine gender only shall include the feminine gender also; and
                                         words denoting persons only shall include firms and corporations and vice versa.

 

		(7)	Any
                                         references herein to Euroclear and/or Clearstream, Luxembourg shall, whenever the context
                                         so permits, except in relation to New Global Notes or Registered Notes intended to be
                                         held in a manner which would allow Eurosystem eligibility (being the new safekeeping
                                         structure (NSS)), be deemed to include a reference to any additional or alternative clearance
                                         system approved by the relevant Issuer, the relevant Purchaser(s) and either (in the
                                         case of Bearer Notes) the Agent or (in the case of Registered Notes issued by TCCI) the
                                         TCCI Registrar and the TCCI Transfer Agent or (in the case of Registered Noted issued
                                         by TMCC) the TMCC Registrar and the TMCC Transfer Agent and, in the case of Notes admitted
                                         to the Official List and admitted to trading on the London Stock Exchange’s Regulated
                                         Market, the UK Listing Authority.

 

		(8)	All
                                         references in this Agreement to a Directive include any relevant implementing measure
                                         of each Member State which has implemented such Directive.

 

		(9)	As
used herein, in relation to any Notes which are to have a “listing” or be “listed” (i) on the London Stock
Exchange, listing or listed shall be construed to mean that such Notes have been admitted to the Official List in
accordance with the listing rules of the UK Listing Authority and admitted to trading on the London Stock Exchange’s Regulated
Market and (ii) on any 

 

    Page 9 

     

    

 

other
Stock Exchange in a jurisdiction within the European Economic Area, listing and listed shall be construed to mean
that the Notes have been admitted to trading on a market within that jurisdiction which is a regulated market for the purposes
of the Markets in Financial Instruments Directive (Directive 2004/39/EC).

 

		(10)	Unless
                                         the contrary indication appears, a reference to the records of Euroclear and Clearstream,
                                         Luxembourg shall be to the records that each of Euroclear and Clearstream, Luxembourg
                                         holds for its customers which reflect the amount of such customer’s interests in
                                         the Notes.

 

		(11)	In
                                         this Agreement, unless the contrary intention appears, a reference to a document is a
                                         reference to that document as amended from time to time.

 

		(12)	For
                                         the purposes of this Agreement, the Notes of each Series shall form a separate series
                                         of Notes and accordingly, the provisions of this Agreement shall apply mutatis mutandis
                                         separately and independently to the Notes of each Series and in such provisions the
                                         expressions Notes, Noteholders, Coupons, Couponholders, Talons
                                         and Talonholders shall be construed accordingly.

 

		2.	Appointment
                                         of agent and Paying Agents

 

		(1)	The
                                         Agent is hereby appointed in a several capacity as agent of each of the Issuers, to act
                                         as issuing and principal paying agent, upon the terms and subject to the conditions set
                                         out below, for the purposes of, inter alia:

 

		(a)	completing,
                                         authenticating and delivering Temporary Global Notes and Permanent Global Notes and authenticating
                                         (if required) and delivering Definitive Bearer Notes;

 

		(b)	giving
                                         effectuation instructions in respect of each Global Note which is a Eurosystem-eligible
                                         Note;

 

		(c)	exchanging
                                         Temporary Global Notes for Permanent Global Notes or Definitive Bearer Notes, as the
                                         case may be, in accordance with the terms of the Temporary Global Notes and, in respect
                                         of any such exchange (i) making all notations on Global Notes which are CGNs as required
                                         by their terms and (ii) instructing Euroclear and Clearstream, Luxembourg to make appropriate
                                         entries in their records in respect of all Global Notes which are New Global Notes;

 

		(d)	exchanging
                                         Permanent Global Notes for Definitive Bearer Notes in accordance with the terms of the
                                         Permanent Global Notes and, in respect of any such exchange (i) making all notations
                                         on Permanent Global Notes which are CGNs as required by their terms and (ii) instructing
                                         Euroclear and Clearstream, Luxembourg to make appropriate entries in their records in
                                         respect of all Permanent Global Notes which are New Global Notes;

 

		(e)	paying
                                         sums due on Temporary Global Notes, Permanent Global Notes and Definitive Bearer Notes
                                         and Coupons in accordance with the terms of such Notes and (i) making all notations on
                                         Global Notes which are CGNs as required by their terms and (ii) instructing 

 

    Page 10 

     

    

 

Euroclear
and Clearstream, Luxembourg to make appropriate entries in their records in respect of all Global Notes which are New Global Notes;

 

		(f)	unless
                                         otherwise specified in the applicable Final Terms, determining the interest and/or other
                                         amounts payable in respect of the Notes in accordance with the Conditions;

 

		(g)	arranging
                                         on behalf of the relevant Issuer for notices to be communicated to the Noteholders and
                                         the relevant Stock Exchanges;

 

		(h)	ensuring
                                         that all necessary action is taken to comply with the periodic reporting and notification
                                         requirements of the Ministry of Finance of Japan (including any monthly reports or such
                                         other reports as may be required) and other applicable Japanese authorities, or any other
                                         competent authority of any relevant currency with respect to the Notes to be issued under
                                         the Programme;

 

		(i)	receiving
                                         notice from Euroclear, Clearstream, Luxembourg and/or such other applicable clearing
                                         agency relating to the certificates of non-U.S. beneficial ownership of Bearer Notes;

 

		(j)	upon
                                         certification by the participating Dealer or Dealers to the Agent that the distribution
                                         with respect to a particular Tranche of Bearer Notes has been completed, determining
                                         and certifying to Euroclear, Clearstream, Luxembourg or such other applicable clearing
                                         agency the applicable Exchange Date; and

 

		(k)	performing
                                         all other obligations and duties imposed upon it by the Conditions and this Agreement.

 

		(2)	Any
                                         of the duties and obligations of the Agent in its capacity of issuing and principal paying
                                         agent set forth in paragraphs (a), (b), (c), (d), (e), (f), (g), (h) and (i) of Subclause
                                         2(1) may, with the consent of the relevant Issuer, be delegated by the Agent with respect
                                         to a particular Series of Notes to a third party, provided such third party’s performance
                                         is subject to the overall supervision and control of the Agent.

 

		(3)	Each
                                         Paying Agent is hereby appointed in a several capacity as paying agent of each of the
                                         Issuers, and each Paying Agent agrees to act in a several capacity as paying agent of
                                         each of the Issuers, upon the terms and subject to the conditions set out below, for
                                         the purposes of paying sums due on Notes and Coupons and performing all other obligations
                                         and duties imposed upon it by the Conditions and this Agreement.

 

		(4)	In
                                         relation to each issue of Eurosystem-eligible Notes, each relevant Issuer hereby authorises
                                         and instructs the Agent to elect Euroclear as common safekeeper. From time to time, each
                                         such Issuer and the Agent may agree to vary this election. Each such Issuer acknowledges
                                         that any such election is subject to the right of Euroclear and Clearstream, Luxembourg
                                         to jointly determine that the other shall act as common safekeeper in relation to any
                                         such issue and agrees that no liability shall attach to the Agent in respect of any such
                                         election made by it.

 

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		(5)	Where
                                         the Agent delivers any authenticated Global Note to a common safekeeper for effectuation
                                         using electronic means, it is authorised and instructed to destroy the Global Note retained
                                         by it following its receipt of confirmation from the common safekeeper that the relevant
                                         Global Note has been effectuated.

 

		3.	Issue
                                         of Temporary Global Notes

 

		(1)	Subject
                                         to Subclause 3(2), following receipt of the applicable Final Terms signed by the relevant
                                         Issuer with respect of an issue of Notes in accordance with the provisions of the Procedures
                                         Memorandum set out in Appendix D hereto (as from time to time varied, with the prior
                                         approval of the Agent, by the relevant Issuer and the relevant Purchaser or Purchasers
                                         of the Notes of such issue), the Agent will take the steps required of the Agent in the
                                         Procedures Memorandum. For this purpose the Agent is authorised on behalf of the relevant
                                         Issuer:

 

		(a)	to
                                         prepare a Temporary Global Note or Temporary Global Notes containing the relevant Conditions
                                         and to complete, in accordance with such Final Terms, the necessary details on such Temporary
                                         Global Note(s) and attach a copy of the applicable Final Terms to such Temporary Global
                                         Note;

 

		(b)	to
                                         authenticate such Temporary Global Note(s);

 

		(c)	if
                                         the Temporary Global Note(s) is/are a CGN, to deliver such Temporary Global Note(s) (i)
                                         to the specified common depositary of Euroclear, Clearstream, Luxembourg and/or such
                                         other applicable clearing agency as is specified in the applicable Final Terms against
                                         receipt from such common depositary of confirmation that such common depositary is holding
                                         the Temporary Global Note(s) in safe custody for the account of Euroclear, Clearstream,
                                         Luxembourg or such other applicable clearing agency and to instruct Euroclear, Clearstream,
                                         Luxembourg and/or such other applicable clearing agency (as the case may be) to credit
                                         the Notes represented by such Temporary Global Notes(s), unless otherwise agreed in writing
                                         between the Agent and the relevant Issuer, to the Agent’s distribution account,
                                         or (ii) as otherwise agreed in writing between the relevant Issuer and the Agent;

 

		(d)	if
                                         the Temporary Global Note(s) is/are a New Global Note, to deliver such Temporary Global
                                         Note(s) to the specified common safekeeper of Euroclear and Clearstream, Luxembourg against
                                         receipt from such common safekeeper of confirmation that such common safekeeper is holding
                                         the Temporary Global Note(s) in safe custody for the account of Euroclear and Clearstream,
                                         Luxembourg and, in the case of a Temporary Global Note which is a Eurosystem-eligible
                                         Note, to instruct the common safekeeper to effectuate the same; and

 

		(e)	if
                                         the Temporary Global Note(s) is/are a New Global Note, to instruct Euroclear and Clearstream,
                                         Luxembourg to make the appropriate entries in their records to reflect the initial outstanding
                                         aggregate nominal amount of the relevant Tranche of Notes.

 

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		(2)	The
                                         Agent shall only be required to perform its obligations under Subclause 3(1) if it holds
                                         a master Temporary Global Note duly executed by a person or persons authorised to execute
                                         the same on behalf of the relevant Issuer, which may be used by the Agent for the purpose
                                         of preparing Temporary Global Note(s) in accordance with Subclause 3(1)(a).

 

		(3)	The
                                         Agent shall provide Euroclear, Clearstream, Luxembourg and/or such other applicable clearing
                                         agency with the notifications, instructions or other information to be given by the Agent
                                         to Euroclear, Clearstream, Luxembourg and/or such other applicable clearing agency.

 

		(4)	Any
                                         of the duties and obligations of the Agent set forth in this Clause 3 may, with the consent
                                         of the relevant Issuer, be delegated by the Agent with respect to a particular Series
                                         of Notes to a third party, provided such third party’s performance is subject to
                                         the overall supervision and control of the Agent.

 

		4.	Issue
                                         of Permanent Global Notes

 

		(1)	Subject
                                         to Subclause 4(2), upon the occurrence of any event which pursuant to the terms of a
                                         Temporary Global Note requires the issue of a Permanent Global Note, the Agent shall
                                         issue a Permanent Global Note in accordance with the terms of the Temporary Global Note.
                                         For this purpose the Agent is authorised on behalf of the relevant Issuer:

 

		(a)	in
                                         the case of the first Tranche of any Series of Notes, to prepare a Permanent Global Note
                                         containing the relevant Conditions and to complete, in accordance with the terms of the
                                         Temporary Global Note, the necessary details on such Permanent Global Note and attach
                                         a copy of the applicable Final Terms to such Permanent Global Note;

 

		(b)	in
                                         the case of the first Tranche of any Series of Notes, to authenticate such Permanent
                                         Global Note;

 

		(c)	in
                                         the case of the first Tranche of any Series of Notes (i) where the Temporary Global Note
                                         is a CGN and is being held by a common depositary as aforesaid, to deliver such Permanent
                                         Global Note to the specified common depositary that is holding the Temporary Global Note
                                         for the time being on behalf of Euroclear, Clearstream, Luxembourg and/or such other
                                         applicable clearing agency as is specified in the applicable Final Terms in exchange
                                         for such Temporary Global Note or, in the case of a partial exchange, after noting the
                                         details of such exchange in the appropriate spaces on both the Temporary Global Note
                                         and the Permanent Global Note, and in either case against receipt from the common depositary
                                         of confirmation that such common depositary is holding the Permanent Global Note in safe
                                         custody for the account of Euroclear, Clearstream, Luxembourg and/or such other applicable
                                         clearing agency (as the case may be); or (ii) where the Temporary Global Note is a CGN
                                         and is not being held by a common depositary, as otherwise agreed in writing between
                                         the relevant Issuer and the Agent;

 

    Page 13 

     

    

 

		(d)	in
                                         the case of the first Tranche of any Series of Notes where the Temporary Global Note
                                         is a New Global Note, to deliver such Permanent Global Note to the specified common safekeeper
                                         that is holding the Temporary Global Note representing the Tranche for the time being
                                         on behalf of Euroclear and/or Clearstream, Luxembourg in exchange for such Temporary
                                         Global Note against receipt from the common safekeeper of confirmation that such common
                                         safekeeper is holding the Permanent Global Note in safe custody for the account of Euroclear
                                         and/or Clearstream, Luxembourg, and, in the case of a Permanent Global Note which is
                                         a Eurosystem-eligible Note, to instruct the common safekeeper to effectuate the same
                                         and to hold it on behalf of the relevant Issuer pending its exchange for the Temporary
                                         Global Note;

 

		(e)	in
                                         the case of a subsequent Tranche of any Series of Notes if the Permanent Global Note
                                         is a CGN, to attach a copy of the applicable Final Terms to the Permanent Global Note
                                         applicable to the relevant Series and to enter details of any exchange in whole or part
                                         as stated above; and

 

		(f)	in
                                         the case of a subsequent Tranche of any Series of Notes if the Permanent Global Note
                                         is a New Global Note, to deliver the applicable Final Terms to the specified common safekeeper
                                         for attachment to the Permanent Global Note applicable to the relevant Series.

 

		(2)	The
                                         Agent shall only be required to perform its obligations under Subclause 4(l) if it holds
                                         a master Permanent Global Note duly executed by a person or persons authorised to execute
                                         the same on behalf of the relevant Issuer, which may be used by the Agent for the purpose
                                         of preparing Permanent Global Notes in accordance with Subclause 4(1)(a).

 

		(3)	The
                                         Agent shall provide Euroclear, Clearstream, Luxembourg and/or such other applicable clearing
                                         agency with the notifications, instructions or other information to be given by the Agent
                                         to Euroclear, Clearstream, Luxembourg and/or such other applicable clearing agency.

 

		(4)	Any
                                         of the duties and obligations of the Agent set forth in this Clause 4 may, with the consent
                                         of the relevant Issuer, be delegated by the Agent with respect to a particular Series
                                         of Notes to a third party, provided such third party’s performance is subject to
                                         the overall supervision and control of the Agent.

 

		5.	Issue
                                         of Definitive bearer Notes

 

		(1)	The
                                         Agent shall deliver the relevant Definitive Bearer Note(s) in accordance with the terms
                                         of the relevant Temporary Global Note or the relevant Permanent Global Note where such
                                         Temporary Global Note or Permanent Global Note (as the case may be) is to be exchanged
                                         for one or more Definitive Bearer Note(s). For this purpose, the Agent is hereby authorised
                                         on behalf of the relevant Issuer:

 

    Page 14 

     

    

 

		(a)	to
                                         authenticate or arrange for authentication on its behalf (if so instructed by the relevant
                                         Issuer) of such Definitive Bearer Note(s); and

 

		(b)	to
                                         deliver such Definitive Bearer Note(s) to or to the order of Euroclear, Clearstream,
                                         Luxembourg and/or such other applicable clearing agency as is specified in the applicable
                                         Final Terms either in exchange for such Global Note or, in the case of a partial exchange,
                                         if it is a CGN, on entering details of any partial exchange of the Global Note in the
                                         relevant space in Schedule Two of such Global Note, or, if it is a New Global Note, on
                                         Euroclear and Clearstream, Luxembourg making the appropriate entries in their records
                                         to reflect such exchange; provided that the Agent shall only permit a partial exchange
                                         of Notes represented by a Permanent Global Note for Definitive Bearer Notes if the Notes
                                         which continue to be represented by such Permanent Global Note are regarded as fungible
                                         by Euroclear, Clearstream, Luxembourg and/or such other applicable clearing agency with
                                         the Definitive Bearer Notes issued in partial exchange therefor.

 

The
Agent shall notify the relevant Issuer forthwith upon receipt of a request for issue of Definitive Bearer Note(s) in accordance
with the provisions of a Global Note (and the aggregate nominal amount of such Temporary Global Note or Permanent Global Note,
as the case may be, to be exchanged in connection therewith).

 

		(2)	The
                                         relevant Issuer undertakes to deliver to the Agent, pursuant to a request for the issue
                                         of Definitive Bearer Notes under the terms of the relevant Global Note, sufficient numbers
                                         of executed Definitive Bearer Notes to enable the Agent to comply with its obligations
                                         under this Clause 5.

 

		(3)	Any
                                         of the duties and obligations of the Agent set forth in this Clause 5 may, with the consent
                                         of the relevant Issuer, be delegated by the Agent with respect to a particular Series
                                         of Notes to a third party, provided such third party’s performance is subject to
                                         the overall supervision and control of the Agent.

 

		6.	Exchanges

 

Upon
any exchange of all or a portion of an interest in a Temporary Global Note for an interest in a Permanent Global Note or for Definitive
Bearer Notes or upon any exchange of all or a portion of an interest in a Permanent Global Note for Definitive Bearer Notes, the
Agent shall (i) procure that the relevant Global Note shall, if it is a CGN, be endorsed to reflect the reduction of, or increase
in (as the case may be), its nominal amount by the aggregate nominal amount so exchanged and, where applicable, the Permanent
Global Note shall be endorsed by or on behalf of the Agent to reflect the increase in its nominal amount as a result of any exchange
for an interest in the Temporary Global Note or (ii) in the case of any Global Note which is a New Global Note, instruct Euroclear
and Clearstream, Luxembourg to make appropriate entries in their records to reflect such exchange. Until exchanged in full, the
holder of an interest in any Global Note shall in all respects be entitled to the same benefits as the holder of Definitive Bearer
Notes and Coupons authenticated and delivered hereunder, subject as set out in the Conditions and the relevant Global Note. The
Agent is hereby authorised on behalf of the relevant Issuer and instructed (a) in the

 

    Page 15 

     

    

 

case of any Global Note which is a CGN,
to endorse or to arrange for the endorsement of the relevant Global Note to reflect the reduction in the nominal amount represented
thereby by the amount so exchanged and, if appropriate, to endorse the Permanent Global Note to reflect any increase in the nominal
amount represented by it and, in either case, to sign in the relevant space on the relevant Global Note recording such exchange
and reduction or increase; (b) in the case of any Global Note which is a New Global Note, to instruct Euroclear and Clearstream,
Luxembourg to make appropriate entries in their records to reflect such exchange; and (c) in the case of a total exchange, to
cancel or arrange for the cancellation of the relevant Global Note. Any of the duties and obligations of the Agent set forth in
this Clause 6 may, with the consent of the relevant Issuer, be delegated by the Agent with respect to a particular Series of Notes
to a third party, provided such third party’s performance is subject to the overall supervision and control of the Agent.

 

		7.	Terms
                                         of Issue

 

		(1)	The
                                         Agent shall cause all Temporary Global Notes, Permanent Global Notes and Definitive Bearer
                                         Notes delivered to and held by it under this Agreement to be maintained in safe custody
                                         and shall ensure that such Notes are issued only in accordance with the provisions of
                                         this Agreement and the relevant Global Note and Conditions.

 

		(2)	Subject
                                         to the procedures set out in the Procedures Memorandum, for the purposes of Subclause
                                         7(1) the Agent is entitled to treat a telephone or facsimile communication from a person
                                         purporting to be (and who the Agent, after making reasonable investigation, believes
                                         in good faith to be) the authorised representative of the relevant Issuer named in the
                                         list referred to in, or notified pursuant to, Subclause 19(7) as sufficient instructions
                                         and authority of the relevant Issuer for the Agent to act in accordance with Subclause
                                         7(1).

 

		(3)	In
                                         the event that a person who has signed on behalf of any Issuer a master Temporary Global
                                         Note, a master Permanent Global Note or Definitive Bearer Notes not yet issued but held
                                         by the Agent in accordance with Subclause 7(1) ceases to be authorised as described in
                                         Subclause 19(7), the Agent shall (unless the relevant Issuer gives notice to the Agent
                                         that Notes signed by that person do not constitute valid and binding obligations of the
                                         relevant Issuer or otherwise until replacements have been provided to the Agent) continue
                                         to have authority to issue any such Notes, and the relevant Issuer hereby warrants to
                                         the Agent that such Notes shall, unless notified as aforesaid, be valid and binding obligations
                                         of the relevant Issuer. Promptly upon such person ceasing to be authorised, the relevant
                                         Issuer shall provide the Agent with replacement master Temporary Global Notes, master
                                         Permanent Global Notes and (if applicable) Definitive Bearer Notes and the Agent shall
                                         cancel and destroy the master Temporary Global Notes, master Permanent Global Notes and
                                         (if applicable) Definitive Bearer Notes held by it which are signed by such person and
                                         shall provide to the relevant Issuer a confirmation of destruction in respect thereof
                                         specifying the Notes so cancelled and destroyed.

 

		(4)	Unless
otherwise agreed in writing between the relevant Issuer and the Agent, each Note credited to the Agent’s distribution account
with Euroclear and Clearstream, Luxembourg (or, in the case of Notes in CGN form, such other applicable clearing agency) following
the delivery of a Temporary

 

    Page 16 

     

    

 

Global
Note or Permanent Global Note, as the case may be, to a common depositary or, as the case may be, a common safekeeper pursuant
to Subclause 3(1)(c), 3(1)(d), 4(1)(c) or 4(1)(d), respectively, shall be held to the order of the relevant Issuer. The Agent
shall procure that the nominal amount of Notes which the relevant Purchaser has agreed to purchase is:

 

		(a)	debited
                                         from the Agent’s distribution account; and

 

		(b)	credited
                                         to the securities account of such Purchaser with Euroclear, Clearstream, Luxembourg or,
                                         in the case of Notes in CGN form, such other clearing agency (as specified in the Letter
                                         from Lead Manager/Dealer as provided for in Annex C to the Procedures Memorandum set
                                         forth in Appendix D hereto), in each case only upon receipt by the Agent on behalf of
                                         the relevant Issuer of the purchase price due from the relevant Purchaser in respect
                                         of such Notes.

 

		(5)	Unless
                                         otherwise agreed in writing between the relevant Issuer and the Agent, if on the relevant
                                         Issue Date a Purchaser does not pay the full purchase price due from it in respect of
                                         any Note (the Defaulted Note) and, as a result, the Defaulted Note remains in
                                         the Agent’s distribution account with Euroclear and/or Clearstream, Luxembourg
                                         (or, in the case of Notes in CGN form, such other applicable clearing agency) after such
                                         Issue Date, the Agent will continue to hold the Defaulted Note to the order of the relevant
                                         Issuer. The Agent shall notify the relevant Issuer forthwith of the failure of the Purchaser
                                         to pay the full purchase price due from it in respect of any Defaulted Note and, subsequently,
                                         shall notify the relevant Issuer forthwith upon receipt from the Purchaser of the full
                                         purchase price in respect of such Defaulted Note.

 

		(6)	Unless
                                         otherwise agreed in writing between the relevant Issuer and the Agent, if the Agent pays
                                         an amount (the Advance) to the relevant Issuer on the basis that a payment (the
                                         Payment) will be received from a Purchaser and if the Payment is not received
                                         by the Agent on the date the Agent pays the relevant Issuer, the Agent shall notify the
                                         relevant Issuer by facsimile that the Payment has not been received and the relevant
                                         Issuer shall repay to the Agent the Advance and shall pay interest on the Advance (or
                                         the unreimbursed portion thereof) from (and including) the date such Advance is made
                                         to (but excluding) the earlier of repayment of the Advance and receipt by the Agent of
                                         the Payment (at a rate quoted at that time by the Agent as its cost of funding the Advance
                                         provided that evidence of the basis of such rate is given to the relevant Issuer).

 

		(7)	In
                                         the event of an issue of Notes that are listed on a Stock Exchange, the Agent will promptly,
                                         and in any event prior to the Issue Date in respect of such issue, send the applicable
                                         Final Terms to the relevant Stock Exchange.

 

		(8)	Execution
                                         in facsimile of any Notes and any photostatic copying or other duplication of the master
                                         Temporary Global Note or the master Permanent Global Note (in unauthenticated form, but
                                         executed manually on behalf of the relevant Issuer as stated above) shall be binding
                                         upon the relevant Issuer in the same manner as if such Notes were signed manually by
                                         such signatories.

 

    Page 17 

     

    

 

		8.	Payments

 

		(1)	The
                                         Agent shall advise the relevant Issuer, no later than ten Business Days (as defined in
                                         Subclause 8(2)) immediately preceding the date on which any payment is to be made to
                                         the Agent pursuant to this Subclause 8(1), of the payment amount, value date and payment
                                         instructions and the relevant Issuer shall on each date on which any payment in respect
                                         of any Bearer Notes becomes due, transfer to an account specified by the Agent not later
                                         than (unless otherwise agreed between the relevant Issuer and the Agent) the Payment
                                         Time such amount in the relevant currency as shall be sufficient for the purposes of
                                         such payment in funds settled through such payment system as the Agent and the relevant
                                         Issuer may agree. As used in this Subclause 8(1), the term Payment Time means
                                         (unless otherwise agreed between the relevant Issuer and the Agent) 2:00 p.m. local time
                                         in the principal financial centre of the country of the currency in which the payment
                                         falls is to be made (which in the case of payment of euro is London). Unless otherwise
                                         provided in the applicable Final Terms, the principal financial centre of any country
                                         for the purposes of this Subclause 8(1) shall be as provided in the ISDA Definitions
                                         on the Issue Date of such Series of Bearer Notes (except if the Specified Currency is
                                         Australian dollars or New Zealand dollars the principal financial centre shall be Sydney
                                         or Auckland, respectively).

 

		(2)	The
                                         relevant Issuer shall ensure that, no later than the third Business Day immediately preceding
                                         the date on which any payment is to be made to the Agent pursuant to Subclause 8(1),
                                         the Agent shall receive a confirmation from the relevant Issuer that such payment will
                                         be made. For the purposes of this Clause 8, Business Day has the meaning given
                                         to it in Condition 4(b).

 

		(3)	The
                                         Agent shall ensure that payments of both principal and interest in respect of Temporary
                                         Global Notes will be made only to the extent that certificates of non-U.S. beneficial
                                         ownership as required by U.S. Treasury regulations have been received from Euroclear
                                         and/or Clearstream, Luxembourg in accordance with the terms thereof (and the Agent shall
                                         retain each such certification on behalf of the relevant Issuer for four calendar years
                                         following the year in which the certification is received); provided, however, that no
                                         such certification will be required with respect to Notes that, as specified in the applicable
                                         Final Terms (i) have been issued in reliance on United States Treasury regulation Section
                                         1.163-5(c)(2)(i)(C) (“TEFRA C”) or (ii) have an initial maturity of
                                         183 days or less (taking into consideration unilateral rights to roll or extend), a minimum
                                         denomination of $500,000 (or the equivalent value in any other currency, determined at
                                         the spot rate on the date of issue) and are intended to comply with United States Treasury
                                         Regulations Section 1.6049-5T(b)(10).

 

		(4)	The
                                         Agent shall pay interest on the Notes only outside the United States and its possessions,
                                         within the meaning of United States Treasury regulation Section 1.163-5(c)(2)(v). No
                                         interest on Notes issued by TMCC shall be paid into an account maintained by the payee
                                         in the United States or mailed to an address in the United States unless otherwise permitted
                                         in the Conditions.

 

		(5)	Subject
                                         to the Agent being satisfied in its sole discretion that payment will be duly made as
                                         provided in Subclause 8(1), the Agent or the relevant Paying Agent shall pay or cause
                                         to be paid all amounts due in respect of the Bearer Notes on behalf of the relevant Issuer
                                         in the manner provided in the 

 

    Page 18 

     

    

 

Conditions. If any payment provided for in Subclause 8(1)
                                         is made late but otherwise in accordance with the provisions of this Agreement, the Agent
                                         and each Paying Agent shall nevertheless make payments in respect of the Bearer Notes
                                         as aforesaid following receipt by it of such payment.

 

		(6)	If
                                         for any reason the Agent considers in its sole discretion that the amounts to be received
                                         by the Agent pursuant to Subclause 8(1) will be, or the amounts actually received by
                                         it pursuant thereto are, insufficient to satisfy all claims in respect of all payments
                                         then falling due in respect of the Bearer Notes, the Agent shall then forthwith notify
                                         the relevant Issuer of such insufficiency and, until such time as the Agent has received
                                         the full amount of all such payments, neither the Agent nor any Paying Agent shall be
                                         obliged to pay any such claims.

 

		(7)	Without
                                         prejudice to Subclauses 8(5) and 8(6), if the Agent pays any amounts to the holders of
                                         Bearer Notes or Coupons or to any Paying Agent at a time when it has not received payment
                                         in full in respect of the relevant Bearer Notes in accordance with Subclause 8(1) (the
                                         excess of the amounts so paid over the amounts so received being the Shortfall),
                                         the relevant Issuer shall, in addition to paying amounts due under Subclause 8(1), pay
                                         to the Agent on demand interest (at a rate which represents the Agent’s actual
                                         overnight cost of funding the Shortfall as evidenced to the relevant Issuer by the provision
                                         of details of the calculation of the cost of funding) on the Shortfall (or the unreimbursed
                                         portion thereof) from (and including) the date such Shortfall is paid by the Agent to
                                         the holders of the Bearer Notes or Coupons or to any Paying Agent to (but excluding)
                                         the date of receipt in full by the Agent of the Shortfall. The Agent shall notify the
                                         relevant Issuer by facsimile as soon as practicable, it being understood that the relevant
                                         Issuer shall have the right to make such payment subsequently with good value as of such
                                         Business Day.

 

		(8)	The
                                         Agent shall on demand promptly reimburse each Paying Agent for payments in respect of
                                         Bearer Notes properly made by such Paying Agent in accordance with this Agreement and
                                         the Conditions unless the Agent has notified the Paying Agent, prior to the opening of
                                         business in the location of the office of the Paying Agent through which payment in respect
                                         of the Bearer Notes can be made on the due date of a payment in respect of the Bearer
                                         Notes, that the Agent does not expect to receive sufficient funds to make payment of
                                         all amounts falling due in respect of such Bearer Notes.

 

		(9)	Whilst
                                         any Bearer Notes are represented by Temporary Global Notes or Permanent Global Notes,
                                         all payments due in respect of such Notes shall be made to, or to the order of, the holder
                                         of the Global Notes, subject to and in accordance with the provisions of the Global Notes.
                                         On the occasion of any such payment, (i) in the case of a CGN, the Paying Agent to which
                                         the Global Note was presented for the purpose of making such payment shall cause the
                                         relevant Schedule to the Global Notes to be annotated so as to evidence the amounts and
                                         dates of such payments of principal and/or interest as applicable or (ii) in the case
                                         of any Global Note which is a New Global Note, the Agent shall instruct Euroclear and
                                         Clearstream, Luxembourg to make appropriate entries in their records to reflect such
                                         payment.

 

		(10)	If
                                         the amount of principal and/or interest then due for payment is not paid in full (otherwise
                                         than by reason of (a) FATCA Withholding Tax or (b) any other deduction required by law
                                         to be made therefrom), (i) the Paying Agent 

 

    Page 19 

     

    

 

to which a Temporary Global Note or Permanent
                                         Global Note is presented for the purpose of making such payment shall, unless the Note
                                         is a New Global Note, make a record of such shortfall on the relevant Schedule to the
                                         Global Note and such record shall, in the absence of manifest error, be prima facie evidence
                                         that the payment in question has not to that extent been made or (ii) in the case of
                                         any Global Note which is a New Global Note, the Agent shall instruct Euroclear and Clearstream,
                                         Luxembourg to make appropriate entries in their records to reflect such shortfall in
                                         payment.

 

		(11)	Each
                                         Paying Agent shall be entitled to deduct any applicable FATCA Withholding Tax and shall
                                         have no obligation to gross-up any payment hereunder or to pay any additional amount
                                         as a result of such applicable FATCA Withholding Tax.

 

		(12)	If
                                         the relevant Issuer reasonably determines that it will be required to withhold or deduct
                                         any FATCA Withholding Tax in connection with any payment due on any Notes, then the relevant
                                         Issuer will be entitled to re-direct or reorganise any such payment in any way that it
                                         sees fit in order that the payment may be made without FATCA Withholding Tax provided
                                         that any such re-direction or reorganisation of any payment is made through a recognised
                                         institution of international standing and such payment is otherwise made in accordance
                                         with this Agreement.

 

		9.	Determinations and Notifications in
                                         Respect of Notes

 

		(1)	The
                                         Agent shall make all such determinations and calculations (howsoever described) as it
                                         is required to do under the Conditions, all subject to and in accordance with the Conditions
                                         provided that certain calculations with respect to any Series of Notes may be made by
                                         an agent (the Calculation Agent) appointed by the relevant Issuer and acceptable
                                         to the Agent. The Agent may decline to act in the capacity described above in relation
                                         to a particular Series of Notes if (i) the Agent does not have the capacity to determine
                                         the rate of interest or redemption amount or any other calculation to be made in relation
                                         to such Series of Notes and (ii) such decision to decline is notified to the relevant
                                         Issuer by the Agent as soon as reasonably practicable after receipt by the Agent of the
                                         terms of such Series of Notes and, in any event, prior to the issue of such Series of
                                         Notes.

 

		(2)	The
                                         Agent shall not be responsible to any Issuer or to any third party (except in the event
                                         of negligence, wilful default or bad faith) as a result of the Agent having acted on
                                         any quotation given by any Reference Bank (as referred to in Condition 4(b)(iv)(E)) which
                                         subsequently may be found to be incorrect.

 

		(3)	The
                                         Agent shall promptly notify (and confirm in writing to) the relevant Issuer, the other
                                         Paying Agents, (in the case of Registered Notes issued by TCCI) the TCCI Registrar and
                                         the TCCI Transfer Agent, (in the case of Registered Notes issued by TMCC) the TMCC Registrar
                                         and the TMCC Transfer Agent and (in respect of a Series of Notes listed on a Stock Exchange)
                                         the relevant Stock Exchange (or other relevant authority) of, inter alia, each
                                         Rate of Interest, Interest Amount and Interest Payment Date and all other amounts, rates
                                         and dates which it is obliged to determine or calculate under the Conditions as soon
                                         as practicable after the determination thereof (and in any event no later than the tenth
                                         Business Day (as defined in Clause 8) immediately preceding the date on which any payment
                                         is to be made to the 

 

    Page 20 

     

    

 

Agent pursuant to Subclause 8(1)) and of any subsequent amendment
                                         thereto pursuant to the Conditions.

 

		(4)	The
                                         Agent shall use its best endeavours to cause each Rate of Interest, Interest Amount and
                                         Interest Payment Date and all other amounts, rates and dates which it is obliged to determine
                                         or calculate under the Conditions (or which is provided to the Agent by any other Calculation
                                         Agent appointed by the relevant Issuer as provided in Subclause 9(1)) to be published
                                         as required in accordance with the Conditions as soon as possible after their determination
                                         or calculation.

 

		(5)	If
                                         the Agent does not at any material time for any reason determine and/or calculate and/or
                                         publish the Rate of Interest, Interest Amount and/or Interest Payment Date in respect
                                         of any Interest Period or any other amount, rate or date as provided in this Clause 9,
                                         it shall forthwith notify the relevant Issuer, the other Paying Agents, (in the case
                                         of Registered Notes issued by TCCI) the TCCI Registrar and the TCCI Transfer Agent and
                                         (in the case of Registered Notes issued by TMCC) the TMCC Registrar and the TMCC Transfer
                                         Agent) of such fact.

 

		(6)	The
                                         Agent shall provide to the Dealer or Dealers with respect to any Series of Notes certification
                                         as to the completion of distribution of such Series of Notes.

 

		(7)	For
                                         purposes of monitoring the aggregate nominal amount of Notes (as “Notes”
                                         is defined in the Programme Agreement) issued and outstanding (as “outstanding”
                                         is defined in the Programme Agreement) under the Programme, the Agent shall determine
                                         the euro equivalent of the nominal amount of each issue of Notes (as “Notes”
                                         is defined in the Programme Agreement) denominated in a Specified Currency, other than
                                         euros as follows:

 

		(a)	the
                                         EUR equivalent of Notes denominated in a Specified Currency other than EUR shall be determined
                                         by the Agent as of 2:30 p.m. London time on the Issue Date for such Notes (save in the
                                         case of Notes issued prior to 28 September 2007 by TMCC under its U.S.$30,000,000,000
                                         Euro Medium-Term Note Program which remain outstanding where the EUR equivalent of such
                                         Notes denominated in a Specified Currency other than EUR was determined by the Agent
                                         as of 2.30 p.m. London time on 28 September 2007) by reference to the spot rate displayed
                                         on a page on the relevant Reuters service or Dow Jones Markets Limited or such other
                                         service as is agreed between the Agent and the relevant Issuer from time to time; 

 

		(b)	the
                                         EUR equivalent of Notes that are linked to an index or formula (Index Linked Notes),
                                         or where payment obligations under such Notes are denominated in more than one currency
                                         (Dual Currency Notes), shall be determined in the manner specified above in paragraph
                                         (a) by reference to the original nominal amount of such Notes; and

 

		(c)	the
                                         EUR equivalent of Zero Coupon Notes and other Notes issued at a discount shall be determined
                                         in the manner specified above in 

 

    Page 21 

     

    

 

paragraph (a) by reference to the net proceeds received
                                         by the relevant Issuer for the particular issue.

 

The
Agent shall promptly notify the relevant Issuer of each determination made as aforesaid.

 

		(8)	Without
                                         prejudice to Subclause 9(7), determinations with regard to Notes linked to an index or
                                         formula or number of currencies shall otherwise be made by the Calculation Agent specified
                                         in the applicable Final Terms in the manner specified in the applicable Final Terms.
                                         Unless otherwise agreed between the relevant Issuer and the relevant Purchaser or Purchasers
                                         of such Notes, such determinations shall be made on the basis of a Calculation Agency
                                         Agreement substantially in the form of Appendix C hereto.

 

		10.	Notice of Any Withholding
or Deduction

 

If
any Issuer is, in respect of any payments, compelled to withhold or deduct any amount for or on account of taxes, duties, assessments
or governmental charges as specifically contemplated under the Conditions, such Issuer shall give notice thereof to the Agent
as soon as it becomes aware of the requirement to make such withholding or deduction and shall give to the Agent such information
as it shall require to enable it to comply with such requirement.

 

		11.	Duties of the Agent in Connection
                                         with Early Redemption

 

		(1)	If
                                         the relevant Issuer decides to redeem any Notes for the time being outstanding prior
                                         to their Maturity Date in accordance with the Conditions, the relevant Issuer shall give
                                         notice of such decision to the Agent not less than five days before the date of the notice
                                         required to be given to the holders of the Notes under the Conditions or such shorter
                                         period that is acceptable to the Agent.

 

		(2)	If
                                         only some of the Notes of the same Series are to be redeemed on such date the Agent shall
                                         make the required drawing in accordance with the Conditions but shall give the relevant
                                         Issuer reasonable notice of the time and place proposed for such drawing and the relevant
                                         Issuer shall be entitled to send representatives to attend such drawing.

 

		(3)	The
                                         Agent shall publish the notice required in connection with any such redemption and shall
                                         at the same time also publish a separate list of serial numbers of any Notes previously
                                         drawn and not presented for redemption. Such notice shall specify the date fixed for
                                         redemption, the redemption amount, the manner in which redemption will be effected and,
                                         in the case of a partial redemption, the serial numbers of the Notes to be redeemed.
                                         Such notice will be published in accordance with the Conditions.

 

		12.	Publication of Notices

 

On
behalf of and at the request and expense of the relevant Issuer, the Agent shall cause to be published all notices required to
be given by the relevant Issuer in accordance with the Conditions. Forthwith upon the receipt by the Agent of a demand or notice
from any Noteholder in accordance with the Conditions, the Agent shall forward a copy thereof to the relevant Issuer.

    Page 22 

     

    

 

 

		13.	Cancellation, Resale and Reissuance
                                         of Notes, Coupons and Talons

 

		(1)	All
                                         Notes which are redeemed, all Global Notes which are exchanged in full, all Coupons which
                                         are paid and all Talons which are exchanged shall be cancelled by the Agent or Paying
                                         Agent by which they are redeemed, paid or exchanged. In addition, all Notes which are
                                         purchased or otherwise acquired pursuant to the Conditions by the relevant Issuer, together
                                         (in the case of Definitive Bearer Notes) with all unmatured Coupons or Talons (if any)
                                         attached thereto or purchased therewith, may, at the option of the relevant Issuer where
                                         the Issuer is TMF or TFA, either be (i) resold or reissued, or held by the relevant Issuer
                                         for subsequent resale or reissuance, or (ii) cancelled in which event such Notes and
                                         Coupons may not be resold or reissued. Where the Issuer is TCCI, unless otherwise specified
                                         in the applicable Final Terms, such Notes shall be surrendered (in the case of Bearer
                                         Notes) to any Paying Agent or in the case of Registered Notes, the TCCI Registrar or
                                         TCCI Transfer Agent for cancellation. Where the Issuer is TMCC, unless otherwise specified
                                         in the applicable Final Terms, such Notes shall be surrendered (in the case of Bearer
                                         Notes) to any Paying Agent or in the case of Registered Notes, the TMCC Registrar or
                                         TMCC Transfer Agent for cancellation. Where any Notes, Coupons or Talons are purchased
                                         and cancelled, resold or reissued, or held by the relevant Issuer for subsequent resale
                                         or reissuance, as aforesaid, the relevant Issuer shall procure that all relevant details
                                         are promptly given to the Agent and that all Notes, Coupons or Talons so cancelled are
                                         delivered to the Agent.

 

		(2)	Upon
                                         the written request of the relevant Issuer, a certificate stating:

 

		(a)	the
                                         aggregate nominal amount of Notes which have been redeemed and the aggregate amount paid
                                         in respect thereof;

 

		(b)	the
                                         number of Notes cancelled together (in the case of Definitive Bearer Notes) with details
                                         of all unmatured Coupons or Talons (if any) attached thereto or delivered therewith;

 

		(c)	the
                                         aggregate amount paid in respect of interest on the Notes;

 

		(d)	the
                                         total number by maturity date of Coupons and Talons so cancelled; and

 

		(e)	in
                                         the case of Definitive Bearer Notes, the serial numbers of such Notes,

 

shall
be given to the relevant Issuer by the Agent as soon as reasonably practicable and in any event within 30 days after the date
of such repayment or, as the case may be, payment or exchange.

 

		(3)	Subject
                                         to being duly notified in due time, the Agent shall give a certificate to the relevant
                                         Issuer, within three months of the date of purchase and cancellation or purchase and
                                         subsequent resale or reissuance of Notes as aforesaid, stating:

 

		(a)	the
                                         nominal amount of Notes so purchased and cancelled, resold or reissued;

 

    Page 23 

     

    

 

		(b)	in
                                         the case of Definitive Bearer Notes, the serial numbers of such Notes; and

 

		(c)	the
                                         total number by maturity date of the Coupons and Talons (if any) appertaining thereto
                                         and surrendered therewith or attached thereto.

 

		(4)	The
                                         Agent shall destroy all cancelled Notes, Coupons and Talons (unless otherwise instructed
                                         by the relevant Issuer) and, forthwith upon destruction and following the written request
                                         of the relevant Issuer, furnish the relevant Issuer with a certificate of the serial
                                         numbers of the Notes (in the case of Definitive Bearer Notes) and the number by maturity
                                         date of Coupons and Talons so destroyed.

 

		(5)	Without
                                         prejudice to the obligations of the Agent pursuant to Subclause 13(2), the Agent shall
                                         keep a full and complete record of all Notes, Coupons and Talons (other than serial numbers
                                         of Coupons, except those which have been replaced pursuant to Condition 10) and of all
                                         redeemed, cancelled or replacement Notes, Coupons or Talons (in the case of Definitive
                                         Bearer Notes, with details of all unmatured Coupons or Talons (if any) attached thereto
                                         or delivered therewith) including those issued in substitution for mutilated, defaced,
                                         destroyed, lost or stolen Notes, Coupons or Talons and of all Notes, Coupons or Talons
                                         which have been resold or reissued. The Agent shall at all reasonable times make such
                                         record available to the relevant Issuer and any person authorised by the relevant Issuer
                                         for inspection and for the taking of copies thereof or extracts therefrom.

 

		(6)	All
                                         records and certificates made or given pursuant to this Clause 13 and Clause 14 shall
                                         make a distinction between Notes, Coupons and Talons of each Series.

 

		(7)	The
                                         Agent is authorised by the relevant Issuer and instructed (a) in the case of any Global
                                         Note which is a CGN, to endorse or to arrange for the endorsement of the relevant Global
                                         Note to reflect the reduction in the nominal amount represented by it by the amount so
                                         redeemed or purchased and cancelled and (b) in the case of any Global Note which is a
                                         New Global Note, to instruct Euroclear and Clearstream, Luxembourg to make appropriate
                                         entries in their records to reflect such redemption or purchase and cancellation, as
                                         the case may be; provided, that, in the case of a purchase or cancellation, the relevant
                                         Issuer has notified the Agent of the same in accordance with Subclause 13(1).

 

		14.	Issue of Replacement Notes, Coupons
                                         and Talons

 

		(1)	The
                                         Issuers will cause a sufficient quantity of additional forms of Notes, Coupons and Talons
                                         to be available, upon request, to the Agent at its specified office for the purpose of
                                         issuing replacement Notes, Coupons and Talons as provided below.

 

		(2)	The
                                         Agent will, subject to and in accordance with the Conditions and the following provisions
                                         of this Clause 14, cause to be delivered any replacement Notes, Coupons and Talons which
                                         the relevant Issuer may determine to issue in place of Notes, Coupons and Talons which
                                         have been lost, stolen, mutilated, defaced or destroyed.

 

    Page 24 

     

    

 

		(3)	In
                                         the case of a mutilated or defaced Note, the Agent shall ensure that (unless otherwise
                                         covered by such indemnity as the relevant Issuer may require) any replacement Note will
                                         only have attached to it Coupons and Talons corresponding to those (if any) attached
                                         to the mutilated or defaced Note which is presented for replacement.

 

		(4)	The
                                         Agent shall not issue any replacement Note, Coupon or Talon unless and until the applicant
                                         therefor shall have:

 

		(a)	paid
                                         such reasonable costs as may be incurred in connection therewith;

 

		(b)	furnished
                                         it with such evidence (including evidence as to the serial number of such Note, Coupon
                                         or Talon) and indemnity or other security (which may include a bank guarantee and/or
                                         security) or otherwise as the relevant Issuer and the Agent may reasonably require; and

 

		(c)	in
                                         the case of any mutilated or defaced Note, Coupon or Talon, surrendered the same to the
                                         Agent.

 

		(5)	The
                                         Agent shall cancel any mutilated or defaced Notes, Coupons and Talons in respect of which
                                         replacement Notes, Coupons and Talons have been issued pursuant to this Clause 14 and
                                         shall furnish the relevant Issuer with a certificate stating the serial numbers of the
                                         Notes, Coupons and Talons so cancelled and, unless otherwise instructed by the relevant
                                         Issuer in writing, shall destroy such cancelled Notes, Coupons and Talons and furnish
                                         the relevant Issuer with a destruction certificate containing the information specified
                                         in Subclause 13(4).

 

		(6)	The
                                         Agent shall, on issuing any replacement Note, Coupon or Talon, forthwith inform the relevant
                                         Issuer and the Paying Agents of the serial number of such replacement Note, Coupon or
                                         Talon issued and (if known) of the serial number of the Note, Coupon or Talon in place
                                         of which such replacement Note, Coupon or Talon has been issued. Whenever replacement
                                         Coupons or Talons are issued pursuant to the provisions of this Clause 14, the Agent
                                         shall also notify the Paying Agents of the maturity dates of the lost, stolen, mutilated,
                                         defaced or destroyed Coupons or Talons and of the replacement Coupons or Talons issued.

 

		(7)	The
                                         Agent shall keep a full and complete record of all replacement Notes, Coupons and Talons
                                         issued and shall make such record available at all reasonable times to the relevant Issuer
                                         and any persons authorised by the relevant Issuer for inspection and for the taking of
                                         copies thereof or extracts therefrom.

 

		(8)	Whenever
                                         any Note, Coupon or Talon for which a replacement Note, Coupon or Talon has been issued
                                         and in respect of which the serial number is known is presented to the Agent or any of
                                         the Paying Agents for payment, the Agent or, as the case may be, the relevant Paying
                                         Agent shall immediately send notice thereof to the relevant Issuer and the Agent.

 

    Page 25 

     

    

 

		(9)	Notwithstanding
                                         any of the foregoing in this Clause 14, no issue of replacement Notes, Coupons and Talons
                                         shall be made or delivered in the United States.

 

		15.	Copies of this Agreement and Each
                                         Final Terms Available for Inspection

 

The
Agent and the Paying Agents shall, for as long as any Note remains outstanding, hold copies of this Agreement, the Credit Support
Agreements, the constitutional documents of each Issuer, TFS and the Parent, the Prospectus dated the date hereof and any supplement
to or replacement thereof produced from time to time, the forms of the temporary global, permanent global and definitive Notes
and each applicable Final Terms in relation to a Series of listed Notes or Notes offered to the public in the European Economic
Area, available for inspection. In addition, the Agent and the Paying Agents shall hold and shall make available, free of charge,
at their specified offices copies of the latest annual and any interim reports of the relevant Issuer and the Parent; provided,
however, that if a Paying Agent acts as a Paying Agent for only some of the Series of Notes issued under the Programme, such Paying
Agent need only hold the applicable Final Terms for the Series of Notes for which it acts as Paying Agent (and any documents specified
in the applicable Final Terms) and the other documents referenced in this Clause 15 shall be obtained by Noteholders from the
Agent or from Paying Agents that act as Paying Agents for all Series of Notes issued under the Programme. For this purpose, the
Issuers shall furnish the Agent and the Paying Agents with sufficient copies of the documents they are required to hold.

 

		16.	Commissions and Expenses

 

		(1)	The
                                         Issuers severally agree to pay to the Agent such fees and commissions as the Issuers
                                         and the Agent may separately agree in respect of the services of the Agent and the Paying
                                         Agents hereunder together with any out-of-pocket expenses (including legal, printing,
                                         postage, tax, cable and advertising expenses required in connection with the Notes issued
                                         hereunder) properly incurred by the Agent and the Paying Agents in connection with their
                                         said services.

 

		(2)	The
                                         Agent shall make payment of the fees and commissions due hereunder to the Paying Agents
                                         and shall reimburse their expenses promptly after the receipt of the relevant moneys
                                         from the Issuers. None of the Issuers shall be responsible for any such payment or reimbursement
                                         by the Agent to the Paying Agents.

 

17.       Indemnity

 

		(1)	The
                                         Issuers shall severally indemnify the Agent and each of the Paying Agents against any
                                         direct losses, liabilities, costs, claims, actions, demands or expenses (including, but
                                         not limited to, all reasonable costs, charges and expenses paid or incurred in disputing
                                         or defending any of the foregoing but excluding loss of profits) which it may incur or
                                         which may be made against the Agent or any Paying Agent as a result of or in connection
                                         with its appointment by the Issuers or the exercise of its powers and duties hereunder
                                         except such as may result from the Agent’s or any such Paying Agent’s own
                                         wilful default, negligence or bad faith or that of its officers, directors or 

 

    Page 26 

     

    

 

employees
                                         or the breach by it of the terms of this Agreement. Such indemnity shall survive the
                                         termination or expiry of this Agreement.

 

		(2)	The
                                         Agent and the Paying Agents shall not be liable for any action taken or omitted hereunder
                                         except for their own wilful default, negligence or bad faith or that of their respective
                                         officers, directors or employees or the breach by any of them of the terms of this Agreement.
                                         Neither the Agent nor any Paying Agent shall be liable for any consequential loss (being
                                         loss of business, goodwill, opportunity or profit) suffered by any Issuer.

 

		(3)	Neither
                                         the Agent nor any of the Paying Agents shall be responsible for the acts or failure to
                                         act of any other of them and each of the Agent and the Paying Agents shall severally
                                         indemnify each Issuer against any loss, liability, cost, claim, action, demand or expense
                                         (including, but not limited to, all reasonable costs, legal fees, charges and expenses
                                         paid or incurred in disputing or defending any of the foregoing) which any Issuer may
                                         incur or which may be made against it as a result of the breach by the Agent or such
                                         Paying Agents of the terms of this Agreement or its wilful default, negligence or bad
                                         faith or that of its officers, directors or employees. Such indemnity shall survive the
                                         termination or expiry of this Agreement.

 

		18.	Repayment by the Agent

 

The
Agent shall, forthwith on demand, upon the relevant Issuer being discharged from its obligation to make payments in respect of
any Notes under the relevant Conditions, and provided that there is no outstanding, bona fide and proper claim in respect of any
such payments, pay to the relevant Issuer sums equivalent to any amounts paid to it by the relevant Issuer in respect of such
Notes.

 

		19.	Conditions of Appointment

 

		(1)	The
                                         Agent shall be entitled to deal with money paid to it by any Issuer for the purpose of
                                         this Agreement in the same manner as other money paid to a banker by its customers except:

 

		(a)	that
                                         it shall not exercise any right of set-off, lien or similar claim in respect thereof;

 

		(b)	as
                                         provided in Subclause 19(2) below; and

 

		(c)	that
                                         it shall not be liable to account to any Issuer for any interest thereon except as otherwise
                                         agreed between the relevant Issuer and the Agent.

 

		(2)	In
                                         acting hereunder and in connection with the Notes, the Agent and the Paying Agents shall
                                         act solely as agents of the Issuers and will not thereby assume any obligations towards
                                         or relationship of agency or trust for or with any of the owners or holders of the Notes,
                                         Coupons or Talons. Moneys paid by any Issuer to the Agent for the payment of principal
                                         or interest on Notes remaining unclaimed at the end of five years after such principal
                                         or interest shall become due and payable shall be repaid to the relevant Issuer as provided
                                         and in the manner set forth in the Notes whereupon all liability of the Agent with respect
                                         thereto shall cease. All funds held by the Agent or the 

 

    Page 27 

     

    

 

Paying Agents need not be segregated
                                         from other funds, except as required by law.

 

		(3)	The
                                         Agent and the Paying Agents hereby undertake to the Issuers to perform such obligations
                                         and duties, and shall be obliged to perform such duties and only such duties, as are
                                         herein (including Appendix F hereto in the case of the Agent), in the Conditions and
                                         in the Procedures Memorandum specifically set forth, or are otherwise agreed to in writing
                                         by the relevant Issuer, the Agent and the Paying Agents as applicable, and no implied
                                         duties or obligations shall be read into this Agreement or the Notes against the Agent
                                         and the Paying Agents other than the duty to act honestly and in good faith and to exercise
                                         the diligence of a reasonably prudent agent in comparable circumstances. Each of the
                                         Paying Agents (other than the Agent) agrees that if any information that is required
                                         by the Agent to perform the duties set out in Appendix F hereto becomes known to it,
                                         it will promptly provide such information to the Agent.

 

		(4)	The
                                         Agent may consult with legal and other professional advisers and the opinion of such
                                         advisers shall be full and complete protection in respect of any action taken, omitted
                                         or suffered hereunder in good faith and in accordance with the opinion of such advisers.

 

		(5)	Each
                                         of the Agent and the Paying Agents shall be protected and shall incur no liability for
                                         or in respect of any action taken, omitted or suffered in reliance upon any instruction,
                                         request or order from any of the Issuers or any notice, resolution, direction, consent,
                                         certificate, affidavit, statement, cable or other paper or document which it reasonably
                                         believes to be genuine and to have been delivered, signed or sent by the proper party
                                         or parties or upon written instructions from any of the Issuers.

 

		(6)	Any
                                         of the Agent and the Paying Agents and their officers, directors and employees may become
                                         the owner of, or acquire any interest in, any Notes, Coupons or Talons with the same
                                         rights that it, he or she would have if the Agent or the relevant Paying Agent, as the
                                         case may be, concerned were not appointed hereunder, and may engage or be interested
                                         in any financial or other transaction with any of the Issuers and may act on, or as depositary,
                                         trustee or agent for, any committee or body of holders of Notes or Coupons or in connection
                                         with any other obligations of the Issuers as freely as if the Agent or the relevant Paying
                                         Agent, as the case may be, were not appointed hereunder.

 

		(7)	Each
                                         Issuer shall provide the Agent with a certified copy of the list of persons authorised
                                         to execute documents and take action on its behalf in connection with this Agreement
                                         and shall notify the Agent promptly in writing if any of such persons ceases to be so
                                         authorised or if any additional person becomes so authorised together, in the case of
                                         an additional authorised person, with evidence satisfactory to the Agent that such person
                                         has been so authorised.

 

		(8)	The
                                         amount of the Programme may be increased by the Issuers in accordance with the procedure
                                         set out in the Programme Agreement. Upon any increase being effected, all references
                                         in this Agreement to the amount of the Programme shall be deemed to be references to
                                         the increased amount.

 

    Page 28 

     

    

 

		(9)	The
                                         Agent and each Paying Agent shall be a person payments to whom are free from FATCA Withholding
                                         Tax at the time of such Agent’s or Paying Agent’s appointment.

 

		(10)	Payments
                                         made by TMCC are from U.S. source for U.S. federal tax purposes and are “withholdable
                                         payments” within the meaning of Section 1473(1) of the Code. Each of TMF, TCCI
                                         and TFA is an “NFFE” within the meaning of Treasury Regulation Section 1.1471-1(b)(80),
                                         and each of TMF, TCCI and TFA will advise the Agent if its status as an NFFE were to
                                         change, in which event, the relevant Issuer will provide the Agent with sufficient information
                                         to determine if and the amount of any payment to be made by such Issuer pursuant to this
                                         Agreement and the Conditions, if any, that constitutes a “passthru payment”
                                         within the meaning of Treasury Regulation Section 1.1471-1(b)(95) so as to enable the
                                         Agent to determine whether and in what amount the Agent or any other Paying Agent is
                                         obliged to make any withholding or deduction of applicable FATCA Withholding Tax. In
                                         the event that any Notes that were not subject to FATCA Withholding Tax by reason of
                                         being “grandfathered” lose such grandfathered status as a result of undergoing
                                         a “significant modification” within the meaning of Treasury Regulation Section
                                         1.1001-3(e), the relevant Issuer will inform the Agent and any other Paying Agent of
                                         any such loss of grandfathered status prior to the date on which any payments on such
                                         Notes would become subject to FATCA Withholding Tax.

 

		(11)	The
                                         Agent and any Paying Agent that is for the purposes of receiving payments under this
                                         Agreement not a “foreign person” within the meaning of U.S. Treasury Regulations
                                         Section 1.1441-1T(c)(2): (i) represents that it is a financial institution within
                                         the meaning of U.S. Treasury Regulations Section 1.1441-1T(c)(5), (ii) confirms that
                                         it will comply with all withholding requirements imposed on payments with respect to
                                         the Notes under Sections 1441, 1442, and the Foreign Account Tax Compliance Act and (iii) agrees
                                         that upon its appointment it will provide the Issuers with a properly completed, signed
                                         and valid IRS Form W-9.

 

		(12)	The
                                         Agent and any Paying Agent that is for the purposes of receiving payments under this
                                         Agreement a “foreign person” within the meaning of U.S. Treasury Regulations
                                         Section 1.1441-1T(c)(2): (i) represents that it is a “qualified intermediary”
                                         within the meaning of U.S. Treasury Regulations Section 1.1441-1T(e)(5)(ii), will remain
                                         so, and will assume primary chapter 3 and chapter 4 withholding and 1099 reporting and
                                         (ii) agrees that upon its appointment it will provide the Issuers with a properly completed,
                                         signed and valid IRS Form W-8IMY, with its Global Intermediary Identification Number
                                         included thereon and identifying itself as a qualified intermediary that has undertaken
                                         primary responsibility for chapter 3 and chapter 4 withholding and 1099 reporting.

 

		20.	Communication Between the
Parties

 

A
copy of all communications relating to the subject matter of this Agreement between any Issuer and any holders of Notes or Coupons
and any of the Paying Agents shall be sent to the Agent by the relevant Paying Agent and the Agent shall forthwith promptly deliver
a copy of any such communication to the relevant Issuer.

 

    Page 29 

     

    

 

 

		21.	Changes in Agent and Paying
Agents

 

		(1)	Each
                                         Issuer agrees that, until no Note is outstanding or until moneys for the payment of all
                                         amounts in respect of all outstanding Notes have been made available to the Agent and
                                         have been returned to the relevant Issuer as provided herein (whichever is the later):

 

		(a)	so
                                         long as any Notes are admitted to trading or listed on any Stock Exchange or other relevant
                                         authority, there will at all times be a Paying Agent with a specified office in such
                                         place as may be required by the rules and regulations of the relevant Stock Exchange
                                         or other relevant authority; and

 

		(b)	there
                                         will at all times be an Agent.

 

In
addition, the Issuers shall appoint a Paying Agent having a specified office in the United States only in the circumstances described
in the final paragraph of Condition 5(d). Any variation, termination, appointment or change shall only take effect (other than
in the case of insolvency, when it shall be of immediate effect) after not less than 30 nor more than 45 days prior notice thereof
shall have been given to the Noteholders in accordance with Condition 16.

 

		(2)	The
                                         Agent may (subject as provided in Subclause 21(4)) at any time resign as Agent by giving
                                         written notice to the Issuers of such intention on its part, specifying the date on which
                                         its desired resignation shall become effective; provided that such date shall never be
                                         less than three months after the receipt of such notice by the Issuers unless the Issuers
                                         agree to accept less notice.

 

		(3)	The
                                         Agent may (subject as provided in Subclause 21(4)) be removed at any time by the filing
                                         with it of an instrument in writing signed on behalf of the Issuers specifying such removal
                                         and the date when it shall become effective.

 

		(4)	Any
                                         resignation under Subclause 21(2) or removal under Subclause 21(3) shall only take effect
                                         upon the appointment by the Issuers of a successor Agent and (other than in cases of
                                         insolvency of the Agent) on the expiry of the notice to be given under Clause 23. If,
                                         by the day falling 10 days before the expiry of any notice under Subclause 21(2), the
                                         Issuers have not appointed a successor Agent, then the Agent shall be entitled, on behalf
                                         of the Issuers, to appoint as a successor Agent in its place such reputable financial
                                         institution of good standing as it may reasonably determine to be capable of performing
                                         the duties of the Agent hereunder.

 

		(5)	In
                                         case at any time the Agent and/or any Paying Agent resigns, or is removed, or becomes
                                         incapable of action or is adjudged bankrupt or insolvent, or files a voluntary petition
                                         in bankruptcy or makes an assignment for the benefit of its creditors or consents to
                                         the appointment of an administrator, liquidator or administrative or other receiver of
                                         all or a substantial part of its property, or if an administrator, liquidator or administrative
                                         or other receiver of it or all or a substantial part of its property is appointed, or
                                         it admits in writing its inability to pay or meet its debts as they become due, or if
                                         an order of any court is entered approving any petition filed by or against it under
                                         the provisions of any applicable bankruptcy or insolvency law or if any officer takes
                                         charge or control of it or of its property

 

    Page 30 

     

    

 

or affairs for the purpose of rehabilitation,
                                         administration or liquidation, a successor Agent and/or Paying Agent may be appointed
                                         by the Issuers by an instrument in writing filed with the successor Agent and/or Paying
                                         Agent. Upon the appointment as aforesaid of a successor Agent and/or Paying Agent and
                                         acceptance by the latter of such appointment and (other than in the case of insolvency
                                         of the Agent and/or Paying Agent when it shall be of immediate effect) upon expiry of
                                         the notice to be given under Clause 23, the Agent and/or Paying Agent so superseded shall
                                         cease to be an Agent and/or a Paying Agent hereunder

 

		(6)	Subject
                                         to Subclause 21(1), the Issuers may, after prior consultation with the Agent, terminate
                                         the appointment of any of the other Paying Agents at any time and/or appoint one or more
                                         further Paying Agents located outside the United States (either for all Notes issued
                                         under the Programme or with respect to a particular Series of Notes) by giving to the
                                         Agent, and to the relevant Paying Agent, at least 45 days’ notice in writing to
                                         that effect, or such lesser notice as is agreed to by the Agent, the Issuers and the
                                         relevant Paying Agent; and any Issuer may, in respect of a particular Series of Notes
                                         only, appoint one or more further Paying Agents which appointment shall take effect on
                                         the date of such appointment.

 

		(7)	Subject
                                         to Subclause 21(1), all or any of the Paying Agents (other than the Agent) may resign
                                         their respective appointments hereunder at any time by giving the Issuers and the Agent
                                         at least 45 days’ written notice to that effect.

 

		(8)	Upon
                                         its resignation or removal becoming effective, the Agent or the relevant Paying Agent:

 

		(a)	shall,
                                         in the case of the Agent, forthwith transfer all moneys held by it hereunder and the
                                         records referred to in Subclauses 13(5) and 14(7) to the successor Agent hereunder; and

 

		(b)	shall
                                         be entitled to the payment by the Issuers of its commissions and fees for the services
                                         theretofore rendered hereunder in accordance with the terms of Clause 16 and to the reimbursement
                                         of all reasonable out-of-pocket expenses (including legal fees and together with any
                                         applicable value added tax or similar tax thereon) incurred in connection therewith.

 

		(9)	Upon
                                         its appointment becoming effective, a successor Agent and any new Paying Agent shall,
                                         without further act, deed or conveyance, become vested with all the authority, rights,
                                         powers, trust, immunities, duties and obligations of such predecessor with like effect
                                         as if originally named as Agent or (as the case may be) a Paying Agent hereunder.

 

		(10)	In
                                         the case of any Series of Notes to be issued by TCCI in registered form TCCI has appointed
                                         a registrar, transfer agent and paying agent pursuant to the TCCI Note Agency Agreement.

 

		(11)	In
                                         the case of any Series of Notes to be issued by TMCC in registered form TMCC has appointed
                                         a registrar, transfer agent and paying agent pursuant to the TMCC Note Agency Agreement.

 

    Page 31 

     

    

 

		(12)	Not
                                         less than 60 days prior to the date of any affected payment, the Agent and each Paying
                                         Agent agrees that it shall notify TMCC in writing if any of Subclause 19(9) and Subclause
                                         19(11) or 19(12), as applicable to such Agent or Paying Agent, cease to be true, or if
                                         the Agent or any Paying Agent believes that it will no longer be able to comply with
                                         such Subclauses. Any such notice shall constitute notice of resignation by such Paying
                                         Agent under this Agreement with respect to Notes issued by TMCC.

 

		22.	Merger and Consolidation

 

Any
corporation into which the Agent or any Paying Agent may be merged, or any corporation with which the Agent or any of the Paying
Agents may be consolidated, or any corporation resulting from any merger or consolidation to which the Agent or any of the Paying
Agents shall be a party, or any corporation to which the Agent or any of the Paying Agents shall sell or otherwise transfer all
or substantially all the assets of the Agent or any Paying Agent shall, on the date when such merger, consolidation or transfer
becomes effective and to the extent permitted by any applicable laws, become the successor Agent or, as the case may be, Paying
Agent under this Agreement without the execution or filing of any paper or any further act on the part of the parties hereto,
unless otherwise required by the Issuers, and after the said effective date all references in this Agreement to the Agent or,
as the case may be, such Paying Agent shall be deemed to be references to such corporation. Written notice of any such merger,
consolidation or transfer shall forthwith be given to the Issuers by the relevant Agent or Paying Agent.

 

		23.	Notifications

 

Following
receipt of notice of resignation from the Agent or any Paying Agent and forthwith upon appointing a successor Agent or, as the
case may be, further or other Paying Agents for any Series of Notes outstanding prior to the date of such appointment or on giving
notice to terminate the appointment of any Agent or, as the case may be, Paying Agent, the relevant Issuer shall give or cause
to be given not more than 45 days’ nor less than 30 days’ notice thereof to any Noteholders affected by such termination
or appointment in accordance with the Conditions.

 

		24.	Change of Specified Office

 

The
specified office of the Agent shall be One Canada Square, Canary Wharf, London E14 5AL, United Kingdom. If the Agent or any
Paying Agent determines to change its specified office, it shall give to the Issuers and (if applicable) the Agent written notice
of such determination giving the address of the new specified office which shall be in the same city and stating the date on which
such change is to take effect, which shall not be less than 45 days thereafter. The Agent (on behalf of the Issuers) shall within
15 days of receipt of such notice (unless the appointment of the Agent or the relevant Paying Agent, as the case may be, is to
terminate pursuant to Clause 21 on or prior to the date of such change) give or cause to be given not more than 45 days’
nor less than 30 days’ notice thereof to the Noteholders in accordance with the Conditions; provided, however, that if a
Paying Agent acts as Paying Agent for only some of the Series of Notes under the Programme, notice need be given only to holders
of the Notes of those Series in relation to which the Paying Agent acts as Paying Agent.

 

    Page 32 

     

    

 

		25.	Notices

 

		(1)	Any
                                         notice or communication given hereunder shall be sufficiently given or served:

 

		(a)	if
                                         delivered in person to the relevant address specified on the signature pages hereof (or
                                         to such other address as is specified in writing and delivered to the relevant parties
                                         to this Agreement) and, if so delivered, shall be deemed to have been delivered at time
                                         of receipt;

 

		(b)	if
                                         sent by facsimile to the relevant number specified on the signature pages hereof (or
                                         to such other facsimile number as is specified in writing and delivered to the relevant
                                         parties to this Agreement) and, if so sent, shall be deemed to have been delivered upon
                                         transmission provided such transmission is confirmed when an acknowledgment of receipt
                                         is received; or

 

		(c)	if
                                         sent by email to the relevant email address specified on the signature pages hereof (or
                                         to such other address as is specified in writing and delivered to the relevant parties
                                         to this Agreement) and, if so sent, shall be deemed to have been delivered at the time
                                         of confirmation by telephone.

 

		(2)	A
                                         copy of any notice served in accordance with Subclause 25(1) shall be given to the Parent
                                         and TFS at:

 

	Toyota Motor Corporation
	Nagoya Office
	7-1, Meieki 4-chome
	Nakamura-ku
	Nagoya City
	Aichi Prefecture 450-8711
	Japan
	 	 
	Telephone:	052
    552 0721
	Telefax:	052
    552 3745
	Attention:	Group
    Manager of Affiliated Companies Finance Division
	 	 
	Toyota Financial Services Corporation
	Nagoya Lucent Tower
	6-1, Ushijima-cho
	Nishi-ku
	Nagoya City
	Aichi Prefecture 451-6015
	Japan
	 	 
	Telephone:	052
    217 2414
	Telefax:	052
    587 7931
	Attention:	Group
    Vice President of Risk Management

 

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		26.	Taxes and Stamp Duties

 

The
Issuers agree to pay any and all stamp and other documentary taxes or duties (other than any interest or penalties arising as
a result of a failure by any other person to account promptly to the relevant authorities for any such duties or taxes after such
person shall have received from the relevant Issuer the full amount payable in respect thereof) which may be payable in connection
with the execution, delivery, performance and enforcement of this Agreement.

 

		27.	Currency Indemnity

 

If,
under any applicable law and whether pursuant to a judgment being made or registered against any Issuer or in the liquidation,
insolvency or analogous process of any Issuer or for any other reason, any payment under or in connection with this Agreement
is made or is to be satisfied in a currency (the other currency) other than that in which the relevant payment is expressed
to be due (the required currency) under this Agreement, then, to the extent that the payment (when converted into the required
currency at the rate of exchange on the date of payment or, if it is not practicable for the Agent or the relevant Paying Agent
to purchase the required currency with the other currency on the date of payment, at the rate of exchange as soon thereafter as
it is practicable for it to do so or, in the case of a liquidation, insolvency or analogous process at the rate of exchange on
the latest date permitted by applicable law for the determination of liabilities in such liquidation, insolvency or analogous
process) actually received by the Agent or the relevant Paying Agent falls short of the amount due under the terms of this Agreement,
such Issuer undertakes that it shall, as a separate and independent obligation, indemnify and hold harmless the Agent and the
relevant Paying Agent against the amount of such shortfall. For the purpose of this Clause 27, rate of exchange means the
rate at which the Agent or the relevant Paying Agent is able on the London foreign exchange market on the relevant date to purchase
the required currency with the other currency and shall take into account any premium and other costs of exchange.

 

		28.	Amendments: Meetings of
Holders

 

		(1)	Provisions
                                         for meetings of holders of Registered Notes issued by TCCI and amendment of the TCCI
                                         Note Agency Agreement are set out in the TCCI Note Agency Agreement. Provisions for meetings
                                         of holders of Registered Notes issued by TMCC and amendment of the TMCC Note Agency Agreement
                                         are set out in the TMCC Note Agency Agreement. This Clause 28 applies to Bearer Notes
                                         and any reference in this Clause 28 to “Notes” is to Bearer Notes.

 

		(2)	This
                                         Agreement, the Notes and any Coupons attached to the Notes may be amended by the Issuers
                                         or the relevant Issuer, as the case may be, and the Agent, without the consent of the
                                         holder of any Note or Coupon (a) for the purpose of curing any ambiguity, or of curing,
                                         correcting or supplementing any defective provision contained herein or therein, or to
                                         evidence the succession of another corporation to the relevant Issuer as provided in
                                         Condition 13 or provide for substitution of the relevant Issuer as provided in Condition
                                         14, (b) to make any further modifications of the terms of this Agreement necessary or
                                         desirable to allow for the issuance of any additional Notes (which modifications shall
                                         not be materially adverse to holders of outstanding Notes), or (c) in any manner which
                                         the Issuers or the relevant Issuer, as the case may be, and the Agent may deem necessary
                                         or desirable 

 

    Page 34 

     

    

 

and which shall not materially adversely affect the interests of the holders
                                         of the Notes and Coupons. In addition, with the written consent of holders of a majority
                                         in aggregate nominal amount of the Notes then outstanding affected thereby, or by resolution
                                         adopted by the holders of a majority in aggregate nominal amount of Notes then outstanding
                                         present or represented at a meeting of the holders of the Notes affected thereby at which
                                         a quorum is present (provided that such resolution shall be approved by the holders of
                                         not less than 25 per cent. of the aggregate nominal amount of Notes then outstanding
                                         affected thereby), this Agreement or the terms and conditions of the Notes and Coupons
                                         may be modified or amended by the parties hereto or thereto, and future compliance and
                                         past defaults waived, in each case as provided in Conditions 9 and 15 and subject to
                                         the limitations therein provided (including that no such agreement shall, without the
                                         consent or the affirmative vote of the holder of each Note affected thereby, (i) change
                                         the stated maturity of the principal of or any interest on any Note, (ii) reduce
                                         the nominal amount of or interest on any Note, (iii) change the obligation of the
                                         Issuer to pay Additional Amounts as provided in Condition 7, (iv) reduce the percentage
                                         in nominal amount of outstanding Notes the consent of the holders of which is necessary
                                         to modify or amend this Agreement or the terms and conditions of the Notes or to waive
                                         any future compliance or past default, or (v) reduce the percentage in nominal amount
                                         of outstanding Notes the consent of the holders of which is required at any meeting of
                                         holders of Notes at which a resolution is adopted).

 

		(3)	A
                                         meeting of holders of Notes may be called by the holders of at least 10 per cent. in
                                         nominal amount of the outstanding Notes of the relevant Series at any time and from time
                                         to time to make, give or take any request, demand, authorisation, direction, notice,
                                         consent, waiver or other action provided by this Agreement or the Notes to be made, given
                                         or taken by holders of Notes.

 

		(4)	The
                                         Agent may at any time call a meeting of holders of Notes of any Series for any purpose
                                         specified in Subclause 28(2) to be held at such time and at such place in the City of
                                         New York or in London, as the Agent and the relevant Issuer shall determine. Notice of
                                         every meeting of holders of Notes, setting forth the time and the place of such meeting
                                         and in general terms the action proposed to be taken at such meeting, shall be given
                                         by the Agent to the relevant Issuer and to the holders of the Notes, in the same manner
                                         as provided in Condition 16, not less than 21 nor more than 180 days prior to the date
                                         fixed for the meeting. In the case at any time the relevant Issuer or the holders of
                                         at least 10 per cent. in nominal amount of the outstanding Notes shall have requested
                                         the Agent to call a meeting of the holders to take any action authorised in Subclause
                                         28(2), by written request setting forth in reasonable detail the action proposed to be
                                         taken at the meeting, and the Agent shall not have given notice of such meeting within
                                         21 days after receipt of such request or shall not thereafter proceed to cause the meeting
                                         to be held as provided herein, then the relevant Issuer, or the holders of Notes in the
                                         amount above-specified, as the case may be, may determine the time and the place in the
                                         City of New York or London for such meeting and may call such meeting by giving notice
                                         thereof as provided in this Subclause 28(4).

 

		(5)	To
                                         be entitled to vote at any meeting of holders of Notes, a person shall be a holder of
                                         outstanding Notes at the time of such meeting, or a person appointed by an instrument
                                         in writing as proxy for such holder.

 

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		(6)	The
                                         quorum at any meeting called to adopt a resolution will be persons holding or representing
                                         a majority in aggregate nominal amount of the Notes then outstanding affected thereby.
                                         In the absence of a quorum, within 30 minutes of the time appointed for any such meeting,
                                         the meeting may be adjourned for a period of not less than 10 days as determined by the
                                         chairman of the meeting prior to the adjournment of such meeting. In the absence of a
                                         quorum at any such adjourned meeting, such adjourned meeting may be further adjourned
                                         for a period of not less than 10 days as determined by the chairman of the meeting prior
                                         to the adjournment of such adjourned meeting. Notice of the reconvening of any adjourned
                                         meeting shall be given as provided in Subclause 28(4) except that such notice need be
                                         given not less than five days prior to the date on which the meeting is scheduled to
                                         be reconvened. Notice of the reconvening of an adjourned meeting shall state expressly
                                         the percentage of the nominal amount of the outstanding Notes which shall constitute
                                         a quorum.

 

The
quorum at any adjourned meeting will be one or more persons holding or representing 25 per cent. in aggregate nominal amount
of such Notes then outstanding affected thereby. Any meeting of holders of Notes at which a quorum is present may be adjourned
from time to time by vote of a majority in nominal amount of the outstanding Notes represented at the meeting, and the meeting
may be held as so adjourned without further notice. At a meeting or an adjourned meeting duly reconvened and at which a quorum
is present as aforesaid, any resolution and all matters shall be effectively passed and decided if passed or decided by the persons
entitled to vote a majority in nominal amount of the outstanding Notes represented and voting at such meeting, provided that such
amount approving such resolution shall be not less than 25 per cent. in nominal amount of the outstanding Notes.

 

		(7)	Any
                                         modifications, amendments or waivers under this Clause 28 to this Agreement or to the
                                         terms and conditions of the Notes and Coupons will be conclusive and binding on all holders
                                         of Notes and Coupons, whether or not they have given such consent or were present at
                                         any meeting, and whether or not notation of such modifications, amendments or waivers
                                         is made upon the Notes and Coupons. It shall not be necessary for the consent of the
                                         holders of Notes under Condition 15 to approve the particular form of any proposed amendment,
                                         but it shall be sufficient if such consent shall approve the substance thereof.

 

		(8)	Notes
                                         authenticated and delivered after the execution of any amendment under this Clause 28
                                         to this Agreement, the Notes or Coupons may bear a notation in form approved by the Agent
                                         as to any matter provided for in such amendment to this Agreement. New Notes so modified
                                         as to conform, in the opinion of the Agent and the relevant Issuer, to any modification
                                         contained in any such amendment may be prepared by the relevant Issuer, authenticated
                                         by the Agent and delivered in exchange for the Notes then outstanding affected thereby.

 

		(9)	The
                                         Agent may make such reasonable regulations as it may deem advisable for any meeting of
                                         holders of Notes in regard to proof of the holding of Notes and of the appointment of
                                         proxies and in regard to the appointment and duties of inspectors of votes, the submission
                                         and examination of proxies, certificates and other evidence of the right to vote, and
                                         such other matters concerning the 

 

    Page 36 

     

    

 

conduct of the meeting as it shall deem appropriate.
                                         The Agent shall, by an instrument in writing, appoint a temporary chairman of the meeting,
                                         unless the meeting shall have been called by the relevant Issuer or holders of Notes
                                         as provided above, in which case the relevant Issuer or the holders of Notes calling
                                         the meeting, as the case may be, shall in like manner appoint a temporary chairman. A
                                         permanent chairman and a permanent secretary of the meeting shall be elected by vote
                                         of the persons entitled to vote a majority in nominal amount of the outstanding Notes
                                         represented at the meeting. The chairman of the meeting shall have no right to vote,
                                         except as a holder of Notes or proxy. A record, at least in triplicate, of the proceedings
                                         of each meeting of holders of Notes shall be prepared, and one such copy shall be delivered
                                         to the relevant Issuer and another to the Agent to be preserved by the Agent.

 

		29.	Calculation Agency Agreement

 

A
form of calculation agency agreement is set out in Appendix C hereto. Where the Conditions require functions to be carried out
by a Calculation Agent other than the Agent, the relevant Issuer may execute such an agreement or an agreement in such other form
as such Issuer and the Calculation Agent may agree.

 

		30.	Redenomination and Exchange

 

		(1)	Redenomination

 

Where
redenomination (Redenomination) is specified in the applicable Final Terms as being applicable, and unless otherwise specified
in the applicable Final Terms, the relevant Issuer may, without the consent of any Noteholder or Couponholder, on giving prior
notice to Euroclear, Clearstream, Luxembourg and the Agent or, in the case of Registered Notes issued by TCCI, the TCCI Registrar
and the TCCI Transfer Agent or, in the case of Registered Notes issued by TMCC, the TMCC Registrar and the TMCC Transfer Agent
and at least 30 days’ prior notice to Noteholders as provided in Condition 16, designate a Redenomination Date. With effect
from the Redenomination Date, notwithstanding the other provisions of the Conditions:

 

		(a)	the
                                         Notes shall (unless already so provided by mandatory provisions of applicable law) be
                                         deemed to be redenominated in euro in the denomination of euro 0.01 with a nominal amount
                                         for each Note equal to the nominal amount of the Note in the original Specified Currency,
                                         converted into euro at the Established Rate, and the Specified Currency shall be deemed
                                         to be Euro; provided that, if the relevant Issuer determines, after consultation with
                                         the Agent or, in the case of Registered Notes issued by TCCI, the TCCI Registrar and
                                         the TCCI Transfer Agent or, in the case of Registered Notes issued by TMCC, the TMCC
                                         Registrar and the TMCC Transfer Agent, that the then market practice in respect of the
                                         redenomination into euro of internationally offered securities is different from the
                                         provisions specified above in this Subclause 30(1)(a) or in the applicable Final Terms,
                                         such provisions shall be deemed to be amended so as to comply with such market practice
                                         and the relevant Issuer shall promptly notify the Noteholders, the stock exchange (if
                                         any) on which the Notes may be listed and the Agent and Paying Agent(s) or, 

 

    Page 37 

     

    

 

in the case
                                         of Registered Notes issued by TCCI, the TCCI Registrar and the TCCI Transfer Agent or,
                                         in the case of Registered Notes issued by TMCC, the TMCC Registrar and the TMCC Transfer
                                         Agent of such deemed amendments;

 

		(b)	if
                                         Definitive Notes are required to be issued after the Redenomination Date, they shall
                                         be issued at the expense of the relevant Issuer in the denominations of euro 1,000, euro
                                         10,000 and euro 100,000 and (but only to the extent of any remaining amounts less than
                                         euro 1,000 or such smaller denominations as the Agent or, in the case of Registered Notes
                                         issued by TCCI, the TCCI Registrar and the TCCI Transfer Agent or, in the case of Registered
                                         Notes issued by TMCC, the TMCC Registrar and the TMCC Transfer Agent may approve) euro
                                         0.01 and such other denominations as the relevant Issuer, after consultation with the
                                         Agent or, in the case of Registered Notes issued by TCCI, the TCCI Registrar and the
                                         TCCI Transfer Agent or, in the case of Registered Notes issued by TMCC, the TMCC Registrar
                                         and the TMCC Transfer Agent, shall determine and notify to Noteholders;

 

		(c)	if
                                         Definitive Notes have been issued, all unmatured Coupons denominated in the original
                                         Specified Currency (whether or not attached to the Notes) will become void and no payments
                                         will be made in respect of them with effect from the date on which the relevant Issuer
                                         gives notice (the Exchange Notice) that Euro-denominated Notes and Coupons are
                                         available for exchange (provided that such securities are so available). New certificates
                                         in respect of Euro-denominated Notes and Coupons will be issued in exchange for Notes
                                         and Coupons in the original Specified Currency in such manner as the relevant Issuer,
                                         after consultation with the Agent or, in the case of Registered Notes issued by TCCI,
                                         the TCCI Registrar and the TMCC Transfer Agent or, in the case of Registered Notes issued
                                         by TMCC, the TMCC Registrar and the TMCC Transfer Agent, may specify and shall be notified
                                         to Noteholders in the Exchange Notice. No Exchange Notice may be given less than 15 days
                                         prior to any date for payment of principal or interest on the Notes;

 

		(d)	after
                                         the Redenomination Date, all payments in respect of the Notes and the Coupons (other
                                         than, unless the Redenomination Date is on or after such date as the original Specified
                                         Currency ceases to be a subdivision of the euro, payments of interest in respect of periods
                                         commencing before the Redenomination Date) will be made solely in euro as though references
                                         in the Notes and the Coupons to the Specified Currency were to euro. Such payments will
                                         be made in euro by credit or transfer to a euro account (or any other account to which
                                         euro may be credited or transferred) specified by the payee or by cheque; provided, however,
                                         that a cheque may not be delivered to an address in, and an amount may not be transferred
                                         to an account at a bank located in, the United States of America or its possessions except
                                         as provided in Condition 5(d);

 

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		(e)	after
                                         the Redenomination Date, Business Day in relation to any sum payable in euro shall
                                         mean a day on which commercial banks and foreign exchange markets settle payments and
                                         are open for general business (including dealings in foreign exchange and foreign currency
                                         deposits) in London and a day on which the TARGET2 system is open. After the Redenomination
                                         Date, Payment Day shall mean (A) a Business Day as defined herein and (B)
                                         a day on which commercial banks are open for general business (including dealings in
                                         foreign exchange and foreign currency deposits) in the relevant place of presentation;

 

		(f)	if
                                         Definitive Notes have been issued, after the Redenomination Date, the amount of interest
                                         due in respect of Notes will be calculated by reference to the aggregate nominal amount
                                         of Notes presented (or, as the case may be, in respect of which Coupons are presented)
                                         for payment by the relevant holder and the amount of such payment shall be rounded down
                                         to the nearest euro 0.01. If the Notes are in global form, after the Redenomination Date,
                                         the amount of interest due in respect of Notes represented by the Global Note will be
                                         calculated by reference to the aggregate nominal amount of such Notes and the amount
                                         of such payment shall be rounded down to the nearest euro 0.01; and

 

		(g)	the
                                         applicable Final Terms will specify any relevant changes to the provisions relating to
                                         interest, including without limitation, any change to the applicable Day Count Fraction
                                         and Business Day Convention.

 

		(2)	Exchange

 

Where
exchange (Exchange) is specified in the applicable Final Terms as being applicable, and unless otherwise specified in the
applicable Final Terms, the relevant Issuer may, without the consent of any Noteholder or Couponholder, on giving prior notice
to Euroclear, Clearstream, Luxembourg and the Agent or, in the case of Registered Notes issued by TCCI, the TCCI Registrar and
the TCCI Transfer Agent or, in the case of Registered Notes issued by TMCC, the TMCC Registrar and the TMCC Transfer Agent and
at least 30 days’ prior notice to the Noteholders as provided in Condition 16, elect that, with effect from the Redenomination
Date specified in the notice, the Notes shall be exchangeable for Notes expressed to be denominated in euro in accordance with
such arrangements as the relevant Issuer may decide, after consultation with the Agent or, in the case of Registered Notes issued
by TCCI, the TCCI Registrar and the TCCI Transfer Agent or, in the case of Registered Notes issued by TMCC, the TMCC Registrar
and the TMCC Transfer Agent, and as may be specified in the notice, including arrangements under which Coupons (which expression
shall for this purpose include Coupons to be issued on an exchange of matured Talons) unmatured at the date so specified become
void.

 

		(3)	Amendments
                                         and Modifications

 

The
applicable Final Terms in relation to any Notes may specify other terms and conditions which shall, to the extent so specified
or to the extent inconsistent with the provisions herein, replace or modify the provisions for

 

    Page 39 

     

    

 

the purpose of such Notes. In addition,
the relevant Issuer and the Agent or, in the case of Registered Notes issued by TCCI, the TCCI Registrar and the TMCC Transfer
Agent or, in the case of Registered Notes issued by TMCC, the TMCC Registrar and the TMCC Transfer Agent may make any changes,
without the consent of, but with notification to (in accordance with Condition 16 and this Clause 30), any Noteholder or Couponholder,
to this Agreement necessary to implement the provisions of Condition 18 and this Clause 30.

 

Notwithstanding
anything to the contrary contained in this Clause 30, if the relevant Issuer determines, after consultation with the Agent or,
in the case of Registered Notes issued by TCCI, the TCCI Registrar and the TCCI Transfer Agent or, in the case of Registered Notes
issued by TMCC, the TMCC Registrar and the TMCC Transfer Agent, that the then market practice in respect of the redenomination
into euro of internationally offered securities or euro-denominated internationally offered securities is different from that
specified in this Clause 30, the relevant Issuer may (but shall not be required to) amend the provisions of this Clause 30 and
any provision of the Conditions, as applicable, so as to comply with such market practice, and the relevant Issuer shall promptly
notify Noteholders, the stock exchange (if any) on which the Notes may be listed, the Paying Agents and the Agent or, in the case
of Registered Notes issued by TCCI, the TCCI Registrar and the TCCI Transfer Agent or, in the case of Registered Notes issued
by TMCC, the TMCC Registrar and the TMCC Transfer Agent of such deemed amendments. Such changes will not take effect until after
they have been notified to Noteholders in accordance with Condition 16 and this Clause 30.

 

		31.	deed poll

 

		(1)	If
                                         any Global Bearer Note becomes void in accordance with its terms, the relevant Issuer
                                         covenants with each Relevant Account Holder (other than any Relevant Account Holder which
                                         is an account holder of any other Relevant Clearing System) that each Relevant Account
                                         Holder shall automatically acquire at the Relevant Time, without the need for any further
                                         action on behalf of any person, against the relevant Issuer all those rights which the
                                         Relevant Account Holder would have had if at the Relevant Time it held and beneficially
                                         owned executed and authenticated Definitive Bearer Notes in respect of each Underlying
                                         Note (as defined in the definition of “Global Bearer Note”) represented by
                                         the Global Bearer Note which the Relevant Account Holder has credited to its securities
                                         account with the Relevant Clearing System at the Relevant Time. The relevant Issuer’s
                                         obligation under this Clause 31 shall be a separate and independent obligation by reference
                                         to each Underlying Note which a Relevant Account Holder has credited to its securities
                                         account with the Relevant Clearing System and the relevant Issuer agrees that a Relevant
                                         Account Holder may assign its rights under this Clause 31 in whole or in part.

 

		(2)	The
                                         records of the Relevant Clearing System shall be conclusive evidence of the identity
                                         of the Relevant Account Holders and the number of Underlying Notes credited to the securities
                                         account of each Relevant Account Holder. For these purposes a statement issued by the
                                         Relevant Clearing System stating:

 

		(a)	the
                                         name of the Relevant Account Holder to which the statement is issued; and

 

    Page 40 

     

    

 

		(b)	the
                                         aggregate nominal amount of Underlying Notes credited to the securities account of the
                                         Relevant Account Holder as at the opening of business on the first day following the
                                         Relevant Time on which the Relevant Clearing System is open for business,

 

shall
be conclusive evidence of the records of the Relevant Clearing System at the Relevant Time.

 

		(3)	In
                                         the event of a dispute, the determination of the Relevant Time by the Relevant Clearing
                                         System shall (in the absence of manifest error) be final and conclusive for all purposes
                                         in connection with the Relevant Account Holders with securities accounts with the Relevant
                                         Clearing System.

 

		(4)	The
                                         relevant Issuer undertakes in favour of each Relevant Account Holder that, in relation
                                         to any payment to be made by it under this Clause 31, it will comply with the provisions
                                         of Condition 7 to the extent that they apply to any payments in respect of Underlying
                                         Notes as if those provisions had been set out in full in this Clause 31.

 

		(5)	The
                                         relevant Issuer will pay any stamp and other duties and taxes, including interest and
                                         penalties, payable on or in connection with the execution of this Agreement and any action
                                         taken by any Relevant Account Holder to enforce the provisions of this Clause 31.

 

		(6)	This
                                         Clause 31 and Clause 34 shall take effect as a Deed Poll for the benefit of the Relevant
                                         Account Holders from time to time. This Agreement shall be deposited with and held by
                                         the common depositary or common safekeeper, as the case may be, for Euroclear and Clearstream,
                                         Luxembourg (being at that date of this Agreement the Agent) until all the obligations
                                         of each Issuer under this Clause 31 have been discharged in full.

 

		(7)	Each
                                         Issuer acknowledges the right of every Relevant Account Holder to the production of,
                                         and the right of every Relevant Account Holder to obtain (upon payment of a reasonable
                                         charge) a copy of, this Agreement, and further acknowledges and covenants that the obligations
                                         binding upon it contained in this Clause 31 are owed to, and shall be for the account
                                         of, each and every Relevant Account Holder, and that each Relevant Account Holder shall
                                         be entitled severally to enforce those obligations against the relevant Issuer.

 

		32.	Descriptive Headings

 

The
descriptive headings in this Agreement are for convenience of reference only and shall not define or limit the provisions hereof.

 

		33.	CONTRACTS (RIGHTS OF THIRD
PARTIES) ACT 1999

 

Save
for Clause 31, this Agreement confers no right on a person who is not a party to this Agreement by virtue of the Contracts (Rights
of Third Parties) Act 1999 to enforce any term of this Agreement, but this does not affect any right or remedy of a third party
which exists or is available apart from that Act.

 

    Page 41 

     

    

 

		34.	Governing Law

 

		(1)	This
                                         Agreement and any non-contractual obligations arising out of or in connection with this
                                         Agreement shall be governed by, and construed in accordance with, the laws of England.

 

		(2)	Each
                                         Issuer hereby irrevocably agrees for the exclusive benefit of the Agent, the Paying Agents
                                         and the Relevant Account Holders that the courts of England are to have jurisdiction
                                         to settle any disputes which may arise out of or in connection with this Agreement (including
                                         a dispute relating to any non-contractual obligations arising out of or in connection
                                         with this Agreement) and that accordingly any suit, action or proceedings (together referred
                                         to as Proceedings) arising out of or in connection with this Agreement (including
                                         any Proceedings relating to any non-contractual obligations arising out of or in connection
                                         with this Agreement) may be brought in such courts. Each Issuer hereby irrevocably waives
                                         any objection which it may have to the laying of the venue of any Proceedings in any
                                         such courts and any claim that any such Proceedings have been brought in an inconvenient
                                         forum and hereby further irrevocably agrees that a judgment in any Proceedings brought
                                         in the English courts shall be conclusive and binding upon each Issuer and may be enforced
                                         in the courts of any other jurisdiction. Nothing contained herein shall limit any right
                                         to take Proceedings against any Issuer in any other court of competent jurisdiction,
                                         nor shall the taking of Proceedings in one or more jurisdictions preclude the taking
                                         of Proceedings in any other jurisdiction, whether concurrently or not. Each Issuer hereby
                                         appoints Toyota Financial Services (UK) PLC of Great Burgh, Burgh Heath, Epsom, Surrey
                                         KT18 5UZ as its agent for service of process and agrees that, in the event of Toyota
                                         Financial Services (UK) PLC ceasing so to act or ceasing to be registered in England,
                                         it will appoint another person as its agent for service of process in England in respect
                                         of any Proceedings.

 

		(3)	If
                                         TMF is represented by an attorney or attorneys in connection with the signing and/or
                                         execution and/or delivery of this Agreement or any agreement, deed or document referred
                                         to herein or made pursuant hereto and the relevant power or powers of attorney is or
                                         are expressed to be governed by the laws of the Netherlands, it is hereby expressly acknowledged
                                         and accepted by the other parties hereto that such laws shall govern the existence and
                                         extent of such attorney's or attorneys' authority and the effects of the exercise thereof.

 

		35.	Counterparts

 

This
Agreement may be executed in any number of counterparts, and by each party on separate counterparts. Each counterpart is an original,
but all counterparts shall together constitute one and the same instrument. Delivery of a counterpart of this Agreement by e-mail
attachment or telecopy shall be an effective mode of delivery.

 

    Page 42 

     

    

 

IN
WITNESS WHEREOF, TMF, TCCI, TFA and TMCC have executed this Agreement as a deed, and the Agent has executed this Agreement,
as of the date first above written.

 

The
Issuers

 

	SIGNED, SEALED AND DELIVERED
    	)	 
	by
    Hiroyasu Ito	)	/s/ HIROYASU
    ITO
	being
    a duly authorised attorney of	)	 
	TOYOTA
    MOTOR FINANCE	)	 
	(NETHERLANDS)
    B.V. with the 	)	 
	intention
    that this instrument takes effect	)	 
	as
    TMF’s deed in the presence of:	)	 

 

 

JORRIT VAN
ELK

 

 

TOYOTA MOTOR
FINANCE (NETHERLANDS) B.V.

World Trade Center Amsterdam

Tower H, Level 10

Zuidplein 90

1077 XV Amsterdam

The Netherlands

 

	Telephone:	+31
    20 502 5310
	Telefax:	+31
    20 502 5319
	Email:	front.office@uk.toyota-fs.com
	Attention:	Chief
    Executive Officer

 

 

	SIGNED, SEALED AND DELIVERED
    	)	 
	by
    Richard Nelson	)	/s/ RICHARD NELSON
	being
    a duly authorised attorney of	)	 
	TOYOTA
    CREDIT CANADA INC.	)	 
	with
    the intention that this instrument takes	)	 
	effect
    as TCCI’s deed in the presence of:	)	 

 

 

MARIO
MIRACCO

 

 

TOYOTA CREDIT
CANADA INC.

80 Micro Court, Suite 200

Markham

Ontario L3R 9Z5

Canada

 

	Telephone:	+1 905 513 8200
	Telefax:	+1 905 513 8335
	Attention:	President

 

    Page 43 

     

    

 

	SIGNED, SEALED AND DELIVERED 	)	 
	by Richard Nelson	)	/s/ RICHARD NELSON
	being a duly authorised attorney of	)	 
	TOYOTA FINANCE AUSTRALIA	)	 
	LIMITED with the intention that this	)	 
	instrument takes effect as TFA’s deed	)	 
	in the presence of:	)	 

 

MARIO MIRACCO

 

Signed
under Power of Attorney

dated 8 September 2017

 

TOYOTA FINANCE
AUSTRALIA LIMITED

Level 9, 207 Pacific Highway

St Leonards NSW 2065

Australia

 

	Telephone:	+61
    2 9430 0000
	Telefax:	+61
    2 9430 0913
	Email:	treasury@toyota.com.au
	Attention:	Treasurer
    

 

 

	SIGNED, SEALED AND DELIVERED 	)	 
	by
    the undersigned being duly	)	 
	authorised
    on behalf of	)	 
	TOYOTA
    MOTOR CREDIT	)	 
	CORPORATION
    with the intention that	)	 
	this
    instrument takes effect as TMCC’s	)	 
	deed	)	 

 

 

	By: 	/s/ CINDY WANG	 
	Name:	Cindy Wang	 
	Title:	Vice President - Treasury	 

 

 

TOYOTA
MOTOR CREDIT CORPORATION 

6565 Headquarters Drive, Mailstop
W2–3D 

Plano 

Texas 75024–5965 

United States

 

	Telephone:	+1 469 486 9013
	Telefax:	+1 310 381 7739
	Email:	TFS_Treasury_Operations@toyota.com
	Attention:	TFS Treasury Operations

 

 

    Page 44 

     

    

 

The
Agent

 

THE BANK
OF NEW YORK MELLON

acting through its London branch

One Canada Square

Canary Wharf

London E14 5AL

United Kingdom

 

	Telephone:	+44
    (0) 1202 689511
	Telefax:	+44
    (0) 207 964 2536
	Attention:	Corporate
    Trust Administration

 

	By:	/s/ PAUL
    CATTERMOLE	 
	Name:	Paul Cattermole	 
	Title:	Vice President	 

 

 

    Page 45 

     

    

 

Appendix A

TERMS AND CONDITIONS OF THE NOTES

 

This Note
is one of a Series (as defined below) of Notes issued subject to, and with the benefit of, an amended and restated agency agreement
dated 8 September 2017 (the “Agency Agreement”) and made between Toyota Motor Finance (Netherlands) B.V.,
Toyota Credit Canada Inc., Toyota Finance Australia Limited and Toyota Motor Credit Corporation as Issuers and The Bank of New
York Mellon, acting through its London branch, as the issuing agent and (unless specified otherwise in the applicable Final Terms)
principal paying agent and (unless specified otherwise in the applicable Final Terms) as calculation agent (the “Agent”,
which expression shall include any successor agent or other Calculation Agent specified in the applicable Final Terms and the
“Paying Agent”, which expression shall include any additional or successor paying agents). Notes in registered
form (“Registered Notes”) issued by Toyota Credit Canada Inc. are also issued subject to, and with the benefit
of, an amended and restated note agency agreement dated 8 September 2017 (the “TCCI Note Agency Agreement”)
and made between Toyota Credit Canada Inc. as Issuer, BNY Trust Company of Canada as registrar, paying agent and transfer agent
and, in respect of Registered Notes settled or clearing in Euroclear and/or Clearstream, Luxembourg (each as defined below), The
Bank of New York Mellon SA/NV, Luxembourg Branch as registrar and transfer agent (each a “TCCI Registrar”,
which expression shall include any successor registrar, paying agent and transfer agent) and The Bank of New York Mellon, acting
through its London branch, as transfer agent and paying agent (the “TCCI Transfer Agent”, which expression
shall include any additional or successor transfer agent or paying agent appointed for Registered Notes issued by Toyota Credit
Canada Inc.). Registered Notes issued by Toyota Motor Credit Corporation are also issued subject to, and with the benefit of,
an amended and restated note agency agreement dated 8 September 2017 (the “TMCC Note Agency Agreement”)
and made between Toyota Motor Credit Corporation as Issuer, The Bank of New York Mellon SA/NV, Luxembourg Branch as registrar
and transfer agent (the “TMCC Registrar”, which expression shall include any successor registrar and transfer
agent) and The Bank of New York Mellon, acting through its London branch, as transfer agent and paying agent (the “TMCC
Transfer Agent”, which expression shall include any additional or successor transfer agent or paying agent appointed
for Registered Notes issued by Toyota Motor Credit Corporation).

 

References
in these Terms and Conditions to the “Issuer” shall be references to the party specified in the applicable
Final Terms (as defined below). References herein to the “Notes” shall be references to the Notes of this Series
(as defined below) and shall mean (i) in relation to any Notes represented by a global Note, units of the lowest Specified Denomination
(as defined below) in the Specified Currency (as defined below) of the relevant Notes, (ii) definitive Notes issued in exchange
(or part exchange) for a temporary global Note, a permanent global Note or a global Registered Note and (iii) any global Note.

 

Interest
bearing definitive Notes in bearer form will (unless otherwise indicated in the applicable Final Terms) have interest coupons
(“Coupons”) and, if indicated in the applicable Final Terms, talons for further Coupons (“Talons”)
attached on issue. Any reference herein to Coupons or coupons shall, unless the context otherwise requires, be deemed to include
a reference to Talons. Global Notes do not have Coupons or Talons attached on issue.

 

The Notes
and the Coupons have the benefit of certain Credit Support Agreements governed by Japanese law, one between Toyota Motor Corporation
(the “Parent”) and Toyota Financial Services Corporation (“TFS”) dated 14 July 2000 as supplemented
by a Supplemental Credit Support Agreement dated 14 July 2000 and a Supplemental Credit Support Agreement No. 2 dated 2 October
2000 (collectively, the “TMC Credit Support Agreement”) and others between TFS and each of Toyota Motor Finance
(Netherlands) B.V., Toyota Credit Canada Inc. and Toyota Finance Australia Limited dated 7 August 2000 and Toyota Motor Credit
Corporation dated 1 October 2000 (each a “Credit Support Agreement” and together with the TMC Credit Support
Agreement,

 

    Page 46 

     

    

 

the “Credit Support Agreements”). The Credit Support Agreements do not constitute a direct or indirect
guarantee by the Parent or TFS of the Notes. The Parent’s obligations under its Credit Support Agreement and the obligations
of TFS under its Credit Support Agreements, rank pari passu with its direct, unconditional, unsubordinated and unsecured
debt obligations.

 

The Final
Terms applicable to the Notes are attached to or endorsed on the Notes and supplement these Terms and Conditions. References herein
to the “applicable Final Terms” shall mean the Final Terms attached to or endorsed on the Notes.

 

As used
herein, “Series” means each original issue of Notes together with any further issues expressed to form a single
series with the original issue and the terms of which (save for the Issue Date, the amount and the date of the first payment of
interest thereon and/or the Issue Price (as indicated in the applicable Final Terms)) are identical (including the Maturity Date,
Interest Basis, Redemption/Payment Basis and Interest Payment Dates (if any) and whether or not the Notes are admitted to trading)
and expressions “Notes of the relevant Series” and related expressions shall be construed accordingly. As used
herein, “Tranche” means all Notes of the same Series with the same Issue Date and Interest Commencement Date
(if applicable).

 

Copies of
the Agency Agreement (which contains the form of the Final Terms), the Credit Support Agreements and (if the Notes are offered
to the public in a Member State of the European Economic Area or admitted to trading on a regulated market within the meaning
of the Prospectus Directive 2003/71/EC (as amended, including by Directive 2010/73/EU, and includes any relevant implementing
measure (for the purpose of these Terms and Conditions and the applicable Final Terms) in the relevant Member State) the “Prospectus
Directive”) the Final Terms applicable to the Notes are available free of charge and available for inspection at the
specified offices of the Agent. If the Notes are to be admitted to trading on the regulated market of the London Stock Exchange
or offered to the public in a Member State of the European Economic Area in circumstances not within an exemption from the requirement
to publish a prospectus under the Prospectus Directive, the applicable Final Terms will be published on the website of the London
Stock Exchange through a regulatory news service. Copies of the TCCI Note Agency Agreement (if the Notes are Registered Notes
issued by Toyota Credit Canada Inc.) are available free of charge and available for inspection by the holders of Registered Notes
issued by Toyota Credit Canada Inc. at the specified offices of the TCCI Registrar and the TCCI Transfer Agent. Copies of the
TMCC Note Agency Agreement (if the Notes are Registered Notes issued by Toyota Motor Credit Corporation) are available free of
charge and available for inspection by the holders of Registered Notes issued by Toyota Motor Credit Corporation at the specified
offices of the TMCC Registrar and the TMCC Transfer Agent. The holders of the Notes (the “Noteholders”), which
expression shall, in relation to any Notes represented by a global Note, be construed as provided in Condition 1, and the holders
of the Coupons (the “Couponholders”) are deemed to have notice of the Agency Agreement and the applicable Final
Terms, which are binding on them. The holders of Registered Notes issued by Toyota Credit Canada Inc. are deemed to have notice
of the TCCI Note Agency Agreement, which is binding on them and the holders of Registered Notes issued by Toyota Motor Credit
Corporation are deemed to have notice of the TMCC Note Agency Agreement, which is binding on them.

 

Words and
expressions defined in the Agency Agreement or (if the Note is a Registered Note issued by Toyota Credit Canada Inc.) in the TCCI
Note Agency Agreement or (if the Note is a Registered Note issued by Toyota Motor Credit Corporation) in the TMCC Note Agency
Agreement or used in the applicable Final Terms shall have the same meanings where used in these Terms and Conditions unless the
context otherwise requires or unless otherwise stated. In the event of inconsistency between the Agency Agreement, (if the Note
is a Registered Note issued by Toyota Credit Canada Inc.) the TCCI Note Agency Agreement, (if the Note is a Registered Note issued
by Toyota Motor Credit Corporation) the TMCC Note Agency Agreement or the applicable Final Terms, the applicable Final Terms will
prevail.

 

    Page 47 

     

    

 

		1.	Form,
                                         Denomination and Title 

 

The Notes
may be issued in bearer form (“Bearer Notes”) or, in respect of Notes issued by Toyota Credit Canada Inc. or
Toyota Motor Credit Corporation, in bearer or registered form as set out in the applicable Final Terms and, in the case of definitive
Bearer Notes, serially numbered, in the currency (“Specified Currency”) and in the denominations (“Specified
Denomination(s)”), as specified in the applicable Final Terms.

 

Bearer Notes
may not be exchanged for Registered Notes and vice versa.

 

The Note
may be a Note bearing interest on a fixed rate basis (“Fixed Rate Note”), a Note bearing interest on a floating
rate basis (“Floating Rate Note”), a Note issued on a non-interest bearing basis (“Zero Coupon Note”)
or any combination of the foregoing, depending upon the interest basis specified in the applicable Final Terms.

 

Bearer Notes
in definitive form are issued with Coupons attached, unless they are Zero Coupon Notes in which case references to interest (other
than interest due after the Maturity Date), Coupons and Couponholders in these Terms and Conditions are not applicable.

 

Subject
as set out below, title to Bearer Notes and Coupons will pass by delivery. The holder of each Coupon whether or not such Coupon
is attached to a Note, in his capacity as such, shall be subject to and bound by all the provisions contained in the relevant
Note. Subject as set out below, the Issuer and any Paying Agent may deem and treat the bearer of any Bearer Note or Coupon as
the absolute owner thereof (whether or not overdue and notwithstanding any notice to the contrary, including any notice of ownership
or writing thereon or notice of any previous loss or theft thereof) for all purposes but, in the case of any global Bearer Note,
without prejudice to the provisions set out in the next succeeding paragraph.

 

For so long
as any of the Notes is represented by a global Note, each person who is for the time being shown in the records of Euroclear Bank
SA/NV (“Euroclear”) or of Clearstream Banking S.A. (“Clearstream, Luxembourg”) or any other
agreed clearing system as the holder of a particular nominal amount of such Notes (other than a clearing agency (including Euroclear
and Clearstream, Luxembourg) that is itself an account holder of Euroclear or Clearstream, Luxembourg or any other agreed clearing
system (in which regard any certificate or other document issued by Euroclear or Clearstream, Luxembourg or any other agreed clearing
system as to the nominal amount of Notes standing to the account of any person shall be conclusive and binding for all purposes
save in the case of manifest error or proven error)) shall be treated by the Issuer, the Agent and any other Paying Agent or (in
the case of Registered Notes issued by Toyota Credit Canada Inc.) the TCCI Registrar and the TCCI Transfer Agent or (in the case
of Registered Notes issued by Toyota Motor Credit Corporation) the TMCC Registrar and the TMCC Transfer Agent as the holder of
such nominal amount of such Notes for all purposes other than with respect to the payment of principal (including premium (if
any)) or interest on the Notes, for which purpose the bearer of the relevant global Bearer Note or registered holder of the global
Registered Note shall be treated by the Issuer, the Agent and any other Paying Agent as the holder of such Notes in accordance
with and subject to the terms of the relevant global Note (and the expressions “Noteholder” and “holder
of Notes” and related expressions shall be construed accordingly). Notes which are represented by a global Note will
be transferable only in accordance with the rules and procedures for the time being of Euroclear or of Clearstream, Luxembourg,
as the case may be.

 

Title to
Registered Notes issued by Toyota Credit Canada Inc. passes on due endorsement in the central register (“TCCI Register”)
which Toyota Credit Canada Inc. shall procure to be kept by the BNY Trust Company of Canada. Toyota Credit Canada Inc. shall procure
a branch register to be kept by The Bank of New York Mellon SA/NV, Luxembourg Branch in respect of Registered Notes settled or
clearing in Euroclear or Clearstream, Luxembourg. Title to Registered Notes issued by Toyota Motor Credit Corporation passes on
due endorsement in the relevant register

 

    Page 48 

     

    

 

(“TMCC Register”) which Toyota Motor Credit Corporation shall procure
to be kept by the TMCC Registrar. Subject as set out above, except as ordered by a court of competent jurisdiction or as required
by law, the registered holder of any Registered Note shall be deemed to be and may be treated as the absolute owner of such Registered
Note for all purposes, whether or not such Registered Note shall be overdue and notwithstanding any notice of ownership, theft
or loss thereof or any writing thereon made by anyone and no person shall be liable for so treating such registered holder (and
the expressions “Noteholder” and “holder of Notes” and related expressions shall be construed
accordingly).

 

Provisions
relating to the transfer of Registered Notes issued by Toyota Credit Canada Inc. are set out in the relevant Registered Note and
the TCCI Note Agency Agreement. Provisions relating to the transfer of Registered Notes issued by Toyota Motor Credit Corporation
are set out in the relevant Registered Note and the TMCC Note Agency Agreement.

 

Any reference
herein to Euroclear and/or Clearstream, Luxembourg shall, whenever the context so permits, except in relation to Bearer Notes
in new global note (“NGN”) form or Registered Notes intended to be held in a manner which would allow Eurosystem
eligibility (being the new safekeeping structure (“NSS”) and hereinafter referred to as “held under
the NSS”), be deemed to include a reference to any additional or alternative clearing system specified in Part B of
the applicable Final Terms.

 

If the Specified
Currency of the Note is a currency of one of the Member States of the European Union which has not adopted the euro, and if specified
in the applicable Final Terms, the Note shall permit redenomination and exchange (as referred to in Condition 18 below or in such
other manner as set forth in the applicable Final Terms) at the option of the Issuer.

 

		2.	Status
                                         of the Notes and the Credit Support Agreements 

 

The Notes
and any relative Coupons are direct, unconditional, unsubordinated and (subject to the provisions of Condition 3) unsecured obligations
of the Issuer and rank pari passu and rateably without any preference among themselves and (save for certain obligations
required to be preferred by law) equally with all other unsecured obligations (other than subordinated obligations, if any) of
the Issuer from time to time outstanding. The Notes and the Coupons have the benefit of the Credit Support Agreements.

 

		3.	Negative
                                         Pledge 

 

The Notes
will be subject to this Condition 3 only if this Condition 3 is specified to be applicable in the applicable Final Terms. So
long as any of the Notes remains outstanding (as defined in Condition 15) the Issuer will not create or permit to be outstanding
any mortgage, pledge, lien, security interest or other charge (each a “Security Interest”) (other than a Permitted
Security Interest (as defined below)) for the benefit of the holders of any Relevant Indebtedness (as defined below) on the whole
or any part of its property or assets, present or future, to secure any Relevant Indebtedness issued or expressly guaranteed by
the Issuer or in respect of which the Issuer has given any indemnity without in any such case at the same time according to the
Notes the same security as is granted or is outstanding in respect of such Relevant Indebtedness or such guarantee or indemnity
or such other security as shall be approved by the written consent of holders of a majority in aggregate nominal amount
of the Notes then outstanding affected thereby, or by resolution adopted by the holders of a majority in aggregate nominal amount
of the Notes then outstanding present or represented at a meeting of the holders of the Notes affected thereby at which a quorum
is present, as provided in the Agency Agreement; provided, however, that such covenant will not apply
to Security Interests securing outstanding Relevant Indebtedness which does not in the aggregate at any one time exceed 20 per
cent. of Consolidated Net Tangible Assets (as defined below) of the Issuer and its consolidated subsidiaries (if any). For the
purposes of this Condition 3: 

 

    Page 49 

     

    

 

“Consolidated
Net Tangible Assets” means the aggregate amount of assets (less applicable reserves and other properly deductible items)
after deducting therefrom all goodwill, trade names, trademarks, patents, unamortised debt discount and expense and other like
intangibles of the Issuer and its consolidated subsidiaries (or, where the Issuer has no consolidated subsidiaries, of the Issuer),
all as set forth on the most recent balance sheet of the Issuer and its consolidated subsidiaries (or, where the Issuer has no
consolidated subsidiaries, the most recent balance sheet of the Issuer) prepared in accordance with generally accepted accounting
principles as practised in the jurisdiction of the Issuer’s incorporation;

 

“Relevant
Indebtedness” shall mean any indebtedness in the form of or represented by bonds, notes, debentures or other securities
which have a final maturity of more than a year from the date of their creation and which are admitted to trading on one or more
stock exchanges;

 

“Permitted
Security Interest” shall mean:

 

		(i)	any Security Interest arising
by operation of law or any right of set-off;

 

		(ii)	any
                                         Security Interest granted by the Parent in favour of a TMC subsidiary (as defined below)
                                         (while such beneficiary remains a TMC subsidiary) or by one TMC subsidiary in favour
                                         of another TMC subsidiary (while such beneficiary remains a TMC subsidiary);

 

		(iii)	any
                                         Security Interest created in connection with, or pursuant to, a limited-recourse financing,
                                         securitisation or other like arrangement where the payment obligations in respect of
                                         the indebtedness secured by the relevant Security Interest are to be discharged from
                                         the revenues generated by assets over which such Security Interest is created (including,
                                         without limitation, receivables),

 

and (in
addition to (i), (ii) and (iii) above) where the Issuer is Toyota Finance Australia Limited,
any Security Interest provided for by one of the following transactions if the transaction does not secure payment or performance
of an obligation:

 

		(A)	a transfer of an account
or chattel paper;

 

		(B)	a
                                         commercial consignment; or

 

		(C)	a
                                         PPS lease,

 

where “account”,
“chattel paper”, “commercial consignment” and “PPS lease” have the same
meanings given to them in the Personal Property Securities Act 2009 of Australia; and

 

“TMC
subsidiary” means any of the Parent’s subsidiaries consolidated in accordance with generally accepted accounting
principles in the United States.

 

		4.	Interest

 

		(a)	Interest
                                         on Fixed Rate Notes and Business Day Convention for Notes other than Floating Rate Notes
                                         

 

Each Fixed
Rate Note bears interest from (and including) the Interest Commencement Date which is specified in the applicable Final Terms
(or the Issue Date, if no Interest Commencement Date is separately specified) to (but excluding) the Maturity Date specified in
the applicable Final Terms at the rate(s) per annum equal to the Fixed Rate(s) of Interest so specified payable in arrear on the
Interest Payment Date(s) in each year and on the Maturity Date so specified if it does not fall on an Interest Payment Date.

 

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If the Notes
are in definitive form, except as provided in the applicable Final Terms, or if the applicable Final Terms specify that a Fixed
Coupon Amount or Broken Amount(s) shall apply in the case of Notes represented by a global Note, the amount of interest payable
on each Interest Payment Date in respect of the Fixed Interest Period ending on (but excluding) such date will amount to the Fixed
Coupon Amount as specified in the applicable Final Terms. Payments of interest on any Interest Payment Date will, if so specified
in the applicable Final Terms, amount to the Broken Amount(s) so specified.

 

As used
in these Terms and Conditions, “Fixed Interest Period” means the period from (and including) an Interest Payment
Date (or the Interest Commencement Date or the Issue Date, as the case may be) to (but excluding) the next (or first) Interest
Payment Date or Maturity Date.

 

Unless specified
otherwise in the applicable Final Terms, the “Following Business Day Convention” will apply to the payment
of all Fixed Rate Notes, meaning that if the Interest Payment Date or Maturity Date would otherwise fall on a day which is not
a Business Day (as defined in Condition 4(b)(i) below), the related payment of principal or interest will be made on the
next succeeding Business Day as if made on the date such payment was due. If the “Modified Following Business Day Convention”
is specified in the applicable Final Terms for any Fixed Rate Note, it shall mean that if the Interest Payment Date or Maturity
Date would otherwise fall on a day which is not a Business Day (as defined in Condition 4(b)(i) below), the related payment of
principal or interest will be made on the next succeeding Business Day as if made on the date such payment was due unless it would
thereby fall into the next calendar month in which event the full amount of payment shall be made on the immediately preceding
Business Day as if made on the day such payment was due. Unless specified otherwise in the applicable Final Terms, the amount
of interest due shall not be changed if payment is made on a day other than an Interest Payment Date or the Maturity Date as a
result of the application of a Business Day Convention specified above or other Business Day Convention specified in the applicable
Final Terms.

 

Except in
the case of (i) Notes in definitive form where a Fixed Coupon Amount or a Broken Amount is specified in the applicable Final Terms
or (ii) Notes represented by a global Note where the applicable Final Terms specify that a Fixed Coupon Amount or Broken Amount(s)
shall apply, interest shall be calculated in respect of any period (including any period ending other than on an Interest Payment
Date (which for this purpose shall not include a period where a payment is made on a day other than an Interest Payment Date or
the Maturity Date as a result of the application of a Business Day Convention as provided in the immediately preceding paragraph,
unless specified otherwise in the applicable Final Terms)) by applying the Fixed Rate of Interest to:

 

		(A)	in the
                                         case of Fixed Rate Notes which are represented by a global Note, the aggregate outstanding
                                         nominal amount of the Fixed Rate Notes represented by such global Note; or

 

		(B)	in the
                                         case of Fixed Rate Notes in definitive form, the Calculation Amount,

 

and, in
each case, multiplying such sum by the applicable Fixed Day Count Fraction or Day Count Fraction as specified in the applicable
Final Terms, and rounding the resultant figure to the nearest sub-unit of the relevant Specified Currency, half of any such sub-unit
being rounded upwards or otherwise in accordance with applicable market convention. Where the Specified Denomination of a Fixed
Rate Note in definitive form is a multiple of the Calculation Amount, the amount of interest payable in respect of such Fixed
Rate Note shall be the product of the amount (determined in the manner provided above) for the Calculation Amount and the amount
by which the Calculation Amount is multiplied to reach the Specified Denomination, without any further rounding.

 

In these
Terms and Conditions, “Fixed Day Count Fraction” means:

 

		(i)	if “Actual/Actual
(ICMA)” is specified in the applicable Final Terms:

 

    Page 51 

     

    

 

		(A)	in
                                         the case of Notes where the number of days in the relevant period from (and including)
                                         the most recent Interest Payment Date (or, if none, the Interest Commencement Date or
                                         Issue Date, as applicable) to (but excluding) the relevant payment date (the “Accrual
                                         Period”) is equal to or shorter than the Determination Period (as defined below)
                                         during which the Accrual Period ends, the number of days in such Accrual Period divided
                                         by the product of (1) the number of days in such Determination Period and (2) the number
                                         of Determination Dates (as specified in the applicable Final Terms) that would occur
                                         in one calendar year assuming interest was to be payable in respect of the whole of that
                                         year; or

 

		(B)	in
                                         the case of Notes where the Accrual Period is longer than the Determination
                                         Period during which the Accrual Period ends, the sum of:

 

		(1)	the
                                         number of days in such Accrual Period falling in the Determination Period in which the
                                         Accrual Period begins divided by the product of (x) the
                                         number of days in such Determination Period and (y) the
                                         number of Determination Dates (as specified in the applicable Final Terms) that would
                                         occur in one calendar year assuming interest was to be payable in respect of the whole
                                         of that year; and 

 

		(2)	the
                                         number of days in such Accrual Period falling in the next Determination Period divided
                                         by the product of (x) the number of days in such Determination Period and (y) the number
                                         of Determination Dates (as specified in the applicable Final Terms) that would occur
                                         in one calendar year assuming interest was to be payable in respect of the whole of that
                                         year;

 

		(ii)	if
                                         “Actual/Actual (ISDA)” is specified in the applicable Final Terms,
                                         the actual number of days in the relevant period from (and including) the most recent
                                         Interest Payment Date (or, if none, the Interest Commencement Date or Issue Date, as
                                         applicable) to (but excluding) the next scheduled Interest Payment Date divided by 365
                                         (or, if any portion of that period falls in a leap year, the sum of (x) the actual
                                         number of days in that portion of the period falling in a leap year divided by 366; and
                                         (y) the actual number of days in that portion of the period falling in a non-leap
                                         year divided by 365);

 

		(iii)	if
                                         “30/360” is specified in the applicable Final Terms, the number of
                                         days in the relevant period from
                                         (and including) the most recent Interest Payment Date (or, if none, the Interest Commencement
                                         Date or Issue Date, as applicable) to (but excluding) the next scheduled Interest Payment
                                         Date (such number of days being calculated on the basis of a year of 360 days with 12
                                         30-day months) divided by 360 and, in the case of an incomplete month, the number of
                                         days elapsed; 

 

		(iv)	if
                                         “Actual/360” is specified in the applicable Final Terms, the actual
                                         number of days in the relevant period from (and including) the most recent Interest Payment
                                         Date (or, if none, the Interest Commencement Date or Issue Date, as applicable) to (but
                                         excluding) the next scheduled Interest Payment Date divided by 360;

 

		(v)	if
                                         “Actual/Actual Canadian Compound Method” is specified in the applicable
                                         Final Terms, whenever it is necessary to compute any amount of accrued interest in respect
                                         of the Notes for a period of less than one full year, other than in respect of any Fixed
                                         Coupon Amount or Broken Amount, such interest will be calculated on the basis of the
                                         actual number of days in the period and a year of 365 days; and

 

		(vi)	if
                                         “Actual/365 (Fixed)” is specified in the applicable Final Terms, the
                                         actual number of days in the Fixed Interest Period divided by 365.

 

    Page 52 

     

    

 

In these
Terms and Conditions:

 

“Determination
Period” means the period from (and including) a Determination Date (as specified in the applicable Final Terms) to (but
excluding) the next Determination Date (including, where either the Interest Commencement Date or the final Interest Payment Date
is not a Determination Date, the period commencing on the first Determination Date prior to, and ending on the first Determination
Date falling after, such date); and

 

“sub-unit”
means, with respect to any currency other than euro, the lowest amount of such currency that is available as legal tender in the
country of such currency and, with respect to euro, means one cent.

 

		(b)	Interest
                                         on Floating Rate Notes 

 

		(i)	Interest Payment Dates

 

Each Floating
Rate Note bears interest from (and including) the Interest Commencement Date specified in the applicable Final Terms (or the Issue
Date, if no Interest Commencement Date is separately specified) and, unless specified otherwise in the applicable Final Terms,
at the rate equal to the Rate of Interest payable in arrear on the Maturity Date and on either: (1) the Specified Interest Payment
Date(s) (each, together with the Maturity Date, an “Interest Payment Date”) in each year specified in the applicable
Final Terms; or (2) if no Specified Interest Payment Date(s) is/are specified in the applicable Final Terms, each date (each such
date, together with the Maturity Date, an “Interest Payment Date”) which falls the number of months or other
period specified as the Specified Period in the applicable Final Terms after the preceding Interest Payment Date or, in the case
of the first Interest Payment Date, after the Interest Commencement Date or Issue Date, as applicable. Such interest will be payable
in respect of each Interest Period. As used in these Terms and Conditions, “Interest Period” means the period
from (and including) an Interest Payment Date (or the Interest Commencement Date or Issue Date, as applicable) to (but excluding)
the next (or first) Interest Payment Date).

 

If a Business
Day Convention is specified in the applicable Final Terms and (x) if there is no numerically corresponding day in the calendar
month in which an Interest Payment Date should occur or (y) if any Interest Payment Date would otherwise fall on a day which is
not a Business Day (as defined below), then, if the Business Day Convention specified is:

 

		(A)	in
                                         any case where Specified Periods are specified in accordance with Condition 4(b)(i)(2)
                                         above, the Floating Rate Convention, such Interest Payment Date (i) in the case of (x)
                                         above, shall be the last day that is a Business Day in the relevant month and the provisions
                                         of (2) below in this sub-paragraph (A) shall apply mutatis mutandis or (ii) in
                                         the case of (y) above, shall be postponed to the next day which is a Business Day unless
                                         it would thereby fall into the next calendar month, in which event (1) such Interest
                                         Payment Date shall be brought forward to the immediately preceding Business Day and (2)
                                         each subsequent Interest Payment Date shall be the last Business Day in the month which
                                         falls in the Specified Period after the preceding applicable Interest Payment Date occurred;
                                         or

 

		(B)	the
                                         Following Business Day Convention, such Interest Payment Date shall be postponed to the
                                         next day which is a Business Day; or

 

		(C)	the
                                         Modified Following Business Day Convention, such Interest Payment Date shall be postponed
                                         to the next day which is a Business Day unless it would
                                         thereby fall into the next calendar month, in which event such Interest Payment Date
                                         shall be brought forward to the immediately preceding Business Day; or 

 

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		(D)	the
                                         Preceding Business Day Convention, such Interest Payment Date shall be brought forward
                                         to the immediately preceding Business Day. 

 

In
these Terms and Conditions, “Business Day” means (unless otherwise stated in the applicable Final Terms) a
day which is both:

 

		(1)	a
                                         day on which commercial banks and foreign exchange markets settle payments and are open
                                         for general business (including dealing in foreign exchange and foreign currency deposits)
                                         in London and any other Additional Business Centre specified in the applicable Final
                                         Terms; and

 

		(2)	(i)
                                         in relation to any sum payable in a Specified Currency other than euro and Renminbi,
                                         a day on which commercial banks and foreign exchange markets settle payments and are
                                         open for general business (including dealings in foreign exchange and foreign currency
                                         deposits) in the principal financial centre of the country of the relevant Specified
                                         Currency (which, if the Specified Currency is Australian dollars or New Zealand dollars,
                                         shall be Sydney or Auckland, respectively), (ii) in relation to any sum payable in euro,
                                         a day on which the TARGET2 System is open or (iii) in relation to any sum payable in
                                         Renminbi, a day on which commercial banks and foreign exchange markets are open for business
                                         and settlement of Renminbi payments in Hong Kong. Unless otherwise provided in the applicable
                                         Final Terms, the principal financial centre of any country for the purpose of these Terms
                                         and Conditions shall be as provided in the 2006 ISDA Definitions (as published by the
                                         International Swaps and Derivatives Association, Inc.) as supplemented, amended and updated
                                         as of the first Issue Date of the Notes of the relevant Series (the “ISDA Definitions”)
                                         (except if the Specified Currency is Australian dollars or New Zealand dollars the principal
                                         financial centre shall be Sydney or Auckland, respectively). In these Terms and Conditions,
                                         “TARGET2 System” means the Trans-European Automated Real-Time Gross
                                         Settlement Express Transfer (TARGET2) System or any successor thereto.

 

		(ii)	Rate of
Interest

 

The Rate
of Interest payable from time to time in respect of the Floating Rate Notes will be determined in the manner specified in the
applicable Final Terms.

 

Unless otherwise
stated in the applicable Final Terms, the Minimum Rate of Interest shall be deemed to be zero.

 

		(iii)	ISDA Determination

 

(A)       Where
ISDA Determination is specified in the applicable Final Terms as the manner in which the Rate of Interest is to be determined,
the Rate of Interest for each Interest Period will be the relevant ISDA Rate plus or minus (as indicated in the applicable Final
Terms) the Margin (if any) as determined by the Agent (or such other Calculation Agent specified in the applicable Final Terms).
For the purposes of this Condition 4(b)(iii) unless specified otherwise in the applicable Final Terms, “ISDA Rate plus
or minus (as indicated in the applicable Final Terms) the Margin (if any)” for an Interest Period means a rate equal
to the Floating Rate that would be determined under an interest rate swap transaction under the terms of an agreement (regardless
of any event of default or termination event thereunder) incorporating the ISDA Definitions with the holder of the relevant Note
and under which:

 

		(1)	the
                                         manner in which the Rate of Interest is to be determined is the “Floating Rate
                                         Option” as specified in the applicable Final Terms;

 

    Page 54 

     

    

 

		(2)	the
                                         Issuer is the “Floating
                                         Rate Payer”;

 

		(3)	the
                                         Agent or other person
                                         specified in the applicable Final Terms is the “Calculation Agent”;

 

		(4)	the
                                         Interest Commencement Date
                                         is the “Effective Date”;

 

		(5)	the
                                         Aggregate Nominal Amount
                                         of Notes is the “Notional Amount”;

 

		(6)	the
                                         relevant Interest Period
                                         is the “Designated Maturity” as specified in the applicable Final
                                         Terms; 

 

		(7)	the
                                         Interest Payment Dates
                                         are the “Floating Rate Payer Payment Dates”;

 

		(8)	the
                                         Margin is the “Spread”;
                                         and

 

		(9)	the
                                         relevant Reset Date is the day specified in the applicable Final Terms.

 

(B)       When
Condition 4(b)(iii)(A) applies, unless specified otherwise in the applicable Final Terms with respect to each relevant Interest
Payment Date:

 

		(1)	the
                                         amount of interest
                                         determined for such Interest Payment Date shall be the Interest Amount for the relevant
                                         Interest Period for the purposes of these Terms and Conditions as though calculated under
                                         Condition 4(b)(vi) below; and

 

		(2)	(i) ”Floating
                                         Rate”, “Floating Rate Option”, “Floating Rate Payer”,
                                         “Effective Date”, “Notional Amount”, “Floating
                                         Rate Payer Payment Dates”, “Spread”, “Calculation
                                         Agent”, “Designated Maturity” and “Reset Date”
                                         have the meanings given to those terms in the ISDA Definitions; and (ii) “Euro-zone”
                                         means the region comprised of Member
                                         States of the European Union that adopt the single currency in accordance with the Treaty
                                         on the Functioning of the European Union, as amended.

 

		(iv)	Screen
                                         Rate Determination 

 

Where Screen
Rate Determination is specified in the applicable Final Terms as the manner in which the Rate of Interest is to be determined,
the Rate of Interest for each Interest Period will, subject as provided below, be either:

 

		(x)	the
                                         rate or offered quotation (if there is only one rate
                                         or offered quotation on the Relevant Screen Page); or

 

		(y)	the
                                         arithmetic mean (rounded, if necessary, to the fifth
                                         decimal place with 0.000005 being rounded upwards) of the rates or offered quotations,

 

(expressed
as a percentage rate per annum), for the Reference Rate (as specified in the applicable Final Terms) for deposits in the Specified
Currency for that Interest Period which appears or appear, as the case may be, on the Relevant Screen Page (or such replacement
page on that service which displays the information) (as specified in the applicable Final Terms) as at the Specified Time (as
specified in the applicable Final Terms) on the Interest Determination Date (as defined below) in question plus or minus (as specified
in the applicable Final Terms) the Margin (if any), all as determined by the Agent (or such other Calculation Agent specified
in the applicable Final Terms). Unless specified otherwise in the applicable Final Terms, if, in the case of (y) above, five or
more of such rates or offered quotations are available on the Relevant Screen Page, the highest (or, if there is more than one
such highest rate or offered quotation, one only of such rates or offered quotations) and the lowest (or, if there is more than
one such lowest rate or offered quotation, one only of such rates or offered quotations) shall be disregarded by the Agent (or
such

 

    Page 55 

     

    

 

other Calculation Agent specified in the applicable Final Terms) for the purpose of determining the arithmetic mean (rounded
as provided above) of such rates or offered quotations. In addition:

 

(A)       if,
in the case of (x) above, no such rate or offered quotation appears or, in the case of (y) above, fewer than two of
such rates or offered quotations appear at such time or if the offered rate or rates which appears or appear, as the case may
be, as at such time do not apply to a period of a duration equal to the relevant Interest Period, the Rate of Interest for such
Interest Period shall, subject as provided below and except as otherwise indicated in the applicable Final Terms, be the arithmetic
mean (rounded, if necessary, to the fifth decimal place with 0.000005 being rounded upwards) of the bid rates or offered quotations
(expressed as a percentage rate per annum), of which the Agent (or such other Calculation Agent specified in the applicable Final
Terms) is advised by or as is accepted by all Reference Banks (as defined below) as at the Specified Time on the Interest Determination
Date for a period of the Interest Period and in an amount that is representative for a single transaction in the relevant market
at the relevant time, if applicable, plus or minus (as specified in the applicable Final Terms) the Margin (if any), all as determined
by the Agent (or such other Calculation Agent specified in the applicable Final Terms);

 

(B)       if
on any Interest Determination Date to which Condition 4(b)(iv)(A) applies two or three only of the Reference Banks advise the
Agent (or such other Calculation Agent specified in the applicable Final Terms) of such bid rates or offered quotations, the Rate
of Interest for the next Interest Period shall, subject as provided below, be determined as in Condition 4(b)(iv)(A) on the basis
of the rates or offered quotations of those Reference Banks advising or accepting such bid rates or offered quotations;

 

(C)       if
on any Interest Determination Date to which Condition 4(b)(iv)(A) applies one only or none of the Reference Banks advises the
Agent (or such other Calculation Agent specified in the applicable Final Terms) of such rates or offered quotations, the Rate
of Interest for the next Interest Period shall, subject as provided below and except as otherwise indicated in the applicable
Final Terms, be whichever is the higher of:

 

		(1)	the
                                         Rate of Interest in effect for the last preceding
                                         Interest Period to which Condition 4(b)(iv)(A) shall have applied (plus or minus
                                         (as specified in the applicable Final Terms), where a different Margin is to be applied
                                         to the next Interest Period than that which applied to the last preceding Interest Period,
                                         the Margin relating to the next Interest Period in place of the Margin relating to the
                                         last preceding Interest Period); or

 

		(2)	the
                                         reserve interest rate (the “Reserve Interest
                                         Rate”) which shall be the rate per annum which the Agent (or such other Calculation
                                         Agent specified in the applicable Final Terms) determines to be either:

 

		(x)	the
                                         arithmetic mean (rounded, if necessary, to the fifth decimal place with 0.000005 being
                                         rounded upwards) of the lending rates for the Specified Currency which banks selected
                                         by the Agent (or such other Calculation Agent specified in the applicable Final Terms)
                                         in the principal financial centre of the country of the Specified Currency (which, if
                                         Australian dollars, shall be Sydney, if New Zealand dollars, shall be Auckland and if
                                         euro, shall be London, unless specified otherwise in the applicable Final Terms) are
                                         quoting on the relevant Interest Determination Date for the next Interest Period to the
                                         Reference Banks or those of them (being at least two in number) to which such quotations
                                         are, in the opinion of the Agent (or such other Calculation Agent specified in the applicable
                                         Final Terms), being so made plus or minus (as specified in the applicable Final Terms)
                                         the Margin (if any); or

 

		(y)	in
                                         the event that the Agent (or such other Calculation Agent specified in the applicable
                                         Final Terms) can determine no such arithmetic mean (in accordance 

 

    Page 56 

     

    

 

with (x) above), the
                                         lowest lending rate for the Specified Currency which banks selected by the Agent (or
                                         such other Calculation Agent specified in the applicable Final Terms) in the principal
                                         financial centre of the country of the Specified Currency (which, if Australian dollars,
                                         shall be Sydney, if New Zealand dollars, shall be Auckland and if euro, shall be London,
                                         unless specified otherwise in the applicable Final Terms) are quoting on such Interest
                                         Determination Date to leading European banks for the next Interest Period plus or minus
                                         (as specified in the applicable Final Terms) the Margin (if any), provided that if the
                                         banks selected as aforesaid by the Agent (or such other Calculation Agent specified in
                                         the applicable Final Terms) are not quoting as mentioned above, the Rate of Interest
                                         shall be the Rate of Interest specified in (1) above;

 

(D)       the
expression “Reference Rate” means LIBOR, EURIBOR or CAD-BA-CDOR as specified in the Final Terms and the expression
“Relevant Screen Page” means such page, whatever its designation, on which the Reference Rate that is for the
time being displayed on the Reuters Monitor Money Rates Service or Dow Jones Market Limited or other such service, as specified
in the applicable Final Terms;

 

(E)       “Reference
Banks” means, in the case where the Reference Rate is LIBOR, the principal London office of four major banks in the
London inter-bank market; in the case where the Reference Rate is EURIBOR, the principal Euro-zone office of four major banks
in the Euro-zone inter-bank market; and in the case where the Reference Rate is CAD-BA-CDOR, the principal Toronto office of four
major Canadian chartered banks listed in Schedule I to the Bank Act (Canada);

 

(F)       the
expression “Interest Determination Date” means, unless otherwise specified in the applicable Final Terms, (x) other
than in the case of Condition 4(b)(iv)(A), with respect to Notes denominated in any Specified Currency other than Sterling,
Canadian dollars or euro, the second Banking Day in London prior to the commencement of the relevant Interest Period and, in the
case of Condition 4(b)(iv)(A), the second Banking Day in the principal financial centre of the country of the Specified Currency
(which, if Australian dollars, shall be Sydney, if New Zealand dollars, shall be Auckland and if euro, shall be London) prior
to the commencement of the relevant Interest Period; (y) with respect to Notes denominated in Sterling or Canadian dollars
the first Banking Day in the principal financial centre of the country of the Specified Currency of the relevant Interest Period;
and (z) with respect to Notes denominated in euro, the second day on which the TARGET2 system is open prior to the commencement
of the relevant Interest Period; and

 

(G)       the
expression “Banking Day” means, in respect of any place, any day on which commercial banks are open for general
business (including dealings in foreign exchange and foreign currency deposits) in that place or, as the case may be, as indicated
in the applicable Final Terms.

 

		(v)	Minimum
                                         Rate of Interest and/or Maximum Rate of Interest 

 

If the applicable
Final Terms specifies a Minimum Rate of Interest/Interest Amount for any Interest Period, then in no event shall the Rate of Interest/Interest
Amount for such Interest Period be less than such Minimum Rate of Interest/Interest Amount. If the applicable Final Terms specifies
a Maximum Rate of Interest/Interest Amount for any Interest Period, then in no event shall the Rate of Interest/Interest Amount
for such Interest Period be greater than such Maximum Rate of Interest/Interest Amount.

 

		(vi)	Determination
                                         of Rate of Interest and Calculation of Interest Amounts 

 

The Agent
(or, if the Agent is not the Calculation Agent, the Calculation Agent specified in the applicable Final Terms) will, on or as
soon as practicable after each time at which the Rate of Interest is to be determined, determine the Rate of Interest (subject
to any Minimum or Maximum Rate of Interest/Interest Amount specified in the applicable Final Terms) and calculate the amount

 

    Page 57 

     

    

 

of
interest (the “Interest Amount”) payable on the Floating Rate Notes for the relevant Interest Period, by applying
the Rate of Interest to:

 

		(A)	subject
                                         to paragraph (C) below, in the case of Floating Rate Notes which are represented by a
                                         global Note, the aggregate outstanding nominal amount of the Notes represented by such
                                         global Note;

 

		(B)	in
                                         the case of Floating Rate Notes in definitive form, the Calculation Amount; or

 

		(C)	in
                                         the case of Floating Rate Notes which are represented by a global Note and the applicable
                                         Final Terms indicates that the Rate of Interest shall be applied to the Calculation Amount,
                                         the Calculation Amount,

 

and, in
each case, multiplying such sum by the applicable Day Count Fraction, as specified in the applicable Final Terms, and rounding
the resultant figure to the nearest sub-unit of the relevant Specified Currency, half of any such sub-unit being rounded upwards
or otherwise in accordance with applicable market convention or as specified in the applicable Final Terms. Where the Specified
Denomination of a Floating Rate Note in the case of paragraph (B) or (C) above is a multiple of the Calculation Amount, the Interest
Amount payable in respect of such Floating Rate Note shall be the product of the amount (determined in the manner provided above)
for the Calculation Amount and the amount by which the Calculation Amount is multiplied to reach the Specified Denomination, without
further rounding.

 

“Day
Count Fraction” means in respect of the calculation of an amount of interest for any Interest Period:

 

		(A)	if
                                         “Actual/Actual (ISDA)” or “Actual/Actual” is specified
                                         in the applicable Final Terms, the actual number of days in the Interest Period divided
                                         by 365 (or, if any portion of that Interest
                                         Period falls in a leap year, the sum of (A) the actual number of days in that portion
                                         of the Interest Period falling in a leap year divided by 366 and (B) the actual number
                                         of days in that portion of the Interest Period falling in a non-leap year divided by
                                         365); 

 

		(B)	if
                                         “Actual/365 (Fixed)” is specified in the applicable Final Terms, the
                                         actual number of days in the Interest Period divided by 365;

 

		(C)	if
                                         “Actual/360” is specified in the applicable Final Terms, the actual
                                         number of days in the Interest Period divided by 360;

 

		(D)	if
                                         “30/360”, “360/360” or “Bond Basis”
                                         is specified in the applicable Final Terms, the number of days in the Interest Period
                                         divided by 360, calculated on a formula basis as follows:

 

 

where:

 

“Y1”
is the year, expressed as a number, in which the first day of the Interest Period falls;

 

“Y2”
is the year, expressed as a number, in which the day immediately following the last day of the Interest Period falls;

 

    Page 58 

     

    

 

 

“M1”
is the calendar month, expressed as a number, in which the first day of the Interest Period falls;

 

“M2”
is the calendar month, expressed as a number, in which the day immediately following the last day of the Interest Period falls;

 

“D1”
is the first calendar day, expressed as a number, of the Interest Period, unless such number is 31, in which case D1
will be 30; and

 

“D2”
is the calendar day, expressed as a number, immediately following the last day included in the Interest Period, unless such number
would be 31 and D1 is greater than 29, in which case D2 will be 30;

 

		(E)	if
                                         “30E/360” or “Eurobond Basis” is specified in the
                                         applicable Final Terms, the number of days in the Interest Period divided by 360, calculated
                                         on a formula basis as follows:

 

 

where:

 

“Y1”
is the year, expressed as a number, in which the first day of the Interest Period falls;

 

“Y2”
is the year, expressed as a number, in which the day immediately following the last day of the Interest Period falls;

 

“M1”
is the calendar month, expressed as a number, in which the first day of the Interest Period falls;

 

“M2”
is the calendar month, expressed as a number, in which the day immediately following the last day of the Interest Period falls;

 

“D1”
is the first calendar day, expressed as a number, of the Interest Period, unless such number would be 31, in which case D1
will be 30; and

 

“D2”
is the calendar day, expressed as a number, immediately following the last day included in the Interest Period, unless such number
would be 31, in which case D2 will be 30;

 

		(F)	if
                                         “30E/360 (ISDA)” is specified in the applicable Final Terms, the number
                                         of days in the Interest Period divided by 360, calculated on a formula basis as follows:

 

 

where:

 

“Y1”
is the year, expressed as a number, in which the first day of the Interest Period falls;

 

    Page 59 

     

    

 

“Y2”
is the year, expressed as a number, in which the day immediately following the last day of the Interest Period falls;

 

“M1”
is the calendar month, expressed as a number, in which the first day of the Interest Period falls;

 

“M2”
is the calendar month, expressed as a number, in which the day immediately following the last day of the Interest Period falls;

 

“D1”
is the first calendar day, expressed as a number, of the Interest Period, unless (i) that day is the last day of February or (ii)
such number would be 31, in which case D1 will be 30; and

 

“D2”
is the calendar day, expressed as a number, immediately following the last day included in the Interest Period, unless (i) that
day is the last day of February but not the Maturity Date or (ii) such number would be 31, in which case D2 will be
30; and

 

		(G)	if
                                         “Actual/365 (Sterling)” is specified in the applicable Final Terms,
                                         the number of days in the Interest Period divided by 365 or, in the case of an Interest
                                         Payment Date falling in a leap year, 366.

 

		(vii)	Linear
                                         Interpolation

 

Where Linear
Interpolation is specified as applicable in respect of an Interest Period or Specified Period in the applicable Final Terms, the
Rate of Interest for such Interest Period or Specified Period shall be calculated by the Agent (or if the Agent is not the Calculation
Agent, the Calculation Agent specified in the applicable Final Terms) by straight line linear interpolation by reference to two
rates based on the relevant Reference Rate (where Screen Rate Determination is specified as applicable in the applicable Final
Terms) or the relevant Floating Rate Option (where ISDA Determination is specified as applicable in the applicable Final Terms),
one of which shall be determined as if the Designated Maturity (as defined below) were the period of time for which rates are
available next shorter than the length of the relevant Interest Period or Specified Period and the other of which shall be determined
as if the Designated Maturity were the period of time for which rates are available next longer than the length of the relevant
Interest Period or Specified Period, provided however, that if there is no rate available for a period of time next shorter or,
as the case may be, next longer, then the Agent (or if the Agent is not the Calculation Agent, the Calculation Agent specified
in the applicable Final Terms) shall determine such rate at such time and by reference to such sources as it determines appropriate.
For the purposes of this Condition 4(b)(vii), the expression “Designated Maturity” means, in relation to Screen
Rate Determination, the period of time designated in the Reference Rate.

 

		(viii)	Notification
                                         of Rate of Interest and Interest Amount

 

The Agent
will cause the Rate of Interest and each Interest Amount for each Interest Period or Specified Period and the relevant Interest
Payment Date to be notified to the Issuer, the TCCI Registrar and the TCCI Transfer Agent (in the case of Registered Notes issued
by Toyota Credit Canada Inc.), the TMCC Registrar and the TMCC Transfer Agent (in the case of Registered Notes issued by Toyota
Motor Credit Corporation) and any stock exchange or other relevant authority on which the relevant Floating Rate Notes are for
the time being admitted to trading and listed and will cause notice of the same to be published or given in accordance with Condition
16 as soon as possible after their determination but in no event later than the fourth London Business Day after their determination.
Each Interest Amount and Interest Payment Date so notified may subsequently be amended (or appropriate alternative arrangements
made by way of adjustment) without publication as aforesaid or prior notice in the event of an extension or shortening of the
Interest Period or Specified Period in accordance with the provisions hereof. Any such

 

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amendment will promptly be notified to
each stock exchange or other relevant authority on which the relevant Floating Rate Notes are for the time being admitted to trading
and listed. For the purposes of this Condition 4(b)(viii), the expression “London Business Day” means a day
(other than a Saturday or Sunday) on which banks and foreign exchange markets are open for general business in London.

 

		(ix)	Certificates
                                         to be Final 

 

All certificates,
communications, opinions, determinations, calculations, quotations and decisions given, expressed, made or obtained for the purposes
of the provisions of this Condition 4(b), whether by the Agent or other Calculation Agent, shall (in the absence of wilful default,
bad faith, manifest error or proven error) be binding on the Issuer, the Agent, the Calculation Agent, any other Paying Agent
and all Noteholders and Couponholders and (in the case of Registered Notes issued by Toyota Credit Canada Inc.) the TCCI Registrar
and TCCI Transfer Agent and (in the case of Registered Notes issued by Toyota Motor Credit Corporation) the TMCC Registrar and
TMCC Transfer Agent and (in the absence of wilful default or bad faith) no liability to the Issuer, the Noteholders or the Couponholders
shall attach to the Agent or the Calculation Agent in connection with the exercise or non-exercise by either of them of their
powers, duties and discretions pursuant to such provisions.

 

		(c)	Zero
                                         Coupon Notes 

 

When a Zero
Coupon Note becomes due and repayable prior to the Maturity Date and is not paid when due, the amount due and repayable shall
be the Amortised Face Amount of such Note as determined in accordance with Condition 6(i)(iii). As from the Maturity Date, any
overdue principal of such Note shall bear interest at a rate per annum equal to the Accrual Yield set forth in the applicable
Final Terms.

 

		(d)	Accrual
                                         of Interest 

 

Each Note
(or in the case of the redemption of part only of a Note, that part only of such Note to be redeemed) will cease to bear interest
(if any) from the date of its redemption unless payment of principal is improperly withheld or refused. In such event, interest
will continue to accrue at the rate of interest then applicable or at such other rate as may be specified in the applicable Final
Terms until whichever is the earlier of (i) the day on which all sums due in respect of such Note up to that day are received
by or on behalf of the holder of such Note; and (ii) the day on which the Agent or (in the case of Registered Notes issued
by Toyota Credit Canada Inc.) the TCCI Registrar or the TCCI Transfer Agent or (in the case of Registered Notes issued by Toyota
Motor Credit Corporation) the TMCC Registrar or the TMCC Transfer Agent has notified the holder thereof (either in accordance
with Condition 16 or individually) of receipt of all sums due in respect thereof up to that date.

 

		5.	Payments
                                         

 

		(a)	Method
                                         of Payment 

 

Subject
as provided below:

 

		(i)	payments
                                         in a Specified Currency other than euro, U.S. dollars or Renminbi, will be made by credit
                                         or transfer to an account in the relevant Specified Currency (which, in the case of a
                                         payment in Japanese Yen to a non-resident of Japan, shall be a non-resident account)
                                         maintained by the payee with, or at the option of the payee by a cheque in such Specified
                                         Currency drawn on, a bank in the principal financial centre of the country of such Specified
                                         Currency (which, if the Specified Currency is Australian dollars or New Zealand dollars
                                         shall be Sydney or Auckland, respectively), unless specified otherwise in the applicable
                                         Final Terms;

 

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		(ii)	payments
                                         in euro will be made by credit or transfer to a euro account (or any other account to
                                         which euro may be credited or transferred) specified by the payee or, at the option of
                                         the payee, by a euro cheque;

 

		(iii)	payments
                                         in U.S. dollars, except as provided by Condition 5(d), shall be made by credit or transfer
                                         to a U.S. dollar account outside the United States specified by the payee; and

 

		(iv)	payments
                                         in Renminbi shall be made by credit or transfer to a Renminbi account maintained by or
                                         on behalf of the payee with a bank in Hong Kong or such RMB Settlement Centre(s) as may
                                         be specified in the applicable Final Terms in accordance with applicable laws, rules,
                                         regulations and guidelines issued from time to time (including all applicable laws and
                                         regulations with respect to settlement in Renminbi in Hong Kong or such RMB Settlement
                                         Centre(s) as may be specified in the applicable Final Terms).

 

A cheque
may not be delivered to an address in, and an amount may not be transferred to an account at a bank located in, the United States
of America or its possessions by any office or agency of the Issuer, the Agent or any Paying Agent or (in the case of Registered
Notes issued by Toyota Credit Canada Inc.) the TCCI Registrar or TCCI Transfer Agent or (in the case of Registered Notes issued
by Toyota Motor Credit Corporation) the TMCC Registrar or TMCC Transfer Agent except as provided in Condition 5(d). Payments will
be subject in all cases to any fiscal or other laws and regulations applicable thereto in the place of payment and the administrative
practices and procedures of fiscal and other authorities in relation to tax, anti-money laundering and other requirements which
may apply to payments of amounts due (whether principal, redemption amount, interest or otherwise) in respect of Notes, but (unless
otherwise specified in the applicable Final Terms) without prejudice to the provisions of Condition 7. However, if any withholding
is required under Sections 1471 through to 1474 of the U.S. Internal Revenue Code of 1986, as amended, any regulations or other
guidance promulgated thereunder or any official interpretations thereof (including under an agreement described under Section
1471(b)), or under any intergovernmental agreement implementing an alternative approach thereto or any implementing law in relation
thereto the Issuer will not be required to pay any additional amount under Condition 7 on account of such withholding.

 

		(b)	Presentation
                                         of Notes and Coupons – Bearer Notes 

 

This Condition
5(b) applies to Bearer Notes.

 

Payments
of principal in respect of definitive Notes will (subject as provided below) be made in the Specified Currency in the manner provided
in Condition 5(a) against presentation and surrender (or, in the case of part payment of a sum due only, endorsement) of definitive
Notes and payments of interest in respect of the definitive Notes will (subject as provided below) be made in the Specified Currency
in the manner provided in Condition 5(a) against presentation and surrender (or, in the case of part payment of a sum due only,
endorsement) of Coupons, in each case at the specified office of any Paying Agent outside the United States which expression,
used herein, means the United States of America (including the States and the District of Columbia and its possessions).

 

Upon the
date on which any Fixed Rate Notes in definitive form become due and repayable, such Notes should be presented for payment together
with all unmatured Coupons appertaining thereto (which expression shall for this purpose include Coupons falling to be issued
on exchange of matured Talons), failing which the amount of any missing unmatured Coupon (or, in the case of payment not being
made in full, the same proportion of the aggregate amount of such missing unmatured Coupon as the sum so paid bears to the sum
due) will be deducted from the sum due for payment. Unless otherwise specified in the applicable Final Terms, each amount of principal
so deducted will be paid in the manner mentioned above against surrender of the relative missing

 

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Coupon at any time before the
expiry of five years after the Relevant Date (as defined in Condition 8) in respect of such principal (whether or not such Coupon
would otherwise have become void under Condition 8) or, if later, five years from the date on which such Coupon would otherwise
have become due. Upon any Fixed Rate Note in definitive form becoming due and repayable prior to its Maturity Date, all unmatured
Talons (if any) appertaining thereto will become void and no further Coupons will be issued in respect thereof.

 

Upon the
date on which any Floating Rate Note in definitive form becomes due and repayable, unmatured Coupons and Talons (if any) relating
thereto (whether or not attached) shall become void and no payment or, as the case may be, exchange for further Coupons shall
be made in respect thereof.

 

If the due
date for redemption of any definitive Note is not an Interest Payment Date, interest (if any) accrued but unpaid in respect of
such Note from (and including) the preceding Interest Payment Date or, as the case may be, the Interest Commencement Date or Issue
Date (as applicable) shall be payable only against surrender of the relevant definitive Note.

 

Payments
of principal and interest (if any) in respect of Notes represented by any global Note will (subject as provided below) be made
in the manner specified above in relation to definitive Notes or otherwise in the manner specified in the relevant global Note,
where applicable against presentation or surrender, as the case may be, of such global Note, if the global Note is not issued
in NGN form or held under the NSS, at the specified office of any Paying Agent located outside the United States except as provided
below. A record of each payment made, distinguishing between any payment of principal and any payment of interest, will be made
on such global Note either by the Paying Agent to which it was presented or in the records of Euroclear and Clearstream, Luxembourg,
as applicable.

 

		(c)	Presentation
                                         and Surrender of Notes – Registered Notes 

 

Provisions
in relation to payments of principal and interest in respect of Registered Notes will be set out in the relevant global Registered
Note or definitive Registered Note and as otherwise set out in these Terms and Conditions. Interest on Registered Notes shall
be paid to the person shown on the relevant TCCI Register with respect to Registered Notes issued by TCCI, or the relevant TMCC
Register with respect to Registered Notes issued by TMCC, on the Record Date, and “Record Date” means, in the
case of global Registered Notes, at the close of business on the relevant clearing system business day before the due date for
payment thereof, or in the case of Registered Notes in definitive form, at close of business on the fifteenth day before the due
date for payment thereof.

 

		(d)	Global
                                         Notes 

 

The holder
of a global Note shall be the only person entitled to receive payments in respect of Notes represented by such global Note and
the Issuer will be discharged by payment to, or to the order of, the holder of such global Note in respect of each amount so paid.
Each of the persons shown in the records of Euroclear or Clearstream, Luxembourg as the holder of a particular nominal amount
of Notes represented by such global Note must look solely to Euroclear or Clearstream, Luxembourg, as the case may be, for the
holder’s share of each payment so made by the Issuer to, or to the order of, the holder of such global Note. No person other
than the holder of such global Note shall have any claim against the Issuer in respect of any payments due on the global Note.

 

Interest
on the Notes is payable only outside the United States and its possessions, within the meaning of United States Treasury regulation
Section 1.163-5(c)(1)(ii)(A). No interest on the Notes shall be paid into an account maintained by the payee in the United States
or mailed to an address in the United States unless the payee is described in United States Treasury regulation Sections 1.163-5(c)(2)(v)(B)(1)
or (2).

 

    Page 63 

     

    

 

Notwithstanding
the foregoing, payments of principal and interest in respect of global Notes will be made at the specified office of a Paying
Agent in the United States (which expression, as used herein, means the United States of America (including the States and the
District of Columbia, its territories, its possessions and other areas subject to its jurisdiction)) if:

 

		(i)	the
                                         Issuer has appointed Paying Agents with specified offices outside the United States with
                                         the reasonable expectation that such Paying Agents would be able to make payments at
                                         such specified offices outside the United States of the full amount owing in respect
                                         of the Notes in the manner provided above when due;

 

		(ii)	payment
                                         of the full amount owing in respect of the Notes at such specified offices outside the
                                         United States is illegal or effectively precluded by the imposition of exchange controls
                                         or other similar restrictions on the full payment or receipt of interest; and

 

		(iii)	such
                                         payment is then permitted under United States law without involving, in the opinion of
                                         the Issuer, adverse tax consequences to the Issuer.

 

		(e)	Payment
                                         Day 

 

Unless specified
otherwise in the applicable Final Terms, if the due date for payment of any amount in respect of any Note or Coupon is not a Payment
Day, the holder thereof shall not be entitled to payment until the next following Payment Day in the relevant place and shall
not be entitled to further interest or other payment in respect of such delay. For these purposes, unless otherwise specified
in the applicable Final Terms, “Payment Day” means any day which (subject to Condition 8) is both:

 

		(i)	a
                                         day on which commercial banks and foreign exchange markets settle payments and are open
                                         for general business (including dealing in foreign exchange and foreign currency deposits)
                                         in:

 

		(A)	the relevant place of presentation
(if presentation is required); and

 

		(B)	any
                                         Additional Financial Centre specified in the applicable Final Terms; and

 

		(ii)	(1)
                                         in relation to any sum payable in a Specified Currency other than euro or
                                         Renminbi, a day on which commercial banks and foreign exchange
                                         markets settle payments and are open for general business (including dealing in foreign
                                         exchange and foreign currency deposits) in the principal financial centre of the country
                                         of the relevant Specified Currency (which if the Specified Currency is Australian dollars
                                         or New Zealand dollars shall be Sydney or Auckland, respectively); (2) in relation to
                                         any sum payable in euro, a day on which the TARGET2 System is open; or (3) in relation
                                         to any sum payable in Renminbi, a day on which banks and foreign exchange markets are
                                         open for business and settlement of Renminbi payments in Hong Kong. 

 

		(f)	Conversion
                                         into euro 

 

Unless specified
otherwise in the applicable Final Terms, if the Issuer is due to make a payment in a currency (the “original currency”)
other than euro in respect of any Note or Coupon and the original currency is not available on the foreign exchange markets due
to the imposition of exchange controls, the original currency’s replacement or disuse or other circumstances beyond the
Issuer’s control, the Issuer will be entitled to satisfy its obligations in respect of such payment by making payment in
euro on the basis of the spot exchange rate (the “Euro FX Rate”) at which the original currency is offered
in exchange for euro in the London foreign exchange market (or, at the option of the Issuer or its designated Calculation Agent,
in the foreign exchange market of any

 

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other financial centre which is then open for business) at noon, London time, two Business
Days prior to the date on which payment is due or, if the Euro FX Rate is not available on that date, on the basis of a substitute
exchange rate determined by the Issuer or by its designated Calculation Agent acting in its absolute discretion from such source(s)
and at such time as it may select. For the avoidance of doubt, the Euro FX Rate or substitute exchange rate as aforesaid may be
such that the resulting euro amount is zero and in such event no amount of euro or the original currency will be payable. Any
payment made in euro or non-payment in accordance with this Condition 5(f) will not constitute an Event of Default under Condition
9.

 

		(g)	Interpretation of
Principal and Interest

 

Any reference
in these Terms and Conditions to principal in respect of the Notes shall be deemed to include, as applicable:

 

		(i)	any
                                         additional amounts which may be payable with respect to principal under Condition 7 or
                                         pursuant to any undertakings given in addition thereto or in substitution therefor under
                                         Condition 14;

 

		(ii)	the
                                         Final Redemption Amount of the Notes;

 

		(iii)	the
                                         Early Redemption Amount of the Notes;

 

		(iv)	the
                                         Optional Redemption Amount(s) (if any) of the Notes;

 

		(v)	in
                                         relation to Zero Coupon Notes, the Amortised Face Amount (as defined in Condition 6(i)(iii));
                                         and

 

		(vi)	any
                                         premium and any other amounts (other than interest) which may be payable by the Issuer
                                         under or in respect of the Notes.

 

Any reference
in these Terms and Conditions to interest in respect of the Notes shall be deemed to include, as applicable, any additional amounts
which may be payable with respect to interest under Condition 7 or pursuant to any undertakings given in addition thereto or in
substitution therefor under Condition 14, except as provided in sub-paragraph (i) above.

 

		(h)	Payment of U.S. Dollar
Equivalent

 

Notwithstanding
any other provisions in these Terms and Conditions, if by reason of Inconvertibility (as defined below), Non-transferability (as
defined below) or Illiquidity (as defined below), the Issuer determines in good faith and in a commercially reasonable manner
that it is not able, or it would be impracticable for it, to satisfy payments due under the Notes or Coupons in Renminbi in Hong
Kong or such RMB Settlement Centre(s) as may be specified in the applicable Final Terms, the
Issuer shall settle any such payment in U.S. dollars on the due date for payment at the U.S. Dollar Equivalent of any such Renminbi
denominated amount and give notice thereof (including details thereof) as soon as practicable to the Noteholders in accordance
with Condition 16.

 

In such
event, payments of the U.S. Dollar Equivalent of the relevant amounts due under the Notes or Coupons shall be made in accordance
with Condition 5(a).

 

In this
Condition 5(h):

 

“Governmental
Authority” means any de facto or de jure government (or any agency or instrumentality thereof), court, tribunal, administrative
or other governmental authority or any other entity (private or public) charged with the regulation of the financial markets (including
the

 

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central bank) of Hong Kong or such RMB Settlement Centre(s) as may be specified in the
applicable Final Terms;

 

“Illiquidity”
means the general Renminbi exchange market in Hong Kong or such RMB Settlement Centre(s) as
may be specified in the applicable Final Terms becomes illiquid as a result of which the Issuer cannot obtain sufficient Renminbi
in order to satisfy its obligation to make a payment under the Notes or Coupons;

 

“Inconvertibility”
means the occurrence of any event that makes it impossible for the Issuer to convert into Renminbi any amount due in respect of
the Notes or Coupons into Renminbi on any payment date in the general Renminbi exchange market in Hong Kong or such RMB
Settlement Centre(s) as may be specified in the applicable Final Terms, other than where such impossibility is due solely
to the failure of the Issuer to comply with any law, rule or regulation enacted by any Governmental Authority (unless such law,
rule or regulation is enacted after the Issue Date of the first Tranche of the relevant Series and it is impossible for the Issuer
due to an event beyond its control, to comply with such law, rule or regulation);

 

“Non-transferability”
means the occurrence of any event that makes it impossible for the Issuer to deliver Renminbi between accounts inside Hong Kong
(or such RMB Settlement Centre(s) as may be specified in the applicable Final Terms) or from
an account inside Hong Kong (or such RMB Settlement Centre(s) as may be specified in the applicable
Final Terms) to an account outside Hong Kong (or such RMB Settlement Centre(s) as may be specified
in the applicable Final Terms) (including where the Renminbi clearing and settlement system for participating banks in Hong Kong
(or such RMB Settlement Centre(s) as may be specified in the applicable Final Terms) is disrupted
or suspended), other than where such impossibility is due solely to the failure of the Issuer to comply with any law, rule or
regulation enacted by any Governmental Authority (unless such law, rule or regulation is enacted after the Issue Date of the first
Tranche of the relevant Series and it is impossible for the Issuer due to an event beyond its control, to comply with such law,
rule or regulation);

 

“Rate
Determination Business Day” means a day (other than a Saturday or Sunday) on which commercial banks are open for general
business (including dealings in foreign exchange) in Hong Kong, London, New York City or such other financial centre(s) as may
be specified in the applicable Final Terms;

 

“Rate
Determination Date” means the day which is two Rate Determination Business Days before the due date of the relevant
amount under the Notes;

 

“Spot
Rate” means, unless specified otherwise in the applicable Final Terms, the spot CNY/U.S.$ exchange rate for the purchase
of U.S. dollars with Renminbi in the over-the-counter Renminbi exchange market in Hong Kong (or such RMB
Settlement Centre(s) as may be specified in the applicable Final Terms) for settlement in two Rate Determination Business
Days, as determined by the Calculation Agent at or around 11.00 a.m. (local time in Hong Kong or such RMB
Settlement Centre(s) as may be specified in the applicable Final Terms) on the Rate Determination Date, on a deliverable
basis by reference to Reuters Screen Page TRADCNY3, or if no such rate is available, on a non-deliverable basis by reference to
Reuters Screen Page TRADNDF. If neither rate is available, the Calculation Agent shall determine the rate taking into consideration
all available information which the Calculation Agent deems relevant, including pricing information obtained from the Renminbi
non-deliverable exchange market in Hong Kong or elsewhere and the CNY/U.S.$ exchange rate in the PRC domestic foreign exchange
market; and

 

“U.S.
Dollar Equivalent” means the relevant Renminbi amount converted into U.S. dollars using the Spot Rate for the relevant
Rate Determination Date.

 

All certificates,
communications, opinions, determinations, calculations, quotations and decisions given, expressed, made or obtained for the purposes
of the provisions of this Condition 5(h),

 

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whether by the Agent or other Calculation Agent, shall (in the absence of negligence,
wilful default, bad faith or manifest error) be binding on the Issuer, the Agent, Calculation Agent (if applicable), any other
Paying Agents and all Noteholders and Couponholders and (in the case of Registered Notes issued by Toyota Credit Canada Inc.)
the TCCI Registrar and the TCCI Transfer Agent or (in the case of Registered Notes issued by Toyota Motor Credit Corporation)
the TMCC Registrar and the TMCC Transfer Agent and (in the absence as aforesaid) no liability to the Issuer, the Noteholders or
the Couponholders shall attach to the Agent or the Calculation Agent (if applicable) in connection with the exercise or non-exercise
by it of its powers, duties and discretions pursuant to the provisions of this Condition 5(h).

 

		6.	Redemption
                                         and Purchase 

 

		(a)	At
                                         Maturity 

 

Unless otherwise
indicated in the applicable Final Terms and unless previously redeemed or purchased and cancelled as specified below, each Note
will be redeemed by the Issuer at its Final Redemption Amount specified in the applicable Final Terms in the relevant Specified
Currency on the Maturity Date specified in the applicable Final Terms.

 

		(b)	Redemption
                                         for Tax Reasons 

 

The Issuer
may redeem the Notes in whole, but not in part, at any time at their Early Redemption Amount, together, if appropriate, with accrued
but unpaid interest to (but excluding) the date fixed for redemption under this Condition 6(b), if the Issuer shall determine
that as a result of any change in, or amendment to, the laws (or any regulations or rulings promulgated thereunder) of the jurisdiction
in which the Issuer is incorporated or any political subdivision or any authority thereof or therein having power to tax, or any
change in the application or official interpretation of such laws, regulations or rulings, which change or amendment becomes effective
on or after the Issue Date of the Notes, the Issuer would be required to pay Additional Amounts, as provided in Condition 7, on
the occasion of the next payment due in respect of the Notes.

 

Notice of
intention to redeem Notes will be given at least once in accordance with Condition 16 not less than 30 days nor more than 60 days
prior to the date fixed for redemption under this Condition 6(b), provided that no such notice of redemption shall be given earlier
than 90 days prior to the effective date of such change or amendment and that at the time notice of such redemption is given,
such obligation to pay such Additional Amounts remains in effect. From and after any redemption date, if moneys for redemption
of Notes shall have been made available for redemption on such redemption date, such Notes shall cease to bear interest, if applicable,
and the only right of the holders of such Notes and any Coupons appertaining thereto shall be to receive payment of the Early
Redemption Amount and, if appropriate, all unpaid interest accrued to (but excluding) such redemption date.

 

		(c)	Final
                                         Terms 

 

The
Final Terms applicable to the Notes shall indicate either:

 

		(i)	that
                                         the Notes cannot be redeemed prior to their Maturity Date (except as otherwise provided
                                         in Condition 6(b) and in Condition 9); or

 

		(ii)	that
                                         such Notes will be redeemable at the option of the Issuer and/or the holders of the Notes
                                         prior to such Maturity Date in accordance with the provisions of Conditions 6(d), 6(e),
                                         6(f) and/or 6(h) on the date or dates and at the amount or amounts indicated in the applicable
                                         Final Terms.

 

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		(d)	Redemption
                                         at the Option of the Issuer (“Issuer Call Option”) 

 

If the Issuer
Call Option is specified as being applicable in the applicable Final Terms, the Issuer may, having given:

 

		(i)	not
                                         more than 60 nor less than 30 days’ notice to the holders of the Notes in accordance
                                         with Condition 16, or such other notice period as is specified in the applicable Final
                                         Terms; and

 

		(ii)	not
                                         less than 5 days before the date of the notice referred to in sub-paragraph (i) (or such
                                         other notice period as is specified in the applicable Final Terms) is to be given, notice
                                         to the Agent or (in the case of Registered Notes issued by Toyota Credit Canada Inc.)
                                         the TCCI Registrar and the TCCI Transfer Agent or (in the case of Registered Notes issued
                                         by Toyota Motor Credit Corporation) the TMCC Registrar and the TMCC Transfer Agent;

 

(which notices
shall be irrevocable), redeem all or some only of the Notes then outstanding on the Optional Redemption Date(s) and at the Optional
Redemption Amount(s) specified in the applicable Final Terms together (if appropriate) with interest accrued but unpaid to (but
excluding) the Optional Redemption Date(s). If the applicable Final Terms specify the Notes are redeemable in part, such redemption
must be of a nominal amount not less than the Minimum Redemption Amount or not more than the Maximum Redemption Amount, both as
indicated in the applicable Final Terms.

 

		(e)	Redemption at the
Option of the Issuer (“Issuer Maturity Par Call Option”)

 

If the Issuer
Maturity Par Call Option is specified as being applicable in the applicable Final Terms, the Issuer may, having given:

 

		(i)	not
                                         more than 60 nor less than 30 days’ notice to the holders of the Notes in accordance
                                         with Condition 16, or such other notice period as is specified in the applicable Final
                                         Terms; and

 

		(ii)	not
                                         less than 5 days before the date of the notice referred to in sub-paragraph (i) (or such
                                         other notice period as is specified in the applicable Final Terms) is to be given, notice
                                         to the Agent or (in the case of Registered Notes issued by Toyota Credit Canada Inc.)
                                         the TCCI Registrar and the TCCI Transfer Agent or (in the case of Registered Notes issued
                                         by Toyota Motor Credit Corporation) the TMCC Registrar and the TMCC Transfer Agent;

 

(which notices
shall be irrevocable and shall specify the date fixed for redemption), redeem the Notes in whole, but not in part, at any time
during the period commencing on (and including) the day that is 90 days prior to the Maturity Date to (but excluding) the Maturity
Date, at the Final Redemption Amount specified in the applicable Final Terms, together (if appropriate) with interest accrued
but unpaid to (but excluding) the date fixed for redemption.

 

		(f)	Redemption at the
Option of the Issuer (“Issuer Make-Whole Call Option”)

 

If the Issuer
Make-Whole Call Option is specified as being applicable in the applicable Final Terms, the Issuer may, having given:

 

		(i)	not
                                         more than 60 nor less than 30 days’ notice to the holders of the Notes in accordance
                                         with Condition 16, or such other notice period as is specified in the applicable Final
                                         Terms; and

 

		(ii)	not
                                         less than 5 days before the date of the notice referred to in sub-paragraph (i) (or such
                                         other notice period as is specified in the applicable Final Terms) is to be given, notice
                                         to the Agent or (in the case of Registered Notes issued by Toyota Credit Canada Inc.)
                                         the TCCI Registrar and the TCCI Transfer Agent or (in the case of 

 

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Registered Notes issued
                                         by Toyota Motor Credit Corporation) the TMCC Registrar and the TMCC Transfer Agent;

 

(which notices
shall be irrevocable and shall specify the date fixed for redemption), redeem all or some only of the Notes then outstanding on
any Optional Redemption Date (that is, if the Issuer Maturity Par Call Option is specified to be applicable in the applicable
Final Terms, more than 90 days prior to the Maturity Date) and at the Optional Redemption Amount(s) specified in the applicable
Final Terms together (if appropriate) with interest accrued but unpaid to (but excluding) the relevant Optional Redemption Date.
If the applicable Final Terms specify the Notes are redeemable in part, such redemption must be of a nominal amount not less than
the Minimum Redemption Amount or not more than the Maximum Redemption Amount, both as indicated in the applicable Final Terms.

 

If the Special
Redemption Amount is specified in the applicable Final Terms as the Optional Redemption Amount, the Optional Redemption Amount
with respect to the Notes shall be equal to the higher of:

 

		(a)	100 per cent. of the nominal
amount of the Notes being redeemed; or

 

		(b)	the
                                         price (as reported to the Issuer and the Calculation Agent by the Financial Adviser and
                                         expressed as a percentage) that provides for a Gross Redemption Yield on such Notes on
                                         the Reference Date equal (after adjusting for any difference in compounding frequency)
                                         to the Gross Redemption Yield provided by the Reference Bonds based on the Reference
                                         Bond Rate at the Specified Time on the Reference Date plus the Redemption Margin (if
                                         any).

 

Where:

 

“Financial
Adviser” means a financial adviser selected by the Calculation Agent after consultation with the Issuer.

 

“Gross
Redemption Yield” means a yield expressed as a percentage and calculated by the Financial Adviser in accordance with
generally accepted market practice.

 

“Redemption
Margin” shall be as set out in the applicable Final Terms.

 

“Reference
Bonds” means, as at the Reference Date, the then current on-the-run government securities that would be utilised in
pricing new issues of corporate debt securities denominated in the same currency as the Notes, as determined by the Financial
Adviser.

 

“Reference
Bond Rate” means the actual or, where there is more than one Reference Bond, interpolated rate per annum calculated
by the Financial Adviser in accordance with generally accepted market practice by reference to the arithmetic mean of the middle
market prices provided by three Reference Dealers for the Reference Bond(s) having an actual or interpolated maturity equal to
the remaining term of the Notes (if the Notes were to remain outstanding to the Maturity Date).

 

“Reference
Date” means the fifth London Business Day prior to the Optional Redemption Date.

 

“Reference
Dealer” means a bank selected by the Issuer or its affiliates in consultation with the Financial Adviser which is (A)
a primary government securities dealer, or (B) a market maker in pricing corporate bond issues.

 

“Specified
Time” shall be as set out in the applicable Final Terms.

 

All certificates,
communications, opinions, determinations, calculations, quotations and decisions given, expressed, made or obtained for the purposes
of the provisions of this Condition 6(f), by the Financial Adviser, shall (in the absence of negligence, wilful default, bad faith
or manifest error) be binding on the Issuer, the Agent, Calculation Agent (if applicable), any other Paying Agents and all Noteholders
and Couponholders and (in the case of Registered Notes issued by Toyota Credit Canada Inc.) the TCCI Registrar and the TCCI Transfer
Agent or (in the case of Registered Notes issued by Toyota Motor Credit Corporation) the TMCC Registrar and the TMCC Transfer

 

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Agent and (in the absence as aforesaid) no liability to the Issuer, the Noteholders or the Couponholders shall attach to the Financial
Adviser in connection with the exercise or non-exercise by it of its powers, duties and discretions pursuant to the provisions
of this Condition 6(f).

 

		(g)	Partial
                                         Redemption 

 

In the event
of redemption of some only of the Notes under Condition 6(d) or Condition 6(f), the Notes to be redeemed (“Redeemed Notes”)
will be selected individually by lot, in the case of Redeemed Notes represented by definitive Notes, and in accordance with the
rules of Euroclear and/or Clearstream, Luxembourg, (to be reflected in the records of Euroclear and Clearstream, Luxembourg as
either a pool factor or a reduction in nominal amount, at their discretion) in the case of Redeemed Notes represented by a global
Note, not more than 60 days prior to the date fixed for redemption (such date of selection being hereinafter called the “Selection
Date”). In the case of Redeemed Notes represented by definitive Notes, a list of such Redeemed Notes will be published or
notified in accordance with Condition 16 not less than 30 days prior to the date fixed for redemption, or such other period as
is specified in the applicable Final Terms. No exchange of the relevant global Note will be permitted during the period from and
including the Selection Date to and including the date fixed for redemption pursuant to this Condition 6(g) and notice to that
effect shall be given by the Issuer to the Noteholders in accordance with Condition 16 at least 10 days prior to the Selection
Date. If an Optional Redemption Date would otherwise fall on a day which is not a Business Day (as defined in Condition 4(b)(i)),
it shall be subject to adjustment in accordance with the Business Day Convention applicable to the Notes or such other Business
Day Convention specified in the applicable Final Terms.

 

		(h)	Redemption
                                         at the Option of the Noteholders (“Investor Put Option”) 

 

Unless otherwise
specified in the applicable Final Terms, the Notes will not be subject to repayment at the option of Noteholders. If the Investor
Put Option is specified as being applicable in the applicable Final Terms, upon the holder of any Note giving to the Issuer in
accordance with Condition 16 not less than 30 nor more than 60 days’ notice (which notice shall be irrevocable) the Issuer
will, upon the expiry of such notice, redeem, in whole (but not in part), such Note on the Optional Redemption Date and at the
Optional Redemption Amount specified in the applicable Final Terms together, if appropriate, with interest accrued but unpaid
to (but excluding) the Optional Redemption Date.

 

If a Note
is in definitive form and held outside Euroclear and Clearstream, Luxembourg, to exercise the right to require redemption of the
Note the holder of the Note must deliver such Note at the specified office of any Paying Agent (other than the TCCI Transfer Agent
or the TMCC Transfer Agent), in the case of Bearer Notes, or the TCCI Registrar or the TCCI Transfer Agent, in the case of Registered
Notes issued by Toyota Credit Canada Inc., or the TMCC Registrar or the TMCC Transfer Agent, in the case of Registered Notes issued
by Toyota Motor Credit Corporation, at any time during normal business hours of such Paying Agent or the TCCI Registrar or TCCI
Transfer Agent or the TMCC Registrar or TMCC Transfer Agent falling within the notice period, accompanied by a duly completed
and signed notice of exercise in the form (for the time being current) obtainable from any specified office of any Paying Agent,
or the TCCI Registrar or the TCCI Transfer Agent, or the TMCC Registrar or the TMCC Transfer Agent (a “Put Notice”)
and in which the holder must specify a bank account (or, if payment is required to be made by cheque, an address) to which payment
is to be made under this Condition 6(h).

 

If a Note
is represented by a global Note or is in definitive form and held through Euroclear or Clearstream, Luxembourg, to exercise the
right to require redemption of the Note the holder of the Note must, within the notice period, give notice to the Agent, in the
case of Bearer Notes, or the TCCI Registrar or the TCCI Transfer Agent, in the case of Registered Notes issued by Toyota Credit
Canada Inc., or the TMCC Registrar or the TMCC Transfer Agent, in the case of Registered Notes issued by Toyota Motor Credit Corporation,
of such exercise in accordance with the standard procedures of Euroclear and Clearstream, Luxembourg (which may include notice

 

    Page 70 

     

    

 

being given on the holder’s instruction by Euroclear or Clearstream, Luxembourg or any common depositary, or common safekeeper,
as the case may be, for them to the Agent, or the TCCI Registrar or the TCCI Transfer Agent (in the case of Registered Notes issued
by Toyota Credit Canada Inc.), or the TMCC Registrar or the TMCC Transfer Agent (in the case of Registered Notes issued by Toyota
Motor Credit Corporation) by electronic means) in a form acceptable to Euroclear and Clearstream, Luxembourg from time to time.

 

		(i)	Early
                                         Redemption Amounts 

 

For the
purpose of Condition 6(b) and Condition 9, the Notes will be redeemed at an amount (the “Early Redemption Amount”)
calculated as follows:

 

		(i)	in
                                         the case of Notes with a Final Redemption Amount equal to the Calculation Amount, at
                                         the Final Redemption Amount thereof; or

 

		(ii)	in
                                         the case of Notes (other than Zero Coupon Notes) with a Final Redemption Amount which
                                         is or may be less or greater than the Calculation Amount or which is payable in a Specified
                                         Currency other than that in which the Notes are denominated, at the amount specified
                                         in the applicable Final Terms or, if no such amount is so specified in the applicable
                                         Final Terms, at their nominal amount; or

 

		(iii)	in
                                         the case of Zero Coupon Notes, at an amount (the “Amortised Face Amount”)
                                         equal to:

 

		(A)	the
                                         sum of (x) the product of (i) either the Calculation Amount or the Specified Denomination
                                         as specified in the applicable Final Terms and (ii) the Reference Price specified in
                                         the applicable Final Terms (the “Reference Amount”) and (y) the product
                                         of the Accrual Yield specified in the applicable Final Terms (compounded
                                         annually) being applied to the Reference Amount from (and
                                         including) the Issue Date of the first Tranche of Notes to (but excluding) the date fixed
                                         for redemption or (as the case may be) the date upon which such Note becomes due and
                                         repayable; or

 

		(B)	if
                                         the amount payable in respect of any Zero Coupon Note upon redemption of such Zero Coupon
                                         Note pursuant to Condition 6(b) or upon its becoming due and repayable as provided in
                                         Condition 9 is not paid or available for payment when due, the amount due and repayable
                                         in respect of such Zero Coupon Note shall
                                         be the Amortised Face Amount of such Zero Coupon Note calculated as provided above as
                                         though the references in sub-paragraph (A) to the date fixed for redemption or
                                         the date upon which the Zero Coupon Note becomes due and repayable were replaced by references
                                         to the date (the “Reference Date”) which is the earlier of:

 

		(1)	the
                                         date on which all amounts due in respect of the Note have been paid; and

 

		(2)	the
                                         date on which the full amount of the moneys repayable has been received by the Agent
                                         and notice to that effect has been given in accordance with Condition 16.

 

The
calculation of the Amortised Face Amount in accordance with this sub-paragraph (B) will continue to be made, after as well
as before judgment, until the Reference Date unless the Reference Date falls on or after the Maturity Date, in which case the
amount due and repayable shall be the nominal amount of such Note together with interest at a rate per annum equal to the Accrual
Yield.

 

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Where
any such calculation is to be made for a period which is not a whole number of years, it shall be made (I) in the case of
a Zero Coupon Note other than a Zero Coupon Note payable in euro, on the basis of a 360-day year consisting of 12 months
of 30 days each (or 365/366 days in the case of Notes denominated in Sterling) and, in the case of an incomplete month,
the number of days elapsed or (II) in the case of a Zero Coupon Note payable in euro, on the basis of the actual number of
days elapsed divided by 365 (or, if any of the days elapsed falls in a leap year, the sum of (x) the number of those days
falling in a leap year divided by 366 and (y) the number of those days falling in a non-leap year divided by 365).

 

		(j)	Purchases
                                         

 

The Issuer
or any of its subsidiaries may at any time purchase Notes (provided that, in the case of definitive Notes, all unmatured Coupons
appertaining thereto are purchased therewith) at any price in the open market or otherwise. If purchases are made by tender, tenders
must be available to all Noteholders alike. Where the Issuer is Toyota Credit Canada Inc., such Notes shall be surrendered (in
the case of Bearer Notes) to any Paying Agent, or (in the case of Registered Notes issued by Toyota Credit Canada Inc.) the TCCI
Registrar or TCCI Transfer Agent, or (in the case of Registered Notes issued by Toyota Motor Credit Corporation) the TMCC Registrar
or TMCC Transfer Agent, for cancellation and, where the Issuer is Toyota Motor Finance (Netherlands) B.V., Toyota Finance Australia
Limited or Toyota Motor Credit Corporation such Notes may, at the option of the Issuer, either be (i) resold or reissued, or held
by the Issuer for subsequent resale or reissuance, or (ii) surrendered to any Paying Agent for cancellation, in which event such
Notes and Coupons may not be resold or reissued.

 

		(k)	Cancellation
                                         

 

All Notes
which are redeemed will forthwith be cancelled (together with all unmatured Coupons attached thereto or surrendered therewith
at the time of redemption). All Notes so cancelled and any of the Notes purchased and cancelled pursuant to Condition 6(j) (together,
in the case of definitive Notes, with all unmatured Coupons cancelled therewith) shall be forwarded to the Agent and cannot be
reissued or resold. If any Note is purchased and cancelled without all unmatured Coupons appertaining thereto, the Issuer shall
make payment in respect of any such missing Coupon in accordance with Condition 5 as if the relevant Note had remained outstanding
for the period to which such Coupon relates.

 

		7.	Taxation – Additional
Amounts

 

(a)        Toyota
Motor Finance (Netherlands) B.V., Toyota Credit Canada Inc. or Toyota Finance Australia Limited

 

This Condition
7(a) only applies to Notes issued by Toyota Motor Finance (Netherlands) B.V., Toyota Credit Canada Inc. or Toyota Finance Australia
Limited.

 

Unless otherwise
specified in the applicable Final Terms, all payments of principal and interest in respect of the Notes issued by Toyota Motor
Finance (Netherlands) B.V., Toyota Credit Canada Inc. or Toyota Finance Australia Limited will be made without withholding or
deduction for or on account of any present or future taxes or duties of whatever nature imposed or levied by or on behalf of the
jurisdiction in which the Issuer is incorporated or any province, territory or other political subdivision or any authority thereof
or therein having power to tax, unless such withholding or deduction is required by law. In such event, the relevant Issuer will
pay such additional amounts (the “Additional Amounts”) as shall be necessary in order that the net amounts
receivable by the holders of the Notes or Coupons after such withholding or deduction shall equal the respective amounts of principal
and interest which would otherwise have been receivable in respect of the Notes or Coupons, as the case may be, in the absence
of such withholding or deduction; except that no such Additional Amounts shall be payable with respect to any Note or

 

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Coupon:

 

		(i)	where
                                         the Issuer is Toyota Motor Finance (Netherlands) B.V., where the Noteholder or Couponholder
                                         of which (a) would be able to avoid such withholding or deduction or is liable to such
                                         withholding or deduction at a reduced rate by making a declaration of non-residence or
                                         producing other evidence establishing that such payment may be made without withholding
                                         or deduction or with such deduction or withholding at a reduced rate to the Issuer or
                                         the relevant tax authority; or (b) is liable for such taxes or duties in respect of such
                                         Note or Coupon by reason of his having some connection with the Netherlands other than
                                         the mere holding of such Note or Coupon; or

 

		(ii)	where
                                         the Issuer is Toyota Credit Canada Inc.:

 

		(A)	the
                                         holder of which is liable for such taxes or duties in respect of such Note or Coupon
                                         by reason of his having some connection with Canada other than the mere holding of such
                                         Note or Coupon or the receipt of principal or interest in respect thereof;

 

		(B)	the
                                         Issuer does not deal at arm’s length (within the meaning of the Income Tax Act
                                         (Canada)) with either: (1) the holder of such Note or Coupon, or (2) in the case where
                                         a payment is made to a holder of a Coupon, the holder of the related Note (as applicable);
                                         or

 

		(C)	the
                                         holder of which is, or does not deal at arm’s length with any person who is, a
                                         “specified shareholder” of TCCI for the purposes of the thin capitalisation
                                         rules in the Income Tax Act (Canada);

 

		(iii)	where
                                         the Issuer is Toyota Finance Australia Limited, the holder of which is liable for such
                                         taxes or duties in respect of such Note or Coupon:

 

		(A)	by
                                         reason of the holder (or a third party acting on its behalf) having some connection with
                                         the Commonwealth of Australia or any political subdivision thereof or therein other than
                                         the mere holding of such Note or Coupon or the receipt of payment in respect thereof;
                                         or

 

		(B)	by
                                         reason of the holder being a person who could lawfully avoid (but has not so avoided)
                                         such withholding or deduction by complying or procuring that any third party complies
                                         with any statutory requirements or by making or procuring that any third party makes
                                         a declaration of non-residence or other similar claim for exemption to any tax authority
                                         in the place where the relevant Note or Coupon is presented for payment; or

 

		(C)	by
                                         reason of the holder (or a person with an interest in a Note) being an Offshore Associate
                                         of the Issuer acting other than in the capacity of a clearing house, paying agent, custodian,
                                         funds manager or responsible entity of a registered scheme within the meaning of the
                                         Corporations Act 2001 of Australia. “Offshore Associate” means an
                                         associate (as defined in Section 128F(9) of the Income Tax Assessment Act 1936 of Australia)
                                         of the Issuer that is either:

 

		(a)	a
                                         non-resident of Australia which does not acquire the Notes in carrying on a business
                                         at or through a permanent establishment in Australia; or

 

		(b)	a resident
of Australia that acquires the Notes in carrying on a business at or through a permanent
establishment outside Australia; or

 

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		(D)	in
                                         a case where TFA receives a notice or direction under Section 260-5 of Schedule 1 to
                                         the Taxation Administration Act 1953 of Australia, Section 255 of the Income Tax Assessment
                                         Act 1936 of Australia or any analogous provisions, any amounts paid or deducted from
                                         sums payable to the holder by TFA in compliance with such notice or direction; or
                                         

 

		(iv)	in
                                         such other circumstances as may be specified in the applicable Final Terms; or

 

		(v)	more
                                         than 30 days after the Relevant Date (as defined in Condition 8) except to the extent
                                         that the holder thereof would have been entitled to such Additional Amounts on presenting
                                         the same, or making demand, for payment on such thirtieth day assuming that day to have
                                         been a Payment Day (as defined in Condition 5(e)); or

 

		(vi)	where
                                         such withholding or deduction is required pursuant to Sections 1471 through to 1474 of
                                         the U.S. Internal Revenue Code of 1986, as amended, any regulations or other guidance
                                         promulgated thereunder or any official interpretations thereof (including under an agreement
                                         described under Section 1471(b)), or pursuant to any intergovernmental agreement implementing
                                         an alternative approach thereto or any implementing law in relation thereto.

 

(b)       Toyota
Motor Credit Corporation 

 

This Condition
7(b) only applies to Notes issued by Toyota Motor Credit Corporation.

 

Except as
specifically provided by this Condition 7(b), where the Issuer is Toyota Motor Credit Corporation, the Issuer shall not be required
to make any payment in respect of the Notes with respect to any tax, assessment or other governmental charge (“Tax”)
imposed by any government or a political subdivision or taxing authority thereof or therein.

 

The Issuer
will, subject to certain limitations and exceptions (set forth below), pay to a Noteholder or Couponholder who is a Non-U.S. Holder
(as defined below) such additional amounts (the “Additional Amounts”) as shall
be necessary in order that the net amounts receivable by the holders of the Notes or Coupons after such withholding or deduction
shall equal the respective amounts of principal and interest which would otherwise have been receivable in respect of the Notes
or Coupons, as the case may be, in the absence of such withholding or deduction; except that the Issuer shall not be required
to make any payment of Additional Amounts for or on account of:

 

		(i)	any
                                         Tax which would not have been imposed but for (A) the existence of any present or
                                         former connection between such Noteholder or Couponholder or any beneficial owner of
                                         a Note or Coupon (or between a fiduciary, settlor, beneficiary, member or shareholder
                                         of, or possessor of a power over, such Noteholder, Couponholder or beneficial owner,
                                         if such Noteholder, Couponholder or beneficial owner is an estate, trust, partnership
                                         or corporation) and the United States, including, without limitation, being or having
                                         been a citizen or resident thereof or being or having been present or engaged in a trade
                                         or business therein or having had a permanent establishment
                                         therein, or (B) such Noteholder’s, Couponholder’s or beneficial owner’s
                                         past or present status as a passive foreign investment company, controlled foreign corporation
                                         or a private foundation (as those terms are defined for United States tax purposes) or
                                         as a corporation which accumulates earnings to avoid U.S. federal income tax;

 

		(ii)	any
                                         estate, inheritance, gift, sales, transfer, personal
                                         property or similar Tax;

 

		(iii)	any
                                         Tax that would not have been so imposed but for the
                                         presentation of a Note or Coupon for payment on a
                                         date more than 15 days after the date on which such 

 

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payment
became due and payable or the date on which payment thereof is duly provided for, whichever occurs later;

 

		(iv)	any
                                         Tax which is payable otherwise than by deduction
                                         or withholding from payments of principal or interest in
                                         respect of the Notes or Coupons;

 

		(v)	any
                                         Tax imposed on interest received or beneficially owned by (A) a 10 per cent. shareholder
                                         of the Issuer within the meaning of U.S. Internal Revenue Code Section 871(h)(3)(B)
                                         or Section 881(c)(3)(B) or (B) a bank extending credit pursuant to a loan agreement
                                         entered into in the ordinary course of its trade or business;

 

		(vi)	any
                                         Tax required to be withheld or deducted by any Paying Agent from any payment of principal
                                         or interest in respect of any Note or Coupon, if such payment can be made without such
                                         withholding or deduction by any other Paying Agent with respect to the Notes;

 

		(vii)	any
                                         Tax which would not have been imposed but for the failure to comply with certification,
                                         information, documentation, or other reporting requirements concerning the nationality,
                                         residence, identity or connection with the United States of the Noteholder or Couponholder
                                         or of the beneficial owner of such Note or Coupon, if such compliance is required by
                                         statute or by regulation of the United States Treasury Department as a precondition to
                                         relief or exemption from such Tax including, in the case of Notes with a maturity of
                                         more than 183 days (taking into consideration unilateral rights to roll or extend), failure
                                         of the Noteholder or Couponholder or of the beneficial owner of such Note or Coupon,
                                         to provide such certification of non-U.S. beneficial ownership as may be required from
                                         time to time under applicable rules, including, if necessary, a valid U.S. Internal Revenue
                                         Service Form W8-BEN or W8-BEN-E;

 

		(viii)	any
                                         Tax imposed with respect to a payment on a Note or Coupon to any Noteholder or Couponholder
                                         who is a fiduciary or partnership or other than the sole beneficial owner of the Note
                                         or Coupon to the extent a beneficiary or settlor with respect to such fiduciary, a member
                                         of such partnership or a beneficial owner of the Note or Coupon would not have been entitled
                                         to payment of the Additional Amounts, had such beneficiary, settlor, member or beneficial
                                         owner been the holder of the Note or Coupon;

 

		(ix)	any
                                         Tax required to be withheld or deducted pursuant
                                         to Sections 1471 through to 1474 of the U.S. Internal Revenue Code of 1986, as amended,
                                         any regulations or other guidance promulgated thereunder or any official interpretations
                                         thereof (including under an agreement described under Section 1471(b)), or pursuant to
                                         any intergovernmental agreement implementing an alternative approach thereto or any implementing
                                         law in relation thereto; or

 

		(x)	any
                                         combination of items (i), (ii), (iii), (iv), (v), (vi), (vii), (viii) and (ix) above.

 

The term
“Non-U.S. Holder” means any Holder that is not for U.S. federal income tax purposes (i) a citizen or resident
of the United States, (ii) a corporation, partnership or other entity organised in or under the laws of the United States or its
political subdivisions, (iii) a trust subject to the control of a U.S. person and the primary supervision of a U.S. court, or
(iv) an estate the income of which is subject to U.S. federal income taxation regardless of its source.

 

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		8.	Prescription

 

Unless provided
otherwise in the applicable Final Terms, Notes and Coupons will become void unless claims in respect of principal and/or interest
are made within a period of five years after the Relevant Date (as defined below) therefor.

 

There
shall not be included in any Coupon sheet issued on exchange of a Talon any Coupon the claim for payment in respect
of which would be void pursuant to this Condition 8 or Condition 5(b) or any Talon which would be
void pursuant to Condition 5(b). 

 

Any moneys
paid by the Issuer to the Agent, or (in the case of Registered Notes issued by Toyota Credit Canada Inc.) the TCCI Registrar or
the TCCI Transfer Agent, or (in the case of Registered Notes issued by Toyota Motor Credit Corporation) the TMCC Registrar or
the TMCC Transfer Agent, for the payment of principal or interest in respect of the Notes and remaining unclaimed for a period
of five years shall forthwith be repaid to the Issuer. All liability of the Issuer, the Agent, the TCCI Registrar or the TCCI
Transfer Agent, the TMCC Registrar or the TMCC Transfer Agent with respect thereto shall cease when the Notes and Coupons become
void.

 

As
used herein, the “Relevant Date” means the date on which such payment first becomes due, except that, if the
full amount of the moneys payable has not been duly received by the Agent or, as the case may be, the Registrar
on or prior to such due date, it means the date on which, the full amount of such moneys having been
so received, notice to that effect is duly given to the Noteholders in accordance with Condition 16. 

 

		9.	Events
of Default

 

		(a)	In the event that (each
of (i) through to (iv) below, an “Event of Default”):

 

		(i)	default
                                         is made by the Issuer in the payment when due of
                                         any principal or interest in respect of any Note
                                         and the default continues unremedied for a period of 14 days after the date when due;
                                         or

 

		(ii)	default
                                         is made by the Issuer in the performance or observance of any covenant, condition or
                                         provision contained in these Terms and Conditions applicable to the Notes or of any covenant,
                                         condition or provision for the benefit of Noteholders contained in the Agency Agreement
                                         and on its part to be performed or observed (other than the covenant to pay the principal
                                         and interest in respect of the Notes) and at the expiration of any applicable grace period
                                         therefor such covenant, condition or provision is not performed or observed in the period
                                         of 60 consecutive days after the date on which written notice of such default, requiring
                                         the Issuer to perform or observe such covenant, condition or provision, first shall have
                                         been given to the Issuer and the Agent, or (in the case of Registered Notes issued by
                                         Toyota Credit Canada Inc.) the TCCI Registrar and the TCCI Transfer Agent, or (in the
                                         case of Registered Notes issued by Toyota Motor Credit Corporation) the TMCC Registrar
                                         and the TMCC Transfer Agent, by the holders of not less than 25 per cent. in aggregate
                                         nominal amount of Notes then outstanding; or

 

		(iii)	the
                                         entry by a court having competent jurisdiction of (a) a decree or order granting
                                         relief in respect of the Issuer in an involuntary proceeding under any applicable bankruptcy,
                                         insolvency or other similar law and such decree or order shall remain unstayed and in
                                         effect for a period of 60 consecutive days; or (b) a
                                         decree or order adjudging the Issuer to be insolvent, or approving a petition seeking
                                         reorganisation, arrangement, adjustment or composition of the Issuer and such decree
                                         or order shall remain unstayed and in effect for a period of 60 consecutive days; or
                                         (c) a final and non-appealable order 

 

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appointing a custodian, receiver, liquidator, assignee,
                                         trustee or other similar official of the Issuer or of any substantial part of the property
                                         of the Issuer, or ordering the winding up or liquidation of the Issuer, in each case
                                         of (a), (b) or (c) otherwise than for the purposes of or pursuant to and followed by
                                         a consolidation, amalgamation, merger, reconstruction or reorganisation in which a continuing
                                         corporation effectively assumes all obligations of the Issuer under the Notes or the
                                         terms of which have previously been approved by the written consent of holders of a majority
                                         in aggregate nominal amount of the Notes then outstanding affected thereby, or by resolution
                                         adopted by the holders of a majority in aggregate nominal amount of such Notes then outstanding
                                         present or represented at a meeting of the holders of the Notes affected thereby at which
                                         a quorum is present, as provided in the Agency Agreement; or

 

		(iv)	the
                                         commencement by the Issuer of a voluntary proceeding under any applicable bankruptcy,
                                         insolvency or other similar law or the consent of the Issuer to the entry of a decree
                                         or order for relief in an involuntary proceeding under any applicable bankruptcy, insolvency
                                         or other similar law, or the consent by the Issuer
                                         to the appointment of or taking possession by a custodian, receiver, liquidator, assignee,
                                         trustee or similar official of the Issuer or for any substantial part of the property
                                         of the Issuer or the making by the Issuer of a general assignment for the benefit of
                                         creditors, or the Issuer failing generally to pay its debts as they become due, or the
                                         taking of corporate action by the Issuer in furtherance of any such action (in each case
                                         otherwise than for the purposes of such a consolidation, amalgamation, merger, reconstruction
                                         or reorganisation as is referred to in paragraph (iii)),

 

then
the holder of any Note may, at its option, declare the principal of such Note and the interest, if any, accrued but unpaid thereon
to be due and payable immediately by written notice to the Issuer and the Agent, or (in the case of Registered Notes issued by
Toyota Credit Canada Inc.) the TCCI Registrar and the TCCI Transfer Agent, or (in the case of Registered Notes issued by Toyota
Motor Credit Corporation) the TMCC Registrar and the TMCC Transfer Agent, and unless all such defaults shall have been remedied
by the Issuer (or by the Parent or TFS pursuant to the relevant Credit Support Agreement) prior to receipt of such written notice,
the principal of such Note and the interest, if any, accrued but unpaid thereon shall become and be immediately due and payable.

 

At
any time after such declaration of acceleration with respect to the Notes has been made and before a judgment or decree for payment
of the money due with respect to any Note has been obtained by any Noteholder, such declaration and its consequences may be rescinded
and annulled upon the written consent of holders of a majority in aggregate nominal amount of the Notes then outstanding affected
thereby, or by resolution adopted by the holders of a majority in aggregate nominal amount of the Notes then outstanding present
or represented at a meeting of holders of the Notes affected thereby at which a quorum is present, as provided in the Agency Agreement,
if:

 

		(1)	the
                                         Issuer has paid to, or deposited with, the Agent, or (in the case of Registered Notes
                                         issued by Toyota Credit Canada Inc.) the TCCI Transfer Agent, or (in the case of Registered
                                         Notes issued by Toyota Motor Credit Corporation) the TMCC Transfer Agent, a sum sufficient
                                         to pay:

 

		(A)	all overdue payments of
interest on the Notes; and

 

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		(B)	the
                                         principal of the Notes which has become due otherwise than by such declaration of acceleration;
                                         and

 

		(2)	all
                                         Events of Default with respect to the Notes, other than the non-payment of the principal
                                         of such Notes which has become due solely by such declaration
                                         of acceleration, have been either (i) remedied or (ii) waived
                                         as provided in paragraph (b) below.

 

No
such rescission shall affect any subsequent default or impair any right consequent thereon.

 

		(b)	Any
                                         Events of Default by the Issuer, other than the events described in paragraph (a)(i)
                                         above or in respect
                                         of where a default is made by the Issuer in the performance
                                         or observance of any covenant, condition or provision described in paragraph (a)(ii)
                                         above which cannot be modified and amended without the written consent of the holders
                                         of all outstanding Notes, may be waived by the written consent of holders of a majority
                                         in aggregate nominal amount of the Notes then outstanding affected thereby, or by resolution
                                         adopted by the holders of a majority in aggregate nominal amount of the Notes then outstanding
                                         present or represented at a meeting of the holders of the Notes affected thereby at which
                                         a quorum is present, as provided in the Agency Agreement (provided that such resolution
                                         shall be approved by the holders of not less than 25 per cent. of the aggregate nominal
                                         amount of Notes then outstanding affected thereby).

 

		10.	Replacement of Notes,
Coupons and Talons

 

Should any
Note, Coupon or Talon be lost, stolen, mutilated, defaced or destroyed, it may be replaced at the specified office of the Agent
in London, or (in the case of Registered Notes issued by Toyota Credit Canada Inc.) at the specified offices of the TCCI Registrar
or the TCCI Transfer Agent, or (in the case of Registered Notes issued by Toyota Motor Credit Corporation) at the specified offices
of the TMCC Registrar or the TMCC Transfer Agent (or such other place outside the United States as may be notified to the Noteholders),
in accordance with all applicable laws and regulations, upon payment by the claimant of such costs and expenses as may be incurred
by the Issuer and the Agent or the TCCI Registrar or TCCI Transfer Agent or the TMCC Registrar or TMCC Transfer Agent, as the
case may be, in connection therewith and on such terms as to evidence and indemnity, security or otherwise as the Issuer and the
Agent or the TCCI Registrar or TCCI Transfer Agent or the TMCC Registrar or Transfer Agent, as the case may be, may require. Mutilated
or defaced Notes, Coupons or Talons must be surrendered before replacements will be issued.

 

		11.	Agent
and Paying Agents, Registrars and Transfer Agents

 

The names
of the initial Agent, the initial TCCI Registrar, the initial TCCI Transfer Agent, the initial TMCC Registrar and the initial
TMCC Transfer Agent and their initial specified offices are set out below.

 

In acting
under the Agency Agreement or the TCCI Note Agency Agreement or the TMCC Note Agency Agreement, the Agent and any other Paying
Agents and (in the case of the TCCI Note Agency Agreement only) the TCCI Registrar and the TCCI Transfer Agent and (in the case
of the TMCC Note Agency Agreement only) the TMCC Registrar and the TMCC Transfer Agent act solely as agents of the Issuer and
do not assume any obligation to, or relationship of agency or trust with, any Noteholders or Couponholders. The Issuer agrees
to perform and observe the obligations imposed upon it under the Agency Agreement and (in respect of Registered Notes issued by
Toyota Credit Canada Inc.) the TCCI Note Agency Agreement and (in respect of Notes issued by Toyota Motor Credit Corporation)
the TMCC Note Agency Agreement and to use reasonable efforts to cause the Agent and any other Paying Agents to perform and observe
the obligations imposed

 

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upon them under the Agency Agreement and (in respect of Registered Notes issued by Toyota Credit Canada
Inc.) the TCCI Registrar and the TCCI Transfer Agent, to perform and observe the obligations imposed on them under the TCCI Note
Agency Agreement and (in respect of Registered Notes issued by Toyota Motor Credit Corporation) the TMCC Registrar and the TMCC
Transfer Agent, to perform and observe the obligations imposed on them under the TMCC Note Agency Agreement. The Agency Agreement
and (in respect of Registered Notes issued by Toyota Credit Canada Inc.) the TCCI Note Agency Agreement and (in respect of Registered
Notes issued by Toyota Motor Credit Corporation) the TMCC Note Agency Agreement, contain provisions for the indemnification of
the Agent and any other Paying Agents, the TCCI Registrar and the TCCI Transfer Agent and the TMCC Registrar and the TMCC Transfer
Agent, respectively, and for relief from responsibility in certain circumstances, and entitle any of them to enter into business
transactions with the Issuer without being liable to account to the Noteholders or the Couponholders for any resulting profit.

 

The Issuer
is entitled to vary or terminate the appointment of any Paying Agent appointed under the terms of the Agency Agreement, or the
TCCI Registrar or the TCCI Transfer Agent appointed under the terms of the TCCI Note Agency Agreement, or the TMCC Registrar or
the TMCC Transfer Agent appointed under the terms of the TMCC Note Agency Agreement, and/or appoint additional or other Paying
Agents or Transfer Agents and/or approve any change in the specified office through which any Paying Agent, TCCI Registrar, TCCI
Transfer Agent, TMCC Registrar or TMCC Transfer Agent acts, provided that:

 

		(i)	so
                                         long as the Notes are admitted to trading or listed on any stock exchange or other relevant
                                         authority, there will at all times be a Paying Agent with a specified office in such
                                         place as may be required by the rules and regulations of the relevant stock exchange
                                         or other relevant authority;
                                         

 

		(ii)	there
                                         will at all times be an Agent; and

 

		(iii)	in
                                         respect of Registered Notes issued by Toyota Credit Canada Inc., there will at all times
                                         be a TCCI Registrar and in respect of Registered Notes issued by Toyota Motor Credit
                                         Corporation, there will at all times be a TMCC Registrar.

 

In addition,
the Issuer shall forthwith appoint a Paying Agent having a specified office in the United States only in the circumstances described
in the final paragraph of Condition 5(d). Any variation, termination, appointment or change shall only take effect (other than
in the case of insolvency, when it shall be of immediate effect) after not less than 30 or more than 45 days’ prior notice
thereof shall have been given to the Noteholders in accordance with Condition 16.

 

In addition,
in relation to Registered Notes issued or to be issued by it, Toyota Credit Canada Inc. or Toyota Motor Credit Corporation, as
the case may be, is entitled to vary or terminate the appointment of any registrar, transfer agent or paying agent and/or appoint
additional transfer agents, paying agents and/or approve any change in the specified office through which any such registrar,
transfer agent or paying agent acts, provided that there will at all times be a registrar and a paying agent capable of making
payments in the Specified Currency and (in the case of global Registered Notes) to the clearing system specified in the applicable
Final Terms.

 

The Agency
Agreement or the TCCI Note Agency Agreement or the TMCC Note Agency Agreement contains provisions permitting any entity into which
any Paying Agent and (in the case of the TCCI Note Agency Agreement and the TMCC Note Agency Agreement only) any registrar, paying
agent or transfer agent is merged or converted or with which it is consolidated or to which it transfers all or substantially
all of its assets to become the successor paying agent, registrar or transfer agent (as appropriate).

 

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		12.	Exchange of Talons

 

On and after
the Interest Payment Date, on which the final Coupon comprised in any Coupon sheet matures, the Talon (if any) forming part of
such Coupon sheet may be surrendered at the specified office of the Agent or any other Paying Agent in exchange for a further
Coupon sheet including (if such further Coupon sheet does not include Coupons to (and including) the final date for the payment
of interest due in respect of the Note to which it appertains) a further Talon, subject to the provisions of Condition 8. Each
Talon shall, for the purposes of these Terms and Conditions, be deemed to mature on the Interest Payment Date on which the final
Coupon comprised in the relative Coupon sheet matures.

 

		13.	Consolidation or Merger

 

The Issuer
may consolidate with, or sell, lease or convey all or substantially all of its assets as an entirety to, or merge with or into
any other corporation provided that in any such case, (i) either the Issuer shall be the continuing corporation, or the successor
corporation shall be a corporation organised and existing under the laws of the jurisdiction in which the Issuer is incorporated
or any province, territory, state or other political subdivision thereof and such successor corporation shall expressly assume
the due and punctual payment of the principal of and interest (including Additional Amounts as provided in Condition 7) on
all the Notes and Coupons, according to their tenor, and the due and punctual performance and observance of all of the covenants
and conditions of the Notes to be performed by the Issuer by an amendment to the Agency Agreement or, as the case may be, the
TCCI Note Agency Agreement or the TMCC Note Agency Agreement, executed by such successor corporation, the Issuer and the Agent
or the TCCI Registrar and the TCCI Transfer Agent or the TMCC Registrar and the TMCC Transfer Agent, as the case may be, and (ii) immediately
after giving effect to such transaction, no Event of Default under Condition 9, and no event which, with notice or lapse of time
or both, would become such an Event of Default shall have happened and be continuing. In case of any such consolidation, merger,
sale, lease or conveyance and upon any such assumption by the successor corporation, such successor corporation shall succeed
to and be substituted for the Issuer, with the same effect as if it had been named herein as the Issuer, and the predecessor corporation,
except in the event of a conveyance by way of lease, shall be relieved of any further obligation under the Notes and the Agency
Agreement or, as the case may be, the TCCI Note Agency Agreement or the TMCC Note Agency Agreement.

 

		14.	Substitution

 

The Issuer
(the “Retiring Issuer” and the expressions “Issuer” and “Retiring Issuer”
include any previous relevant Substitute Issuer (as defined below) under this Condition 14) may, without the consent of the relevant
Noteholders or Couponholders, substitute the Parent or any subsidiary of the Parent (including TFS) in place of the Issuer as
the principal debtor under the Notes, the relative Coupons, the Agency Agreement and (in the case of Registered Notes issued by
Toyota Credit Canada Inc.) the TCCI Note Agency Agreement and (in the case of Registered Notes issued by Toyota Motor Credit Corporation)
the TMCC Note Agency Agreement (the “Substitute Issuer”) provided that:

 

(a)       in
the case of the substitution of a subsidiary of the Parent (other than TFS or any other Issuer) in place of the Retiring Issuer,
a Credit Support Agreement, in the case of a subsidiary of TFS, between such subsidiary and TFS being entered into, and the TMC
Credit Support Agreement applying, mutatis mutandis on the terms of the relevant Credit Support Agreement and the TMC Credit
Support Agreement, respectively and, in the case of a subsidiary of the Parent (and not being also a subsidiary of TFS) a Credit
Support Agreement between such subsidiary and the Parent being entered into mutatis mutandis on the terms of the TMC Credit
Support Agreement;

 

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(b)       a
deed poll substantially in the form set out in Appendix G to the Agency Agreement (and such other documents (if any)) shall be
executed by the Substitute Issuer and the Retiring Issuer as may be necessary to give full effect to the substitution (the “Substitution
Documents”) and (without limiting the generality of the foregoing) under which (i) the Substitute Issuer shall undertake
in favour of the relevant Noteholders and Couponholders to be bound by the terms and conditions of the relevant Notes and Coupons,
the provisions of the Agency Agreement and (in the case of Registered Notes issued by Toyota Credit Canada Inc.) the provisions
of the TCCI Note Agency Agreement and (in the case of Registered Notes issued by Toyota Motor Credit Corporation) the provisions
of the TMCC Note Agency Agreement, as fully as if the Substitute Issuer had been named in the relevant Notes and Coupons, the
Agency Agreement and (in the case of Registered Notes issued by Toyota Credit Canada Inc.) the TCCI Note Agency Agreement and
(in the case of Registered Notes issued by Toyota Motor Credit Corporation) the TMCC Note Agency Agreement, as the principal debtor
in respect of the relevant Notes and Coupons, the Agency Agreement and (in the case of Registered Notes issued by Toyota Credit
Canada Inc.) the TCCI Note Agency Agreement and (in the case of Registered Notes issued by Toyota Motor Credit Corporation) the
TMCC Note Agency Agreement, in place of the Retiring Issuer; and (ii) the Retiring Issuer shall be released from its obligations
as principal debtor in respect of the relevant Notes and Coupons, the Agency Agreement and (in the case of Registered Notes issued
by Toyota Credit Canada Inc.) the TCCI Note Agency Agreement and (in the case of Registered Notes issued by Toyota Motor Credit
Corporation) the TMCC Note Agency Agreement;

 

(c)       without
prejudice to the generality of paragraph (b) above, where the Substitute Issuer is subject generally to a taxing jurisdiction
differing from or in addition to the taxing jurisdiction to which the Retiring Issuer for which it shall have been substituted
under this Condition 14 was subject, the Substitute Issuer shall undertake or covenant in the Substitution Documents in terms
corresponding to the provisions of Condition 7 with the substitution for or addition to the references to the taxing jurisdiction
to which the Retiring Issuer, as the case may be, was subject of references to the taxing jurisdiction or additional taxing jurisdiction
to which such Substitute Issuer, as the case may be, is subject and in such case, Condition 7 shall be deemed to be modified accordingly
when such substitution takes effect;

 

(d)       the
Substitution Documents shall contain a warranty and representation (i) that the Substitute Issuer and the Retiring Issuer have
obtained all necessary governmental and regulatory approvals and consents for the substitution and that the Substitute Issuer
has obtained all necessary governmental and regulatory approvals and consents for the performance by the Substitute Issuer of
its obligations under the Substitution Documents and that all such approvals and consents are in full force and effect, (ii) that
the obligations assumed by the Substitute Issuer in respect of the relevant Notes and Coupons, the Agency Agreement and (in the
case of Registered Notes issued by Toyota Credit Canada Inc.) the TCCI Note Agency Agreement and (in the case of Registered Notes
issued by Toyota Motor Credit Corporation) the TMCC Note Agency Agreement are, in each case, valid and binding in accordance with
their respective terms and enforceable by each relevant Noteholder, and (iii) the Substitute Issuer is solvent;

 

(e)       any
credit rating obtained by the Retiring Issuer from a nationally recognised statistical rating organisation which applies to the
relevant Notes will not be downgraded as a result of the substitution;

 

(f)       each
stock exchange on which the relevant Notes are admitted to trading shall have confirmed that, following the proposed substitution
of the Substitute Issuer, such Notes will continue to be admitted to trading on such stock exchange;

 

(g)       where
the Substitute Issuer is not a company incorporated in the United Kingdom, the Substitute Issuer shall have appointed a process
agent as its agent in England to receive service of process on its behalf in relation to any legal action or proceedings arising
out of or in connection with the relevant Notes and Coupons, the Agency Agreement and (in the case of Registered Notes issued
by Toyota Credit Canada Inc.) the TCCI Note Agency Agreement and (in the case of

 

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Registered Notes issued by Toyota Motor Credit
Corporation) the TMCC Note Agency Agreement;

 

(h)       in
the case of substitution of TCCI or a Canadian subsidiary of the Parent (“Canadian Replacement Subsidiary”)
in place of the Retiring Issuer, no withholding or other taxes will be payable or required to be withheld by any such Substitute
Issuer other than in respect of a holder of the relevant Notes or Coupons that: (i) does not deal at arm’s length (within
the meaning of the Income Tax Act (Canada)) with TCCI or the Canadian Replacement Subsidiary (as applicable) or (ii) is, or does
not deal at arm’s length with any person who is, a “specified shareholder” of TCCI or the Canadian Replacement
Subsidiary (as applicable) for the purposes of the thin capitalisation rules in the Income Tax Act (Canada);

 

(i)    
   legal opinions shall have been delivered to the Agent or (in the case of Registered Notes issued by Toyota
Credit Canada Inc.) the TCCI Registrar or (in the case of Registered Notes issued by Toyota Motor Credit Corporation) the
TMCC Registrar (from whom copies will be available) (in each case dated not more than three days prior to the intended date
of substitution) from legal advisers of good standing selected by the Substitute Issuer (i) in each jurisdiction in which the
Substitute Issuer and the Retiring Issuer are incorporated and in England confirming, as appropriate, that upon the
substitution taking place, the Substitution Documents constitute legal, valid and binding obligations of the Substitute
Issuer and the relevant Notes and Coupons, the Agency Agreement and (in the case of Registered Notes issued by Toyota Credit
Canada Inc.) the TCCI Note Agency Agreement and in the case of Registered Notes issued by Toyota Motor Credit Corporation)
the TMCC Note Agency Agreement, are legal, valid and binding obligations of the Substitute Issuer enforceable in accordance
with their terms; and (ii) in Japan and in the jurisdiction in which the Substitute Issuer is incorporated, in the event any
Credit Support Agreements are entered into under paragraph (a) above, confirming that any such Credit Support Agreements
constitute legal, valid and binding obligations of the Parent, TFS and the Substitute Issuer, as the case may be, enforceable
in accordance with its terms; and

 

(j)   
    in connection with any such substitution, the Substitute Issuer and the Retiring Issuer shall not
have regard to the consequences of such substitution for individual Noteholders resulting from their being for any purpose
domiciled or resident in, or otherwise connected with, or subject to the jurisdiction of, any particular territory and no
person shall be entitled to claim whether from the Substitute Issuer, the Retiring Issuer, the Agent, (in the case of
Registered Notes issued by Toyota Credit Canada Inc.) the TCCI Registrar and the TCCI Transfer Agent, (in the case of
Registered Notes issued by Toyota Motor Credit Corporation) the TMCC Registrar and the TMCC Transfer Agent, or any other
person, any indemnification or payment in respect of any tax consequence of any such substitution upon any person except to
the extent already provided in Condition 7 and/or any undertaking given in addition thereto or in substitution therefor in
the Substitution Documents in accordance with paragraph (c) above.

 

Upon
execution of the Substitution Documents as referred to in paragraph (b) above, (i) the Substitute Issuer shall be the relevant
Issuer named in the relevant Notes and Coupons, the Agency Agreement and (in the case of Registered Notes issued by Toyota Credit
Canada Inc.) the TCCI Note Agency Agreement and (in the case of Registered Notes issued by Toyota Motor Credit Corporation) the
TMCC Note Agency Agreement) as principal debtor in place of the Retiring Issuer and the relevant Notes and Coupons, the Agency
Agreement and (in the case of Registered Notes issued by Toyota Credit Canada Inc.) the TCCI Note Agency Agreement and (in the
case of Registered Notes issued by Toyota Motor Credit Corporation) the TMCC Note Agency Agreement, shall thereby be deemed to
be amended to give effect to the substitution of the Substitute Issuer as principal debtor; and (ii) the Retiring Issuer shall
be released as aforesaid from all of its obligations as principal debtor in respect of the relevant Notes and Coupons, the Agency
Agreement and (in the case of Registered Notes issued by Toyota Credit Canada Inc.) the TCCI Note Agency Agreement and (in the
case of Registered Notes issued by Toyota Motor Credit Corporation) the TMCC Note Agency Agreement. With effect on and from the
time of the substitution of the Substitute Issuer in place of the Retiring Issuer:

 

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(A)      the
Retiring Issuer has no further obligations to any Noteholder or Couponholder in relation to the relevant Notes and Coupons;

 

(B)       the
Substitute Issuer has rights which the Retiring Issuer had in respect of the relevant Notes and Coupons (in each case subject
to paragraph (c) above); and

 

(C)       the
Substitute Issuer has assumed the obligations towards the Noteholders and Couponholders which the Retiring Issuer had in respect
of the relevant Notes and Coupons.

 

The Substitution
Documents shall be deposited with and held by the Agent and (in the case of Registered Notes issued by Toyota Credit Canada Inc.)
copied to the TCCI Registrar and (in the case of Registered Notes issued by Toyota Motor Credit Corporation) copied to the TMCC
Registrar, for so long as any of the relevant Notes remain outstanding and for so long as any claim made against the Substitute
Issuer or the Retiring Issuer by any Noteholder or Couponholder in relation to the relevant Notes, Coupons, the Agency Agreement,
or (in the case of Registered Notes issued by Toyota Credit Canada Inc.) the TCCI Note Agency Agreement or (in the case of Registered
Notes issued by Toyota Motor Credit Corporation) the TMCC Note Agency Agreement, or the Substitution Documents shall not have
been finally adjudicated, settled or discharged. The Substitute Issuer and the Retiring Issuer shall acknowledge in the Substitution
Documents the right of every Noteholder to the production of the Substitution Documents for the enforcement of any of the relevant
Notes, Coupons, the Agency Agreement, or (in the case of Registered Notes issued by Toyota Credit Canada Inc.) the TCCI Note Agency
Agreement, or in the case of Registered Notes issued by Toyota Motor Credit Corporation) the TMCC Note Agency Agreement, or the
Substitution Documents.

 

Within 14
days of a substitution taking effect under this Condition 14, the Retiring Issuer shall give notice of such substitution to the
relevant Noteholders in accordance with Condition 16.

 

		15.	Meetings, Modifications
and Waivers

 

The Agency
Agreement, the TCCI Note Agency Agreement and the TMCC Note Agency Agreement contain provisions which, unless otherwise provided
in the Final Terms, are binding on the Issuer, the Noteholders and the Couponholders, for convening meetings of holders of Notes
and Coupons to consider matters affecting their interests, including the modification or waiver of the Terms and Conditions applicable
to the Notes.

 

The Agency
Agreement, (in the case of Registered Notes issued by Toyota Credit Canada Inc.) the TCCI Note Agency Agreement, (in the case
of Registered Notes issued by Toyota Motor Credit Corporation) the TMCC Note Agency Agreement, the Notes and any Coupons attached
to the Notes may be amended by the Issuer and (in the case of the Agency Agreement) the Agent and (in the case of the TCCI Note
Agency Agreement) the TCCI Registrar and the TCCI Transfer Agent, and (in the case of the TMCC Note Agency Agreement) the TMCC
Registrar and the TMCC Transfer Agent, without the consent of the holder of any Note or Coupon (i) for the purpose of curing
any ambiguity, or for curing, correcting or supplementing any defective provision contained therein, or to evidence the succession
of another corporation to the Issuer as provided in Condition 13 or provide for substitution of the Issuer as provided in Condition
14, (ii) to make any further modifications of the terms of the Agency Agreement, or (in the case of Registered Notes issued
by Toyota Credit Canada Inc.) the TCCI Note Agency Agreement, or (in the case of Registered Notes issued by Toyota Motor Credit
Corporation) the TMCC Note Agency Agreement, necessary or desirable to allow for the issuance of any additional Notes (which modifications
shall not be materially adverse to holders of outstanding Notes), or (iii) in any manner which the Issuer and (in the case
of the Agency Agreement) the Agent and (in the case of the TCCI Note Agency Agreement) the TCCI Registrar and the TCCI Transfer
Agent and (in the case of the TMCC Note Agency Agreement) the TMCC Registrar and the TMCC Transfer Agent may deem necessary or
desirable and which shall not materially adversely affect the interests of the holders of the Notes and Coupons. In addition,
with the written consent of holders of a

 

    Page 83 

     

    

 

majority in aggregate nominal amount of the Notes then outstanding affected thereby,
or by resolution adopted by the holders of a majority in aggregate nominal amount of Notes then outstanding present or represented
at a meeting of the holders of the Notes affected thereby at which a quorum is present, as provided in the Agency Agreement (provided
that such resolution shall be approved by the holders of not less than 25 per cent. of the aggregate nominal amount of Notes
then outstanding affected thereby), the Issuer and the Agent and (in the case of the TCCI Note Agency Agreement) the TCCI Registrar
and the TCCI Transfer Agent and (in the case of the TMCC Note Agency Agreement) the TMCC Registrar and the TMCC Transfer Agent
may from time to time and at any time enter into agreements modifying or amending the Agency Agreement, or (in the case of Registered
Notes issued by Toyota Credit Canada Inc.) the TCCI Note Agency Agreement, or (in the case of Registered Notes issued by Toyota
Motor Credit Corporation) the TMCC Note Agency Agreement, or the terms and conditions of the Notes and Coupons for the purpose
of adding any provisions to or changing in any manner or eliminating any provisions of the Agency Agreement, or (in the case of
Registered Notes issued by Toyota Credit Canada Inc.) the TCCI Note Agency Agreement, or (in the case of Registered Notes issued
by Toyota Motor Credit Corporation), the TMCC Note Agency Agreement, or of modifying in any manner the rights of the holders of
Notes and Coupons; provided, however, that no such agreement shall, without the consent or the affirmative vote of the holder
of each Note affected thereby, (i) change the stated maturity of the principal of or any instalment of interest on any Note,
(ii) reduce the nominal amount of or interest on any Note, (iii) change the obligation of the Issuer to pay Additional
Amounts as provided in Condition 7, (iv) reduce the percentage in nominal amount of outstanding Notes the consent of the
holders of which is necessary to modify or amend the Agency Agreement, or (in the case of Registered Notes issued by Toyota Credit
Canada Inc.) the TCCI Note Agency Agreement, or (in the case of Registered Notes issued by Toyota Motor Credit Corporation) the
TMCC Note Agency Agreement, or the terms and conditions of the Notes or to waive any future compliance or past default, or (v) reduce
the percentage in nominal amount of outstanding Notes the consent of the holders of which is required at any meeting of holders
of Notes at which a resolution is adopted. The quorum at any meeting called to adopt a resolution will be persons holding or representing
a majority in aggregate nominal amount of the Notes then outstanding affected thereby and at any adjourned meeting will be one
or more persons holding or representing 25 per cent. in aggregate nominal amount of such Notes then outstanding affected
thereby. Any instrument given by or on behalf of any holder of a Note in connection with any consent to any such modification,
amendment or waiver will be irrevocable once given and will be conclusive and binding on all subsequent holders of such Note.
Any modifications, amendments or waivers to the Agency Agreement, or (in the case of Registered Notes issued by Toyota Credit
Canada Inc.) to the TCCI Note Agency Agreement, or (in the case of Registered Notes issued by Toyota Motor Credit Corporation)
to the TMCC Note Agency Agreement, or to the terms and conditions of the Notes and Coupons will be conclusive and binding on all
holders of Notes and Coupons, whether or not they have given such consent or were present at any meeting, and whether or not notation
of such modifications, amendments or waivers is made upon the Notes and Coupons. It shall not be necessary for the consent of
the holders of Notes under this Condition 15 to approve the particular form of any proposed amendment, but it shall be sufficient
if such consent shall approve the substance thereof.

 

Notes authenticated
and delivered after the execution of any amendment to the Agency Agreement, or (in the case of Registered Notes issued by Toyota
Credit Canada Inc.) to the TCCI Note Agency Agreement, or (in the case of Registered Notes issued by Toyota Motor Credit Corporation)
to the TMCC Note Agency Agreement, the Notes or Coupons may bear a notation in form approved by the Agent, or (in the case of
Registered Notes issued by Toyota Credit Canada Inc.) the TCCI Registrar and the TCCI Transfer Agent, or (in the case of Registered
Notes issued by Toyota Motor Credit Corporation) the TMCC Registrar and the TMCC Transfer Agent, as to any matter provided for
in such amendment to the Agency Agreement or (in the case of Registered Notes issued by Toyota Credit Canada Inc.) to the TCCI
Note Agency Agreement or (in the case of Registered Notes issued by Toyota Motor Credit Corporation) to the TMCC Note Agency Agreement.

 

    Page 84 

     

    

 

New Notes
so modified as to conform, in the opinion of the Agent or (in the case of Registered Notes issued by Toyota Credit Canada Inc.)
the TCCI Registrar or (in the case of Registered Notes issued by Toyota Motor Credit Corporation) the TMCC Registrar and the Issuer,
to any modification contained in any such amendment may be prepared by the Issuer, authenticated by the Agent or (in the case
of Registered Notes issued by Toyota Credit Canada Inc.) the TCCI Registrar or the TCCI Transfer Agent or (in the case of Registered
Notes issued by Toyota Motor Credit Corporation) the TMCC Registrar or the TMCC Transfer Agent and delivered in exchange for the
Notes then outstanding.

 

For the
purposes of this Condition 15, Condition 3 and Condition 9, the term “outstanding” means, in relation to the
Notes, all Notes issued under the Agency Agreement or the TCCI Note Agency Agreement or the TMCC Note Agency Agreement other than
(i) those which have been redeemed in full in accordance with the Agency Agreement or the TCCI Note Agency Agreement or the
TMCC Note Agency Agreement or these Terms and Conditions, (ii) those in respect of which the date for redemption in accordance
with these Terms and Conditions has occurred and the redemption moneys therefor (including all interest (if any) accrued but unpaid
thereon to the date for such redemption and any interest (if any) payable under these Terms and Conditions after such date) have
been duly paid to the Agent as provided in the Agency Agreement or (in the case of Registered Notes issued by Toyota Credit Canada
Inc.) to the TCCI Registrar or the TCCI Transfer Agent or (in the case of Registered Notes issued by Toyota Motor Credit Corporation)
to the TMCC Registrar or the TMCC Transfer Agent (and, where appropriate, notice has been given to the Noteholders in accordance
with Condition 16) and remain available for payment against presentation of the Notes, (iii) those which have become
void under Condition 8, (iv) those which have been purchased or otherwise acquired and cancelled as provided in Condition
6, and those which have been purchased or otherwise acquired and are being held by the Issuer for subsequent resale or reissuance
as provided in Condition 6 during the time so held, (v) those mutilated or defaced Notes which have been surrendered in exchange
for replacement Notes pursuant to Condition 10, (vi) (for the purposes only of determining how many Notes are outstanding
and without prejudice to their status for any other purpose) those Notes alleged to have been lost, stolen or destroyed and in
respect of which replacement Notes have been issued pursuant to Condition 10, and (vii) temporary global Notes to the extent
that they shall have been duly exchanged in whole for permanent global Notes or definitive Notes and permanent global Notes or
global Registered Notes to the extent that they shall have been duly exchanged in whole for definitive Notes, in each case pursuant
to their respective provisions.

 

		16.	Notices

 

All notices
regarding the Notes shall be validly given if published in a leading English language daily newspaper of general circulation in
London (which is expected to be the Financial Times) or, if this is not practicable, one other such English language newspaper
as the Issuer, in consultation with the Agent, shall decide. The Issuer shall also ensure that notices are duly published in a
manner which complies with the rules and regulations of any stock exchange on which the Notes are for the time being admitted
to trading or are listed by another relevant authority. Any such notice published as aforesaid shall be deemed to have been given
on the date of such publication or, if published more than once, on the date of the first such publication. Couponholders will
be deemed for all purposes to have notice of the contents of any notice given to the holders of the Notes in accordance with this
Condition 16.

 

Until such
time as any definitive Notes are issued, so long as the global Note(s) is or are held in its or their entirety on behalf of Euroclear
and Clearstream, Luxembourg, there may be substituted for such publication in such newspaper the delivery of the relevant notice
to Euroclear and Clearstream, Luxembourg for communication by them to the holders of the Notes; provided that, for so long as
any Notes are admitted to trading on a stock exchange or are listed by another relevant authority and the rules of that stock
exchange or relevant authority so require, such notice will be published in a daily newspaper of general circulation in the place
or places required by those rules. Any notice delivered to Euroclear and Clearstream, Luxembourg shall be deemed to

 

    Page 85 

     

    

 

have been
given to the holders of the Notes on the third day after the day on which the said notice was given to Euroclear and Clearstream,
Luxembourg, or on such other day as is specified in the applicable Final Terms.

 

Notices
to holders of Registered Notes in definitive form will be deemed to be validly given if sent by mail to them (or, in the case
of joint holders of Registered Notes issued by Toyota Credit Canada Inc., to the first-named in the TCCI Register or, in the case
of joint holders of Registered Notes issued by Toyota Motor Credit Corporation, to the first-named in the TMCC Register) at their
respective addresses as recorded in such register, and will be deemed to have been validly given on the fourth business day after
the date of such mailing.

 

Notices
to be given by any holder of the Notes shall be in writing and given by lodging the same, together with the relative Note or Notes,
in the case of Bearer Notes, with the Agent or, in the case of Registered Notes issued by Toyota Credit Canada Inc., with the
TCCI Registrar or, in the case of Registered Notes issued by Toyota Motor Credit Corporation, with the TMCC Registrar. While any
of the Notes are represented by a global Note, such notice may be given by any holder of a Note to, in the case of Bearer Notes,
the Agent or, in the case of Registered Notes issued by Toyota Credit Canada Inc., the TCCI Registrar or, in the case of Registered
Notes issued by Toyota Motor Credit Corporation, the TMCC Registrar, via Euroclear and/or Clearstream, Luxembourg, as the case
may be, in such manner as the Agent or TCCI Registrar or TMCC Registrar and Euroclear and/or Clearstream, Luxembourg, as the case
may be, may approve for this purpose.

 

		17.	Further Issues

 

The Issuer
shall be at liberty from time to time without the consent of the Noteholders or Couponholders to create and issue further notes
ranking pari passu in all respects (or in all respects save for the Issue Date, the amount and the date of the first payment
of interest thereon and/or the Issue Price) and so that the same shall be consolidated and form a single series with the outstanding
Notes and references in these Terms and Conditions to “Notes” shall be construed accordingly.

 

		18.	Redenomination and
Exchange

 

The Issuer
may (if so specified in the applicable Final Terms) without the consent of the holder of any Note, Coupon or Talon, redenominate
into euro all, but not some only, of the Notes of any Series on or after the date on which the Member State of the European Union
in whose national currency such Notes are denominated has become a participant member in the third stage of the European economic
and monetary union. The Issuer may (if so specified in the applicable Final Terms) without the consent of the holder of any Note,
Coupon or Talon, elect that the Notes shall be exchangeable for Notes expressed to be denominated in euro in accordance with such
arrangements as the Issuer may decide.

 

		19.	Disapplication

 

The Notes
confer no right under the Contracts (Rights of Third Parties) Act 1999 to enforce any term of the Notes, but this does not affect
any right or remedy of a third party which exists or is available apart from that Act.

 

    Page 86 

     

    

 

		20.	Governing Law
and Submission to Jurisdiction

 

The Agency
Agreement, the TCCI Note Agency Agreement, the TMCC Note Agency Agreement, the Notes, the Coupons and any non-contractual obligations
arising out of or in connection with the Agency Agreement, the TCCI Note Agency Agreement, the TMCC Note Agency Agreement, the
Notes and the Coupons are governed by, and shall be construed in accordance with, English law.

 

The Issuer
irrevocably agrees, for the exclusive benefit of the Noteholders and the Couponholders, to the jurisdiction of the English courts
for all purposes in connection with the Agency Agreement, the TCCI Note Agency Agreement, the TMCC Note Agency Agreement, the
Notes, the Coupons and any non-contractual obligations arising out of or in connection with the Agency Agreement, the TCCI Note
Agency Agreement, the TMCC Note Agency Agreement, the Notes and the Coupons and in relation thereto the Issuer has appointed Toyota
Financial Services (UK) PLC as its agent for service of process on its behalf and has agreed that in the event of Toyota Financial
Services (UK) PLC ceasing so to act or ceasing to be registered in England, it will appoint another person as its agent for service
of process. Without prejudice to the foregoing, to the extent allowed by law, the Issuer further irrevocably agrees that any suit,
action or proceedings arising out of or in connection with the Agency Agreement, the TCCI Note Agency Agreement, the TMCC Note
Agency Agreement the Notes and the Coupons (including any suit, action or proceedings relating to any non-contractual obligations
arising out of or in connection with the Agency Agreement, the TCCI Note Agency Agreement, the TMCC Note Agency Agreement, the
Notes and the Coupons) may be brought in any other court of competent jurisdiction.

 

    Page 87 

     

    

 

AGENT

 

The Bank
of New York Mellon

acting through its London branch

One Canada Square

Canary Wharf

London E14 5AL

United Kingdom

 

TCCI
REGISTRAR

 

BNY Trust
Company of Canada

1 York Street

6th Floor

Toronto Ontario

Canada M5J 0B6 /

 

The Bank
of New York Mellon

SA/NV, Luxembourg Branch

Vertigo Building – Polaris

2-4 rue Eugène Ruppert

L-2453 Luxembourg

 

TCCI
TRANSFER AGENT

 

The Bank
of New York Mellon

acting through its London branch

One Canada Square

Canary Wharf

London E14 5AL

United Kingdom

 

TMCC
REGISTRAR

 

The Bank
of New York Mellon

SA/NV, Luxembourg Branch

Vertigo Building – Polaris

2-4 rue Eugène Ruppert

L-2453 Luxembourg

 

TMCC
TRANSFER AGENT

 

The Bank
of New York Mellon

acting through its London branch

One Canada Square

Canary Wharf

London E14 5AL

United Kingdom

 

    Page 88 

     

    

 

Appendix B

FORMS OF GLOBAL AND DEFINITIVE NOTES, COUPONS AND TALONS

 

 

 

 

 

 

 

 

 

 

 

 

 

    Page 89 

     

    

 

APPENDIX
B-1

FORM OF TEMPORARY GLOBAL NOTE

 

[ANY
UNITED STATES PERSON (AS DEFINED IN THE INTERNAL REVENUE CODE OF THE UNITED STATES) WHO HOLDS THIS OBLIGATION WILL BE SUBJECT
TO LIMITATIONS UNDER THE UNITED STATES INCOME TAX LAWS INCLUDING THE LIMITATIONS PROVIDED IN SECTIONS 165(j) AND 1287(a) OF THE
INTERNAL REVENUE CODE.]1

 

[BY ACCEPTING
THIS OBLIGATION, THE HOLDER REPRESENTS AND WARRANTS THAT IT IS NOT A UNITED STATES PERSON (OTHER THAN AN EXEMPT RECIPIENT DESCRIBED
IN SECTION 6049(B)(4) OF THE INTERNAL REVENUE CODE OF THE UNITED STATES AND THE REGULATIONS THEREUNDER) AND THAT IT IS NOT ACTING
FOR OR ON BEHALF OF A UNITED STATES PERSON (OTHER THAN AN EXEMPT RECIPIENT DESCRIBED IN SECTION 6049(B)(4) OF THE INTERNAL REVENUE
CODE AND THE REGULATIONS THEREUNDER).]2

 

3[TOYOTA
MOTOR FINANCE (NETHERLANDS) B.V.

(a private company incorporated with limited liability under the laws of the Netherlands, with
its corporate seat in Amsterdam, the Netherlands)]

 

[TOYOTA
CREDIT CANADA INC.

(a company incorporated with limited liability under the Canada Business Corporations Act)]

 

[TOYOTA
FINANCE AUSTRALIA LIMITED

(ABN 48 002 435 181, a company registered in New South Wales and incorporated with limited liability in Australia)]

 

[TOYOTA
MOTOR CREDIT CORPORATION

(a company incorporated with limited liability in California, United States)]

 

TEMPORARY
GLOBAL NOTE

 

representing

[Specified Currency and Nominal Amount of Series]

NOTES DUE [Year of Maturity]

 

Series
No. [   ]

 

 

 

______________________

 

		1	Use
                                         this legend in the case of Notes issued by TMF, TCCI or TFA with an initial maturity
                                         of more than 183 days (taking into consideration unilateral rights to roll or extend)
                                         unless the applicable Final Terms specify TEFRA C.

 

		2	Use
                                         this legend in the case of Notes with an initial maturity of 183 days or less (taking
                                         into consideration unilateral rights to roll or extend), have a minimum denomination
                                         of $500,000 (or the equivalent amount in any other currency determined at the spot rate
                                         on the date of issue) and, as specified in the applicable Final Terms, are intended to
                                         satisfy the requirements of Section 1.6049-5(b)(10) of U.S. Treasury Regulations.

 

		3	Delete
                                         all but the relevant Issuer.

 

    Page 90 

     

    

 

The
Notes represented by this Temporary Global Note have been admitted to the Official List and admitted to trading on the London
Stock Exchange plc’s Regulated Market.4 This Global Note is a Temporary Global Note in respect of a duly authorised
issue of [Specified Currency and Nominal Amount of Tranche] [Specified Currency and Nominal Amount of Series] Notes Due [Year
of Maturity] (the Notes) of [Specified Currency and Specified Denomination] each of 5[Toyota Motor Finance (Netherlands)
B.V.] [Toyota Credit Canada Inc.] [Toyota Finance Australia Limited] [Toyota Motor Credit Corporation] (the Issuer). References
herein to the Conditions shall be to the Terms and Conditions of the Notes (the Conditions) as set out in Appendix A to
the Agency Agreement (as defined below) as modified and supplemented by the information set out in Part A of the Final Terms relating
to the Notes (which are attached hereto) and, in the event of any conflict between the provisions of the Conditions and the information
set out in the Final Terms, the latter shall prevail. Words and expressions defined in the Conditions and the Final Terms and
not otherwise defined herein shall have the same meanings when used in this Temporary Global Note.

 

This
Temporary Global Note is issued subject to, and with the benefit of, the Conditions and the Agency Agreement dated 12 September
2014 (the Agency Agreement, which expression shall be construed as a reference to that agreement as the same may be amended,
supplemented and/or restated from time to time), between Toyota Motor Finance (Netherlands) B.V., Toyota Credit Canada Inc., Toyota
Finance Australia Limited, Toyota Motor Credit Corporation and The Bank of New York Mellon (the Agent); provided, however,
that references to the Conditions shall mean the Conditions in effect on the date of this Temporary Global Note.

 

This
Temporary Global Note is to be held by a common depositary (or, if the Final Terms indicate that this Temporary Global Note is
intended to be a New Global Note, a common safekeeper) for Euroclear Bank SA/NV (Euroclear), Clearstream Banking, société
anonyme (Clearstream, Luxembourg) and/or such other relevant clearing agency as is specified in the Final Terms on
behalf of account holders which have the Notes represented by this Temporary Global Note credited to their respective securities
accounts therewith from time to time.

 

For
value received, the Issuer, subject to and in accordance with the Conditions, promises to pay to the bearer hereof on the Maturity
Date, and/or on such earlier date(s) as all or any of the Notes represented by this Temporary Global Note may become due and repayable
in accordance with the Conditions, the amount payable under the Conditions in respect of the Notes then represented by this Temporary
Global Note on each such date and to pay interest (if any) on the nominal amount of the Notes from time to time represented by
this Temporary Global Note calculated and payable as provided in the Conditions together with any other sums payable under the
Conditions, upon (if the Final Terms indicate that this Temporary Global Note is not intended to be a New Global Note) presentation
and, at maturity, surrender of this Temporary Global Note to or to the order of the Agent at the principal office of the Agent
in London, or at the offices of any of the other paying agents located outside the United States of America, its territories and
possessions, any State of the United States and the District of Columbia (except as provided in the Conditions) from time to time
appointed by the Issuer in respect of the Notes, but in each case subject to the requirements as to certification provided herein.
Any moneys paid by the Issuer to the Agent for the payment of principal or interest on any Notes and remaining unclaimed at the
end of

 

______________________

 

		4	Delete
                                         in the case of all Notes other than Notes admitted to trading on the London Stock Exchange’s
                                         Regulated Market, or add reference to other Stock Exchange, if applicable.

 

		5	Delete
                                         all but the relevant Issuer.

 

 

    Page 91 

     

    

 

one
year after such principal or interest shall have become due and payable (whether at maturity, upon call for redemption or otherwise)
shall then be repaid to the Issuer and upon such repayment all liability of the Agent with respect thereto shall thereupon cease,
without, however, limiting in any way any obligation the Issuer may have to pay the principal of or interest on this Temporary
Global Note as the same shall become due.

 

If
the Final Terms indicate that this Temporary Global Note is intended to be a New Global Note, the nominal amount of Notes represented
by this Temporary Global Note shall be the aggregate amount from time to time entered in the records of both Euroclear and Clearstream,
Luxembourg (together, the relevant Clearing Systems). The records of the relevant Clearing Systems (which expression in
this Temporary Global Note means the records that each relevant Clearing System holds for its customers which reflect the amount
of such customer’s interest in the Notes) shall be conclusive evidence of the nominal amount of Notes represented by this
Temporary Global Note and, for these purposes, a statement issued by a relevant Clearing System (which statement shall be made
available to the bearer upon request) stating the nominal amount of Notes represented by this Temporary Global Note at any time
shall be conclusive evidence of the records of the relevant Clearing System at that time.

 

If
the Final Terms indicate that this Temporary Global Note is not intended to be a New Global Note, the nominal amount of the Notes
represented by this Temporary Global Note shall be the aggregate nominal amount stated in the Final Terms or, if lower, the nominal
amount most recently entered by or on behalf of the Issuer in the relevant column in Schedule Two hereto.

 

On
any redemption of, or payment of interest being made in respect of, or purchase and cancellation of, any of the Notes represented
by this Temporary Global Note, the Issuer shall procure that:

 

		(i)	if
                                         the Final Terms indicate that this Temporary Global Note is intended to be a New Global
                                         Note, details of such redemption, payment or purchase and cancellation (as the case may
                                         be) shall be entered pro rata in the records of the relevant Clearing Systems and, upon
                                         any such entry being made, the nominal amount of the Notes recorded in the records of
                                         the relevant Clearing Systems and represented by this Temporary Global Note shall be
                                         reduced by the aggregate nominal amount of the Notes so redeemed or purchased and cancelled;
                                         or

 

		(ii)	if
                                         the Final Terms indicate that this Temporary Global Note is not intended to be a New
                                         Global Note, details of such redemption, payment or purchase and cancellation (as the
                                         case may be) shall be entered by or on behalf of the Issuer in Schedule Two hereto and
                                         the relevant space in Schedule Two hereto recording any such redemption, payment or purchase
                                         and cancellation (as the case may be) shall be signed by or on behalf of the Issuer.
                                         Upon any such redemption or purchase and cancellation, the nominal amount of this Temporary
                                         Global Note and the Notes represented by this Temporary Global Note shall be reduced
                                         by the aggregate nominal amount of such Notes so redeemed or purchased and cancelled.

 

Payments
due in respect of Notes for the time being represented by this Temporary Global Note shall be made to the bearer of this Temporary
Global Note and each payment so made will discharge the Issuer’s obligations in respect thereof. Any failure to make the
entries referred to above shall not affect such discharge.

 

    Page 92 

     

    

 

 

6[For
the purposes only of the Interest Act (Canada), in respect of Fixed Rate Notes the nominal yearly rate of interest which is equivalent
to the Fixed Rate of Interest per annum, computed on the basis of a year of 360 days consisting of 12 months of 30 days each,
for any period of less than one year may be calculated by multiplying the Fixed Rate of Interest by a fraction of which: (a) the
numerator is the product of (i) the actual number of days in a year commencing on and including the first day of such period and
ending on but not including the corresponding day in the next calendar year and (ii) the sum of (y) the product of 30 and the
number of complete months elapsed in such period and (z) the number of days elapsed in any incomplete month in such period treating
all calendar months as having 30 days; and (b) the denominator is the product of 360 and the actual number of days in such period
(including the first but excluding the last, such day). For the purposes only of the Interest Act (Canada), in respect of Floating
Rate Notes the nominal yearly rate of interest which is equivalent to the Rate of Interest per annum for any Specified Period
(as defined in the Final Terms) calculated on the basis of a year of 365 or 360 days may be calculated by multiplying such Rate
of Interest by a fraction of which the numerator is the actual number of days in a year commencing on and including the first
day of such Specified Period and ending on but not including the corresponding day in the next calendar year and the denominator
is 365 or 360, as the case may be.]

 

Prior
to the Exchange Date (as defined below), all payments (if any) on this Temporary Global Note will only be made to the bearer hereof
to the extent that there is presented to the Agent by a relevant Clearing System a certificate to the effect that it has received
from or in respect of a person entitled to a particular nominal amount of the Notes (as shown by its records) a certificate of
non-US beneficial ownership in the form required by it. On or after the Exchange Date the bearer of this Temporary Global Note
will not be entitled to receive any payment of interest due unless, upon due certification, exchange of this Temporary Global
Note is improperly withheld or refused.

 

On
or after the date which is 40 days after the completion of the distribution of the Notes represented by this Temporary Global
Note or, at the option of the Issuer (with the consent of the lead manager(s) of the Tranche(s) of Notes of the relevant Series)
the date which is 40 days after the completion of the distribution of any additional issuance or issuances of one or more Tranches
of Notes of the same Series that occurs within the 40 day period after the issue of this Temporary Global Note (the latest of
such dates referred to as the Exchange Date), this Temporary Global Note may be exchanged in whole or in part (free of
charge) for, as specified in the Final Terms, either (a) Definitive Bearer Notes and (if applicable) Coupons and Talons in or
substantially in the forms set out in Appendices B-3, B-4 and B-5, respectively, to the Agency Agreement (on the basis that all
appropriate details have been included on the face of such Definitive Bearer Notes and (if applicable) Coupons and Talons and
the Final Terms (or the relevant provisions of the Final Terms) have either been endorsed on or attached to such Definitive Bearer
Notes) or, (b) either (i) if the Final Terms indicate that this Temporary Global Note is intended to be a New Global Note, interests
recorded in the records of the relevant Clearing Systems in a Permanent Global Note, or (ii) if the Final Terms indicate that
this Temporary Global Note is not intended to be a New Global Note, a Permanent Global Note which, in either case, is in the form
or substantially in the form set out in Appendix B-2 to the Agency Agreement (together with the Final Terms attached thereto)
in each case upon notice being given to the Agent by the relevant Clearing System acting on the instructions of any holder of
an interest in this Temporary Global Note.

 

 

______________________

 

		6	Delete
                                         if the Issuer is Toyota Motor Finance (Netherlands) B.V., Toyota Finance Australia Limited
                                         or Toyota Motor Credit Corporation.

 

    Page 93 

     

    

 

 

The
Issuer shall procure that, as appropriate, (i) the Definitive Bearer Notes or (as the case may be) the Permanent Global Note (where
the Final Terms indicate that this Temporary Global Note is not intended to be a New Global Note) shall be so issued and delivered
or (ii) the interests in the Permanent Global Note (where the Final Terms indicate that this Temporary Global Note is intended
to be a New Global Note) shall be recorded in the records of the relevant Clearing System, in each case in exchange for only that
portion of this Temporary Global Note in respect of which there shall have been presented to the Agent by a relevant Clearing
System a certificate to the effect that it has received from or in respect of a person entitled to a beneficial interest in a
particular nominal amount of the Notes (as shown by its records) a certificate of non-US beneficial ownership from such person
in the form required by it and, in the case of Definitive Bearer Notes, subject to such notice period and payment of costs as
may be specified in the Final Terms.

 

If
Definitive Bearer Notes and (if applicable) Coupons and Talons have already been issued in exchange for all the Notes represented
for the time being by the Permanent Global Note, then this Temporary Global Note may only thereafter be exchanged for Definitive
Bearer Notes and (if applicable) Coupons and Talons pursuant to the terms hereof.

 

On
an exchange of the whole of this Temporary Global Note, this Temporary Global Note shall be surrendered to or to the order of
the Agent. On an exchange of part only of this Temporary Global Note, the Issuer shall procure that:

 

		(i)	if
                                         the Final Terms indicate that this Temporary Global Note is intended to be a New Global
                                         Note, details of such exchange shall be entered pro rata in the records of the relevant
                                         Clearing Systems; or

 

		(ii)	if
                                         the Final Terms indicate that this Temporary Global Note is not intended to be a New
                                         Global Note, details of such exchange shall be entered by or on behalf of the Issuer
                                         in Schedule Two hereto and the relevant space in Schedule Two hereto recording such exchange
                                         shall be signed by or on behalf of the Issuer whereupon the nominal amount of this Temporary
                                         Global Note and the Notes represented by this Temporary Global Note shall be reduced
                                         by the nominal amount so exchanged. If, following the issue of a Permanent Global Note
                                         in exchange for some of the Notes represented by this Temporary Global Note, further
                                         Notes represented by this Temporary Global Note are to be exchanged pursuant to this
                                         paragraph, such exchange may be effected, without the issue of a new Permanent Global
                                         Note, by the Issuer or its agent endorsing Schedule Two of the Permanent Global Note
                                         previously issued to reflect an increase in the aggregate nominal amount of the Permanent
                                         Global Note which would otherwise have been issued on such exchange.

 

Until
the exchange of the whole of this Temporary Global Note as aforesaid, the bearer hereof shall in all respects (except as otherwise
provided in this Temporary Global Note) be entitled to the same benefits as if it were bearer of Definitive Bearer Notes, and
the relative Coupons and Talons in the form set out in Appendices B-3, B-4 and B-5, respectively, to the Agency Agreement.

 

Accordingly,
except as ordered by a court of competent jurisdiction or as required by law or applicable regulation, the Issuer and any Paying
Agent may deem and treat the bearer hereof as the absolute owner of this Temporary Global Note for all purposes (whether or not
this Temporary Global Note shall be overdue and notwithstanding any notice of ownership or writing hereon or notice of any previous
loss or theft or trust or other interest herein). In the event that this Temporary Global Note (or any part of it) has become
due and repayable in

 

    Page 94 

     

    

 

accordance
with Condition 9 and payment in full of the amount due has not been made to the bearer in accordance with the provisions set out
above then this Temporary Global Note will become void at 8.00 p.m. (London time) on such day and the bearer will have no further
rights under this Temporary Global Note (but without prejudice to the rights which the bearer or any other person may have under
Clause 31 of the Agency Agreement in respect of the Notes issued under the Programme Agreement pursuant to which this Temporary
Global Note is issued).

 

This
Temporary Global Note and any non-contractual obligations arising out of or in connection with it shall be governed by, and construed
in accordance with, English law.

 

This
Temporary Global Note shall not be valid unless authenticated by the Agent and, if the Final Terms indicate that this Temporary
Global Note is intended to be a New Global Note (i) which is intended to be held in a manner which would allow Eurosystem eligibility,
or (ii) in respect of which the Issuer has notified the Agent that effectuation is to be applicable, effectuated by the entity
appointed as common safekeeper by the relevant Clearing Systems. This Temporary Global Note may be duly executed on behalf of
the Issuer by manual or facsimile signature.

 

 

 

    Page 95 

     

    

 

IN
WITNESS WHEREOF, the Issuer has caused this Temporary Global Note to be duly executed on its behalf.

 

Dated

 

	 	7[TOYOTA MOTOR FINANCE
    (NETHERLANDS) B.V.]

    

	 	 
	 	By:  ___________________   By:  ___________________
              Authorised
    Signatory                 Authorised
    Signatory
	 	 
	 	[TOYOTA CREDIT CANADA INC.]

    [TOYOTA FINANCE AUSTRALIA LIMITED]

    [TOYOTA MOTOR CREDIT CORPORATION]
	 	 
	 	By:  __________________

            Authorised Signatory

 

 

	Authenticated by

    The Bank of New York Mellon	 
	By:
        ________________________

                   Authorised Signatory

         
	 
	 	 
	8Effectuated without recourse,

    warranty or liability by:	 
	 	 
	[insert name of common safekeeper]

    as common safekeeper	 
	 	 
	By:________________________	 

 

 

 

______________________

 

		7	Delete
                                         all but the relevant Issuer.

 

		8	This
                                         should only be completed where the Final Terms indicate that this Temporary Global Note
                                         is intended to be a New Global Note.

 

 

    Page 96 

     

    
 

 

SCHEDULE
ONE*

INTEREST PAYMENTS

 

	Interest

    Payment Date	 	Date of Payment	 	Total Amount of Interest
    Payable	 	Amount of Interest
    Paid	 	Confirmation of payment
    by or on behalf of the Issuer
	 	 	 	 	 	 	 	 	 
	First	 		 		 		 	
	Second	 		 		 		 	
	 	 	 	 	 	 	 	 	 

 

 

[continue
numbering until the appropriate number of interest payment dates for the particular Series of Notes is reached.]

 

 

 

 

 

 

_____________________

 

		*	Schedule One should be
completed where the Final Terms indicate that this Temporary Global Note is not intended to be a New Global Note.

 

    Page 97 

     

    

 

SCHEDULE
TWO*

SCHEDULE OF EXCHANGES

FOR NOTES REPRESENTED BY A PERMANENT GLOBAL NOTE OR DEFINITIVE BEARER NOTES OR REDEMPTIONS OR PURCHASES
AND CANCELLATIONS

 

The
following exchanges of a part of this Temporary Global Note for Notes represented by a Permanent Global Note or Definitive Bearer
Notes or redemptions or purchases and cancellation of this Temporary Global Note have been made:

 

	Date of exchange,
    or redemption or purchase and cancellation	 	Part of nominal amount
    of this Temporary Global Note exchanged for Notes represented by a Permanent Global Note or Definitive Bearer Notes or redeemed
    or purchased and cancelled	 	Remaining nominal
    amount of this Temporary Global Note following such exchange, or redemption or purchase and cancellation	 	Notation made by
    or on behalf of the Issuer
	 	 	 	 	 	 	 
		 		 		 	
		 		 		 	
		 		 		 	
		 		 		 	
	 	 	 	 	 	 	 

 

 

 

 

 

 

 

_____________________

 

		*	Schedule Two should only
be completed where the Final Terms indicates that this Temporary Global Note is not intended to be a New Global Note.

  

    Page 98 

     

    

 

APPENDIX
B-2

FORM OF PERMANENT GLOBAL NOTE

 

[ANY
UNITED STATES PERSON (AS DEFINED IN THE INTERNAL REVENUE CODE OF THE UNITED STATES) WHO HOLDS THIS OBLIGATION WILL BE SUBJECT
TO LIMITATIONS UNDER THE UNITED STATES INCOME TAX LAWS INCLUDING THE LIMITATIONS PROVIDED IN SECTIONS 165(j) AND 1287(a) OF THE
INTERNAL REVENUE CODE.]1

 

[BY ACCEPTING
THIS OBLIGATION, THE HOLDER REPRESENTS AND WARRANTS THAT IT IS NOT A UNITED STATES PERSON (OTHER THAN AN EXEMPT RECIPIENT DESCRIBED
IN SECTION 6049(B)(4) OF THE INTERNAL REVENUE CODE OF THE UNITED STATES AND THE REGULATIONS THEREUNDER) AND THAT IT IS NOT ACTING
FOR OR ON BEHALF OF A UNITED STATES PERSON (OTHER THAN AN EXEMPT RECIPIENT DESCRIBED IN SECTION 6049(B)(4) OF THE INTERNAL REVENUE
CODE AND THE REGULATIONS THEREUNDER).]2

 

3[TOYOTA
MOTOR FINANCE (NETHERLANDS) B.V.

(a private company incorporated with limited liability under the laws of the Netherlands, with
its corporate seat in Amsterdam, the Netherlands)]

 

[TOYOTA
CREDIT CANADA INC.

(a company incorporated with limited liability under the Canada Business Corporations Act)]

 

[TOYOTA
FINANCE AUSTRALIA LIMITED

(ABN 48 002 435 181, a company registered in New South Wales and incorporated with limited liability in Australia)]

 

[TOYOTA
MOTOR CREDIT CORPORATION

(a company incorporated with limited liability in California, United States)]

 

PERMANENT
GLOBAL NOTE

 

representing

[Specified Currency and Nominal Amount of Series]

NOTES DUE [Year of Maturity]

 

Series
No. [ ]

 

 

 

 

_____________________

 

 

		1	Use
                                         this legend in the case of Notes issued by TMF, TCCI or TFA with an initial maturity
                                         of more than 183 days (taking into consideration unilateral rights to roll or extend)
                                         unless the applicable Final Terms specify TEFRA C.

 

		2	Use
                                         this legend in the case of Notes with an initial maturity of 183 days or less (taking
                                         into consideration unilateral rights to roll or extend), have a minimum denomination
                                         of $500,000 (or the equivalent amount in any other currency determined at the spot rate
                                         on the date of issue) and, as specified in the applicable Final Terms, are intended to
                                         satisfy the requirements of Section 1.6049-5(b)(10) of U.S. Treasury Regulations.

 

		3	Delete
                                         all but the relevant Issuer.

 

    Page 99 

     

    

 

 

The
Notes represented by this Permanent Global Note have been admitted to the Official List and admitted to trading on the London
Stock Exchange plc’s Regulated Market.4

 

This
Global Note is a Permanent Global Note in respect of a duly authorised issue of [Specified Currency and Nominal Amount of Tranche]
[Specified Currency and Nominal Amount of Series] Notes Due [Year of Maturity] (the Notes) of [Specified Currency and Specified
Denomination] each of 5[Toyota Motor Finance (Netherlands) B.V.] [Toyota Credit Canada Inc.] [Toyota Finance Australia
Limited] [Toyota Motor Credit Corporation] (the Issuer). References herein to the Conditions shall be to the Terms and
Conditions of the Notes (the Conditions) as set out in Appendix A to the Agency Agreement (as defined below) as modified
and supplemented by Part A of the Final Terms relating to the Notes (which are attached hereto) and, in the event of any conflict
between the provisions of the Conditions and the information set out in the Final Terms, the latter shall prevail. Words and expressions
defined in the Conditions and the Final Terms and not otherwise defined herein shall have the same meanings when used in this
Permanent Global Note.

 

This
Permanent Global Note is issued subject to, and with the benefit of, the Conditions and the Agency Agreement dated 12 September
2014 (the Agency Agreement, which expression shall be construed as a reference to that agreement as the same may be amended,
supplemented and/or restated from time to time), between Toyota Motor Finance (Netherlands) B.V., Toyota Credit Canada Inc., Toyota
Finance Australia Limited, Toyota Motor Credit Corporation and The Bank of New York Mellon (the Agent); provided, however,
that references to the Conditions shall mean the Conditions in effect on the date of issue of the Temporary Global Note that originally
represented this Permanent Global Note.

 

This
Permanent Global Note is to be held by a common depositary (or, if the Final Terms indicate that this Permanent Global Note is
intended to be a New Global Note, a common safekeeper) for Euroclear Bank SA/NV (Euroclear), Clearstream Banking, société
anonyme (Clearstream, Luxembourg) and/or such other relevant clearing agency as is specified in the Final Terms on
behalf of account holders which have the Notes represented by this Permanent Global Note credited to their respective securities
accounts therewith from time to time.

 

For
value received, the Issuer, subject to and in accordance with the Conditions, promises to pay to the bearer hereof on the Maturity
Date, and/or on such earlier date(s) as all or any of the Notes represented by this Permanent Global Note may become due and repayable
in accordance with the Conditions, the amount payable under the Conditions in respect of the Notes then represented by this Permanent
Global Note on each such date and to pay interest (if any) on the nominal amount of the Notes from time to time represented by
this Permanent Global Note calculated and payable as provided in the Conditions together with any other sums payable under the
Conditions, upon (if the Final Terms indicate that this Permanent Global Note is not intended to be a New Global Note) presentation
and, at maturity, surrender of this Permanent Global Note to or to the order of the Agent at the principal office of the Agent
in London, or at the offices of any of the other paying agents located outside of the United States of America, its territories
and possessions, any State of the United States and the District of Columbia (except as provided in the Conditions) from time
to time appointed by the Issuer in respect of the Notes, but in each case subject to the requirements as to certification provided
herein. Any moneys paid by the Issuer to the Agent for the payment of principal or interest on any Notes and remaining unclaimed
at the end of

 

 

 

_____________________

 

		4	Delete
                                         in the case of all Notes other than Notes admitted to trading on the London Stock Exchange’s
                                         Regulated Market, or add reference to other Stock Exchange, if applicable.

 

		5	Delete
                                         all but the relevant Issuer.

 

 

    Page 100 

     

    

 

 

one
year after such principal or interest shall have become due and payable (whether at maturity, upon call for redemption or otherwise)
shall then be repaid to the Issuer and upon such repayment all liability of the Agent with respect thereto shall thereupon cease,
without, however, limiting in any way any obligation the Issuer may have to pay the principal of or interest on this Permanent
Global Note as the same shall become due.

 

If
the Final Terms indicate that this Permanent Global Note is intended to be a New Global Note, the nominal amount of Notes represented
by this Permanent Global Note shall be the aggregate amount from time to time entered in the records of both Euroclear and Clearstream,
Luxembourg (together, the relevant Clearing Systems). The records of the relevant Clearing Systems (which expression in
this Permanent Global Note means the records that each relevant Clearing System holds for its customers which reflect the amount
of such customer’s interest in the Notes) shall be conclusive evidence of the nominal amount of Notes represented by this
Permanent Global Note and, for these purposes, a statement issued by a relevant Clearing System (which statement shall be made
available to the bearer upon request) stating the nominal amount of Notes represented by this Permanent Global Note at any time
shall be conclusive evidence of the records of the relevant Clearing System at that time.

 

If
the Final Terms indicate that this Permanent Global Note is not intended to be a New Global Note, the nominal amount of the Notes
represented by this Permanent Global Note shall be the aggregate nominal amount stated in the Final Terms or, if lower, the nominal
amount most recently entered by or on behalf of the Issuer in the relevant column in Schedule Two hereto.

 

On
any redemption of, or payment of interest being made in respect of, or purchase and cancellation of, any of the Notes represented
by this Permanent Global Note, the Issuer shall procure that:

 

		(i)	if
                                         the Final Terms indicate that this Permanent Global Note is intended to be a New Global
                                         Note, details of such redemption, payment or purchase and cancellation (as the case may
                                         be) shall be entered pro rata in the records of the relevant Clearing Systems and, upon
                                         any such entry being made, the nominal amount of the Notes recorded in the records of
                                         the relevant Clearing Systems and represented by this Permanent Global Note shall be
                                         reduced by the aggregate nominal amount of the Notes so redeemed or purchased and cancelled;
                                         or

 

		(ii)	if
                                         the Final Terms indicate that this Permanent Global Note is not intended to be a New
                                         Global Note, details of such redemption, payment or purchase and cancellation (as the
                                         case may be) shall be entered by or on behalf of the Issuer in Schedule Two hereto and
                                         the relevant space in Schedule Two hereto recording any such redemption, payment or purchase
                                         and cancellation (as the case may be) shall be signed by or on behalf of the Issuer.
                                         Upon any such redemption or purchase and cancellation, the nominal amount of this Permanent
                                         Global Note and the Notes represented by this Permanent Global Note shall be reduced
                                         by the aggregate nominal amount of such Notes so redeemed or purchased and cancelled.

 

Payments
due in respect of Notes for the time being represented by this Permanent Global Note shall be made to the bearer of this Permanent
Global Note and each payment so made will discharge the Issuer’s obligations in respect thereof. Any failure to make the
entries referred to above shall not affect such discharge.

 

    Page 101 

     

    

 

If
the Notes represented by this Permanent Global Note were, on issue, represented by a Temporary Global Note then on any exchange
of any such Temporary Global Note for this Permanent Global Note or any part of it, the Issuer shall procure that:

 

		(i)	if
                                         the Final Terms indicate that this Permanent Global Note is intended to be a New Global
                                         Note, details of such exchange shall be entered in the records of the relevant Clearing
                                         Systems; or

 

		(ii)	if
                                         the Final Terms indicate that this Permanent Global Note is not intended to be a New
                                         Global Note, details of such exchange shall be entered by or on behalf of the Issuer
                                         in Schedule Two hereto and the relevant space in Schedule Two hereto recording any such
                                         exchange shall be signed by or on behalf of the Issuer. Upon any such exchange, the nominal
                                         amount of this Permanent Global Note and the Notes represented by this Permanent Global
                                         Note shall be increased by the nominal amount of the Notes so exchanged.

 

6[For
the purposes only of the Interest Act (Canada), in respect of Fixed Rate Notes the nominal yearly rate of interest which is equivalent
to the Fixed Rate of Interest per annum, computed on the basis of a year of 360 days consisting of 12 months of 30 days each,
for any period of less than one year may be calculated by multiplying the Fixed Rate of Interest by a fraction of which: (a) the
numerator is the product of (i) the actual number of days in a year commencing on and including the first day of such period and
ending on but not including the corresponding day in the next calendar year and (ii) the sum of (y) the product of 30 and the
number of complete months elapsed in such period and (z) the number of days elapsed in any incomplete month in such period treating
all calendar months as having 30 days; and (b) the denominator is the product of 360 and the actual number of days in such period
(including the first but excluding the last, such day). For the purposes only of the Interest Act (Canada), in respect of Floating
Rate Notes the nominal yearly rate of interest which is equivalent to the Rate of Interest per annum for any Specified Period
(as defined in the Final Terms) calculated on the basis of a year of 365 or 360 days may be calculated by multiplying such Rate
of Interest by a fraction of which the numerator is the actual number of days in a year commencing on and including the first
day of such Specified Period and ending on but not including the corresponding day in the next calendar year and the denominator
is 365 or 360, as the case may be.]

 

In
certain circumstances further notes may be issued which are intended on issue to be consolidated and form a single Series with
the Notes. In such circumstances the Issuer shall procure that:

 

		(i)	if
                                         the Final Terms indicate that this Permanent Global Note is intended to be a New Global
                                         Note, details of such further notes shall be entered in the records of the relevant Clearing
                                         Systems; or

 

		(ii)	if
                                         the Final Terms indicate that this Permanent Global Note is not intended to be a New
                                         Global Note, details of such further notes shall be entered by or on behalf of the Issuer
                                         in Schedule Two and the relevant space in Schedule Two recording such further notes shall
                                         be signed by or on behalf of the Issuer, whereupon the nominal amount of this Permanent
                                         Global Note and the Notes represented by this Permanent Global Note shall be increased
                                         by the nominal amount of any such further notes so issued.

 

 

 

_____________________

 

		6	Delete
                                         if the Issuer is Toyota Motor Finance (Netherlands) B.V., Toyota Finance Australia Limited
                                         or Toyota Motor Credit Corporation.

 

    Page 102 

     

    

 

This
Permanent Global Note may (under the circumstances set forth in the Conditions and the Final Terms) be exchanged, in whole, but
not in part, for Definitive Bearer Notes and (if applicable) Coupons and Talons in or substantially in the forms set out in Appendices
B-3, B-4 and B-5, respectively, of the Agency Agreement (on the basis that all appropriate details have been included on the face
of such Definitive Bearer Notes and (if applicable) Coupons and Talons and the Final Terms (or the relevant provisions of the
Final Terms) have been either endorsed on or attached to such Definitive Bearer Notes) in denominations of [Specified Currency
and Specified Denomination] each upon either, as specified in the Final Terms:

 

		(a)	upon
                                         not less than 60 days’ written notice being given to the Agent by the relevant
                                         Clearing Systems acting on the instructions of any holder of an interest in this Permanent
                                         Global Note; or

 

		(b)	only
                                         upon the occurrence of an Exchange Event; or

 

		(c)	at
                                         any time at the request of the Issuer.

 

An
Exchange Event means:

 

		(i)	an
                                         Event of Default (as defined in Condition 9) has occurred and is continuing; or

 

		(ii)	the
                                         Issuer has been notified that both Euroclear and Clearstream, Luxembourg (or any other
                                         agreed clearing system in which this Permanent Global Note is being held) have been closed
                                         for business for a continuous period of 14 days (other than by reason of holiday, statutory
                                         or otherwise) or have announced an intention permanently to cease business or have in
                                         fact done so and, as a result, Euroclear and Clearstream, Luxembourg or such other agreed
                                         clearing system in which this Permanent Global Note is being held are no longer willing
                                         or able to discharge properly their responsibilities with respect to this Permanent Global
                                         Note and the Agent and the Issuer are unable to locate a qualified successor; or

 

		(iii)	the
                                         Issuer has or will become subject to adverse tax consequences which would not be suffered
                                         were the Notes represented by this Permanent Global Note in definitive form.

 

If
this Permanent Global Note is exchangeable following the occurrence of an Exchange Event:

 

		(A)	the
                                         Issuer will promptly give notice to Noteholders in accordance with Condition 16 if an
                                         Exchange Event occurs; and

 

		(B)	in
                                         the event of the occurrence of any Exchange Event, one or more of the relevant Clearing
                                         Systems (acting on the instructions of any holder of an interest in this Permanent Global
                                         Note) may give notice to the Agent requesting exchange and, in the event of the occurrence
                                         of an Exchange Event as described in (iii) above, the Issuer may also give notice to
                                         the Agent requesting exchange. Any such exchange shall occur not later than 45 days after
                                         the date of receipt of the first relevant notice by the Agent.

 

The
exchange, if any, will be made upon presentation of this Permanent Global Note by the bearer hereof on any day (other than a Saturday
or a Sunday) on which banks are open

 

    Page 103 

     

    

 

for general business in London at the principal office of the Agent in London; provided, however, the first notice given to the
Agent by Euroclear, Clearstream, Luxembourg and/or such other relevant clearing agency or the Issuer shall give rise to the issue
of Definitive Bearer Notes for the total amount of Notes represented by this Permanent Global Note. The aggregate nominal amount
of Definitive Bearer Notes issued upon an exchange of this Permanent Global Note will be equal to the aggregate nominal amount
of this Permanent Global Note submitted by the bearer hereof for exchange (to the extent that such nominal amount does not exceed
the aggregate nominal amount of this Permanent Global Note, as adjusted, as shown in Schedule Two hereto if the Final Terms indicate
that this Permanent Global Note is not intended to be a New Global Note, or in the records of the relevant Clearing Systems if
the applicable Final Terms indicate that this Permanent Global Note is intended to be a New Global Note). On an exchange of this
Permanent Global Note, this Permanent Global Note shall be surrendered to or to the order of the Agent.

 

Until
the exchange of the whole of this Permanent Global Note as aforesaid, the bearer hereof shall in all respects (except as otherwise
provided in this Permanent Global Note) be entitled to the same benefits as if it were the bearer of Definitive Bearer Notes,
and the relative Coupons and Talons in the form set out in Appendices B-3, B-4 and B-5, respectively, to the Agency Agreement.

 

Accordingly,
except as ordered by a court of competent jurisdiction or as required by law or applicable regulation, the Issuer and any Paying
Agent may deem and treat the bearer hereof as the absolute owner of this Permanent Global Note for all purposes (whether or not
this Permanent Global Note shall be overdue and notwithstanding any notice of ownership or writing hereon or notice of any previous
loss or theft or trust or other interest herein). In the event that this Permanent Global Note (or any part of it) has become
due and repayable in accordance with Condition 9 and payment in full of the amount due has not been made to the bearer in accordance
with the provisions set out above then this Permanent Global Note will become void at 8.00 p.m. (London time) on such day and
the bearer will have no further rights under this Permanent Global Note (but without prejudice to the rights which the bearer
or any other person may have under Clause 31 of the Agency Agreement in respect of the Notes issued under the Programme Agreement
pursuant to which this Permanent Global Note is issued).

 

This
Permanent Global Note and any non-contractual obligations arising out of or in connection with it shall be governed by, and construed
in accordance with, English law.

 

This
Permanent Global Note shall not be valid unless authenticated by the Agent and, if the Final Terms indicate that this Permanent
Global Note is intended to be a New Global Note (i) which is intended to be held in a manner which would allow Eurosystem eligibility,
or (ii) in respect of which the Issuer has notified the Agent that effectuation is to be applicable, effectuated by the entity
appointed as common safekeeper by the relevant Clearing Systems. This Permanent Global Note may be duly executed on behalf of
the Issuer by manual or facsimile signature.

 

IN
WITNESS WHEREOF, the Issuer has caused this Permanent Global Note to be duly executed on its behalf.

 

Dated

 

    Page 104 

     

    

 

 

	 	7[TOYOTA MOTOR FINANCE (NETHERLANDS) B.V.]

    

	 	 
	 	By:  ___________________   By:  ___________________

             Authorised Signatory                Authorised Signatory
	 	 
	 	[TOYOTA CREDIT CANADA INC.]

    [TOYOTA FINANCE AUSTRALIA LIMITED]

    [TOYOTA MOTOR CREDIT CORPORATION]
	 	 
	 	By:  _____________________

               Authorised Signatory

 

 

 

 

_____________________

 

		7	Delete
                                         all but the relevant Issuer.

 

    Page 105 

     

    
 

 

	Authenticated by

    The Bank of New York Mellon	 
	 	 
	 	 
	By:
________________________

              Authorised Signatory
	 
	 	 
	 	 
	8Effectuated without recourse,

    warranty or liability by:	 
	 	 
	 	 
	[insert name of common safekeeper]

    as common safekeeper	 
	 	 
	 	 
	By:________________________	 

 

 

 

 

 

 

 

_____________________

 

		8	This
                                         should only be completed where the Final Terms indicate that this Permanent Global Note
                                         is intended to be a New Global Note.

 

 

    Page 106 

     

    

 

SCHEDULE
ONE*

INTEREST PAYMENTS

 

	Interest

    Payment Date	 	Date of Payment	 	Total Amount of Interest Payable	 	Amount of Interest Paid	 	Confirmation of payment by or on
    behalf of the Issuer
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	First	 		 		 		 	
	Second	 		 		 		 	
	 	 	 	 	 	 	 	 	 

 

 

[continue
numbering until the appropriate number of interest payment dates for the particular Series of Notes is reached]

 

 

 

 

 

_____________________

 

		*	Schedule One should only
be completed where the Final Terms indicate that this Permanent Global Note is not intended to be a New Global Note.

 

    Page 107 

     

    

 

SCHEDULE
TWO*

SCHEDULE OF EXCHANGES OF A TEMPORARY

GLOBAL NOTE AND FOR DEFINITIVE BEARER NOTES

OR REDEMPTIONS OR PURCHASES AND CANCELLATIONS

 

The
following increases of this Permanent Global Note, exchanges of this Permanent Global Note for Definitive Bearer Notes or redemptions
or purchases and cancellations of this Permanent Global Note have been made:

 

	Date
    of exchange, or redemption or purchase and cancellation	 	Increase
    in nominal amount of this Permanent Global Note due to exchanges of a Temporary Global Note for this Permanent Global Note	 	Part
    of nominal amount of this Permanent Global Note exchanged for Definitive Bearer Notes or redeemed or purchased and cancelled	 	Remaining
    amount payable under this Permanent Global Note following such exchange, or redemption or purchase and cancellation	 	Notation
    made by or on behalf of the Issuer
	 	 	 	 	 	 	 	 	 
		 		 		 		 	
		 		 		 		 	
		 		 		 		 	
		 		 		 		 	
	 	 	 	 	 	 	 	 	 

 

 

 

 

 

 

_____________________

 

		*	Schedule
Two should only be completed where the applicable Final Terms indicates that this Permanent Global Note is not intended to be
a New Global Note.

 

 

    Page 108 

     

    

 

APPENDIX B-3

FORM OF DEFINITIVE BEARER NOTE

 

[ANY UNITED STATES PERSON (AS DEFINED
IN THE INTERNAL REVENUE CODE OF THE UNITED STATES) WHO HOLDS THIS OBLIGATION WILL BE SUBJECT TO LIMITATIONS UNDER THE UNITED STATES
INCOME TAX LAWS INCLUDING THE LIMITATIONS PROVIDED IN SECTIONS 165(j) AND 1287(a) OF THE INTERNAL REVENUE CODE.]1

 

[BY ACCEPTING THIS OBLIGATION, THE HOLDER
REPRESENTS AND WARRANTS THAT IT IS NOT A UNITED STATES PERSON (OTHER THAN AN EXEMPT RECIPIENT DESCRIBED IN SECTION 6049(B)(4) OF
THE INTERNAL REVENUE CODE OF THE UNITED STATES AND THE REGULATIONS THEREUNDER) AND THAT IT IS NOT ACTING FOR OR ON BEHALF OF A
UNITED STATES PERSON (OTHER THAN AN EXEMPT RECIPIENT DESCRIBED IN SECTION 6049(B)(4) OF THE INTERNAL REVENUE CODE AND THE REGULATIONS
THEREUNDER).]2

 

3[TOYOTA
MOTOR FINANCE (NETHERLANDS) B.V.

(a private company incorporated with limited liability under the laws of the Netherlands, with its corporate seat in Amsterdam,
the Netherlands)]

 

[TOYOTA CREDIT CANADA INC.

(a company incorporated with limited liability under the Canada Business Corporations Act)]

 

[TOYOTA FINANCE AUSTRALIA LIMITED

(ABN 48 002 435 181, a company registered in New South Wales and incorporated with limited liability in Australia)]

 

[TOYOTA MOTOR CREDIT CORPORATION

(a company incorporated with limited liability in California, United States)]

 

DEFINITIVE BEARER NOTE

 

representing

[Specified Currency and Nominal Amount of Series]

NOTES DUE [Year of Maturity]

 

Series No. [    
]

 

This Note has been
admitted to the Official List and admitted to trading on the London Stock Exchange plc’s Regulated Market.4

 

 

 

 

	1	Use this legend in the case of Notes issued by TMF, TCCI or TFA with a maturity of more than 183
days (taking into consideration unilateral rights to roll or extend).

 

		2	Use this legend in the case of Notes with a maturity of 183 days or less (taking into consideration
unilateral rights to roll or extend), have a minimum denomination of $500,000 (or the equivalent amount in any other currency determined
at the spot rate on the date of issue) and, as specified in the applicable Final Terms, are intended to satisfy the requirements
of Section 1.6049-5(b)(10) of U.S. Treasury Regulations.

 

		3	Delete all but the relevant Issuer.

 

    Page 109

     

    

This Note is one of
a duly authorised issue of notes of [Specified Currency and Nominal Amount of Series] (the Notes) each of 5[Toyota
Motor Finance (Netherlands) B.V.] [Toyota Credit Canada Inc.] [Toyota Finance Australia Limited] [Toyota Motor Credit Corporation]
(the Issuer). References herein to the Conditions shall be to the Terms and Conditions of the Notes (the Conditions)
as set out in Appendix A to the Agency Agreement (as defined below) as modified and supplemented by Part A of the Final Terms (which
are reproduced on the reverse hereof) and, in the event of any conflict between the provisions of the Conditions and the information
set out in the Final Terms, the latter shall prevail. Words and expressions defined in the Conditions and the Final Terms and not
otherwise defined herein shall have the same meanings when used in this Definitive Bearer Note.

 

This Note is issued
subject to, and with the benefit of, the Conditions and the Agency Agreement dated 12 September 2014 (the Agency Agreement,
which expression shall be construed as a reference to that agreement as the same may be amended, supplemented and/or restated from
time to time), between Toyota Motor Finance (Netherlands) B.V., Toyota Credit Canada Inc., Toyota Finance Australia Limited, Toyota
Motor Credit Corporation and The Bank of New York Mellon (the Agent); provided, however, that references to the Conditions
shall mean the Conditions in effect on the date of issue of the Temporary Global Note that originally represented this Note.

 

For value received,
the Issuer, subject to and in accordance with the Conditions, promises to pay to the bearer hereof on the Maturity Date, and/or
on such earlier date(s) as this Note may become due and repayable in accordance with the Conditions, the amount payable under the
Conditions in respect of this Note on each such date and to pay interest (if any) on this Note calculated and payable as provided
in the Conditions together with any other sums payable under the Conditions.

 

6[For
the purposes only of the Interest Act (Canada), in respect of Fixed Rate Notes the nominal yearly rate of interest which is equivalent
to the Fixed Rate of Interest per annum, computed on the basis of a year of 360 days consisting of 12 months of 30 days each, for
any period of less than one year may be calculated by multiplying the Fixed Rate of Interest by a fraction of which: (a) the numerator
is the product of (i) the actual number of days in a year commencing on and including the first day of such period and ending on
but not including the corresponding day in the next calendar year and (ii) the sum of (y) the product of 30 and the number of complete
months elapsed in such period and (z) the number of days elapsed in any incomplete month in such period treating all calendar months
as having 30 days; and (b) the denominator is the product of 360 and the actual number of days in such period (including the first
but excluding the last, such day). For the purposes only of the Interest Act (Canada), in respect of Floating Rate Notes the nominal
yearly rate of interest which is equivalent to the Rate of Interest per annum for any Specified Period (as defined in the Final
Terms) calculated on the basis of a year of 365 or 360 days may be calculated by multiplying such Rate of Interest by a fraction
of which the numerator is the actual number of days in a year commencing on and including the first day of such Specified Period
and ending on but not including the corresponding day in the next calendar year and the denominator is 365 or 360, as the case
may be.]

 

 

		4	Delete in the case of all Notes other than Notes admitted to trading on the London Stock Exchange’s
Regulated Market, or add reference to other Stock Exchange, if applicable.

 

		5	Delete all but the relevant Issuer.

 

		6	Delete if the Issuer is Toyota Motor Finance (Netherlands) B.V., Toyota Finance Australia Limited
or Toyota Motor Credit Corporation.

 

    Page 110

     

    

Title to this Note
and to any Coupon or Talon appertaining hereto shall pass by delivery. The Issuer may treat the bearer hereof as the absolute owner
of this Note for all purposes (whether or not this Note shall be overdue and notwithstanding any notation of ownership or writing
hereon or notice of any previous loss or theft or trust or other interest herein).

 

This Note shall not be validly
issued unless authenticated by the Agent.

 

This Note may be duly executed
on behalf of the Issuer by manual or facsimile signature.

 

IN WITNESS WHEREOF, the Issuer has
caused this Note to be duly executed on its behalf.

 

Dated

 

	 	7[TOYOTA MOTOR FINANCE (NETHERLANDS) B.V.]

	 	 
	 	 

 

	 	By:  _________________	By:  _________________
	 	Authorised Signatory	Authorised Signatory
	 	 	 

	 	[TOYOTA CREDIT CANADA INC.]

[TOYOTA FINANCE AUSTRALIA LIMITED]

[TOYOTA MOTOR CREDIT CORPORATION]
	 	 
	 	By:  _________________

       Authorised Signatory

 

 

 

	[Authenticated by

The Bank of New York Mellon] 	 
	 	 
	 	 
	 	 
	
        By: ________________________

                Authorised Signatory

         
	 

 

 

[Reverse
Of Note – Terms And Conditions]

 

[Terms and Conditions
to be as set out in Appendix A to the Agency Agreement or in such other form as may be agreed between the relevant Issuer, the
Agent and the relevant Purchaser(s)]

 

[Endorsed on or attached
to the Terms and Conditions is to be the applicable Final Terms]

 

 

		7	Delete all but the relevant Issuer.

 

    Page 111

     

    

APPENDIX B-4

FORM OF COUPON

 

(Face of Coupon)

 

1[TOYOTA MOTOR FINANCE (NETHERLANDS)
B.V.]

[TOYOTA CREDIT CANADA INC.]

[TOYOTA FINANCE AUSTRALIA LIMITED

(ABN 48 002 435 181)]

[TOYOTA MOTOR CREDIT CORPORATION]

 

[Specified Currency and Nominal Amount
of Series]

NOTES DUE [Year of Maturity]

 

Series No.[         ]

 

Part A

 

[For Fixed Rate Notes:

 

	This Coupon is payable to bearer, separately negotiable and subject to the Terms and Conditions of the said Notes to which it appertains.]	Coupon No. [         ]

Coupon for [         ]

due on [         ]

[20[       ]]

 

Part B

 

[For Floating Rate, Dual Currency
and Index Linked Interest Notes:

 

	Coupon for the amount due in accordance with the Terms and Conditions of the Notes to which it appertains.  This Coupon is payable to bearer, separately negotiable and subject to such Terms and Conditions, under which it may become void before its due date.]	Coupon No. [         ]

Coupon due in [         ]

[20[       ]]

 

ANY UNITED STATES PERSON (AS DEFINED
IN THE INTERNAL REVENUE CODE OF THE UNITED STATES) WHO HOLDS THIS OBLIGATION WILL BE SUBJECT TO LIMITATIONS UNDER THE UNITED STATES
INCOME TAX LAWS INCLUDING THE LIMITATIONS PROVIDED IN SECTIONS 165(j) AND 1287(a) OF THE INTERNAL REVENUE CODE.

 

 

		1	Delete all but the relevant Issuer.

 

 

    Page 112

     

    

(Reverse of Coupon)

 

AGENT

 

The Bank of New York Mellon

One Canada Square

Canary Wharf

London E14 5AL

 

and/or such other or further Agent and
other or further Paying Agents and/or specified offices as may from time to time be duly appointed by the Issuer and notice of
which has been given to the Noteholders.

 

    Page 113

     

    

APPENDIX B-5

FORM OF TALON

 

(On the front)

 

ANY UNITED STATES PERSON (AS DEFINED
IN THE INTERNAL REVENUE CODE OF THE UNITED STATES) WHO HOLDS THIS OBLIGATION WILL BE SUBJECT TO LIMITATIONS UNDER THE UNITED STATES
TAX LAWS INCLUDING THE LIMITATIONS PROVIDED IN SECTIONS 165(j) AND 1287(a) OF THE INTERNAL REVENUE CODE.

 

1[TOYOTA MOTOR FINANCE (NETHERLANDS)
B.V.]

[TOYOTA CREDIT CANADA INC.]

[TOYOTA FINANCE AUSTRALIA LIMITED

(ABN 48 002 435 181)]

[TOYOTA MOTOR CREDIT CORPORATION]

 

[Specified Currency and Nominal Amount
of Series]

NOTES DUE [Year of Maturity]

 

Series No. [         ]

 

On and after [        
] further Coupons [and a further Talon]2 appertaining to the Note to which this Talon appertains will be issued at the
specified office of any of the Paying Agents set out on the reverse hereof (and/or any other or further Paying Agents and/or specified
offices as may from time to time be duly appointed and notified to the Noteholders) upon production and surrender of this Talon.

 

This Talon may, in
certain circumstances, become void under the Terms and Conditions endorsed on the Notes to which this Talon appertains.

 

	 	[TOYOTA MOTOR FINANCE (NETHERLANDS) B.V.]

	 	 
	 	 

	 	By:  _________________	By:  _________________
	 	Authorised Signatory	Authorised Signatory

 

	 	[TOYOTA CREDIT CANADA INC.]

[TOYOTA FINANCE AUSTRALIA LIMITED]

[TOYOTA MOTOR CREDIT CORPORATION]
	 	 
	 	 
	 	 
	 	By:  _________________

      Authorised Signatory

 

 

 

		1	Delete all but the relevant Issuer.

 

		2	Not required on last Coupon sheet.

 

    Page 114

     

    

(Reverse of Talon)

 

AGENT

 

The Bank of New York Mellon

One Canada Square

Canary Wharf

London E14 5AL

 

and/or such other or further Agent and
other or further Paying Agents and/or specified offices as may from time to time be duly appointed by the Issuer and notice of
which has been given to the Noteholders.

 

    Page 115

     

    

Appendix C

 

FORM OF CALCULATION AGENCY AGREEMENT

 

Dated ____________, 20__

 

[TOYOTA MOTOR FINANCE (NETHERLANDS) B.V.]

[TOYOTA CREDIT CANADA INC.]

[TOYOTA FINANCE AUSTRALIA LIMITED (ABN 48 002 435 181)]

[TOYOTA MOTOR CREDIT CORPORATION]

 

and

 

[INSERT NAME OF CALCULATION AGENT]

 

€50,000,000,000

Euro Medium Term Note Programme

established by

Toyota Motor Finance (Netherlands) B.V.,
Toyota Credit Canada Inc.,

Toyota Finance Australia Limited (ABN 48 002 435 181) and

Toyota Motor Credit Corporation

 

CALCULATION AGENCY AGREEMENT

 

    Page 116

     

    

[TOYOTA MOTOR FINANCE (NETHERLANDS) B.V.]

[TOYOTA CREDIT CANADA INC.]

[TOYOTA FINANCE AUSTRALIA LIMITED (ABN 48 002 435 181)]

[TOYOTA MOTOR CREDIT CORPORATION]

 

€50,000,000,000

Euro Medium Term Note Programme

established by

Toyota Motor Finance (Netherlands) B.V.,
Toyota Credit Canada Inc.,

Toyota Finance Australia Limited (ABN 48 002 435 181) and

Toyota Motor Credit Corporation

 

CALCULATION AGENCY AGREEMENT

 

THIS AGREEMENT is made on __________,
20__

 

BETWEEN:

 

		(1)	[TOYOTA MOTOR FINANCE (NETHERLANDS) B.V. of World Trade
Center Amsterdam, Tower H, Level 10, Zuidplein 90, 1077 XV Amsterdam, the Netherlands (the Issuer);]

 

[TOYOTA CREDIT CANADA INC.
of 80 Micro Court, Suite 200, Markham, Ontario L3R 9Z5, Canada (the Issuer);]

 

[TOYOTA FINANCE AUSTRALIA
LIMITED (ABN 48 002 435 181) of Level 9, 207 Pacific Highway, St Leonards, NSW 2065, Australia (the Issuer);]

 

[TOYOTA MOTOR CREDIT CORPORATION
of 6565 Headquarters Drive, Mailstop W2–3D, Plano, Texas 75024–5965, United States (the Issuer);] and

 

		(2)	[name of calculation agent] of [·] (the Calculation
Agent, which expression shall include its successor or successors for the time being as calculation agent hereunder).

 

WHEREAS:

 

		A.	The Issuer has entered into the Amended and Restated Programme Agreement with certain dealers and
others dated 8 September 2017 under which the Issuer may issue Euro Medium Term Notes (Notes) with an aggregate nominal
amount of up to €50,000,000,000 (or its equivalent in other currencies) outstanding at any time (including Euro Medium Term
Notes issued previously under the Euro Medium Term Note Programme provided for by the Programme Agreement and Euro Medium Term
Notes issued prior to 28 September 2007 by Toyota Motor Credit Corporation under its U.S.$30,000,000,000 Euro Medium-Term Note
Program last updated on 28 September 2006 (and further amended on 4 March 2011 with respect to certain Notes) which remain outstanding).

 

		B.	The Notes will be issued subject to, and with the benefit of, an Amended and Restated Agency Agreement
dated 8 September 2017 (the Agency Agreement, which expression shall be construed as a reference to that agreement as the
same may be amended, supplemented and/or restated from time to time) between, inter alia, the Issuer and The Bank of New
York Mellon, acting through its London branch (the Agent, which expression shall include its successor or successors for
the time being

 

    Page 117

     

    

under the Agency Agreement, and
the Paying Agent, which expression shall include any additional or successor paying agent appointed under the Agency Agreement
and Paying Agent shall mean any of the Agent or the Paying Agents so appointed).

 

NOW IT IS HEREBY AGREED that:

 

(1)           APPOINTMENT
OF THE CALCULATION AGENT

 

The Issuer hereby appoints [name
of calculation agent] as Calculation Agent in respect of the Notes listed in the Schedule hereto which are for the time being outstanding
(the Relevant Notes) for the purposes set out in Clause 2 below, all upon terms and conditions hereinafter mentioned. The
agreement of the parties that this Agreement is to apply to each Series of Relevant Notes shall be evidenced by the manuscript
annotation and signature in counterpart of the Schedule.

 

(2)           DUTIES
OF CALCULATION AGENT

 

The Calculation Agent shall in
relation to each series of Relevant Notes (each a Series) perform all the functions and duties imposed on the Calculation
Agent by the terms and conditions of the relevant Series (the Conditions). Without limiting the foregoing, the Calculation
Agent shall calculate, to the extent applicable, the Rate of Interest, Interest Amount, Interest Payment Date, principal and all
other amounts, rates and dates which are required to be determined or calculated under the Conditions for the Relevant Notes and
shall communicate such calculations to the Issuer and the Agent as soon as practicable after such calculations are determined,
but in any event, within time periods sufficient to enable the Agent to publish the results of such determinations in accordance
with the terms of the Agency Agreement. In addition, the Calculation Agent agrees that it will provide a copy of all calculations
made by it which affect the nominal amount outstanding of any Relevant Notes which are identified on the Schedule as being New
Global Notes to the Agent to the contact details set out in the signature page hereof.

 

(3)           EXPENSES

 

Except as provided in Clause
4 below, the Calculation Agent shall bear all expenses incurred by it in connection with its said services.

 

(4)           INDEMNITY

 

		(a)	The Issuer shall indemnify and keep indemnified the Calculation Agent against any losses, liabilities,
costs, claims, actions or demands (including, but not limited to, all reasonable costs, legal fees, charges and expenses paid or
incurred by the Calculation Agent in disputing or defending any of the foregoing) which the Calculation Agent may incur or which
may be made against it (excluding consequential losses and losses of profit) as a result of or in connection with its appointment
or the exercise of its powers and duties under this Agreement except such as may result from its own wilful default, negligence
or bad faith or that of its officers, directors or employees or any of them, or the breach by it of the terms of this Agreement.

 

		(b)	The Calculation Agent shall indemnify and keep indemnified the Issuer against any losses, liabilities,
costs, claims, actions or demands (including, but not limited to, all reasonable costs, legal fees, charges and expenses paid or
incurred by the Issuer in disputing or defending any of the foregoing)

 

    Page 118

     

    

which the Issuer may incur or which
may be made against it (excluding consequential losses and losses of profit) as a result of or in connection with the breach by
the Calculation Agent of the terms of this Agreement or its wilful default, negligence or bad faith or that of its officers, directors
or employees or any of them.

 

(5)           CONDITIONS
OF APPOINTMENT

 

		(a)	In acting hereunder in connection with the Relevant Notes, the Calculation Agent shall act solely
as agent of the Issuer and shall not thereby assume any obligations towards or relationship of agency or trust for or with any
of the owners or holders of the Relevant Notes or coupons (if any) appertaining thereto (the Coupons).

 

		(b)	In relation to each Series, the Calculation Agent shall be obliged to perform such duties and only
such duties as are herein and in the Conditions specifically set forth and no implied duties or obligations shall be read into
this Agreement or the Conditions against the Calculation Agent other than the duty to act honestly and in good faith and to exercise
the diligence of a reasonably prudent agent in comparable circumstances.

 

		(c)	The Calculation Agent may consult with legal and other professional advisers and the opinion of
such advisers shall be full and complete protection in respect of any action taken, omitted or suffered hereunder in good faith
and in accordance with the opinion of such advisers.

 

		(d)	The Calculation Agent shall be protected and shall incur no liability for or in respect of any
action taken, omitted or suffered in reliance upon any instruction, request or order from the Issuer or the Agent, or any notice,
resolution, direction, consent, certificate, affidavit, statement, cable or other paper or document which it reasonably believes,
after making reasonable investigation of the same, to be genuine and to have been delivered, signed or sent by the proper party
or parties or upon written instructions from the Issuer.

 

		(e)	The Calculation Agent, and any of its officers, directors and employees, may become the owner of,
or acquire any interest in, any Notes or Coupons (if any) with the same rights that it or he or she would have if the Calculation
Agent were not appointed hereunder, and may engage or be interested in any financial or other transaction with the Issuer and may
act on, or as depositary, trustee or agent for, any committee or body of holders of Notes or Coupons (if any) or other obligations
of the Issuer as freely as if the Calculation Agent were not appointed hereunder.

 

(6)           TERMINATION
OF APPOINTMENT

 

		(a)	The Issuer may terminate the appointment of the Calculation Agent at any time by giving to the
Calculation Agent and the Agent at least 90 days’ prior written notice to that effect, provided that, so long as any of the
Relevant Notes is outstanding, (i) such notice shall not expire less than 45 days before any date upon which any payment is due
in respect of any Relevant Notes and (ii) notice shall be given in accordance with Condition 16 to the holders of the Relevant
Notes at least 30 days prior to any removal of the Calculation Agent.

 

    Page 119

     

    

		(b)	Notwithstanding the provisions of Subclause 6(a) above, if at any time (i) the Calculation Agent
becomes incapable of action, or is adjudged bankrupt or insolvent, or files a voluntary petition in bankruptcy or makes an assignment
for the benefit of its creditors or consents to the appointment of an administrator, liquidator or administrative or other receiver
of all or a substantial part of its property, or if an administrator, liquidator or administrative or other receiver of it or of
all or a substantial part of its property is appointed, or it admits in writing its inability to pay or meet its debts as they
may become due or suspends payment thereof or if any order of any court is entered approving any petition filed by or against it
under the provisions of any applicable bankruptcy or insolvency law or if any public officer takes charge or control of the Calculation
Agent or of its property or affairs for the purpose of rehabilitation, administration or liquidation or (ii) the Calculation Agent
fails duly to perform any function or duty imposed on it by the Conditions and this Agreement, the Issuer may forthwith without
notice terminate the appointment of the Calculation Agent, in which event notice thereof shall be given to the holders of the Relevant
Notes in accordance with Condition 16 of the Relevant Notes as soon as practicable thereafter.

 

		(c)	The termination of the appointment pursuant to Subclause 6(a) or 6(b) above of the Calculation
Agent hereunder shall not entitle the Calculation Agent to any amount by way of compensation but will be without prejudice to any
amount then accrued and due.

 

		(d)	The Calculation Agent may resign its appointment hereunder at any time by giving to the Issuer
and the Agent at least 90 days’ prior written notice to that effect. Following receipt of a notice of resignation from the
Calculation Agent, the Issuer shall promptly give notice thereof to the holders of the Relevant Notes in accordance with Condition
16 of the Relevant Notes.

 

		(e)	Notwithstanding the provisions of Subclauses 6(a), 6(b) and 6(d) above, so long as any of the Relevant
Notes is outstanding, the termination of the appointment of the Calculation Agent (whether by the Issuer or by the resignation
of the Calculation Agent) shall not be effective unless upon the expiry of the relevant notice a successor Calculation Agent has
been appointed. The Issuer agrees with the Calculation Agent that if, by the day falling 10 days before the expiry of any notice
under Clause 6(d), the Issuer has not appointed a replacement Calculation Agent, the Calculation Agent shall be entitled, on behalf
of the Issuer, to appoint as Calculation Agent in its place an investment bank which the Issuer shall approve (such approval not
to be unnecessarily withheld).

 

		(f)	Any successor Calculation Agent appointed hereunder shall execute and deliver to its predecessor
and the Issuer an instrument accepting appointment hereunder, and thereupon such successor Calculation Agent, without further act,
deed or conveyance, shall become vested with all the authority, rights, powers, trusts, immunities, duties and obligations of such
predecessor with like effect as if originally named as the Calculation Agent hereunder.

 

		(g)	If the appointment of the Calculation Agent hereunder is terminated (whether by the Issuer or by
the resignation of the Calculation Agent), the Calculation Agent shall on the date on which such termination takes effect deliver
to the successor Calculation Agent all records concerning the Relevant Notes

 

    Page 120

     

    

maintained by it (except such documents
and records as it is obliged by law or regulation to retain or not to release), but shall have no other duties or responsibilities
hereunder.

 

		(h)	Any corporation into which the Calculation Agent for the time being may be merged or converted
or any corporation with which the Calculation Agent may be consolidated or any corporation resulting from any merger, conversion
or consolidation to which the Calculation Agent shall be a party shall, to the extent permitted by applicable law, be the successor
Calculation Agent under this Agreement without the execution or filing of any paper or any further act on the part of any of the
parties hereto. Written notice of any such merger, conversion or consolidation shall forthwith be given to the Issuer and the Agent
by the Calculation Agent.

 

		(i)	Upon the termination of the appointment of the Calculation Agent, the Issuer shall use all reasonable
endeavours to appoint a further bank or investment bank as successor Calculation Agent.

 

(7)           NOTICES

 

Any notice or communication given
hereunder shall be sufficiently given or served:

 

		(a)	if delivered in person to the relevant address specified below and, if so delivered, shall be deemed
to have been delivered at time of receipt;

 

		(b)	if sent by facsimile to the relevant number specified below, shall be deemed to have been delivered
upon transmission provided such transmission is confirmed when an acknowledgment of receipt is received; or

 

		(c)	if sent by email to the relevant email address specified on the signature pages hereof (or to such
other address as is specified in writing and delivered to the relevant parties to this Agreement) and, if so sent, shall be deemed
to have been delivered at the time of confirmation by telephone:

 

The Issuer:

 

[TOYOTA
MOTOR FINANCE (NETHERLANDS) B.V.

World Trade Center Amsterdam

Tower H, Level 10

Zuidplein 90

1077 XV Amsterdam

The Netherlands

 

	Telephone:	+31 20 502 5310
	Telefax:	+31 20 502 5319
	Attention:	Chief Executive Officer]

    Page 121

     

    

[TOYOTA CREDIT CANADA INC.

80 Micro Court, Suite 200

Markham

Ontario L3R 9Z5

Canada

 

	Telephone:	+1 905 513 8200
	Telefax:	+1 905 513 8335
	Attention:	President]

 

[TOYOTA FINANCE AUSTRALIA LIMITED

Level 9, 207 Pacific Highway

St Leonards

NSW 2065

Australia

 

	Telephone:	+61 2 9430 0000
	Telefax:	+61 2 9430 0913
	Attention:	Treasurer]

 

[TOYOTA
MOTOR CREDIT CORPORATION

6565 Headquarters Drive, Mailstop W2–3D 

Plano

Texas 75024–5965 

United States

 

	Telephone:	+1 469 486 9013
	Telefax:	+1 310 381 7739
	Email:	TFS_Treasury_Operations@toyota.com
	Attention:	TFS Treasury Operations]

 

 

 

The Calculation Agent: ________________________

 

or to such other address and/or
facsimile number of which notice in writing has been given to the parties hereto in accordance with the provisions of this Clause
7.

 

(8)           DESCRIPTIVE
HEADINGS

 

The descriptive headings in this
Agreement are for convenience of reference only and shall not define or limit the provisions hereof.

 

(9)           CONTRACTS
(RIGHTS OF THIRD PARTIES) ACT 1999

 

A person who is not a party to
this Agreement has no right by virtue of the Contracts (Rights of Third Parties) Act 1999 to enforce any term of this Agreement,
but this does not affect any right or remedy of a third party which exists or is available apart from that Act.

 

(10)         COUNTERPARTS

 

This Agreement may be executed
in any number of counterparts, and by each party on separate counterparts. Each counterpart is an original, but all counterparts
shall

 

    Page 122

     

    

together constitute one and the
same instrument. Delivery of a counterpart of this Agreement by e-mail attachment or telecopy shall be an effective mode of delivery.

 

(11)         GOVERNING
LAW

 

		(1)	This Agreement and any non-contractual obligations arising out of or in connection with this Agreement
shall be governed by, and construed in accordance with, the laws of England.

 

		(2)	The Issuer hereby irrevocably agrees for the exclusive benefit of the Calculation Agent that the
courts of England are to have jurisdiction to settle any disputes which may arise out of or in connection with this Agreement (including
a dispute relating to any non-contractual obligations arising out of or in connection with this Agreement) and that accordingly
any suit, action or proceedings (together referred to as Proceedings) arising out of or in connection with this Agreement
(including any Proceedings relating to any non-contractual obligations arising out of or in connection with this Agreement) may
be brought in such courts. The Issuer hereby irrevocably waives any objection which it may have to the laying of the venue of any
Proceedings in any such courts and any claim that any such Proceedings have been brought in an inconvenient forum and hereby further
irrevocably agrees that a judgment in any Proceedings brought in the English courts shall be conclusive and binding upon the Issuer
and may be enforced in the courts of any other jurisdiction. Nothing contained herein shall limit any right to take Proceedings
against the Issuer in any other court of competent jurisdiction, nor shall the taking of Proceedings in one or more jurisdictions
preclude the taking of Proceedings in any other jurisdiction, whether concurrently or not. The Issuer hereby appoints Toyota Financial
Services (UK) PLC of Great Burgh, Burgh Heath, Epsom, Surrey KT18 5UZ as its agent for service of process and agrees that, in the
event of Toyota Financial Services (UK) PLC ceasing so to act or ceasing to be registered in England, it will appoint another person
as its agent for service of process in England in respect of any Proceedings.

 

    Page 123

     

    

IN WITNESS WHEREOF,
this Agreement has been entered into as of the day and year first above written.

 

[TOYOTA MOTOR FINANCE (NETHERLANDS)
B.V.

 

By: ________________________]

 

[TOYOTA CREDIT CANADA INC.

 

By: ________________________]

 

[TOYOTA FINANCE AUSTRALIA
LIMITED

 

By: ________________________]

 

[TOYOTA MOTOR CREDIT
CORPORATION

 

	By:	 _________________________	 
	 	Name:	 
	 	Title:]

                                  
	 

[NAME OF CALCULATION AGENT]

 

By: ________________________

 

    Page 124

     

    

SCHEDULE OF RELEVANT NOTES

 

 

	Series Number	 	Issue Date	 	Maturity Date	 	Title and Nominal Amount	 	New Global Note [Yes/No]	 	Annotation by Calculation Agent/the Issuer
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 

 

    Page 125

     

    

Appendix D

FORM OF OPERATING and ADMINISTRATIVE

PROCEDURES MEMORANDUM

 

The aggregate nominal
amount of all euro medium term notes (Notes) issued by Toyota Motor Finance (Netherlands) B.V., Toyota Credit Canada Inc.,
Toyota Finance Australia Limited and Toyota Motor Credit Corporation outstanding at any time (including Notes issued previously
under the Programme and Notes issued prior to 28 September 2007 by TMCC under its U.S.$30,000,000,000 Euro Medium-Term Note Program
last updated on 28 September 2006 (and further amended on 4 March 2011 with respect to certain Notes) which remain outstanding)
will not exceed €50,000,000,000 or its equivalent in other currencies.

 

The documentation of
the Programme provides for the issue of Notes denominated in such currency (subject to any legal or regulatory restrictions) as
may be agreed between the Issuer (as defined below) and the relevant Purchaser(s) and with a minimum maturity of one month (subject
to certain restrictions as to minimum and/or maximum maturities as set out in the Prospectus (as defined below) describing the
Programme) and being any of:

 

		●	Fixed Rates Notes

 

		●	Floating Rate Notes

 

		●	Zero Coupon Notes

 

		●	other forms of Notes agreed between the relevant Purchaser(s) and
the relevant Issuer.

 

All terms with initial
capitals used herein without definition shall have the meanings given to them in the Prospectus dated 8 September 2017 as supplemented
or replaced from time to time (the Prospectus) or, as the case may be, in the Programme Agreement dated 8 September 2017
between Toyota Motor Finance (Netherlands) B.V. (TMF), Toyota Credit Canada Inc. (TCCI), Toyota Finance Australia
Limited (TFA) and Toyota Motor Credit Corporation (TMCC and together with TMF, TCCI and TFA, the Issuers)
and the Dealers named therein as amended, supplemented, novated or restated from time to time (the Programme Agreement)
pursuant to which the Issuers may issue Notes. References herein to Issuer are to TMF, TCCI, TFA or TMCC, as the case may
be, in its capacity as Issuer of Notes.

 

As used herein in relation
to any Notes which are to have a “listing” or to be “listed” (i) on the London Stock Exchange, listing
and listed shall be construed to mean that such Notes have been admitted to the Official List in accordance with the listing
rules of the UK Listing Authority and admitted to trading on the London Stock Exchange’s Regulated Market and (ii) on any
other Stock Exchange within the European Economic Area, listing and listed shall be construed to mean that the Notes
have been admitted to trading on a market within that jurisdiction which is a regulated market for the purposes of the Markets
in Financial Instruments Directive (Directive 2004/39/EC).

 

This Operating and
Administrative Procedures Memorandum applies to Notes issued on and after 8 September 2017. The procedures set out in Annex 1 may
be varied by agreement between the Issuer, the Agent and the relevant Purchaser, including to take account

 

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of any standardised procedures published
by Euroclear and/or Clearstream, Luxembourg (together, the ICSDs) and/or the International Capital Market Services Association
(ICMSA) and/or the International Capital Market Association (ICMA). The timings set out in these procedures represent optimum timings
to ensure a smooth settlement process. Each of the ICSDs has its own published deadlines for taking certain of the actions described
herein (which may be later than the timings described herein). The Issuer, the Agent, the relevant Purchaser, and the common depositary,
or common service provider and common safekeeper, as the case may be, may agree to vary the timings described herein subject to
compliance with such deadlines.

 

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OPERATING PROCEDURES

 

Purchasers must confirm all trades directly
with the Issuer and the Agent.

 

1.       RESPONSIBILITIES
OF THE AGENT

 

The Agent will, in addition to
the responsibilities in relation to settlement described in Annex A, be responsible for the following:

 

		(1)	in the case of Notes which are to be listed on a stock exchange (the relevant Stock Exchange),
distributing to the relevant Stock Exchange and any other relevant authority such number of copies of the Final Terms as they may
reasonably require; and

 

		(2)	where applicable, providing the Ministry of Finance of Japan with all required notifications and
reports (including any monthly reports as to amounts, issue dates and other terms of each Tranche of Yen-denominated Notes).

 

		2.	RESPONSIBILITIES OF THE LISTING AGENT/ARRANGER/LEAD MANAGER/DEALER

 

		(1)	The Lead Manager/Dealer/other Purchaser shall be responsible for preparing the applicable Final
Terms (substantially in the form of either Part A or Part B of Annex B hereto) to the Prospectus giving details of the Notes to
be issued.

 

		(2)	In the case of Notes to be listed on a relevant Stock Exchange, the Listing Agent/Arranger or Lead
Manager will be responsible for ensuring compliance with the Prospectus Rules (if applicable) and the Listing Rules and obtaining
all necessary approvals for listing the Notes on the relevant Stock Exchange. The Issuer recognises with respect to this Clause
2(2) its continuing obligation so long as any Notes under the Programme are outstanding to apprise the applicable Dealers of any
material adverse change in its (consolidated, if applicable) financial position or its business operations.

 

3.       RESPONSIBILITIES
OF THE ISSUER

 

The Issuer shall execute and
deliver the Final Terms to the Agent and the Lead Manager/Dealer/other Purchaser.

 

4.       SETTLEMENT

 

The settlement procedures set
out in Annex A shall apply to each issue of Bearer Notes, unless otherwise agreed between the Issuer and the relevant Dealer or
Dealers.

 

Settlement procedures for an
issue of Registered Notes issued by TCCI are set out in the TCCI Note Agency Agreement. Settlement procedures for an issue of Registered
Notes issued by TMCC are set out in the TMCC Note Agency Agreement.

 

Trading Desk Information list
is set out in Annex E.

 

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ANNEX A TO APPENDIX D

SETTLEMENT PROCEDURES

 

The procedures set out below have been
discussed and agreed by the ICSDs, representatives of ICMA and representatives of ICMSA. It is recommended that these procedures
are adopted without material amendment to facilitate standardisation in the market and a smooth closing procedure. ****

 

Times set out below are London times
and represent the latest time for taking the action concerned. It is recommended that where possible the action concerned is taken
in advance of these times.

 

	Day	Latest time	Action
	No later than Issue Date minus 3	2:00 p.m.	The Issuer or its designated agent may agree to terms with one or more of the Purchasers for the issue and purchase of Notes.  The relevant Purchaser instructs the Agent to obtain a common code and ISIN or, if relevant, a temporary common code and ISIN for the Notes from one of the ICSDs.
	Issue Date minus 2	5:00 p.m.	If a Purchaser has reached agreement with the Issuer by telephone, the Purchaser confirms the terms of the agreement to the Issuer (substantially in the form of Annex C) attaching a copy of the applicable Final Terms (substantially in the form set out in Annex B) by electronic communication.  The Purchaser sends a copy of that electronic communication to the Agent for information.
	 	 	The Issuer confirms its agreement to the terms on which the issue of Notes is to be made (including the form of the Final Terms) by signing and returning a copy of the Final Terms to the relevant Purchaser and the Agent.  The details set out in the signed Final Terms shall be conclusive evidence of the agreement (save in the case of manifest error) and shall be binding on the parties accordingly.  The Issuer also confirms its instructions to the Agent (substantially in the form set out in Annex D) (including, in the case of Floating Rate Notes, for the purposes of rate fixing) to carry out the duties to be carried out by the Agent under these Settlement Procedures and the Agency Agreement including preparing and authenticating a Temporary Global Note for the Tranche of Notes which is to be purchased and, in the case of the first Tranche of a Series, where the applicable Final Terms do not specify that the Temporary Global Note is to be exchangeable only for Notes in definitive form, a Permanent Global Note for the Series.

 

 

		****	In the case of a syndicated Note issue, certain of the Settlement Procedures set forth below will
be revised as appropriate.

 

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	Day	Latest time	Action
	 	 	In the case of Floating Rate Notes, the Agent notifies the ICSDs, the Issuer, (if applicable) the relevant Stock Exchange and any other relevant authority and the relevant Purchaser of the Rate of Interest for the first Interest Period (if already determined).  Where the Rate of Interest has not yet been determined, this will be notified in accordance with this paragraph as soon as it has been determined.
	 	 	If the Issuer has agreed with two or more Purchasers to issue Notes on a syndicated basis, it is to enter into an agreement with such Purchasers in the form or substantially the form set out in Appendix 5 to the Programme Agreement.
	No later than Issue Date minus 1	2:00 p.m.	In the case of Notes which are to be listed on a Stock Exchange or publicly offered in a European Economic Area Member State, the Agent also notifies the Stock Exchange and/or any other relevant authority, as the case may be, by electronic communication or by hand of the details of the Notes to be issued by sending the applicable Final Terms to the Stock Exchange and/or any other relevant authority, as the case may be. 
	Issue Date minus 1	10:00 a.m. (for prior day currencies1)	The relevant Purchaser and the Agent give settlement instructions to the relevant ICSD(s) to effect the payment of the purchase price, against delivery of the Notes, to the Agent’s account with the relevant ICSD(s) on the Issue Date.  
	 	12.00 noon (for other currencies)	The parties (which for this purpose shall include the Agent) may agree to arrange for “free delivery” to be made through the relevant ICSD(s) if specified in the applicable Final Terms, in which case these Settlement Procedures will be amended accordingly.
	Issue Date minus 1	ICSD deadlines for the relevant currency	For prior day currencies, the Agent instructs the relevant ICSD(s) to debit its account and pay for value on the Issue Date the aggregate purchase moneys received by it to the account of the Issuer previously notified to the Agent for the purpose. 
	Issue Date minus 1	3.00 p.m.	The Agent prepares and authenticates a Temporary Global Note for each Tranche of Notes which is to be purchased and, where required as specified above, a Permanent Global Note in respect of the relevant Series, in each case attaching the applicable Final 

 

 

		1	The most common prior day currencies are Australian dollars (AUD), Hong Kong dollars (HKD), Japanese
yen (JPY) and New Zealand dollars (NZD) but other currencies in similar time zones may also be prior day currencies. The parties
should establish whether or not a particular currency is a prior day currency as soon as possible.

 

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	Day	Latest time	Action
	 	 	Terms.
	 	 	Each Global Note which is a CGN is then delivered by the Agent to the Common Depositary.  Each Global Note which is a New Global Note is then delivered by the Agent to the common safekeeper, together (if applicable) with an effectuation instruction.  In the event that the common service provider and the common safekeeper are not the same entity, the Agent should also deliver the applicable Final Terms to the common service provider.
	 	 	For securities in New Global Note form, the Agent then instructs the mark up of the issue outstanding amount of the Global Note to the ICSDs through the common service provider.
	Issue Date minus 1	5.00 p.m.	The conditions of issue in the Programme Agreement are satisfied and/or waived.
	 	 	In the case of each Global Note which is a New Global Note, the common safekeeper confirms deposit and effectuation (if applicable)2 of the Global Note to the Agent, the common service provider and the ICSDs.
	Issue Date minus 1	6.00 p.m.	In the case of each Global Note which is a CGN, the Common Depositary confirms deposit of the Global Note to the Agent and the ICSDs. 
	 	 	In the case of each Global Note which is a New Global Note, the common service provider relays the Agent’s instruction to mark up the issue outstanding amount of the Global Note to the ICSDs.
	Issue Date	According to ICSD settlement procedures	The ICSDs debit and credit accounts in accordance with instructions received from the Agent and the relevant Purchaser.
	Issue Date	ICSD deadlines for the relevant currency	For non-prior day currencies, the Agent instructs the relevant ICSD(s) to debit its account and pay for value on the Issue Date the aggregate purchase moneys received by it to the account of the Issuer previously notified to the Agent for the purpose.
	Issue Date	5.00 p.m.	The Agent forwards a copy of the signed Final Terms to each ICSD.

 

 

		2	This assumes that an effectuation authorisation has been delivered by the Issuer to the common
safekeeper (i.e. Euroclear or Clearstream, Luxembourg) at the update of the programme. If this is not the case, such an authorisation
should be delivered at least 2 business days prior to the closing of the first issue of Eurosystem-eligible New Global Notes under
the Programme.

 

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	Day	Latest time	Action
	On or subsequent to the Issue Date	 	The Agent notifies the Issuer immediately in the event that a Purchaser does not pay the purchase price due from it in respect of a Note. 
	 	 	The Agent notifies the Issuer of the issue of Notes giving details of the Global Note(s) and the nominal amount represented thereby.
	 	 	The Agent confirms the issue of Notes to the relevant Stock Exchange and any other relevant authority.
	 	 	The relevant Purchaser promptly notifies the Agent that the distribution of the Notes purchased by it has been completed.  The Agent promptly notifies the Issuer, the relevant Purchaser and the ICSDs of the Exchange Date with respect to the relevant Tranche of Notes.
	 	 	 

Explanatory Notes to Settlement Procedures

 

		(a)	Each Day is a day on which banks and foreign exchange markets are open for general business
in London (including dealings in foreign exchange and foreign currency deposits), counted in reverse order from the proposed Issue
Date.

 

		(b)	The Issue Date must be a Business Day. For the purposes of this Memorandum, Business
Day means a day which is:

 

		(1)	a day on which commercial banks and foreign exchange markets settle payments and are open for general
business (including dealing in foreign exchange and foreign currency deposits) in London and any other place specified in the applicable
Final Terms as an Additional Business Centre;

 

		(2)	(i) in relation to Notes denominated in a Specified Currency other than euro and Renminbi, a day
on which commercial banks and foreign exchange markets settle payments and are open for general business (including dealings in
foreign exchange and foreign currency deposits) in the principal financial centre of the country of the relevant Specified Currency;
or (ii) in relation to Notes denominated in euro, a day on which the TARGET2 system is open; or (iii) in relation to any sum payable
in Renminbi, a day on which commercial banks and foreign exchange markets are open for business and settlement of Renminbi payments
in Hong Kong. Unless provided otherwise in the applicable Final Terms, the principal financial centre of any country shall be as
provided in the 2006 ISDA Definitions (except in the case of Australia and New Zealand, where the principal financial centre will
be Sydney or Auckland, respectively); and

 

		(3)	a day on which the ICSDs and any other relevant clearing system is open for general business.

 

		(c)	Times given can be modified upon the mutual agreement of the Purchaser, the Agent and the Issuer.

 

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		(d)	If at any time the Agent is notified by the Issuer or the relevant Stock Exchange that the listing
of a Series of Notes has been refused or otherwise will not take place, the Agent shall immediately notify the Issuer, the Dealer
and all the relevant Purchaser(s) (if not the Dealer).

 

		(e)	If any final terms or information to be included in the applicable Final Terms constitute “significant
new factors” and consequently trigger the need for a supplement to the Prospectus under Article 16 of the Prospectus Directive
the timings outlined above will change as the Final Terms will need to be approved by the relevant authority as a supplement, which
can take up to seven working days.

 

		(f)	Where a clearing system other than Euroclear or Clearstream, Luxembourg is used for an issue, references
to the ICSDs shall be interpreted accordingly.

 

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ANNEX B TO APPENDIX D

FORM OF FINAL TERMS

 

Part A

 

FORM OF
FINAL TERMS IN CONNECTION WITH ISSUES OF NOTES WITH A DENOMINATION OF AT LEAST €100,000 (OR EQUIVALENT in any other currency)
TO BE ADMITTED TO TRADING ON AN EEA REGULATED MARKET

 

[PROHIBITION OF
SALES TO EEA RETAIL INVESTORS: The Notes are not intended, from 1 January 2018, to be offered, sold or otherwise made
available to and, with effect from such date, should not be offered, sold or otherwise made available to any retail investor in
the European Economic Area (“EEA”). For these purposes, a “retail investor” means a person who is
one or more) of: (i) a retail client as defined in point (11) of Article 4(1) of Directive 2014/65/EU (“MiFID II”);
(ii) a customer within the meaning of Directive 2002/92/EC, where that customer would not qualify as a professional client as defined
in point (10) of Article 4(1) of MiFID II; or (iii) not a qualified investor as defined in the Prospectus Directive (as defined
below). Consequently no key information document required by Regulation (EU) No 1286/2014 (the “PRIIPs Regulation”)
for offering or selling the Notes or otherwise making them available to retail investors in the EEA has been prepared and therefore
offering or selling the Notes or otherwise making them available to any retail investor in the EEA may be unlawful under the PRIIPs
Regulation.]

 

Final Terms

 

Dated [        
]

 

[TOYOTA MOTOR FINANCE (NETHERLANDS) B.V.]

 

[TOYOTA CREDIT CANADA INC.]

 

[TOYOTA FINANCE AUSTRALIA LIMITED (ABN
48 002 435 181)]

 

[TOYOTA MOTOR CREDIT CORPORATION]

 

Issue of [Aggregate Nominal Amount of
Tranche] [Title of Notes]

under the €50,000,000,000

Euro Medium Term Note Programme

established by

Toyota Motor Finance (Netherlands) B.V., Toyota Credit Canada Inc., 

Toyota Finance Australia Limited and Toyota Motor Credit Corporation

 

PART A – CONTRACTUAL TERMS

 

Terms used herein
shall be deemed to be defined as such for the purposes of the Terms and Conditions of the Notes set forth in the Prospectus dated
8 September 2017 [and the supplement[s] to it dated [date] [and [date]], including all documents incorporated by
reference ([the Prospectus as so supplemented,] the “Prospectus”) which constitutes a base prospectus for the
purposes of the Prospectus Directive (as defined below). This document constitutes the Final Terms of the Notes [described herein
for the purposes of Article 5.4 of the Prospectus Directive – remove for unlisted Notes] and must be read in conjunction
with the Prospectus. Full information on the Issuer and the offer of the Notes is only available on the basis of the combination
of these Final Terms and the Prospectus. The Prospectus has been published on the website of the London Stock Exchange at http://www.londonstockexchange.com/exchange/news/market-news/market-news-home.html.

 

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[The following alternative
language applies if the first Tranche of an issue which is being increased was issued under a Prospectus or Offering Circular with
an earlier date.

 

Terms used herein
shall be deemed to be defined as such for the purposes of the Terms and Conditions of the Notes (the “Conditions”)
set forth in and extracted from the Prospectus/Offering Circular dated [original date] and which are incorporated by reference
in the Prospectus dated 8 September 2017. This document constitutes the Final Terms of the Notes [described herein for the purposes
of Article 5.4 of the Prospectus Directive (as defined below) – remove for unlisted
Notes] and must be read in conjunction with the Prospectus dated 8 September 2017,
including the Conditions which are incorporated by reference in it [and the supplement[s] to it dated [date] [and
[date]], including all documents incorporated by reference ([the Prospectus as so supplemented,] the “Prospectus”)
which constitutes a base prospectus for the purposes of the Prospectus Directive. Full information
on the Issuer and the offer of the Notes is only available on the basis of the combination of these Final Terms and the Prospectus.
The Prospectus has been published on the website of the London  Stock Exchange at http://www.londonstockexchange.com/exchange/news/market-news/market-news-home.html.]

 

The expression “Prospectus
Directive” means Directive 2003/71/EC (as amended, including by Directive 2010/73/EU), and includes any relevant implementing
measure (for the purpose of the Prospectus, [the Terms and Conditions of the Notes set forth in the Prospectus]/[the Conditions]
and these Final Terms) in the relevant Member State.

 

[Include whichever
of the following apply or specify as “Not Applicable”. Note that the numbering should remain as set out below, even
if “Not Applicable” is indicated for individual paragraphs (in which case the sub-paragraphs of the paragraphs which
are not applicable can be deleted). Italics denote guidance for completing the Final Terms.]

 

	1.	(i)	Issuer:	[         ]
	 	(ii)	Credit Support Providers:	Toyota Motor Corporation

Toyota Financial Services Corporation
	2.	[(i)]	Series Number:	[         ]
	 	[(ii)]	Tranche Number:	[         ]
	 	[(iii)]	Uridashi Notes:	[Applicable]/[Not Applicable]
	 	[(iv)]	Date on which the Notes will be consolidated and form a single Series:	[Not Applicable]/[The Notes shall be consolidated and form a single Series and be interchangeable for trading purposes with the [insert description of the Series] on [insert date/the Issue Date/exchange of the Temporary  Global Note for interests in the Permanent Global Note, as referred to in paragraph 25 below [which is expected to occur on or about [insert date]].]
	3.	Specified Currency:	[         ]
	4.	Aggregate Nominal Amount:	[         ]
	 	[(i)]	Series:	[         ] 
	 	[(ii)]	Tranche:	[         ]
	5.	Issue Price:	[         ] per cent. of the Aggregate Nominal Amount [plus [         ] days’ accrued interest in respect of the period from, and including, [insert date] to, but excluding, [insert date] (if applicable)]

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	6.	(i)	Specified Denominations:	
        [        
        ]

        [[€100,000]
        and integral multiples of [€1,000] in excess thereof up to and including [€199,000]. No Notes in definitive form will
        be issued with a denomination above [€199,000].]

         

	 	(ii)	Calculation Amount:	
        [        
        ]

        (If there is only one
        Specified Denomination, insert the Specified Denomination.

        If there is more than
        one Specified Denomination insert the highest common factor of those Specified Denominations. N.B. There must be a common factor
        in the case of two or more Specified Denominations)

	7.	(i)	Issue Date:	[         ]
	 	(ii)	Interest Commencement Date:	
        [        
        ]/[Issue Date]/[Not Applicable]

        (N.B. An Interest Commencement Date
        will not be relevant for certain Notes, for example, Zero Coupon Notes)

	8.	Maturity Date:	
        [        
        ]

        [Fixed rate - Specify date / Floating
        rate - Interest Payment Date falling in or nearest to [specify month and year]]

        (N.B. The Maturity Date
        may need to be not less than one year after the Issue Date and, in the case of Notes issued by TMF, should not be more than 50
        years after the Issue Date)

	9.	Interest Basis:	
        [[        
        ] per cent. Fixed Rate]

        [[        
        ] month [LIBOR/EURIBOR/CAD-BA-CDOR] +/–         [        
        ] per cent. Floating Rate]

        

        [Zero Coupon]

        (See paragraph 16/17/18 below)

	10.	Redemption Basis:	Redemption at par
	11.	Change of Interest Basis:	[Not Applicable]/[For the period from (and including) the Interest Commencement Date, up to (but excluding) [specify date] paragraph [16/17] applies and for the period from (and including) [specify date], up to (but excluding) the Maturity Date, paragraph [16/17] applies]
	12.	Put/Call Options: 	
        [Investor Put Option]

        [Issuer Call Option]

        [Issuer Maturity Par Call Option]

        [Issuer Make-Whole Call Option]

        [Not Applicable]

        

        [(See paragraph(s) 19/20/21/22 below)]

        

	13.	(i)	Status of the Notes:	Senior
	 	(ii)	Nature of the Credit Support:	See “Relationship of TFS and the Issuers with the Parent” in the Prospectus dated 8 September 2017
	14.	Date [Board]/[Executive Committee of the Board] approval for issuance of Notes obtained:	[         ]
	 	 	 	 	 

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	15.	Negative Pledge covenant set out in Condition 3:	[Applicable [Uridashi Notes only]]/[Not Applicable]
	PROVISIONS RELATING TO INTEREST (IF ANY) PAYABLE 
	16.	Fixed Rate Note Provisions 	
        [Applicable]/[Not
        Applicable]

         

        (If not applicable, delete
        the remaining sub-paragraphs of this paragraph)

         

	 	(i)	Fixed Rate(s) of Interest:	[         ] per cent. per annum payable [[         ] in arrear] on each Interest Payment Date[. The first Fixed Interest Period shall be the period commencing on, and including, the Interest Commencement Date and ending on, but excluding, [         ] (short first coupon)]
	 	(ii)	Interest Payment Date(s):	[         ] [and [         ]] in each year from, and including, [         ] up to, and including, the Maturity Date]/[         ] [adjusted in accordance with the [Following Business Day Convention]/ [Modified Following Business Day Convention]/ [         ] [with the Additional Business Centres for the definition of “Business Day” being [         ]] [[adjusted]/[with no adjustment] for period end dates]/[. For the avoidance of doubt, the Fixed Coupon Amount [and the Broken Amount] shall remain unadjusted]
	 	(iii)	Fixed Coupon Amount(s):	[         ] per Calculation Amount (applicable to [the Notes in definitive form]/[Uridashi Notes]) [and [         ] per Aggregate Nominal Amount of the Notes (applicable to the Notes in global form)], payable [[         ] in arrear] on each Interest Payment Date[, except for the amount of interest payable on the first Interest Payment Date falling on [         ]][. This Fixed Coupon Amount applies if the Notes are represented by a global Note or are in definitive form]
	 	(iv)	Broken Amount(s):	[[         ] per Calculation Amount (applicable to [the Notes in definitive form]/[Uridashi Notes]) [and [         ] per Aggregate Nominal Amount of the Notes (applicable to the Notes in global form)], payable on the Interest Payment Date falling on [         ]] [. This Broken Amount applies if the Notes are represented by a global Note or are in definitive form]/[Not Applicable]
	 	(v)	[Fixed] Day Count Fraction:	[Actual/Actual (ICMA)]/[Actual/Actual (ISDA)]/ [30/360]/[Actual/360]/[Actual/Actual Canadian Compound Method]/[Actual/365 (Fixed)]
	 	(vi)	Determination Date(s):	
        [[        
        ] in each year]/[Not Applicable]

        (Insert regular interest
        payment dates, ignoring issue date or maturity date in the case of a long or short first or last coupon. N.B. Only relevant where
        the Fixed Day Count Fraction is Actual/Actual (ICMA))

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	17.	Floating Rate Note Provisions	
        [Applicable]/[Not
        Applicable]

        (If not
        applicable, delete the remaining sub-paragraphs of this paragraph)
        

	 	(i)	Specified Period(s)/Specified Interest Payment Dates:	[         ] / [         ] in each year [subject to adjustment in accordance with the Business Day Convention set out in (iii) below]
	 	(ii)	First Interest Payment Date:	[         ]
	 	(iii)	Business Day Convention:	[Floating Rate Convention]/[Following Business Day Convention]/[Modified Following Business Day Convention]/[Preceding Business Day Convention]
	 	(iv)	Additional Business Centre(s):	[         ]
	 	(v)	Manner in which the Rate of Interest and Interest Amount is/are to be determined:	[Screen Rate Determination]/[ISDA Determination]
	 	(vi)	Party responsible for calculating the Rate of Interest and Interest Amount (if not the Agent) (the “Calculation Agent”):	[         ] 
	 	(vii)	Screen Rate Determination:	 
	 	 	- Reference Rate:	[         ] month [LIBOR/EURIBOR/CAD-BA-CDOR]
	 	 	- Relevant Financial Centre:	[London/Brussels/Toronto/specify other Relevant Financial Centre]
	 	 	- Interest Determination Date(s):	(Second London business day prior to the start of each Interest Period if LIBOR (other than Sterling or euro LIBOR), first day of each Interest Period if Sterling LIBOR or CAD-BA-CDOR and the second day on which TARGET2 System is open prior to the start of each Interest Period if EURIBOR or euro LIBOR)
	 	 	- Relevant Screen Page:	
        (Insert page on which the
        Reference Rate is for the time being displayed on Reuters Monitor Money Rates Service or Dow Jones Markets Limited for LIBOR/EURIBOR/CAD-BA-CDOR)

        

        (In the case of EURIBOR,
        if not Reuters EURIBOR01 ensure it is a page which shows a composite rate)

        

	 	 	- Specified Time:	
        [11:00 a.m. [London/Brussels]
        time]

        [In the case of LIBOR/EURIBOR]/

        [10:00 a.m. Toronto time]
        [In the case of CAD-BA-CDOR]

	 	(viii)	ISDA Determination:	 
	 	 	- Floating Rate Option:	[         ]
	 	 	- Designated Maturity:	[         ]
	 	 	- Reset Date:	
        [        
        ]

        

        (The first day of the Interest
        Period)

	 	(ix)	Linear Interpolation:	
        [Not Applicable/Applicable
        – the Rate of Interest for the [long/short] [first/last] Interest Period or Specified Period shall be calculated using Linear
        Interpolation

        (Specify for each short
        or long Interest Period)]

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	 	(x)	Margin(s):	[+/-][        ] per cent. per annum
	 	(xi)	Minimum Rate of Interest:	[         ] per cent. per annum
	 	(xii)	Maximum Rate of Interest:	[         ] per cent. per annum
	 	(xiii)	Day Count Fraction:	[Actual/Actual (ISDA)] [Actual/Actual]

[Actual/365 (Fixed)]

[Actual/360]

[30/360] [360/360] [Bond Basis]

[30E/360] [Eurobond Basis]

[30E/360 (ISDA)]

[Actual/365 (Sterling)]
	18.	Zero Coupon Note Provisions 	
        [Applicable]/[Not Applicable]

        (If not applicable, delete
        the remaining sub-paragraphs of this paragraph)

	 	(i)	Accrual Yield:	[         ] per cent. per annum
	 	(ii)	Reference Price:	[         ]
	PROVISIONS RELATING TO REDEMPTION
	19.	Issuer Call Option	
        [Applicable]/[Not
        Applicable]

        (If not
        applicable, delete the remaining sub-paragraphs of this paragraph)

	 	(i)	Optional Redemption Date(s):	[         ]
	 	(ii)	Optional Redemption Amount(s) of each Note:	[         ] per Calculation Amount
	 	(iii)	If redeemable in part:	 
	 	 	(a)Minimum Redemption Amount:	[[         ] per Calculation Amount]/[Not Applicable]
	 	 	(b)Maximum Redemption Amount:	[[         ] per Calculation Amount]/[Not Applicable]
	 	(iv)	Notice periods (if other than set out in the Conditions):	
        [Minimum period: [        
        ] days]/[Not Applicable]

        [Maximum period: [        
        ] days]/[Not Applicable]

	20.	Issuer Maturity Par Call Option	
        [Applicable]/[Not
        Applicable]

        (If not applicable,
        delete the remaining sub-paragraphs of this paragraph)
        

	 	[Notice periods (if other than set out in the Conditions):]	
        [Minimum period: [        
        ] days]/[Not Applicable]

        [Maximum period: [        
        ] days]/[Not Applicable]

	21.	Issuer Make-Whole Call Option	
        [Applicable]/[Not
        Applicable]

        (If not applicable,
        delete the remaining sub-paragraphs of this paragraph)
        

	 	(i)Optional Redemption Date(s):	[         ]/[at any time that is more than 90 days prior to the Maturity Date]
	 	(ii)Optional Redemption Amount of each Note:	[[         ] per Calculation Amount]/[Special Redemption Amount]
	 	(iii)Specified Time for Special Redemption Amount:	[         ]/[Not Applicable]
	 	(iv)Redemption Margin:	[[         ] per cent.]/[Not Applicable]
	 	(v)If redeemable in part:	 
	 	(a)Minimum Redemption Amount:	[[         ] per Calculation Amount]/[Not Applicable]

    Page 139

     

    

	 	(b)Maximum Redemption Amount:	[[         ] per Calculation Amount]/[Not Applicable]
	 	(vi)Calculation Agent (if not the Agent) (the “Calculation Agent”):	[Not Applicable]/[         ]
	 	(vii)Notice periods (if other than set out in the Conditions):	
        [Minimum period: [        
        ] days]/[Not Applicable]

        [Maximum period: [        
        ] days]/[Not Applicable]

	22.	Investor Put Option	
        [Applicable]/[Not
        Applicable]

        (If not applicable,
        delete the remaining sub-paragraphs of this paragraph)
        

	 	(i)	Optional Redemption Date(s): 	[         ]
	 	(ii)	Optional Redemption Amount(s) of each Note:	[         ] per Calculation Amount
	23.	Final Redemption Amount	[         ] per Calculation Amount
	24.	Early Redemption Amount	 
	 	Early Redemption Amount payable on redemption for taxation reasons or on event of default or other earlier redemption:	[         ] per Calculation Amount
	GENERAL PROVISIONS APPLICABLE TO THE NOTES
	25.	Form of Notes:	 
	 	 	 	
        [        
        ]

        (Insert description that is consistent
        with one of the options in the “Form of the Notes” section of the Prospectus)

	26.	[New Global Note]/[New Safekeeping Structure]:	[Yes]/[No]
	27.	Additional Financial Centre(s):	
        [Not Applicable/give details]

        (Note that this paragraph relates to
        the place of payment and not Interest Period end dates to which sub-paragraph 16(ii) or 17(iv) relates)

	28.	Talons for future Coupons to be attached to definitive Notes:	[No]/[Yes.  As the Notes have more than 27 coupon payments, Talons may be required if, on exchange into definitive form, more than 27 coupon payments are still to be made.]
	29.	Spot Rate (if different from that set out in Condition 5(h)):	[Not Applicable/give details]
	30.	Calculation Agent responsible for calculating the Spot Rate for the purposes of Condition 5(h) (if not the Agent):	[Not Applicable/give details]
	31.	RMB Settlement Centre(s) for the purposes of Conditions 5(a) and 5(h):	[Not Applicable/give details]

                                     

	RESPONSIBILITY
	The Issuer accepts responsibility for the information contained in these Final Terms.  [[Relevant third party information] has been extracted from [specify source].  The Issuer confirms that such information has been accurately reproduced and that, so far as it is aware and is able to ascertain from information published by [specify source], no facts have been omitted which would render the reproduced information inaccurate or misleading.] 
	 	 	 	 	 

    Page 140

     

    

	Signed on behalf of the Issuer:
	 
	[NAME OF ISSUER]
	 

	By:	..............................................................
	 	Name:
	 	Title:
	 	                       Duly authorised

 

 

cc:The Bank of New York
Mellon, acting through its London branch

[Registered Notes – BNY Trust Company of Canada / The Bank of New York Mellon SA/NV, Luxembourg Branch (TCCI only)]

[Registered Notes – The Bank of New York Mellon SA/NV, Luxembourg Branch (TMCC only)]

 

    Page 141

     

    

PART B – OTHER INFORMATION

 

	1. LISTING AND ADMISSION TO TRADING
	(i)	Listing and admission to trading:	
        [Application
        has been made by the Issuer (or on its behalf) for the Notes to be admitted to trading on [the London
        Stock Exchange’s Regulated Market] and for listing on [the Official List of the UK Listing Authority] with effect from [    
        ].] / [Application is expected to be made by the Issuer (or on its behalf) for the Notes to be admitted to trading on the [London
        Stock Exchange’s Regulated Market] and for listing on [the Official List of the UK Listing Authority] with effect from [    
        ].] / [Not Applicable.]

        (Where
        documenting a fungible issue need to indicate that original securities are already admitted
        to trading.) 

	(ii)	Estimate of total expenses related to admission to trading:	[         ]
	2. RATINGS	 
	Credit Ratings:	[The Notes to be issued [have been]/[are expected to be] rated]/[The following ratings reflect ratings assigned to Notes of this type issued under the Programme generally]:
	 	[Moody’s Japan K.K. (“Moody’s Japan”): [         ]]
	 	[Moody’s Investors Service, Inc. (“Moody’s): [          ]]
	 	[S&P Global Ratings, acting through S&P Global Ratings Japan Inc. (“Standard & Poor’s Japan”): [          ]]
	 	(Need to include an explanation of the meaning of the ratings if this has previously been published by the rating provider.)
	 	(The above disclosure should reflect the rating allocated to Notes of the type being issued under the Programme generally or, where the issue has been specifically rated, that rating.)
	 	Moody’s Japan, Moody’s and Standard & Poor’s Japan are not established in the European Union and have not applied for registration under Regulation (EC) No. 1060/2009 (the “CRA Regulation”).  However, Moody’s Investors Service Ltd. has endorsed the ratings of Moody’s Japan and Moody’s, and Standard & Poor’s Credit Market Services Europe Limited has endorsed the ratings of Standard & Poor’s Japan, in accordance with the CRA Regulation.  Each of Moody’s Investors Service Ltd. and Standard & Poor’s Credit Market Services Europe Limited is established in the European Union and is registered under the CRA Regulation.

    Page 142

     

    

	 	
        [The Issuer has not applied
        to Moody’s [Japan] or Standard & Poor’s Japan for ratings to be assigned to the Notes.]

        Credit ratings are for
        distribution only to a person (a) who is not a “retail client” within the meaning of section 761G of the Corporations
        Act 2001 of Australia (“Australian Corporations Act”) and is also a sophisticated investor, professional investor
        or other investor in respect of whom disclosure is not required under Parts 6D.2 or 7.9 of the Australian Corporations Act, and
        (b) who is otherwise permitted to receive credit ratings in accordance with applicable law in any jurisdiction in which the person
        may be located.

         

         

	
        3.       INTERESTS
        OF NATURAL AND LEGAL PERSONS INVOLVED IN THE ISSUE

        Save
        [as discussed in “Subscription and Sale” in the Prospectus] / [for any fees
        payable to the [Purchasers/Dealers/Managers]], so far as the Issuer is aware, no person involved in the issue of the Notes has
        an interest material to the offer. [The [Purchasers/Dealers/Managers] and their affiliates may have engaged, and may in the future
        engage, in investment banking and/or commercial banking transactions with, and may perform the services for, the Issuer and its
        affiliates in the ordinary course of business.] (Amend as appropriate if there are any other interests.)

         

        [(When adding
        any other description, consideration should be given as to whether such matters described constitute “significant new factors”
        and consequently trigger the need for a supplement to the Prospectus under Article 16 of the Prospectus Directive.)]

         

	4.      Fixed Rate Notes only - YIELD
	Indication of yield:	
        [        
        ]

        Calculated as [include specific details
        of method of calculation in summary form] on the Issue Date.

        As set out above,
        the yield is calculated at the Issue Date on the basis of the Issue Price. It is not an indication of future yield.

         

	5.      REASONS FOR THE OFFER
	Reasons for the offer:	
        [        
        ]

        (See “Use of Proceeds” wording
        in the Prospectus – if the reasons for the offer are different from making profit and/or hedging certain risks will need
        to include those reasons here)

	6.      OPERATIONAL INFORMATION  
	(i)        ISIN:	[         ]
	(ii)       Common Code:	[         ]
	(iii)      Any clearing system(s) other than Euroclear Bank SA/NV and Clearstream Banking S.A. and the relevant identification number(s):	[Not Applicable/give name(s) and number(s)]
	(iv)     Delivery:	Delivery [against] / [free of] payment 
	 	 	 

    Page 143

     

    

	(v)       Names and addresses of additional Paying Agent(s) (if any):	[         ]
	(vi)      Deemed delivery of clearing system notices for the purposes of Condition 16 (Notices):	Any notice delivered to Noteholders through the clearing systems will be deemed to have been given [on the third day after the day]/[on the day] on which it was given to [Euroclear Bank SA/NV and Clearstream Banking S.A.][CDS Clearing and Depository Services Inc.].
	(vii)     Intended to be held in a manner which would allow Eurosystem eligibility:	
        [Yes]/[No]/[Not
        Applicable]

         

        [Note
        that the designation “yes” means that the Notes are intended upon issue to be deposited
        with Euroclear Bank SA/NV or Clearstream Banking S.A. (the “ICSDs”) as common safekeeper [[, and registered
        in the name of a nominee of one of the ICSDs acting as common safekeeper,] [include this text for registered Notes]] and
        does not necessarily mean that the Notes will be recognised as eligible collateral for Eurosystem monetary policy and intra-day
        credit operations by the Eurosystem either upon issue or at any or all times during their life as such recognition depends upon
        satisfaction of the Eurosystem eligibility criteria.] / [Note that the designation “no” means that should the Eurosystem
        eligibility criteria be amended in the future such that the Notes are capable of meeting such criteria, the Notes may then be deposited
        with Euroclear Bank SA/NV or Clearstream Banking S.A. (the “ICSDs”) as common safekeeper [[, and registered
        in the name of a nominee of one of the ICSDs acting as common safekeeper,] [include this text for registered Notes]] and
        does not necessarily mean that the Notes will be recognised as eligible collateral for Eurosystem monetary policy and intra-day
        credit operations by the Eurosystem at any time during their life as such recognition depends upon satisfaction of the Eurosystem
        eligibility criteria.] (Include this text if “yes” or “no” is selected in which case bearer Notes must
        be issued in NGN form and registered Notes must be held under the NSS.)

         

	7.      DISTRIBUTION
	(i)       Method of distribution:	[Syndicated]/[Non-syndicated]
	
        (ii)       If
        syndicated:

        

        (a) Names
        of Managers:

        
	
        [Not Applicable/give
names] 

	(b)Date of Syndicate Purchase Agreement:	[         ]
	(c)Stabilising Manager(s) (if any):	[         ]
	(iii)      If non-syndicated, name of Dealer/Purchaser:	[Not Applicable/give name and address]

    Page 144

     

    

	(iv)     U.S. Selling Restrictions:	
        [Reg.
        S Category 2; TEFRA C/TEFRA D/TEFRA Not Applicable]

         (TEFRA
D, except for certification of non-U.S. beneficial ownership, will apply to all Notes issued by TMCC that have an initial maturity
of 183 days or less (taking into consideration unilateral rights to roll or extend))

         (For
Notes issued by TMF, TCCI and TFA, specify if Notes have been issued in reliance on either TEFRA C or TEFRA D)

         

	(v)      Prohibition of Sales to EEA Retail Investors:	
        [Applicable/Not
        Applicable]

         (If
the offer of Notes is concluded prior to 1 January 2018, or on and after that date the Notes clearly do not constitute “packaged”
products, “Not Applicable” should be specified. If the Offer of the Notes will be concluded on or after 1 January
2018 and the Notes may constitute “packaged” products and no KID will be prepared, “Applicable” should
be specified)

         

 

    Page 145

     

    

 

ANNEX
B TO APPENDIX D

 

FORM OF
FINAL TERMS

 

Part
B

 

FORM
OF FINAL TERMS IN CONNECTION WITH ISSUES OF NOTES WITH A DENOMINATION OF LESS than €100,000 (OR EQUIVALENT in any other currency)
TO BE ADMITTED TO TRADING ON AN EEA REGULATED MARKET AND/OR OFFERED TO THE PUBLIC ON A NON-EXEMPT BASIS IN THE EEA

 

[PROHIBITION
OF SALES TO EEA RETAIL INVESTORS: The Notes are not intended, from 1 January 2018, to be offered, sold or otherwise made
available to and, with effect from such date, should not be offered, sold or otherwise made available to any retail investor in
the European Economic Area (“EEA”). For these purposes, a “retail investor” means a person who
is one or more) of: (i) a retail client as defined in point (11) of Article 4(1) of Directive 2014/65/EU (“MiFID II”);
(ii) a customer within the meaning of Directive 2002/92/EC, where that customer would not qualify as a professional client as
defined in point (10) of Article 4(1) of MiFID II; or (iii) not a qualified investor as defined in the Prospectus Directive
(as defined below). Consequently no key information document required by Regulation (EU) No 1286/2014 (the “PRIIPs Regulation”)
for offering or selling the Notes or otherwise making them available to retail investors in the EEA has been prepared and therefore
offering or selling the Notes or otherwise making them available to any retail investor in the EEA may be unlawful under the PRIIPs
Regulation.]

 

Final
Terms

 

Dated
[ ]

 

[TOYOTA
MOTOR FINANCE (NETHERLANDS) B.V.]

 

[TOYOTA
CREDIT CANADA INC.]

 

[TOYOTA
FINANCE AUSTRALIA LIMITED (ABN 48 002 435 181)]

 

[TOYOTA
MOTOR CREDIT CORPORATION]

 

Issue
of [Aggregate Nominal Amount of Tranche] [Title of Notes]

under the €50,000,000,000

Euro Medium Term Note Programme

established by

Toyota Motor Finance (Netherlands) B.V., Toyota Credit Canada Inc., 

Toyota Finance Australia Limited and Toyota Motor Credit Corporation

 

Any
person making or intending to make an offer of the Notes may only do so:

 

		(i)	[in
                                         those Public Offer Jurisdictions mentioned in Paragraph 9 of Part B below, provided such
                                         person is of a kind specified in that paragraph and that such offer is made during the
                                         Offer Period specified in that paragraph; or

 

		(ii)	otherwise]8
                                         in circumstances in which no obligation arises
                                         for the Issuer or any Dealer or Manager to publish a prospectus pursuant to Article 3
                                         of the Prospectus Directive (as

 

		___________________	

8
   Include this wording where a Non-exempt Offer of Notes is anticipated.

 

    Page 146

    

    

defined below) or to supplement a prospectus pursuant to Article 16 of the Prospectus Directive, in each case, in relation to
such offer.

 

Neither
the Issuer nor any Dealer or Manager has authorised, nor do they authorise, the making of any offer of Notes in any other circumstances.

 

PART A
– CONTRACTUAL TERMS

 

Terms
used herein shall be deemed to be defined as such for the purposes of the Terms and Conditions of the Notes set forth in the Prospectus
dated 8 September 2017 [and the supplement[s] to it dated [date] [and [date]], including all documents incorporated
by reference ([the Prospectus as so supplemented,] the “Prospectus”) which constitutes a base prospectus for
the purposes of the Prospectus Directive. This document constitutes the Final Terms of the Notes [described herein for the purposes
of Article 5.4 of the Prospectus Directive – remove for unlisted Notes] and must be read in conjunction with the
Prospectus. Full information on the Issuer and the offer of the Notes is only available on the basis of the combination of these
Final Terms and the Prospectus. A summary of the Notes (which comprises the summary in the Prospectus as amended to reflect the
provisions of these Final Terms) is annexed to these Final Terms. The Prospectus has been published on the website of the London
Stock Exchange at http://www.londonstockexchange.com/exchange/news/market-news/market-news-home.html.

 

[The
following alternative language applies if the first Tranche of an issue which is being increased was issued under a Prospectus
or Offering Circular with an earlier date.

 

Terms
used herein shall be deemed to be defined as such for the purposes of the Terms and Conditions of the Notes (the “Conditions”)
set forth in and extracted from the Prospectus/Offering Circular dated [original date] and which are incorporated by reference
in the Prospectus dated 8 September 2017. This document constitutes the Final Terms of the Notes [described herein for the purposes
of Article 5.4 of the Prospectus Directive – remove for unlisted Notes] and must be
read in conjunction with the Prospectus dated 8 September 2017, including the Conditions which
are incorporated by reference in it [and the supplement[s] to it dated [date] [and [date]], including all documents
incorporated by reference ([the Prospectus as so supplemented,] the “Prospectus”) which constitutes a base
prospectus for the purposes of the Prospectus Directive. Full information on the Issuer and the offer of the Notes is only available
on the basis of the combination of these Final Terms and the Prospectus. A summary of the Notes (which comprises the summary
in the Prospectus as amended to reflect the provisions of these Final Terms) is annexed to these Final Terms. The
Prospectus has been published on the website of the London Stock Exchange at http://www.londonstockexchange.com/exchange/news/market-news/market-news-home.html.]

 

The
expression “Prospectus Directive” means Directive 2003/71/EC (as amended, including by Directive 2010/73/EU),
and includes any relevant implementing measure (for the purpose of the Prospectus, [the Terms and Conditions of the Notes set
forth in the Prospectus]/[the Conditions] and these Final Terms) in the relevant Member State.

 

[Include
whichever of the following apply or specify as “Not Applicable”. Note that the numbering should remain as set out
below, even if “Not Applicable” is indicated for individual paragraphs (in which case the sub-paragraphs of the paragraphs
which are not applicable can be deleted). Italics denote guidance for completing the Final Terms.]

 

	1.	(i)	Issuer:	[         ]
    
	 	(ii)	Credit Support
    Providers:	Toyota Motor Corporation

    Toyota Financial Services Corporation
	2.	[(i)]	Series Number:	[         ]
	 	[(ii)]	Tranche Number:	[         ]

    Page 147

    

    

	 	[(iii)]	Uridashi Notes:	[Applicable]/[Not
    Applicable]
	 	[(iv)]	Date on which the Notes will be consolidated and
    form a single Series: 	[Not Applicable]/[The Notes shall be consolidated
    and form a single Series and be interchangeable for trading purposes with the [insert description of the Series] on
    [insert date/the Issue Date/exchange of the Temporary Global Note for interests in the Permanent Global Note, as referred
    to in paragraph 25 below [which is expected to occur on or about [insert date]].]
	3.	Specified Currency:	[         ]
	4.	Aggregate Nominal Amount:	[         ]
	 	[(i)]	Series:	[         ]
    
	 	[(ii)]	Tranche:	[         ]
    
	5.	Issue Price:	[     ] per cent. of the
    Aggregate Nominal Amount [plus [        ] days’ accrued interest in respect
    of the period from and including [insert date] to, but excluding [insert date] (if applicable)]
	6.	(i)	Specified Denominations:	[         ]
    

         

        [N.B.
        Notes must have a minimum denomination of EUR1,000 (or equivalent) if there is a listing on a regulated market in the
        EEA and/or if there is a Non-exempt Offer]

         

	 	(ii)	Calculation Amount:	[         ]
    

         

        (If
        there is only one Specified Denomination, insert the Specified Denomination.

         

        If
        there is more than one Specified Denomination insert the highest common factor of those Specified Denominations. N.B.
        There must be a common factor in the case of two or more Specified Denominations)

         

	7.	(i)	Issue Date:	[         ]
	 	(ii)	Interest Commencement Date:	[         ]
    /[Issue Date]/[Not Applicable]

         

        (N.B.
        An Interest Commencement Date will not be relevant for certain Notes, for example, Zero Coupon Notes)

         

	8.	Maturity Date:	[         ]
    

         

        [Fixed
        rate - Specify date / Floating rate - Interest Payment
        Date falling in or nearest to [specify month and year]]

         

        (N.B.
        The Maturity Date may need to be not less than one year after the Issue Date and, in the case of Notes issued by TMF,
        should not be more than 50 years after the Issue Date)

        

    Page 148

    

    

	9.	Interest Basis:	[[         ]
    
         per cent. Fixed Rate]

        [[         ]
      month [LIBOR/EURIBOR/CAD-BA-CDOR] +/– [       ]
        per cent. Floating Rate]

        [Zero Coupon]

        

        (See
paragraph 16/17/18 below) 

	10.	Redemption Basis:	Redemption at par
	11.	Change of Interest Basis:	[Not Applicable]/[For
    the period from (and including) the Interest Commencement Date, up to (but excluding) [specify date] paragraph [16/17]
    applies and for the period from (and including) [specify date], up to (but excluding) the Maturity Date, paragraph
    [16/17] applies]
	12.	Put/Call Options: 	[Investor
        Put Option]

        

        [Issuer
        Call Option]

        

        [Issuer
        Maturity Par Call Option]

        

        [Issuer
        Make-Whole Call Option]

        

        [Not
        Applicable]

        

        [(See
        paragraph(s) 19/20/21/22 below)]

        

	13.	(i)	Status of the Notes:	Senior
	 	(ii)	Nature of the Credit Support:	See “Relationship of TFS and the Issuers
    with the Parent” in the Prospectus dated 8 September 2017
	14.	Date [Board]/[Executive Committee of
    the Board] approval for issuance of Notes obtained:	[         ]
	15.	Negative Pledge covenant set out in
    Condition 3:	[Applicable [Uridashi Notes only]]/[Not
    Applicable]
	 	 	 
	PROVISIONS RELATING TO INTEREST (IF ANY) PAYABLE
    
	 
	16.	Fixed Rate Note Provisions 	[Applicable]/[Not
        Applicable]

         

        (If
        not applicable, delete the remaining sub-paragraphs of this paragraph)

        

	 	(i)	Fixed Rate(s) of Interest:	[         ]
    per cent. per annum payable [[         ] in arrear] on each Interest Payment
    Date[. The first Fixed Interest Period shall be the period commencing on, and including, the Interest Commencement Date and
    ending on, but excluding, [         ] (short first coupon)]
	 	(ii)	Interest Payment Date(s):	[         ]
    [and [         ]] in each year from, and including, [         ]
    up to, and including, the Maturity Date]/[         ] [adjusted in accordance
    with the [Following Business Day Convention]/ [Modified Following Business Day Convention]/ [         ]
    [with the Additional Business Centres for the definition of “Business Day” being [         ]]
    [[adjusted]/[with no adjustment] for period end dates]/[. For the avoidance of doubt, the Fixed Coupon Amount [and the Broken
    Amount] shall remain unadjusted]

    Page 149

    

    

	 	(iii)	Fixed Coupon Amount(s):	[         ]
    per Calculation Amount (applicable to [the Notes in definitive form]/[Uridashi
    Notes]) [and [         ] per Aggregate Nominal Amount of the Notes (applicable
    to the Notes in global form)], payable [[         ] in arrear] on each Interest
    Payment Date[, except for the amount of interest payable on the first Interest Payment Date falling on [         ]][.
    This Fixed Coupon Amount applies if the Notes are represented by a global Note or are in definitive form]
	 	(iv)	Broken Amount(s):	[[         ]
    per Calculation Amount (applicable to [the Notes in definitive form]/[Uridashi Notes]) [and [         ]
    per Aggregate Nominal Amount of the Notes (applicable to the Notes in global form)], payable on the Interest Payment Date
    falling on [         ]] [. This Broken Amount applies if the Notes are represented
    by a global Note or are in definitive form]/[Not Applicable]
	 	(v)	[Fixed] Day Count Fraction:	[Actual/Actual (ICMA)]/[Actual/Actual (ISDA)]/
    [30/360]/[Actual/360]/[Actual/Actual Canadian Compound Method]/[Actual/365 (Fixed)]
	 	(vi)	Determination Date(s): 	[[         ]
 in each year] / [Not Applicable] 

         

        (Insert
        regular interest payment dates, ignoring issue date or maturity date in the case of a long or short first or last coupon.
        N.B. Only relevant where the Fixed Day Count Fraction is Actual/Actual (ICMA))

        

	17.	Floating Rate Note Provisions	[Applicable]/[Not
        Applicable]

         

        (If
        not applicable, delete the remaining sub-paragraphs of this paragraph)

        

	 	(i)	Specified Period(s)/Specified Interest Payment
    Dates:	[         ]
    / [         ] in each year [subject to adjustment in accordance with the Business
    Day Convention set out in (iii) below]
	 	(ii)	First Interest Payment Date:	[         ]
	 	(iii)	Business Day Convention:	[Floating Rate Convention]/[Following Business
    

    Day Convention]/[Modified Following Business 

    Day Convention]/[Preceding Business Day 

    Convention]
	 	(iv)	Additional Business Centre(s):	[         ]
	 	(v)	Manner in which the Rate of Interest and Interest
    Amount is/are to be determined:	[Screen Rate Determination]/[ISDA
    Determination]
	 	(vi)	Party responsible for calculating the Rate of Interest
    and Interest Amount (if not the Agent) (the “Calculation Agent”):	[         ]
	 	(vii)	Screen Rate Determination:	 
	 	 	- Reference Rate:	[         ]
    month [LIBOR/EURIBOR/CAD-BA-CDOR]
	 	 	- Relevant Financial Centre:	[London/Brussels/Toronto/specify other Relevant
    Financial Centre] 

    Page 150

    

    

	 	 	- Interest Determination Date(s):	(Second London business day prior
    to the start of each Interest Period if LIBOR (other than Sterling or euro LIBOR), first day of each Interest Period if Sterling
    LIBOR or CAD-BA-CDOR and the second day on which TARGET2 System is open prior to the start of each Interest Period if EURIBOR
    or euro LIBOR)
	 	 	- Relevant Screen Page:	(Insert
        page on which the Reference Rate is for the time being displayed on Reuters Monitor Money Rates Service or Dow Jones Markets
        Limited for LIBOR/EURIBOR/CAD-BA-CDOR)

         

        (In
        the case of EURIBOR, if not Reuters EURIBOR01 ensure it is a page which shows a composite rate)

        

	 	 	- Specified Time:	[11:00
        a.m. [London/Brussels] time]

        [In the case of LIBOR/EURIBOR]/

        

        [10:00
        a.m. Toronto time] [In the case of CAD-BA-CDOR]

        

	 	(viii)	ISDA Determination:	 
	 	 	- Floating Rate Option:	[         ]
	 	 	- Designated Maturity:	[         ]
	 	 	- Reset Date:	[         ] 

        (The
        first day of the Interest Period)

        

	 	(ix)	Linear Interpolation:	[Not
        Applicable/Applicable – the Rate of Interest for the [long/short] [first/last] Interest Period or Specified Period
        shall be calculated using Linear Interpolation

         

        

        (Specify
        for each short or long Interest Period)]

        

	 	(x)	Margin(s):	[+/-][        ]
    per cent. per annum
	 	(xi)	Minimum Rate of Interest:	[         ]
    per cent. per annum
	 	(xii)	Maximum Rate of Interest:	[         ]
    per cent. per annum
	 	(xiii)	Day Count Fraction:	[Actual/Actual (ISDA)] [Actual/Actual]

    [Actual/365 (Fixed)]

    [Actual/360]

    [30/360] [360/360] [Bond Basis]

    [30E/360] [Eurobond Basis]

    [30E/360 (ISDA)]

    [Actual/365 (Sterling)]
	18.	Zero Coupon Note Provisions 	[Applicable]/[Not Applicable]

    (If not applicable, delete the remaining sub-paragraphs of this paragraph)
	 	(i)	Accrual Yield:	[         ]
    per cent. per annum
	 	(ii)	Reference Price:	[         ]
	PROVISIONS RELATING TO REDEMPTION 
	19.	Issuer Call Option	[Applicable]/[Not
        Applicable]

         

        (If
        not applicable, delete the remaining sub-paragraphs of this paragraph)

        

	 	(i)	Optional Redemption Date(s):	[         ]

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	 	(ii)	Optional Redemption Amount(s) of each Note:	[         ] per Calculation Amount
	 	(iii)	If redeemable in part:	 
	 	 	(a)Minimum Redemption Amount:	[[         ] per Calculation Amount]/[Not Applicable]
	 	 	(b)Maximum Redemption Amount:	[[         ] per Calculation Amount]/[Not Applicable]
	 	(iv)	Notice periods (if other than set out in the Conditions):	
        [Minimum period: [          
        ] days]/[Not Applicable]

        

        [Maximum period: [
                  ] days]/[Not Applicable]

        

	20.	Issuer Maturity Par Call Option	
        [Applicable]/[Not Applicable]

         

        (If not applicable,
        delete the remaining sub-paragraphs of this paragraph)

        

	 	Notice periods (if other than set out in the Conditions):	
        [Minimum period: [          
        ] days]/[Not Applicable]

        

        [Maximum period: [          
        ] days]/[Not Applicable] 

        

	21.	Issuer Make-Whole Call Option	
        [Applicable]/[Not
        Applicable]

         

        (If not applicable, delete the remaining
        sub-paragraphs of this paragraph)

        

	 	(i)	Optional Redemption Date(s):	[         ]/[at any time that is more than 90 days prior to the Maturity Date]
	 	(ii)	Optional Redemption Amount of each Note:	[[         ] per Calculation Amount]/[Special Redemption Amount]
	 	(iii)	Specified Time for Special Redemption Amount:	[         ]/[Not Applicable]
	 	(iv)	Redemption Margin:	[         ]] per cent.]/[Not Applicable]
	 	(v)	If redeemable in part:	 
	 	 	(a)Minimum Redemption Amount:	[[         ] per Calculation Amount]/[Not Applicable]
	 	 	(b)Maximum Redemption Amount:	[[         ] per Calculation Amount]/[Not Applicable]
	 	(vi)	Calculation Agent (if not the Agent) (the “Calculation Agent”):	[Not Applicable]/[         ]
	 	(vii)	Notice periods (if other than set out in the Conditions):	
        [Minimum period: [
              ] days]/[Not Applicable]

        

        [Maximum period: [
      ] days]/[Not Applicable] 

	22.	Investor Put Option	
        [Applicable]/[Not Applicable]

         

        (If not applicable,
        delete the remaining sub-paragraphs of this paragraph)

        

	 	(i)	Optional Redemption Date(s): 	[         ]
	 	(ii)	Optional Redemption Amount(s) of each Note:	[         ] per Calculation Amount

 

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	23.	Final Redemption Amount	[         ]
    per Calculation Amount
	24.	Early Redemption Amount	 
	 	Early Redemption Amount payable on redemption for taxation reasons
    or on event of default or other earlier redemption:	[         ]
    per Calculation Amount
	 	 	 
	GENERAL PROVISIONS APPLICABLE TO THE NOTES
	 
	25.	Form of Notes:	[        
        ]

         

        (Insert
        description that is consistent with one of the options in the “Form of the Notes” section of the Prospectus)

        

	26.	[New Global Note]/[New Safekeeping
    Structure]:	[Yes]/[No]
	27.	Additional Financial Centre(s):	[Not
        Applicable/give details]

         

        (Note
        that this paragraph relates to the place of payment and not Interest Period end dates to which sub-paragraph 16(ii) or
        17(iv) relates)

        

	28.	Talons for future Coupons to be attached to definitive Notes:	[No]/[Yes.  As the Notes have more than 27 coupon
    payments, Talons may be required if, on exchange into definitive form, more than 27 coupon payments are still to be made.]
	29.	Spot Rate (if different from that set out in Condition 5(h)):	[Not Applicable/give details]
	30.	Calculation Agent responsible for calculating the Spot Rate for
    the purposes of Condition 5(h) (if not the Agent):	[Not Applicable/give details]
	31.	RMB Settlement Centre(s) for the purposes of Conditions 5(a) and
    5(h):	[Not Applicable/give details]

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	RESPONSIBILITY
	 
	The Issuer accepts
    responsibility for the information contained in these Final Terms.  [[Relevant third
    party information] has been extracted from [specify source].  The Issuer confirms that such information
    has been accurately reproduced and that, so far as it is aware and is able to ascertain from information published by [specify
    source], no facts have been omitted which would render the reproduced information inaccurate or misleading.] 

 

 

	Signed on behalf
    of the Issuer:
	 
	 
	[NAME OF ISSUER]
	 
	 
	By:..............................................................
	      Name:
	      Title:
	 
	Duly
        authorised

         

        cc:The
        Bank of New York Mellon, acting through its London branch

        [Registered Notes – BNY Trust Company of Canada / The Bank of New York Mellon SA/NV, Luxembourg Branch (TCCI
        only)]

        [Registered Notes – The Bank of New York Mellon SA/NV, Luxembourg Branch (TMCC only)]

         

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PART B
– OTHER INFORMATION

 

	1.          LISTING AND ADMISSION TO TRADING
	 
	 	 	[Application
        has been made by the Issuer (or on its behalf) for the Notes to be admitted to trading on
        [the London Stock Exchange’s Regulated Market] and for listing on [the Official List of the UK Listing Authority]
        with effect from [             ].] / [Application is
        expected to be made by the Issuer (or on its behalf) for the Notes to be admitted to trading on the [London Stock Exchange’s
        Regulated Market] and for listing on [the Official List of the UK Listing Authority] with effect from [             ].]
        / [Not Applicable.]

         

        (Where
        documenting a fungible issue need to indicate
        that original securities are already admitted to trading.)

        

	2.          RATINGS	 
	 	 
	             Credit
    Ratings:	[The Notes to be issued
    [have been]/[are expected to be] rated]/[The following ratings reflect ratings assigned to Notes of this type issued under
    the Programme generally]:
	 	[Moody’s Japan K.K.
    (“Moody’s Japan”): [         ]]
	 	[Moody’s Investors
    Service, Inc. (“Moody’s”): [          ]]
	 	[S&P Global Ratings,
    acting through S&P Global Ratings Japan Inc. (“Standard & Poor’s Japan”): [          ]]
	 	(Need to include an
    explanation of the meaning of the ratings if this has previously been published by the rating provider.)
	 	(The above disclosure
    should reflect the rating allocated to Notes of the type being issued under the Programme generally or, where the issue has
    been specifically rated, that rating.)
	 	Moody’s Japan, Moody’s
    and Standard & Poor’s Japan are not established in the European Union and have not applied for registration under
    Regulation (EC) No. 1060/2009 (the “CRA Regulation”).  However, Moody’s Investors Service
    Ltd. has endorsed the ratings of Moody’s Japan and Moody’s, and Standard & Poor’s Credit Market Services
    Europe Limited has endorsed the ratings of Standard & Poor’s Japan, in accordance with the CRA Regulation.  Each
    of Moody’s Investors Service Ltd. and Standard & Poor’s Credit Market Services Europe Limited is established
    in the European Union and is registered under the CRA Regulation.
	 	[The Issuer has not applied
    to Moody’s [Japan] or Standard & Poor’s Japan for ratings to be assigned to the Notes.]

 

	 	Credit ratings are for distribution only to a person (a) who is not a “retail client” within the meaning of section 761G of the Corporations Act 2001 of Australia (“Australian Corporations Act”) and is also a sophisticated investor, professional investor or other investor in respect of whom disclosure is not required under Parts 6D.2 or 7.9 of the Australian Corporations Act, and (b) who is otherwise permitted to receive credit ratings in accordance with applicable law in any jurisdiction in which the person may be located.
	 	 

 

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        3.         INTERESTS
        OF NATURAL AND LEGAL PERSONS INVOLVED IN THE ISSUE

         

        Save
        [as discussed in “Subscription and Sale” in the Prospectus] / [for
        any fees payable to the [Purchasers/Dealers/Managers]], so far as the Issuer is aware, no person involved in the issue of the Notes
        has an interest material to the offer. [The [Purchasers/Dealers/Managers] and their affiliates may have engaged, and may in the
        future engage, in investment banking and/or commercial banking transactions with, and may perform the services for, the Issuer
        and its affiliates in the ordinary course of business.] (Amend as appropriate if there are any other interests.)

         

        [(When adding
        any other description, consideration should be given as to whether such matters described constitute “significant new factors”
        and consequently trigger the need for a supplement to the Prospectus under Article 16 of the Prospectus Directive.)]

        

	 
	4.         REASONS FOR THE OFFER, ESTIMATED NET PROCEEDS AND TOTAL EXPENSES
	 
	          [(i)Reasons for the offer:	
        [           ]

         

        (See “Use of Proceeds”
        wording in the Prospectus – if the reasons for the offer are different from making profit and/or hedging certain risks will
        need to include those reasons here)]

        

	           [(ii)]Estimated net proceeds:	
        [           ]

         

        (If proceeds are intended
        for more than one use will need to split out and present in order of priority. If proceeds are insufficient to fund all
        proposed uses state amount and sources of other funding)

        

	           [(iii)]Estimated total expenses:	
        [           ]

         

        (Include breakdown of
        expenses (e.g. legal fees))

        

	5.          Fixed Rate Notes only - YIELD
	 
	           Indication of yield:	
        [           ]

         

        Calculated as [include specific details
        of method of calculation in summary form] on the Issue Date.

         

        As set out above, the yield is calculated
        at the Issue Date on the basis of the Issue Price. It is not an indication of future yield.

        

	 	 
	6.          Floating Rate Notes only - HISTORIC INTEREST RATES 
	 
	           [Details of historic [LIBOR/EURIBOR/CAD-BA-CDOR] rates can be obtained from [Reuters]]
	 
	7.          OPERATIONAL INFORMATION  
	 
	           (i)  ISIN:	[         ]
	           (ii)  Common Code:	[         ]

 

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	(iii)      Any
    clearing system(s) other than Euroclear Bank SA/NV and Clearstream Banking S.A. and the relevant identification number(s):	[Not
    Applicable/give name(s) and number(s)]
	(iv)
         Delivery:	Delivery [against]/[free of] payment
    
	(v)
          Names and addresses of additional Paying Agent(s) (if any):	[         ]
	(vi)
         Deemed delivery of clearing system notices for the purposes of Condition 16 (Notices):	Any notice delivered to Noteholders through the clearing systems
    will be deemed to have been given [on the third day after the day]/[on the day] on which it was given to [Euroclear Bank SA/NV
    and Clearstream Banking S.A.][CDS Clearing and Depository Services Inc.].
	(vii)     Intended
    to be held in a manner which would allow Eurosystem eligibility:	[Yes]/[No]/[Not
        Applicable]

         

        [Note
        that the designation “yes” means that the Notes are intended upon issue to be deposited with Euroclear Bank
        SA/NV or Clearstream Banking S.A. (the “ICSDs”) as common safekeeper [[, and registered in the name
        of a nominee of one of the ICSDs acting as common safekeeper,] [include this text for registered Notes]] and does
        not necessarily mean that the Notes will be recognised as eligible collateral for Eurosystem monetary policy and intra-day
        credit operations by the Eurosystem either upon issue or at any or all times during their life as such recognition depends
        upon satisfaction of the Eurosystem eligibility criteria.] / [Note that the designation “no” means that should
        the Eurosystem eligibility criteria be amended in the future such that the Notes are capable of meeting such criteria,
        the Notes may then be deposited with Euroclear Bank SA/NV or Clearstream Banking S.A. (the “ICSDs”)
        as common safekeeper [[, and registered in the name of a nominee of one of the ICSDs acting as common safekeeper,] [include
        this text for registered Notes]] and does not necessarily mean that the Notes will be recognised as eligible collateral
        for Eurosystem monetary policy and intra-day credit operations by the Eurosystem at any time during their life as such
        recognition depends upon satisfaction of the Eurosystem eligibility criteria.] (Include this text if “yes”
        or “no” is selected in which case bearer Notes must be issued in NGN form and registered Notes must be held
        under the NSS.)

        

	8.      DISTRIBUTION
	 
	(i)      Method
    of distribution:	[Syndicated]/[Non-syndicated]

 

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         (ii)       If
        syndicated:

         

                  (a)    Names
        and addresses of Managers and underwriting commitments:

         
	
        [Not
        Applicable/give names and addresses and underwriting commitments]

         

        (Include
        names and addresses of entities agreeing to underwrite the issue on a firm commitment basis and names and addresses of the entities
        agreeing to place the issue without a firm commitment or on a “best efforts” basis if such entities are not the same
        as the Managers.)

         

	                      (b)   Date of Syndicate Purchase Agreement:	[         ]
	                      (c)   Stabilising Manager(s) (if any):	[         ]
	(iii)     If non-syndicated, name and address of Dealer/Purchaser:	[Not Applicable/give name and address]
	(iv)     Indication of the overall amount of the underwriting commission and of the placing commission:	[         ] per cent. of the Aggregate Nominal Amount
	(v)      U.S. Selling Restrictions:	
        [Reg.
        S Category 2; TEFRA C/TEFRA D/TEFRA Not Applicable]

         

        (TEFRA
        D, except for certification of non-U.S. beneficial ownership, will apply to all Notes issued by TMCC that have an initial maturity
        of 183 days or less (taking into consideration unilateral rights to roll or extend))

         

        (For
        Notes issued by TMF, TCCI and TFA, specify if Notes have been issued in reliance on either TEFRA C or TEFRA D)

        

	(vi)      Prohibition of Sales to EEA Retail Investors:	
        [Applicable/Not
        Applicable]

         

        (If
        the offer of Notes is concluded prior to 1 January 2018, or on and after that date the Notes clearly do not constitute “packaged”
        products, “Not Applicable” should be specified. If the Offer of the Notes will be concluded on or after 1 January 2018
        and the Notes may constitute “packaged” products and no KID will be prepared, “Applicable” should be specified)

        

	(vii)     Non-exempt Offer:	[Not Applicable]/[Applicable – see paragraph 9 below.]
	 	 
	9.     TERMS AND CONDITIONS OF THE PUBLIC OFFER
	 
	
        The Central Bank of Ireland has provided
        the competent authorities in each of [Austria, Belgium, Germany, Italy, Luxembourg, the Netherlands, Spain and the United Kingdom
        [delete irrelevant ones/specify others]] (together with Ireland, the “Public Offer Jurisdictions”) with
        a certificate of approval attesting that the Prospectus dated 8 September 2017 has been drawn up in accordance with the provisions
        of the Prospectus Directive and Commission Regulation (EC) No. 809/2004. Copies of these Final Terms will be provided to the competent
        authorities in the Public Offer Jurisdictions.

         

        [The Issuer has agreed to allow the use
        of these Final Terms and the Prospectus by each of the Managers [and [specify, if applicable, names of other financial intermediaries
        making non-exempt offers]] and any [other] placers authorised directly or indirectly by [the Issuer or] any of the Managers
        (on behalf of the Issuer) involved in the offer which acknowledges on its website (i) that it has been duly appointed as a financial
        intermediary

        

 

    Page 158

    

    

	to
        offer the Notes during the Offer Period, (ii) that it is relying on the Issuer’s Base Prospectus and these Final
        Terms for such Non-exempt Offer with the consent of the Issuer and (iii) the conditions attached to that consent (the
        “Placers”) in connection with possible offers of the Notes to the public, other than pursuant to Article 3(2)
        of the Prospectus Directive, in the Public Offer Jurisdictions during the Offer Period (as defined below).

         

        Investors
        (as defined on page 5 of the Prospectus) intending to acquire or acquiring the Notes from any Authorised Offeror (as defined
        on page 5 of the Prospectus) should make appropriate enquiries as to whether that Authorised Offeror is acting in association
        with the Issuer. Whether or not the Authorised Offeror is described as acting in association with the Issuer, the Issuer’s
        only relationship is with the Managers and the Issuer has no relationship with or obligation to, nor shall it have any
        relationship with or obligation to, an Investor, save as may arise under any applicable law or regulation.

         

        The
        Issuer is only offering to and selling to the Managers pursuant to and in accordance with the terms of the Syndicate Purchase
        Agreement. All sales to persons other than the Managers will be made by the Managers or persons to whom they sell, and/or
        otherwise make arrangements with, including the Placers. The Issuer shall not be liable for any offers and/or sales of
        Notes to, or purchases of Notes by, Investors at any time (including during the Offer Period) (other than in respect of
        offers and sales to, and purchases of Notes by, the Managers and only then pursuant to the Syndicate Purchase Agreement)
        which are made by Managers or Placers or any other Authorised Offeror in accordance with the arrangements in place between
        any such Manager, Placer or other Authorised Offeror and its customers. Any person selling Notes at any time during the
        Offer Period may not be a financial intermediary of the Issuer; any person selling Notes at any time after the Offer Period
        is not a financial intermediary of the Issuer.

         

        Each
        of the Managers has acknowledged and agreed, and any Placer purchasing Notes from a Manager will be notified by that Manager
        that by accepting such Notes such Placer undertakes that for the purpose of offer(s) of the Notes (i) for the duration
        of the Offer Period, such Placer will publish on its website (a) that it has been duly appointed as a financial intermediary
        to offer the Notes during the Offer Period, (b) it is relying on the Prospectus for such offer(s) with the consent of
        the Issuer and (c) the conditions attached to that consent and (ii) the Issuer has passported the Prospectus into each
        of the Public Offer Jurisdictions and will not passport the Prospectus into any other European Economic Area Member State;
        accordingly, the Notes may only be publicly offered in Public Offer Jurisdictions during the Offer Period or offered to
        qualified investors (as defined in the Prospectus Directive) or otherwise in compliance with Article 3(2) of the Prospectus
        Directive in any other European Economic Area Member State pursuant to and in accordance with the Prospectus and the Final
        Terms (without modification or supplement); and that all offers of Notes by it will be made only in accordance with the
        selling restrictions set forth in the Prospectus and the provisions of these Final Terms and in compliance with all applicable
        laws and regulations, provided that no such offer of Notes shall require the Issuer or any Manager to publish a prospectus
        pursuant to Article 3 of the Prospectus Directive (or supplement a prospectus pursuant to Article 16 of the Prospectus
        Directive) or to take any other action in any jurisdiction other than as described above.]

         

	(i)       Offer
    Period:	From the date of, and following, publication of
    these Final Terms being [         ] to [         ].
	(ii)      Offer
    Price:	The Issuer has offered and will sell the Notes to the Managers
    (and no one else) at the Issue Price of [         ] per cent. less a total commission
    [and concession] of [   ] per cent. of the Aggregate Nominal Amount of Notes.  Managers and Placers
    will offer and sell the Notes to their customers in accordance with arrangements in place between each such Manager

    Page 159

    

    

	 	and its customers (including Placers) or each such
    Placer and its customers by reference to the Issue Price and market conditions prevailing at the time.
	(iii)     Conditions
    to which the offer is subject:	[Offers of the Notes are conditional on their issue and are
    subject to such conditions as are set out in the Syndicate Purchase Agreement.  As between Managers and their customers
    (including Placers) or between Placers and their customers, offers of the Notes are further subject to such conditions as
    may be agreed between them and/or as is specified in the arrangements in place between them.]
	(iv)     Description
    of the application process:	[A prospective Noteholder will purchase the Notes in accordance
    with the arrangements in place between the relevant Manager and its customers or the relevant Placer and its customers, relating
    to the purchase of securities generally.  Noteholders (other than Managers) will not enter into any contractual
    arrangements directly with the Issuer in connection with the offer or purchase of the Notes.]
	(v)      Description
    of possibility to reduce subscriptions and the manner for refunding excess amount paid by applicants:	[Not Applicable]/[give details]
	(vi)     Details
    of the minimum and/or maximum amount of application:	[There are no pre-identified allotment criteria.  The
    Managers and the Placers will adopt allotment and/or application criteria in accordance with customary market practices and
    applicable laws and regulations and/or as otherwise agreed between them.]
	(vii)    Method
    and time limits for paying up and delivering the Notes:	[The Notes will be purchased by the Managers from the Issuer
    on a delivery versus payment basis on the Issue Date.  Prospective Noteholders will be notified by the relevant
    Manager or Placer of their allocations of Notes and the settlement arrangements in respect thereof.]
	(viii)   Manner
    in and date on which results of the offer are to be made public:	[Not Applicable]/[give details]
	(ix)      Procedure
    for exercise of any right of pre-emption, negotiability of subscription rights and treatment of subscription rights not exercised:	[Not Applicable]/[give details]
	(x)       Whether
    tranche(s) have been reserved for certain countries:	[Not Applicable]/[give details]
	(xi)      Process
    for notification to applicants of the amount allotted and indication whether dealing may begin before notification is made:	Prospective Noteholders will be notified by the relevant Manager
    or Placer in accordance with the arrangements in place between such Managers or Placers and its customers.  Any
    dealings in the Notes which take place will be at the risk of prospective Noteholders.

    Page 160

    

    

	(xii)     Amount
    of any expenses and taxes specifically charged to the subscriber or purchaser:	[Not Applicable]/[give details]
	(xiii)    Name(s)
    and address(es), to the extent known to the Issuer, of the Placers in the various countries where the offer takes place:	[None known to the Issuer]/[specify]

 

[Summary
of the Notes to be inserted if applicable]

 

    Page 161

    

    

ANNEX
C TO APPENDIX D

FORM OF PURCHASER’S CONFIRMATION TO THE ISSUER

 

[Date]

 

		To:	[Toyota
                                         Motor Finance (Netherlands) B.V.]

                                         [Toyota Credit Canada Inc.]

                                         [Toyota Finance Australia Limited]

                                         [Toyota Motor Credit Corporation]

 

		cc:	The
                                         Bank of New York Mellon

                                         [The Bank of New York Mellon SA/NV, Luxembourg Branch]

 

[Name
of Issuer]

[Description of Notes]

issued pursuant to the €50,000,000,000 Euro Medium Term Note Programme

of Toyota Motor Finance (Netherlands) B.V., Toyota Credit Canada Inc.,

Toyota Finance Australia Limited (ABN 48 002 435 181) and

Toyota Motor Credit Corporation (the “Programme”)

 

We
hereby confirm the agreement for the issue to us of [describe issue] Notes due [        ]
(the Notes) under the Programme in accordance with the Amended and Restated Programme Agreement dated 8 September 2017
[(the Programme Agreement)] and pursuant to the terms of issue set out in the Final Terms which we are [providing]/[faxing]
herewith.

 

[In
connection with our purchase of such Notes, we:

 

		1.	agree
                                         with the Issuer for itself and as agent for the Dealers (each as defined in the Programme
                                         Agreement) that we will be bound by the provisions of the Programme Agreement (a copy
                                         of which has been supplied to us), with the exception of Clauses 3 to 5 and 10 to 12
                                         inclusive, as if we had been named as Dealer therein; and

 

		2.	confirm
                                         that, where the Issuer authorises us to provide copies of documents and to make representations
                                         and statements in connection with the issue of Notes, such authorisation relates only
                                         to the documents, statements and representations in Clause 7 of the Programme Agreement,
                                         subject to the limitations contained in that Clause.]

 

[The
Issue Price of the Notes will be [ ] per cent. of the nominal amount of the Notes.]

 

[The
selling commission in respect of the Notes will be [        ] per cent. of the nominal
amount of the Notes and will be deductible from the Issue Price of the Notes, giving net proceeds of [        ].]

 

The
Notes are to be credited to [Euroclear/Clearstream, Luxembourg] account number [        ]
in the name of [Name of Purchaser].

 

    Page 162

    

    

[Insert
additional selling restrictions applicable to the issue of the Notes, as agreed to by the Purchaser]

 

[Insert
if Final Terms relate to an Issue of Notes with a Specified Denomination of less than €100,000 (or its equivalent in any
other currency) to be admitted to trading on an EEA regulated market and/or offered on a non-exempt basis in certain EEA Jurisdictions

 

In
addition, as set out in Appendix 2 of the Programme Agreement (and for the avoidance of doubt, the following provisions are Selling
Restrictions with respect to the Notes and part of the Programme Agreement for the purposes of the issue of the Notes):

 

The
Prospectus has been passported for the purposes of a Non-exempt Offer of Notes to the public and the Issuer understands that [Purchaser]
and any placers authorised on behalf of the Issuer by [Purchaser] involved in the Non-exempt Offer have the Issuer’s
consent (subject to the terms and conditions mentioned below) to use the Prospectus and the Final Terms for a Non-exempt Offer
of the Notes in [Austria, Belgium, Germany, Luxembourg, the Netherlands, Spain and the United Kingdom] (such jurisdictions, together
with Ireland, the Jurisdictions and each a Jurisdiction) during the Offer Period (as defined in the Final Terms).

 

Upon
the execution of this Agreement, [Purchaser] may, during the Offer Period, make a Non-exempt Offer using the Prospectus
and the Final Terms in any of the Jurisdictions and otherwise in accordance with the terms and conditions of this Agreement, the
Prospectus and the Final Terms.

 

[Purchaser]
represents and agrees that it has not offered or sold and will not offer in any EEA Member State, any Notes other than by (i)
a Non-exempt Offer in any of the Jurisdictions during the Offer Period pursuant to, and in accordance with, the Prospectus and
the Final Terms (without modification or supplement); or (ii) an offer to qualified investors (as defined in the Prospectus Directive)
or otherwise in compliance with Article 3(2) of the Prospectus Directive and that during the Offer Period, [Purchaser]
will ensure that any Placer (as defined in the Final Terms) purchasing from [Purchaser] any of the Notes has been notified
that by accepting such Notes such Placer undertakes to comply with the foregoing provisions of these Selling Restrictions.

 

[Purchaser]
also represents and agrees that the following provisions contained in the Final Terms under the heading “Terms and Conditions
of the Public Offer” (including where repeated in the Issue Specific Summary set out in the Schedule to the Final Terms),
in the second sentence of the section entitled “Offer Price”, in the section entitled “Conditions to which the
offer is subject”, in the section entitled “Description of the application process”, in the section entitled
“Details of the minimum and/or maximum amount of application”, in the section entitled “Method and time limits
for paying up and delivering the Notes” and in the section entitled “Process for notification to applicants of the
amount allotted and indication whether dealing may begin before notification is made” relating to it and its offer and sale
process are true and accurate in all respects and that it has not made any Placers as such known to the Issuer [other than any
Placers who are identified as such in the Final Terms].

 

Save
as described above and in the Final Terms, [Purchaser] acknowledges that no action has been taken by the Issuer or any
other person that would, or is intended to, permit a Non-exempt Offer in the Jurisdictions at any time other than during the Offer
Period pursuant to, and in accordance with, the Prospectus and the Final Terms or in any other country or jurisdiction at any
time where any such action for that purpose is required.

 

    Page 163

    

    

[Purchaser]
undertakes, that it will not, directly or indirectly, offer or sell any Notes or distribute or publish any offering circular,
prospectus, form of application, advertisement or other document or information in any country or jurisdiction except under circumstances
that will result in compliance with any applicable laws and regulations and all offers and sales of Notes by it will be made on
the same terms, and provided that no such offer or sale of Notes shall require the Issuer or [Purchaser] to publish a prospectus
pursuant to Article 3 of the Prospectus Directive (or supplement a prospectus pursuant to Article 16 of the Prospectus Directive)
or to take any other action in any jurisdiction other than as described above.

 

For
the purposes of these Selling Restrictions, the expression an offer of Notes to the public in relation to any Notes in any relevant
Jurisdiction means the communication in any form and by any means of sufficient information on the terms of the offer and the
Notes to be offered so as to enable an investor to decide to purchase or subscribe the Notes, as the same may be varied in that
Jurisdiction by any measure implementing the Prospectus Directive in that Jurisdiction.]

 

-     OR
     -

 

[Insert
if Final Terms relate to an Issue of Notes with a Specified Denomination of less than €100,000 (or its equivalent in any
other currency) to be admitted to trading on an EEA regulated market and/or offered on an exempt basis in the EEA

 

In
addition, as set out in Appendix 2 of the Programme Agreement (and for the avoidance of doubt, the following provisions are Selling
Restrictions with respect to the Notes and part of the Programme Agreement for the purposes of the issue of the Notes):

 

		(a)	we
                                         represent and agree, that we have not offered or sold and we will not offer or sell,
                                         whether through financial intermediaries or otherwise, any such Notes to the public in
                                         any EEA Member State by means of the Prospectus, the applicable Final Terms or any other
                                         document, other than to qualified investors (as defined in the Prospectus Directive);

 

		(b)	we
                                         acknowledge that no action has been taken by the Issuer or any other person that would,
                                         or is intended to permit an offer to the public of any such Notes in any country or jurisdiction
                                         at any time where any such action for that purpose is required; and

 

		(c)	we
                                         undertake that we will not, directly or indirectly, offer or sell any such Notes or distribute
                                         or publish any offering circular, prospectus, form of application, advertisement or other
                                         document or information in any country or jurisdiction except under circumstances that
                                         will result in compliance with any applicable laws and regulations and all offers and
                                         sales of any such Notes by us will be made on the same terms, and provided that no such
                                         offer or sale of Notes by us, whether through financial intermediaries or otherwise,
                                         shall require the Issuer, us or any such financial intermediaries to publish a prospectus
                                         pursuant to Article 3 of the Prospectus Directive or supplement a prospectus pursuant
                                         to Article 16 of the Prospectus Directive.]

 

[Also
for the avoidance of doubt, the Selling Restrictions contained in paragraph [15]/[16] of Appendix 2 to the Programme Agreement
are not Selling Restrictions with respect to the Notes and are not part of the Programme Agreement for the purposes of the issue
of the Notes.]

 

    Page 164

    

    

[Insert
if Uridashi Notes:

 

Selling
Restrictions

 

In
addition, and for the avoidance of doubt, the following provisions are Selling Restrictions with respect to the Notes and part
of the Programme Agreement for the purposes of the issue of the Notes replacing the selling restrictions relating to Japan and
the European Economic Area, respectively:

 

Japan

 

A
secondary distribution (Uridashi) of the Notes is scheduled to be made in Japan. The Notes may not be offered or sold,
directly or indirectly, in Japan or to, or for the benefit of, any resident of Japan (which term as used herein means any person
resident in Japan, including any corporation or other entity organised under the laws of Japan) except in compliance with the
terms of [the securities registration statement and the amendments thereto/the shelf registration statement, the amendments thereto
and the supplemental documents] that have been, or will be, filed by the Issuer with the Director-General of the Kanto Local Finance
Bureau of the Ministry of Finance of Japan with respect to a secondary distribution (Uridashi) of the Notes in Japan in
accordance with the Financial Instruments and Exchange Law of Japan or under circumstances which will result in compliance with
all applicable laws, regulations and guidelines promulgated by the relevant Japanese governmental and regulatory authorities in
effect at the relevant time.

 

European
Economic Area

 

We
confirm that the Notes will not be offered or sold in the European Economic Area.]

 

If
stabilisation is to be conducted following the safe harbour set out in Article 5 of the Market Abuse Regulation and Delegated
Regulation (EU) 2016/1052 then you should consider including the following:

 

[We
hereby acknowledge our appointment by you as the central point responsible for adequate public disclosure of information, and
handling any request from a competent authority, in accordance with Article 6(5) of Commission Delegated Regulation (EU) 2016/1052
of 8 March 2016 with regard to regulatory technical standards for the conditions applicable to buy-back programmes and stabilisation
measures.]

 

[Unless
otherwise defined in this letter, terms and expressions defined in the Programme Agreement shall have the same meanings in this
letter, except where the context requires otherwise.]

 

This
letter and any non-contractual obligations arising out of or in connection with this letter shall be governed by, and construed
in accordance with, the laws of England.

 

Please
confirm your agreement to the terms of issue by signing and [providing]/[faxing] to us a copy of the attached Final Terms. Please
also [provide]/[fax] a copy of the Final Terms to the Agent [and the Registrar].

 

For and
on behalf of [Name of Purchaser]

 

	By:	______________________
	 	Authorised
    signatory

    Page 165

    

    

ANNEX
D TO APPENDIX D

FORM OF THE ISSUER’S CONFIRMATION TO AGENT AND PURCHASER

 

[Date]

 

To: The
Bank of New York Mellon

[The Bank of New York Mellon SA/NV, Luxembourg Branch]

 

and: [Name
of Purchaser]

 

[Name
of Issuer]

[Description of Notes] (the “Notes”)

issued pursuant to the €50,000,000,000 Euro Medium Term Note Programme

of Toyota Motor Finance (Netherlands) B.V., Toyota Credit Canada Inc.,

Toyota Finance Australia Limited (ABN 48 002 435 181) and

Toyota Motor Credit Corporation

 

We
hereby confirm our instruction to The Bank of New York Mellon as Agent to prepare, complete, authenticate and issue [a Temporary
Global Note and a Permanent Global Note]/[the Registered Global Note on [       ] and we hereby authorise and instruct The Bank of New
York Mellon SA/NV, Luxembourg Branch as Registrar to register [      ] aggregate nominal amount of Notes on [      ]] in accordance with:

 

		(a)	the information
                                         contained in the confirmation from [Name of Purchaser] (a copy of which is attached
                                         hereto); [and]

 

		(b)	the terms
                                         of the Operating and Administrative Procedures Memorandum relating to the above Programme[,][;
                                         and]

 

		[(c)	the
                                         Amended and Restated Note Agency Agreement dated [       ] between Toyota Motor Credit Corporation,
                                         The Bank of New York Mellon, acting through its London branch and The Bank of New York
                                         Mellon SA/NV, Luxembourg Branch,]

 

and to give
instructions to [Euroclear Bank SA/NV/Clearstream Banking S.A./other]*
to credit the account number [        ] with [Euroclear Bank SA/NV/Clearstream Banking
S.A./other]* in the name of [Name
of Purchaser] with the Notes represented by such [Temporary Global Note][Registered Global Note] against payment on [          ]
of [        ] to the account of The Bank of New York Mellon, account number [        ]
with [Euroclear Bank SA/NV/Clearstream Banking S.A./other]* being the [net] subscription price of such Notes.

 

[Toyota Motor
Finance (Netherlands) B.V.]

[Toyota Credit Canada Inc.]

[Toyota Finance Australia Limited]

 

By: _____________________________

 

 

____________________

*
[Delete as appropriate]

* [Delete as appropriate]

 

 

    Page 166

    

    

[Toyota Motor
Credit Corporation

 

	By:	____________________
	 	Name:
	 	Title:]

 

[Form of
Purchaser’s confirmation to be attached]

 

    Page 167

    

    

ANNEX
E TO APPENDIX D

TRADING DESK INFORMATION

 

The
Issuers

 

TOYOTA MOTOR
FINANCE (NETHERLANDS) B.V.

World Trade Center Amsterdam

Tower H, Level 10

Zuidplein 90

1077 XV Amsterdam

The Netherlands 

		Telephone:	+31 20 502 5310

		Telefax:	+31
20 502 5319

		Email:	front.office@uk.toyota-fs.com

 

		Attention:	Chief Executive Officer

 

TOYOTA CREDIT
CANADA INC.

80 Micro Court, Suite 200

Markham

Ontario L3R 9Z5

Canada

		Telephone No:	+1 905 513 8200

 

		Fax No:	+1 905 513 8335

 

		Attention:	President

 

TOYOTA FINANCE
AUSTRALIA LIMITED

Level 9, 207 Pacific Highway

St Leonards

NSW 2065

Australia

		Telephone No:	+61 2 9430 0000

		Fax No:	+61 2 9430 0913

		Attention:	Treasurer

 

TOYOTA
MOTOR CREDIT CORPORATION

6565 Headquarters Drive, Mailstop
W2–3D

Plano

Texas 75024–5965

United States

		Telephone:	+1 469 486 9013

		Telefax:	+1 310 381 7739

		Email:	TFS_Treasury_Operations@toyota.com

		Attention:	TFS Treasury Operations

 

    Page 168

    

    

The
Dealers

 

	MERRILL LYNCH INTERNATIONAL

    2 King Edward Street

    London EC1A 1HQ

    United Kingdom

    Telephone: 0207 995 3995 Telefax: 0207 995 0048

    Attn: EMTN Trading and Distribution Desk	AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED

    28th Floor, 40 Bank Street

    Canary Wharf

    London E14 5EJ

    United Kingdom

    Telephone: +852 3918 7871

    Telefax: +852 3918 7170

    Attn: Legal and Transaction Management	BANK OF MONTREAL, LONDON BRANCH

    95 Queen Victoria Street

    London EC4V 4HG

    United Kingdom

    Telephone: 0207 664 8062

    Telefax: 0207 664 8109

    Attn: DCM Syndicate
	 	 	 
	BARCLAYS BANK PLC

    5 The North Colonnade

    Canary Wharf

    London E14 4BB

    United Kingdom

    Telephone: 0207 773 9090

    Telefax: 0207 516 7548

    Attn: MTN Dealers	BNP PARIBAS

    10 Harewood Avenue

    London NW1 6AA

    United Kingdom

    Telephone: 0207 595 8601

    Telefax: 0207 595 2555 

    Attn: MTN Desk	CIBC WORLD MARKETS PLC

    150 Cheapside

    London EC2V 6ET

    United Kingdom

    Telephone: 0207 234 6387

    Email: DLCIBCExecution

    Management@cibc.com

    Attn: Head of Execution Management 
	 	 	 
	CITIGROUP GLOBAL MARKETS LIMITED

    Citigroup Centre

    Canada Square

    Canary Wharf

    London E14 5LB

    United Kingdom

    Telephone: 0207 986 9050

    Email: mtndesk@citi.com

    Attn: MTN Desk	CRÉDIT
        AGRICOLE CORPORATE AND INVESTMENT BANK

        12, Place des Etats-Unis,

        CS 70052

        

        92547
        Montrouge

        

        CEDEX
        France

        Telephone: +33 1 41 89 67 87

        Attn: Capital Markets Legal Department / Debt Instruments

         
	DAIWA CAPITAL MARKETS EUROPE LIMITED

    5 King William Street

    London EC4N 7AX

    United Kingdom

    Telephone: 0207 597 8000

    Telefax: 0207 597 8644

    Email: legalnoticesTM@uk.

    daiwacm.com 

    Attn: Manager, Transaction Management
	HSBC BANK PLC

    8 Canada Square

    London E14 5HQ

    United Kingdom

    Telephone: 0207 991 8888

    Telefax: 0207 992 4973

    Attn: Transaction Management Group	ING BANK N.V.

    Foppingadreef 7

    1102 BD Amsterdam

    The Netherlands

    Telephone: +31 20 563 8019

    Telefax: +31 20 565 8515

    Attn: DCM Origination / TRC 00.032	J.P.
        MORGAN SECURITIES PLC

        25 Bank Street

        Canary Wharf

        

        London
        E14 5JP

        United Kingdom

        Telephone: 0207 134 1470

        Telefax: 0203 493 1413

        Attn: Euro Medium Term Note Desk

         

    Page 169

    

    

	LLOYDS
        BANK PLC

        10 Gresham Street

        London EC2V 7AE

        United Kingdom

        Telephone: 0207 050 6060

        Telefax: 0207 158 3252

        Attn: Bond Syndicate

        

        Email:
        bond.syndicate@

        lloydsbanking.com

         
	

    MIZUHO INTERNATIONAL PLC

    Mizuho House

    30 Old Bailey

    London EC4M 7AU

    United Kingdom

    Telephone: 0207 248 3920

    Telefax: 0207 651 2924

    Email: DL-MHI-Primary

    Debt-Syndicate@uk.mizuho-sc.com

    Attn: Primary Debt Syndicate Desk	MORGAN STANLEY & CO. INTERNATIONAL PLC

    25 Cabot Square

    Canary Wharf

    London E14 4QA

    United Kingdom

    Telephone: 0207 677 7799

    Telefax: 0207 056 4984

    Attn: Head of Transaction Management Group, Global Capital Markets
	 	 	 
	MUFG SECURITIES EMEA PLC

    Ropemaker Place

    25 Ropemaker Street

    London EC2Y 9AJ

    United Kingdom

    Telephone: 0207 628 5555

    Email: Legal-primarymarkets

    @int.sc.mufg.jp 

    Attn: Legal – Primary Markets	NATIONAL AUSTRALIA BANK LIMITED

    Level 2

    88 Wood Street

    London EC2V 7QQ

    United Kingdom

    Telephone No: 0207 710 2994

    Telefax: 0207 710 1959

    Attn: DCM Desk	NOMURA INTERNATIONAL PLC

    1 Angel Lane

    London EC4R 3AB

    United Kingdom

    Telephone: 0207 103 5652

    Telefax: 0207 102 5804

    Attn: Fixed Income Syndicate
	 	 	 
	RBC EUROPE LIMITED

    Riverbank House

    2 Swan Lane 

    London EC4R 3BF

    United Kingdom

    Telephone: 0207 029 7031

    Telefax: 0207 029 7927

    Email: tmguk@rbccm.com 

    Attn: New Issues Syndicate Desk	SMBC NIKKO CAPITAL MARKETS
    LIMITED

    One New Change

    London EC4M 9AF

    United Kingdom

    Telephone: (020) 3527 7000

    Email: LNTM@smbcnikko-cm.com 

    Attn: Legal	THE TORONTO-DOMINION BANK

    60 Threadneedle Street

    London EC2R 8AP

    United Kingdom

    Telephone: 0207 628 2262

    Email: tmg@tdsecurities.com 

    Attn: Managing Director, Origination & Syndication
	 	 	 
	UNICREDIT BANK AG

    Arabellastr. 12

    81925 Munich

    Germany

    Telephone: +49 89 378 18976

    Telefax: +49 89 378 33 15964

    Email: dcmlegal@unicredit.de 

    Attn: DCM Legal	 	 

    Page 170

    

    

Appendix E

 

FORM OF THE NOTES

 

Each
Tranche of Notes in bearer form will initially be issued in the form of a temporary global Note (a “Temporary Global
Note”) which will:

 

		(i)	if
                                         the global Notes are to be issued in new global note (“NGN”) form,
                                         as stated in the applicable Final Terms, be delivered on or prior to the original issue
                                         date of the Tranche to one of the international central securities depositaries as common
                                         safekeeper (the “Common Safekeeper”) for Euroclear Bank SA/NV (“Euroclear”)
                                         and Clearstream Banking S.A. (“Clearstream, Luxembourg”); and

 

		(ii)	if
                                         the global Notes are not to be issued in NGN form, as stated in the applicable Final
                                         Terms, be delivered on or prior to the original issue date of the Tranche to a common
                                         depositary for Euroclear and Clearstream, Luxembourg and/or a nominee for any other relevant
                                         clearing system (as applicable),

 

without
interest coupons or talons.

 

Notes
(including Notes in registered form issued by TCCI or TMCC, as described below) may be issued in a form that permits them to be
held in a manner which will allow Eurosystem eligibility. Any indication in the applicable Final Terms that the Notes are to be
so held means that the Notes are to be deposited with the Common Safekeeper (and, in the case of Notes in registered form issued
by TCCI or TMCC, registered in the name of a nominee of the Common Safekeeper) and does not necessarily mean that the Notes will
be recognised as eligible collateral for Eurosystem monetary policy and intra-day credit operations by the Eurosystem either upon
issue or at any or all times during their life as such recognition depends upon satisfaction of the Eurosystem eligibility criteria.
Any indication in the applicable Final Terms that the Notes are not to be so held means that should the Eurosystem eligibility
criteria be amended in the future such that the Notes are capable of meeting such criteria, the Notes may then be deposited with
the Common Safekeeper (and in the case of Notes in registered form issued by TCCI or TMCC, registered in the name of a nominee
of the Common Safekeeper) and does not necessarily mean that the Notes will be recognised as eligible collateral for Eurosystem
monetary policy and intra-day credit operations by the Eurosystem at any time during their life as such recognition depends upon
satisfaction of the Eurosystem eligibility criteria.

 

Where
the global Notes issued in respect of any Tranche are in NGN form, Euroclear and/or Clearstream, Luxembourg will be notified whether
such global Notes are intended to be held in a manner which would allow Eurosystem eligibility. If the global Note is a NGN, the
nominal amount of the Notes represented by such global Notes will be the aggregate from time to time entered in the records of
both Euroclear and Clearstream, Luxembourg. The records of Euroclear and Clearstream,
Luxembourg (which expression in such global Note means the records that each of Euroclear and Clearstream, Luxembourg holds for
its customers which reflect the amount of each such customer’s interest in the Notes) will be conclusive evidence of the
nominal amount of Notes represented by such global Note and, for such purposes, a statement issued by Euroclear and/or Clearstream,
Luxembourg, stating that the nominal amount of Notes represented by such global Note at any time will be conclusive evidence of
the records of Euroclear and/or Clearstream, Luxembourg at that time, as the case may be. 

 

While
any Note is represented by a Temporary Global Note, payments of principal and interest (if any) due prior to the Exchange Date
(as defined below) will be made (against presentation of the Temporary Global Note if the Temporary Global Note is not issued
in NGN form) only upon certification of non-U.S. beneficial ownership as required by U.S. Treasury regulations to Euroclear and/or
Clearstream, Luxembourg; provided, however, that no such

 

    Page 171

    

    

certification
will be required with respect to Notes that, as specified in the applicable Final Terms (i) have been issued in reliance on the
procedures under United States Treasury regulations Section 1.163-5(c)(2)(i)(C)) (or any substantially similar successor United
States Treasury regulations) (the “TEFRA C Rules”) or (ii) have an initial maturity of 183 days or less (taking into
consideration unilateral rights to roll or extend), a minimum denomination of $500,000 (or the equivalent value in any other currency,
determined at the spot rate on the issue date) and are intended to comply with United States Treasury regulations Section 1.6049-5(b)(10).

 

Interests
in the Temporary Global Note will be exchangeable (free of charge) either for:

 

		(i)	interests
                                         in a permanent global Note (a “Permanent Global Note”) without interest
                                         coupons or talons; or

 

		(ii)	for
                                         security-printed definitive Notes,

 

(as indicated
in the applicable Final Terms), in each case against certification of non-U.S. beneficial ownership as required by U.S. Treasury
regulations in accordance with the terms of the Temporary Global Note:

 

		(a)	on and after the date
which is 40 days after completion of the distribution of the relevant Tranche of Notes; or

 

		(b)	at the option of the
relevant Issuer (with the consent of the Lead Manager(s) of the Tranche(s) of Notes of the relevant Series) on the date which
is 40 days after completion of the distribution of any additional issuance or issuances of one or more Tranches of Notes of the
same Series that occurs within the 40 day period after the issue of the Temporary Global Note,

 

(the
latest of such dates in paragraphs (a) and (b) is referred to as the “Exchange Date”),

 

provided
that no such certification of non-U.S. beneficial ownership will be required with respect to Notes that, as specified in the applicable
Final Terms (i) have been issued in compliance with the TEFRA C Rules or (ii) have an initial maturity of 183 days or less (taking
into consideration unilateral rights to roll or extend), a minimum denomination of $500,000 (or the equivalent value in any other
currency, determined at the spot rate on the issue date) and are intended to comply with United States Treasury regulations Section
1.6049-5(b)(10).

 

The
holder of a Temporary Global Note will not be entitled to collect any payment of interest or principal due on or after the Exchange
Date unless, upon due certification, exchange of the Temporary Global Note for an interest in a Permanent Global Note or for definitive
Notes is improperly withheld or refused. Pursuant to the Agency Agreement (as defined under “Terms and Conditions of
the Notes”) the Agent shall arrange that, where a further Tranche of Notes is issued after the Exchange Date, the Notes
of such further Tranche shall be assigned security code numbers by Euroclear and Clearstream, Luxembourg which are different from
the security code numbers assigned to Notes of any other Tranche of the same Series until at least the expiry of the distribution
compliance period (as defined in Regulation S under the Securities Act) applicable to the Notes of such Tranche.

 

The
Permanent Global Note will, unless otherwise agreed between the relevant Issuer and the relevant Dealer, if the global Notes are
issued in NGN form as stated in the applicable Final Terms, be delivered on or prior to the original issue date of the Tranche
to the Common Safekeeper for Euroclear and Clearstream, Luxembourg. If the global Notes are not issued in NGN form, the Permanent
Global Note will be delivered to the common depositary for Euroclear and Clearstream, Luxembourg.

 

    Page 172

    

    

Payments
of principal and interest (if any) on a Permanent Global Note will be made through Euroclear
and/or Clearstream, Luxembourg (against presentation or surrender (as the case may be) of the Permanent
Global Note if the Permanent Global Note is not issued in NGN form) without any requirement for certification. 

 

A
Permanent Global Note will, if specified in the applicable Final Terms, be exchanged (free of charge) in whole, but not in part,
for security printed definitive Notes with, where applicable, interest coupons and
talons attached (i) at the request of the relevant Issuer; and/or (ii) upon the occurrence of an Exchange Event (as defined below).

 

For
these purposes, “Exchange Event” means that (i) an Event of Default (as defined in Condition 9 under “Terms
and Conditions of the Notes”) has occurred and is continuing; (ii) the relevant Issuer has been notified that both Euroclear
and Clearstream, Luxembourg, or any other agreed clearing system in which such Permanent Global Note is being held, have been
closed for business for a continuous period of 14 days (other than by reason of holiday, statutory or otherwise) or have announced
an intention permanently to cease business or have in fact done so and, as a result, Euroclear and Clearstream, Luxembourg or
such other agreed clearing system in which such Permanent Global Note is being held are no longer willing or able to discharge
properly their responsibilities with respect to such Notes and the Agent and the relevant Issuer are unable to locate a qualified
successor; or (iii) the relevant Issuer has or will become subject to adverse tax consequences as a result of a change in tax
laws after the issuance of the Notes which would not be suffered were the Notes represented by the Permanent Global Note in definitive
form.

 

The
relevant Issuer will promptly give notice to Noteholders in accordance with Condition 16 under “Terms and Conditions
of the Notes” if an Exchange Event occurs. In the event of the occurrence of an Exchange Event, Euroclear and/or Clearstream,
Luxembourg and/or any other agreed clearing system in which such Permanent Global Note is being held (acting on the instructions
of any holder of an interest in such Permanent Global Note) may give notice to the Agent requesting exchange and, in the event
of the occurrence of an Exchange Event as described in (iii) above, the relevant Issuer may also give notice to the Agent requesting
exchange. Any such exchange shall occur not later than 45 days after the date of receipt of the first relevant notice by the Agent.

 

If
a portion of the Notes continues to be represented by the Temporary Global Note after the issuance of definitive Notes, the Temporary
Global Note shall thereafter be exchangeable only for definitive Notes, subject to certification of non-U.S. beneficial ownership;
provided, however, that no such certification of non-U.S. beneficial ownership will be required with respect to Notes that (i)
are issued in reliance on the TEFRA C Rules or (ii) as specified in the applicable Final Terms, have an initial maturity of 183
days or less (taking into consideration unilateral rights to roll or extend), a minimum denomination of $500,000 (or the equivalent
value in any other currency, determined at the spot rate on the issue date) and are intended to comply with United States Treasury
Regulations Section 1.6049-5(b)(10).

 

No
definitive Note delivered in exchange for a Permanent Global Note or a Temporary Global Note shall be mailed or otherwise delivered
to any locations in the United States of America in connection with such exchange. Temporary Global Notes and Permanent Global
Notes and definitive Notes will be issued by the Agent pursuant to the Agency Agreement.

 

If
specified in the applicable Final Terms, other clearance systems may be used in addition to or in lieu of Euroclear and Clearstream,
Luxembourg provided that, in the case of an issue of Bearer Notes, such other clearance system is capable of complying with the
certification requirements set forth in the Temporary Global Note or the Notes are issued in compliance with the TEFRA C Rules
and any reference herein to Euroclear and/or Clearstream, Luxembourg shall, whenever the context so permits, except in relation
to Notes issued in NGN form, be deemed to include such other additional or alternative clearing system.

 

    Page 173

    

    

Temporary
Global Notes and Permanent Global Notes will be issued in bearer form only. Definitive Notes will be issued in bearer form or,
in the case of Notes issued by TCCI or TMCC, if so indicated in the applicable Final Terms, in registered form.

 

For
United States federal income tax purposes each Permanent Global Note
and each definitive Note issued in bearer form which has an original maturity of more than 365 days (taking into consideration
unilateral rights to roll or extend) issued by TMF, TCCI or TFA (other than Notes issued in compliance with the TEFRA C Rules)
and any interest coupon which may be detached therefrom (or, if the obligation is evidenced by a book entry, appears in the book
or record in which the book entry is made) will carry the following legend:

 

“Any
United States person (as defined in the Internal Revenue Code of the United States) who holds this obligation will be subject
to limitations under the United States income tax laws, including the limitations provided in Sections 165(j) and 1287(a) of the
Internal Revenue Code.”

 

The
sections referred to in such legend provide that United States Noteholders, with certain exceptions, will not be entitled to deduct
any loss on Notes or interest coupons and will not be entitled to capital gains treatment of any gain on any sale, disposition
or payment of principal in respect of Notes or interest coupons.

 

For
United States federal tax purposes each Temporary Global Note, each Permanent Global Note
and each definitive Note issued in bearer form which has an original maturity of 183 days or less (taking into consideration unilateral
rights to roll or extend), a minimum denomination of $500,000 (or the equivalent value in any other currency, determined
at the spot rate on the issue date) and, as specified in the applicable Final Terms, is intended to comply with United States
Treasury Regulations Section 1.6049-5(b)(10) and any interest coupon which may be detached therefrom
(or, if the obligation is evidenced by a book entry, appears in the book or record in which the book entry is made) will carry
the following legend:

 

“By
accepting this obligation, the holder represents and warrants that it is not a United States person (other than an exempt recipient
described in Section 6049(b)(4) of the Internal Revenue Code of the United States and the regulations thereunder) and that
it is not acting for or on behalf of a United States person (other than an exempt recipient described in Section 6049(b)(4)
of the Internal Revenue Code and the regulations thereunder).”

 

Unless
Notes issued by TMF, TCCI or TFA in bearer form will be issued, as specified in the applicable Final Terms, in compliance with
the TEFRA C Rules, Notes issued by TMF, TCCI or TFA in bearer form will be issued in compliance with United States Treasury Regulation
Section 1.163-5(c)(2)(i)(D) (or any substantially similar successor United States Treasury regulations) (the “D Rules”)
and Notes issued by TMCC with maturities at issuance of 183 days or less (taking into consideration
unilateral rights to roll or extend) and in a face amount or nominal amount of not less than U.S.$500,000 (as determined
based on the spot rate on the date of issuance if such Notes are issued in a currency other than U.S. dollars) that, as specified
in the applicable Final Terms, are intended to comply with United States Treasury Regulation Section 1.6049-5(b)(10), will be
issued in compliance with the D Rules (excluding the certification requirement).

 

TMCC
will not issue notes in bearer form with a maturity at issuance of more than 183 days (taking into consideration unilateral rights
to roll or extend).

 

Notes
may be issued in registered form (“Registered Notes”) by either TCCI or TMCC, subject to applicable laws and
regulations. Each Tranche of Registered Notes issued by TCCI or TMCC will be represented on issue by a registered global Note
(each a “Registered Global Note”) which will be (a) if the applicable Final Terms specify the Registered Notes
are intended to held in a manner which would allow Eurosystem eligibility (being the new safekeeping structure (“NSS”)),
deposited on the relevant Issue Date with the Common Safekeeper; or (b) if the applicable Final Terms specify the Registered Notes
are not intended to be held in a manner which

 

    Page 174

    

    

would
allow Eurosystem eligibility, deposited on the relevant Issue Date with a nominee or a depositary or common depositary for the
agreed clearing system(s). Such Registered Global Note will not be exchangeable for Registered Notes in definitive form except
on an Exchange Event (as that term is defined in the Registered Global Note). With respect to each Tranche of Registered Notes,
TCCI has appointed, under an amended and restated note agency agreement dated 8 September 2017 (the “TCCI Note Agency
Agreement”), and TMCC has appointed under a note agency agreement dated 8 September 2017 (the “TMCC Note Agency
Agreement”), a registrar or registrars and a transfer agent and paying agent and may appoint other or additional transfer
agents or paying agents, either generally or in respect of a particular Series of Registered Notes.

 

The
applicable Final Terms will specify whether the Notes will be represented by:

 

		(i)	a
                                         Temporary Global Note in bearer form without Coupons which will be deposited with a common
                                         depositary or, as the case may be, a common safekeeper for Euroclear and Clearstream,
                                         Luxembourg on or about the Issue Date or a date as specified in the applicable Final
                                         Terms; and that the Temporary Global Note is exchangeable for a Permanent Global Note
                                         in bearer form on and after the Exchange Date and (except for Notes (x) with an initial
                                         maturity of 183 days or less (taking into consideration unilateral rights to roll or
                                         extend), a minimum denomination of $500,000 (or its equivalent value in any other currency,
                                         determined at the spot rate on the Issue Date) and specified in the applicable Final
                                         Terms as intended to comply with United States Treasury Regulations Section 1.6049-5(b)(10)
                                         and (y) as specified in the applicable Final Terms, that have been issued in reliance
                                         on TEFRA C Rules) upon certification of non-U.S. beneficial ownership; or

 

		(ii)	a
                                         Temporary Global Note in bearer form without Coupons which will be deposited with a common
                                         depositary or, as the case may be, a common safekeeper for Euroclear and Clearstream,
                                         Luxembourg on or about the Issue Date or a date as specified in the applicable Final
                                         Terms; and that the Temporary Global Note is exchangeable for security printed definitive
                                         Notes on and after the Exchange Date and (except for Notes (x) with an initial maturity
                                         of 183 days or less (taking into consideration unilateral rights to roll or extend),
                                         a minimum denomination of $500,000 (or its equivalent value in any other currency, determined
                                         at the spot rate on the Issue Date) and specified in the applicable Final Terms as intended
                                         to comply with United States Treasury Regulations Section 1.6049-5(b)(10) and (y) as
                                         specified in the applicable Final Terms, that have been issued in reliance on TEFRA C
                                         Rules) upon certification of non-U.S. beneficial ownership; or

 

		(iii)	a
                                         Permanent Global Note in bearer form without Coupons which will be deposited with a common
                                         depositary or, as the case may be, a common safekeeper for Euroclear and Clearstream,
                                         Luxembourg on or about the Issue Date or a date as specified in the applicable Final
                                         Terms; and that the Permanent Global Note is exchangeable (free of charge) in whole,
                                         but not in part, for security printed definitive Notes either (a) at the request of the
                                         relevant Issuer; and/or (b) upon the occurrence of an Exchange Event (as defined in the
                                         Permanent Global Note); or

 

		(iv)	in
                                         the case of TCCI or TMCC only, a Registered Global Note registered in the name of a nominee
                                         for CDS Clearing and Depository Services Inc. (in the case of TCCI only) or a common
                                         depositary for Euroclear and Clearstream, Luxembourg or a common safekeeper for Euroclear
                                         and Clearstream, Luxembourg or any other clearing system exchangeable (free of charge)
                                         for security printed definitive Notes only upon an Exchange Event (as defined in the
                                         Registered Global Note).

 

The
exchange of a Permanent Global Note or a Registered Global Note for printed definitive Notes by Euroclear and/or Clearstream,
Luxembourg (acting on the instructions of any Noteholder) or at any time at the request of the relevant Issuer should not be expressed
to be applicable in the applicable Final Terms if the Notes are issued with a minimum Specified Denomination such as €100,000
(or its equivalent in another currency) plus one or more higher

 

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multiples
of another smaller amount such as €1,000 (or its equivalent in another currency). Furthermore, such Specified Denomination
construction is not permitted in relation to any issue of Notes which is to be represented on issue by a Temporary Global Note
exchangeable for printed definitive Notes.

 

Notes
shall not be physically delivered in Belgium, except to a clearing system, a depository or other institution for the purpose of
their immobilisation in accordance with Article 4 of the Belgian Law of 14 December 2005.

 

Each
Issuer may agree with any Dealer that there may be a secondary distribution (“Uridashi”) of the Notes (“Uridashi
Notes”) to be made in Japan in compliance with the terms of a securities registration statement, amendments thereto
and supplemental documents that have been, or will be, filed by the relevant Issuer with the Director-General of the Kanto Local
Finance Bureau of the Ministry of Finance of Japan with respect to such secondary distribution of Uridashi Notes in Japan and
in accordance with the Financial Instruments and Exchange Law of Japan or under circumstances which will result in compliance
with all applicable laws, regulations and guidelines promulgated by the relevant Japanese governmental and regulatory authorities
in effect at the relevant time.

 

Each
Issuer may agree with any Dealer that Notes may be issued in a form not contemplated by the terms and conditions of the Notes
herein, in which case a new Prospectus will be made available which will describe the effect of the agreement reached in relation
to such Notes.

 

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Appendix F

 

ADDITIONAL DUTIES OF THE AGENT

 

In
relation to each Series of Bearer Notes that are New Global Notes, the Agent will comply with the following provisions:

 

1.       The
Agent will inform each of Euroclear and Clearstream, Luxembourg (the ICSDs), through the common service provider appointed
by the ICSDs to service the Notes (the CSP), of the initial issue outstanding amount (IOA) for each Tranche on or
prior to the relevant Issue Date.

 

2.       If
any event occurs that requires a mark up or mark down of the records which an ICSD holds for its customers to reflect such customers’
interest in the Notes, the Agent will (to the extent known to it) promptly provide details of the amount of such mark up or mark
down, together with a description of the event that requires it, to the ICSDs (through the CSP) to ensure that the IOA of the
Notes remains at all times accurate.

 

3.       The
Agent will at least once every month reconcile its record of the IOA of the Notes with information received from the ICSDs (through
the CSP) with respect to the IOA maintained by the ICSDs for the Notes and will promptly inform the ICSDs (through the CSP) of
any discrepancies.

 

4.       The
Agent will promptly assist the ICSDs (through the CSP) in resolving any discrepancy identified in the IOA of the Notes.

 

5.       The
Agent will promptly provide to the ICSDs (through the CSP) details of all amounts paid by it under the Notes (or, where the Notes
provide for delivery of assets other than cash, of the assets so delivered).

 

6.       The
Agent will (to the extent known to it) promptly provide to the ICSDs (through the CSP) notice of any changes to the Notes that
will affect the amount of, or date for, any payment due under the Notes.

 

7.       The
Agent will (to the extent known to it) promptly provide to the ICSDs (through the CSP) copies of all information that is given
to the holders of the Notes.

 

8.       The
Agent will promptly pass on to the relevant Issuer all communications it receives from the ICSDs directly or through the CSP relating
to the Notes.

 

9.       The
Agent will (to the extent known to it) promptly notify the ICSDs (through the CSP) of any failure by the relevant Issuer to make
any payment or delivery due under the Notes when due.

 

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Appendix G

 

FORM OF DEED POLL

 

(sUBSTITUTION OF ISSUER)

 

This
Deed Poll is made on [        ], 20[  ] by [        ]
(the Retiring Issuer), a company incorporated in [       ] and [        ]
(the Substitute Issuer), a company incorporated in [        ] in favour of holders,
which expression includes any persons shown in the records of Euroclear Bank SA/NV and/or Clearstream Banking S.A. [or such other
clearing system indicated in the applicable Final Terms for such Notes][indicate other clearing systems] as holders of
a principal amount, of Notes (as defined below) from time to time.

 

WHEREAS:

 

		(A)	It has
                                         been proposed that in respect of [any of the debt securities issued by the Retiring Issuer
                                         under the Euro Medium Term Note Programme of, inter alia, the Retiring Issuer
                                         and which remain outstanding on the Effective Date (as defined below) (the Notes)]/[the
                                         [principal amount] [description of Series] Notes due [maturity]
                                         (the Notes) of the Retiring Issuer issued under the Euro Medium Term Note Programme
                                         of, inter alia, the Retiring Issuer] there will be a substitution of the Substitute
                                         Issuer for the Retiring Issuer as the issuer of the Notes (the substitution).

 

		(B)	The Notes
                                         have been issued [under, and [delete in the case of Registered Notes]] with the
                                         benefit of, an amended and restated Agency Agreement (the Agency Agreement, which
                                         expression includes the same as it may be amended, supplemented or restated from time
                                         to time) dated 8 September 2017 between, inter alia, the Retiring Issuer and The
                                         Bank of New York Mellon, acting through its London branch, as agent.

 

		[(C)	[Include
                                         in the case of Registered Notes] The Notes have been issued under, and with the benefit
                                         of, [an amended and restated] [a] Note Agency Agreement (the [TCCI] [TMCC] Note Agency
                                         Agreement, which expression includes the same as it may be amended, supplemented
                                         or restated from time to time) dated 8 September 2017 between, inter alia, the
                                         Retiring Issuer, The Bank of New York Mellon, acting through its London branch, as paying
                                         agent and transfer agent [only TCCI] BNY Trust Company of Canada as registrar,
                                         paying agent and transfer agent and The Bank of New Mellon SA/NV, Luxembourg Branch as
                                         registrar and transfer agent.][only TMCC] and The Bank of New Mellon SA/NV, Luxembourg
                                         Branch as registrar and transfer agent.]

 

NOW THIS
DEED WITNESSES AS FOLLOWS:

 

		1.	References
                                         herein to the Notes include any Global Note representing the Notes and other expressions
                                         defined in the Notes and the Agency Agreement [and, in the case of Registered Notes issued
                                         by TCCI, the TCCI Note Agency Agreement] [and, in the case of Registered Notes issued
                                         by TMCC, the TMCC Note Agency Agreement] have the same meaning in this Deed unless the
                                         context requires otherwise.

 

		2.	The Substitute
                                         Issuer agrees that, with effect from and including the date of execution of this Deed
                                         Poll, all the other conditions to the substitution contained in Condition 14 having been
                                         met, (the Effective Date), it shall be deemed to be the “Issuer” for
                                         all purposes in respect of the Notes[, the Coupons, the Talons] and the Agency Agreement
                                         [and, in the case of Registered Notes issued by TCCI, the TCCI Note

 

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Agency
Agreement] [and, in the case of Registered Notes issued by TMCC, the TMCC Note Agency Agreement] insofar as it relates to the
Notes, as fully as if the Substitute Issuer had been named in the Notes[, the Coupons, the Talons] and the Agency Agreement [and,
in the case of Registered Notes issued by TCCI, the TCCI Note Agency Agreement] [and, in the case of Registered Notes issued by
TMCC, the TMCC Note Agency Agreement] as the principal debtor in respect of them in place of the Retiring Issuer and, accordingly,
it shall be entitled to all the rights, and shall be subject to all the liabilities and obligations, on the part of the Retiring
Issuer contained in them.

 

		3.	With effect
                                         from and including the Effective Date, the Retiring Issuer is released from all its liabilities
                                         and obligations as principal debtor, in its capacity as issuer of the Notes, contained
                                         in the Notes[, the Coupons, the Talons] and the Agency Agreement [and, in the case of
                                         Registered Notes issued by TCCI, the TCCI Note Agency Agreement] [and, in the case of
                                         Registered Notes issued by TMCC, the TMCC Note Agency Agreement] insofar as they relate
                                         to the Notes.

 

		4.	With effect
                                         from and including the Effective Date, the Conditions of the Notes and the provisions
                                         of the Agency Agreement [and, in the case of Registered Notes issued by TCCI, the TCCI
                                         Note Agency Agreement] [and, in the case of Registered Notes issued by TMCC, the TMCC
                                         Note Agency Agreement] relating to the Substitute Issuer (but without altering such provisions
                                         insofar as they relate to notes issued pursuant to the Agency Agreement [and, in the
                                         case of Registered Notes issued by TCCI, the TCCI Note Agency Agreement] [and, in the
                                         case of Registered Notes issued by TMCC, the TMCC Note Agency Agreement] other than Notes)
                                         are amended in the following ways:

 

		(a)	the
                                         following sentence is added to the end of the fourth paragraph of the Conditions:

 

“The
Noteholders (as defined below) have the benefit of a Deed Poll (the Deed Poll) dated [          ]
executed by [insert appropriate reference to the Substitute Issuer] and the [insert appropriate reference to the Retiring
Issuer] [and a Credit Support Agreement dated [          ] between the Substitute
Issuer and [TFS][the Parent] executed in relation to the Notes [and the TMC Credit Support Agreement]].”

 

		[(b)	Where
                                         the Substitute Issuer is subject generally to a taxing jurisdiction differing from or
                                         in addition to the taxing jurisdiction to which the Retiring Issuer for which it shall
                                         have been substituted under Condition 14 was subject insert here an undertaking or covenant
                                         in terms corresponding to Condition 7 with the substitution for or addition to the references
                                         to the taxing jurisdiction to which the Retiring Issuer, as the case may be, was subject
                                         of references to the taxing jurisdiction or additional taxing jurisdiction to which such
                                         Substitute Issuer, as the case may be, is subject and, in such case, specify that Condition
                                         7 shall be deemed to be modified accordingly when the substitution takes effect.]

 

		5.	The Substitute
                                         Issuer represents, warrants and undertakes with each and every Noteholder, Couponholder
                                         and Relevant Account Holder that the Substitute Issuer is solvent and that it has all
                                         corporate power, and has taken all necessary corporate or other steps including obtaining
                                         all necessary governmental and regulatory approvals and consents for the substitution
                                         and for the performance by the Substitute Issuer of its obligations under the Notes[,
                                         the Coupons and Talons] and the Agency Agreement

 

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[and,
in the case of Registered Notes issued by TCCI, the TCCI Note Agency Agreement] [and, in the case of Registered Notes issued by
TMCC, the TMCC Note Agency Agreement, to enable it to execute, deliver and perform this Deed, and that this Deed constitutes legal,
valid and binding obligations of the Substitute Issuer enforceable in accordance with its terms, subject to the laws of bankruptcy,
insolvency, reorganisation, moratorium or similar laws affecting creditors’ rights generally.

 

		6.	The Substitute
                                         Issuer agrees that the benefit of the undertakings and the covenants binding upon it
                                         contained in this Deed shall be for the benefit of each and every Noteholder, Couponholder
                                         and Relevant Account Holder and each Noteholder, Couponholder and Relevant Account Holder
                                         shall be entitled severally to enforce such obligations against the Substitute Issuer
                                         in respect of any Notes.

 

		7.	The Retiring
                                         Issuer represents, and warrants with each and every Noteholder, Couponholder and Relevant
                                         Account Holder that it has obtained all necessary governmental and regulatory approvals
                                         and consents for the substitution.

 

		8.	Duplicates
                                         of this Deed shall be deposited with and held to the exclusion of the Substitute Issuer
                                         by the Relevant Clearing System and the Agent [or each TCCI Registrar in the case of
                                         Registered Notes issued by TCCI] [or the TMCC Registrar in the case of Registered Notes
                                         issued by TMCC] until complete performance of the obligations contained in the Notes
                                         and the Agency Agreement [and, in the case of Registered Notes issued by TCCI, the TCCI
                                         Note Agency Agreement] [and, in the case of Registered Notes issued by TMCC, the TMCC
                                         Note Agency Agreement] relating to them occurs and the Substitute Issuer hereby acknowledges
                                         the right of every Noteholder, Couponholder and Relevant Account Holder to production
                                         of this Deed and, upon request and payment of the expenses incurred in connection therewith,
                                         to the production of a copy hereof certified to be a true and complete copy.

 

		9.	This Deed
                                         may only be amended in the same way as the other Conditions and the Agency Agreement
                                         [and, in the case of Registered Notes issued by TCCI, the TCCI Note Agency Agreement]
                                         [and, in the case of Registered Notes issued by TMCC, the TMCC Note Agency Agreement]
                                         are capable of amendment under the Conditions and Clause 28 of the Agency Agreement [and,
                                         in the case of Registered Notes issued by TCCI, Clause 19 of the TCCI Note Agency Agreement,
                                         respectively] [and in the case of Registered Notes issued by TMCC, Clause 19 of the TMCC
                                         Note Agency Agreement, respectively].

 

		10.	This
                                         Deed and any non-contractual obligations arising out of or in connection with this Deed
                                         shall be governed by, and construed in accordance with, English law.

 

		11.	The Substitute
                                         Issuer hereby irrevocably agrees for the exclusive benefit of the Noteholders, Couponholders
                                         and Relevant Account Holders that the courts of England are to have jurisdiction to settle
                                         any disputes which may arise out of or in connection with this Deed (including any dispute
                                         relating to any non-contractual obligations arising out of or in connection with this
                                         Deed) and that accordingly any suit, action or proceedings (together referred to as Proceedings)
                                         arising out of or in connection with this Deed (including any Proceedings relating to
                                         any non-contractual obligations arising out of or in connection with this Deed) may be
                                         brought in such courts. The Substitute Issuer hereby irrevocably waives any objection
                                         which it may have to the laying of the venue of any Proceedings in any such courts and
                                         any claim that any such Proceedings have been brought in an inconvenient forum and hereby
                                         further irrevocably agrees that a judgment in any Proceedings brought in the English

 

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courts
shall be conclusive and binding upon the Substitute Issuer and may be enforced in the courts of any other jurisdiction. Nothing
contained herein shall limit any right to take Proceedings against the Substitute Issuer in any other court of competent jurisdiction,
nor shall the taking of Proceedings in one or more jurisdictions preclude the taking of Proceedings in any other jurisdiction,
whether concurrently or not. [The Substitute Issuer hereby appoints [Toyota Financial Services (UK) PLC of Great Burgh, Burgh
Heath, Epsom, Surrey KT18 5UZ] as its agent for service of process and agrees that, in the event of [Toyota Financial Services
(UK) PLC] ceasing so to act or ceasing to be registered in England, it will appoint another person as its agent for service of
process in England in respect of any Proceedings.]

 

IN WITNESS
whereof this Deed has been executed by and on behalf of the parties hereto as a Deed Poll as of the day and year first above
written.

 

	[Signed as a deed	)
	by [                        ]	)
	[being duly authorised attorney of]	)
	[Substitute Issuer]	)
	in the presence of:]	)
	[U.K. Substitute Issuer acting by	)
	[name of director]	)
	a Director and [name of director or secretary]	)
	[a Director][the Secretary]]	)
	 	 
	 	 
	 	 
	 	 
	[Signed as a deed	)
	by [                        ]	)
	being duly authorised attorney of	)
	[Retiring Issuer]	)
	in the presence of:	)

 

 

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