Document:

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                         RECEIVABLES PURCHASE AGREEMENT

                        TOYOTA MOTOR CREDIT CORPORATION,

                                    as Seller

                                       and

                      TOYOTA AUTO FINANCE RECEIVABLES LLC,

                                  as Purchaser

                            Dated as of March 1, 2003

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                                TABLE OF CONTENTS

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I.     DEFINITIONS

       SECTION 1.01          Definitions..................................................................1

       SECTION 1.02          Other Definitional Provisions................................................4

II.    CONVEYANCE OF RECEIVABLES

       SECTION 2.01          Conveyance of Receivables....................................................4

       SECTION 2.02          Representations and Warranties of the Seller and the Purchaser...............5

       SECTION 2.03          Representations and Warranties of the Seller as to the Receivables...........8

       SECTION 2.05          Covenants of the Seller.....................................................12

III.   PAYMENT OF RECEIVABLES PURCHASE PRICE

       SECTION 3.01          Payment of Receivables Purchase Price.......................................13

IV.    TERMINATION

       SECTION 4.01          Termination.................................................................13

V.     MISCELLANEOUS PROVISIONS

       SECTION 5.01          Amendment...................................................................13

       SECTION 5.02          Protection of Right, Title and Interest to Receivables......................14

       SECTION 5.03          Governing Law...............................................................14

       SECTION 5.04          Notices.....................................................................15

       SECTION 5.05          Severability of Provisions..................................................15

       SECTION 5.06          Assignment..................................................................15

       SECTION 5.07          Further Assurances..........................................................15

       SECTION 5.08          No Waiver; Cumulative Remedies..............................................15

       SECTION 5.09          Counterparts................................................................16

       SECTION 5.10          Third-Party Beneficiaries...................................................16

       SECTION 5.11          Merger and Integration......................................................16

       SECTION 5.12          Headings....................................................................16

       SECTION 5.13          Indemnification.............................................................16

       SECTION 5.14          Merger or Consolidation of, or Assumption of the Obligations of,
                             the Seller..................................................................16

       Schedule A - Schedule of Receivables.............................................................A-1
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       RECEIVABLES PURCHASE AGREEMENT, dated as of March 1, 2003, between Toyota
Motor Credit Corporation, a California corporation, as seller, and Toyota Auto
Finance Receivables LLC, a Delaware limited liability company, as purchaser.

       In consideration of the premises and mutual agreements herein contained,
each party agrees as follows for the benefit of the other party and for the
benefit of the Purchaser, Issuer and Indenture Trustee:

                                   ARTICLE I.

                                   DEFINITIONS

       SECTION 1.01   Definitions. Whenever used in this Agreement, the
following words and phrases shall have the following meanings:

       "Agreement" shall mean this Receivables Purchase Agreement and all
amendments hereof and supplements hereto.

       "Amount Financed" in respect of a Receivable means the aggregate amount
advanced under such Receivable toward the purchase price of the related Financed
Vehicle and any related costs, including but not limited to accessories,
insurance premiums, service and warranty contracts and other items customarily
financed as part of retail automobile and light duty truck installment sale
contracts.

       "Annual Percentage Rate" or "APR" of a Receivable means the annual rate
of finance charges specified in such Receivable.

       "Basic Documents" means this Receivables Purchase Agreement, the Trust
Agreement, the Sale and Servicing Agreement, the Indenture, the Administration
Agreement, the Securities Account Control Agreement and the other documents and
certificates delivered in connection herewith and therewith.

       "Closing Date" shall mean March 27, 2003.

       "Cutoff Date" shall mean March 1, 2003.

       "Dealer Recourse" means, with respect to a Receivable, all recourse
rights against the Dealer which originated the Receivable, and any successor
Dealer.

       "Deferred Prepayment" means, with respect to a Precomputed Receivable and
a Collection Period, the aggregate amount, if any, of Payments Ahead remitted to
the Servicer in respect of such Receivable during one or more prior Collection
Periods and currently held by the Servicer or in the Payahead Account.

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       "Financed Vehicle" means, with respect to a Receivable, the related
automobile or light duty truck, as the case may be, together with all accessions
thereto, securing the related Obligor's indebtedness under such Receivable.

       "Indenture Trustee" shall mean The Bank of New York, as indenture trustee
under the Indenture, or any successor trustee thereunder.

       "Lien" means any security interest, lien, charge, pledge, equity or
encumbrance of any kind other than tax liens, mechanics' liens and any liens
that attach to a Receivable or any property, as the context may require, by
operation of law.

       "Liquidation Proceeds" means, with respect to a Defaulted Receivable, all
amounts realized with respect to such Receivable from whatever sources
(including, without limitation, proceeds of any Insurance Policy), net of
amounts that are required by law or such Receivable to be refunded to the
related Obligor.

       "Obligor" on a Receivable means the purchaser or co-purchasers of the
related Financed Vehicle purchased in part or in whole by the execution and
delivery of such Receivable or any other Person who owes or may be liable for
payments under such Receivable.

       "Owner Trustee" shall mean U.S. Bank Trust National Association, not in
its individual capacity but solely as owner trustee under the Trust Agreement,
or any successor trustee thereunder.

       "Purchaser" shall mean Toyota Auto Finance Receivables LLC, in its
capacity as purchaser of the Receivables under this Agreement, and its
successors and assigns.

       "Receivable" means any retail installment sale contract executed by an
Obligor in respect of a Financed Vehicle, and all proceeds thereof and payments
thereunder, which Receivable shall be identified in the Schedule of Receivables.

       "Receivable File" means with respect to each Receivable:

             (a) the fully executed original of the Receivable;

             (b) documents evidencing or related to any Insurance Policy;

             (c) the original credit application of each Obligor, fully executed
       by such Obligor on TMCC's customary form, or on a form approved by TMCC,
       for such application;

             (d) the original certificate of title (or evidence that such
       certificate of title has been applied for) or such documents that the
       Servicer shall keep on file, in accordance with TMCC's customary
       procedures, evidencing the security interest in the related Financed
       Vehicle; and

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             (e) any and all other documents that the Seller or the Servicer, as
       the case may be, shall keep on file, in accordance with its customary
       procedures, relating to such Receivable or the related Obligor or
       Financed Vehicle.

       "Receivables Purchase Price" shall mean $1,586,638,487.

       "Released Warranty Amount" means, with respect to a Payment Date and to a
Warranty Receivable, the Deferred Prepayment, if any, for such Warranty
Receivable.

       "Sale and Servicing Agreement" shall mean the Sale and Servicing
Agreement dated as of March 1, 2003, by and among Toyota Auto Receivables 2003-A
Owner Trust, as issuer, Toyota Auto Finance Receivables LLC, as seller, and
Toyota Motor Credit Corporation, as servicer, and, as to which, the Indenture
Trustee is a third party beneficiary.

       "Securities Account Control Agreement" shall have the meaning ascribed
thereto in the Sale and Servicing Agreement.

       "Seller" shall mean Toyota Motor Credit Corporation, in its capacity as
seller of the Receivables under this Agreement, and its successors and assigns.

       "Schedule of Receivables" means the schedule of receivables described in
Section 2.01(a) and attached as Schedule A hereto.

       "Trust" means the Toyota Auto Receivables 2003-A Owner Trust, a Delaware
statutory trust.

       "Trust Agreement" means the Amended and Restated Trust Agreement dated as
of March 1, 2003, by and between Toyota Auto Finance Receivables LLC, as
depositor, and U.S. Bank Trust National Association, as Owner Trustee.

       "Warranty Purchase Payment" means, with respect to a Payment Date and to
(1) a Warranty Receivable which is a Precomputed Receivable repurchased by the
Seller as of the close of business on the last day of the related Collection
Period, (a) the sum of (i) all Scheduled Payments on such Receivable due after
the last day of such Collection Period, (ii) all past due Scheduled Payments for
which an Advance has not been made, (iii) an amount equal to any reimbursement
of Outstanding Advances made pursuant to Section 5.04(b) of the Sale and
Servicing Agreement with respect to such Receivable and (iv) an amount equal to
all other Outstanding Advances made pursuant to Section 5.04(c) of the Sale and
Servicing Agreement with respect to such Receivable, minus (b) the sum of (i)
any Rebate (except to the extent specified in Section 4.03 of the Sale and
Servicing Agreement) and (ii) any other proceeds in respect of such Receivable
received during any Collection Period prior to or during such Collection Period
(to the extent applied to reduce the Principal Balance of such Receivable on
such Payment Date), and (2) a Warranty Receivable which is a Simple Interest
Receivable repurchased by the Seller as of the close of business on the last day
of the related Collection Period, the sum of (a) the unpaid Principal Balance
owed by the Obligor in respect of such Receivable as of the last day of the
related Collection Period plus (b) interest on such unpaid

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Principal Balance at a rate equal to the related APR to the last day in the
related Collection Period.

       "Warranty Receivable" means a Receivable purchased by the Seller pursuant
to Section 2.03(c).

       SECTION 1.02   Other Definitional Provisions.

             (a) All capitalized terms not otherwise defined in this Agreement
shall have the defined meanings used in the Sale and Servicing Agreement or
Trust Agreement, as the case may be.

             (b) The words "hereof," "herein" and "hereunder" and words of
similar import when used in this Agreement shall refer to this Agreement as a
whole and not to any particular provision of this Agreement; Section, subsection
and Schedule references contained in this Agreement are references to Sections,
subsections and Schedules in or to this Agreement unless otherwise specified;
and the word "including" means including without limitation.

                                   ARTICLE II.

                            CONVEYANCE OF RECEIVABLES
                            -------------------------

       SECTION 2.01   Conveyance of Receivables.

             (a) Subject to the terms and conditions of this Agreement, on the
Closing Date the Seller agrees to sell to the Purchaser, and the Purchaser
agrees to purchase from the Seller, without recourse (subject to the Seller's
obligations hereunder):

             (i) all right, title and interest of the Seller in and to the
             Receivables listed in the Schedule of Receivables and all monies
             due thereon or paid thereunder or in respect thereof (including
             proceeds of the repurchase of Receivables by the Seller pursuant
             to Section 2.03(c)) on or after the Cutoff Date;

             (ii) the interest of the Seller in the security interests in the
             Financed Vehicles granted by the Obligors pursuant to the
             Receivables and any accessions thereto;

             (iii) the interest of the Seller in any proceeds of any physical
             damage insurance policies covering Financed Vehicles and in any
             proceeds of any credit life or credit disability insurance
             policies relating to the Receivables or the Obligors;

             (iv) the interest of the Seller in any Dealer Recourse;

             (v) the right of the Seller to realize upon any property
             (including the right to receive future Liquidation Proceeds) that
             shall have secured a Receivable and have been repossessed in
             accordance with the terms thereof; and

             (vi) all proceeds of the foregoing.

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       It is the intention of the Seller that the transfer and assignment
contemplated by this Agreement shall constitute a sale of the Receivables from
the Seller to the Purchaser and the beneficial interest in and title to the
Receivables shall not be part of the Seller's estate in the event of the filing
of a bankruptcy petition by or against the Seller under any bankruptcy law. The
Seller agrees to execute and file all filings (including filings under the UCC)
necessary in any jurisdiction to provide third parties with notice of the sale
of the Receivables pursuant to this Agreement and to perfect such sale under the
UCC.

             (b) In connection with the foregoing conveyance, the Seller agrees
to record and file in California, at its own expense, a financing statement with
respect to the Receivables necessary to provide third parties with notice of the
conveyance hereunder and to perfect the sale of the Receivables to the
Purchaser, and the proceeds thereof (and any continuation statements as are
required by applicable state law), and to deliver a file-stamped copy of each
such financing statement (or continuation statement) or other evidence of such
filings (which may, for purposes of this Section, consist of telephone
confirmation of such filing with the file stamped copy of each such filing to be
provided to the Purchaser in due course), as soon as is practicable after
receipt by the Seller thereof.

       In connection with the foregoing conveyance, the Seller further agrees,
at its own expense, on or prior to the Closing Date (i) to annotate and indicate
in its computer files that the Receivables have been transferred to the
Purchaser pursuant to this Agreement, (ii) to deliver to the Purchaser a
computer file or printed or microfiche list containing a true and complete list
of all such Receivables, identified by account number and by the Principal
Balance of each Receivable as of the Cutoff Date, which file or list shall be
marked as Schedule A to this Agreement and is hereby incorporated into and made
a part of this Agreement and (iii) to deliver the Receivable Files to or upon
the order of the Purchaser.

       SECTION 2.02   Representations and Warranties of the Seller and the
Purchaser.

             (a) The Seller hereby represents and warrants to the Purchaser as
of the date of this Agreement and the Closing Date that:

             (i) Organization and Good Standing. The Seller shall have been
             duly organized and shall be validly existing as a corporation in
             good standing under the laws of the State of California, with
             corporate power and authority to own its properties and to conduct
             its business as such properties shall be currently owned and such
             business is presently conducted, and had at all relevant times,
             and shall now have, corporate power, authority and legal right to
             acquire, own and sell the Receivables.

             (ii) Due Qualification. The Seller shall be duly qualified to do
             business as a foreign corporation in good standing, and shall have
             obtained all necessary licenses and approvals in all jurisdictions
             in which the ownership or lease of property or the conduct of its
             business shall require such qualifications and where the failure
             to so qualify will have a material adverse effect on the ability
             of the Seller to conduct its business or perform its obligations
             under this Agreement.

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             (iii) Power and Authority. The Seller shall have the corporate
             power and authority to execute and deliver this Agreement and to
             carry out its terms; and the execution, delivery and performance
             of this Agreement shall have been duly authorized by the Seller by
             all necessary corporate action.

             (iv) Binding Obligation. This Agreement shall constitute a legal,
             valid and binding obligation of the Seller enforceable in
             accordance with its terms, except as enforceability may be limited
             by bankruptcy, insolvency, reorganization, moratorium and other
             similar laws affecting creditors' rights generally or by general
             principles of equity.

             (v) No Violation. The consummation of the transactions
             contemplated by this Agreement and the fulfillment of the terms
             hereof shall not conflict with, result in any breach of any of the
             terms and provisions of, nor constitute (with or without notice or
             lapse of time) a default under, the articles of incorporation or
             bylaws of the Seller, or conflict with or breach any of the
             material terms or provisions of, or constitute (with or without
             notice or lapse of time) a default under, any indenture, agreement
             or other instrument to which the Seller is a party or by which it
             shall be bound; nor result in the creation or imposition of any
             lien upon any of its properties pursuant to the terms of any such
             indenture, agreement or other instrument (other than the Basic
             Documents); nor violate any law or, to the best of the Seller's
             knowledge, any order, rule or regulation applicable to the Seller
             of any court or of any federal or state regulatory body,
             administrative agency or other governmental instrumentality having
             jurisdiction over the Seller or its properties; which breach,
             default, conflict, lien or violation would have a material adverse
             effect on the earnings, business affairs or business prospects of
             the Seller.

             (vi) No Proceedings. There is no action, suit or proceeding before
             or by any court or governmental agency or body, domestic or
             foreign, now pending, or to the Seller's knowledge, threatened,
             against or affecting the Seller: (i) asserting the invalidity of
             this Agreement, (ii) seeking to prevent the consummation of any of
             the transactions contemplated by this Agreement or (iii) seeking
             any determination or ruling that might materially and adversely
             effect the performance by the Seller of its obligations under, or
             the validity or enforceability of, this Agreement.

             (b) The Purchaser hereby represents and warrants to the Seller as
of the date of this Agreement and the Closing Date that:

             (i) Organization and Good Standing. The Purchaser shall have been
             duly organized and shall be validly existing as a limited
             liability company in good standing under the laws of the State of
             Delaware, and has power and authority to own its properties and to
             conduct its business as such properties shall be currently owned
             and such business is presently conducted, and had at all relevant
             times, and shall now have, power, authority and legal right to
             acquire and own the Receivables.

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             (ii) Due Qualification. The Purchaser shall be duly qualified to
             do business as a foreign limited liability company in good
             standing, and shall have obtained all necessary licenses and
             approvals in all jurisdictions in which the ownership or lease of
             property or the conduct of its business shall require such
             qualifications and where the failure to so qualify will have a
             material adverse effect on the ability of the Purchaser to conduct
             its business or perform its obligations under this Agreement.

             (iii) Power and Authority. The Purchaser shall have the power and
             authority to execute and deliver this Agreement and to carry out
             its terms; the Purchaser shall have full power and authority to
             purchase the property to be purchased and shall have duly
             authorized such purchase; and the execution, delivery and
             performance of this Agreement shall have been duly authorized by
             the Purchaser by all necessary action.

             (iv) Binding Obligation. This Agreement shall constitute a legal,
             valid and binding obligation of the Purchaser enforceable in
             accordance with its terms, except as enforceability may be limited
             by bankruptcy, insolvency, reorganization, moratorium and other
             similar laws affecting creditors' rights generally or by general
             principles of equity.

             (v) No Violation. The consummation of the transactions
             contemplated by this Agreement and the fulfillment of the terms
             hereof shall not conflict with, result in any breach of any of the
             terms and provisions of, nor constitute (with or without notice or
             lapse of time) a default under, the certificate of formation or
             limited liability company agreement of the Purchaser, or conflict
             with or breach any of the material terms or provisions of, or
             constitute (with or without notice or lapse of time) a default
             under, any indenture, agreement or other instrument to which the
             Purchaser is a party or by which it shall be bound; nor result in
             the creation or imposition of any Lien upon any of its properties
             pursuant to the terms of any such indenture, agreement or other
             instrument (other than the Basic Documents), nor violate any law
             or, to the best of the Purchaser's knowledge, any order, rule or
             regulation applicable to the Purchaser of any court or of any
             federal or state regulatory body, administrative agency or other
             governmental instrumentality having jurisdiction over the
             Purchaser or its properties; which breach, default, conflict, Lien
             or violation would have a material adverse affect on the earnings,
             business affairs or business prospects of the Purchaser.

             (vi) No Proceedings. There is no action, suit or proceeding before
             or by any court or governmental agency or body, domestic or
             foreign, now pending, or to the Purchaser's knowledge, threatened,
             against or affecting the Purchaser: (i) asserting the invalidity
             of this Agreement, (ii) seeking to prevent the consummation of any
             of the transactions contemplated by this Agreement or (iii)
             seeking any determination or ruling that might materially and
             adversely affect the performance by the Purchaser of its
             obligations under, or the validity or enforceability of, this
             Agreement.

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             (c) The representations and warranties set forth in this Section
shall survive the sale of the Receivables by the Seller to the Purchaser
pursuant to this Agreement and the sale of the Receivables by the Purchaser to
the Issuer pursuant to the Sale and Servicing Agreement. Upon discovery by the
Seller, the Purchaser or the Owner Trustee of a breach of any of the foregoing
representations and warranties, the party discovering such breach shall give
prompt written notice to the others.

       SECTION 2.03   Representations and Warranties of the Seller as to the
Receivables.

             (a) Eligibility of Receivables. The Seller hereby represents and
warrants as of the Cutoff Date that:

             (i) Characteristics of Receivables. Each Receivable (A) shall have
       been originated in the United States by a Dealer for the retail sale of
       the related Financed Vehicle in the ordinary course of such Dealer's
       business, shall have been fully and properly executed by the parties
       thereto, shall have been purchased by the Seller from such Dealer under
       an existing agreement with the Seller and shall have been validly
       assigned by such Dealer to the Seller in accordance with the terms of
       such agreement, (B) shall have created or shall create a valid,
       subsisting and enforceable first priority security interest in favor of
       the Seller in the related Financed Vehicle, which security interest shall
       be assignable and has been assigned by the Seller to the Purchaser, (C)
       shall provide for monthly payments that fully amortize the Amount
       Financed by maturity (except for minimally different payments in the
       first or last month in the life of the Receivable) and provide for a
       finance charge or yield interest at its APR, in either case calculated
       based on the Rule of 78s, the simple interest method or the actuarial
       method, (D) shall contain customary and enforceable provisions such that
       the rights and remedies of the holder thereof shall be adequate for
       realization against the collateral of the benefits of the security and
       (E) shall provide for, in the event that such Receivable is prepaid, a
       prepayment that fully pays the Principal Balance and includes accrued but
       unpaid interest.

             (ii) Schedule of Receivables. The information set forth in the
       Schedule of Receivables shall be true and correct in all material
       respects as of the opening of business on the Cutoff Date, the
       Receivables were selected at random from the retail installment sale
       contracts included in the portfolio of the Seller meeting the selection
       criteria set forth in this Section and no selection procedures believed
       to be adverse to the interests of any Securityholders shall have been
       utilized in selecting the Receivables.

             (iii) Compliance with Law. To the knowledge of the Seller, each
       Receivable, including each form of contract used to originate each
       Receivable and each sale of the related Financed Vehicle, shall have
       complied at the time such form of contract was used or such sale was
       originated or made, and shall comply at the time of execution of this
       Agreement in all material respects with all requirements of applicable
       federal, state and local laws, and regulations thereunder, including
       usury laws, the Federal Truth-in-Lending Act, the Equal Credit
       Opportunity Act, the Fair Credit Billing Act, the Fair Credit Reporting
       Act, the Fair Debt Collection Practices Act, the Federal Trade

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       Commission Act, the Magnuson-Moss Warranty Act, Federal Reserve Board
       Regulations B, M and Z, to the extent applicable, state adaptations of
       the National Consumer Act and of the Uniform Consumer Credit Code and
       other consumer credit, equal credit opportunity and disclosure laws,
       except with respect to applicable Florida documentary stamp taxes as to
       which the effect of noncompliance will not have a material adverse effect
       on such Receivable.

             (iv) Binding Obligation. Each Receivable shall constitute the
       legal, valid and binding payment obligation in writing of the related
       Obligor, enforceable by the holder thereof in accordance with its terms,
       except as enforceability may be limited by bankruptcy, insolvency,
       reorganization, moratorium and other similar laws affecting the
       enforcement of creditors' rights in general and by general principles of
       equity, regardless of whether such enforceability shall be considered in
       a proceeding in equity or at law.

             (v) No Bankrupt Obligors. None of the Receivables shall be due, to
       the best knowledge of the Seller, from any Obligor who is presently the
       subject of a bankruptcy proceeding or is insolvent.

             (vi) No Government Obligors. None of the Receivables shall be due
       from the United States or any state, or from any agency, department or
       instrumentality of the United States or any state or local government.

             (vii) Employee Obligors. None of the Receivables shall be due from
       any employee of the Seller, the Purchaser or any of their respective
       affiliates.

             (viii) Security Interest in Financed Vehicles. Immediately prior to
       the sale, assignment and transfer thereof pursuant hereto, each
       Receivable shall be secured by a validly perfected first priority
       security interest in the related Financed Vehicle in favor of the Seller
       as secured party or all necessary and appropriate action with respect to
       such Receivable shall have been taken to perfect a first priority
       security interest in such Financed Vehicle in favor of the Seller as
       secured party.

             (ix) Receivables in Force. No Receivable shall have been satisfied,
       subordinated or rescinded, nor shall any Financed Vehicle have been
       released in whole or in part from the lien granted by the related
       Receivable.

             (x) No Waivers. No provision of a Receivable shall have been waived
       in such a manner that such Receivable fails to meet all of the other
       representations and warranties made by the Seller herein with respect
       thereto.

             (xi) No Amendments. No Receivable shall have been amended or
       modified in such a manner that the total number of Scheduled Payments has
       been increased or that the related Amount Financed has been increased or
       that such Receivable fails to meet all of the other representations and
       warranties made by the Seller herein with respect thereto.

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             (xii) No Defenses. No facts shall be known to the Seller which
       would give rise to any right of rescission, setoff, counterclaim or
       defense, nor shall the same have been asserted or threatened, with
       respect to any Receivable.

             (xiii) No Liens. To the knowledge of the Seller, no liens or claims
       shall have been filed as of the date of this Agreement, including liens
       for work, labor or materials relating to a Financed Vehicle, that shall
       be liens prior to, or equal or coordinate with, the security interest in
       such Financed Vehicle granted by the related Receivable, which Liens
       shall not have been released or satisfied as of the Closing Date.

             (xiv) No Defaults; No Repossession. Except for payment defaults
       that, as of the Cutoff Date, have been continuing for a period of not
       more than 30 days, no default, breach, violation or event permitting
       acceleration under the terms of any Receivable shall have occurred as of
       the Cutoff Date; no continuing condition that with notice or the lapse of
       time would constitute a default, breach, violation or event permitting
       acceleration under the terms of any Receivable shall have arisen; the
       Seller shall not have waived any of the foregoing; and no Financed
       Vehicle has been repossessed without reinstatement as of the Cutoff Date.

             (xv) Insurance. The terms of each Receivable require the Obligor to
       obtain and maintain physical damage insurance covering the related
       Financed Vehicle in accordance with the Seller's normal requirements. The
       terms of each Receivable allow, but do not require the Seller to (and the
       Seller, in accordance with its current normal servicing procedures, does
       not) obtain any such coverage on behalf of the Obligor.

             (xvi) Good Title. It is the intention of the Seller that the
       transfer and assignment herein contemplated, taken as a whole, constitute
       a sale of the Receivables from the Seller to the Purchaser and that the
       beneficial interest in and title to the Receivables not be part of the
       debtor's estate in the event of the filing of a bankruptcy petition by or
       against the Seller under any bankruptcy law. No Receivable has been sold,
       transferred, assigned or pledged by the Seller to any Person other than
       the Purchaser, and no provision of a Receivable shall have been waived,
       as provided in clause (x) above; immediately prior to the transfer and
       assignment herein contemplated, the Seller had good and marketable title
       to each Receivable free and clear of all Liens and rights of others;
       immediately upon the transfer and assignment thereof, the Purchaser shall
       have good and marketable title to each Receivable, free and clear of all
       Liens and rights of others; and the transfer and assignment herein
       contemplated has been perfected under the UCC.

             (xvii) Lawful Assignment. No Receivable shall have been originated
       in, or shall be subject to the laws of, any jurisdiction under which the
       sale, transfer and assignment of such Receivable under this Agreement or
       pursuant to transfers of the related certificates of title shall be
       unlawful, void or voidable.

             (xviii) All Filings Made. As of the Closing Date, all filings
       (including UCC filings) necessary in any jurisdiction to provide third
       parties with notice of the transfer

                                       10
<PAGE>

       and assignment herein contemplated, to perfect the sale of the
       receivables from the Seller to the Purchaser and to give the Purchaser a
       first priority perfected security interest in the Receivables shall have
       been made.

             (xix) One Original. There shall be only one original executed copy
       of each Receivable.

             (xx) Chattel Paper. Each Receivable constitutes "tangible chattel
       paper" or "electronic chattel paper" each as defined in the UCC.

             (xxi) Additional Representations and Warranties. (A) Each
       Receivable shall have an original number of Scheduled Payments of not
       less than 12 nor more than 72 and, as of the Cutoff Date, a remaining
       number of Scheduled Payments of not less than 5 nor more than 72; (B)
       each Receivable provides for the payment of a finance charge based on an
       APR ranging from 0.00% to 10.00%; (C) each Receivable shall have had an
       original principal balance of not less than $1,595 and not more than
       $122,693 and, as of the Cutoff Date, an unpaid principal balance of not
       less than $250 nor more than $60,000; (D) no Receivable was originated
       under a special financing program; (E) no Receivable shall have a
       Scheduled Payment that is more than 30 days past due as of the Cutoff
       Date; (F) no Financed Vehicle was subject to force-placed insurance as of
       the Cutoff Date; (G) there is no Receivable as to which payments ahead of
       more than 6 Scheduled Payments have been received from or on behalf of
       the related Obligor; and (H) each Receivable is being serviced by Toyota
       Motor Credit Corporation.

       (b) Notice of Breach. The representations and warranties set forth in
this Section shall speak as of the execution and delivery of this Agreement, but
shall survive the sale, transfer and assignment of the Receivables to the
Purchaser and any subsequent assignment or transfer pursuant to Article Two of
the Sale and Servicing Agreement. The Purchaser, the Seller or the Owner
Trustee, as the case may be, shall inform the other parties promptly, in
writing, upon discovery of any breach of the Seller's representations and
warranties pursuant to this Section which materially and adversely affects the
interests of the Purchaser (or any assignee thereof) in any Receivable.

       SECTION 2.04   Repurchase of Receivables. In the event of a breach of any
representation or warranty set forth in Section 2.03(a) which materially and
adversely affects the interest of the Purchaser (or any assignee thereof) in any
Receivable, unless such breach shall have been cured in all material respects,
the Seller shall repurchase such Receivable by the last day of the second
Collection Period following the Collection Period in which the discovery of the
breach is made or notice is received, as the case may be (or, at the option of
the Seller, the last day in the first Collection Period following the Collection
Period in which such discovery is made or such notice received). This repurchase
obligation shall obtain for all representations and warranties of the Seller
contained in Section 2.03(a) of this Agreement whether or not the Seller has
knowledge of the breach at the time of the breach or at the time the
representations and warranties were made. In consideration of the purchase of
any such Receivable, the Seller shall remit an amount equal to the Warranty
Purchase Payment in respect of such Receivable to the Purchaser, and the Seller
shall be entitled to receive the Released Warranty Amount from (or on

                                       11
<PAGE>

behalf of) the Purchaser. Except as described below, the sole remedy of the
Purchaser (or any assignee thereof) with respect to a breach of the Seller's
representations and warranties pursuant to this Agreement shall be to require
the Seller to repurchase the related Receivable pursuant to this Section. Upon
any such repurchase, the Purchaser shall, without further action, be deemed to
transfer, assign, set-over and otherwise convey to the Seller, without recourse,
representation or warranty, all the right, title and interest of the Purchaser
in, to and under such repurchased Receivable, all monies due or to become due
with respect thereto and all proceeds thereof. The Purchaser or the Owner
Trustee, as applicable, shall execute such documents and instruments of transfer
or assignment and take such other actions as shall reasonably be requested by
the Seller to effect the conveyance of such Receivable pursuant to this Section.
The Seller hereby indemnifies the Purchaser for any civil liabilities relating
to a determination that the disclosures in the forms of contracts used to
originate Receivables in Massachusetts violate Massachusetts General Laws
Chapter 255B, Section 14, or Massachusetts General Laws Chapter 140D and the
regulations promulgated by the Division of Banks thereunder with respect to
Truth-in-Lending appearing at 209 CMR 32.00.

       SECTION 2.05   Covenants of the Seller. The Seller hereby covenants that:

              (a) Security Interests. Except for the conveyances hereunder, the
Seller will not sell, pledge, assign or transfer to any other Person, or grant,
create, incur, assume or suffer to exist any Lien on any Receivable, whether now
existing or hereafter created, or any interest therein, the Seller will
immediately notify the Purchaser of the existence of any Lien on any Receivable
and, in the event that the interests of the Purchaser (or any assignee thereof)
in such Receivable are materially and adversely affected, such Receivable shall
be repurchased from the Purchaser by the Seller in the manner and with the
effect specified in Section 2.03(c), and the Seller shall defend the right,
title and interest of the Purchaser in, to and under the Receivables, whether
now existing or hereafter created, against all claims of third parties claiming
through or under the Seller; provided, however, that nothing in this subsection
shall prevent or be deemed to prohibit the Seller from suffering to exist upon
any of the Receivables, Liens for municipal or other local taxes if such taxes
shall not at the time be due and payable or if the Seller shall currently be
contesting the validity of such taxes in good faith by appropriate proceedings
and shall have set aside on its books adequate reserves with respect thereto.

              (b) Delivery of Payments. The Seller agrees to deliver in kind
upon receipt to the Servicer under the Sale and Servicing Agreement (if other
than the Seller) all payments received by the Seller in respect of the
Receivables as soon as practicable after receipt thereof by the Seller from and
after the appointment of the Servicer as Servicer under the Sale and Servicing
Agreement with respect to the Toyota Auto Receivables 2003-A Owner Trust.

              (c) Conveyance of Receivables. The Seller covenants and agrees
that it will not convey, assign, exchange, allow control over or otherwise
transfer the Receivables to any Person prior to the termination of this
Agreement pursuant to Article IV hereof.

              (d) No Impairment. The Seller shall take no action, nor omit to
take any action, which would impair the rights of the Purchaser in any
Receivable, nor shall it, except as

                                       12
<PAGE>

expressly provided in this Agreement or the Sale and Servicing Agreement,
reschedule, revise or defer payments due on any Receivable.

              (e) Enforcement of Contractual Provisions. The Servicer will not
seek to enforce against any obligor under any retail installment contract or
interpose as a defense to any claim by any obligor the provision in any Texas
contract relating to Texas Finance Code ss.348.412, in which the obligor agreed
not to assert against a subsequent holder or assignee of the contract any claims
or defenses the obligor may have against the seller or manufacturer of the
vehicle.

              (f) Delivery of Opinion of Counsel. On the Closing Date, the
Seller will obtain and deliver to the Purchaser an Opinion of Counsel to the
effect that all of the Receivables originated in the State of California are
enforceable under California law and applicable federal laws, subject to
customary exceptions.

                                  ARTICLE III.

                      PAYMENT OF RECEIVABLES PURCHASE PRICE
                      -------------------------------------

       SECTION 3.01   Payment of Receivables Purchase Price. In consideration of
the sale of the Receivables from the Seller to the Purchaser as provided in
Section 2.01, on the Closing Date the Purchaser agrees to pay the Seller an
amount equal to the Receivables Purchase Price. The Receivables Purchase Price
shall be paid in the form of (i) $1,499,952,829, the net cash proceeds from the
sale by the Purchaser of the Class A-2 Notes, the Class A-3A Notes, the Class
A-3B and the Class A-4 Notes and the net cash proceeds of the sale of the Class
A-1 Notes to TMCC (less amounts retained to pay expenses of the Purchaser), and
(ii) $86,685,658, evidenced by an advance under a subordinated non-recourse
promissory note.

                                   ARTICLE IV.

                                   TERMINATION
                                   -----------

       SECTION 4.01   Termination. The respective obligations and
responsibilities of the Seller and the Purchaser created hereby shall terminate,
except for the indemnity obligations of the Seller as provided herein, upon the
termination of the Trust Agreement and dissolution of the Issuer as provided in
Article IX of the Trust Agreement.

                                   ARTICLE V.

                            MISCELLANEOUS PROVISIONS
                            ------------------------

       SECTION 5.01   Amendment.

              (a) This Agreement may be amended from time to time by the
Purchaser and the Seller to cure any ambiguity, to correct or supplement any
provision herein which may be inconsistent with any other provision herein, or
to add any other provision with respect to matters or questions arising under
this Agreement which shall not be inconsistent with the provisions of

                                       13
<PAGE>

this Agreement or the Trust Agreement and Sale and Servicing Agreement;
provided, however, that such action shall not, as evidenced by an Opinion of
Counsel to the Purchaser delivered to the Owner Trustee, adversely affect in any
material respect the interests of the Issuer as assignee of the Purchaser's
rights and interests hereunder.

              (b) This Agreement may also be amended from time to time by the
Purchaser and the Seller with the consent of the Owner Trustee for the purpose
of adding any provisions to or changing in any manner or eliminating any of the
provisions of this Agreement.

       SECTION 5.02   Protection of Right, Title and Interest to Receivables.

              (a) The Seller at its expense shall cause this Agreement, all
amendments hereto and/or all financing statements and continuation statements
and any other necessary documents covering the Purchaser's right, title and
interest to the Receivables and other property conveyed by the Seller to the
Purchaser hereunder to be promptly recorded, registered and filed, and at all
times to be kept recorded, registered and filed, all in such manner and in such
places as may be required by law fully to preserve and protect the right, title
and interest of the Purchaser hereunder to all of the Receivables and such other
property. The Seller shall deliver to the Purchaser file-stamped copies of, or
filing receipts for, any document recorded, registered or filed as provided
above, as soon as available following such recording, registration or filing.
The Purchaser and the Owner Trustee shall cooperate fully with the Seller in
connection with the obligations set forth above and will execute any and all
documents reasonably required to fulfill the intent of this subsection.

              (b) Within 30 days after the Seller makes any change in (i) its
location of organization under Section 9-307(e) of the UCC or (ii) its name,
identity or corporate structure which would make any financing statement or
continuation statement filed in accordance with paragraph (a) above seriously
misleading within the meaning of Section 9-507 or 9-508 of the UCC as in effect
in the applicable state, the Seller shall give the Purchaser notice of any such
change and shall execute and file such financing statements or amendments as may
be necessary to continue the perfection of the Purchaser's security interest in
the Receivables and the proceeds thereof.

              (c) The Seller will give the Purchaser prompt written notice of
any relocation of any office from which the Seller keeps records concerning the
Receivables or of its principal executive office and whether, as a result of
such relocation, the applicable provisions of the UCC would require the filing
of any amendment of any previously filed financing or continuation statement or
of any new financing statement and shall execute and file such financing
statements or amendments as may be necessary to continue the perfection of the
interest of the Purchaser in the Receivables and the proceeds thereof.

       SECTION 5.03   Governing Law. This Agreement shall be construed in
accordance with the laws of the State of New York and the obligations, rights
and remedies of the parties hereunder shall be determined in accordance with
such laws.

                                       14
<PAGE>

       SECTION 5.04   Notices. All demands, notices and communications hereunder
shall be in writing and shall be deemed to have been duly given if personally
delivered at or mailed by registered mail, return receipt requested, to (a) in
the case of the Purchaser, to Toyota Auto Finance Receivables LLC, 19300
Gramercy Place, Torrance, California 90509, Attention: President; (b) in the
case of Toyota Motor Credit Corporation, 19001 South Western Avenue, Torrance,
California 90501, Attention: Treasury Department, Vice President, Treasury; and
(c) in the case of the Owner Trustee, to U.S. Bank Trust National Association,
300 Delaware Avenue, Suite 813, Wilmington, Delaware 19801-1515; (d) in the case
of the Indenture Trustee, to The Bank of New York, 101 Barclay Street, 8 West,
New York, New York 10286; or, as to any of such Persons, at such other address
as shall be designated by such Person in a written notice to the other Persons.

       SECTION 5.05   Severability of Provisions. If any one or more of the
covenants, agreements, provisions or terms of this Agreement shall for any
reason whatsoever be held invalid, then such covenants, agreements, provisions
or terms shall be deemed severable from the remaining covenants, agreements,
provisions and terms of this Agreement and shall in no way affect the validity
or enforceability of the other provisions of this Agreement.

       SECTION 5.06   Assignment. This Agreement may not be assigned by the
Purchaser or the Seller except as contemplated by this Section, Section 5.14 of
this Agreement, the Trust Agreement and the Sale and Servicing Agreement;
provided, however, that simultaneously with the execution and delivery of this
Agreement, the Purchaser shall assign all of its right, title and interest
herein to the Owner Trustee for the benefit of any Securityholders as provided
in Section 2.01 of the Sale and Servicing Agreement, to which the Seller hereby
expressly consents. The Seller also acknowledges that the Issuer will further
assign the rights and interests of the Purchaser hereunder to the Indenture
Trustee for the benefit of the Noteholders pursuant to the Indenture. The Seller
agrees to perform its obligations hereunder for the benefit of the Issuer, and
agrees that the Owner Trustee or the Indenture trustee, as applicable, may
enforce the provisions of this Agreement, exercise the rights of the Purchaser
and enforce the obligations of the Seller hereunder without the consent of the
Purchaser.

       SECTION 5.07   Further Assurances. The Seller and the Purchaser agree to
do and perform, from time to time, any and all acts and to execute any and all
further instruments required or reasonably requested by the other party hereto
or by the Owner Trustee more fully to effect the purposes of this Agreement,
including, without limitation, the execution of any financing statements,
amendments, continuation statements or releases relating to the Receivables for
filing under the provisions of the UCC or other law of any applicable
jurisdiction.

       SECTION 5.08   No Waiver; Cumulative Remedies. No failure to exercise and
no delay in exercising, on the part of the Purchaser, the Owner Trustee, the
Indenture Trustee or the Seller, of any right, remedy, power or privilege
hereunder shall operate as a waiver thereof; nor shall any single or partial
exercise of any right, remedy, power or privilege hereunder preclude any other
or further exercise thereof or the exercise of any other right, remedy, power or
privilege. The rights, remedies, powers and privileges herein provided are
cumulative and not exhaustive of any rights, remedies, powers and privileges
provided by law.

                                       15
<PAGE>

       SECTION 5.09   Counterparts. This Agreement may be executed in two or
more counterparts (and by different parties on separate counterparts), each of
which shall be an original, but all of which together shall constitute one and
the same instrument.

       SECTION 5.10   Third-Party Beneficiaries. This Agreement will inure to
the benefit of and be binding upon the parties signatory hereto, and the Owner
Trustee for the benefit of any Securityholders, which shall be considered to be
a third-party beneficiary hereof. Except as otherwise provided in this
Agreement, no other Person will have any right or obligation hereunder.

       SECTION 5.11   Merger and Integration. Except as specifically stated
otherwise herein, this Agreement sets forth the entire understanding of the
parties relating to the subject matter hereof, and all prior understandings,
written or oral, are superseded by this Agreement. This Agreement may not be
modified, amended, waived or supplemented except as provided herein.

       SECTION 5.12   Headings. The headings herein are for purposes of
reference only and shall not otherwise affect the meaning or interpretation of
any provision hereof.

       SECTION 5.13   Indemnification. The Seller shall indemnify and hold
harmless the Purchaser, the Issuer, the Owner Trustee and the Securityholders
from and against any and all costs, expenses, losses, claims, damages, injury
and liabilities to the extent that such cost, expense, loss, claim, damage or
liability arose out of, and was imposed upon such Person through the willful
misconduct or negligence of the Seller in the performance of its duties under
this Agreement or by reason of reckless disregard of its obligations and duties
under this Agreement, including, but not limited to, any judgment, award,
settlement, reasonable attorneys' fees and other costs or expenses incurred in
connection with the defense of any actual or threatened action, proceeding or
claim; provided, however, that the Seller shall not indemnify any such Person if
such acts, omissions or alleged acts or omissions constitute negligence or
willful misconduct by the Purchaser, the Owner Trustee or any Securityholders.
In case any such action is brought against a party indemnified under this
Section 5.13 and it notifies the Seller of the commencement thereof, the Seller
will assume the defense thereof, with counsel reasonably satisfactory to such
indemnified party (who may, unless there is, as evidenced by an Opinion of
Counsel stating that there is an unwaivable conflict of interest, be counsel to
the Seller), and the Seller will not be liable to such indemnified party under
this Section for any legal or other expenses subsequently incurred by such
indemnified party in connection with the defense thereof, other than reasonable
costs of investigation.

       SECTION 5.14   Merger or Consolidation of, or Assumption of the
Obligations of, the Seller.

              (a) The Seller shall not consolidate with or merge into any other
corporation or convey or transfer its properties and assets substantially as an
entirety to any Person, unless:

              (i) the corporation formed by such consolidation or into which the
              Seller is merged or the Person which acquires by conveyance or
              transfer the properties and assets of the Seller substantially as
              an entirety shall be organized and existing

                                       16
<PAGE>

              under the laws of the United States or any State or the District
              of Columbia, and, if the Seller is not the surviving entity, shall
              expressly assume, by an agreement supplemental hereto, executed
              and delivered to the Purchaser and the Owner Trustee, in form
              reasonably satisfactory to the Purchaser and the Owner Trustee,
              the performance of every covenant and obligation of the Seller
              hereunder and shall benefit from all the rights granted to the
              Seller hereunder in all material respects; and

              (ii) The Seller shall have delivered to the Purchaser and the
              Owner Trustee an Officer's Certificate of the Seller and an
              Opinion of Counsel each stating that such consolidation, merger,
              conveyance or transfer and such supplemental agreement comply with
              this Section and that all conditions precedent herein provided for
              relating to such transaction have been complied with.

              (b) The obligations of the Seller hereunder shall not be
assignable nor shall any Person succeed to the obligations of the Seller
hereunder except in each case in accordance with the provisions of the foregoing
paragraph and of Section 5.06.

                [Remainder of the page intentionally left blank]

                                       17
<PAGE>

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

                                TOYOTA MOTOR CREDIT CORPORATION,
                                as Seller

                                By: /s/ George E. Borst
                                    --------------------------------------------
                                    Name:  George E. Borst
                                    Title: President and Chief Executive Officer

                                TOYOTA AUTO FINANCE RECEIVABLES LLC,
                                as Purchaser

                                By: /s/ Lloyd Mistele
                                    --------------------------------------------
                                    Name:  Lloyd Mistele
                                    Title: President

     ACCEPTED:

     U.S. BANK TRUST NATIONAL ASSOCIATION,
      not in its individual capacity
      but solely as Owner Trustee

     By: /s/ Nancie J. Arvin
         ---------------------------------
         Name:  Nancie J. Arvin
         Title: Vice President

     THE BANK OF NEW YORK
       not in its individual capacity
       but solely as Indenture Trustee

     By: /s/ John Bobko
         ---------------------------------
         Name:  John Bobko
         Title: Assistant Vice President

                                       S-1
<PAGE>

                                                                      SCHEDULE A

                             SCHEDULE OF RECEIVABLES

                   Omitted -- originals on file at the offices
               of the Seller, the Purchaser and the Owner Trustee

                                       A-1<PAGE>

                   TOYOTA AUTO RECEIVABLES 2003-A OWNER TRUST
                          (a Delaware Statutory Trust)

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

                      AMENDED AND RESTATED TRUST AGREEMENT

                                     between

                      TOYOTA AUTO FINANCE RECEIVABLES LLC,
                                  as Depositor,

                                       and

                      U.S. BANK TRUST NATIONAL ASSOCIATION,
                                as Owner Trustee

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

                            Dated as of March 1, 2003

<PAGE>

                                TABLE OF CONTENTS

<TABLE>
<CAPTION>
                                                                              PAGE
                                                                              ----
                                    ARTICLE I

                                   DEFINITIONS
<S>               <C>                                                         <C>
Section 1.01      Definitions..................................................1
Section 1.02      Usage of Terms...............................................4

                                   ARTICLE II

                                CREATION OF TRUST

Section 2.01      Creation of Trust............................................4
Section 2.02      Office.......................................................4
Section 2.03      Purposes and Powers..........................................5
Section 2.04      Power of Attorney............................................5
Section 2.05      Declaration of Trust.........................................6
Section 2.06      Liability of the Certificateholder and TMCC..................6
Section 2.07      Title to Trust Property......................................6
Section 2.08      Situs of Trust...............................................6
Section 2.09      Representations and Warranties of the Depositor..............7
Section 2.10      Federal Income Tax Allocations...............................8

                                   ARTICLE III

                                   CERTIFICATE

Section 3.01      The Certificate..............................................8
Section 3.02      Authentication of the Certificate............................8
Section 3.03      Transfer Restriction.........................................9
Section 3.04      Mutilated, Destroyed, Lost or Stolen Certificate.............9
Section 3.05      Maintenance of Office or Agency..............................9
Section 3.06      Appointment of Paying Agent..................................9

                                   ARTICLE IV

                ACTIONS BY OWNER TRUSTEE OR THE CERTIFICATEHOLDER

Section 4.01      Prior Notice to the Certificateholder with Respect to
                  Certain Matters.............................................10
Section 4.02      Action by the Certificateholder with Respect to Certain
                  Matters.....................................................11
Section 4.03      Action with Respect to Bankruptcy...........................11
Section 4.04      Restrictions on the Certificateholder's Power...............11

                                    ARTICLE V

                   APPLICATION OF TRUST FUNDS; CERTAIN DUTIES
</TABLE>

                                       -i-

<PAGE>

                                TABLE OF CONTENTS
                                   (CONTINUED)
<TABLE>
<CAPTION>
                                                                               PAGE
                                                                               ----
<S>               <C>                                                          <C>
Section 5.01      Establishment of Collection Account and Payahead Account......11
Section 5.02      Application of Amounts in Trust Accounts......................12
Section 5.03      Method of Payment.............................................13
Section 5.04      Accounting and Reports to the Noteholders, the
                  Certificateholder, the Internal Revenue Service and Others....13
Section 5.05      Signature on Returns; Tax Matters Partner.....................13

                                   ARTICLE VI

                      AUTHORITY AND DUTIES OF OWNER TRUSTEE

Section 6.01      General Authority.............................................14
Section 6.02      General Duties................................................14
Section 6.03      Duties of Owner Trustee.......................................14
Section 6.04      No Duties Except as Specified in this Agreement or in
                  Instructions..................................................16
Section 6.05      No Action Except Under Specified Documents or Instructions....16
Section 6.06      Restrictions..................................................16

                                   ARTICLE VII

                          CONCERNING THE OWNER TRUSTEE

Section 7.01      Rights of Owner Trustee.......................................17
Section 7.02      Furnishing of Documents.......................................18
Section 7.03      Representations and Warranties................................18
Section 7.04      Reliance; Advice of Counsel...................................18
Section 7.05      Not Acting in Individual Capacity.............................19
Section 7.06      Owner Trustee Not Liable for the Certificate or Receivables...19
Section 7.07      Owner Trustee May Own the Notes...............................20
Section 7.08      Sales Finance Company Licenses................................20

                                  ARTICLE VIII

                          COMPENSATION OF OWNER TRUSTEE

Section 8.01      Owner Trustee's Fees and Expenses.............................20
Section 8.02      Indemnification...............................................20
Section 8.03      Payments to the Owner Trustee.................................21

                                   ARTICLE IX

                         TERMINATION OF TRUST AGREEMENT

Section 9.01      Termination of Trust Agreement................................21
Section 9.02      Dissolution upon Insolvency of the Depositor..................22
</TABLE>

                                      -ii-

<PAGE>

                                TABLE OF CONTENTS
                                   (CONTINUED)
<TABLE>
<CAPTION>
                                                                               PAGE
                                                                               ----
<S>               <C>                                                          <C>
                                    ARTICLE X

             SUCCESSOR OWNER TRUSTEES AND ADDITIONAL OWNER TRUSTEES

Section 10.01     Eligibility Requirements for Owner Trustee....................23
Section 10.02     Resignation or Removal of Owner Trustee.......................23
Section 10.03     Successor Owner Trustee.......................................23
Section 10.04     Merger or Consolidation of Owner Trustee......................24
Section 10.05     Appointment of Co-Trustee or Separate Trustee.................24
Section 10.06     Power of Attorney for Co-Trustee or Separate Trustee..........25

                                   ARTICLE XI

                                  MISCELLANEOUS

Section 11.01     Supplements and Amendments....................................25
Section 11.02     No Legal Title to Owner Trust Estate in the Certificateholder.27
Section 11.03     Limitations on Rights of Others...............................27
Section 11.04     Notices.......................................................27
Section 11.05     Severability..................................................28
Section 11.06     Counterparts..................................................28
Section 11.07     Successors and Assigns........................................28
Section 11.08     No Petition...................................................28
Section 11.09     No Recourse...................................................28
Section 11.10     Headings......................................................28
Section 11.11     Governing Law.................................................29
Section 11.12     TMCC Payment Obligation.......................................29
</TABLE>

                                      -iii-

<PAGE>

                                    EXHIBITS
                                    --------

EXHIBIT A        FORM OF CERTIFICATE.........................................A-1

                                      -iv-

<PAGE>

       AMENDED AND RESTATED TRUST AGREEMENT dated as of March 1, 2003, by and
between Toyota Auto Finance Receivables LLC, a Delaware limited liability
company, as depositor, and U.S. BANK TRUST NATIONAL ASSOCIATION, a national
banking association, not in its individual capacity but solely as Owner Trustee,
amending and restating in its entirety the Trust Agreement dated as of February
24, 2003, by and between Toyota Auto Finance Receivables LLC, a Delaware limited
liability company, as depositor, and U.S. BANK TRUST NATIONAL ASSOCIATION, a
national banking association, not in its individual capacity but solely as Owner
Trustee, and herein referred to as the "Trust Agreement" or this "Agreement."

       IN CONSIDERATION of the mutual agreements herein contained, and of other
good and valuable consideration, the receipt and adequacy of which are hereby
acknowledged, the parties agree as follows:

                                    ARTICLE I

                                   DEFINITIONS
                                   -----------

       SECTION 1.01   DEFINITIONS.   Except as otherwise specified herein or if
the context may otherwise require, capitalized terms used but not otherwise
defined herein have the meanings ascribed thereto in the Sale and Servicing
Agreement and the Indenture for all purposes of this Trust Agreement. Except as
otherwise provided in this Agreement, whenever used herein the following words
and phrases, unless the context otherwise requires, shall have the following
meanings:

       "Administration Agreement" means the Administration Agreement dated as of
March 1, 2003, by and between the Trust as issuer, TMCC as Administrator, the
Indenture Trustee and the Owner Trustee pursuant to which TMCC undertakes to
perform certain of the duties and obligations of the Trust and the Owner Trustee
hereunder, under the Sale and Servicing Agreement and under the Indenture.

       "Administrator" means TMCC acting in its capacity as Administrator under
the Administration Agreement.

       "Agreement" means this Amended and Restated Trust Agreement, as the same
may be amended and supplemented from time to time.

       "Assignment Agreement" means the Assignment of Swap Agreement dated as of
March 27, 2003, by and among the Trust, the Indenture Trustee and the Swap
Counterparty.

       "Basic Documents" means the Receivables Purchase Agreement, this
Agreement, the Certificate of Trust, the Sale and Servicing Agreement, the
Indenture, the Administration Agreement, the Revolving Liquidity Note Agreement,
the Revolving Liquidity Note, the Securities Account Control Agreement and the
other documents and certificates delivered in connection herewith and therewith.

                                       1
<PAGE>

       "Certificate" means a certificate evidencing the Subordinated Seller's
Interest, substantially in the form attached hereto as Exhibit A.

       "Certificate of Trust" means the Certificate of Trust filed with respect
to the formation of the Trust pursuant to Section 3810(a) of the Statutory Trust
Statute, as amended, corrected or restated from time to time.

       "Certificateholder" or "Holder" means TAFR LLC, as holder of the
Subordinated Seller's Interest.

       "Code" means the Internal Revenue Code of 1986, as amended, and the
Treasury Regulations promulgated thereunder.

       "Corporate Trust Office" means, with respect to the Owner Trustee, the
principal corporate trust office of the Owner Trustee located at 300 Delaware
Avenue, Suite 813, Wilmington, Delaware, 19801-1515; or at such other address as
the Owner Trustee may designate by notice to the Certificateholder, or the
principal corporate trust office of any successor Owner Trustee (the address of
which the successor Owner Trustee will notify the Certificateholder).

       "Depositor" means TAFR LLC in its capacity as depositor hereunder.

       "Expenses" shall have the meaning assigned to such term in Section 8.02.

       "Indenture" means the Indenture dated as of March 1, 2003, entered into
between the Trust and The Bank of New York, a New York State banking
institution, the Indenture Trustee named therein, pursuant to which a series of
Notes are issued.

       "Interest Rate Swap Agreement" means the 1992 ISDA Master Agreement dated
as of March 27, 2003 (the "1992 ISDA Master Agreement"), including all schedules
and confirmations thereto, between the Issuer and the Swap Counterparty, as the
same may be amended, supplemented, renewed, extended or replaced from time to
time.

       "Non-U.S. Person" means any Person who is not (i) a citizen or resident
of the United States who is a natural person, (ii) a corporation or partnership
(or an entity treated as a corporation or partnership) organized in or under the
laws of the United States or any state thereof, including the District of
Columbia (unless, in the case of a partnership, Treasury Regulations are adopted
that provide otherwise), (iii) an estate, the income of which is subject to
United States Federal income taxation, regardless of its source or (iv) a trust,
if a court within the United States is able to exercise primary supervision over
the administration of the trust and one or more United States persons (as such
term is defined in the Code and Treasury Regulations) have the authority to
control all substantial decisions of the trust; except that, to the extent
provided in Treasury Regulations, certain trusts in existence prior to August
20, 1996 which elected to be treated as United States Persons prior to such date
also shall be U.S. Persons.

       "Notes" means the notes issued by the Trust pursuant to the Indenture,
having the payment and other terms set forth in such Indenture.

                                       2
<PAGE>

       "Owner Trust Estate" means all right, title and interest of the Trust in
and to the property and rights assigned to the Trust pursuant to Article II of
the Sale and Servicing Agreement, all funds on deposit from time to time in the
accounts created pursuant to Section 5.01 of the Sale and Servicing Agreement
(excluding any net investment income with respect to amounts held in such
accounts) and all other property of the Trust from time to time, including any
rights of the Owner Trustee and the Trust pursuant to the Sale and Servicing
Agreement and the Administration Agreement, and as assignee of the rights and
Interests of the Depositor under the Receivables Purchase Agreement.

       "Owner Trustee" means U.S. Bank Trust National Association, a national
banking association, not in its individual capacity but solely as Owner Trustee
under this Agreement, and any successor Owner Trustee hereunder.

       "Paying Agent" means any paying agent or co-paying agent appointed
pursuant to Section 3.06, and shall initially be the Owner Trustee.

       "Receivables Purchase Agreement" means that certain Receivables Purchase
Agreement, dated as of March 1, 2003 between TMCC, as Seller, and TAFR LLC, as
Purchaser of the Receivables.

       "Record Date" means, with respect to the Notes of any Class and each
Payment Date, the calendar day immediately preceding such Payment Date or, if
Definitive Notes representing any Class of Notes have been issued, the last day
of the month immediately preceding the month in which such Payment Date occurs.
Any amount stated "as of a Record Date" or "on a Record Date" shall give effect
to (i) all applications of collections, and (ii) all payments and distributions
to any party under this Agreement, the Indenture and the Trust Agreement or to
the related Obligor, as the case may be, in each case as determined as of the
opening of business on the related Record Date.

       "Revolving Liquidity Note" means the Revolving Liquidity Note issued by
the Trust pursuant to the Revolving Liquidity Note Agreement.

       "Revolving Liquidity Note Agreement" means the Revolving Liquidity Note
Agreement dated as of March 27, 2003, between the Trust, as issuer of the
Revolving Liquidity Note, and TMCC, as initial Holder of the Revolving Liquidity
Note.

       "Sale and Servicing Agreement" means the Sale and Servicing Agreement
dated as of March 1, 2003, among the Trust, TAFR LLC, as seller, and TMCC, as
servicer.

       "Secretary of State" means the Secretary of State of the State of
Delaware.

       "Securities Account Control Agreement" shall have the meaning ascribed
thereto in the Sale and Servicing Agreement.

       "Statutory Trust Statute" means Chapter 38 of Title 12 of the Delaware
Code, 12 Del. Code ss.3801 et seq., as the same may be amended from time to
time.

                                       3
<PAGE>

       "Subordinated Seller's Interest" means a fractional undivided interest in
the Trust that includes the right to payment of certain available amounts in
excess of those necessary to make payments on the Notes on each Payment Date
pursuant to Section 5.02(a) herein. The Subordinated Seller's Interest shall
represent the entire beneficial ownership of the Trust.

       "Swap Counterparty" shall mean Toyota Motor Credit Corporation, as swap
counterparty under the Interest Rate Swap Agreement, or any successor or
replacement swap counterparty from time to time under the Interest Rate Swap
Agreement.

       "TAFR LLC" means Toyota Auto Finance Receivables LLC, a Delaware limited
liability company, its successors and assigns.

       "TMCC" means Toyota Motor Credit Corporation, a California corporation,
its successors and assigns.

       "Treasury Regulations" means regulations, including proposed or temporary
regulations, promulgated under the Code. References herein to specific
provisions of proposed or temporary regulations shall include analogous
provisions of final Treasury Regulations or other successor Treasury
Regulations.

       "Trust" means the Toyota Auto Receivables 2003-A Owner Trust, formed as a
Delaware statutory trust pursuant to this Agreement and the filing of the
Certificate of Trust.

       SECTION 1.02   USAGE OF TERMS.   With respect to all terms in this
Agreement, the singular includes the plural and the plural the singular; words
importing any gender include the other genders; references to "writing" include
printing, typing, lithography and other means of reproducing words in a visible
form; references to agreements and other contractual instruments include all
subsequent amendments thereto or changes therein entered into in accordance with
their respective terms and not prohibited by this Agreement; references to
Persons include their permitted successors and assigns; and the term "including"
means "including without limitation."

                                   ARTICLE II

                                CREATION OF TRUST
                                -----------------

       SECTION 2.01   CREATION OF TRUST.   There is hereby formed in accordance
with the provisions of the Delaware Act, a Delaware statutory trust to be known
as the Toyota Auto Receivables 2003-A Owner Trust. The Owner Trustee is hereby
authorized and vested with the power and authority to make and execute
contracts, instruments, certificates, agreements and other writings on behalf of
the Trust as set forth herein and to sue and be sued on behalf of the Trust. The
Owner Trustee does hereby accept and agree to hold in trust, for the benefit of
the Certificateholder and such other Persons as may become beneficiaries
hereunder from time to time, all of the Owner Trust Estate conveyed or to be
conveyed to the Trust and all monies and proceeds that may be received with
respect thereto, subject to the terms of this Agreement.

       SECTION 2.02   OFFICE.   The principal place of business of the Trust for
purposes of Delaware law shall be in care of the Owner Trustee. The Trust may
establish additional offices

                                       4
<PAGE>

located at such place or places inside or outside of the State of Delaware as
the Owner Trustee may designate from time to time in written notice to the
Certificateholder and the Servicer. Initially, the Trust shall establish one
such additional office at the offices of the Owner Trustee set forth in Section
3.05.

       SECTION 2.03   PURPOSES AND POWERS.

       (a) The purpose of the Trust is to engage in the following activities:

              (i) to issue Notes pursuant to the Indenture and the Certificate
           pursuant to this Agreement;

              (ii) to issue the Revolving Liquidity Note pursuant to the
           Revolving Liquidity Note Agreement;

              (iii) to acquire the Receivables and related property from the
           Depositor in exchange for the Notes and the Certificate pursuant to
           the Sale and Servicing Agreement;

              (iv) to assign, grant, transfer, pledge, mortgage and convey the
           Trust Estate pursuant to, and on the terms and conditions set forth
           in, the Indenture and to hold, manage and distribute to the
           Certificateholder pursuant to the terms of the Sale and Servicing
           Agreement any portion of the Trust Estate released from the Lien of,
           and remitted to the Trust pursuant to, the Indenture as set forth
           therein and in the Sale and Servicing Agreement;

              (v) to enter into and perform its obligations under the Basic
           Documents, the Interest Rate Swap Agreement and the Assignment
           Agreement to which it is to be a party;

              (vi) to engage in those activities, including entering into
           agreements, that are necessary, suitable or convenient to accomplish
           the foregoing or are incidental thereto or connected therewith; and

              (vii) subject to compliance with the Basic Documents, to engage in
           such other activities as may be required in connection with
           conservation of the Owner Trust Estate and the making of
           distributions to the Certificateholder and the Noteholders and in
           respect of amounts to be released to the Depositor, the Servicer, the
           Administrator and third parties, if any.

       The Trust is hereby authorized to engage in the foregoing activities. The
Trust shall not engage in any activity other than in connection with the
foregoing and as required or authorized by the terms of the Basic Documents.

       SECTION 2.04   POWER OF ATTORNEY.   Pursuant to the Administration
Agreement, the Owner Trustee has authorized the Administrator to perform certain
of its administrative duties hereunder, including duties with respect to the
management of the Owner Trust Estate, and in connection therewith hereby grants
the Administrator its revocable power of attorney. The

                                       5
<PAGE>

Certificateholder by its acceptance of the Certificate shall be deemed to have
granted power of attorney to the Administrator for purposes of actions taken or
to be taken with respect to the Certificate.

       SECTION 2.05   DECLARATION OF TRUST.   The Owner Trustee hereby declares
that it will hold the Owner Trust Estate in trust upon and subject to the
conditions set forth herein for the use and benefit of the Certificateholder,
subject to the obligations of the Trust under the Basic Documents. It is the
intention of the parties hereto that the Trust constitute a statutory trust
under the Statutory Trust Statute and that this Agreement constitute the
governing instrument of such statutory trust. Effective as of the date hereof,
the Owner Trustee shall have all rights, powers and duties set forth herein and
in the Statutory Trust Statute with respect to accomplishing the purposes of the
Trust. At the direction of the Depositor, the Owner Trustee shall file or cause
to be filed a certificate of trust for the Issuer pursuant to the Delaware
Statutory Trust Statute and such amendments thereto as shall be necessary or
appropriate to satisfy the purposes of this agreement and as shall be consistent
with the provisions hereof.

       SECTION 2.06   LIABILITY OF THE CERTIFICATEHOLDER AND TMCC.

       (a) The Administrator shall be liable directly to and will, in accordance
with the Administration Agreement and the following provisions of this
Agreement, indemnify and hold harmless the Owner Trustee, any co-trustee and the
Indenture Trustee for any loss, liability, claim, action, suit, cost or expense
of the Trust (including Expenses, to the extent not paid out of the Owner Trust
Estate) to the extent that TMCC would be liable if the Trust were a partnership
under the Delaware Revised Uniform Limited Partnership Act in which TMCC were a
general partner; provided, however, that the Administrator shall not be liable
for any losses incurred by the Certificateholder in the capacity of an investor
in the Certificate or a Noteholder in the capacity of an investor in the Notes
and will not and shall not be deemed hereby to have indemnified the Owner
Trustee, the any co-trustee or Indenture Trustee against any loss, liability or
expense resulting from such trustee's own willful misfeasance, bad faith or
negligence or by reason of a breach of representation or warranty thereof
contained herein or in the Indenture, as the case may be. In addition, any third
party creditors of the Trust (other than in connection with the obligations
described in the provisions in the preceding sentence for which TMCC shall not
be liable) shall be deemed to be third party beneficiaries of this paragraph.

       (b) The Certificateholder shall not have any personal liability for any
liability or obligation of the Trust, solely by reason of it being the
Certificateholder.

       SECTION 2.07   TITLE TO TRUST PROPERTY.   Legal title to all of the Owner
Trust Estate shall be vested at all times in the Trust as a separate legal
entity except where applicable law in any jurisdiction requires title to any
part of the Owner Trust Estate to be vested in a trustee or trustees, in which
case title shall be deemed to be vested in the Owner Trustee, a co-trustee
and/or a separate trustee, as the case may be.

       SECTION 2.08   SITUS OF TRUST.   The Trust will be located and
administered in Delaware. All bank accounts maintained by the Owner Trustee on
behalf of the Trust shall be located in the State of Delaware or the State of
New York. The Trust shall not have any employees in any state other than
Delaware; provided, however, that nothing herein shall restrict or prohibit the
Owner

                                       6
<PAGE>

Trustee from having employees within or without the State of Delaware. Payments
will be received by the Trust only in Delaware or New York, and payments will be
made by the Trust only from Delaware or New York.

       SECTION 2.09   REPRESENTATIONS AND WARRANTIES OF THE DEPOSITOR.

       (a) The Depositor hereby represents and warrants to the Owner Trustee
that as of the Closing Date:

                (i) The Depositor is duly organized and validly existing as a
           limited liability company in good standing under the laws of the
           State of Delaware, with power and authority to own its properties and
           to conduct its business as such properties are currently owned and
           such business is presently conducted, and had at all relevant times
           and has power, authority and legal right to acquire, own and sell the
           Receivables.

                (ii) The Depositor is duly qualified to do business as a foreign
           limited liability company in good standing, and has obtained all
           necessary licenses and approvals in all jurisdictions in which the
           ownership or lease of property or the conduct of its business shall
           require such qualifications and where the failure to so qualify will
           have a material adverse effect on the ability of the Depositor to
           conduct its business or perform its obligations under this Agreement.

                (iii) The Depositor has the power and authority to execute and
           deliver this Agreement and to carry out its terms and the execution,
           delivery and performance of this Agreement has been duly authorized
           by the Depositor by all necessary action.

                (iv) This Agreement shall constitute a legal, valid and binding
           obligation of the Depositor enforceable in accordance with its terms,
           except as enforceability may be limited by bankruptcy, insolvency,
           reorganization, moratorium and other similar laws affecting
           creditors' rights generally or by general principles of equity.

                (v) The consummation of the transactions contemplated by this
           Agreement and the fulfillment of the terms hereof do not conflict
           with, result in any breach of any of the terms and provisions of, or
           constitute (with or without notice or lapse of time) a default under,
           the limited liability company agreement of the Depositor or conflict
           with or breach any of the terms or provisions or constitute (with or
           without notice or lapse of time) a default under any indenture,
           agreement or other instrument to which the Depositor is a party or by
           which it is bound, nor result in the creation or imposition of any
           Lien upon any of its properties pursuant to the terms of any such
           indenture, agreement or other instrument (other than pursuant to the
           Basic Documents); nor violate any law or, to the best of the
           Depositor's knowledge, any order, rule or regulation applicable to
           the Depositor of any court or of any federal or state regulatory
           body, administrative agency or other governmental instrumentality
           having jurisdiction

                                       7
<PAGE>

           over the Depositor or its properties which breach, default, conflict,
           lien or violation would have a material adverse effect on the
           earnings, business affairs or business prospects of the Depositor.

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

       SECTION 2.10   FEDERAL INCOME TAX ALLOCATIONS.   To the extent required
for Federal income tax purposes, net income or net losses of the Trust for any
month as determined for Federal income tax purposes (and each item of income,
gain, loss and deduction entering into the computation thereof) shall be
allocated to the Certificateholder (to the extent not previously allocated
pursuant to this clause). The Depositor is authorized to modify the allocations
in this paragraph if necessary or appropriate, in its sole discretion for the
allocations to fairly reflect the economic income, gain or loss to the
Certificateholder, as otherwise required by the Code.

                                   ARTICLE III

                                   CERTIFICATE
                                   -----------

       SECTION 3.01   THE CERTIFICATE.   The Certificate shall be executed on
behalf of the Trust by manual or facsimile signature of a Trust Officer of the
Owner Trustee and authenticated on behalf of the Owner Trustee by the manual or
facsimile signature of a Trust Officer. The Certificate bearing the manual or
facsimile signatures of individuals who were, at the time when such signatures
shall have been affixed, authorized to sign on behalf of the Trust, shall be a
valid and binding obligation of the Trust, notwithstanding that such individuals
or any of them shall have ceased to be so authorized prior to the authentication
and delivery of the Certificate or did not hold such offices at the date of
authentication and delivery of the Certificate. The Certificate may be printed,
lithographed, typewritten, mimeographed or otherwise produced, in any authorized
denomination in the form of Exhibit A hereto.

       SECTION 3.02   AUTHENTICATION OF THE CERTIFICATE.   Concurrently with the
initial sale of the Receivables to the Trust pursuant to the Sale and Servicing
Agreement, the Owner Trustee shall cause to be executed, authenticated and
delivered on behalf of the Trust to or upon the written order of the Depositor,
the Certificate evidencing the Subordinated Seller's Interest. The Certificate
shall not entitle its holder to any benefit under this Agreement or be valid for
any purpose, unless there shall appear on such Certificate a certificate of
authentication substantially in the form set forth in Exhibit A, executed by the
Owner Trustee or the Owner Trustee's authenticating agent, by manual or
facsimile signature of a Trust Officer, and such authentication

                                       8
<PAGE>

shall constitute conclusive evidence, and the only evidence, that such
Certificate shall have been duly authenticated and delivered hereunder. The
Certificate shall be dated the date of its authentication.

       SECTION 3.03   TRANSFER RESTRICTION.   The Certificate shall not be
transferable by the Certificateholder to any other Person unless such transfer
is a result of or in connection with a consolidation or merger of the
Certificateholder with such Person. Any other purported transfer of the
Certificate or any beneficial interest therein will be deemed to be void and of
no effect to the extent permitted by applicable law.

       SECTION 3.04   MUTILATED, DESTROYED, LOST OR STOLEN CERTIFICATE.   If (a)
a mutilated Certificate shall be surrendered to the Owner Trustee, or if the
Owner Trustee shall receive evidence to its satisfaction of the destruction,
loss or theft of the Certificate and (b) there shall be delivered to the Owner
Trustee such security or indemnity as may be required by them to save each of
them harmless, then in the absence of notice that such Certificate shall have
been acquired by a bona fide purchaser, the Owner Trustee on behalf of the Trust
shall execute and the Owner Trustee, or the Owner Trustee's authenticating
agent, shall authenticate and deliver, in exchange for or in lieu of any such
mutilated, destroyed, lost or stolen Certificate, a new Certificate of like
tenor and denomination. In connection with the issuance of any new Certificate
under this Section, the Owner Trustee may require the payment of a sum
sufficient to cover any tax or other governmental charge that may be imposed in
connection therewith. Any duplicate Certificate issued pursuant to this Section
shall constitute conclusive evidence of ownership in the Trust, as if originally
issued, whether or not the lost, stolen or destroyed Certificate shall be found
at any time.

       SECTION 3.05   MAINTENANCE OF OFFICE OR AGENCY.   The Owner Trustee shall
maintain in Chicago, Illinois, an office or offices or agency or agencies where
notices and demands to or upon the Owner Trustee in respect of the Certificate
and the Basic Documents may be served. The Owner Trustee's office located at 400
N. Michigan Avenue, 2nd Floor, Chicago, Illinois, 60611 shall be the corporate
trust office for such purposes. The Owner Trustee shall give prompt written
notice to the Depositor and to the Certificateholder of any change in the
location of any such office or agency.

       SECTION 3.06   APPOINTMENT OF PAYING AGENT.   Except during any period
when the Indenture Trustee is authorized and directed to do so under the
Indenture (i.e. prior to the termination of the Indenture), the Paying Agent
shall make distributions to the Certificateholder from the Collection Account
pursuant to Section 5.02 and shall report the amounts of such distributions to
the Owner Trustee. Any Paying Agent shall have the revocable power to withdraw
funds from the Collection Account for the purpose of making the distributions
referred to above. The Owner Trustee may revoke such power and remove the Paying
Agent if the Owner Trustee determines in its sole discretion that the Paying
Agent shall have failed to perform its obligations under this Agreement in any
material respect. The Paying Agent shall initially be the Owner Trustee and any
co-paying agent chosen by the Owner Trustee and acceptable to the Owner Trustee.
The Owner Trustee shall be permitted to resign as Paying Agent upon 30 days'
written notice to the Owner Trustee. In the event that the Owner Trustee shall
no longer be the Paying Agent, the Owner Trustee shall appoint a successor to
act as Paying Agent (which shall be a bank or trust company). By executing this
Agreement, the Owner

                                       9
<PAGE>

Trustee hereby agrees in its capacity as Paying Agent to hold all sums, if any,
held by it for payment to the Certificateholder in trust for the benefit of the
Certificateholder until such sums are paid to the Certificateholder. The Owner
Trustee shall cause such successor Paying Agent or any additional Paying Agent
appointed by the Owner Trustee to execute and deliver to the Owner Trustee an
instrument in which such successor Paying Agent or additional Paying Agent shall
agree with the Owner Trustee that as Paying Agent, such successor Paying Agent
or additional Paying Agent will hold all sums, if any, held by it for payment to
the Certificateholder in trust for the benefit of the Certificateholder until
such sums shall be paid to such Certificateholder. The Paying Agent shall return
all unclaimed funds to the Owner Trustee and upon removal of a Paying Agent such
Paying Agent shall also return all funds in its possession to the Owner Trustee.
The provisions of Sections 7.01, 7.03, 7.04, 7.05, 7.06, 8.01 and 8.02 shall
apply to the Owner Trustee also in its role as Paying Agent, for so long as the
Owner Trustee shall act as Paying Agent and, to the extent applicable, to any
other paying agent appointed hereunder. Any reference in this Agreement to the
Paying Agent shall include any co-paying agent unless the context requires
otherwise.

                                   ARTICLE IV

                ACTIONS BY OWNER TRUSTEE OR THE CERTIFICATEHOLDER
                -------------------------------------------------

       SECTION 4.01   PRIOR NOTICE TO THE CERTIFICATEHOLDER WITH RESPECT TO
CERTAIN MATTERS.   With respect to the following matters, the Owner Trustee
shall not take action unless at least 30 days before the taking of such action
(or such shorter period as shall be agreed to in writing by the
Certificateholder), the Owner Trustee shall have notified the Certificateholder
in writing of the proposed action and the Certificateholder shall not have
notified the Owner Trustee in writing prior to the 30th day (or such agreed upon
shorter period) after such notice is given that the Certificateholder has
withheld consent or provided alternative direction:

       (a) the initiation of any claim or lawsuit by the Trust (except claims or
lawsuits brought in connection with the collection of the Receivables) and the
compromise of any action, claim or lawsuit brought by or against the Trust
(except with respect to the aforementioned claims or lawsuits for collection of
the Receivables);

       (b) the election by the Trust to file an amendment to the Certificate of
Trust (unless such amendment is required to be filed under the Statutory Trust
Statute);

       (c) the amendment of the Indenture, whether or not by a Supplemental
Indenture, in circumstances where the consent of any Noteholder is required;

       (d) the amendment of the Indenture, whether or not by a Supplemental
Indenture, in circumstances where the consent of any Noteholder is not required
but such amendment materially adversely affects the interest of the
Certificateholder;

       (e) the amendment, change or modification of the Administration
Agreement, other than to cure any ambiguity or to amend or supplement any
provision in a manner or add any provision that would not materially adversely
affect the interests of the Certificateholder; or

                                       10
<PAGE>

       (f) the appointment (i) pursuant to the Indenture of a successor Note
Registrar, Paying Agent or Indenture Trustee and (ii) any consent by the Note
Registrar, Paying Agent or Indenture Trustee to the assignment of its respective
obligations under the Indenture or this Agreement, as applicable.

       SECTION 4.02   ACTION BY THE CERTIFICATEHOLDER WITH RESPECT TO CERTAIN
MATTERS.   The Owner Trustee shall not have the power, except upon the direction
of the Certificateholder, to (a) remove the Administrator pursuant to Section 8
of the Administration Agreement, (b) appoint a successor Administrator pursuant
to Section 8 of the Administration Agreement, (c) remove the Servicer pursuant
to Section 8.01 of the Sale and Servicing Agreement or (d) except as expressly
provided in the Basic Documents, sell the Receivables after the termination of
the Indenture. The Owner Trustee shall take the actions referred to in the
preceding sentence only upon written instructions signed by the authorized
representative of the Certificateholder.

       SECTION 4.03   ACTION WITH RESPECT TO BANKRUPTCY.   The Owner Trustee
shall not have the power to commence a voluntary proceeding in bankruptcy
relating to the Trust without the prior approval of the Certificateholder and
the delivery to the Owner Trustee by the Certificateholder certifying that the
Certificateholder reasonably believes that the Trust is insolvent.

       SECTION 4.04   RESTRICTIONS ON THE CERTIFICATEHOLDER'S POWER.   The
Certificateholder shall not direct the Owner Trustee to take or refrain from
taking any action if such action or inaction would be contrary to any
obligations of the Trust or of the Owner Trustee under any of the Basic
Documents or would be contrary to Section 2.03 nor shall the Owner Trustee be
obligated to follow any such direction, if given.

                                    ARTICLE V

                   APPLICATION OF TRUST FUNDS; CERTAIN DUTIES
                   ------------------------------------------

       SECTION 5.01   ESTABLISHMENT OF COLLECTION ACCOUNT AND PAYAHEAD ACCOUNT.

       (a) The Owner Trustee, for the benefit of the Certificateholder, shall
establish and maintain, or shall cause to be established and maintained, in the
name of the Trust (or in such other name as shall be specified in the Sale and
Servicing Agreement), the Collection Account and the Payahead Account. Each such
account shall be established and maintained as an Eligible Deposit Account, and,
subject to provisions of the Sale and Servicing Agreement and the Indenture,
bearing a designation clearly indicating that, subject to Section 5.01(b), the
funds deposited therein are held by the Trust for the benefit of the
Certificateholder, in each case in accordance with Section 5.01 in the Sale and
Servicing Agreement.

           Subject to Section 5.01(b), the Owner Trustee shall possess all
right, title and interest in all funds on deposit from time to time in the
Collection Account and the Payahead Account and in all proceeds thereof (other
than any net investment earnings on Eligible Investments held therein). Except
as otherwise expressly provided herein, the Collection Account and the Payahead
Account shall be under the sole dominion and control of the Owner Trustee for
the benefit of the Certificateholder. If, at any time, the Collection Account or
the

                                       11
<PAGE>

Payahead Account ceases to be an Eligible Deposit Account, the Owner Trustee (or
the Administrator on behalf of the Owner Trustee, if the Collection Account is
not then held by the Owner Trustee or an affiliate thereof) shall within 10
Business Days establish a new equivalent Eligible Deposit Account and shall
transfer any cash and/or any investments to such new account.

       (b) Notwithstanding the foregoing, concurrently with, the execution and
delivery of any Indenture pursuant to which the Notes are issued, the Servicer
shall establish and maintain, or shall cause to be established and maintained,
at the direction of the Depositor, accounts of the Trust ("Trust Accounts") in
the name of and under the control of the Indenture Trustee for the benefit of
the Holders of the Notes, in each case in accordance with Section 5.01 of the
Sale and Servicing Agreement. The Owner Trustee shall thereupon promptly
transfer any cash and/or investments then on deposit in the equivalent Trust
Accounts maintained by it pursuant to Section 5.01(a) to the newly established
Trust Accounts on the terms and conditions set forth in the Sale and Servicing
Agreement and the Indenture. The Indenture Trustee will be obligated to transfer
back to the equivalent Trust Accounts established pursuant to Section 5.01(a)
all funds or investments held or to be held in the Trust Accounts established
pursuant to this Section 5.01(b) on the Payment Date on which the Notes of all
Classes have been paid in full or the Indenture is otherwise terminated
(excluding any amounts to be retained for distribution in respect of Notes that
are not promptly delivered for payment on such Payment Date), and to take all
necessary or appropriate actions to transfer all right, title and interest of
the Indenture Trustee in such funds or investments and all proceeds thereof, to
the Owner Trustee for the benefit of the Certificateholder.

       SECTION 5.02   APPLICATION OF AMOUNTS IN TRUST ACCOUNTS.

       (a) For so long as any Notes are outstanding, on each Payment Date, the
Owner Trustee will take reasonable steps to determine that the Servicer has
properly delivered the Servicer's Certificate identifying how amounts on deposit
in the Trust Accounts are to be allocated and distributed and will instruct the
Indenture Trustee, or cause the Indenture Trustee to be instructed, to
distribute to the Certificateholder the amounts distributable thereto pursuant
to Section 5.06 of the Sale and Servicing Agreement and Section 3.01 of the
Indenture. From and after the date on which the Notes of all Classes have been
paid in full, on each Payment Date the Owner Trustee shall distribute to the
Certificateholder amounts on deposit in the Collection Account that are
distributable to the Certificateholder in accordance with the instructions of
the Servicer pursuant to Sections 5.06(c) and (d) of the Sale and Servicing
Agreement. Upon the release from the Lien of the Indenture of amounts on deposit
in any of the Trust Accounts or any other portion of the Owner Trust Estate, the
Owner Trustee will cause such property to be properly deposited into Trust
Accounts under the control of the Owner Trustee or distributed to the
Certificateholder in accordance with the provisions of this Agreement, as the
case may be.

       (b) On each Payment Date, the Owner Trustee shall send to the
Certificateholder the statement provided to the Owner Trustee by the Servicer
pursuant to Section 5.08 of the Sale and Servicing Agreement with respect to
such Payment Date.

       (c) In the event that any withholding tax is imposed on the Trust's
distributions (or allocations of income) to the Certificateholder, such tax
shall reduce the amount otherwise

                                       12
<PAGE>

distributable to the Certificateholder in accordance with this Section. The
Owner Trustee and Paying Agent are hereby authorized and directed to retain from
amounts otherwise distributable to the Certificateholder sufficient funds for
the payment of any tax that is legally owed by the Trust (but such authorization
shall not prevent the Owner Trustee from contesting any such tax or the
withholding requirement with respect to any such tax in appropriate proceedings
if permitted by law, pending the outcome of such proceedings). The amount of any
withholding tax imposed with respect to the Certificateholder shall be treated
as cash distributed to the Certificateholder at the time it is withheld by the
Trust and remitted to the appropriate taxing authority. If there is a
possibility that withholding tax is payable with respect to any distribution
(such as any distribution to a Non-U.S. Person), the Owner Trustee may, in its
sole discretion, withhold such amounts in accordance with this paragraph (c). In
the event that the Certificateholder wishes to apply for a refund of any such
withholding tax, the Owner Trustee shall reasonably cooperate with the
Certificateholder in making such claim so long as the Certificateholder agrees
to reimburse the Owner Trustee for any out-of-pocket expenses incurred in
connection therewith.

       SECTION 5.03   METHOD OF PAYMENT.   Subject to Section 9.01(c),
distributions required to be made to the Certificateholder on any Payment Date
shall be made to the Certificateholder by wire transfer, in immediately
available funds, to the account of the Certificateholder at a bank or other
entity having appropriate facilities therefor, if such Certificateholder shall
have provided to the Owner Trustee appropriate written instructions at least
five Business Days prior to such Payment Date.

       SECTION 5.04   ACCOUNTING AND REPORTS TO THE NOTEHOLDERS, THE
CERTIFICATEHOLDER, THE INTERNAL REVENUE SERVICE AND OTHERS.   The Owner Trustee
shall (a) maintain (or cause to be maintained) the books of the Trust on a
calendar year basis on the accrual method of accounting, (b) deliver to the
Certificateholder, as may be required by the Code and applicable Treasury
Regulations, such information as may be required (including Schedule K-1) to
enable the Certificateholder to prepare its federal and state income tax
returns, (c) prepare (or cause to be prepared) and file any tax and information
returns, and fulfill any other reporting requirements, relating to the Trust, as
may be required by the Code and applicable Treasury Regulations (including
Treasury Regulation Section 1.6049-7), including causing such tax and
information returns to be signed in the manner required by law, (d) for any
period during which the beneficial ownership interests in the Trust are held by
more than one person, make such elections as may from time to time be required
or appropriate under any applicable state or federal statute or rule or
regulation thereunder so as to maintain the Trust's characterization as a
partnership for federal income tax purposes, and (e) collect or cause to be
collected any withholding tax as described in and in accordance with Section
5.02(c) with respect to income or distributions to the Certificateholder. The
Owner Trustee shall elect under Section 1278 of the Code to include in income
currently any market discount that accrues with respect to the Receivables. The
Owner Trustee shall not make the election provided under Section 754 of the
Code.

       SECTION 5.05   SIGNATURE ON RETURNS; TAX MATTERS PARTNER .

                                       13
<PAGE>

       (a) The Owner Trustee shall sign on behalf of the Trust the tax returns
of the Trust, unless applicable law requires the Certificateholder to sign such
documents, in which case such documents shall be signed by the Administrator,
pursuant to the power-of-attorney granted thereto pursuant to Section 2.04.

       (b) For any period during which the beneficial ownership interests of the
Trust are held by more than one Person, the Certificateholder holding
Certificates evidencing the largest portion of the Certificates shall be
designated the "tax matters partner" of the Trust pursuant to Section
6231(a)(7)(A) of the Code and applicable Treasury Regulations, but hereby
delegates its powers and duties as such to the Administrator pursuant to the
power-of-attorney granted thereto pursuant to Section 2.04.

                                   ARTICLE VI

                      AUTHORITY AND DUTIES OF OWNER TRUSTEE
                      -------------------------------------

       SECTION 6.01   GENERAL AUTHORITY.   The Owner Trustee is authorized and
directed to execute and deliver the Interest Rate Swap Agreement, the Assignment
Agreement and the Basic Documents to which the Trust is to be a party and each
certificate or other document attached as an exhibit to or contemplated by the
Basic Documents to which the Trust is to be a party and any amendment thereto,
and, on behalf of the Trust, to direct the Indenture Trustee to authenticate and
deliver Class A-1 Notes in the aggregate principal amount of $432,500,000, Class
A-2 Notes in the aggregate principal amount of $375,000,000, Class A-3A Notes in
the aggregate principal amount of $364,000,000, Class A-3B Notes in the
aggregate principal amount of $125,000,000 and Class A-4 Notes in the aggregate
principal amount of $206,000,000 and to issue the Revolving Liquidity Note. In
addition to the foregoing, the Owner Trustee is authorized, but shall not be
obligated, to take all actions required of the Trust, pursuant to the Basic
Documents.

       SECTION 6.02   GENERAL DUTIES.   It shall be the duty of the Owner
Trustee to discharge (or cause to be discharged) all of its responsibilities
pursuant to the terms of this Agreement and the Basic Documents to which the
Trust is a party and to administer the Trust in accordance with the provisions
hereof and of the Basic Documents and in the interest of the Certificateholder.
Notwithstanding the foregoing, the Owner Trustee shall be deemed to have
discharged its duties and responsibilities hereunder and under the Basic
Documents to the extent the Administrator has agreed in the Administration
Agreement to perform any act or to discharge any duty of the Owner Trustee
hereunder or under any Basic Document, and the Owner Trustee shall not be held
liable for the default or failure of the Administrator to carry out such
obligations or fulfill such duties under the Administration Agreement.

       SECTION 6.03   DUTIES OF OWNER TRUSTEE.

       (a) Subject to Article IV and in accordance with the terms of the Basic
Documents, the Certificateholder may by written instruction direct the Owner
Trustee in the management of the Owner Trust Estate. Such direction may be
exercised at any time by written instruction of the Certificateholder pursuant
to Article IV.

                                       14
<PAGE>

       (b) The Owner Trustee accepts the trusts hereby created and agrees to
perform its duties hereunder with respect to such trusts but only upon the terms
of this Agreement.

       (c) The Owner Trustee, upon receipt of all resolutions, certificates,
statements, opinions, reports, documents, orders or other instruments furnished
to the Owner Trustee that shall be specifically required to be furnished
pursuant to any provision of this Agreement, shall examine them to determine
whether they conform on their face to the requirements of this Agreement.

       (d) No provision of this Agreement shall be construed to relieve the
Owner Trustee from liability for its own negligent action, its own negligent
failure to act, its own bad faith or its own willful misfeasance; provided,
however, that:

                (i) the duties and obligations of the Owner Trustee shall be
           determined solely by the express provisions of this Agreement and the
           Basic Documents, the Owner Trustee shall not be liable except for the
           performance of such duties and obligations as are specifically set
           forth in this Agreement and the Basic Documents, no implied covenants
           or obligations shall be read into this Agreement against the Owner
           Trustee, the permissive right of the Owner Trustee to do things
           enumerated in this Agreement and the Basic Documents shall not be
           construed as a duty and, in the absence of bad faith on the part of
           the Owner Trustee, the Owner Trustee may conclusively rely, as to the
           truth of the statements and the correctness of the opinions expressed
           therein, upon any certificates or opinions furnished to the Owner
           Trustee and conforming on their face to the requirements of this
           Agreement and the Basic Documents;

                (ii) the Owner Trustee shall not be personally liable for an
           error of judgment made in good faith by a Trust Officer, unless it
           shall be proved that the Owner Trustee was negligent in performing
           its duties in accordance with the terms of this Agreement and the
           Basic Documents; and

                (iii) the Owner Trustee shall not be personally liable with
           respect to any action taken, suffered or omitted to be taken in good
           faith in accordance with the direction of the Certificateholder.

       (e) The Owner Trustee shall not be required to expend or risk its own
funds or otherwise incur financial liability in the performance of any of its
duties under this Agreement, or in the exercise of any of its rights or powers,
if there shall be reasonable grounds for believing that the repayment of such
funds or adequate indemnity against such risk or liability is not reasonably
assured to it.

       (f) All information obtained by the Owner Trustee regarding the Obligors
and the Receivables contained in the Trust, whether upon the exercise of its
rights under this Agreement or otherwise, shall be maintained by the Owner
Trustee in confidence and shall not be disclosed to any other Person, unless
such disclosure is required by any applicable law or regulation or pursuant to
subpoena.

                                       15
<PAGE>

       (g) Pursuant to Section 3.02 of the Sale and Servicing Agreement, in the
event that the Owner Trustee discovers that a representation or warranty with
respect to a Receivable was incorrect as of the time specified with respect to
such representation and warranty and such incorrectness materially and adversely
affects the interests of the Trust in such Receivable, the Owner Trustee shall
give prompt written notice to the Servicer, the Depositor and the Indenture
Trustee of such incorrectness. Pursuant to Section 4.08 of the Sale and
Servicing Agreement, in the event that the Owner Trustee discovers that any
covenant of the Servicer set forth in Section 4.06 or 4.07 of the Sale and
Servicing Agreement has been breached by the Servicer and such incorrectness
materially and adversely affects the interests of the Trust in any Receivable,
the Owner Trustee shall give prompt written notice to the Servicer, the
Depositor and the Indenture Trustee of such breach.

       SECTION 6.04   NO DUTIES EXCEPT AS SPECIFIED IN THIS AGREEMENT OR IN
INSTRUCTIONS.   The Owner Trustee shall not have any duty or obligation to
manage, make any payment with respect to, register, record, sell, dispose of, or
otherwise deal with the Owner Trust Estate, or to otherwise take or refrain from
taking any action under, or in connection with, any Basic Document or otherwise
contemplated hereby to which the Owner Trustee is a party, except as expressly
provided by the terms of this Agreement, any Basic Document to which the Trust
is a party or in any document or written instruction received by the Owner
Trustee pursuant to Section 6.03. No implied duties or obligations shall be read
into this Agreement or any Basic Document against the Owner Trustee. The Owner
Trustee shall have no responsibility for filing any financing or continuation
statement in any public office at any time or otherwise to perfect or maintain
the perfection of any security interest or lien granted to it hereunder or to
prepare or file any Securities and Exchange Commission filing for the Trust or
to record this Agreement or any Basic Document. Notwithstanding anything to the
contrary herein or in any Basic Document, the Owner Trustee shall not be
required to execute, deliver or certify on behalf of the Trust or any other
Person any filings, certificates, affidavits or other instruments required under
the Sarbanes-Oxley Act of 2002, to the extent permitted by applicable law. The
Owner Trustee nevertheless agrees that it will, at its own cost and expense,
promptly take all action as may be necessary to discharge any liens on any part
of the Owner Trust Estate that result from actions by, or claims against, the
Owner Trustee that are not related to the ownership or the administration of the
Owner Trust Estate.

       SECTION 6.05   NO ACTION EXCEPT UNDER SPECIFIED DOCUMENTS OR
INSTRUCTIONS.   The Owner Trustee shall not manage, control, use, sell, dispose
of or otherwise deal with any part of the Owner Trust Estate except (i) in
accordance with the powers granted to and the authority conferred upon the Owner
Trustee pursuant to this Agreement, (ii) in accordance with the Basic Documents
and (iii) in accordance with any document or instruction delivered to the Owner
Trustee pursuant to Section 6.03.

       SECTION 6.06   RESTRICTIONS.   The Owner Trustee shall not take any
action (a) that is inconsistent with the purposes of the Trust set forth in
Section 2.03 or (b) that, to the actual knowledge of the Owner Trustee, would
result in the Trust's becoming taxable as a corporation for Federal income tax
purposes. The Certificateholder shall not have the authority to and, by
acceptance of an ownership interest in the Certificate shall thereby be deemed
to have covenanted not to, direct the Owner Trustee to take action that would
violate the provisions of this Section.

                                       16
<PAGE>

                                   ARTICLE VII

                          CONCERNING THE OWNER TRUSTEE

       SECTION 7.01   RIGHTS OF OWNER TRUSTEE.   Except as otherwise provided in
Article VI:

       (a) in accordance with Section 7.04, the Owner Trustee may rely and shall
be protected in acting or refraining from acting upon any resolution, Officer's
Certificate, certificate of an authorized signatory, certificate of auditors or
any other certificate, statement, instrument, opinion, report, notice, request,
consent, order, appraisal, bond or other paper or document believed by it to be
genuine and to have been signed or presented by the proper party or parties;

       (b) the Owner Trustee shall not be liable with respect to any action
taken or omitted to be taken by it in accordance with the instructions of the
Administrator, as provided in the Administration Agreement, or the
Certificateholder, as provided herein;

       (c) the Owner Trustee shall be under no obligation to exercise any of the
rights or powers vested in it by this Agreement or the Sale and Servicing
Agreement, or to institute, conduct or defend any litigation under this
Agreement, or in relation to this Agreement or the Sale and Servicing Agreement,
at the request, order or direction of any of the Securityholders pursuant to the
provisions of this Agreement or the Sale and Servicing Agreement, unless such
Securityholders shall have offered to the Owner Trustee reasonable security or
indemnity against the costs, expenses and liabilities that may be incurred
therein or thereby;

       (d) under no circumstances shall the Owner Trustee be liable for
indebtedness evidenced by or arising under any of the Basic Documents, including
the principal of and interest on the Notes or the obligations of the Trust under
the Revolving Liquidity Note;

       (e) the Owner Trustee shall not be bound to recalculate, reverify, or
make any investigation into the facts of matters stated in any resolution,
certificate, statement, instrument, opinion, report, notice, request, consent,
order, approval, bond or other paper or document, unless requested in writing to
do so by the Certificateholder; provided, however, that if the payment within a
reasonable time to the Owner Trustee of the costs, expenses or liabilities
likely to be incurred by it in the making of such investigation is, in the
opinion of the Owner Trustee, not reasonably assured to the Owner Trustee by the
security afforded to it by the terms of this Agreement, the Owner Trustee may
require reasonable indemnity against such cost, expense or liability as a
condition to so proceeding; the reasonable expense of every such examination
shall be paid by the Administrator or, if paid by the Owner Trustee, shall be
reimbursed by the Administrator upon demand; and nothing in this clause shall
derogate from the obligation of the Servicer to observe any applicable law
prohibiting disclosure of information regarding the Obligors; and

       (f) the Owner Trustee shall not be liable for the default or misconduct
of the Administrator, the Servicer, the Depositor, the Indenture Trustee, the
Swap Counterparty or the Holder of the Revolving Liquidity Note under any of the
Basic Documents or otherwise, and the Owner Trustee shall have no obligation or
liability to perform the obligations of the Trust under the Basic Documents that
are required to be performed by the Administrator under the

                                       17
<PAGE>

Administration Agreement, the Indenture Trustee under the Indenture, the
Servicer under the Sale and Servicing Agreement, the Swap Counterparty under the
Swap Agreement or the Holder of the Revolving Liquidity Note under the Revolving
Liquidity Note Agreement.

       SECTION 7.02   FURNISHING OF DOCUMENTS.   The Owner Trustee shall furnish
(a) to the Certificateholder promptly upon receipt of a written request
therefor, duplicates or copies of all reports, notices, requests, demands,
certificates, financial statements and any other instruments furnished to the
Owner Trustee under the Basic Documents and (b) to Noteholders promptly upon
written request therefor, copies of the Sale and Servicing Agreement, the
Administration Agreement and the Trust Agreement.

       SECTION 7.03   REPRESENTATIONS AND WARRANTIES.   The Owner Trustee hereby
represents and warrants to the Depositor and for the benefit of the
Certificateholder, that:

       (a) It is a national banking association duly organized and existing and
in good standing under the laws of the United States. It has full power,
authority and right to execute, deliver and perform its obligations under this
Agreement and each other Basic Document.

       (b) It has taken all corporate action necessary to authorize the
execution and delivery of this Agreement and each other Basic Document, and this
Agreement and each other Basic Document has been executed and delivered by one
of its officers duly authorized to execute and deliver this Agreement and each
other Basic Document on its behalf.

       (c) This Agreement constitutes the legal, valid and binding obligation of
the Owner Trustee, enforceable against it in accordance with its terms except as
the enforceability thereof may be limited by bankruptcy, insolvency, moratorium,
reorganization or other similar laws affecting the enforcement of creditors'
rights generally and by general principles of equity.

       (d) It is authorized to exercise trust powers in the State of Delaware as
and to the extent contemplated herein and it has a principal place of business
in the State of Delaware.

       SECTION 7.04   RELIANCE; ADVICE OF COUNSEL.

       (a) The Owner Trustee shall incur no liability to anyone in acting upon
any signature, instrument, notice, resolution, request, consent, order,
certificate, report, opinion, bond, or other document or paper believed by it to
be genuine and believed by it to be signed by the proper party or parties. The
Owner Trustee may accept a certified copy of a resolution of the board of
directors or other governing body of any corporate party as conclusive evidence
that such resolution has been duly adopted by such body and that the same is in
full force and effect. As to any fact or matter the method of the determination
of which is not specifically prescribed herein, the Owner Trustee may for all
purposes hereof rely on a certificate, signed by the president or any vice
president or by the treasurer or other authorized officers or agents of the
relevant party, as to such fact or matter and such certificate shall constitute
full protection to the Owner Trustee for any action taken or omitted to be taken
by it in good faith in reliance thereon.

       (b) In the exercise or administration of the trusts hereunder and in the
performance of its duties and obligations under the Basic Documents, the Owner
Trustee (i) may act directly or through its agents or attorneys pursuant to
agreements entered into with any of them, and the

                                       18
<PAGE>

Owner Trustee shall not be liable for the conduct or misconduct of such agents
or attorneys if such agents or attorneys shall have been selected by the Owner
Trustee with reasonable care, and (ii) may consult with counsel, accountants and
other skilled persons to be selected with reasonable care and employed by it.
The Owner Trustee shall not be liable for anything done, suffered or omitted in
good faith by it in accordance with the written opinion or advice of any such
counsel, accountants or other such persons and not contrary to this Agreement or
any Basic Document.

       SECTION 7.05   NOT ACTING IN INDIVIDUAL CAPACITY.   In accepting the
trusts hereby created, U.S. Bank Trust National Association acts solely as Owner
Trustee hereunder and not in its individual capacity. Except with respect to a
claim based on the failure of the Owner Trustee to perform its duties under this
Agreement or based on the Owner Trustee's willful misconduct, bad faith or
negligence, no recourse shall be had for any claim based on any provision of
this Agreement, the Notes, the Revolving Liquidity Note or the Certificate, or
based on rights obtained through the assignment of any of the foregoing, against
the institution serving as the Owner Trustee in its individual capacity. The
Owner Trustee shall not have any personal obligation, liability or duty
whatsoever to any Securityholder or any other Person with respect to any such
claim, and any such claim shall be asserted solely against the Trust or any
indemnitor who shall furnish indemnity as provided in this Indenture.

       SECTION 7.06   OWNER TRUSTEE NOT LIABLE FOR THE CERTIFICATE OR
RECEIVABLES.   The Owner Trustee makes no representations as to the validity or
sufficiency of this Agreement or of the Certificate, the Notes or the Revolving
Liquidity Note (other than the execution by the Owner Trustee on behalf of the
Trust of, and the certificate of authentication on, the Certificate, and the
direction of the Owner Trustee, on behalf of the Trust, to the Indenture Trustee
relating to the execution of the Notes and the Revolving Liquidity Note). The
Owner Trustee shall have no obligation to perform any of the duties of the
Servicer or Administrator unless explicitly set forth in this Agreement.

         The Owner Trustee shall at no time have any responsibility or liability
for or with respect to the legality, validity and enforceability of the
Certificate, the Notes, the Revolving Liquidity Note or any Receivable, any
ownership interest in any Financed Vehicle, or the maintenance of any such
ownership interest, or for or with respect to the efficacy of the Trust or its
ability to generate the payments to be distributed to Securityholders under this
Agreement and the Indenture, including without limitation the validity of the
assignment of the Receivables to the Trust or of any intervening assignment; the
existence, condition, location and ownership of any Receivable or Financed
Vehicle; the existence and enforceability of any physical damage or credit life
or credit disability insurance; the existence and contents of any retail
installment sales contract or any computer or other record thereof; the
completeness of any retail installment sales contract; the performance or
enforcement of any retail installment sales contract; the compliance by the
Trust with any covenant or the breach by the Trust of any warranty or
representation made under this Agreement or in any related document and the
accuracy of any such warranty or representation prior to the Owner Trustee's
receipt of notice or other discovery of any noncompliance therewith or any
breach thereof; the acts or omissions of the Trust or the Servicer; or any
action by the Owner Trustee taken at the instruction of the Certificateholder,
provided, however, that the foregoing shall not relieve the Owner Trustee of its
obligation to perform its duties under this Agreement.

                                       19
<PAGE>

       The Owner Trustee shall not be accountable for: (i) the use or
application by the Depositor of the proceeds of the sale of the Notes; (ii) the
use or application by the Certificateholder of the Certificate or the proceeds
of the Certificate; (iii) the use or application by the holder of any Notes of
any of the Notes or of the proceeds of such Notes; (iv) the use or application
by the Servicer of any funds obtained under the Revolving Liquidity Note; or (v)
the use or application of any funds paid to the Servicer in accordance with the
Sale and Servicing Agreement.

       SECTION 7.07   OWNER TRUSTEE MAY OWN THE NOTES.   The Owner Trustee in
its individual or any other capacity may become the owner or pledgee of the
Notes and may deal with the Depositor, the Company, the Administrator, the
Indenture Trustee and the Servicer in banking or other transactions with the
same rights as it would have if it were not Owner Trustee.

       SECTION 7.08   SALES FINANCE COMPANY LICENSES.   The Owner Trustee (or
the Administrator on its behalf, pursuant to Section 1(b) of the Administration
Agreement) shall cause the Trust to use its best efforts to maintain the
effectiveness of all licenses required under the Pennsylvania Motor Vehicle
Sales Finance Act in connection with this Agreement and the Basic Documents and
the transactions contemplated hereby and thereby until such time as the Trust
shall terminate in accordance with the terms hereof.

                                  ARTICLE VIII

                          COMPENSATION OF OWNER TRUSTEE
                          -----------------------------

       SECTION 8.01   OWNER TRUSTEE'S FEES AND EXPENSES.   The Trust shall pay
or shall cause the Servicer to pay to the Owner Trustee from time to time
compensation for its services as have been separately agreed upon before the
date hereof, and the Owner Trustee shall be entitled to be reimbursed by the
Administrator for its other reasonable expenses hereunder, including the
reasonable compensation, expenses and disbursements of such agents,
representatives, experts and counsel as the Owner Trustee may employ in
connection with the exercise and performance of its rights and its duties
hereunder.

       SECTION 8.02   INDEMNIFICATION.   The Administrator shall, pursuant to
the Administration Agreement and the following provisions, reimburse the Owner
Trustee for all reasonable out-of-pocket expenses incurred or made by it,
including costs of collection, in addition to the compensation for its services.
Such expenses shall include the reasonable compensation and expenses,
disbursements and advances of the Owner Trustee's agents, counsel, accountants
and experts directly related to its services hereunder ("Expenses") The
Administrator shall indemnify or shall cause the Servicer to indemnify the Owner
Trustee against any and all loss, liability or expense (including attorneys'
fees) incurred by it in connection with the administration of this trust and the
performance of its duties hereunder. The Owner Trustee shall notify the
Administrator and the Servicer promptly of any claim for which it may seek
indemnity. Failure by the Owner Trustee to so notify the Administrator and the
Servicer shall not relieve the Administrator or the Servicer of its obligations
hereunder, where such failure shall not affect the Administrator's or Servicer's
defenses in respect thereof. In case any such action is brought against the
Owner Trustee under this Section 8.02 and it notifies the Administrator of the
commencement thereof, the Administrator will assume the defense thereof, with
counsel

                                       20
<PAGE>

reasonably satisfactory to the Owner Trustee (who may, unless there is, as
evidenced by an opinion of counsel to the Owner Trustee stating that there is an
unwaivable conflict of interest, be counsel to the Administrator), and the
Administrator will not be liable to the Owner Trustee under this Section for any
legal or other expenses subsequently incurred by the Owner Trustee in connection
with the defense thereof, other than reasonable costs of investigation. Neither
the Administrator nor the Servicer need reimburse any expense or indemnify
against any loss, liability or expense incurred by the Owner Trustee through the
Owner Trustee's own willful misconduct, negligence or bad faith.

       SECTION 8.03   PAYMENTS TO THE OWNER TRUSTEE.   Any amounts paid to the
Owner Trustee pursuant to this Article VIII from assets in the Owner Trust
Estate shall be deemed not to be a part of the Owner Trust Estate immediately
after such payment.

                                   ARTICLE IX

                         TERMINATION OF TRUST AGREEMENT
                         ------------------------------

       SECTION 9.01   TERMINATION OF TRUST AGREEMENT.

       (a) This Agreement (other than Article VIII) shall terminate and the
Trust shall dissolve and be of no further force or effect, upon the earliest of
(i) the maturity or other liquidation of the last Receivable (or other asset) in
the Owner Trust Estate and the final distribution by the Owner Trustee of all
moneys or other property or proceeds of the Owner Trust Estate in accordance
with the terms of this Agreement, the Indenture and the Sale and Servicing
Agreement (including, but not limited to, any property and proceeds to be
deposited in the Collection Account pursuant to Sections 3.02, 4.08, 5.02, 5.04,
5.05, 5.06 or 9.01 of the Sale and Servicing Agreement or to be released by the
Indenture Trustee from the Lien of the Indenture pursuant to Section 10.01 or
10.02 of the Indenture), (ii) the payment or distribution to all Securityholders
of all amounts specified in Sections 3.02, 4.08, 5.02, 5.04, 5.05, 5.06 or 9.01
of the Sale and Servicing Agreement or (iii) the dissolution of the Trust that
results from the occurrence of an Insolvency Event with respect to the Depositor
as provided in Section 9.02.

       (b) Except as provided in Section 9.01(a), the Certificateholder shall
not be entitled to revoke or terminate the Trust.

       (c) Notice of any termination of the Trust, specifying the Payment Date
upon which the Certificateholder shall surrender the Certificate to the Paying
Agent for payment of the final distributions and cancellation, shall be given by
the Owner Trustee to the Certificateholder mailed within five Business Days of
receipt of notice of such termination from the Servicer given pursuant to
Section 10.03 of the Sale and Servicing Agreement, stating (i) the Payment Date
upon or with respect to which final payment of the Certificate shall be made
upon presentation and surrender of the Certificate at the office of the Paying
Agent therein designated, (ii) the amount of any such final payment and (iii)
that payment to be made on such Payment Date will be made only upon presentation
and surrender of the Certificate at the office of the Paying Agent therein
specified. The Owner Trustee shall give such notice to the Paying Agent (if
other than the Owner Trustee) at the time such notice is given to the
Certificateholder. Upon

                                       21
<PAGE>

presentation and surrender of the Certificate, the Paying Agent shall cause to
be distributed to the Certificateholder amounts distributable on such Payment
Date pursuant to Section 5.02.

       In the event that the Certificateholder shall not surrender the
Certificate for cancellation within six months after the date specified in the
above mentioned written notice, the Owner Trustee shall give a second written
notice to the Certificateholder to surrender the Certificate for cancellation
and receive the final distribution with respect thereto. If within one year
after the second notice the Certificate shall not have been surrendered for
cancellation, the Owner Trustee may take appropriate steps, or may appoint an
agent to take appropriate steps, to contact the Certificateholder concerning
surrender of its Certificate, and the cost thereof shall be paid out of the
funds and other assets that shall remain subject to this Agreement. Any funds
remaining in the Trust after exhaustion of such remedies shall be distributed by
the Owner Trustee to the Depositor.

       (d) Upon the winding up of the Trust and its termination, the Owner
Trustee shall cause the Certificate of Trust to be cancelled by filing a
certificate of cancellation with the Secretary of State in accordance with the
provisions of Section 3820 of the Statutory Trust Statute.

       SECTION 9.02   DISSOLUTION UPON INSOLVENCY OF THE DEPOSITOR.   In the
event that an Insolvency Event shall occur with respect to the Depositor, this
Agreement shall be terminated in accordance with Section 9.01 90 days after the
date of such Insolvency Event, unless, before the end of such 90-day period, the
Owner Trustee shall have received written instructions from the Indenture
Trustee (or the Indenture Trustee acting on behalf of the Class A Notes pursuant
to Section 5.04(c) of the Indenture) or the Holders of at least 51% of the
Outstanding Amount of the Class A Notes acting together as a single Class
(excluding for such purposes the outstanding principal amount of any Class A
Notes held of record or beneficially owned by TMCC, TAFR LLC or any of their
Affiliates) or if only the Certificate is then outstanding, the
Certificateholder, to the effect that the Receivables should not be liquidated
and the Trust should not be terminated. Promptly after the occurrence of any
Insolvency Event with respect to the Depositor, (A) the Depositor shall give the
Indenture Trustee, the Owner Trustee and each Rating Agency written notice of
such Insolvency Event and (B) upon the receipt of such written notice from the
Depositor, the Indenture Trustee and Owner Trustee, respectively, shall give
prompt written notice thereof to the Noteholders and the Certificateholder;
provided, however, that any failure to give a notice required by this sentence
to a party not then entitled to instruct the Owner Trustee that the dissolution
should not occur shall not prevent or delay, in any manner, a termination of the
Trust pursuant to the first sentence of this Section 9.02. Upon a termination
pursuant to this Section 9.02, the Owner Trustee promptly shall, or if any Notes
are outstanding, the Indenture Trustee (or relevant Indenture Trustee for the
relevant Class or Classes of Notes pursuant to Section 5.04(e) of the Indenture)
shall, promptly sell the assets of the Trust (other than funds on deposit in the
Collection Account, Payahead Account and Reserve Fund) in a commercially
reasonable manner and on commercially reasonable terms and, if any Notes are
outstanding, in accordance with the terms of the Indenture. The proceeds of such
a sale of the assets of the Trust shall be treated as collections under the Sale
and Servicing Agreement and shall be deposited in the Collection Account and
distributed pursuant to the terms of Section 5.06 of the Sale and Servicing
Agreement.

                                       22
<PAGE>

                                    ARTICLE X

             SUCCESSOR OWNER TRUSTEES AND ADDITIONAL OWNER TRUSTEES
             ------------------------------------------------------

       SECTION 10.01   ELIGIBILITY REQUIREMENTS FOR OWNER TRUSTEE.   The Owner
Trustee shall at all times be an entity having a combined capital and surplus of
at least $50,000,000 and subject to supervision or examination by federal or
state authorities. If such entity shall publish reports of condition at least
annually, pursuant to law or to the requirements of the aforesaid supervising or
examining authority, then for the purpose of this Section 10.01, the combined
capital and surplus of such corporation shall be deemed to be its combined
capital and surplus as set forth in its most recent report of condition so
published. In case at any time the Owner Trustee shall cease to be eligible in
accordance with the provisions of this Section, the Owner Trustee shall resign
immediately in the manner and with the effect specified in Section 10.02.

       SECTION 10.02   RESIGNATION OR REMOVAL OF OWNER TRUSTEE.   The Owner
Trustee may at any time resign and be discharged from the trusts hereby created
by giving written notice thereof to the Depositor, the Servicer and the
Indenture Trustee. Upon receiving such notice of resignation, the Servicer shall
promptly appoint a successor Owner Trustee by written instrument, in duplicate,
one copy of which shall be delivered to each of the resigning Owner Trustee and
the successor Owner Trustee. If no successor Owner Trustee shall have been so
appointed or shall not have accepted such appointment within 30 days after the
giving of such notice of resignation, the resigning Owner Trustee may petition
any court of competent jurisdiction for the appointment of a successor Owner
Trustee.

       If at any time the Owner Trustee shall cease to be eligible in accordance
with the provisions of Section 10.01 and shall fail to resign promptly, or if at
any time the Owner Trustee shall be legally unable to act, or shall be adjudged
bankrupt or insolvent, or a receiver of the Owner Trustee or of its property
shall be appointed, or any public officer shall take charge or control of the
Owner Trustee or of its property or affairs for the purpose of rehabilitation,
conservation or liquidation, then the Administrator may remove the Owner Trustee
by written instrument to such effect delivered to the Owner Trustee, the
Depositor and the Indenture Trustee. If the Administrator shall remove the Owner
Trustee under the authority of the immediately preceding sentence, the Servicer
shall promptly appoint a successor Owner Trustee by written instrument in
duplicate, one copy of which instrument shall be delivered to each of the
outgoing Owner Trustee so removed and the successor Owner Trustee and shall pay
or cause to be paid all fees, expenses and other compensation then owed to the
outgoing Owner Trustee.

       Any resignation or removal of the Owner Trustee and appointment of a
successor Owner Trustee pursuant to any of the provisions of this Section shall
not become effective until acceptance of appointment by the successor Owner
Trustee pursuant to Section 10.03 and payment of all fees and expenses owed to
the outgoing Owner Trustee. The Administrator shall provide notice of such
resignation or removal of the Owner Trustee to each of the Rating Agencies.

       SECTION 10.03   SUCCESSOR OWNER TRUSTEE.   Any successor Owner Trustee
appointed pursuant to Section 10.02 shall execute, acknowledge and deliver to
the Administrator and to its predecessor Owner Trustee an instrument accepting
such appointment under this Agreement, and

                                       23
<PAGE>

thereupon the resignation or removal of the predecessor Owner Trustee shall
become effective and such successor Owner Trustee, without any further act, deed
or conveyance, shall become fully vested with all the rights, powers, duties,
and obligations of its predecessor under this Agreement, with like effect as if
originally named as Owner Trustee. The predecessor Owner Trustee shall upon
payment of its fees and expenses deliver to the successor Owner Trustee all
documents and statements and monies held by it under this Agreement; and the
Administrator and the predecessor Owner Trustee shall execute and deliver such
instruments and do such other things as may reasonably be required for fully and
certainly vesting and confirming in the successor Owner Trustee all such rights,
powers, duties, and obligations.

         No successor Owner Trustee shall accept appointment as provided in this
Section unless at the time of such acceptance such successor Owner Trustee shall
meet the criteria for eligibility set forth in Section 10.01.

         Upon acceptance of appointment by a successor Owner Trustee pursuant to
this Section, the Administrator shall mail notice of the successor of such Owner
Trustee to the Certificateholder, the Indenture Trustee, the Noteholders and the
Rating Agencies. If the Administrator fails to mail such notice within 10 days
after acceptance of appointment by the successor Owner Trustee, the successor
Owner Trustee shall cause such notice to be mailed at the expense of the
Administrator.

       SECTION 10.04   MERGER OR CONSOLIDATION OF OWNER TRUSTEE.   Any
corporation into which the Owner Trustee may be merged or converted or with
which it may be consolidated or any corporation resulting from any merger,
conversion or consolidation to which the Owner Trustee shall be a party, or any
corporation succeeding to all or substantially all of the corporate trust
business of the Owner Trustee, shall be the successor of the Owner Trustee
hereunder, provided such corporation shall be eligible pursuant to Section
10.01, without the execution or filing of any instrument or any further act on
the part of any of the parties hereto, anything herein to the contrary
notwithstanding; provided, further, that the Owner Trustee shall mail notice of
such merger or consolidation to the Rating Agencies.

       SECTION 10.05   APPOINTMENT OF CO-TRUSTEE OR SEPARATE TRUSTEE.
Notwithstanding any other provisions of this Agreement, at any time, for the
purpose of meeting any legal requirements of any jurisdiction in which any part
of the Owner Trust Estate or any Financed Vehicle may at the time be located,
the Administrator and the Owner Trustee acting jointly shall have the power and
shall execute and deliver all instruments to appoint one or more Persons
approved by the Owner Trustee to act as co-trustee, jointly with the Owner
Trustee, or separate trustee or separate trustees, of all or any part of the
Owner Trust Estate, and to vest in such Person, in such capacity, such title to
the Trust, or any part thereof, and, subject to the other provisions of this
Section, such powers, duties, obligations, rights and trusts as the
Administrator and the Owner Trustee may consider necessary or desirable. If the
Administrator shall not have joined in such appointment within 25 days after the
receipt by it of a request so to do, the Owner Trustee alone shall have the
power to make such appointment. No co-trustee or separate trustee under this
Agreement shall be required to meet the terms of eligibility as a successor
trustee pursuant to Section 10.01 and no notice of the appointment of any
co-trustee or separate trustee shall be required pursuant to Section 10.03.

                                       24
<PAGE>

       Each separate trustee and co-trustee shall, to the extent permitted by
law, be appointed and act subject to the following provision and conditions:

                (i) all rights, powers, duties and obligations conferred or
           imposed upon the Owner Trustee shall be conferred upon and exercised
           or performed by the Owner Trustee and such separate trustee or
           co-trustee jointly (it being understood that such separate trustee or
           co-trustee is not authorized to act separately without the Owner
           Trustee joining in such act), except to the extent that under any law
           of any jurisdiction in which any particular act or acts are to be
           performed, the Owner Trustee shall be incompetent or unqualified to
           perform such act or acts, in which event such rights, powers, duties,
           and obligations (including the holding of title to the Trust or any
           portion thereof in any such jurisdiction) shall be exercised and
           performed singly by such separate trustee or co-trustee, but solely
           at the direction of the Owner Trustee;

                (ii) no trustee under this Agreement shall be personally liable
           by reason of any act or omission of any other trustee under this
           Agreement; and

                (iii) the Administrator and the Owner Trustee acting jointly may
           at any time accept the resignation of or remove any separate trustee
           or co-trustee.

       Any notice, request or other writing given to the Owner Trustee shall be
deemed to have been given to each of the then separate trustees and co-trustees,
as if given to each of them. Each separate trustee and co-trustee, upon its
acceptance of the powers and duties conferred thereto under this Agreement,
shall be vested with the estates or specified in its instrument of appointment,
either jointly with the Owner Trustee or separately, as may be provided therein,
subject to all the provisions of this Agreement, specifically including every
provision of this Agreement relating to the conduct of, affecting the liability
of, or affording protection to, the Owner Trustee. Each such instrument shall be
filed with the Owner Trustee and a copy thereof given to the Administrator.

         SECTION 10.06   POWER OF ATTORNEY FOR CO-TRUSTEE OR SEPARATE TRUSTEE.
Any separate trustee or co-trustee may at any time appoint the Owner Trustee as
its agent or attorney-in-fact with full power and authority, to the extent not
prohibited by law, to do any lawful act under or in respect of this Agreement on
its behalf and in its name. If any separate trustee or co-trustee shall die,
become incapable of acting, resign or be removed, all of its estates,
properties, rights, remedies and trusts shall vest in and be exercised by the
Owner Trustee, to the extent permitted by law, without the appointment of a new
or successor trustee.

                                   ARTICLE XI

                                  MISCELLANEOUS
                                  -------------

       SECTION 11.01   SUPPLEMENTS AND AMENDMENTS.   This Agreement may be
amended by the Depositor, the Owner Trustee, with prior written notice to the
Rating Agencies, without the consent of any of the Noteholders, the
Certificateholder or the Holder of the Revolving Liquidity Note, to cure any
ambiguity, to correct or supplement any provisions in this Agreement or for the

                                       25
<PAGE>

purpose of adding any provisions to or changing in any manner or eliminating any
of the provisions in this Agreement or of modifying in any manner the rights of
the Noteholders, the Certificateholder or the Holder of the Revolving Liquidity
Note, if (a) the Indenture Trustee and Owner Trustee receive an Opinion of
Counsel to the effect that such action will not adversely affect in any material
respect the interests of any Noteholder, the Certificateholder or the Holder of
the Revolving Liquidity Note, or (b) the Indenture Trustee or Owner Trustee, as
the case may be, have received the consent of (i) the Holders of at least 51% of
the Outstanding Amount of the affected Class A Notes acting as a single Class
(excluding for such purposes the outstanding principal amount of any Class A
Notes held of record or beneficially owned by TMCC, TAFR LLC or any of their
Affiliates) or (ii) if the Class A Notes have been paid in full, the
Certificateholder, if affected, provided, however, that no such amendment made
pursuant to clause (b) above shall (i) increase or reduce in any manner the
amount of, or accelerate or delay the timing of, collections of payments on
Receivables or distributions that shall be required to be made for the benefit
of the Noteholders, the Certificateholder or the Holder of the Revolving
Liquidity Note or (ii) reduce the aforesaid percentage of the Outstanding Amount
of the Notes or the Certificate required to consent to any such amendment,
without the consent of the Holders of all the affected Notes and the
Certificate.

       This Agreement may also be amended from time to time by the Depositor,
the Owner Trustee and the Indenture Trustee without the consent of any of the
Noteholders, the Certificateholder or the Holder of the Revolving Liquidity Note
for purposes of changing the formula for determining the Specified Reserve
Account Balance, the manner in which the Reserve Account is funded (e.g. to
allow the deposit of cash therein by the Depositor), changing the remittance
schedule for the deposit of collections in the Collection Account or Payahead
Account or changing the definition of Eligible Investments, if (a) the Owner
Trustee and Indenture Trustee (i) have received from each Rating Agency that has
rated any outstanding Class of Notes (excluding Moody's) of its written
confirmation that such amendment will not result in the qualification,
withdrawal or modification of the rating then assigned by such Rating Agency to
any Class of Notes and (ii) have provided Moody's with 10 days prior written
notice of such amendment and Moody's shall not have notified the Owner Trustee
and the Indenture Trustee that such amendment might or would result in the
qualification, reduction or withdrawal of the rating it has currently assigned
to any Class of Notes, without the consent of any of the Noteholders, the
Certificateholder or the Holder of the Revolving Liquidity Note, or (b) the
Indenture Trustee or Owner Trustee, as the case may be, have received the
consent of (i) the Holders of at least 51% of the Outstanding Amount of the
Class A Notes acting as a single Class (excluding for such purposes the
outstanding principal amount of any Class A Notes held of record or beneficially
owned by TMCC, TAFR LLC or any of their Affiliates) or (ii) after the Class A
Notes have been paid in full, the Certificateholder; provided, however, that no
such amendment shall (a) increase or reduce in any manner the amount of, or
accelerate or delay the timing of, collections of payments on Receivables or
distributions that shall be required to be made for the benefit of the
Noteholders, the Certificateholder or the Holder of the Revolving Liquidity Note
or (b) reduce the aforesaid percentage of the Outstanding Amount of the Notes
required to consent to any such amendment, without the consent of the Holders of
all the affected Notes and the Certificate.

       Promptly after the execution of any such amendment or consent, the Owner
Trustee shall furnish written notification of the substance of such amendment or
consent to the

                                       26
<PAGE>

Certificateholder, the Holder of the Revolving Liquidity Note, the Indenture
Trustee and each of the Rating Agencies.

       It shall not be necessary for the consent of the Certificateholder, the
Noteholders, the Holder of the Revolving Liquidity Note or the Indenture Trustee
pursuant to this Section to approve the particular form of any proposed
amendment or consent, but it shall be sufficient if such consent shall approve
the substance thereof. The manner of obtaining such consents (and any other
consents of Certificateholder provided for in this Agreement or in any other
Basic Document) and of evidencing the authorization of the execution thereof by
the Certificateholder shall be subject to such reasonable requirements as the
Owner Trustee may prescribe.

       Promptly after the execution of any amendment to the Certificate of
Trust, the Owner Trustee shall cause the filing of such amendment with the
Secretary of State.

       Prior to the execution of any amendment to this Agreement or any
amendment to the Certificate of Trust, the Owner Trustee shall be entitled to
receive and rely upon an Opinion of Counsel stating that the execution of such
amendment is authorized or permitted by this Agreement. The Owner Trustee shall
not be obligated to enter into any such amendment which affects the Owner
Trustee's own rights, duties or immunities under this Agreement or otherwise.

       SECTION 11.02   NO LEGAL TITLE TO OWNER TRUST ESTATE IN THE
CERTIFICATEHOLDER.   The Certificateholder shall not have legal title to any
part of the Owner Trust Estate. The Certificateholder shall be entitled to
receive distributions with respect to its fractional undivided ownership
interest therein only in accordance with Articles V and IX. No transfer, by
operation of law or otherwise, of any right, title, or interest of the
Certificateholder to and in its ownership interest in the Owner Trust Estate
shall operate to terminate this Agreement or the trusts hereunder or entitle any
transferee to an accounting or to the transfer to it of legal title to any part
of the Owner Trust Estate.

       SECTION 11.03   LIMITATIONS ON RIGHTS OF OTHERS.   Except for Section
2.06, the provisions of this Agreement are solely for the benefit of the Owner
Trustee, the Depositor, TMCC (as Servicer, Swap Counterparty and initial Holder
of the Revolving Liquidity Note), the Certificateholder, the Holder of the
Revolving Liquidity Note, the Administrator and, to the extent expressly
provided herein the Indenture Trustee, the Noteholders, and nothing in this
Agreement, (other than Section 2.06), whether express or implied, shall be
construed to give to any other Person any legal or equitable right, remedy or
claim in the Owner Trust Estate or under or in respect of this Agreement or any
covenants, conditions or provisions contained herein.

       SECTION 11.04   NOTICES.

       (a) Unless otherwise expressly specified or permitted by the terms
hereof, all notices shall be in writing and shall be deemed given upon receipt
by the intended recipient or three Business Days after mailing if mailed by
certified mail, postage prepaid (except that notice to the Owner Trustee shall
be deemed given only upon actual receipt by the Owner Trustee), if to the Owner
Trustee, addressed to the Corporate Trust Office; if to the Depositor, addressed
to Toyota Auto Finance Receivables LLC, 19300 Gramercy Place, North Building,
Torrance, California 90509, Attention: President; if, to the Trust, addressed to
Toyota Auto Receivables 2003-A

                                       27
<PAGE>

Owner Trust, 19001 South Western Avenue, Torrance, California 90509, Attention:
Treasury Department: Vice President, Treasury; or, as to each party, at such
other address as shall be designated by such party in a written notice to each
other party.

       (b) Any notice required or permitted to be given to the Certificateholder
shall be given by first-class mail, postage prepaid, at the address provided by
the Certificateholder. Any notice so mailed within the time prescribed in this
Agreement shall be conclusively presumed to have been duly given, whether or not
the Certificateholder receives such notice.

       SECTION 11.05   SEVERABILITY.   If any one or more of the covenants,
agreements, provisions or terms of this Agreement shall be for any reason
whatsoever held invalid or unenforceable in any jurisdiction, then such
covenants, agreements, provisions or terms shall be deemed severable from the
remaining covenants, agreements, provisions or terms of this Agreement and shall
in no way affect the validity or enforceability of the other provisions of this
Agreement or of the Certificate or the rights of the Holder thereof.

       SECTION 11.06   COUNTERPARTS.   This Agreement may be executed
simultaneously in any number of counterparts, each of which shall be deemed to
be an original, and all of which shall constitute but one and the same
instrument.

       SECTION 11.07   SUCCESSORS AND ASSIGNS.   All covenants and agreements
contained herein shall be binding upon, and inure to the benefit of, the
Depositor, the Owner Trustee, the Certificateholder and their respective
successors and permitted assigns, all as herein provided. Any request, notice,
direction, consent, waiver or other instrument or action by the Depositor or the
Certificateholder shall bind the successors and assigns thereof.

       SECTION 11.08   NO PETITION.   The Owner Trustee (not in its individual
capacity but solely as Owner Trustee), by entering into this Agreement, hereby
covenants and agrees, and the Indenture Trustee and any Noteholder (excluding
TMCC, TAFR LLC or any of their Affiliates) by accepting the benefits of this
Agreement, are thereby deemed to covenant and agree that they will not at any
time prior to the date one year plus one day after the date on which this
Agreement is terminated institute against the Depositor or the Trust, or join in
any institution against the Depositor or the Trust of, any bankruptcy,
reorganization, arrangement, insolvency or liquidation proceedings, or other
proceedings under any federal or state bankruptcy or similar law. This Section
11.08 shall survive the termination of this Agreement or the termination of the
Owner Trustee under this Agreement.

       SECTION 11.09   NO RECOURSE.   The Certificateholder by accepting the
Certificate acknowledges that the Certificate represents a beneficial interest
in the Trust only and does not represent an interest in or obligation of the
Depositor, TMCC (in any capacity), the Administrator, the Owner Trustee, the
Indenture Trustee or any Affiliate thereof and no recourse may be had against
such parties or their assets, except as may be expressly set forth or
contemplated in the Certificate or the Basic Documents.

       SECTION 11.10   HEADINGS.   The headings of the various Articles and
Sections herein are for convenience of reference only and shall not define or
limit any of the terms or provisions hereof.

                                       28
<PAGE>

       SECTION 11.11   GOVERNING LAW.   THIS AGREEMENT SHALL BE GOVERNED BY AND
CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF DELAWARE, WITHOUT
REFERENCE TO ITS CONFLICT OF LAW PROVISIONS, AND THE OBLIGATIONS, RIGHTS AND
REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH
LAWS.

       SECTION 11.12   TMCC PAYMENT OBLIGATION.   The parties hereto acknowledge
and agree that, pursuant to the Sale and Servicing Agreement and the following
provisions, the Servicer shall be responsible for payment of the Administrator's
fees under the Administration Agreement and shall reimburse the Administrator
for all expenses and liabilities of the Administrator incurred thereunder. In
addition, the parties hereto acknowledge and agree that, pursuant to the Sale
and Servicing Agreement and the following provisions, the Servicer shall be
responsible for the payment of all fees and expenses of the Trust, the Owner
Trustee and the Indenture Trustee paid by any of them in connection with any of
their obligations under the Basic Documents to obtain or maintain any required
license under the Pennsylvania Motor Vehicle Sales Finance Act. The parties
hereto covenant and agree that neither of them shall look to the other for
payment of any such fees or expenses.

                                       29
<PAGE>

       IN WITNESS WHEREOF, the parties hereto have caused this Trust Agreement
to be duly executed by their respective officers hereunto duly authorized, as of
the day and year first above written.

                                           TOYOTA AUTO FINANCE RECEIVABLES LLC,
                                           Depositor

                                           By: /s/ Lloyd Mistele
                                               ---------------------------------
                                               Name:  Lloyd Mistele
                                               Title: President

                                           U.S. BANK TRUST NATIONAL ASSOCIATION,
                                           not in its individual capacity but
                                           solely as Owner Trustee

                                           By: /s/ Nancie J. Arvin
                                               ---------------------------------
                                               Name:  Nancie J. Arvin
                                               Title: Vice President

                                       30
<PAGE>

                                                                       EXHIBIT A

                         FORM OF CERTIFICATE EVIDENCING

                         SUBORDINATED SELLER'S INTEREST

       THIS CERTIFICATE DOES NOT CONSTITUTE AN OBLIGATION OF OR AN INTEREST IN
THE DEPOSITOR, THE OWNER TRUSTEE, THE SERVICER, THE ADMINISTRATOR, TMCC, TAFR
LLC OR ANY OF THEIR RESPECTIVE AFFILIATES, AND WILL NOT BE INSURED OR GUARANTEED
BY ANY SUCH ENTITY OR BY ANY GOVERNMENTAL AGENCY.

       THIS CERTIFICATE HAS NOT BEEN REGISTERED UNDER THE UNITED STATES
SECURITIES ACT OF 1933, AS AMENDED (THE "1933 ACT"), OR THE SECURITIES LAWS OF
ANY STATE OF THE UNITED STATES. THIS CERTIFICATE MAY NOT BE OFFERED, SOLD,
PLEDGED OR OTHERWISE TRANSFERRED EXCEPT IN ACCORDANCE WITH THE PROVISIONS OF THE
TRUST AGREEMENT.

NUMBER R-1

                   TOYOTA AUTO RECEIVABLES 2003-A OWNER TRUST

                         SUBORDINATED SELLER'S INTEREST

       THIS CERTIFIES THAT TOYOTA AUTO FINANCE RECEIVABLES LLC is the registered
owner of 100% of the nonassessable, fully-paid, fractional undivided interest in
Toyota Auto Receivables 2003-A Owner Trust (the "Trust") formed by TAFR LLC.

       The Trust was created pursuant to a Trust Agreement dated as of February
24, 2003, between TAFR LLC as depositor (the "Depositor") and U.S. Bank Trust
National Association, a national banking association, as Owner Trustee (the
"Owner Trustee"), as amended and supplemented by the Amended and Restated Trust
Agreement dated as of March 1, 2003 (as so amended, the "Trust Agreement"),
between the Depositor and the Owner Trustee, a summary of certain of the
pertinent provisions of which is set forth below. Capitalized terms used herein
and not otherwise defined have the meanings ascribed thereto in the Trust
Agreement, the Sale and Servicing Agreement dated as of March 1, 2003 (the "Sale
and Servicing Agreement"), among the Trust, the Depositor and TMCC, as servicer
(the "Servicer") or the Indenture dated as of March 1, 2003 (the "Indenture"),
among the Trust, the Depositor and TMCC, as the case may be.

       This Certificate is the duly authorized Certificate (the "Certificate")
evidencing the nonassessable, fully-paid, fractional undivided interest in the
Trust issued pursuant to the Trust Agreement. Certain debt instruments
evidencing obligations of the Trust have been issued under an Indenture dated as
of March 1, 2003, between the Trust and The Bank of New York, as indenture
trustee (the "Indenture Trustee"), consisting of five classes of Notes
designated as "1.17188% Asset Backed Notes, Class A-1," "1.28% Asset Backed
Notes, Class A-2," "Floating

                                       A-1
<PAGE>

Rate Asset Backed Notes, Class A-3A," "1.69% Asset Backed Notes, Class A-3B,"
"2.20% Asset Backed Notes, Class A-4" (collectively, the "Notes") and a
Revolving Liquidity Note issued pursuant to the Revolving Liquidity Note
Agreement. This Certificate is issued under and is subject to the terms,
provisions and conditions of the Trust Agreement. The holder of this
Certificate, by virtue of its acceptance hereof, assents to and is bound by all
of the provisions of the Trust Agreement.

       The Trust includes a pool of retail installment sale contracts secured by
new and used automobiles and light duty trucks (the "Receivables"), all monies
due thereunder on or after March 1, 2003, in the case of Precomputed Receivables
or received after such date in the case of Simple Interest Receivables, security
interests in the vehicles financed thereby, certain bank accounts and the
proceeds thereof, proceeds from claims on certain insurance policies and certain
other rights under the Trust Agreement and the Sale and Servicing Agreement and
all proceeds of the foregoing.

       It is the intent of the Depositor, TMCC and the Certificateholders that,
for purposes of federal income tax, state and local income tax, any state single
business tax and any other income taxes, the Trust will be treated as a division
or branch of the Person holding the beneficial interests in the Trust for any
period during which the beneficial interests in the Trust are held by one
person, and will be treated as a partnership, and the Certificateholders will be
treated as partners in that partnership, for any period during which the
beneficial ownership interests in the Trust are held by more than one person.
For any such period during which the beneficial ownership interests in the Trust
are held by more than one person, each Certificateholder, by acceptance of a
Certificate or any beneficial interest on a Certificate, agrees to treat, and to
take no action inconsistent with the treatment of, the Certificates as
partnership interests in the Trust for such tax purposes.

       Under the Trust Agreement, there will be distributed to the Holder hereof
on the 15th day of each month or, if such 15th day is not a Business Day, the
next Business Day, (each, a "Payment Date"), commencing on April 15, 2003, the
amounts to be distributed to Certificateholder on such Payment Date in respect
of amounts distributable to the Certificateholder pursuant to Section 5.06 of
the Sale and Servicing Agreement.

       The holder of this Certificate acknowledges and agrees that its rights to
receive distributions in respect of this Certificate are subordinated to the
rights of the Noteholders, the Swap Counterparty and the Holder of the Revolving
Liquidity Note as described in the Sale and Servicing Agreement and the
Indenture.

       Distributions on this Certificate will be made as provided in the Trust
Agreement by the Owner Trustee by wire transfer or check mailed to the
Certificateholder without the presentation or surrender of this Certificate or
the making of any notation hereon. Except as otherwise provided in the Trust
Agreement and notwithstanding the above, the final distribution on this
Certificate will be made after due notice by the Owner Trustee of the pendency
of such distribution and only upon presentation and surrender of this
Certificate at the office or agency maintained for the purpose by the Owner
Trustee in Wilmington, Delaware or the Borough of Manhattan, The City of New
York.

                                       A-2
<PAGE>

       Reference is hereby made to the further provisions of this Certificate
set forth on the reverse hereof, which further provisions shall for all purposes
have the same effect as if set forth at this place.

       Unless the certificate of authentication hereon shall have been executed
by an authorized officer of the Owner Trustee, by manual signature, this
Certificate shall not entitle the holder hereof to any benefit under the Trust
Agreement or the Sale and Servicing Agreement or be valid for any purpose.

       THIS CERTIFICATE SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH
THE LAWS OF THE STATE OF DELAWARE, WITHOUT REFERENCE TO ITS CONFLICT OF LAW
PROVISIONS, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER
SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS.

                                       A-3

<PAGE>

       IN WITNESS WHEREOF, the Owner Trustee, on behalf of the Trust and not in
its individual capacity, has caused this Certificate to be duly executed.

       Dated:  _________ __, 2003      TOYOTA AUTO RECEIVABLES 2003-A
                                       OWNER TRUST

                                       By: U.S. Bank Trust National Association,
                                             not in its individual capacity but
                                             solely as Owner Trustee

                                       By:
                                           -------------------------------------
                                           Authorized Signatory

                                       A-4
<PAGE>

                  OWNER TRUSTEE'S CERTIFICATE OF AUTHENTICATION

         This is the Certificate referred to in the within-mentioned Trust
Agreement.

                                       U.S. BANK TRUST NATIONAL ASSOCIATION,
                                           not in its individual capacity but
                                           solely as Owner Trustee

                                       By:
                                           -------------------------------------
                                           Authorized Signatory

                                       A-5

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                            (REVERSE OF CERTIFICATE)

       The holder of this Certificate, by accepting an interest in this
Certificate, acknowledges that this Certificate represents a beneficial interest
in the Trust only and does not represent any interest in or obligation of the
Depositor, TMCC (in any capacity), the Administrator, the Owner Trustee, the
Indenture Trustee or any Affiliate thereof and no recourse may be had against
such parties or their assets, except as may be expressly set forth or
contemplated in this Certificate or the Basic Documents. In addition, this
Certificate is not guaranteed by any governmental agency or instrumentality and
is limited in right of payment to certain collections with respect to the
Receivables (and certain other amounts), all as more specifically set forth
herein and in the Sale and Servicing Agreement. A copy of each of the Sale and
Servicing Agreement and the Trust Agreement may be examined during normal
business hours at the principal office of the Depositor, and at such other
places, if any, designated by the Depositor, by the Certificateholder upon
written request.

       The Trust Agreement permits, with certain exceptions therein provided,
the amendment thereof and the modification of the rights and obligations of the
Depositor and the rights of the Certificateholder by the Depositor and the Owner
Trustee, with prior written notice to the Rating Agencies, without the consent
of any of the Noteholders, the Certificateholder or the Holder of the Revolving
Liquidity Note, to cure any ambiguity, to correct or supplement any provisions
in the Trust Agreement or for the purpose of adding any provisions to or
changing in any manner or eliminating any of the provisions in the Trust
Agreement or of modifying in any manner the rights of the Noteholders, the
Certificateholder or the Holder of the Revolving Liquidity Note, if (a) the
Indenture Trustee and Owner Trustee receive an Opinion of Counsel to the effect
that such action will not adversely affect in any material respect the interests
of any Noteholder, the Certificateholder or the Holder of the Revolving
Liquidity Note, or (b) the Indenture Trustee or Owner Trustee, as the case may
be, have received the consent of (i) the Holders of at least 51% of the
Outstanding Amount of the affected Class A Notes acting as a single Class
(excluding for such purposes the outstanding principal amount of any Class A
Notes held of record or beneficially owned by TMCC, TAFR LLC or any of their
Affiliates) or (ii) if the Class A Notes have been paid in full, the
Certificateholder, if affected, provided, however, that no such amendment made
pursuant to clause (b) above shall (i) increase or reduce in any manner the
amount of, or accelerate or delay the timing of, collections of payments on
Receivables or distributions that shall be required to be made for the benefit
of the Noteholders, the Certificateholder or the Holder of the Revolving
Liquidity Note or (ii) reduce the aforesaid percentage of the Outstanding Amount
of the Notes or the Certificate required to consent to any such amendment,
without the consent of the Holders of all the affected Notes and the
Certificate.

       The Trust Agreement may also be amended from time to time by the
Depositor, the Owner Trustee and the Indenture Trustee without the consent of
any of the Noteholders, the Certificateholder or the Holder of the Revolving
Liquidity Note for purposes of changing the formula for determining the
Specified Reserve Account Balance, the manner in which the Reserve Account is
funded (e.g. to allow the deposit of cash therein by the Depositor), changing
the remittance schedule for the deposit of collections in the Collection Account
or Payahead Account or changing the definition of Eligible Investments, if (a)
the Owner Trustee and Indenture Trustee (i) have received from each Rating
Agency that has rated any outstanding Class of Notes (excluding Moody's) of its
written confirmation that such amendment will not

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result in the qualification, withdrawal or modification of the rating then
assigned by such Rating Agency to any Class of Notes and (ii) have provided
Moody's with 10 days prior written notice of such amendment and Moody's shall
not have notified the Owner Trustee and the Indenture Trustee that such
amendment might or would result in the qualification, reduction or withdrawal of
the rating it has currently assigned to any Class of Notes, without the consent
of any of the Noteholders, the Certificateholder or the Holder of the Revolving
Liquidity Note, or (b) the Indenture Trustee or Owner Trustee, as the case may
be, have received the consent of (i) the Holders of at least 51% of the
Outstanding Amount of the Class A Notes acting as a single Class (excluding for
such purposes the outstanding principal amount of any Class A Notes held of
record or beneficially owned by TMCC, TAFR LLC or any of their Affiliates) or
(ii) after the Class A Notes have been paid in full, the Certificateholder;
provided, however, that no such amendment shall (a) increase or reduce in any
manner the amount of, or accelerate or delay the timing of, collections of
payments on Receivables or distributions that shall be required to be made for
the benefit of the Noteholders, the Certificateholder or the Holder of the
Revolving Liquidity Note or (b) reduce the aforesaid percentage of the
Outstanding Amount of the Notes required to consent to any such amendment,
without the consent of the Holders of all the affected Notes and the
Certificate.

       The obligations and responsibilities created by the Trust Agreement and
the Trust created thereby shall terminate upon the payment to the
Certificateholder of all amounts required to be paid to it pursuant to the Trust
Agreement and the Sale and Servicing Agreement and the disposition of all
property held as part of the Owner Trust Estate. TMCC, as servicer of the
Receivables under the Sale and Servicing Agreement, or any successor servicer,
may at its option purchase the Owner Trust Estate at a price specified in the
Sale and Servicing Agreement, and any such purchase of the Receivables and other
property of the Trust will effect early retirement of the Certificate; however,
such right of purchase is exercisable only after the last day of the Collection
Period as of which the Pool Balance is less than or equal to 10% of the Original
Pool Balance.

                                       A-7

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